株探米国株
英語
エドガーで原本を確認する
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Table of Contents
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 December 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: January 31, 2026.
$0.01 par value common stock — 64,739,151 shares outstanding

Table of Contents
KEARNY FINANCIAL CORP. AND SUBSIDIARIES
TABLE OF CONTENTS
Page
Number

Table of Contents


KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In Thousands, Except Share and Per Share Data)
December 31,
2025		 June 30,
2025
(Unaudited)
Assets
Cash and amounts due from depository institutions $ 19,449  $ 21,864 
Interest-bearing deposits in other banks 127,891  145,405 
Cash and cash equivalents 147,340  167,269 
Investment securities available for sale (amortized cost of $1,096,559 and $1,125,111, respectively)
 1,000,397  1,012,969 
Investment securities held to maturity (fair value of $101,624 and $106,712, respectively)
 112,800  120,217 
Loans held-for-sale 8,786  5,931 
Loans receivable 5,753,393  5,812,937 
Less: allowance for credit losses on loans (44,958) (46,191)
Net loans receivable 5,708,435  5,766,746 
Premises and equipment 42,559  43,897 
Federal Home Loan Bank (“FHLB”) of New York stock 57,212  64,261 
Accrued interest receivable 27,420  28,098 
Goodwill 113,525  113,525 
Core deposit intangibles 1,198  1,436 
Bank owned life insurance 309,404  304,717 
Deferred income tax assets, net 51,617  55,203 
Other assets 40,185  56,181 
Total Assets $ 7,620,878  $ 7,740,450 
Liabilities and Stockholders' Equity
Liabilities
Deposits:
Non-interest-bearing $ 627,180  $ 582,045 
Interest-bearing 5,084,370  5,093,172 
Total deposits 5,711,550  5,675,217 
Borrowings 1,095,000  1,256,491 
Advance payments by borrowers for taxes 18,474  19,317 
Other liabilities 38,458  43,463 
Total Liabilities 6,863,482  6,994,488 
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; 64,739,151 shares and 64,577,481 shares issued and outstanding, respectively
 648  646 
Paid-in capital 494,959  494,546 
Retained earnings 346,749  341,744 
Unearned employee stock ownership plan shares; 1,856,456 shares and 1,956,805 shares, respectively
 (17,997) (18,970)
Accumulated other comprehensive loss (66,963) (72,004)
Total Stockholders' Equity 757,396  745,962 
Total Liabilities and Stockholders' Equity $ 7,620,878  $ 7,740,450 
See notes to unaudited consolidated financial statements.
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KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Per Share Data)
(Unaudited)
Three Months Ended
December 31,		 Six Months Ended
December 31,
2025 2024 2025 2024
Interest Income
Loans $ 67,410  $ 65,408  $ 135,759  $ 131,739 
Taxable investment securities 11,623  13,803  24,223  28,187 
Tax-exempt investment securities 35  59  76  130 
Other interest-earning assets 1,584  2,215  3,102  4,681 
Total Interest Income 80,652  81,485  163,160  164,737 
Interest Expense
Deposits 33,148  36,721  67,079  71,739 
Borrowings 9,535  12,152  20,408  27,940 
Total Interest Expense 42,683  48,873  87,487  99,679 
Net Interest Income 37,969  32,612  75,673  65,058 
Provision for credit losses 567  107  485  215 
Net Interest Income after Provision for Credit Losses 37,402  32,505  75,188  64,843 
Non-Interest Income
Fees and service charges 1,295  627  2,187  1,262 
Gain on sale of loans 224  304  423  504 
Income from bank owned life insurance 2,710  2,619  5,399  5,186 
Electronic banking fees and charges 473  493  889  884 
Other income 869  830  2,520  1,663 
Total Non-Interest Income 5,571  4,873  11,418  9,499 
Non-Interest Expense
Salaries and employee benefits 18,373  17,579  37,118  35,077 
Net occupancy expense of premises 2,888  2,831  6,195  5,629 
Equipment and systems 4,007  3,892  7,981  7,752 
Advertising and marketing 412  311  974  653 
Federal deposit insurance premium 1,357  1,503  2,658  3,066 
Directors' compensation 306  361  613  722 
Other expense 3,848  3,084  7,318  6,448 
Total Non-Interest Expense 31,191  29,561  62,857  59,347 
Income before Income Taxes 11,782  7,817  23,749  14,995 
Income tax expense 2,333  1,251  4,794  2,337 
Net Income $ 9,449  $ 6,566  $ 18,955  $ 12,658 
Net Income per Common Share (EPS)
Basic $ 0.15  $ 0.11  $ 0.30  $ 0.20 
Diluted $ 0.15  $ 0.10  $ 0.30  $ 0.20 
Weighted Average Number of Common Shares Outstanding
Basic 62,858 62,498 62,799 62,443
Diluted 63,061 62,630 63,049 62,474
See notes to unaudited consolidated financial statements.
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KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In Thousands, Unaudited)
Three Months Ended
December 31,		 Six Months Ended
December 31,
2025 2024 2025 2024
Net Income $ 9,449  $ 6,566  $ 18,955  $ 12,658 
Other Comprehensive Income (Loss) , net of tax:
Net unrealized gain (loss) on securities available for sale 3,274  (13,811) 11,355  3,172 
Fair value adjustments on derivatives (2,475) 6,456  (6,264) (12,169)
Benefit plan adjustments (25) (18) (50) 63 
Total Other Comprehensive Income (Loss) 774  (7,373) 5,041  (8,934)
Total Comprehensive Income (Loss) $ 10,223  $ (807) $ 23,996  $ 3,724 
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 - September 30, 2024 64,580 $ 646  $ 493,523  $ 342,522  $ (20,430) $ (64,724) $ 751,537 
Net income — —  —  6,566  —  —  6,566 
Other comprehensive loss, net of income tax — —  —  —  —  (7,373) (7,373)
ESOP shares committed to be released (50 shares)
 — —  (108) —  487  —  379 
Stock-based compensation expense — —  677  —  —  —  677 
Cash dividends declared ($0.11 per common share)
 — —  —  (6,933) —  —  (6,933)
Balance - December 31, 2024 64,580 $ 646  $ 494,092  $ 342,155  $ (19,943) $ (72,097) $ 744,853 

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 — —  —  12,658  —  —  12,658 
Other comprehensive loss, net of income tax — —  —  —  —  (8,934) (8,934)
ESOP shares committed to be released (100 shares)
 — —  (264) —  973  —  709 
Issuance of stock under stock benefit plans 207 2  (2) —  —  —  — 
Stock-based compensation expense — —  1,027  —  —  —  1,027 
Cancellation of shares issued for restricted stock awards (61) —  (349) —  —  —  (349)
Cash dividends declared ($0.22 per common share)
 — —  —  (13,829) —  —  (13,829)
Balance - December 31, 2024 64,580 $ 646  $ 494,092  $ 342,155  $ (19,943) $ (72,097) $ 744,853 
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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 - September 30, 2025 64,739 $ 648  $ 494,490  $ 344,287  $ (18,484) $ (67,737) $ 753,204 
Net income — —  —  9,449  —  —  9,449 
Other comprehensive income, net of income tax — —  —  —  —  774  774 
ESOP shares committed to be released (50 shares)
 — — (140) —  487  —  347 
Stock-based compensation expense — —  609  —  —  —  609 
Cash dividends declared ($0.11 per common share)
 — —  —  (6,987) —  —  (6,987)
Balance - December 31, 2025 64,739  $ 648  $ 494,959  $ 346,749  $ (17,997) $ (66,963) $ 757,396 


Common Stock Paid-In
Capital 		Retained
Earnings 		Unearned
ESOP
Shares 		Accumulated
Other
Comprehensive
Loss		 Total
Shares Amount
Balance - June 30, 2025 64,577 $ 646  $ 494,546  $ 341,744  $ (18,970) $ (72,004) $ 745,962 
Net income — —  —  18,955  —  —  18,955 
Other comprehensive income, net of income tax — —  —  —  —  5,041  5,041 
ESOP shares committed to be released (100 shares)
 — —  (304) —  973  —  669 
Issuance of stock under stock benefit plans 238 2  (2) —  —  —  — 
Stock-based compensation expense — —  1,134  —  —  —  1,134 
Cancellation of shares issued for restricted stock awards (76) —  (415) —  —  —  (415)
Cash dividends declared ($0.22 per common share)
 — —  —  (13,950) —  —  (13,950)
Balance - December 31, 2025 64,739 $ 648  $ 494,959  $ 346,749  $ (17,997) $ (66,963) $ 757,396 


See notes to unaudited consolidated financial statements.
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KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands, Unaudited)
Six Months Ended
December 31,
2025 2024
Cash Flows from Operating Activities:
Net income $ 18,955  $ 12,658 
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of premises and equipment 2,056  2,227 
Net accretion of yield adjustments (429) (878)
Deferred income taxes 1,554  758 
Amortization of intangible assets 237  252 
Net change in benefit plan accrued expense (71) 87 
Provision for credit losses 485  215 
Loans originated for sale (62,171) (63,999)
Proceeds from sale of mortgage loans held-for-sale 59,739  64,844 
Gain on sale of mortgage loans held-for-sale, net (423) (504)
Realized (gain) loss on disposition of premises and equipment (733) 37 
Increase in cash surrender value of bank owned life insurance (5,399) (5,186)
ESOP and stock-based compensation expense 1,803  1,736 
Decrease in interest receivable 678  1,749 
Decrease (increase) in other assets 4,995  (6,875)
Decrease in interest payable (1,473) (3,098)
Decrease in other liabilities (3,988) (4,140)
Net Cash Provided by (Used in) Operating Activities 15,815  (117)
Cash Flows from Investing Activities:
Purchases of:
Investment securities available for sale (188,073) (58,852)
Investment securities held to maturity (180) (240)
Proceeds from:
Repayments/calls/maturities of investment securities available for sale 216,785  118,215 
Repayments/calls/maturities of investment securities held to maturity 7,535  8,646 
Purchase of loans (31,614) — 
Net decrease (increase) in loans receivable 91,610  (52,129)
Purchase of interest rate contracts (1,274) (1,272)
Additions to premises and equipment (734) (2,452)
Proceeds from death benefit of bank owned life insurance 935  1,721 
Proceeds from cash settlement of premises and equipment 2,629  1 
Purchase of FHLB stock (14,394) (30,155)
Redemption of FHLB stock 21,443  46,012 
Net Cash Provided by Investing Activities 104,668  29,495 
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)
Six Months Ended
December 31,
2025 2024
Cash Flows from Financing Activities:
Net increase in deposits 36,335  512,948 
Repayment of term FHLB advances (2,006,500) (2,361,000)
Proceeds from term FHLB advances and other borrowings 1,700,000  1,955,000 
Net increase (decrease) in other short-term borrowings 145,000  (45,000)
Net (decrease) increase in advance payments by borrowers for taxes (843) 577 
Cancellation of shares repurchased on vesting to pay taxes (415) (349)
Dividends paid (13,989) (13,864)
Net Cash (Used in) Provided by Financing Activities (140,412) 48,312 
Net (Decrease) Increase in Cash and Cash Equivalents (19,929) 77,690 
Cash and Cash Equivalents - Beginning 167,269  63,864 
Cash and Cash Equivalents - Ending $ 147,340  $ 141,554 
Supplemental Disclosures of Cash Flows Information:
Cash paid during the period for:
Income taxes, net of refunds $ 3,211  $ 1,493 
Interest $ 88,960  $ 102,777 
Non-cash investing and financing activities:
Transfer of premises to held-for-sale $ 283  $ — 
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 six months ended December 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, 2025 was derived from the Company’s 2025 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 2025 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 2025 Annual Report on Form 10-K. There have been no material changes to the Company’s significant accounting policies since June 30, 2025.
2.    SUBSEQUENT EVENTS
The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of December 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 January 21, 2026, the Company declared a quarterly cash dividend of $0.11 per share, payable on February 18, 2026 to stockholders of record as of February 4, 2026.
3.    RECENT ACCOUNTING PRONOUNCEMENTS
Accounting Standards Issued Not Yet Adopted
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.
In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This ASU amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. Adoption of ASU 2024-03 and ASU 2025-01 is not expected to have a significant impact on the Company's consolidated financial statements.
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This ASU clarifies the threshold entities apply to begin capitalizing costs and removes all references to project stages in ASC Subtopic 350-40. ASU No. 2025-06 is effective for all entities for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years.
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Early adoption is permitted as of the beginning of an annual reporting period.
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:
December 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 $ 57,334  $ 14  $ 249  $ —  $ 57,099 
Collateralized loan obligations 236,214  493  264  —  236,443 
Corporate bonds 155,542  837  6,726  —  149,653 
Total debt securities 449,090  1,344  7,239  —  443,195 
       
Mortgage-backed securities:        
Collateralized mortgage obligations (1)
 25,098  6  —  —  25,104 
Residential pass-through securities (1)
 471,751  977  72,499  —  400,229 
Commercial pass-through securities (1)
 150,620  576  19,327  —  131,869 
Total mortgage-backed securities 647,469  1,559  91,826  —  557,202 
       
Total securities available for sale $ 1,096,559  $ 2,903  $ 99,065  $ —  $ 1,000,397 
___________________________
(1)Government-sponsored enterprises.
June 30, 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 $ 60,255  $ 59  $ 816  $ —  $ 59,498 
Collateralized loan obligations 322,407  956  118  —  323,245 
Corporate bonds 149,550  235  9,668  —  140,117 
Total debt securities 532,212  1,250  10,602  —  522,860 
       
Mortgage-backed securities:      
Residential pass-through securities (1)
 440,168  329  83,178  —  357,319 
Commercial pass-through securities (1)
 152,731  436  20,377  —  132,790 
Total mortgage-backed securities 592,899  765  103,555  —  490,109 
     
Total securities available for sale $ 1,125,111  $ 2,015  $ 114,157  $ —  $ 1,012,969 
___________________________
(1)Government-sponsored enterprises.
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December 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 $ 5,671  $ 2  $ 34  $ —  $ 5,639 
Total debt securities 5,671  2  34  —  5,639 
       
Mortgage-backed securities:        
Residential pass-through securities (1)
 94,964  432  10,252  —  85,144 
Commercial pass-through securities (1)
 12,165  —  1,324  —  10,841 
Total mortgage-backed securities 107,129  432  11,576  —  95,985 
       
Total securities held to maturity $ 112,800  $ 434  $ 11,610  $ —  $ 101,624 
___________________________
(1)Government-sponsored enterprises.
June 30, 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 $ 7,553  $ 1  $ 74  $ —  $ 7,480 
Total debt securities 7,553  1  74  —  7,480 
   
Mortgage-backed securities:    
Residential pass-through securities (1)
 100,482  102  12,024  —  88,560 
Commercial pass-through securities (1)
 12,182  —  1,510  —  10,672 
Total mortgage-backed securities 112,664  102  13,534  —  99,232 
   
Total securities held to maturity $ 120,217  $ 103  $ 13,608  $ —  $ 106,712 
___________________________
(1)Government-sponsored enterprises.
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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 December 31, 2025:
December 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 33,525  32,714 
Due after five years through ten years 246,096  241,436 
Due after ten years 169,469  169,045 
Total $ 449,090  $ 443,195 
December 31, 2025
Amortized
Cost		 Fair
Value
(In Thousands)
Held to maturity debt securities:
Due in one year or less $ 3,022  $ 3,011 
Due after one year through five years 2,649  2,628 
Due after five years through ten years —  — 
Due after ten years —  — 
Total $ 5,671  $ 5,639 

The carrying value of securities pledged were as follows as of the dates presented below:
December 31,
2025		 June 30,
2025
(In Thousands)
Securities pledged:
Pledged to secure public funds on deposit $ 146,784  $ 475,234 
Pledged for potential borrowings at the Federal Reserve Bank of New York —  66,811 
Total carrying value of securities pledged $ 146,784  $ 542,045 
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 December 31, 2025 and June 30, 2025:
December 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 $ 11,085  $ 48  $ 35,275  $ 201  6 $ 46,360  $ 249 
Collateralized loan obligations 112,609  227  14,962  37  12 127,571  264 
Corporate bonds 9,872  153  97,444  6,573  21 107,316  6,726 
Commercial pass-through securities —  —  108,992  19,327  7 108,992  19,327 
Residential pass-through securities 131  —  309,912  72,499  91 310,043  72,499 
Total $ 133,697  $ 428  $ 566,585  $ 98,637  137 $ 700,282  $ 99,065 
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June 30, 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 $ 29,860  $ 493  $ 18,526  $ 323  7 $ 48,386  $ 816 
Collateralized loan obligations 105,251  82  14,964  36  8 120,215  118 
Corporate bonds 1,987  38  112,395  9,630  22 114,382  9,668 
Commercial pass-through securities —  —  109,817  20,377  7 109,817  20,377 
Residential pass-through securities 21,942  109  314,871  83,069  99 336,813  83,178 
Total $ 159,040  $ 722  $ 570,573  $ 113,435  143 $ 729,613  $ 114,157 
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 December 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 December 31, 2025 on available for sale securities.
At December 31, 2025, the held to maturity securities portfolio consisted 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 December 31, 2025 on held to maturity securities.
As of December 31, 2025 and June 30, 2025, there were no holdings of debt securities of any one issuer, other than U.S. government sponsored entities and agencies, in an amount greater than 10% of stockholders’ equity.
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5.    LOANS RECEIVABLE
The following table sets forth the composition of the Company’s loan portfolio at December 31, 2025 and June 30, 2025:
December 31,
2025		 June 30,
2025
(In Thousands)
Commercial loans:
Multi-family mortgage $ 2,619,124  $ 2,709,654 
Nonresidential mortgage 990,178  986,556 
Commercial business 169,884  138,755 
Construction 181,766  177,713 
Total commercial loans 3,960,952  4,012,678 
One- to four-family residential mortgage 1,730,543  1,748,591 
Consumer loans:
Home equity loans 59,046  50,737 
Other consumer 2,523  2,533 
Total consumer loans 61,569  53,270 
Total loans 5,753,064  5,814,539 
Unaccreted yield adjustments (1)
 329  (1,602)
Total loans receivable, net of yield adjustments $ 5,753,393  $ 5,812,937 
___________________________
(1)At December 31, 2025 and June 30, 2025, included a fair value adjustment to the carrying amount of hedged one- to four-family residential mortgage loans.
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 December 31, 2025 and June 30, 2025, by loan segment:
Payment Status
December 31, 2025
30-59 Days 60-89 Days 90 Days and Over Total Past Due Current Total
(In Thousands)
Multi-family mortgage $ 9,540  $ 1,159  $ 32,565  $ 43,264  $ 2,575,860  $ 2,619,124 
Nonresidential mortgage 1,743  —  4,927  6,670  983,508  990,178 
Commercial business 204  43  395  642  169,242  169,884 
Construction —  —  2,755  2,755  179,011  181,766 
One- to four-family residential mortgage 3,456  1,388  2,573  7,417  1,723,126  1,730,543 
Home equity loans 34  114  265  413  58,633  59,046 
Other consumer —  —  —  —  2,523  2,523 
Total loans $ 14,977  $ 2,704  $ 43,480  $ 61,161  $ 5,691,903  $ 5,753,064 
Payment Status
June 30, 2025
30-59 Days 60-89 Days 90 Days and Over Total Past Due Current Total
(In Thousands)
Multi-family mortgage $ —  $ 5,270  $ 22,218  $ 27,488  $ 2,682,166  $ 2,709,654 
Nonresidential mortgage 926  —  4,937  5,863  980,693  986,556 
Commercial business —  400  1,301  1,701  137,054  138,755 
Construction —  —  —  —  177,713  177,713 
One- to four-family residential mortgage 1,350  2,890  3,643  7,883  1,740,708  1,748,591 
Home equity loans 176  96  204  476  50,261  50,737 
Other consumer —  —  —  —  2,533  2,533 
Total loans $ 2,452  $ 8,656  $ 32,303  $ 43,411  $ 5,771,128  $ 5,814,539 
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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 six months ended December 31, 2025 and 2024.
The following tables present information relating to the Company’s nonperforming loans as of December 31, 2025 and June 30, 2025:
Performance Status
December 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 $ —  $ 17,753  $ 19,283  $ 37,036  $ 2,582,088  $ 2,619,124 
Nonresidential mortgage —  —  5,705  5,705  984,473  990,178 
Commercial business —  384  342  726  169,158  169,884 
Construction —  2,755  —  2,755  179,011  181,766 
One- to four-family residential mortgage —  1,113  3,706  4,819  1,725,724  1,730,543 
Home equity loans —  66  199  265  58,781  59,046 
Other consumer —  —  —  —  2,523  2,523 
Total loans $ —  $ 22,071  $ 29,235  $ 51,306  $ 5,701,758  $ 5,753,064 
Performance Status
June 30, 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 $ —  $ 15,867  $ 14,990  $ 30,857  $ 2,678,797  $ 2,709,654 
Nonresidential mortgage —  —  5,763  5,763  980,793  986,556 
Commercial business —  1,930  293  2,223  136,532  138,755 
Construction —  —  —  —  177,713  177,713 
One- to four-family residential mortgage —  2,862  3,688  6,550  1,742,041  1,748,591 
Home equity loans —  188  16  204  50,533  50,737 
Other consumer —  —  —  —  2,533  2,533 
Total loans $ —  $ 20,847  $ 24,750  $ 45,597  $ 5,768,942  $ 5,814,539 
Loan Modifications Made to Borrowers Experiencing Financial Difficulty

The following table presents the amortized cost basis at December 31, 2025 and December 31, 2024 of loan modifications made to borrowers experiencing financial difficulty that were restructured during the three and six months ended December 31, 2025 and 2024, by type of modification:

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Three Months Ended December 31, 2025
Payment Delay Term Extension Payment Delay and Interest Rate Reductions Total Percent of Total Class
(Dollars In Thousands)
Multi-family mortgage $ 2,421  $ —  $ —  $ 2,421  0.09  %
Commercial business 730  —  —  730  0.43  %
Total $ 3,151  $ —  $ —  $ 3,151 

Six Months Ended December 31, 2025
Payment Delay Term Extension Payment Delay and Interest Rate Reductions Total Percent of Total Class
(Dollars In Thousands)
Multi-family mortgage $ 2,421  $ —  $ —  $ 2,421  0.09  %
Commercial business 730  —  —  730  0.43  %
Total $ 3,151  $ —  $ —  $ 3,151 


Three Months Ended December 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 $ 15,480  $ —  $ —  $ 15,480  0.57  %
Total $ 15,480  $ —  $ —  $ 15,480 

Six Months Ended December 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 $ 24,262  $ —  $ 2,666  $ 26,928  0.99  %
Nonresidential mortgage 178  —  —  178  0.02  %
Total $ 24,440  $ —  $ 2,666  $ 27,106 

No modifications involved forgiveness of principal for the three and six months ended December 31, 2025 and December 31, 2024, respectively. At December 31, 2025 and December 31, 2024, there were no commitments to lend additional funds to borrowers experiencing financial difficulty whose terms have been restructured.

Of the loans restructured during the three and six months ended December 31, 2025 and December 31, 2024, there were no subsequent defaults as of December 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 performance status of the loans that were modified in the last twelve months to borrowers experiencing financial difficulties:
December 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 $ 7,051  $ —  $ —  $ —  $ 3,312 
Commercial business 730 43  —  43  43
Total $ 7,781  $ 43  $ —  $ 43  $ 3,355 
June 30, 2025
Current 30-89 Days Past Due 90 Days or More Past Due Total Past Due Non-Accrual
(Dollars In Thousands)
Multi-family mortgage $ 22,571  $ 2,582  $ 8,564  $ 11,146  $ 14,515 
Nonresidential mortgage 169 —  —  —  169
Commercial business 44 —  —  —  44
Total $ 22,784  $ 2,582  $ 8,564  $ 11,146  $ 14,728 
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 are generally evaluated for individual impairment. However, after a period of sustained repayment performance which permits the credit to be returned to accrual status, the loans are generally removed from individual impairment analysis and returned to its corresponding pool. As of December 31, 2025, the carrying value of individually analyzed loans, including loans acquired with deteriorated credit quality that were individually analyzed, totaled $51.3 million, of which $40.8 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:
December 31, 2025 June 30, 2025
Carrying Value Related Allowance Carrying Value Related Allowance
(In Thousands)
Commercial loans:
Multi-family mortgage $ 35,148  $ 821  $ 30,808  $ 1,377 
Nonresidential mortgage (1)
 4,697  —  4,697  — 
Commercial business (2)
 53  —  —  — 
Total commercial loans 39,898  821  35,505  1,377 
One- to four-family residential mortgage (2)
 890  —  2,264  — 
Consumer loans:
Home equity loans (2)
 15  —  16  — 
Total $ 40,803  $ 821  $ 37,785  $ 1,377 
___________________________
(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 December 31, 2025 by loan segment and vintage year:
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Term Loans by Origination Year for Fiscal Years ended June 30,
2026 2025 2024 2023 2022 Prior Revolving Loans Total
(In Thousands)
Multi-family mortgage:
Pass $ 9,992  $ 144,013  $ 26,298  $ 585,084  $ 887,158  $ 895,610  $ —  $ 2,548,155 
Special Mention —  —  —  —  —  —  —  — 
Substandard —  —  —  —  1,523  69,446  —  70,969 
Doubtful —  —  —  —  —  —  —  — 
Total multi-family mortgage 9,992  144,013  26,298  585,084  888,681  965,056  —  2,619,124 
Multi-family current period gross charge-offs —  —  —  —  —  655  —  655 
Nonresidential mortgage:
Pass 43,317  131,206  80,666  97,550  187,733  431,420  —  971,892 
Special Mention —  —  —  —  —  6,560  —  6,560 
Substandard —  —  —  —  —  11,726  —  11,726 
Doubtful —  —  —  —  —  —  —  — 
Total nonresidential mortgage 43,317  131,206  80,666  97,550  187,733  449,706  —  990,178 
Nonresidential current period gross charge-offs —  —  —  —  —  5  —  5 
Commercial business:
Pass 41,895  16,209  7,686  5,067  21,982  18,700  56,428  167,967 
Special Mention —  —  730  —  229  112  —  1,071 
Substandard —  84  —  —  —  762  —  846 
Doubtful —  —  —  —  —  —  —  — 
Total commercial business 41,895  16,293  8,416  5,067  22,211  19,574  56,428  169,884 
Commercial current period gross charge-offs —  —  400  —  —  636  —  1,036 
Construction loans:
Pass 14,116  66,057  89,357  —  979  2,767  5,735  179,011 
Special Mention —  —  —  —  —  —  —  — 
Substandard —  —  —  —  —  2,755  —  2,755 
Doubtful —  —  —  —  —  —  —  — 
Total construction loans 14,116  66,057  89,357  —  979  5,522  5,735  181,766 
Construction current period gross charge-offs —  —  —  —  —  —  —  — 
Residential mortgage:
Pass 63,558  132,823  145,286  169,801  403,139  805,049  —  1,719,656 
Special Mention —  —  —  —  —  299  —  299 
Substandard —  —  977  1,421  514  7,676  —  10,588 
Doubtful —  —  —  —  —  —  —  — 
Total residential mortgage 63,558  132,823  146,263  171,222  403,653  813,024  —  1,730,543 
Residential current period gross charge-offs —  —  —  —  —  47  —  47 
Home equity loans:
Pass —  446  1,419  4,327  1,496  7,048  43,737  58,473 
Special Mention —  —  —  —  —  —  —  — 
Substandard —  —  190  —  83  141  159  573 
Doubtful —  —  —  —  —  —  —  — 
Total home equity loans —  446  1,609  4,327  1,579  7,189  43,896  59,046 
Home equity current period gross charge-offs —  —  —  —  —  11  —  11 
Other consumer loans
Pass 366  343  283  186  77  1,155  28  2,438 
Special Mention —  —  —  —  —  —  —  — 
Substandard —  —  —  —  —  —  —  — 
Doubtful —  —  —  —  —  2  83  85 
Other consumer loans 366  343  283  186  77  1,157  111  2,523 
Other consumer current period gross charge-offs —  —  —  —  —  —  —  — 
Total loans $ 173,244  $ 491,181  $ 352,892  $ 863,436  $ 1,504,913  $ 2,261,228  $ 106,170  $ 5,753,064 
Total current period gross charge-offs $ —  $ —  $ 400  $ —  $ —  $ 1,354  $ —  $ 1,754 


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The following table presents the risk category of loans and gross charge-offs as of June 30, 2025 by loan segment and vintage year:
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 $ 146,525  $ 26,430  $ 591,647  $ 939,414  $ 219,907  $ 720,674  $ —  $ 2,644,597 
Special Mention —  —  —  —  —  —  —  — 
Substandard —  —  —  —  11,830  53,227  —  65,057 
Doubtful —  —  —  —  —  —  —  — 
Total multi-family mortgage 146,525  26,430  591,647  939,414  231,737  773,901  —  2,709,654 
Multi-family current period gross charge-offs —  —  —  —  —  —  —  — 
Nonresidential mortgage:
Pass 132,407  81,426  102,965  190,781  107,519  352,364  49  967,511 
Special Mention —  —  —  —  945  6,187  —  7,132 
Substandard —  —  —  —  851  11,062  —  11,913 
Doubtful —  —  —  —  —  —  —  — 
Total nonresidential mortgage 132,407  81,426  102,965  190,781  109,315  369,613  49  986,556 
Nonresidential current period gross charge-offs —  —  —  —  —  830  —  830 
Commercial business:
Pass 23,729  9,355  5,718  20,915  14,264  7,608  53,647  135,236 
Special Mention —  —  —  1,043  125  —  —  1,168 
Substandard 87  400  —  —  —  1,735  129  2,351 
Doubtful —  —  —  —  —  —  —  — 
Total commercial business 23,816  9,755  5,718  21,958  14,389  9,343  53,776  138,755 
Commercial current period gross charge-offs —  —  —  —  —  295  —  295 
Construction loans:
Pass 41,990  85,712  —  979  8,991  3,362  5,735  146,769 
Special Mention —  —  —  —  5,950  —  —  5,950 
Substandard —  4,500  —  —  20,494  —  —  24,994 
Doubtful —  —  —  —  —  —  —  — 
Total construction loans 41,990  90,212  —  979  35,435  3,362  5,735  177,713 
Construction current period gross charge-offs —  —  —  —  —  —  —  — 
Residential mortgage:
Pass 138,854  160,333  174,947  410,255  432,804  417,105  5  1,734,303 
Special Mention —  —  —  —  —  687  —  687 
Substandard —  299  1,459  773  799  10,271  —  13,601 
Doubtful —  —  —  —  —  —  —  — 
Total residential mortgage 138,854  160,632  176,406  411,028  433,603  428,063  5  1,748,591 
Residential current period gross charge-offs —  —  —  —  —  2  —  2 
Home equity loans:
Pass 800  1,690  4,606  1,648  302  7,612  33,553  50,211 
Special Mention —  —  —  —  —  —  96  96 
Substandard —  96  —  83  —  180  71  430 
Doubtful —  —  —  —  —  —  —  — 
Total home equity loans 800  1,786  4,606  1,731  302  7,792  33,720  50,737 
Home equity current period gross charge-offs —  —  —  —  —  2  —  2 
Other consumer loans
Pass 605  343  189  86  236  976  26  2,461 
Special Mention —  —  —  —  —  —  —  — 
Substandard —  —  —  —  —  —  —  — 
Doubtful —  —  —  —  —  —  72  72 
Other consumer loans 605  343  189  86  236  976  98  2,533 
Other consumer current period gross charge-offs —  —  —  —  —  7  —  7 
Total loans $ 484,997  $ 370,584  $ 881,531  $ 1,565,977  $ 825,017  $ 1,593,050  $ 93,383  $ 5,814,539 
Total current period gross charge-offs $ —  $ —  $ —  $ —  $ —  $ 1,136  $ —  $ 1,136 
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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 December 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 four residential mortgage loans with an aggregate carrying value of $690,600 and ten commercial mortgage loans with aggregate carrying values totaling $30.1 million which were in the process of foreclosure. As of June 30, 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 three residential mortgage loans with aggregate carrying values totaling $2.2 million and six commercial mortgage loans with aggregate carrying values totaling $23.7 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 December 31, 2025 and June 30, 2025. 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
December 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 $ —  $ —  $ 830  $ 23,341  $ 24,171 
Nonresidential mortgage —  16  —  7,855  7,871 
Commercial business —  9  24  1,951  1,984 
Construction —  —  21  1,263  1,284 
One- to four-family residential mortgage 1  80  5  8,989  9,075 
Home equity loans —  —  4  462  466 
Other consumer —  —  —  107  107 
Total loans $ 1  $ 105  $ 884  $ 43,968  $ 44,958 
Balance of Loans Receivable
December 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 $ —  $ —  $ 37,036  $ 2,582,088  $ 2,619,124 
Nonresidential mortgage 230  1,018  5,475  983,455  990,178 
Commercial business —  711  726  168,447  169,884 
Construction —  5,735  2,755  173,276  181,766 
One- to four-family residential mortgage 563  3,462  4,256  1,722,262  1,730,543 
Home equity loans 9  —  256  58,781  59,046 
Other consumer —  —  —  2,523  2,523 
Total loans $ 802  $ 10,926  $ 50,504  $ 5,690,832  $ 5,753,064 
Unaccreted yield adjustments 329 
Loans receivable, net of yield adjustments $ 5,753,393 
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Allowance for Credit Losses
June 30, 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 $ —  $ —  $ 1,377  $ 23,529  $ 24,906 
Nonresidential mortgage —  20  —  6,918  6,938 
Commercial business —  23  971  1,434  2,428 
Construction —  —  —  1,155  1,155 
One- to four-family residential mortgage 34  87  60  9,999  10,180 
Home equity loans 11  —  32  447  490 
Other consumer —  —  —  94  94 
Total loans $ 45  $ 130  $ 2,440  $ 43,576  $ 46,191 
Balance of Loans Receivable
June 30, 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 $ —  $ —  $ 30,857  $ 2,678,797  $ 2,709,654 
Nonresidential mortgage 240  1,405  5,523  979,388  986,556 
Commercial business —  1,093  2,223  135,439  138,755 
Construction —  5,735  —  171,978  177,713 
One- to four-family residential mortgage 614  3,551  5,936  1,738,490  1,748,591 
Home equity loans 21  —  183  50,533  50,737 
Other consumer —  —  —  2,533  2,533 
Total loans $ 875  $ 11,784  $ 44,722  $ 5,757,158  $ 5,814,539 
Unaccreted yield adjustments (1,602)
Loans receivable, net of yield adjustments $ 5,812,937 
The following tables present the activity in the allowance for credit losses on loans for the three and six months ended December 31, 2025 and 2024.
Changes in the Allowance for Credit Losses
Three Months Ended December 31, 2025
Balance at
September 30, 2025		 Charge-offs Recoveries Provision for
(reversal of)
credit losses 		Balance at
December 31, 2025
(In Thousands)
Multi-family mortgage $ 24,644  $ (269) $ —  $ (204) $ 24,171 
Nonresidential mortgage 7,690  —  —  181  7,871 
Commercial business 1,718  (400) 3  663  1,984 
Construction 1,339  —  —  (55) 1,284 
One- to four-family residential mortgage 9,148  (2) —  (71) 9,075 
Home equity loans 419  (1) —  48  466 
Other consumer 102  —  —  5  107 
Total loans $ 45,060  $ (672) $ 3  $ 567  $ 44,958 
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Changes in the Allowance for Credit Losses
Six Months Ended December 31, 2025
Balance at
June 30, 2025		 Charge-offs Recoveries Provision for
(reversal of)
credit losses 		Balance at
December 31, 2025
(In Thousands)
Multi-family mortgage $ 24,906  $ (655) $ —  $ (80) $ 24,171 
Nonresidential mortgage 6,938  (5) —  938  7,871 
Commercial business 2,428  (1,036) 36  556  1,984 
Construction 1,155  —  —  129  1,284 
One- to four-family residential mortgage 10,180  (47) —  (1,058) 9,075 
Home equity loans 490  (11) —  (13) 466 
Other consumer 94  —  —  13  107 
Total loans $ 46,191  $ (1,754) $ 36  $ 485  $ 44,958 

Changes in the Allowance for Credit Losses
Three Months Ended December 31, 2024
Balance at
September 30, 2024		 Charge-offs Recoveries Provision for
(reversal of)
credit losses		 Balance at
December 31, 2024
(In Thousands)
Multi-family mortgage $ 24,368  $ —  $ —  $ 512  $ 24,880 
Nonresidential mortgage 6,913  (498) —  64  6,479 
Commercial business 1,705  (75) 5  (72) 1,563 
Construction 1,503  —  —  (346) 1,157 
One- to four-family residential mortgage 9,985  —  2  (132) 9,855 
Home equity loans 357  (2) —  66  421 
Other consumer 92  (5) —  15  102 
Total loans $ 44,923  $ (580) $ 7  $ 107  $ 44,457 

Changes in the Allowance for Credit Losses
Six Months Ended December 31, 2024
Balance at June 30, 2024 Charge-offs Recoveries Provision for
(reversal of)
credit losses		 Balance at
December 31, 2024
(In Thousands)
Multi-family mortgage $ 24,125  $ —  $ —  $ 755  $ 24,880 
Nonresidential mortgage 6,125  (498) —  852  6,479 
Commercial business 1,573  (202) 10  182  1,563 
Construction 1,230  —  —  (73) 1,157 
One- to four-family residential mortgage 11,461  (2) 2  (1,606) 9,855 
Home equity loans 349  (2) —  74  421 
Other consumer 76  (5) —  31  102 
Total loans $ 44,939  $ (709) $ 12  $ 215  $ 44,457 
The allowance for credit losses on loans decreased from $46.2 million at June 30, 2025 to $45.0 million as of December 31, 2025. The decrease was primarily due to a decrease in individually analyzed reserves on commercial and multi-family mortgage loans, resulting from net charge-offs, and a decrease in the balance of loans receivable, partially offset by quantitative risk factor adjustments. This decrease in allowance for credit losses also reflected largely offsetting impacts from qualitative risk factor adjustments across the different loan segments.

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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 six months ended December 31, 2025 and 2024:
Three Months Ended
December 31,		 Six Months Ended
December 31,
2025 2024 2025 2024
(In Thousands)
Balance at beginning of the period $ 1,250  $ 1,069  $ 1,129  $ 796 
Provision for (reversal of) credit losses 90  (116) 211  157 
Balance at end of the period $ 1,340  $ 953  $ 1,340  $ 953 
7.    DEPOSITS
Deposits at December 31, 2025 and June 30, 2025 are summarized as follows:
December 31,
2025		 June 30,
2025
(In Thousands)
Non-interest-bearing demand $ 627,180  $ 582,045 
Interest-bearing demand 2,376,825  2,362,222 
Savings 769,742  754,376 
Certificates of deposits 1,937,803  1,976,574 
Total deposits $ 5,711,550  $ 5,675,217 
Certificates of deposits with balances of $250,000 or more at December 31, 2025 and June 30, 2025, totaled approximately $997.3 million and $1.0 billion, respectively. The Bank’s deposits are insurable to applicable limits by the FDIC.
Deposit balances at December 31, 2025 reflect a migration of $69.8 million from a consumer interest bearing product to a non-interest bearing product as part of the Company’s repricing strategy.
8.    BORROWINGS
Borrowings at December 31, 2025 and June 30, 2025 consisted of the following:
December 31,
2025		 June 30,
2025
(In Thousands)
FHLB advances $ 800,000  $ 1,106,491 
Total fixed-rate advances 800,000  1,106,491 
Overnight borrowings (1)
 295,000  150,000 
Total borrowings $ 1,095,000  $ 1,256,491 
___________________________
(1)At December 31, 2025 and June 30, 2025 there were FHLB overnight line of credit borrowings of $295.0 million and $150.0 million, respectively.
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Fixed rate advances from the FHLB of New York mature as follows:
December 31, 2025 June 30, 2025
Balance Weighted
Average
Interest Rate		 Balance Weighted
Average
Interest Rate
(Dollars in Thousands)
By remaining period to maturity:
Less than one year $ 600,000  3.94  % $ 906,500  4.44  %
One to two years —  —  —  — 
Two to three years 200,000  3.98  % 200,000  3.98  %
Three to four years —  —  —  — 
Four to five years —  —  —  — 
Greater than five years —  —  —  — 
Total advances 800,000  3.95  % 1,106,500  4.36  %
Unamortized fair value adjustments —  (9)
Total advances, net of fair value adjustments $ 800,000  $ 1,106,491 
At December 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 $3.13 billion. At June 30, 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 $3.24 billion. At December 31, 2025, the Company maintained available secured borrowing capacity with the FHLB and the Federal Reserve Discount Window of $2.70 billion, which is secured by pledged collateral with a book value of $4.8 billion.
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 December 31, 2025 and June 30, 2025:
December 31, 2025
Asset Derivatives Liability Derivatives
Location Fair Value Location Fair Value
(In Thousands)
Derivatives designated as hedging instruments:
Interest rate contracts Other assets $ 6,917  Other liabilities $ 4,713 
Total $ 6,917  $ 4,713 

June 30, 2025
Asset Derivatives Liability Derivatives
Location Fair Value Location Fair Value
(In Thousands)
Derivatives designated as hedging instruments:
Interest rate contracts Other assets $ 16,745  Other liabilities $ 5,149 
Total $ 16,745  $ 5,149 
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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 December 31, 2025, the Company had a total of 17 interest rate swaps, caps and collars with a total notional amount of $2.00 billion hedging specific wholesale funding and deposits, and two interest rate floors with a notional amount of $250.0 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 and deposits, 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 six months ended December 31, 2025, the Company reclassified a gain of $4.1 million and $9.5 million, respectively, as a reduction in interest expense. During the next twelve months, the Company estimates that $3.1 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 six months ended December 31, 2025, the Company reclassified a gain of $45,000 and $115,000, respectively, to interest income. During the next twelve months, the Company estimates that $28,000 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 six months ended December 31, 2025 and 2024:
Three Months Ended
December 31,		 Six Months Ended
December 31,
2025 2024 2025 2024
(In Thousands)
Amount of gain (loss) recognized in other comprehensive income $ 657  $ 15,766  $ 760  $ (1,772)
Amount of gain reclassified from accumulated other comprehensive income to interest expense $ 4,103  $ 6,765  $ 9,480  $ 15,737 
Amount of gain (loss) reclassified from accumulated other comprehensive income to interest income $ 45  $ (92) $ 115  $ (371)
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 December 31, 2025, the Company had five interest rate swaps with a notional amount of $675.0 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 six months ended December 31, 2025 and December 31, 2024:
Three Months Ended
December 31,		 Six Months Ended
December 31,
2025 2024 2025 2024
(In Thousands)
Gain (loss) on hedged items recorded in interest income on loans $ 358  $ (7,465) $ 931  $ 6,190 
Gain (loss) on hedges recorded in interest income on loans $ 417  $ 9,059  $ 1,065  $ (1,739)
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As of December 31, 2025 and June 30, 2025, the following amounts were recorded on the Statement of Financial Condition related to cumulative basis adjustment for fair value hedges:
December 31,
2025		 June 30,
2025
(In Thousands)
Loans receivable:
Carrying amount of the hedged assets(1)
 $ 678,668  $ 777,737 
Fair value hedging adjustment included in the carrying amount of the hedged assets $ 3,668  $ 2,737 
___________________________________
(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 December 31, 2025 and June 30, 2025, the amortized cost basis of the closed portfolios used in these hedging relationships was $1.12 billion and $1.24 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 December 31, 2025 and June 30, 2025, 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.
December 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 $ 9,822  $ (2,905) $ 6,917  $ —  $ —  $ 6,917 
Total $ 9,822  $ (2,905) $ 6,917  $ —  $ —  $ 6,917 
Liabilities:
Interest rate contracts $ 7,618  $ (2,905) $ 4,713  $ —  $ (4,713) $ — 
Total $ 7,618  $ (2,905) $ 4,713  $ —  $ (4,713) $ — 
June 30, 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 $ 19,412  $ (2,667) $ 16,745  $ —  $ —  $ 16,745 
Total $ 19,412  $ (2,667) $ 16,745  $ —  $ —  $ 16,745 
Liabilities:
Interest rate contracts $ 7,816  $ (2,667) $ 5,149  $ —  $ (4,740) $ 409 
Total $ 7,816  $ (2,667) $ 5,149  $ —  $ (4,740) $ 409 
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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. As of December 31, 2025 and June 30, 2025, three of the Company’s derivatives was in a net liability position.
As required under the enforceable master netting arrangement with its derivatives counterparties, at December 31, 2025 and June 30, 2025, the Company was required to post financial collateral of $4.9 million and $4.7 million, respectively, which is included in cash and cash equivalents on the Consolidated Statements of Financial Condition.
In addition to the derivative instruments noted above, the Company’s pipeline of loans held for sale at December 31, 2025 and June 30, 2025, included $8.5 million and $11.1 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
December 31,		 Six Months Ended
December 31,		 Affected Line Item in the Consolidated Statements of Income
2025 2024 2025 2024
(In Thousands)
Service cost $ 148  $ 18  $ 296  $ 36  Salaries and employee benefits
Interest cost 104  97  208  180  Other expense
Accretion of unrecognized gain (35) (27) (71) (53) Other expense
Expected return on assets (23) (22) (45) (45) Other expense
Net periodic benefit cost $ 194  $ 66  $ 388  $ 118 
2021 Equity Incentive Plan
During the six months ended December 31, 2025, the Company granted 484,802 restricted stock units (“RSUs”) comprised of 350,868 service-based RSUs and 133,934 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, 2028. 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.    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 December 31, 2025 and June 30, 2025:
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.
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.
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Those assets and liabilities measured at fair value on a recurring basis are summarized below:
December 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 $ —  $ 57,099  $ —  $ 57,099 
Collateralized loan obligations —  236,443  —  236,443 
Corporate bonds —  149,653  —  149,653 
Total debt securities —  443,195  —  443,195 
Mortgage-backed securities available for sale:
Collateralized mortgage obligations —  25,104  —  25,104 
Residential pass-through securities —  400,229  —  400,229 
Commercial pass-through securities —  131,869  —  131,869 
Total mortgage-backed securities —  557,202  —  557,202 
Total securities available for sale $ —  $ 1,000,397  $ —  $ 1,000,397 
Interest rate contracts $ —  $ 6,917  $ —  $ 6,917 
Total assets $ —  $ 1,007,314  $ —  $ 1,007,314 
Liabilities:
Interest rate contracts $ —  $ 4,713  $ —  $ 4,713 
Total liabilities $ —  $ 4,713  $ —  $ 4,713 
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June 30, 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 $ —  $ 59,498  $ —  $ 59,498 
Collateralized loan obligations —  323,245  —  323,245 
Corporate bonds —  140,117  —  140,117 
Total debt securities —  522,860  —  522,860 
Mortgage-backed securities available for sale:
Residential pass-through securities —  357,319  —  357,319 
Commercial pass-through securities —  132,790  —  132,790 
Total mortgage-backed securities —  490,109  —  490,109 
Total securities available for sale $ —  $ 1,012,969  $ —  $ 1,012,969 
Interest rate contracts $ —  $ 16,745  $ —  $ 16,745 
Total assets $ —  $ 1,029,714  $ —  $ 1,029,714 
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 December 31, 2025 and June 30, 2025:
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:
December 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:
Residential mortgage $ —  $ —  $ 172  $ 172 
Multi-family mortgage —  —  16,230  16,230 
Nonresidential mortgage —  —  4,697  4,697 
Total $ —  $ —  $ 21,099  $ 21,099 
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June 30, 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 $ —  $ —  $ 16,385  $ 16,385 
Nonresidential mortgage —  —  4,697  4,697 
Total $ —  $ —  $ 21,082  $ 21,082 
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:
December 31, 2025
Fair
Value		 Valuation
Techniques		 Unobservable
Input		 Range Weighted
Average
(Dollars in Thousands)
Collateral dependent loans:
Residential mortgage $ 172  Market valuation of underlying collateral
(1)
 Adjustments to reflect current conditions/selling costs
(2)
 6.84% 6.84  %
Multi-family mortgage 16,230  Market valuation of underlying collateral
(1)
 Adjustments to reflect current conditions/selling costs
(2)
6.00% - 23.00%
 15.20  %
Nonresidential mortgage 4,697  Market valuation of underlying collateral
(1)
 Adjustments to reflect current conditions/selling costs
(2)
9.44%
 9.44  %
Total $ 21,099 
June 30, 2025
Fair
Value		 Valuation
Techniques		 Unobservable
Input		 Range Weighted
Average
(Dollars in Thousands)
Collateral dependent loans:
Multi-family mortgage $ 16,385  Market valuation of underlying collateral
(1)
 Adjustments to reflect current conditions/selling costs
(2)
6.00% - 24.00%
 15.08  %
Nonresidential mortgage 4,697  Market valuation of underlying collateral
(1)
 Adjustments to reflect current conditions/selling costs
(2)
9.44%
 9.44  %
Total $ 21,082 
___________________________________
(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 December 31, 2025, collateral dependent loans valued using Level 3 inputs comprised loans with principal balances totaling $21.9 million and a valuation allowance of $821,000 reflecting an aggregate fair value of $21.1 million. By comparison, at June 30, 2025, collateral dependent loans valued using Level 3 inputs comprised loans with principal balances totaling $22.5 million and a valuation allowance of $1.4 million reflecting an aggregate fair value of $21.1 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 December 31, 2025 and June 30, 2025, 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 December 31, 2025 and June 30, 2025:
December 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 $ 147,340  $ 147,340  $ 147,340  $ —  $ — 
Investment securities available for sale 1,000,397  1,000,397  —  1,000,397  — 
Investment securities held to maturity 112,800  101,624  —  101,624  — 
Loans held-for-sale 8,786  8,894  —  8,894  — 
Net loans receivable 5,708,435  5,351,800  —  —  5,351,800 
FHLB Stock 57,212  —  —  —  — 
Interest receivable 27,420  27,420  19  6,365  21,036 
Interest rate contracts 6,917  6,917  —  6,917  — 
Financial liabilities:
Deposits other than certificates of deposits 3,773,747  3,773,747  3,773,747  —  — 
Certificates of deposits 1,937,803  1,933,887  —  —  1,933,887 
Borrowings 1,095,000  1,096,713  —  —  1,096,713 
Interest payable on deposits 4,235  4,235  953  —  3,282 
Interest payable on borrowings 3,006  3,006  —  —  3,006 
Interest rate contracts 4,713  4,713  —  4,713  — 
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June 30, 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 $ 167,269  $ 167,269  $ 167,269  $ —  $ — 
Investment securities available for sale 1,012,969  1,012,969  —  1,012,969  — 
Investment securities held to maturity 120,217  106,712  —  106,712  — 
Loans held-for-sale 5,931  6,069  —  6,069  — 
Net loans receivable 5,766,746  5,309,760  —  —  5,309,760 
FHLB Stock 64,261  —  —  —  — 
Interest receivable 28,098  28,098  40  6,930  21,128 
Interest rate contracts 16,745  16,745  —  16,745  — 
Financial liabilities:
Deposits other than certificates of deposits 3,698,643  3,698,643  3,698,643  —  — 
Certificates of deposits 1,976,574  1,970,863  —  —  1,970,863 
Borrowings 1,256,491  1,257,269  —  —  1,257,269 
Interest payable on deposits 5,259  5,259  1,710  —  3,549 
Interest payable on borrowings 3,455  3,455  —  —  3,455 
Interest rate contracts 5,149  5,149  —  5,149  — 
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.
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12.    COMPREHENSIVE INCOME (LOSS)
The components of accumulated other comprehensive loss included in stockholders’ equity at December 31, 2025 and June 30, 2025 are as follows:
December 31,
2025		 June 30,
2025
(In Thousands)
Net unrealized loss on securities available for sale $ (96,162) $ (112,142)
Tax effect 27,917  32,542 
Net of tax amount (68,245) (79,600)
Fair value adjustments on derivatives 935  9,770 
Tax effect (273) (2,844)
Net of tax amount 662  6,926 
Benefit plan adjustments 875  946 
Tax effect (255) (276)
Net of tax amount 620  670 
Total accumulated other comprehensive loss $ (66,963) $ (72,004)
Other comprehensive income (loss) and related tax effects for the three and six months ended December 31, 2025 and 2024 are presented in the following table:
Three Months Ended
December 31,		 Six Months Ended
December 31,
2025 2024 2025 2024
(In Thousands)
Net unrealized holding gain (loss) on securities available for sale $ 4,609  $ (19,516) $ 15,980  $ 4,373 
Fair value adjustments on derivatives (3,491) 9,093  (8,835) (17,138)
Benefit plans:
Accretion of net actuarial gain (1)
 (35) (28) (71) (54)
Net actuarial gain —  —  —  141 
Net change in benefit plan accrued expense (35) (28) (71) 87 
Other comprehensive income (loss) before taxes 1,083  (10,451) 7,074  (12,678)
Tax effect (309) 3,078  (2,033) 3,744 
Total other comprehensive income (loss) $ 774  $ (7,373) $ 5,041  $ (8,934)
___________________________________
(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.
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13.    NET INCOME PER COMMON SHARE (“EPS”)
The following schedule shows the Company’s earnings per share calculations for the periods presented:
Three Months Ended
December 31,		 Six Months Ended
December 31,
2025 2024 2025 2024
(In Thousands, Except Per Share Data)
Net income $ 9,449  $ 6,566  $ 18,955  $ 12,658 
Weighted average number of common shares outstanding - basic 62,858  62,498  62,799  62,443 
Effect of dilutive securities 203  132  250  31 
Weighted average number of common shares outstanding - diluted 63,061  62,630  63,049  62,474 
Basic earnings per share $ 0.15  $ 0.11  $ 0.30  $ 0.20 
Diluted earnings per share $ 0.15  $ 0.10  $ 0.30  $ 0.20 
Stock options for 2,745,000 and 2,751,902 shares of common stock were not considered in computing diluted earnings per share for the three months ended December 31, 2025 and 2024, respectively, because they were considered anti-dilutive. In addition, 633,558 and 698,445 RSUs were not considered in computing diluted earnings per share for the three months ended December 31, 2025 and December 31, 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, the effects of any federal government shutdown, 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, 2025, 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 December 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, 2025.
Comparison of Financial Condition at December 31, 2025 and June 30, 2025
Executive Summary. Total assets decreased $119.6 million to $7.62 billion at December 31, 2025 from $7.74 billion at June 30, 2025. The decrease primarily reflected decreases in net loans receivable, cash and cash equivalents, investment securities and declines in the market values of interest rate derivatives.
Investment Securities. Investment securities available for sale decreased $12.6 million to $1.00 billion at December 31, 2025, from $1.01 billion at June 30, 2025. This decrease was driven by principal repayments of $216.8 million, partially offset by purchases of $188.1 million and a $16.0 million increase in the fair value of the portfolio to a net unrealized loss of $96.2 million.
Investment securities held to maturity decreased $7.4 million to $112.8 million at December 31, 2025 from $120.2 million at June 30, 2025. This decrease was driven by principal repayments of $7.5 million.
Additional information regarding our investment securities at December 31, 2025 and June 30, 2025 is presented in Note 4 to the unaudited consolidated financial statements.
Loans Held-for-Sale. Loans held-for-sale totaled $8.8 million at December 31, 2025 as compared to $5.9 million at June 30, 2025 and are reported separately from the balance of net loans receivable. During the six months ended December 31, 2025, we sold $59.3 million of residential mortgage loans, resulting in a gain on sale of $423,000.
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Net Loans Receivable. Net loans receivable decreased $58.3 million, or 1.0%, to $5.71 billion at December 31, 2025 from $5.77 billion at June 30, 2025. Details regarding the change in the loan portfolio, by loan segment, are presented below:
December 31,
2025		 June 30,
2025		 Increase/
(Decrease)
(In Thousands)
Commercial loans:
Multi-family mortgage $ 2,619,124  $ 2,709,654  $ (90,530)
Nonresidential mortgage 990,178  986,556  3,622 
Commercial business 169,884  138,755  31,129 
Construction 181,766  177,713  4,053 
Total commercial loans 3,960,952  4,012,678  (51,726)
One- to four-family residential mortgage 1,730,543  1,748,591  (18,048)
Consumer loans:
Home equity loans 59,046  50,737  8,309 
Other consumer 2,523  2,533  (10)
Total consumer loans 61,569  53,270  8,299 
Total loans 5,753,064  5,814,539  (61,475)
Unaccreted yield adjustments 329  (1,602) 1,931 
Allowance for credit losses (44,958) (46,191) 1,233 
Net loans receivable $ 5,708,435  $ 5,766,746  $ (58,311)
Commercial loan origination volume for the six months ended December 31, 2025 totaled $161.7 million, comprised of $50.7 million of commercial mortgage loan originations, $62.7 million of commercial business loan originations and construction loan disbursements of $48.4 million. Purchases of commercial business loans totaled $30.4 million for the same period.
One- to four-family residential mortgage loan origination volume, excluding loans held-for-sale, totaled $64.7 million for the six months ended December 31, 2025. Home equity loan and line of credit origination volume for the same period totaled $19.6 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 December 31, 2025 and June 30, 2025:
December 31, 2025 June 30, 2025
Balance LTV Balance LTV
(Dollars in Thousands)
Commercial mortgage loans:
Multi-family mortgage $ 2,619,124  62  % $ 2,709,654  62  %
Nonresidential mortgage(1)
 990,178  52  986,556  52 
Construction 181,766  55  177,713  56 
Total commercial mortgage loans 3,791,068  59  3,873,923  59 
One- to four-family residential mortgage 1,730,543  61  1,748,591  62 
Consumer loans:
Home equity loans 59,046  51  50,737  51 
Total mortgage loans $ 5,580,657  60  % $ 5,673,251  60  %
___________________________________
(1)At December 31, 2025 and June 30, 2025, includes $896,121 and $891,995 of non-owner occupied commercial real estate (“CRE”) loans with an LTV of 53% in each period, respectively, and includes $94,057 and $94,561 of owner occupied CRE loans with an LTV of 48% in each period, respectively.
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Additional information about our loan portfolio at December 31, 2025 and June 30, 2025 is presented in Note 5 to the unaudited consolidated financial statements.
Nonperforming Assets. Nonperforming assets reflected an increase of $5.7 million to $51.3 million, or 0.67% of total assets, at December 31, 2025, from $45.6 million, or 0.59% of total assets, at June 30, 2025, respectively. The increase in nonperforming assets was largely attributable to an increase in nonperforming multi-family mortgage loans, partially offset by a decrease in nonperforming residential mortgage loans.
Additional information about our nonperforming loans and loan modifications at December 31, 2025 and June 30, 2025 is presented in Note 5 to the unaudited consolidated financial statements.
Allowance for Credit Losses (“ACL”). At December 31, 2025 the ACL totaled $45.0 million, or 0.78% of total loans, compared to $46.2 million, or 0.79% of total loans, at June 30, 2025. The decrease for the six months ended December 31, 2025 was largely attributable to net charge-offs of $1.7 million, partially offset by a provision for credit losses of $485,000.
Additional information about our ACL at December 31, 2025 and June 30, 2025 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 $24.2 million to $643.1 million at December 31, 2025 from $667.3 million at June 30, 2025. The decrease in the balance of these other assets during the six months ended December 31, 2025 primarily reflected a decrease in the market value of interest rate derivatives, a decrease in FHLB stock and a decrease in properties held for sale, partially offset by an increase in BOLI. The remaining change generally reflected normal operating fluctuations within these line items.
Deposits. Total deposits increased $36.3 million, or 0.6%, to $5.71 billion at December 31, 2025 from $5.68 billion at June 30, 2025. Included in total deposits are retail and brokered time deposits of $1.18 billion and $757.4 million, respectively, at December 31, 2025, and $1.22 billion and $757.7 million, respectively, at June 30, 2025. The increase in non-interest bearing demand deposits was largely the result of migrating $69.8 million from a consumer interest bearing product to a non-interest bearing product as part of our repricing strategy. The following table sets forth the distribution of, and changes in, deposits, by type, for the periods indicated:
December 31,
2025		 June 30,
2025		 Increase/
(Decrease)
(In Thousands)
Non-interest-bearing deposits $ 627,180  $ 582,045  $ 45,135 
Interest-bearing deposits:
Interest-bearing demand 2,376,825  2,362,222  14,603 
Savings 769,742  754,376  15,366 
Certificates of deposit (retail) 1,180,370  1,218,920  (38,550)
Certificates of deposit (brokered) 757,433  757,654  (221)
Interest-bearing deposits 5,084,370  5,093,172  (8,802)
Total deposits $ 5,711,550  $ 5,675,217  $ 36,333 
Uninsured deposits totaled $2.16 billion as of December 31, 2025 compared to $1.99 billion as of June 30, 2025. Excluding collateralized deposits of state and local governments, and deposits of the Bank’s wholly-owned subsidiary and holding company, uninsured deposits totaled $801.0 million, or 14.0% of total deposits, at December 31, 2025 compared to $813.8 million, or 14.3% of total deposits, at June 30, 2025.
Additional information about our deposits at December 31, 2025 and June 30, 2025 is presented in Note 7 to the unaudited consolidated financial statements.
Borrowings. The balance of borrowings decreased by $161.5 million to $1.10 billion at December 31, 2025 from $1.26 billion at June 30, 2025, reflecting reductions in FHLB advances.
At December 31, 2025, we maintained available secured borrowing capacity with the FHLB and the Federal Reserve Discount Window of $2.70 billion, representing 35.4% of total assets.
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Additional information about our borrowings at December 31, 2025 and June 30, 2025 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, decreased $5.8 million to $56.9 million at December 31, 2025 from $62.8 million at June 30, 2025. The change in the balance of these other liabilities generally reflected normal operating fluctuations during the period.
Stockholders’ Equity. Stockholders’ equity increased $11.4 million to $757.4 million at December 31, 2025 from $746.0 million at June 30, 2025. The increase in stockholders’ equity during the six months ended December 31, 2025 largely reflected net income of $19.0 million and other comprehensive income of $5.0 million, partially offset by cash dividends of $14.0 million. The other comprehensive income for the six months ended December 31, 2025 was driven by an increase in the fair value of our available for sale securities, partially offset by a decrease in the fair value of our derivatives portfolio.
At December 31, 2025, book value per share increased by $0.15 to $11.70, while tangible book value per share increased by $0.16 to $9.93. These increases were driven by the increases in stockholders’ equity, as described above.
Comparison of Operating Results for the Quarter Ended December 31, 2025 and December 31, 2024
Net Income. Net income for the quarter ended December 31, 2025 was $9.4 million, or $0.15 per diluted share, compared to $6.6 million, or $0.10 per diluted share, for the quarter ended December 31, 2024. The increase in net income reflected increases in net interest income and non-interest income, partially offset by increases in non-interest expense and income taxes.
Net Interest Income. Net interest income increased by $5.4 million to $38.0 million for the quarter ended December 31, 2025 compared to $32.6 million for the quarter ended December 31, 2024. The increase between the comparative periods resulted from a decrease of $6.2 million in interest expense, partially offset by a decrease of $833,000 in interest income. Included in net interest income for the quarters ended December 31, 2025 and 2024, respectively, was purchase accounting accretion of $494,000 and $685,000, and loan prepayment penalty income of $544,000 and $288,000.
Net interest margin increased 32 basis points to 2.14% for the quarter ended December 31, 2025, from 1.82% for the quarter ended December 31, 2024 reflecting a decrease in the cost of interest-bearing liabilities, a decrease in the average balance of interest-bearing borrowings and higher average balances and yields on loans receivable, partially offset by a decrease in the average balances and yields on taxable investment securities and other 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 December 31,
2025 2024
Average
Balance		 Interest Average
Yield/
Cost		 Average
Balance		 Interest Average
Yield/
Cost
(Dollars in Thousands)
Interest-earning assets:
Loans receivable (1)
 $ 5,778,680  $ 67,410  4.67  % $ 5,762,053  $ 65,408  4.54  %
Taxable investment securities (2)
 1,185,602  11,623  3.92  1,285,800  13,803  4.29 
Tax-exempt securities (2)
 5,902  35  2.36  9,711  59  2.42 
Other interest-earning assets (3)
 123,475  1,584  5.13  116,354  2,215  7.62 
Total interest-earning assets 7,093,659  80,652  4.55  7,173,918  81,485  4.54 
Non-interest-earning assets 455,752  459,982 
Total assets $ 7,549,411  $ 7,633,900 
Interest-bearing liabilities:
Interest-bearing demand $ 2,385,397  14,983  2.51  $ 2,314,378  17,134  2.96 
Savings 759,247  2,648  1.40  711,801  2,300  1.29 
Certificates of deposit (retail) 1,201,950  10,371  3.45  1,211,985  12,293  4.06 
Certificates of deposit (brokered) 756,179  5,147  2.72  735,736  4,994  2.71 
Total interest-bearing deposits 5,102,773  33,149  2.60  4,973,900  36,721  2.95 
Federal Home Loan Bank advances 998,760  9,137  3.66  1,085,455  10,244  3.78 
Other borrowings 38,478  397  4.13  156,522  1,908  4.88 
Borrowings 1,037,238  9,534  3.68  1,241,977  12,152  3.91 
Total interest-bearing liabilities 6,140,011  42,683  2.78  6,215,877  48,873  3.15 
Non-interest-bearing liabilities (4)
 654,482  670,173 
Total liabilities 6,794,493  6,886,050 
Stockholders' equity 754,918  747,850 
Total liabilities and stockholders' equity $ 7,549,411  $ 7,633,900 
Net interest income $ 37,969  $ 32,612 
Interest rate spread (5)
 1.77  % 1.39  %
Net interest margin (6)
 2.14  % 1.82  %
Ratio of interest-earning assets to interest-bearing liabilities 1.16 1.15
___________________________________
(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 $595.0 million and $604.9 million for the quarter ended December 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 $460,000 to $567,000 for the quarter ended December 31, 2025, compared to $107,000 for the quarter ended December 31, 2024. The provision for the quarter ended December 31, 2025 was primarily driven by quantitative risk-factor adjustments and individually evaluated reserves associated with one non-performing C&I loan that was fully charged off during the quarter, partially offset by a decrease in the balance of loans receivable. By comparison, the provision for credit losses for the quarter ended December 31, 2024 was primarily driven by loan growth.
Additional information regarding the ACL and the associated provisions recognized during the quarters ended December 31, 2025 and 2024 is presented in Note 6 to the unaudited consolidated financial statements as well as the Comparison of Financial Condition at December 31, 2025 and June 30, 2025.
Non-Interest Income. Total non-interest income increased $698,000 to $5.6 million for the quarter ended December 31, 2025, compared to $4.9 million for the quarter ended December 31, 2024.
Fees and service charges increased $668,000 to $1.3 million for the quarter ended December 31, 2025, from $627,000 for the quarter ended December 31, 2024, primarily reflecting $270,000 of higher deposit and branch related fee income, and higher loan related fee income of $245,000 associated with the payoff of a single construction loan.
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 $1.6 million to $31.2 million for the quarter ending December 31, 2025, compared to $29.6 million the quarter ended December 31, 2024.
Salaries and employee benefits increased $794,000 to $18.4 million for the quarter ended December 31, 2025, from $17.6 million for the quarter ended December 31, 2024. This increase was primarily driven by higher salary expense due to annual merit increases and an increase in incentive compensation.
Net occupancy expense of premises increased $57,000 to $2.9 million for the quarter ended December 31, 2025, from $2.8 million for the quarter ended December 31, 2024. This increase was primarily driven by higher snow removal expenses.
Advertising and marketing expense increased $101,000 to $412,000 for the quarter ended December 31, 2025, from $311,000 for the quarter ended December 31, 2024. The increase primarily reflects normal fluctuations in the timing of campaigns across various advertising formats supporting our loan and deposit growth initiatives.
Equipment and systems expense increased $115,000 to $4.0 million for the quarter ended December 31, 2025, from $3.9 million for the quarter ended December 31, 2024, largely driven by increases in technology expense associated with the Company’s ongoing digital banking initiatives.
FDIC insurance premiums decreased $146,000 to $1.4 million for the quarter ended December 31, 2025, from $1.5 million for the quarter ended December 31, 2024, primarily driven by higher capital ratios.
Other non-interest expense increased $764,000 to $3.8 million for the quarter ended December 31, 2025, from $3.1 million for the quarter ended December 31, 2024, primarily driven by $242,000 in non-recurring professional fees incurred in the current period associated with our strategic initiative and partnership with The Lab Consulting, higher loan related legal expenses, and a provision for credit losses on off balance sheet commitments in the current period compared to a reversal recorded in the prior period.
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 increased $1.1 million to $2.3 million for the quarter ended December 31, 2025 from $1.3 million for the quarter ended December 31, 2024, reflecting a higher level of pre-tax income compared to the prior year period.
Effective tax rates for the quarter ended December 31, 2025 and 2024 were 19.8% and 16.0%, respectively. The increase in the effective tax rate was primarily due to higher full year projected taxable income.

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Comparison of Operating Results for the Six Months Ended December 31, 2025 and December 31, 2024
Net Income. Net income for the six months ended December 31, 2025 was $19.0 million, or $0.30 per diluted share, compared to $12.7 million, or $0.20 per diluted share, for the six months ended December 31, 2024. The increase in net income primarily reflected increases in net interest income and non-interest income, partially offset by increases in non-interest expense, the provision for credit losses and income tax expense.
Net Interest Income. Net interest income increased by $10.6 million to $75.7 million for the six months ended December 31, 2025 compared to $65.1 million for the six months ended December 31, 2024. The increase between the comparative periods resulted from a decrease of $12.2 million in interest expense, partially offset by a decrease of $1.6 million in interest income. Included in net interest income for the six months ended December 31, 2025 and 2024, respectively, was purchase accounting accretion of $1.1 million and $1.3 million, and loan prepayment penalty income of $1.0 million and $340,000.
Net interest margin increased 31 basis points to 2.12% for the six months ended December 31, 2025, from 1.81% for the six months ended December 31, 2024 and reflected a decrease in the cost of interest-bearing liabilities and a decrease in the average balance of borrowings, partially offset by decreases in the average balances of investment securities and other 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.
Six Months Ended December 31,
2025 2024
Average
Balance		 Interest Average
Yield/
Cost		 Average
Balance		 Interest Average
Yield/
Cost
(Dollars in Thousands)
Interest-earning assets:
Loans receivable(1)
 $ 5,792,724  $ 135,759  4.69  % $ 5,761,823  $ 131,739  4.57  %
Taxable investment securities(2)
 1,211,153  24,223  4.00  1,300,373  28,187  4.34 
Tax-exempt securities(2)
 6,379  76  2.39  10,977  130  2.36 
Other interest-earning assets(3)
 119,626  3,102  5.19  124,167  4,681  7.54 
Total interest-earning assets 7,129,882  163,160  4.58  7,197,340  164,737  4.58 
Non-interest-earning assets 454,483  463,826 
Total assets $ 7,584,365  $ 7,661,166 
Interest-bearing liabilities:
Interest-bearing demand $ 2,364,603  30,422  2.57  2,298,493  $ 34,996  3.05 
Savings 756,746  5,300  1.40  690,020  4,057  1.18 
Certificates of deposit (retail) 1,206,488  21,161  3.51  1,207,878  24,689  4.09 
Certificates of deposit (brokered) 755,996  10,196  2.70  643,778  7,997  2.48 
Total interest-bearing deposits 5,083,833  67,079  2.64  4,840,169  71,739  2.96 
Federal Home Loan Bank advances 1,037,952  19,063  3.67  1,205,519  22,906  3.80 
Other borrowings 61,984  1,345  4.34  196,766  5,034  5.12 
Borrowings 1,099,936  20,408  3.71  1,402,285  27,940  3.99 
Total interest-bearing liabilities 6,183,769  87,487  2.83  6,242,454  99,679  3.19 
Non-interest-bearing liabilities(4)
 650,565  669,448 
Total liabilities 6,834,334  6,911,902 
Stockholders' equity 750,031  749,264 
Total liabilities and stockholders' equity $ 7,584,365  $ 7,661,166 
Net interest income $ 75,673  $ 65,058 
Interest rate spread(5)
 1.75  % 1.39  %
Net interest margin(6)
 2.12  % 1.81  %
Ratio of interest-earning assets to interest-bearing liabilities 1.15 1.15
___________________________________
(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 $588.3 million and $602.0 million for the six months ended December 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 $270,000 to $485,000 for the six months ended December 31, 2025, compared to $215,000 for the six months ended December 31, 2024. The provision for the six months ended December 31, 2025 was primarily driven by quantitative risk-factor adjustments and individually evaluated reserves associated with one non-performing C&I loan that was fully charged off during the current period, partially offset by a decrease in the balance of loans receivable. By comparison, the provision for credit losses for the six months ended December 31, 2024 was primarily driven by loan growth.
Additional information regarding the ACL and the associated provisions recognized during the six months ended December 31, 2025 and 2024 is presented in Note 6 to the unaudited consolidated financial statements as well as the Comparison of Financial Condition at December 31, 2025 and June 30, 2025.
Non-Interest Income. Total non-interest income increased $1.9 million to $11.4 million for the six months ended December 31, 2025, compared to $9.5 million for the six months ended December 31, 2024.
Fees and service charges increased $925,000 to $2.2 million for the six months ended December 31, 2025, compared to $1.3 million for the six months ended December 31, 2024, primarily reflecting $487,000 of higher deposit and branch related fee income, and higher loan related fee income of $245,000 associated with the payoff of a single construction loan.
Other income increased $857,000 to $2.5 million for the six months ended December 31, 2025, compared to $1.7 million for the six months ended December 31, 2024, primarily driven by a non-recurring pre-tax gain of $749,000 on the sale of property held for sale in the current 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 $3.5 million to $62.9 million for the six months ended December 31, 2025, compared to $59.3 million for the six months ended December 31, 2024.
Salaries and employee benefits increased $2.0 million to $37.1 million for the six months ended December 31, 2025, compared to $35.1 million for the six months ended December 31, 2024. 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 $566,000 to $6.2 million for the six months ended December 31, 2025, from $5.6 million for the six months ended December 31, 2024. This increase was primarily driven by a non-recurring pre-tax expense of $250,000 associated with the consolidation of three branches, non-recurring branch maintenance expenses of $102,000, and higher snow removal expenses.
Equipment and systems expense increased $229,000 to $8.0 million for the six months ended December 31, 2025, from $7.8 million for the six months ended December 31, 2024, largely attributable to increases in technology expense associated with the Company's ongoing digital banking initiatives.
Advertising and marketing expense increased $321,000 to $1.0 million for the six months ended December 31, 2025, from $653,000 for the six months ended December 31, 2024. This increase primarily reflects normal fluctuations in the timing of campaigns across various advertising formats supporting our loan and deposit growth initiatives.
FDIC insurance premiums decreased $408,000 to $2.7 million for the six months ended December 31, 2025, from $3.1 million for the six months ended December 31, 2024, primarily driven by higher capital ratios.
Other non-interest expense increased $870,000 to $7.3 million for the six months ended December 31, 2025, compared to $6.4 million for the six months ended December 31, 2024, primarily driven by $242,000 in non-recurring professional fees incurred in the current period associated with our strategic initiative and partnership with The Lab Consulting, and higher loan related expenses.
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 increased $2.5 million to $4.8 million for the six months ended December 31, 2025 from $2.3 million for the six months ended December 31, 2024, reflecting a higher level of pre-tax income compared to the prior year period.
Effective tax rates for the six months ended December 31, 2025 and 2024 were 20.2% and 15.6%, respectively. The increase in the effective tax rate was primarily due to higher full year projected taxable income.
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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 December 31, 2025, liquidity included $147.3 million of short-term cash and cash equivalents and $1.00 billion of investment securities available for sale. As of December 31, 2025, we had the capacity to borrow additional cash funds totaling $1.98 billion, comprised of $1.33 billion and $650.0 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 $719.0 million at December 31, 2025. As of that same date, we also had access to unsecured overnight borrowings with other financial institutions totaling $835.0 million, of which none was outstanding.
At December 31, 2025, we had outstanding commitments to originate and purchase loans totaling $42.5 million while such commitments totaled $26.4 million at June 30, 2025. As of those same dates, our pipeline of loans held for sale included $8.5 million and $11.1 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 $162.0 million and $183.2 million, respectively, at December 31, 2025, compared to $115.7 million and $177.1 million, respectively, at June 30, 2025. We are also subject to the contingent liabilities resulting from letters of credit totaling $160,000 at December 31, 2025 and June 30, 2025, 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 December 31, 2025 and June 30, 2025, as compared to the minimum regulatory capital requirements that were in effect as of those dates:
At December 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) $ 712,511  14.75  % $ 386,429  8.00  % $ 483,036  10.00  %
Tier 1 capital (to risk-weighted assets) 666,320  13.79  % 289,822  6.00  % 386,429  8.00  %
Common equity tier 1 capital (to risk-weighted assets) 666,320  13.79  % 217,366  4.50  % 313,973  6.50  %
Tier 1 capital (to adjusted total assets) 666,320  8.86  % 300,698  4.00  % 375,873  5.00  %
At June 30, 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) $ 704,969  14.49  % $ 389,184  8.00  % $ 486,481  10.00  %
Tier 1 capital (to risk-weighted assets) 662,232  13.61  % 291,888  6.00  % 389,184  8.00  %
Common equity tier 1 capital (to risk-weighted assets) 662,232  13.61  % 218,916  4.50  % 316,212  6.50  %
Tier 1 capital (to adjusted total assets) 662,232  8.68  % 305,162  4.00  % 381,453  5.00  %
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The following table sets forth the Company’s capital position at December 31, 2025 and June 30, 2025, as compared to the minimum regulatory capital requirements that were in effect as of those dates:
At December 31, 2025
Actual For Capital
Adequacy Purposes
Amount Ratio Amount Ratio
(Dollars in Thousands)
Total capital (to risk-weighted assets) $ 755,263  15.62  % $ 386,744  8.00  %
Tier 1 capital (to risk-weighted assets) 709,072  14.67  % 290,058  6.00  %
Common equity tier 1 capital (to risk-weighted assets) 709,072  14.67  % 217,544  4.50  %
Tier 1 capital (to adjusted total assets) 709,072  9.41  % 301,281  4.00  %
At June 30, 2025
Actual For Capital
Adequacy Purposes
Amount Ratio Amount Ratio
(Dollars in Thousands)
Total capital (to risk-weighted assets) $ 748,323  15.37  % $ 389,434  8.00  %
Tier 1 capital (to risk-weighted assets) 705,586  14.49  % 292,076  6.00  %
Common equity tier 1 capital (to risk-weighted assets) 705,586  14.49  % 219,057  4.50  %
Tier 1 capital (to adjusted total assets) 705,586  9.23  % 305,661  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 December 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 December 31, 2025 and June 30, 2025, respectively:
December 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 $ 528,474  (29.82) % $ 144,431  (9.87) % $ 174,210  (2.07) %
+200 bps 596,978  (20.72) % 148,358  (7.42) % 174,474  (1.92) %
+100 bps 672,682  (10.67) % 152,552  (4.80) % 174,875  (1.69) %
0 bps 753,025  —  160,241  —  177,886  — 
-100 bps 827,196  9.85  % 166,618  3.98  % 179,768  1.06  %
-200 bps 873,350  15.98  % 173,471  8.26  % 178,912  0.58  %
-300 bps 929,574  23.45  % 179,202  11.83  % 176,265  (0.91) %
June 30, 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 $ 404,295  (37.02) % $ 147,989  (6.79) % $ 161,747  (8.17) %
+200 bps 475,744  (25.89) % 150,539  (5.18) % 165,520  (6.03) %
+100 bps 555,065  (13.54) % 153,195  (3.51) % 169,510  (3.77) %
0 bps 641,985  —  158,762  —  176,142  — 
-100 bps 728,863  13.53  % 162,406  2.30  % 181,671  3.14  %
-200 bps 785,464  22.35  % 165,502  4.25  % 184,695  4.86  %
-300 bps 852,184  32.74  % 168,238  5.97  % 185,248  5.17  %
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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 December 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 December 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, 2025, 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 December 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 December 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 December 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: February 5, 2026
 By: /s/ Craig L. Montanaro
Craig L. Montanaro
President and Chief Executive Officer
(Principal Executive Officer)
Date: February 5, 2026
 By: /s/ Sean Byrnes
Sean Byrnes
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
- 51 -
EX-31.1 2 krny-20251231xexx311.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: February 5, 2026
 /s/ Craig L. Montanaro
Craig L. Montanaro
President and Chief Executive Officer
(Principal Executive Officer)

EX-31.2 3 krny-20251231xexx312.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: February 5, 2026
 /s/ Sean Byrnes
Sean Byrnes
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)

EX-32.1 4 krny-20251231xexx321.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 December 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: February 5, 2026
 /s/ Craig L. Montanaro
Craig L. Montanaro
President and Chief Executive Officer
(Principal Executive Officer)

EX-32.2 5 krny-20251231xexx322.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 December 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: February 5, 2026
 /s/ Sean Byrnes
Sean Byrnes
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)