株探米国株
英語
エドガーで原本を確認する
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________
FORM 10-Q
__________________________________________
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________to ________
Commission File Number: 001-37399
__________________________________________
KEARNY FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
__________________________________________
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)
Registrant’s telephone number, including area code
973-244-4500
__________________________________________
Securities registered pursuant to Section 12(b) of the Act:
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
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filers,” “accelerated filers,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer o Accelerated filer x
Non-accelerated filer o Smaller reporting company o
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
The number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: April 30, 2025.
$0.01 par value common stock — 64,579,683 shares outstanding

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES
TABLE OF CONTENTS
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Number

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In Thousands, Except Share and Per Share Data)
March 31,
2025		 June 30,
2024
(Unaudited)
Assets
Cash and amounts due from depository institutions $ 17,455  $ 17,201 
Interest-bearing deposits in other banks 108,640  46,663 
Cash and cash equivalents 126,095  63,864 
Investment securities available for sale (amortized cost of $1,116,087 and $1,203,506, respectively)
 1,003,393  1,072,833 
Investment securities held to maturity (fair value of $110,850 and $119,278, respectively)
 124,859  135,742 
Loans held-for-sale 6,187  6,036 
Loans receivable 5,846,175  5,732,787 
Less: allowance for credit losses on loans (44,455) (44,939)
Net loans receivable 5,801,720  5,687,848 
Premises and equipment 44,192  44,940 
Federal Home Loan Bank (“FHLB”) of New York stock 62,261  80,300 
Accrued interest receivable 28,521  29,521 
Goodwill 113,525  113,525 
Core deposit intangibles 1,554  1,931 
Bank owned life insurance 303,629  297,874 
Deferred income tax assets, net 52,913  50,339 
Other assets 64,292  98,708 
Total Assets $ 7,733,141  $ 7,683,461 
Liabilities and Stockholders' Equity
Liabilities
Deposits:
Non-interest-bearing $ 587,118  $ 598,366 
Interest-bearing 5,120,230  4,559,757 
Total deposits 5,707,348  5,158,123 
Borrowings 1,213,976  1,709,789 
Advance payments by borrowers for taxes 19,981  17,409 
Other liabilities 43,723  44,569 
Total Liabilities 6,985,028  6,929,890 
Stockholders' Equity
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; 64,579,683 shares and 64,434,424 shares issued and outstanding, respectively
 646  644 
Paid-in capital 494,131  493,680 
Retained earnings 341,921  343,326 
Unearned employee stock ownership plan shares; 2,006,979 shares and 2,157,501 shares, respectively
 (19,457) (20,916)
Accumulated other comprehensive loss (69,128) (63,163)
Total Stockholders' Equity 748,113  753,571 
Total Liabilities and Stockholders' Equity $ 7,733,141  $ 7,683,461 
See notes to unaudited consolidated financial statements.
- 1 -
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KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Per Share Data)
(Unaudited)
Three Months Ended
March 31,		 Nine Months Ended
March 31,
2025 2024 2025 2024
Interest Income
Loans $ 64,768  $ 64,035  $ 196,507  $ 190,188 
Taxable investment securities 12,738  15,490  40,925  48,511 
Tax-exempt investment securities 55  85  185  256 
Other interest-earning assets 1,773  2,475  6,454  6,923 
Total Interest Income 79,334  82,085  244,071  245,878 
Interest Expense
Deposits 34,912  32,320  106,651  90,227 
Borrowings 10,380  15,446  38,320  46,333 
Total Interest Expense 45,292  47,766  144,971  136,560 
Net Interest Income 34,042  34,319  99,100  109,318 
Provision for credit losses 366  349  581  2,699 
Net Interest Income after Provision for Credit Losses 33,676  33,970  98,519  106,619 
Non-Interest Income
Fees and service charges 573  657  1,835  2,029 
Loss on sale and call of securities —  —  —  (18,135)
Gain (loss) on sale of loans 112  (712) 616  (393)
Loss on write down of other real estate owned —  —  —  (974)
Income from bank owned life insurance 2,617  3,039  7,803  5,867 
Electronic banking fees and charges 391  464  1,275  1,227 
Other income 869  755  2,532  2,580 
Total Non-Interest Income 4,562  4,203  14,061  (7,799)
Non-Interest Expense
Salaries and employee benefits 17,700  16,911  52,777  51,954 
Net occupancy expense of premises 3,075  2,863  8,704  8,295 
Equipment and systems 3,921  3,823  11,673  11,438 
Advertising and marketing 609  387  1,262  916 
Federal deposit insurance premium 1,450  1,429  4,516  4,448 
Directors' compensation 326  360  1,048  1,146 
Other expense 3,309  3,286  9,757  10,403 
Total Non-Interest Expense 30,390  29,059  89,737  88,600 
Income before Income Taxes 7,848  9,114  22,843  10,220 
Income tax expense 1,200  1,717  3,537  6,808 
Net Income $ 6,648  $ 7,397  $ 19,306  $ 3,412 
Net Income per Common Share (EPS)
Basic $ 0.11  $ 0.12  $ 0.31  $ 0.06 
Diluted $ 0.11  $ 0.12  $ 0.31  $ 0.06 
Weighted Average Number of Common Shares Outstanding
Basic 62,548 62,205 62,478 62,507
Diluted 62,713 62,211 62,705 62,507
See notes to unaudited consolidated financial statements.
- 2 -
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KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands, Unaudited)
Three Months Ended
March 31,		 Nine Months Ended
March 31,
2025 2024 2025 2024
Net Income $ 6,648  $ 7,397  $ 19,306  $ 3,412 
Other Comprehensive Income (Loss) , net of tax:
Net unrealized gain (loss) on securities available for sale 9,701  (6,449) 12,873  3,225 
Net realized loss on sale and call of securities available for sale —  —  —  12,876 
Fair value adjustments on derivatives (6,712) 6,630  (18,881) (10,206)
Benefit plan adjustments (20) (10) 43  (98)
Total Other Comprehensive Income (Loss) 2,969  171  (5,965) 5,797 
Total Comprehensive Income $ 9,617  $ 7,568  $ 13,341  $ 9,209 
See notes to unaudited consolidated financial statements.
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KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(In Thousands, Except Per Share Data, Unaudited)
Common Stock Paid-In
Capital 		Retained
Earnings		 Unearned
ESOP
Shares		 Accumulated
Other
Comprehensive
Loss		 Total
Shares Amount
Balance - December 31, 2023 64,445 $ 645  $ 493,297  $ 439,755  $ (21,889) $ (63,830) $ 847,978 
Net income — —  —  7,397  —  —  7,397 
Other comprehensive income, net of income tax — —  —  —  —  171  171 
ESOP shares committed to be released (50 shares)
 — —  (135) —  487  —  352 
Stock-based compensation expense — —  95  —  —  —  95 
Cancellation of shares issued for restricted stock awards (8) (1) (70) —  —  —  (71)
Cash dividends declared ($0.11 per common share)
 — —  —  (6,844) —  —  (6,844)
Balance - March 31, 2024 64,437 $ 644  $ 493,187  $ 440,308  $ (21,402) $ (63,659) $ 849,078 
Common Stock Paid-In
Capital 		Retained
Earnings 		Unearned
ESOP
Shares		 Accumulated
Other
Comprehensive
Loss		 Total
Shares Amount
Balance - June 30, 2023 65,864 $ 659  $ 503,332  $ 457,611  $ (22,862) $ (69,456) $ 869,284 
Net income — —  —  3,412  —  —  3,412 
Other comprehensive income, net of income tax — —  —  —  —  5,797  5,797 
ESOP shares committed to be released (150 shares)
 —  —  (337) —  1,460  —  1,123 
Stock repurchases (1,505) (15) (11,225) —  —  —  (11,240)
Issuance of stock under stock benefit plans 133 1  (1) —  —  —  — 
Stock-based compensation expense — —  1,887  —  —  —  1,887 
Cancellation of shares issued for restricted stock awards (55) (1) (469) —  —  —  (470)
Cash dividends declared ($0.33 per common share)
 — —  —  (20,715) —  —  (20,715)
Balance - March 31, 2024 64,437 $ 644  $ 493,187  $ 440,308  $ (21,402) $ (63,659) $ 849,078 

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Continued)
(In Thousands, Except Per Share Data, Unaudited)

Common Stock Paid-In
Capital 		Retained
Earnings 		Unearned
ESOP
Shares 		Accumulated
Other
Comprehensive
Loss		 Total
Shares Amount
Balance - December 31, 2024 64,580 $ 646  $ 494,092  $ 342,155  $ (19,943) $ (72,097) $ 744,853 
Net income — —  —  6,648  —  —  6,648 
Other comprehensive income, net of income tax — —  —  —  —  2,969  2,969 
ESOP shares committed to be released (50 shares)
 — —  (143) —  486  —  343 
Stock-based compensation expense — —  182  —  —  —  182 
Cash dividends declared ($0.11 per common share)
 — —  —  (6,882) —  —  (6,882)
Balance - March 31, 2025 64,580  $ 646  $ 494,131  $ 341,921  $ (19,457) $ (69,128) $ 748,113 

Common Stock Paid-In
Capital		 Retained
Earnings 		Unearned
ESOP
Shares 		Accumulated
Other
Comprehensive
Loss		 Total
Shares Amount
Balance - June 30, 2024 64,434 $ 644  $ 493,680  $ 343,326  $ (20,916) $ (63,163) $ 753,571 
Net income — —  —  19,306  —  —  19,306 
Other comprehensive loss, net of income tax — —  —  —  —  (5,965) (5,965)
ESOP shares committed to be released (150 shares)
 — —  (407) —  1,459  —  1,052 
Issuance of stock under stock benefit plans 207 2  (2) —  —  —  — 
Stock-based compensation expense — —  1,209  —  —  —  1,209 
Cancellation of shares issued for restricted stock awards (61) —  (349) —  —  —  (349)
Cash dividends declared ($0.33 per common share)
 — —  —  (20,711) —  —  (20,711)
Balance - March 31, 2025 64,580 $ 646  $ 494,131  $ 341,921  $ (19,457) $ (69,128) $ 748,113 
See notes to unaudited consolidated financial statements.
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KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands, Unaudited)
Nine Months Ended
March 31,
2025 2024
Cash Flows from Operating Activities:
Net income $ 19,306  $ 3,412 
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of premises and equipment 3,307  3,590 
Net accretion of yield adjustments (1,107) (2,038)
Deferred income taxes 13  2,438 
Amortization of intangible assets 377  400 
Amortization (accretion) of benefit plans’ unrecognized net loss (gain) 61  (139)
Provision for credit losses 581  2,699 
Loss on write-down of other real estate owned —  974 
Loans originated for sale (81,447) (53,979)
Proceeds from sale of mortgage loans held-for-sale 81,912  69,814 
(Gain) loss on sale of mortgage loans held-for-sale, net (616) 393 
Realized loss on sale/call of investment securities available for sale —  18,135 
Realized loss (gain) on disposition of premises and equipment 22  (11)
Increase in cash surrender value of bank owned life insurance (7,756) (5,867)
ESOP and stock-based compensation expense 2,261  3,010 
Decrease (increase) in interest receivable 1,000  (2,932)
Decrease (increase) in other assets 5,001  (6,004)
(Decrease) increase in interest payable (3,980) 466 
(Decrease) increase in other liabilities (2,252) 2,352 
Net Cash Provided by Operating Activities 16,683  36,713 
Cash Flows from Investing Activities:
Purchases of:
Investment securities available for sale (58,852) (64,000)
Investment securities held to maturity (240) (300)
Proceeds from:
Repayments/calls/maturities of investment securities available for sale 146,788  94,129 
Repayments/calls/maturities of investment securities held to maturity 11,025  7,019 
Sales of investment securities available for sale —  104,083 
Purchase of loans (730) (60,341)
Net (increase) decrease in loans receivable (101,897) 118,330 
Purchase of interest rate contracts (2,729) (887)
Proceeds from the sale of other real estate owned —  11,982 
Additions to premises and equipment (2,597) (323)
Proceeds from death benefit of bank owned life insurance 2,001  1,900 
Net surrender of bank owned life insurance —  299 
Proceeds from cash settlement of premises and equipment 16  — 
Purchase of FHLB stock (38,511) (54,544)
Redemption of FHLB stock 56,550  44,931 
Net Cash Provided by Investing Activities 10,824  202,278 
See notes to unaudited consolidated financial statements.
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KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(In Thousands, Unaudited)
Nine Months Ended
March 31,
2025 2024
Cash Flows from Financing Activities:
Net increase (decrease) in deposits 549,240  (420,105)
Repayment of term FHLB advances (3,161,000) (4,475,000)
Proceeds from term FHLB advances and other borrowings 2,755,000  4,650,000 
Net (decrease) increase in other short-term borrowings (90,000) 40,000 
Net increase (decrease) in advance payments by borrowers for taxes 2,572  (951)
Repurchase and cancellation of common stock of Kearny Financial Corp. —  (11,240)
Cancellation of shares repurchased on vesting to pay taxes (349) (470)
Dividends paid (20,739) (20,713)
Net Cash Provided by (Used in) Financing Activities 34,724  (238,479)
Net Increase in Cash and Cash Equivalents 62,231  512 
Cash and Cash Equivalents - Beginning 63,864  70,515 
Cash and Cash Equivalents - Ending $ 126,095  $ 71,027 
Supplemental Disclosures of Cash Flows Information:
Cash paid during the period for:
Income taxes, net of refunds $ 3,517  $ 4,819 
Interest $ 148,951  $ 136,094 
Non-cash investing and financing activities:
Transfers from loans receivable to loans held-for-sale $ —  $ 10,754 
See notes to unaudited consolidated financial statements.
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KEARNY FINANCIAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
1.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation
The unaudited consolidated financial statements include the accounts of Kearny Financial Corp. (the “Company”), its wholly-owned subsidiary, Kearny Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries. The Company conducts its business principally through the Bank. Management prepared the unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), including the elimination of all significant inter-company accounts and transactions during consolidation.
Basis of Presentation
The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include the information or footnotes necessary for a complete presentation of financial condition, income, comprehensive income, changes in stockholders’ equity and cash flows in conformity with GAAP. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the unaudited consolidated financial statements have been included. The results of operations for the nine months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the entire fiscal year or any other period.
The data in the Consolidated Statement of Financial Condition at June 30, 2024 was derived from the Company’s 2024 Annual Report on Form 10-K. That data, along with the interim unaudited financial information presented in the Consolidated Statements of Financial Condition, Income, Comprehensive Income, Changes in Stockholders’ Equity and Cash Flows should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in the Company’s 2024 Annual Report on Form 10-K.
The accounting and reporting policies of the Company conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1, Summary of Significant Accounting Policies, included in the Company’s 2024 Annual Report on Form 10-K. There have been no material changes to the Company’s significant accounting policies since June 30, 2024.
2.    SUBSEQUENT EVENTS
The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of March 31, 2025, for items that should potentially be recognized or disclosed in these consolidated financial statements (unaudited). The evaluation was conducted through the date this document was filed.
On April 23, 2025, the Company declared a quarterly cash dividend of $0.11 per share, payable on May 21, 2025 to stockholders of record as of May 7, 2025.
3.    RECENT ACCOUNTING PRONOUNCEMENTS
Accounting Standards Issued Not Yet Adopted
In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures (Topic 280), to improve reportable segment disclosures by requiring public entities to disclose significant expense categories and amounts for each reportable segment, where significant expense categories are defined as those that are regularly reported to an entity’s chief operating decision-maker and included in a segment’s reported measures of profit or loss. For public companies, the requirements will become effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. As the Company has one reportable segment, this ASU is not expected to have a material effect on the Company’s consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures (Topic 740), which requires reporting companies to improve the transparency of certain income tax related disclosures, including the rate reconciliation and taxes paid disclosures. For public companies, the requirements will become effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect this ASU to have a material effect on the Company’s consolidated financial statements.
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In March 2024, the FASB issued ASU 2024-01, Compensation-Stock Compensation (Topic 718): Scope Applications of Profits Interests and Similar Awards. ASU 2024-01 adds an example to Topic 718 which illustrates how to apply the scope guidance to determine whether profits interest and similar awards should be accounted for as share-based payment arrangements under Topic 718 or under other U.S. GAAP. ASU 2024-01 is effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods, although early adoption is permitted. The Company does not expect this ASU to have an impact on our consolidated financial statements.
In November 2024, and as amended in January 2025, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires improved disclosures about a public business entity’s expenses, including more detailed information about the types of expenses in commonly presented expense captions. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, although early adoption is permitted. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on its Consolidated Financial Statements.
4.    SECURITIES
The following tables present the amortized cost, gross unrealized gains and losses and estimated fair values for available for sale securities and the amortized cost, gross unrecognized gains and losses and estimated fair values for held to maturity securities as of the dates indicated:
March 31, 2025
Amortized
Cost		 Gross
Unrealized
Gains		 Gross
Unrealized
Losses		 Allowance for
Credit Losses		 Fair
Value
(In Thousands)
Available for sale:        
Debt securities:        
Asset-backed securities $ 69,962  $ 117  $ 476  $ —  $ 69,603 
Collateralized loan obligations 323,466  1,378  108  —  324,736 
Corporate bonds 138,969  267  9,566  —  129,670 
Total debt securities 532,397  1,762  10,150  —  524,009 
       
Mortgage-backed securities:        
Residential pass-through securities (1)
 429,942  7  84,355  —  345,594 
Commercial pass-through securities (1)
 153,748  461  20,419  —  133,790 
Total mortgage-backed securities 583,690  468  104,774  —  479,384 
       
Total securities available for sale $ 1,116,087  $ 2,230  $ 114,924  $ —  $ 1,003,393 
___________________________
(1)Government-sponsored enterprises.
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June 30, 2024
Amortized
Cost		 Gross
Unrealized
Gains		 Gross
Unrealized
Losses		 Allowance for
Credit Losses		 Fair
Value
(In Thousands)
Available for sale:        
Debt securities:        
Asset-backed securities $ 80,305  $ 217  $ 82  $ —  $ 80,440 
Collateralized loan obligations 386,983  2,574  14  —  389,543 
Corporate bonds 150,891  64  19,158  —  131,797 
Total debt securities 618,179  2,855  19,254  —  601,780 
       
Mortgage-backed securities:      
Residential pass-through securities (1)
 429,473  2  92,211  —  337,264 
Commercial pass-through securities (1)
 155,854  63  22,128  —  133,789 
Total mortgage-backed securities 585,327  65  114,339  —  471,053 
     
Total securities available for sale $ 1,203,506  $ 2,920  $ 133,593  $ —  $ 1,072,833 
___________________________
(1)Government-sponsored enterprises.
March 31, 2025
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 $ 8,929  $ 1  $ 112  $ —  $ 8,818 
Total debt securities 8,929  1  112  —  8,818 
       
Mortgage-backed securities:        
Residential pass-through securities (1)
 103,740  46  12,272  —  91,514 
Commercial pass-through securities (1)
 12,190  —  1,672  —  10,518 
Total mortgage-backed securities 115,930  46  13,944  —  102,032 
       
Total securities held to maturity $ 124,859  $ 47  $ 14,056  $ —  $ 110,850 
___________________________
(1)Government-sponsored enterprises.
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June 30, 2024
Amortized
Cost		 Gross
Unrecognized
Gains		 Gross
Unrecognized
Losses		 Allowance for
Credit Losses		 Fair
Value
(In Thousands)
Held to maturity:
Debt securities:
Obligations of state and political subdivisions $ 12,913  $ —  $ 277  $ —  $ 12,636 
Total debt securities 12,913  —  277  —  12,636 
   
Mortgage-backed securities:    
Residential pass-through securities (1)
 110,614  —  14,134  —  96,480 
Commercial pass-through securities (1)
 12,215  —  2,053  —  10,162 
Total mortgage-backed securities 122,829  —  16,187  —  106,642 
   
Total securities held to maturity $ 135,742  $ —  $ 16,464  $ —  $ 119,278 
___________________________
(1)Government-sponsored enterprises.
Excluding the balances of mortgage-backed securities, the following tables present the amortized cost and estimated fair values of debt securities available for sale and held to maturity, by contractual maturity, at March 31, 2025:
March 31, 2025
Amortized
Cost		 Fair
Value
(In Thousands)
Available for sale debt securities:
Due in one year or less $ —  $ — 
Due after one year through five years 22,025  21,536 
Due after five years through ten years 417,620  410,104 
Due after ten years 92,752  92,369 
Total $ 532,397  $ 524,009 
March 31, 2025
Amortized
Cost		 Fair
Value
(In Thousands)
Held to maturity debt securities:
Due in one year or less $ 3,425  $ 3,419 
Due after one year through five years 5,504  5,399 
Due after five years through ten years —  — 
Due after ten years —  — 
Total $ 8,929  $ 8,818 
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Sales of securities available for sale were as follows for the periods presented below:
Three Months Ended
March 31,		 Nine Months Ended
March 31,
2025 2024 2025 2024
(In Thousands)
Available for sale securities sold:
Proceeds from sales of securities $ —  $ —  $ —  $ 104,083 
Gross realized losses $ —  $ —  $ —  $ (18,135)
Net loss on sales of securities $ —  $ —  $ —  $ (18,135)

The carrying value of securities pledged were as follows as of the dates presented below:
March 31,
2025		 June 30,
2024
(In Thousands)
Securities pledged:
Pledged to secure public funds on deposit $ 251,600  $ 100,238 
Pledged for potential borrowings at the Federal Reserve Bank of New York 636,386  482,044 
Pledged for the bank term funding program —  88,899 
Total carrying value of securities pledged $ 887,986  $ 671,181 
The following tables present the gross unrealized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that securities have been in a continuous unrealized loss position within the available for sale portfolio at March 31, 2025 and June 30, 2024:
March 31, 2025
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 $ 18,363  $ 275  $ 19,103  $ 201  6 $ 37,466  $ 476 
Collateralized loan obligations 65,665  84  14,976  24  6 80,641  108 
Corporate bonds 2,024  1  117,379  9,565  23 119,403  9,566 
Commercial pass-through securities —  —  110,677  20,419  7 110,677  20,419 
Residential pass-through securities 22,131  167  323,033  84,188  102 345,164  84,355 
Total $ 108,183  $ 527  $ 585,168  $ 114,397  144 $ 693,351  $ 114,924 
June 30, 2024
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 $ 14,093  $ 16  $ 43,411  $ 66  8 $ 57,504  $ 82 
Collateralized loan obligations 3,863  —  24,986  14  4 28,849  14 
Corporate bonds —  —  121,733  19,158  26 121,733  19,158 
Commercial pass-through securities —  —  110,741  22,128  8 110,741  22,128 
Residential pass-through securities 141  2  336,772  92,209  103 336,913  92,211 
Total $ 18,097  $ 18  $ 637,643  $ 133,575  149 $ 655,740  $ 133,593 
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Available for sale securities are evaluated to determine if a decline in fair value below the amortized cost basis has resulted from a credit loss or from other factors. An impairment related to credit factors would be recorded through an allowance for credit losses. The allowance is limited to the amount by which the security’s amortized cost basis exceeds the fair value. An impairment that has not been recorded through an allowance for credit losses shall be recorded through other comprehensive income, net of applicable taxes. Investment securities will be written down to fair value through the Consolidated Statement of Income if management intends to sell, or may be required to sell, the securities before they recover in value. The issuers of these securities continue to make timely principal and interest payments and none of these securities were past due or were placed in nonaccrual status at March 31, 2025. The Company also monitors the credit quality of the issuers through credit ratings from various rating agencies. Credit ratings express opinions about the credit quality of a security and are utilized by the Company to make informed decisions. Management believes that the unrealized losses on these securities are a function of changes in market interest rates and credit spreads, not changes in credit quality. No allowance for credit losses was recorded at March 31, 2025 on available for sale securities.
The sale of available for sale securities during the nine months ended March 31, 2024 was part of an investment security repositioning. The sale proceeds were utilized for reinvestment into higher yielding loans and investment securities, and for repayment of higher-cost wholesale borrowings. The Company was not required to sell these securities.
At March 31, 2025, the held to maturity securities portfolio consists of agency mortgage-backed securities and obligations of state and political subdivisions. The mortgage-backed securities are issued by U.S. government agencies and are implicitly guaranteed by the U.S. government. The obligations of state and political subdivisions in the portfolio are highly rated by major rating agencies and have a long history of no credit losses. The Company regularly monitors the obligations of state and political subdivisions sector of the market and reviews collectability including such factors as the financial condition of the issuers as well as credit ratings in effect as of the reporting period. No allowance for credit losses was recorded at March 31, 2025 on held to maturity securities.
As of March 31, 2025 and June 30, 2024, there were no holdings of debt securities of any one issuer, other than the U.S. government sponsored entities and agencies, in an amount greater than 10% of stockholders’ equity.
5.    LOANS RECEIVABLE
The following table sets forth the composition of the Company’s loan portfolio at March 31, 2025 and June 30, 2024:
March 31,
2025		 June 30,
2024
(In Thousands)
Commercial loans:
Multi-family mortgage $ 2,733,406  $ 2,645,851 
Nonresidential mortgage 988,074  948,075 
Commercial business 140,224  142,747 
Construction 174,722  209,237 
Total commercial loans 4,036,426  3,945,910 
One- to four-family residential mortgage 1,761,465  1,756,051 
Consumer loans:
Home equity loans 49,699  44,104 
Other consumer 2,859  2,685 
Total consumer loans 52,558  46,789 
Total loans 5,850,449  5,748,750 
Unaccreted yield adjustments (1)
 (4,274) (15,963)
Total loans receivable, net of yield adjustments $ 5,846,175  $ 5,732,787 
___________________________
(1)At March 31, 2025 and June 30, 2024, included a fair value adjustment to the carrying amount of hedged one- to four-family residential mortgage loans.
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Past Due Loans
Past due status is based on the contractual payment terms of the loans. The following tables present the payment status of past due loans as of March 31, 2025 and June 30, 2024, by loan segment:
Payment Status
March 31, 2025
30-59 Days 60-89 Days 90 Days and Over Total Past Due Current Total
(In Thousands)
Multi-family mortgage $ 13,115  $ —  $ 11,672  $ 24,787  $ 2,708,619  $ 2,733,406 
Nonresidential mortgage —  —  4,947  4,947  983,127  988,074 
Commercial business 153  1,130  471  1,754  138,470  140,224 
Construction —  —  —  —  174,722  174,722 
One- to four-family residential mortgage 4,386  1,651  2,988  9,025  1,752,440  1,761,465 
Home equity loans 117  183  38  338  49,361  49,699 
Other consumer —  —  3  3  2,856  2,859 
Total loans $ 17,771  $ 2,964  $ 20,119  $ 40,854  $ 5,809,595  $ 5,850,449 
Payment Status
June 30, 2024
30-59 Days 60-89 Days 90 Days and Over Total Past Due Current Total
(In Thousands)
Multi-family mortgage $ —  $ —  $ 19,888  $ 19,888  $ 2,625,963  $ 2,645,851 
Nonresidential mortgage 6,149  —  3,249  9,398  938,677  948,075 
Commercial business 37  64  613  714  142,033  142,747 
Construction —  —  —  —  209,237  209,237 
One- to four-family residential mortgage 800  2,951  2,877  6,628  1,749,423  1,756,051 
Home equity loans 208  —  44  252  43,852  44,104 
Other consumer —  —  5  5  2,680  2,685 
Total loans $ 7,194  $ 3,015  $ 26,676  $ 36,885  $ 5,711,865  $ 5,748,750 
Nonperforming Loans
Loans are generally placed on nonaccrual status when contractual payments become 90 or more days past due or when the Company does not expect to receive all principal and interest payments owed substantially in accordance with the terms of the loan agreement, regardless of past due status. Loans that become 90 days or more past due, but are well secured and in the process of collection, may remain on accrual status. Nonaccrual loans are generally returned to accrual status when all payments due are brought current and the Company expects to receive all remaining principal and interest payments owed substantially in accordance with the terms of the loan agreement. Payments received in cash on nonaccrual loans, including both the principal and interest portions of those payments, are generally applied to reduce the carrying value of the loan. The Company did not recognize interest income on non-accrual loans during the nine months ended March 31, 2025 and 2024.
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The following tables present information relating to the Company’s nonperforming loans as of March 31, 2025 and June 30, 2024:
Performance Status
March 31, 2025
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 $ —  $ 1,245  $ 23,542  $ 24,787  $ 2,708,619  $ 2,733,406 
Nonresidential mortgage —  —  5,793  5,793  982,281  988,074 
Commercial business —  516  1,283  1,799  138,425  140,224 
Construction —  —  —  —  174,722  174,722 
One- to four-family residential mortgage —  801  4,375  5,176  1,756,289  1,761,465 
Home equity loans —  —  125  125  49,574  49,699 
Other consumer —  —  3  3  2,856  2,859 
Total loans $ —  $ 2,562  $ 35,121  $ 37,683  $ 5,812,766  $ 5,850,449 
Performance Status
June 30, 2024
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 $ —  $ —  $ 22,591  $ 22,591  $ 2,623,260  $ 2,645,851 
Nonresidential mortgage —  5,695  4,128  9,823  938,252  948,075 
Commercial business —  714  —  714  142,033  142,747 
Construction —  —  —  —  209,237  209,237 
One- to four-family residential mortgage —  2,295  4,410  6,705  1,749,346  1,756,051 
Home equity loans —  —  44  44  44,060  44,104 
Other consumer —  —  5  5  2,680  2,685 
Total loans $ —  $ 8,704  $ 31,178  $ 39,882  $ 5,708,868  $ 5,748,750 
Loan Modifications Made to Borrowers Experiencing Financial Difficulty

The following tables present the amortized cost basis at March 31, 2025 and March 31, 2024 of loan modifications made to borrowers experiencing financial difficulty that were restructured during the three and nine months ended March 31, 2025 and 2024, by type of modification:
Three Months Ended March 31, 2025
Payment Delay Term Extension Payment Delay, Term Extension, and Interest Rate Reductions Total Percent of Total Class
(Dollars In Thousands)
Multi-family mortgage $ 7,137  $ —  $ —  $ 7,137  0.26  %
Commercial business 44  —  —  44  0.03  %
Total $ 7,181  $ —  $ —  $ 7,181 

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Nine Months Ended March 31, 2025
Payment Delay Term Extension Payment Delay, Term Extension, and Interest Rate Reductions Total Percent of Total Class
(Dollars In Thousands)
Multi-family mortgage $ 31,181  $ —  $ 2,606  $ 33,787  1.24  %
Nonresidential mortgage 173  —  —  173  0.02  %
Commercial business 44  —  —  44  0.03  %
Total $ 31,398  $ —  $ 2,606  $ 34,004 

Three Months Ended March 31, 2024
Payment Delay Term Extension Payment Delay, Term Extension, and Interest Rate Reductions Total Percent of Total Class
(Dollars In Thousands)
Nonresidential mortgage $ —  $ 786  $ —  $ 786  0.08  %
Total $ —  $ 786  $ —  $ 786 

Nine Months Ended March 31, 2024
Payment Delay Term Extension Payment Delay, Term Extension, and Interest Rate Reductions Total Percent of Total Class
(Dollars In Thousands)
Multi-family mortgage $ 2,774  $ —  $ —  $ 2,774  0.10  %
Nonresidential mortgage —  786  —  786  0.08  %
Commercial business 45  —  —  45  0.03  %
One- to four-family residential mortgage 489  45  —  534  0.03  %
Home equity loans —  25  —  25  0.06  %
Total $ 3,308  $ 856  $ —  $ 4,164 

No modifications involved forgiveness of principal for the three and nine months ended March 31, 2025, and March 31, 2024, respectively. There were no commitments to lend additional funds to borrowers experiencing financial difficulty whose terms have been restructured at March 31, 2025 and March 31, 2024.
Of the loans restructured during the three and nine months ended March 31, 2025 and March 31, 2024, respectively, there were no subsequent defaults as of March 31, 2025. For restructured loans, a subsequent payment default is defined in terms of delinquency, when a principal or interest payment is 90 days past due or classified into non-accrual status during the reporting period.
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The following table presents the payment status of the loans that were modified to borrowers experiencing financial difficulties in the last twelve months:
March 31, 2025
Current 30-89 Days Past Due 90 Days or More Past Due Total
Past Due		 Non-Accrual
(Dollars In Thousands)
Multi-family mortgage $ 22,616  $ 11,170  $ —  $ 11,170  $ 11,170 
Nonresidential mortgage 173 —  —  —  173
Commercial business 44 —  —  —  44
One- to four-family residential mortgage 442 —  —  —  442
Total $ 23,275  $ 11,170  $ —  $ 11,170  $ 11,829 
Individually Analyzed Loans
Individually analyzed loans include loans which do not share similar risk characteristics with other loans. Loans previously modified as TDRs and loan modifications made to borrowers experiencing financial difficulty will generally be evaluated for individual impairment, however, after a period of sustained repayment performance which permits the credit to be returned to accrual status, the loans would generally be removed from individual impairment analysis and returned to its corresponding pool. As of March 31, 2025, the carrying value of individually analyzed loans, including loans acquired with deteriorated credit quality that were individually analyzed, totaled $37.7 million, of which $31.8 million were considered collateral dependent.
For collateral dependent loans where management has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and repayment of the loan is to be provided substantially through the operation or sale of the collateral, the allowance for credit losses is measured based on the difference between the fair value of the collateral, less costs to sell, and the amortized cost basis of the loan as of the measurement date. See Note 12 for additional disclosure regarding fair value of individually analyzed collateral dependent loans.
The following table presents the carrying value and related allowance of collateral dependent individually analyzed loans at the dates indicated:
March 31, 2025 June 30, 2024
Carrying Value Related Allowance Carrying Value Related Allowance
(In Thousands)
Commercial loans:
Multi-family mortgage $ 24,787  $ 8  $ 22,591  $ — 
Nonresidential mortgage (1)
 4,697  —  8,598  508 
Total commercial loans 29,484  8  31,189  508 
One- to four-family residential mortgage (2)
 2,268  —  1,406  — 
Consumer loans:
Home equity loans (2)
 16  —  18  — 
Total $ 31,768  $ 8  $ 32,613  $ 508 
___________________________
(1)Secured by income-producing nonresidential property.
(2)Secured by one- to four-family residential properties.

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Credit Quality Indicators
The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually to classify the loans as to credit risk. The Company uses the following definitions for risk ratings:
Pass – Loans that are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral in a timely manner.
Special Mention – Loans which do not currently expose the Company to a sufficient degree of risk to warrant an adverse classification but have some credit deficiencies or other potential weaknesses.
Substandard – Loans which are inadequately protected by the paying capacity and net worth of the obligor or the collateral pledged, if any. Substandard assets include those characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.
Doubtful – Loans which have all of the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values.
Loss – Loans which are considered uncollectible or of so little value that their continuance as assets is not warranted.
The following table presents the risk category of loans and current period gross charge-offs as of March 31, 2025 by loan segment and vintage year:
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Term Loans by Origination Year for Fiscal Years ended June 30,
2025 2024 2023 2022 2021 Prior Revolving Loans Total
(In Thousands)
Multi-family mortgage:
Pass $ 124,715  $ 26,492  $ 609,524  $ 935,498  $ 217,374  $ 757,319  $ —  $ 2,670,922 
Special Mention —  —  —  —  —  —  —  — 
Substandard —  —  —  —  11,840  50,644  —  62,484 
Doubtful —  —  —  —  —  —  —  — 
Total multi-family mortgage 124,715  26,492  609,524  935,498  229,214  807,963  —  2,733,406 
Multi-family current period gross charge-offs —  —  —  —  —  —  —  — 
Nonresidential mortgage:
Pass 115,226  81,753  103,676  192,262  108,248  367,604  150  968,919 
Special Mention —  —  —  —  952  6,206  —  7,158 
Substandard —  —  —  —  857  11,140  —  11,997 
Doubtful —  —  —  —  —  —  —  — 
Total nonresidential mortgage 115,226  81,753  103,676  192,262  110,057  384,950  150  988,074 
Nonresidential current period gross charge-offs —  —  —  —  —  830  —  830 
Commercial business:
Pass 12,811  10,265  5,864  21,489  14,927  9,692  61,782  136,830 
Special Mention —  —  —  1,166  131  165  —  1,462 
Substandard 89  —  —  —  52  1,663  128  1,932 
Doubtful —  —  —  —  —  —  —  — 
Total commercial business 12,900  10,265  5,864  22,655  15,110  11,520  61,910  140,224 
Commercial current period gross charge-offs —  —  —  —  —  242  —  242 
Construction loans:
Pass 29,526  74,778  4,290  9,408  19,409  3,386  5,735  146,532 
Special Mention —  —  —  —  3,196  —  —  3,196 
Substandard —  4,500  —  —  20,494  —  —  24,994 
Doubtful —  —  —  —  —  —  —  — 
Total construction loans 29,526  79,278  4,290  9,408  43,099  3,386  5,735  174,722 
Construction current period gross charge-offs —  —  —  —  —  —  —  — 
Residential mortgage:
Pass 114,684  165,920  179,246  414,562  441,402  433,636  97  1,749,547 
Special Mention —  —  —  —  —  309  —  309 
Substandard —  —  490  777  191  10,151  —  11,609 
Doubtful —  —  —  —  —  —  —  — 
Total residential mortgage 114,684  165,920  179,736  415,339  441,593  444,096  97  1,761,465 
Residential current period gross charge-offs —  —  —  —  —  2  —  2 
Home equity loans:
Pass 806  1,751  4,711  1,870  313  8,017  31,686  49,154 
Special Mention —  97  —  —  —  —  98  195 
Substandard —  —  —  86  —  193  71  350 
Doubtful —  —  —  —  —  —  —  — 
Total home equity loans 806  1,848  4,711  1,956  313  8,210  31,855  49,699 
Home equity current period gross charge-offs —  —  —  —  —  2  —  2 
Other consumer loans
Pass 748  374  190  113  243  1,060  27  2,755 
Special Mention —  —  —  —  —  —  —  — 
Substandard —  —  —  —  —  —  3  3 
Doubtful —  —  —  —  —  —  101  101 
Other consumer loans 748  374  190  113  243  1,060  131  2,859 
Other consumer current period gross charge-offs —  —  —  —  —  5  —  5 
Total loans $ 398,605  $ 365,930  $ 907,991  $ 1,577,231  $ 839,629  $ 1,661,185  $ 99,878  $ 5,850,449 
Total current period gross charge-offs $ —  $ —  $ —  $ —  $ —  $ 1,081  $ —  $ 1,081 
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The following table presents the risk category of loans as of June 30, 2024 by loan segment and vintage year:
Term Loans by Origination Year for Fiscal Years ended June 30,
2024 2023 2022 2021 2020 Prior Revolving Loans Total
(In Thousands)
Multi-family mortgage:
Pass $ 26,683  $ 596,321  $ 949,690  $ 219,850  $ 201,611  $ 607,332  $ —  $ 2,601,487 
Special Mention —  —  —  —  —  6,475  —  6,475 
Substandard —  —  —  9,570  —  28,319  —  37,889 
Doubtful —  —  —  —  —  —  —  — 
Total multi-family mortgage 26,683  596,321  949,690  229,420  201,611  642,126  —  2,645,851 
Multi-family current period gross charge-offs —  —  —  —  —  398  —  398 
Nonresidential mortgage:
Pass 87,380  105,768  199,829  90,312  44,598  389,680  30  917,597 
Special Mention —  —  —  447  —  14,714  —  15,161 
Substandard —  —  —  867  —  14,450  —  15,317 
Doubtful —  —  —  —  —  —  —  — 
Total nonresidential mortgage 87,380  105,768  199,829  91,626  44,598  418,844  30  948,075 
Nonresidential current period gross charge-offs —  —  —  —  —  5,975  —  5,975 
Commercial business:
Pass 12,152  8,273  27,615  18,242  4,337  7,863  56,592  135,074 
Special Mention —  —  1,559  437  —  1,754  —  3,750 
Substandard —  —  —  —  1,767  2,003  153  3,923 
Doubtful —  —  —  —  —  —  —  — 
Total commercial business 12,152  8,273  29,174  18,679  6,104  11,620  56,745  142,747 
Commercial current period gross charge-offs —  —  —  3,391  464  11  —  3,866 
Construction loans:
Pass 51,261  45,180  14,284  62,584  2,602  3,647  5,735  185,293 
Special Mention 3,450  —  —  20,494  —  —  —  23,944 
Substandard —  —  —  —  —  —  —  — 
Doubtful —  —  —  —  —  —  —  — 
Total construction loans 54,711  45,180  14,284  83,078  2,602  3,647  5,735  209,237 
Construction current period gross charge-offs —  —  —  —  —  —  —  — 
Residential mortgage:
Pass 185,034  184,737  431,346  458,696  77,442  406,677  291  1,744,223 
Special Mention —  —  —  —  —  1,453  —  1,453 
Substandard —  509  796  —  —  9,070  —  10,375 
Doubtful —  —  —  —  —  —  —  — 
Total residential mortgage 185,034  185,246  432,142  458,696  77,442  417,200  291  1,756,051 
Residential current period gross charge-offs —  —  —  —  —  37  —  37 
Home equity loans:
Pass 1,919  5,698  2,173  347  1,019  8,086  24,535  43,777 
Special Mention —  —  —  —  —  —  93  93 
Substandard —  —  —  —  —  234  —  234 
Doubtful —  —  —  —  —  —  —  — 
Total home equity loans 1,919  5,698  2,173  347  1,019  8,320  24,628  44,104 
Home equity current period gross charge-offs —  —  —  —  —  —  —  — 
Other consumer loans
Pass 804  211  204  127  224  990  39  2,599 
Special Mention —  —  —  —  —  —  —  — 
Substandard —  —  —  —  —  —  —  — 
Doubtful —  —  —  —  —  —  86  86 
Other consumer loans 804  211  204  127  224  990  125  2,685 
Other consumer current period gross charge-offs —  —  —  —  —  —  —  — 
Total loans $ 368,683  $ 946,697  $ 1,627,496  $ 881,973  $ 333,600  $ 1,502,747  $ 87,554  $ 5,748,750 
Total current period gross charge-offs $ —  $ —  $ —  $ 3,391  $ 464  $ 6,421  $ —  10,276 
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Mortgage Loans in Foreclosure
The Company may obtain physical possession of one- to four-family real estate collateralizing a residential mortgage loan or nonresidential real estate collateralizing a nonresidential mortgage loan via foreclosure or through an in-substance repossession. As of March 31, 2025, the Company held no residential or nonresidential property in other real estate owned that was acquired through foreclosure on a mortgage loan. As of that same date, the Company held one residential mortgage loan with an aggregate carrying value of $558,100 and five commercial mortgage loans with aggregate carrying values totaling $15.1 million which were in the process of foreclosure. As of June 30, 2024, the Company held no residential or nonresidential property in other real estate owned that was acquired through foreclosure on a mortgage loan. As of that same date, the Company held three residential mortgage loans with aggregate carrying values totaling $1.2 million and six commercial mortgage loans with aggregate carrying values totaling $13.6 million which were in the process of foreclosure.
6.    ALLOWANCE FOR CREDIT LOSSES
Allowance for Credit Losses on Loans Receivable
The following tables present the balance of the allowance for credit losses at March 31, 2025 and June 30, 2024. The balance of the allowance for credit losses is based on an expected loss methodology, referred to as the “CECL” methodology. The tables identify the valuation allowances attributable to specifically identified impairments on individually analyzed loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans collectively evaluated. The tables include the underlying balance of loans receivable applicable to each category as of those dates.
Allowance for Credit Losses
March 31, 2025
Loans
acquired with
deteriorated
credit quality
individually
analyzed		 Loans
acquired with
deteriorated
credit quality
collectively
evaluated		 Loans individually
analyzed		 Loans collectively
evaluated		 Total allowance for credit losses
(In Thousands)
Multi-family mortgage $ —  $ —  $ 8  $ 24,652  $ 24,660 
Nonresidential mortgage —  23  —  6,653  6,676 
Commercial business —  35  50  1,432  1,517 
Construction —  1  —  1,122  1,123 
One- to four-family residential mortgage 12  88  40  9,818  9,958 
Home equity loans —  —  —  417  417 
Other consumer —  —  —  104  104 
Total loans $ 12  $ 147  $ 98  $ 44,198  $ 44,455 
Balance of Loans Receivable
March 31, 2025
Loans
acquired with
deteriorated
credit quality
individually
analyzed		 Loans
acquired with
deteriorated
credit quality
collectively
evaluated		 Loans individually
analyzed		 Loans collectively
evaluated		 Total loans
(In Thousands)
Multi-family mortgage $ —  $ —  $ 24,787  $ 2,708,619  $ 2,733,406 
Nonresidential mortgage 250  1,618  5,543  980,663  988,074 
Commercial business —  1,459  1,799  136,966  140,224 
Construction —  5,735  —  168,987  174,722 
One- to four-family residential mortgage 629  3,595  4,547  1,752,694  1,761,465 
Home equity loans 22  —  103  49,574  49,699 
Other consumer —  —  —  2,859  2,859 
Total loans $ 901  $ 12,407  $ 36,779  $ 5,800,362  $ 5,850,449 
Unaccreted yield adjustments (4,274)
Loans receivable, net of yield adjustments $ 5,846,175 
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Allowance for Credit Losses
June 30, 2024
Loans
acquired with
deteriorated
credit quality
individually
analyzed		 Loans
acquired with
deteriorated
credit quality
collectively
evaluated		 Loans individually
analyzed		 Loans collectively
evaluated		 Total allowance for credit losses
(In Thousands)
Multi-family mortgage $ —  $ —  $ —  $ 24,125  $ 24,125 
Nonresidential mortgage —  31  517  5,577  6,125 
Commercial business —  6  228  1,339  1,573 
Construction —  —  —  1,230  1,230 
One- to four-family residential mortgage 9  95  108  11,249  11,461 
Home equity loans —  —  —  349  349 
Other consumer —  —  —  76  76 
Total loans $ 9  $ 132  $ 853  $ 43,945  $ 44,939 
Balance of Loans Receivable
June 30, 2024
Loans
acquired with
deteriorated
credit quality
individually
analyzed		 Loans
acquired with
deteriorated
credit quality
collectively
evaluated		 Loans individually
analyzed		 Loans collectively
evaluated		 Total loans
(In Thousands)
Multi-family mortgage $ —  $ —  $ 22,591  $ 2,623,260  $ 2,645,851 
Nonresidential mortgage 284  2,145  9,539  936,107  948,075 
Commercial business —  2,794  714  139,239  142,747 
Construction —  5,735  —  203,502  209,237 
One- to four-family residential mortgage 1,276  3,431  5,429  1,745,915  1,756,051 
Home equity loans 24  —  20  44,060  44,104 
Other consumer —  —  —  2,685  2,685 
Total loans $ 1,584  $ 14,105  $ 38,293  $ 5,694,768  $ 5,748,750 
Unaccreted yield adjustments (15,963)
Loans receivable, net of yield adjustments $ 5,732,787 
The following tables present the activity in the allowance for credit losses on loans for the three and nine months ended March 31, 2025 and 2024.
Changes in the Allowance for Credit Losses
Three Months Ended March 31, 2025
Balance at
December 31, 2024		 Charge-offs Recoveries Provision for
(reversal of)
credit losses 		Balance at
March 31, 2025
(In Thousands)
Multi-family mortgage $ 24,880  $ —  $ —  $ (220) $ 24,660 
Nonresidential mortgage 6,479  (332) —  529  6,676 
Commercial business 1,563  (40) 4  (10) 1,517 
Construction 1,157  —  —  (34) 1,123 
One- to four-family residential mortgage 9,855  —  —  103  9,958 
Home equity loans 421  —  —  (4) 417 
Other consumer 102  —  —  2  104 
Total loans $ 44,457  $ (372) $ 4  $ 366  $ 44,455 
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Changes in the Allowance for Credit Losses
Nine Months Ended March 31, 2025
Balance at
June 30, 2024		 Charge-offs Recoveries Provision for
(reversal of)
credit losses 		Balance at
March 31, 2025
(In Thousands)
Multi-family mortgage $ 24,125  $ —  $ —  $ 535  $ 24,660 
Nonresidential mortgage 6,125  (830) —  1,381  6,676 
Commercial business 1,573  (242) 14  172  1,517 
Construction 1,230  —  —  (107) 1,123 
One- to four-family residential mortgage 11,461  (2) 2  (1,503) 9,958 
Home equity loans 349  (2) —  70  417 
Other consumer 76  (5) —  33  104 
Total loans $ 44,939  $ (1,081) $ 16  $ 581  $ 44,455 

Changes in the Allowance for Credit Losses
Three Months Ended March 31, 2024
Balance at
December 31, 2023		 Charge-offs Recoveries Provision for
(reversal of)
credit losses		 Balance at
March 31, 2024
(In Thousands)
Multi-family mortgage $ 24,462  $ (35) $ —  $ (231) $ 24,196 
Nonresidential mortgage 5,888  (253) —  415  6,050 
Commercial business 1,293  (5) 7  250  1,545 
Construction 1,171  —  —  179  1,350 
One- to four-family residential mortgage 11,653  —  —  (278) 11,375 
Home equity loans 330  —  —  —  330 
Other consumer 70  —  —  14  84 
Total loans $ 44,867  $ (293) $ 7  $ 349  $ 44,930 

Changes in the Allowance for Credit Losses
Nine Months Ended March 31, 2024
Balance at June 30, 2023 Charge-offs Recoveries Provision for
(reversal of)
credit losses		 Balance at
March 31, 2024
(In Thousands)
Multi-family mortgage $ 26,362  $ (389) $ —  $ (1,777) $ 24,196 
Nonresidential mortgage 8,953  (5,975) 120  2,952  6,050 
Commercial business 1,440  (352) 17  440  1,545 
Construction 1,336  —  —  14  1,350 
One- to four-family residential mortgage 10,237  (37) 113  1,062  11,375 
Home equity loans 338  —  —  (8) 330 
Other consumer 68  —  —  16  84 
Total loans $ 48,734  $ (6,753) $ 250  $ 2,699  $ 44,930 
The allowance for credit losses on loans decreased from $44.9 million at June 30, 2024 to $44.5 million as of March 31, 2025. The decrease was primarily due to a decrease in the quantitative reserve on one- to four-family residential mortgage loans due to lower assumed loss rates resulting from favorable historic loss experience, and a decrease in individually analyzed reserves on nonresidential mortgage loans. The decrease was offset by an increase in the quantitative reserve on nonresidential mortgage loans driven by loan growth and an increase in the qualitative reserve on multi-family mortgage loans.

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Allowance for Credit Losses on Off Balance Sheet Commitments
The following table presents the activity in the allowance for credit losses on off balance sheet commitments recorded in other non-interest expense for the three and nine months ended March 31, 2025 and 2024:
Three Months Ended
March 31,		 Nine Months Ended
March 31,
2025 2024 2025 2024
(In Thousands)
Balance at beginning of the period $ 953  $ 567  $ 796  $ 741 
Provision for credit losses 37  198  194  24 
Balance at end of the period $ 990  $ 765  $ 990  $ 765 
7.    DEPOSITS
Deposits at March 31, 2025 and June 30, 2024 are summarized as follows:
March 31,
2025		 June 30,
2024
(In Thousands)
Non-interest-bearing demand $ 587,118  $ 598,366 
Interest-bearing demand 2,410,925  2,308,915 
Savings 758,239  643,481 
Certificates of deposits 1,951,066  1,607,361 
Total deposits $ 5,707,348  $ 5,158,123 
8.    BORROWINGS
Borrowings at March 31, 2025 and June 30, 2024 consisted of the following:
March 31,
2025		 June 30,
2024
(In Thousands)
FHLB advances $ 1,028,976  $ 1,434,789 
Federal Reserve Bank Term Funding Program ("BTFP") borrowings —  100,000 
Overnight borrowings (1)
 185,000  175,000 
Total borrowings $ 1,213,976  $ 1,709,789 
___________________________
(1)At March 31, 2025 and June 30, 2024 there were FHLB overnight line of credit borrowings of $185.0 million and $175.0 million, respectively.
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Fixed rate advances from the FHLB of New York mature as follows:
March 31, 2025 June 30, 2024
Balance Weighted
Average
Interest Rate		 Balance Weighted
Average
Interest Rate
(Dollars in Thousands)
By remaining period to maturity:
Less than one year $ 829,000  4.41  % $ 1,328,500  5.25  %
One to two years —  —  6,500  2.82 
Two to three years 200,000  3.98  —  — 
Three to four years —  —  200,000  3.98 
Four to five years —  —  —  — 
Greater than five years —  —  —  — 
Total advances 1,029,000  4.33  % 1,535,000  5.07  %
Unamortized fair value adjustments (24) (211)
Total advances, net of fair value adjustments $ 1,028,976  $ 1,534,789 
At March 31, 2025, FHLB advances and overnight line of credit borrowings were collateralized by the FHLB capital stock owned by the Bank and mortgage loans with carrying values totaling approximately $3.29 billion. At June 30, 2024, FHLB advances and overnight line of credit borrowings were collateralized by the FHLB capital stock owned by the Bank and mortgage loans with carrying values totaling approximately $4.38 billion.
At March 31, 2025 there were no BTFP borrowings. At June 30, 2024, BTFP borrowings were secured by agency mortgage-backed securities with a par value of $113.5 million.
9.    DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Risk Management Objective of Using Derivatives
The Company uses various financial instruments, including derivatives, to manage its exposure to interest rate risk. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to specific wholesale funding positions and assets.
Fair Values of Derivative Instruments on the Statement of Financial Condition
The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Statements of Financial Condition as of March 31, 2025 and June 30, 2024:
March 31, 2025
Asset Derivatives Liability Derivatives
Location Fair Value Location Fair Value
(In Thousands)
Derivatives designated as hedging instruments:
Interest rate contracts Other assets $ 23,384  Other liabilities $ 3,855 
Total $ 23,384  $ 3,855 

June 30, 2024
Asset Derivatives Liability Derivatives
Location Fair Value Location Fair Value
(In Thousands)
Derivatives designated as hedging instruments:
Interest rate contracts Other assets $ 54,362  Other liabilities $ — 
Total $ 54,362  $ — 
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Cash Flow Hedges of Interest Rate Risk
The Company uses derivatives to add stability to interest expense and interest income and to manage its exposure to interest rate movements. The Company has entered into interest rate swaps, interest rate caps and an interest rate floor as part of its interest rate risk management strategy. These interest rate products are designated as cash flow hedges. As of March 31, 2025, the Company had a total of 16 interest rate swaps, caps and collars with a total notional amount of $1.83 billion hedging specific wholesale funding, and five interest rate floors with a notional amount of $550.0 million hedging floating-rate available for sale securities.
For derivatives designated as cash flow hedges, the gain or loss on the derivative is recorded in other comprehensive income, net of tax, and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings.
For cash flow hedges on the Company’s wholesale funding positions, amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s hedged variable rate wholesale funding positions. During the three and nine months ended March 31, 2025, the Company reclassified a gain of $5.3 million and $21.0 million, respectively, as a reduction in interest expense. During the next twelve months, the Company estimates that $14.2 million will be reclassified as a reduction in interest expense.
For cash flow hedges on the Company’s assets, amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest income as interest payments are received on the Company’s hedged variable rate assets. During the three and nine months ended March 31, 2025, the Company reclassified a gain of $162,000 and a loss of $209,000, respectively, to interest income. During the next twelve months, the Company estimates that $513,000 will be reclassified as an increase in interest income.
The table below presents the pre-tax effects of the Company’s derivative instruments designated as cash flow hedges on the Consolidated Statements of Income for the three and nine months ended March 31, 2025 and 2024:
Three Months Ended
March 31,		 Nine Months Ended
March 31,
2025 2024 2025 2024
(In Thousands)
Amount of (loss) gain recognized in other comprehensive income $ (3,987) $ 18,798  $ (5,759) $ 13,920 
Amount of gain reclassified from accumulated other comprehensive income to interest expense $ 5,305  $ 9,531  $ 21,042  $ 28,386 
Amount of gain (loss) reclassified from accumulated other comprehensive income to interest income $ 162  $ (70) $ (209) $ (91)
Fair Value Hedges of Interest Rate Risk
The Company is exposed to changes in the fair value of certain of its fixed-rate assets due to changes in benchmark interest rates. The Company uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate. Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for the Company receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. Such derivatives are used to hedge the changes in fair value of certain of its pools of fixed-rate assets. As of March 31, 2025, the Company had five interest rate swaps with a notional amount of $775.0 million hedging fixed-rate residential mortgage loans.
For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivatives as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income.
The table below presents the effects of the Company’s derivative instruments designated as fair value hedges on the Consolidated Statements of Income for the three and nine months ended March 31, 2025 and March 31, 2024:
Three Months Ended
March 31,		 Nine Months Ended
March 31,
2025 2024 2025 2024
(In Thousands)
Gain (loss) on hedged items recorded in interest income on loans $ 3,718  $ (5,929) $ 9,908  $ 2,077 
(Loss) gain on hedges recorded in interest income on loans $ (2,666) $ 8,565  $ (4,405) $ 5,832 
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As of March 31, 2025 and June 30, 2024, the following amounts were recorded on the Statement of Financial Condition related to cumulative basis adjustment for fair value hedges:
March 31,
2025		 June 30,
2024
(In Thousands)
Loans receivable:
Carrying amount of the hedged assets(1)
 $ 775,588  $ 715,680 
Fair value hedging adjustment included in the carrying amount of the hedged assets $ 588  $ (9,320)
___________________________________
(1)This amount includes the amortized cost basis of the closed portfolios of loans receivable used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At March 31, 2025 and June 30, 2024, the amortized cost basis of the closed portfolios used in these hedging relationships was $1.26 billion and $1.29 billion, respectively.
Offsetting Derivatives
The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives in the Consolidated Statements of Financial Condition as of March 31, 2025 and June 30, 2024, respectively. The net amounts presented for derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Consolidated Statements of Financial Condition.
March 31, 2025
Gross Amounts Not Offset
Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received (Posted) Net Amount
(In Thousands)
Assets:
Interest rate contracts $ 24,582  $ (1,198) $ 23,384  $ —  $ —  $ 23,384 
Total $ 24,582  $ (1,198) $ 23,384  $ —  $ —  $ 23,384 
Liabilities:
Interest rate contracts $ 5,053  $ (1,198) $ 3,855  $ —  $ (2,380) $ 1,475 
Total $ 5,053  $ (1,198) $ 3,855  $ —  $ (2,380) $ 1,475 
June 30, 2024
Gross Amounts Not Offset
Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received (Posted) Net Amount
(In Thousands)
Assets:
Interest rate contracts $ 54,423  $ (61) $ 54,362  $ —  $ —  $ 54,362 
Total $ 54,423  $ (61) $ 54,362  $ —  $ —  $ 54,362 
Liabilities:
Interest rate contracts $ 61  $ (61) $ —  $ —  $ —  $ — 
Total $ 61  $ (61) $ —  $ —  $ —  $ — 
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Credit Risk-Related Contingent Features
The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, then the Company could also be declared in default on its derivative obligations and could be required to terminate its derivative positions with the counterparty. The Company also has agreements with its derivative counterparties that contain a provision where if the Company fails to maintain its status as a well-capitalized institution, then the Company could be required to terminate its derivative positions with the counterparty. At March 31, 2025, zero of the Company’s derivatives were in a net liability position. As required under the enforceable master netting arrangement with its derivatives counterparties, as of March 31, 2025 and June 30, 2024, the Company was not required to post financial collateral.
In addition to the derivative instruments noted above, the Company’s pipeline of loans held for sale at March 31, 2025 and June 30, 2024, included $23.0 million and $16.0 million, respectively, of in process loans whose terms included interest rate locks to borrowers, which are considered free-standing derivative instruments whose fair values are not material to the Company’s financial condition or results of operations.
10.    BENEFIT PLANS
Components of Net Periodic Expense
The following table sets forth the aggregate net periodic benefit expense for the Bank’s Benefit Equalization Plan, Postretirement Welfare Plan, Directors’ Consultation and Retirement Plan, Atlas Bank Retirement Income Plan and Supplemental Executive Retirement Plan:
Three Months Ended
March 31,		 Nine Months Ended
March 31,		 Affected Line Item in the Consolidated Statements of Income
2025 2024 2025 2024
(In Thousands)
Service cost $ 18  $ 20  $ 54  $ 58  Salaries and employee benefits
Interest cost 97  93  277  277  Other expense
Accretion of unrecognized gain (26) (15) (80) (45) Other expense
Expected return on assets (23) (23) (68) (69) Other expense
Net periodic benefit cost $ 66  $ 75  $ 183  $ 221 
2021 Equity Incentive Plan
During the nine months ended March 31, 2025, the Company granted 380,007 restricted stock units (“RSUs”) comprised of 278,530 service-based RSUs and 101,477 performance-based RSUs. The service-based RSUs will vest in three tranches over a period of three years and the performance-based RSUs will cliff vest upon the achievement of performance measures over the three-year period ending June 30, 2027. The number of performance-based RSUs that will vest, if any, will depend on whether, and to what extent, the performance measures are achieved. Common stock will be issued from authorized shares upon the vesting of the RSUs.
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11.    INCOME TAXES
The following table presents a reconciliation between the reported income taxes for the periods presented and the income taxes which would be computed by applying the federal income tax rate of 21% to income for the three and nine months ended March 31, 2025 and 2024:
Three Months Ended
March 31,		 Nine Months Ended
March 31,
2025 2024 2025 2024
(Dollars in Thousands)
Income before income taxes $ 7,848  $ 9,114  $ 22,843  $ 10,220 
Statutory federal tax rate 21  % 21  % 21  % 21  %
Federal income tax at statutory rate $ 1,648  $ 1,914  $ 4,797  $ 2,146 
(Reduction) increase in income taxes resulting from:
Tax exempt interest (11) (17) (38) (52)
State tax, net of federal tax effect 104  485  857  297 
Incentive stock option compensation expense —  —  —  5 
Income from bank-owned life insurance (548) (504) (1,635) (1,218)
Surrender of bank-owned life insurance polices —  76  —  5,789 
Other items, net 7  (237) (444) (159)
Total income tax expense $ 1,200  $ 1,717  $ 3,537  $ 6,808 
Effective income tax rate 15.29  % 18.84  % 15.48  % 66.61  %
12.    FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:
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.
Assets and Liabilities Measured on a Recurring Basis:
The following methods and significant assumptions were used to estimate the fair values as of March 31, 2025 and June 30, 2024:
Investment Securities Available for Sale
The Company’s available for sale investment securities are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the securities’ terms and conditions, among other things. From time to time, the Company validates prices supplied by the independent pricing service by comparison to prices obtained from third-party sources or derived using internal models.
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Derivatives
The Company has contracted with a third party vendor to provide periodic valuations for its interest rate derivatives to determine the fair value of its interest rate contracts. The vendor utilizes standard valuation methodologies applicable to interest rate derivatives such as discounted cash flow analysis and extensions of the Black-Scholes model. Such valuations are based upon readily observable market data and are therefore considered Level 2 valuations by the Company.
Those assets and liabilities measured at fair value on a recurring basis are summarized below:
March 31, 2025
Quoted
Prices
in Active
Markets for
Identical
Assets
(Level 1)		 Significant
Other
Observable
Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)		 Total
(In Thousands)
Assets:
Debt securities available for sale:
Asset-backed securities $ —  $ 69,603  $ —  $ 69,603 
Collateralized loan obligations —  324,736  —  324,736 
Corporate bonds —  129,670  —  129,670 
Total debt securities —  524,009  —  524,009 
Mortgage-backed securities available for sale:
Residential pass-through securities —  345,594  —  345,594 
Commercial pass-through securities —  133,790  —  133,790 
Total mortgage-backed securities —  479,384  —  479,384 
Total securities available for sale $ —  $ 1,003,393  $ —  $ 1,003,393 
Interest rate contracts $ —  $ 23,384  $ —  $ 23,384 
Total assets $ —  $ 1,026,777  $ —  $ 1,026,777 
Liabilities:
Interest rate contracts $ —  $ 3,855  $ —  $ 3,855 
Total liabilities $ —  $ 3,855  $ —  $ 3,855 
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June 30, 2024
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		 Significant
Other
Observable
Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)		 Total
(In Thousands)
Assets:
Debt securities available for sale:
Asset-backed securities $ —  $ 80,440  $ —  $ 80,440 
Collateralized loan obligations —  389,543  —  389,543 
Corporate bonds —  131,797  —  131,797 
Total debt securities —  601,780  —  601,780 
Mortgage-backed securities available for sale:
Residential pass-through securities —  337,264  —  337,264 
Commercial pass-through securities —  133,789  —  133,789 
Total mortgage-backed securities —  471,053  —  471,053 
Total securities available for sale $ —  $ 1,072,833  $ —  $ 1,072,833 
Interest rate contracts $ —  $ 54,362  $ —  $ 54,362 
Total assets $ —  $ 1,127,195  $ —  $ 1,127,195 
Assets Measured on a Non-Recurring Basis:
The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a non-recurring basis at March 31, 2025 and June 30, 2024:
Individually Analyzed Collateral Dependent Loans
The fair value of collateral dependent loans that are individually analyzed is determined based upon the appraised fair value of the underlying collateral, less costs to sell. Such collateral primarily consists of real estate and, to a lesser extent, other business assets. Management may also adjust appraised values to reflect estimated changes in market values or apply other adjustments to appraised values resulting from its knowledge of the collateral. Internal valuations may be utilized to determine the fair value of other business assets. For non-collateral-dependent loans, management estimates fair value using discounted cash flows based on inputs that are largely unobservable and instead reflect management’s own estimates of the assumptions as a market participant would in pricing such loans. Individually analyzed collateral dependent loans are considered a Level 3 valuation by the Company.
Those assets measured at fair value on a non-recurring basis are summarized below:
March 31, 2025
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		 Significant
Other
Observable
Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)		 Total
(In Thousands)
Collateral dependent loans:
Multi-family mortgage $ —  $ —  $ 3,133  $ 3,133 
Nonresidential mortgage —  —  4,697  4,697 
Total $ —  $ —  $ 7,830  $ 7,830 
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June 30, 2024
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		 Significant
Other
Observable
Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)		 Total
(In Thousands)
Collateral dependent loans:
Multi-family mortgage $ —  $ —  $ 1,896  $ 1,896 
Nonresidential mortgage —  —  5,014  5,014 
Total $ —  $ —  $ 6,910  $ 6,910 
The following tables present additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value:
March 31, 2025
Fair
Value		 Valuation
Techniques		 Unobservable
Input		 Range Weighted
Average
(Dollars in Thousands)
Collateral dependent loans:
Multi-family mortgage $ 3,133  Market valuation of underlying collateral
(1)
 Adjustments to reflect current conditions/selling costs
(2)
13.92% - 17.50%
 15.28  %
Nonresidential mortgage 4,697  Market valuation of underlying collateral
(1)
 Adjustments to reflect current conditions/selling costs
(2)
9.45%
 9.45  %
Total $ 7,830 
June 30, 2024
Fair
Value		 Valuation
Techniques		 Unobservable
Input		 Range Weighted
Average
(Dollars in Thousands)
Collateral dependent loans:
Multi-family mortgage $ 1,896  Market valuation of underlying collateral
(1)
 Adjustments to reflect current conditions/selling costs
(2)
13.32%
 13.32  %
Nonresidential mortgage 5,014  Market valuation of underlying collateral
(1)
 Adjustments to reflect current conditions/selling costs
(2)
8.93%
 8.93  %
Total $ 6,910 
___________________________________
(1)The fair value of collateral dependent loans is generally determined based on an independent appraisal of the fair value of a loan’s underlying collateral.
(2)The fair value basis of collateral dependent loans is adjusted to reflect management’s estimates of selling costs including, but not limited to, real estate brokerage commissions and title transfer fees.
At March 31, 2025, collateral dependent loans valued using Level 3 inputs comprised loans with principal balances totaling $7.8 million and a valuation allowance of $8,000 reflecting an aggregate fair value of $7.8 million. By comparison, at June 30, 2024, collateral dependent loans valued using Level 3 inputs comprised loans with principal balances totaling $7.4 million and a valuation allowance of $508,000 reflecting an aggregate fair value of $6.9 million.
Once a loan is foreclosed, the fair value of the other real estate owned continues to be evaluated based upon the fair value of the repossessed real estate originally securing the loan. At March 31, 2025 and June 30, 2024, the Company had no other real estate owned assets, respectively.
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The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of March 31, 2025 and June 30, 2024:
March 31, 2025
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)
Financial assets:
Cash and cash equivalents $ 126,095  $ 126,095  $ 126,095  $ —  $ — 
Investment securities available for sale 1,003,393  1,003,393  —  1,003,393  — 
Investment securities held to maturity 124,859  110,850  —  110,850  — 
Loans held-for-sale 6,187  6,306  —  6,306  — 
Net loans receivable 5,801,720  5,311,751  —  —  5,311,751 
FHLB Stock 62,261  —  —  —  — 
Interest receivable 28,521  28,521  35  7,556  20,930 
Interest rate contracts 23,384  23,384  —  23,384  — 
Financial liabilities:
Deposits other than certificates of deposits 3,756,282  3,756,282  3,756,282  —  — 
Certificates of deposits 1,951,066  1,945,268  —  —  1,945,268 
Borrowings 1,213,976  1,213,549  —  —  1,213,549 
Interest payable on deposits 6,236  6,236  2,877  —  3,359 
Interest payable on borrowings 3,229  3,229  —  —  3,229 
Interest rate contracts 3,855  3,855  —  3,855  — 
June 30, 2024
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)
Financial assets:
Cash and cash equivalents $ 63,864  $ 63,864  $ 63,864  $ —  $ — 
Investment securities available for sale 1,072,833  1,072,833  —  1,072,833  — 
Investment securities held to maturity 135,742  119,278  —  119,278  — 
Loans held-for-sale 6,036  6,077  —  6,077  — 
Net loans receivable 5,687,848  5,114,459  —  —  5,114,459 
FHLB Stock 80,300  —  —  —  — 
Interest receivable 29,521  29,521  11  8,986  20,524 
Interest rate contracts 54,362  54,362  —  54,362  — 
Financial liabilities:
Deposits other than certificates of deposits 3,550,762  3,550,762  3,550,762  —  — 
Certificates of deposits 1,607,361  1,597,939  —  —  1,597,939 
Borrowings 1,709,789  1,703,924  —  —  1,703,924 
Interest payable on deposits 5,662  5,662  3,397  —  2,265 
Interest payable on borrowings 7,784  7,784  —  —  7,784 
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Commitments. The fair value of commitments to fund credit lines and originate or participate in loans held in portfolio or loans held for sale is estimated using fees currently charged to enter into similar agreements taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, including those relating to loans held for sale that are considered derivative instruments for financial statement reporting purposes, the fair value also considers the difference between current levels of interest and the committed rates. The carrying value, represented by the net deferred fee arising from the unrecognized commitment, and the fair value, determined by discounting the remaining contractual fee over the term of the commitment using fees currently charged to enter into similar agreements with similar credit risk, is not considered material for disclosure.
Limitations. Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instruments. These estimates do not reflect any premium or discount that could result from offering for sale at one time the entire holdings of a particular financial instrument. Because no fair value exists for a significant portion of the financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature, involve uncertainties and matters of judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.
The fair value estimates are based on existing on-and-off balance sheet financial instruments without attempting to value anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets and liabilities that are not considered financial assets and liabilities include premises and equipment, and advances from borrowers for taxes and insurance. In addition, the ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates.
Finally, reasonable comparability between financial institutions may not be likely due to the wide range of permitted valuation techniques and numerous estimates which must be made given the absence of active secondary markets for many of the financial instruments. This lack of uniform valuation methodologies introduces a greater degree of subjectivity to these estimated fair values.
13.    COMPREHENSIVE INCOME (LOSS)
The components of accumulated other comprehensive loss included in stockholders’ equity at March 31, 2025 and June 30, 2024 are as follows:
March 31,
2025		 June 30,
2024
(In Thousands)
Net unrealized loss on securities available for sale $ (112,694) $ (130,673)
Tax effect 32,577  37,683 
Net of tax amount (80,117) (92,990)
Fair value adjustments on derivatives 15,081  41,673 
Tax effect (4,374) (12,085)
Net of tax amount 10,707  29,588 
Benefit plan adjustments 398  337 
Tax effect (116) (98)
Net of tax amount 282  239 
Total accumulated other comprehensive loss $ (69,128) $ (63,163)
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Other comprehensive income (loss) and related tax effects for the three and nine months ended March 31, 2025 and 2024 are presented in the following table:
Three Months Ended
March 31,		 Nine Months Ended
March 31,
2025 2024 2025 2024
(In Thousands)
Net unrealized holding gain (loss) on securities available for sale $ 13,606  $ (9,061) $ 17,979  $ 4,485 
Net realized loss on sale and call of securities available for sale —  —  —  18,135 
Fair value adjustments on derivatives (9,454) 9,337  (26,592) (14,375)
Benefit plans:
Accretion of net actuarial gain (1)
 (26) (15) (80) (44)
Net actuarial gain (loss) —  —  141  (95)
Net change in benefit plan accrued expense (26) (15) 61  (139)
Other comprehensive income (loss) before taxes 4,126  261  (8,552) 8,106 
Tax effect (1,157) (90) 2,587  (2,309)
Total other comprehensive income (loss) $ 2,969  $ 171  $ (5,965) $ 5,797 
___________________________________
(1)Represents amounts reclassified out of accumulated other comprehensive loss and included in the computation of net periodic pension expense. See Note 10 - Benefit Plans for additional information.
14.    NET INCOME PER COMMON SHARE (“EPS”)
The following schedule shows the Company’s earnings per share calculations for the periods presented:
Three Months Ended
March 31,		 Nine Months Ended
March 31,
2025 2024 2025 2024
(In Thousands, Except Per Share Data)
Net income $ 6,648  $ 7,397  $ 19,306  $ 3,412 
Weighted average number of common shares outstanding - basic 62,548  62,205  62,478  62,507 
Effect of dilutive securities 165  6  227  — 
Weighted average number of common shares outstanding - diluted 62,713  62,211  62,705  62,507 
Basic earnings per share $ 0.11  $ 0.12  $ 0.31  $ 0.06 
Diluted earnings per share $ 0.11  $ 0.12  $ 0.31  $ 0.06 
Stock options for 2,751,902 and 2,820,922 shares of common stock were not considered in computing diluted earnings per share for the three months ended March 31, 2025 and 2024, respectively, and stock options for 2,751,902 and 2,820,922 shares of common stock were not considered in computing diluted earnings per share for the nine months ended March 31, 2025 and 2024, respectively, because they were considered anti-dilutive. In addition, 492,947 and 635,650 RSUs were not considered in computing diluted earnings per share for the three months ended March 31, 2025 and March 31, 2024, respectively, and 444,202 and 689,252 RSUs were not considered in computing diluted earnings per share for the nine months ended March 31, 2025 and 2024, respectively, because they were considered anti-dilutive.
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ITEM 2.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Forward-Looking Statements
This Quarterly Report on Form 10-Q may include certain forward-looking statements based on current management expectations. Such forward-looking statements may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as “may”, “will”, “believe”, “expect”, “estimate”, “anticipate”, “continue”, or similar terms or variations on those terms, or the negative of those terms. The actual results of the Company could differ materially from those management expectations. This includes statements regarding general economic and geopolitical conditions, including potential recessionary conditions and the imposition of tariffs or other domestic or international governmental policies, legislative and regulatory changes, monetary and fiscal policies of the federal government, changes in tax policies, rates and regulations of federal, state and local tax authorities and failure to integrate or profitably operate acquired businesses. Additional potential factors include changes in interest rates, the rate of inflation, deposit flows, cost of funds, demand for loan products and financial services, competition and changes in the quality or composition of loan and investment portfolios of the Company. Other factors that could cause future results to vary from current management expectations include changes in accounting principles, policies or guidelines, and other economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services and prices. Further description of the risks and uncertainties to the business are included in this Quarterly Report on Form 10-Q and in the Company’s Annual Report on Form 10-K for the year ended June 30, 2024, under “Item 1A. Risk Factors.”
Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.
Critical Accounting Policies
Our accounting policies are integral to understanding the results reported. We consider accounting policies that require management to exercise significant judgment or discretion or to make significant assumptions that have, or could have, a material impact on the carrying value of certain assets or on income to be critical accounting policies. At March 31, 2025, there have been no material changes to our critical accounting policies as compared to the critical accounting policies disclosed in our most recent Annual Report on Form 10-K. Reference is made to Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the year ended June 30, 2024.
Comparison of Financial Condition at March 31, 2025 and June 30, 2024
Executive Summary. Total assets increased $49.7 million to $7.73 billion at March 31, 2025 from $7.68 billion at June 30, 2024. The increase primarily reflected increases in cash and cash equivalents and net loans receivable, partially offset by a decrease in investment securities available for sale, as discussed below, declines in the market values of interest rate derivatives and a decrease in Federal Home Loan Bank of New York (“FHLB”) capital stock.
Investment Securities. Investment securities available for sale decreased $69.4 million to $1.00 billion at March 31, 2025, from $1.07 billion at June 30, 2024. This decrease was largely the result of principal repayments of $146.8 million, partially offset by purchases of $58.9 million and an $18.0 million increase in the fair value of the portfolio to a net unrealized loss of $112.7 million.
Investment securities held to maturity decreased $10.9 million to $124.9 million at March 31, 2025 from $135.7 million at June 30, 2024. This decrease was driven by principal repayments of $11.0 million.
Additional information regarding our investment securities at March 31, 2025 and June 30, 2024 is presented in Note 4 to the unaudited consolidated financial statements.
Loans Held-for-Sale. Loans held-for-sale totaled $6.2 million at March 31, 2025 as compared to $6.0 million at June 30, 2024 and are reported separately from the balance of net loans receivable. During the nine months ended March 31, 2025, we sold $81.3 million of residential mortgage loans, resulting in a gain on sale of $616,000.
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Net Loans Receivable. Net loans receivable increased $113.9 million, or 2.0%, to $5.80 billion at March 31, 2025 from $5.69 billion at June 30, 2024. Details regarding the change in the loan portfolio, by loan segment, are presented below:
March 31,
2025		 June 30,
2024		 Increase/
(Decrease)
(In Thousands)
Commercial loans:
Multi-family mortgage $ 2,733,406  $ 2,645,851  $ 87,555 
Nonresidential mortgage 988,074  948,075  39,999 
Commercial business 140,224  142,747  (2,523)
Construction 174,722  209,237  (34,515)
Total commercial loans 4,036,426  3,945,910  90,516 
One- to four-family residential mortgage 1,761,465  1,756,051  5,414 
Consumer loans:
Home equity loans 49,699  44,104  5,595 
Other consumer 2,859  2,685  174 
Total consumer loans 52,558  46,789  5,769 
Total loans 5,850,449  5,748,750  101,699 
Unaccreted yield adjustments (4,274) (15,963) 11,689 
Allowance for credit losses (44,455) (44,939) 484 
Net loans receivable $ 5,801,720  $ 5,687,848  $ 113,872 
Commercial loan origination volume for the nine months ended March 31, 2025 totaled $390.7 million, comprised of $220.6 million of commercial mortgage loan originations, $95.1 million of commercial business loan originations and construction loan disbursements of $75.0 million.
One- to four-family residential mortgage loan origination volume, excluding loans held-for-sale, totaled $118.1 million for the nine months ended March 31, 2025. Purchases of one- to four-family residential mortgage loans totaled $730,000 for the same period. Home equity loan and line of credit origination volume for the same period totaled $22.0 million.
Loan-to-value (“LTV”) ratios are based on current period loan balances and original appraised values at the time of origination unless a current appraisal has been obtained as a result of the loan being deemed collateral dependent and individually analyzed. The following table sets forth the composition of our real estate secured loans indicating the LTV, by loan category, at March 31, 2025 and June 30, 2024:
March 31, 2025 June 30, 2024
Balance LTV Balance LTV
(Dollars in Thousands)
Commercial mortgage loans:
Multi-family mortgage $ 2,733,406  63  % $ 2,645,851  63  %
Nonresidential mortgage(1)
 988,074  53  948,075  53 
Construction 174,722  58  209,237  56 
Total commercial mortgage loans 3,896,202  60  3,803,163  60 
One- to four-family residential mortgage 1,761,465  62  1,756,051  62 
Consumer loans:
Home equity loans 49,699  51  44,104  49 
Total mortgage loans $ 5,707,366  60  % $ 5,603,318  61  %
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(1)At March 31, 2025 and June 30, 2024, includes $891,322 and $849,033 of non-owner occupied commercial real estate (“CRE”) loans with an LTV of 53% and 53%, respectively, and includes $96,752 and $99,042 of owner occupied CRE loans with an LTV of 48% and 50%, respectively.
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Additional information about our loan portfolio at March 31, 2025 and June 30, 2024 is presented in Note 5 to the unaudited consolidated financial statements.
Nonperforming Assets. Nonperforming assets decreased $2.2 million to $37.7 million, or 0.49% of total assets, at March 31, 2025, from $39.9 million, or 0.52% of total assets, at June 30, 2024, respectively.
Additional information about our nonperforming loans and loan modifications at March 31, 2025 and June 30, 2024 is presented in Note 5 to the unaudited consolidated financial statements.
Allowance for Credit Losses (“ACL”). At March 31, 2025 and June 30, 2024, the ACL totaled $44.5 million, or 0.76% of total loans. The ACL for the nine months ended March 31, 2025 reflected net charge-offs of $1.1 million, partially offset by a provision for credit losses of $581,000. The provision for credit losses for the nine months ended March 31, 2025 was primarily driven by charge-offs, as discussed above, and an increase in the balance of loans receivable.
Additional information about our ACL at March 31, 2025 and June 30, 2024 is presented in Note 6 to the unaudited consolidated financial statements.
Other Assets. The aggregate balance of other assets, including premises and equipment, FHLB stock, interest receivable, goodwill, core deposit intangibles, bank owned life insurance (“BOLI”), deferred income taxes, and other assets, decreased $46.2 million to $670.9 million at March 31, 2025 from $717.1 million at June 30, 2024. The decrease in the balance of these other assets during the nine months ended March 31, 2025 largely reflected a decrease in the market value of interest rate derivatives and a decrease in FHLB stock, partially offset by an increase in BOLI. The remaining change generally reflected normal operating fluctuations within these line items.
Deposits. Total deposits increased $549.2 million, or 10.6%, to $5.71 billion at March 31, 2025 from $5.16 billion at June 30, 2024. Included in total deposits are retail and brokered time deposits of $1.22 billion and $732.6 million at March 31, 2025 and $1.20 billion and $408.2 million at June 30, 2024. This increase was driven by a reallocation from FHLB advances into brokered certificates of deposits, due to the relatively more favorable economics of brokered deposits compared to advances in the current economic environment, and growth in deposits from our branch network and digital channels. The following table sets forth the distribution of, and changes in, deposits, by type, for the periods indicated:
March 31,
2025		 June 30,
2024		 Increase/
(Decrease)
(In Thousands)
Non-interest-bearing deposits $ 587,118  $ 598,366  $ (11,248)
Interest-bearing deposits:
Interest-bearing demand 2,410,925  2,308,915  102,010 
Savings 758,239  643,481  114,758 
Certificates of deposit (retail) 1,218,479  1,199,127  19,352 
Certificates of deposit (brokered) 732,587  408,234  324,353 
Interest-bearing deposits 5,120,230  4,559,757  560,473 
Total deposits $ 5,707,348  $ 5,158,123  $ 549,225 
Uninsured deposits totaled $1.96 billion as of March 31, 2025 compared to $1.77 billion as of June 30, 2024. Excluding collateralized deposits of state and local governments, and deposits of the Bank’s wholly-owned subsidiary and holding company, uninsured deposits totaled $799.2 million, or 14.0% of total deposits, at March 31, 2025 compared to $764.4 million, or 14.8% of total deposits, at June 30, 2024.
Additional information about our deposits at March 31, 2025 and June 30, 2024 is presented in Note 7 to the unaudited consolidated financial statements.
Borrowings. The balance of borrowings decreased by $495.8 million to $1.21 billion at March 31, 2025 from $1.71 billion at June 30, 2024, primarily reflecting a decrease in FHLB and other borrowings as a result of the increase in brokered certificates of deposits, as noted above.
At March 31, 2025, we maintained available secured borrowing capacity with the FHLB and the Federal Reserve Discount Window of $2.42 billion, representing 31.3% of total assets.
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Additional information about our borrowings at March 31, 2025 and June 30, 2024 is presented in Note 8 to the unaudited consolidated financial statements.
Other Liabilities. The balance of other liabilities, including advance payments by borrowers for taxes and other miscellaneous liabilities, increased $1.7 million to $63.7 million at March 31, 2025 from $62.0 million at June 30, 2024. The change in the balance of these other liabilities generally reflected normal operating fluctuations during the period.
Stockholders’ Equity. Stockholders’ equity decreased $5.5 million to $748.1 million at March 31, 2025 from $753.6 million at June 30, 2024. The decrease in stockholders’ equity during the nine months ended March 31, 2025 largely reflected cash dividends of $20.7 million and an other comprehensive loss of $6.0 million, partially offset by net income of $19.3 million. The other comprehensive loss for the nine months ended March 31, 2025 was driven by a decrease in the fair value of our derivatives portfolio, partially offset by an increase in the fair value of our available for sale securities.
Book value per share decreased by $0.11 to $11.58 at March 31, 2025 while tangible book value per share decreased by $0.10 to $9.80 at March 31, 2025. These decreases were driven by the decreases in stockholders’ equity, as described above.
Comparison of Operating Results for the Quarter Ended March 31, 2025 and March 31, 2024
Net Income. Net income for the quarter ended March 31, 2025 was $6.6 million, or $0.11 per diluted share, compared to $7.4 million, or $0.12 per diluted share, for the quarter ended March 31, 2024. The decrease in net income reflected an increase in non-interest expense and a decrease in net interest income, partially offset by an increase in non-interest income and lower income tax expense.
Net Interest Income. Net interest income decreased by $277,000 to $34.0 million for the quarter ended March 31, 2025 compared to $34.3 million for the quarter ended March 31, 2024. The decrease between the comparative periods resulted from a decrease of $2.8 million in interest income, partially offset by a decrease of $2.5 million in interest expense. Included in net interest income for the quarters ended March 31, 2025 and 2024, respectively, was purchase accounting accretion of $511,000 and $734,000, and loan prepayment penalty income of $226,000 and $61,000.
Net interest margin increased one basis point to 1.90% for the quarter ended March 31, 2025, from 1.89% for the quarter ended March 31, 2024 reflecting a decrease in the average balance of interest-bearing borrowings, partially offset by increases in the average balance of interest-bearing deposits and the cost of FHLB borrowings, and a decrease in the average balance and yield of interest-earning assets.
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Details regarding the composition of, and changes to, net interest income are presented in the table below which reflects the components of the average balance sheet and of net interest income for the periods indicated. We derived the average yields and costs by dividing income or expense by the average balance of assets or liabilities, respectively, for the periods presented with daily balances used to derive average balances. No tax equivalent adjustments have been made to yield or costs. Non-accrual loans were included in the calculation of average balances, however interest receivable on these loans has been fully reserved for and therefore not included in interest income. The yields and costs set forth below include the effect of deferred fees, discounts and premiums that are amortized or accreted to interest income or expense.
Three Months Ended March 31,
2025 2024
Average
Balance		 Interest Average
Yield/
Cost		 Average
Balance		 Interest Average
Yield/
Cost
(Dollars in Thousands)
Interest-earning assets:
Loans receivable (1)
 $ 5,805,045  $ 64,769  4.46  % $ 5,752,477  $ 64,035  4.45  %
Taxable investment securities (2)
 1,251,612  12,738  4.07  1,382,064  15,490  4.48 
Tax-exempt securities (2)
 9,135  55  2.43  14,614  85  2.32 
Other interest-earning assets (3)
 110,736  1,773  6.40  125,155  2,475  7.91 
Total interest-earning assets 7,176,528  79,335  4.42  7,274,310  82,085  4.51 
Non-interest-earning assets 457,206  577,411 
Total assets $ 7,633,734  $ 7,851,721 
Interest-bearing liabilities:
Interest-bearing demand $ 2,405,974  16,426  2.73  $ 2,378,831  18,316  3.08 
Savings 751,243  2,447  1.30  635,226  726  0.46 
Certificates of deposit (retail) 1,215,767  11,333  3.73  1,257,363  11,070  3.52 
Certificates of deposit (brokered) 730,612  4,706  2.58  448,150  2,208  1.97 
Total interest-bearing deposits 5,103,596  34,912  2.74  4,719,570  32,320  2.74 
Federal Home Loan Bank advances 1,028,958  9,350  3.63  1,428,801  12,694  3.55 
Other borrowings 93,389  1,030  4.41  210,989  2,752  5.22 
Borrowings 1,122,347  10,380  3.70  1,639,790  15,446  3.77 
Total interest-bearing liabilities 6,225,943  45,292  2.91  6,359,360  47,766  3.00 
Non-interest-bearing liabilities (4)
 662,566  647,579 
Total liabilities 6,888,509  7,006,939 
Stockholders' equity 745,225  844,782 
Total liabilities and stockholders' equity $ 7,633,734  $ 7,851,721 
Net interest income $ 34,043  $ 34,319 
Interest rate spread (5)
 1.51  % 1.51  %
Net interest margin (6)
 1.90  % 1.89  %
Ratio of interest-earning assets to interest-bearing liabilities 1.15 1.14
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(1)Loans held-for-sale and non-accruing loans have been included in loans receivable and the effect of such inclusion was not material. Allowance for credit losses has been included in non-interest-earning assets.
(2)Fair value adjustments have been excluded in the balances of interest-earning assets.
(3)Includes interest-bearing deposits at other banks and FHLB of New York capital stock.
(4)Includes average balances of non-interest-bearing deposits of $602.6 million and $581.9 million for the quarter ended March 31, 2025 and 2024, respectively.
(5)Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(6)Net interest margin represents net interest income as a percentage of average interest-earning assets.
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Provision for Credit Losses. The provision for credit losses increased $17,000 to $366,000 for the quarter ended March 31, 2025, compared to $349,000 for the quarter ended March 31, 2024. The provision for the quarter ended March 31, 2025 was primarily driven by loan charge-offs. By comparison, the provision for credit losses for the quarter ended March 31, 2024 was primarily driven by loan growth compared to previous quarter end loan balances.
Additional information regarding the ACL and the associated provisions recognized during the quarters ended March 31, 2025 and 2024 is presented in Note 6 to the unaudited consolidated financial statements as well as the Comparison of Financial Condition at March 31, 2025 and June 30, 2024.
Non-Interest Income. Total non-interest income increased $359,000 to $4.6 million for the quarter ended March 31, 2025, compared to $4.2 million for the quarter ended March 31, 2024.
Gain on sale of loans was $112,000 compared to a loss on sale of loans of $712,000 in the comparative period. The loss in the prior year period was primarily the result of the sale of three related nonperforming commercial real estate loans held-for-sale.
Income from BOLI decreased $422,000 to $2.6 million for the quarter ended March 31, 2025, primarily driven by the absence of a $631,000 non-recurring payment on one life insurance policy recorded in the prior year period, partially offset by improved income resulting from the BOLI restructure initiated in December 2023.
The remaining changes in the other components of non-interest income between comparative periods generally reflected normal operating fluctuations within those line items.
Non-Interest Expense. Total non-interest expense increased $1.3 million to $30.4 million for the quarter ending March 31, 2025, compared to $29.1 million the quarter ended March 31, 2024.
Salaries and employee benefits increased $789,000 to $17.7 million for the quarter ended March 31, 2025. This increase was primarily driven by higher salary expense and payroll taxes from annual merit increases and an increase in incentive compensation.
Net occupancy expense of premises increased $212,000 to $3.1 million for the quarter ended March 31, 2025. This increase was primarily driven by higher snow removal expenses due to abnormally harsh winter conditions.
Equipment and systems expense increased $98,000 to $3.9 million for the quarter ended March 31, 2025, largely driven by increases in technology expense associated with the Company’s ongoing digital banking initiatives.
Advertising and marketing expense increased $222,000 to $609,000 for the quarter ended March 31, 2025, largely driven by an increase in digital and online advertising campaigns to support our deposit growth initiatives.
The remaining changes in the other components of non-interest expense between comparative periods generally reflected normal operating fluctuations within those line items.
Provision for Income Taxes. Provision for income taxes decreased $517,000 to $1.2 million for the quarter ended March 31, 2025 from $1.7 million for the quarter ended March 31, 2024, reflecting a lower level of pre-tax income compared to the prior year period.
Effective tax rates for the quarter ended March 31, 2025 and 2024 were 15.3% and 18.8%, respectively.
Comparison of Operating Results for the Nine Months Ended March 31, 2025 and March 31, 2024
Net Income. Net income for the nine months ended March 31, 2025 was $19.3 million, or $0.31 per diluted share, compared to $3.4 million, or $0.06 per diluted share, for the nine months ended March 31, 2024. The increase in net income primarily reflected an increase in non-interest income as well as decreases in the provision for credit losses and income tax expense, partially offset by a decrease in net interest income and an increase in non-interest expense. Net income for the prior year period included a $12.9 million after-tax net loss on the sale of securities that resulted from the repositioning of our investment securities portfolio in December 2023 and an after-tax net loss of $6.3 million from the previously disclosed BOLI restructure.
Net Interest Income. Net interest income decreased by $10.2 million to $99.1 million for the nine months ended March 31, 2025 compared to $109.3 million for the nine months ended March 31, 2024. The decrease between the comparative periods resulted from an increase of $8.4 million in interest expense and a decrease of $1.8 million in interest income. Included in net interest income for the nine months ended March 31, 2025 and 2024, respectively, was purchase accounting accretion of $1.8 million and $2.0 million, and loan prepayment penalty income of $566,000 and $513,000.
Net interest margin decreased 14 basis points to 1.84% for the nine months ended March 31, 2025, from 1.98% for the nine months ended March 31, 2024 and reflected an increase in the cost of interest-bearing liabilities and a decrease in the average balance of interest-earning assets, partially offset by increases in the yield on interest-earning assets and a decrease in the average balance of interest-bearing liabilities.
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Details regarding the composition of, and changes to, net interest income are presented in the table below which reflects the components of the average balance sheet and of net interest income for the periods indicated. We derived the average yields and costs by dividing income or expense by the average balance of assets or liabilities, respectively, for the periods presented with daily balances used to derive average balances. No tax equivalent adjustments have been made to yield or costs. Non-accrual loans were included in the calculation of average balances, however interest receivable on these loans has been fully reserved for and therefore not included in interest income. The yields and costs set forth below include the effect of deferred fees, discounts and premiums that are amortized or accreted to interest income or expense.
Nine Months Ended March 31,
2025 2024
Average
Balance		 Interest Average
Yield/
Cost		 Average
Balance		 Interest Average
Yield/
Cost
(Dollars in Thousands)
Interest-earning assets:
Loans receivable(1)
 $ 5,776,020  $ 196,507  4.54  % $ 5,755,635  $ 190,188  4.41  %
Taxable investment securities(2)
 1,284,356  40,925  4.25  1,469,524  48,511  4.40 
Tax-exempt securities(2)
 10,372  185  2.38  15,043  256  2.27 
Other interest-earning assets(3)
 119,756  6,454  7.19  131,933  6,923  7.00 
Total interest-earning assets 7,190,504  244,071  4.53  7,372,135  245,878  4.45 
Non-interest-earning assets 461,651  566,784 
Total assets $ 7,652,155  $ 7,938,919 
Interest-bearing liabilities:
Interest-bearing demand $ 2,333,797  $ 51,421  2.94  $ 2,308,355  $ 49,521  2.86 
Savings 710,130  6,504  1.22  673,358  2,301  0.46 
Certificates of deposit (retail) 1,212,136  36,078  3.97  1,299,357  29,803  3.06 
Certificates of deposit (brokered) 670,633  12,647  2.51  533,886  8,602  2.15 
Total interest-bearing deposits 4,926,696  106,650  2.89  4,814,956  90,227  2.50 
Federal Home Loan Bank advances 1,147,524  32,257  3.75  1,442,975  39,414  3.64 
Other borrowings 162,810  6,064  4.97  170,309  6,919  5.42 
Borrowings 1,310,334  38,321  3.90  1,613,284  46,333  3.83 
Total interest-bearing liabilities 6,237,030  144,971  3.10  6,428,240  136,560  2.83 
Non-interest-bearing liabilities(4)
 667,188  662,124 
Total liabilities 6,904,218  7,090,364 
Stockholders' equity 747,937  848,555 
Total liabilities and stockholders' equity $ 7,652,155  $ 7,938,919 
Net interest income $ 99,100  $ 109,318 
Interest rate spread(5)
 1.43  % 1.62  %
Net interest margin(6)
 1.84  % 1.98  %
Ratio of interest-earning assets to interest-bearing liabilities 1.15 1.15
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(1)Loans held-for-sale and non-accruing loans have been included in loans receivable and the effect of such inclusion was not material. Allowance for credit losses has been included in non-interest-earning assets.
(2)Fair value adjustments have been excluded in the balances of interest-earning assets.
(3)Includes interest-bearing deposits at other banks and FHLB of New York capital stock.
(4)Includes average balances of non-interest-bearing deposits of $602.2 million and $597.2 million for the nine months ended March 31, 2025 and 2024, respectively.
(5)Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(6)Net interest margin represents net interest income as a percentage of average interest-earning assets.

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Provision for Credit Losses. The provision for credit losses decreased $2.1 million to $581,000 for the nine months ended March 31, 2025, compared to $2.7 million for the nine months ended March 31, 2024. The provision for the nine months ended March 31, 2025 was primarily driven by charge-offs and loan growth. By comparison, the provision for credit losses for the nine months ended March 31, 2024 was primarily driven by charge-offs on three related commercial real estate loans.
Additional information regarding the ACL and the associated provisions recognized during the nine months ended March 31, 2025 and 2024 is presented in Note 6 to the unaudited consolidated financial statements as well as the Comparison of Financial Condition at March 31, 2025 and June 30, 2024.
Non-Interest Income. Total non-interest income increased $21.9 million to $14.1 million for the nine months ended March 31, 2025, compared to a loss of $7.8 million for the nine months ended March 31, 2024.
There were no gains on sale and call of securities during the nine months ended March 31, 2025 compared to a loss of $18.1 million recorded during the prior year period. The loss in the prior period was due to the repositioning of our investment securities portfolio that involved the sale of $122.2 million of available for sale debt securities in December 2023.
Gain on sale of loans was $616,000 for the nine months ended March 31, 2025 compared to a loss on sale of loans of $393,000 for the nine months ended March 31, 2024. The loss in the prior year period was primarily the result of the sale of three related nonperforming commercial real estate loans held-for-sale.
We recognized a non-recurring loss of $973,000 attributable to the write-down of one other real estate owned (“OREO”) property during the quarter ended December 31, 2023, while there were no such losses recorded in the current period.
Income from bank owned life insurance increased $1.9 million to $7.8 million for the nine months ended March 31, 2025. The increase was primarily due to improved income resulting from the BOLI restructure initiated in December 2023, and the absence of non-recurring exchange charges related to the restructure recorded in the prior year period. This increase was partially offset by the absence of a $631,000 non-recurring payment on one life insurance policy recorded in the prior year period.
The remaining changes in the other components of non-interest income between comparative periods generally reflected normal operating fluctuations within those line items.
Non-Interest Expense. Total non-interest expense increased $1.1 million to $89.7 million for the nine months ended March 31, 2025, compared to $88.6 million for the nine months ended March 31, 2024.
Salaries and employee benefits increased $823,000 to $52.8 million for the nine months ended March 31, 2025. This increase was primarily driven by higher salary expense and payroll taxes from annual merit increases and an increase in incentive compensation.
Net occupancy expense of premises increased $409,000 to $8.7 million for the nine months ended March 31, 2025. This increase was primarily driven by higher snow removal expenses due to abnormally harsh winter conditions.
Equipment and systems expense increased $235,000 to $11.7 million for the nine months ended March 31, 2025, largely attributable to increases in technology expense associated with the Company's ongoing digital banking initiatives.
Advertising and marketing expense increased $346,000 to $1.3 million for the nine months ended March 31, 2025. This increase in advertising expense was largely driven by an increase in digital and online advertising campaigns to support our deposit growth initiatives.
Other non-interest expense decreased $646,000 to $9.8 million for the nine months ended March 31, 2025. This decrease reflected a decrease in OREO expenses due to the sale of the bank’s sole OREO asset in the quarter ended December 31, 2023, partially offset by an increase in the provision for credit losses on off balance sheet commitments.
The remaining changes in the other components of non-interest expense between comparative periods generally reflected normal operating fluctuations within those line items.
Provision for Income Taxes. Provision for income taxes decreased $3.3 million to $3.5 million for the nine months ended March 31, 2025 from $6.8 million for the nine months ended March 31, 2024.
The decrease in income tax expense reflected the absence of $5.7 million of discrete tax cost associated with the BOLI restructure in the prior year period, partially offset by a higher level of pre-tax income in the current year period.
Effective tax rates for the nine months ended March 31, 2025 and 2024 were 15.5% and 66.6%, respectively. The decrease in the effective tax rate was primarily due to the absence of discrete tax costs of $5.7 million associated with the BOLI restructure in the prior year period.
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Liquidity and Capital Resources
Liquidity, represented by cash and cash equivalents, is a product of operating, investing and financing activities. Our primary sources of funds are deposits, borrowings, cash flows from investment securities and loans receivable and funds provided from operations. While scheduled payments from the amortization and maturity of loans and investment securities are relatively predictable sources of funds, general interest rates, economic conditions and competition greatly influence deposit flows and prepayments on loans and securities.
At March 31, 2025, liquidity included $126.1 million of short-term cash and cash equivalents and $1.00 billion of investment securities available for sale. As of March 31, 2025, we had the capacity to borrow additional cash funds totaling $2.34 billion, comprised of $1.63 billion and $708.4 million from the Federal Reserve discount window and the FHLBNY, respectively, without pledging additional collateral. We had the ability to pledge additional securities to borrow an additional $86.6 million at March 31, 2025. As of that same date, we also had access to unsecured overnight borrowings with other financial institutions totaling $755.0 million, of which none was outstanding.
At March 31, 2025, we had outstanding commitments to originate and purchase loans totaling $37.0 million while such commitments totaled $47.9 million at June 30, 2024. As of those same dates, our pipeline of loans held for sale included $23.0 million and $16.0 million, respectively, of loans in process whose terms included interest rate locks to borrowers that were paired with a best-efforts commitment to sell the loan to a buyer at a fixed price and within a predetermined timeframe after the sale commitment is established.
Construction loans in process and unused lines of credit were $93.9 million and $164.8 million, respectively, at March 31, 2025, compared to $75.7 million and $157.3 million, respectively, at June 30, 2024. We are also subject to the contingent liabilities resulting from letters of credit totaling $160,000 at March 31, 2025 and June 30, 2024, respectively.
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the customer. Our exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual notional amount of those instruments. We use the same credit policies in making commitments and conditional obligations as we do for on-balance-sheet instruments. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.
Consistent with its goals to operate a sound and profitable financial organization, the Bank actively seeks to maintain its status as a well-capitalized institution in accordance with regulatory standards.
The following table sets forth the Bank’s capital position at March 31, 2025 and June 30, 2024, as compared to the minimum regulatory capital requirements that were in effect as of those dates:
At March 31, 2025
Actual For Capital
Adequacy Purposes		 To Be Well Capitalized
Under Prompt
Corrective Action
Provisions
Amount Ratio Amount Ratio Amount Ratio
(Dollars in Thousands)
Total capital (to risk-weighted assets) $ 700,996  14.41  % $ 389,137  8.00  % $ 486,421  10.00  %
Tier 1 capital (to risk-weighted assets) 660,000  13.57  % 291,853  6.00  % 389,137  8.00  %
Common equity tier 1 capital (to risk-weighted assets) 660,000  13.57  % 218,890  4.50  % 316,174  6.50  %
Tier 1 capital (to adjusted total assets) 660,000  8.65  % 305,222  4.00  % 381,527  5.00  %
At June 30, 2024
Actual For Capital
Adequacy Purposes		 To Be Well Capitalized
Under Prompt
Corrective Action
Provisions
Amount Ratio Amount Ratio Amount Ratio
(Dollars in Thousands)
Total capital (to risk-weighted assets) $ 688,597  14.42  % $ 382,034  8.00  % $ 477,542  10.00  %
Tier 1 capital (to risk-weighted assets) 651,620  13.65  % 286,525  6.00  % 382,034  8.00  %
Common equity tier 1 capital (to risk-weighted assets) 651,620  13.65  % 214,894  4.50  % 310,402  6.50  %
Tier 1 capital (to adjusted total assets) 651,620  8.44  % 308,656  4.00  % 385,820  5.00  %
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The following table sets forth the Company’s capital position at March 31, 2025 and June 30, 2024, as compared to the minimum regulatory capital requirements that were in effect as of those dates:
At March 31, 2025
Actual For Capital
Adequacy Purposes
Amount Ratio Amount Ratio
(Dollars in Thousands)
Total capital (to risk-weighted assets) $ 745,654  15.32  % $ 389,393  8.00  %
Tier 1 capital (to risk-weighted assets) 704,658  14.48  % 292,044  6.00  %
Common equity tier 1 capital (to risk-weighted assets) 704,658  14.48  % 219,033  4.50  %
Tier 1 capital (to adjusted total assets) 704,658  9.22  % 305,692  4.00  %
At June 30, 2024
Actual For Capital
Adequacy Purposes
Amount Ratio Amount Ratio
(Dollars in Thousands)
Total capital (to risk-weighted assets) $ 743,741  15.57  % $ 382,247  8.00  %
Tier 1 capital (to risk-weighted assets) 706,764  14.79  % 286,685  6.00  %
Common equity tier 1 capital (to risk-weighted assets) 706,764  14.79  % 215,014  4.50  %
Tier 1 capital (to adjusted total assets) 706,764  9.15  % 309,031  4.00  %
Off-Balance Sheet Arrangements
In the normal course of our business of investing in loans and securities we are a party to financial instruments with off-balance-sheet risk. These financial instruments include significant purchase commitments, such as commitments related to capital expenditure plans and commitments to extend credit to meet the financing needs of our customers. We had no significant off-balance sheet commitments for capital expenditures as of March 31, 2025.
Recent Accounting Pronouncements
For a discussion of the expected impact of recently issued accounting pronouncements that we have adopted, please refer to Note 3 to the unaudited consolidated financial statements.
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ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
The majority of our assets and liabilities are sensitive to changes in interest rates and as such, interest rate risk is a significant form of market risk that we must manage. Interest rate risk is generally defined in regulatory nomenclature as the risk to earnings or capital arising from the movement of interest rates and arises from several risk factors including re-pricing risk, basis risk, yield curve risk and option risk. We maintain an Asset/Liability Management (“ALM”) program in order manage our interest rate risk. The program is overseen by the Board of Directors through its Interest Rate Risk Management Committee which has assigned the responsibility for the operational aspects of the ALM program to our Asset/Liability Management Committee (“ALCO”), which is comprised of various members of the senior and executive management team.
The quantitative analysis that we conduct measures interest rate risk from both a capital and earnings perspective. With regard to earnings, movements in interest rates and the shape of the yield curve significantly influence the amount of net interest income (“NII”) that we recognize. Movements in market interest rates, and the effect of such movements on the risk factors noted above, significantly influence the spread between the interest earned on our interest-earning assets and the interest paid on our interest-bearing liabilities. Our internal interest rate risk analysis calculates the sensitivity of our projected NII over a one year period utilizing a static balance sheet assumption through which incoming and outgoing asset and liability cash flows are reinvested into similar instruments. Product pricing and earning asset prepayment speeds are appropriately adjusted for each rate scenario.
With regard to capital, our internal interest rate risk analysis calculates the sensitivity of our Economic Value of Equity (“EVE”) to movements in interest rates. EVE represents the present value of the expected cash flows from our assets less the present value of the expected cash flows arising from our liabilities adjusted for the value of off-balance sheet instruments. EVE attempts to quantify our economic value using a discounted cash flow methodology. The degree to which our EVE changes for any hypothetical interest rate scenario from its base case measurement is a reflection of our sensitivity to interest rate risk.
For both earnings and capital at risk, our interest rate risk analysis calculates a base case scenario that assumes no change in interest rates. The model then measures changes throughout a series of interest rate scenarios representing immediate and permanent, parallel shifts in the yield curve up and down 100, 200 and 300 basis points with additional scenarios modeled where appropriate. The model requires that interest rates remain positive for all points along the yield curve for each rate scenario which may preclude the modeling of certain falling rate scenarios during periods of lower market interest rates.
The following tables present the results of our internal EVE and NII analyses as of March 31, 2025 and June 30, 2024, respectively:
March 31, 2025
1 to 12 Months 13 to 24 Months
Change in Interest Rates EVE % Change
in EVE		 NII % Change
in NII		 NII % Change
in NII
(Dollars in Thousands)
+300 bps $ 410,181  (35.44) % $ 147,989  (6.79) % $ 161,747  (8.17) %
+200 bps 477,843  (24.80) % 150,539  (5.18) % 165,520  (6.03) %
+100 bps 552,556  (13.04) % 153,195  (3.51) % 169,510  (3.77) %
0 bps 635,397  —  158,762  —  176,142  — 
-100 bps 717,522  12.92  % 162,406  2.30  % 181,671  3.14  %
-200 bps 767,141  20.73  % 165,502  4.25  % 184,695  4.86  %
-300 bps 827,465  30.23  % 168,238  5.97  % 185,248  5.17  %
June 30, 2024
1 to 12 Months 13 to 24 Months
Change in Interest Rates EVE % Change
in EVE		 NII % Change
in NII		 NII % Change
in NII
(Dollars in Thousands)
+300 bps $ 331,842  (41.07) % $ 127,382  (8.51) % $ 135,753  (10.66) %
+200 bps 400,548  (28.87) % 131,003  (5.91) % 140,351  (7.64) %
+100 bps 483,724  (14.10) % 135,289  (2.83) % 146,594  (3.53) %
0 bps 563,098  —  139,236  —  151,955  — 
-100 bps 640,024  13.66  % 144,991  4.13  % 157,821  3.86  %
-200 bps 693,495  23.16  % 148,189  6.43  % 159,928  5.25  %
-300 bps 767,451  36.29  % 150,478  8.07  % 160,093  5.36  %
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There are numerous internal and external factors that may contribute to changes in our EVE and its sensitivity. Changes in the composition and allocation of our balance sheet, or utilization of off-balance sheet instruments such as derivatives, can significantly alter the exposure to interest rate risk as quantified by the changes in the EVE sensitivity measures. Changes to certain external factors, most notably changes in the level of market interest rates and overall shape of the yield curve, can also alter the projected cash flows of our interest-earning assets and interest-costing liabilities and the associated present values thereof.
Notwithstanding the rate change scenarios presented in the EVE and NII-based analyses above, future interest rates and their effect on net interest income are not predictable. Computations of prospective effects of hypothetical interest rate changes are based on numerous assumptions, including relative levels of market interest rates, prepayments and deposit run-offs and should not be relied upon as indicative of actual results. Certain shortcomings are inherent in this type of computation. Although certain assets and liabilities may have similar maturities or periods of re-pricing, they may react at different times and in different degrees to changes in market interest rates. The interest rate on certain types of assets and liabilities, such as demand deposits and savings accounts, may fluctuate in advance of changes in market interest rates, while rates on other types of assets and liabilities may lag behind changes in market interest rates. Certain assets, such as adjustable-rate mortgages, generally have features which restrict changes in interest rates on a short-term basis and over the life of the asset. In the event of a change in interest rates, prepayments and early withdrawal levels could deviate significantly from those assumed in the analyses set forth above. Additionally, an increase in credit risk may result as the ability of borrowers to service their debt may decrease in the event of an interest rate increase.
ITEM 4.
CONTROLS AND PROCEDURES
As of the end of the period covered by this Report, an evaluation was performed under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended). Based on that evaluation, the Company’s management, including the Chief Executive Officer and the Chief Financial Officer, concluded that the Company’s disclosure controls and procedures were effective.
During the quarter ended March 31, 2025, there were no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
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PART II
ITEM 1.    Legal Proceedings
At March 31, 2025, neither the Company nor the Bank were involved in any pending legal proceedings other than routine legal proceedings occurring in the ordinary course of business, which involve amounts in the aggregate believed by management to be immaterial to the financial condition of the Company and the Bank.
ITEM 1A.    Risk Factors
There have been no material changes to the Risk Factors previously disclosed under Item 1A of the Company’s Annual Report on Form 10-K for the year ended June 30, 2024, previously filed with the Securities and Exchange Commission.
ITEM 2.    Unregistered Sales of Equity Securities and Use of Proceeds
The Company did not repurchase any shares of its common stock during the three month period ended March 31, 2025.
ITEM 3.    Defaults Upon Senior Securities
Not applicable.
ITEM 4.    Mine Safety Disclosures
Not applicable.
ITEM 5.    Other Information
Securities Trading Plans of Directors and Executive Officers
During the three months ended March 31, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of the Company's securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement.”
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ITEM 6.    Exhibits
The following Exhibits are filed as part of this report:
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 March 31, 2025, formatted in Inline XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Financial Condition, (ii) the Consolidated Statements of Income; (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Stockholder’s Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements.
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)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
KEARNY FINANCIAL CORP.
Date: May 7, 2025
 By: /s/ Craig L. Montanaro
Craig L. Montanaro
President and Chief Executive Officer
(Principal Executive Officer)
Date: May 7, 2025
 By: /s/ Sean Byrnes
Sean Byrnes
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
- 50 -
EX-31.1 2 krny-20250331xexx311.htm EX-31.1 Document

Exhibit 31.1
CERTIFICATION
I, Craig L. Montanaro, certify that:
1.I have reviewed this Form 10-Q of Kearny Financial Corp.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: May 7, 2025
 /s/ Craig L. Montanaro
Craig L. Montanaro
President and Chief Executive Officer
(Principal Executive Officer)

EX-31.2 3 krny-20250331xexx312.htm EX-31.2 Document

Exhibit 31.2
CERTIFICATION
I, Sean Byrnes, certify that:
1.I have reviewed this Form 10-Q of Kearny Financial Corp.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: May 7, 2025
 /s/ Sean Byrnes
Sean Byrnes
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)

EX-32.1 4 krny-20250331xexx321.htm EX-32.1 Document

Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Kearny Financial Corp. (the “Company”) on Form 10-Q for the period ended March 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Craig L. Montanaro, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: May 7, 2025
 /s/ Craig L. Montanaro
Craig L. Montanaro
President and Chief Executive Officer
(Principal Executive Officer)

EX-32.2 5 krny-20250331xexx322.htm EX-32.2 Document

Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Kearny Financial Corp. (the “Company”) on Form 10-Q for the period ended March 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Sean Byrnes, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: May 7, 2025
 /s/ Sean Byrnes
Sean Byrnes
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)