Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Jun. 30, 2024	Sep. 20, 2024	Dec. 31, 2023
Document and Entity Information
Document Type	10-K
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity Registrant Name	Pioneer Bancorp, Inc./MD
Entity Incorporation, State or Country Code	MD
Entity File Number	001-38991
Entity Tax Identification Number	83-4274253
Entity Address, Address Line One	652 Albany Shaker Road
Entity Address, City or Town	Albany
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	12211
City Area Code	518
Local Phone Number	730-3025
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	PBFS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,173,904
Entity Central Index Key	0001769663
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
ICFR Auditor Attestation Flag	false
Entity Public Float			$ 108.1
Document Annual Report	true
Auditor Name	Bonadio & Co., LLP
Auditor Location	Pittsford, New York
Auditor Firm ID	1884

CONSOLIDATED STATEMENTS OF CONDITION - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Assets
Cash and due from banks	$ 36,937	$ 33,584
Federal funds sold	13,638	2,167
Interest-earning deposits with banks	114,615	114,727
Cash and cash equivalents	165,190	150,478
Securities available for sale, at fair value		431,667
Securities available for sale, at fair value	257,409
Securities held to maturity, net of allowance for credit losses of $262 at June 30, 2024 (fair value of $22,437 at June 30, 2024; and $21,744 at June 30, 2023)		23,949
Securities held to maturity, net of allowance for credit losses of $262 at June 30, 2024 (fair value of $22,437 at June 30, 2024; and $21,744 at June 30, 2023)	25,090
Equity securities, at fair value		2,413
Federal Reserve Bank of New York and Federal Home Loan Bank of New York stock	3,546	1,196
Loans receivable	1,365,870
Loans receivable		1,166,638
Allowance for credit losses	(21,801)
Allowance for credit losses		(22,469)
Net loans receivable	1,344,069
Net loans receivable		1,144,169
Accrued interest receivable	7,559	7,194
Premises and equipment, net	40,105	41,617
Bank-owned life insurance	16,009	16,322
Goodwill	10,879	8,799
Other intangible assets, net	2,951	2,096
Other assets	22,597	26,291
Total assets	1,895,404	1,856,191
Deposits:
Non-interest bearing deposits	445,328	526,119
Interest bearing deposits	1,104,924	1,015,732
Total deposits	1,550,252	1,541,851
Mortgagors' escrow deposits	9,701	7,888
Other liabilities	38,923	39,752
Total liabilities	1,598,876	1,589,491
Commitments and contingent liabilities - See Note 14
Shareholders' Equity
Preferred stock ($0.01 par value, 5,000,000 shares authorized, no shares issued or outstanding as of June 30, 2024 and June 30, 2023)
Common stock ($0.01 par value, 75,000,000 shares authorized, 25,871,293 and 25,977,679 shares issued and outstanding as of June 30, 2024 and June 30, 2023, respectively)	263	260
Additional paid in capital	113,484	113,543
Retained earnings	187,731	173,038
Unallocated common stock of Employee Stock Ownership Plan ("ESOP")	(9,892)	(10,573)
Accumulated other comprehensive income (loss)	4,942	(9,568)
Total shareholders' equity	296,528	266,700
Total liabilities and shareholders' equity	$ 1,895,404	$ 1,856,191

CONSOLIDATED STATEMENTS OF CONDITION (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
CONSOLIDATED STATEMENTS OF CONDITION
Securities held to maturity, allowance for credit losses	$ 262
Securities held to maturity	$ 22,437	$ 21,744
Preferred stock, par value (dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares	5,000,000	5,000,000
Preferred stock, issued shares	0	0
Preferred stock, outstanding shares	0	0
Common stock, par value (dollars per share)	$ 0.01	$ 0.01
Common stock, authorized shares	75,000,000	75,000,000
Common stock, issued shares	26,261,293	25,977,679
Common stock, outstanding shares	26,261,293	25,977,679

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Interest and dividend income:
Loans	$ 72,378	$ 55,231
Securities	9,750	9,875
Interest-earning deposits with banks and other	6,188	5,927
Total interest and dividend income	88,316	71,033
Interest expense:
Deposits	20,672	4,620
Borrowings and other	1,131	872
Total interest expense	21,803	5,492
Net interest income	66,513	65,541
Provision for credit losses	2,700
Net interest income after provision for credit losses	63,813	65,541
Noninterest income:
Bank fees and service charges	5,877	5,934
Insurance and wealth management services	9,313	7,053
Net gain on equity securities	735	374
Net loss on securities available for sale transactions	(5,645)
Litigation-related income	5,950
Other	100	787
Total noninterest income	16,330	14,148
Noninterest expense:
Salaries and employee benefits	29,225	27,421
Net occupancy and equipment	7,461	7,249
Data processing	4,554	4,561
Advertising and marketing	729	825
Insurance premiums	913	908
Federal Deposit Insurance Corporation insurance premiums	1,090	857
Professional fees	11,070	4,739
Other	5,692	5,274
Total noninterest expense	60,734	51,834
Income before income taxes	19,409	27,855
Income tax expense	4,149	5,907
Net income	$ 15,260	$ 21,948
Net earnings per common share:
Basic (in dollars per share)	$ 0.61	$ 0.87
Diluted (in dollars per share)	$ 0.61	$ 0.87
Weighted average shares outstanding - basic (in shares)	25,193,848	25,169,382
Weighted average shares outstanding - diluted (in shares)	25,223,114	25,169,382

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 15,260	$ 21,948
Unrealized gains (losses) on securities:
Unrealized holding gains (losses) arising during the period	9,204	(3,832)
Reclassification adjustment for losses included in net income	5,645
Tax amount on unrealized gains/losses on securities	14,849	(3,832)
Tax expense (benefit)	3,881	(1,002)
Unrealized losses on securities, net of tax	10,968	(2,830)
Defined benefit plan:
Change in funded status of defined benefit plans	4,826	6,030
Reclassification adjustment for amortization of net actuarial gain	(30)	(16)
Defined benefit plan, before tax	4,796	6,014
Tax expense	1,254	1,572
Defined benefit plan, net of tax	3,542	4,442
Total other comprehensive income	14,510	1,612
Comprehensive income	$ 29,770	$ 23,560

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings Cumulative Effect Adjustment for the Adoption of ASU 2016-13	Retained Earnings	Unallocated Common Stock of ESOP	Accumulated Other Comprehensive Loss	Cumulative Effect Adjustment for the Adoption of ASU 2016-13	Total
Balance at beginning of period at Jun. 30, 2022	$ 260	$ 113,713		$ 151,090	$ (11,256)	$ (11,180)		$ 242,627
Balance at beginning of period (in shares) at Jun. 30, 2022	25,977,679
Increase (Decrease) in Shareholder's Equity
Net income				21,948				21,948
Other comprehensive income						1,612		1,612
ESOP shares committed to be released		(170)			683			513
Balance at end of period at Jun. 30, 2023	$ 260	113,543	$ 507	173,038	(10,573)	(9,568)	$ 507	$ 266,700
Balance at end of period (in shares) at Jun. 30, 2023	25,977,679							25,977,679
Increase (Decrease) in Shareholder's Equity
Net income				15,260				$ 15,260
Other comprehensive income						14,510		14,510
ESOP shares committed to be released		(209)			681			472
Stock-based compensation expense		154						154
Restricted stock awards granted	$ 4	(4)
Restricted stock awards granted (in shares)	390,000
Repurchase of common stock	$ (1)			(1,074)				(1,075)
Repurchase of common stock (in shares)	(106,386)
Balance at end of period at Jun. 30, 2024	$ 263	$ 113,484		$ 187,731	$ (9,892)	$ 4,942		$ 296,528
Balance at end of period (in shares) at Jun. 30, 2024	26,261,293							26,261,293

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - shares	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
ESOP shares committed to be released (in shares)	50,916	50,916

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 15,260	$ 21,948
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,596	2,698
Provision for credit losses	2,700
Net (accretion) amortization on securities	(1,863)	53
ESOP compensation	472	513
Loss (earnings) on bank-owned life insurance	313	(300)
Net gain on the sale of other real estate owned	(55)
Proceeds from sale of loans	92	100
Net loss (gain) on sale of loans	9	(2)
Loss on sale, disposal or write-down of premise and equipment, net	288
Net gain on equity securities	(735)	(374)
Net loss on securities available for sale transactions	5,645
Stock-based compensation expense	154
Deferred tax (benefit) expense	(188)	855
Increase in accrued interest receivable	(365)	(2,571)
Net decrease in other assets	1,992	3,754
Decrease in other liabilities	(2,488)	(426)
Changes in operating leases	20	21
Net cash provided by operating activities	23,847	26,269
Cash flows from investing activities:
Proceeds from maturities, paydowns and calls of securities available for sale	143,550	187,722
Proceeds from sales of securities available for sale	74,462	0
Purchases of securities available for sale	(32,687)	(141,484)
Proceeds from maturities and paydowns of securities held to maturity	2,651	2,770
Purchases of securities held to maturity	(4,054)	(2,767)
Proceeds from sales of equity securities	3,149	0
Net purchases of FHLBNY and FRBNY stock	(2,350)	(105)
Net increase in loans receivable	(200,057)	(161,701)
Purchases of premises and equipment	(838)	(451)
Proceeds from bank-owned life insurance death benefit		1,143
Proceeds from sale of other real estate owned	106
Cash paid for acquisitions	(1,980)
Net cash used in investing activities	(18,048)	(114,873)
Cash flows from financing activities:
Net increase (decrease) in deposits	8,401	(138,432)
Net increase in mortgagors' escrow deposits	1,813	2,302
Payments on acquisition contingent consideration	(124)	(734)
Repurchase of common stock	(1,075)
Repayment of finance lease liability	(102)	(114)
Net cash provided by (used in) financing activities	8,913	(136,978)
Net increase (decrease) in cash and cash equivalents	14,712	(225,582)
Cash and cash equivalents at beginning of period	150,478	376,060
Cash and cash equivalents at end of period	165,190	150,478
Cash paid during the period for:
Interest	21,751	5,435
Income taxes	5,000	4,800
Non-cash investing and financing activity:
Loans transferred to other real estate owned	204
Acquisition contingent consideration payable	1,499
Right of use assets obtained in exchange for new finance lease liabilities	26
Right of use assets obtained in exchange for new operating lease liabilities	$ 199
Adoption of lease accounting standard:
Right of use assets		6,535
Lease liabilities		$ 6,883

NATURE OF OPERATIONS

12 Months Ended

Jun. 30, 2024

NATURE OF OPERATIONS

NATURE OF OPERATIONS

1. NATURE OF OPERATIONS

Nature of Operations

Pioneer Bancorp, Inc. (the “Company”) is a mid-tier stock holding company whose wholly owned subsidiary is Pioneer Bank, National Association (the “Bank”). The Bank was a New York State chartered savings bank and following approval by the Office of the Comptroller of the Currency (“OCC”) converted to a national bank on April 1, 2024. The Bank’s wholly owned subsidiaries are Pioneer Commercial Bank, Pioneer Insurance Agency, Inc. and Pioneer Financial Services, Inc. On September 16, 2024, the OCC approved the merger of Pioneer Commercial Bank with and into the Bank with the Bank as the resulting entity (the “Commercial Bank Merger”). The Commercial Bank Merger is expected to close on October 1, 2024. Following the completion of the Commercial Bank Merger, the Bank will directly offer full municipal deposit banking services.

The Company provides diversified financial services through the Bank and its subsidiaries, with 23 offices in the Capital Region of New York State. The Company, through its subsidiaries, offers a broad array of deposit, lending, and other financial services to individuals, businesses, and municipalities. There are no significant concentrations of loans to any one customer or industry. However, the customers’ ability to repay their loans is dependent on the real estate and general economic conditions in the Bank’s market area.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Jun. 30, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The consolidated financial statements include the accounts of the Company, the Bank, and the Bank’s wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ substantially from those estimates. The allowance for credit losses, valuation of securities and other financial instruments, the funded status and expense of employee benefit plans, legal proceedings and other contingent liabilities, and the realizability of deferred tax assets are particularly subject to change.

Subsequent Events

Subsequent events are events or transactions that occur after the statement of condition date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the statement of condition, including the estimates inherent in the process of preparing consolidated financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not exist at the date of the statement of condition but arose after that date.

Management has reviewed events occurring through the date the consolidated financial statements were issued and, when appropriate, recognized or disclosed in the consolidated financial statements or notes to the consolidated financial statements.

Cash and Cash Equivalents

Cash and cash equivalents consists of cash and due from banks, federal funds sold with maturities less than three months, and interest-bearing deposits with banks. Net cash flows are reported for customer loan and deposit transactions, changes in mortgagor’s escrow deposits, and short-term borrowings.

Securities Available for Sale, Securities Held to Maturity and Equity Securities

Management determines the appropriate classification of debt securities at the time of purchase. If management has the positive intent and ability to hold debt securities to maturity, they are classified as securities held to maturity and are stated at amortized cost. If debt securities are purchased for the purpose of selling them in the near term, they are classified as trading securities and are reported at fair value with unrealized gains and losses reflected in current earnings. All other debt securities are classified as securities available for sale and reported at fair value, with net unrealized gains or losses reported, net of income taxes, in accumulated other comprehensive loss, a component of shareholders’ equity. All marketable equity securities are reported at fair value, with changes in fair value recognized through net income in the consolidated statements of operations. At June 30, 2024 and 2023, and during the years then ended, the Company did not hold any securities considered to be trading securities.

Gains or losses on the sale or call of securities are based on the net proceeds received and the amortized cost of the securities sold or called, using the specific identification method. The cost of securities is adjusted for amortization of premiums and accretion of discounts, which is calculated on an effective interest method over the period to the call date or over the terms of the securities, if there is no call date.

Allowance for Credit Losses on Securities Held to Maturity

With respect to its held to maturity debt securities, the Company is required to utilize the Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“CECL”) approach to estimate expected credit losses. Management measures expected credit losses on held to maturity debt securities on a collective basis by major security types that share similar risk characteristics. Management classifies the held to maturity debt securities portfolio into the following major security types: Corporate debt securities and municipal obligations. Expected losses are calculated on a pooled basis using a probability of default/loss given default model, based on historical credit loss data from a reliable source. Management utilizes corporate and municipal default and loss rates which provides decades of data across all corporate and municipal sectors and geographies. Management may exercise discretion to make adjustments based on environmental factors. The model calculates the expected loss for each security over the contractual life. If the risk of a held to maturity debt security no longer matches the collective assessment pool, it is removed and individually assessed for credit deterioration.

Allowance for Credit Losses on Securities Available for Sale

The impairment model for available for sale debt securities differs from the CECL approach utilized for held to maturity debt securities because available for sale debt securities are measured at fair value rather than amortized cost. For available for sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more than likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities available for sale that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of tax. Changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available for sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met.

Prior to the adoption of CECL on July 1, 2023, management evaluated debt securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. In determining OTTI, management considers many factors, including: (1) the length of time

and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the entity has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. The assessment of whether an other-than-temporary decline exists involves a high degree of subjectivity and judgment and is based on the information available to management at a point in time.

When OTTI occurs, the amount of the OTTI recognized in earnings depends on whether an entity intends to sell the security or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, less any current-period credit loss. If an entity intends to sell or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, less any current-period credit loss, the OTTI shall be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. If an entity does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis less any current-period loss, the OTTI shall be separated into the amount representing the credit loss and the amount related to all other factors. The amount of the total OTTI related to the credit loss is determined based on the present value of cash flows expected to be collected and is recognized in earnings. The amount of the total OTTI related to other factors is recognized in other comprehensive income, net of applicable taxes. The previous amortized cost basis less the OTTI recognized in earnings becomes the new amortized cost basis of the investment.

Securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain securities, it is at least reasonably possible that changes in the values of securities will occur in the near term and that such changes could materially affect the amounts reported in the accompanying consolidated financial statements.

Federal Home Loan Bank of New York (“FHLBNY”) and Federal Reserve Bank of New York (“FRBNY”) Stock

The Bank is a member of both the FHLBNY and FRBNY. FHLBNY members are required to own a certain amount of stock based on the level of borrowings and other factors, while FRBNY members are required to own a certain amount of stock based on a percentage of the Bank’s capital stock and surplus. FHLBNY and FRBNY stock are carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends, if any, are reported as income.

Loans Held for Sale

Management determines the appropriate classification of mortgage loans at the time of commitment for new loan originations or, for convertible adjustable rate loans, at the time of conversion to a fixed interest rate. Mortgage loans held for sale are recorded at the lower of aggregate cost or fair value as determined by outstanding commitments from investors or fair value based upon recent sales for loans with no commitments. In order to limit the interest rate risk associated with loans held for sale, the Company may enter into various agreements to sell loans in the secondary mortgage market at fixed rates.

Gains and losses on the disposition of loans held for sale are determined based on the difference between the selling price and the carrying value of the loan sold plus the value of servicing rights, if retained.

At June 30, 2024 and 2023 the Company had no loans held for sale.

Net Loans Receivable

Loans receivable are reported at the principal amount outstanding, plus net deferred loan costs and net of the allowance for credit losses on loan. Interest income accrues on the unpaid principal balance. Interest income on loans is not recognized when considered doubtful of collection by management (generally, when principal or interest payments are ninety days or more past due). Past due status is based on the contractual terms of the loan. A loan is moved to non-accrual status in accordance with the Company’s policy, typically after 90 days of non-payment, unless the loan is well secured and in the process of collection. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful.

All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on a cost recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

Fees received from loan originations and certain direct origination costs are deferred and amortized into interest income to provide for a level-yield on the underlying loans without anticipating prepayments.

Allowance for Credit Losses on Loans

The CECL approach requires an estimate of the credit losses expected over the life of a loan (or pool of loans). The allowance for credit losses is a valuation account deducted from the amortized cost basis of loans to present the net, lifetime amount expected to be collected on the loans. Expected losses are evaluated and calculated on a collective, or pooled, basis for those loans which share similar risk characteristics. If the loan does not share risk characteristics with other loans, the Company will evaluate the loan on an individual basis. Individually evaluated loans are primarily non-accrual and collateral dependent loans. Loan losses are charged off against the allowance when management believes a loan balance is confirmed to be uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged-off and amounts expected to be charged-off.

The loan portfolio is segmented at the level at which the Company develops and documents a systematic methodology to determine its allowance for credit losses. Upon adoption of CECL, management revised the manner in which loans were pooled for similar risk characteristics. Management developed the following segments for estimating loss based on type of borrower and collateral which is generally based upon federal call report segmentation and have been combined or subsegmented as needed to ensure loans of similar risk profiles are appropriately pooled: commercial (commercial real estate, commercial and industrial, and commercial construction), residential mortgages, home equity loans and lines, and consumer loans.

Management estimates the allowance for credit losses on loans by using relevant available information, from internal and external sources, related to past events, current conditions, and reasonable and supportable forecasts that affect the collectability of loans. Historical loss experience was considered by the Company for estimating expected credit losses and determined the need to use peer data, with similar risk profiles, to develop and calculate the CECL reserve models.

Historical credit loss experience for the Company and peer losses by loan segments, provide a foundation for estimating an expected credit loss. The observed credit losses are converted to probability of default (“PD”) rate curves through the use of loss given default (“LGD”) risk factors that converts default rates to estimated loss for each loan segment. This is based on industry-level, observed relationships between the PD and LGD variables for each segment. The historical PD curves correspond to economic variables through historical economic cycles, which establishes a quantitative relationship between forecasted economic conditions and loan performance.

Using the historical quantitative relationship between economic conditions and loan performance, management developed a model, using selected external economic forecasts that is highly correlated for each loan segment. These forecasts are then applied over a period that management has determined to be reasonable and supportable. Beyond the period over which management can develop or source a reasonable and supportable forecast, the model will revert to long-term average economic conditions using a straight-line methodology.

The allowance for credit losses on loans is measured on a collective basis, when similar risk characteristics are present, with both a quantitative and qualitative analysis that is applied on a quarterly basis. The respective quantitative reserve for each segment is calculated using a PD/LGD modeling methodology, with segment-specific regression models. The discounted cash flows methodology uses expected credit losses estimated over the effective life of each loan by measuring the difference between the net present value of modeled cash flows and amortized cost basis. Contractual cash flows over the contractual life of the loans are the basis for modeled cash flows, adjusted for modeled defaults and expected prepayments and discounted at the loan-level stated interest rate.

Management applies a qualitative adjustment for each segment as of the consolidated statements of condition date. The qualitative adjustments include limitations inherent in the quantitative model; changes in lending policies and procedures; changes in international, national, regional, and local economic conditions; changes in the nature and volume of the portfolio and terms of loans; the experience, ability and depth of lending management and staff; changes in the volume and severity of past due loans; changes in value of underlying collateral; existence and effect of any concentrations of credit and changes in the levels of such concentrations; and the effect of external factors; such as competition, legal and regulatory requirements.

On a case-by-case basis, the Company may conclude that a loan should be evaluated on an individual basis based on its disparate risk characteristics. When the Company determines that a loan no longer shares similar risk characteristics with other loans in the portfolio, the allowance will be determined on an individual basis using the present value of expected cash flows or, for collateral-dependent loans, the estimated fair value of the collateral, as applicable.

The following are the portfolio and class segments and the risk characteristics of each:

Commercial – Commercial real estate loans are secured by multi-family and nonresidential real estate and generally have larger balances and involve a greater degree of risk than residential real estate loans. Commercial real estate loans depend on the global cash flow analysis of the borrower and the net operating income of the property, the borrower’s expertise, credit history and profitability, and the value of the underlying property. Of primary concern in commercial real estate lending is the borrower’s creditworthiness and the cash flow from the property. Payments on loans secured by income properties often depend on successful operation and management of the properties. As a result, repayment of such loans may be subject, to a greater extent than residential real estate loans, to adverse conditions in the real estate market or the economy. Commercial real estate is also subject to adverse market conditions that cause a decrease in market value or lease rates, obsolescence in location or function and market conditions associated with oversupply in a specific region.

Commercial and industrial loans are commercial loans other than those secured by real estate. Commercial and industrial loans are generally of higher risk and typically are made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business. As a result, the availability of funds for the repayment of commercial loans may depend substantially on the success of the business itself. Furthermore, any collateral securing such loans may depreciate over time, may be difficult to appraise and may fluctuate in value.

Commercial construction financing is generally considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the property’s value at completion of construction and the estimated cost of construction. During the construction phase, a number of factors could result in delays and cost overruns. If the estimate of construction costs proves to be inaccurate, additional funds may be required to be advanced in excess of the amount originally committed to permit completion of the building. If the estimate of value proves to be inaccurate, the value of the building may be insufficient to assure full repayment if liquidation is required. If foreclosure is required on a building before or at completion due to a default, there can be no assurance that all of the unpaid balance of, and accrued interest on, the loan as well as related foreclosure and holding costs will be recovered.

Residential Mortgages– Residential mortgage loans are generally made on the basis of the borrower’s ability to make repayment from his or her employment or other income, and which are secured by real property whose value tends to be more easily ascertainable. Repayment of residential mortgage loans is subject to adverse employment conditions in the local economy leading to increased default rate and decreased market values from oversupply in a geographic area. In general, residential mortgage loans depend on the borrower’s continuing financial stability and, therefore, are likely to be adversely affected by various factors, including job loss, divorce, illness or personal bankruptcy. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans.

Home Equity Loans and Lines – Home equity loans secured by real estate may entail greater risk than first-lien residential mortgage loans due to a lower lien position. In general, repayment of home equity loans depend on the borrower’s continuing financial stability and, therefore, are likely to be adversely affected by various factors, including job loss, divorce, illness or personal bankruptcy. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans.

Consumer - Consumer loans, particularly unsecured loans and loans secured by assets that depreciate rapidly, such as motor vehicles, are subject to greater risk. In all cases, collateral for a defaulted consumer loan may not provide an adequate source of repayment for the outstanding loan and a small remaining deficiency often does not warrant further substantial collection efforts against the borrower.

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 on the consolidated statement of condition and is adjusted by the provision for credit losses on the consolidated statement of operations. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over the estimated contractual life. The probable funding amount by segment is multiplied by the respective reserve percentage calculated in the allowance for credit losses on loans to calculate a reserve 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. The Company does not estimate expected credit losses on accrued interest receivable on loans and investment securities, as accrued interest receivable is reversed or written off when the full collection of the accrued interest receivable related to a loan or investment security becomes doubtful.

Allowance for Loan Losses – Incurred Loss Method

Prior to the adoption of CECL on July 1, 2023, the Company calculated the allowance for loan losses using the incurred loss method whereby the allowance represented management’s estimate of probable incurred losses inherent in the current loan portfolio. The allowance for loan losses is increased (decreased) through charges (credits) to the provision for loan losses. Loans are charged against the allowance when management believes that the collectability of the principal is not probable. Recoveries on loans previously charged-off are credited to the allowance for loan losses when realized. The allowance is an amount that management believes is adequate for probable incurred losses on existing loans.

The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired.

A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans, for which the terms have been modified, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired.

Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed.

Commercial business, commercial real estate, commercial construction, and certain residential real estate loans are individually evaluated for impairment. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Large groups of smaller balance homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment, and accordingly, they are not separately identified for impairment disclosures unless classified as a troubled debt restructuring.

Troubled debt restructurings are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of an allowance in accordance with the accounting policy for the allowance for loan losses.

The general component covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the most recent one, three, five or ten year periods, whichever is highest. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. The following portfolio segments have been identified: Commercial, Residential Mortgages, Home Equity Loans and Lines, and Consumer. Commercial loan classes include commercial real estate, commercial and industrial and construction.

Derivatives

In the normal course of business, the Company utilizes interest rate swaps with certain commercial borrowers and third-party counterparties. These transactions are accounted for as derivatives. The derivatives are entered into in connection with the Company’s asset and liability management activities and not for trading purposes.

The derivatives are not designated as hedges for accounting purposes and therefore all derivatives are recorded at fair value as derivative assets and derivative liabilities, included in other assets and other liabilities, respectively, in the consolidated statements of condition, with changes in fair value recognized as non-interest income in the consolidated statements of operations.

Premises and Equipment

Premises and equipment are carried at cost, net of accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets (39 years for buildings, 15 years for land improvements and 3 to 10 years for furniture, fixtures and equipment). Leasehold improvements are amortized on a straight-line basis over the shorter of the term of the related leases or the estimated useful lives of the assets. Land is carried at cost.

Leases

The Company determines if an arrangement is a lease at inception. Right-of-use (“ROU”) assets and liabilities for operating leases and finance leases are recognized at the commencement date based on the present value of lease payments over the lease term. If the rate implicit in the lease is not known or determinable, the incremental borrowing rate is used to determine the present value of lease payments. The incremental borrowing rates are based on information provided by FHLBNY for a secured borrowing arrangement of a comparable term. The lease term may include an option to extend or terminate early when exercise of that option is considered reasonably certain. Reductions to finance lease ROU assets are recognized as amortization on a straight-line basis over the lease term and the interest on the related lease liability is expensed through interest expense on borrowings and other on the accompanying consolidated statements of operations. Reductions to operating lease ROU assets are recognized as lease cost on a straight-line basis over the lease term.

Other Real Estate Owned

Other real estate owned (“OREO”) is initially recorded at fair value of the asset acquired less an estimate of the costs to sell, establishing a new cost basis. Fair value of OREO is generally determined through independent appraisals. At the time of foreclosure or when the Company obtains legal title to the property, the excess, if any, of the recorded investment in the loan over the fair value of the asset received is charged to the allowance for credit losses on loan. Subsequent declines in the fair value of such assets, or increases in the estimated costs to sell the properties and net operating expenses of such assets, are charged directly to other expenses. OREO is included in other assets in the consolidated statements of condition.

Bank-Owned Life Insurance

The Company is the beneficiary of a policy that insures the lives of certain current and former officers of the Company. The Company has recognized the cash surrender value, or the amount that can be realized under the insurance policy, as an asset in the consolidated statements of condition. Changes in the cash surrender value and insurance benefit payments are recorded in noninterest income.

Goodwill and Other Intangible Assets

The excess of the cost of acquired entities over the fair value of identifiable tangible and intangible assets acquired, less liabilities assumed, is recorded as goodwill. Goodwill is carried at its acquired value and is reviewed annually for impairment, or when events or changes in circumstances indicate that carrying amounts may be impaired.

Acquired identifiable intangible assets that have finite lives are amortized over their useful economic life. Customer relationship intangibles are generally amortized over fifteen years based upon the projected discounted cash flows of the accounts acquired. Core deposit premium related to the Company’s assumption of certain deposit liabilities is being amortized over fifteen years. Acquired identifiable intangible assets that are amortized are reviewed for impairment when events or changes in circumstances indicate that the carrying amounts may be impaired.

Advertising

The Company expenses costs associated with advertising as they are incurred.

Income Taxes

Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax basis of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. The Company recognizes interest and/or penalties related to income tax matters in other expense.

A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded.

Financial Instruments

In the normal course of business, the Company is a party to certain financial instruments with off-balance-sheet risk such as commitments to extend credit, unused lines of credit and standby letters of credit. The face amount for these items represents exposure to loss, before considering customer collateral, or ability to repay. The Company’s policy is to record such instruments when funded.

Mortgage Servicing Rights

Mortgage servicing rights are recognized in other assets when loans are sold with servicing retained based on their estimated fair values. The cost allocated to the servicing right is capitalized as a separate asset and amortized in proportion to, and over the period of, estimated net servicing income. Capitalized mortgage servicing rights are assessed for impairment based on the fair value of those rights, and any impairment loss is recognized through a valuation allowance.

Comprehensive Income (Loss)

Comprehensive income (loss) represents the sum of net income and items of other comprehensive income or loss, which are reported directly in shareholders’ equity, net of tax. Other comprehensive income or loss includes the unrealized gain or loss on securities available for sale and changes in the funded status of the Company’s defined benefit pension and other post-retirement plans, net of tax.

Cash Reserve Requirement

The Company may be required to maintain certain reserves of cash and/or deposits with the Federal Reserve Bank. The Company had no reserve requirement at June 30, 2024 and 2023.

Employee Benefits

The Company has a defined benefit pension plan covering substantially all of its employees hired before September 1, 2019. The benefits are developed from actuarial valuations and are based on the employee’s years of service and compensation. Actuarial assumptions such as interest rates, expected return on plan assets, turnover, mortality and rates of future compensation increases have a significant impact on the costs, assets and liabilities of the plan. Pension expense is the net of service cost, interest cost, return on plan assets and amortization of gains and losses not immediately recognized.

The Company also provides post-retirement medical and life insurance benefits to certain employees and retirees. The cost of post-retirement benefits is recognized on an accrual basis as employees perform services. Effective October 1, 2006, the post-retirement medical portion of the plan was frozen. Accordingly, after that date there have been no new plan participants.

The Company maintains a defined contribution 401(k) plan covering substantially all employees meeting certain eligibility requirements. Employer 401(k) expense is the amount of matching contributions.

The Company maintains an Employee Stock Ownership Plan (“ESOP”) covering substantially all employees meeting certain eligibility requirements. The cost of shares issued to the ESOP, but not yet allocated to participants, is shown as a reduction of shareholders’ equity. Compensation expense is based on the market price of shares as they are committed to be released to participant accounts.

Deferred compensation and supplemental retirement plan expense principally represents investment performance on the various plan assets.

Stock-Based Compensation

The Company maintains a stock-based compensation plan under which stock options and restricted stock awards are granted to certain directors and key employees. The Company expenses the grant date fair value of stock options and restricted stock awards granted. For stock options and restricted stock awards, the expense is recognized over the vesting period of the grant on a straight-line basis, and is included within salaries and employee benefits expense on the accompanying consolidated statement of operations. The expense is adjusted for forfeitures as they occur. For restricted stock awards fair value is measured using the closing price of the Company common stock at the grant date. Stock option awards use the Black-Scholes Option-Pricing Model to measure fair value at the grant date.

Earnings per Share

Basic earnings per share (“EPS”) excludes dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity (such as the Company’s dilutive stock options and restricted stock awards). Unallocated ESOP shares are not deemed outstanding for earnings per share calculations.

Shareholders’ Equity

The Company accounts for stock repurchases by allocating the repurchase price to common stock and retained earnings. Under Maryland law, the Company's state of incorporation, there are no treasury shares. All repurchased

shares are authorized but unissued shares and these shares may be issued in the future for general corporate and other purposes. The Company may terminate or limit the stock repurchase program at any time. The Company records the shares purchased under the share repurchase plan based on the trade date.

Reclassifications

Amounts in the prior year’s consolidated financial statements are reclassified whenever necessary to conform to the current year’s presentation.

Adoption of Recent Accounting Pronouncements

Financial Instruments - Credit Losses - Topic 326

In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2016-13 to its guidance on “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss model). Under this model, entities will estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications unless reasonable expectation of a troubled debt restructuring exists) from the date of initial recognition of that instrument. The ASU also replaces the current accounting model for purchased credit impaired loans and debt securities. The allowance for credit losses for purchased financial assets with a more-than insignificant amount of credit deterioration since origination (“PCD assets”), should be determined in a similar manner to other financial assets measured on an amortized cost basis. However, upon initial recognition, the allowance for credit losses is added to the purchase price (“gross up approach”) to determine the initial amortized cost basis. The subsequent accounting for PCD financial assets is the same expected loss model described above. Further, the ASU made certain targeted amendments to the existing impairment model for available for sale debt securities. For an available for sale debt security for which there is neither the intent nor a more-likely-than-not requirement to sell, an entity will record credit losses as an allowance rather than a write-down of the amortized cost basis. The amendments in this ASU were effective for the Company for the fiscal year beginning July 1, 2023. An entity will apply the amendments in this ASU through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which aligns the implementation date for nonpublic entities’ annual financial statements with the implementation date for their interim financial statements and clarifies the scope of the guidance in the amendments in ASU 2016-13. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. ASU 2019-04 clarifies or addresses stakeholders’ specific issues about certain aspects of the amendments in ASU 2016-13 related to measuring the allowance for credit losses under the new guidance. The effective dates and transition requirements for the amendments related to this ASU are the same as the effective dates and transition requirements in ASU 2016-13. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments-Credit Losses clarifying certain amendments to various provisions of ASU 2016-13 relating to (1) purchased financial assets with credit deterioration, (2) financial assets secured by collateral maintenance agreements, (3) transition relief for troubled debt restructurings, and (4) disclosure relief when the practical expedient for accrued interest receivables is applied.

On July 1, 2023, the Company adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as amended, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held to maturity debt securities. It also applies to off-balance sheet credit exposures (loan commitments, standby letters of credit, financial guarantees, and other similar instruments). In addition, the CECL guidance made changes to the accounting for available for sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available for sale

debt securities which management does not intend to sell or believes that it is more likely than not they will be required to sell.

The Company adopted the CECL guidance using the modified retrospective method for all financial assets measured at amortized cost, and off-balance-sheet credit exposures, except for debt securities for which other-than-temporary impairment had been recognized prior to July 1, 2023 for which the Company adopted the CECL guidance using the prospective transition approach. Results for reporting periods beginning after July 1, 2023, are presented under the CECL guidance while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a net increase to retained earnings of $507,000 as of July 1, 2023 for the cumulative effect of adopting the CECL guidance. The transition adjustment includes a $2.3 million decrease to the allowance for credit losses on loans, a $1.6 million increase to the allowance for credit losses on unfunded commitments, and a $180,000 impact to the deferred tax assets. The Company did not record an allowance for credit losses on held to maturity and available for sale debt securities on July 1, 2023, as the amount of credit risk was deemed immaterial.

Troubled Debt Restructurings and Vintage Disclosures - Topic 326

In March 2022, the FASB issued ASU 2022-02, amendments related to Troubled Debt Restructurings (“TDRs”) for all entities after they adopt ASU 2016-13 and amendments related to vintage disclosures that affect public business entities with investments in financing receivables, under Financial Instruments-Credit Losses (Topic 326). This ASU eliminates the guidance on TDRs in Subtopic 310-40, Receivables-Troubled Debt Restructurings, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The ASU also requires that public business entities disclose current-period gross charge-offs by year of origination. The Company adopted the standard prospectively, beginning July 1, 2023, concurrently with the adoption of ASU 2016-13. The adoption of this guidance did not have a material impact on the consolidated financial statements.

Reference Rate Reform - Topic 848

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). The ASU and related amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments (1) apply to contract modifications that replace a reference rate affected by reference rate reform, (2) provide exceptions to existing guidance related to changes to the critical terms of a hedging relationship due to reference rate reform (3) provide optional expedients for fair value hedging relationships, cash flow hedging relationships, and net investment hedging relationships, and (4) provide a one-time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that are classified as held to maturity before January 1, 2020. The amendments in this ASU are effective for all entities as of March 12, 2020 through December 31, 2022. The amendments for contract modifications can be elected to be applied as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020. The amendments for existing hedging relationships can be elected to be applied as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. On December 21, 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which extends the sunset (or expiration) date of ASC Topic 848, Reference Rate Reform, from December 31, 2022, to December 31, 2024. On July 1, 2023, the Company adopted ASC 848, as amended. The adoption of this guidance did not have a material impact on the consolidated financial statements.

Impact of Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09—Income Taxes (Topic 740)—Improvements to Income Tax Disclosures, to provide more transparency about income tax information through improvements to income tax disclosures. Specifically, the update requires enhancements to the rate reconciliation, including disclosure of

specific categories and additional information for reconciling items meeting a quantitative threshold, and greater disaggregation of income tax disclosures related to income taxes paid. The amendments in this update are effective for fiscal years beginning after December 15, 2024 and early adoption is permitted. The Company is evaluating the impact this will have on the consolidated financial statements.

ACQUISITIONS

12 Months Ended

Jun. 30, 2024

ACQUISITIONS

ACQUISITIONS

3.ACQUISITIONS

On July 13, 2023, the Company, through its subsidiary, Pioneer Financial Services, Inc., completed the acquisition of certain assets of Hudson Financial LLC, a company engaged in the wealth management services business in the Hudson Valley Region of New York. The Company paid an aggregate of $2.0 million in cash and recorded $1.5 million in contingent consideration payable to acquire the assets and recorded a $1.4 million customer list intangible asset and goodwill in the amount of $2.1 million in conjunction with the acquisitions. The goodwill from the acquisition is expected to be deductible for tax purposes. No contingent consideration was paid during the year ended June 30, 2024. The effects of the acquired assets have been included in the consolidated financial statements since the acquisition date. The above referenced acquisition was made to expand the Company’s wealth management services activities.

INVESTMENT SECURITIES

12 Months Ended

Jun. 30, 2024

INVESTMENT SECURITIES

INVESTMENT SECURITIES

4. INVESTMENT SECURITIES

The amortized cost and estimated fair value of securities available for sale are as follows (dollars in thousands):


			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
June 30, 2024
U.S. Government and agency obligations	$	247,479	$	1	$	(3,931)	$	243,549
Municipal obligations		13,419		5		(8)		13,416
Other debt securities		212		305		(73)		444
Total available for sale securities	$	261,110	$	311	$	(4,012)	$	257,409

June 30, 2023
U.S. Government and agency obligations	$	396,464	$	2	$	(18,737)	$	377,729
Municipal obligations		53,492		9		(67)		53,434
Other debt securities		261		309		(66)		504
Total available for sale securities	$	450,217	$	320	$	(18,870)	$	431,667

The Company elected to exclude accrued interest receivable from the amortized cost basis of debt securities. Accrued interest receivable on available for sale debt securities totaled $1.4 million at June 30, 2024 and is excluded

from the estimate of credit losses and reported in accrued interest receivable in the consolidated statement of condition.

There was no allowance for credit losses for securities available for sale as of June 30, 2024.

The amortized cost and estimated fair value of securities held to maturity are as follows (dollars in thousands):


			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated		Allowance for		Net Carrying
	Cost		Gains		Losses		Fair Value		Credit Losses		Value
June 30, 2024
Corporate debt securities	$	22,000	$	55	$	(2,898)	$	19,157	$	262	$	21,738
Municipal obligations		3,352		—		(72)		3,280		—		3,352
Total held to maturity securities	$	25,352	$	55	$	(2,970)	$	22,437	$	262	$	25,090

June 30, 2023
Corporate debt securities	$	20,000	$	—	$	(2,049)	$	17,951	$	—	$	20,000
Municipal obligations		3,949		—		(156)		3,793		—		3,949
Total held to maturity securities	$	23,949	$	—	$	(2,205)	$	21,744	$	—	$	23,949

Accrued interest receivable on held to maturity debt securities totaled $220,000 at June 30, 2024 and is excluded from the estimate of credit losses and is reported in accrued interest receivable in the consolidated statement of condition.

There were no held to maturity securities that were 30 days or more past due or classified as non-accrual as of June 30, 2024.

The following tables present the activity in the allowance for credit losses on securities held-to-maturity (dollars in thousands):


	For the Year Ended June 30, 2024
	Beginning								Ending
	Balance		Provisions		Charge-offs		Recoveries		Balance
Corporate debt securities	$	—	$	262	$	—	$	—	$	262
Municipal obligations		—		—		—		—		—
Total	$	—	$	262	$	—	$	—	$	262

The estimated fair value and gross unrealized losses aggregated by security category and length of time such securities have been in a continuous unrealized loss position, is summarized as follows (dollars in thousands):


	June 30, 2024
	Less than 12 Months				12 Months or Longer				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Securities available for sale:
U.S. Government and agency obligations	$	19,580	$	(12)	$	219,059	$	(3,919)	$	238,639	$	(3,931)
Municipal obligations		3,723		(8)		—		—		3,723		(8)
Other debt securities		—		—		90		(73)		90		(73)
	$	23,303	$	(20)	$	219,149	$	(3,992)	$	242,452	$	(4,012)

Securities held to maturity:
Corporate debt securities	$	—	$	—	$	17,102	$	(2,898)	$	17,102	$	(2,898)
Municipal obligations		—		—		3,280		(72)		3,280		(72)
	$	—	$	—	$	20,382	$	(2,970)	$	20,382	$	(2,970)


	June 30, 2023
	Less than 12 Months				12 Months or Longer				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Securities available for sale:
U.S. Government and agency obligations	$	104,145	$	(1,975)	$	268,782	$	(16,762)	$	372,927	$	(18,737)
Municipal obligations		47,781		(67)		—		—		47,781		(67)
Other debt securities		14		(1)		107		(65)		121		(66)
	$	151,940	$	(2,043)	$	268,889	$	(16,827)	$	420,829	$	(18,870)

Securities held to maturity:
Corporate debt securities	$	—	$	—	$	17,951	$	(2,049)	$	17,951	$	(2,049)
Municipal obligations		—		—		3,793		(156)		3,793		(156)
	$	—	$	—	$	21,744	$	(2,205)	$	21,744	$	(2,205)

Unrealized losses on securities available for sale have not been recognized into income because the issuers' debt securities are of high credit quality (rated AA or higher), management does not intend to sell, and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments on the securities. The fair value is expected to recover as the securities approach maturity.

As a result of the Company adopting the CECL guidance using the prospective transition approach for debt securities for which other-than-temporary impairment had been recognized prior to July 1, 2023, the amortized cost basis remains the same before and after the effective date of the CECL guidance. The effective interest rate on these debt securities was not changed. Amounts previously recognized in accumulated other comprehensive income as of July 1, 2023 relating to improvements in cash flows expected to be collected will be accreted into income over the remaining life of the asset. Recoveries of amounts previously written off relating to improvements in cash flows after July 1, 2023 will be recorded in earnings when received.

The Company does not believe the available for sale securities that were in an unrealized loss position as of June 30, 2024, which consisted of 104 individual securities, represented a credit loss impairment. Available for sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses at least quarterly. As of June 30, 2024, the majority of the available for sale securities in an unrealized loss position consisted of debt securities issued by U.S. government agencies or U.S. government-sponsored enterprises that carry the explicit

and/or implicit guarantee of the U.S. government, which are widely recognized as “risk-free” and have a long history of zero credit losses. Total gross unrealized losses were primarily attributable to changes in interest rates, relative to when the investment securities were purchased, and not due to the credit quality of the investment securities. The Company does not intend to sell, nor is it more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, which may be at maturity.

None of the Company’s held to maturity debt securities were past due or on nonaccrual status as of the year ended June 30, 2024. There was no accrued interest reversed against interest income for the year ended June 30, 2024, as all securities remained on accrual status. In addition, there were no collateral dependent held to maturity debt securities as of June 30, 2024. An allowance for credit losses on held to maturity debt securities is recorded to account for expected lifetime credit losses.

Prior to the adoption of CECL, the Company evaluated its portfolio for other than temporary impairment. At June 30, 2023 there were 165 debt securities with unrealized losses. Unrealized losses on debt securities are primarily related to increases in credit spreads since the securities were purchased. Unrealized losses on other debt securities are not considered other-than-temporary based upon analysis completed by management considering credit rating of the instrument, length of time each security has spent in an unrealized loss position and the strength of the underlying collateral.

During the years ended June 30, 2023, management reviewed all other debt securities which were rated less than investment grade for impairment, resulting in no additional impairment charges in fiscal 2023. In fiscal 2023, 54 securities with an amortized cost of $219,000 and remaining par value of $1.5 million were evaluated.

The following table sets forth information with regard to contractual maturities of debt securities (dollars in thousands). Securities not due at a single maturity date are shown separately.


	June 30, 2024
	Amortized		Estimated
	Cost		Fair Value
Securities available for sale:
Due in one year or less	$	192,712	$	189,771
Due after one to five years		68,186		67,194
Other debt securities		212		444
	$	261,110	$	257,409

Securities held to maturity:
Due in one year or less	$	2,269	$	2,197
Due after one to five years		1,083		1,083
Due after five to ten years		22,000		19,157
	$	25,352	$	22,437

During the year ended June 30, 2024, the Company received $74.5 million in proceeds from the sale of securities available for sale, realizing gross losses of $5.6 million. There were no sales of securities available for sale for the year ended June 30, 2023.

There were no sales of securities held to maturity for the years ended June 30, 2024 and 2023.

During the year ended June 30, 2024, the Company received $3.1 million in proceeds from the sale of equity securities. There were no sales of equity securities for the year ended June 30, 2023.

As of June 30, 2024 and June 30, 2023, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of the Company’s equity. As of June 30, 2024 and June 30, 2023, the carrying value of available for sale securities pledged to secure FHLBNY advances and municipal deposits was $254.1 million and $428.5 million, respectively.

The portion of unrealized gains and losses for the period that relates to equity securities still held at the reporting date are as follows (dollars in thousands):


	For the Year Ended June 30,
	2024		2023
Net gain (loss) recognized during the period on equity securities	$	735	$	374
Less: Net gains recognized during the period on equity securities sold during the period		735		—
Unrealized gains (losses) recognized during reporting period on equity securities still held at reporting date	$	—	$	374

NET LOANS RECEIVABLE

12 Months Ended

Jun. 30, 2024

NET LOANS RECEIVABLE

NET LOANS RECEIVABLE

5. NET LOANS RECEIVABLE

A summary of net loans receivable is as follows (dollars in thousands):


	June 30, 2024		June 30, 2023
Commercial:
Real estate	$	406,201	$	411,165
Commercial and industrial		101,207		97,307
Construction		118,373		92,714
Total commercial		625,781		601,186
Residential mortgages		633,779		463,196
Home equity loans and lines		92,765		85,477
Consumer		13,545		16,779
		1,365,870		1,166,638
Allowance for credit losses		(21,801)		(22,469)
Net loans receivable	$	1,344,069	$	1,144,169

Accrued interest receivable on loans totaled $5.9 million at June 30, 2024. Accrued interest receivable on loans is included in accrued interest receivable on the consolidated statement of condition, and is excluded from the estimate of credit losses.

Net deferred loan costs totaled $9.5 million and $6.7 million at June 30, 2024 and 2023, respectively, and are included in net loans receivable.

The Company’s July 1, 2023 adoption of CECL resulted in a significant change to the methodology for estimating the allowance for credit losses. The allowance for credit losses on loans 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 the impact of current economic conditions not accounted for in the quantitative models. The discounted cash flow methodology is used to calculate the CECL reserve for the commercial, residential mortgages, and home equity loans and lines of credit segments. The Company uses a four-quarter reasonable and supportable forecast period based on economic forecast from the Federal Open Market Committee (“FOMC”) of the Federal Reserve's projections of civilian unemployment and year-over-year U.S. GDP growth. The forecast will revert to long-term economic conditions over a four quarter reversion period on a straight-line basis. The remaining life method is used 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 established a reserve for off-balance sheet credit exposures in conjunction with its adoption of the CECL guidance. The allowance for credit losses on off-balance sheet credit exposures is recognized as a liability (classified as a component of other liabilities on the consolidated statements of condition), with adjustments to the reserve recognized in the provision for credit losses on the consolidated statements of operations.

The following table presents the activity in the allowance for credit losses by portfolio segment (dollars in thousands):


	For the Year Ended June 30, 2024
			Cumulative Effect
	Beginning		Adjustment for the								Ending
	Balance		Adoption of ASU 2016-13		Provisions		Charge-offs		Recoveries		Balance
Commercial	$	14,288	$	(1,307)	$	(205)	$	(345)	$	73	$	12,504
Residential mortgages		6,222		(670)		2,272		(118)		—		7,706
Home equity loans and lines of credit		1,470		(265)		48		(12)		3		1,244
Consumer		489		(69)		48		(135)		14		347
Allowance for credit losses - loans		22,469		(2,311)		2,163		(610)		90		21,801
Allowance for credit losses - off-balance sheet credit exposures		—		1,624		275		—		—		1,899
Total	$	22,469	$	(687)	$	2,438	$	(610)	$	90	$	23,700


	For the Year Ended June 30, 2023
			Residential
	Commercial		Mortgages		Home Equity		Consumer		Total
Allowance for loan losses at beginning of period	$	17,818	$	2,899	$	1,388	$	419	$	22,524
Provisions charged to operations		(3,567)		3,283		76		208		—
Loans charged off		(41)		(26)		(8)		(158)		(233)
Recoveries on loans charged off		78		66		14		20		178
Allowance for loan losses at end of period	$	14,288	$	6,222	$	1,470	$	489	$	22,469

The following table presents the balance in the allowance for credit losses and allowance for loan losses and the recorded investment in loans by portfolio segment (dollars in thousands):


	June 30, 2024
			Residential
	Commercial		Mortgages		Home Equity		Consumer		Total
Allowance for credit losses:
Related to loans individually evaluated	$	134	$	—	$	—	$	—	$	134
Related to loans collectively evaluated		12,370		7,706		1,244		347		21,667
Ending balance	$	12,504	$	7,706	$	1,244	$	347	$	21,801

Loans:
Individually evaluated	$	3,853	$	1,625	$	—	$	—	$	5,478
Loans collectively evaluated		621,928		632,154		92,765		13,545		1,360,392
Ending balance	$	625,781	$	633,779	$	92,765	$	13,545	$	1,365,870


	June 30, 2023
			Residential
	Commercial		Mortgages			Home Equity	Consumer		Total
Allowance for loan losses:
Related to loans individually evaluated for impairment	$	792	$	—	$	—	$	—	$	792
Related to loans collectively evaluated for impairment		13,496		6,222		1,470		489		21,677
Ending balance	$	14,288	$	6,222	$	1,470	$	489	$	22,469

Loans:
Individually evaluated for impairment	$	11,544	$	—	$	—	$	—	$	11,544
Loans collectively evaluated for impairment		589,642		463,196		85,477		16,779		1,155,094
Ending balance	$	601,186	$	463,196	$	85,477	$	16,779	$	1,166,638

The following table presents information related to impaired loans by class, as determined in accordance with ASC 310, prior to the adoption of ASU 2016-13 (dollars in thousands):


							For the Year Ended
	June 30, 2023						June 30, 2023
	Unpaid				Allowance for		Average		Interest
	Principal		Recorded		Loan Losses		Recorded		Income
	Balance		Investment		Allocated		Investment		Recognized
With no related allowance recorded:
Commercial:
Real estate	$	10,241	$	10,213	$	—	$	10,538	$	133
Commercial and industrial		—		—		—		—		—
Construction		—		—		—		—		—
Subtotal		10,241		10,213		—		10,538		133
With an allowance recorded:
Commercial:
Real estate		681		681		142		699		35
Commercial and industrial		650		650		650		575		—
Construction		—		—		—		—		—
Subtotal		1,331		1,331		792		1,274		35
Total	$	11,572	$	11,544	$	792	$	11,812	$	168

Interest income on nonaccrual loans is recognized using the cost recovery method. Interest income on impaired loans that were on nonaccrual status and cash-basis interest income for the years ended June 30, 2024 and 2023 was nominal.

At various times, certain loan modifications are executed for economic or legal reasons related to a borrower’s financial condition that the Company would not otherwise consider resulting in a modified loan. Substantially all of these modifications include one or a combination of the following: extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; temporary reduction in the interest rate; change in scheduled payment amount including interest only; or extensions of additional credit for payment of delinquent real estate taxes or other costs.

As previously noted in Note 2 – Summary of Significant Accounting Policies, effective July 1, 2023, the Company adopted ASU 2022-02, Financial Instruments-Credit Losses (Topic 326)-Troubled Debt Restructurings. The Company may occasionally make modifications to loans where the borrower is considered to be experiencing financial difficulty. Types of modifications considered under ASU 2022-02 include principal reductions, interest rate reductions, term extensions, or a combination. There were no modifications to loans where the borrower is considered to be experiencing financial difficulty for the year ended June 30, 2024.

Prior to the adoption of ASU 2022-02 on July 1, 2023, the Company accounted for loan modifications to borrowers experiencing financial difficulty when concessions were granted as troubled debt restructurings. The following are disclosures related to troubled debt restructurings in the prior year. There were no loans modified as troubled debt restructurings during the year ended June 30, 2023. There were no loans that had been modified as a troubled debt restructuring during the twelve months prior to June 30, 2023 which subsequently defaulted during the year ended June 30, 2023. At various times, certain loan modifications were executed which were considered to be troubled debt restructurings. Substantially all of these modifications included one or a combination of the following: extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; temporary reduction in the interest rate; change in scheduled payment amount including interest only; or extensions of additional credit for payment of delinquent real estate taxes or other costs. Loans subject to a troubled debt restructuring were evaluated as impaired loans for the purpose of determining the specific component of the allowance for loan losses.

The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days still on accrual by class of loans (dollars in thousands):


	June 30, 2024
			Nonaccrual		Past Due
			Loans With		90 Days
			No Related		Still on		Recognized
	Nonaccrual		Allowance		Accrual		Interest Income
Commercial:
Real estate	$	3,180	$	3,180	$	4	$	—
Commercial and industrial		9		—		—		—
Construction		—		—		—		—
Residential mortgages		4,208		1,625		—		—
Home equity loans and lines		1,648		—		—		—
Consumer		—		—		—		—
	$	9,045	$	4,805	$	4	$	—


	June 30,
	2023
			Past Due
			90 Days
			Still on
	Nonaccrual		Accrual
Commercial:
Real estate	$	8,025	$	174
Commercial and industrial		650		—
Construction		—		3,237
Residential mortgages		4,000		120
Home equity loans and lines		1,560		—
Consumer		—		—
	$	14,235	$	3,531

Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually evaluated loans.

A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment of the loan is expected to be provided substantially through the operation or sale of the collateral.

The following table presents the amortized cost basis of collateral-dependent loans by class of loans (dollars in thousands):


	June 30, 2024
	Amortized Cost		Collateral Type
Commercial:
Real estate	$	3,844	Commercial real estate property
Commercial and industrial		9	Business assets
Construction		—
Residential mortgages		1,625	Residential real estate property
Home equity loans and lines		—
Consumer		—
	$	5,478

The following table presents the aging of the recorded investment in loans by class of loans as of (dollars in thousands):


	June 30, 2024
	30 - 59		60 - 89		90 or more
	Days		Days		Days		Total		Loans Not
	Past Due		Past Due		Past Due		Past Due		Past Due		Total
Commercial:
Real estate	$	2	$	3	$	4	$	9	$	406,192	$	406,201
Commercial and industrial		15		—		—		15		101,192		101,207
Construction		—		—		—		—		118,373		118,373
Residential mortgages		872		481		794		2,147		631,632		633,779
Home equity loans and lines		722		78		654		1,454		91,311		92,765
Consumer		14		8		—		22		13,523		13,545
Total	$	1,625	$	570	$	1,452	$	3,647	$	1,362,223	$	1,365,870


	June 30, 2023
	30 - 59		60 - 89		90 or more
	Days		Days		Days		Total		Loans Not
	Past Due		Past Due		Past Due		Past Due		Past Due		Total
Commercial:
Real estate	$	4,798	$	—	$	4,458	$	9,256	$	401,909	$	411,165
Commercial and industrial		678		100		352		1,130		96,177		97,307
Construction		—		—		3,237		3,237		89,477		92,714
Residential mortgages		1,257		1,327		762		3,346		459,850		463,196
Home equity loans and lines		1,340		64		540		1,944		83,533		85,477
Consumer		18		22		—		40		16,739		16,779
Total	$	8,091	$	1,513	$	9,349	$	18,953	$	1,147,685	$	1,166,638

The Company categorizes commercial loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes commercial loans individually by classifying the loans as to credit risk. The Company uses the following definitions for risk ratings:

Special Mention – Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date.

Substandard – Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

Doubtful – Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

Commercial loans not meeting the criteria above are considered to be pass rated loans.

The Company grades residential mortgages, home equity loans and lines of credit and consumer loans as either non-performing or performing.

Non-performing – Loans that are over 90 days past due and still accruing interest or on nonaccrual.

Performing – Loans not meeting any of the above criteria are considered to be performing loans.

The following table presents loans summarized by segment and class, and the risk category (dollars in thousands):


													Revolving		Revolving
													Loans		Loans
		Term Loans Amortized Cost Basis by Origination Year											Amortized		Converted
June 30, 2024	2024		2023		2022		2021		2020		Prior		Cost Basis		to Term		Total
Commercial real estate
Risk Rating
Pass	$	29,592	$	47,818	$	43,324	$	23,191	$	67,757	$	168,333	$	679	$	—	$	380,694
Special mention		—		—		2,234		—		—		8,003		1,090		—		11,327
Substandard		—		—		—		—		756		13,424		—		—		14,180
Doubtful		—		—		—		—		—		—		—		—		—
Total commercial real estate	$	29,592	$	47,818	$	45,558	$	23,191	$	68,513	$	189,760	$	1,769	$	—	$	406,201

Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial and industrial
Risk Rating
Pass	$	13,945	$	6,381	$	4,868	$	3,066	$	4,127	$	6,259	$	56,628	$	—	$	95,274
Special mention		—		—		1,118		—		1,250		221		750		—		3,339
Substandard		—		—		17		—		53		2,350		141		—		2,561
Doubtful		—		—		—		—		—		24		9		—		33
Total commercial and industrial	$	13,945	$	6,381	$	6,003	$	3,066	$	5,430	$	8,854	$	57,528	$	—	$	101,207

Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	345	$	—	$	—	$	345

Commercial construction
Risk Rating
Pass	$	38,626	$	9,589	$	45,073	$	19,740	$	—	$	3,794	$	1,551	$	—	$	118,373
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total commercial construction	$	38,626	$	9,589	$	45,073	$	19,740	$	—	$	3,794	$	1,551	$	—	$	118,373

Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Residential mortgages
Performing	$	180,784	$	206,815	$	42,279	$	56,059	$	33,286	$	110,234	$	114	$	—	$	629,571
Non-performing		—		962		540		—		581		2,125		—		—		4,208
Total residential mortgages	$	180,784	$	207,777	$	42,819	$	56,059	$	33,867	$	112,359	$	114	$	—	$	633,779

Current period gross charge-offs	$	—	$	—	$	112	$	—	$	—	$	6	$	—	$	—	$	118

Home equity loans and lines of credit
Performing	$	6,308	$	6,525	$	9,475		3,454	$	1,369	$	13,375	$	50,611	$	—	$	91,117
Non-performing		—		—		99		—		—		643		906		—		1,648
Total home equity loans and lines of credit	$	6,308	$	6,525	$	9,574	$	3,454	$	1,369	$	14,018	$	51,517	$	—	$	92,765

Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	12	$	—	$	12

Consumer
Performing	$	1,517	$	1,533	$	100	$	67	$	6	$	3,272	$	7,050	$	—	$	13,545
Non-performing		—		—		—		—		—		—		—		—		—
Total consumer	$	1,517	$	1,533	$	100	$	67	$	6	$	3,272	$	7,050	$	—	$	13,545

Current period gross charge-offs	$	100	$	6	$	23	$	4	$	1	$	1	$	—	$	—	$	135

The following table presents commercial loans summarized by class of loans and the risk category (dollars in thousands):


	June 30, 2023
			Special
	Pass		Mention		Substandard		Doubtful		Total
Commercial
Real estate	$	352,874	$	1,977	$	56,196	$	118	$	411,165
Commercial and industrial		89,245		1,614		6,448		—		97,307
Construction		91,805		—		909		—		92,714
	$	533,924	$	3,591	$	63,553	$	118	$	601,186

The Company considers the performance of the loan portfolio and its impact on the allowance for loan losses. For residential and consumer loan classes, the Company also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity.

At June 30, 2024 and 2023, the Company had residential real estate loans in process of foreclosure of $853,000 and $1.3 million, respectively.

As of June 30, 2024 and 2023, the Company had pledged $605.8 million and $476.6 million respectively, of residential mortgage, home equity and commercial loans as collateral for FHLBNY borrowings and stand-by letters of credit.

At June 30, 2024 and 2023, loans to executive officers, directors, or to associates of such persons, as well as activity in such loans for the years then ended were immaterial as a percentage of total loans receivable.

The Company retains the servicing rights on certain mortgage loans sold, and may release the servicing rights on others. Total residential mortgage loans serviced by the Company for unrelated third parties were approximately $13.5 million and $15.3 million at June 30, 2024 and 2023, respectively. At June 30, 2024 and 2023, the unamortized balance of mortgage servicing rights on loans sold with servicing retained was approximately $116,000 and $131,000, respectively. The estimated fair value of these mortgage servicing rights was in excess of their carrying value at June 30, 2024 and 2023, and therefore no valuation reserve was necessary. At June 30, 2024 and 2023, the Company held escrow funds in trust on loans serviced for others of $368,000 and $396,000, respectively.

DERIVATIVES

12 Months Ended

Jun. 30, 2024

DERIVATIVES

DERIVATIVES

6. DERIVATIVES

In the normal course of servicing commercial customers, the Company acts as an interest rate swap counterparty for certain commercial borrowers. The Company manages its exposure to such interest rate swaps by entering into corresponding and offsetting interest rate swaps with third parties that match the terms of the interest rate swap with the commercial borrowers. These positions directly offset each other and the Company’s exposure is the fair value of the derivatives due to potential changes in credit risk of our commercial borrowers and third parties.

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. At June 30, 2024, the Company held derivatives not designated as hedging instruments, comprised of back-to-back interest rate swaps, with a total notional amount of $406.8 million, consisting of $203.4 million of interest rate swaps with commercial borrowers and $203.4 million of offsetting interest rate swaps with third-party counterparties on substantially the same terms. At June 30, 2023, the Company held derivatives not designated as hedging instruments, comprised of back-to-back interest rate swaps, with a total notional amount of $455.8 million, consisting of $227.9 million of interest rate swaps with commercial borrowers and $227.9 million of offsetting interest rate swaps with third-party counterparties on substantially the same terms.

The fair value of derivatives are classified as a component of other assets and other liabilities on the consolidated statements of condition. The estimated fair value of derivatives not designated as hedging instruments are as follows (dollars in thousands):


	June 30, 2024
	Derivative		Derivative
	Assets		Liabilities
Gross interest rate swaps	$	16,781	$	16,781
Less: cash collateral applied		(16,620)		(16)
Net amount	$	161	$	16,765


	June 30, 2023
	Derivative		Derivative
	Assets		Liabilities
Gross interest rate swaps	$	18,844	$	18,844
Less: cash collateral applied		(18,160)		(16)
Net amount	$	684	$	18,828

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. At June 30, 2024, the Company had received $16.6 million and deposited $16,000 as collateral for swap agreements with third-party counterparties. At June 30, 2023, the Company had received $18.2 million and deposited $16,000 as collateral for swap agreements with third-party counterparties.

PREMISES AND EQUIPMENT

12 Months Ended

Jun. 30, 2024

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT

7. PREMISES AND EQUIPMENT

Premises and equipment consists of the following (dollars in thousands):


	June 30,		June 30,
	2024		2023
Land	$	6,678	$	6,678
Leaseholds and land improvements		2,901		2,877
Buildings		29,964		30,144
Furniture, fixtures, and equipment		15,620		15,504
Construction in progress		244		290
Accumulated depreciation and amortization		(21,057)		(19,932)
Premises and equipment, excluding ROU assets		34,350		35,561
ROU assets		5,755		6,056
Premises and equipment, net	$	40,105	$	41,617

Depreciation and amortization included in occupancy and equipment expense amounted to $2.1 million and $2.3 million for the years ended June 30, 2024 and 2023, respectively.

GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Jun. 30, 2024

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

8. GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in goodwill were as follows (dollars in thousands):


Balance, July 1, 2022	$	8,799
Acquired		—
Balance, June 30, 2023		8,799
Acquired		2,080
Balance, June 30, 2024	$	10,879

There were no impairment losses on goodwill or intangible assets for the years ended June 30, 2024 and 2023.

Acquired other intangible assets were as follows (dollars in thousands):


	June 30,		June 30,
	2024		2023
Customer relationship intangibles:
Gross carrying amount	$	5,042	$	3,653
Less: accumulated amortization		(2,226)		(1,729)
Net carrying amount		2,816		1,924
Weighted average remaining useful life (in years)		4.17		3.95

Core deposit intangibles:
Gross carrying amount		562		562
Less: accumulated amortization		(427)		(390)
Net carrying amount		135		172
Weighted average remaining useful life (in years)		2.57		2.90

Total other intangible assets:
Gross carrying amount		5,604		4,215
Less: accumulated amortization		(2,653)		(2,119)
Net carrying amount	$	2,951	$	2,096

Estimated amortization expense for the next five years is as follows (dollars in thousands):


Year ending June 30,
2025	$	487
2026		441
2027		394
2028		347
2029		301

Aggregate amortization expense was $534,000 and $398,000 for the years ended June 30, 2024 and 2023, respectively.

DEPOSITS

12 Months Ended

Jun. 30, 2024

DEPOSITS

DEPOSITS

9. DEPOSITS

Deposit account balances are summarized as follows (dollars in thousands):


	June 30,		June 30,
	2024		2023
Non-interest bearing demand accounts	$	445,328	$	526,119
Interest-bearing accounts:
Interest-bearing demand accounts		157,962		138,817
Savings accounts		266,274		297,003
Money market accounts		513,658		462,935
Time deposits		167,030		116,977
Total interest bearing accounts		1,104,924		1,015,732
Total deposits	$	1,550,252	$	1,541,851

Overdrawn demand deposit balances of $201,000 and $92,000 were reclassified as loan balances as of June 30, 2024 and 2023, respectively.

Time deposits outstanding that had balances of $250,000 and over amounted to approximately $16.5 million and $9.9 million at June 30, 2024 and 2023, respectively.

Scheduled maturities of time deposits for the next five years are as follows (dollars in thousands):


Year ending June 30,
2025	$	156,724
2026		5,734
2027		1,849
2028		1,270
2029		1,453
	$	167,030

Deposits of related parties amounted to $879,000 and $8.8 million at June 30, 2024 and 2023, respectively.

BORROWINGS

12 Months Ended

Jun. 30, 2024

BORROWINGS

BORROWINGS

10. BORROWINGS

The Company has the ability to borrow (Non-Repo Advances) in an amount up to 30% of its total assets from the FHLBNY. All borrowings from the FHLBNY are collateralized by FHLBNY stock, certain qualifying loans, and certain available for sale securities. In addition, overall credit exposure, including Non-Repo Advances, cannot exceed 50% of total assets. FHLBNY borrowings have prepayment penalties.

At June 30, 2024, the Company pledged approximately $605.8 million of residential mortgage, home equity and commercial loans as collateral for borrowings and stand-by letters of credit at the FHLBNY. At June 30, 2024, the maximum amount of funding available from the FHLBNY was $497.2 million, of which none was utilized for borrowings and $200.0 million was utilized for irrevocable stand-by letters of credit issued to secure municipal deposits.

At June 30, 2023, the Company pledged approximately $476.6 million of residential mortgage, home equity and commercial loans as collateral for borrowings and stand-by letters of credit at the FHLBNY. At June 30, 2023, the maximum amount of funding available from the FHLBNY was $395.6 million, of which none was utilized for borrowings and $90.0 million was utilized for irrevocable stand-by letters of credit issued to secure municipal deposits.

At June 30, 2024 and 2023, the Company had an unsecured $20.0 million line of credit available with an unrelated financial institution; there were no outstanding draws on the line at June 30, 2024 and 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

OTHER COMPREHENSIVE INCOME

12 Months Ended

Jun. 30, 2024

OTHER COMPREHENSIVE INCOME

OTHER COMPREHENSIVE INCOME

11. OTHER COMPREHENSIVE INCOME

Reclassifications out of accumulated other comprehensive income (loss) were as follows (dollars in thousands):


Details About Accumulated Other					Affected Line Item in the Statement
Comprehensive Income (Loss) Components					Where Net Income is Presented
	Year Ended
	June 30,
	2024		2023
Unrealized gains/losses on securities (before tax):
Net losses included in net income	$	5,645	$	—	Net loss on securities transactions
Tax benefit		(1,475)		—	Income tax expense
Net of tax		4,170		—

Amortization of defined benefit plan items (before tax):
Net actuarial gain		(30)		(16)
Tax benefit		8		4	Income tax expense
Net of tax		(22)		(12)
Total reclassification for the period, net of tax	$	4,148	$	(12)

The balances and changes in the components of accumulated other comprehensive income (loss), net of tax are as follows (dollars in thousands):


	For the Year Ended June 30,
					Accumulated
	Unrealized				Other
	Gains/Losses		Defined		Comprehensive
	on Securities		Benefit Plans		Income (Loss)
2024:
Accumulated other comprehensive (loss) income as of July l, 2023	$	(13,702)	$	4,134	$	(9,568)
Other comprehensive income before reclassifications		6,798		3,564		10,362
Amounts reclassified from accumulated other comprehensive income		4,170		(22)		4,148
Accumulated other comprehensive income (loss) as of June 30, 2024	$	(2,734)	$	7,676	$	4,942

2023:
Accumulated other comprehensive loss as of July l, 2022	$	(10,872)	$	(308)	$	(11,180)
Other comprehensive income (loss) before reclassifications		(2,830)		4,454		1,624
Amounts reclassified from accumulated other comprehensive loss		—		(12)		(12)
Accumulated other comprehensive (loss) income as of June 30, 2023	$	(13,702)	$	4,134	$	(9,568)

The amounts of income tax expense (benefit) allocated to each component of other comprehensive income (loss) were as follows (dollars in thousands):


	For the Year Ended
	June 30,
	2024		2023
Unrealized gains (losses) on securities:
Unrealized holdings gains (losses) arising during the period	$	2,406	$	(1,002)
Reclassification adjustment for losses included in net income		1,475		—
		3,881		(1,002)
Defined benefit plans:
Change in funded status		1,262		1,576
Reclassification adjustment for amortization of net actuarial gain		(8)		(4)
		1,254		1,572
	$	5,135	$	570

EMPLOYEE BENEFIT PLANS

12 Months Ended

Jun. 30, 2024

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS

12. EMPLOYEE BENEFIT PLANS

The Company maintains a noncontributory defined benefit pension plan and a defined benefit post-retirement plan. Plan assets and obligations that determine the funded status are measured as of the end of the fiscal year.

Amounts recognized in the consolidated statement of condition related to the Company’s plans are as follows as of June 30 (dollars in thousands):


	2024		2023
Other assets
Pension asset	$	18,267	$	13,911

Other liabilities
Accumulated post-retirement benefit obligation	$	1,354		1,382

Accumulated other comprehensive (income) loss, net of taxes
Pension plan	$	(7,335)	$	(3,818)
Post-retirement benefit plan		(341)		(316)

	$	(7,676)	$	(4,134)

Pension Plan

The Company maintains a noncontributory defined benefit pension plan covering substantially all of its full-time employees hired before September 1, 2019. Through December 31, 2009, pensions were paid as an annuity using a pension formula of 2.0% of the average of the five highest consecutive years of total compensation over the last ten years multiplied by credited service up to thirty years. Effective January 1, 2010, the plan was amended and service rendered thereafter is paid using a pension formula of 1.5%. Amounts contributed to the plan are determined annually on the basis of (a) the maximum amount allowable under Internal Revenue Service regulations and (b) the amount certified by a consulting actuary as necessary to avoid an accumulated funding deficiency as defined by the Employee Retirement Income Security Act of 1974 (“ERISA”). The defined benefit pension plan was amended, effective August 31, 2019, to close the plan to new employees hired on or after September 1, 2019, therefore, no new employees hired on or after September 1, 2019 would be eligible to participate in the defined benefit pension plan.

The following table sets forth information on the Company’s defined benefit pension plan as of June 30 (dollars in thousands):


	2024		2023
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	39,020	$	40,657
Service cost		1,235		1,534
Interest cost		2,033		1,885
Actuarial gain		(1,346)		(3,473)
Benefits paid		(1,579)		(1,583)

Projected benefit obligation at end of year		39,363		39,020

Change in fair value of plan assets:
Fair value of plan assets at beginning of year		52,931		49,457
Actual return on plan assets		6,401		5,197
Benefits paid and actual expenses		(1,702)		(1,723)

Fair value of plan assets at end of year		57,630		52,931

Funded status of plan at end of year	$	18,267	$	13,911

The increase in the actuarial gain in the projected benefit obligation resulted primarily from the increase in the discount rate.

Net periodic pension cost included in salaries and employee benefits in the Company’s consolidated statements of operations included the following components (dollars in thousands):


	For the Year Ended
	June 30,
	2024		2023
Service cost	$	1,235	$	1,534
Interest cost		2,033		1,885
Expected return on plan assets		(2,862)		(2,694)
Net periodic pension cost	$	406	$	725

Amounts recognized in accumulated other comprehensive loss, before tax effect consist of net actuarial gains of $9.9 million at June 30, 2024 and net actuarial gains of $5.2 million at June 30, 2023.

The actuarial assumptions used in determining the present value of the projected benefit obligations and net periodic pension cost as of and for the years ended June 30 were as follows:


	2024		2023
Weighted average assumptions – benefit obligations
Discount rate	5.51	%	5.23	%
Annual rate of compensation increase	3.00	%	3.00	%

Weighted average assumptions – net periodic benefit cost
Discount rate	5.23	%	4.62	%
Annual rate of compensation increase	3.00	%	3.00	%
Expected long-term rate of return on plan assets	5.75	%	5.75	%

For the years ended June 30, 2024 and 2023, the discount rate assumption used was the above median curve.

Accumulated Benefit Obligation

The accumulated benefit obligation (the actuarial present value of benefits, vested and nonvested, earned by employees based on current and past compensation levels) for the Company’s defined benefit pension plan totaled $35.6 million and $35.4 million as of June 30, 2024 and 2023, respectively.

Investment Policies and Strategies

Pension plan assets are invested in various mutual funds and are held in trust by Charles Schwab Corporation. The Employer, as the Plan Sponsor, determines the appropriate strategic asset allocation versus plan liabilities.

Currently, the pension plan asset allocation targets 65% of assets to equity securities, and 35% to fixed income through a combination of short-term and long-term bond funds. The overall long-term investment objectives are to maintain plan assets at a level that will sufficiently cover long-term obligations and to generate a return on plan assets that will meet or exceed the rate at which long-term obligations will grow. The strategy is designed to provide long-term growth of assets with the objective of achieving an investment return in excess of the costs of funding active lives, deferred vested, and all longer-term obligations. In addition, the plan’s assets are rebalanced quarterly to the target percentages for each investment option no later than the 10^th business day following the end of each calendar quarter.

Determination of Long-Term Rate-of-Return

The long-term rate-of-return-on-assets assumption was set based on historical returns earned by equities and fixed-income securities, adjusted to reflect expectations of future returns as applied to the plan’s target allocation of asset classes. Equities and fixed-income securities were assumed to earn real rates of return in the ranges of 5-9% and 1-4%, respectively. The long-term inflation rate was estimated to be 2.3%.

Contributions

For the fiscal year ending June 30, 2024, the Company is not required to make a cash contribution to the plan, but may elect to do so.

Estimated Future Benefit Payments

The benefit payments expected to be paid over the next ten years are as follows (dollars in thousands):


Fiscal year ending June 30,
2025	$	1,200
2026		1,288
2027		1,477
2028		1,615
2029		1,800
Years 2030 – 2034		11,795

The Company’s pension plan asset allocation at June 30, 2024 and 2023, target allocation for 2024, and expected long-term rate of return by asset category are as follows:


			Percentage of				Weighted-
	Target		Plan Assets at				Average Expected
	Allocation		Year End				Long-Term Rate
Asset Category	2024		2024		2023		of Return
Equity securities	65.0	%	62.7	%	63.2	%	5.00 – 9.00	%
Fixed income securities	35.0	%	37.3	%	36.8	%	1.00 – 4.00	%
Total			100.0	%	100.0	%

Fair Value of Plan Assets

Fair value is the exchange price that would be received for an asset in the principal or most advantageous market for the asset in an orderly transaction between market participants on the measurement date.

The Company used the following methods and significant assumptions to estimate the fair value of each type of plan asset:

Equity, Debt, Investment Funds and Other Securities

The fair values for securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). Discounted cash flows are calculated using spread to swap and the Secured Overnight Financing Rate (“SOFR”) curves that are updated to incorporate loss severities, volatility, credit spread and optionality. During times when trading is more liquid, broker quotes are used (if available) to validate the model. Rating agency and industry research reports as well as defaults and deferrals on individual securities are reviewed and incorporated into the calculations.

The fair values of the pension plan assets at June 30, by asset category, are as follows (dollars in thousands):


			June 30, 2024
			Fair Value Measurements
				Quoted Prices in		Significant		Significant
				Active Markets for		Observable		Unobservable
	Carrying		Identical Assets		Inputs		Inputs
	Value		(Level 1)		(Level 2)		(Level 3)
Mutual funds
American Funds New World R6	$	2,866	$	2,866	$	—	$	—
Cohen & Steers Real Estate SECS I		1,747		1,747		—		—
Fidelity Capital & Income Fund		2,883		2,883		—		—
PIMCO Commodities Plus Strat Fd Inst		1,733		1,733		—		—
PIMCO Long Term Credit Bond Inst		8,547		8,547		—		—
PIMCO Low Duration Incm Fd I		2,312		2,312		—		—
Vanguard Developed Mkts Index Inst		7,505		7,505		—		—
Vanguard Growth Index Fund Instl		8,031		8,031		—		—
Vanguard Mid Cap Index Funds Admiral		4,028		4,028		—		—
Vanguard Small Cap I		3,479		3,479		—		—
Vanguard Value Index Instl Shares		8,066		8,066		—		—
Western Asset Core Bd Fd I		5,745		5,745		—		—
Cash		688		688		—		—
Total plan assets	$	57,630	$	57,630	$	—	$	—


			June 30, 2023
			Fair Value Measurements
				Quoted Prices in		Significant		Significant
				Active Markets for		Observable		Unobservable
	Carrying		Identical Assets		Inputs		Inputs
	Value		(Level 1)		(Level 2)		(Level 3)
Mutual funds
American Funds New World R6	$	2,636	$	2,636	$	—	$	—
Cohen & Steers Real Estate SECS I		1,616		1,616		—		—
Fidelity Capital & Income Fund		2,616		2,616		—		—
PIMCO Commodities Plus Strat Fd Inst		1,546		1,546		—		—
PIMCO Long Term Credit Bond Inst		7,913		7,913		—		—
PIMCO Low Duration Incm Fd I		2,082		2,082		—		—
Vanguard Developed Mkts Index Inst		6,681		6,681		—		—
Vanguard Growth Index Fund Instl		7,763		7,763		—		—
Vanguard Mid Cap Index Funds Admiral		3,808		3,808		—		—
Vanguard Small Cap I		3,261		3,261		—		—
Vanguard Value Index Instl Shares		7,465		7,465		—		—
Western Asset Core Bd Fd I		5,160		5,160		—		—
Cash		384		384		—		—
Total plan assets	$	52,931	$	52,931	$	—	$	—

There were no significant transfers between Level 1 and Level 2 during the years ended June 30, 2024 and 2023.

Post-Retirement Healthcare Plan

The Company offers a defined benefit post-retirement plan which provides medical and life insurance benefits to employees meeting certain requirements. Effective October 1, 2006, the plan was amended so that there have been no new plan participants for medical benefits. The cost of post-retirement plan benefits is recognized on an accrual basis as employees perform services. Active employees are eligible for retiree medical coverage upon reaching age sixty with twenty-five or more years of service. Employees with a minimum of thirty years of service are eligible for individual and spousal coverage. Retirees are eligible to participate in any bank-sponsored health insurance programs. The Company’s contributions for retiree medical are limited to a monthly premium of $210 for individual coverage and $420 for employee and spousal coverage. The Company’s funding policy is to pay insurance premiums as they come due.

The following table sets forth the plan’s funded status and amounts recognized in the Company’s consolidated financial statements at June 30 (dollars in thousands):


	2024		2023
Change in accumulated post-retirement benefit obligation:
Accumulated benefit obligation at beginning of year	$	1,382	$	1,545
Service cost		19		22
Interest cost		72		67
Actuarial gain		(63)		(193)
Benefits paid		(56)		(59)

Accumulated benefit obligation at end of year		1,354		1,382

Change in plan assets:
Fair value of plan assets at beginning of year		—		—
Employer contributions		56		59
Benefits paid		(56)		(59)

Fair value of plan assets at end of year		—		—

Unfunded status at end of year	$	(1,354)	$	(1,382)

The increase in the actuarial gain in the accumulated benefit obligation resulted primarily from the increase in the discount rate.

Net periodic post-retirement benefit cost included in salaries and employee benefits in the Company’s consolidated statements of income included the following components (dollars in thousands):


	For the Year Ended
	June 30,
	2024		2023
Service cost	$	19	$	22
Interest cost		72		67
Amortization of net actuarial gain		(30)		(16)
Net periodic post-retirement benefit cost	$	61	$	73

Amounts recognized in accumulated other comprehensive loss, before tax effect, at June 30, consist of (dollars in thousands):


	2024		2023
Net actuarial gain	$	(461)	$	(427)

The discount rates used in determining the accumulated post-retirement benefit obligation were 5.51% and 5.23% at June 30, 2024 and 2023, respectively.

For the years ended June 30, 2024 and 2023, the discount rate assumption used was the above median curve.

For measurement purposes, the medical care cost trend rate has no effect on the Company’s cost since the insurance premiums are a fixed amount (capped). However, increasing or decreasing the benefit cost cap for plan participants could have a significant impact on the accumulated benefit obligation and employer cost.

The projected benefit payments under the plan over the next ten years are as follows (dollars in thousands):


Fiscal year ending June 30,
2025	$	97
2026		88
2027		87
2028		74
2029		78
Years 2030 – 2034		452

401(k) Plan

The Company maintains a defined contribution 401(k) plan covering substantially all employees meeting certain eligibility requirements. Participants may contribute up to the maximum amount allowed under the Internal Revenue Code. The Company matches 100% on the first 1% of employee contributions and 50% on the next 5% after the employee has completed one year of service. The 401(k) plan contribution expense is included in salaries and employee benefits in the consolidated statements of operations and was approximately $498,000 and $458,000 for the years ended June 30, 2024 and 2023, respectively.

Employee Stock Ownership Plan

On July 17, 2019, the Company established an ESOP to provide eligible employees the opportunity to own Company stock. The ESOP is a tax-qualified retirement plan for the benefit of Company employees. The Company granted loans to the ESOP for the purchase of 1,018,325 shares of the Company’s common stock at an average price of $13.40 per share. The loan obtained by the ESOP from the Company to purchase the common stock is payable annually over 20 years at a rate per annum equal to the Prime Rate. Loan payments are principally funded by cash contributions from the Bank. The loan is secured by the shares purchased, which are held in a suspense account for allocation among participants as the loan is repaid. The balance of the ESOP loan at June 30, 2024 was $11.0 million. Contributions are allocated to eligible participants on the basis of compensation, subject to federal tax limits. The number of shares committed to be released annually is 50,916 through the year 2038. Participants receive the shares at the end of employment.

Shares held by the ESOP include the following:


	As of June 30,
	2024	2023
Allocated	254,580	203,664
Committed to be allocated	25,458	25,458
Unallocated	738,287	789,203
Total shares	1,018,325	1,018,325

Total compensation expense recognized in connection with the ESOP for the years ended June 30, 2024 and 2023 was $472,000 and $513,000, respectively.

Supplemental Retirement and Deferred Compensation Plans

The Company has a Deferred Compensation Plan for directors and certain of its officers. Under the plan, participants can elect to defer all, or portion of their directors fees, or salaries and/or bonuses, and invest those funds in various investment fund options. At June 30, 2024 and 2023, the Company had an accrued benefit liability of $378,000 and $374,000, respectively included in other liabilities in the consolidated statements of condition. Changes in the accrued benefit liability equal the changes in the fair values of the invested assets, additional deferrals, less participant payments, if any.

The Company had a Targeted Benefit Supplemental Retirement Plan for executives. At June 30, 2023, the Company had an accrued benefit liability of $201,000 included in other liabilities in the consolidated statements of condition. During the year ended June 30, 2024, the final payments were made to participants. Effective June 2010, the plan was terminated and there have been no additional contributions. There were no provisions for the years ended June 30, 2024 and 2023. Changes in the accrued benefit liability equal the changes in the fair values of designated assets, less participant payments.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

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-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

INCOME TAXES

12 Months Ended

Jun. 30, 2024

INCOME TAXES

INCOME TAXES

13. INCOME TAXES

The components of income tax expense were as follows (dollars in thousands):


	For the Years Ended
	June 30,
	2024		2023
Current tax expense	$	4,337	$	5,052
Deferred tax (benefit) expense		(188)		855
Total income tax expense	$	4,149	$	5,907

Income tax expense differs from the amount expected based on the federal income tax statutory rate due to the following (dollars in thousands):


	June 30,
	2024				2023
	Amount		Rate		Amount		Rate
Income before tax at the federal tax rate	$	4,076	21.0	%	$	5,850	21.0	%
State expense, net of federal benefit		232	1.2	%		670	2.4	%
Tax-exempt income		(249)	(1.3)	%		(563)	(2.0)	%
Bank-owned life insurance		66	0.4	%		(63)	(0.2)	%
Other, net		24	0.1	%		13	—	%
Total income tax expense	$	4,149	21.4	%	$	5,907	21.2	%

The tax effects that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below (dollars in thousands):


	June 30,		June 30,
	2024		2023
Deferred tax assets
Allowance for credit losses	$	7,098	$	6,480
Net operating loss carryforward		144		—
OTTI – securities		325		325
Post-retirement benefit obligations		497		494
Unrealized losses on securities available for sale		967		4,849
Deferred compensation		68		137
Contribution carryforward		—		173
Lease liabilities		1,514		1,621
Other		627		688
Total deferred tax assets		11,240		14,767

Deferred tax liabilities
Depreciation		(1,687)		(1,839)
Net deferred loan origination costs		(634)		(560)
Prepaid pension		(2,293)		(2,404)
Prepaid expenses		(241)		(236)
Unfunded defined benefit and postretirement benefit plan assets		(2,716)		(1,463)
ROU assets		(1,436)		(1,551)
Other		(1,961)		(1,495)
Total deferred tax liabilities		(10,968)		(9,548)
Net deferred tax asset at end of year	$	272	$	5,219

Net deferred tax assets are included in other assets in the consolidated statements of condition.

Management determines the need for a deferred tax valuation allowance based upon the realizability of tax benefits from the reversal of temporary differences creating the deferred tax assets, as well as the amount of available open tax carrybacks, if any. As of June 30, 2024, and 2023, no valuation allowance was required.

For the years ending June 30, 2024 and 2023, there were no amounts accrued and/or paid for interest and penalties.

As a thrift institution, the Company is subject to special provisions in the Federal income tax laws regarding its allowable bad debt deduction and related tax basis bad debt reserves. Deferred income tax liabilities are to be recognized with respect to any base-year reserves which are to become taxable (or “recaptured”) in the foreseeable future.

Under current income tax laws, the base-year reserves would be subject to recapture if the Company pays a cash dividend in excess of earnings and profits or liquidates. The Company does not expect to take any actions in the foreseeable future that would require the recapture of any base-year reserves.

A deferred tax liability has not been recognized with respect to the Federal base-year reserve of $9.3 million at June 30, 2024 and 2023, because the Company does not expect that this amount will become taxable in the foreseeable future. The unrecognized deferred tax liability with respect to the Federal base-year reserve was $2.4 million at June 30, 2024 and 2023. It is more likely than not that this liability will never be incurred because, as noted above, the Company does not expect to take any action in the future that would result in this liability being incurred.

The Company is subject to routine audits of its tax returns by the Internal Revenue Service and New York State Department of Taxation and Finance. The Company is no longer subject to examination by either taxing authority for years before calendar 2020.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
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-Section 50
-Paragraph 13
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+ Details

COMMITMENTS AND CONTINGENT LIABILITIES

12 Months Ended

Jun. 30, 2024

COMMITMENTS AND CONTINGENT LIABILITIES

COMMITMENTS AND CONTINGENT LIABILITIES

14. COMMITMENTS AND CONTINGENT LIABILITIES

Off-Balance-Sheet Financing and Concentrations of Credit

The Company is a party to certain financial instruments with off-balance-sheet risk to meet the financing needs of its customers. These financial instruments include the Company’s commitments to extend credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized on the consolidated statement of condition. The contract amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments.

The Company’s exposure to credit loss in the event of nonperformance by the other party to the commitments to extend credit is represented by the contractual notional amounts of those instruments which are presented in the tables below (dollars in thousands). The Company uses the same credit policies in making commitments as it does for on-balance-sheet instruments.


	June 30, 2024
	Fixed Rate		Variable Rate		Total
Financial instruments whose contract amounts represent credit risk (including unused lines of credit and unadvanced loan funds):
Commitments to extend credit	$	30,007	$	273,932	$	303,939
Standby letters of credit		—		21,943		21,943
	$	30,007	$	295,875	$	325,882


	June 30, 2023
	Fixed Rate		Variable Rate		Total
Financial instruments whose contract amounts represent credit risk (including unused lines of credit and unadvanced loan funds):
Commitments to extend credit	$	20,541	$	277,088	$	297,629
Standby letters of credit		—		28,372		28,372
	$	20,541	$	305,460	$	326,001

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and require payment of a fee. Since certain commitments are expected to expire without being fully drawn, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral, if any, required by the Company for the extension of credit is based on management’s credit evaluation of the customer.

Commitments to extend credit may be written on a fixed rate basis thus exposing the Company to interest rate risk, given the possibility that market rates may change between commitment and actual extension of credit.

Standby letters of credit are conditional commitments issued by the Company to guarantee payment on behalf of a customer or to guarantee the performance of a customer to a third party. The credit risk involved in issuing these instruments is essentially the same as that involved in extending loans to customers. Since a portion of these instruments will expire unused, the total amounts do not necessarily represent future cash requirements. Each customer is evaluated individually for creditworthiness under the same underwriting standards used for commitments to extend credit and on-balance-sheet instruments. Bank policies governing loan collateral apply to standby letters of credit at the time of credit extension.

Certain residential mortgage loans are written on an adjustable basis and include interest rate caps which limit annual and lifetime increases in interest rates. Generally, adjustable rate mortgages have an annual rate increase cap

of 2% to 5% and lifetime rate increase cap of 5% to 6% above the initial loan rate. These caps expose the Company to interest rate risk should market rates increase above these limits. At June 30, 2024 and 2023, approximately $292.6 million and $136.2 million of adjustable rate residential mortgage loans had interest rate caps, respectively. In addition, certain adjustable rate residential mortgage loans have a conversion option whereby the borrower may elect to convert the loan to a fixed rate during a designated time period. At June 30, 2024 and 2023, approximately $504,000 and $613,000 of the adjustable rate mortgage loans had conversion options, respectively.

The Company periodically sells residential mortgage loans to the Federal National Mortgage Association (“FNMA”). At June 30, 2024, the Company had no loans held for sale. In addition, the Company has no loan commitments with borrowers at June 30, 2024 with rate lock agreements which are intended to be held for sale, if closed. The Company generally determines whether or not a loan is held for sale at the time that loan commitments are entered into or at the time a convertible adjustable rate mortgage loan converts to a fixed interest rate. In order to reduce the interest rate risk associated with the portfolio of loans held for sale, as well as loan commitments with locked interest rates which are intended to be held for sale if closed, the Company enters into agreements to sell loans in the secondary market. At June 30, 2024, the Company had no commitments to sell loans to unrelated investors.

Concentrations of Credit

The Company primarily grants loans to customers located in the New York State counties of Albany, Greene, Rensselaer, Schenectady, Saratoga, and Warren. Although the Company has a diversified loan portfolio, a substantial portion of its debtors’ ability to honor their contracts is dependent upon the real estate and construction-related sectors of the economy.

Legal Proceedings and Other Contingent Liabilities

In the ordinary course of business, the Company and the Bank are involved in a number of legal, regulatory, governmental and other proceedings, claims or investigations that could result in losses, including damages, fines and/or civil penalties, which could be significant concerning matters arising from the conduct of their business, including the matters described below. In view of the inherent difficulty of predicting the outcome of such matters, particularly where the claimants seek large or indeterminate damages, the Company generally cannot predict the eventual outcome of the pending matters, timing of the ultimate resolution of these matters, or eventual loss, fines or penalties related to each pending matter. In accordance with applicable accounting guidance, the Company will establish an accrued liability when those matters present loss contingencies that are both probable and estimable. The Company’s estimates of potential losses will change over time and the actual losses may vary significantly, and there may be an exposure to loss in excess of any amounts accrued. As a matter develops, management, in conjunction with any outside counsel handling the matter, evaluate on an ongoing basis whether such matter presents a loss contingency that is probable and estimable; or where a loss is reasonably possible, whether in excess of a related accrued liability or where there is no accrued liability, whether it is possible to estimate a range of possible loss. Once the loss contingency is deemed to be both probable and estimable, the Company establishes an accrued liability and records a corresponding amount of litigation-related expense. The Company continues to monitor the matters for further developments that could affect the amount of the accrued liability that has been previously established. Excluding legal fees and expenses, litigation-related expense of $0 was recognized for the years ended June 30, 2024 and 2023. For those matters for which a loss is reasonably possible and estimable, whether in excess of an accrued liability or where there is no accrued liability, the Company’s estimated range of possible loss is $0 to $54.4 million in excess of the accrued liability, if any, as of June 30, 2024. These estimates are based upon currently available information and are subject to significant judgment, a variety of assumptions and known and unknown uncertainties. The matters underlying the accrued liability and estimated range of possible losses are unpredictable and may change from time to time, and actual losses may vary significantly from the current estimate and accrual. The estimated range of possible loss does not represent the Company’s maximum loss exposure.

Information is provided below regarding the nature of the matters and associated claimed damages. The Company and the Bank are defending each of these matters vigorously, and the Company believes that it and the Bank have substantial defenses, including affirmative defenses, counterclaims and cross-claims to the various allegations that

have been asserted. In light of the significant judgment, variety of assumptions and uncertainties involved in the matters described below, some of which are beyond the Company’s control, and the large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters, or matters related to or resulting from the matters described below, could have an adverse material impact on the Company’s business, prospects, financial condition, results of operations, cash flows, or cause significant reputational harm and subject the Company to face civil litigation, significant fines, damage awards or other material regulatory consequences.

Mann Entities Related Fraudulent Activity

During the first fiscal quarter of 2020 (the quarter ended September 30, 2019), the Company became aware of potentially fraudulent activity associated with transactions by an established business customer of the Bank. The customer and various affiliated entities (collectively, the “Mann Entities”) had numerous accounts with the Bank. The transactions in question related both to deposit and lending activity with the Mann Entities.

For the fraudulent activity related to the Mann Entities, the Bank’s potential monetary exposure with respect to its deposit activity was approximately $18.5 million. In the first fiscal quarter of 2020, the Bank exercised its rights pursuant to state and federal law and the relevant Mann Entity general deposit account agreements to take actions to set off/recover approximately $16.0 million from general deposit corporate operating accounts held by the Mann Entities at the Bank to partially cover overdrafts/negative account balances in Mann Entity general deposit corporate operating accounts that primarily resulted from another bank returning/calling back $15.6 million in checks on August 30, 2019, that the Mann Entities had deposited into and then withdrawn from their accounts at the Bank the day before. In the first fiscal quarter of 2020, the Bank recognized a charge to non-interest expense in the amount of $2.5 million based on the net negative deposit balance of the various Mann Entities’ accounts after the setoffs/overdraft recoveries. Through June 30, 2024, no additional charges to non-interest expense were recognized related to the deposit transactions with the Mann Entities.

With respect to the Bank’s lending activity with the Mann Entities, its potential exposure was approximately $15.8 million (which represents the Bank’s participation interest in the approximately $35.8 million commercial loan relationships for which the Bank is the originating lender). In the fourth fiscal quarter of 2019, the Bank recognized a provision for loan losses in the amount of $15.8 million, related to the charge-off of the entire principal balance owed to the Bank related to the Mann Entities’ commercial loan relationships. During the third fiscal quarter of 2020 and the first fiscal quarter of 2021, the Bank recognized partial recoveries in the amount of $1.7 million and $34,000, respectively, related to the charge-off of the Mann Entities’ commercial loan relationships, which were credited to the allowance for loan losses. Through June 30, 2024, no additional charges to the provision for credit losses and no additional recoveries related to the charge-off of the loans were recognized related to the loan transactions with the Mann Entities.

Several other parties and regulatory agencies have asserted claims against the Company and the Bank related to the series of transactions between the Company or the Bank, on the one hand, and the Mann Entities, on the other. The Company and the Bank continue to investigate these matters and it is possible that the Company and the Bank will be subject to similar legal, regulatory, governmental or other proceedings and additional liabilities. The ultimate timing and outcome of any such proceedings, involving the Company, or the Bank, cannot be predicted with any certainty. It also remains possible that other private parties or governmental bodies will pursue existing or additional claims against the Bank as a result of the Bank’s dealings with certain of the Mann Entities or as a result of the actions taken by the Company or the Bank. The Company’s and the Bank’s legal fees and expenses related to these actions are significant and are expected to continue being significant. In addition, costs associated with potentially prosecuting, litigating or settling any litigation, satisfying any adverse judgments, if any, or other proceedings, could be significant. These legal, regulatory, governmental and other proceedings, claims or investigations, costs, settlements, judgments, sanctions or other expenses could have a material adverse effect on the Company’s business prospects, financial condition, results of operations or cash flows or cause significant reputational harm and subject the Company to face civil litigation, significant fines, damage awards or other material regulatory consequences. The Company is pursuing all available sources of recovery and other means of mitigating the potential loss, and the Company and the Bank are vigorously defending all claims asserted against them arising out of or otherwise related to the fraudulent activity of the Mann Entities. During the year ended June 30, 2024 and 2023, the Bank recognized

insurance recoveries in the amount of $1.2 million and $3.7 million, respectively, related to the partial reimbursement of defense costs incurred as a result of these matters, which were credited to noninterest expense – professional fees on the consolidated statements of operations. Going forward, the Bank does not expect to recognize any such insurance recoveries, as the applicable policy limits and deductibles have been exceeded. For a fuller recitation of the procedural history of each of the matters summarized below, please refer to the Company’s earlier periodic filings on Forms 10-Q and 10-K. The Pioneer Parties (as defined below) vigorously dispute the assertions and claims in each of the matters noted below.

Legal Proceedings

On October 31, 2019, Southwestern Payroll Services, Inc. (“Southwestern”) filed a complaint against the Company and the Bank (“Pioneer Parties”), Michael T. Mann, Valuewise Corporation, MyPayrollHR, LLC and Cloud Payroll, LLC (collectively, the “Mann Parties”) in the United States District Court for the Northern District of New York. On April 10, 2023, the Court entered a memorandum decision and order granting Southwestern leave to file a third amended complaint adding Granite Solutions Groupe, Inc. (“Granite Solutions”) as a plaintiff and asserting claims against the Pioneer Parties for declaratory judgment, conversion, fraud, negligence/gross negligence, unjust enrichment/money had and received, violations of the Racketeer Influenced and Corrupt Organizations (“RICO”) Act, aiding and abetting conversion, and aiding and abetting fraud. Southwestern and Granite Solutions filed the third amended complaint on April 26, 2023. The third amended complaint seeks a monetary judgment of at least $39.0 million, allegedly comprised of compensatory damages in excess of $13.0 million, penalties and interest, treble damages, and punitive damages. The Pioneer Parties filed their answer to the third amended complaint on May 12, 2023. In addition to denying that Southwestern or Granite Solutions is entitled to any of the relief sought in the third amended complaint, the Pioneer Parties asserted numerous affirmative defenses, as well as counterclaims against Southwestern and cross-claims against certain of the Mann Parties for common law fraud under New York law and violations of RICO. The Pioneer Parties contend that the actions of Southwestern and certain of the Mann Parties have resulted in damages to the Pioneer Parties comprised of compensatory damages, treble damages, and attorneys’ fees and costs. The Pioneer Parties seek to recover these damages jointly and severally against all counterclaim and cross-claim defendants. Southwestern filed its answer to the counterclaims on June 2, 2023. On June 3, 2024, the Pioneer Parties filed a motion for summary judgment on all claims asserted in the third amended complaint. On the same day, the plaintiffs filed a motion for partial summary judgment as to one of the Pioneer Parties’ affirmative defenses and on the counterclaims against Southwestern for violations of RICO. On June 14, 2024, the Pioneer Parties filed a separate motion to dismiss certain claims asserted in the third amended complaint for lack of subject-matter jurisdiction. Briefing on the various motions was completed on August 28, 2024, and the motions are now pending before the court for decision.

On December 10, 2019, National Payment Corp. (“NatPay”) filed a motion to intervene as a plaintiff in Southwestern’s lawsuit against the Pioneer Parties and the Mann Parties as described above. On August 4, 2020, the magistrate judge issued a decision recommending that NatPay be allowed to intervene, which was subsequently accepted by the Court. NatPay filed its complaint in intervention on August 18, 2020. On April 10, 2023, the Court entered a memorandum decision and order granting NatPay leave to file an amended complaint asserting claims against the Pioneer Parties for declaratory judgment, conversion, fraud, negligence/gross negligence, unjust enrichment/money had and received, violations of RICO, aiding and abetting conversion, and aiding and abetting fraud. NatPay filed its amended complaint on April 13, 2023. The amended complaint seeks a monetary judgment of at least $11.4 million, allegedly comprised of compensatory damages in excess of $3.8 million, penalties and interest, treble damages, and punitive damages. The Pioneer Parties filed their answer to NatPay’s amended complaint on May 12, 2023. In addition to denying that NatPay is entitled to any of the relief sought in the third amended complaint, the Pioneer Parties asserted numerous affirmative defenses, as well as counterclaims against NatPay and cross-claims against certain of the Mann Parties for violations of RICO. The Pioneer Parties contend that the actions of NatPay and certain of the Mann Parties have resulted in damages to the Pioneer Parties comprised of compensatory damages, treble damages, and attorneys’ fees and costs. The Pioneer Parties seek to recover these damages jointly and severally against all counterclaim and cross-claim defendants. On June 23, 2023, NatPay filed a motion to dismiss the counterclaims and certain affirmative defenses of the Pioneer Parties. The Pioneer Parties filed their opposition to the motion on July 21, 2023, and the motion was fully briefed and submitted to the Court for decision on August 4, 2023. On December 21, 2023, the Court entered an order granting NatPay’s motion. On

January 18, 2024, the Pioneer Parties filed a motion for reconsideration of the Court’s order and for leave to amend their answer and counterclaims. On April 3, 2024, the Court entered an order granting the Pioneer Parties leave to amend their answer and counterclaims. The Pioneer Parties thereafter filed their amended answer and counterclaims on April 15, 2024. NatPay filed its reply to amended counterclaims on April 29, 2024. On June 3, 2024, the Pioneer Parties filed a motion for summary judgment on all claims asserted in the amended complaint, as well as a separate motion to dismiss the amended complaint in its entirety for lack of subject-matter jurisdiction. On the same day, NatPay filed a motion for partial summary judgment as to one of the Pioneer Parties’ affirmative defenses and on the counterclaims against NatPay for violations of RICO. Briefing on the various motions was completed on August 28, 2024, and the motions are now pending before the court for decision.

On January 21, 2020, Cachet Financial Services (“Cachet”), a third-party automated clearing house service provider, filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code in the Central District of California, Los Angeles Division (“Bankruptcy Court”). The Bank is not listed as a creditor in the bankruptcy proceedings. On January 20, 2022, Cachet filed an adversary proceeding complaint against the Pioneer Parties in the Bankruptcy Court. On February 16, 2023, Cachet filed an amended complaint in lieu of responding to the Pioneer Parties’ motion to dismiss. The amended complaint, like the initial complaint, alleges Michael T. Mann stole approximately $26.4 million from Cachet in August 2019 by manipulating Cachet’s “batch file specifications,” and that Mann subsequently caused approximately $8.5 million of those purportedly stolen funds to be deposited into accounts held by companies owned by Mann at Pioneer Bank. Cachet alleges Pioneer Bank refused Cachet’s request to return the approximately $8.5 million in purportedly stolen funds to Cachet. Cachet’s complaint asserts causes of action against the Pioneer Parties for avoidance and recovery of constructive fraudulent transfers, conversion, unjust enrichment, money had and received, violation of California Penal Code § 496(a), violations of RICO, aiding and abetting fraud, and declaratory relief. Cachet asserts “actual damages” of approximately $8.5 million, seeks three times its actual damages on its Section 496(a) claim (or approximately $25.6 million), and costs of suit and attorneys’ fees. Cachet also seeks “treble damages according to proof and attorneys’ fees,” and for its aiding abetting fraud claim, Cachet seeks “general, consequential and special damages in an amount to be proven at trial.” On April 28, 2023, the Pioneer Parties filed a motion to dismiss the amended complaint. On September 6, 2023, the Court entered an order granting in part and denying in part the Pioneer Parties’ motion. In particular, the Court dismissed Cachet’s claims for violations of RICO, violation of California Penal Code § 496(a), aiding and abetting fraud and conversion, and for declaratory relief. The Court denied the Pioneer Parties’ motion as to the claims for conversion, unjust enrichment, and money had and received. The Court permitted Cachet to file a second amended complaint. On September 20, 2023, Cachet filed a motion for reconsideration of the Court’s Order. The Pioneer Parties filed their opposition on October 26, 2023, and Cachet filed its reply on November 2, 2023. On November 16, 2023, the Court entered an order granting the motion to the extent of clarifying certain rulings in the September 6, 2023 order relating to the denial of the motion to dismiss as to Cachet’s conversion claim and the dismissal of Cachet’s RICO claim. Cachet initially filed its second amended complaint on February 5, 2024, but pursuant to a stipulation and order entered on February 29, 2024, Cachet withdrew that version of the second amended complaint and filed a revised second amended complaint on April 8, 2024. The second amended complaint asserts claims for conversion, unjust enrichment, money had and received, violations of RICO, and aiding and abetting conversion and fraud. On May 8, 2024, the Pioneer Parties filed a motion to dismiss the second amended complaint. Briefing on the motion was completed on June 27, 2024. A hearing on the motion was held by the Court on July 11, 2024. On August 28, 2024, the Court entered an order granting in part and denying in part the Pioneer Parties’ motion. In particular, the court dismissed with prejudice Cachet’s claims for aiding and abetting conversion and fraud and dismissed without prejudice Cachet’s RICO claims. The court denied the Pioneer Parties’ motion to dismiss the claims for conversion, unjust enrichment, and money had and received. The Pioneer Parties’ current deadline to respond to the remaining claims asserted in the second amended complaint is October 10, 2024.

On February 4, 2020, Berkshire Hills Bancorp Inc.’s wholly owned subsidiary Berkshire Bank (“Berkshire Bank”) filed a complaint against the Bank in the Supreme Court of the State of New York for Albany County resulting from Berkshire Bank’s participation interest in the commercial loan relationship to the Mann Entities. The complaint alleges that the Bank breached the amended and restated loan participation agreement between the Bank and Berkshire Bank dated as of June 27, 2018, breached the amended and restated loan participation agreement between the Bank and Berkshire Bank dated as of August 12, 2019, engaged in constructive fraud, engaged in

fraudulent inducement, engaged in fraudulent concealment, and negligently misrepresented certain material information. The complaint seeks to recover $15.6 million and additional damages. On November 30, 2022, Berkshire Bank filed an amended complaint asserting substantially similar claims to those asserted in the original complaint, except that it excised the claim for negligent misrepresentation that the Court previously had dismissed, and included claims for breach of the loan participation agreement between the Bank and Berkshire Bank dated as of June 29, 2017 and separate claims for fraudulent inducement with respect to each of the three loan participation agreements. On January 30, 2023, the Bank filed its answer to the amended complaint and asserted counterclaims against Berkshire Bank for breach of the amended and restated loan participation agreement between the Bank and Berkshire Bank dated as of August 12, 2019, as well as a claim for a declaratory judgment that Berkshire Bank ratified the agreement and may not contest its validity. This matter is currently in discovery.

On February 4, 2020, Chemung Financial Corporation’s wholly owned subsidiary, Chemung Canal Trust Company (“Chemung”), filed a complaint against the Bank in the Supreme Court of the State of New York for Albany County resulting from Chemung’s participation interest in the commercial loan relationship to the Mann Entities. The complaint alleges that the Bank breached the participation agreement between the Bank and Chemung dated as of August 12, 2019, engaged in fraudulent activities, engaged in constructive fraud, and negligently misrepresented and omitted certain material information. The complaint seeks to recover $4.2 million and additional damages. On July 21, 2023, Chemung filed an amended complaint that asserts the same causes of actions as the original complaint (except that it excised the claim for negligent misrepresentation previously dismissed by the Court), but includes additional factual allegations. On September 19, 2023, the Bank filed its answer to the amended complaint and asserted counterclaims against Chemung for breach of the loan participation agreement between the Bank and Chemung dated as of August 12, 2019, as well as a claim for a declaratory judgment that Chemung ratified the agreement and may not contest its validity. This matter is currently in discovery.

On April 30, 2020, the U.S. Department of Justice (“DOJ”), with the authorization of a delegate of the Secretary of the Treasury, filed a civil complaint against the Company and the Bank (and Cloud Payroll, LLC) in the United States District Court for the Northern District of New York. The complaint alleges, among other things, that the Pioneer Parties wrongfully set off approximately $7.3 million from an account held by Cloud Payroll to apply towards debts allegedly owed to the Bank by Cloud Payroll and other affiliates of Michael Mann. The complaint alleges that the funds in question were comprised of payroll taxes and thus subject to a statutory trust under 26 U.S.C. § 7501 that prohibited the Bank from setting off those funds to apply towards debts owed to the Bank. The complaint seeks return of any payroll taxes, plus interest. On October 21, 2020, the DOJ filed an amended complaint that dropped one of the DOJ’s claims against the Pioneer Parties but continues to seek return of any payroll taxes, plus interest. The amended complaint relates to the same set of facts described above in “Mann Entities Related Fraudulent Activity”, and the alleged payroll taxes, plus interest, sought in this proceeding may be part of the recovery sought in the Southwestern and NatPay complaints described above. On November 4, 2020, the Pioneer Parties filed their answer and affirmative defenses to the DOJ’s amended complaint. On November 15, 2023, the Court entered an order staying discovery until January 16, 2024 to allow the parties to continue discussions about a potential resolution of the matter. On January 12, 2024, the parties filed a joint letter with the Court requesting an extension of the discovery stay until March 18, 2024 to enable the parties to finalize resolution of the matter. On January 16, 2024, the Court entered an order granting the requested extension. On March 15, 2024, after reaching a confidential settlement agreement, the parties filed a stipulation of dismissal of the action with prejudice, which the Court approved on March 18, 2024.

On August 31, 2020, AXH Air-Coolers, LLC (“AXH”) filed a complaint against the Pioneer Parties, and unnamed employees of the Pioneer Parties in the United States District Court for the Northern District of New York. The complaint alleges that the Pioneer Parties wrongfully converted certain tax funds belonging to AXH, were unjustly enriched by the wrongful taking of tax funds belonging to AXH, and were grossly negligent in allowing AXH’s tax funds to be misappropriated, offset, converted, or stolen. The prayer for relief in AXH’s complaint seeks $336,000, plus penalties and interest, attorney’s fees, and punitive damages. The complaint relates to the same set of facts as the DOJ complaint as described above, and the alleged taxes sought in the DOJ, Southwestern, and NatPay complaints. On August 12, 2022, AXH filed an amended complaint asserting gross negligence, unjust enrichment, and accounting claims against the Pioneer Parties. The amended complaint seeks the same relief as in the original complaint. On August 26, 2022, the Pioneer Parties filed their answer to the amended complaint. Thereafter,

discovery on the matter proceeded until the Court issued a stay of the action on June 30, 2024. The stay is expected to be in effect until at least December 20, 2024.

On December 1, 2020, the Bank filed a complaint in the Supreme Court of the State of New York against Teal, Becker & Chiaramonte, CPAs, P.C. (“TBC”), Mr. Pasquale M. Scisci and Mr. Vincent Commisso (collectively, with TBC, the “TBC Parties”), alleging professional malpractice by the TBC Parties in auditing the annual consolidated financial statements of Valuewise Corporation and its subsidiaries (“Valuewise Entities”) for the fiscal years 2010 to 2018. The Bank asserts that the TBC Parties were aware that the primary, if not the exclusive, reason the Valuewise Entities engaged TBC to audit their financial statements was to provide the Bank with accurate financial information that the Bank would rely on in evaluating whether to provide loans to the Valuewise Entities. The Bank contends that, among other matters, Mr. Michael Mann used the Valuewise Entities to defraud the Bank because of the professional malpractice of the TBC Parties and that if the TBC Parties had not committed professional malpractice by issuing unqualified “clean” opinions on the financial statements of the Valuewise Entities for fiscal years 2010 to 2018, the Bank would never have continued loaning money to the Valuewise Entities. The Bank seeks to recover damages of at least $34.1 million (plus interest) sustained by it as a result of the professional malpractice of the TBC Parties. The TBC Parties filed their answer to the Bank’s complaint on February 12, 2021. On February 28, 2022, the TBC Parties filed a motion to dismiss the complaint. On October 4, 2022, the Court entered a decision and order denying the motion in its entirety. On November 15, 2023, the Bank and the TBC Parties entered into a settlement agreement pursuant to which the parties agreed to resolve and settle all disputes and potential claims which exist or may exist among them, including without limitation those claims asserted in the action. Pursuant to the settlement agreement, the TBC Parties made a payment of $5.95 million to the Bank, in exchange for which the Bank caused the action to be dismissed with prejudice.

On May 14, 2021, the Bank filed a verified petition for a hearing, pursuant to 21 U.S.C. § 853(n)(2), to adjudicate the validity of the Bank’s interest in approximately $14.9 million in cash and securities forfeited by Michael Mann pursuant to a preliminary order of forfeiture in U.S. v. Mann filed in United States District Court for the Northern District of New York. The Bank’s petition alleges that it has a valid security interest in the forfeited property, and that the forfeited property should thus be turned over to the Bank. On June 28, 2021, the government filed a motion to dismiss the Bank’s petition. On July 30, 2021, the Bank filed opposition to the government’s motion to dismiss the Bank’s petition. On August 13, 2021, the government filed a reply to the Bank’s opposition to the government’s motion to dismiss the Bank’s petition. On October 14, 2022, the magistrate judge assigned to the case entered a report and recommendation recommending the motion to dismiss the Bank’s petition be granted in part and denied in part. On October 28, 2022, the Bank filed an objection to the magistrate judge’s report and recommendation. The government filed its opposition to the Bank’s objection on November 21, 2022. On April 5, 2024, the district judge entered an order overruling the Bank’s objection and affirming the magistrate judge’s report and recommendation. The court ordered the matter to proceed to a hearing but has not yet set a date for the hearing. This matter is currently in discovery.

On September 2, 2022, two substantially similar putative class action complaints were filed against the Pioneer Parties in the Supreme Court of the State of New York for Albany County. The first complaint was filed by Brandes & Yancy PLLC and Ricardo’s Restaurant, Inc., two alleged clients of Southwestern which seek to assert claims on behalf of all current or former Southwestern clients based on the same set of facts as the DOJ, AXH, and Granite Solutions complaints as described above, and the alleged taxes sought in the DOJ, Southwestern, and NatPay complaints. The second complaint was filed by O’Malley’s Oven LLC and Legat Architects, Inc., two alleged clients of MyPayrollHR.Com, LLC and ProData Payroll Services, Inc., affiliates of Cloud Payroll, LLC (collectively, “Cloud Payroll”). Similar to the first complaint described above, the two named plaintiffs in the second complaint seek to assert claims on behalf of all current or former Cloud Payroll clients based on the same set of facts as the DOJ, AXH, and Granite Solutions complaints as described above, and the alleged taxes sought in the DOJ, Southwestern, and NatPay complaints. Both complaints assert claims against the Pioneer Parties for conversion, gross negligence, unjust enrichment, money had and received, tortious interference with contract, aiding and abetting fraud, and a declaratory judgment. Both complaints also seek to recover compensatory and punitive damages, plus pre-judgment interest, costs, expenses, disbursements, and reasonable attorneys’ fees. The Pioneer Parties acknowledged service of the complaints as of December 30, 2022. On February 28, 2023, the Pioneer Parties filed motions to dismiss the complaints. On April 7, 2023, the plaintiffs filed amended complaints that assert the

same causes of action but include additional allegations. On April 27, 2023, the Pioneer Parties elected to withdraw their pending motions to dismiss and file renewed motions to dismiss the amended complaints. The Pioneer Parties filed renewed motions to dismiss on June 26, 2023. On August 25, 2023, plaintiffs in both putative class actions filed their responses to the renewed motions to dismiss filed by the Pioneer Parties. On October 6, 2023, the Pioneer Parties filed their reply to the response of the plaintiffs. On February 1, 2024, the court entered an order, on its own motion, staying both actions pending the outcome of the ongoing, earlier-filed federal litigation described above. On July 31, 2024, the parties submitted a joint written update to the court concerning the status of the federal litigation. These actions remain stayed pending the outcome of that litigation.

On December 6, 2023, Sidra Riggins filed a putative class action complaint against the Bank in the United States District Court for the Northern District of New York. The plaintiff is an alleged customer of the Bank who asserts claims for breach of contract, unjust enrichment, violation of New York General Business Law § 349, and violation of the Electronic Funds Transfer Act, 15 U.S.C. §§ 1693 et seq. The plaintiff’s claims concern alleged practices of the Bank relating to fees that the Bank allegedly assessed in connection with certain types of overdrafts or transaction items returned for insufficient funds. The plaintiff seeks to assert her claims on behalf of the following individuals: (i) New York citizens who held checking accounts at the Bank and were assessed an overdraft fee on a debit card transaction that was authorized on sufficient funds and settled on negative funds in the same amount for which the debit card transaction was authorized; (ii) New York citizens who are assessed multiple fees on a transaction item in a checking account held at the Bank; and (iii); New York citizens who were assessed an overdraft fee on a transaction that did not overdraw the account. The Bank acknowledged service of the complaint on January 3, 2024. On March 4, 2024, the Bank moved to dismiss the complaint in its entirety. On March 22, 2024, the plaintiff filed an amended complaint in lieu of responding to the Bank’s motion. On April 5, 2024, the Bank moved to dismiss the amended complaint in its entirety. On July 5, 2024, after reaching a confidential settlement agreement, the parties filed a stipulation of dismissal of the action with prejudice. On July 8, 2024 the Court entered a Joint Stipulation and Order of Voluntary Dismissal of the action with prejudice.

The Company and the Bank have received inquiries and requests for information from regulatory agencies relating to some of the entities and events that are the subjects of certain lawsuits described above. This has resulted in, or may in the future result in, regulatory agency investigations, litigation, subpoenas, enforcement actions, and related sanctions or costs. The Company and the Bank continue to cooperate with inquiries and respond to requests as appropriate.

The New York State Department of Financial Services (the “NYSDFS”) made requests for production of documents, conducted interviews with Bank employees, and took other investigatory actions with respect to the Bank’s practices associated with the Mann Parties. The Bank has complied with these requests, producing responsive, non-privileged documents to the NYSDFS. In Summer 2021, NYSDFS informed the Bank that if the parties could not reach a negotiated resolution related to NYSDFS’s findings arising from the Bank’s practices associated with the Mann Parties, NYSDFS would proceed to an administrative hearing on the issue. NYSDFS did not further pursue negotiations of the matter in or around the second part of 2023. Thereafter, the Bank converted from a New York chartered savings bank to a national bank, with the approval of the OCC, as of April 1, 2024. As a result of the conversion, OCC has now assumed the regulatory oversight responsibilities previously held by NYSDFS.

FAIR VALUE

12 Months Ended

Jun. 30, 2024

FAIR VALUE

FAIR VALUE

15. FAIR VALUE

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The fair values of securities are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs).

The fair value of interest rate swaps are based on valuation models using observable market data as of the measurement date (Level 2). The fair value of derivatives are classified as a component of other assets and other liabilities on the consolidated statements of condition.

The fair value of individually evaluated loans are valued at the lower of cost or fair value. Individually evaluated loans carried at fair value have been partially charged-off or receive a specific allocation of the allowance for credit losses on loans. For collateral dependent loans, fair value is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments result in a Level 3 classification of the inputs for determining fair value.

Nonrecurring adjustments to certain commercial and residential real estate properties classified as OREO are measured at fair value, less costs to sell. Fair values are based on recent real estate appraisals. These appraisals may use a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments result in a Level 3 classification of the inputs for determining fair value.

Assets and Liabilities Measured on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below (dollars in thousands):


			Fair Value Measurements at
			June 30, 2024 Using
					Significant
			Quoted Prices in		Other		Significant
			Active Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets:
Available for sale securities:
U.S. Government and agency obligations	$	243,549	$	243,549	$	—	$	—
Municipal obligations		13,416		—		13,416		—
Other debt securities		444		—		444
Total available for sale securities		257,409		243,549		13,860		—
Derivative assets ⁽¹⁾		16,781		—		16,781		—
Total	$	274,190	$	243,549	$	30,641	$	—

Liabilities:
Derivative liabilities ⁽¹⁾	$	16,781	$	—	$	16,781	$	—
Total	$	16,781	$	—	$	16,781	$	—


			Fair Value Measurements at
			June 30, 2023 Using
					Significant
			Quoted Prices in		Other		Significant
			Active Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets:
Available for sale securities:
U.S. Government and agency obligations	$	377,729	$	377,729	$	—	$	—
Municipal obligations		53,434		—		53,434		—
Other debt securities		504		—		504
Total available for sale securities		431,667		377,729		53,938		—
Equity securities		2,413		2,413		—		—
Derivative assets ⁽¹⁾		18,844		—		18,844		—
Total	$	452,924	$	380,142	$	72,782	$	—

Liabilities:
Derivative liabilities ⁽¹⁾	$	18,844	$	—	$	18,844	$	—
Total	$	18,844	$	—	$	18,844	$	—

(1)

Additional information regarding the impact of offseting cash collateral can be found in Note 6 – Derivatives.

Assets and Liabilities Measured on a Non-Recurring Basis

Assets and liabilities measured at fair value on a non-recurring basis are summarized below (dollars in thousands):


			Fair Value Measurements Using
					Significant
			Quoted Prices in		Other		Significant
			Active Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Fair Value		(Level 1)		(Level 2)		(Level 3)
June 30, 2024
Individually evaluated loans:
Commercial loans	$	539	$	—	$	—	$	539
OREO		153		—		—		153

June 30, 2023
Impaired loans:
Commercial loans	$	539	$	—	$	—	$	539
OREO		—		—		—		—

Individually evaluated loans, which are assets measured at fair value on a non-recurring basis, using the fair value of collateral for collateral dependent loans, had a carrying amount of $673,000 with a valuation allowance of $134,000 resulting in an estimated fair value of $539,000 as of June 30, 2024. Impaired loans had a carrying amount of $1.3 million with a valuation allowance of $792,000 resulting in an estimated fair value of $539,000 as of June 30, 2023.

The Company had $153,000 and no other real estate owned at June 30, 2024 and 2023, respectively. There were no write-downs for the years ended June 30, 2024 and June 30, 2023.

The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands):

Significant

Significant Unobservable

Valuation

Unobservable

Input Range

Fair Value

Technique

Inputs

(Weighted Average)

June 30, 2024

Individually evaluated loans:

Commercial loans

$

539

Appraisal of collateral (1)

Liquidation expense (2)

11.0%

OREO

153

Appraisal of collateral (1)

Liquidation expense (2)

10.0%

June 30, 2023

Impaired loans:

Commercial loans

$

539

Appraisal of collateral (1)

Liquidation expense (2)

11.0%

(1)	Fair value is generally determined through independent appraisals of the underlying collateral that generally include various level 3 inputs which are not identifiable.

(2)	Estimated selling costs.

The fair value of individually evaluated loans is based on the fair value of the collateral. Individually evaluated loans were determined to be collateral dependent and categorized as Level 3 due to ongoing real estate market conditions resulting in inactive market data, which in turn required the use of unobservable inputs and assumptions in fair value measurements. There were no changes in valuation techniques used during the year ended June 30, 2024.

The carrying and estimated fair values of financial assets and liabilities as of June 30 were as follows (dollars in thousands):


	June 30, 2024
						Fair Value Measurements Using
							Significant
					Quoted Prices in		Other		Significant
					Active Markets for		Observable		Unobservable
	Carrying		Estimated		Identical Assets		Inputs		Inputs
	Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Financial assets
Cash and cash equivalents	$	165,190	$	165,190	$	165,190	$	—	$	—
Securities available for sale		257,409		257,409		243,549		13,860		—
Securities held to maturity		25,090		22,437		—		22,437		—
FHLBNY and FRBNY stock		3,546		3,546		—		3,546		—
Net loans receivable		1,344,069		1,293,472		—		—		1,293,472
Accrued interest receivable		7,559		7,559		—		7,559		—
Derivative assets		161		161		—		161		—

Financial liabilities
Deposits
Savings, money market, and demand accounts	$	1,383,222	$	1,383,222	$	—	$	1,383,222	$	—
Time deposits		167,030		165,420		—		165,420		—
Mortgagors’ escrow deposits		9,701		9,701		—		9,701		—
Accrued interest payable		137		137		—		137		—
Derivative liabilities		16,765		16,765		—		16,765		—


	June 30, 2023
						Fair Value Measurements Using
							Significant
					Quoted Prices in		Other		Significant
					Active Markets for		Observable		Unobservable
	Carrying		Estimated		Identical Assets		Inputs		Inputs
	Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Financial assets
Cash and cash equivalents	$	150,478	$	150,478	$	150,478	$	—	$	—
Securities available for sale		431,667		431,667		377,729		53,938		—
Securities held to maturity		23,949		21,744		—		21,744		—
Equity securities		2,413		2,413		2,413		—		—
FHLBNY stock		1,196		1,196		—		1,196		—
Net loans receivable		1,144,169		1,095,366		—		—		1,095,366
Accrued interest receivable		7,194		7,194		—		7,194		—
Derivative assets		684		684		—		684		—

Financial liabilities
Deposits
Savings, money market, and demand accounts	$	1,424,874	$	1,424,874	$	—	$	1,424,874	$	—
Time deposits		116,977		114,596		—		114,596		—
Mortgagors’ escrow deposits		7,888		7,888		—		7,888		—
Accrued interest payable		84		84		—		84		—
Derivative liabilities		18,828		18,828		—		18,828		—

Short-Term Financial Instruments

The fair value of certain financial instruments are estimated to approximate their carrying amounts because the remaining term to maturity or period to repricing of the financial instrument is less than ninety days. Such financial

instruments include cash and cash equivalents, accrued interest receivable and payable and mortgagor’s escrow deposits.

Securities

Fair values of securities available for sale, securities held to maturity and equity securities are determined as outlined earlier in this footnote.

FHLBNY and FRBNY Stock

The fair value of FHLBNY and FRBNY stock approximates its carrying value due to transferability restrictions.

Loans

Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type, including residential real estate, commercial real estate, and consumer loans and whether the interest rates are fixed and/or variable.

The estimated fair values of performing loans is calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest rate risk inherent in the respective loan portfolio.

Estimated fair values for nonperforming loans are based on estimated cash flows discounted using a rate commensurate with the credit risk involved. Assumptions regarding credit risk, cash flows, and discount rates are judgmentally determined using available market information and specific borrower information.

Derivatives

Fair values of derivative assets and liabilities are determined as outlined earlier in this footnote.

Deposits

The estimated fair value of deposits with no stated maturity, such as savings, money market and demand deposits, is regarded to be the amount payable on demand. The estimated fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using market rates for time deposits with similar maturities. The fair value estimates for deposits do not include the benefit that results from the low-cost funding provided by the deposits as compared to the cost of borrowing funds in the market.

Borrowings

The estimated fair value of FHLBNY advances, if any, is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for borrowings with similar remaining maturities.

The fair values of commitments to extend credit, unused lines of credit, and standby letters of credit are not considered material.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

REGULATORY CAPITAL

12 Months Ended

Jun. 30, 2024

REGULATORY CAPITAL

REGULATORY CAPITAL

16. REGULATORY CAPITAL

The Bank and Pioneer Commercial Bank are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, banks must meet specific capital guidelines that involve quantitative measures of the bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgements by the regulators about components, risk weightings, and other factors.

Quantitative measures established by regulation to ensure capital adequacy require the Bank and Pioneer Commercial Bank to maintain minimum capital amounts and ratios (set forth in the table below) of Tier 1 capital (as defined in the regulations) to average assets (as defined), and common equity Tier 1, Tier 1 and total capital (as

defined) to risk-weighted assets (as defined). Under Basel III rules, banks must hold a capital conservation buffer above the adequately capitalized risk-based capital ratios. The required capital conservation buffer is 2.50% for 2024 and 2023.

As of June 30, 2024 and 2023, the Bank and Pioneer Commercial Bank met all capital adequacy requirements to which they were subject. Further, the most recent OCC and FDIC notifications categorized the Bank and Pioneer Commercial Bank as well capitalized institutions under the prompt corrective action regulations. There have been no conditions or events since the notification that management believes have changed the Bank’s or Pioneer Commercial Bank’s capital classification.

The actual capital amounts and ratios for the Bank and Pioneer Commercial Bank, are presented in the following table (dollars in thousands):


													To be Well
									For Capital				Capitalized Under
					For Capital				Adequacy Purposes				Prompt
	Actual				Adequacy Purposes				with Capital Buffer				Corrective Action
	Amount		Ratio		Amount		Ratio		Amount		Ratio		Amount		Ratio
Pioneer Bank, National Association:
As of June 30, 2024

Tier 1 (leverage) capital	$	221,549	11.65	%	$	76,051	4.00	%		N/A	N/A		$	95,064	5.00	%
Risk-based capital
Common Tier 1	$	221,549	18.40	%	$	54,171	4.50	%	$	84,265	7.00	%	$	78,246	6.50	%
Tier 1	$	221,549	18.40	%	$	72,227	6.00	%	$	102,322	8.50	%	$	96,303	8.00	%
Total	$	236,706	19.66	%	$	96,303	8.00	%	$	126,398	10.50	%	$	120,379	10.00	%

As of June 30, 2023

Tier 1 (leverage) capital	$	208,576	11.47	%	$	72,733	4.00	%		N/A	N/A		$	90,916	5.00	%
Risk-based capital
Common Tier 1	$	208,576	18.85	%	$	49,795	4.50	%	$	77,459	7.00	%	$	71,926	6.50	%
Tier 1	$	208,576	18.85	%	$	66,393	6.00	%	$	94,057	8.50	%	$	88,524	8.00	%
Total	$	222,513	20.11	%	$	88,524	8.00	%	$	116,188	10.50	%	$	110,655	10.00	%


													To be Well
									For Capital				Capitalized Under
					For Capital				Adequacy Purposes				Prompt
	Actual				Adequacy Purposes				with Capital Buffer				Corrective Action
	Amount		Ratio		Amount		Ratio		Amount		Ratio		Amount		Ratio
Pioneer Commercial Bank:
As of June 30, 2024

Tier 1 (leverage) capital	$	52,658	9.56	%	$	22,039	4.00	%		N/A	N/A		$	27,549	5.00	%
Risk-based capital
Common Tier 1	$	52,658	56.09	%	$	4,224	4.50	%	$	6,571	7.00	%	$	6,102	6.50	%
Tier 1	$	52,658	56.09	%	$	5,633	6.00	%	$	7,979	8.50	%	$	7,510	8.00	%
Total	$	52,658	56.09	%	$	7,510	8.00	%	$	9,857	10.50	%	$	9,388	10.00	%

As of June 30, 2023

Tier 1 (leverage) capital	$	46,284	9.39	%	$	19,709	4.00	%		N/A	N/A		$	24,636	5.00	%
Risk-based capital
Common Tier 1	$	46,284	54.81	%	$	3,800	4.50	%	$	5,911	7.00	%	$	5,489	6.50	%
Tier 1	$	46,284	54.81	%	$	5,067	6.00	%	$	7,178	8.50	%	$	6,756	8.00	%
Total	$	46,284	54.81	%	$	6,756	8.00	%	$	8,867	10.50	%	$	8,444	10.00	%

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

REVENUE RECOGNITION

12 Months Ended

Jun. 30, 2024

REVENUE RECOGNITION

REVENUE RECOGNITION

17. REVENUE RECOGNITION

In general, for revenue not associated with financial instruments, guarantees and lease contracts, we apply the following steps when recognizing revenue from contracts with customers: (i) identify the contract, (ii) identify the performance obligations, (iii) determine the transaction price, (iv) allocate the transaction price to the performance

obligations and (v) recognize revenue when performance obligation is satisfied. Our contracts with customers are generally short term in nature, typically due within one year or less or cancellable by us or our customer upon a short notice period. Performance obligations for our customer contracts are generally satisfied at a single point in time, typically when the transaction is complete. In some cases, we act in an agent capacity, deriving revenue through assisting other entities in transactions with our customers. In such transactions, we recognized revenue and the related costs to provide our services on a net basis in our financial statements. These transactions primarily relate to insurance and brokerage commissions, and fees derived from our customers' use of various interchange and ATM/debit card networks.

Revenue associated with financial instruments, including revenue from loans and securities is excluded from the scope of the accounting guidance for revenue from contracts with customers. In addition, certain noninterest income streams such as fees associated with mortgage servicing rights, financial guarantees, derivatives, and certain credit card fees are also not in scope of the accounting guidance for revenue from contracts with customers. The accounting guidance for revenue from contracts with customers is applicable to noninterest revenue streams such as deposit related fees, interchange fees, and insurance and wealth management services commissions.

The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of the accounting guidance for revenue from contracts with customers, for the years ended June 30, 2024 and 2023.


	For the Year Ended June 30,
	2024		2023

Noninterest Income
In scope
Insurance services	$	3,031	$	2,760
Wealth management services		6,282		4,293
Service charges on deposit accounts		2,427		2,475
Card services income		2,843		2,963
Other		370		486
Noninterest income in scope		14,953		12,977

Noninterest income out of scope		1,377		1,171

Total noninterest income	$	16,330	$	14,148

Insurance Services Income: The Company earns revenue associated with the issuance of policies is recognized upon the effective date of the associated policy regardless of the billing method. Revenue is accrued based upon the completion of the performance obligation creating a current asset for the unbilled revenue until such time as an invoice is generated, typically not to exceed twelve months. Contingent commissions represent a form of variable consideration associated with the same performance obligation, which is the placement of coverage, for which we earn core commissions. The Company records a monthly accrual for contingent commissions.

Wealth Management Services Income: The Company earns fees from investment brokerage services provided to its customers by a third-party service provider. The Company receives commissions from the third-party service provider on a monthly basis based upon customer activity for the respective month. The Company acts as an agent in arranging the relationship between the customer and the third-party service provider. Investment brokerage fees are presented net of related costs.

Service Charges on Deposit Accounts: The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which included services such as ATM use fees and stop payment charges, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly

maintenance, are recognized at the time the maintenance occurs. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance.

Card Services Fee Income: The Company earns interchange fees from debit cardholder transactions conducted through the Mastercard payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to cardholder.

Other service charges include revenue from processing wire transfers, check orders, and safe deposit box rental. Wire transfer fees are charged on per item basis, and are charged at the time of transfer and charged directly to the customer account. Check order charges are charged to the customer at the time the order is placed directly to the customer account. Safe deposit box rental fees are charged to the customer on an annual basis and recognized upon receipt of payment. The Company determined that since rentals and renewals occur fairly consistently over time, revenue is recognized on a basis consistent with the duration of the performance obligation.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

LEASES

12 Months Ended

Jun. 30, 2024

LEASES

LEASES

18. LEASES

The Company leases certain branches under various non-cancelable operating leases that may contain extension options. Reasonably certain extension options are included in the determination of lease term for accounting purposes. The Company has also entered into a long-term ground lease with a bargain purchase option and into office equipment leases which have been classified as finance leases. The leases may require additional payments for maintenance, taxes, insurance, service, and other costs which are not included in calculating the lease liability.

For all asset classes the Company made an accounting policy election to not separate lease components and non-lease components and treat both as a single lease component for lease accounting purposes. The ROU assets and lease liabilities are based on the stated lease consideration as identified in the underlying agreements.

When known or determinable, the Company uses the rate implicit in the lease in determining the present value of lease payments. Otherwise, the incremental borrowing rate is used which is based on information provided by FHLBNY for a secured borrowing arrangement of a comparable term.

The Company made an accounting policy election to not apply the lease accounting requirements to short-term lease arrangements with an initial term of 12 months or less.

The ROU assets are included in premises and equipment and lease liabilities are included in other liabilities in the Company’s consolidated statements of condition.

The following tables include quantitative data related to the Company’s operating and finance leases:


	June 30, 2024			June 30, 2023

	(In thousands, except weighted-average information)
Right of use assets:
Finance leases	$	532		$	608
Operating leases		5,223			5,448
	$	5,755		$	6,056
Lease liabilities:
Finance leases	$	634		$	711
Operating leases		5,505			5,713
	$	6,139		$	6,424

Other information:
Weighted-average remaining lease term for finance leases (in years)		71.6			64.9
Weighted-average remaining lease term for operating leases (in years)		13.2			14.2
Weighted-average discount rate for finance leases		5.78	%		5.62	%
Weighted-average discount rate for operating leases		3.90	%		3.87	%


	For the Year Ended June 30,
	2024		2023

Lease expense:
Finance lease expense
Amortization of ROU assets	$	101	$	99
Interest on lease liabilities		32		32
Operating lease expense		647		606
Variable lease expense		241		219
Total	$	1,021	$	956

Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases (i.e. interest)	$	32	$	17
Finance cash flows from finance leases (i.e. principal portion)	$	102	$	114
Operating cash flows from operating leases	$	627	$	585
ROU assets obtained in exchange for new finance lease liabilities	$	26	$	—
ROU assets obtained in exchange for new operating lease liabilities	$	199	$	—

Maturities of finance and operating lease liabilities are as follows:


	Finance leases		Operating leases

	(Dollars in thousands)
Within the twelve months ended June 30,
2025	$	123	$	633
2026		60		600
2027		36		579
2028		36		585
2029		33		503
Thereafter		2,550		4,219
Total undiscounted cash flows		2,838		7,119
Less: present value discount		(2,204)		(1,614)
Total lease liabilities	$	634	$	5,505

STOCK-BASED COMPENSATION

12 Months Ended

Jun. 30, 2024

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

19. STOCK-BASED COMPENSATION

In May 2021, the Company adopted the Pioneer Bancorp, Inc. 2020 Equity Incentive Plan (the “Stock Plan”). Under the terms of the Stock Plan, equity-based awards are granted to directors and employees to better align the interests of its employees and directors with those of the stockholders. Stock options and restricted stock awards granted typically vest over a period of five years. The total number of shares of the Company common stock authorized for issuance under the plan is 1,782,068 shares. At June 30, 2024, there were 562,068 shares available to be granted. There were no shares issued under the Stock Plan prior to the year ended June 30, 2024.

Stock Options

Stock options may be granted at a price no less than the greater of the par value or fair market value of such shares on the date on which such option is granted, and generally expire ten years from the date of grant. The options usually vest over a five-year period unless forfeited prior to vesting in accordance with the term of the award.

The following table summarizes information about stock option activity for the year ended June 30, 2024.


				Weighted
				Average
			Weighted	Remaining		Aggregate
			Average	Contractual		Intrinsic
			Exercise	Life (in		Value
	Shares		Price	years)		(000)'s
Outstanding at July 1, 2023	-	$	-
Granted	830,000	$	9.39
Exercised	-	$	-
Forfeited	-	$	-
Outstanding at June 30, 2024	830,000	$	9.39	9.89	$	515
Vested at period-end	-	$	-
Expected to vest	830,000	$	9.39	9.89

As of and for the year ended June 30, 2024, 830,000 options were granted and outstanding with an exercise price of $9.39 and a remaining contractual life of 9.89 years.

The fair value of each option is estimated on the date of grant using a Black-Scholes Option-Pricing Model that uses the assumptions noted in the following table. Expected volatilities are based on the historical volatility of the Company stock and other factors. The expected term of options granted is derived by using the simplified method as the Company has no relevant exercise experience from other stock-based compensation plans prior to the awards granted during the year ended June 30, 2024 under the Stock Plan. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant.


Stock options granted
Weighted average grant date information
Fair value of options granted	$	3.85
Fair value assumptions:
Expected volatility		31.34	%
Dividend yield		-	%
Risk free interest rate		4.31	%
Expected lives (in years)		6.50

Amount expensed during the year (in thousands)	$	72
Compensation costs for non-vested awards not yet recognized (in thousands)	$	3,124
Weighted average expected vesting period, in years		2.89
Proceeds from stock options exercised	$	-
Tax benefits related to stock options exercised	$	-
Intrinsic value of stock options exercised	$	-

Restricted Stock

Granted restricted stock awards gives the recipient the right to receive shares of Company stock upon vesting. The fair value of each restricted stock award is the market value of the Company stock on the date of the grant. Generally the restricted stock awards vest over a five-year period unless forfeited prior to vesting in accordance with the term of the award.

The following table summarizes information about restricted stock activity for the year ended June 30, 2024.


			Weighted
			Average
			Grant Date
	Shares		Fair Value
Non-vested at July 1, 2023	-	$	-
Granted	390,000		9.39
Vested	-		-
Non-vested at June 30, 2024	390,000		9.39

The following table presents information on the amounts expensed related to restricted stock awarded pursuant to the Stock Plan for the year ended June 30, 2024.


Amount expensed during the year (in thousands)	$	82
Compensation costs for non-vested awards not yet recognized (in thousands)	$	3,580
Weighted average expected vesting period, in years		2.89

EARNINGS PER SHARE

12 Months Ended

Jun. 30, 2024

EARNINGS PER SHARE

EARNINGS PER SHARE

20. EARNINGS PER SHARE

The following table summarizes the calculation of basic and diluted earnings per common share (in thousands, except for share and per share amounts):


	For the Year Ended June 30,
	2024		2023

Net income applicable to common stock	$	15,260	$	21,948

Average number of common shares outstanding		25,951,228		25,977,679
Less: Average unallocated ESOP shares		757,380		808,297
Weighted-average number of common shares outstanding - basic		25,193,848		25,169,382
Add: Effect of dilutive stock options and restricted stock		29,266		—
Weighted-average number of common shares outstanding - diluted		25,223,114		25,169,382

Net earnings per common share:
Basic	$	0.61	$	0.87
Diluted	$	0.61	$	0.87

Potential common shares from stock options that were not included in the computation of diluted earnings per common share, because they were anti-dilutive under the treasury stock method, were 830,000 for the years ended June 30, 2024. There were no anti-dilutive shares for the year ended June 30, 2023. Additional information regarding stock options and restricted stock awards can be found within Note 19 – Stock-Based Compensation.

CONDENSED FINANCIAL STATEMENTS OF PIONEER BANCORP, INC.

12 Months Ended

Jun. 30, 2024

CONDENSED FINANCIAL STATEMENTS OF PIONEER BANCORP, INC.

CONDENSED FINANCIAL STATEMENTS OF PIONEER BANCORP, INC.

21. CONDENSED FINANCIAL STATEMENTS OF PIONEER BANCORP, INC.

The following condensed financial statements summarize the financial position and the results of operations and cash flows of Pioneer Bancorp, Inc. as of and for the year ended June 30, 2024 and 2023.


Pioneer Bancorp, Inc.
Condensed Statements of Condition
As of June 30, 2024 and 2023
(in thousands)
	2024		2023
Assets
Cash and cash equivalents	$	44,699	$	44,685
Investment in subsidiary		240,319		209,901
Loan receivable		10,983		11,376
Other assets		538		738
Total assets	$	296,539	$	266,700

Liabilities and Shareholders’ Equity
Total liabilities	$	11	$	—
Total shareholders’ equity		296,528		266,700
Total liabilities and shareholders’ equity	$	296,539	$	266,700


Pioneer Bancorp, Inc.
Condensed Statements of Operations
For the Years Ended June 30, 2024 and 2023
(in thousands)
	2024		2023
Income
Interest-earning assets	$	930	$	655
Total income		930		655

Operating Expenses
Other		192		182
Total operating expenses		192		182

Income before tax expense and equity in undistributed net income of subsidiary		738		473
Income tax expense		198		126
Income before equity in undistributed net income of subsidiary		540		347
Equity in undistributed net income of subsidiary		14,720		21,601
Net income	$	15,260	$	21,948


Pioneer Bancorp, Inc.
Condensed Statements of Cash Flow
For the Years Ended June 30, 2024 and 2023
(in thousands)
	2024		2023
Cash flow from operating activities:
Net income	$	15,260	$	21,948

Adjustments to reconcile net income to cash provided by operating activities:
Undistributed income of subsidiary		(14,720)		(21,601)
Net decrease in other assets		200		167
Net increase (decrease) in other liabilities		11		(43)
Net cash provided by operating activities		751		471

Cash flow from investing activities:
Decrease in loan receivable		393		536
Net cash provided by investing activities		393		536

Cash flow from financing activities:
Repurchase of common stock		(1,075)		—
Other		(55)		(170)
Net cash used by financing activities		(1,130)		(170)
Net increase in cash and cash equivalents		14		837
Cash and cash equivalents at beginning of year		44,685		43,848
Cash and cash equivalents at end of year	$	44,699	$	44,685

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 15,260	$ 21,948

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Jun. 30, 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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company, the Bank, and the Bank’s wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ substantially from those estimates. The allowance for credit losses, valuation of securities and other financial instruments, the funded status and expense of employee benefit plans, legal proceedings and other contingent liabilities, and the realizability of deferred tax assets are particularly subject to change.
Subsequent Events	Subsequent Events Subsequent events are events or transactions that occur after the statement of condition date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the statement of condition, including the estimates inherent in the process of preparing consolidated financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not exist at the date of the statement of condition but arose after that date. Management has reviewed events occurring through the date the consolidated financial statements were issued and, when appropriate, recognized or disclosed in the consolidated financial statements or notes to the consolidated financial statements.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consists of cash and due from banks, federal funds sold with maturities less than three months, and interest-bearing deposits with banks. Net cash flows are reported for customer loan and deposit transactions, changes in mortgagor’s escrow deposits, and short-term borrowings.
Securities Available for Sale, Securities Held to Maturity and Equity Securities	Securities Available for Sale, Securities Held to Maturity and Equity Securities Management determines the appropriate classification of debt securities at the time of purchase. If management has the positive intent and ability to hold debt securities to maturity, they are classified as securities held to maturity and are stated at amortized cost. If debt securities are purchased for the purpose of selling them in the near term, they are classified as trading securities and are reported at fair value with unrealized gains and losses reflected in current earnings. All other debt securities are classified as securities available for sale and reported at fair value, with net unrealized gains or losses reported, net of income taxes, in accumulated other comprehensive loss, a component of shareholders’ equity. All marketable equity securities are reported at fair value, with changes in fair value recognized through net income in the consolidated statements of operations. At June 30, 2024 and 2023, and during the years then ended, the Company did not hold any securities considered to be trading securities. Gains or losses on the sale or call of securities are based on the net proceeds received and the amortized cost of the securities sold or called, using the specific identification method. The cost of securities is adjusted for amortization of premiums and accretion of discounts, which is calculated on an effective interest method over the period to the call date or over the terms of the securities, if there is no call date. Allowance for Credit Losses on Securities Held to Maturity With respect to its held to maturity debt securities, the Company is required to utilize the Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“CECL”) approach to estimate expected credit losses. Management measures expected credit losses on held to maturity debt securities on a collective basis by major security types that share similar risk characteristics. Management classifies the held to maturity debt securities portfolio into the following major security types: Corporate debt securities and municipal obligations. Expected losses are calculated on a pooled basis using a probability of default/loss given default model, based on historical credit loss data from a reliable source. Management utilizes corporate and municipal default and loss rates which provides decades of data across all corporate and municipal sectors and geographies. Management may exercise discretion to make adjustments based on environmental factors. The model calculates the expected loss for each security over the contractual life. If the risk of a held to maturity debt security no longer matches the collective assessment pool, it is removed and individually assessed for credit deterioration. Allowance for Credit Losses on Securities Available for Sale The impairment model for available for sale debt securities differs from the CECL approach utilized for held to maturity debt securities because available for sale debt securities are measured at fair value rather than amortized cost. For available for sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more than likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities available for sale that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of tax. Changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available for sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Prior to the adoption of CECL on July 1, 2023, management evaluated debt securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. In determining OTTI, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the entity has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. The assessment of whether an other-than-temporary decline exists involves a high degree of subjectivity and judgment and is based on the information available to management at a point in time. When OTTI occurs, the amount of the OTTI recognized in earnings depends on whether an entity intends to sell the security or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, less any current-period credit loss. If an entity intends to sell or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, less any current-period credit loss, the OTTI shall be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. If an entity does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis less any current-period loss, the OTTI shall be separated into the amount representing the credit loss and the amount related to all other factors. The amount of the total OTTI related to the credit loss is determined based on the present value of cash flows expected to be collected and is recognized in earnings. The amount of the total OTTI related to other factors is recognized in other comprehensive income, net of applicable taxes. The previous amortized cost basis less the OTTI recognized in earnings becomes the new amortized cost basis of the investment. Securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain securities, it is at least reasonably possible that changes in the values of securities will occur in the near term and that such changes could materially affect the amounts reported in the accompanying consolidated financial statements.
Federal Home Loan Bank of New York ("FHLBNY") and Federal Reserve Bank of New York ("FRBNY") Stock	Federal Home Loan Bank of New York (“FHLBNY”) and Federal Reserve Bank of New York (“FRBNY”) Stock The Bank is a member of both the FHLBNY and FRBNY. FHLBNY members are required to own a certain amount of stock based on the level of borrowings and other factors, while FRBNY members are required to own a certain amount of stock based on a percentage of the Bank’s capital stock and surplus. FHLBNY and FRBNY stock are carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends, if any, are reported as income.
Loans Held for Sale	Loans Held for Sale Management determines the appropriate classification of mortgage loans at the time of commitment for new loan originations or, for convertible adjustable rate loans, at the time of conversion to a fixed interest rate. Mortgage loans held for sale are recorded at the lower of aggregate cost or fair value as determined by outstanding commitments from investors or fair value based upon recent sales for loans with no commitments. In order to limit the interest rate risk associated with loans held for sale, the Company may enter into various agreements to sell loans in the secondary mortgage market at fixed rates. Gains and losses on the disposition of loans held for sale are determined based on the difference between the selling price and the carrying value of the loan sold plus the value of servicing rights, if retained. At June 30, 2024 and 2023 the Company had no loans held for sale.
Allowance for Credit Losses on Loans	Allowance for Credit Losses on Loans The CECL approach requires an estimate of the credit losses expected over the life of a loan (or pool of loans). The allowance for credit losses is a valuation account deducted from the amortized cost basis of loans to present the net, lifetime amount expected to be collected on the loans. Expected losses are evaluated and calculated on a collective, or pooled, basis for those loans which share similar risk characteristics. If the loan does not share risk characteristics with other loans, the Company will evaluate the loan on an individual basis. Individually evaluated loans are primarily non-accrual and collateral dependent loans. Loan losses are charged off against the allowance when management believes a loan balance is confirmed to be uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged-off and amounts expected to be charged-off. The loan portfolio is segmented at the level at which the Company develops and documents a systematic methodology to determine its allowance for credit losses. Upon adoption of CECL, management revised the manner in which loans were pooled for similar risk characteristics. Management developed the following segments for estimating loss based on type of borrower and collateral which is generally based upon federal call report segmentation and have been combined or subsegmented as needed to ensure loans of similar risk profiles are appropriately pooled: commercial (commercial real estate, commercial and industrial, and commercial construction), residential mortgages, home equity loans and lines, and consumer loans. Management estimates the allowance for credit losses on loans by using relevant available information, from internal and external sources, related to past events, current conditions, and reasonable and supportable forecasts that affect the collectability of loans. Historical loss experience was considered by the Company for estimating expected credit losses and determined the need to use peer data, with similar risk profiles, to develop and calculate the CECL reserve models. Historical credit loss experience for the Company and peer losses by loan segments, provide a foundation for estimating an expected credit loss. The observed credit losses are converted to probability of default (“PD”) rate curves through the use of loss given default (“LGD”) risk factors that converts default rates to estimated loss for each loan segment. This is based on industry-level, observed relationships between the PD and LGD variables for each segment. The historical PD curves correspond to economic variables through historical economic cycles, which establishes a quantitative relationship between forecasted economic conditions and loan performance. Using the historical quantitative relationship between economic conditions and loan performance, management developed a model, using selected external economic forecasts that is highly correlated for each loan segment. These forecasts are then applied over a period that management has determined to be reasonable and supportable. Beyond the period over which management can develop or source a reasonable and supportable forecast, the model will revert to long-term average economic conditions using a straight-line methodology. The allowance for credit losses on loans is measured on a collective basis, when similar risk characteristics are present, with both a quantitative and qualitative analysis that is applied on a quarterly basis. The respective quantitative reserve for each segment is calculated using a PD/LGD modeling methodology, with segment-specific regression models. The discounted cash flows methodology uses expected credit losses estimated over the effective life of each loan by measuring the difference between the net present value of modeled cash flows and amortized cost basis. Contractual cash flows over the contractual life of the loans are the basis for modeled cash flows, adjusted for modeled defaults and expected prepayments and discounted at the loan-level stated interest rate. Management applies a qualitative adjustment for each segment as of the consolidated statements of condition date. The qualitative adjustments include limitations inherent in the quantitative model; changes in lending policies and procedures; changes in international, national, regional, and local economic conditions; changes in the nature and volume of the portfolio and terms of loans; the experience, ability and depth of lending management and staff; changes in the volume and severity of past due loans; changes in value of underlying collateral; existence and effect of any concentrations of credit and changes in the levels of such concentrations; and the effect of external factors; such as competition, legal and regulatory requirements. On a case-by-case basis, the Company may conclude that a loan should be evaluated on an individual basis based on its disparate risk characteristics. When the Company determines that a loan no longer shares similar risk characteristics with other loans in the portfolio, the allowance will be determined on an individual basis using the present value of expected cash flows or, for collateral-dependent loans, the estimated fair value of the collateral, as applicable. The following are the portfolio and class segments and the risk characteristics of each: Commercial – Commercial real estate loans are secured by multi-family and nonresidential real estate and generally have larger balances and involve a greater degree of risk than residential real estate loans. Commercial real estate loans depend on the global cash flow analysis of the borrower and the net operating income of the property, the borrower’s expertise, credit history and profitability, and the value of the underlying property. Of primary concern in commercial real estate lending is the borrower’s creditworthiness and the cash flow from the property. Payments on loans secured by income properties often depend on successful operation and management of the properties. As a result, repayment of such loans may be subject, to a greater extent than residential real estate loans, to adverse conditions in the real estate market or the economy. Commercial real estate is also subject to adverse market conditions that cause a decrease in market value or lease rates, obsolescence in location or function and market conditions associated with oversupply in a specific region. Commercial and industrial loans are commercial loans other than those secured by real estate. Commercial and industrial loans are generally of higher risk and typically are made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business. As a result, the availability of funds for the repayment of commercial loans may depend substantially on the success of the business itself. Furthermore, any collateral securing such loans may depreciate over time, may be difficult to appraise and may fluctuate in value. Commercial construction financing is generally considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the property’s value at completion of construction and the estimated cost of construction. During the construction phase, a number of factors could result in delays and cost overruns. If the estimate of construction costs proves to be inaccurate, additional funds may be required to be advanced in excess of the amount originally committed to permit completion of the building. If the estimate of value proves to be inaccurate, the value of the building may be insufficient to assure full repayment if liquidation is required. If foreclosure is required on a building before or at completion due to a default, there can be no assurance that all of the unpaid balance of, and accrued interest on, the loan as well as related foreclosure and holding costs will be recovered. Residential Mortgages– Residential mortgage loans are generally made on the basis of the borrower’s ability to make repayment from his or her employment or other income, and which are secured by real property whose value tends to be more easily ascertainable. Repayment of residential mortgage loans is subject to adverse employment conditions in the local economy leading to increased default rate and decreased market values from oversupply in a geographic area. In general, residential mortgage loans depend on the borrower’s continuing financial stability and, therefore, are likely to be adversely affected by various factors, including job loss, divorce, illness or personal bankruptcy. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans. Home Equity Loans and Lines – Home equity loans secured by real estate may entail greater risk than first-lien residential mortgage loans due to a lower lien position. In general, repayment of home equity loans depend on the borrower’s continuing financial stability and, therefore, are likely to be adversely affected by various factors, including job loss, divorce, illness or personal bankruptcy. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans. Consumer - Consumer loans, particularly unsecured loans and loans secured by assets that depreciate rapidly, such as motor vehicles, are subject to greater risk. In all cases, collateral for a defaulted consumer loan may not provide an adequate source of repayment for the outstanding loan and a small remaining deficiency often does not warrant further substantial collection efforts against the borrower. 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 on the consolidated statement of condition and is adjusted by the provision for credit losses on the consolidated statement of operations. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over the estimated contractual life. The probable funding amount by segment is multiplied by the respective reserve percentage calculated in the allowance for credit losses on loans to calculate a reserve 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. The Company does not estimate expected credit losses on accrued interest receivable on loans and investment securities, as accrued interest receivable is reversed or written off when the full collection of the accrued interest receivable related to a loan or investment security becomes doubtful.
Net Loans Receivable	Net Loans Receivable Loans receivable are reported at the principal amount outstanding, plus net deferred loan costs and net of the allowance for credit losses on loan. Interest income accrues on the unpaid principal balance. Interest income on loans is not recognized when considered doubtful of collection by management (generally, when principal or interest payments are ninety days or more past due). Past due status is based on the contractual terms of the loan. A loan is moved to non-accrual status in accordance with the Company’s policy, typically after 90 days of non-payment, unless the loan is well secured and in the process of collection. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on a cost recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Fees received from loan originations and certain direct origination costs are deferred and amortized into interest income to provide for a level-yield on the underlying loans without anticipating prepayments.
Allowance for Loan Losses - Incurred Loss Method	Allowance for Loan Losses – Incurred Loss Method Prior to the adoption of CECL on July 1, 2023, the Company calculated the allowance for loan losses using the incurred loss method whereby the allowance represented management’s estimate of probable incurred losses inherent in the current loan portfolio. The allowance for loan losses is increased (decreased) through charges (credits) to the provision for loan losses. Loans are charged against the allowance when management believes that the collectability of the principal is not probable. Recoveries on loans previously charged-off are credited to the allowance for loan losses when realized. The allowance is an amount that management believes is adequate for probable incurred losses on existing loans. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans, for which the terms have been modified, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Commercial business, commercial real estate, commercial construction, and certain residential real estate loans are individually evaluated for impairment. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Large groups of smaller balance homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment, and accordingly, they are not separately identified for impairment disclosures unless classified as a troubled debt restructuring. Troubled debt restructurings are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of an allowance in accordance with the accounting policy for the allowance for loan losses. The general component covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the most recent one, three, five or ten year periods, whichever is highest. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. The following portfolio segments have been identified: Commercial, Residential Mortgages, Home Equity Loans and Lines, and Consumer. Commercial loan classes include commercial real estate, commercial and industrial and construction.
Derivatives	Derivatives In the normal course of business, the Company utilizes interest rate swaps with certain commercial borrowers and third-party counterparties. These transactions are accounted for as derivatives. The derivatives are entered into in connection with the Company’s asset and liability management activities and not for trading purposes. The derivatives are not designated as hedges for accounting purposes and therefore all derivatives are recorded at fair value as derivative assets and derivative liabilities, included in other assets and other liabilities, respectively, in the consolidated statements of condition, with changes in fair value recognized as non-interest income in the consolidated statements of operations.
Premises and Equipment	Premises and Equipment Premises and equipment are carried at cost, net of accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets (39 years for buildings, 15 years for land improvements and 3 to 10 years for furniture, fixtures and equipment). Leasehold improvements are amortized on a straight-line basis over the shorter of the term of the related leases or the estimated useful lives of the assets. Land is carried at cost.
Leases	Leases The Company determines if an arrangement is a lease at inception. Right-of-use (“ROU”) assets and liabilities for operating leases and finance leases are recognized at the commencement date based on the present value of lease payments over the lease term. If the rate implicit in the lease is not known or determinable, the incremental borrowing rate is used to determine the present value of lease payments. The incremental borrowing rates are based on information provided by FHLBNY for a secured borrowing arrangement of a comparable term. The lease term may include an option to extend or terminate early when exercise of that option is considered reasonably certain. Reductions to finance lease ROU assets are recognized as amortization on a straight-line basis over the lease term and the interest on the related lease liability is expensed through interest expense on borrowings and other on the accompanying consolidated statements of operations. Reductions to operating lease ROU assets are recognized as lease cost on a straight-line basis over the lease term.
Other Real Estate Owned	Other Real Estate Owned Other real estate owned (“OREO”) is initially recorded at fair value of the asset acquired less an estimate of the costs to sell, establishing a new cost basis. Fair value of OREO is generally determined through independent appraisals. At the time of foreclosure or when the Company obtains legal title to the property, the excess, if any, of the recorded investment in the loan over the fair value of the asset received is charged to the allowance for credit losses on loan. Subsequent declines in the fair value of such assets, or increases in the estimated costs to sell the properties and net operating expenses of such assets, are charged directly to other expenses. OREO is included in other assets in the consolidated statements of condition.
Bank-Owned Life Insurance	Bank-Owned Life Insurance The Company is the beneficiary of a policy that insures the lives of certain current and former officers of the Company. The Company has recognized the cash surrender value, or the amount that can be realized under the insurance policy, as an asset in the consolidated statements of condition. Changes in the cash surrender value and insurance benefit payments are recorded in noninterest income.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The excess of the cost of acquired entities over the fair value of identifiable tangible and intangible assets acquired, less liabilities assumed, is recorded as goodwill. Goodwill is carried at its acquired value and is reviewed annually for impairment, or when events or changes in circumstances indicate that carrying amounts may be impaired. Acquired identifiable intangible assets that have finite lives are amortized over their useful economic life. Customer relationship intangibles are generally amortized over fifteen years based upon the projected discounted cash flows of the accounts acquired. Core deposit premium related to the Company’s assumption of certain deposit liabilities is being amortized over fifteen years. Acquired identifiable intangible assets that are amortized are reviewed for impairment when events or changes in circumstances indicate that the carrying amounts may be impaired.
Advertising	Advertising The Company expenses costs associated with advertising as they are incurred.
Income Taxes	Income Taxes Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax basis of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. The Company recognizes interest and/or penalties related to income tax matters in other expense. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded.
Financial Instruments	Financial Instruments In the normal course of business, the Company is a party to certain financial instruments with off-balance-sheet risk such as commitments to extend credit, unused lines of credit and standby letters of credit. The face amount for these items represents exposure to loss, before considering customer collateral, or ability to repay. The Company’s policy is to record such instruments when funded.
Mortgage Servicing Rights	Mortgage Servicing Rights Mortgage servicing rights are recognized in other assets when loans are sold with servicing retained based on their estimated fair values. The cost allocated to the servicing right is capitalized as a separate asset and amortized in proportion to, and over the period of, estimated net servicing income. Capitalized mortgage servicing rights are assessed for impairment based on the fair value of those rights, and any impairment loss is recognized through a valuation allowance.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) represents the sum of net income and items of other comprehensive income or loss, which are reported directly in shareholders’ equity, net of tax. Other comprehensive income or loss includes the unrealized gain or loss on securities available for sale and changes in the funded status of the Company’s defined benefit pension and other post-retirement plans, net of tax.
Cash Reserve Requirement	Cash Reserve Requirement The Company may be required to maintain certain reserves of cash and/or deposits with the Federal Reserve Bank. The Company had no reserve requirement at June 30, 2024 and 2023.
Employee Benefits	Employee Benefits The Company has a defined benefit pension plan covering substantially all of its employees hired before September 1, 2019. The benefits are developed from actuarial valuations and are based on the employee’s years of service and compensation. Actuarial assumptions such as interest rates, expected return on plan assets, turnover, mortality and rates of future compensation increases have a significant impact on the costs, assets and liabilities of the plan. Pension expense is the net of service cost, interest cost, return on plan assets and amortization of gains and losses not immediately recognized. The Company also provides post-retirement medical and life insurance benefits to certain employees and retirees. The cost of post-retirement benefits is recognized on an accrual basis as employees perform services. Effective October 1, 2006, the post-retirement medical portion of the plan was frozen. Accordingly, after that date there have been no new plan participants. The Company maintains a defined contribution 401(k) plan covering substantially all employees meeting certain eligibility requirements. Employer 401(k) expense is the amount of matching contributions. The Company maintains an Employee Stock Ownership Plan (“ESOP”) covering substantially all employees meeting certain eligibility requirements. The cost of shares issued to the ESOP, but not yet allocated to participants, is shown as a reduction of shareholders’ equity. Compensation expense is based on the market price of shares as they are committed to be released to participant accounts. Deferred compensation and supplemental retirement plan expense principally represents investment performance on the various plan assets.
Stock-Based Compensation	Stock-Based Compensation The Company maintains a stock-based compensation plan under which stock options and restricted stock awards are granted to certain directors and key employees. The Company expenses the grant date fair value of stock options and restricted stock awards granted. For stock options and restricted stock awards, the expense is recognized over the vesting period of the grant on a straight-line basis, and is included within salaries and employee benefits expense on the accompanying consolidated statement of operations. The expense is adjusted for forfeitures as they occur. For restricted stock awards fair value is measured using the closing price of the Company common stock at the grant date. Stock option awards use the Black-Scholes Option-Pricing Model to measure fair value at the grant date.
Earnings per Share	Earnings per Share Basic earnings per share (“EPS”) excludes dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity (such as the Company’s dilutive stock options and restricted stock awards). Unallocated ESOP shares are not deemed outstanding for earnings per share calculations.
Shareholders' Equity	Shareholders’ Equity The Company accounts for stock repurchases by allocating the repurchase price to common stock and retained earnings. Under Maryland law, the Company's state of incorporation, there are no treasury shares. All repurchased shares are authorized but unissued shares and these shares may be issued in the future for general corporate and other purposes. The Company may terminate or limit the stock repurchase program at any time. The Company records the shares purchased under the share repurchase plan based on the trade date.
Reclassifications	Reclassifications Amounts in the prior year’s consolidated financial statements are reclassified whenever necessary to conform to the current year’s presentation.
Adoption of Recent Accounting Pronouncements and Impact of Recent Accounting Pronouncements	Adoption of Recent Accounting Pronouncements Financial Instruments - Credit Losses - Topic 326 In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2016-13 to its guidance on “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss model). Under this model, entities will estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications unless reasonable expectation of a troubled debt restructuring exists) from the date of initial recognition of that instrument. The ASU also replaces the current accounting model for purchased credit impaired loans and debt securities. The allowance for credit losses for purchased financial assets with a more-than insignificant amount of credit deterioration since origination (“PCD assets”), should be determined in a similar manner to other financial assets measured on an amortized cost basis. However, upon initial recognition, the allowance for credit losses is added to the purchase price (“gross up approach”) to determine the initial amortized cost basis. The subsequent accounting for PCD financial assets is the same expected loss model described above. Further, the ASU made certain targeted amendments to the existing impairment model for available for sale debt securities. For an available for sale debt security for which there is neither the intent nor a more-likely-than-not requirement to sell, an entity will record credit losses as an allowance rather than a write-down of the amortized cost basis. The amendments in this ASU were effective for the Company for the fiscal year beginning July 1, 2023. An entity will apply the amendments in this ASU through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which aligns the implementation date for nonpublic entities’ annual financial statements with the implementation date for their interim financial statements and clarifies the scope of the guidance in the amendments in ASU 2016-13. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. ASU 2019-04 clarifies or addresses stakeholders’ specific issues about certain aspects of the amendments in ASU 2016-13 related to measuring the allowance for credit losses under the new guidance. The effective dates and transition requirements for the amendments related to this ASU are the same as the effective dates and transition requirements in ASU 2016-13. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments-Credit Losses clarifying certain amendments to various provisions of ASU 2016-13 relating to (1) purchased financial assets with credit deterioration, (2) financial assets secured by collateral maintenance agreements, (3) transition relief for troubled debt restructurings, and (4) disclosure relief when the practical expedient for accrued interest receivables is applied. On July 1, 2023, the Company adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as amended, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held to maturity debt securities. It also applies to off-balance sheet credit exposures (loan commitments, standby letters of credit, financial guarantees, and other similar instruments). In addition, the CECL guidance made changes to the accounting for available for sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available for sale debt securities which management does not intend to sell or believes that it is more likely than not they will be required to sell. The Company adopted the CECL guidance using the modified retrospective method for all financial assets measured at amortized cost, and off-balance-sheet credit exposures, except for debt securities for which other-than-temporary impairment had been recognized prior to July 1, 2023 for which the Company adopted the CECL guidance using the prospective transition approach. Results for reporting periods beginning after July 1, 2023, are presented under the CECL guidance while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a net increase to retained earnings of $507,000 as of July 1, 2023 for the cumulative effect of adopting the CECL guidance. The transition adjustment includes a $2.3 million decrease to the allowance for credit losses on loans, a $1.6 million increase to the allowance for credit losses on unfunded commitments, and a $180,000 impact to the deferred tax assets. The Company did not record an allowance for credit losses on held to maturity and available for sale debt securities on July 1, 2023, as the amount of credit risk was deemed immaterial. Troubled Debt Restructurings and Vintage Disclosures - Topic 326 In March 2022, the FASB issued ASU 2022-02, amendments related to Troubled Debt Restructurings (“TDRs”) for all entities after they adopt ASU 2016-13 and amendments related to vintage disclosures that affect public business entities with investments in financing receivables, under Financial Instruments-Credit Losses (Topic 326). This ASU eliminates the guidance on TDRs in Subtopic 310-40, Receivables-Troubled Debt Restructurings, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The ASU also requires that public business entities disclose current-period gross charge-offs by year of origination. The Company adopted the standard prospectively, beginning July 1, 2023, concurrently with the adoption of ASU 2016-13. The adoption of this guidance did not have a material impact on the consolidated financial statements. Reference Rate Reform - Topic 848 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). The ASU and related amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments (1) apply to contract modifications that replace a reference rate affected by reference rate reform, (2) provide exceptions to existing guidance related to changes to the critical terms of a hedging relationship due to reference rate reform (3) provide optional expedients for fair value hedging relationships, cash flow hedging relationships, and net investment hedging relationships, and (4) provide a one-time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that are classified as held to maturity before January 1, 2020. The amendments in this ASU are effective for all entities as of March 12, 2020 through December 31, 2022. The amendments for contract modifications can be elected to be applied as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020. The amendments for existing hedging relationships can be elected to be applied as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. On December 21, 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which extends the sunset (or expiration) date of ASC Topic 848, Reference Rate Reform, from December 31, 2022, to December 31, 2024. On July 1, 2023, the Company adopted ASC 848, as amended. The adoption of this guidance did not have a material impact on the consolidated financial statements. Impact of Recent Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09—Income Taxes (Topic 740)—Improvements to Income Tax Disclosures, to provide more transparency about income tax information through improvements to income tax disclosures. Specifically, the update requires enhancements to the rate reconciliation, including disclosure of specific categories and additional information for reconciling items meeting a quantitative threshold, and greater disaggregation of income tax disclosures related to income taxes paid. The amendments in this update are effective for fiscal years beginning after December 15, 2024 and early adoption is permitted. The Company is evaluating the impact this will have on the consolidated financial statements.

INVESTMENT SECURITIES (Tables)

12 Months Ended

Jun. 30, 2024

INVESTMENT SECURITIES

Summary of amortized cost and estimated fair value of securities

The amortized cost and estimated fair value of securities available for sale are as follows (dollars in thousands):


			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
June 30, 2024
U.S. Government and agency obligations	$	247,479	$	1	$	(3,931)	$	243,549
Municipal obligations		13,419		5		(8)		13,416
Other debt securities		212		305		(73)		444
Total available for sale securities	$	261,110	$	311	$	(4,012)	$	257,409

June 30, 2023
U.S. Government and agency obligations	$	396,464	$	2	$	(18,737)	$	377,729
Municipal obligations		53,492		9		(67)		53,434
Other debt securities		261		309		(66)		504
Total available for sale securities	$	450,217	$	320	$	(18,870)	$	431,667

The Company elected to exclude accrued interest receivable from the amortized cost basis of debt securities. Accrued interest receivable on available for sale debt securities totaled $1.4 million at June 30, 2024 and is excluded

from the estimate of credit losses and reported in accrued interest receivable in the consolidated statement of condition.

There was no allowance for credit losses for securities available for sale as of June 30, 2024.

The amortized cost and estimated fair value of securities held to maturity are as follows (dollars in thousands):


			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated		Allowance for		Net Carrying
	Cost		Gains		Losses		Fair Value		Credit Losses		Value
June 30, 2024
Corporate debt securities	$	22,000	$	55	$	(2,898)	$	19,157	$	262	$	21,738
Municipal obligations		3,352		—		(72)		3,280		—		3,352
Total held to maturity securities	$	25,352	$	55	$	(2,970)	$	22,437	$	262	$	25,090

June 30, 2023
Corporate debt securities	$	20,000	$	—	$	(2,049)	$	17,951	$	—	$	20,000
Municipal obligations		3,949		—		(156)		3,793		—		3,949
Total held to maturity securities	$	23,949	$	—	$	(2,205)	$	21,744	$	—	$	23,949

Summary of estimated fair value and gross unrealized losses aggregated by security category and length of time such securities have been in a continuous unrealized loss position


	For the Year Ended June 30, 2024
	Beginning								Ending
	Balance		Provisions		Charge-offs		Recoveries		Balance
Corporate debt securities	$	—	$	262	$	—	$	—	$	262
Municipal obligations		—		—		—		—		—
Total	$	—	$	262	$	—	$	—	$	262

The estimated fair value and gross unrealized losses aggregated by security category and length of time such securities have been in a continuous unrealized loss position, is summarized as follows (dollars in thousands):


	June 30, 2024
	Less than 12 Months				12 Months or Longer				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Securities available for sale:
U.S. Government and agency obligations	$	19,580	$	(12)	$	219,059	$	(3,919)	$	238,639	$	(3,931)
Municipal obligations		3,723		(8)		—		—		3,723		(8)
Other debt securities		—		—		90		(73)		90		(73)
	$	23,303	$	(20)	$	219,149	$	(3,992)	$	242,452	$	(4,012)

Securities held to maturity:
Corporate debt securities	$	—	$	—	$	17,102	$	(2,898)	$	17,102	$	(2,898)
Municipal obligations		—		—		3,280		(72)		3,280		(72)
	$	—	$	—	$	20,382	$	(2,970)	$	20,382	$	(2,970)


	June 30, 2023
	Less than 12 Months				12 Months or Longer				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Securities available for sale:
U.S. Government and agency obligations	$	104,145	$	(1,975)	$	268,782	$	(16,762)	$	372,927	$	(18,737)
Municipal obligations		47,781		(67)		—		—		47,781		(67)
Other debt securities		14		(1)		107		(65)		121		(66)
	$	151,940	$	(2,043)	$	268,889	$	(16,827)	$	420,829	$	(18,870)

Securities held to maturity:
Corporate debt securities	$	—	$	—	$	17,951	$	(2,049)	$	17,951	$	(2,049)
Municipal obligations		—		—		3,793		(156)		3,793		(156)
	$	—	$	—	$	21,744	$	(2,205)	$	21,744	$	(2,205)

Summary of fair value of debt securities and carrying amount, if different, by contractual maturity

The following table sets forth information with regard to contractual maturities of debt securities (dollars in thousands). Securities not due at a single maturity date are shown separately.


	June 30, 2024
	Amortized		Estimated
	Cost		Fair Value
Securities available for sale:
Due in one year or less	$	192,712	$	189,771
Due after one to five years		68,186		67,194
Other debt securities		212		444
	$	261,110	$	257,409

Securities held to maturity:
Due in one year or less	$	2,269	$	2,197
Due after one to five years		1,083		1,083
Due after five to ten years		22,000		19,157
	$	25,352	$	22,437

Schedule of gain (loss) on equity securities

The portion of unrealized gains and losses for the period that relates to equity securities still held at the reporting date are as follows (dollars in thousands):


	For the Year Ended June 30,
	2024		2023
Net gain (loss) recognized during the period on equity securities	$	735	$	374
Less: Net gains recognized during the period on equity securities sold during the period		735		—
Unrealized gains (losses) recognized during reporting period on equity securities still held at reporting date	$	—	$	374

NET LOANS RECEIVABLE (Tables)

12 Months Ended

Jun. 30, 2024

NET LOANS RECEIVABLE

Schedule of net loans receivable

A summary of net loans receivable is as follows (dollars in thousands):


	June 30, 2024		June 30, 2023
Commercial:
Real estate	$	406,201	$	411,165
Commercial and industrial		101,207		97,307
Construction		118,373		92,714
Total commercial		625,781		601,186
Residential mortgages		633,779		463,196
Home equity loans and lines		92,765		85,477
Consumer		13,545		16,779
		1,365,870		1,166,638
Allowance for credit losses		(21,801)		(22,469)
Net loans receivable	$	1,344,069	$	1,144,169

Schedule of activity in allowance for credit losses by portfolio segment

The following table presents the activity in the allowance for credit losses by portfolio segment (dollars in thousands):


	For the Year Ended June 30, 2024
			Cumulative Effect
	Beginning		Adjustment for the								Ending
	Balance		Adoption of ASU 2016-13		Provisions		Charge-offs		Recoveries		Balance
Commercial	$	14,288	$	(1,307)	$	(205)	$	(345)	$	73	$	12,504
Residential mortgages		6,222		(670)		2,272		(118)		—		7,706
Home equity loans and lines of credit		1,470		(265)		48		(12)		3		1,244
Consumer		489		(69)		48		(135)		14		347
Allowance for credit losses - loans		22,469		(2,311)		2,163		(610)		90		21,801
Allowance for credit losses - off-balance sheet credit exposures		—		1,624		275		—		—		1,899
Total	$	22,469	$	(687)	$	2,438	$	(610)	$	90	$	23,700


	For the Year Ended June 30, 2023
			Residential
	Commercial		Mortgages		Home Equity		Consumer		Total
Allowance for loan losses at beginning of period	$	17,818	$	2,899	$	1,388	$	419	$	22,524
Provisions charged to operations		(3,567)		3,283		76		208		—
Loans charged off		(41)		(26)		(8)		(158)		(233)
Recoveries on loans charged off		78		66		14		20		178
Allowance for loan losses at end of period	$	14,288	$	6,222	$	1,470	$	489	$	22,469

Schedule of balance in allowance for loan losses and recorded investment


	For the Year Ended June 30, 2023
			Residential
	Commercial		Mortgages		Home Equity		Consumer		Total
Allowance for loan losses at beginning of period	$	17,818	$	2,899	$	1,388	$	419	$	22,524
Provisions charged to operations		(3,567)		3,283		76		208		—
Loans charged off		(41)		(26)		(8)		(158)		(233)
Recoveries on loans charged off		78		66		14		20		178
Allowance for loan losses at end of period	$	14,288	$	6,222	$	1,470	$	489	$	22,469

Schedule of impaired loans by class

The following table presents information related to impaired loans by class, as determined in accordance with ASC 310, prior to the adoption of ASU 2016-13 (dollars in thousands):


							For the Year Ended
	June 30, 2023						June 30, 2023
	Unpaid				Allowance for		Average		Interest
	Principal		Recorded		Loan Losses		Recorded		Income
	Balance		Investment		Allocated		Investment		Recognized
With no related allowance recorded:
Commercial:
Real estate	$	10,241	$	10,213	$	—	$	10,538	$	133
Commercial and industrial		—		—		—		—		—
Construction		—		—		—		—		—
Subtotal		10,241		10,213		—		10,538		133
With an allowance recorded:
Commercial:
Real estate		681		681		142		699		35
Commercial and industrial		650		650		650		575		—
Construction		—		—		—		—		—
Subtotal		1,331		1,331		792		1,274		35
Total	$	11,572	$	11,544	$	792	$	11,812	$	168

Schedule of recorded investment in nonaccrual and loans past due over 90 days still on accrual

The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days still on accrual by class of loans (dollars in thousands):


	June 30, 2024
			Nonaccrual		Past Due
			Loans With		90 Days
			No Related		Still on		Recognized
	Nonaccrual		Allowance		Accrual		Interest Income
Commercial:
Real estate	$	3,180	$	3,180	$	4	$	—
Commercial and industrial		9		—		—		—
Construction		—		—		—		—
Residential mortgages		4,208		1,625		—		—
Home equity loans and lines		1,648		—		—		—
Consumer		—		—		—		—
	$	9,045	$	4,805	$	4	$	—


	June 30,
	2023
			Past Due
			90 Days
			Still on
	Nonaccrual		Accrual
Commercial:
Real estate	$	8,025	$	174
Commercial and industrial		650		—
Construction		—		3,237
Residential mortgages		4,000		120
Home equity loans and lines		1,560		—
Consumer		—		—
	$	14,235	$	3,531

Schedule of loans considered collateral dependent

The following table presents the amortized cost basis of collateral-dependent loans by class of loans (dollars in thousands):


	June 30, 2024
	Amortized Cost		Collateral Type
Commercial:
Real estate	$	3,844	Commercial real estate property
Commercial and industrial		9	Business assets
Construction		—
Residential mortgages		1,625	Residential real estate property
Home equity loans and lines		—
Consumer		—
	$	5,478

Schedule of aging of recorded investment

The following table presents the aging of the recorded investment in loans by class of loans as of (dollars in thousands):


	June 30, 2024
	30 - 59		60 - 89		90 or more
	Days		Days		Days		Total		Loans Not
	Past Due		Past Due		Past Due		Past Due		Past Due		Total
Commercial:
Real estate	$	2	$	3	$	4	$	9	$	406,192	$	406,201
Commercial and industrial		15		—		—		15		101,192		101,207
Construction		—		—		—		—		118,373		118,373
Residential mortgages		872		481		794		2,147		631,632		633,779
Home equity loans and lines		722		78		654		1,454		91,311		92,765
Consumer		14		8		—		22		13,523		13,545
Total	$	1,625	$	570	$	1,452	$	3,647	$	1,362,223	$	1,365,870


	June 30, 2023
	30 - 59		60 - 89		90 or more
	Days		Days		Days		Total		Loans Not
	Past Due		Past Due		Past Due		Past Due		Past Due		Total
Commercial:
Real estate	$	4,798	$	—	$	4,458	$	9,256	$	401,909	$	411,165
Commercial and industrial		678		100		352		1,130		96,177		97,307
Construction		—		—		3,237		3,237		89,477		92,714
Residential mortgages		1,257		1,327		762		3,346		459,850		463,196
Home equity loans and lines		1,340		64		540		1,944		83,533		85,477
Consumer		18		22		—		40		16,739		16,779
Total	$	8,091	$	1,513	$	9,349	$	18,953	$	1,147,685	$	1,166,638

Schedule of loans by risk category

The following table presents loans summarized by segment and class, and the risk category (dollars in thousands):


													Revolving		Revolving
													Loans		Loans
		Term Loans Amortized Cost Basis by Origination Year											Amortized		Converted
June 30, 2024	2024		2023		2022		2021		2020		Prior		Cost Basis		to Term		Total
Commercial real estate
Risk Rating
Pass	$	29,592	$	47,818	$	43,324	$	23,191	$	67,757	$	168,333	$	679	$	—	$	380,694
Special mention		—		—		2,234		—		—		8,003		1,090		—		11,327
Substandard		—		—		—		—		756		13,424		—		—		14,180
Doubtful		—		—		—		—		—		—		—		—		—
Total commercial real estate	$	29,592	$	47,818	$	45,558	$	23,191	$	68,513	$	189,760	$	1,769	$	—	$	406,201

Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial and industrial
Risk Rating
Pass	$	13,945	$	6,381	$	4,868	$	3,066	$	4,127	$	6,259	$	56,628	$	—	$	95,274
Special mention		—		—		1,118		—		1,250		221		750		—		3,339
Substandard		—		—		17		—		53		2,350		141		—		2,561
Doubtful		—		—		—		—		—		24		9		—		33
Total commercial and industrial	$	13,945	$	6,381	$	6,003	$	3,066	$	5,430	$	8,854	$	57,528	$	—	$	101,207

Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	345	$	—	$	—	$	345

Commercial construction
Risk Rating
Pass	$	38,626	$	9,589	$	45,073	$	19,740	$	—	$	3,794	$	1,551	$	—	$	118,373
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total commercial construction	$	38,626	$	9,589	$	45,073	$	19,740	$	—	$	3,794	$	1,551	$	—	$	118,373

Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Residential mortgages
Performing	$	180,784	$	206,815	$	42,279	$	56,059	$	33,286	$	110,234	$	114	$	—	$	629,571
Non-performing		—		962		540		—		581		2,125		—		—		4,208
Total residential mortgages	$	180,784	$	207,777	$	42,819	$	56,059	$	33,867	$	112,359	$	114	$	—	$	633,779

Current period gross charge-offs	$	—	$	—	$	112	$	—	$	—	$	6	$	—	$	—	$	118

Home equity loans and lines of credit
Performing	$	6,308	$	6,525	$	9,475		3,454	$	1,369	$	13,375	$	50,611	$	—	$	91,117
Non-performing		—		—		99		—		—		643		906		—		1,648
Total home equity loans and lines of credit	$	6,308	$	6,525	$	9,574	$	3,454	$	1,369	$	14,018	$	51,517	$	—	$	92,765

Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	12	$	—	$	12

Consumer
Performing	$	1,517	$	1,533	$	100	$	67	$	6	$	3,272	$	7,050	$	—	$	13,545
Non-performing		—		—		—		—		—		—		—		—		—
Total consumer	$	1,517	$	1,533	$	100	$	67	$	6	$	3,272	$	7,050	$	—	$	13,545

Current period gross charge-offs	$	100	$	6	$	23	$	4	$	1	$	1	$	—	$	—	$	135

Commercial

NET LOANS RECEIVABLE

Schedule of loans by risk category

The following table presents commercial loans summarized by class of loans and the risk category (dollars in thousands):


	June 30, 2023
			Special
	Pass		Mention		Substandard		Doubtful		Total
Commercial
Real estate	$	352,874	$	1,977	$	56,196	$	118	$	411,165
Commercial and industrial		89,245		1,614		6,448		—		97,307
Construction		91,805		—		909		—		92,714
	$	533,924	$	3,591	$	63,553	$	118	$	601,186

DERIVATIVES (Tables)

12 Months Ended

Jun. 30, 2024

DERIVATIVES

Schedule of offsetting of derivative assets and liabilities

The estimated fair value of derivatives not designated as hedging instruments are as follows (dollars in thousands):


	June 30, 2024
	Derivative		Derivative
	Assets		Liabilities
Gross interest rate swaps	$	16,781	$	16,781
Less: cash collateral applied		(16,620)		(16)
Net amount	$	161	$	16,765


	June 30, 2023
	Derivative		Derivative
	Assets		Liabilities
Gross interest rate swaps	$	18,844	$	18,844
Less: cash collateral applied		(18,160)		(16)
Net amount	$	684	$	18,828

PREMISES AND EQUIPMENT (Tables)

12 Months Ended

Jun. 30, 2024

PREMISES AND EQUIPMENT

Schedule of useful lives of leasehold improvements and equipment by class

Premises and equipment consists of the following (dollars in thousands):


	June 30,		June 30,
	2024		2023
Land	$	6,678	$	6,678
Leaseholds and land improvements		2,901		2,877
Buildings		29,964		30,144
Furniture, fixtures, and equipment		15,620		15,504
Construction in progress		244		290
Accumulated depreciation and amortization		(21,057)		(19,932)
Premises and equipment, excluding ROU assets		34,350		35,561
ROU assets		5,755		6,056
Premises and equipment, net	$	40,105	$	41,617

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Jun. 30, 2024

GOODWILL AND OTHER INTANGIBLE ASSETS

Schedule of changes in goodwill

Changes in goodwill were as follows (dollars in thousands):


Balance, July 1, 2022	$	8,799
Acquired		—
Balance, June 30, 2023		8,799
Acquired		2,080
Balance, June 30, 2024	$	10,879

Schedule of acquired other intangible assets

Acquired other intangible assets were as follows (dollars in thousands):


	June 30,		June 30,
	2024		2023
Customer relationship intangibles:
Gross carrying amount	$	5,042	$	3,653
Less: accumulated amortization		(2,226)		(1,729)
Net carrying amount		2,816		1,924
Weighted average remaining useful life (in years)		4.17		3.95

Core deposit intangibles:
Gross carrying amount		562		562
Less: accumulated amortization		(427)		(390)
Net carrying amount		135		172
Weighted average remaining useful life (in years)		2.57		2.90

Total other intangible assets:
Gross carrying amount		5,604		4,215
Less: accumulated amortization		(2,653)		(2,119)
Net carrying amount	$	2,951	$	2,096

Schedule of estimated amortization expense for the next five years

Estimated amortization expense for the next five years is as follows (dollars in thousands):


Year ending June 30,
2025	$	487
2026		441
2027		394
2028		347
2029		301

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

DEPOSITS (Tables)

12 Months Ended

Jun. 30, 2024

DEPOSITS

Schedule of deposit account balances

Deposit account balances are summarized as follows (dollars in thousands):


	June 30,		June 30,
	2024		2023
Non-interest bearing demand accounts	$	445,328	$	526,119
Interest-bearing accounts:
Interest-bearing demand accounts		157,962		138,817
Savings accounts		266,274		297,003
Money market accounts		513,658		462,935
Time deposits		167,030		116,977
Total interest bearing accounts		1,104,924		1,015,732
Total deposits	$	1,550,252	$	1,541,851

Schedule of maturities of time deposits

Scheduled maturities of time deposits for the next five years are as follows (dollars in thousands):


Year ending June 30,
2025	$	156,724
2026		5,734
2027		1,849
2028		1,270
2029		1,453
	$	167,030

- Definition

Tabular disclosure of type of deposit liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Publisher SEC

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (1)
-Publisher SEC

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (2)
-Publisher SEC

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (3)
-Publisher SEC

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (4)
-Publisher SEC

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (5)
-Publisher SEC

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (c)
-Publisher SEC

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (d)
-Publisher SEC

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (e)
-Publisher SEC

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (1)
-Publisher SEC

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)
-Publisher SEC

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)(i)
-Publisher SEC

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)(i)(ii)
-Publisher SEC

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)(i)(iii)
-Publisher SEC

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)(i)(iv)
-Publisher SEC

+ Details

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

12 Months Ended

Jun. 30, 2024

OTHER COMPREHENSIVE INCOME

Schedule of reclassifications out of accumulated other comprehensive loss

Reclassifications out of accumulated other comprehensive income (loss) were as follows (dollars in thousands):


Details About Accumulated Other					Affected Line Item in the Statement
Comprehensive Income (Loss) Components					Where Net Income is Presented
	Year Ended
	June 30,
	2024		2023
Unrealized gains/losses on securities (before tax):
Net losses included in net income	$	5,645	$	—	Net loss on securities transactions
Tax benefit		(1,475)		—	Income tax expense
Net of tax		4,170		—

Amortization of defined benefit plan items (before tax):
Net actuarial gain		(30)		(16)
Tax benefit		8		4	Income tax expense
Net of tax		(22)		(12)
Total reclassification for the period, net of tax	$	4,148	$	(12)

Schedule of changes in components of accumulated other comprehensive income (loss), net of tax

The balances and changes in the components of accumulated other comprehensive income (loss), net of tax are as follows (dollars in thousands):


	For the Year Ended June 30,
					Accumulated
	Unrealized				Other
	Gains/Losses		Defined		Comprehensive
	on Securities		Benefit Plans		Income (Loss)
2024:
Accumulated other comprehensive (loss) income as of July l, 2023	$	(13,702)	$	4,134	$	(9,568)
Other comprehensive income before reclassifications		6,798		3,564		10,362
Amounts reclassified from accumulated other comprehensive income		4,170		(22)		4,148
Accumulated other comprehensive income (loss) as of June 30, 2024	$	(2,734)	$	7,676	$	4,942

2023:
Accumulated other comprehensive loss as of July l, 2022	$	(10,872)	$	(308)	$	(11,180)
Other comprehensive income (loss) before reclassifications		(2,830)		4,454		1,624
Amounts reclassified from accumulated other comprehensive loss		—		(12)		(12)
Accumulated other comprehensive (loss) income as of June 30, 2023	$	(13,702)	$	4,134	$	(9,568)

Schedule of income tax expense (benefit) allocated to component of other comprehensive income (loss)

The amounts of income tax expense (benefit) allocated to each component of other comprehensive income (loss) were as follows (dollars in thousands):


	For the Year Ended
	June 30,
	2024		2023
Unrealized gains (losses) on securities:
Unrealized holdings gains (losses) arising during the period	$	2,406	$	(1,002)
Reclassification adjustment for losses included in net income		1,475		—
		3,881		(1,002)
Defined benefit plans:
Change in funded status		1,262		1,576
Reclassification adjustment for amortization of net actuarial gain		(8)		(4)
		1,254		1,572
	$	5,135	$	570

EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Jun. 30, 2024

EMPLOYEE BENEFIT PLANS

Summary of amounts recognized in the consolidated statement of condition related to the Bank's plans

Amounts recognized in the consolidated statement of condition related to the Company’s plans are as follows as of June 30 (dollars in thousands):


	2024		2023
Other assets
Pension asset	$	18,267	$	13,911

Other liabilities
Accumulated post-retirement benefit obligation	$	1,354		1,382

Accumulated other comprehensive (income) loss, net of taxes
Pension plan	$	(7,335)	$	(3,818)
Post-retirement benefit plan		(341)		(316)

	$	(7,676)	$	(4,134)

Summary of defined benefit pension plan

The following table sets forth information on the Company’s defined benefit pension plan as of June 30 (dollars in thousands):


	2024		2023
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	39,020	$	40,657
Service cost		1,235		1,534
Interest cost		2,033		1,885
Actuarial gain		(1,346)		(3,473)
Benefits paid		(1,579)		(1,583)

Projected benefit obligation at end of year		39,363		39,020

Change in fair value of plan assets:
Fair value of plan assets at beginning of year		52,931		49,457
Actual return on plan assets		6,401		5,197
Benefits paid and actual expenses		(1,702)		(1,723)

Fair value of plan assets at end of year		57,630		52,931

Funded status of plan at end of year	$	18,267	$	13,911

Summary of actuarial assumptions used in determining the present value of the projected benefit obligations and net periodic pension cost


	2024		2023
Weighted average assumptions – benefit obligations
Discount rate	5.51	%	5.23	%
Annual rate of compensation increase	3.00	%	3.00	%

Weighted average assumptions – net periodic benefit cost
Discount rate	5.23	%	4.62	%
Annual rate of compensation increase	3.00	%	3.00	%
Expected long-term rate of return on plan assets	5.75	%	5.75	%

Summary of pension plan asset allocation, target allocation, and expected long-term rate of return by asset category

The Company’s pension plan asset allocation at June 30, 2024 and 2023, target allocation for 2024, and expected long-term rate of return by asset category are as follows:


			Percentage of				Weighted-
	Target		Plan Assets at				Average Expected
	Allocation		Year End				Long-Term Rate
Asset Category	2024		2024		2023		of Return
Equity securities	65.0	%	62.7	%	63.2	%	5.00 – 9.00	%
Fixed income securities	35.0	%	37.3	%	36.8	%	1.00 – 4.00	%
Total			100.0	%	100.0	%

Summary of fair values of the plan assets by asset category

The fair values of the pension plan assets at June 30, by asset category, are as follows (dollars in thousands):


			June 30, 2024
			Fair Value Measurements
				Quoted Prices in		Significant		Significant
				Active Markets for		Observable		Unobservable
	Carrying		Identical Assets		Inputs		Inputs
	Value		(Level 1)		(Level 2)		(Level 3)
Mutual funds
American Funds New World R6	$	2,866	$	2,866	$	—	$	—
Cohen & Steers Real Estate SECS I		1,747		1,747		—		—
Fidelity Capital & Income Fund		2,883		2,883		—		—
PIMCO Commodities Plus Strat Fd Inst		1,733		1,733		—		—
PIMCO Long Term Credit Bond Inst		8,547		8,547		—		—
PIMCO Low Duration Incm Fd I		2,312		2,312		—		—
Vanguard Developed Mkts Index Inst		7,505		7,505		—		—
Vanguard Growth Index Fund Instl		8,031		8,031		—		—
Vanguard Mid Cap Index Funds Admiral		4,028		4,028		—		—
Vanguard Small Cap I		3,479		3,479		—		—
Vanguard Value Index Instl Shares		8,066		8,066		—		—
Western Asset Core Bd Fd I		5,745		5,745		—		—
Cash		688		688		—		—
Total plan assets	$	57,630	$	57,630	$	—	$	—


			June 30, 2023
			Fair Value Measurements
				Quoted Prices in		Significant		Significant
				Active Markets for		Observable		Unobservable
	Carrying		Identical Assets		Inputs		Inputs
	Value		(Level 1)		(Level 2)		(Level 3)
Mutual funds
American Funds New World R6	$	2,636	$	2,636	$	—	$	—
Cohen & Steers Real Estate SECS I		1,616		1,616		—		—
Fidelity Capital & Income Fund		2,616		2,616		—		—
PIMCO Commodities Plus Strat Fd Inst		1,546		1,546		—		—
PIMCO Long Term Credit Bond Inst		7,913		7,913		—		—
PIMCO Low Duration Incm Fd I		2,082		2,082		—		—
Vanguard Developed Mkts Index Inst		6,681		6,681		—		—
Vanguard Growth Index Fund Instl		7,763		7,763		—		—
Vanguard Mid Cap Index Funds Admiral		3,808		3,808		—		—
Vanguard Small Cap I		3,261		3,261		—		—
Vanguard Value Index Instl Shares		7,465		7,465		—		—
Western Asset Core Bd Fd I		5,160		5,160		—		—
Cash		384		384		—		—
Total plan assets	$	52,931	$	52,931	$	—	$	—

Summary of plan's funded status and amounts recognized in the Bank's consolidated financial statements

The following table sets forth the plan’s funded status and amounts recognized in the Company’s consolidated financial statements at June 30 (dollars in thousands):


	2024		2023
Change in accumulated post-retirement benefit obligation:
Accumulated benefit obligation at beginning of year	$	1,382	$	1,545
Service cost		19		22
Interest cost		72		67
Actuarial gain		(63)		(193)
Benefits paid		(56)		(59)

Accumulated benefit obligation at end of year		1,354		1,382

Change in plan assets:
Fair value of plan assets at beginning of year		—		—
Employer contributions		56		59
Benefits paid		(56)		(59)

Fair value of plan assets at end of year		—		—

Unfunded status at end of year	$	(1,354)	$	(1,382)

Summary of amounts recognized in accumulated other comprehensive (gain) loss, before tax effect

Amounts recognized in accumulated other comprehensive loss, before tax effect, at June 30, consist of (dollars in thousands):


	2024		2023
Net actuarial gain	$	(461)	$	(427)

Schedule of shares held by the ESOP

Shares held by the ESOP include the following:


	As of June 30,
	2024	2023
Allocated	254,580	203,664
Committed to be allocated	25,458	25,458
Unallocated	738,287	789,203
Total shares	1,018,325	1,018,325

Pension plan

EMPLOYEE BENEFIT PLANS

Summary of net periodic cost included in the Company's consolidated statements of income

The increase in the actuarial gain in the projected benefit obligation resulted primarily from the increase in the discount rate.

Net periodic pension cost included in salaries and employee benefits in the Company’s consolidated statements of operations included the following components (dollars in thousands):


	For the Year Ended
	June 30,
	2024		2023
Service cost	$	1,235	$	1,534
Interest cost		2,033		1,885
Expected return on plan assets		(2,862)		(2,694)
Net periodic pension cost	$	406	$	725

Summary of projected benefit payments under the plan over the next ten years

The benefit payments expected to be paid over the next ten years are as follows (dollars in thousands):


Fiscal year ending June 30,
2025	$	1,200
2026		1,288
2027		1,477
2028		1,615
2029		1,800
Years 2030 – 2034		11,795

Post-retirement benefit plan

EMPLOYEE BENEFIT PLANS

Summary of net periodic cost included in the Company's consolidated statements of income

The increase in the actuarial gain in the accumulated benefit obligation resulted primarily from the increase in the discount rate.

Net periodic post-retirement benefit cost included in salaries and employee benefits in the Company’s consolidated statements of income included the following components (dollars in thousands):


	For the Year Ended
	June 30,
	2024		2023
Service cost	$	19	$	22
Interest cost		72		67
Amortization of net actuarial gain		(30)		(16)
Net periodic post-retirement benefit cost	$	61	$	73

Summary of projected benefit payments under the plan over the next ten years

The projected benefit payments under the plan over the next ten years are as follows (dollars in thousands):


Fiscal year ending June 30,
2025	$	97
2026		88
2027		87
2028		74
2029		78
Years 2030 – 2034		452

Schedule of shares held by the ESOP

Shares held by the ESOP include the following:


	As of June 30,
	2024	2023
Allocated	254,580	203,664
Committed to be allocated	25,458	25,458
Unallocated	738,287	789,203
Total shares	1,018,325	1,018,325

INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2024

INCOME TAXES

Summary of components of income tax expense

The components of income tax expense were as follows (dollars in thousands):


	For the Years Ended
	June 30,
	2024		2023
Current tax expense	$	4,337	$	5,052
Deferred tax (benefit) expense		(188)		855
Total income tax expense	$	4,149	$	5,907

Schedule of federal income tax statutory rate

Income tax expense differs from the amount expected based on the federal income tax statutory rate due to the following (dollars in thousands):


	June 30,
	2024				2023
	Amount		Rate		Amount		Rate
Income before tax at the federal tax rate	$	4,076	21.0	%	$	5,850	21.0	%
State expense, net of federal benefit		232	1.2	%		670	2.4	%
Tax-exempt income		(249)	(1.3)	%		(563)	(2.0)	%
Bank-owned life insurance		66	0.4	%		(63)	(0.2)	%
Other, net		24	0.1	%		13	—	%
Total income tax expense	$	4,149	21.4	%	$	5,907	21.2	%

Schedule of components of net deferred tax assets and liabilities

The tax effects that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below (dollars in thousands):


	June 30,		June 30,
	2024		2023
Deferred tax assets
Allowance for credit losses	$	7,098	$	6,480
Net operating loss carryforward		144		—
OTTI – securities		325		325
Post-retirement benefit obligations		497		494
Unrealized losses on securities available for sale		967		4,849
Deferred compensation		68		137
Contribution carryforward		—		173
Lease liabilities		1,514		1,621
Other		627		688
Total deferred tax assets		11,240		14,767

Deferred tax liabilities
Depreciation		(1,687)		(1,839)
Net deferred loan origination costs		(634)		(560)
Prepaid pension		(2,293)		(2,404)
Prepaid expenses		(241)		(236)
Unfunded defined benefit and postretirement benefit plan assets		(2,716)		(1,463)
ROU assets		(1,436)		(1,551)
Other		(1,961)		(1,495)
Total deferred tax liabilities		(10,968)		(9,548)
Net deferred tax asset at end of year	$	272	$	5,219

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)

12 Months Ended

Jun. 30, 2024

COMMITMENTS AND CONTINGENT LIABILITIES

Schedule of contractual amount of exposure to off-balance-sheet risk


	June 30, 2024
	Fixed Rate		Variable Rate		Total
Financial instruments whose contract amounts represent credit risk (including unused lines of credit and unadvanced loan funds):
Commitments to extend credit	$	30,007	$	273,932	$	303,939
Standby letters of credit		—		21,943		21,943
	$	30,007	$	295,875	$	325,882


	June 30, 2023
	Fixed Rate		Variable Rate		Total
Financial instruments whose contract amounts represent credit risk (including unused lines of credit and unadvanced loan funds):
Commitments to extend credit	$	20,541	$	277,088	$	297,629
Standby letters of credit		—		28,372		28,372
	$	20,541	$	305,460	$	326,001

FAIR VALUE (Tables)

12 Months Ended

Jun. 30, 2024

FAIR VALUE

Schedule of financial assets and financial liabilities measured at fair value on a recurring basis

Assets and liabilities measured at fair value on a recurring basis are summarized below (dollars in thousands):


			Fair Value Measurements at
			June 30, 2024 Using
					Significant
			Quoted Prices in		Other		Significant
			Active Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets:
Available for sale securities:
U.S. Government and agency obligations	$	243,549	$	243,549	$	—	$	—
Municipal obligations		13,416		—		13,416		—
Other debt securities		444		—		444
Total available for sale securities		257,409		243,549		13,860		—
Derivative assets ⁽¹⁾		16,781		—		16,781		—
Total	$	274,190	$	243,549	$	30,641	$	—

Liabilities:
Derivative liabilities ⁽¹⁾	$	16,781	$	—	$	16,781	$	—
Total	$	16,781	$	—	$	16,781	$	—


			Fair Value Measurements at
			June 30, 2023 Using
					Significant
			Quoted Prices in		Other		Significant
			Active Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Fair Value		(Level 1)		(Level 2)		(Level 3)
Assets:
Available for sale securities:
U.S. Government and agency obligations	$	377,729	$	377,729	$	—	$	—
Municipal obligations		53,434		—		53,434		—
Other debt securities		504		—		504
Total available for sale securities		431,667		377,729		53,938		—
Equity securities		2,413		2,413		—		—
Derivative assets ⁽¹⁾		18,844		—		18,844		—
Total	$	452,924	$	380,142	$	72,782	$	—

Liabilities:
Derivative liabilities ⁽¹⁾	$	18,844	$	—	$	18,844	$	—
Total	$	18,844	$	—	$	18,844	$	—

Schedule of assets and liabilities measured at fair value on a non-recurring basis

Assets and liabilities measured at fair value on a non-recurring basis are summarized below (dollars in thousands):


			Fair Value Measurements Using
					Significant
			Quoted Prices in		Other		Significant
			Active Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Fair Value		(Level 1)		(Level 2)		(Level 3)
June 30, 2024
Individually evaluated loans:
Commercial loans	$	539	$	—	$	—	$	539
OREO		153		—		—		153

June 30, 2023
Impaired loans:
Commercial loans	$	539	$	—	$	—	$	539
OREO		—		—		—		—

Schedule of measurement inputs and valuation technique

The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands):

Significant

Significant Unobservable

Valuation

Unobservable

Input Range

Fair Value

Technique

Inputs

(Weighted Average)

June 30, 2024

Individually evaluated loans:

Commercial loans

$

539

Appraisal of collateral (1)

Liquidation expense (2)

11.0%

OREO

153

Appraisal of collateral (1)

Liquidation expense (2)

10.0%

June 30, 2023

Impaired loans:

Commercial loans

$

539

Appraisal of collateral (1)

Liquidation expense (2)

11.0%

(1)	Fair value is generally determined through independent appraisals of the underlying collateral that generally include various level 3 inputs which are not identifiable.

(2)	Estimated selling costs.

Schedule of carrying and estimated fair values of financial assets and liabilities

The carrying and estimated fair values of financial assets and liabilities as of June 30 were as follows (dollars in thousands):


	June 30, 2024
						Fair Value Measurements Using
							Significant
					Quoted Prices in		Other		Significant
					Active Markets for		Observable		Unobservable
	Carrying		Estimated		Identical Assets		Inputs		Inputs
	Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Financial assets
Cash and cash equivalents	$	165,190	$	165,190	$	165,190	$	—	$	—
Securities available for sale		257,409		257,409		243,549		13,860		—
Securities held to maturity		25,090		22,437		—		22,437		—
FHLBNY and FRBNY stock		3,546		3,546		—		3,546		—
Net loans receivable		1,344,069		1,293,472		—		—		1,293,472
Accrued interest receivable		7,559		7,559		—		7,559		—
Derivative assets		161		161		—		161		—

Financial liabilities
Deposits
Savings, money market, and demand accounts	$	1,383,222	$	1,383,222	$	—	$	1,383,222	$	—
Time deposits		167,030		165,420		—		165,420		—
Mortgagors’ escrow deposits		9,701		9,701		—		9,701		—
Accrued interest payable		137		137		—		137		—
Derivative liabilities		16,765		16,765		—		16,765		—


	June 30, 2023
						Fair Value Measurements Using
							Significant
					Quoted Prices in		Other		Significant
					Active Markets for		Observable		Unobservable
	Carrying		Estimated		Identical Assets		Inputs		Inputs
	Amount		Fair Value		(Level 1)		(Level 2)		(Level 3)
Financial assets
Cash and cash equivalents	$	150,478	$	150,478	$	150,478	$	—	$	—
Securities available for sale		431,667		431,667		377,729		53,938		—
Securities held to maturity		23,949		21,744		—		21,744		—
Equity securities		2,413		2,413		2,413		—		—
FHLBNY stock		1,196		1,196		—		1,196		—
Net loans receivable		1,144,169		1,095,366		—		—		1,095,366
Accrued interest receivable		7,194		7,194		—		7,194		—
Derivative assets		684		684		—		684		—

Financial liabilities
Deposits
Savings, money market, and demand accounts	$	1,424,874	$	1,424,874	$	—	$	1,424,874	$	—
Time deposits		116,977		114,596		—		114,596		—
Mortgagors’ escrow deposits		7,888		7,888		—		7,888		—
Accrued interest payable		84		84		—		84		—
Derivative liabilities		18,828		18,828		—		18,828		—

REGULATORY CAPITAL (Tables)

12 Months Ended

Jun. 30, 2024

REGULATORY CAPITAL

Schedule of actual capital amounts and ratios for the Bank and Pioneer Commercial Bank

The actual capital amounts and ratios for the Bank and Pioneer Commercial Bank, are presented in the following table (dollars in thousands):


													To be Well
									For Capital				Capitalized Under
					For Capital				Adequacy Purposes				Prompt
	Actual				Adequacy Purposes				with Capital Buffer				Corrective Action
	Amount		Ratio		Amount		Ratio		Amount		Ratio		Amount		Ratio
Pioneer Bank, National Association:
As of June 30, 2024

Tier 1 (leverage) capital	$	221,549	11.65	%	$	76,051	4.00	%		N/A	N/A		$	95,064	5.00	%
Risk-based capital
Common Tier 1	$	221,549	18.40	%	$	54,171	4.50	%	$	84,265	7.00	%	$	78,246	6.50	%
Tier 1	$	221,549	18.40	%	$	72,227	6.00	%	$	102,322	8.50	%	$	96,303	8.00	%
Total	$	236,706	19.66	%	$	96,303	8.00	%	$	126,398	10.50	%	$	120,379	10.00	%

As of June 30, 2023

Tier 1 (leverage) capital	$	208,576	11.47	%	$	72,733	4.00	%		N/A	N/A		$	90,916	5.00	%
Risk-based capital
Common Tier 1	$	208,576	18.85	%	$	49,795	4.50	%	$	77,459	7.00	%	$	71,926	6.50	%
Tier 1	$	208,576	18.85	%	$	66,393	6.00	%	$	94,057	8.50	%	$	88,524	8.00	%
Total	$	222,513	20.11	%	$	88,524	8.00	%	$	116,188	10.50	%	$	110,655	10.00	%


													To be Well
									For Capital				Capitalized Under
					For Capital				Adequacy Purposes				Prompt
	Actual				Adequacy Purposes				with Capital Buffer				Corrective Action
	Amount		Ratio		Amount		Ratio		Amount		Ratio		Amount		Ratio
Pioneer Commercial Bank:
As of June 30, 2024

Tier 1 (leverage) capital	$	52,658	9.56	%	$	22,039	4.00	%		N/A	N/A		$	27,549	5.00	%
Risk-based capital
Common Tier 1	$	52,658	56.09	%	$	4,224	4.50	%	$	6,571	7.00	%	$	6,102	6.50	%
Tier 1	$	52,658	56.09	%	$	5,633	6.00	%	$	7,979	8.50	%	$	7,510	8.00	%
Total	$	52,658	56.09	%	$	7,510	8.00	%	$	9,857	10.50	%	$	9,388	10.00	%

As of June 30, 2023

Tier 1 (leverage) capital	$	46,284	9.39	%	$	19,709	4.00	%		N/A	N/A		$	24,636	5.00	%
Risk-based capital
Common Tier 1	$	46,284	54.81	%	$	3,800	4.50	%	$	5,911	7.00	%	$	5,489	6.50	%
Tier 1	$	46,284	54.81	%	$	5,067	6.00	%	$	7,178	8.50	%	$	6,756	8.00	%
Total	$	46,284	54.81	%	$	6,756	8.00	%	$	8,867	10.50	%	$	8,444	10.00	%

REVENUE RECOGNITION (Tables)

12 Months Ended

Jun. 30, 2024

REVENUE RECOGNITION

Schedule of revenue recognition


	For the Year Ended June 30,
	2024		2023

Noninterest Income
In scope
Insurance services	$	3,031	$	2,760
Wealth management services		6,282		4,293
Service charges on deposit accounts		2,427		2,475
Card services income		2,843		2,963
Other		370		486
Noninterest income in scope		14,953		12,977

Noninterest income out of scope		1,377		1,171

Total noninterest income	$	16,330	$	14,148

LEASES (Tables)

12 Months Ended

Jun. 30, 2024

LEASES

Schedule of quantitative data related to operating and finance leases


	June 30, 2024			June 30, 2023

	(In thousands, except weighted-average information)
Right of use assets:
Finance leases	$	532		$	608
Operating leases		5,223			5,448
	$	5,755		$	6,056
Lease liabilities:
Finance leases	$	634		$	711
Operating leases		5,505			5,713
	$	6,139		$	6,424

Other information:
Weighted-average remaining lease term for finance leases (in years)		71.6			64.9
Weighted-average remaining lease term for operating leases (in years)		13.2			14.2
Weighted-average discount rate for finance leases		5.78	%		5.62	%
Weighted-average discount rate for operating leases		3.90	%		3.87	%


	For the Year Ended June 30,
	2024		2023

Lease expense:
Finance lease expense
Amortization of ROU assets	$	101	$	99
Interest on lease liabilities		32		32
Operating lease expense		647		606
Variable lease expense		241		219
Total	$	1,021	$	956

Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases (i.e. interest)	$	32	$	17
Finance cash flows from finance leases (i.e. principal portion)	$	102	$	114
Operating cash flows from operating leases	$	627	$	585
ROU assets obtained in exchange for new finance lease liabilities	$	26	$	—
ROU assets obtained in exchange for new operating lease liabilities	$	199	$	—

Schedule of maturities of finance and operating lease liabilities


	Finance leases		Operating leases

	(Dollars in thousands)
Within the twelve months ended June 30,
2025	$	123	$	633
2026		60		600
2027		36		579
2028		36		585
2029		33		503
Thereafter		2,550		4,219
Total undiscounted cash flows		2,838		7,119
Less: present value discount		(2,204)		(1,614)
Total lease liabilities	$	634	$	5,505

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Jun. 30, 2024

STOCK-BASED COMPENSATION

Schedule of stock option activity


				Weighted
				Average
			Weighted	Remaining		Aggregate
			Average	Contractual		Intrinsic
			Exercise	Life (in		Value
	Shares		Price	years)		(000)'s
Outstanding at July 1, 2023	-	$	-
Granted	830,000	$	9.39
Exercised	-	$	-
Forfeited	-	$	-
Outstanding at June 30, 2024	830,000	$	9.39	9.89	$	515
Vested at period-end	-	$	-
Expected to vest	830,000	$	9.39	9.89

Schedule of stock option information


Stock options granted
Weighted average grant date information
Fair value of options granted	$	3.85
Fair value assumptions:
Expected volatility		31.34	%
Dividend yield		-	%
Risk free interest rate		4.31	%
Expected lives (in years)		6.50

Amount expensed during the year (in thousands)	$	72
Compensation costs for non-vested awards not yet recognized (in thousands)	$	3,124
Weighted average expected vesting period, in years		2.89
Proceeds from stock options exercised	$	-
Tax benefits related to stock options exercised	$	-
Intrinsic value of stock options exercised	$	-

Schedule of restricted stock activity


			Weighted
			Average
			Grant Date
	Shares		Fair Value
Non-vested at July 1, 2023	-	$	-
Granted	390,000		9.39
Vested	-		-
Non-vested at June 30, 2024	390,000		9.39

Schedule of amounts expensed related to share-based payment awards


Amount expensed during the year (in thousands)	$	82
Compensation costs for non-vested awards not yet recognized (in thousands)	$	3,580
Weighted average expected vesting period, in years		2.89

EARNINGS PER SHARE (Tables)

12 Months Ended

Jun. 30, 2024

EARNINGS PER SHARE

Schedule of earnings per share


	For the Year Ended June 30,
	2024		2023

Net income applicable to common stock	$	15,260	$	21,948

Average number of common shares outstanding		25,951,228		25,977,679
Less: Average unallocated ESOP shares		757,380		808,297
Weighted-average number of common shares outstanding - basic		25,193,848		25,169,382
Add: Effect of dilutive stock options and restricted stock		29,266		—
Weighted-average number of common shares outstanding - diluted		25,223,114		25,169,382

Net earnings per common share:
Basic	$	0.61	$	0.87
Diluted	$	0.61	$	0.87

CONDENSED FINANCIAL STATEMENTS OF PIONEER BANCORP, INC. (Tables)

12 Months Ended

Jun. 30, 2024

CONDENSED FINANCIAL STATEMENTS OF PIONEER BANCORP, INC.

Schedule of condensed statement of financial condition


Pioneer Bancorp, Inc.
Condensed Statements of Condition
As of June 30, 2024 and 2023
(in thousands)
	2024		2023
Assets
Cash and cash equivalents	$	44,699	$	44,685
Investment in subsidiary		240,319		209,901
Loan receivable		10,983		11,376
Other assets		538		738
Total assets	$	296,539	$	266,700

Liabilities and Shareholders’ Equity
Total liabilities	$	11	$	—
Total shareholders’ equity		296,528		266,700
Total liabilities and shareholders’ equity	$	296,539	$	266,700

Schedule of condensed statement of operations


Pioneer Bancorp, Inc.
Condensed Statements of Operations
For the Years Ended June 30, 2024 and 2023
(in thousands)
	2024		2023
Income
Interest-earning assets	$	930	$	655
Total income		930		655

Operating Expenses
Other		192		182
Total operating expenses		192		182

Income before tax expense and equity in undistributed net income of subsidiary		738		473
Income tax expense		198		126
Income before equity in undistributed net income of subsidiary		540		347
Equity in undistributed net income of subsidiary		14,720		21,601
Net income	$	15,260	$	21,948

Schedule of condensed statement of cash flow


Pioneer Bancorp, Inc.
Condensed Statements of Cash Flow
For the Years Ended June 30, 2024 and 2023
(in thousands)
	2024		2023
Cash flow from operating activities:
Net income	$	15,260	$	21,948

Adjustments to reconcile net income to cash provided by operating activities:
Undistributed income of subsidiary		(14,720)		(21,601)
Net decrease in other assets		200		167
Net increase (decrease) in other liabilities		11		(43)
Net cash provided by operating activities		751		471

Cash flow from investing activities:
Decrease in loan receivable		393		536
Net cash provided by investing activities		393		536

Cash flow from financing activities:
Repurchase of common stock		(1,075)		—
Other		(55)		(170)
Net cash used by financing activities		(1,130)		(170)
Net increase in cash and cash equivalents		14		837
Cash and cash equivalents at beginning of year		44,685		43,848
Cash and cash equivalents at end of year	$	44,699	$	44,685

NATURE OF OPERATIONS - Other (Details)	12 Months Ended
NATURE OF OPERATIONS - Other (Details)	Jun. 30, 2024 Office
NATURE OF OPERATIONS
Number of offices in Capital Region of New York	23

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loans Held for Sale (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Loans held for sale	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Premises and Equipment (Details)	Jun. 30, 2024
Buildings
Premises and Equipment
Estimated useful lives	39 years
Land Improvements [Member]
Premises and Equipment
Estimated useful lives	15 years
Furniture, fixtures and equipment \| Minimum
Premises and Equipment
Estimated useful lives	3 years
Furniture, fixtures and equipment \| Maximum
Premises and Equipment
Estimated useful lives	10 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill and Other Intangible Assets (Details)	Jun. 30, 2024
Customer relationship
Intangible assets
Amortization period	15 years
Core deposit
Intangible assets
Amortization period	15 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash Reserve Requirement (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Reserve requirement	$ 0.0	$ 0.0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Adoption of Recent Accounting Pronouncements (Details) - USD ($)	Jun. 30, 2024	Jul. 01, 2023	Jun. 30, 2023
Impact of Recent Accounting Pronouncements
Allowance for credit losses	$ (21,801,000)
Reserve for unfunded loan commitments	1,899,000
Retained earnings	187,731,000		$ 173,038,000
Deferred income taxes	$ (11,240,000)		(14,767,000)
Cumulative Effect, Period of Adoption, Adjustment
Impact of Recent Accounting Pronouncements
Reserve for unfunded loan commitments			$ 1,624,000
ASU 2016-13 \| Cumulative Effect, Period of Adoption, Adjustment
Impact of Recent Accounting Pronouncements
Allowance for credit losses		$ 2,300,000
Reserve for unfunded loan commitments		1,600,000
Retained earnings		507,000
Deferred income taxes		$ 180,000

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

ACQUISITIONS (Details) - USD ($) $ in Thousands		12 Months Ended
ACQUISITIONS (Details) - USD ($) $ in Thousands	Jul. 13, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
ACQUISITIONS
Cash paid		$ 1,980
Goodwill		10,879	$ 8,799	$ 8,799
Specific Assets Acquired July 13, 2023
ACQUISITIONS
Cash paid	$ 2,000
Contingent consideration payable	1,500
Customer lists	1,400
Goodwill	$ 2,100
Payment for contingent consideration liability		$ 0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

INVESTMENT SECURITIES - Amortized Cost and Estimated Fair Value (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Securities available for sale
Amortized Cost	$ 261,110,000
Amortized Cost		$ 450,217,000
Gross Unrealized Gains	311,000	320,000
Gross Unrealized Losses	(4,012,000)	(18,870,000)
Estimated Fair Value	257,409,000
Estimated Fair Value		431,667,000
Securities held to maturity:
Amortized cost	25,352,000
Amortized cost		23,949,000
Gross Unrealized Gains	55,000
Gross Unrealized Losses	(2,970,000)	(2,205,000)
Estimated Fair Value	22,437,000	21,744,000
Allowance for Credit Losses	262,000
Net Carrying Value	25,090,000
Net Carrying Value		23,949,000
Accrued interest receivable on available-for-sale debt securities	1,400,000
Allowance for credit losses for securities available for sale	0
Accrued interest receivable on held-to-maturity debt securities	220,000
Held to maturity securities, 30 days or more past due	0
U.S. Government and agency obligations
Securities available for sale
Amortized Cost	247,479,000
Amortized Cost		396,464,000
Gross Unrealized Gains	1,000	2,000
Gross Unrealized Losses	(3,931,000)	(18,737,000)
Estimated Fair Value	243,549,000
Estimated Fair Value		377,729,000
Municipal obligations
Securities available for sale
Amortized Cost	13,419,000
Amortized Cost		53,492,000
Gross Unrealized Gains	5,000	9,000
Gross Unrealized Losses	(8,000)	(67,000)
Estimated Fair Value	13,416,000
Estimated Fair Value		53,434,000
Securities held to maturity:
Amortized cost	3,352,000
Amortized cost		3,949,000
Gross Unrealized Losses	(72,000)	(156,000)
Estimated Fair Value	3,280,000	3,793,000
Net Carrying Value	3,352,000
Net Carrying Value		3,949,000
Corporate debt securities
Securities held to maturity:
Amortized cost	22,000,000
Amortized cost		20,000,000
Gross Unrealized Gains	55,000
Gross Unrealized Losses	(2,898,000)	(2,049,000)
Estimated Fair Value	19,157,000	17,951,000
Allowance for Credit Losses	262,000
Net Carrying Value	21,738,000
Net Carrying Value		20,000,000
Other debt securities
Securities available for sale
Amortized Cost	212,000
Amortized Cost		261,000
Gross Unrealized Gains	305,000	309,000
Gross Unrealized Losses	(73,000)	(66,000)
Estimated Fair Value	$ 444,000
Estimated Fair Value		$ 504,000

INVESTMENT SECURITIES - Allowance for Credit Losses on Securities (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2024 USD ($)
Activity in the allowance for credit losses on securities held-to-maturity
Provisions	$ 262
Ending Balance	262
Corporate debt securities
Activity in the allowance for credit losses on securities held-to-maturity
Provisions	262
Ending Balance	$ 262

INVESTMENT SECURITIES - Estimated Fair Value and Gross Unrealized Losses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Securities available for sale, Estimated Fair Value
Less than 12 Months	$ 23,303	$ 151,940
12 Months or Longer	219,149	268,889
Total	242,452	420,829
Securities held to maturity, Estimated Fair Value
12 Months or Longer	20,382	21,744
Total	20,382	21,744
Securities available for sale, Unrealized Losses
Less than 12 Months	(20)	(2,043)
12 Months or Longer	(3,992)	(16,827)
Total	(4,012)	(18,870)
Securities held to maturity, Unrealized Losses
12 Months or Longer	(2,970)	(2,205)
Total	(2,970)	(2,205)
U.S. Government and agency obligations
Securities available for sale, Estimated Fair Value
Less than 12 Months	19,580	104,145
12 Months or Longer	219,059	268,782
Total	238,639	372,927
Securities available for sale, Unrealized Losses
Less than 12 Months	(12)	(1,975)
12 Months or Longer	(3,919)	(16,762)
Total	(3,931)	(18,737)
Corporate debt securities
Securities held to maturity, Estimated Fair Value
12 Months or Longer	17,102	17,951
Total	17,102	17,951
Securities held to maturity, Unrealized Losses
12 Months or Longer	(2,898)	(2,049)
Total	(2,898)	(2,049)
Municipal obligations
Securities available for sale, Estimated Fair Value
Less than 12 Months	3,723	47,781
Total	3,723	47,781
Securities held to maturity, Estimated Fair Value
12 Months or Longer	3,280	3,793
Total	3,280	3,793
Securities available for sale, Unrealized Losses
Less than 12 Months	(8)	(67)
Total	(8)	(67)
Securities held to maturity, Unrealized Losses
12 Months or Longer	(72)	(156)
Total	(72)	(156)
Other debt securities
Securities available for sale, Estimated Fair Value
Less than 12 Months		14
12 Months or Longer	90	107
Total	90	121
Securities available for sale, Unrealized Losses
Less than 12 Months		(1)
12 Months or Longer	(73)	(65)
Total	$ (73)	$ (66)

INVESTMENT SECURITIES - Other (Details)	12 Months Ended
INVESTMENT SECURITIES - Other (Details)	Jun. 30, 2023 USD ($) security	Jun. 30, 2024 security
INVESTMENT SECURITIES
Number of securities in unrealized loss position \| security	165	104
Non-investment grade
INVESTMENT SECURITIES
Additional impairment charges	$ 0
Number of securities evaluated for impairment \| security	54
Debt securities evaluated for impairment, amortized cost	$ 219,000
Debt securities evaluated for impairment, par value	$ 1,500,000

INVESTMENT SECURITIES - Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Securities available for sale, amortized cost
Due in one year or less	$ 192,712
Due after one to five years	68,186
Other debt securities	212
Total Amortized Cost		$ 450,217
Amortized Cost	261,110
Securities available for sale, estimated fair value
Due in one year or less	189,771
Due after one to five years	67,194
Other debt securities	444
Estimated Fair Value	257,409
Securities held to maturity, amortized cost
Due in one year or less	2,269
Due after one to five years	1,083
Due after five to ten years	22,000
Amortized cost	25,352
Securities held to maturity, estimated fair value
Due in one year or less	2,197
Due after one to five years	1,083
Due after five to ten years	19,157
Estimated Fair Value	$ 22,437	$ 21,744

INVESTMENT SECURITIES - Sales of Securities, Unrealized Gains (Losses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
INVESTMENT SECURITIES
Accrued interest reversed	$ 0
Proceeds from sales of securities available for sale	74,462	$ 0
Securities available for sale, realized gains	(5,645)
Proceeds from the sales of securities held to maturity	0	0
Proceeds from sales of equity securities	3,149	0
Less: Net gains recognized during the period on equity securities sold during the period	735
Unrealized gains (losses) recognized during reporting period on equity securities still held at reporting date		374
Carrying value of available for sale securities pledged to secure FHLBNY advances and municipal deposits	$ 254,100	$ 428,500

NET LOANS RECEIVABLE - Summary of Net Loans Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Loans (after adoption of ASU 2016-13)
Loans receivable	$ 1,365,870
Allowance for credit losses	(21,801)
Net loans receivable	1,344,069
Net deferred loan costs	9,500	$ 6,700
Accrued interest receivable	5,900
Loans (before adoption of ASU 2016-13)
Loans receivable		1,166,638
Allowance for credit losses		(22,469)	$ (22,524)
Net loans receivable		1,144,169
Commercial
Loans (after adoption of ASU 2016-13)
Loans receivable	625,781
Allowance for credit losses	(12,504)
Loans (before adoption of ASU 2016-13)
Loans receivable		601,186
Allowance for credit losses		(14,288)	(17,818)
Commercial \| Real estate
Loans (after adoption of ASU 2016-13)
Loans receivable	406,201
Loans (before adoption of ASU 2016-13)
Loans receivable		411,165
Commercial \| Commercial and industrial
Loans (after adoption of ASU 2016-13)
Loans receivable	101,207
Loans (before adoption of ASU 2016-13)
Loans receivable		97,307
Commercial \| Construction
Loans (after adoption of ASU 2016-13)
Loans receivable	118,373
Loans (before adoption of ASU 2016-13)
Loans receivable		92,714
Residential mortgages
Loans (after adoption of ASU 2016-13)
Loans receivable	633,779
Allowance for credit losses	(7,706)
Loans (before adoption of ASU 2016-13)
Loans receivable		463,196
Allowance for credit losses		(6,222)	(2,899)
Home equity loans
Loans (after adoption of ASU 2016-13)
Loans receivable	92,765
Allowance for credit losses	(1,244)
Loans (before adoption of ASU 2016-13)
Loans receivable		85,477
Allowance for credit losses		(1,470)	(1,388)
Consumer
Loans (after adoption of ASU 2016-13)
Loans receivable	13,545
Allowance for credit losses	$ (347)
Loans (before adoption of ASU 2016-13)
Loans receivable		16,779
Allowance for credit losses		$ (489)	$ (419)

NET LOANS RECEIVABLE - Allowance for Loan Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Allowance for loan losses
Allowance for loan losses at beginning of period	$ 22,469	$ 22,524
Loans charged off		233
Recoveries on loans charged off		178
Allowance for loan losses at end of period		22,469
Allowance for credit losses - loans
Provisions	2,163
Charge-offs	(610)
Recoveries	90
Ending Balance	21,801
Liabilities for off-balance sheet credit exposures
Provisions	275
Ending Balance	1,899
Total allowance for credit losses
Beginning Balance	22,469
Provisions	2,438
Charge-offs	(610)
Recoveries	90
Ending Balance	23,700	22,469
Cumulative Effect Adjustment for the Adoption of ASU 2016-13
Allowance for loan losses
Allowance for loan losses at beginning of period	(2,311)
Allowance for loan losses at end of period		(2,311)
Liabilities for off-balance sheet credit exposures
Beginning Balance	1,624
Ending Balance		1,624
Total allowance for credit losses
Beginning Balance	(687)
Ending Balance		(687)
Commercial
Allowance for loan losses
Allowance for loan losses at beginning of period	14,288	17,818
Provision charged to operations		(3,567)
Loans charged off		41
Recoveries on loans charged off		78
Allowance for loan losses at end of period		14,288
Allowance for credit losses - loans
Provisions	(205)
Charge-offs	(345)
Recoveries	73
Ending Balance	12,504
Commercial \| Cumulative Effect Adjustment for the Adoption of ASU 2016-13
Allowance for loan losses
Allowance for loan losses at beginning of period	(1,307)
Allowance for loan losses at end of period		(1,307)
Residential mortgages
Allowance for loan losses
Allowance for loan losses at beginning of period	6,222	2,899
Provision charged to operations		3,283
Loans charged off		26
Recoveries on loans charged off		66
Allowance for loan losses at end of period		6,222
Allowance for credit losses - loans
Provisions	2,272
Charge-offs	(118)
Ending Balance	7,706
Residential mortgages \| Cumulative Effect Adjustment for the Adoption of ASU 2016-13
Allowance for loan losses
Allowance for loan losses at beginning of period	(670)
Allowance for loan losses at end of period		(670)
Home equity loans
Allowance for loan losses
Allowance for loan losses at beginning of period	1,470	1,388
Provision charged to operations		76
Loans charged off		8
Recoveries on loans charged off		14
Allowance for loan losses at end of period		1,470
Allowance for credit losses - loans
Provisions	48
Charge-offs	(12)
Recoveries	3
Ending Balance	1,244
Home equity loans \| Cumulative Effect Adjustment for the Adoption of ASU 2016-13
Allowance for loan losses
Allowance for loan losses at beginning of period	(265)
Allowance for loan losses at end of period		(265)
Consumer
Allowance for loan losses
Allowance for loan losses at beginning of period	489	419
Provision charged to operations		208
Loans charged off		158
Recoveries on loans charged off		20
Allowance for loan losses at end of period		489
Allowance for credit losses - loans
Provisions	48
Charge-offs	(135)
Recoveries	14
Ending Balance	347
Consumer \| Cumulative Effect Adjustment for the Adoption of ASU 2016-13
Allowance for loan losses
Allowance for loan losses at beginning of period	$ (69)
Allowance for loan losses at end of period		$ (69)

NET LOANS RECEIVABLE - Balance in Allowance for Loan Losses and recorded Investment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Allowance for loan losses:
Related to loans individually evaluated for impairment	$ 134
Related to loans collectively evaluated for impairment	21,667
Ending balance	21,801
Related to loans individually evaluated for impairment		$ 792
Related to loans collectively evaluated for impairment		21,677
Ending balance		22,469	$ 22,524
Loans:
Individually evaluated for impairment	5,478
Loans collectively evaluated for impairment	1,360,392
Total	1,365,870
Individually evaluated for impairment		11,544
Loans collectively evaluated for impairment		1,155,094
Total		1,166,638
Commercial
Allowance for loan losses:
Related to loans individually evaluated for impairment	134
Related to loans collectively evaluated for impairment	12,370
Ending balance	12,504
Related to loans individually evaluated for impairment		792
Related to loans collectively evaluated for impairment		13,496
Ending balance		14,288	17,818
Loans:
Individually evaluated for impairment	3,853
Loans collectively evaluated for impairment	621,928
Total	625,781
Individually evaluated for impairment		11,544
Loans collectively evaluated for impairment		589,642
Total		601,186
Residential mortgages
Allowance for loan losses:
Related to loans collectively evaluated for impairment	7,706
Ending balance	7,706
Related to loans collectively evaluated for impairment		6,222
Ending balance		6,222	2,899
Loans:
Individually evaluated for impairment	1,625
Loans collectively evaluated for impairment	632,154
Total	633,779
Loans collectively evaluated for impairment		463,196
Total		463,196
Home equity loans
Allowance for loan losses:
Related to loans collectively evaluated for impairment	1,244
Ending balance	1,244
Related to loans collectively evaluated for impairment		1,470
Ending balance		1,470	1,388
Loans:
Loans collectively evaluated for impairment	92,765
Total	92,765
Loans collectively evaluated for impairment		85,477
Total		85,477
Consumer
Allowance for loan losses:
Related to loans collectively evaluated for impairment	347
Ending balance	347
Related to loans collectively evaluated for impairment		489
Ending balance		489	$ 419
Loans:
Loans collectively evaluated for impairment	13,545
Total	$ 13,545
Loans collectively evaluated for impairment		16,779
Total		$ 16,779

NET LOANS RECEIVABLE - Impaired loans by Class (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2023 USD ($)
NET LOANS RECEIVABLE
With an allowance recorded, Allowance for Loan Losses Allocated	$ 792
Total: Unpaid Principal Balance	11,572
Total: Recorded Investment	11,544
Total: Average Recorded Investment	11,812
Total: Interest Income Recognized	168
Commercial
NET LOANS RECEIVABLE
With no related allowance recorded, Unpaid Principal Balance	10,241
With no related allowance recorded, Recorded Investment	10,213
With no related allowance recorded, Average Recorded Investment	10,538
With no related allowance recorded, Interest Income Recognized	133
With an allowance recorded, Unpaid Principal Balance	1,331
With an allowance recorded, Recorded Investment	1,331
With an allowance recorded, Allowance for Loan Losses Allocated	792
With an allowance recorded, Average Recorded Investment	1,274
With an allowance recorded, Interest Income Recognized	35
Commercial \| Real estate
NET LOANS RECEIVABLE
With no related allowance recorded, Unpaid Principal Balance	10,241
With no related allowance recorded, Recorded Investment	10,213
With no related allowance recorded, Average Recorded Investment	10,538
With no related allowance recorded, Interest Income Recognized	133
With an allowance recorded, Unpaid Principal Balance	681
With an allowance recorded, Recorded Investment	681
With an allowance recorded, Allowance for Loan Losses Allocated	142
With an allowance recorded, Average Recorded Investment	699
With an allowance recorded, Interest Income Recognized	35
Commercial \| Commercial and industrial
NET LOANS RECEIVABLE
With an allowance recorded, Unpaid Principal Balance	650
With an allowance recorded, Recorded Investment	650
With an allowance recorded, Allowance for Loan Losses Allocated	650
With an allowance recorded, Average Recorded Investment	$ 575

NET LOANS RECEIVABLE - Troubled debt restructurings (Details)	12 Months Ended
	Jun. 30, 2023 loan
NET LOANS RECEIVABLE
Number of Contracts	0
Number of loans modified as a troubled debt restructuring, subsequently defaulted	0

NET LOANS RECEIVABLE - Nonaccrual and Loans Past Due Over 90 Days Still on Accrual (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Recorded Investment in Nonaccrual
Nonaccrual	$ 9,045
Nonaccrual Loans With No Related Allowance	4,805
Past Due 90 Days Still on Accrual	4
Nonaccrual		$ 14,235
Past Due 90 Days Still on Accrual		3,531
Commercial \| Real estate
Recorded Investment in Nonaccrual
Nonaccrual	3,180
Nonaccrual Loans With No Related Allowance	3,180
Past Due 90 Days Still on Accrual	4
Nonaccrual		8,025
Past Due 90 Days Still on Accrual		174
Commercial \| Commercial and industrial
Recorded Investment in Nonaccrual
Nonaccrual	9
Nonaccrual		650
Commercial \| Construction
Recorded Investment in Nonaccrual
Past Due 90 Days Still on Accrual		3,237
Residential mortgages
Recorded Investment in Nonaccrual
Nonaccrual	4,208
Nonaccrual Loans With No Related Allowance	1,625
Nonaccrual		4,000
Past Due 90 Days Still on Accrual		120
Home equity loans
Recorded Investment in Nonaccrual
Nonaccrual	$ 1,648
Nonaccrual		$ 1,560

NET LOANS RECEIVABLE - Collateral dependent loans (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Net Loans Receivable
Collateral dependent loans, amortized cost	$ 5,478
Commercial \| Real estate \| Commercial Real Estate Property
Net Loans Receivable
Collateral dependent loans, amortized cost	3,844
Commercial \| Commercial and industrial \| Business Assets
Net Loans Receivable
Collateral dependent loans, amortized cost	9
Residential mortgages \| Residential Real Estate Property
Net Loans Receivable
Collateral dependent loans, amortized cost	$ 1,625

NET LOANS RECEIVABLE - Aging of Recorded Investment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
NET LOANS RECEIVABLE
Loans receivable	$ 1,365,870
Loans receivable		$ 1,166,638
Past Due
NET LOANS RECEIVABLE
Loans receivable	3,647
Loans receivable		18,953
30 to 59 Days Past Due
NET LOANS RECEIVABLE
Loans receivable	1,625
Loans receivable		8,091
60 to 89 Days Past Due
NET LOANS RECEIVABLE
Loans receivable	570
Loans receivable		1,513
90 or more Days Past Due
NET LOANS RECEIVABLE
Loans receivable	1,452
Loans receivable		9,349
Not Past Due
NET LOANS RECEIVABLE
Loans receivable	1,362,223
Loans receivable		1,147,685
Commercial
NET LOANS RECEIVABLE
Loans receivable	625,781
Loans receivable		601,186
Commercial \| Real estate
NET LOANS RECEIVABLE
Loans receivable	406,201
Loans receivable		411,165
Commercial \| Real estate \| Past Due
NET LOANS RECEIVABLE
Loans receivable	9
Loans receivable		9,256
Commercial \| Real estate \| 30 to 59 Days Past Due
NET LOANS RECEIVABLE
Loans receivable	2
Loans receivable		4,798
Commercial \| Real estate \| 60 to 89 Days Past Due
NET LOANS RECEIVABLE
Loans receivable	3
Commercial \| Real estate \| 90 or more Days Past Due
NET LOANS RECEIVABLE
Loans receivable	4
Loans receivable		4,458
Commercial \| Real estate \| Not Past Due
NET LOANS RECEIVABLE
Loans receivable	406,192
Loans receivable		401,909
Commercial \| Commercial and industrial
NET LOANS RECEIVABLE
Loans receivable	101,207
Loans receivable		97,307
Commercial \| Commercial and industrial \| Past Due
NET LOANS RECEIVABLE
Loans receivable	15
Loans receivable		1,130
Commercial \| Commercial and industrial \| 30 to 59 Days Past Due
NET LOANS RECEIVABLE
Loans receivable	15
Loans receivable		678
Commercial \| Commercial and industrial \| 60 to 89 Days Past Due
NET LOANS RECEIVABLE
Loans receivable		100
Commercial \| Commercial and industrial \| 90 or more Days Past Due
NET LOANS RECEIVABLE
Loans receivable		352
Commercial \| Commercial and industrial \| Not Past Due
NET LOANS RECEIVABLE
Loans receivable	101,192
Loans receivable		96,177
Commercial \| Construction
NET LOANS RECEIVABLE
Loans receivable	118,373
Loans receivable		92,714
Commercial \| Construction \| Past Due
NET LOANS RECEIVABLE
Loans receivable		3,237
Commercial \| Construction \| 90 or more Days Past Due
NET LOANS RECEIVABLE
Loans receivable		3,237
Commercial \| Construction \| Not Past Due
NET LOANS RECEIVABLE
Loans receivable	118,373
Loans receivable		89,477
Residential mortgages
NET LOANS RECEIVABLE
Loans receivable	633,779
Loans receivable		463,196
Residential mortgages \| Past Due
NET LOANS RECEIVABLE
Loans receivable	2,147
Loans receivable		3,346
Residential mortgages \| 30 to 59 Days Past Due
NET LOANS RECEIVABLE
Loans receivable	872
Loans receivable		1,257
Residential mortgages \| 60 to 89 Days Past Due
NET LOANS RECEIVABLE
Loans receivable	481
Loans receivable		1,327
Residential mortgages \| 90 or more Days Past Due
NET LOANS RECEIVABLE
Loans receivable	794
Loans receivable		762
Residential mortgages \| Not Past Due
NET LOANS RECEIVABLE
Loans receivable	631,632
Loans receivable		459,850
Home equity loans
NET LOANS RECEIVABLE
Loans receivable	92,765
Loans receivable		85,477
Home equity loans \| Past Due
NET LOANS RECEIVABLE
Loans receivable	1,454
Loans receivable		1,944
Home equity loans \| 30 to 59 Days Past Due
NET LOANS RECEIVABLE
Loans receivable	722
Loans receivable		1,340
Home equity loans \| 60 to 89 Days Past Due
NET LOANS RECEIVABLE
Loans receivable	78
Loans receivable		64
Home equity loans \| 90 or more Days Past Due
NET LOANS RECEIVABLE
Loans receivable	654
Loans receivable		540
Home equity loans \| Not Past Due
NET LOANS RECEIVABLE
Loans receivable	91,311
Loans receivable		83,533
Consumer
NET LOANS RECEIVABLE
Loans receivable	13,545
Loans receivable		16,779
Consumer \| Past Due
NET LOANS RECEIVABLE
Loans receivable	22
Loans receivable		40
Consumer \| 30 to 59 Days Past Due
NET LOANS RECEIVABLE
Loans receivable	14
Loans receivable		18
Consumer \| 60 to 89 Days Past Due
NET LOANS RECEIVABLE
Loans receivable	8
Loans receivable		22
Consumer \| Not Past Due
NET LOANS RECEIVABLE
Loans receivable	$ 13,523
Loans receivable		$ 16,739

NET LOANS RECEIVABLE - Risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
NET LOANS RECEIVABLE
Loans		$ 1,166,638
Term Loans Amortized Cost Basis by Origination Year
Total	$ 1,365,870
Current Period Gross Charge-offs
Total	610
Commercial
NET LOANS RECEIVABLE
Loans		601,186
Term Loans Amortized Cost Basis by Origination Year
Total	625,781
Current Period Gross Charge-offs
Total	345
Commercial \| Pass
NET LOANS RECEIVABLE
Loans		533,924
Commercial \| Special Mention
NET LOANS RECEIVABLE
Loans		3,591
Commercial \| Substandard
NET LOANS RECEIVABLE
Loans		63,553
Commercial \| Doubtful
NET LOANS RECEIVABLE
Loans		118
Commercial \| Real estate
NET LOANS RECEIVABLE
Loans		411,165
Term Loans Amortized Cost Basis by Origination Year
2024	29,592
2023	47,818
2022	45,558
2021	23,191
2020	68,513
Prior	189,760
Revolving Loans Amortized Cost Basis	1,769
Total	406,201
Commercial \| Real estate \| Pass
NET LOANS RECEIVABLE
Loans		352,874
Term Loans Amortized Cost Basis by Origination Year
2024	29,592
2023	47,818
2022	43,324
2021	23,191
2020	67,757
Prior	168,333
Revolving Loans Amortized Cost Basis	679
Total	380,694
Commercial \| Real estate \| Special Mention
NET LOANS RECEIVABLE
Loans		1,977
Term Loans Amortized Cost Basis by Origination Year
2022	2,234
Prior	8,003
Revolving Loans Amortized Cost Basis	1,090
Total	11,327
Commercial \| Real estate \| Substandard
NET LOANS RECEIVABLE
Loans		56,196
Term Loans Amortized Cost Basis by Origination Year
2020	756
Prior	13,424
Total	14,180
Commercial \| Real estate \| Doubtful
NET LOANS RECEIVABLE
Loans		118
Commercial \| Commercial and industrial
NET LOANS RECEIVABLE
Loans		97,307
Term Loans Amortized Cost Basis by Origination Year
2024	13,945
2023	6,381
2022	6,003
2021	3,066
2020	5,430
Prior	8,854
Revolving Loans Amortized Cost Basis	57,528
Total	101,207
Current Period Gross Charge-offs
Prior	345
Total	345
Commercial \| Commercial and industrial \| Pass
NET LOANS RECEIVABLE
Loans		89,245
Term Loans Amortized Cost Basis by Origination Year
2024	13,945
2023	6,381
2022	4,868
2021	3,066
2020	4,127
Prior	6,259
Revolving Loans Amortized Cost Basis	56,628
Total	95,274
Commercial \| Commercial and industrial \| Special Mention
NET LOANS RECEIVABLE
Loans		1,614
Term Loans Amortized Cost Basis by Origination Year
2022	1,118
2020	1,250
Prior	221
Revolving Loans Amortized Cost Basis	750
Total	3,339
Commercial \| Commercial and industrial \| Substandard
NET LOANS RECEIVABLE
Loans		6,448
Term Loans Amortized Cost Basis by Origination Year
2022	17
2020	53
Prior	2,350
Revolving Loans Amortized Cost Basis	141
Total	2,561
Commercial \| Commercial and industrial \| Doubtful
Term Loans Amortized Cost Basis by Origination Year
Prior	24
Revolving Loans Amortized Cost Basis	9
Total	33
Commercial \| Construction
NET LOANS RECEIVABLE
Loans		92,714
Term Loans Amortized Cost Basis by Origination Year
2024	38,626
2023	9,589
2022	45,073
2021	19,740
Prior	3,794
Revolving Loans Amortized Cost Basis	1,551
Total	118,373
Commercial \| Construction \| Pass
NET LOANS RECEIVABLE
Loans		91,805
Term Loans Amortized Cost Basis by Origination Year
2024	38,626
2023	9,589
2022	45,073
2021	19,740
Prior	3,794
Revolving Loans Amortized Cost Basis	1,551
Total	118,373
Commercial \| Construction \| Substandard
NET LOANS RECEIVABLE
Loans		909
Residential mortgages
NET LOANS RECEIVABLE
Loans		463,196
Term Loans Amortized Cost Basis by Origination Year
2024	180,784
2023	207,777
2022	42,819
2021	56,059
2020	33,867
Prior	112,359
Revolving Loans Amortized Cost Basis	114
Total	633,779
Current Period Gross Charge-offs
2022	112
Prior	6
Total	118
Residential mortgages \| Performing
Term Loans Amortized Cost Basis by Origination Year
2024	180,784
2023	206,815
2022	42,279
2021	56,059
2020	33,286
Prior	110,234
Revolving Loans Amortized Cost Basis	114
Total	629,571
Residential mortgages \| Non-performing
Term Loans Amortized Cost Basis by Origination Year
2023	962
2022	540
2020	581
Prior	2,125
Total	4,208
Home equity loans
NET LOANS RECEIVABLE
Loans		85,477
Term Loans Amortized Cost Basis by Origination Year
2024	6,308
2023	6,525
2022	9,574
2021	3,454
2020	1,369
Prior	14,018
Revolving Loans Amortized Cost Basis	51,517
Total	92,765
Current Period Gross Charge-offs
Revolving Loans Amortized Cost Basis	12
Total	12
Home equity loans \| Performing
Term Loans Amortized Cost Basis by Origination Year
2024	6,308
2023	6,525
2022	9,475
2021	3,454
2020	1,369
Prior	13,375
Revolving Loans Amortized Cost Basis	50,611
Total	91,117
Home equity loans \| Non-performing
Term Loans Amortized Cost Basis by Origination Year
2022	99
Prior	643
Revolving Loans Amortized Cost Basis	906
Total	1,648
Consumer
NET LOANS RECEIVABLE
Loans		$ 16,779
Term Loans Amortized Cost Basis by Origination Year
2024	1,517
2023	1,533
2022	100
2021	67
2020	6
Prior	3,272
Revolving Loans Amortized Cost Basis	7,050
Total	13,545
Current Period Gross Charge-offs
2024	100
2023	6
2022	23
2021	4
2020	1
Prior	1
Total	135
Consumer \| Performing
Term Loans Amortized Cost Basis by Origination Year
2024	1,517
2023	1,533
2022	100
2021	67
2020	6
Prior	3,272
Revolving Loans Amortized Cost Basis	7,050
Total	$ 13,545

NET LOANS RECEIVABLE - Others (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
NET LOANS RECEIVABLE
Residential mortgage loans serviced by the Bank for unrelated third parties	$ 13,500,000	$ 15,300,000
Unamortized balance of mortgage servicing rights	116,000	131,000
Mortgage servicing rights, valuation reserve	0	0
Escrow funds in trust on loans serviced for others	368,000	396,000
Residential mortgage, home equity and commercial loans
NET LOANS RECEIVABLE
Pledged loans receivable as collateral for FHLBNY borrowings and stand-by letters of credit	605,800,000	476,600,000
Residential mortgages
NET LOANS RECEIVABLE
Loans in process of foreclosure	$ 853,000	$ 1,300,000

DERIVATIVES - Offsetting (Details) - Not designated as hedging instruments - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023
Interest rate swap
DERIVATIVES
Derivative notional amount	$ 406.8	$ 455.8
Interest rate swap - Commercial borrowers
DERIVATIVES
Derivative notional amount	203.4	227.9
Interest rate swap - Third party counterparties
DERIVATIVES
Derivative notional amount	$ 203.4	$ 227.9

DERIVATIVES - Hedging Instruments (Details) - Interest rate swap - Not designated as hedging instruments - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Derivative Assets
Gross interest rate swaps	$ 16,781	$ 18,844
Less: cash collateral applied	(16,620)	(18,160)
Net amount	161	684
Derivative Liabilities
Gross interest rate swaps	16,781	18,844
Less: cash collateral applied	(16)	(16)
Net amount	$ 16,765	$ 18,828

DERIVATIVES - Collateral (Details) - Interest rate swap - Third party counterparties - Not designated as hedging instruments - USD ($)	Jun. 30, 2024	Jun. 30, 2023
DERIVATIVES
Received collateral	$ 16,600,000	$ 18,200,000
Deposited collateral	$ 16,000	$ 16,000,000

PREMISES AND EQUIPMENT - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Premises and Equipment
Accumulated depreciation and amortization	$ (21,057)	$ (19,932)
Premises and equipment, excluding ROU assets	34,350	35,561
ROU assets	5,755	6,056
Premises and equipment	40,105	41,617
Land
Premises and Equipment
Gross	6,678	6,678
Leaseholds and land improvements
Premises and Equipment
Gross	2,901	2,877
Buildings
Premises and Equipment
Gross	29,964	30,144
Furniture, fixtures and equipment
Premises and Equipment
Gross	15,620	15,504
Construction in progress
Premises and Equipment
Gross	$ 244	$ 290

PREMISES AND EQUIPMENT - Depreciation and Amortization (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
PREMISES AND EQUIPMENT
Depreciation and amortization	$ 2.1	$ 2.3

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Changes in the carrying amount of goodwill
Balance at the beginning of the period	$ 8,799	$ 8,799
Acquired	2,080
Balance at the end of the period	$ 10,879	$ 8,799

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS
Gross Carrying Amount	$ 5,604	$ 4,215
Less: accumulated amortization	(2,653)	(2,119)
Net Carrying Amount	2,951	2,096
Customer relationship
GOODWILL AND OTHER INTANGIBLE ASSETS
Gross Carrying Amount	5,042	3,653
Less: accumulated amortization	(2,226)	(1,729)
Net Carrying Amount	$ 2,816	$ 1,924
Customer relationship \| Weighted Average
GOODWILL AND OTHER INTANGIBLE ASSETS
Remaining useful life	4 years 2 months 1 day	3 years 11 months 12 days
Core deposit
GOODWILL AND OTHER INTANGIBLE ASSETS
Gross Carrying Amount	$ 562	$ 562
Less: accumulated amortization	(427)	(390)
Net Carrying Amount	$ 135	$ 172
Core deposit \| Weighted Average
GOODWILL AND OTHER INTANGIBLE ASSETS
Remaining useful life	2 years 6 months 25 days	2 years 10 months 24 days

GOODWILL AND OTHER INTANGIBLE ASSETS - Estimated Amortization Expense (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Estimated amortization expense:
2025	$ 487
2026	441
2027	394
2028	347
2029	$ 301

GOODWILL AND OTHER INTANGIBLE ASSETS - Other (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS
Impairment losses on goodwill	$ 0	$ 0
Impairment losses on intangible assets	0	0
Aggregate amortization expense	$ 534,000	$ 398,000

DEPOSITS - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
DEPOSITS
Non-interest bearing demand deposits	$ 445,328	$ 526,119
Interest-bearing accounts:
Interest-bearing demand accounts	157,962	138,817
Savings accounts	266,274	297,003
Money market accounts	513,658	462,935
Time deposits	167,030	116,977
Total interest bearing accounts	1,104,924	1,015,732
Total deposits	$ 1,550,252	$ 1,541,851

DEPOSITS - Other (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
DEPOSITS
Overdrawn demand deposit balances reclassified as loan balance	$ 201,000	$ 92,000
Time deposits 250000 and over	$ 16,500,000	$ 9,900,000

DEPOSITS - Maturities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Scheduled maturities of time deposits:
2025	$ 156,724
2026	5,734
2027	1,849
2028	1,270
2029	1,453
Total	$ 167,030

DEPOSITS - Related parties (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
DEPOSITS
Deposits of related parties	$ 879,000	$ 8,800,000

BORROWINGS (Details) - USD ($) $ in Millions	12 Months Ended
BORROWINGS (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023
BORROWINGS
Available line of credit	$ 20.0	$ 20.0
Draws against line of credit	$ 0.0	0.0
FHLBNY
BORROWINGS
Percentage of ability to borrow on total assets	30.00%
Overall credit exposure on total assets	50.00%
Residential mortgage, home equity and commercial loans pledged as collateral for borrowing and stand-by letters of credit	$ 605.8	476.6
Maximum amount of funding available from FHLBNY	497.2	395.6
Funding utilized for borrowings	0.0	0.0
Funding utilized for irrevocable stand-by letters of credit issued to secure municipal deposits	$ 200.0	$ 90.0

OTHER COMPREHENSIVE INCOME (LOSS) - Reclassifications (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
OTHER COMPREHENSIVE INCOME
Net loss on securities available for sale transactions	$ (5,645)
Salaries and employee benefits	(29,225)	$ (27,421)
Income tax (expense) benefit	(4,149)	(5,907)
Reclassification, net of tax	(15,260)	(21,948)
Amount Reclassified from Accumulated Other Comprehensive Loss
OTHER COMPREHENSIVE INCOME
Reclassification, net of tax	4,148	(12)
Amount Reclassified from Accumulated Other Comprehensive Loss \| Unrealized Gains/Losses on Securities
OTHER COMPREHENSIVE INCOME
Net loss on securities available for sale transactions	5,645
Income tax (expense) benefit	(1,475)
Reclassification, net of tax	4,170
Amount Reclassified from Accumulated Other Comprehensive Loss \| Defined benefit plans
OTHER COMPREHENSIVE INCOME
Income tax (expense) benefit	8	4
Reclassification, net of tax	(22)	(12)
Amount Reclassified from Accumulated Other Comprehensive Loss \| Net actuarial gain
OTHER COMPREHENSIVE INCOME
Salaries and employee benefits	$ (30)	$ (16)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

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-Topic 220
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
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-Topic 942
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-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

OTHER COMPREHENSIVE INCOME (LOSS) - Balances and Changes in AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accumulated other comprehensive loss
Balance at beginning of period	$ 266,700	$ 242,627
Balance at end of period	296,528	266,700
Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss
Balance at beginning of period	(9,568)	(11,180)
Other comprehensive income (loss) before reclassifications	10,362	1,624
Amounts reclassified from accumulated other comprehensive loss	4,148	(12)
Balance at end of period	4,942	(9,568)
Unrealized Gains/Losses on Securities
Accumulated other comprehensive loss
Balance at beginning of period	(13,702)	(10,872)
Other comprehensive income (loss) before reclassifications	6,798	(2,830)
Amounts reclassified from accumulated other comprehensive loss	4,170
Balance at end of period	(2,734)	(13,702)
Defined benefit plans
Accumulated other comprehensive loss
Balance at beginning of period	4,134	(308)
Other comprehensive income (loss) before reclassifications	3,564	4,454
Amounts reclassified from accumulated other comprehensive loss	(22)	(12)
Balance at end of period	$ 7,676	$ 4,134

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
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-Section 55
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

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-Topic 946
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-Name Accounting Standards Codification
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-Section S99
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-Publisher FASB
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+ Details

OTHER COMPREHENSIVE INCOME (LOSS) - Allocated Component of OCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Unrealized gains (losses) on securities:
Unrealized holdings gains (losses) arising during the period	$ 2,406	$ (1,002)
Reclassification adjustment for losses included in net income	1,475
Tax amount on unrealized gains/losses on securities	3,881	(1,002)
Defined benefit plans:
Change in funded status	1,262	1,576
Reclassification adjustment for amortization of net actuarial gain	(8)	(4)
Tax amount on defined benefit plans	1,254	1,572
Total	$ 5,135	$ 570

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 12
-SubTopic 10
-Topic 220
-Publisher FASB
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-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.7-04(19))
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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Name Accounting Standards Codification
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-Subparagraph (b)
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-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
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-Section 45
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+ Details

EMPLOYEE BENEFIT PLANS - Statement of Condition (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Other assets
Pension asset	$ 18,267	$ 13,911
Other liabilities
Accumulated post-retirement benefit obligation	1,354	1,382
Accumulated other comprehensive loss, net of taxes
Accumulated other comprehensive loss, net of taxes	(7,676)	(4,134)
Pension plan
Accumulated other comprehensive loss, net of taxes
Accumulated other comprehensive loss, net of taxes	(7,335)	(3,818)
Post-retirement benefit plan
Accumulated other comprehensive loss, net of taxes
Accumulated other comprehensive loss, net of taxes	$ (341)	$ (316)

- Definition

Amount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.

+ References + Details

EMPLOYEE BENEFIT PLANS - Pension Plan - Other (Details) - Pension plan		1 Months Ended
	Jan. 01, 2010	Dec. 31, 2009
Employee Benefit Plans
Pensions paid as annuity using pension formula	1.50%	2.00%
Average of highest consecutive years of total compensation over the last ten years multiplied by credited service up to thirty years to calculate pension formula		5 years
Total compensation year used for average of the five highest consecutive years multiplied by credited service up to thirty years to calculate pension formula		10 years
Maximum credited service (in years)		30 years

EMPLOYEE BENEFIT PLANS - Defined Benefit Pension Plan (Details) - Pension plan - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Change in projected benefit obligation:
Accumulated benefit obligation at beginning of year	$ 39,020	$ 40,657
Service cost	1,235	1,534
Interest cost	2,033	1,885
Actuarial gain	(1,346)	(3,473)
Benefits paid	(1,579)	(1,583)
Accumulated benefit obligation at end of year	39,363	39,020
Change in fair value of plan assets:
Fair value of plan assets at beginning of year	52,931	49,457
Actual return on plan assets	6,401	5,197
Benefits paid	(1,702)	(1,723)
Fair value of plan assets at end of year	57,630	52,931
Funded status of plan at end of year	$ 18,267	$ 13,911

EMPLOYEE BENEFIT PLANS - Net Periodic Pension Cost (Details) - Pension plan - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Net periodic pension cost included in the Bank's consolidated statements of income
Service cost	$ 1,235	$ 1,534
Interest cost	$ 2,033	$ 1,885
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Labor and Related Expense	Labor and Related Expense
Expected return on plan assets	$ (2,862)	$ (2,694)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Labor and Related Expense	Labor and Related Expense
Net periodic post-retirement benefit cost	$ 406	$ 725
Amounts recognized in accumulated other comprehensive (gain) loss, before tax effect
Amounts recognized in accumulated other comprehensive loss, before tax, net actuarial gain (losses)	$ 9,900	$ 5,200

EMPLOYEE BENEFIT PLANS - Actuarial Assumptions (Details) - Pension plan - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Weighted average assumptions - benefit obligations
Discount rate	5.51%	5.23%
Annual rate of compensation increase	3.00%	3.00%
Weighted average assumptions - net periodic benefit cost
Discount rate	5.23%	4.62%
Annual rate of compensation increase	3.00%	3.00%
Expected long-term rate of return on plan assets	5.75%	5.75%
Accumulated Benefit Obligation
Accumulated benefit obligation	$ 35.6	$ 35.4

EMPLOYEE BENEFIT PLANS - Additional Information (Details)	12 Months Ended
	Jun. 30, 2024
Employee Benefit Plans
Estimated long-term inflation rate	2.30%
Equity securities.
Employee Benefit Plans
Target allocation percentage	65.00%
Equity securities. \| Minimum
Employee Benefit Plans
Rates of return	5.00%
Equity securities. \| Maximum
Employee Benefit Plans
Rates of return	9.00%
Fixed income securities.
Employee Benefit Plans
Target allocation percentage	35.00%
Fixed income securities. \| Minimum
Employee Benefit Plans
Rates of return	1.00%
Fixed income securities. \| Maximum
Employee Benefit Plans
Rates of return	4.00%

EMPLOYEE BENEFIT PLANS - Estimated Future Benefit Payments (Details) - Pension plan $ in Thousands	Jun. 30, 2024 USD ($)
Estimated Future Benefit Payments
2025	$ 1,200
2026	1,288
2027	1,477
2028	1,615
2029	1,800
Years 2030 - 2034	$ 11,795

EMPLOYEE BENEFIT PLANS - Bank's Pension Plan Asset Allocation (Details)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Pension Plan Assets
Pension plan asset allocation, target allocation and expected long-term rate of return by asset category
Percentage of Plan Assets	100.00%	100.00%
Equity securities
Pension plan asset allocation, target allocation and expected long-term rate of return by asset category
Target allocation	65.00%
Percentage of Plan Assets	62.70%	63.20%
Fixed income securities
Pension plan asset allocation, target allocation and expected long-term rate of return by asset category
Target allocation	35.00%
Percentage of Plan Assets	37.30%	36.80%
Minimum \| Equity securities
Pension plan asset allocation, target allocation and expected long-term rate of return by asset category
Weighted-Average Expected Long-Term Rate of Return	5.00%
Minimum \| Fixed income securities
Pension plan asset allocation, target allocation and expected long-term rate of return by asset category
Weighted-Average Expected Long-Term Rate of Return	1.00%
Maximum \| Equity securities
Pension plan asset allocation, target allocation and expected long-term rate of return by asset category
Weighted-Average Expected Long-Term Rate of Return	9.00%
Maximum \| Fixed income securities
Pension plan asset allocation, target allocation and expected long-term rate of return by asset category
Weighted-Average Expected Long-Term Rate of Return	4.00%

EMPLOYEE BENEFIT PLANS - Fair Values of Plan Assets by Asset Category (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Carrying Amount
Employee Benefit Plans
Total plan assets	$ 57,630	$ 52,931
Carrying Amount \| American Funds New World R6
Employee Benefit Plans
Total plan assets	2,866	2,636
Carrying Amount \| Cohen & Steers Real Estate SECS I
Employee Benefit Plans
Total plan assets	1,747	1,616
Carrying Amount \| Fidelity Capital & Income Fund
Employee Benefit Plans
Total plan assets	2,883	2,616
Carrying Amount \| PIMCO Commodities Plus Strat Fd Inst
Employee Benefit Plans
Total plan assets	1,733	1,546
Carrying Amount \| PIMCO Long Term Credit Bond Inst
Employee Benefit Plans
Total plan assets	8,547	7,913
Carrying Amount \| PIMCO Low Duration Incm Fd I
Employee Benefit Plans
Total plan assets	2,312	2,082
Carrying Amount \| Vanguard Developed Mkts Index Inst
Employee Benefit Plans
Total plan assets	7,505	6,681
Carrying Amount \| Vanguard Growth Index Fund Instl
Employee Benefit Plans
Total plan assets	8,031	7,763
Carrying Amount \| Vanguard Mid Cap Index Funds Admiral
Employee Benefit Plans
Total plan assets	4,028	3,808
Carrying Amount \| Vanguard Small Cap I
Employee Benefit Plans
Total plan assets	3,479	3,261
Carrying Amount \| Vanguard Value Index Instl Shares
Employee Benefit Plans
Total plan assets	8,066	7,465
Carrying Amount \| Western Asset Core Bd Fd I
Employee Benefit Plans
Total plan assets	5,745	5,160
Carrying Amount \| Cash
Employee Benefit Plans
Total plan assets	688	384
Level 1
Employee Benefit Plans
Total plan assets	57,630	52,931
Level 1 \| American Funds New World R6
Employee Benefit Plans
Total plan assets	2,866	2,636
Level 1 \| Cohen & Steers Real Estate SECS I
Employee Benefit Plans
Total plan assets	1,747	1,616
Level 1 \| Fidelity Capital & Income Fund
Employee Benefit Plans
Total plan assets	2,883	2,616
Level 1 \| PIMCO Commodities Plus Strat Fd Inst
Employee Benefit Plans
Total plan assets	1,733	1,546
Level 1 \| PIMCO Long Term Credit Bond Inst
Employee Benefit Plans
Total plan assets	8,547	7,913
Level 1 \| PIMCO Low Duration Incm Fd I
Employee Benefit Plans
Total plan assets	2,312	2,082
Level 1 \| Vanguard Developed Mkts Index Inst
Employee Benefit Plans
Total plan assets	7,505	6,681
Level 1 \| Vanguard Growth Index Fund Instl
Employee Benefit Plans
Total plan assets	8,031	7,763
Level 1 \| Vanguard Mid Cap Index Funds Admiral
Employee Benefit Plans
Total plan assets	4,028	3,808
Level 1 \| Vanguard Small Cap I
Employee Benefit Plans
Total plan assets	3,479	3,261
Level 1 \| Vanguard Value Index Instl Shares
Employee Benefit Plans
Total plan assets	8,066	7,465
Level 1 \| Western Asset Core Bd Fd I
Employee Benefit Plans
Total plan assets	5,745	5,160
Level 1 \| Cash
Employee Benefit Plans
Total plan assets	$ 688	$ 384

EMPLOYEE BENEFIT PLANS - Post-Retirement Healthcare Plan (Details) - Post-retirement benefit plan $ in Thousands	12 Months Ended
	Jun. 30, 2024 USD ($)
Employee Benefit Plans
Threshold age for eligibility for retiree medical coverage	60 years
Minimum year of service for eligibility for retiree medical coverage	25 years
Minimum year of service required for eligibility for individual and spousal coverage	30 years
Monthly premium for individual coverage	$ 210
Monthly premium for employee and spousal coverage	$ 420

EMPLOYEE BENEFIT PLANS - Plan's Funded Status and Amounts Recognized (Details) - Post-retirement benefit plan - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Change in accumulated post-retirement benefit obligation:
Accumulated benefit obligation at beginning of year	$ 1,382	$ 1,545
Service cost	19	22
Interest cost	72	67
Actuarial gain	(63)	(193)
Benefits paid	(56)	(59)
Accumulated benefit obligation at end of year	1,354	1,382
Change in plan assets:
Fair value of plan assets at beginning of year	0	0
Employer contributions	56	59
Benefits paid	(56)	(59)
Fair value of plan assets at end of year	0	0
Unfunded status at end of year	$ (1,354)	$ (1,382)

EMPLOYEE BENEFIT PLANS - Net Periodic Post-retirement Benefit Cost (Details) - Post-retirement benefit plan - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Net periodic post-retirement benefit cost
Service cost	$ 19	$ 22
Interest cost	$ 72	$ 67
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Labor and Related Expense	Labor and Related Expense
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Immediate Recognition of Actuarial Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Labor and Related Expense	Labor and Related Expense
Amortization of net actuarial gain	$ (30)	$ (16)
Net periodic post-retirement benefit cost	61	73
Amounts recognized in accumulated other comprehensive (gain) loss, before tax effect
Net actuarial gain	$ (461)	$ (427)
Discount rate	5.51%	5.23%

EMPLOYEE BENEFIT PLANS - Projected Benefit Payments (Details) - Post-retirement benefit plan $ in Thousands	Jun. 30, 2024 USD ($)
Estimated Future Benefit Payments
2025	$ 97
2026	88
2027	87
2028	74
2029	78
Years 2030 - 2034	$ 452

EMPLOYEE BENEFIT PLANS - 401(k) Plan (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
EMPLOYEE BENEFIT PLANS
Percentage of match for first 1% of employee contributions	100.00%
Percentage of employee contribution on which 100% match by employer	1.00%
Percentage of match on next 5% of employee contributions	50.00%
Percentage of employee contribution on which 50% match by employer	5.00%
Contribution expense	$ 498,000	$ 458,000

EMPLOYEE BENEFIT PLANS - Supplemental Retirement and Deferred Compensation Plans (Details) - Supplemental Retirement and Deferred Compensation Plans - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Executives
Employee Benefit Plans
Accrued benefit liability		$ 201,000
Provisions for benefit liability	$ 0	0
Trustees and certain of its officers
Employee Benefit Plans
Accrued benefit liability	$ 378,000	$ 374,000

EMPLOYEE BENEFIT PLANS - Employee Stock Ownership Plan (Details) - Pioneer Bank ESOP - USD ($)		12 Months Ended
	Jul. 17, 2019	Jun. 30, 2024	Jun. 30, 2023
Employee Stock Ownership Plan
Number of shares purchased by the ESOP as a result of the Company granting a loan to the ESOP	1,018,325
Average purchase price of shares (in dollars per share)	$ 13.40
Term of loan granted by Company to the ESOP	20 years
Balance of ESOP loan		$ 11,000,000.0
Number of shares committed to be released annually under the ESOP	50,916
Compensation expense		$ 472,000	$ 513,000
Shares held by the ESOP include the following:
Allocated		254,580	203,664
Committed to be allocated		25,458	25,458
Unallocated		738,287	789,203
Total Shares		1,018,325	1,018,325

INCOME TAXES - Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Components of income tax expense
Current tax expense	$ 4,337	$ 5,052
Deferred tax (benefit) expense	(188)	855
Total income tax expense	$ 4,149	$ 5,907

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAXES - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income tax expense differs from the amount expected based on the federal income tax statutory rate due to the following:
Income before tax at the federal tax rate	$ 4,076	$ 5,850
State expense, net of federal benefit	232	670
Tax-exempt income	(249)	(563)
Bank-owned life insurance	66	(63)
Other, net	24	13
Total income tax expense	$ 4,149	$ 5,907
Income tax expense differs from the amount expected based on the federal income tax statutory rate due to the following (as a percent):
Income before tax at the federal tax rate (as a percent)	21.00%	21.00%
State expense, net of federal benefit (as a percent)	1.20%	2.40%
Tax-exempt income (as a percent)	(1.30%)	(2.00%)
Bank-owned life insurance (as a percent)	0.40%	(0.20%)
Other, net (as a percent)	0.10%
Total income tax expense (as a percent)	21.40%	21.20%

INCOME TAXES - Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Deferred tax assets
Allowance for credit losses	$ 7,098	$ 6,480
Net operating loss carryforward	144
OTTI - securities	325	325
Post-retirement benefit obligations	497	494
Unrealized losses on securities available for sale	967	4,849
Deferred compensation	68	137
Contribution carryforward		173
Lease liabilities	1,514	1,621
Other	627	688
Total deferred tax assets	11,240	14,767
Deferred tax liabilities
Depreciation	(1,687)	(1,839)
Net deferred loan origination costs	(634)	(560)
Prepaid pension	(2,293)	(2,404)
Prepaid expenses	(241)	(236)
Unfunded defined benefit and postretirement benefit plan assets	(2,716)	(1,463)
ROU assets	(1,436)	(1,551)
Other	(1,961)	(1,495)
Total deferred tax liabilities	(10,968)	(9,548)
Net deferred tax asset at end of year	$ 272	$ 5,219

INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
INCOME TAXES
Valuation allowance	$ 0	$ 0
Amounts accrued interest and penalties	0	0
Amounts paid for interest and penalties	0	0
Federal base-year reserve	9,300	9,300
Unrecognized deferred tax liability with respect to the Federal base-year reserve	$ 2,400	$ 2,400

COMMITMENTS AND CONTINGENT LIABILITIES - Off-Balance Sheet Financing (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
COMMITMENTS AND CONTINGENT LIABILITIES
Fixed Rate	$ 30,007	$ 20,541
Variable Rate	295,875	305,460
Total	325,882	326,001
Commitments to extend credit
COMMITMENTS AND CONTINGENT LIABILITIES
Fixed Rate	30,007	20,541
Variable Rate	273,932	277,088
Total	303,939	297,629
Standby letters of credit
COMMITMENTS AND CONTINGENT LIABILITIES
Variable Rate	21,943	28,372
Total	$ 21,943	$ 28,372

COMMITMENTS AND CONTINGENT LIABILITIES - Additional information (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
COMMITMENTS AND CONTINGENT LIABILITIES
Adjustable rate residential mortgage loans amount	$ 292,600,000	$ 136,200,000
Adjustable rate mortgage loans had conversion options	504,000	613,000
Loans held for sale	0	$ 0
Loan commitments with borrowers with rate lock agreements which are intended to be held for sale	0
Amount of commitments to sell loans to unrelated investors	$ 0
Minimum
COMMITMENTS AND CONTINGENT LIABILITIES
Adjustable rate mortgages annual rate increase	2.00%
Adjustable rate mortgages lifetime rate increase	5.00%
Maximum
COMMITMENTS AND CONTINGENT LIABILITIES
Adjustable rate mortgages annual rate increase	5.00%
Adjustable rate mortgages lifetime rate increase	6.00%

COMMITMENTS AND CONTINGENT LIABILITIES - Legal Proceeding and Other Contingent Liabilities (Details) - USD ($)									3 Months Ended				12 Months Ended
	Nov. 15, 2023	Apr. 26, 2023	Apr. 13, 2023	Feb. 16, 2023	Dec. 01, 2020	Aug. 31, 2020	Feb. 04, 2020	Aug. 30, 2019	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2024	Jun. 30, 2023	May 14, 2021	Apr. 30, 2020	Sep. 30, 2019
Commitments and Contingent Liabilities
Litigation-related expense													$ 0	$ 0
Deposit activity, the Bank's potential exposure for fraudulent activity																	$ 18,500,000
Amount set off										$ 16,000,000.0
Another bank returning/ calling back								$ 15,600,000
Lending activity, the Bank's potential exposure for fraudulent activity																	15,800,000
Amount of commercial loan relationships with a customer for which the Bank is the originating lender and which there is potentially fraudulent activity																	$ 35,800,000
Non-interest expense associated with potentially fraudulent activity										$ 2,500,000
Additional charges on non interest expense													0
Additional charge on provision for loan losses													0
Additional Recoveries on Charge off of Loans													0
Provision for loan losses related to charge-off the entire principal balance owed to the Bank related to the customer's commercial loan relationship as it relates to the potentially fraudulent activity												$ 15,800,000
Partial recovery recognized related to the charge-off of the Mann Entities commercial loan relationships									$ 34,000		$ 1,700,000
Insurance recoveries related to partial reimbursement of defense costs													1,200,000	$ 3,700,000
Bank's Interest in cash and securities forfeited by Michael Mann, in which Bank filed petition to adjudicate the validity of the security interest in the forfeited property															$ 14,900,000
Southwestern third amended complaint
Commitments and Contingent Liabilities
Complaint, minimum damages sought by defendant		$ 13,000,000.0
Natpay amended complaint
Commitments and Contingent Liabilities
Complaint, compensatory damages sought, minimum, by plaintiff			$ 3,800,000
Cachet financial services amended complaint
Commitments and Contingent Liabilities
Complaint, damages sought by plaintiff				$ 25,600,000
Alleged amount stolen per Cachet complaint				26,400,000
Portion of alleged stolen funds Bank is holding per assertion made by Cachet				8,500,000
Assertion made by a third party of the amount of actual damages				$ 8,500,000
Berkshire bank complaint
Commitments and Contingent Liabilities
Complaint, damages sought by plaintiff							$ 15,600,000
Chemung canal trust company complaint
Commitments and Contingent Liabilities
Complaint, damages sought by plaintiff							$ 4,200,000
DOJ complaint
Commitments and Contingent Liabilities
Value of funds in a third party account, claimed to be wrongfully seized by the Company and Bank to apply towards debts allegedly owed to the Bank																$ 7,300,000
AXH complaint
Commitments and Contingent Liabilities
Complaint, damages sought by plaintiff						$ 336,000
TBC complaint
Commitments and Contingent Liabilities
Payment made to plaintiff pursuant to settlement agreement	$ 5,950,000
Minimum
Commitments and Contingent Liabilities
Loss contingency, estimate of possible loss													0
Minimum \| Southwestern third amended complaint
Commitments and Contingent Liabilities
Complaint, damages sought by plaintiff		$ 39,000,000.0
Minimum \| Natpay amended complaint
Commitments and Contingent Liabilities
Complaint, damages sought by plaintiff			$ 11,400,000
Minimum \| TBC complaint
Commitments and Contingent Liabilities
Complaint, damages sought by plaintiff					$ 34,100,000
Maximum
Commitments and Contingent Liabilities
Loss contingency, estimate of possible loss													$ 54,400,000

FAIR VALUE - Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
FAIR VALUE
Securities available for sale	$ 257,409
Securities available for sale		$ 431,667
Equity securities		$ 2,413
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
U.S. Government and agency obligations
FAIR VALUE
Securities available for sale	$ 243,549
Securities available for sale		$ 377,729
Municipal obligations
FAIR VALUE
Securities available for sale	13,416
Securities available for sale		53,434
Other debt securities
FAIR VALUE
Securities available for sale	444
Securities available for sale		504
Level 1
FAIR VALUE
Securities available for sale	243,549
Securities available for sale		377,729
Equity securities		2,413
Level 2
FAIR VALUE
Securities available for sale	13,860
Securities available for sale		53,938
Derivative assets	161	684
Derivative liabilities	16,765	18,828
Recurring basis
FAIR VALUE
Securities available for sale	257,409
Securities available for sale		431,667
Equity securities		2,413
Derivative assets	16,781	18,844
Total assets	274,190	452,924
Derivative liabilities	16,781	18,844
Total liabilities	16,781	18,844
Recurring basis \| U.S. Government and agency obligations
FAIR VALUE
Securities available for sale	243,549
Securities available for sale		377,729
Recurring basis \| Municipal obligations
FAIR VALUE
Securities available for sale	13,416
Securities available for sale		53,434
Recurring basis \| Other debt securities
FAIR VALUE
Securities available for sale	444
Securities available for sale		504
Recurring basis \| Level 1
FAIR VALUE
Securities available for sale	243,549
Securities available for sale		377,729
Equity securities		2,413
Total assets	243,549	380,142
Recurring basis \| Level 1 \| U.S. Government and agency obligations
FAIR VALUE
Securities available for sale	243,549
Securities available for sale		377,729
Recurring basis \| Level 2
FAIR VALUE
Securities available for sale	13,860
Securities available for sale		53,938
Derivative assets	16,781	18,844
Total assets	30,641	72,782
Derivative liabilities	16,781	18,844
Total liabilities	16,781	18,844
Recurring basis \| Level 2 \| Municipal obligations
FAIR VALUE
Securities available for sale	13,416
Securities available for sale		53,434
Recurring basis \| Level 2 \| Other debt securities
FAIR VALUE
Securities available for sale	$ 444
Securities available for sale		$ 504

FAIR VALUE - Non-Recurring Basis (Details) - USD ($)	12 Months Ended
FAIR VALUE - Non-Recurring Basis (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2024
FAIR VALUE
Individually evaluated loans			$ 539,000
Individually evaluated loans, carrying amount			5,478,000
Individually evaluated loans, carrying amount	$ 11,544,000
Individually evaluated loans, allowance			134,000
Individually evaluated loans, allowance	792,000
Impaired loans, Commercial	539,000
Allowance for Loan Losses Allocated	792,000
Other real estate owned			153,000
Write-downs	0	$ 0
Non-recurring basis
FAIR VALUE
Individually evaluated loans			539,000
Impaired loans, Commercial	539,000
Other real estate owned			153,000
Non-recurring basis \| Level 3
FAIR VALUE
Individually evaluated loans			539,000
Individually evaluated loans, carrying amount	1,300,000		673,000
Individually evaluated loans, allowance			134,000
Impaired loans, Commercial	539,000
Allowance for Loan Losses Allocated	792,000
Other real estate owned	$ 0		$ 153,000

FAIR VALUE - Non-Recurring Basis - Other (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Fair Value
Individually evaluated loans	$ 539
Other real estate owned	$ 153
Impaired loans, Commercial		$ 539
Individually Evaluated Loans, Commercial, Valuation Technique [Extensible Enumeration]	pbfs:ValuationTechniqueAppraisalOfCollateralMember
Individually Evaluated Loans, Commercial, Measurement Input [Extensible Enumeration]	pbfs:MeasurementInputLiquidationExpenseMember
Impaired Loans, Commercial, Valuation Technique [Extensible Enumeration]		pbfs:ValuationTechniqueAppraisalOfCollateralMember
Impaired Loans, Commercial, Measurement Input [Extensible Enumeration]		pbfs:MeasurementInputLiquidationExpenseMember
Other Real Estate Owned, Valuation Technique [Extensible Enumeration]	pbfs:ValuationTechniqueAppraisalOfCollateralMember
Other Real Estate Owned, Measurement Input [Extensible Enumeration]	pbfs:MeasurementInputLiquidationExpenseMember
Weighted average
Fair Value
Impaired commercial loan measurement inputs	0.110	0.110
Other real estate owned measurement input	0.100

FAIR VALUE - Carrying and Fair Values (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Financial assets
Cash and cash equivalents	$ 165,190	$ 150,478
Securities available for sale, at fair value	257,409
Securities available for sale		431,667
Securities held to maturity	22,437	21,744
Equity securities		2,413
FHLBNY and FRBNY stock	3,546	1,196
Net loans receivable		1,144,169
Net loans receivable	1,344,069
Accrued interest receivable	$ 7,559	$ 7,194
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Financial liabilities
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Level 1
Financial assets
Cash and cash equivalents	$ 165,190	$ 150,478
Securities available for sale, at fair value	243,549
Securities available for sale		377,729
Equity securities		2,413
Level 2
Financial assets
Securities available for sale, at fair value	13,860
Securities available for sale		53,938
Securities held to maturity	22,437	21,744
FHLBNY and FRBNY stock	3,546
FHLBNY stock		1,196
Accrued interest receivable	7,559	7,194
Derivative assets	161	684
Financial liabilities
Savings, money market, and demand accounts	1,383,222	1,424,874
Time deposits	165,420	114,596
Mortgagors' escrow deposits	9,701	7,888
Accrued interest payable	137	84
Derivative liabilities	16,765	18,828
Level 3
Financial assets
Net loans receivable		1,095,366
Net loans receivable	1,293,472
Carrying amount
Financial assets
Cash and cash equivalents	165,190	150,478
Securities available for sale, at fair value	257,409
Securities available for sale		431,667
Securities held to maturity	25,090	23,949
Equity securities		2,413
FHLBNY and FRBNY stock	3,546
FHLBNY stock		1,196
Net loans receivable		1,144,169
Net loans receivable	1,344,069
Accrued interest receivable	7,559	7,194
Derivative assets	161	684
Financial liabilities
Savings, money market, and demand accounts	1,383,222	1,424,874
Time deposits	167,030	116,977
Mortgagors' escrow deposits	9,701	7,888
Accrued interest payable	137	84
Derivative liabilities	16,765	18,828
Fair value
Financial assets
Cash and cash equivalents	165,190	150,478
Securities available for sale, at fair value	257,409
Securities available for sale		431,667
Securities held to maturity	22,437	21,744
Equity securities		2,413
FHLBNY and FRBNY stock	3,546
FHLBNY stock		1,196
Net loans receivable		1,095,366
Net loans receivable	1,293,472
Accrued interest receivable	7,559	7,194
Derivative assets	161	684
Financial liabilities
Savings, money market, and demand accounts	1,383,222	1,424,874
Time deposits	165,420	114,596
Mortgagors' escrow deposits	9,701	7,888
Accrued interest payable	137	84
Derivative liabilities	$ 16,765	$ 18,828

REGULATORY CAPITAL - Other (Details)	12 Months Ended
REGULATORY CAPITAL - Other (Details)	Jun. 30, 2024	Jun. 30, 2023
REGULATORY CAPITAL
Required buffer percentage	2.50%	2.50%

REGULATORY CAPITAL - Actual Capital Amounts and Ratios (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Pioneer Savings Bank
Tier 1 (leverage) capital, Amount
Actual	$ 221,549	$ 208,576
Capital Adequacy Purposes	76,051	72,733
To be Well Capitalized Under Prompt Corrective Action	$ 95,064	$ 90,916
Tier 1 (leverage) capital, Ratio
Actual (as a percent)	0.1165	0.1147
Capital Adequacy Purposes (as a percent)	0.0400	0.0400
To be Well Capitalized Under Prompt Corrective Action (as a percent)	0.0500	0.0500
Common Tier 1, Amount
Actual	$ 221,549	$ 208,576
Capital Adequacy Purposes	54,171	49,795
Capital Adequacy Purposes with Capital Buffer	84,265	77,459
To be Well Capitalized Under Prompt Corrective Action	$ 78,246	$ 71,926
Common Tier 1, Ratio
Actual (as a percent)	0.1840	0.1885
Capital Adequacy Purposes (as a percent)	0.0450	0.0450
Capital Adequacy Purposes with Capital Buffer (as a percent)	0.0700	0.0700
To be Well Capitalized Under Prompt Corrective Action (as a percent)	0.0650	0.0650
Tier 1 capital, Amount
Actual	$ 221,549	$ 208,576
Capital Adequacy Purposes	72,227	66,393
Capital Adequacy Purposes with Capital Buffer	102,322	94,057
To be Well Capitalized Under Prompt Corrective Action	$ 96,303	$ 88,524
Tier 1 capital, Ratio
Actual (as a percent)	0.1840	0.1885
Capital Adequacy Purposes (as a percent)	0.0600	0.0600
Capital Adequacy Purposes with Capital Buffer (as a percent)	0.0850	0.0850
To be Well Capitalized Under Prompt Corrective Action (as a percent)	0.0800	0.0800
Total, Amount
Actual	$ 236,706	$ 222,513
Capital Adequacy Purposes	96,303	88,524
Capital Adequacy Purposes with Capital Buffer	126,398	116,188
To be Well Capitalized Under Prompt Corrective Action	$ 120,379	$ 110,655
Total, Ratio
Actual (as a percent)	0.1966	0.2011
Capital Adequacy Purposes (as a percent)	0.0800	0.0800
Capital Adequacy Purposes with Capital Buffer (as a percent)	0.1050	0.1050
To be Well Capitalized Under Prompt Corrective Action (as a percent)	0.1000	0.1000
Pioneer Commercial Bank
Tier 1 (leverage) capital, Amount
Actual	$ 52,658	$ 46,284
Capital Adequacy Purposes	22,039	19,709
To be Well Capitalized Under Prompt Corrective Action	$ 27,549	$ 24,636
Tier 1 (leverage) capital, Ratio
Actual (as a percent)	0.0956	0.0939
Capital Adequacy Purposes (as a percent)	0.0400	0.0400
To be Well Capitalized Under Prompt Corrective Action (as a percent)	0.0500	0.0500
Common Tier 1, Amount
Actual	$ 52,658	$ 46,284
Capital Adequacy Purposes	4,224	3,800
Capital Adequacy Purposes with Capital Buffer	6,571	5,911
To be Well Capitalized Under Prompt Corrective Action	$ 6,102	$ 5,489
Common Tier 1, Ratio
Actual (as a percent)	0.5609	0.5481
Capital Adequacy Purposes (as a percent)	0.0450	0.0450
Capital Adequacy Purposes with Capital Buffer (as a percent)	0.0700	0.0700
To be Well Capitalized Under Prompt Corrective Action (as a percent)	0.0650	0.0650
Tier 1 capital, Amount
Actual	$ 52,658	$ 46,284
Capital Adequacy Purposes	5,633	5,067
Capital Adequacy Purposes with Capital Buffer	7,979	7,178
To be Well Capitalized Under Prompt Corrective Action	$ 7,510	$ 6,756
Tier 1 capital, Ratio
Actual (as a percent)	0.5609	0.5481
Capital Adequacy Purposes (as a percent)	0.0600	0.0600
Capital Adequacy Purposes with Capital Buffer (as a percent)	0.0850	0.0850
To be Well Capitalized Under Prompt Corrective Action (as a percent)	0.0800	0.0800
Total, Amount
Actual	$ 52,658	$ 46,284
Capital Adequacy Purposes	7,510	6,756
Capital Adequacy Purposes with Capital Buffer	9,857	8,867
To be Well Capitalized Under Prompt Corrective Action	$ 9,388	$ 8,444
Total, Ratio
Actual (as a percent)	0.5609	0.5481
Capital Adequacy Purposes (as a percent)	0.0800	0.0800
Capital Adequacy Purposes with Capital Buffer (as a percent)	0.1050	0.1050
To be Well Capitalized Under Prompt Corrective Action (as a percent)	0.1000	0.1000

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	12 Months Ended
REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Non-interest Income
Noninterest income in scope	$ 14,953	$ 12,977
Noninterest income out of scope	1,377	1,171
Total noninterest income	16,330	14,148
Insurance services
Non-interest Income
Noninterest income in scope	3,031	2,760
Wealth management services
Non-interest Income
Noninterest income in scope	6,282	4,293
Service charges on deposit accounts
Non-interest Income
Noninterest income in scope	2,427	2,475
Card services income
Non-interest Income
Noninterest income in scope	2,843	2,963
Other
Non-interest Income
Noninterest income in scope	$ 370	$ 486

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

LEASES - Quantitative (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES - Quantitative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Right of use assets:
Finance leases	$ 532	$ 608
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Operating leases	$ 5,223	$ 5,448
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Right of use assets, Total	$ 5,755	$ 6,056
Lease liabilities:
Finance leases	$ 634	$ 711
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Operating leases	$ 5,505	$ 5,713
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Lease Liabilities, Total	$ 6,139	$ 6,424
Weighted-average remaining lease term for finance leases (in years)	71 years 7 months 6 days	64 years 10 months 24 days
Weighted-average remaining lease term for operating leases (in years)	13 years 2 months 12 days	14 years 2 months 12 days
Weighted-average discount rate for finance leases	5.78%	5.62%
Weighted-average discount rate for operating leases	3.90%	3.87%
Finance lease expense
Amortization of ROU assets	$ 101	$ 99
Interest on lease liabilities	32	32
Operating lease expense	647	606
Variable lease expense	241	219
Total:	1,021	956
Operating cash flows from finance leases (i.e. interest)	32	17
Finance cash flows from finance leases (i.e. principal portion)	102	114
Operating cash flows from operating leases	627	$ 585
ROU assets obtained in exchange for new finance lease liabilities	26
ROU assets obtained in exchange for new operating lease liabilities	$ 199

LEASES - Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Finance leases
2025	$ 123
2026	60
2027	36
2028	36
2029	33
Thereafter	2,550
Total undiscounted cash flows	2,838
Less: present value discount	(2,204)
Total lease liabilities	634	$ 711
Operating leases
2025	633
2026	600
2027	579
2028	585
2029	503
Thereafter	4,219
Total undiscounted cash flows	7,119
Less: present value discount	(1,614)
Total lease liabilities	$ 5,505	$ 5,713

STOCK-BASED COMPENSATION - Narratives (Details) - $ / shares	1 Months Ended	12 Months Ended
	May 31, 2021	Jun. 30, 2024	Jun. 30, 2023
STOCK-BASED COMPENSATION
Expiration period		10 years
Options Granted		830,000
Options Outstanding		830,000
Weighted Average Exercise Price, Outstanding		$ 9.39
Weighted Average Remaining Contractual Life, Outstanding		9 years 10 months 20 days
Employee Stock Option
STOCK-BASED COMPENSATION
Vesting period		5 years
Stock Plan
STOCK-BASED COMPENSATION
Vesting period	5 years
Shares authorized for issuance	1,782,068
Shares available for grant		562,068
Shares issued during the period			0

STOCK-BASED COMPENSATION - Options (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Shares
Granted (in shares) \| shares	830,000
Outstanding at end of period (in shares) \| shares	830,000
Expected to Vest \| shares	830,000
Weighted Average Exercise Price
Granted (in dollars per share) \| $ / shares	$ 9.39
Outstanding at end of period (in dollars per share) \| $ / shares	9.39
Expected to Vest \| $ / shares	$ 9.39
Weighted Average Remaining Contractual Life, Outstanding	9 years 10 months 20 days
Weighted Average Remaining Contractual Life, Expected to Vest	9 years 10 months 20 days
Aggregate Intrinsic Value \| $	$ 515

STOCK-BASED COMPENSATION - Schedule of stock option information (Details) - Employee Stock Option $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares
STOCK-BASED COMPENSATION
Fair Value of Options Granted \| $ / shares	$ 3.85
Fair Value Assumptions:
Expected Volatility	31.34%
Risk Free Interest Rate	4.31%
Expected Lives (in years)	6 years 6 months
Amount expensed during the year	$ 72
Compensation costs for non-vested awards not yet recognized	$ 3,124
Weighted average expected vesting period, in years	2 years 10 months 20 days

STOCK-BASED COMPENSATION - Restricted Stock (Details) - Restricted Stock	12 Months Ended
	Jun. 30, 2024 $ / shares shares
Restricted Stock
Granted \| shares	390,000
Non-vested at June 30, 2024 \| shares	390,000
Weighted Average Grant Date Fair Value
Granted \| $ / shares	$ 9.39
Non-vested at June 30, 2024 \| $ / shares	$ 9.39

STOCK-BASED COMPENSATION - Restricted stock additional (Details) - Restricted Stock $ in Thousands	12 Months Ended
	Jun. 30, 2024 USD ($)
STOCK-BASED COMPENSATION
Vesting period	5 years
Amount expensed during the year	$ 82
Compensation Costs for Non-Vested Awards Not Yet Recognized	$ 3,580
Weighted Average Expected Vesting Period, In Years	2 years 10 months 20 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
EARNINGS PER SHARE
Net income	$ 15,260	$ 21,948
Average number of common shares outstanding	25,951,228	25,977,679
Less: Average unallocated ESOP shares	757,380	808,297
Weighted-average number of common shares outstanding - basic	25,193,848	25,169,382
Add: Effect of dilutive stock options and restricted stock	29,266
Weighted-average number of common shares outstanding - diluted	25,223,114	25,169,382
Net earnings per common share:
Basic (in dollars per share)	$ 0.61	$ 0.87
Diluted (in dollars per share)	$ 0.61	$ 0.87
Anti-dilutive stocks	830,000	0

CONDENSED FINANCIAL STATEMENTS OF PIONEER BANCORP, INC. - Statements of Condition (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
ASSETS
Cash and cash equivalents	$ 165,190	$ 150,478
Loans receivable	1,365,870
Loans receivable		1,166,638
Other assets	22,597	26,291
Total assets	1,895,404	1,856,191
LIABILITIES AND SHAREHOLDERS' EQUITY
Total liabilities	1,598,876	1,589,491
Total shareholders' equity	296,528	266,700	$ 242,627
Total liabilities and shareholders' equity	1,895,404	1,856,191
Pioneer Bancorp, Inc.
ASSETS
Cash and cash equivalents	44,699	44,685
Investment in subsidiary	240,319	209,901
Loans receivable	10,983
Loans receivable		11,376
Other assets	538	738
Total assets	296,539	266,700
LIABILITIES AND SHAREHOLDERS' EQUITY
Total liabilities	11
Total shareholders' equity	296,528	266,700
Total liabilities and shareholders' equity	$ 296,539	$ 266,700

CONDENSED FINANCIAL STATEMENTS OF PIONEER BANCORP, INC. - Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
OPERATING EXPENSES:
Other	$ 5,692	$ 5,274
Income before tax expense and equity in undistributed net income of subsidiary	19,409	27,855
Income tax expense	4,149	5,907
Net income	15,260	21,948
Pioneer Bancorp, Inc.
INCOME
Interest-earning assets	930	655
Total income	930	655
OPERATING EXPENSES:
Other	192	182
Total operating expenses	192	182
Income before tax expense and equity in undistributed net income of subsidiary	738	473
Income tax expense	198	126
Income before equity in undistributed net income of subsidiary	540	347
Equity in undistributed net income of subsidiary	14,720	21,601
Net income	$ 15,260	$ 21,948

CONDENSED FINANCIAL STATEMENTS OF PIONEER BANCORP, INC. - Statements of Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flow from operating activities:
Net income	$ 15,260	$ 21,948
Adjustments to reconcile net income to cash provided by operating activities:
Net decrease in other assets	1,992	3,754
Net increase (decrease) in other liabilities	(2,488)	(426)
Net cash provided by operating activities	23,847	26,269
Cash flow from investing activities:
Decrease in loan receivable	(200,057)	(161,701)
Net cash provided by investing activities	(18,048)	(114,873)
Cash flow from financing activities:
Repurchase of common stock	(1,075)
Net cash used by financing activities	8,913	(136,978)
Net increase in cash and cash equivalents	14,712	(225,582)
Cash and cash equivalents at beginning of period	150,478	376,060
Cash and cash equivalents at end of period	165,190	150,478
Pioneer Bancorp, Inc.
Cash flow from operating activities:
Net income	15,260	21,948
Adjustments to reconcile net income to cash provided by operating activities:
Undistributed income of subsidiary	(14,720)	(21,601)
Net decrease in other assets	200	167
Net increase (decrease) in other liabilities	11	(43)
Net cash provided by operating activities	751	471
Cash flow from investing activities:
Decrease in loan receivable	393	536
Net cash provided by investing activities	393	536
Cash flow from financing activities:
Repurchase of common stock	(1,075)
Other	(55)	(170)
Net cash used by financing activities	(1,130)	(170)
Net increase in cash and cash equivalents	14	837
Cash and cash equivalents at beginning of period	44,685	43,848
Cash and cash equivalents at end of period	$ 44,699	$ 44,685