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  4. [10-Q] Kearny Financial Corp. Quarterly Earnings Report

[10-Q] Kearny Financial Corp. Quarterly Earnings Report

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
10-Q
Rhea-AI Filing Summary

Kearny Financial Corp. (KRNY) filed its quarterly report for the period ended September 30, 2025. Net income rose to $9.5 million from $6.1 million a year ago, with diluted EPS increasing to $0.15 from $0.10. Net interest income improved to $37.7 million from $32.4 million, aided by lower interest expense, while the company recorded a small reversal of credit losses of $0.08 million. Noninterest income was $5.8 million versus $4.6 million, and noninterest expense rose to $31.7 million from $29.8 million.

Total assets were $7.65 billion versus $7.74 billion at June 30, 2025. Deposits declined to $5.63 billion from $5.68 billion, and borrowings decreased to $1.21 billion from $1.26 billion. Stockholders’ equity increased to $753.2 million from $746.0 million, helped by an improvement in accumulated other comprehensive loss to $(67.7) million from $(72.0) million.

Credit quality mixed: total nonperforming loans increased to $64.6 million from $45.6 million, including $20.5 million of construction loans 90+ days past due and accruing. The allowance for credit losses on loans decreased to $45.1 million from $46.2 million. The company declared a $0.11 per-share quarterly dividend on October 22, 2025.

Positive
  • None.
Negative
  • None.

Insights

Earnings improved as funding costs eased, while nonperformers rose.

Kearny Financial delivered higher profitability: net income reached $9.5M and NII rose to $37.7M as interest expense declined. Noninterest income also improved, offset by higher operating costs. Equity increased as AOCI losses narrowed, supporting capital.

Asset quality showed pressure. Total nonperforming loans increased to $64.6M, driven by construction credits 90+ days past due at $20.5M. The loan loss allowance decreased to $45.1M, and the quarter included modest net charge-offs of $1.1M.

Balance sheet trends were mixed: assets and deposits contracted quarter over quarter, while borrowings declined. The company declared a $0.11 dividend on October 22, 2025. Actual impacts from credit trends will depend on future resolutions and portfolio performance.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________
FORM 10-Q
__________________________________________
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
OR
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________to ________
Commission File Number: 001-37399
__________________________________________
KEARNY FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
__________________________________________
Maryland30-0870244
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification Number)
120 Passaic Ave., Fairfield, New Jersey
07004
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code
973-244-4500
__________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueKRNYThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filers,” “accelerated filers,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated fileroAccelerated filerx
Non-accelerated fileroSmaller reporting companyo
Emerging growth companyo
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
The number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: October 31, 2025.
$0.01 par value common stock — 64,739,151 shares outstanding

Table of Contents
KEARNY FINANCIAL CORP. AND SUBSIDIARIES
TABLE OF CONTENTS
Page
Number
PART I—FINANCIAL INFORMATION
Item 1.
Financial Statements
Consolidated Statements of Financial Condition at September 30, 2025 (Unaudited) and June 30, 2025
1
Consolidated Statements of Income for the Three Months Ended September 30, 2025 and September 30, 2024 (Unaudited)
2
Consolidated Statements of Comprehensive Income for the Three Months Ended September 30, 2025 and September 30, 2024 (Unaudited)
3
Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended September 30, 2025 and September 30, 2024 (Unaudited)
4
Consolidated Statements of Cash Flows for the Three Months Ended September 30, 2025 and September 30, 2024 (Unaudited)
5
Notes to Consolidated Financial Statements (Unaudited)
7
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
33
Item 3.
Quantitative and Qualitative Disclosure About Market Risk
41
Item 4.
Controls and Procedures
42
PART II—OTHER INFORMATION
Item 1.
Legal Proceedings
43
Item 1A.
Risk Factors
43
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
43
Item 3.
Defaults Upon Senior Securities
43
Item 4.
Mine Safety Disclosures
43
Item 5.
Other Information
43
Item 6.
Exhibits
44
SIGNATURES
45

Table of Contents


KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In Thousands, Except Share and Per Share Data)
September 30,
2025		June 30,
2025
(Unaudited)
Assets
Cash and amounts due from depository institutions $15,828 $21,864 
Interest-bearing deposits in other banks114,311 145,405 
Cash and cash equivalents130,139 167,269 
Investment securities available for sale (amortized cost of $1,116,953 and $1,125,111, respectively)
1,016,182 1,012,969 
Investment securities held to maturity (fair value of $104,817 and $106,712, respectively)
116,681 120,217 
Loans held-for-sale6,650 5,931 
Loans receivable5,767,419 5,812,937 
Less: allowance for credit losses on loans(45,060)(46,191)
Net loans receivable5,722,359 5,766,746 
Premises and equipment43,222 43,897 
Federal Home Loan Bank (“FHLB”) of New York stock62,011 64,261 
Accrued interest receivable29,460 28,098 
Goodwill113,525 113,525 
Core deposit intangibles1,317 1,436 
Bank owned life insurance307,248 304,717 
Deferred income tax assets, net51,587 55,203 
Other assets47,629 56,181 
Total Assets $7,648,010 $7,740,450 
Liabilities and Stockholders' Equity
Liabilities
Deposits:
Non-interest-bearing $578,481 $582,045 
Interest-bearing5,053,401 5,093,172 
Total deposits5,631,882 5,675,217 
Borrowings1,206,497 1,256,491 
Advance payments by borrowers for taxes19,261 19,317 
Other liabilities37,166 43,463 
Total Liabilities6,894,806 6,994,488 
Stockholders' Equity
Preferred stock, $0.01 par value, 100,000,000 shares authorized; none issued and outstanding
— — 
Common stock, $0.01 par value; 800,000,000 shares authorized; 64,739,151 shares and 64,577,481 shares issued and outstanding, respectively
648 646 
Paid-in capital494,490 494,546 
Retained earnings344,287 341,744 
Unearned employee stock ownership plan shares; 1,906,630 shares and 1,956,805 shares, respectively
(18,484)(18,970)
Accumulated other comprehensive loss(67,737)(72,004)
Total Stockholders' Equity753,204 745,962 
Total Liabilities and Stockholders' Equity$7,648,010 $7,740,450 
See notes to unaudited consolidated financial statements.
- 1 -
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KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Per Share Data)
(Unaudited)
Three Months Ended
September 30,
20252024
Interest Income
Loans$68,349 $66,331 
Taxable investment securities12,600 14,384 
Tax-exempt investment securities41 71 
Other interest-earning assets1,518 2,466 
Total Interest Income82,508 83,252 
Interest Expense
Deposits33,931 35,018 
Borrowings10,873 15,788 
Total Interest Expense44,804 50,806 
Net Interest Income37,704 32,446 
(Reversal of) provision for credit losses (82)108 
Net Interest Income after (Reversal of) Provision for Credit Losses 37,786 32,338 
Non-Interest Income
Fees and service charges892 635 
Gain on sale of loans199 200 
Income from bank owned life insurance2,689 2,567 
Electronic banking fees and charges416 391 
Other income1,651 833 
Total Non-Interest Income5,847 4,626 
Non-Interest Expense
Salaries and employee benefits18,745 17,498 
Net occupancy expense of premises3,307 2,798 
Equipment and systems3,974 3,860 
Advertising and marketing562 342 
Federal deposit insurance premium1,301 1,563 
Directors' compensation307 361 
Other expense3,470 3,364 
Total Non-Interest Expense31,666 29,786 
Income before Income Taxes11,967 7,178 
Income tax expense 2,461 1,086 
Net Income$9,506 $6,092 
Net Income per Common Share (EPS)
Basic$0.15 $0.10 
Diluted$0.15 $0.10 
Weighted Average Number of Common Shares Outstanding
Basic62,74162,389
Diluted62,95162,420
See notes to unaudited consolidated financial statements.
- 2 -
Table of Contents
KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands, Unaudited)
Three Months Ended
September 30,
20252024
Net Income$9,506 $6,092 
Other Comprehensive Income (Loss) , net of tax:
Net unrealized gain on securities available for sale8,081 16,982 
Fair value adjustments on derivatives(3,789)(18,624)
Benefit plan adjustments(25)81 
Total Other Comprehensive Income (Loss)4,267 (1,561)
Total Comprehensive Income$13,773 $4,531 
See notes to unaudited consolidated financial statements.
- 3 -
Table of Contents
KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(In Thousands, Except Per Share Data, Unaudited)
Common Stock Paid-In
Capital 		Retained
Earnings		Unearned
ESOP
Shares		Accumulated
Other
Comprehensive
Loss		Total
Shares Amount
Balance - June 30, 202464,434$644 $493,680 $343,326 $(20,916)$(63,163)$753,571 
Net income—— — 6,092 — — 6,092 
Other comprehensive loss, net of income tax —— — — — (1,561)(1,561)
ESOP shares committed to be released (50 shares)
—— (156)— 486 — 330 
Issuance of stock under stock benefit plan2072 (2)— — — — 
Stock-based compensation expense—— 350 — — — 350 
Cancellation of shares issued for restricted stock awards(61)— (349)— — — (349)
Cash dividends declared ($0.11 per common share)
—— — (6,896)— — (6,896)
Balance - September 30, 202464,580$646 $493,523 $342,522 $(20,430)$(64,724)$751,537 


Common Stock Paid-In
Capital 		Retained
Earnings 		Unearned
ESOP
Shares 		Accumulated
Other
Comprehensive
Loss		Total
Shares Amount
Balance - June 30, 202564,577$646 $494,546 $341,744 $(18,970)$(72,004)$745,962 
Net income—— — 9,506 — — 9,506 
Other comprehensive income, net of income tax—— — — — 4,267 4,267 
ESOP shares committed to be released (50 shares)
——(164)— 486 — 322 
Issuance of stock under stock benefit plans2382 (2)— — — — 
Stock-based compensation expense—— 525 — — — 525 
Cancellation of shares issued for restricted stock awards(76)— (415)— — — (415)
Cash dividends declared ($0.11 per common share)
—— — (6,963)— — (6,963)
Balance - September 30, 202564,739 $648 $494,490 $344,287 $(18,484)$(67,737)$753,204 


See notes to unaudited consolidated financial statements.
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KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands, Unaudited)
Three Months Ended
September 30,
20252024
Cash Flows from Operating Activities:
Net income$9,506 $6,092 
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of premises and equipment1,042 1,108 
Net accretion of yield adjustments(139)(388)
Deferred income taxes1,892 875 
Amortization of intangible assets119 126 
Net change in benefit plan accrued expense(35)115 
(Reversal of) provision for credit losses (82)108 
Loans originated for sale(28,605)(29,463)
Proceeds from sale of mortgage loans held-for-sale28,085 26,833 
Gain on sale of mortgage loans held-for-sale, net(199)(200)
Realized gain on disposition of premises and equipment(749)(1)
Increase in cash surrender value of bank owned life insurance(2,689)(2,567)
ESOP and stock-based compensation expense847 680 
(Increase) decrease in interest receivable(1,362)54 
Decrease in other assets645 486 
(Decrease) increase in interest payable(2,108)1,625 
Decrease in other liabilities(4,664)(2,944)
Net Cash Provided by Operating Activities1,504 2,539 
Cash Flows from Investing Activities:
Purchases of:
Investment securities available for sale(71,170)(37,542)
Proceeds from:
Repayments/calls/maturities of investment securities available for sale79,405 63,608 
Repayments/calls/maturities of investment securities held to maturity3,507 3,455 
Purchase of loans(5,053)— 
Net decrease (increase) in loans receivable50,763 (37,293)
Additions to premises and equipment(367)(1,357)
Proceeds from death benefit of bank owned life insurance301 255 
Proceeds from cash settlement of premises and equipment2,629 1 
Purchase of FHLB stock(9,900)(18,806)
Redemption of FHLB stock12,150 41,400 
Net Cash Provided by Investing Activities62,265 13,721 
See notes to unaudited consolidated financial statements.
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KEARNY FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(In Thousands, Unaudited)
Three Months Ended
September 30,
20252024
Cash Flows from Financing Activities:
Net (decrease) increase in deposits(43,333)312,395 
Repayment of term FHLB advances(1,200,000)(1,425,000)
Proceeds from term FHLB advances and other borrowings1,100,000 1,100,000 
Net increase in other short-term borrowings50,000 95,000 
Net (decrease) increase in advance payments by borrowers for taxes(56)415 
Cancellation of shares repurchased on vesting to pay taxes(415)(349)
Dividends paid(7,095)(7,011)
Net Cash (Used in) Provided by Financing Activities(100,899)75,450 
Net (Decrease) Increase in Cash and Cash Equivalents(37,130)91,710 
Cash and Cash Equivalents - Beginning167,269 63,864 
Cash and Cash Equivalents - Ending$130,139 $155,574 
Supplemental Disclosures of Cash Flows Information:
Cash paid during the period for:
Income taxes, net of refunds$2,711 $1,268 
Interest$46,912 $49,181 
See notes to unaudited consolidated financial statements.
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KEARNY FINANCIAL CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
1.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation
The unaudited consolidated financial statements include the accounts of Kearny Financial Corp. (the “Company”), its wholly-owned subsidiary, Kearny Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries. The Company conducts its business principally through the Bank. Management prepared the unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), including the elimination of all significant inter-company accounts and transactions during consolidation.
Basis of Presentation
The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include the information or footnotes necessary for a complete presentation of financial condition, income, comprehensive income, changes in stockholders’ equity and cash flows in conformity with GAAP. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the unaudited consolidated financial statements have been included. The results of operations for the three months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the entire fiscal year or any other period.
The data in the Consolidated Statement of Financial Condition at June 30, 2025 was derived from the Company’s 2025 Annual Report on Form 10-K. That data, along with the interim unaudited financial information presented in the Consolidated Statements of Financial Condition, Income, Comprehensive Income, Changes in Stockholders’ Equity and Cash Flows should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in the Company’s 2025 Annual Report on Form 10-K.
The accounting and reporting policies of the Company conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1, Summary of Significant Accounting Policies, included in the Company’s 2025 Annual Report on Form 10-K. There have been no material changes to the Company’s significant accounting policies since June 30, 2025.
2.    SUBSEQUENT EVENTS
The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of September 30, 2025, for items that should potentially be recognized or disclosed in these consolidated financial statements (unaudited). The evaluation was conducted through the date this document was filed.
On October 22, 2025, the Company declared a quarterly cash dividend of $0.11 per share, payable on November 19, 2025 to stockholders of record as of November 5, 2025.
3.    RECENT ACCOUNTING PRONOUNCEMENTS
Accounting Standards Issued Not Yet Adopted
In November 2024, and as amended in January 2025, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires improved disclosures about a public business entity’s expenses, including more detailed information about the types of expenses in commonly presented expense captions. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, although early adoption is permitted.
In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This ASU amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. Adoption of ASU 2024-03 and ASU 2025-01 is not expected to have a significant impact on the Company's consolidated financial statements.
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4.    SECURITIES
The following tables present the amortized cost, gross unrealized gains and losses and estimated fair values for available for sale securities and the amortized cost, gross unrecognized gains and losses and estimated fair values for held to maturity securities as of the dates indicated:
September 30, 2025
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for
Credit Losses		Fair
Value
(In Thousands)
Available for sale:    
Debt securities:    
Asset-backed securities$58,686 $9 $207 $— $58,488 
Collateralized loan obligations331,135 883 163 — 331,855 
Corporate bonds144,546 860 8,083 — 137,323 
Total debt securities534,367 1,752 8,453 — 527,666 
    
Mortgage-backed securities:    
Residential pass-through securities (1)
430,740 608 75,009 — 356,339 
Commercial pass-through securities (1)
151,846 464 20,133 — 132,177 
Total mortgage-backed securities582,586 1,072 95,142 — 488,516 
    
Total securities available for sale$1,116,953 $2,824 $103,595 $— $1,016,182 
___________________________
(1)Government-sponsored enterprises.
June 30, 2025
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for
Credit Losses		Fair
Value
(In Thousands)
Available for sale:    
Debt securities:    
Asset-backed securities$60,255 $59 $816 $— $59,498 
Collateralized loan obligations322,407 956 118 — 323,245 
Corporate bonds149,550 235 9,668 — 140,117 
Total debt securities532,212 1,250 10,602 — 522,860 
    
Mortgage-backed securities:   
Residential pass-through securities (1)
440,168 329 83,178 — 357,319 
Commercial pass-through securities (1)
152,731 436 20,377 — 132,790 
Total mortgage-backed securities592,899 765 103,555 — 490,109 
   
Total securities available for sale$1,125,111 $2,015 $114,157 $— $1,012,969 
___________________________
(1)Government-sponsored enterprises.
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September 30, 2025
Amortized
Cost		Gross
Unrecognized
Gains		Gross
Unrecognized
Losses		Allowance for
Credit Losses		Fair
Value
(In Thousands)
Held to maturity:   
Debt securities:    
Obligations of state and political subdivisions$6,500 $1 $35 $— $6,466 
Total debt securities6,500 1 35 — 6,466 
    
Mortgage-backed securities:    
Residential pass-through securities (1)
98,008 318 10,765 — 87,561 
Commercial pass-through securities (1)
12,173 — 1,383 — 10,790 
Total mortgage-backed securities110,181 318 12,148 — 98,351 
    
Total securities held to maturity$116,681 $319 $12,183 $— $104,817 
___________________________
(1)Government-sponsored enterprises.
June 30, 2025
Amortized
Cost		Gross
Unrecognized
Gains		Gross
Unrecognized
Losses		Allowance for
Credit Losses		Fair
Value
(In Thousands)
Held to maturity:
Debt securities:
Obligations of state and political subdivisions$7,553 $1 $74 $— $7,480 
Total debt securities7,553 1 74 — 7,480 
  
Mortgage-backed securities:  
Residential pass-through securities (1)
100,482 102 12,024 — 88,560 
Commercial pass-through securities (1)
12,182 — 1,510 — 10,672 
Total mortgage-backed securities112,664 102 13,534 — 99,232 
  
Total securities held to maturity$120,217 $103 $13,608 $— $106,712 
___________________________
(1)Government-sponsored enterprises.
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Excluding the balances of mortgage-backed securities, the following tables present the amortized cost and estimated fair values of debt securities available for sale and held to maturity, by contractual maturity, at September 30, 2025:
September 30, 2025
Amortized
Cost		Fair
Value
(In Thousands)
Available for sale debt securities:
Due in one year or less$— $— 
Due after one year through five years17,025 16,583 
Due after five years through ten years344,628 338,588 
Due after ten years172,714 172,495 
Total$534,367 $527,666 
September 30, 2025
Amortized
Cost		Fair
Value
(In Thousands)
Held to maturity debt securities:
Due in one year or less$2,402 $2,395 
Due after one year through five years4,098 4,071 
Due after five years through ten years— — 
Due after ten years— — 
Total$6,500 $6,466 

The carrying value of securities pledged were as follows as of the dates presented below:
September 30,
2025		June 30,
2025
(In Thousands)
Securities pledged:
Pledged to secure public funds on deposit$248,253 $475,234 
Pledged for potential borrowings at the Federal Reserve Bank of New York64,748 66,811 
Total carrying value of securities pledged$313,001 $542,045 
The following tables present the gross unrealized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that securities have been in a continuous unrealized loss position within the available for sale portfolio at September 30, 2025 and June 30, 2025:
September 30, 2025
Less than 12 Months 12 Months or MoreTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Number of SecuritiesFair
Value		Unrealized
Losses
(Dollars in Thousands)
Securities Available for Sale:
Asset-backed securities$19,970 $45 $35,659 $162 7$55,629 $207 
Collateralized loan obligations151,647 159 14,996 4 11166,643 163 
Corporate bonds2,009 16 108,954 8,067 21110,963 8,083 
Commercial pass-through securities— — 109,293 20,133 7109,293 20,133 
Residential pass-through securities— — 315,331 75,009 95315,331 75,009 
Total$173,626 $220 $584,233 $103,375 141$757,859 $103,595 
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June 30, 2025
Less than 12 Months12 Months or MoreTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Number of SecuritiesFair
Value		Unrealized
Losses
(Dollars in Thousands)
Securities Available for Sale:
Asset-backed securities$29,860 $493 $18,526 $323 7$48,386 $816 
Collateralized loan obligations105,251 82 14,964 36 8120,215 118 
Corporate bonds1,987 38 112,395 9,630 22114,382 9,668 
Commercial pass-through securities— — 109,817 20,377 7109,817 20,377 
Residential pass-through securities21,942 109 314,871 83,069 99336,813 83,178 
Total$159,040 $722 $570,573 $113,435 143$729,613 $114,157 
Available for sale securities are evaluated to determine if a decline in fair value below the amortized cost basis has resulted from a credit loss or from other factors. An impairment related to credit factors would be recorded through an allowance for credit losses. The allowance is limited to the amount by which the security’s amortized cost basis exceeds the fair value. An impairment that has not been recorded through an allowance for credit losses shall be recorded through other comprehensive income, net of applicable taxes. Investment securities will be written down to fair value through the Consolidated Statement of Income if management intends to sell, or may be required to sell, the securities before they recover in value. The issuers of these securities continue to make timely principal and interest payments and none of these securities were past due or were placed in nonaccrual status at September 30, 2025. The Company also monitors the credit quality of the issuers through credit ratings from various rating agencies. Credit ratings express opinions about the credit quality of a security and are utilized by the Company to make informed decisions. Management believes that the unrealized losses on these securities are a function of changes in market interest rates and credit spreads, not changes in credit quality. No allowance for credit losses was recorded at September 30, 2025 on available for sale securities.
At September 30, 2025, the held to maturity securities portfolio consisted of agency mortgage-backed securities and obligations of state and political subdivisions. The mortgage-backed securities are issued by U.S. government agencies and are implicitly guaranteed by the U.S. government. The obligations of state and political subdivisions in the portfolio are highly rated by major rating agencies and have a long history of no credit losses. The Company regularly monitors the obligations of state and political subdivisions sector of the market and reviews collectability including such factors as the financial condition of the issuers as well as credit ratings in effect as of the reporting period. No allowance for credit losses was recorded at September 30, 2025 on held to maturity securities.
As of September 30, 2025 and June 30, 2025, there were no holdings of debt securities of any one issuer, other than U.S. government sponsored entities and agencies, in an amount greater than 10% of stockholders’ equity.
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5.    LOANS RECEIVABLE
The following table sets forth the composition of the Company’s loan portfolio at September 30, 2025 and June 30, 2025:
September 30,
2025		June 30,
2025
(In Thousands)
Commercial loans:
Multi-family mortgage$2,640,737 $2,709,654 
Nonresidential mortgage988,969 986,556 
Commercial business142,304 138,755 
Construction189,626 177,713 
Total commercial loans3,961,636 4,012,678 
One- to four-family residential mortgage1,749,362 1,748,591 
Consumer loans:
Home equity loans54,116 50,737 
Other consumer2,487 2,533 
Total consumer loans56,603 53,270 
Total loans5,767,601 5,814,539 
Unaccreted yield adjustments (1)
(182)(1,602)
Total loans receivable, net of yield adjustments$5,767,419 $5,812,937 
___________________________
(1)At September 30, 2025 and June 30, 2025, included a fair value adjustment to the carrying amount of hedged one- to four-family residential mortgage loans.
Past Due Loans
Past due status is based on the contractual payment terms of the loans. The following tables present the payment status of past due loans as of September 30, 2025 and June 30, 2025, by loan segment:
Payment Status
September 30, 2025
30-59 Days60-89 Days90 Days and OverTotal Past DueCurrentTotal
(In Thousands)
Multi-family mortgage$1,524 $1,204 $27,076 $29,804 $2,610,933 $2,640,737 
Nonresidential mortgage— — 4,927 4,927 984,042 988,969 
Commercial business509 179 453 1,141 141,163 142,304 
Construction4,500 — 20,494 24,994 164,632 189,626 
One- to four-family residential mortgage1,001 1,149 3,271 5,421 1,743,941 1,749,362 
Home equity loans276 — 298 574 53,542 54,116 
Other consumer— — — — 2,487 2,487 
Total loans$7,810 $2,532 $56,519 $66,861 $5,700,740 $5,767,601 
Payment Status
June 30, 2025
30-59 Days60-89 Days90 Days and OverTotal Past DueCurrentTotal
(In Thousands)
Multi-family mortgage$— $5,270 $22,218 $27,488 $2,682,166 $2,709,654 
Nonresidential mortgage926 — 4,937 5,863 980,693 986,556 
Commercial business— 400 1,301 1,701 137,054 138,755 
Construction— — — — 177,713 177,713 
One- to four-family residential mortgage1,350 2,890 3,643 7,883 1,740,708 1,748,591 
Home equity loans176 96 204 476 50,261 50,737 
Other consumer— — — — 2,533 2,533 
Total loans$2,452 $8,656 $32,303 $43,411 $5,771,128 $5,814,539 
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Nonperforming Loans
Loans are generally placed on nonaccrual status when contractual payments become 90 or more days past due or when the Company does not expect to receive all principal and interest payments owed substantially in accordance with the terms of the loan agreement, regardless of past due status. Loans that become 90 days or more past due, but are well secured and in the process of collection, may remain on accrual status. Nonaccrual loans are generally returned to accrual status when all payments due are brought current and the Company expects to receive all remaining principal and interest payments owed substantially in accordance with the terms of the loan agreement. Payments received in cash on nonaccrual loans, including both the principal and interest portions of those payments, are generally applied to reduce the carrying value of the loan. The Company did not recognize interest income on non-accrual loans during the three months ended September 30, 2025 and 2024.
The following tables present information relating to the Company’s nonperforming loans as of September 30, 2025 and June 30, 2025:
Performance Status
September 30, 2025
90 Days and Over Past Due AccruingNonaccrual Loans with Allowance for Credit LossesNonaccrual Loans with no Allowance for Credit LossesTotal NonperformingPerformingTotal
(In Thousands)
Multi-family mortgage$— $7,227 $24,388 $31,615 $2,609,122 $2,640,737 
Nonresidential mortgage— — 5,732 5,732 983,237 988,969 
Commercial business— 838 301 1,139 141,165 142,304 
Construction20,494 — — 20,494 169,132 189,626 
One- to four-family residential mortgage— 2,383 2,918 5,301 1,744,061 1,749,362 
Home equity loans— 106 192 298 53,818 54,116 
Other consumer— — — — 2,487 2,487 
Total loans$20,494 $10,554 $33,531 $64,579 $5,703,022 $5,767,601 
Performance Status
June 30, 2025
90 Days and Over Past Due AccruingNonaccrual Loans with Allowance for Credit LossesNonaccrual Loans with no Allowance for Credit LossesTotal NonperformingPerformingTotal
(In Thousands)
Multi-family mortgage$— $15,867 $14,990 $30,857 $2,678,797 $2,709,654 
Nonresidential mortgage— — 5,763 5,763 980,793 986,556 
Commercial business— 1,930 293 2,223 136,532 138,755 
Construction— — — — 177,713 177,713 
One- to four-family residential mortgage— 2,862 3,688 6,550 1,742,041 1,748,591 
Home equity loans— 188 16 204 50,533 50,737 
Other consumer— — — — 2,533 2,533 
Total loans$— $20,847 $24,750 $45,597 $5,768,942 $5,814,539 
Loan Modifications Made to Borrowers Experiencing Financial Difficulty

No loan modifications were made to borrowers experiencing financial difficulty during the three months ended September 30, 2025.

The following table presents the amortized cost basis at September 30, 2024 of loan modifications made to borrowers experiencing financial difficulty that were restructured during the three months ended September 30, 2024, by type of modification:

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Three Months Ended September 30, 2024
Payment DelayTerm ExtensionPayment Delay, Term Extension and Interest Rate ReductionsTotalPercent of Total Class
(Dollars In Thousands)
Multi-family mortgage$8,782 $— $2,666 $11,448 0.43 %
Nonresidential mortgage178 — — 178 0.02 %
Total$8,960 $— $2,666 $11,626 


No modifications made during the three months ended September 30, 2024 involved forgiveness of principal. At September 30, 2025 and September 30, 2024, there were no commitments to lend additional funds to borrowers experiencing financial difficulty whose terms have been restructured.
Of the loans restructured during the three months ended September 30, 2024, there were no subsequent defaults as of September 30, 2025. For restructured loans, a subsequent payment default is defined in terms of delinquency, when a principal or interest payment is 90 days past due or classified into non-accrual status during the reporting period.
The following table presents the performance status of the loans that were modified in the last twelve months to borrowers experiencing financial difficulties:
September 30, 2025
Current30-89 Days Past Due90 Days or More Past DueTotal
Past Due		Non-Accrual
(Dollars In Thousands)
Multi-family mortgage$22,466 $— $— $— $3,335 
Commercial business43— — — 43
Total$22,509 $— $— $— $3,378 
Individually Analyzed Loans
Individually analyzed loans include loans which do not share similar risk characteristics with other loans. Loans previously modified as TDRs and loan modifications made to borrowers experiencing financial difficulty are generally evaluated for individual impairment. However, after a period of sustained repayment performance which permits the credit to be returned to accrual status, the loans are generally removed from individual impairment analysis and returned to its corresponding pool. As of September 30, 2025, the carrying value of individually analyzed loans, including loans acquired with deteriorated credit quality that were individually analyzed, totaled $44.1 million, of which $35.3 million were considered collateral dependent.
For collateral dependent loans where management has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and repayment of the loan is to be provided substantially through the operation or sale of the collateral, the allowance for credit losses is measured based on the difference between the fair value of the collateral, less costs to sell, and the amortized cost basis of the loan as of the measurement date. See Note 12 for additional disclosure regarding fair value of individually analyzed collateral dependent loans.
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The following table presents the carrying value and related allowance of collateral dependent individually analyzed loans at the dates indicated:
September 30, 2025June 30, 2025
Carrying ValueRelated AllowanceCarrying ValueRelated Allowance
(In Thousands)
Commercial loans:
Multi-family mortgage$30,363 $1,014 $30,808 $1,377 
Nonresidential mortgage (1)
4,697 — 4,697 — 
Total commercial loans35,060 1,014 35,505 1,377 
One- to four-family residential mortgage (2)
202 — 2,264 — 
Consumer loans:
Home equity loans (2)
15 — 16 — 
Total$35,277 $1,014 $37,785 $1,377 
___________________________
(1)Secured by income-producing nonresidential property.
(2)Secured by one- to four-family residential properties.


Credit Quality Indicators
The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually to classify the loans as to credit risk. The Company uses the following definitions for risk ratings:
Pass – Loans that are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral in a timely manner.
Special Mention – Loans which do not currently expose the Company to a sufficient degree of risk to warrant an adverse classification but have some credit deficiencies or other potential weaknesses.
Substandard – Loans which are inadequately protected by the paying capacity and net worth of the obligor or the collateral pledged, if any. Substandard assets include those characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.
Doubtful – Loans which have all of the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values.
Loss – Loans which are considered uncollectible or of so little value that their continuance as assets is not warranted.
The following table presents the risk category of loans and current period gross charge-offs as of September 30, 2025 by loan segment and vintage year:
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Term Loans by Origination Year for Fiscal Years ended June 30,
20262025202420232022PriorRevolving LoansTotal
(In Thousands)
Multi-family mortgage:
Pass$4,080 $144,457 $26,366 $588,995 $892,595 $917,056 $— $2,573,549 
Special Mention— — — — — — — — 
Substandard— — — — 1,524 65,664 — 67,188 
Doubtful— — — — — — — — 
Total multi-family mortgage4,080 144,457 26,366 588,995 894,119 982,720 — 2,640,737 
Multi-family current period gross charge-offs— — — — — 386 — 386 
Nonresidential mortgage:
Pass17,782 131,885 81,034 101,774 189,280 448,811 — 970,566 
Special Mention— — — — — 6,589 — 6,589 
Substandard— — — — — 11,814 — 11,814 
Doubtful— — — — — — — — 
Total nonresidential mortgage17,782 131,885 81,034 101,774 189,280 467,214 — 988,969 
Nonresidential current period gross charge-offs— — — — — 5 — 5 
Commercial business:
Pass16,091 17,094 9,004 5,165 20,302 20,653 52,539 140,848 
Special Mention— — — — 253 118 — 371 
Substandard— 86 400 — — 599 — 1,085 
Doubtful— — — — — — — — 
Total commercial business16,091 17,180 9,404 5,165 20,555 21,370 52,539 142,304 
Commercial current period gross charge-offs— — — — — 636 — 636 
Construction loans:
Pass1,226 52,851 88,757 — 979 12,329 5,735 161,877 
Special Mention— — — — — 2,755 — 2,755 
Substandard— — 4,500 — — 20,494 — 24,994 
Doubtful— — — — — — — — 
Total construction loans1,226 52,851 93,257 — 979 35,578 5,735 189,626 
Construction current period gross charge-offs— — — — — — — — 
Residential mortgage:
Pass40,790 137,282 156,899 171,218 406,528 824,226 — 1,736,943 
Special Mention— — — — — 303 — 303 
Substandard— — 296 1,444 769 9,607 — 12,116 
Doubtful— — — — — — — — 
Total residential mortgage40,790 137,282 157,195 172,662 407,297 834,136 — 1,749,362 
Residential current period gross charge-offs— — — — — 45 — 45 
Home equity loans:
Pass— 451 1,625 4,440 1,540 7,532 38,035 53,623 
Special Mention— — — — — — — — 
Substandard— — 93 — 83 155 162 493 
Doubtful— — — — — — — — 
Total home equity loans— 451 1,718 4,440 1,623 7,687 38,197 54,116 
Home equity current period gross charge-offs— — — — — 10 — 10 
Other consumer loans
Pass258 364 300 187 81 1,180 27 2,397 
Special Mention— — — — — — — — 
Substandard— — — — — — — — 
Doubtful— — — — — 3 87 90 
Other consumer loans258 364 300 187 81 1,183 114 2,487 
Other consumer current period gross charge-offs— — — — — — — — 
Total loans$80,227 $484,470 $369,274 $873,223 $1,513,934 $2,349,888 $96,585 $5,767,601 
Total current period gross charge-offs$— $— $— $— $— $1,082 $— $1,082 


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The following table presents the risk category of loans and gross charge-offs as of June 30, 2025 by loan segment and vintage year:
Term Loans by Origination Year for Fiscal Years ended June 30,
20252024202320222021PriorRevolving LoansTotal
(In Thousands)
Multi-family mortgage:
Pass$146,525 $26,430 $591,647 $939,414 $219,907 $720,674 $— $2,644,597 
Special Mention— — — — — — — — 
Substandard— — — — 11,830 53,227 — 65,057 
Doubtful— — — — — — — — 
Total multi-family mortgage146,525 26,430 591,647 939,414 231,737 773,901 — 2,709,654 
Multi-family current period gross charge-offs— — — — — — — — 
Nonresidential mortgage:
Pass132,407 81,426 102,965 190,781 107,519 352,364 49 967,511 
Special Mention— — — — 945 6,187 — 7,132 
Substandard— — — — 851 11,062 — 11,913 
Doubtful— — — — — — — — 
Total nonresidential mortgage132,407 81,426 102,965 190,781 109,315 369,613 49 986,556 
Nonresidential current period gross charge-offs— — — — — 830 — 830 
Commercial business:
Pass23,729 9,355 5,718 20,915 14,264 7,608 53,647 135,236 
Special Mention— — — 1,043 125 — — 1,168 
Substandard87 400 — — — 1,735 129 2,351 
Doubtful— — — — — — — — 
Total commercial business23,816 9,755 5,718 21,958 14,389 9,343 53,776 138,755 
Commercial current period gross charge-offs— — — — — 295 — 295 
Construction loans:
Pass41,990 85,712 — 979 8,991 3,362 5,735 146,769 
Special Mention— — — — 5,950 — — 5,950 
Substandard— 4,500 — — 20,494 — — 24,994 
Doubtful— — — — — — — — 
Total construction loans41,990 90,212 — 979 35,435 3,362 5,735 177,713 
Construction current period gross charge-offs— — — — — — — — 
Residential mortgage:
Pass138,854 160,333 174,947 410,255 432,804 417,105 5 1,734,303 
Special Mention— — — — — 687 — 687 
Substandard— 299 1,459 773 799 10,271 — 13,601 
Doubtful— — — — — — — — 
Total residential mortgage138,854 160,632 176,406 411,028 433,603 428,063 5 1,748,591 
Residential current period gross charge-offs— — — — — 2 — 2 
Home equity loans:
Pass800 1,690 4,606 1,648 302 7,612 33,553 50,211 
Special Mention— — — — — — 96 96 
Substandard— 96 — 83 — 180 71 430 
Doubtful— — — — — — — — 
Total home equity loans800 1,786 4,606 1,731 302 7,792 33,720 50,737 
Home equity current period gross charge-offs— — — — — 2 — 2 
Other consumer loans
Pass605 343 189 86 236 976 26 2,461 
Special Mention— — — — — — — — 
Substandard— — — — — — — — 
Doubtful— — — — — — 72 72 
Other consumer loans605 343 189 86 236 976 98 2,533 
Other consumer current period gross charge-offs— — — — — 7 — 7 
Total loans$484,997 $370,584 $881,531 $1,565,977 $825,017 $1,593,050 $93,383 $5,814,539 
Total current period gross charge-offs$— $— $— $— $— $1,136 $— 1,136 
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Mortgage Loans in Foreclosure
The Company may obtain physical possession of one- to four-family real estate collateralizing a residential mortgage loan or nonresidential real estate collateralizing a nonresidential mortgage loan via foreclosure or through an in-substance repossession. As of September 30, 2025, the Company held no residential or nonresidential property in other real estate owned that was acquired through foreclosure on a mortgage loan. As of that same date, the Company held two residential mortgage loans with an aggregate carrying value of $372,900 and seven commercial mortgage loans with aggregate carrying values totaling $26.1 million which were in the process of foreclosure. As of June 30, 2025, the Company held no residential or nonresidential property in other real estate owned that was acquired through foreclosure on a mortgage loan. As of that same date, the Company held three residential mortgage loans with aggregate carrying values totaling $2.2 million and six commercial mortgage loans with aggregate carrying values totaling $23.7 million which were in the process of foreclosure.
6.    ALLOWANCE FOR CREDIT LOSSES
Allowance for Credit Losses on Loans Receivable
The following tables present the balance of the allowance for credit losses at September 30, 2025 and June 30, 2025. The balance of the allowance for credit losses is based on an expected loss methodology, referred to as the “CECL” methodology. The tables identify the valuation allowances attributable to specifically identified impairments on individually analyzed loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans collectively evaluated. The tables include the underlying balance of loans receivable applicable to each category as of those dates.
Allowance for Credit Losses
September 30, 2025
Loans
acquired with
deteriorated
credit quality
individually
analyzed		Loans
acquired with
deteriorated
credit quality
collectively
evaluated		Loans individually
analyzed		Loans collectively
evaluated		Total allowance for credit losses
(In Thousands)
Multi-family mortgage$— $— $1,023 $23,621 $24,644 
Nonresidential mortgage— 18 — 7,672 7,690 
Commercial business— 14 84 1,620 1,718 
Construction— — — 1,339 1,339 
One- to four-family residential mortgage2 83 59 9,004 9,148 
Home equity loans— — 3 416 419 
Other consumer— — — 102 102 
Total loans$2 $115 $1,169 $43,774 $45,060 
Balance of Loans Receivable
September 30, 2025
Loans
acquired with
deteriorated
credit quality
individually
analyzed		Loans
acquired with
deteriorated
credit quality
collectively
evaluated		Loans individually
analyzed		Loans collectively
evaluated		Total loans
(In Thousands)
Multi-family mortgage$— $— $31,615 $2,609,122 $2,640,737 
Nonresidential mortgage230 1,238 5,502 981,999 988,969 
Commercial business— 791 1,139 140,374 142,304 
Construction— 5,735 — 183,891 189,626 
One- to four-family residential mortgage571 3,506 4,730 1,740,555 1,749,362 
Home equity loans10 — 288 53,818 54,116 
Other consumer— — — 2,487 2,487 
Total loans$811 $11,270 $43,274 $5,712,246 $5,767,601 
Unaccreted yield adjustments(182)
Loans receivable, net of yield adjustments$5,767,419 
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Allowance for Credit Losses
June 30, 2025
Loans
acquired with
deteriorated
credit quality
individually
analyzed		Loans
acquired with
deteriorated
credit quality
collectively
evaluated		Loans individually
analyzed		Loans collectively
evaluated		Total allowance for credit losses
(In Thousands)
Multi-family mortgage$— $— $1,377 $23,529 $24,906 
Nonresidential mortgage— 20 — 6,918 6,938 
Commercial business— 23 971 1,434 2,428 
Construction— — — 1,155 1,155 
One- to four-family residential mortgage34 87 60 9,999 10,180 
Home equity loans11 — 32 447 490 
Other consumer— — — 94 94 
Total loans$45 $130 $2,440 $43,576 $46,191 
Balance of Loans Receivable
June 30, 2025
Loans
acquired with
deteriorated
credit quality
individually
analyzed		Loans
acquired with
deteriorated
credit quality
collectively
evaluated		Loans individually
analyzed		Loans collectively
evaluated		Total loans
(In Thousands)
Multi-family mortgage$— $— $30,857 $2,678,797 $2,709,654 
Nonresidential mortgage240 1,405 5,523 979,388 986,556 
Commercial business— 1,093 2,223 135,439 138,755 
Construction— 5,735 — 171,978 177,713 
One- to four-family residential mortgage614 3,551 5,936 1,738,490 1,748,591 
Home equity loans21 — 183 50,533 50,737 
Other consumer— — — 2,533 2,533 
Total loans$875 $11,784 $44,722 $5,757,158 $5,814,539 
Unaccreted yield adjustments(1,602)
Loans receivable, net of yield adjustments$5,812,937 
The following tables present the activity in the allowance for credit losses on loans for the three months ended September 30, 2025 and 2024.
Changes in the Allowance for Credit Losses
Three Months Ended September 30, 2025
Balance at
June 30, 2025		Charge-offs RecoveriesProvision for
(reversal of)
credit losses 		Balance at
September 30, 2025
(In Thousands)
Multi-family mortgage$24,906 $(386)$— $124 $24,644 
Nonresidential mortgage6,938 (5)— 757 7,690 
Commercial business2,428 (636)33 (107)1,718 
Construction1,155 — — 184 1,339 
One- to four-family residential mortgage10,180 (45)— (987)9,148 
Home equity loans490 (10)— (61)419 
Other consumer94 — — 8 102 
Total loans$46,191 $(1,082)$33 $(82)$45,060 


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Changes in the Allowance for Credit Losses
Three Months Ended September 30, 2024
Balance at
June 30, 2024		Charge-offs RecoveriesProvision for
(reversal of)
credit losses		Balance at
September 30, 2024
(In Thousands)
Multi-family mortgage$24,125 $— $— $243 $24,368 
Nonresidential mortgage6,125 — — 788 6,913 
Commercial business1,573 (127)5 254 1,705 
Construction1,230 — — 273 1,503 
One- to four-family residential mortgage11,461 (2)— (1,474)9,985 
Home equity loans349 — — 8 357 
Other consumer76 — — 16 92 
Total loans$44,939 $(129)$5 $108 $44,923 
The allowance for credit losses on loans decreased from $46.2 million at June 30, 2025 to $45.1 million as of September 30, 2025. The decrease was primarily due to a decrease in individually analyzed reserves on commercial and multi-family mortgage loans, resulting from net charge-offs. This decrease in allowance for credit losses also reflected largely offsetting impacts from qualitative risk factor adjustments across the different loan segments.

Allowance for Credit Losses on Off Balance Sheet Commitments
The following table presents the activity in the allowance for credit losses on off balance sheet commitments recorded in other non-interest expense for the three months ended September 30, 2025 and 2024:
Three Months Ended
September 30,
20252024
(In Thousands)
Balance at beginning of the period$1,129 $796 
Provision for credit losses121 273 
Balance at end of the period$1,250 $1,069 
7.    DEPOSITS
Deposits at September 30, 2025 and June 30, 2025 are summarized as follows:
September 30,
2025		June 30,
2025
(In Thousands)
Non-interest-bearing demand$578,481 $582,045 
Interest-bearing demand2,334,560 2,362,222 
Savings751,253 754,376 
Certificates of deposits1,967,588 1,976,574 
Total deposits$5,631,882 $5,675,217 
Certificates of deposits with balances of $250,000 or more at September 30, 2025 and June 30, 2025, respectively, totaled approximately $1.0 billion. The Bank’s deposits are insurable to applicable limits by the FDIC.
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8.    BORROWINGS
Borrowings at September 30, 2025 and June 30, 2025 consisted of the following:
September 30,
2025		June 30,
2025
(In Thousands)
FHLB advances$1,006,497 $1,106,491 
Total fixed-rate advances1,006,497 1,106,491 
Overnight borrowings (1)
200,000 150,000 
Total borrowings$1,206,497 $1,256,491 
___________________________
(1)At September 30, 2025 and June 30, 2025 there were FHLB overnight line of credit borrowings of $200.0 million and $150.0 million, respectively.
Fixed rate advances from the FHLB of New York mature as follows:
September 30, 2025June 30, 2025
BalanceWeighted
Average
Interest Rate		BalanceWeighted
Average
Interest Rate
(Dollars in Thousands)
By remaining period to maturity:
Less than one year$806,500 4.24 %$906,500 4.44 %
One to two years— — — — 
Two to three years200,000 3.98 %200,000 3.98 %
Three to four years— — — — 
Four to five years— — — — 
Greater than five years— — — — 
Total advances1,006,500 4.19 %1,106,500 4.36 %
Unamortized fair value adjustments(3)(9)
Total advances, net of fair value adjustments$1,006,497 $1,106,491 
At September 30, 2025, FHLB advances and overnight line of credit borrowings were collateralized by the FHLB capital stock owned by the Bank and mortgage loans with carrying values totaling approximately $3.22 billion. At June 30, 2025, FHLB advances and overnight line of credit borrowings were collateralized by the FHLB capital stock owned by the Bank and mortgage loans with carrying values totaling approximately $3.24 billion. At September 30, 2025, the Company maintained available secured borrowing capacity with the FHLB and the Federal Reserve Discount Window of $2.54 billion.
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9.    DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Risk Management Objective of Using Derivatives
The Company uses various financial instruments, including derivatives, to manage its exposure to interest rate risk. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to specific wholesale funding positions and assets.
Fair Values of Derivative Instruments on the Statement of Financial Condition
The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Statements of Financial Condition as of September 30, 2025 and June 30, 2025:
September 30, 2025
Asset DerivativesLiability Derivatives
LocationFair ValueLocationFair Value
(In Thousands)
Derivatives designated as hedging instruments:
Interest rate contractsOther assets$10,288 Other liabilities$5,182 
Total$10,288 $5,182 

June 30, 2025
Asset DerivativesLiability Derivatives
LocationFair ValueLocationFair Value
(In Thousands)
Derivatives designated as hedging instruments:
Interest rate contractsOther assets$16,745 Other liabilities$5,149 
Total$16,745 $5,149 
Cash Flow Hedges of Interest Rate Risk
The Company uses derivatives to add stability to interest expense and interest income and to manage its exposure to interest rate movements. The Company has entered into interest rate swaps, interest rate caps and an interest rate floor as part of its interest rate risk management strategy. These interest rate products are designated as cash flow hedges. As of September 30, 2025, the Company had a total of 15 interest rate swaps, caps and collars with a total notional amount of $1.80 billion hedging specific wholesale funding, and five interest rate floors with a notional amount of $550.0 million hedging floating-rate available for sale securities.
For derivatives designated as cash flow hedges, the gain or loss on the derivative is recorded in other comprehensive income, net of tax, and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings.
For cash flow hedges on the Company’s wholesale funding positions, amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s hedged variable rate wholesale funding positions. During the three months ended September 30, 2025, the Company reclassified a gain of $5.4 million as a reduction in interest expense. During the next twelve months, the Company estimates that $7.6 million will be reclassified as a reduction in interest expense.
For cash flow hedges on the Company’s assets, amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest income as interest payments are received on the Company’s hedged variable rate assets. During the three months ended September 30, 2025, the Company reclassified a gain of $70,000 to interest income. During the next twelve months, the Company estimates that $110,000 will be reclassified as an increase in interest income.
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The table below presents the pre-tax effects of the Company’s derivative instruments designated as cash flow hedges on the Consolidated Statements of Income for the three months ended September 30, 2025 and 2024:
Three Months Ended
September 30,
20252024
(In Thousands)
Amount of gain (loss) recognized in other comprehensive income$103 $(17,538)
Amount of gain reclassified from accumulated other comprehensive income to interest expense$5,377 $8,972 
Amount of gain (loss) reclassified from accumulated other comprehensive income to interest income$70 $(279)
Fair Value Hedges of Interest Rate Risk
The Company is exposed to changes in the fair value of certain of its fixed-rate assets due to changes in benchmark interest rates. The Company uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate. Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for the Company receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. Such derivatives are used to hedge the changes in fair value of certain of its pools of fixed-rate assets. As of September 30, 2025, the Company had five interest rate swaps with a notional amount of $775.0 million hedging fixed-rate residential mortgage loans.
For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivatives as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income.
The table below presents the effects of the Company’s derivative instruments designated as fair value hedges on the Consolidated Statements of Income for the three months ended September 30, 2025 and September 30, 2024:
Three Months Ended
September 30,
20252024
(In Thousands)
Gain on hedged items recorded in interest income on loans$573 $13,655 
Gain (loss) on hedges recorded in interest income on loans$648 $(10,798)
As of September 30, 2025 and June 30, 2025, the following amounts were recorded on the Statement of Financial Condition related to cumulative basis adjustment for fair value hedges:
September 30,
2025		June 30,
2025
(In Thousands)
Loans receivable:
Carrying amount of the hedged assets(1)
$778,310 $777,737 
Fair value hedging adjustment included in the carrying amount of the hedged assets$3,310 $2,737 
___________________________________
(1)This amount includes the amortized cost basis of the closed portfolios of loans receivable used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At September 30, 2025 and June 30, 2025, the amortized cost basis of the closed portfolios used in these hedging relationships was $1.21 billion and $1.24 billion, respectively.
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Offsetting Derivatives
The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives in the Consolidated Statements of Financial Condition as of September 30, 2025 and June 30, 2025, respectively. The net amounts presented for derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Consolidated Statements of Financial Condition.
September 30, 2025
Gross Amounts Not Offset
Gross Amount RecognizedGross Amounts Offset Net Amounts PresentedFinancial InstrumentsCash Collateral Received (Posted)Net Amount
(In Thousands)
Assets:
Interest rate contracts$12,943 $(2,655)$10,288 $— $— $10,288 
Total$12,943 $(2,655)$10,288 $— $— $10,288 
Liabilities:
Interest rate contracts$7,837 $(2,655)$5,182 $— $(4,360)$822 
Total$7,837 $(2,655)$5,182 $— $(4,360)$822 
June 30, 2025
Gross Amounts Not Offset
Gross Amount RecognizedGross Amounts Offset Net Amounts PresentedFinancial InstrumentsCash Collateral Received (Posted)Net Amount
(In Thousands)
Assets:
Interest rate contracts$19,412 $(2,667)$16,745 $— $— $16,745 
Total$19,412 $(2,667)$16,745 $— $— $16,745 
Liabilities:
Interest rate contracts$7,816 $(2,667)$5,149 $— $(4,740)$409 
Total$7,816 $(2,667)$5,149 $— $(4,740)$409 
Credit Risk-Related Contingent Features
The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, then the Company could also be declared in default on its derivative obligations and could be required to terminate its derivative positions with the counterparty. The Company also has agreements with its derivative counterparties that contain a provision where if the Company fails to maintain its status as a well-capitalized institution, then the Company could be required to terminate its derivative positions with the counterparty. As of September 30, 2025 and June 30, 2025, one of the Company’s derivatives was in a net liability position.
As required under the enforceable master netting arrangement with its derivatives counterparties, at September 30, 2025 and June 30, 2025, the Company was required to post financial collateral of $4.4 million and $4.7 million, respectively.
In addition to the derivative instruments noted above, the Company’s pipeline of loans held for sale at September 30, 2025 and June 30, 2025, included $21.4 million and $11.1 million, respectively, of in process loans whose terms included interest rate locks to borrowers, which are considered free-standing derivative instruments whose fair values are not material to the Company’s financial condition or results of operations.
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10.    BENEFIT PLANS
Components of Net Periodic Expense
The following table sets forth the aggregate net periodic benefit expense for the Bank’s Benefit Equalization Plan, Postretirement Welfare Plan, Directors’ Consultation and Retirement Plan, Atlas Bank Retirement Income Plan and Supplemental Executive Retirement Plan:
Three Months Ended
September 30,		Affected Line Item in the Consolidated Statements of Income
20252024
(In Thousands)
Service cost$148 $18 Salaries and employee benefits
Interest cost104 83 Other expense
Accretion of unrecognized gain(36)(26)Other expense
Expected return on assets(22)(23)Other expense
Net periodic benefit cost$194 $52 
2021 Equity Incentive Plan
During the three months ended September 30, 2025, the Company granted 484,802 restricted stock units (“RSUs”) comprised of 350,868 service-based RSUs and 133,934 performance-based RSUs. The service-based RSUs will vest in three tranches over a period of three years and the performance-based RSUs will cliff vest upon the achievement of performance measures over the three-year period ending June 30, 2028. The number of performance-based RSUs that will vest, if any, will depend on whether, and to what extent, the performance measures are achieved. Common stock will be issued from authorized shares upon the vesting of the RSUs.
11.    FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:
Level 1:Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.
Level 2:Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability or inputs that are derived principally from, or corroborated by, market data by correlation or other means.
Level 3:Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.
Assets and Liabilities Measured on a Recurring Basis:
The following methods and significant assumptions were used to estimate the fair values as of September 30, 2025 and June 30, 2025:
Investment Securities Available for Sale
The Company’s available for sale investment securities are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the securities’ terms and conditions, among other things. From time to time, the Company validates prices supplied by the independent pricing service by comparison to prices obtained from third-party sources or derived using internal models.
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Derivatives
The Company has contracted with a third party vendor to provide periodic valuations for its interest rate derivatives to determine the fair value of its interest rate contracts. The vendor utilizes standard valuation methodologies applicable to interest rate derivatives such as discounted cash flow analysis and extensions of the Black-Scholes model. Such valuations are based upon readily observable market data and are therefore considered Level 2 valuations by the Company.
Those assets and liabilities measured at fair value on a recurring basis are summarized below:
September 30, 2025
Quoted
Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
(In Thousands)
Assets:
Debt securities available for sale:
Asset-backed securities$— $58,488 $— $58,488 
Collateralized loan obligations— 331,855 — 331,855 
Corporate bonds— 137,323 — 137,323 
Total debt securities— 527,666 — 527,666 
Mortgage-backed securities available for sale:
Residential pass-through securities— 356,339 — 356,339 
Commercial pass-through securities— 132,177 — 132,177 
Total mortgage-backed securities— 488,516 — 488,516 
Total securities available for sale$— $1,016,182 $— $1,016,182 
Interest rate contracts$— $10,288 $— $10,288 
Total assets$— $1,026,470 $— $1,026,470 
Liabilities:
Interest rate contracts$— $5,182 $— $5,182 
Total liabilities$— $5,182 $— $5,182 
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June 30, 2025
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
(In Thousands)
Assets:
Debt securities available for sale:
Asset-backed securities$— $59,498 $— $59,498 
Collateralized loan obligations— 323,245 — 323,245 
Corporate bonds— 140,117 — 140,117 
Total debt securities— 522,860 — 522,860 
Mortgage-backed securities available for sale:
Residential pass-through securities— 357,319 — 357,319 
Commercial pass-through securities— 132,790 — 132,790 
Total mortgage-backed securities— 490,109 — 490,109 
Total securities available for sale$— $1,012,969 $— $1,012,969 
Interest rate contracts$— $16,745 $— $16,745 
Total assets$— $1,029,714 $— $1,029,714 
Assets Measured on a Non-Recurring Basis:
The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a non-recurring basis at September 30, 2025 and June 30, 2025:
Individually Analyzed Collateral Dependent Loans
The fair value of collateral dependent loans that are individually analyzed is determined based upon the appraised fair value of the underlying collateral, less costs to sell. Such collateral primarily consists of real estate and, to a lesser extent, other business assets. Management may also adjust appraised values to reflect estimated changes in market values or apply other adjustments to appraised values resulting from its knowledge of the collateral. Internal valuations may be utilized to determine the fair value of other business assets. For non-collateral-dependent loans, management estimates fair value using discounted cash flows based on inputs that are largely unobservable and instead reflect management’s own estimates of the assumptions as a market participant would in pricing such loans. Individually analyzed collateral dependent loans are considered a Level 3 valuation by the Company.
Those assets measured at fair value on a non-recurring basis are summarized below:
September 30, 2025
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
(In Thousands)
Collateral dependent loans:
Multi-family mortgage$— $— $16,328 $16,328 
Nonresidential mortgage— — 4,697 4,697 
Total$— $— $21,025 $21,025 
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June 30, 2025
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
(In Thousands)
Collateral dependent loans:
Multi-family mortgage$— $— $16,385 $16,385 
Nonresidential mortgage— — 4,697 4,697 
Total$— $— $21,082 $21,082 
The following tables present additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value:
September 30, 2025
Fair
Value		Valuation
Techniques		Unobservable
Input		RangeWeighted
Average
(Dollars in Thousands)
Collateral dependent loans:
Multi-family mortgage$16,328 Market valuation of underlying collateral
(1)
Adjustments to reflect current conditions/selling costs
(2)
6.00% - 23.00%
13.92 %
Nonresidential mortgage4,697 Market valuation of underlying collateral
(1)
Adjustments to reflect current conditions/selling costs
(2)
9.44%
9.44 %
Total$21,025 
June 30, 2025
Fair
Value		Valuation
Techniques		Unobservable
Input		RangeWeighted
Average
(Dollars in Thousands)
Collateral dependent loans:
Multi-family mortgage$16,385 Market valuation of underlying collateral
(1)
Adjustments to reflect current conditions/selling costs
(2)
6.00% - 24.00%
15.08 %
Nonresidential mortgage4,697 Market valuation of underlying collateral
(1)
Adjustments to reflect current conditions/selling costs
(2)
9.44%
9.44 %
Total$21,082 
___________________________________
(1)The fair value of collateral dependent loans is generally determined based on an independent appraisal of the fair value of a loan’s underlying collateral.
(2)The fair value basis of collateral dependent loans is adjusted to reflect management’s estimates of selling costs including, but not limited to, real estate brokerage commissions and title transfer fees.
At September 30, 2025, collateral dependent loans valued using Level 3 inputs comprised loans with principal balances totaling $22.0 million and a valuation allowance of $1.0 million reflecting an aggregate fair value of $21.0 million. By comparison, at June 30, 2025, collateral dependent loans valued using Level 3 inputs comprised loans with principal balances totaling $22.5 million and a valuation allowance of $1.4 million reflecting an aggregate fair value of $21.1 million.
Once a loan is foreclosed, the fair value of the other real estate owned continues to be evaluated based upon the fair value of the repossessed real estate originally securing the loan. At September 30, 2025 and June 30, 2025, the Company had no other real estate owned assets, respectively.
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The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of September 30, 2025 and June 30, 2025:
September 30, 2025
Carrying
Amount		Fair
Value		Quoted
Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
(In Thousands)
Financial assets:
Cash and cash equivalents$130,139 $130,139 $130,139 $— $— 
Investment securities available for sale1,016,182 1,016,182 — 1,016,182 — 
Investment securities held to maturity116,681 104,817 — 104,817 — 
Loans held-for-sale6,650 6,780 — 6,780 — 
Net loans receivable5,722,359 5,308,718 — — 5,308,718 
FHLB Stock62,011 — — — — 
Interest receivable29,460 29,460 39 7,916 21,505 
Interest rate contracts10,288 10,288 — 10,288 — 
Financial liabilities:
Deposits other than certificates of deposits3,664,294 3,664,294 3,664,294 — — 
Certificates of deposits1,967,588 1,963,698 — — 1,963,698 
Borrowings1,206,497 1,207,835 — — 1,207,835 
Interest payable on deposits3,422 3,422 1,383 — 2,039 
Interest payable on borrowings3,185 3,185 — — 3,185 
Interest rate contracts5,182 5,182 — 5,182 — 
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June 30, 2025
Carrying
Amount		Fair
Value		Quoted
Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
(In Thousands)
Financial assets:
Cash and cash equivalents$167,269 $167,269 $167,269 $— $— 
Investment securities available for sale1,012,969 1,012,969 — 1,012,969 — 
Investment securities held to maturity120,217 106,712 — 106,712 — 
Loans held-for-sale5,931 6,069 — 6,069 — 
Net loans receivable5,766,746 5,309,760 — — 5,309,760 
FHLB Stock64,261 — — — — 
Interest receivable28,098 28,098 40 6,930 21,128 
Interest rate contracts16,745 16,745 — 16,745 — 
Financial liabilities:
Deposits other than certificates of deposits3,698,643 3,698,643 3,698,643 — — 
Certificates of deposits1,976,574 1,970,863 — — 1,970,863 
Borrowings1,256,491 1,257,269 — — 1,257,269 
Interest payable on deposits5,259 5,259 1,710 — 3,549 
Interest payable on borrowings3,455 3,455 — — 3,455 
Interest rate contracts5,149 5,149 — 5,149 — 
Commitments. The fair value of commitments to fund credit lines and originate or participate in loans held in portfolio or loans held for sale is estimated using fees currently charged to enter into similar agreements taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, including those relating to loans held for sale that are considered derivative instruments for financial statement reporting purposes, the fair value also considers the difference between current levels of interest and the committed rates. The carrying value, represented by the net deferred fee arising from the unrecognized commitment, and the fair value, determined by discounting the remaining contractual fee over the term of the commitment using fees currently charged to enter into similar agreements with similar credit risk, is not considered material for disclosure.
Limitations. Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instruments. These estimates do not reflect any premium or discount that could result from offering for sale at one time the entire holdings of a particular financial instrument. Because no fair value exists for a significant portion of the financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature, involve uncertainties and matters of judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.
The fair value estimates are based on existing on-and-off balance sheet financial instruments without attempting to value anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets and liabilities that are not considered financial assets and liabilities include premises and equipment, and advances from borrowers for taxes and insurance. In addition, the ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates.
Finally, reasonable comparability between financial institutions may not be likely due to the wide range of permitted valuation techniques and numerous estimates which must be made given the absence of active secondary markets for many of the financial instruments. This lack of uniform valuation methodologies introduces a greater degree of subjectivity to these estimated fair values.
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12.    COMPREHENSIVE INCOME (LOSS)
The components of accumulated other comprehensive loss included in stockholders’ equity at September 30, 2025 and June 30, 2025 are as follows:
September 30,
2025		June 30,
2025
(In Thousands)
Net unrealized loss on securities available for sale$(100,771)$(112,142)
Tax effect29,252 32,542 
Net of tax amount(71,519)(79,600)
Fair value adjustments on derivatives4,426 9,770 
Tax effect(1,289)(2,844)
Net of tax amount3,137 6,926 
Benefit plan adjustments910 946 
Tax effect(265)(276)
Net of tax amount645 670 
Total accumulated other comprehensive loss$(67,737)$(72,004)
Other comprehensive income (loss) and related tax effects for the three months ended September 30, 2025 and 2024 are presented in the following table:
Three Months Ended
September 30,
20252024
(In Thousands)
Net unrealized holding gain on securities available for sale$11,371 $23,888 
Fair value adjustments on derivatives(5,344)(26,230)
Benefit plans:
Accretion of net actuarial gain (1)
(36)(26)
Net actuarial gain— 141 
Net change in benefit plan accrued expense(36)115 
Other comprehensive income (loss) before taxes5,991 (2,227)
Tax effect (1,724)666 
Total other comprehensive income (loss)$4,267 $(1,561)
___________________________________
(1)Represents amounts reclassified out of accumulated other comprehensive loss and included in the computation of net periodic pension expense. See Note 10 - Benefit Plans for additional information.
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13.    NET INCOME PER COMMON SHARE (“EPS”)
The following schedule shows the Company’s earnings per share calculations for the periods presented:
Three Months Ended
September 30,
20252024
(In Thousands, Except Per Share Data)
Net income$9,506 $6,092 
Weighted average number of common shares outstanding - basic62,741 62,389 
Effect of dilutive securities210 31 
Weighted average number of common shares outstanding - diluted62,951 62,420 
Basic earnings per share$0.15 $0.10 
Diluted earnings per share$0.15 $0.10 
Stock options for 2,745,000 and 2,751,902 shares of common stock were not considered in computing diluted earnings per share for the three months ended September 30, 2025 and 2024, respectively, because they were considered anti-dilutive. In addition, 533,024 and 698,445 RSUs were not considered in computing diluted earnings per share for the three months ended September 30, 2025 and September 30, 2024, respectively, because they were considered anti-dilutive.
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ITEM 2.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Forward-Looking Statements
This Quarterly Report on Form 10-Q may include certain forward-looking statements based on current management expectations. Such forward-looking statements may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as “may”, “will”, “believe”, “expect”, “estimate”, “anticipate”, “continue”, or similar terms or variations on those terms, or the negative of those terms. The actual results of the Company could differ materially from those management expectations. This includes statements regarding general economic and geopolitical conditions, including potential recessionary conditions and the imposition of tariffs or other domestic or international governmental policies, legislative and regulatory changes, monetary and fiscal policies of the federal government, the effects of the federal government shutdown, changes in tax policies, rates and regulations of federal, state and local tax authorities and failure to integrate or profitably operate acquired businesses. Additional potential factors include changes in interest rates, the rate of inflation, deposit flows, cost of funds, demand for loan products and financial services, competition and changes in the quality or composition of loan and investment portfolios of the Company. Other factors that could cause future results to vary from current management expectations include changes in accounting principles, policies or guidelines, and other economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services and prices. Further description of the risks and uncertainties to the business are included in this Quarterly Report on Form 10-Q and in the Company’s Annual Report on Form 10-K for the year ended June 30, 2025, under “Item 1A. Risk Factors.”
Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.
Critical Accounting Policies
Our accounting policies are integral to understanding the results reported. We consider accounting policies that require management to exercise significant judgment or discretion or to make significant assumptions that have, or could have, a material impact on the carrying value of certain assets or on income to be critical accounting policies. At September 30, 2025, there have been no material changes to our critical accounting policies as compared to the critical accounting policies disclosed in our most recent Annual Report on Form 10-K. Reference is made to Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the year ended June 30, 2025.
Comparison of Financial Condition at September 30, 2025 and June 30, 2025
Executive Summary. Total assets decreased $92.4 million to $7.65 billion at September 30, 2025 from $7.74 billion at June 30, 2025. The decrease primarily reflected decreases in net loans receivable and cash and cash equivalents, and declines in the market values of interest rate derivatives.
Investment Securities. Investment securities available for sale increased $3.2 million to $1.02 billion at September 30, 2025, from $1.01 billion at June 30, 2025. This increase was largely the result of purchases of $71.2 million and an $11.4 million increase in the fair value of the portfolio to a net unrealized loss of $100.8 million, partially offset by principal repayments of $79.4 million.
Investment securities held to maturity decreased $3.5 million to $116.7 million at September 30, 2025 from $120.2 million at June 30, 2025. This decrease was driven by principal repayments of $3.5 million.
Additional information regarding our investment securities at September 30, 2025 and June 30, 2025 is presented in Note 4 to the unaudited consolidated financial statements.
Loans Held-for-Sale. Loans held-for-sale totaled $6.7 million at September 30, 2025 as compared to $5.9 million at June 30, 2025 and are reported separately from the balance of net loans receivable. During the three months ended September 30, 2025, we sold $27.9 million of residential mortgage loans, resulting in a gain on sale of $199,000.
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Net Loans Receivable. Net loans receivable decreased $44.4 million, or 0.8%, to $5.72 billion at September 30, 2025 from $5.77 billion at June 30, 2025. Details regarding the change in the loan portfolio, by loan segment, are presented below:
September 30,
2025		June 30,
2025		Increase/
(Decrease)
(In Thousands)
Commercial loans:
Multi-family mortgage$2,640,737 $2,709,654 $(68,917)
Nonresidential mortgage988,969 986,556 2,413 
Commercial business142,304 138,755 3,549 
Construction189,626 177,713 11,913 
Total commercial loans3,961,636 4,012,678 (51,042)
One- to four-family residential mortgage1,749,362 1,748,591 771 
Consumer loans:
Home equity loans54,116 50,737 3,379 
Other consumer2,487 2,533 (46)
Total consumer loans56,603 53,270 3,333 
Total loans5,767,601 5,814,539 (46,938)
Unaccreted yield adjustments(182)(1,602)1,420 
Allowance for credit losses(45,060)(46,191)1,131 
Net loans receivable$5,722,359 $5,766,746 $(44,387)
Commercial loan origination volume for the three months ended September 30, 2025 totaled $61.4 million, comprised of $21.7 million of commercial mortgage loan originations, $24.5 million of commercial business loan originations and construction loan disbursements of $15.2 million. Purchases of commercial business loans totaled $5.1 million for the same period.
One- to four-family residential mortgage loan origination volume, excluding loans held-for-sale, totaled $42.2 million for the three months ended September 30, 2025. Home equity loan and line of credit origination volume for the same period totaled $8.7 million.
Loan-to-value (“LTV”) ratios are based on current period loan balances and original appraised values at the time of origination unless a current appraisal has been obtained as a result of the loan being deemed collateral dependent and individually analyzed. The following table sets forth the composition of our real estate secured loans indicating the LTV, by loan category, at September 30, 2025 and June 30, 2025:
September 30, 2025June 30, 2025
BalanceLTVBalanceLTV
(Dollars in Thousands)
Commercial mortgage loans:
Multi-family mortgage$2,640,737 62 %$2,709,654 62 %
Nonresidential mortgage(1)
988,969 52 986,556 52 
Construction189,626 56 177,713 56 
Total commercial mortgage loans3,819,332 59 3,873,923 59 
One- to four-family residential mortgage1,749,362 62 1,748,591 62 
Consumer loans:
Home equity loans54,116 50 50,737 51 
Total mortgage loans$5,622,810 60 %$5,673,251 60 %
___________________________________
(1)At September 30, 2025 and June 30, 2025, includes $896,707 and $891,995 of non-owner occupied commercial real estate (“CRE”) loans with an LTV of 52% and 53%, respectively, and includes $92,262 and $94,561 of owner occupied CRE loans with an LTV of 47% and 48%, respectively.
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Additional information about our loan portfolio at September 30, 2025 and June 30, 2025 is presented in Note 5 to the unaudited consolidated financial statements.
Nonperforming Assets. Nonperforming assets increased $19.0 million to $64.6 million, or 0.84% of total assets, at September 30, 2025, from $45.6 million, or 0.59% of total assets, at June 30, 2025, respectively. The increase was due to a single construction loan that became 90 days past due but remains on accrual status. The loan is secured by collateral under contract for sale, with all covenants satisfied and a loan-to-sale price ratio of 72%. No provision for credit losses related to this loan was recorded as of September 30, 2025, as full repayment is expected upon completion of the sale.
Additional information about our nonperforming loans and loan modifications at September 30, 2025 and June 30, 2025 is presented in Note 5 to the unaudited consolidated financial statements.
Allowance for Credit Losses (“ACL”). At September 30, 2025 the ACL totaled $45.1 million, or 0.78% of total loans, compared to $46.2 million, or 0.79% of total loans, at June 30, 2025. The ACL for the three months ended September 30, 2025 reflected net charge-offs of $1.0 million.
Additional information about our ACL at September 30, 2025 and June 30, 2025 is presented in Note 6 to the unaudited consolidated financial statements.
Other Assets. The aggregate balance of other assets, including premises and equipment, FHLB stock, interest receivable, goodwill, core deposit intangibles, bank owned life insurance (“BOLI”), deferred income taxes, and other assets, decreased $11.3 million to $656.0 million at September 30, 2025 from $667.3 million at June 30, 2025. The decrease in the balance of these other assets during the three months ended September 30, 2025 primarily reflected a decrease in the market value of interest rate derivatives, a decrease in FHLB stock and a decrease in properties held for sale, partially offset by an increase in BOLI. The remaining change generally reflected normal operating fluctuations within these line items.
Deposits. Total deposits decreased $43.3 million, or 0.8%, to $5.63 billion at September 30, 2025 from $5.68 billion at June 30, 2025. Included in total deposits are retail and brokered time deposits of $1.21 billion and $759.2 million, respectively, at September 30, 2025, and $1.22 billion and $757.7 million, respectively, at June 30, 2025. This decrease was primarily driven by declines in interest-bearing demand deposits and certificates of deposits. The following table sets forth the distribution of, and changes in, deposits, by type, for the periods indicated:
September 30,
2025		June 30,
2025		Increase/
(Decrease)
(In Thousands)
Non-interest-bearing deposits$578,481 $582,045 $(3,564)
Interest-bearing deposits:
Interest-bearing demand2,334,560 2,362,222 (27,662)
Savings751,253 754,376 (3,123)
Certificates of deposit (retail)1,208,408 1,218,920 (10,512)
Certificates of deposit (brokered)759,180 757,654 1,526 
Interest-bearing deposits5,053,401 5,093,172 (39,771)
Total deposits$5,631,882 $5,675,217 $(43,335)
Uninsured deposits totaled $2.04 billion as of September 30, 2025 compared to $1.99 billion as of June 30, 2025. Excluding collateralized deposits of state and local governments, and deposits of the Bank’s wholly-owned subsidiary and holding company, uninsured deposits totaled $804.2 million, or 14.3% of total deposits, at September 30, 2025 compared to $813.8 million, or 14.3% of total deposits, at June 30, 2025.
Additional information about our deposits at September 30, 2025 and June 30, 2025 is presented in Note 7 to the unaudited consolidated financial statements.
Borrowings. The balance of borrowings decreased by $50.0 million to $1.21 billion at September 30, 2025 from $1.26 billion at June 30, 2025, reflecting reductions in FHLB advances.
At September 30, 2025, we maintained available secured borrowing capacity with the FHLB and the Federal Reserve Discount Window of $2.54 billion, representing 33.2% of total assets.
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Additional information about our borrowings at September 30, 2025 and June 30, 2025 is presented in Note 8 to the unaudited consolidated financial statements.
Other Liabilities. The balance of other liabilities, including advance payments by borrowers for taxes and other miscellaneous liabilities, decreased $6.4 million to $56.4 million at September 30, 2025 from $62.8 million at June 30, 2025. The change in the balance of these other liabilities generally reflected normal operating fluctuations during the period.
Stockholders’ Equity. Stockholders’ equity increased $7.2 million to $753.2 million at September 30, 2025 from $746.0 million at June 30, 2025. The increase in stockholders’ equity during the three months ended September 30, 2025 largely reflected net income of $9.5 million and an other comprehensive gain of $4.3 million, partially offset by cash dividends of $7.0 million. The other comprehensive gain for the three months ended September 30, 2025 was driven by an increase in the fair value of our available for sale securities, partially offset by a decrease in the fair value of our derivatives portfolio.
Book value per share increased by $0.08 to $11.63 at September 30, 2025 while tangible book value per share increased by $0.09 to $9.86 at September 30, 2025. These increases were driven by the increases in stockholders’ equity, as described above.
Comparison of Operating Results for the Quarter Ended September 30, 2025 and September 30, 2024
Net Income. Net income for the quarter ended September 30, 2025 was $9.5 million, or $0.15 per diluted share, compared to $6.1 million, or $0.10 per diluted share, for the quarter ended September 30, 2024. The increase in net income reflected increases in net interest income and non-interest income, partially offset by increases in non-interest expense and income taxes.
Net Interest Income. Net interest income increased by $5.3 million to $37.7 million for the quarter ended September 30, 2025 compared to $32.4 million for the quarter ended September 30, 2024. The increase between the comparative periods resulted from a decrease of $6.0 million in interest expense, partially offset by a decrease of $744,000 in interest income. Included in net interest income for the quarters ended September 30, 2025 and 2024, respectively, was purchase accounting accretion of $601,000 and $649,000, and loan prepayment penalty income of $490,000 and $52,000.
Net interest margin increased 30 basis point to 2.10% for the quarter ended September 30, 2025, from 1.80% for the quarter ended September 30, 2024 reflecting a decrease in the average balance of interest-bearing borrowings, a decrease in the cost of interest-bearing liabilities and higher average balances and yields on loans receivable, partially offset by a decrease in the average balances and yields on other interest-earning assets.
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Details regarding the composition of, and changes to, net interest income are presented in the table below which reflects the components of the average balance sheet and of net interest income for the periods indicated. We derived the average yields and costs by dividing income or expense by the average balance of assets or liabilities, respectively, for the periods presented with daily balances used to derive average balances. No tax equivalent adjustments have been made to yield or costs. Non-accrual loans were included in the calculation of average balances, however interest receivable on these loans has been fully reserved for and therefore not included in interest income. The yields and costs set forth below include the effect of deferred fees, discounts and premiums that are amortized or accreted to interest income or expense.
Three Months Ended September 30,
20252024
Average
Balance		InterestAverage
Yield/
Cost		Average
Balance		InterestAverage
Yield/
Cost
(Dollars in Thousands)
Interest-earning assets:
Loans receivable (1)
$5,806,767 $68,349 4.71 %$5,761,593 $66,331 4.61 %
Taxable investment securities (2)
1,236,705 12,600 4.08 1,314,945 14,384 4.38 
Tax-exempt securities (2)
6,856 41 2.42 12,244 71 2.32 
Other interest-earning assets (3)
115,776 1,518 5.24 131,981 2,466 7.47 
Total interest-earning assets7,166,104 82,508 4.61 7,220,763 83,252 4.61 
Non-interest-earning assets453,215 467,670 
Total assets$7,619,319 $7,688,433 
Interest-bearing liabilities:
Interest-bearing demand$2,343,809 15,440 2.63 $2,282,608 17,862 3.13 
Savings754,244 2,652 1.41 668,240 1,757 1.05 
Certificates of deposit (retail)1,211,026 10,791 3.56 1,203,770 12,396 4.12 
Certificates of deposit (brokered)755,813 5,048 2.67 551,819 3,003 2.18 
Total interest-bearing deposits5,064,892 33,931 2.68 4,706,437 35,018 2.98 
Federal Home Loan Bank advances1,077,146 9,925 3.69 1,325,583 12,662 3.82 
Other borrowings85,489 948 4.44 237,011 3,126 5.28 
Borrowings1,162,635 10,873 3.74 1,562,594 15,788 4.04 
Total interest-bearing liabilities6,227,527 44,804 2.88 6,269,031 50,806 3.24 
Non-interest-bearing liabilities (4)
646,649 668,724 
Total liabilities6,874,176 6,937,755 
Stockholders' equity745,143 750,678 
Total liabilities and stockholders' equity$7,619,319 $7,688,433 
Net interest income$37,704 $32,446 
Interest rate spread (5)
1.73 %1.37 %
Net interest margin (6)
2.10 %1.80 %
Ratio of interest-earning assets to interest-bearing liabilities1.151.15
___________________________________
(1)Loans held-for-sale and non-accruing loans have been included in loans receivable and the effect of such inclusion was not material. Allowance for credit losses has been included in non-interest-earning assets.
(2)Fair value adjustments have been excluded in the balances of interest-earning assets.
(3)Includes interest-bearing deposits at other banks and FHLB of New York capital stock.
(4)Includes average balances of non-interest-bearing deposits of $581.6 million and $599.1 million for the quarter ended September 30, 2025 and 2024, respectively.
(5)Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(6)Net interest margin represents net interest income as a percentage of average interest-earning assets.
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Provision for Credit Losses. For the quarter ended September 30, 2025, we recorded a reversal of credit losses of $82,000, compared to a provision for credit losses of $108,000 for the quarter ended September 30, 2024. The reversal for the quarter ended September 30, 2025 was largely driven by decreases in the balance of loans receivable, partially offset by qualitative risk factor adjustments. By comparison, the provision for credit losses for the quarter ended September 30, 2024 was primarily driven by loan growth.
Additional information regarding the ACL and the associated provisions recognized during the quarters ended September 30, 2025 and 2024 is presented in Note 6 to the unaudited consolidated financial statements as well as the Comparison of Financial Condition at September 30, 2025 and June 30, 2025.
Non-Interest Income. Total non-interest income increased $1.2 million to $5.8 million for the quarter ended September 30, 2025, compared to $4.6 million for the quarter ended September 30, 2024.
Fees and service charges increased $257,000 to $892,000 for the quarter ended September 30, 2025, from $635,000 for the quarter ended September 30, 2024, primarily reflecting higher deposit and branch related fee income.
Other income increased $818,000 to $1.7 million for the quarter ended September 30, 2025, from $833,000 for the quarter ended September 30, 2024, primarily driven by a non-recurring pre-tax gain of $749,000 on the sale of property held for sale in the current period.
The remaining changes in the other components of non-interest income between comparative periods generally reflected normal operating fluctuations within those line items.
Non-Interest Expense. Total non-interest expense increased $1.9 million to $31.7 million for the quarter ending September 30, 2025, compared to $29.8 million the quarter ended September 30, 2024.
Salaries and employee benefits increased $1.2 million to $18.7 million for the quarter ended September 30, 2025, from $17.5 million for the quarter ended September 30, 2024. This increase was primarily driven by higher salary expense and payroll taxes due to annual merit increases and increases in incentive and stock-based compensation due to the absence of a non-recurring decrease in stock-based compensation recorded in the prior period.
Net occupancy expense of premises increased $509,000 to $3.3 million for the quarter ended September 30, 2025, from $2.8 million for the quarter ended September 30, 2024. This increase was primarily driven by a non-recurring pre-tax expense of $250,000 associated with the consolidation of three branches and non-recurring branch maintenance expenses of $102,000 in the current period.
Advertising and marketing expense increased $220,000 to $562,000 for the quarter ended September 30, 2025, from $342,000 for the quarter ended September 30, 2024. The increase primarily reflects normal fluctuations in the timing of campaigns across various advertising formats supporting our loan and deposit growth initiatives.
Equipment and systems expense increased $114,000 to $4.0 million for the quarter ended September 30, 2025, from $3.9 million for the quarter ended September 30, 2024, largely driven by increases in technology expense associated with the Company’s ongoing digital banking initiatives.
FDIC insurance premiums decreased $262,000 to $1.3 million for the quarter ended September 30, 2025, from $1.6 million for the quarter ended September 30, 2024, primarily driven by higher capital ratios.
The remaining changes in the other components of non-interest expense between comparative periods generally reflected normal operating fluctuations within those line items.
Provision for Income Taxes. Provision for income taxes increased $1.4 million to $2.5 million for the quarter ended September 30, 2025 from $1.1 million for the quarter ended September 30, 2024, reflecting a higher level of pre-tax income compared to the prior year period.
Effective tax rates for the quarter ended September 30, 2025 and 2024 were 20.6% and 15.1%, respectively. The increase in the effective tax rate was primarily due to higher full year projected taxable income.
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Liquidity and Capital Resources
Liquidity, represented by cash and cash equivalents, is a product of operating, investing and financing activities. Our primary sources of funds are deposits, borrowings, cash flows from investment securities and loans receivable and funds provided from operations. While scheduled payments from the amortization and maturity of loans and investment securities are relatively predictable sources of funds, general interest rates, economic conditions and competition greatly influence deposit flows and prepayments on loans and securities.
At September 30, 2025, liquidity included $130.1 million of short-term cash and cash equivalents and $1.02 billion of investment securities available for sale. As of September 30, 2025, we had the capacity to borrow additional cash funds totaling $1.98 billion, comprised of $1.23 billion and $745.8 million from the Federal Reserve discount window and the FHLBNY, respectively, without pledging additional collateral. We had the ability to pledge additional securities to borrow an additional $566.8 million at September 30, 2025. As of that same date, we also had access to unsecured overnight borrowings with other financial institutions totaling $845.0 million, of which none was outstanding.
At September 30, 2025, we had outstanding commitments to originate and purchase loans totaling $72.1 million while such commitments totaled $26.4 million at June 30, 2025. As of those same dates, our pipeline of loans held for sale included $21.4 million and $11.1 million, respectively, of loans in process whose terms included interest rate locks to borrowers that were paired with a best-efforts commitment to sell the loan to a buyer at a fixed price and within a predetermined timeframe after the sale commitment is established.
Construction loans in process and unused lines of credit were $137.4 million and $177.3 million, respectively, at September 30, 2025, compared to $115.7 million and $177.1 million, respectively, at June 30, 2025. We are also subject to the contingent liabilities resulting from letters of credit totaling $595,000 at September 30, 2025 and June 30, 2025, respectively.
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the customer. Our exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual notional amount of those instruments. We use the same credit policies in making commitments and conditional obligations as we do for on-balance-sheet instruments. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.
Consistent with its goals to operate a sound and profitable financial organization, the Bank actively seeks to maintain its status as a well-capitalized institution in accordance with regulatory standards.
The following table sets forth the Bank’s capital position at September 30, 2025 and June 30, 2025, as compared to the minimum regulatory capital requirements that were in effect as of those dates:
At September 30, 2025
ActualFor Capital
Adequacy Purposes		To Be Well Capitalized
Under Prompt
Corrective Action
Provisions
AmountRatioAmountRatioAmountRatio
(Dollars in Thousands)
Total capital (to risk-weighted assets)$710,276 14.66 %$387,686 8.00 %$484,608 10.00 %
Tier 1 capital (to risk-weighted assets)664,083 13.70 %290,765 6.00 %387,686 8.00 %
Common equity tier 1 capital (to risk-weighted assets)664,083 13.70 %218,073 4.50 %314,995 6.50 %
Tier 1 capital (to adjusted total assets)664,083 8.73 %304,153 4.00 %380,191 5.00 %
At June 30, 2025
ActualFor Capital
Adequacy Purposes		To Be Well Capitalized
Under Prompt
Corrective Action
Provisions
AmountRatioAmountRatioAmountRatio
(Dollars in Thousands)
Total capital (to risk-weighted assets)$704,969 14.49 %$389,184 8.00 %$486,481 10.00 %
Tier 1 capital (to risk-weighted assets)662,232 13.61 %291,888 6.00 %389,184 8.00 %
Common equity tier 1 capital (to risk-weighted assets)662,232 13.61 %218,916 4.50 %316,212 6.50 %
Tier 1 capital (to adjusted total assets)662,232 8.68 %305,162 4.00 %381,453 5.00 %
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The following table sets forth the Company’s capital position at September 30, 2025 and June 30, 2025, as compared to the minimum regulatory capital requirements that were in effect as of those dates:
At September 30, 2025
ActualFor Capital
Adequacy Purposes
AmountRatioAmountRatio
(Dollars in Thousands)
Total capital (to risk-weighted assets)$751,953 15.50 %$387,986 8.00 %
Tier 1 capital (to risk-weighted assets)705,760 14.55 %290,989 6.00 %
Common equity tier 1 capital (to risk-weighted assets)705,760 14.55 %218,242 4.50 %
Tier 1 capital (to adjusted total assets)705,760 9.27 %304,663 4.00 %
At June 30, 2025
ActualFor Capital
Adequacy Purposes
AmountRatioAmountRatio
(Dollars in Thousands)
Total capital (to risk-weighted assets)$748,323 15.37 %$389,434 8.00 %
Tier 1 capital (to risk-weighted assets)705,586 14.49 %292,076 6.00 %
Common equity tier 1 capital (to risk-weighted assets)705,586 14.49 %219,057 4.50 %
Tier 1 capital (to adjusted total assets)705,586 9.23 %305,661 4.00 %
Off-Balance Sheet Arrangements
In the normal course of our business of investing in loans and securities we are a party to financial instruments with off-balance-sheet risk. These financial instruments include significant purchase commitments, such as commitments related to capital expenditure plans and commitments to extend credit to meet the financing needs of our customers. We had no significant off-balance sheet commitments for capital expenditures as of September 30, 2025.
Recent Accounting Pronouncements
For a discussion of the expected impact of recently issued accounting pronouncements that we have adopted, please refer to Note 3 to the unaudited consolidated financial statements.
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ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
The majority of our assets and liabilities are sensitive to changes in interest rates and as such, interest rate risk is a significant form of market risk that we must manage. Interest rate risk is generally defined in regulatory nomenclature as the risk to earnings or capital arising from the movement of interest rates and arises from several risk factors including re-pricing risk, basis risk, yield curve risk and option risk. We maintain an Asset/Liability Management (“ALM”) program in order manage our interest rate risk. The program is overseen by the Board of Directors through its Interest Rate Risk Management Committee which has assigned the responsibility for the operational aspects of the ALM program to our Asset/Liability Management Committee (“ALCO”), which is comprised of various members of the senior and executive management team.
The quantitative analysis that we conduct measures interest rate risk from both a capital and earnings perspective. With regard to earnings, movements in interest rates and the shape of the yield curve significantly influence the amount of net interest income (“NII”) that we recognize. Movements in market interest rates, and the effect of such movements on the risk factors noted above, significantly influence the spread between the interest earned on our interest-earning assets and the interest paid on our interest-bearing liabilities. Our internal interest rate risk analysis calculates the sensitivity of our projected NII over a one year period utilizing a static balance sheet assumption through which incoming and outgoing asset and liability cash flows are reinvested into similar instruments. Product pricing and earning asset prepayment speeds are appropriately adjusted for each rate scenario.
With regard to capital, our internal interest rate risk analysis calculates the sensitivity of our Economic Value of Equity (“EVE”) to movements in interest rates. EVE represents the present value of the expected cash flows from our assets less the present value of the expected cash flows arising from our liabilities adjusted for the value of off-balance sheet instruments. EVE attempts to quantify our economic value using a discounted cash flow methodology. The degree to which our EVE changes for any hypothetical interest rate scenario from its base case measurement is a reflection of our sensitivity to interest rate risk.
For both earnings and capital at risk, our interest rate risk analysis calculates a base case scenario that assumes no change in interest rates. The model then measures changes throughout a series of interest rate scenarios representing immediate and permanent, parallel shifts in the yield curve up and down 100, 200 and 300 basis points with additional scenarios modeled where appropriate. The model requires that interest rates remain positive for all points along the yield curve for each rate scenario which may preclude the modeling of certain falling rate scenarios during periods of lower market interest rates.
The following tables present the results of our internal EVE and NII analyses as of September 30, 2025 and June 30, 2025, respectively:
September 30, 2025
1 to 12 Months13 to 24 Months
Change in Interest RatesEVE% Change
in EVE		NII% Change
in NII		NII% Change
in NII
(Dollars in Thousands)
+300 bps$437,413 (34.77)%$140,548 (9.61)%$160,622 (7.32)%
+200 bps508,592 (24.16)%144,373 (7.15)%163,859 (5.45)%
+100 bps587,097 (12.45)%148,258 (4.65)%167,220 (3.51)%
0 bps670,589 — 155,491 — 173,301 — 
-100 bps753,160 12.31 %161,460 3.84 %177,378 2.35 %
-200 bps805,568 20.13 %167,854 7.95 %178,808 3.18 %
-300 bps866,224 29.17 %172,546 10.97 %177,646 2.51 %
June 30, 2025
1 to 12 Months13 to 24 Months
Change in Interest RatesEVE% Change
in EVE		NII% Change
in NII		NII% Change
in NII
(Dollars in Thousands)
+300 bps$404,295 (37.02)%$147,989 (6.79)%$161,747 (8.17)%
+200 bps475,744 (25.89)%150,539 (5.18)%165,520 (6.03)%
+100 bps555,065 (13.54)%153,195 (3.51)%169,510 (3.77)%
0 bps641,985 — 158,762 — 176,142 — 
-100 bps728,863 13.53 %162,406 2.30 %181,671 3.14 %
-200 bps785,464 22.35 %165,502 4.25 %184,695 4.86 %
-300 bps852,184 32.74 %168,238 5.97 %185,248 5.17 %
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There are numerous internal and external factors that may contribute to changes in our EVE and its sensitivity. Changes in the composition and allocation of our balance sheet, or utilization of off-balance sheet instruments such as derivatives, can significantly alter the exposure to interest rate risk as quantified by the changes in the EVE sensitivity measures. Changes to certain external factors, most notably changes in the level of market interest rates and overall shape of the yield curve, can also alter the projected cash flows of our interest-earning assets and interest-costing liabilities and the associated present values thereof.
Notwithstanding the rate change scenarios presented in the EVE and NII-based analyses above, future interest rates and their effect on net interest income are not predictable. Computations of prospective effects of hypothetical interest rate changes are based on numerous assumptions, including relative levels of market interest rates, prepayments and deposit run-offs and should not be relied upon as indicative of actual results. Certain shortcomings are inherent in this type of computation. Although certain assets and liabilities may have similar maturities or periods of re-pricing, they may react at different times and in different degrees to changes in market interest rates. The interest rate on certain types of assets and liabilities, such as demand deposits and savings accounts, may fluctuate in advance of changes in market interest rates, while rates on other types of assets and liabilities may lag behind changes in market interest rates. Certain assets, such as adjustable-rate mortgages, generally have features which restrict changes in interest rates on a short-term basis and over the life of the asset. In the event of a change in interest rates, prepayments and early withdrawal levels could deviate significantly from those assumed in the analyses set forth above. Additionally, an increase in credit risk may result as the ability of borrowers to service their debt may decrease in the event of an interest rate increase.
ITEM 4.
CONTROLS AND PROCEDURES
As of the end of the period covered by this Report, an evaluation was performed under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended). Based on that evaluation, the Company’s management, including the Chief Executive Officer and the Chief Financial Officer, concluded that the Company’s disclosure controls and procedures were effective.
During the quarter ended September 30, 2025, there were no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
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Table of Contents
PART II
ITEM 1.    Legal Proceedings
At September 30, 2025, neither the Company nor the Bank were involved in any pending legal proceedings other than routine legal proceedings occurring in the ordinary course of business, which involve amounts in the aggregate believed by management to be immaterial to the financial condition of the Company and the Bank.
ITEM 1A.    Risk Factors
There have been no material changes to the Risk Factors previously disclosed under Item 1A of the Company’s Annual Report on Form 10-K for the year ended June 30, 2025, previously filed with the Securities and Exchange Commission.
ITEM 2.    Unregistered Sales of Equity Securities and Use of Proceeds
The Company did not repurchase any shares of its common stock during the three month period ended September 30, 2025.
ITEM 3.    Defaults Upon Senior Securities
Not applicable.
ITEM 4.    Mine Safety Disclosures
Not applicable.
ITEM 5.    Other Information
Securities Trading Plans of Directors and Executive Officers
During the three months ended September 30, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of the Company's securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement.”
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ITEM 6.    Exhibits
The following Exhibits are filed as part of this report:
3.1
Articles of Incorporation of Kearny Financial Corp. (Incorporated by reference to the Registrant’s Registration Statement on Form S-1 (File No. 333-198602), originally filed on September 5, 2014)
3.2
Amended and Restated Bylaws of Kearny Financial Corp. (Incorporated by reference to the Registrant’s Current Report on Form 8-K, filed on August 16, 2023 )
4
Form of Common Stock Certificate of Kearny Financial Corp. (Incorporated by reference to the Registrant’s Registration Statement on Form S-1 (File No. 333-198602), originally filed on September 5, 2014)
31.1
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101
The following materials from the Company’s Form 10-Q for the quarter ended September 30, 2025, formatted in Inline XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Financial Condition, (ii) the Consolidated Statements of Income; (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Stockholder’s Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements.
101.INSInline XBRL Instance Document (The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document)
101.SCHInline XBRL Taxonomy Extension Schema Document
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
101.LABInline XBRL Taxonomy Extension Labels Linkbase Document
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
KEARNY FINANCIAL CORP.
Date: November 5, 2025
By:/s/ Craig L. Montanaro
Craig L. Montanaro
President and Chief Executive Officer
(Principal Executive Officer)
Date: November 5, 2025
By:/s/ Sean Byrnes
Sean Byrnes
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
- 45 -

Source: View Original Filing on SEC EDGAR

FAQ

How did Kearny Financial (KRNY) perform this quarter?

Net income was $9.5 million vs. $6.1 million last year; diluted EPS was $0.15 vs. $0.10.

What was KRNY’s net interest income and expense?

Net interest income was $37.7 million. Total interest expense was $44.8 million, down from $50.8 million.

What changed in KRNY’s balance sheet this quarter?

Assets were $7.65 billion, deposits $5.63 billion, and borrowings $1.21 billion at September 30, 2025.

How did credit quality trend for KRNY?

Total nonperforming loans rose to $64.6 million from $45.6 million, including $20.5 million construction loans 90+ days past due.

What is KRNY’s allowance for credit losses on loans?

The allowance was $45.1 million at September 30, 2025, compared with $46.2 million at June 30, 2025.

Did KRNY declare a dividend?

Yes. A quarterly cash dividend of $0.11 per share was declared on October 22, 2025.

What happened to accumulated other comprehensive loss (AOCI)?

AOCI improved to $(67.7) million from $(72.0) million, lifting stockholders’ equity to $753.2 million.
Stock KRNY logo
Kearny Finl Corp Md

NASDAQ:KRNY

KRNY Rankings

#3559 Ranked by Market Cap
#453 Ranked by Dividends

KRNY Latest News

Oct 23, 2025
Kearny Financial Corp. Announces First Quarter Fiscal 2026 Results and Declaration of Cash Dividend
Sep 30, 2025
Kearny Financial Corp. Partners with The Lab Consulting to Accelerate Operational Efficiency and Drive Shareholder Value
Jul 24, 2025
Kearny Financial Corp. Announces Fourth Quarter and Fiscal Year End 2025 Results and Declaration of $0.11 per Share Cash Dividend
Apr 24, 2025
Kearny Financial Corp. Announces Third Quarter Fiscal 2025 Results and Declaration of Cash Dividend
Jan 30, 2025
Kearny Financial Corp. Announces Second Quarter Fiscal 2025 Results and Declaration of Cash Dividend

KRNY Latest SEC Filings

Oct 23, 2025
[8-K] Kearny Financial Corp. Reports Material Event
Oct 22, 2025
[8-K] Kearny Financial Corp. Reports Material Event
Oct 21, 2025
[8-K] Kearny Financial Corp. Reports Material Event
Sep 23, 2025
[Form 4] Kearny Financial Corp. Insider Trading Activity
Sep 23, 2025
[Form 4] Kearny Financial Corp. Insider Trading Activity

KRNY Stock Data

418.21M
57.14M
11.27%
66.44%
0.99%
Banks - Regional
Savings Institution, Federally Chartered
Link
United States
FAIRFIELD