GREENE COUNTY BANCORP INC, 10-Q filed on 2/7/2025
Quarterly Report
v3.25.0.1
Cover - shares
 6 Months Ended
Dec. 31, 2024
Feb. 06, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Transition Report false  
Entity Interactive Data Current Yes  
Amendment Flag false  
Document Period End Date Dec. 31, 2024  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Entity Information [Line Items]    
Entity Registrant Name GREENE COUNTY BANCORP, INC.  
Entity Central Index Key 0001070524  
Entity File Number 0-25165  
Entity Tax Identification Number 14-1809721  
Entity Incorporation, State or Country Code X1  
Current Fiscal Year End Date --06-30  
Entity Current Reporting Status Yes  
Entity Shell Company false  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Contact Personnel [Line Items]    
Entity Address, Address Line One 302 Main Street  
Entity Address, City or Town Catskill  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 12414  
Entity Phone Fax Numbers [Line Items]    
City Area Code 518  
Local Phone Number 943-2600  
Entity Listings [Line Items]    
Title of 12(b) Security Common Stock, $0.10 par value  
Trading Symbol GCBC  
Security Exchange Name NASDAQ  
Entity Common Stock, Shares Outstanding   17,026,828
v3.25.0.1
Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Statement of Financial Position [Abstract]    
Cash and due from banks $ 9,218 $ 13,897
Interest-bearing deposits 157,225 176,498
Total cash and cash equivalents 166,443 190,395
Long-term certificates of deposit 2,577 2,831
Securities available-for-sale, at fair value 374,453 350,001
Securities held-to-maturity, at amortized cost, net of allowance for credit losses of $439 and $483 at December 31, 2024 and June 30, 2024 770,905 690,354
Equity securities, at fair value 371 328
Federal Home Loan Bank stock, at cost 10,669 7,296
Loans receivable [1],[2] 1,551,400 1,499,473
Allowance for credit losses on loans (20,191) (19,244)
Net loans receivable 1,531,209 1,480,229
Premises and equipment, net 15,416 15,606
Bank-owned life insurance 58,535 57,249
Accrued interest receivable 16,623 14,269
Prepaid expenses and other assets 18,570 17,230
Total assets 2,965,771 2,825,788
LIABILITIES AND SHAREHOLDERS’ EQUITY    
Noninterest-bearing deposits 112,470 125,442
Interest-bearing deposits 2,354,788 2,263,780
Total deposits 2,467,258 2,389,222
Borrowings, short-term 194,100 115,300
Borrowings, long-term 6,976 34,156
Subordinated notes payable, net 49,774 49,681
Accrued expenses and other liabilities 29,214 31,429
Total liabilities 2,747,322 2,619,788
SHAREHOLDERS' EQUITY    
Preferred stock, Authorized - 1,000,000 shares; Issued - None 0 0
Common stock, par value $0.10 per share; Authorized - 36,000,000 shares; Issued – 17,222,680 shares at December 31, 2024 and June 30, 2024; Outstanding – 17,026,828 shares at December 31, 2024, and June 30, 2024 1,722 1,722
Additional paid-in capital 10,156 10,156
Retained earnings 225,421 214,740
Accumulated other comprehensive loss (17,942) (19,710)
Treasury stock, at cost 195,852 shares at December 31, 2024 and June 30, 2024 (908) (908)
Total shareholders’ equity 218,449 206,000
Total liabilities and shareholders’ equity $ 2,965,771 $ 2,825,788
[1] Loan balances exclude accrued interest receivable of $6.9 million and $6.2 million at December 31, 2024 and June 30, 2024, respectively, which is included in accrued interest receivable in the consolidated statement of financial condition.
[2] Loan balances include net deferred fees/costs of ($188,000) and ($42,000) at December 31, 2024 and June 30, 2024, respectively.
v3.25.0.1
Consolidated Statements of Financial Condition (Parentheticals) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Statement of Financial Position [Abstract]    
Securities held-to-maturity, allowance for credit losses (in Dollars) $ 439 $ 483
Preferred stock, shares authorized (in shares) 1,000,000 1,000,000
Preferred stock, shares issued (in shares) 0 0
Common stock, par value (in Dollars per share) $ 0.1 $ 0.1
Common stock, shares authorized (in shares) 36,000,000 36,000,000
Common stock, shares issued (in shares) 17,222,680 17,222,680
Common stock, shares outstanding (in shares) 17,026,828 17,026,828
Treasury stock, shares (in shares) 195,852 195,852
v3.25.0.1
Consolidated Statements of Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Interest income:        
Loans $ 19,480 $ 17,776 $ 38,723 $ 34,981
Investment securities - tax exempt 4,943 4,334 9,411 8,624
Investment securities - taxable 3,598 2,378 6,967 4,639
Interest-bearing deposits and federal funds sold 1,397 1,105 2,086 2,021
Total interest income 29,418 25,593 57,187 50,265
Interest expense:        
Interest on deposits 14,738 12,558 28,544 23,165
Interest on borrowings 612 647 1,439 1,273
Total interest expense 15,350 13,205 29,983 24,438
Net interest income 14,068 12,388 27,204 25,827
Provision for credit losses 478 170 1,112 627
Net interest income after provision for credit losses 13,590 12,218 26,092 25,200
Noninterest income:        
Service charges on deposit accounts 1,273 1,227 2,499 2,457
Debit card fees 1,063 1,120 2,164 2,253
Investment services 252 206 500 449
E-commerce fees 34 30 71 59
Bank-owned life insurance 637 574 1,285 936
Other operating income 616 321 1,093 623
Total noninterest income 3,875 3,478 7,612 6,777
Noninterest expense:        
Salaries and employee benefits 5,653 5,654 11,531 11,145
Occupancy expense 615 593 1,251 1,130
Equipment and furniture expense 193 238 343 376
Service and data processing fees 773 614 1,540 1,205
Computer software, supplies and support 404 471 759 982
Advertising and promotion 127 102 204 199
FDIC insurance premiums 347 314 669 626
Legal and professional fees 245 417 609 800
Other 1,029 923 2,030 1,708
Total noninterest expense 9,386 9,326 18,936 18,171
Income before provision for income taxes 8,079 6,370 14,768 13,806
Provision for income taxes 589 663 1,017 1,630
Net income $ 7,490 $ 5,707 $ 13,751 $ 12,176
Basic earnings per share (in Dollars per share) $ 0.44 $ 0.34 $ 0.81 $ 0.72
Diluted earnings per share (in Dollars per share) $ 0.44 $ 0.34 $ 0.81 $ 0.72
Basic average shares outstanding (in Shares) 17,026,828 17,026,828 17,026,828 17,026,828
Diluted average shares outstanding (in Shares) 17,026,828 17,026,828 17,026,828 17,026,828
v3.25.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Consolidated Statements of Comprehensive Income [Abstract]        
Net Income $ 7,490 $ 5,707 $ 13,751 $ 12,176
Other comprehensive income:        
Unrealized holding (losses) gains on securities available-for-sale, gross (5,189) 8,257 2,412 3,192
Tax effect (1,387) 2,207 644 854
Unrealized holding (losses) gains on securities available-for-sale, net (3,802) 6,050 1,768 2,338
Total other comprehensive (loss) income, net of taxes (3,802) 6,050 1,768 2,338
Comprehensive income $ 3,688 $ 11,757 $ 15,519 $ 14,514
v3.25.0.1
Consolidated Statements of Changes in Shareholders' Equity - USD ($)
$ in Thousands
Cumulative Effect Adjustment for ASU Implementation [Member]
Retained Earnings [Member]
Cumulative Effect Adjustment for ASU Implementation [Member]
Common Stock [Member]
Additional Paid-In Capital [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Loss [Member]
Treasury Stock [Member]
Total
Balance (ASU 2016-13 [Member]) at Jun. 30, 2023 $ (510) $ (510)            
Balance at Jun. 30, 2023     $ 1,722 $ 10,156 $ 193,721 $ (21,408) $ (908) $ 183,283
Dividends declared         (1,991)     (1,991)
Net income         12,176     12,176
Other comprehensive income (loss), net of taxes           2,338   2,338
Balance at Dec. 31, 2023     1,722 10,156 203,396 (19,070) (908) 195,296
Balance at Sep. 30, 2023     1,722 10,156 198,318 (25,120) (908) 184,168
Dividends declared         (629)     (629)
Net income         5,707     5,707
Other comprehensive income (loss), net of taxes           6,050   6,050
Balance at Dec. 31, 2023     1,722 10,156 203,396 (19,070) (908) 195,296
Balance at Jun. 30, 2024     1,722 10,156 214,740 (19,710) (908) 206,000
Dividends declared         (3,070)     (3,070)
Net income         13,751     13,751
Other comprehensive income (loss), net of taxes           1,768   1,768
Balance at Dec. 31, 2024     1,722 10,156 225,421 (17,942) (908) 218,449
Balance at Sep. 30, 2024     1,722 10,156 219,468 (14,140) (908) 216,298
Dividends declared         (1,537)     (1,537)
Net income         7,490     7,490
Other comprehensive income (loss), net of taxes           (3,802)   (3,802)
Balance at Dec. 31, 2024     $ 1,722 $ 10,156 $ 225,421 $ (17,942) $ (908) $ 218,449
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net Income $ 13,751 $ 12,176
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 524 440
Deferred income tax benefit (2,031) (48)
Net (accretion) amortization of investment premiums and discounts (329) 657
Net amortization of deferred loan costs and fees 191 177
Amortization of subordinated debt issuance costs 93 93
Provision for credit losses 1,112 627
Bank-owned life insurance income (1,285) (936)
Net gain on equity securities (43) (19)
Net (decrease) increase in accrued income taxes (140) 678
Net increase in accrued interest receivable (2,354) (2,250)
Net decrease (increase) in prepaid expenses and other assets 186 (1,060)
Net decrease in accrued expense and other liabilities (2,215) (2,275)
Net cash provided by operating activities 7,460 8,260
Securities available-for-sale:    
Proceeds from maturities 88,417 82,091
Purchases of securities (164,699) (107,484)
Proceeds from principal payments on securities 54,751 1,757
Securities held-to-maturity:    
Proceeds from maturities 19,598 27,168
Purchases of securities (109,516) (13,824)
Proceeds from principal payments on securities 9,235 11,185
Net purchase of Federal Home Loan Bank Stock (3,373) (5,972)
Maturity of long-term certificates of deposit 250 745
Surrender of bank owned life insurance 0 23,100
Purchase of bank owned life insurance 0 (23,104)
Net increase in loans receivable (52,327) (48,702)
Purchases of premises and equipment (334) (644)
Net cash used in investing activities (157,998) (53,684)
Cash flows from financing activities:    
Net increase in short-term advances 78,800 125,000
Proceeds from term advances 0 4,374
Repayment of long-term advances (27,180) 0
Payment of cash dividends (3,070) (1,991)
Net increase (decrease) in deposits 78,036 (102,324)
Net cash provided by financing activities 126,586 25,059
Net decrease in cash and cash equivalents (23,952) (20,365)
Cash and cash equivalents at beginning of period 190,395 196,445
Cash and cash equivalents at end of period 166,443 176,080
Cash paid during period for:    
Interest 30,399 24,354
Income taxes $ 664 $ 1,000
v3.25.0.1
Summary of Significant Accounting Policies
 6 Months Ended
Dec. 31, 2024
Summary of Significant Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
(1)      Summary of Significant Accounting Policies
 
Principles of Consolidation and Basis of Presentation
 
Within the accompanying unaudited interim consolidated financial statements and related notes to the consolidated financial statements, the June 30, 2024 data was derived from the audited consolidated financial statements and notes of Greene County Bancorp, Inc. (the “Company”) and its wholly owned subsidiaries, the Bank of Greene County (the “Bank”) and the Bank’s wholly owned subsidiaries, Greene County Commercial Bank (the “Commercial Bank”) and Greene Property Holdings, Ltd. The interim consolidated financial statements at and for the three and six months ended December 31, 2024 and 2023 are unaudited.  
 
The unaudited interim consolidated financial statements include the accounts of certain Variable Interest Entities (“VIE(s)”). In accordance with the applicable accounting guidance for consolidations, the Company consolidates a VIE if it has (i) a variable interest in the entity; (ii) the power to direct activities of the VIE that most significantly affect the entity’s economic performance; and (iii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE (i.e., we are considered to be the primary beneficiary).
 
The Company uses the equity method to account for unconsolidated investments in VIEs if it has significant influence over the entity’s operating and financing decision.  Unconsolidated investments in VIEs in which the Company does not have significant influence, are carried at a cost measurement alternative. See Note 14, Variable Interest Entities for information on our involvement with VIEs.
 
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X.  Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements.  To the extent that information and notes required by GAAP for complete financial statements are contained in or are consistent with the audited financial statements incorporated by reference to Greene County Bancorp, Inc.’s Annual Report on Form 10-K for the year ended June 30, 2024, such information and notes have not been duplicated herein. In the opinion of management, all adjustments (consisting of only normal recurring items) necessary for a fair presentation of the financial position and results of operations and cash flows at and for the periods presented have been included. Certain previous years’ amounts in the unaudited consolidated financial statements and notes thereto, have been reclassified to conform to the current year’s presentation.  All material inter-company accounts and transactions have been eliminated in the consolidation. The results of operations and other data for the three and six months ended December 31, 2024 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2025. These consolidated financial statements consider events that occurred through the date the consolidated financial statements were issued and should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K.
 
Nature of Operations
 
The Company’s primary business is the ownership and operation of its subsidiaries.  At December 31, 2024, the Bank has 18 full-service offices, lending centers, an operations center, customer call center, and wealth management center, located in its market area consisting of the Hudson Valley and Capital District Regions of New York State.  The Bank is primarily engaged in the business of attracting deposits from the general public in the Bank’s market area, and investing such deposits, together with other sources of funds, in loans and investment securities.  The Commercial Bank’s primary business is to attract deposits from, and provide banking services to, local municipalities.  Greene Property Holdings, Ltd. was formed as a New York corporation that has elected under the Internal Revenue Code to be a real estate investment trust.  Currently, certain mortgages and loan notes held by the Bank are transferred and beneficially owned by Greene Property Holdings, Ltd.  The Bank continues to service these loans.  
 
Use of Estimates
 
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could materially differ from those estimates.  Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses (“ACL”) on loans and on unfunded commitments.
 
Accrued Interest Receivable
 
Accrued interest receivable balances are presented separately on the consolidated statements of financial condition and are not included in amortized cost when determining the allowance for credit losses. Accrued interest receivable that is deemed uncollectible is written off timely. For loans, write off typically occurs upon becoming over 90 to 120 days past due and therefore, the amount of such write offs are immaterial. Historically, the Company has not experienced uncollectible accrued interest receivable on investment securities.
 
Income Taxes
 
The Company uses the proportional amortization method for solar tax credit investments, whereby the associated tax credits are recognized as a reduction to tax expense.  Certain federal tax credits that are non-refundable and transferable under applicable regulations are accounted for as government grants and recorded as a reduction to the amortized cost or net investment in the applicable asset generating the credit, generally within “other assets.” Amounts are amortized through depreciation or as an adjustment to yield over the estimated life of the asset.  Any gain or loss on the transfer of a tax credit is recorded within “other income.”
v3.25.0.1
Recent Accounting Pronouncements
 6 Months Ended
Dec. 31, 2024
Recent Accounting Pronouncements [Abstract]  
Recent Accounting Pronouncements
(2)      Recent Accounting Pronouncements
 
Recently Adopted Accounting Standards
 
In March 2023, the FASB issued ASU 2023-02, Investments – Equity Method and Joint Ventures (Topic 323), Accounting for Investments in Tax Credit Structures using the Proportional Amortization Method, which permits reporting entities to elect to account for their tax equity investments, regardless of their tax credit program from which the income tax credits are received.  The election can be made for each qualifying tax credit investment.  Under the proportional amortization method, the initial cost of an investment is amortized in proportion to the amount of tax credits and other tax benefits received, with the amortization and tax credits recognized as a component of income tax expense.  To qualify for the proportional amortization method, all of the following conditions must be met: (1) It is probable that the income tax credits allocated to the tax equity investor will be available; (2) The tax equity investor does not have the ability to excise significant influence over the operating and financial policies of the underlying project; (3) Substantially all of the projected benefits are from income tax credits and other income tax benefits; (4) The tax equity investor’s projected yield is based solely on the cash flows from the income tax credits and other income tax benefits is positive; and (5) The tax equity investor is a limited liability investor in the limited liability entity for legal and tax purposes, and the tax equity investor’s liability is limited to its capital investment.  
 
A reporting entity that applies the proportional amortization method to qualifying tax equity investments must account for the receipt of the investment tax credits using the flow-through method under Topic 740, Income Taxes.  The amendments also require the application of the delayed equity contribution guidance to all tax equity investments, and require specific disclosures that must be applied to all investments that generate income tax credits and other income tax benefits from a tax credit program for which the entity has elected to apply the proportional amortization method in accordance with Subtopic 323-740.
 
Under the proportional amortization method, the investment shall be tested for impairment when events or changes in circumstances indicate that is more likely than not that the carrying amount of the investment will not be realized.  An impairment loss shall be measured as the amount by which the carrying amount of the investment exceeds its fair value.  A previously recognized impairment loss shall not be reversed.  The Company adopted ASU 2023-02 during the quarter ended September 30, 2024.  The Company’s adoption of this standard did not have a material impact on the consolidated financial statements.
 
Accounting Standards Issued Not Yet Adopted
 
In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements, which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification.  The ASU was issued in response to the SEC’s August 2018 final rule that updated and simplified disclosure requirements that the SEC believed were redundant, duplicative, overlapping, outdated, or superseded.  The new guidance is intended to align GAAP requirements with those of the SEC.  The ASU will become effective on the earlier of the date on which the SEC removes its disclosure requirements for the related disclosure or June 30, 2027.  Early adoption is not permitted.  The Company’s adoption of this standard is not expected to have a material impact on the consolidated financial statements.
 
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures, to improve the reportable segment disclosures by requiring disclosure of incremental segment information on an annual and interim basis. In addition, the amendments will enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss provide new segment disclosure requirements for entities with a single reportable segment and contain other disclosure requirements.  The amendments in this ASU are effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company’s adoption of this standard is not expected to have a material impact on the consolidated financial statements.  
 
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, which will require public entities to disclose annually a tabular rate reconciliation, including specific items such as state and local income tax, tax credits, nontaxable or nondeductible items, among others, and a separate disclosure requiring disaggregation of reconciling items as described above which equal or exceed 5% of the product of multiplying income from continuing operations by the applicable statutory income tax rate. The ASU is effective for annual periods beginning after December 31, 2024. The Company’s adoption of this standard is not expected to have a material impact on the consolidated financial statements.
v3.25.0.1
Securities
 6 Months Ended
Dec. 31, 2024
Securities [Abstract]  
Securities
(3)        Securities
 
The following tables summarize the amortized cost and fair value of securities available-for-sale by major type:
 
 
   
At December 31, 2024
  
(In thousands)
  
Amortized
cost (1)
    
Unrealized
gains
    
Unrealized
losses
    
Fair value
  
U.S. Treasury securities
  
$
18,177
    
$
-
    
$
1,250
    
$
16,927
  
U.S. government sponsored enterprises
    
13,036
      
-
      
1,846
      
11,190
  
State and political subdivisions
    
221,696
      
1,122
      
1
      
222,817
  
Mortgage-backed securities-residential
    
36,853
      
43
      
3,815
      
33,081
  
Mortgage-backed securities-multi-family
    
89,071
      
-
      
17,116
      
71,955
  
Corporate debt securities
    
19,386
      
56
      
959
      
18,483
  
Total securities available-for-sale
  
$
398,219
    
$
1,221
    
$
24,987
    
$
374,453
  
 
   
At June 30, 2024
  
(In thousands)
  
Amortized
cost (1)
    
Unrealized
gains
    
Unrealized
losses
    
Fair value
  
U.S. Treasury securities
  
$
43,024
    
$
-
    
$
1,829
    
$
41,195
  
U.S. government sponsored enterprises
    
13,042
      
-
      
2,068
      
10,974
  
State and political subdivisions
    
169,842
      
828
      
1
      
170,669
  
Mortgage-backed securities-residential
    
40,402
      
67
      
3,894
      
36,575
  
Mortgage-backed securities-multi-family
    
90,261
      
-
      
17,961
      
72,300
  
Corporate debt securities
    
19,608
      
15
      
1,335
      
18,288
  
Total securities available-for-sale
  
$
376,179
    
$
910
    
$
27,088
    
$
350,001
  
 
(1)
Amortized cost excludes accrued interest receivable of $4.5 million and $4.0 million at December 31, 2024 and June 30, 2024, respectively, which is included in accrued interest receivable in the consolidated statements of financial condition.
 
There was no allowance for credit losses on securities available-for-sale as of quarter ended December 31, 2024 and June 30, 2024.
 
The following tables summarize the amortized cost, fair value, and allowance for credit loss on securities held-to-maturity by major type:
 
   
At December 31, 2024
  
(In thousands)
  
Amortized
cost (1)
    
Unrealized
gains
    
Unrealized
losses
    
Fair value
    
Allowance
    
Net carrying
value
  
U.S. Treasury securities
  
$
23,820
    
$
-
    
$
1,335
    
$
22,485
    
$
-
    
$
23,820
  
State and political subdivisions
    
458,289
      
6,480
      
35,267
      
429,502
      
42
      
458,247
  
Mortgage-backed securities-residential
    
123,544
      
72
      
4,165
      
119,451
      
-
      
123,544
  
Mortgage-backed securities-multi-family
    
140,306
      
-
      
15,777
      
124,529
      
-
      
140,306
  
Corporate debt securities
    
25,355
      
28
      
1,857
      
23,526
      
396
      
24,959
  
Other securities
    
30
      
-
      
-
      
30
      
1
      
29
  
Total securities held-to-maturity
  
$
771,344
    
$
6,580
    
$
58,401
    
$
719,523
    
$
439
    
$
770,905
  
 
   
At June 30, 2024
  
(In thousands)
  
Amortized
cost (1)
    
Unrealized
gains
    
Unrealized
losses
    
Fair value
    
Allowance
    
Net carrying
value
  
U.S. Treasury securities
  
$
23,785
    
$
-
    
$
1,749
    
$
22,036
    
$
-
    
$
23,785
  
State and political subdivisions
    
450,343
      
4,541
      
40,235
      
414,649
      
44
      
450,299
  
Mortgage-backed securities-residential
    
48,033
      
51
      
3,314
      
44,770
      
-
      
48,033
  
Mortgage-backed securities-multi-family
    
143,363
      
-
      
17,397
      
125,966
      
-
      
143,363
  
Corporate debt securities
    
25,282
      
12
      
2,505
      
22,789
      
438
      
24,844
  
Other securities
    
31
      
-
      
-
      
31
      
1
      
30
  
Total securities held-to-maturity
  
$
690,837
    
$
4,604
    
$
65,200
    
$
630,241
    
$
483
    
$
690,354
  
 
(1)
Amortized cost excludes accrued interest receivable of $5.2 million and $4.1 million at December 31, 2024 and June 30, 2024, respectively, which is included in accrued interest receivable in the consolidated statements of financial condition.
 
U.S. Treasury and mortgage-backed securities are issued by U.S. government entities and agencies. These securities are either explicitly and/or implicitly guaranteed by the U.S. government as to timely repayment of principal and interest, are highly rated by major rating agencies, and have a long history of zero credit losses. Therefore, the Company determined a zero credit loss assumption, and did not calculate or record an allowance for credit loss for these securities. An allowance for credit losses on investment securities held-to-maturity has been recorded for certain municipal securities issued by state and political subdivisions and corporate debt securities to account for expected lifetime credit loss using the CECL methodology.
 
The Company’s current policies generally limit securities investments to U.S. government and securities of government sponsored enterprises, federal funds sold, municipal bonds, corporate debt obligations, subordinated debt of banks and certain mutual funds.  In addition, the Company’s policies permit investments in mortgage-backed securities, including securities issued and guaranteed by Fannie Mae, Freddie Mac, and GNMA, and collateralized mortgage obligations issued by these entities.  As of December 31, 2024, all mortgage-backed securities including collateralized mortgage obligations were securities of government sponsored enterprises, no private-label mortgage-backed securities or collateralized mortgage obligations were held in the securities portfolio.  The Company’s investments in state and political subdivisions securities generally are municipal obligations that are general obligations supported by the general taxing authority of the issuer, and in some cases are insured.  The obligations issued by school districts are supported by state aid.  Primarily, these investments are issued by municipalities within New York State.
 
The Company’s current securities investment strategy utilizes a risk management approach of diversified investing among three categories: short-, intermediate- and long-term. The emphasis of this approach is to increase overall investment securities yields while managing interest rate risk.  The Company will only invest in high quality securities as determined by management’s analysis at the time of purchase.  The Company generally does not engage in any balance sheet derivative or hedging investment transactions, such as balance sheet interest rate swaps or caps.
 
The following table summarizes the activity in the allowance for credit losses on securities held-to-maturity:
 
         
(In thousands)
  
Three months ended
December 31, 2024
    
Six months ended
December 31, 2024
  
Balance at beginning of period
  
$
466
    
$
483
  
Benefit for credit losses
    
(27
)
    
(44
)
Balance at end of period
  
$
439
    
$
439
  
 
(In thousands)
  
Three months ended
December 31, 2023
    
Six months ended
December 31, 2023
  
Balance at beginning of period
  
$
498
    
$
-
  
Adoption of ASU 2016-13 (CECL) on July 1, 2023
    
-
      
503
  
Benefit for credit losses
    
(13
)
    
(18
)
Balance at end of period
  
$
485
    
$
485
  
 
The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2024.  
 
   
Less than 12 Months
    
More than 12 Months
    
Total
  
(In thousands, except number of securities)
  
Fair
value
    
Unrealized
losses
    
Number
of
securities
    
Fair
value
    
Unrealized
losses
    
Number
of
securities
    
Fair
value
    
Unrealized
losses
    
Number
of
securities
  
Securities available-for-sale:
                                                      
U.S. Treasury securities
  
$
236
    
$
2
      
1
    
$
16,691
    
$
1,248
      
7
    
$
16,927
    
$
1,250
      
8
  
U.S. government sponsored enterprises
    
-
      
-
      
-
      
11,190
      
1,846
      
5
      
11,190
      
1,846
      
5
  
State and political subdivisions
    
-
      
-
      
-
      
63
      
1
      
1
      
63
      
1
      
1
  
Mortgage-backed securities-residential
    
4,685
      
23
      
2
      
21,360
      
3,792
      
23
      
26,045
      
3,815
      
25
  
Mortgage-backed securities-multi-family
    
-
      
-
      
-
      
71,955
      
17,116
      
30
      
71,955
      
17,116
      
30
  
Corporate debt securities
    
-
      
-
      
-
      
16,503
      
959
      
14
      
16,503
      
959
      
14
  
Total securities available-for-sale
    
4,921
      
25
      
3
      
137,762
      
24,962
      
80
      
142,683
      
24,987
      
83
  
Securities held-to-maturity:
                                                                        
U.S. Treasury securities
    
-
      
-
      
-
      
22,485
      
1,335
      
7
      
22,485
      
1,335
      
7
  
State and political subdivisions
    
48,382
      
777
      
415
      
245,698
      
34,490
      
1,671
      
294,080
      
35,267
      
2,086
  
Mortgage-backed securities-residential
    
77,859
      
1,178
      
12
      
27,747
      
2,987
      
27
      
105,606
      
4,165
      
39
  
Mortgage-backed securities-multi-family
    
-
      
-
      
-
      
124,529
      
15,777
      
49
      
124,529
      
15,777
      
49
  
Corporate debt securities
    
-
      
-
      
-
      
20,999
      
1,857
      
18
      
20,999
      
1,857
      
18
  
Total securities held-to-maturity
    
126,241
      
1,955
      
427
      
441,458
      
56,446
      
1,772
      
567,699
      
58,401
      
2,199
  
Total securities
  
$
131,162
    
$
1,980
      
430
    
$
579,220
    
$
81,408
      
1,852
    
$
710,382
    
$
83,388
      
2,282
  
 
 
The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2024.  
 
   
Less than 12 months
    
More than 12 months
    
Total
  
(In thousands, except number of securities)
  
Fair
value
    
Unrealized
losses
    
Number
of
securities
    
Fair
value
    
Unrealized
losses
    
Number
of
securities
    
Fair
value
    
Unrealized
losses
    
Number
of
securities
  
Securities available-for-sale:
                                                      
U.S. Treasury securities
  
$
24,574
    
$
215
      
1
    
$
16,621
    
$
1,614
      
8
    
$
41,195
    
$
1,829
      
9
  
U.S. government sponsored enterprises
    
-
      
-
      
-
      
10,974
      
2,068
      
5
      
10,974
      
2,068
      
5
  
State and political subdivisions
    
-
      
-
      
-
      
62
      
1
      
1
      
62
      
1
      
1
  
Mortgage-backed securities-residential
    
1,913
      
8
      
2
      
22,700
      
3,886
      
23
      
24,613
      
3,894
      
25
  
Mortgage-backed securities-multi-family
    
-
      
-
      
-
      
72,300
      
17,961
      
31
      
72,300
      
17,961
      
31
  
Corporate debt securities
    
-
      
-
      
-
      
16,360
      
1,335
      
16
      
16,360
      
1,335
      
16
  
Total securities available-for-sale
    
26,487
      
223
      
3
      
139,017
      
26,865
      
84
      
165,504
      
27,088
      
87
  
Securities held-to-maturity:
                                                                        
U.S. Treasury securities
    
-
      
-
      
-
      
22,036
      
1,749
      
7
      
22,036
      
1,749
      
7
  
State and political subdivisions
    
32,215
      
474
      
294
      
278,521
      
39,761
      
2,025
      
310,736
      
40,235
      
2,319
  
Mortgage-backed securities-residential
    
-
      
-
      
-
      
29,510
      
3,314
      
28
      
29,510
      
3,314
      
28
  
Mortgage-backed securities-multi-family
    
-
      
-
      
-
      
125,966
      
17,397
      
47
      
125,966
      
17,397
      
47
  
Corporate debt securities
    
-
      
-
      
-
      
20,276
      
2,505
      
41
      
20,276
      
2,505
      
41
  
Total securities held-to-maturity
    
32,215
      
474
      
294
      
476,309
      
64,726
      
2,148
      
508,524
      
65,200
      
2,442
  
Total securities
  
$
58,702
    
$
697
      
297
    
$
615,326
    
$
91,591
      
2,232
    
$
674,028
    
$
92,288
      
2,529
  
 
There were no transfers of securities available-for-sale to held-to-maturity during the three and six months ended December 31, 2024 and 2023. During the three and six months ended December 31, 2024 and 2023, there were no sales of securities and no gains or losses were recognized.
 
The estimated fair values of debt securities at December 31, 2024, by contractual maturity are shown below. Expected maturities may differ from contractual maturities, because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
(In thousands)
 
Securities available-for-sale
  
Amortized cost
    
Fair value
  
Within one year
  
$
221,897
    
$
223,014
  
After one year through five years
    
39,978
      
37,718
  
After five years through ten years
    
10,420
      
8,685
  
After ten years
    
-
      
-
  
Total securities available-for-sale
    
272,295
      
269,417
  
Mortgage-backed securities
    
125,924
      
105,036
  
Total securities available-for-sale
    
398,219
      
374,453
  
                 
Securities held-to-maturity
                
Within one year
    
57,659
      
57,233
  
After one year through five years
    
164,880
      
161,660
  
After five years through ten years
    
181,286
      
164,244
  
After ten years
    
103,669
      
92,406
  
Total securities held-to-maturity
    
507,494
      
475,543
  
Mortgage-backed securities
    
263,850
      
243,980
  
Total securities held-to-maturity
    
771,344
      
719,523
  
Total securities
  
$
1,169,563
    
$
1,093,976
  
 
At December 31, 2024 and June 30, 2024, securities with an aggregate fair value of $1.0 billion and $894.5 million, respectively, were pledged as collateral for deposits in excess of FDIC insurance limits for various municipalities placing deposits with the Commercial Bank. At December 31, 2024 and June 30, 2024, securities with an aggregate fair value of $19.4 million and $40.0 million, respectively, were pledged as collateral for potential borrowings at the Federal Reserve Bank discount window. The Company did not participate in any securities lending programs during the three and six months ended December 31, 2024 or 2023.
 
Federal Home Loan Bank Stock
 
Federal law requires a member institution of the Federal Home Loan Bank (“FHLB”) system to hold stock of its district FHLB according to a predetermined formula.  This stock is restricted in that it can only be sold to the FHLB or to another member institution, and all sales of FHLB stock must be at par.  As a result of these restrictions, FHLB stock is carried at cost.  FHLB stock is held as a long-term investment and its value is determined based on the ultimate recoverability of the par value.  Estimated credit loss of this investment is evaluated quarterly and is a matter of judgment that reflects management’s view of the FHLB’s long-term performance, which includes factors such as the following: its operating performance; the severity and duration of declines in the fair value of its net assets related to its capital stock amount; its commitment to make payments required by law or regulation and the level of such payments in relation to its operating performance; the impact of legislative and regulatory changes on the FHLB, and accordingly, on the members of the FHLB; and its liquidity and funding position.  After evaluating these considerations, the Company concluded that the par value of its investment in FHLB stock will be recovered and, therefore, no credit loss was recorded during the three and six months ended December 31, 2024 or 2023.
v3.25.0.1
Loans and Allowance for Credit Losses on Loans
 6 Months Ended
Dec. 31, 2024
Loans and Allowance for Credit Losses on Loans [Abstract]  
Loans and Allowance for Credit Losses on Loans
(4)       Loans and Allowance for Credit Losses on Loans
 
Loan segments at December 31, 2024 and June 30, 2024 are summarized as follows:
 
(In thousands)
 December 31, 2024   June 30, 2024 
Residential real estate
 
$
418,968
  
$
417,589
 
Commercial real estate
  
983,072
   
936,640
 
Home equity
  
31,780
   
29,166
 
Consumer
  
4,672
   
4,771
 
Commercial
  
112,908
   
111,307
 
Total gross loans(1)(2)
  
1,551,400
   
1,499,473
 
Allowance for credit losses on loans
  
(20,191
)
  
(19,244
)
Loans receivable, net
 
$
1,531,209
  
$
1,480,229
 
 
(1)
Loan balances include net deferred fees/costs of ($188,000) and ($42,000) at December 31, 2024 and June 30, 2024, respectively.
(2)
Loan balances exclude accrued interest receivable of $6.9 million and $6.2 million at December 31, 2024 and June 30, 2024, respectively, which is included in accrued interest receivable in the consolidated statement of financial condition.
 
Non-accrual Loans
 
Management places loans on non-accrual status once the loans have become 90 days or more delinquent. A non-accrual loan is defined as a loan in which collectability is questionable and therefore interest on the loan will no longer be recognized on an accrual basis. A loan is not placed back on accrual status until the borrower has demonstrated the ability and willingness to make timely payments on the loan.  A loan does not have to be 90 days delinquent in order to be classified as non-accrual. Loans on non-accrual status totaled $4.1 million at December 31, 2024, of which there were three residential real estate loans totaling $478,000 and three commercial real estate loans totaling $1.1 million that were in the process of foreclosure. Included in non-accrual loans were $1.3 million of loans which were less than 90 days past due at December 31, 2024, but have a recent history of delinquency greater than 90 days past due. These loans will be returned to accrual status once they have demonstrated a history of timely payments. Loans on non-accrual status totaled $3.7 million at June 30, 2024, of which four residential real estate loans totaling $686,000 and three commercial real estate loans totaling $1.6 million were in the process of foreclosure. Included in non-accrual loans were $1.5 million of loans which were less than 90 days past due at June 30, 2024, but have a recent history of delinquency greater than 90 days past due. The activity in non-performing loans during the period included $723,000 in loan repayments, $30,000 in charge-offs or transfers to foreclosure, and $1.2 million of loans placed into non-performing status.
 
The following table sets forth information regarding delinquent and/or non-accrual loans at December 31, 2024:
 
(In thousands)
 
30-59
days
past due
  
60-89
days
past due
  
90 days
or more
past due
  
Total
past due
  
Current
  
Total Loans
  
Loans
on non-
accrual
 
Residential real estate
 
$
2,289
  
$
983
  
$
1,920
  
$
5,192
  
$
413,776
  
$
418,968
  
$
2,937
 
Commercial real estate
  
110
   
-
   
658
   
768
   
982,304
   
983,072
   
936
 
Home equity
  
51
   
-
   
33
   
84
   
31,696
   
31,780
   
34
 
Consumer
  
1
   
26
   
-
   
27
   
4,645
   
4,672
   
-
 
Commercial loans
  
32
   
68
   
148
   
248
   
112,660
   
112,908
   
148
 
Total gross loans
 
$
2,483
  
$
1,077
  
$
2,759
  
$
6,319
  
$
1,545,081
  
$
1,551,400
  
$
4,055
 
 
 
The following table sets forth information regarding delinquent and/or non-accrual loans at June 30, 2024:
 
(In thousands)
 
30-59
days
past due
  
60-89
days
past due
  
90 days
or more
past due
  
Total
past due
  
Current
  
Total loans
  
Loans
on non-
accrual
 
Residential real estate
 
$
-
  
$
838
  
$
1,414
  
$
2,252
  
$
415,337
  
$
417,589
  
$
2,518
 
Commercial real estate
  
-
   
-
   
806
   
806
   
935,834
   
936,640
   
1,163
 
Home equity
  
14
   
-
   
47
   
61
   
29,105
   
29,166
   
47
 
Consumer
  
47
   
6
   
-
   
53
   
4,718
   
4,771
   
-
 
Commercial
  
-
   
-
   
-
   
-
   
111,307
   
111,307
   
-
 
Total gross loans
 
$
61
  
$
844
  
$
2,267
  
$
3,172
  
$
1,496,301
  
$
1,499,473
  
$
3,728
 
 
At December 31, 2024 and June 30, 2024, the Company had no accruing loans delinquent 90 days or more.   
 
Allowance for Credit Losses on Loans
 
The allowance for credit losses for the loan portfolio is established through a provision for credit losses based on the results of life of loan quantitative models, reserves associated with collateral-dependent loans evaluated individually and adjustments for current conditions not accounted for in the quantitative models. The discounted cash flow methodology is used to calculate the CECL reserve for the residential real estate, commercial real estate, home equity and commercial loan segments. The Company uses a four-quarter reasonable and supportable forecast period based on the one year percent change in national GDP and the national unemployment rate, as economic variables. The forecast will revert to long-term economic conditions over a four-quarter reversion period on a straight-line basis. The remaining life method will be utilized to determine the CECL reserve for the consumer loan segment. A qualitative factor framework has been developed to adjust the quantitative loss rates for asset-specific risk characteristics or current conditions at the reporting date. The Company elected to use the practical expedient to evaluate loans individually, if they are collateral dependent loans that are on non-accrual status with a balance of $250,000 or greater, which is consistent with regulatory requirements. The fair value of the collateral dependent loan less selling expenses will be compared to the loan balance to determine if a CECL reserve is required.
 
In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for credit losses.  Such agencies may require the Company to recognize additions to the allowance based on their judgment about information available to them at the time of their examination. The Company charges loans off against the allowance for credit losses when it becomes evident that a loan cannot be collected within a reasonable amount of time, or that it will cost the Company more than it will receive and all possible avenues of repayment have been analyzed, including the potential of future cash flow, the value of the underlying collateral, and strength of any guarantors or co-borrowers.  Generally, consumer loans and smaller business loans (not secured by real estate) in excess of 90 days are charged-off against the allowance for credit losses, unless equitable arrangements are made. Included within consumer loan charge-offs and recoveries are deposit accounts that have been overdrawn in excess of 60 days. For loans secured by real estate, a charge-off is recorded when it is determined that the collection of all or a portion of a loan may not be collected and the amount of that loss can be reasonably estimated. The allowance for credit losses is increased by a provision for credit losses (which results in a charge to expense) and recoveries of loans previously charged off, and is reduced by charge-offs.
 
The following tables set forth the activity and allocation of the allowance for credit losses on loans by segment:
 
  
Activity for the three months ended December 31, 2024
 
(In thousands)
 
Residential
real estate
  
Commercial
real estate
  
Home equity
  
Consumer
  
Commercial
  
Total
 
Balance at September 30, 2024
 
$
4,475
  
$
12,648
  
$
232
  
$
454
  
$
1,972
  
$
19,781
 
Charge-offs
  
-
   
-
   
-
   
(123
)
  
(7
)
  
(130
)
Recoveries
  
-
   
1
   
-
   
25
   
9
   
35
 
Provision
  
56
   
284
   
2
   
58
   
105
   
505
 
Balance at December 31, 2024
 
$
4,531
  
$
12,933
  
$
234
  
$
414
  
$
2,079
  
$
20,191
 
 
  
Activity for the three months ended December 31, 2023
 
(In thousands)
 
Residential
real estate
  
Commercial
real estate
  
Home equity
  
Consumer
  
Commercial
  
Total
 
Balance at September 30, 2023
 
$
3,869
  
$
12,356
  
$
188
  
$
490
  
$
3,346
  
$
20,249
 
Charge-offs
  
-
   
-
   
-
   
(154
)
  
(6
)
  
(160
)
Recoveries
  
-
   
-
   
-
   
28
   
9
   
37
 
Provision
  
141
   
167
   
4
   
122
   
(251
)
  
183
 
Balance at December 31, 2023
 
$
4,010
  
$
12,523
  
$
192
  
$
486
  
$
3,098
  
$
20,309
 
 
  
Activity for the six months ended December 31, 2024
 
(In thousands)
 
Residential
Real Estate
  
Commercial
Real Estate
  
Home Equity
  
Consumer
  
Commercial
  
Total
 
Balance at June 30, 2024
 
$
4,237
  
$
12,218
  
$
212
  
$
500
  
$
2,077
  
$
19,244
 
Charge-offs
  
(44
)
  
(5
)
  
(13
)
  
(200
)
  
(13
)
  
(275
)
Recoveries
  
2
   
2
   
-
   
44
   
18
   
66
 
Provision
  
336
   
718
   
35
   
70
   
(3
)
  
1,156
 
Balance at December 31, 2024
 
$
4,531
  
$
12,933
  
$
234
  
$
414
  
$
2,079
  
$
20,191
 
 
  
Activity for the six months ended December 31, 2023
 
(In thousands)
 
Residential
Real Estate
  
Commercial
Real Estate
  
Home Equity
  
Consumer
  
Commercial
  
Total
 
Balance at June 30, 2023
 
$
2,794
  
$
14,839
  
$
46
  
$
332
  
$
3,201
  
$
21,212
 
Adoption of ASU No. 2016-13
  
1,182
   
(2,889
)
  
117
   
137
   
121
   
(1,332
)
Charge-offs
  
-
   
-
   
-
   
(276
)
  
(13
)
  
(289
)
Recoveries
  
-
   
1
   
-
   
54
   
18
   
73
 
Provision
  
34
   
572
   
29
   
239
   
(229
)
  
645
 
Balance at December 31, 2023
 
$
4,010
  
$
12,523
  
$
192
  
$
486
  
$
3,098
  
$
20,309
 
 
Credit monitoring process
 
Management closely monitors the quality of the loan portfolio and has established a loan review process designed to help monitor any change in borrower risk during the life cycle of their loan. The Company utilizes a credit quality grading system that is used at loan inception and updated as appropriate based on an annual review process. The credit quality grade helps management make a consistent assessment of each loan relationship’s credit risk and identify any portfolio trends that could impact profitability. Consistent with regulatory guidelines, the Company provides for the classification of loans, such as “Pass,” “Special Mention,” “Substandard,” “Doubtful” and “Loss” classifications.
 
Commercial grading system
 
Loss
 
Loss ratings are loans that are considered uncollectible and of such little value that their continuance as active assets of the Company is not warranted.  Loss rating does not necessarily mean that the loan has no recovery or salvage value, however, it is not practical or desirable to defer charging off the loan.
 
Doubtful
 
Doubtful ratings are loans that have all the weakness inherent in loans classified as substandard with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable.  Doubtful ratings generally are non-performing and considered to have a high risk of default.
Substandard
 
Substandard ratings are loans that possess well-defined weaknesses that jeopardize the orderly liquidation of debt, and are characterized by the distinct possibility that the Company will sustain some loss, if the deficiencies are not corrected. Substandard ratings are inadequately protected by the current sound worth and paying capacity of the borrower or the collateral pledged, if any.
 
Special mention
 
Special mention ratings are loans that have potential weaknesses or emerging problems, which require close attention.  These weaknesses, if left uncorrected, could lead to deterioration in the repayment prospects for the loan or the Company’s collateral position in the future.  Special mention loans are less risky than substandard assets as no loss of principal or interest is anticipated unless, the potential problems continue for a prolonged basis.
 
Pass
 
Pass ratings are loans that do not encompass loans graded as Loss, Doubtful, Substandard, or Special mention.  Pass loans range from Pass/Watch, Acceptable, Average, Satisfactory, Good and Excellent. Pass loans demonstrate sufficient cash flow to ensure full repayment of the loan with Pass ratings being determined by the quality of the collateral and equity position, stability of operations or management, and the guarantors.
 
Residential and consumer grading system
 
Residential real estate, home equity and consumer loans are graded as either non-performing or performing.
 
Non-performing
 
Non-performing loans are loans in which the borrower has not made the scheduled payments of principal or interest, and are generally loans over 90 days past due and still accruing interest, and loans on non-accrual status.
 
Performing
 
Performing loans are those loans in which the borrower is making timely payments of both principal and interest as upon the agreed loan terms.
 
The following tables present the amortized cost basis of the Company’s loans by class and vintage and includes gross charge-offs by loan class and vintage as of the six months ended December 31, 2024:
 
  
At December 31, 2024
 
  
Term loans amortized cost basis by origination year
  
Revolving
loans
amortized
cost basis
  
Revolving
loans
converted
to term
  
Total
 
(In thousands)
 
2025
  
2024
  
2023
  
2022
  
2021
  
Prior
 
Residential real estate
                        
By payment activity status:
                           
Performing
 
$
20,573
  
$
56,299
  
$
61,329
  
$
88,973
  
$
75,098
  
$
113,759
  
$
-
  
$
-
  
$
416,031
 
Non-performing
  
-
   
-
   
-
   
60
   
-
   
2,877
   
-
   
-
   
2,937
 
Total residential real estate
  
20,573
   
56,299
   
61,329
   
89,033
   
75,098
   
116,636
   
-
   
-
   
418,968
 
Current period gross charge-offs
  
-
   
-
   
-
   
-
   
44
   
-
   
-
   
-
   
44
 
                                     
Commercial real estate
                                    
By internally assigned grade:
                                    
Pass
  
76,133
   
116,089
   
188,886
   
238,533
   
122,362
   
196,346
   
3,675
   
2,464
   
944,488
 
Special mention
  
-
   
-
   
7,985
   
667
   
279
   
5,947
   
-
   
-
   
14,878
 
Substandard
  
-
   
325
   
2,654
   
3,450
   
158
   
17,119
   
-
   
-
   
23,706
 
Total commercial real estate
  
76,133
   
116,414
   
199,525
   
242,650
   
122,799
   
219,412
   
3,675
   
2,464
   
983,072
 
Current period gross charge-offs
  
-
   
-
   
-
   
-
   
-
   
5
   
-
   
-
   
5
 
                                     
Home equity
                                    
By payment activity status:
                                    
Performing
  
1,649
   
5,394
   
2,652
   
282
   
376
   
1,013
   
20,380
   
-
   
31,746
 
Non-performing
  
-
   
-
   
-
   
-
   
-
   
2
   
32
   
-
   
34
 
Total home equity
  
1,649
   
5,394
   
2,652
   
282
   
376
   
1,015
   
20,412
   
-
   
31,780
 
Current period gross charge-offs
  
-
   
-
   
-
   
-
   
-
   
-
   
13
   
-
   
13
 
                                     
Consumer
                                    
By payment activity status:
                                    
Performing
  
1,139
   
1,697
   
947
   
503
   
215
   
83
   
88
   
-
   
4,672
 
Non-performing
  
-
   
-
   
-
   
-
   
-
   
-
   
-
   
-
   
-
 
Total Consumer
  
1,139
   
1,697
   
947
   
503
   
215
   
83
   
88
   
-
   
4,672
 
Current period gross charge-offs
  
158
   
36
   
-
   
5
   
1
   
-
   
-
   
-
   
200
 
                                     
Commercial
                                    
By internally assigned grade:
                                    
Pass
  
6,059
   
11,766
   
8,921
   
5,995
   
13,607
   
17,314
   
39,596
   
-
   
103,258
 
Special mention
  
-
   
-
   
-
   
5,504
   
-
   
147
   
421
   
192
   
6,264
 
Substandard
  
-
   
-
   
-
   
1,687
   
32
   
649
   
1,018
   
-
   
3,386
 
Total Commercial
 
$
6,059
  
$
11,766
  
$
8,921
  
$
13,186
  
$
13,639
  
$
18,110
  
$
41,035
  
$
192
  
$
112,908
 
Current period gross charge-offs
 
$
-
  
$
-
  
$
-
  
$
-
  
$
-
  
$
-
  
$
13
  
$
-
  
$
13
 
 
The following tables present the amortized cost basis of the Company’s loans by class and vintage and includes gross charge-offs by loan class and vintage as of the twelve months ended June 30, 2024:
 
  
At June 30, 2024
 
  
Term loans amortized cost basis by origination year
  
Revolving
loans
amortized
cost basis
  
Revolving
loans
converted
to term
  
Total
 
(In thousands)
 
2024
  
2023
  
2022
  
2021
  
2020
  
Prior
 
Residential real estate
                           
By payment activity status:
                           
Performing
 
$
55,070
  
$
62,643
  
$
92,995
  
$
79,815
  
$
32,588
  
$
91,936
  
$
-
  
$
24
  
$
415,071
 
Non-performing
  
-
   
-
   
-
   
185
   
169
   
2,164
   
-
   
-
   
2,518
 
Total residential real estate
  
55,070
   
62,643
   
92,995
   
80,000
   
32,757
   
94,100
   
-
   
24
   
417,589
 
Current period gross charge-offs
  
-
   
-
   
-
   
-
   
-
   
-
   
-
   
-
   
-
 
                                     
Commercial real estate
                                    
By internally assigned grade:
                                    
Pass
  
103,537
   
210,652
   
242,917
   
126,135
   
79,431
   
135,928
   
4,716
   
363
   
903,679
 
Special mention
  
-
   
1,188
   
2,468
   
295
   
430
   
4,102
   
-
   
-
   
8,483
 
Substandard
  
329
   
1,680
   
3,493
   
158
   
4,046
   
14,772
   
-
   
-
   
24,478
 
Total commercial real estate
  
103,866
   
213,520
   
248,878
   
126,588
   
83,907
   
154,802
   
4,716
   
363
   
936,640
 
Current period gross charge-offs
  
-
   
-
   
-
   
-
   
-
   
-
   
-
   
-
   
-
 
                                     
Home equity
                                    
By payment activity status:
                                    
Performing
  
5,929
   
2,888
   
336
   
429
   
266
   
1,128
   
18,143
   
-
   
29,119
 
Non-performing
  
-
   
-
   
-
   
-
   
-
   
-
   
47
   
-
   
47
 
Total home equity
  
5,929
   
2,888
   
336
   
429
   
266
   
1,128
   
18,190
   
-
   
29,166
 
Current period gross charge-offs
  
-
   
-
   
-
   
-
   
-
   
-
   
-
   
-
   
-
 
                                     
Consumer
                                    
By payment activity status:
                                    
Performing
  
2,363
   
1,217
   
689
   
277
   
83
   
65
   
77
   
-
   
4,771
 
Non-performing
  
-
   
-
   
-
   
-
   
-
   
-
   
-
   
-
   
-
 
Total Consumer
  
2,363
   
1,217
   
689
   
277
   
83
   
65
   
77
   
-
   
4,771
 
Current period gross charge-offs
  
393
   
22
   
49
   
7
   
1
   
-
   
9
   
-
   
481
 
                                     
Commercial
                                    
By internally assigned grade:
                                    
Pass
  
12,761
   
8,919
   
12,845
   
14,587
   
4,934
   
15,280
   
32,001
   
636
   
101,963
 
Special mention
  
-
   
-
   
78
   
-
   
35
   
834
   
3,893
   
-
   
4,840
 
Substandard
  
-
   
-
   
1,765
   
34
   
165
   
265
   
2,275
   
-
   
4,504
 
Total Commercial
 
$
12,761
  
$
8,919
  
$
14,688
  
$
14,621
  
$
5,134
  
$
16,379
  
$
38,169
  
$
636
  
$
111,307
 
Current period gross charge-offs
 
$
-
  
$
-
  
$
-
  
$
989
  
$
-
  
$
137
  
$
26
  
$
-
  
$
1,152
 
 
No loans were classified as doubtful or loss at December 31, 2024 or June 30, 2024. Management continues to monitor classified loan relationships closely.
 
Allowance for Credit Losses on Unfunded Commitments
 
The allowance for credit losses on unfunded commitments at December 31, 2024 was $1.7 million as compared to $1.3 million at June 30, 2024.
 
Individually Evaluated Loans
 
As of December 31, 2024, loans evaluated individually had an amortized cost basis of $1.6 million, with an allowance for credit losses on loans of $548,000, as compared to $1.4 million, with an allowance for credit losses on loans of $662,000 at June 30, 2024. At December 31, 2024, the amortized cost basis of collateral dependent loans was $343,000 and $1.3 million for commercial and residential real estate loans, respectively. At June 30, 2024, the amortized cost basis of collateral dependent loans was $631,000 and $774,000 for commercial and residential real estate loans, respectively. The allowance for credit loss for collateral dependent loans is individually assessed based on the fair value of the collateral less costs to sell at the reporting date. The collateral value associated with collateral dependent loans was $1.1 million and $662,000 at December 31, 2024 and June 30, 2024, respectively.
 
Loan Modifications to Borrowers Experiencing Financial Difficulties
 
The following tables present the amortized cost basis of the loans modified to borrowers experiencing financial difficulty by type of concession granted:
 
  
For the three and six months ended
December 31, 2024
 
  
Interest rate reduction
 
(Dollars in thousands)
 
Amortized cost
  
Percentage of total
class
 
Commercial real estate
 
$
2,569
   
0.26
%
Total
 
$
2,569
     
 
The following table presents the financial effect of the modifications made to borrowers experiencing financial difficulty:
 
  
For the three and six months ended
December 31, 2024
       
Loan type
  
Interest rate reduction
Commercial real estate
  
Interest rates were reduced by an average of 1.45%
 
For the three and six months ended December 31, 2023, there were no loans modified to borrowers experiencing financial difficulty.
 
The Company closely monitors the performance of loans that have been modified in accordance with ASU 2022-02. There was one consumer loan of $18,000, which was modified during the prior twelve months ended December 31, 2024 and was in payment default. There were three commercial real estate loans of $6.6 million, that were modified during the prior twelve months ended December 31, 2024 and are performing within their modified terms with no payment defaults.
 
The following table depicts the performance of loans that have been modified to borrowers experiencing financial difficulty that were modified in the prior twelve months at amortized cost basis:
 
  
At December 31, 2024
 
(In thousands)
 
Current
  
30-59 days
past due
  
60-89 days
past due
  
90 days
or more past
due
  
Total
 
Commercial real estate
 
$
6,645
  
$
-
  
$
-
  
$
-
  
$
6,645
 
Consumer
  
-
   
-
   
18
   
-
   
18
 
Total
 
$
6,645
  
$
-
  
$
18
  
$
-
  
$
6,663
 
 
The Company adopted ASU 2022-02 on July 1, 2023 and as of the six months ended December 31, 2023, there were no loans modified to borrowers experiencing financial difficulty.
 
Foreclosed real estate
 
Foreclosed real estate (“FRE”) consists of properties acquired through mortgage loan foreclosure proceedings, deed in lieu of foreclosure or in full or partial satisfaction of loans. At December 31, 2024 and June 30, 2024, the Company had no foreclosed real estate.
v3.25.0.1
Fair Value Measurements and Fair Value of Financial Instruments
 6 Months Ended
Dec. 31, 2024
Fair Value Measurements and Fair Value of Financial Instruments [Abstract]  
Fair Value Measurements and Fair Value of Financial Instruments
(5)       Fair Value Measurements and Fair Value of Financial Instruments
 
Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique.  Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sale transaction on the dates indicated.  The estimated fair value amounts have been measured as of December 31, 2024 and June 30, 2024 and have not been re-evaluated or updated for purposes of these consolidated financial statements subsequent to those respective dates.  As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different from the amounts reported at each period-end.
 
The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities.  Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful.  
 
The FASB ASC Topic 820 on “Fair Value Measurement” established a fair value hierarchy that prioritized the inputs to valuation techniques used to measure fair value. The fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value measurements are not adjusted for transaction costs. A fair value hierarchy exists within GAAP that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
 
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
Level 2: Quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability.
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity).
 
An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.
 
For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used are as follows:
 
     
Fair Value Measurements Using
 
     
Quoted prices
in active
markets for
identical assets
  
Significant
other observable
inputs
  
Significant
unobservable
inputs
 
(In thousands)
 
December 31, 2024
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Assets:
            
U.S. Treasury securities
 
$
16,927
  
$
-
  
$
16,927
  
$
-
 
U.S. government sponsored enterprises
  
11,190
   
-
   
11,190
   
-
 
State and political subdivisions
  
222,817
   
-
   
222,817
   
-
 
Mortgage-backed securities-residential
  
33,081
   
-
   
33,081
   
-
 
Mortgage-backed securities-multi-family
  
71,955
   
-
   
71,955
   
-
 
Corporate debt securities
  
18,483
   
-
   
18,483
   
-
 
Securities available-for-sale
  
374,453
   
-
   
374,453
   
-
 
Equity securities
  
371
   
371
   
-
   
-
 
Interest rate swaps
  
757
       
757
     
Total
 
$
375,581
  
$
371
  
$
375,210
  
$
-
 
                 
Liabilities:
                
Interest rate swaps
 
$
757
  
$
-
  
$
757
  
$
-
 
Total
 
$
757
  
$
-
  
$
757
  
$
-
 
 
     
Fair Value Measurements Using
 
     
Quoted prices
in active markets
for identical
assets
  
Significant
other observable
inputs
  
Significant
unobservable
inputs
 
(In thousands)
 
June 30, 2024
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Assets:
            
U.S. Treasury securities
 
$
41,195
  
$
-
  
$
41,195
  
$
-
 
U.S. government sponsored enterprises
  
10,974
   
-
   
10,974
   
-
 
State and political subdivisions
  
170,669
   
-
   
170,669
   
-
 
Mortgage-backed securities-residential
  
36,575
   
-
   
36,575
   
-
 
Mortgage-backed securities-multi-family
  
72,300
   
-
   
72,300
   
-
 
Corporate debt securities
  
18,288
   
-
   
18,288
   
-
 
Securities available-for-sale
  
350,001
   
-
   
350,001
   
-
 
Equity securities
  
328
   
328
   
-
   
-
 
Interest rate swaps
  
585
   
-
   
585
   
-
 
Total
 
$
350,914
  
$
328
  
$
350,586
  
$
-
 
                 
Liabilities:
                
Interest rate swaps
 
$
585
  
$
-
  
$
585
  
$
-
 
Total
 
$
585
  
$
-
  
$
585
  
$
-
 
 
Certain investments that are actively traded and have quoted market prices have been classified as Level 1 valuations.  Other investment securities available-for-sale have been valued by reference to prices for similar securities or through model-based techniques in which all significant inputs are observable and, therefore, such valuations have been classified as Level 2.
 
In addition to disclosures of the fair value of assets on a recurring basis, FASB ASC Topic 820 on “Fair Value Measurement” requires disclosures for assets and liabilities measured at fair value on a nonrecurring basis, such as loans evaluated individually for expected credit losses in the period in which a re-measurement at fair value is performed. The Company uses the fair value of underlying collateral, less costs to sell, to estimate the allowance for credit losses for individually evaluated loans. Management may modify the appraised values, for qualitative factors such as economic conditions and estimated liquidation expenses ranging from 8% to 45%. Such modifications to the appraised values could result in lower valuations of such collateral. Based on the valuation techniques used, the fair value measurements for loans evaluated individually are classified as Level 3. 
 
Fair values for foreclosed real estate are initially recorded at the estimated fair value of the property less estimated costs to dispose at the time of acquisition to establish a new carrying value. Values are derived from appraisals, similar to loans evaluated individually for expected credit loss, of underlying collateral. Any write-downs from the carrying value of the loan to estimated fair value, which are required at the time of foreclosure, are charged to the allowance for credit losses. Subsequent adjustments to the carrying value of such properties resulting from declines in fair value result in the establishment of a valuation allowance and are charged to operations in the period in which the declines occur. In the determination of fair value subsequent to foreclosure, management may modify the appraised values, for qualitative factors such as economic conditions and estimated liquidation expenses ranging from 10% to 60%. Such modifications to the appraised values could result in lower valuations of such collateral. Based on the valuation techniques used, the fair value measurements for foreclosed real estate are classified as Level 3.
 
     
December 31, 2024
  
June 30, 2024
 
(In thousands)
 
Fair value
hierarchy
  
Carrying
amount
  
Estimated
fair value
  
Carrying
amount
  
Estimated
fair value
 
                
Loans evaluated individually
  
3
  
$
1,611
   
1,063
  
$
1,405
  
$
662
 
 
No other financial assets or liabilities were re-measured during the three and six month period on a nonrecurring basis.
 
The carrying amounts reported in the statements of financial condition for total cash and cash equivalents, long-term certificates of deposit, accrued interest receivable and accrued interest payable approximate their fair values.  Fair values of securities are based on quoted market prices (Level 1), where available, or matrix pricing (Level 2), which is a mathematical technique, used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices.  The carrying amount of Federal Home Loan Bank stock approximates fair value due to its restricted nature.  The fair values for loans are measured using the "exit price" notion, which is a reasonable estimate of what another party might pay in an orderly transaction. Fair values for variable rate loans that reprice frequently, with no significant credit risk, are based on carrying value.  Fair values for fixed rate loans are estimated using discounted cash flows and interest rates currently being offered for loans with similar terms to borrowers of similar credit quality.  Fair values disclosed for demand and savings deposits are equal to carrying amounts at the reporting date.  The carrying amounts for variable rate money market deposits approximate fair values at the reporting date.  Fair values for long- term certificates of deposit are estimated using discounted cash flows and interest rates currently being offered in the market on similar certificates.  Fair value for Federal Home Loan Bank long-term borrowings are estimated using discounted cash flows and interest rates currently being offered on similar borrowings.  The carrying value of short-term Federal Home Loan Bank borrowings approximates its fair value. Fair value for subordinated notes payable is estimated based on a discounted cash flow methodology or observations of recent highly similar transactions. Fair value for interest rate swaps include any accrued interest and are valued using the present value of cash flows discounted using observable forward rate assumptions. The Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy.
 
The carrying amounts and estimated fair value of financial instruments are as follows:
 
  
December 31, 2024
  
Fair value measurements using
 
(In thousands)
 
Carrying
amount
  
Fair value
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Cash and cash equivalents
 
$
166,443
  
$
166,443
  
$
166,443
  
$
-
  
$
-
 
Long-term certificates of deposit
  
2,577
   
2,563
   
-
   
2,563
   
-
 
Securities available-for-sale
  
374,453
   
374,453
   
-
   
374,453
   
-
 
Securities held-to-maturity
  
770,905
   
719,523
   
-
   
719,523
   
-
 
Equity securities
  
371
   
371
   
371
   
-
   
-
 
Federal Home Loan Bank stock
  
10,669
   
10,669
   
-
   
10,669
   
-
 
Net loans receivable
  
1,531,209
   
1,452,668
   
-
   
-
   
1,452,668
 
Accrued interest receivable
  
16,623
   
16,623
   
-
   
16,623
   
-
 
Interest rate swaps asset
  
757
   
757
   
-
   
757
   
-
 
                     
Deposits
  
2,467,258
   
2,466,667
   
-
   
2,466,667
   
-
 
Borrowings
  
201,076
   
201,387
   
-
   
201,387
   
-
 
Subordinated notes payable, net
  
49,774
   
47,738
   
-
   
47,738
   
-
 
Accrued interest payable
  
1,135
   
1,135
   
-
   
1,135
   
-
 
Interest rate swaps liability
  
757
   
757
   
-
   
757
   
-
 
 
  
June 30, 2024
  
Fair value measurements using
 
(In thousands)
 
Carrying
amount
  
Fair value
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Cash and cash equivalents
 
$
190,395
  
$
190,395
  
$
190,395
  
$
-
  
$
-
 
Long-term certificate of deposit
  
2,831
   
2,760
   
-
   
2,760
   
-
 
Securities available-for-sale
  
350,001
   
350,001
   
-
   
350,001
   
-
 
Securities held-to-maturity
  
690,354
   
630,241
   
-
   
630,241
   
-
 
Equity securities
  
328
   
328
   
328
   
-
   
-
 
Federal Home Loan Bank stock
  
7,296
   
7,296
   
-
   
7,296
   
-
 
Net loans receivable
  
1,480,229
   
1,387,325
   
-
   
-
   
1,387,325
 
Accrued interest receivable
  
14,269
   
14,269
   
-
   
14,269
   
-
 
Interest rate swap asset
  
585
   
585
   
-
   
585
   
-
 
                     
Deposits
  
2,389,222
   
2,388,305
   
-
   
2,388,305
   
-
 
Borrowings
  
149,456
   
149,438
   
-
   
149,438
   
-
 
Subordinated notes payable, net
  
49,681
   
46,114
   
-
   
46,114
   
-
 
Accrued interest payable
  
1,551
   
1,551
   
-
   
1,551
   
-
 
Interest rate swap liability
  
585
   
585
   
-
   
585
   
-
 
v3.25.0.1
Derivative Instruments
 6 Months Ended
Dec. 31, 2024
Derivative Instruments [Abstract]  
Derivative Instruments
(6)       Derivative Instruments
 
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, primarily by managing the amount, sources and duration of its assets and liabilities. The Company has interest rate derivatives that result from a service provided to certain qualifying customers and, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. The Company manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions.
 
Derivatives Not Designated as Hedging Instruments
 
The Company enters into interest rate swap agreements with its commercial customers to provide them with a long-term fixed rate, while simultaneously entering into offsetting interest rate swap agreements with a counterparty to swap the fixed rate to a variable rate to manage interest rate exposure. These interest rate swap agreements are not designated as hedges for accounting purposes. As the interest rate swap agreements have substantially equivalent and offsetting terms, they do not present any material exposure to the Company’s consolidated statements of income. The Company records its interest rate swap agreements at fair value and are presented within other assets and other liabilities on the consolidated statements of financial condition. Changes in the fair value of assets and liabilities arising from these derivatives are included, net, in other operating income on the consolidated statements of income. Under terms of the agreements with the third-party counterparties, the Company provides cash collateral to the counterparty, when required, for the initial trade. Subsequent to the trade, the margin is exchanged in either direction, based upon the estimated fair value of the underlying contracts. Cash collateral represents the amount that is exchanged under master netting agreements that allows the Company to offset the derivative position with the related collateral. The notional amount of the interest rate swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements.
 
The following table present the notional amount and fair values of interest rate derivative positions:
 
 
At December 31, 2024
 
 
Asset derivatives
  
Liability derivatives
 
(In thousands)
Statement of
financial
condition 
location
  
Notional
amount
  
Fair value
  
Statement of
financial condition
location
  
Notional
amount
  
Fair value
 
Interest rate derivatives
Other Assets
  
$
98,569
  
$
757
  
Other Liabilities
  
$
98,569
  
$
757
 
Less cash collateral
        
-
  
Other Liabilities
       
-
 
Total after netting
       
$
757
         
$
757
 
 
 At June 30, 2024 
 Asset derivatives  Liability derivatives 
(In thousands)
Statement of
financial
condition 
location		  Notional
amount		  Fair value  Statement of
financial condition
location		  Notional
amount		  Fair value 
Interest rate derivatives
  Other Assets  
$
50,707
  
$
585
  Other Liabilities  
$
50,707
  
$
585
 
Less cash collateral
        
-
  Other Liabilities       
(410
)
Total after netting
       
$
585
         
$
175
 
 
Risk Participation Agreements
 
Risk participation agreements (“RPAs”) are guarantees issued by the Company to other parties for a fee, whereby the Company agrees to participate in the credit risk of a derivative customer of the other party. Under the terms of these agreements, the “participating bank” receives a fee from the “lead bank” in exchange for the guarantee of reimbursement if the customer defaults on an interest rate swap. The interest rate swap is transacted such that any and all exchanges of interest payments (favorable and unfavorable) are made between the lead bank and the customer. In the event that an early termination of the swap occurs and the customer is unable to make a required close out payment, the participating bank assumes that obligation and is required to make this payment.
 
RPAs in which the Company acts as the lead bank are referred to as “participations-out,” in reference to the credit risk associated with the customer derivatives being transferred out of the Company.  Participations-out generally occur concurrently with the sale of new customer derivatives. The RPAs participations-out are spread out over three financial institution counterparties and terms range between four to eight years. The Company’s credit exposure transferred out was zero and $105,000 as of December 31, 2024 and June 30, 2024, respectively. The Company transferred out RPAs with a notional amount of $16.6 million and $8.0 million as of December 31, 2024 and June 30, 2024, respectively.
 
RPAs where the Company acts as the participating bank are referred to as “participations-in,” in reference to the credit risk associated with the counterparty’s derivatives being assumed by the Company. The Company’s maximum credit exposure is based on its proportionate share of the settlement amount of the referenced interest rate swap. Settlement amounts are generally calculated based on the fair value of the swap plus outstanding accrued interest receivables from the customer. The RPAs participations-ins are spread out over five financial institution counterparties and terms range between two to twelve years. The credit exposure associated with risk participations-ins was $137,000 and $276,000 as of December 31, 2024 and June 30, 2024, respectively. The Company held RPAs with a notional amount of $120.5 million and $112.3 million as of December 31, 2024 and June 30, 2024, respectively.
v3.25.0.1
Earnings Per Share
 6 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share
(7)       Earnings Per Share
 
Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during the period.  Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares that would have been outstanding under the treasury stock method if all potentially dilutive common shares (such as stock options) issued became vested during the period. Unallocated common shares held by the ESOP are not included in the weighted-average number of common shares outstanding for either the basic or diluted EPS calculations.  There were no dilutive or anti-dilutive securities or contracts outstanding during the three and six months ended December 31, 2024 and 2023.  
 
  
For the three months
ended December 31,
  
For the six months
ended December 31,
 
  
2024
  
2023
  
2024
  
2023
 
             
Net Income
 
$
7,490,000
  
$
5,707,000
  
$
13,751,000
  
$
12,176,000
 
Weighted average shares - basic
  
17,026,828
   
17,026,828
   
17,026,828
   
17,026,828
 
Weighted average shares - diluted
  
17,026,828
   
17,026,828
   
17,026,828
   
17,026,828
 
                 
Earnings per share - basic
 
$
0.44
  
$
0.34
  
$
0.81
  
$
0.72
 
Earnings per share - diluted
 
$
0.44
  
$
0.34
  
$
0.81
  
$
0.72
 
v3.25.0.1
Dividends
 6 Months Ended
Dec. 31, 2024
Dividends [Abstract]  
Dividends
(8)       Dividends
 
On October 16, 2024, the Company announced that its Board of Directors has approved a quarterly cash dividend of $0.09 per share on the Company’s common stock. The dividend reflects an annual cash dividend rate of $0.36 per share, which is the same rate as the dividend declared during the previous quarter. The dividend was payable to stockholders of record as of November 15, 2024, and was paid on November 29, 2024. Greene County Bancorp, MHC did not waive its right to receive this dividend.
v3.25.0.1
Employee Benefit Plans
 6 Months Ended
Dec. 31, 2024
Employee Benefit Plans [Abstract]  
Employee Benefit Plans
(9)      Employee Benefit Plans
 
Defined Benefit Plan
 
The components of net periodic pension cost related to the defined benefit pension plan were as follows:
 
                 
    Three months ended December 31,     Six months ended December 31,  
(In thousands)
   2024     2023     2024     2023  
Interest cost
  
$
53
    
$
52
    
$
106
    
$
104
  
Expected return on plan assets
    
(57
)
    
(55
)
    
(114
)
    
(110
)
Amortization of net loss
    
8
      
19
      
16
      
38
  
Net periodic pension expense
  
$
4
    
$
16
    
$
8
    
$
32
  
 
The interest cost, expected return on plan assets and amortization of net loss components are included in other noninterest expense on the consolidated statements of income.  On an annual basis, upon the completion of the third-party actuarial valuation related to the defined benefit pension plan, the Company records adjustments to accumulated other comprehensive income. The Company does not anticipate that it will make any additional contributions to the defined benefit pension plan during fiscal 2025.
 
SERP
 
The Board of Directors of The Bank of Greene County adopted The Bank of Greene County Supplemental Executive Retirement Plan (the “SERP”), effective as of July 1, 2010. The SERP benefits certain key senior executives of the Bank who have been selected by the Board to participate. The SERP is intended to provide a benefit from the Bank upon vested retirement, death or disability or voluntary or involuntary termination of service (other than “for cause”). The SERP is more fully described in Note 9, Employee Benefits Plans of the consolidated financial statements presented in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024.
 
The net periodic pension costs related to the SERP for the three and six months ended December 31, 2024 were $536,000 and $1.0 million, respectively, included within salaries and benefits expense on the consolidated statements of income. The total liability for the SERP was $16.5 million at December 31, 2024 and $15.2 million at June 30, 2024, and is included in accrued expenses and other liabilities. The total liability for the SERP includes both accumulated net periodic pension costs and participant contributions.
v3.25.0.1
Stock-Based Compensation
 6 Months Ended
Dec. 31, 2024
Stock-Based Compensation [Abstract]  
Stock-Based Compensation
(10)      Stock-Based Compensation
 
Phantom Stock Option Plan and Long-term Incentive Plan
 
The Greene County Bancorp, Inc. 2011 Phantom Stock Option and Long-term Incentive Plan (the “Plan”) was adopted effective July 1, 2011, to promote the long-term financial success of the Company and its subsidiaries by providing a means to attract, retain and reward individuals who contribute to such success and to further align their interests with those of the Company’s shareholders. The Plan is intended to provide benefits to employees and directors of the Company or any subsidiary as designated by the Compensation Committee of the Board of Directors of the Company. A phantom stock option represents the right to receive a cash payment on the date the award vests. The Plan is more fully described in Note 10, Stock-Based Compensation of the consolidated financial statements presented in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024.
 
A summary of the Company’s phantom stock option activity and related information for the Plan for the three and six months ended December 31, 2024 and 2023 were as follows:
 
   
Three months ended December 31,
    
Six months ended December 31,
  
   
2024
    
2023
    
2024
    
2023
  
Number of options outstanding, beginning of period
    
2,656,630
      
3,207,935
      
2,253,535
      
2,535,840
  
Options granted
    
-
      
-
      
651,595
      
672,095
  
Options forfeited
    
(12,000
)
    
-
      
(12,000
)
    
-
  
Options paid in cash upon vesting
    
(771,040
)
    
(890,400
)
    
(1,019,540
)
    
(890,400
)
Number of options outstanding, end of period
    
1,873,590
      
2,317,535
      
1,873,590
      
2,317,535
  
 
                 
    Three months ended December 31,     Six months ended December 31,  
(In thousands)
   2024     2023     2024     2023  
Cash paid out on options vested
  
$
3,312
    
$
4,051
    
$
4,249
    
$
4,051
  
Compensation expense recognized
  
$
633
    
$
762
    
$
1,244
    
$
1,394
  
 
The total liability for the Plan was $2.5 million and $5.5 million at December 31, 2024 and June 30, 2024, respectively, and is included in accrued expenses and other liabilities on the consolidated statements of financial condition.
v3.25.0.1
Accumulated Other Comprehensive Loss
 6 Months Ended
Dec. 31, 2024
Accumulated Other Comprehensive Loss [Abstract]  
Accumulated Other Comprehensive Loss
(11)      Accumulated Other Comprehensive Loss
 
The components of accumulated other comprehensive loss are presented as follows:
 
Activity for the three months ended December 31, 2024 and 2023
(In thousands)
  
Unrealized
losses on
securities
available-for-
sale
    
Pension
benefits
    
Total
  
Balance – September 30, 2024
  
$
(13,612
)
  
$
(528
)
  
$
(14,140
)
Other comprehensive loss before reclassification
    
(3,802
)
    
-
      
(3,802
)
Other comprehensive loss for the three months ended December 31, 2024
    
(3,802
)
    
-
      
(3,802
)
Balance – December 31, 2024
  
$
(17,414
)
  
$
(528
)
  
$
(17,942
)
                         
Balance – September 30, 2023
  
$
(24,243
)
  
$
(877
)
  
$
(25,120
)
Other comprehensive income before reclassification
    
6,050
      
-
      
6,050
  
Other comprehensive income for the three months ended December 31, 2023
    
6,050
      
-
      
6,050
  
Balance – December 31, 2023
  
$
(18,193
)
  
$
(877
)
  
$
(19,070
)
 
Activity for the six months ended December 31, 2024 and 2023
(In thousands)
  
Unrealized
losses on
securities
available-for-
sale
    
Pension
benefits
    
Total
  
Balance – June 30, 2024
  
$
(19,182
)
  
$
(528
)
  
$
(19,710
)
Other comprehensive income before reclassification
    
1,768
      
-
      
1,768
  
Other comprehensive income for the six months ended December 31, 2024
    
1,768
      
-
      
1,768
  
Balance – December 31, 2024
  
$
(17,414
)
  
$
(528
)
  
$
(17,942
)
                         
Balance – June 30, 2023
  
$
(20,531
)
  
$
(877
)
  
$
(21,408
)
Other comprehensive income before reclassification
    
2,338
      
-
      
2,338
  
Other comprehensive income for the six months ended December 31, 2023
    
2,338
      
-
      
2,338
  
Balance – December 31, 2023
  
$
(18,193
)
  
$
(877
)
  
$
(19,070
)
v3.25.0.1
Operating leases
 6 Months Ended
Dec. 31, 2024
Operating leases [Abstract]  
Operating leases
(12)     Operating leases
 
The Company leases certain branch properties under long-term, operating lease agreements. The Company’s operating lease agreements contain non-lease components, which are accounted for separately. The Company’s lease agreements do not contain any residual value guarantee.
 
The following includes quantitative data related to the Company’s operating leases at December 31, 2024 and June 30, 2024, and for the three and six months ended December 31, 2024 and 2023:
 
(In thousands)
            
Operating lease amounts:
  
December 31, 2024
    
June 30, 2024
  
Right-of-use assets
  
$
1,972
    
$
2,071
  
Lease liabilities
  
$
2,057
    
$
2,159
  
 
   
For the three months ended
December 31,
  
(In thousands)
  
2024
    
2023
  
Other information:
            
Operating outgoing cash flows from operating leases
  
$
125
    
$
115
  
                 
Lease costs:
                
Operating lease cost
  
$
114
    
$
106
  
Variable lease cost
  
$
11
    
$
11
  
 
   
For the six months ended
December 31,
  
(In thousands)
  
2024
    
2023
  
Other information:
            
Operating outgoing cash flows from operating leases
  
$
250
    
$
228
  
Right-of-use assets obtained in exchange for new operating lease liabilities
  
$
117
    
$
561
  
                 
Lease costs:
                
Operating lease cost
  
$
227
    
$
208
  
Variable lease cost
  
$
22
    
$
22
  
 
 
The following is a schedule by year of the undiscounted cash flows of the operating lease liabilities, as of December 31, 2024:
 
(In thousands, except weighted-average information)
      
Within the twelve months ended December 31,
      
2025
  
$
507
  
2026
    
510
  
2027
    
418
  
2028
    
335
  
2029
    
232
  
Thereafter
    
226
  
Total undiscounted cash flow
    
2,228
  
Less net present value adjustment
    
(171
)
Lease liability
  
$
2,057
  
         
Weighted-average remaining lease term (years)
    
4.87
  
Weighted-average discount rate
    
3.16
%
 
Right-of-use assets are included in prepaid expenses and other assets, and lease liabilities are included in accrued expenses and other liabilities within the Company’s consolidated statements of financial condition.
v3.25.0.1
Commitments and Contingent Liabilities
 6 Months Ended
Dec. 31, 2024
Commitments and Contingent Liabilities [Abstract]  
Commitments and Contingent Liabilities
(13)     Commitments and Contingent Liabilities
 
Credit-Related Financial Instruments
 
In the normal course of business, the Company offers financial instruments with off-balance sheet risk to meet the financing needs of its customers. These transactions include commitments to extend credit, standby letters of credit, and lines of credit, which involve, to varying degrees, elements of credit risk. 
 
The table summarizes the outstanding amounts of credit-related financial instruments with off-balance sheet risk:
 
(In thousands)
  
December 31, 2024
    
June 30, 2024
  
Unfunded loan commitments
  
$
141,903
    
$
107,966
  
Unused lines of credit
    
103,481
      
99,176
  
Standby letters of credit
    
779
      
754
  
Total credit-related financial instruments with off-balance sheet risk
  
$
246,163
    
$
207,896
  
 
The Company enters into contractual commitments to extend credit to its customers in the form of loan commitments and lines of credit, generally with fixed expiration dates and other termination clauses, and may require payment of a fee. Substantially all of the Company's commitments to extend credit are contingent upon its customers maintaining specific credit standards at the time of loan funding, and are often secured by real estate collateral. Since the majority of the Company's commitments typically expire without being funded, the total contractual amount does not necessarily represent the Company's future payment requirements.
 
The Company evaluates each customer’s credit worthiness on a case-by-case basis.  The amount of collateral, if any, required upon an extension of credit is based on management’s evaluation of customer credit. Commitments to extend mortgage credit are primarily collateralized by first liens on real estate. Collateral on extensions of commercial lines of credit vary but may include accounts receivable, inventory, property, plant and equipment, and income producing commercial property.
 
Allowance for Credit Losses on Unfunded Commitments
 
The Company estimates expected credit losses over the contractual period in which the Company has exposure to a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on unfunded commitments exposure is recognized in other liabilities and is adjusted as an expense in other noninterest expense. At December 31, 2024, the allowance for credit losses on unfunded commitments totaled $1.7 million as compared to $1.3 million at June 30, 2024.
v3.25.0.1
Variable Interest Entities
 6 Months Ended
Dec. 31, 2024
Variable Interest Entities [Abstract]  
Variable Interest Entities
(14)      Variable Interest Entities
 
Solar Tax Credit Investments
 
The Company makes non-marketable equity investments in entities that sponsor solar development projects that qualify for the Solar Tax Credit Program.  The purpose of these investments is to assist the Company in meeting its responsibilities under the Community Reinvestment Act (“CRA”), and to provide a return, primarily through the realization of tax benefits. The Company does not have controlling interest and is not the primary beneficiary for the solar tax credit investments, therefore the entity is not consolidated. The Company has determined that it is not the primary beneficiary due to its inability to direct activities that most significantly impact economic performance. The Company applies the proportional amortization method to subsequently measure its investment in solar tax credit projects.
 
The following table summarizes the Company’s solar tax credit investments and related unfunded commitments:
 
(In thousands)
  
December 31, 2024
  
Gross investment in solar tax credit investments
  
$
2,586
  
Accumulated amortization
    
(2,524
)
Net investment in solar tax credit investments
  
$
62
  
         
Unfunded commitments for solar tax credit investments
  
$
414
  
 
The aggregate carrying value of the Company’s solar tax credit investments is included in accrued interest receivable and other assets within the Company’s consolidated statements of financial condition, and represents the Company’s maximum exposure to loss.
 
There were no solar tax credit investments at June 30, 2024.
v3.25.0.1
Subsequent events
 6 Months Ended
Dec. 31, 2024
Subsequent events [Abstract]  
Subsequent events
(15)      Subsequent events
 
On January 22, 2025, the Board of Directors announced a cash dividend for the quarter ended December 31, 2024 of $0.09 per share on the Company’s common stock.  The dividend reflects an annual cash dividend rate of $0.36 per share, which was the same rate as the dividend declared during the previous quarter.  The dividend will be payable to stockholders of record as of February 14, 2025, and is expected to be paid on February 28, 2025.  Greene County Bancorp, MHC intends to waive its receipt of this dividend.
 
Management has reviewed events from the date of the unaudited consolidated financial statements, and accompanying notes thereto, through the date of issuance, and determined that no subsequent events occurred requiring adjustment to or disclosure in these unaudited consolidated financial statements.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ 7,490 $ 5,707 $ 13,751 $ 12,176
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Accounting Policies, by Policy (Policies)
 6 Months Ended
Dec. 31, 2024
Summary of Significant Accounting Policies [Abstract]  
Principles of Consolidation and Basis of Presentation
Principles of Consolidation and Basis of Presentation
Within the accompanying unaudited interim consolidated financial statements and related notes to the consolidated financial statements, the June 30, 2024 data was derived from the audited consolidated financial statements and notes of Greene County Bancorp, Inc. (the “Company”) and its wholly owned subsidiaries, the Bank of Greene County (the “Bank”) and the Bank’s wholly owned subsidiaries, Greene County Commercial Bank (the “Commercial Bank”) and Greene Property Holdings, Ltd. The interim consolidated financial statements at and for the three and six months ended December 31, 2024 and 2023 are unaudited.  
The unaudited interim consolidated financial statements include the accounts of certain Variable Interest Entities (“VIE(s)”). In accordance with the applicable accounting guidance for consolidations, the Company consolidates a VIE if it has (i) a variable interest in the entity; (ii) the power to direct activities of the VIE that most significantly affect the entity’s economic performance; and (iii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE (i.e., we are considered to be the primary beneficiary).
The Company uses the equity method to account for unconsolidated investments in VIEs if it has significant influence over the entity’s operating and financing decision.  Unconsolidated investments in VIEs in which the Company does not have significant influence, are carried at a cost measurement alternative. See Note 14, Variable Interest Entities for information on our involvement with VIEs.
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X.  Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements.  To the extent that information and notes required by GAAP for complete financial statements are contained in or are consistent with the audited financial statements incorporated by reference to Greene County Bancorp, Inc.’s Annual Report on Form 10-K for the year ended June 30, 2024, such information and notes have not been duplicated herein. In the opinion of management, all adjustments (consisting of only normal recurring items) necessary for a fair presentation of the financial position and results of operations and cash flows at and for the periods presented have been included. Certain previous years’ amounts in the unaudited consolidated financial statements and notes thereto, have been reclassified to conform to the current year’s presentation.  All material inter-company accounts and transactions have been eliminated in the consolidation. The results of operations and other data for the three and six months ended December 31, 2024 are not necessarily indicative of results that may be expected for the entire fiscal year ending June 30, 2025. These consolidated financial statements consider events that occurred through the date the consolidated financial statements were issued and should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K.
Nature of Operations
Nature of Operations
The Company’s primary business is the ownership and operation of its subsidiaries.  At December 31, 2024, the Bank has 18 full-service offices, lending centers, an operations center, customer call center, and wealth management center, located in its market area consisting of the Hudson Valley and Capital District Regions of New York State.  The Bank is primarily engaged in the business of attracting deposits from the general public in the Bank’s market area, and investing such deposits, together with other sources of funds, in loans and investment securities.  The Commercial Bank’s primary business is to attract deposits from, and provide banking services to, local municipalities.  Greene Property Holdings, Ltd. was formed as a New York corporation that has elected under the Internal Revenue Code to be a real estate investment trust.  Currently, certain mortgages and loan notes held by the Bank are transferred and beneficially owned by Greene Property Holdings, Ltd.  The Bank continues to service these loans.  
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could materially differ from those estimates.  Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses (“ACL”) on loans and on unfunded commitments.
 
Accrued Interest Receivable
Accrued Interest Receivable
Accrued interest receivable balances are presented separately on the consolidated statements of financial condition and are not included in amortized cost when determining the allowance for credit losses. Accrued interest receivable that is deemed uncollectible is written off timely. For loans, write off typically occurs upon becoming over 90 to 120 days past due and therefore, the amount of such write offs are immaterial. Historically, the Company has not experienced uncollectible accrued interest receivable on investment securities.
Income Taxes
Income Taxes
The Company uses the proportional amortization method for solar tax credit investments, whereby the associated tax credits are recognized as a reduction to tax expense.  Certain federal tax credits that are non-refundable and transferable under applicable regulations are accounted for as government grants and recorded as a reduction to the amortized cost or net investment in the applicable asset generating the credit, generally within “other assets.” Amounts are amortized through depreciation or as an adjustment to yield over the estimated life of the asset.  Any gain or loss on the transfer of a tax credit is recorded within “other income.”
Recently Adopted Accounting Standards and Accounting Standards Issued Not Yet Adopted
Recently Adopted Accounting Standards
In March 2023, the FASB issued ASU 2023-02, Investments – Equity Method and Joint Ventures (Topic 323), Accounting for Investments in Tax Credit Structures using the Proportional Amortization Method, which permits reporting entities to elect to account for their tax equity investments, regardless of their tax credit program from which the income tax credits are received.  The election can be made for each qualifying tax credit investment.  Under the proportional amortization method, the initial cost of an investment is amortized in proportion to the amount of tax credits and other tax benefits received, with the amortization and tax credits recognized as a component of income tax expense.  To qualify for the proportional amortization method, all of the following conditions must be met: (1) It is probable that the income tax credits allocated to the tax equity investor will be available; (2) The tax equity investor does not have the ability to excise significant influence over the operating and financial policies of the underlying project; (3) Substantially all of the projected benefits are from income tax credits and other income tax benefits; (4) The tax equity investor’s projected yield is based solely on the cash flows from the income tax credits and other income tax benefits is positive; and (5) The tax equity investor is a limited liability investor in the limited liability entity for legal and tax purposes, and the tax equity investor’s liability is limited to its capital investment.  
A reporting entity that applies the proportional amortization method to qualifying tax equity investments must account for the receipt of the investment tax credits using the flow-through method under Topic 740, Income Taxes.  The amendments also require the application of the delayed equity contribution guidance to all tax equity investments, and require specific disclosures that must be applied to all investments that generate income tax credits and other income tax benefits from a tax credit program for which the entity has elected to apply the proportional amortization method in accordance with Subtopic 323-740.
Under the proportional amortization method, the investment shall be tested for impairment when events or changes in circumstances indicate that is more likely than not that the carrying amount of the investment will not be realized.  An impairment loss shall be measured as the amount by which the carrying amount of the investment exceeds its fair value.  A previously recognized impairment loss shall not be reversed.  The Company adopted ASU 2023-02 during the quarter ended September 30, 2024.  The Company’s adoption of this standard did not have a material impact on the consolidated financial statements.
Accounting Standards Issued Not Yet Adopted
In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements, which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification.  The ASU was issued in response to the SEC’s August 2018 final rule that updated and simplified disclosure requirements that the SEC believed were redundant, duplicative, overlapping, outdated, or superseded.  The new guidance is intended to align GAAP requirements with those of the SEC.  The ASU will become effective on the earlier of the date on which the SEC removes its disclosure requirements for the related disclosure or June 30, 2027.  Early adoption is not permitted.  The Company’s adoption of this standard is not expected to have a material impact on the consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures, to improve the reportable segment disclosures by requiring disclosure of incremental segment information on an annual and interim basis. In addition, the amendments will enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss provide new segment disclosure requirements for entities with a single reportable segment and contain other disclosure requirements.  The amendments in this ASU are effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company’s adoption of this standard is not expected to have a material impact on the consolidated financial statements.  
 
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, which will require public entities to disclose annually a tabular rate reconciliation, including specific items such as state and local income tax, tax credits, nontaxable or nondeductible items, among others, and a separate disclosure requiring disaggregation of reconciling items as described above which equal or exceed 5% of the product of multiplying income from continuing operations by the applicable statutory income tax rate. The ASU is effective for annual periods beginning after December 31, 2024. The Company’s adoption of this standard is not expected to have a material impact on the consolidated financial statements.
Federal Home Loan Bank Stock
Federal Home Loan Bank Stock
Federal law requires a member institution of the Federal Home Loan Bank (“FHLB”) system to hold stock of its district FHLB according to a predetermined formula.  This stock is restricted in that it can only be sold to the FHLB or to another member institution, and all sales of FHLB stock must be at par.  As a result of these restrictions, FHLB stock is carried at cost.  FHLB stock is held as a long-term investment and its value is determined based on the ultimate recoverability of the par value.  Estimated credit loss of this investment is evaluated quarterly and is a matter of judgment that reflects management’s view of the FHLB’s long-term performance, which includes factors such as the following: its operating performance; the severity and duration of declines in the fair value of its net assets related to its capital stock amount; its commitment to make payments required by law or regulation and the level of such payments in relation to its operating performance; the impact of legislative and regulatory changes on the FHLB, and accordingly, on the members of the FHLB; and its liquidity and funding position.  After evaluating these considerations, the Company concluded that the par value of its investment in FHLB stock will be recovered and, therefore, no credit loss was recorded during the three and six months ended December 31, 2024 or 2023.
v3.25.0.1
Securities (Tables)
 6 Months Ended
Dec. 31, 2024
Securities [Abstract]  
Amortized Cost and Fair Value of Securities Available-for-Sale The following tables summarize the amortized cost and fair value of securities available-for-sale by major type:
   
At December 31, 2024
  
(In thousands)
  
Amortized
cost (1)
    
Unrealized
gains
    
Unrealized
losses
    
Fair value
  
U.S. Treasury securities
  
$
18,177
    
$
-
    
$
1,250
    
$
16,927
  
U.S. government sponsored enterprises
    
13,036
      
-
      
1,846
      
11,190
  
State and political subdivisions
    
221,696
      
1,122
      
1
      
222,817
  
Mortgage-backed securities-residential
    
36,853
      
43
      
3,815
      
33,081
  
Mortgage-backed securities-multi-family
    
89,071
      
-
      
17,116
      
71,955
  
Corporate debt securities
    
19,386
      
56
      
959
      
18,483
  
Total securities available-for-sale
  
$
398,219
    
$
1,221
    
$
24,987
    
$
374,453
  
   
At June 30, 2024
  
(In thousands)
  
Amortized
cost (1)
    
Unrealized
gains
    
Unrealized
losses
    
Fair value
  
U.S. Treasury securities
  
$
43,024
    
$
-
    
$
1,829
    
$
41,195
  
U.S. government sponsored enterprises
    
13,042
      
-
      
2,068
      
10,974
  
State and political subdivisions
    
169,842
      
828
      
1
      
170,669
  
Mortgage-backed securities-residential
    
40,402
      
67
      
3,894
      
36,575
  
Mortgage-backed securities-multi-family
    
90,261
      
-
      
17,961
      
72,300
  
Corporate debt securities
    
19,608
      
15
      
1,335
      
18,288
  
Total securities available-for-sale
  
$
376,179
    
$
910
    
$
27,088
    
$
350,001
  
(1)
Amortized cost excludes accrued interest receivable of $4.5 million and $4.0 million at December 31, 2024 and June 30, 2024, respectively, which is included in accrued interest receivable in the consolidated statements of financial condition.
Amortized Cost, Fair Value and Allowance for Credit Loss on Securities Held-to-Maturity The following tables summarize the amortized cost, fair value, and allowance for credit loss on securities held-to-maturity by major type:
   
At December 31, 2024
  
(In thousands)
  
Amortized
cost (1)
    
Unrealized
gains
    
Unrealized
losses
    
Fair value
    
Allowance
    
Net carrying
value
  
U.S. Treasury securities
  
$
23,820
    
$
-
    
$
1,335
    
$
22,485
    
$
-
    
$
23,820
  
State and political subdivisions
    
458,289
      
6,480
      
35,267
      
429,502
      
42
      
458,247
  
Mortgage-backed securities-residential
    
123,544
      
72
      
4,165
      
119,451
      
-
      
123,544
  
Mortgage-backed securities-multi-family
    
140,306
      
-
      
15,777
      
124,529
      
-
      
140,306
  
Corporate debt securities
    
25,355
      
28
      
1,857
      
23,526
      
396
      
24,959
  
Other securities
    
30
      
-
      
-
      
30
      
1
      
29
  
Total securities held-to-maturity
  
$
771,344
    
$
6,580
    
$
58,401
    
$
719,523
    
$
439
    
$
770,905
  
 
   
At June 30, 2024
  
(In thousands)
  
Amortized
cost (1)
    
Unrealized
gains
    
Unrealized
losses
    
Fair value
    
Allowance
    
Net carrying
value
  
U.S. Treasury securities
  
$
23,785
    
$
-
    
$
1,749
    
$
22,036
    
$
-
    
$
23,785
  
State and political subdivisions
    
450,343
      
4,541
      
40,235
      
414,649
      
44
      
450,299
  
Mortgage-backed securities-residential
    
48,033
      
51
      
3,314
      
44,770
      
-
      
48,033
  
Mortgage-backed securities-multi-family
    
143,363
      
-
      
17,397
      
125,966
      
-
      
143,363
  
Corporate debt securities
    
25,282
      
12
      
2,505
      
22,789
      
438
      
24,844
  
Other securities
    
31
      
-
      
-
      
31
      
1
      
30
  
Total securities held-to-maturity
  
$
690,837
    
$
4,604
    
$
65,200
    
$
630,241
    
$
483
    
$
690,354
  
(1)
Amortized cost excludes accrued interest receivable of $5.2 million and $4.1 million at December 31, 2024 and June 30, 2024, respectively, which is included in accrued interest receivable in the consolidated statements of financial condition.
Allowance for Credit Losses on Securities Held-to-Maturity The following table summarizes the activity in the allowance for credit losses on securities held-to-maturity:
         
(In thousands)
  
Three months ended
December 31, 2024
    
Six months ended
December 31, 2024
  
Balance at beginning of period
  
$
466
    
$
483
  
Benefit for credit losses
    
(27
)
    
(44
)
Balance at end of period
  
$
439
    
$
439
  
(In thousands)
  
Three months ended
December 31, 2023
    
Six months ended
December 31, 2023
  
Balance at beginning of period
  
$
498
    
$
-
  
Adoption of ASU 2016-13 (CECL) on July 1, 2023
    
-
      
503
  
Benefit for credit losses
    
(13
)
    
(18
)
Balance at end of period
  
$
485
    
$
485
  
 
Securities in Continuous Unrealized Loss Position The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2024.
   
Less than 12 Months
    
More than 12 Months
    
Total
  
(In thousands, except number of securities)
  
Fair
value
    
Unrealized
losses
    
Number
of
securities
    
Fair
value
    
Unrealized
losses
    
Number
of
securities
    
Fair
value
    
Unrealized
losses
    
Number
of
securities
  
Securities available-for-sale:
                                                      
U.S. Treasury securities
  
$
236
    
$
2
      
1
    
$
16,691
    
$
1,248
      
7
    
$
16,927
    
$
1,250
      
8
  
U.S. government sponsored enterprises
    
-
      
-
      
-
      
11,190
      
1,846
      
5
      
11,190
      
1,846
      
5
  
State and political subdivisions
    
-
      
-
      
-
      
63
      
1
      
1
      
63
      
1
      
1
  
Mortgage-backed securities-residential
    
4,685
      
23
      
2
      
21,360
      
3,792
      
23
      
26,045
      
3,815
      
25
  
Mortgage-backed securities-multi-family
    
-
      
-
      
-
      
71,955
      
17,116
      
30
      
71,955
      
17,116
      
30
  
Corporate debt securities
    
-
      
-
      
-
      
16,503
      
959
      
14
      
16,503
      
959
      
14
  
Total securities available-for-sale
    
4,921
      
25
      
3
      
137,762
      
24,962
      
80
      
142,683
      
24,987
      
83
  
Securities held-to-maturity:
                                                                        
U.S. Treasury securities
    
-
      
-
      
-
      
22,485
      
1,335
      
7
      
22,485
      
1,335
      
7
  
State and political subdivisions
    
48,382
      
777
      
415
      
245,698
      
34,490
      
1,671
      
294,080
      
35,267
      
2,086
  
Mortgage-backed securities-residential
    
77,859
      
1,178
      
12
      
27,747
      
2,987
      
27
      
105,606
      
4,165
      
39
  
Mortgage-backed securities-multi-family
    
-
      
-
      
-
      
124,529
      
15,777
      
49
      
124,529
      
15,777
      
49
  
Corporate debt securities
    
-
      
-
      
-
      
20,999
      
1,857
      
18
      
20,999
      
1,857
      
18
  
Total securities held-to-maturity
    
126,241
      
1,955
      
427
      
441,458
      
56,446
      
1,772
      
567,699
      
58,401
      
2,199
  
Total securities
  
$
131,162
    
$
1,980
      
430
    
$
579,220
    
$
81,408
      
1,852
    
$
710,382
    
$
83,388
      
2,282
  
The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2024.
   
Less than 12 months
    
More than 12 months
    
Total
  
(In thousands, except number of securities)
  
Fair
value
    
Unrealized
losses
    
Number
of
securities
    
Fair
value
    
Unrealized
losses
    
Number
of
securities
    
Fair
value
    
Unrealized
losses
    
Number
of
securities
  
Securities available-for-sale:
                                                      
U.S. Treasury securities
  
$
24,574
    
$
215
      
1
    
$
16,621
    
$
1,614
      
8
    
$
41,195
    
$
1,829
      
9
  
U.S. government sponsored enterprises
    
-
      
-
      
-
      
10,974
      
2,068
      
5
      
10,974
      
2,068
      
5
  
State and political subdivisions
    
-
      
-
      
-
      
62
      
1
      
1
      
62
      
1
      
1
  
Mortgage-backed securities-residential
    
1,913
      
8
      
2
      
22,700
      
3,886
      
23
      
24,613
      
3,894
      
25
  
Mortgage-backed securities-multi-family
    
-
      
-
      
-
      
72,300
      
17,961
      
31
      
72,300
      
17,961
      
31
  
Corporate debt securities
    
-
      
-
      
-
      
16,360
      
1,335
      
16
      
16,360
      
1,335
      
16
  
Total securities available-for-sale
    
26,487
      
223
      
3
      
139,017
      
26,865
      
84
      
165,504
      
27,088
      
87
  
Securities held-to-maturity:
                                                                        
U.S. Treasury securities
    
-
      
-
      
-
      
22,036
      
1,749
      
7
      
22,036
      
1,749
      
7
  
State and political subdivisions
    
32,215
      
474
      
294
      
278,521
      
39,761
      
2,025
      
310,736
      
40,235
      
2,319
  
Mortgage-backed securities-residential
    
-
      
-
      
-
      
29,510
      
3,314
      
28
      
29,510
      
3,314
      
28
  
Mortgage-backed securities-multi-family
    
-
      
-
      
-
      
125,966
      
17,397
      
47
      
125,966
      
17,397
      
47
  
Corporate debt securities
    
-
      
-
      
-
      
20,276
      
2,505
      
41
      
20,276
      
2,505
      
41
  
Total securities held-to-maturity
    
32,215
      
474
      
294
      
476,309
      
64,726
      
2,148
      
508,524
      
65,200
      
2,442
  
Total securities
  
$
58,702
    
$
697
      
297
    
$
615,326
    
$
91,591
      
2,232
    
$
674,028
    
$
92,288
      
2,529
  
Investments Classified by Contractual Maturity Date The estimated fair values of debt securities at December 31, 2024, by contractual maturity are shown below. Expected maturities may differ from contractual maturities, because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
Securities available-for-sale
  
Amortized cost
    
Fair value
  
Within one year
  
$
221,897
    
$
223,014
  
After one year through five years
    
39,978
      
37,718
  
After five years through ten years
    
10,420
      
8,685
  
After ten years
    
-
      
-
  
Total securities available-for-sale
    
272,295
      
269,417
  
Mortgage-backed securities
    
125,924
      
105,036
  
Total securities available-for-sale
    
398,219
      
374,453
  
                 
Securities held-to-maturity
                
Within one year
    
57,659
      
57,233
  
After one year through five years
    
164,880
      
161,660
  
After five years through ten years
    
181,286
      
164,244
  
After ten years
    
103,669
      
92,406
  
Total securities held-to-maturity
    
507,494
      
475,543
  
Mortgage-backed securities
    
263,850
      
243,980
  
Total securities held-to-maturity
    
771,344
      
719,523
  
Total securities
  
$
1,169,563
    
$
1,093,976
  
v3.25.0.1
Loans and Allowance for Credit Losses on Loans (Tables)
 6 Months Ended
Dec. 31, 2024
Loans and Allowance for Credit Losses on Loans [Abstract]  
Major Loan Segments and Classes Loan segments at December 31, 2024 and June 30, 2024 are summarized as follows:
(In thousands)
 December 31, 2024   June 30, 2024 
Residential real estate
 
$
418,968
  
$
417,589
 
Commercial real estate
  
983,072
   
936,640
 
Home equity
  
31,780
   
29,166
 
Consumer
  
4,672
   
4,771
 
Commercial
  
112,908
   
111,307
 
Total gross loans(1)(2)
  
1,551,400
   
1,499,473
 
Allowance for credit losses on loans
  
(20,191
)
  
(19,244
)
Loans receivable, net
 
$
1,531,209
  
$
1,480,229
 
(1)
Loan balances include net deferred fees/costs of ($188,000) and ($42,000) at December 31, 2024 and June 30, 2024, respectively.
(2)
Loan balances exclude accrued interest receivable of $6.9 million and $6.2 million at December 31, 2024 and June 30, 2024, respectively, which is included in accrued interest receivable in the consolidated statement of financial condition.
Delinquent and/or Nonaccrual Loans by Past Due Status The following table sets forth information regarding delinquent and/or non-accrual loans at December 31, 2024:
(In thousands)
 
30-59
days
past due
  
60-89
days
past due
  
90 days
or more
past due
  
Total
past due
  
Current
  
Total Loans
  
Loans
on non-
accrual
 
Residential real estate
 
$
2,289
  
$
983
  
$
1,920
  
$
5,192
  
$
413,776
  
$
418,968
  
$
2,937
 
Commercial real estate
  
110
   
-
   
658
   
768
   
982,304
   
983,072
   
936
 
Home equity
  
51
   
-
   
33
   
84
   
31,696
   
31,780
   
34
 
Consumer
  
1
   
26
   
-
   
27
   
4,645
   
4,672
   
-
 
Commercial loans
  
32
   
68
   
148
   
248
   
112,660
   
112,908
   
148
 
Total gross loans
 
$
2,483
  
$
1,077
  
$
2,759
  
$
6,319
  
$
1,545,081
  
$
1,551,400
  
$
4,055
 
The following table sets forth information regarding delinquent and/or non-accrual loans at June 30, 2024:
(In thousands)
 
30-59
days
past due
  
60-89
days
past due
  
90 days
or more
past due
  
Total
past due
  
Current
  
Total loans
  
Loans
on non-
accrual
 
Residential real estate
 
$
-
  
$
838
  
$
1,414
  
$
2,252
  
$
415,337
  
$
417,589
  
$
2,518
 
Commercial real estate
  
-
   
-
   
806
   
806
   
935,834
   
936,640
   
1,163
 
Home equity
  
14
   
-
   
47
   
61
   
29,105
   
29,166
   
47
 
Consumer
  
47
   
6
   
-
   
53
   
4,718
   
4,771
   
-
 
Commercial
  
-
   
-
   
-
   
-
   
111,307
   
111,307
   
-
 
Total gross loans
 
$
61
  
$
844
  
$
2,267
  
$
3,172
  
$
1,496,301
  
$
1,499,473
  
$
3,728
 
Activity and Allocation of Allowance for Loan Losses The following tables set forth the activity and allocation of the allowance for credit losses on loans by segment:
  
Activity for the three months ended December 31, 2024
 
(In thousands)
 
Residential
real estate
  
Commercial
real estate
  
Home equity
  
Consumer
  
Commercial
  
Total
 
Balance at September 30, 2024
 
$
4,475
  
$
12,648
  
$
232
  
$
454
  
$
1,972
  
$
19,781
 
Charge-offs
  
-
   
-
   
-
   
(123
)
  
(7
)
  
(130
)
Recoveries
  
-
   
1
   
-
   
25
   
9
   
35
 
Provision
  
56
   
284
   
2
   
58
   
105
   
505
 
Balance at December 31, 2024
 
$
4,531
  
$
12,933
  
$
234
  
$
414
  
$
2,079
  
$
20,191
 
  
Activity for the three months ended December 31, 2023
 
(In thousands)
 
Residential
real estate
  
Commercial
real estate
  
Home equity
  
Consumer
  
Commercial
  
Total
 
Balance at September 30, 2023
 
$
3,869
  
$
12,356
  
$
188
  
$
490
  
$
3,346
  
$
20,249
 
Charge-offs
  
-
   
-
   
-
   
(154
)
  
(6
)
  
(160
)
Recoveries
  
-
   
-
   
-
   
28
   
9
   
37
 
Provision
  
141
   
167
   
4
   
122
   
(251
)
  
183
 
Balance at December 31, 2023
 
$
4,010
  
$
12,523
  
$
192
  
$
486
  
$
3,098
  
$
20,309
 
  
Activity for the six months ended December 31, 2024
 
(In thousands)
 
Residential
Real Estate
  
Commercial
Real Estate
  
Home Equity
  
Consumer
  
Commercial
  
Total
 
Balance at June 30, 2024
 
$
4,237
  
$
12,218
  
$
212
  
$
500
  
$
2,077
  
$
19,244
 
Charge-offs
  
(44
)
  
(5
)
  
(13
)
  
(200
)
  
(13
)
  
(275
)
Recoveries
  
2
   
2
   
-
   
44
   
18
   
66
 
Provision
  
336
   
718
   
35
   
70
   
(3
)
  
1,156
 
Balance at December 31, 2024
 
$
4,531
  
$
12,933
  
$
234
  
$
414
  
$
2,079
  
$
20,191
 
 
  
Activity for the six months ended December 31, 2023
 
(In thousands)
 
Residential
Real Estate
  
Commercial
Real Estate
  
Home Equity
  
Consumer
  
Commercial
  
Total
 
Balance at June 30, 2023
 
$
2,794
  
$
14,839
  
$
46
  
$
332
  
$
3,201
  
$
21,212
 
Adoption of ASU No. 2016-13
  
1,182
   
(2,889
)
  
117
   
137
   
121
   
(1,332
)
Charge-offs
  
-
   
-
   
-
   
(276
)
  
(13
)
  
(289
)
Recoveries
  
-
   
1
   
-
   
54
   
18
   
73
 
Provision
  
34
   
572
   
29
   
239
   
(229
)
  
645
 
Balance at December 31, 2023
 
$
4,010
  
$
12,523
  
$
192
  
$
486
  
$
3,098
  
$
20,309
 
Loan Balances by Internal Credit Quality Indicator The following tables present the amortized cost basis of the Company’s loans by class and vintage and includes gross charge-offs by loan class and vintage as of the six months ended December 31, 2024:
  
At December 31, 2024
 
  
Term loans amortized cost basis by origination year
  
Revolving
loans
amortized
cost basis
  
Revolving
loans
converted
to term
  
Total
 
(In thousands)
 
2025
  
2024
  
2023
  
2022
  
2021
  
Prior
 
Residential real estate
                        
By payment activity status:
                           
Performing
 
$
20,573
  
$
56,299
  
$
61,329
  
$
88,973
  
$
75,098
  
$
113,759
  
$
-
  
$
-
  
$
416,031
 
Non-performing
  
-
   
-
   
-
   
60
   
-
   
2,877
   
-
   
-
   
2,937
 
Total residential real estate
  
20,573
   
56,299
   
61,329
   
89,033
   
75,098
   
116,636
   
-
   
-
   
418,968
 
Current period gross charge-offs
  
-
   
-
   
-
   
-
   
44
   
-
   
-
   
-
   
44
 
                                     
Commercial real estate
                                    
By internally assigned grade:
                                    
Pass
  
76,133
   
116,089
   
188,886
   
238,533
   
122,362
   
196,346
   
3,675
   
2,464
   
944,488
 
Special mention
  
-
   
-
   
7,985
   
667
   
279
   
5,947
   
-
   
-
   
14,878
 
Substandard
  
-
   
325
   
2,654
   
3,450
   
158
   
17,119
   
-
   
-
   
23,706
 
Total commercial real estate
  
76,133
   
116,414
   
199,525
   
242,650
   
122,799
   
219,412
   
3,675
   
2,464
   
983,072
 
Current period gross charge-offs
  
-
   
-
   
-
   
-
   
-
   
5
   
-
   
-
   
5
 
                                     
Home equity
                                    
By payment activity status:
                                    
Performing
  
1,649
   
5,394
   
2,652
   
282
   
376
   
1,013
   
20,380
   
-
   
31,746
 
Non-performing
  
-
   
-
   
-
   
-
   
-
   
2
   
32
   
-
   
34
 
Total home equity
  
1,649
   
5,394
   
2,652
   
282
   
376
   
1,015
   
20,412
   
-
   
31,780
 
Current period gross charge-offs
  
-
   
-
   
-
   
-
   
-
   
-
   
13
   
-
   
13
 
                                     
Consumer
                                    
By payment activity status:
                                    
Performing
  
1,139
   
1,697
   
947
   
503
   
215
   
83
   
88
   
-
   
4,672
 
Non-performing
  
-
   
-
   
-
   
-
   
-
   
-
   
-
   
-
   
-
 
Total Consumer
  
1,139
   
1,697
   
947
   
503
   
215
   
83
   
88
   
-
   
4,672
 
Current period gross charge-offs
  
158
   
36
   
-
   
5
   
1
   
-
   
-
   
-
   
200
 
                                     
Commercial
                                    
By internally assigned grade:
                                    
Pass
  
6,059
   
11,766
   
8,921
   
5,995
   
13,607
   
17,314
   
39,596
   
-
   
103,258
 
Special mention
  
-
   
-
   
-
   
5,504
   
-
   
147
   
421
   
192
   
6,264
 
Substandard
  
-
   
-
   
-
   
1,687
   
32
   
649
   
1,018
   
-
   
3,386
 
Total Commercial
 
$
6,059
  
$
11,766
  
$
8,921
  
$
13,186
  
$
13,639
  
$
18,110
  
$
41,035
  
$
192
  
$
112,908
 
Current period gross charge-offs
 
$
-
  
$
-
  
$
-
  
$
-
  
$
-
  
$
-
  
$
13
  
$
-
  
$
13
 
 
The following tables present the amortized cost basis of the Company’s loans by class and vintage and includes gross charge-offs by loan class and vintage as of the twelve months ended June 30, 2024:
  
At June 30, 2024
 
  
Term loans amortized cost basis by origination year
  
Revolving
loans
amortized
cost basis
  
Revolving
loans
converted
to term
  
Total
 
(In thousands)
 
2024
  
2023
  
2022
  
2021
  
2020
  
Prior
 
Residential real estate
                           
By payment activity status:
                           
Performing
 
$
55,070
  
$
62,643
  
$
92,995
  
$
79,815
  
$
32,588
  
$
91,936
  
$
-
  
$
24
  
$
415,071
 
Non-performing
  
-
   
-
   
-
   
185
   
169
   
2,164
   
-
   
-
   
2,518
 
Total residential real estate
  
55,070
   
62,643
   
92,995
   
80,000
   
32,757
   
94,100
   
-
   
24
   
417,589
 
Current period gross charge-offs
  
-
   
-
   
-
   
-
   
-
   
-
   
-
   
-
   
-
 
                                     
Commercial real estate
                                    
By internally assigned grade:
                                    
Pass
  
103,537
   
210,652
   
242,917
   
126,135
   
79,431
   
135,928
   
4,716
   
363
   
903,679
 
Special mention
  
-
   
1,188
   
2,468
   
295
   
430
   
4,102
   
-
   
-
   
8,483
 
Substandard
  
329
   
1,680
   
3,493
   
158
   
4,046
   
14,772
   
-
   
-
   
24,478
 
Total commercial real estate
  
103,866
   
213,520
   
248,878
   
126,588
   
83,907
   
154,802
   
4,716
   
363
   
936,640
 
Current period gross charge-offs
  
-
   
-
   
-
   
-
   
-
   
-
   
-
   
-
   
-
 
                                     
Home equity
                                    
By payment activity status:
                                    
Performing
  
5,929
   
2,888
   
336
   
429
   
266
   
1,128
   
18,143
   
-
   
29,119
 
Non-performing
  
-
   
-
   
-
   
-
   
-
   
-
   
47
   
-
   
47
 
Total home equity
  
5,929
   
2,888
   
336
   
429
   
266
   
1,128
   
18,190
   
-
   
29,166
 
Current period gross charge-offs
  
-
   
-
   
-
   
-
   
-
   
-
   
-
   
-
   
-
 
                                     
Consumer
                                    
By payment activity status:
                                    
Performing
  
2,363
   
1,217
   
689
   
277
   
83
   
65
   
77
   
-
   
4,771
 
Non-performing
  
-
   
-
   
-
   
-
   
-
   
-
   
-
   
-
   
-
 
Total Consumer
  
2,363
   
1,217
   
689
   
277
   
83
   
65
   
77
   
-
   
4,771
 
Current period gross charge-offs
  
393
   
22
   
49
   
7
   
1
   
-
   
9
   
-
   
481
 
                                     
Commercial
                                    
By internally assigned grade:
                                    
Pass
  
12,761
   
8,919
   
12,845
   
14,587
   
4,934
   
15,280
   
32,001
   
636
   
101,963
 
Special mention
  
-
   
-
   
78
   
-
   
35
   
834
   
3,893
   
-
   
4,840
 
Substandard
  
-
   
-
   
1,765
   
34
   
165
   
265
   
2,275
   
-
   
4,504
 
Total Commercial
 
$
12,761
  
$
8,919
  
$
14,688
  
$
14,621
  
$
5,134
  
$
16,379
  
$
38,169
  
$
636
  
$
111,307
 
Current period gross charge-offs
 
$
-
  
$
-
  
$
-
  
$
989
  
$
-
  
$
137
  
$
26
  
$
-
  
$
1,152
 
Loans Modified to Borrowers Experiencing Financial Difficulty by type of Concession Granted The following tables present the amortized cost basis of the loans modified to borrowers experiencing financial difficulty by type of concession granted:
  
For the three and six months ended
December 31, 2024
 
  
Interest rate reduction
 
(Dollars in thousands)
 
Amortized cost
  
Percentage of total
class
 
Commercial real estate
 
$
2,569
   
0.26
%
Total
 
$
2,569
     
Financial Effect of Modifications Made to Borrowers Experiencing Financial Difficulty The following table presents the financial effect of the modifications made to borrowers experiencing financial difficulty:
  
For the three and six months ended
December 31, 2024
       
Loan type
  
Interest rate reduction
Commercial real estate
  
Interest rates were reduced by an average of 1.45%
Loans Modified to Borrowers Experiencing Financial Difficulty The following table depicts the performance of loans that have been modified to borrowers experiencing financial difficulty that were modified in the prior twelve months at amortized cost basis:
  
At December 31, 2024
 
(In thousands)
 
Current
  
30-59 days
past due
  
60-89 days
past due
  
90 days
or more past
due
  
Total
 
Commercial real estate
 
$
6,645
  
$
-
  
$
-
  
$
-
  
$
6,645
 
Consumer
  
-
   
-
   
18
   
-
   
18
 
Total
 
$
6,645
  
$
-
  
$
18
  
$
-
  
$
6,663
 
v3.25.0.1
Fair Value Measurements and Fair Value of Financial Instruments (Tables)
 6 Months Ended
Dec. 31, 2024
Fair Value Measurements and Fair Value of Financial Instruments [Abstract]  
Assets Measured at Fair Value on Recurring Basis For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used are as follows:
     
Fair Value Measurements Using
 
     
Quoted prices
in active
markets for
identical assets
  
Significant
other observable
inputs
  
Significant
unobservable
inputs
 
(In thousands)
 
December 31, 2024
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Assets:
            
U.S. Treasury securities
 
$
16,927
  
$
-
  
$
16,927
  
$
-
 
U.S. government sponsored enterprises
  
11,190
   
-
   
11,190
   
-
 
State and political subdivisions
  
222,817
   
-
   
222,817
   
-
 
Mortgage-backed securities-residential
  
33,081
   
-
   
33,081
   
-
 
Mortgage-backed securities-multi-family
  
71,955
   
-
   
71,955
   
-
 
Corporate debt securities
  
18,483
   
-
   
18,483
   
-
 
Securities available-for-sale
  
374,453
   
-
   
374,453
   
-
 
Equity securities
  
371
   
371
   
-
   
-
 
Interest rate swaps
  
757
       
757
     
Total
 
$
375,581
  
$
371
  
$
375,210
  
$
-
 
                 
Liabilities:
                
Interest rate swaps
 
$
757
  
$
-
  
$
757
  
$
-
 
Total
 
$
757
  
$
-
  
$
757
  
$
-
 
 
     
Fair Value Measurements Using
 
     
Quoted prices
in active markets
for identical
assets
  
Significant
other observable
inputs
  
Significant
unobservable
inputs
 
(In thousands)
 
June 30, 2024
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Assets:
            
U.S. Treasury securities
 
$
41,195
  
$
-
  
$
41,195
  
$
-
 
U.S. government sponsored enterprises
  
10,974
   
-
   
10,974
   
-
 
State and political subdivisions
  
170,669
   
-
   
170,669
   
-
 
Mortgage-backed securities-residential
  
36,575
   
-
   
36,575
   
-
 
Mortgage-backed securities-multi-family
  
72,300
   
-
   
72,300
   
-
 
Corporate debt securities
  
18,288
   
-
   
18,288
   
-
 
Securities available-for-sale
  
350,001
   
-
   
350,001
   
-
 
Equity securities
  
328
   
328
   
-
   
-
 
Interest rate swaps
  
585
   
-
   
585
   
-
 
Total
 
$
350,914
  
$
328
  
$
350,586
  
$
-
 
                 
Liabilities:
                
Interest rate swaps
 
$
585
  
$
-
  
$
585
  
$
-
 
Total
 
$
585
  
$
-
  
$
585
  
$
-
 
Fair Value Measurements for Loans Evaluated Individually and Foreclosed Real Estate In addition to disclosures of the fair value of assets on a recurring basis, FASB ASC Topic 820 on “Fair Value Measurement” requires disclosures for assets and liabilities measured at fair value on a nonrecurring basis, such as loans evaluated individually for expected credit losses in the period in which a re-measurement at fair value is performed. The Company uses the fair value of underlying collateral, less costs to sell, to estimate the allowance for credit losses for individually evaluated loans. Management may modify the appraised values, for qualitative factors such as economic conditions and estimated liquidation expenses ranging from 8% to 45%. Such modifications to the appraised values could result in lower valuations of such collateral. Based on the valuation techniques used, the fair value measurements for loans evaluated individually are classified as Level 3.
Fair values for foreclosed real estate are initially recorded at the estimated fair value of the property less estimated costs to dispose at the time of acquisition to establish a new carrying value. Values are derived from appraisals, similar to loans evaluated individually for expected credit loss, of underlying collateral. Any write-downs from the carrying value of the loan to estimated fair value, which are required at the time of foreclosure, are charged to the allowance for credit losses. Subsequent adjustments to the carrying value of such properties resulting from declines in fair value result in the establishment of a valuation allowance and are charged to operations in the period in which the declines occur. In the determination of fair value subsequent to foreclosure, management may modify the appraised values, for qualitative factors such as economic conditions and estimated liquidation expenses ranging from 10% to 60%. Such modifications to the appraised values could result in lower valuations of such collateral. Based on the valuation techniques used, the fair value measurements for foreclosed real estate are classified as Level 3.
     
December 31, 2024
  
June 30, 2024
 
(In thousands)
 
Fair value
hierarchy
  
Carrying
amount
  
Estimated
fair value
  
Carrying
amount
  
Estimated
fair value
 
                
Loans evaluated individually
  
3
  
$
1,611
   
1,063
  
$
1,405
  
$
662
 
Carrying Amounts and Estimated Fair Value of Financial Instruments The carrying amounts and estimated fair value of financial instruments are as follows:
  
December 31, 2024
  
Fair value measurements using
 
(In thousands)
 
Carrying
amount
  
Fair value
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Cash and cash equivalents
 
$
166,443
  
$
166,443
  
$
166,443
  
$
-
  
$
-
 
Long-term certificates of deposit
  
2,577
   
2,563
   
-
   
2,563
   
-
 
Securities available-for-sale
  
374,453
   
374,453
   
-
   
374,453
   
-
 
Securities held-to-maturity
  
770,905
   
719,523
   
-
   
719,523
   
-
 
Equity securities
  
371
   
371
   
371
   
-
   
-
 
Federal Home Loan Bank stock
  
10,669
   
10,669
   
-
   
10,669
   
-
 
Net loans receivable
  
1,531,209
   
1,452,668
   
-
   
-
   
1,452,668
 
Accrued interest receivable
  
16,623
   
16,623
   
-
   
16,623
   
-
 
Interest rate swaps asset
  
757
   
757
   
-
   
757
   
-
 
                     
Deposits
  
2,467,258
   
2,466,667
   
-
   
2,466,667
   
-
 
Borrowings
  
201,076
   
201,387
   
-
   
201,387
   
-
 
Subordinated notes payable, net
  
49,774
   
47,738
   
-
   
47,738
   
-
 
Accrued interest payable
  
1,135
   
1,135
   
-
   
1,135
   
-
 
Interest rate swaps liability
  
757
   
757
   
-
   
757
   
-
 
  
June 30, 2024
  
Fair value measurements using
 
(In thousands)
 
Carrying
amount
  
Fair value
  
(Level 1)
  
(Level 2)
  
(Level 3)
 
Cash and cash equivalents
 
$
190,395
  
$
190,395
  
$
190,395
  
$
-
  
$
-
 
Long-term certificate of deposit
  
2,831
   
2,760
   
-
   
2,760
   
-
 
Securities available-for-sale
  
350,001
   
350,001
   
-
   
350,001
   
-
 
Securities held-to-maturity
  
690,354
   
630,241
   
-
   
630,241
   
-
 
Equity securities
  
328
   
328
   
328
   
-
   
-
 
Federal Home Loan Bank stock
  
7,296
   
7,296
   
-
   
7,296
   
-
 
Net loans receivable
  
1,480,229
   
1,387,325
   
-
   
-
   
1,387,325
 
Accrued interest receivable
  
14,269
   
14,269
   
-
   
14,269
   
-
 
Interest rate swap asset
  
585
   
585
   
-
   
585
   
-
 
                     
Deposits
  
2,389,222
   
2,388,305
   
-
   
2,388,305
   
-
 
Borrowings
  
149,456
   
149,438
   
-
   
149,438
   
-
 
Subordinated notes payable, net
  
49,681
   
46,114
   
-
   
46,114
   
-
 
Accrued interest payable
  
1,551
   
1,551
   
-
   
1,551
   
-
 
Interest rate swap liability
  
585
   
585
   
-
   
585
   
-
 
v3.25.0.1
Derivative Instruments (Tables)
 6 Months Ended
Dec. 31, 2024
Derivative Instruments [Abstract]  
Notional Amount and Fair Values of Interest Rate Derivative Positions The following table present the notional amount and fair values of interest rate derivative positions:
 
At December 31, 2024
 
 
Asset derivatives
  
Liability derivatives
 
(In thousands)
Statement of
financial
condition 
location
  
Notional
amount
  
Fair value
  
Statement of
financial condition
location
  
Notional
amount
  
Fair value
 
Interest rate derivatives
Other Assets
  
$
98,569
  
$
757
  
Other Liabilities
  
$
98,569
  
$
757
 
Less cash collateral
        
-
  
Other Liabilities
       
-
 
Total after netting
       
$
757
         
$
757
 
 At June 30, 2024 
 Asset derivatives  Liability derivatives 
(In thousands)
Statement of
financial
condition 
location		  Notional
amount		  Fair value  Statement of
financial condition
location		  Notional
amount		  Fair value 
Interest rate derivatives
  Other Assets  
$
50,707
  
$
585
  Other Liabilities  
$
50,707
  
$
585
 
Less cash collateral
        
-
  Other Liabilities       
(410
)
Total after netting
       
$
585
         
$
175
 
 
v3.25.0.1
Earnings Per Share (Tables)
 6 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share, Basic and Diluted Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during the period.  Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares that would have been outstanding under the treasury stock method if all potentially dilutive common shares (such as stock options) issued became vested during the period. Unallocated common shares held by the ESOP are not included in the weighted-average number of common shares outstanding for either the basic or diluted EPS calculations.  There were no dilutive or anti-dilutive securities or contracts outstanding during the three and six months ended December 31, 2024 and 2023.
  
For the three months
ended December 31,
  
For the six months
ended December 31,
 
  
2024
  
2023
  
2024
  
2023
 
             
Net Income
 
$
7,490,000
  
$
5,707,000
  
$
13,751,000
  
$
12,176,000
 
Weighted average shares - basic
  
17,026,828
   
17,026,828
   
17,026,828
   
17,026,828
 
Weighted average shares - diluted
  
17,026,828
   
17,026,828
   
17,026,828
   
17,026,828
 
                 
Earnings per share - basic
 
$
0.44
  
$
0.34
  
$
0.81
  
$
0.72
 
Earnings per share - diluted
 
$
0.44
  
$
0.34
  
$
0.81
  
$
0.72
 
v3.25.0.1
Employee Benefit Plans (Tables)
 6 Months Ended
Dec. 31, 2024
Employee Benefit Plans [Abstract]  
Components of Net Periodic Pension Costs The components of net periodic pension cost related to the defined benefit pension plan were as follows:
                 
    Three months ended December 31,     Six months ended December 31,  
(In thousands)
   2024     2023     2024     2023  
Interest cost
  
$
53
    
$
52
    
$
106
    
$
104
  
Expected return on plan assets
    
(57
)
    
(55
)
    
(114
)
    
(110
)
Amortization of net loss
    
8
      
19
      
16
      
38
  
Net periodic pension expense
  
$
4
    
$
16
    
$
8
    
$
32
  
v3.25.0.1
Stock-Based Compensation (Tables)
 6 Months Ended
Dec. 31, 2024
Stock-Based Compensation [Abstract]  
Summary of Phantom Stock Option Activity and Related Information A summary of the Company’s phantom stock option activity and related information for the Plan for the three and six months ended December 31, 2024 and 2023 were as follows:
   
Three months ended December 31,
    
Six months ended December 31,
  
   
2024
    
2023
    
2024
    
2023
  
Number of options outstanding, beginning of period
    
2,656,630
      
3,207,935
      
2,253,535
      
2,535,840
  
Options granted
    
-
      
-
      
651,595
      
672,095
  
Options forfeited
    
(12,000
)
    
-
      
(12,000
)
    
-
  
Options paid in cash upon vesting
    
(771,040
)
    
(890,400
)
    
(1,019,540
)
    
(890,400
)
Number of options outstanding, end of period
    
1,873,590
      
2,317,535
      
1,873,590
      
2,317,535
  
 
                 
    Three months ended December 31,     Six months ended December 31,  
(In thousands)
   2024     2023     2024     2023  
Cash paid out on options vested
  
$
3,312
    
$
4,051
    
$
4,249
    
$
4,051
  
Compensation expense recognized
  
$
633
    
$
762
    
$
1,244
    
$
1,394
  
v3.25.0.1
Accumulated Other Comprehensive Loss (Tables)
 6 Months Ended
Dec. 31, 2024
Accumulated Other Comprehensive Loss [Abstract]  
Components of Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss are presented as follows:
Activity for the three months ended December 31, 2024 and 2023
(In thousands)
  
Unrealized
losses on
securities
available-for-
sale
    
Pension
benefits
    
Total
  
Balance – September 30, 2024
  
$
(13,612
)
  
$
(528
)
  
$
(14,140
)
Other comprehensive loss before reclassification
    
(3,802
)
    
-
      
(3,802
)
Other comprehensive loss for the three months ended December 31, 2024
    
(3,802
)
    
-
      
(3,802
)
Balance – December 31, 2024
  
$
(17,414
)
  
$
(528
)
  
$
(17,942
)
                         
Balance – September 30, 2023
  
$
(24,243
)
  
$
(877
)
  
$
(25,120
)
Other comprehensive income before reclassification
    
6,050
      
-
      
6,050
  
Other comprehensive income for the three months ended December 31, 2023
    
6,050
      
-
      
6,050
  
Balance – December 31, 2023
  
$
(18,193
)
  
$
(877
)
  
$
(19,070
)
(In thousands)
  
Unrealized
losses on
securities
available-for-
sale
    
Pension
benefits
    
Total
  
Balance – June 30, 2024
  
$
(19,182
)
  
$
(528
)
  
$
(19,710
)
Other comprehensive income before reclassification
    
1,768
      
-
      
1,768
  
Other comprehensive income for the six months ended December 31, 2024
    
1,768
      
-
      
1,768
  
Balance – December 31, 2024
  
$
(17,414
)
  
$
(528
)
  
$
(17,942
)
                         
Balance – June 30, 2023
  
$
(20,531
)
  
$
(877
)
  
$
(21,408
)
Other comprehensive income before reclassification
    
2,338
      
-
      
2,338
  
Other comprehensive income for the six months ended December 31, 2023
    
2,338
      
-
      
2,338
  
Balance – December 31, 2023
  
$
(18,193
)
  
$
(877
)
  
$
(19,070
)
v3.25.0.1
Operating leases (Tables)
 6 Months Ended
Dec. 31, 2024
Operating leases [Abstract]  
Quantitative Data Related to Operating Leases The following includes quantitative data related to the Company’s operating leases at December 31, 2024 and June 30, 2024, and for the three and six months ended December 31, 2024 and 2023:
(In thousands)
            
Operating lease amounts:
  
December 31, 2024
    
June 30, 2024
  
Right-of-use assets
  
$
1,972
    
$
2,071
  
Lease liabilities
  
$
2,057
    
$
2,159
  
   
For the three months ended
December 31,
  
(In thousands)
  
2024
    
2023
  
Other information:
            
Operating outgoing cash flows from operating leases
  
$
125
    
$
115
  
                 
Lease costs:
                
Operating lease cost
  
$
114
    
$
106
  
Variable lease cost
  
$
11
    
$
11
  
   
For the six months ended
December 31,
  
(In thousands)
  
2024
    
2023
  
Other information:
            
Operating outgoing cash flows from operating leases
  
$
250
    
$
228
  
Right-of-use assets obtained in exchange for new operating lease liabilities
  
$
117
    
$
561
  
                 
Lease costs:
                
Operating lease cost
  
$
227
    
$
208
  
Variable lease cost
  
$
22
    
$
22
  
Undiscounted Cash Flows of Operating Lease Liabilities The following is a schedule by year of the undiscounted cash flows of the operating lease liabilities, as of December 31, 2024:
(In thousands, except weighted-average information)
      
Within the twelve months ended December 31,
      
2025
  
$
507
  
2026
    
510
  
2027
    
418
  
2028
    
335
  
2029
    
232
  
Thereafter
    
226
  
Total undiscounted cash flow
    
2,228
  
Less net present value adjustment
    
(171
)
Lease liability
  
$
2,057
  
         
Weighted-average remaining lease term (years)
    
4.87
  
Weighted-average discount rate
    
3.16
%
v3.25.0.1
Commitments and Contingent Liabilities (Tables)
 6 Months Ended
Dec. 31, 2024
Commitments and Contingent Liabilities [Abstract]  
Credit-related Financial Instruments with Off-Balance Sheet Risk The table summarizes the outstanding amounts of credit-related financial instruments with off-balance sheet risk:
(In thousands)
  
December 31, 2024
    
June 30, 2024
  
Unfunded loan commitments
  
$
141,903
    
$
107,966
  
Unused lines of credit
    
103,481
      
99,176
  
Standby letters of credit
    
779
      
754
  
Total credit-related financial instruments with off-balance sheet risk
  
$
246,163
    
$
207,896
  
v3.25.0.1
Variable Interest Entities (Tables)
 6 Months Ended
Dec. 31, 2024
Variable Interest Entities [Abstract]  
Solar Tax Credit Investments and Related Unfunded Commitments The following table summarizes the Company’s solar tax credit investments and related unfunded commitments:
(In thousands)
  
December 31, 2024
  
Gross investment in solar tax credit investments
  
$
2,586
  
Accumulated amortization
    
(2,524
)
Net investment in solar tax credit investments
  
$
62
  
         
Unfunded commitments for solar tax credit investments
  
$
414
  
 
v3.25.0.1
Summary of Significant Accounting Policies (Details)
Dec. 31, 2024
Office
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Number of offices (in Office) 18
Minimum [Member]  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Accrued interest receivable threshold period for past due write off 90 days
Maximum [Member]  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Accrued interest receivable threshold period for past due write off 120 days
v3.25.0.1
Securities (Details)
 3 Months Ended 6 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2024
USD ($)
Category
Dec. 31, 2023
USD ($)
Jun. 30, 2024
USD ($)
Debt Securities, Available-for-Sale [Line Items]          
Accrued interest receivable $ 4,500,000   $ 4,500,000   $ 4,000,000
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Accrued interest receivable   Accrued interest receivable   Accrued interest receivable
Allowance for credit loss $ 0   $ 0   $ 0
Accrued interest receivable $ 5,200,000   $ 5,200,000   $ 4,100,000
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Accrued interest receivable   Accrued interest receivable   Accrued interest receivable
Number of categories utilized under risk management approach of diversified investing (in Category) | Category     3    
Available for sale securities transferred at fair value to held to maturity $ 0 $ 0 $ 0 $ 0  
Proceeds from sale of available-for-sale securities 0 0 0 0  
Gross realized gains (losses) on sale of available-for-sale securities 0 0 0 0  
Investment in Federal Home Loan Bank Stock [Member]          
Debt Securities, Available-for-Sale [Line Items]          
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Writeoff 0 $ 0 0 $ 0  
Deposits in Excess of FDIC Insurance Limits [Member] | Asset Pledged as Collateral [Member]          
Debt Securities, Available-for-Sale [Line Items]          
Securities, fair value 1,000,000,000   1,000,000,000   $ 894,500,000
Potential Borrowings at Federal Reserve Bank Discount Window and Bank Term Funding Program [Member] | Asset Pledged as Collateral [Member]          
Debt Securities, Available-for-Sale [Line Items]          
Securities, fair value $ 19,400,000   $ 19,400,000   $ 40,000,000
v3.25.0.1
Securities - Amortized Cost and Fair Value of Securities Available-for-Sale (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Debt Securities, Available-for-Sale [Line Items]    
Amortized cost [1] $ 398,219 $ 376,179
Unrealized gains 1,221 910
Unrealized losses 24,987 27,088
Fair value 374,453 350,001
US Treasury Securities [Member]    
Debt Securities, Available-for-Sale [Line Items]    
Amortized cost [1] 18,177 43,024
Unrealized gains 0 0
Unrealized losses 1,250 1,829
Fair value 16,927 41,195
U.S. Government Sponsored Enterprises [Member]    
Debt Securities, Available-for-Sale [Line Items]    
Amortized cost [1] 13,036 13,042
Unrealized gains 0 0
Unrealized losses 1,846 2,068
Fair value 11,190 10,974
State and Political Subdivisions [Member]    
Debt Securities, Available-for-Sale [Line Items]    
Amortized cost [1] 221,696 169,842
Unrealized gains 1,122 828
Unrealized losses 1 1
Fair value 222,817 170,669
Mortgage-backed Securities-Residential [Member]    
Debt Securities, Available-for-Sale [Line Items]    
Amortized cost [1] 36,853 40,402
Unrealized gains 43 67
Unrealized losses 3,815 3,894
Fair value 33,081 36,575
Mortgage-backed Securities-Multi-family [Member]    
Debt Securities, Available-for-Sale [Line Items]    
Amortized cost [1] 89,071 90,261
Unrealized gains 0 0
Unrealized losses 17,116 17,961
Fair value 71,955 72,300
Corporate Debt Securities [Member]    
Debt Securities, Available-for-Sale [Line Items]    
Amortized cost [1] 19,386 19,608
Unrealized gains 56 15
Unrealized losses 959 1,335
Fair value $ 18,483 $ 18,288
[1] Amortized cost excludes accrued interest receivable of $4.5 million and $4.0 million at December 31, 2024 and June 30, 2024, respectively, which is included in accrued interest receivable in the consolidated statements of financial condition.
v3.25.0.1
Securities - Amortized Cost and Fair Value and Allowance for Credit Loss on Securities Held-to-Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Schedule of Held-to-Maturity Securities [Line Items]            
Amortized cost [1] $ 771,344   $ 690,837      
Unrealized gains 6,580   4,604      
Unrealized losses 58,401   65,200      
Fair value 719,523   630,241      
Allowance 439 $ 466 483 $ 485 $ 498 $ 0
Net carrying value 770,905   690,354      
U.S. Treasury Securities [Member]            
Schedule of Held-to-Maturity Securities [Line Items]            
Amortized cost [1] 23,820   23,785      
Unrealized gains 0   0      
Unrealized losses 1,335   1,749      
Fair value 22,485   22,036      
Allowance 0   0      
Net carrying value 23,820   23,785      
State and Political Subdivisions [Member]            
Schedule of Held-to-Maturity Securities [Line Items]            
Amortized cost [1] 458,289   450,343      
Unrealized gains 6,480   4,541      
Unrealized losses 35,267   40,235      
Fair value 429,502   414,649      
Allowance 42   44      
Net carrying value 458,247   450,299      
Mortgage-backed Securities-Residential [Member]            
Schedule of Held-to-Maturity Securities [Line Items]            
Amortized cost [1] 123,544   48,033      
Unrealized gains 72   51      
Unrealized losses 4,165   3,314      
Fair value 119,451   44,770      
Allowance 0   0      
Net carrying value 123,544   48,033      
Mortgage-backed Securities-Multi-family [Member]            
Schedule of Held-to-Maturity Securities [Line Items]            
Amortized cost [1] 140,306   143,363      
Unrealized gains 0   0      
Unrealized losses 15,777   17,397      
Fair value 124,529   125,966      
Allowance 0   0      
Net carrying value 140,306   143,363      
Corporate Debt Securities [Member]            
Schedule of Held-to-Maturity Securities [Line Items]            
Amortized cost [1] 25,355   25,282      
Unrealized gains 28   12      
Unrealized losses 1,857   2,505      
Fair value 23,526   22,789      
Allowance 396   438      
Net carrying value 24,959   24,844      
Other Securities [Member]            
Schedule of Held-to-Maturity Securities [Line Items]            
Amortized cost [1] 30   31      
Unrealized gains 0   0      
Unrealized losses 0   0      
Fair value 30   31      
Allowance 1   1      
Net carrying value $ 29   $ 30      
[1] Amortized cost excludes accrued interest receivable of $5.2 million and $4.1 million at December 31, 2024 and June 30, 2024, respectively, which is included in accrued interest receivable in the consolidated statements of financial condition.
v3.25.0.1
Securities - Allowance for Credit Losses on Securities Held-to-Maturity (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]        
Balance at beginning of period $ 466 $ 498 $ 483 $ 0
Benefit for credit losses (27) (13) (44) (18)
Balance at end of period $ 439 485 $ 439 485
Cumulative Effect Adjustment for ASU Implementation [Member] | ASU 2016-13 [Member]        
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]        
Balance at beginning of period   $ 0   $ 503
v3.25.0.1
Securities - Securities in Continuous Unrealized Loss Position (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Security
Jun. 30, 2024
USD ($)
Security
Securities available-for-sale:    
Less than 12 months, fair value $ 4,921 $ 26,487
Less than 12 months, unrealized losses $ 25 $ 223
Less than 12 months, number of securities (in Security) | Security 3 3
More than 12 months, fair value $ 137,762 $ 139,017
More than 12 months, unrealized losses $ 24,962 $ 26,865
More than 12 months, number of securities (in Security) | Security 80 84
Total, fair value $ 142,683 $ 165,504
Total, unrealized losses $ 24,987 $ 27,088
Total, number of securities (in Security) | Security 83 87
Securities held-to-maturity:    
Less than 12 months, fair value $ 126,241 $ 32,215
Less than 12 months, unrealized losses $ 1,955 $ 474
Less than 12 months, number of securities (in Security) | Security 427 294
More than 12 months, fair value $ 441,458 $ 476,309
More than 12 months, unrealized losses $ 56,446 $ 64,726
More than 12 months, number of securities (in Security) | Security 1,772 2,148
Total, fair value $ 567,699 $ 508,524
Total, unrealized losses $ 58,401 $ 65,200
Total, number of securities (in Security) | Security 2,199 2,442
Less than 12 months, fair value $ 131,162 $ 58,702
Less than 12 months, unrealized losses $ 1,980 $ 697
Less than 12 months, number of securities (in Security) | Security 430 297
More than 12 months, fair value $ 579,220 $ 615,326
More than 12 months, unrealized losses $ 81,408 $ 91,591
More than 12 months, number of securities (in Security) | Security 1,852 2,232
Total, fair value $ 710,382 $ 674,028
Total, unrealized losses $ 83,388 $ 92,288
Total, number of securities (in Security) | Security 2,282 2,529
U.S. Treasury Securities [Member]    
Securities available-for-sale:    
Less than 12 months, fair value $ 236 $ 24,574
Less than 12 months, unrealized losses $ 2 $ 215
Less than 12 months, number of securities (in Security) | Security 1 1
More than 12 months, fair value $ 16,691 $ 16,621
More than 12 months, unrealized losses $ 1,248 $ 1,614
More than 12 months, number of securities (in Security) | Security 7 8
Total, fair value $ 16,927 $ 41,195
Total, unrealized losses $ 1,250 $ 1,829
Total, number of securities (in Security) | Security 8 9
Securities held-to-maturity:    
Less than 12 months, fair value $ 0 $ 0
Less than 12 months, unrealized losses $ 0 $ 0
Less than 12 months, number of securities (in Security) | Security 0 0
More than 12 months, fair value $ 22,485 $ 22,036
More than 12 months, unrealized losses $ 1,335 $ 1,749
More than 12 months, number of securities (in Security) | Security 7 7
Total, fair value $ 22,485 $ 22,036
Total, unrealized losses $ 1,335 $ 1,749
Total, number of securities (in Security) | Security 7 7
U.S. Government Sponsored Enterprises [Member]    
Securities available-for-sale:    
Less than 12 months, fair value $ 0 $ 0
Less than 12 months, unrealized losses $ 0 $ 0
Less than 12 months, number of securities (in Security) | Security 0 0
More than 12 months, fair value $ 11,190 $ 10,974
More than 12 months, unrealized losses $ 1,846 $ 2,068
More than 12 months, number of securities (in Security) | Security 5 5
Total, fair value $ 11,190 $ 10,974
Total, unrealized losses $ 1,846 $ 2,068
Total, number of securities (in Security) | Security 5 5
State and Political Subdivisions [Member]    
Securities available-for-sale:    
Less than 12 months, fair value $ 0 $ 0
Less than 12 months, unrealized losses $ 0 $ 0
Less than 12 months, number of securities (in Security) | Security 0 0
More than 12 months, fair value $ 63 $ 62
More than 12 months, unrealized losses $ 1 $ 1
More than 12 months, number of securities (in Security) | Security 1 1
Total, fair value $ 63 $ 62
Total, unrealized losses $ 1 $ 1
Total, number of securities (in Security) | Security 1 1
Securities held-to-maturity:    
Less than 12 months, fair value $ 48,382 $ 32,215
Less than 12 months, unrealized losses $ 777 $ 474
Less than 12 months, number of securities (in Security) | Security 415 294
More than 12 months, fair value $ 245,698 $ 278,521
More than 12 months, unrealized losses $ 34,490 $ 39,761
More than 12 months, number of securities (in Security) | Security 1,671 2,025
Total, fair value $ 294,080 $ 310,736
Total, unrealized losses $ 35,267 $ 40,235
Total, number of securities (in Security) | Security 2,086 2,319
Mortgage-backed Securities-Residential [Member]    
Securities available-for-sale:    
Less than 12 months, fair value $ 4,685 $ 1,913
Less than 12 months, unrealized losses $ 23 $ 8
Less than 12 months, number of securities (in Security) | Security 2 2
More than 12 months, fair value $ 21,360 $ 22,700
More than 12 months, unrealized losses $ 3,792 $ 3,886
More than 12 months, number of securities (in Security) | Security 23 23
Total, fair value $ 26,045 $ 24,613
Total, unrealized losses $ 3,815 $ 3,894
Total, number of securities (in Security) | Security 25 25
Securities held-to-maturity:    
Less than 12 months, fair value $ 77,859 $ 0
Less than 12 months, unrealized losses $ 1,178 $ 0
Less than 12 months, number of securities (in Security) | Security 12 0
More than 12 months, fair value $ 27,747 $ 29,510
More than 12 months, unrealized losses $ 2,987 $ 3,314
More than 12 months, number of securities (in Security) | Security 27 28
Total, fair value $ 105,606 $ 29,510
Total, unrealized losses $ 4,165 $ 3,314
Total, number of securities (in Security) | Security 39 28
Mortgage-backed Securities-Multi-family [Member]    
Securities available-for-sale:    
Less than 12 months, fair value $ 0 $ 0
Less than 12 months, unrealized losses $ 0 $ 0
Less than 12 months, number of securities (in Security) | Security 0 0
More than 12 months, fair value $ 71,955 $ 72,300
More than 12 months, unrealized losses $ 17,116 $ 17,961
More than 12 months, number of securities (in Security) | Security 30 31
Total, fair value $ 71,955 $ 72,300
Total, unrealized losses $ 17,116 $ 17,961
Total, number of securities (in Security) | Security 30 31
Securities held-to-maturity:    
Less than 12 months, fair value $ 0 $ 0
Less than 12 months, unrealized losses $ 0 $ 0
Less than 12 months, number of securities (in Security) | Security 0 0
More than 12 months, fair value $ 124,529 $ 125,966
More than 12 months, unrealized losses $ 15,777 $ 17,397
More than 12 months, number of securities (in Security) | Security 49 47
Total, fair value $ 124,529 $ 125,966
Total, unrealized losses $ 15,777 $ 17,397
Total, number of securities (in Security) | Security 49 47
Corporate Debt Securities [Member]    
Securities available-for-sale:    
Less than 12 months, fair value $ 0 $ 0
Less than 12 months, unrealized losses $ 0 $ 0
Less than 12 months, number of securities (in Security) | Security 0 0
More than 12 months, fair value $ 16,503 $ 16,360
More than 12 months, unrealized losses $ 959 $ 1,335
More than 12 months, number of securities (in Security) | Security 14 16
Total, fair value $ 16,503 $ 16,360
Total, unrealized losses $ 959 $ 1,335
Total, number of securities (in Security) | Security 14 16
Securities held-to-maturity:    
Less than 12 months, fair value $ 0 $ 0
Less than 12 months, unrealized losses $ 0 $ 0
Less than 12 months, number of securities (in Security) | Security 0 0
More than 12 months, fair value $ 20,999 $ 20,276
More than 12 months, unrealized losses $ 1,857 $ 2,505
More than 12 months, number of securities (in Security) | Security 18 41
Total, fair value $ 20,999 $ 20,276
Total, unrealized losses $ 1,857 $ 2,505
Total, number of securities (in Security) | Security 18 41
v3.25.0.1
Securities - Securities by Contractual Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Securities available-for-sale    
Within one year, Amortized cost $ 221,897  
Within one year, Fair value 223,014  
After one year through five years, Amortized cost 39,978  
After one year through five years, Fair value 37,718  
After five years through ten years, Amortized cost 10,420  
After five years through ten years, Fair value 8,685  
After ten years, Amortized cost 0  
After ten years, Fair value 0  
Total securities available-for-sale, Amortized cost 272,295  
Total securities available-for-sale, Fair value 269,417  
Mortgage-backed securities, Amortized cost 125,924  
Mortgage-backed securities, Fair value 105,036  
Total securities available-for-sale, Amortized cost [1] 398,219 $ 376,179
Total securities available-for-sale, Fair value 374,453 350,001
Securities held-to-maturity    
Within one year, Amortized cost 57,659  
Within one year, Fair value 57,233  
After one year through five years, Amortized cost 164,880  
After one year through five years, Fair value 161,660  
After five years through ten years, Amortized cost 181,286  
After five years through ten years, Fair value 164,244  
After ten years, Amortized cost 103,669  
After ten years, Fair value 92,406  
Total securities held-to-maturity, Amortized cost 507,494  
Total securities held-to-maturity, Fair value 475,543  
Mortgage-backed securities, Amortized cost 263,850  
Mortgage-backed securities, Fair value 243,980  
Total securities held-to-maturity, Amortized cost [2] 771,344 690,837
Total securities held-to-maturity, Fair value 719,523 $ 630,241
Total securities, Amortized cost 1,169,563  
Total securities, Fair value $ 1,093,976  
[1] Amortized cost excludes accrued interest receivable of $4.5 million and $4.0 million at December 31, 2024 and June 30, 2024, respectively, which is included in accrued interest receivable in the consolidated statements of financial condition.
[2] Amortized cost excludes accrued interest receivable of $5.2 million and $4.1 million at December 31, 2024 and June 30, 2024, respectively, which is included in accrued interest receivable in the consolidated statements of financial condition.
v3.25.0.1
Loans and Allowance for Credit Losses on Loans (Details)
 6 Months Ended
Dec. 31, 2024
USD ($)
Loan
Dec. 31, 2023
USD ($)
Jun. 30, 2024
USD ($)
Loan
Financing Receivable, Past Due [Line Items]      
Accrued interest receivable $ (188,000)   $ (42,000)
Accrued interest receivable $ 6,900,000   $ 6,200,000
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Accrued interest receivable   Accrued interest receivable
Loans on non-accrual $ 4,055,000   $ 3,728,000
Nonaccrual loans with recent history of delinquency greater than 90 days 1,300,000   1,500,000
Loan repayments 723,000    
Charge-offs 30,000    
Loans returning to performing status 1,200,000    
Accruing loans delinquent more than 90 days 0   0
Threshold principal amount of collateral dependent loans evaluated individually 250,000    
Total [1],[2] 1,551,400,000   1,499,473,000
Loans evaluated individually, amortized cost basis 1,600,000   1,400,000
Loans evaluated individually, allowance for credit losses on loans 548,000,000,000   662,000
Collateral dependent financing receivable collateral value $ 1,100,000   662,000
Number of loans modified to borrowers experiencing financial difficulty 0    
Loans modified to borrowers experiencing financial difficulty $ 6,663,000 $ 0  
Foreclosed real estate $ 0   $ 0
Residential Real Estate [Member]      
Financing Receivable, Past Due [Line Items]      
Number of loans in the process of foreclosure (in Loan) | Loan 3   4
Loans in the process of foreclosure $ 478,000   $ 686,000
Collateral dependent loans evaluated individually, amortized cost basis   $ 1,300,000 $ 774,000
Commercial Real Estate Portfolio [Member]      
Financing Receivable, Past Due [Line Items]      
Number of loans in the process of foreclosure (in Loan) | Loan 3   3
Loans in the process of foreclosure $ 1,100,000   $ 1,600,000
Collateral dependent loans evaluated individually, amortized cost basis $ 343,000   631,000
TDR loans which have subsequently defaulted during the period, number of loans (in Loan) | Loan 3    
TDR loans which have subsequently defaulted during the period, amount $ 6,600,000    
Loans modified to borrowers experiencing financial difficulty $ 6,645,000    
Consumer Portfolio [Member]      
Financing Receivable, Past Due [Line Items]      
TDR loans which have subsequently defaulted during the period, number of loans (in Loan) | Loan 1    
TDR loans which have subsequently defaulted during the period, amount $ 18,000    
Loans modified to borrowers experiencing financial difficulty $ 18,000    
Consumer Portfolio [Member] | Uncollateralized [Member]      
Financing Receivable, Past Due [Line Items]      
Threshold period to charge off loans against allowance for loan losses 90 days    
Threshold period to charge off overdrawn deposit accounts against allowance for loan losses 60 days    
Unfunded Commitment [Member]      
Financing Receivable, Past Due [Line Items]      
Allowance for credit losses $ 1,700,000   $ 1,300,000
Smaller Business Loans [Member] | Uncollateralized [Member]      
Financing Receivable, Past Due [Line Items]      
Threshold period to charge off loans against allowance for loan losses 90 days    
Doubtful [Member]      
Financing Receivable, Past Due [Line Items]      
Total $ 0    
Loss [Member]      
Financing Receivable, Past Due [Line Items]      
Total $ 0    
[1] Loan balances exclude accrued interest receivable of $6.9 million and $6.2 million at December 31, 2024 and June 30, 2024, respectively, which is included in accrued interest receivable in the consolidated statement of financial condition.
[2] Loan balances include net deferred fees/costs of ($188,000) and ($42,000) at December 31, 2024 and June 30, 2024, respectively.
v3.25.0.1
Loans and Allowance for Credit Losses on Loans - Major Loan Segments and Classes (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Major Loan Segments and Classes [Line Items]            
Total gross loans [1],[2] $ 1,551,400   $ 1,499,473      
Allowance for credit losses on loans (20,191) $ (19,781) (19,244) $ (20,309) $ (20,249) $ (21,212)
Net loans receivable 1,531,209   1,480,229      
Commercial Portfolio [Member]            
Major Loan Segments and Classes [Line Items]            
Total gross loans 112,908   111,307      
Allowance for credit losses on loans (2,079) (1,972) (2,077) (3,098) (3,346) (3,201)
Residential Real Estate [Member] | Residential Portfolio [Member]            
Major Loan Segments and Classes [Line Items]            
Total gross loans 418,968   417,589      
Allowance for credit losses on loans (4,531) (4,475) (4,237) (4,010) (3,869) (2,794)
Real Estate [Member] | Commercial Real Estate Portfolio [Member]            
Major Loan Segments and Classes [Line Items]            
Total gross loans 983,072   936,640      
Allowance for credit losses on loans (12,933) (12,648) (12,218) (12,523) (12,356) (14,839)
Home Equity [Member] | Consumer Portfolio [Member]            
Major Loan Segments and Classes [Line Items]            
Total gross loans 31,780   29,166      
Allowance for credit losses on loans (234) (232) (212) (192) (188) (46)
Consumer [Member] | Consumer Portfolio [Member]            
Major Loan Segments and Classes [Line Items]            
Total gross loans 4,672   4,771      
Allowance for credit losses on loans $ (414) $ (454) $ (500) $ (486) $ (490) $ (332)
[1] Loan balances exclude accrued interest receivable of $6.9 million and $6.2 million at December 31, 2024 and June 30, 2024, respectively, which is included in accrued interest receivable in the consolidated statement of financial condition.
[2] Loan balances include net deferred fees/costs of ($188,000) and ($42,000) at December 31, 2024 and June 30, 2024, respectively.
v3.25.0.1
Loans and Allowance for Credit Losses on Loans - Delinquent and Nonaccrual Loans by Past Due Status (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans [1],[2] $ 1,551,400 $ 1,499,473
Loans on non-accrual 4,055 3,728
Commercial Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 112,908 111,307
Loans on non-accrual 148 0
Residential Real Estate [Member] | Residential Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 418,968 417,589
Loans on non-accrual 2,937 2,518
Real Estate [Member] | Commercial Real Estate Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 983,072 936,640
Loans on non-accrual 936 1,163
Home Equity [Member] | Consumer Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 31,780 29,166
Loans on non-accrual 34 47
Consumer [Member] | Consumer Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 4,672 4,771
Loans on non-accrual 0 0
30 to 59 Days Past Due [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 2,483 61
30 to 59 Days Past Due [Member] | Commercial Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 32 0
30 to 59 Days Past Due [Member] | Residential Real Estate [Member] | Residential Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 2,289 0
30 to 59 Days Past Due [Member] | Real Estate [Member] | Commercial Real Estate Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 110 0
30 to 59 Days Past Due [Member] | Home Equity [Member] | Consumer Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 51 14
30 to 59 Days Past Due [Member] | Consumer [Member] | Consumer Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 1 47
60 to 89 Days Past Due [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 1,077 844
60 to 89 Days Past Due [Member] | Commercial Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 68 0
60 to 89 Days Past Due [Member] | Residential Real Estate [Member] | Residential Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 983 838
60 to 89 Days Past Due [Member] | Real Estate [Member] | Commercial Real Estate Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 0 0
60 to 89 Days Past Due [Member] | Home Equity [Member] | Consumer Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 0 0
60 to 89 Days Past Due [Member] | Consumer [Member] | Consumer Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 26 6
90 Days or More Past Due [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 2,759 2,267
90 Days or More Past Due [Member] | Commercial Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 148 0
90 Days or More Past Due [Member] | Residential Real Estate [Member] | Residential Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 1,920 1,414
90 Days or More Past Due [Member] | Real Estate [Member] | Commercial Real Estate Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 658 806
90 Days or More Past Due [Member] | Home Equity [Member] | Consumer Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 33 47
90 Days or More Past Due [Member] | Consumer [Member] | Consumer Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 0 0
Total Past Due [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 6,319 3,172
Total Past Due [Member] | Commercial Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 248 0
Total Past Due [Member] | Residential Real Estate [Member] | Residential Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 5,192 2,252
Total Past Due [Member] | Real Estate [Member] | Commercial Real Estate Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 768 806
Total Past Due [Member] | Home Equity [Member] | Consumer Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 84 61
Total Past Due [Member] | Consumer [Member] | Consumer Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 27 53
Current [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 1,545,081 1,496,301
Current [Member] | Commercial Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 112,660 111,307
Current [Member] | Residential Real Estate [Member] | Residential Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 413,776 415,337
Current [Member] | Real Estate [Member] | Commercial Real Estate Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 982,304 935,834
Current [Member] | Home Equity [Member] | Consumer Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans 31,696 29,105
Current [Member] | Consumer [Member] | Consumer Portfolio [Member]    
Delinquent and/or Nonaccrual Loans by Past Due Status [Line Items]    
Total loans $ 4,645 $ 4,718
[1] Loan balances exclude accrued interest receivable of $6.9 million and $6.2 million at December 31, 2024 and June 30, 2024, respectively, which is included in accrued interest receivable in the consolidated statement of financial condition.
[2] Loan balances include net deferred fees/costs of ($188,000) and ($42,000) at December 31, 2024 and June 30, 2024, respectively.
v3.25.0.1
Loans and Allowance for Credit Losses on Loans - Allowance for Credit Losses on Loans (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Jun. 30, 2024
Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Line Items]          
Balance, beginning of period $ 19,781 $ 20,249 $ 19,244 $ 21,212 $ 21,212
Charge-offs (130) (160) (275) (289)  
Recoveries 35 37 66 73  
Provision 505 183 1,156 645  
Balance, end of period 20,191 20,309 20,191 20,309 19,244
Commercial Portfolio [Member]          
Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Line Items]          
Balance, beginning of period 1,972 3,346 2,077 3,201 3,201
Charge-offs (7) (6) (13) (13) (1,152)
Recoveries 9 9 18 18  
Provision 105 (251) (3) (229)  
Balance, end of period 2,079 3,098 2,079 3,098 2,077
Residential Real Estate [Member] | Residential Portfolio [Member]          
Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Line Items]          
Balance, beginning of period 4,475 3,869 4,237 2,794 2,794
Charge-offs 0 0 (44) 0 0
Recoveries 0 0 2 0  
Provision 56 141 336 34  
Balance, end of period 4,531 4,010 4,531 4,010 4,237
Real Estate [Member] | Commercial Real Estate Portfolio [Member]          
Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Line Items]          
Balance, beginning of period 12,648 12,356 12,218 14,839 14,839
Charge-offs 0 0 (5) 0 0
Recoveries 1 0 2 1  
Provision 284 167 718 572  
Balance, end of period 12,933 12,523 12,933 12,523 12,218
Home Equity [Member] | Consumer Portfolio [Member]          
Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Line Items]          
Balance, beginning of period 232 188 212 46 46
Charge-offs 0 0 (13) 0 0
Recoveries 0 0 0 0  
Provision 2 4 35 29  
Balance, end of period 234 192 234 192 212
Consumer [Member] | Consumer Portfolio [Member]          
Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Line Items]          
Balance, beginning of period 454 490 500 332 332
Charge-offs (123) (154) (200) (276) (481)
Recoveries 25 28 44 54  
Provision 58 122 70 239  
Balance, end of period $ 414 $ 486 $ 414 486 500
Cumulative Effect Adjustment for ASU Implementation [Member] | Adoption of ASU No. 2016-13 [Member]          
Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Line Items]          
Balance, beginning of period       (1,332) (1,332)
Cumulative Effect Adjustment for ASU Implementation [Member] | Adoption of ASU No. 2016-13 [Member] | Commercial Portfolio [Member]          
Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Line Items]          
Balance, beginning of period       121 121
Cumulative Effect Adjustment for ASU Implementation [Member] | Residential Real Estate [Member] | Adoption of ASU No. 2016-13 [Member] | Residential Portfolio [Member]          
Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Line Items]          
Balance, beginning of period       1,182 1,182
Cumulative Effect Adjustment for ASU Implementation [Member] | Real Estate [Member] | Adoption of ASU No. 2016-13 [Member] | Commercial Real Estate Portfolio [Member]          
Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Line Items]          
Balance, beginning of period       (2,889) (2,889)
Cumulative Effect Adjustment for ASU Implementation [Member] | Home Equity [Member] | Adoption of ASU No. 2016-13 [Member] | Consumer Portfolio [Member]          
Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Line Items]          
Balance, beginning of period       117 117
Cumulative Effect Adjustment for ASU Implementation [Member] | Consumer [Member] | Adoption of ASU No. 2016-13 [Member] | Consumer Portfolio [Member]          
Activity and Allocation of Allowance for Credit Losses on Loans by Segment [Line Items]          
Balance, beginning of period       $ 137 $ 137
v3.25.0.1
Loans and Allowance for Credit Losses on Loans - Loans Balances by Internal Credit Quality Indicator (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Jun. 30, 2024
Commercial Portfolio [Member]          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year $ 6,059   $ 6,059   $ 12,761
Fiscal year before latest fiscal year 11,766   11,766   8,919
Two years before latest fiscal year 8,921   8,921   14,688
Three years before latest fiscal year 13,186   13,186   14,621
Four years before latest fiscal year 13,639   13,639   5,134
Prior 18,110   18,110   16,379
Revolving loans amortized cost basis 41,035   41,035   38,169
Revolving loans converted to term 192   192   636
Total 112,908   112,908   111,307
Current fiscal year     0   0
Fiscal year before latest fiscal year     0   0
Two years before latest fiscal year     0   0
Three years before latest fiscal year     0   989
Four years before latest fiscal year     0   0
Prior     0   137
Revolving loans amortized cost basis     13   26
Revolving loans converted to term     0   0
Total 7 $ 6 13 $ 13 1,152
Residential Real Estate [Member] | Residential Portfolio [Member]          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 20,573   20,573   55,070
Fiscal year before latest fiscal year 56,299   56,299   62,643
Two years before latest fiscal year 61,329   61,329   92,995
Three years before latest fiscal year 89,033   89,033   80,000
Four years before latest fiscal year 75,098   75,098   32,757
Prior 116,636   116,636   94,100
Revolving loans amortized cost basis 0   0   0
Revolving loans converted to term 0   0   24
Total 418,968   418,968   417,589
Current fiscal year     0   0
Fiscal year before latest fiscal year     0   0
Two years before latest fiscal year     0   0
Three years before latest fiscal year     0   0
Four years before latest fiscal year     44   0
Prior     0   0
Revolving loans amortized cost basis     0   0
Revolving loans converted to term     0   0
Total 0 0 44 0 0
Residential Real Estate [Member] | Performing [Member] | Residential Portfolio [Member]          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 20,573   20,573   55,070
Fiscal year before latest fiscal year 56,299   56,299   62,643
Two years before latest fiscal year 61,329   61,329   92,995
Three years before latest fiscal year 88,973   88,973   79,815
Four years before latest fiscal year 75,098   75,098   32,588
Prior 113,759   113,759   91,936
Revolving loans amortized cost basis 0   0   0
Revolving loans converted to term 0   0   24
Total 416,031   416,031   415,071
Residential Real Estate [Member] | Non-performing [Member] | Residential Portfolio [Member]          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 0   0   0
Fiscal year before latest fiscal year 0   0   0
Two years before latest fiscal year 0   0   0
Three years before latest fiscal year 60   60   185
Four years before latest fiscal year 0   0   169
Prior 2,877   2,877   2,164
Revolving loans amortized cost basis 0   0   0
Revolving loans converted to term 0   0   0
Total 2,937   2,937   2,518
Real Estate Mortgage [Member] | Commercial Real Estate Portfolio [Member]          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 76,133   76,133   103,866
Fiscal year before latest fiscal year 116,414   116,414   213,520
Two years before latest fiscal year 199,525   199,525   248,878
Three years before latest fiscal year 242,650   242,650   126,588
Four years before latest fiscal year 122,799   122,799   83,907
Prior 219,412   219,412   154,802
Revolving loans amortized cost basis 3,675   3,675   4,716
Revolving loans converted to term 2,464   2,464   363
Total 983,072   983,072   936,640
Current fiscal year     0   0
Fiscal year before latest fiscal year     0   0
Two years before latest fiscal year     0   0
Three years before latest fiscal year     0   0
Four years before latest fiscal year     0   0
Prior     5   0
Revolving loans amortized cost basis     0   0
Revolving loans converted to term     0   0
Total 0 0 5 0 0
Home Equity [Member] | Consumer Portfolio [Member]          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 1,649   1,649   5,929
Fiscal year before latest fiscal year 5,394   5,394   2,888
Two years before latest fiscal year 2,652   2,652   336
Three years before latest fiscal year 282   282   429
Four years before latest fiscal year 376   376   266
Prior 1,015   1,015   1,128
Revolving loans amortized cost basis 20,412   20,412   18,190
Revolving loans converted to term 0   0   0
Total 31,780   31,780   29,166
Current fiscal year     0   0
Fiscal year before latest fiscal year     0   0
Two years before latest fiscal year     0   0
Three years before latest fiscal year     0   0
Four years before latest fiscal year     0   0
Prior     0   0
Revolving loans amortized cost basis     13   0
Revolving loans converted to term     0   0
Total 0 0 13 0 0
Home Equity [Member] | Performing [Member] | Consumer Portfolio [Member]          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 1,649   1,649   5,929
Fiscal year before latest fiscal year 5,394   5,394   2,888
Two years before latest fiscal year 2,652   2,652   336
Three years before latest fiscal year 282   282   429
Four years before latest fiscal year 376   376   266
Prior 1,013   1,013   1,128
Revolving loans amortized cost basis 20,380   20,380   18,143
Revolving loans converted to term 0   0   0
Total 31,746   31,746   29,119
Home Equity [Member] | Non-performing [Member] | Consumer Portfolio [Member]          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 0   0   0
Fiscal year before latest fiscal year 0   0   0
Two years before latest fiscal year 0   0   0
Three years before latest fiscal year 0   0   0
Four years before latest fiscal year 0   0   0
Prior 2   2   0
Revolving loans amortized cost basis 32   32   47
Revolving loans converted to term 0   0   0
Total 34   34   47
Consumer Installment [Member] | Consumer Portfolio [Member]          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 1,139   1,139   2,363
Fiscal year before latest fiscal year 1,697   1,697   1,217
Two years before latest fiscal year 947   947   689
Three years before latest fiscal year 503   503   277
Four years before latest fiscal year 215   215   83
Prior 83   83   65
Revolving loans amortized cost basis 88   88   77
Revolving loans converted to term 0   0   0
Total 4,672   4,672   4,771
Current fiscal year     158   393
Fiscal year before latest fiscal year     36   22
Two years before latest fiscal year     0   49
Three years before latest fiscal year     5   7
Four years before latest fiscal year     1   1
Prior     0   0
Revolving loans amortized cost basis     0   9
Revolving loans converted to term     0   0
Total 123 $ 154 200 $ 276 481
Consumer Installment [Member] | Performing [Member] | Consumer Portfolio [Member]          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 1,139   1,139   2,363
Fiscal year before latest fiscal year 1,697   1,697   1,217
Two years before latest fiscal year 947   947   689
Three years before latest fiscal year 503   503   277
Four years before latest fiscal year 215   215   83
Prior 83   83   65
Revolving loans amortized cost basis 88   88   77
Revolving loans converted to term 0   0   0
Total 4,672   4,672   4,771
Consumer Installment [Member] | Non-performing [Member] | Consumer Portfolio [Member]          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 0   0   0
Fiscal year before latest fiscal year 0   0   0
Two years before latest fiscal year 0   0   0
Three years before latest fiscal year 0   0   0
Four years before latest fiscal year 0   0   0
Prior 0   0   0
Revolving loans amortized cost basis 0   0   0
Revolving loans converted to term 0   0   0
Total 0   0   0
Pass [Member] | Commercial Portfolio [Member]          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 6,059   6,059   12,761
Fiscal year before latest fiscal year 11,766   11,766   8,919
Two years before latest fiscal year 8,921   8,921   12,845
Three years before latest fiscal year 5,995   5,995   14,587
Four years before latest fiscal year 13,607   13,607   4,934
Prior 17,314   17,314   15,280
Revolving loans amortized cost basis 39,596   39,596   32,001
Revolving loans converted to term 0   0   636
Total 103,258   103,258   101,963
Pass [Member] | Real Estate Mortgage [Member] | Commercial Real Estate Portfolio [Member]          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 76,133   76,133   103,537
Fiscal year before latest fiscal year 116,089   116,089   210,652
Two years before latest fiscal year 188,886   188,886   242,917
Three years before latest fiscal year 238,533   238,533   126,135
Four years before latest fiscal year 122,362   122,362   79,431
Prior 196,346   196,346   135,928
Revolving loans amortized cost basis 3,675   3,675   4,716
Revolving loans converted to term 2,464   2,464   363
Total 944,488   944,488   903,679
Special Mention [Member] | Commercial Portfolio [Member]          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 0   0   0
Fiscal year before latest fiscal year 0   0   0
Two years before latest fiscal year 0   0   78
Three years before latest fiscal year 5,504   5,504   0
Four years before latest fiscal year 0   0   35
Prior 147   147   834
Revolving loans amortized cost basis 421   421   3,893
Revolving loans converted to term 192   192   0
Total 6,264   6,264   4,840
Special Mention [Member] | Real Estate Mortgage [Member] | Commercial Real Estate Portfolio [Member]          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 0   0   0
Fiscal year before latest fiscal year 0   0   1,188
Two years before latest fiscal year 7,985   7,985   2,468
Three years before latest fiscal year 667   667   295
Four years before latest fiscal year 279   279   430
Prior 5,947   5,947   4,102
Revolving loans amortized cost basis 0   0   0
Revolving loans converted to term 0   0   0
Total 14,878   14,878   8,483
Substandard [Member] | Commercial Portfolio [Member]          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 0   0   0
Fiscal year before latest fiscal year 0   0   0
Two years before latest fiscal year 0   0   1,765
Three years before latest fiscal year 1,687   1,687   34
Four years before latest fiscal year 32   32   165
Prior 649   649   265
Revolving loans amortized cost basis 1,018   1,018   2,275
Revolving loans converted to term 0   0   0
Total 3,386   3,386   4,504
Substandard [Member] | Real Estate Mortgage [Member] | Commercial Real Estate Portfolio [Member]          
Financing Receivable, Credit Quality Indicator [Line Items]          
Current fiscal year 0   0   329
Fiscal year before latest fiscal year 325   325   1,680
Two years before latest fiscal year 2,654   2,654   3,493
Three years before latest fiscal year 3,450   3,450   158
Four years before latest fiscal year 158   158   4,046
Prior 17,119   17,119   14,772
Revolving loans amortized cost basis 0   0   0
Revolving loans converted to term 0   0   0
Total $ 23,706   $ 23,706   $ 24,478
v3.25.0.1
Loans and Allowance for Credit Losses on Loans - Amortized cost basis of the loans modified to borrowers experiencing financial difficulty by type of concession granted (Details) - Interest Rate Reduction [Member]
$ in Thousands
 6 Months Ended
Dec. 31, 2024
USD ($)
Loans Modified to Borrowers Experiencing Financial Difficulty by Type of Concession Granted [Line Items]  
Amortized cost $ 2,569
Commercial Real Estate Portfolio [Member]  
Loans Modified to Borrowers Experiencing Financial Difficulty by Type of Concession Granted [Line Items]  
Amortized cost $ 2,569
Percentage of total class 0.26%
v3.25.0.1
Loans and Allowance for Credit Losses on Loans - Financial effect of the modifications made to borrowers experiencing financial difficulty (Details)
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2024
Interest Rate Reduction [Member] | Commercial Real Estate Portfolio Segment [Member]    
Loans and Allowance for Credit Losses on Loans - Financial effect of the modifications made to borrowers experiencing financial difficulty (Details) [Line Items]    
Financing Receivable Modifications Weighted Average Interest Rate 1.45% 1.45%
v3.25.0.1
Loans and Allowance for Credit Losses on Loans - Loans Modified to Borrowers Experiencing Financial Difficulties (Details) - USD ($)
$ in Thousands
 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Loan Modifications to Borrowers Experiencing Financial Difficulties [Line Items]    
Loans modified to borrowers experiencing financial difficulty $ 6,663 $ 0
Commercial Real Estate Portfolio [Member]    
Loan Modifications to Borrowers Experiencing Financial Difficulties [Line Items]    
Loans modified to borrowers experiencing financial difficulty 6,645  
Consumer [Member]    
Loan Modifications to Borrowers Experiencing Financial Difficulties [Line Items]    
Loans modified to borrowers experiencing financial difficulty 18  
Current [Member]    
Loan Modifications to Borrowers Experiencing Financial Difficulties [Line Items]    
Loans modified to borrowers experiencing financial difficulty 6,645  
Current [Member] | Commercial Real Estate Portfolio [Member]    
Loan Modifications to Borrowers Experiencing Financial Difficulties [Line Items]    
Loans modified to borrowers experiencing financial difficulty 6,645  
Current [Member] | Consumer [Member]    
Loan Modifications to Borrowers Experiencing Financial Difficulties [Line Items]    
Loans modified to borrowers experiencing financial difficulty 0  
30 to 59 Days Past Due [Member]    
Loan Modifications to Borrowers Experiencing Financial Difficulties [Line Items]    
Loans modified to borrowers experiencing financial difficulty 0  
30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio [Member]    
Loan Modifications to Borrowers Experiencing Financial Difficulties [Line Items]    
Loans modified to borrowers experiencing financial difficulty 0  
30 to 59 Days Past Due [Member] | Consumer [Member]    
Loan Modifications to Borrowers Experiencing Financial Difficulties [Line Items]    
Loans modified to borrowers experiencing financial difficulty 0  
60 to 89 Days Past Due [Member]    
Loan Modifications to Borrowers Experiencing Financial Difficulties [Line Items]    
Loans modified to borrowers experiencing financial difficulty 18  
60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio [Member]    
Loan Modifications to Borrowers Experiencing Financial Difficulties [Line Items]    
Loans modified to borrowers experiencing financial difficulty 0  
60 to 89 Days Past Due [Member] | Consumer [Member]    
Loan Modifications to Borrowers Experiencing Financial Difficulties [Line Items]    
Loans modified to borrowers experiencing financial difficulty 18  
90 Days or More Past Due [Member]    
Loan Modifications to Borrowers Experiencing Financial Difficulties [Line Items]    
Loans modified to borrowers experiencing financial difficulty 0  
90 Days or More Past Due [Member] | Commercial Real Estate Portfolio [Member]    
Loan Modifications to Borrowers Experiencing Financial Difficulties [Line Items]    
Loans modified to borrowers experiencing financial difficulty 0  
90 Days or More Past Due [Member] | Consumer [Member]    
Loan Modifications to Borrowers Experiencing Financial Difficulties [Line Items]    
Loans modified to borrowers experiencing financial difficulty $ 0  
v3.25.0.1
Fair Value Measurements and Fair Value of Financial Instruments (Details) - Liquidation Expenses [Member] - Significant Unobservable Inputs (Level 3) [Member]
Dec. 31, 2024
Minimum [Member]  
Platform Operator, Crypto-Asset [Line Items]  
Collateral dependent evaluated loans, measurement input 0.08
Foreclosed real estate, measurement input 0.10
Maximum [Member]  
Platform Operator, Crypto-Asset [Line Items]  
Collateral dependent evaluated loans, measurement input 0.45
Foreclosed real estate, measurement input 0.60
v3.25.0.1
Fair Value Measurements and Fair Value of Financial Instruments - Fair Value Measurements and Fair Value of Financial Instruments, Assets Measured on Recurring Basis (Details) - Recurring [Member] - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Assets:    
Securities available-for-sale $ 374,453 $ 350,001
Equity securities 371 328
Interest rate swaps 757 585
Total 375,581 350,914
Liabilities:    
Interest rate swaps 757 585
Total 757 585
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]    
Assets:    
Securities available-for-sale 0 0
Equity securities 371 328
Interest rate swaps   0
Total 371 328
Liabilities:    
Interest rate swaps 0 0
Total 0 0
Significant Other Observable Inputs (Level 2) [Member]    
Assets:    
Securities available-for-sale 374,453 350,001
Equity securities 0 0
Interest rate swaps 757 585
Total 375,210 350,586
Liabilities:    
Interest rate swaps 757 585
Total 757 585
Significant Unobservable Inputs (Level 3) [Member]    
Assets:    
Securities available-for-sale 0 0
Equity securities 0 0
Interest rate swaps   0
Total 0 0
Liabilities:    
Interest rate swaps 0 0
Total 0 0
U.S. Treasury Securities [Member]    
Assets:    
Securities available-for-sale 16,927 41,195
U.S. Treasury Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]    
Assets:    
Securities available-for-sale 0 0
U.S. Treasury Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Assets:    
Securities available-for-sale 16,927 41,195
U.S. Treasury Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Assets:    
Securities available-for-sale 0 0
U.S. Government Sponsored Enterprises [Member]    
Assets:    
Securities available-for-sale 11,190 10,974
U.S. Government Sponsored Enterprises [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]    
Assets:    
Securities available-for-sale 0 0
U.S. Government Sponsored Enterprises [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Assets:    
Securities available-for-sale 11,190 10,974
U.S. Government Sponsored Enterprises [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Assets:    
Securities available-for-sale 0 0
State and Political Subdivisions [Member]    
Assets:    
Securities available-for-sale 222,817 170,669
State and Political Subdivisions [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]    
Assets:    
Securities available-for-sale 0 0
State and Political Subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Assets:    
Securities available-for-sale 222,817 170,669
State and Political Subdivisions [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Assets:    
Securities available-for-sale 0 0
Mortgage-backed Securities-Residential [Member]    
Assets:    
Securities available-for-sale 33,081 36,575
Mortgage-backed Securities-Residential [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]    
Assets:    
Securities available-for-sale 0 0
Mortgage-backed Securities-Residential [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Assets:    
Securities available-for-sale 33,081 36,575
Mortgage-backed Securities-Residential [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Assets:    
Securities available-for-sale 0 0
Mortgage-backed Securities-Multi-family [Member]    
Assets:    
Securities available-for-sale 71,955 72,300
Mortgage-backed Securities-Multi-family [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]    
Assets:    
Securities available-for-sale 0 0
Mortgage-backed Securities-Multi-family [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Assets:    
Securities available-for-sale 71,955 72,300
Mortgage-backed Securities-Multi-family [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Assets:    
Securities available-for-sale 0 0
Corporate Debt Securities [Member]    
Assets:    
Securities available-for-sale 18,483 18,288
Corporate Debt Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]    
Assets:    
Securities available-for-sale 0 0
Corporate Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Assets:    
Securities available-for-sale 18,483 18,288
Corporate Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Assets:    
Securities available-for-sale $ 0 $ 0
v3.25.0.1
Fair Value Measurements and Fair Value of Financial Instruments - Fair Value Measurements for Loans Evaluated Individually (Details) - Evaluated Individually (Details) - Level 3 [Member] - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Carrying Amount [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans evaluated individually $ 1,611 $ 1,405
Estimated Fair Value [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans evaluated individually $ 1,063 $ 662
v3.25.0.1
Fair Value Measurements and Fair Value of Financial Instruments - Fair Value Measurements and Fair Value of Financial Instruments, Carrying Amount and Estimated Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Securities available-for-sale $ 374,453 $ 350,001
Equity securities 371 328
Carrying Amount [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 166,443 190,395
Long-term certificates of deposit 2,577 2,831
Securities available-for-sale 374,453 350,001
Securities held-to-maturity 770,905 690,354
Equity securities 371 328
Federal Home Loan Bank stock 10,669 7,296
Net loans receivable 1,531,209 1,480,229
Accrued interest receivable 16,623 14,269
Interest rate swaps asset 757 585
Deposits 2,467,258 2,389,222
Borrowings 201,076 149,456
Subordinated notes payable, net 49,774 49,681
Accrued interest payable 1,135 1,551
Interest rate swaps liability 757 585
Fair Value [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 166,443 190,395
Long-term certificates of deposit 2,563 2,760
Securities available-for-sale 374,453 350,001
Securities held-to-maturity 719,523 630,241
Equity securities 371 328
Federal Home Loan Bank stock 10,669 7,296
Net loans receivable 1,452,668 1,387,325
Accrued interest receivable 16,623 14,269
Interest rate swaps asset 757 585
Deposits 2,466,667 2,388,305
Borrowings 201,387 149,438
Subordinated notes payable, net 47,738 46,114
Accrued interest payable 1,135 1,551
Interest rate swaps liability 757 585
Fair Value [Member] | Level 1 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 166,443 190,395
Long-term certificates of deposit 0 0
Securities available-for-sale 0 0
Securities held-to-maturity 0 0
Equity securities 371 328
Federal Home Loan Bank stock 0 0
Net loans receivable 0 0
Accrued interest receivable 0 0
Interest rate swaps asset 0 0
Deposits 0 0
Borrowings 0 0
Subordinated notes payable, net 0 0
Accrued interest payable 0 0
Interest rate swaps liability 0 0
Fair Value [Member] | Level 2 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 0 0
Long-term certificates of deposit 2,563 2,760
Securities available-for-sale 374,453 350,001
Securities held-to-maturity 719,523 630,241
Equity securities 0 0
Federal Home Loan Bank stock 10,669 7,296
Net loans receivable 0 0
Accrued interest receivable 16,623 14,269
Interest rate swaps asset 757 585
Deposits 2,466,667 2,388,305
Borrowings 201,387 149,438
Subordinated notes payable, net 47,738 46,114
Accrued interest payable 1,135 1,551
Interest rate swaps liability 757 585
Fair Value [Member] | Level 3 [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 0 0
Long-term certificates of deposit 0 0
Securities available-for-sale 0 0
Securities held-to-maturity 0 0
Equity securities 0 0
Federal Home Loan Bank stock 0 0
Net loans receivable 1,452,668 1,387,325
Accrued interest receivable 0 0
Interest rate swaps asset 0 0
Deposits 0 0
Borrowings 0 0
Subordinated notes payable, net 0 0
Accrued interest payable 0 0
Interest rate swaps liability $ 0 $ 0
v3.25.0.1
Derivative Instruments (Details) - Risk Participation Agreements [Member] - Derivatives Not Designated as Hedging Instrument [Member]
 6 Months Ended
Dec. 31, 2024
USD ($)
Counterparty
Jun. 30, 2024
USD ($)
Derivative Instruments, Gain (Loss) [Line Items]    
Number of financial institution counterparties out (in Counterparty) | Counterparty 3  
Credit exposure risk participations out $ 0 $ 105,000
Derivatives, notional amount $ 16,600,000 8,000,000
Number of financial institution counterparties in (in Counterparty) | Counterparty 5  
Credit exposure risk participations in $ 137,000 276,000
Derivatives, notional amount $ 120,500,000 $ 112,300,000
Minimum [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative terms, RPA participations-out 4 years  
Derivative terms, RPA participations-in 2 years  
Maximum [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative terms, RPA participations-out 8 years  
Derivative terms, RPA participations-in 12 years  
v3.25.0.1
Derivative Instruments - Derivative Instruments (Details) - Derivatives Not Designated as Hedging Instrument [Member] - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Other Assets [Member]    
Derivative [Line Items]    
Less cash collateral $ 0 $ 0
Total derivatives after netting, fair value 757 585
Other Assets [Member] | Interest Rate Derivatives [Member]    
Derivative [Line Items]    
Derivatives, notional amount 98,569 50,707
Derivatives, fair value 757 585
Other Liabilities [Member]    
Derivative [Line Items]    
Cash collateral, fair value 0 (410)
Total after netting, fair value 757 175
Other Liabilities [Member] | Interest Rate Derivatives [Member]    
Derivative [Line Items]    
Derivatives, notional amount 98,569 50,707
Derivatives, fair value $ 757 $ 585
v3.25.0.1
Earnings Per Share (Details) - shares
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]        
Anti-dilutive securities or contracts outstanding (in shares) 0 0 0 0
Dilutive securities or contracts outstanding (in shares) 0 0 0 0
v3.25.0.1
Earnings Per Share - Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share, Basic and Diluted [Abstract]        
Net Income $ 7,490 $ 5,707 $ 13,751 $ 12,176
Weighted average shares – basic (in shares) 17,026,828 17,026,828 17,026,828 17,026,828
Weighted average shares - diluted (in shares) 17,026,828 17,026,828 17,026,828 17,026,828
Earnings per share - basic (in dollars per share) $ 0.44 $ 0.34 $ 0.81 $ 0.72
Earnings per share - diluted (in dollars per share) $ 0.44 $ 0.34 $ 0.81 $ 0.72
v3.25.0.1
Dividends (Details) - $ / shares
 6 Months Ended
Dec. 31, 2024
Oct. 16, 2024
Dividends Payable [Line Items]    
Dividends payable, amount per share (in dollars per share)   $ 0.36
Q1-2025 Quarterly Dividend [Member]    
Dividends Payable [Line Items]    
Dividends payable, date declared Oct. 16, 2024  
Common stock, dividends declared (in dollars per share) $ 0.09  
Dividends payable, date of record Nov. 15, 2024  
Dividends payable, date paid Nov. 29, 2024  
v3.25.0.1
Employee Benefit Plans (Details) - USD ($)
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Jun. 30, 2024
Defined Benefit Plan [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Other Other    
Net periodic pension expense   $ 4,000 $ 16,000  
SERP [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Salaries and employee benefits Salaries and employee benefits    
Net periodic pension expense $ 536,000 $ 1,000,000    
Postemployment benefits liability $ 16,500,000 $ 16,500,000   $ 15,200,000
v3.25.0.1
Employee Benefit Plans - Components of Net Periodic Pension Cost (Details) - USD ($)
$ in Thousands
 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
Interest cost $ 106 $ 104
Expected return on plan assets (114) (110)
Amortization of net loss 16 38
Net periodic pension expense 8 32
Defined Benefit Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Interest cost 53 52
Expected return on plan assets (57) (55)
Amortization of net loss 8 19
Net periodic pension expense $ 4 $ 16
v3.25.0.1
Stock-Based Compensation (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Jun. 30, 2024
2011 Phantom Stock Option and Long-term Incentive Plan [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Total liability for the Plan $ 2.5 $ 5.5
v3.25.0.1
Stock-Based Compensation - Stock-Based Compensation (Details) - 2011 Phantom Stock Option and Long-term Incentive Plan [Member] - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Number of options outstanding, beginning of period (in shares) 2,656,630 3,207,935 2,253,535 2,535,840
Options granted (in shares) 0 0 651,595 672,095
Options forfeited (in shares) (12,000) 0 (12,000) 0
Options paid in cash upon vesting (in shares) (771,040) (890,400) (1,019,540) (890,400)
Number of options outstanding, end of period (in shares) 1,873,590 2,317,535 1,873,590 2,317,535
Cash paid out on options vested (in Dollars) $ 3,312 $ 4,051 $ 4,249 $ 4,051
Compensation expense recognized (in Dollars) $ 633 $ 762 $ 1,244 $ 1,394
v3.25.0.1
Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Unrealized Losses on Securities Available-for-sale [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Balance $ (13,612) $ (24,243) $ (19,182) $ (20,531)
Other comprehensive income (loss) before reclassification (3,802) 6,050 1,768 2,338
Other comprehensive income (loss) (3,802) 6,050 1,768 2,338
Balance (17,414) (18,193) (17,414) (18,193)
Pension Benefits [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Balance (528) (877) (528) (877)
Other comprehensive income (loss) before reclassification 0 0 0 0
Other comprehensive income (loss) 0 0 0 0
Balance (528) (877) (528) (877)
Accumulated Other Comprehensive Loss [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Balance (14,140) (25,120) (19,710) (21,408)
Other comprehensive income (loss) before reclassification (3,802) 6,050 1,768 2,338
Other comprehensive income (loss) (3,802) 6,050 1,768 2,338
Balance $ (17,942) $ (19,070) $ (17,942) $ (19,070)
v3.25.0.1
Operating leases (Details)
Dec. 31, 2024
Jun. 30, 2024
Operating leases [Abstract]    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Prepaid expenses and other assets Prepaid expenses and other assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other liabilities Accrued expenses and other liabilities
v3.25.0.1
Operating leases - Operating leases, Quantitative Data (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Jun. 30, 2024
Operating Lease Amounts [Abstract]          
Right-of-use assets $ 1,972   $ 1,972   $ 2,071
Lease liabilities 2,057   2,057   $ 2,159
Operating outgoing cash flows from operating leases 125 $ 115 250 $ 228  
Right-of-use assets obtained in exchange for new operating lease liabilities     117 561  
Operating lease cost 114 106 227 208  
Variable lease cost $ 11 $ 11 $ 22 $ 22  
v3.25.0.1
Operating leases - Operating leases, Undiscounted Cash Flows (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Undiscounted Cash Flows of Operating Lease Liabilities [Abstract]    
2025 $ 507  
2026 510  
2027 418  
2028 335  
2029 232  
Thereafter 226  
Total undiscounted cash flow 2,228  
Less net present value adjustment (171)  
Lease liability $ 2,057 $ 2,159
Weighted-average remaining lease term (years) 4 years 10 months 13 days  
Weighted-average discount rate 3.16%  
v3.25.0.1
Commitments and Contingent Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Jun. 30, 2024
Unfunded Loan Commitments [Member]    
Financing Receivable, Past Due [Line Items]    
Allowance for credit losses $ 1.7 $ 1.3
v3.25.0.1
Commitments and Contingent Liabilities - Credit-related Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Financing Receivable, Past Due [Line Items]    
Total credit-related financial instruments with off-balance sheet risk $ 246,163 $ 207,896
Unfunded Loan Commitments [Member]    
Financing Receivable, Past Due [Line Items]    
Total credit-related financial instruments with off-balance sheet risk 141,903 107,966
Unused Lines of Credit [Member]    
Financing Receivable, Past Due [Line Items]    
Total credit-related financial instruments with off-balance sheet risk 103,481 99,176
Standby Letters of Credit [Member]    
Financing Receivable, Past Due [Line Items]    
Total credit-related financial instruments with off-balance sheet risk $ 779 $ 754
v3.25.0.1
Variable Interest Entities (Details) - USD ($)
Dec. 31, 2024
Jun. 30, 2024
Variable Interest Entities [Abstract]    
Net investment in solar tax credit investments $ 62,000 $ 0
v3.25.0.1
Variable Interest Entities - Solar Tax Credit Investments and Related Unfunded Commitments (Details) - USD ($)
Dec. 31, 2024
Jun. 30, 2024
Solar tax credit investments and related unfunded commitments [Abstract]    
Gross investment in solar tax credit investments $ 2,586,000  
Accumulated amortization (2,524,000)  
Net investment in solar tax credit investments 62,000 $ 0
Unfunded commitments for solar tax credit investments $ 414,000  
v3.25.0.1
Subsequent events (Details) - $ / shares
Jan. 22, 2025
Oct. 16, 2024
Subsequent Event [Line Items]    
Dividends payable, amount per share (in dollars per share)   $ 0.36
Q2-2025 Quarterly Dividend [Member] | Subsequent Event [Member]    
Subsequent Event [Line Items]    
Dividends payable, date declared Jan. 22, 2025  
Common stock, dividends declared (in dollars per share) $ 0.09  
Dividends payable, date of record Feb. 14, 2025  
Dividends payable, date to be paid Feb. 28, 2025