Delaware | 30-0628335 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |
370 Pascack Road, Township of Washington | 07676 | |
(Address of Principal Executive Offices) | Zip Code |
Title of each class | Trading Symbol (s) | Name of each exchange on which registered |
Common Stock, $0.01 par value | ORIT | The NASDAQ Stock Market, LLC |
Large accelerated filer | Accelerated filer | ||
Non-accelerated filer | |||
Small reporting company | |||
Emerging growth company |
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June 30, | June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | $ | 267,771 | 7.5 | % | $ | 253,310 | 7.0 | % | $ | 223,701 | 7.1 | % | $ | 186,342 | 6.7 | % | $ | 158,180 | 6.2 | % | $ | 267,011 | 7.6 | % | $ | 267,771 | 7.5 | % | $ | 253,310 | 7.0 | % | $ | 223,701 | 7.1 | % | $ | 186,342 | 6.7 | % | ||||||||||||||||||||||||||||||||||||||||
Residential CRE | 2,005,315 | 56.0 | 1,945,297 | 54.0 | 1,596,876 | 50.3 | 1,229,816 | 43.9 | 998,439 | 39.3 | 2,086,314 | 59.0 | 2,005,315 | 56.0 | 1,945,297 | 54.0 | 1,596,876 | 50.3 | 1,229,816 | 43.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grocery/Credit Retail CRE | 497,708 | 13.9 | 535,567 | 14.9 | 457,058 | 14.4 | 481,216 | 17.2 | 624,705 | 24.5 | 482,831 | 13.7 | 497,708 | 13.9 | 535,567 | 14.9 | 457,058 | 14.4 | 481,216 | 17.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other CRE | 796,589 | 22.3 | 866,826 | 24.0 | 887,443 | 28.0 | 894,016 | 32.0 | 729,071 | 28.6 | 683,739 | 19.4 | 796,589 | 22.3 | 866,826 | 24.0 | 887,443 | 28.0 | 894,016 | 32.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land loans | 10,960 | 0.3 | 4,210 | 0.1 | 4,810 | 0.2 | 6,132 | 0.2 | 34,951 | 1.4 | 9,170 | 0.3 | 10,960 | 0.3 | 4,210 | 0.1 | 4,810 | 0.2 | 6,132 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | 3,578,343 | 100.0 | % | 3,605,210 | 100.0 | % | 3,169,888 | 100.0 | % | 2,797,522 | 100.0 | % | 2,545,346 | 100.0 | % | 3,529,065 | 100.0 | % | 3,578,343 | 100.0 | % | 3,605,210 | 100.0 | % | 3,169,888 | 100.0 | % | 2,797,522 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other items: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net deferred loan origination fees | 6,878 | 8,235 | 7,980 | 10,421 | 10,051 | 9,147 | 6,878 | 8,235 | 7,980 | 10,421 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | 30,562 | 30,272 | 29,951 | 30,889 | 31,401 | 28,596 | 30,562 | 30,272 | 29,951 | 30,889 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans, net | $ | 3,540,903 | $ | 3,566,703 | $ | 3,131,957 | $ | 2,756,212 | $ | 2,503,894 | $ | 3,491,322 | $ | 3,540,903 | $ | 3,566,703 | $ | 3,131,957 | $ | 2,756,212 |
Residential | Residential CRE | Grocery/Credit Retail CRE | Other CRE | Construction and Land Loans | Total | |||||||||||||||||||||||||||||||||||||||||||
Amount | Weighted Average Rate | Amount | Weighted Average Rate | Amount | Weighted Average Rate | Amount | Weighted Average Rate | Amount | Weighted Average Rate | Amount | Weighted Average Rate | |||||||||||||||||||||||||||||||||||||
Due During the Years Ended June 30, | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
2019 | $ | 19,931 | 4.62 | % | $ | 23,366 | 3.71 | % | $ | 4,218 | 5.85 | % | $ | 61,257 | 4.72 | % | $ | 4,803 | 5.75 | % | $ | 113,575 | 4.58 | % | ||||||||||||||||||||||||
2020 to 2021 | 803 | 4.79 | 57,219 | 4.37 | 28,586 | 4.30 | 75,223 | 4.67 | 3,538 | 5.25 | 165,369 | 4.52 | ||||||||||||||||||||||||||||||||||||
2022 to 2023 | 2,558 | 4.16 | 196,304 | 3.65 | 59,379 | 3.99 | 110,079 | 4.56 | — | — | 368,320 | 3.98 | ||||||||||||||||||||||||||||||||||||
2024 to 2028 | 6,938 | 4.05 | 997,047 | 3.43 | 251,100 | 3.56 | 318,762 | 3.99 | 2,332 | 5.75 | 1,576,179 | 3.57 | ||||||||||||||||||||||||||||||||||||
2029 to 2033 | 35,773 | 3.50 | 626,567 | 3.58 | 115,183 | 4.12 | 218,545 | 4.65 | — | — | 996,068 | 3.87 | ||||||||||||||||||||||||||||||||||||
2034 and beyond | 201,768 | 3.97 | 104,812 | 4.12 | 39,242 | 4.25 | 12,724 | 5.18 | 287 | 5.75 | 358,833 | 4.09 | ||||||||||||||||||||||||||||||||||||
Total | $ | 267,771 | 3.96 | % | $ | 2,005,315 | 3.56 | % | $ | 497,708 | 3.86 | % | $ | 796,590 | 4.39 | % | $ | 10,960 | 5.59 | % | $ | 3,578,344 | 3.82 | % |
Residential | Residential CRE | Grocery/Credit Retail CRE | Other CRE | Construction and Land Loans | Total | |||||||||||||||||||||||||||||||||||||||||||
Amount | Weighted Average Rate | Amount | Weighted Average Rate | Amount | Weighted Average Rate | Amount | Weighted Average Rate | Amount | Weighted Average Rate | Amount | Weighted Average Rate | |||||||||||||||||||||||||||||||||||||
Due During the Years Ended June 30, | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | $ | 18,730 | 5.64 | % | $ | 50,599 | 4.06 | % | $ | 7,135 | 6.12 | % | $ | 76,246 | 4.51 | % | $ | — | 0.00 | % | $ | 152,710 | 4.57 | % | ||||||||||||||||||||||||
2021 to 2022 | 562 | 4.96 | 117,288 | 4.48 | 52,080 | 3.97 | 56,565 | 4.85 | 7,543 | 6.50 | 234,038 | 4.52 | ||||||||||||||||||||||||||||||||||||
2023 to 2024 | 2,045 | 4.22 | 133,614 | 4.01 | 114,283 | 4.04 | 85,898 | 4.70 | — | — | 335,840 | 4.20 | ||||||||||||||||||||||||||||||||||||
2025 to 2029 | 11,404 | 3.87 | 1,497,930 | 3.65 | 239,433 | 4.02 | 351,777 | 4.25 | 1,350 | 5.65 | 2,101,894 | 3.80 | ||||||||||||||||||||||||||||||||||||
2030 to 2034 | 30,848 | 3.62 | 185,539 | 3.90 | 23,249 | 5.07 | 86,573 | 4.54 | — | — | 326,209 | 4.13 | ||||||||||||||||||||||||||||||||||||
2035 and beyond | 203,422 | 4.07 | 101,344 | 4.20 | 46,651 | 4.35 | 26,680 | 4.78 | 277 | 5.75 | 378,374 | 4.19 | ||||||||||||||||||||||||||||||||||||
Total | $ | 267,011 | 4.12 | % | $ | 2,086,314 | 3.78 | % | $ | 482,831 | 4.13 | % | $ | 683,739 | 4.44 | % | $ | 9,170 | 6.35 | % | $ | 3,529,065 | 3.99 | % |
Fixed | Adjustable | Total | Fixed | Adjustable | Total | |||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
Residential | $ | 196,589 | $ | 51,251 | $ | $247,840 | $ | 208,532 | $ | 39,749 | $ | $248,281 | ||||||||||||
Residential CRE | 470,998 | 1,510,951 | 1,981,949 | 201,758 | 1,833,957 | 2,035,715 | ||||||||||||||||||
Grocery/Credit Retail CRE | 127,724 | 365,766 | 493,490 | 98,140 | 377,556 | 475,696 | ||||||||||||||||||
Other CRE | 318,180 | 417,153 | 735,333 | 149,447 | 458,046 | 607,493 | ||||||||||||||||||
Construction and land loans | 3,538 | 2,619 | 6,157 | 1,627 | 7,543 | 9,170 | ||||||||||||||||||
Total loans | $ | 1,117,029 | $ | 2,347,740 | $ | 3,464,769 | $ | 659,504 | $ | 2,716,851 | $ | 3,376,355 |
At June 30, | At June 30, | |||||||||||||||||||||||||||||||||||||||
2018 (1) | 2017 (2) | 2016 (3) | 2015 (4) | 2014 (5) | 2019 (1) | 2018 (2) | 2017 (3) | 2016 (4) | 2015 (5) | |||||||||||||||||||||||||||||||
Non-performing assets | (Dollars in thousands) | (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
Non-accrual loans: | ||||||||||||||||||||||||||||||||||||||||
Residential | $ | 6,335 | $ | 1,556 | $ | 931 | $ | 1,329 | $ | 5,350 | $ | 6,531 | $ | 6,335 | $ | 1,556 | $ | 931 | $ | 1,329 | ||||||||||||||||||||
Residential CRE | — | — | 310 | 311 | 3,508 | — | — | — | 310 | 311 | ||||||||||||||||||||||||||||||
Other CRE | 1,542 | 8,667 | 8,671 | 10,711 | 8,670 | 3,522 | 1,542 | 8,667 | 8,671 | 10,711 | ||||||||||||||||||||||||||||||
Construction and land loans | — | — | 56 | 224 | 444 | — | — | — | 56 | 224 | ||||||||||||||||||||||||||||||
Total non-accrual loans | $ | 7,877 | $ | 10,223 | $ | 9,968 | $ | 12,575 | $ | 17,972 | $ | 10,053 | $ | 7,877 | $ | 10,223 | $ | 9,968 | $ | 12,575 | ||||||||||||||||||||
Loans greater than 90 days delinquent and still accruing | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Total non-performing loans | $ | 7,877 | $ | 10,223 | $ | 9,968 | $ | 12,575 | $ | 17,972 | $ | 10,053 | $ | 7,877 | $ | 10,223 | $ | 9,968 | $ | 12,575 | ||||||||||||||||||||
Real estate owned | 1,564 | 140 | 487 | 4,059 | 3,850 | 557 | 1,564 | 140 | 487 | 4,059 | ||||||||||||||||||||||||||||||
Total non-performing assets | $ | 9,441 | $ | 10,363 | $ | 10,455 | $ | 16,634 | $ | 21,822 | $ | 10,610 | $ | 9,441 | $ | 10,363 | $ | 10,455 | $ | 16,634 | ||||||||||||||||||||
Ratios: | ||||||||||||||||||||||||||||||||||||||||
Non-performing loans to total loans | 0.22 | % | 0.28 | % | 0.31 | % | 0.45 | % | 0.71 | % | 0.28 | % | 0.22 | % | 0.28 | % | 0.31 | % | 0.45 | % | ||||||||||||||||||||
Non-performing assets to total assets | 0.23 | % | 0.25 | % | 0.28 | % | 0.50 | % | 0.69 | % | 0.26 | % | 0.23 | % | 0.25 | % | 0.28 | % | 0.50 | % | ||||||||||||||||||||
Troubled Debt Restructurings | ||||||||||||||||||||||||||||||||||||||||
Non-performing TDRs (included in nonaccrual loans) | ||||||||||||||||||||||||||||||||||||||||
Residential | 174 | 178 | 184 | 188 | 3,080 | 167 | 174 | 178 | 184 | 188 | ||||||||||||||||||||||||||||||
Residential CRE | — | — | 310 | 311 | 501 | — | — | — | 310 | 311 | ||||||||||||||||||||||||||||||
Other CRE | 1,407 | 4,070 | 3,703 | 2,710 | 4,386 | 1,096 | 1,407 | 4,070 | 3,703 | 2,710 | ||||||||||||||||||||||||||||||
Construction and land loans | — | — | 56 | 224 | — | — | — | — | 56 | 224 | ||||||||||||||||||||||||||||||
Total Non-performing TDRs | $ | 1,581 | $ | 4,248 | $ | 4,253 | $ | 3,433 | $ | 7,967 | $ | 1,263 | $ | 1,581 | $ | 4,248 | $ | 4,253 | $ | 3,433 | ||||||||||||||||||||
Performing TDRs | ||||||||||||||||||||||||||||||||||||||||
Other CRE | 309 | 362 | 386 | 418 | — | 236 | 309 | 362 | 386 | 418 | ||||||||||||||||||||||||||||||
Total Performing TDRs | 309 | 362 | 386 | 418 | — | 236 | 309 | 362 | 386 | 418 | ||||||||||||||||||||||||||||||
Total Troubled Debt Restructurings | $ | 1,890 | $ | 4,610 | $ | 4,639 | $ | 3,851 | $ | 7,967 | $ | 1,499 | $ | 1,890 | $ | 4,610 | $ | 4,639 | $ | 3,851 |
(1) | Included in nonaccrual loans are residential loans totaling $568,000 and other commercial real estate loans totaling $2.4 million that were less than 30 days delinquent; and residential loans and other commercial real estate loans totaling $798,000 and $1.1 million, respectively, that were 30 - 89 days delinquent. |
(2) | Included in nonaccrual loans totaling $504,000 and other commercial real estate loans totaling $1.4 million that were less than 30 days delinquent; and residential loans totaling $617,000 that were |
Included in nonaccrual loans are residential loans totaling $21,000 and other commercial real estate loans totaling $6.8 million that were less than 30 days delinquent; and residential loans totaling $921,000 that were |
Included in nonaccrual loans are residential loans totaling $66,000 residential CRE loans totaling $310,000 and other commercial real estate loans totaling $7.0 million that were less than 30 days delinquent; and residential loans totaling $180,000 that were |
Included in nonaccrual loans are residential loans totaling $425,000 and other commercial real estate loans totaling $6.1 million that were less than 30 days delinquent, and residential loans totaling $16,000, residential CRE loans totaling $311,000 and other commercial real estate loans totaling $1.1 million that were less than 90 days delinquent. |
Loans Delinquent For | Loans Delinquent For | |||||||||||||||||||||||||||||||||||||||||||||||
60-89 Days | 90 Days and over | Total | 60-89 Days | 90 Days and over | Total | |||||||||||||||||||||||||||||||||||||||||||
Number | Amount | Number | Amount | Number | Amount | Number | Amount | Number | Amount | Number | Amount | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 4 | $ | 1,409 | 5 | $ | 5,164 | 9 | $ | 6,573 | |||||||||||||||||||||||||||||||||||||||
Other CRE | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total | 4 | $ | 1,409 | 5 | $ | 5,164 | 9 | $ | 6,573 | |||||||||||||||||||||||||||||||||||||||
At June 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 4 | $ | 753 | 7 | $ | 5,213 | 11 | $ | 5,966 | 4 | $ | 753 | 7 | $ | 5,213 | 11 | $ | 5,966 | ||||||||||||||||||||||||||||||
Other CRE | — | — | 1 | 135 | 1 | 135 | — | — | 1 | 135 | 1 | 135 | ||||||||||||||||||||||||||||||||||||
Total | 4 | $ | 753 | 8 | $ | 5,348 | 12 | $ | 6,101 | 4 | $ | 753 | 8 | $ | 5,348 | 12 | $ | 6,101 | ||||||||||||||||||||||||||||||
At June 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 4 | $ | 1,776 | 7 | $ | 614 | 11 | $ | 2,390 | 4 | $ | 1,776 | 7 | $ | 614 | 11 | $ | 2,390 | ||||||||||||||||||||||||||||||
Residential CRE | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other CRE | — | — | 3 | 1,897 | 3 | 1,897 | — | — | 3 | 1,897 | 3 | 1,897 | ||||||||||||||||||||||||||||||||||||
Construction and land loans | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total | 4 | $ | 1,776 | 10 | $ | 2,511 | 14 | $ | 4,287 | 4 | $ | 1,776 | 10 | $ | 2,511 | 14 | $ | 4,287 | ||||||||||||||||||||||||||||||
At June 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 3 | $ | 531 | 5 | $ | 684 | 8 | $ | 1,215 | 3 | $ | 531 | 5 | $ | 684 | 8 | $ | 1,215 | ||||||||||||||||||||||||||||||
Residential CRE | 1 | 1,166 | — | — | 1 | 1,166 | 1 | 1,166 | — | — | 1 | 1,166 | ||||||||||||||||||||||||||||||||||||
Other CRE | — | — | 4 | 1,641 | 4 | 1,641 | — | — | 4 | 1,641 | 4 | 1,641 | ||||||||||||||||||||||||||||||||||||
Construction and land loans | — | — | 1 | 56 | 1 | 56 | — | — | 1 | 56 | 1 | 56 | ||||||||||||||||||||||||||||||||||||
Total | 4 | $ | 1,697 | 10 | $ | 2,381 | 14 | $ | 4,078 | 4 | $ | 1,697 | 10 | $ | 2,381 | 14 | $ | 4,078 | ||||||||||||||||||||||||||||||
At June 30, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 3 | $ | 432 | 4 | $ | 888 | 7 | $ | 1,320 | 3 | $ | 432 | 4 | $ | 888 | 7 | $ | 1,320 | ||||||||||||||||||||||||||||||
Residential CRE | 1 | 311 | — | — | 1 | 311 | 1 | 311 | — | — | 1 | 311 | ||||||||||||||||||||||||||||||||||||
Other CRE | — | — | 3 | 3,569 | 3 | 3,569 | — | — | 3 | 3,569 | 3 | 3,569 | ||||||||||||||||||||||||||||||||||||
Construction and land loans | — | — | 1 | 224 | 1 | 224 | — | — | 1 | 224 | 1 | 224 | ||||||||||||||||||||||||||||||||||||
Total | 4 | $ | 743 | 8 | $ | 4,681 | 12 | $ | 5,424 | 4 | $ | 743 | 8 | $ | 4,681 | 12 | $ | 5,424 | ||||||||||||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 1 | $ | 214 | 6 | $ | 2,374 | 7 | $ | 2,588 | |||||||||||||||||||||||||||||||||||||||
Residential CRE | — | — | 3 | 3,007 | 3 | 3,007 | ||||||||||||||||||||||||||||||||||||||||||
Other CRE | — | — | 5 | 3,580 | 5 | 3,580 | ||||||||||||||||||||||||||||||||||||||||||
Construction and land loans | — | — | 4 | 444 | 4 | 444 | ||||||||||||||||||||||||||||||||||||||||||
Total | 1 | $ | 214 | 18 | $ | 9,405 | 19 | $ | 9,619 |
Classified Assets At June 30, | Classified Assets At June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||||||||||
Number | Amount | Number | Amount | Number | Amount | Number | Amount | Number | Amount | Number | Amount | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential | 14 | $ | 6,335 | 14 | $ | 5,002 | 9 | $ | 4,377 | 14 | $ | 7,171 | 14 | $ | 6,335 | 14 | $ | 5,002 | ||||||||||||||||||||||||||||||
Residential CRE | — | — | 1 | 240 | 1 | 310 | — | — | — | — | 1 | 240 | ||||||||||||||||||||||||||||||||||||
Other CRE | 10 | 5,270 | 21 | 18,312 | 21 | 19,866 | 6 | 4,213 | 10 | 5,270 | 21 | 18,312 | ||||||||||||||||||||||||||||||||||||
Construction and land loans | — | — | — | — | 1 | 56 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total | 24 | $ | 11,605 | 36 | $ | 23,554 | 32 | $ | 24,609 | 20 | $ | 11,384 | 24 | $ | 11,605 | 36 | $ | 23,554 |
At or For the Years Ended June 30, | At or For the Years Ended June 30, | |||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 30,272 | $ | 29,951 | $ | 30,889 | $ | 31,401 | $ | 31,381 | $ | 30,562 | $ | 30,272 | $ | 29,951 | $ | 30,889 | $ | 31,401 | ||||||||||||||||||||
Charge-offs: | ||||||||||||||||||||||||||||||||||||||||
Residential | 117 | 75 | 98 | 333 | 24 | 65 | 117 | 75 | 98 | 333 | ||||||||||||||||||||||||||||||
Residential CRE | — | — | — | — | 1,226 | — | — | — | — | — | ||||||||||||||||||||||||||||||
Other CRE | — | 13 | 849 | 380 | 459 | — | — | 13 | 849 | 380 | ||||||||||||||||||||||||||||||
Total charge-offs | 117 | 88 | 947 | 713 | 1,709 | 65 | 117 | 88 | 947 | 713 | ||||||||||||||||||||||||||||||
Recoveries: | ||||||||||||||||||||||||||||||||||||||||
Residential | 150 | — | — | — | — | 41 | 150 | — | — | — | ||||||||||||||||||||||||||||||
Residential CRE | — | — | — | — | 10 | — | — | — | — | — | ||||||||||||||||||||||||||||||
Other CRE | 225 | 409 | 9 | — | 17 | 58 | 225 | 409 | 9 | — | ||||||||||||||||||||||||||||||
Construction and land loans | 32 | — | — | 1 | 1,002 | — | 32 | — | — | 1 | ||||||||||||||||||||||||||||||
Total recoveries | 407 | 409 | 9 | 1 | 1,029 | 99 | 407 | 409 | 9 | 1 | ||||||||||||||||||||||||||||||
Net recoveries (charge-offs) | 290 | 321 | (938 | ) | (712 | ) | (680 | ) | 34 | 290 | 321 | (938 | ) | (712 | ) | |||||||||||||||||||||||||
Provision for loan losses | — | — | — | 200 | 700 | |||||||||||||||||||||||||||||||||||
(Reversal of)/provision for loan losses | (2,000 | ) | — | — | — | 200 | ||||||||||||||||||||||||||||||||||
Balance at end of year | $ | 30,562 | $ | 30,272 | $ | 29,951 | $ | 30,889 | $ | 31,401 | $ | 28,596 | $ | 30,562 | $ | 30,272 | $ | 29,951 | $ | 30,889 | ||||||||||||||||||||
Ratios: | ||||||||||||||||||||||||||||||||||||||||
Net charge-offs to average loans outstanding | (0.01 | )% | (0.01 | )% | 0.03 | % | 0.03 | % | 0.03 | % | 0.00 | % | (0.01 | )% | (0.01 | %) | 0.03 | % | 0.03 | % | ||||||||||||||||||||
Allowance for loan losses to total loans at end of period | 0.85 | % | 0.84 | % | 0.94 | % | 1.10 | % | 1.23 | % | 0.81 | % | 0.85 | % | 0.84 | % | 0.94 | % | 1.10 | % |
At June 30, | At June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses | Percent of Loans in Each Category to Total Loans | Allowance for Loan Losses | Percent of Loans in Each Category to Total Loans | Allowance for Loan Losses | Percent of Loans in Each Category to Total Loans | Allowance for Loan Losses | Percent of Loans in Each Category to Total Loans | Allowance for Loan Losses | Percent of Loans in Each Category to Total Loans | Allowance for Loan Losses | Percent of Loans in Each Category to Total Loans | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Residential | $ | 1,990 | 7.5 | % | $ | 1,261 | 7.0 | % | $ | 1,300 | 7.1 | % | $ | 2,321 | 7.6 | % | $ | 1,990 | 7.5 | % | $ | 1,261 | 7.0 | % | ||||||||||||||||||||||||
Residential CRE | 17,259 | 56.0 | % | 15,794 | 54.0 | % | 12,837 | 50.4 | % | 15,694 | 59.1 | % | 17,259 | 56.0 | % | 15,794 | 54.0 | % | ||||||||||||||||||||||||||||||
Grocery/Credit Retail CRE | 3,015 | 13.9 | % | 3,000 | 14.9 | % | 3,646 | 14.4 | % | 3,249 | 13.7 | % | 3,015 | 13.9 | % | 3,000 | 14.9 | % | ||||||||||||||||||||||||||||||
Other CRE | 7,828 | 22.3 | % | 10,017 | 24.0 | % | 11,850 | 28.0 | % | 6,968 | 19.4 | % | 7,828 | 22.3 | % | 10,017 | 24.0 | % | ||||||||||||||||||||||||||||||
Construction and land loans | 470 | 0.3 | % | 200 | 0.1 | % | 318 | 0.2 | % | 364 | 0.3 | % | 470 | 0.3 | % | 200 | 0.1 | % | ||||||||||||||||||||||||||||||
Total | $ | 30,562 | 100.0 | % | $ | 30,272 | 100.0 | % | $ | 29,951 | 100.0 | % | $ | 28,596 | 100.0 | % | $ | 30,562 | 100.0 | % | $ | 30,272 | 100.0 | % |
At June 30, | At June 30, | |||||||||||||||||||||||||||||||
2015 | 2014 | 2016 | 2015 | |||||||||||||||||||||||||||||
Allowance for Loan Losses | Percent of Loans in Each Category to Total Loans | Allowance for Loan Losses | Percent of Loans in Each Category to Total Loans | Allowance for Loan Losses | Percent of Loans in Each Category to Total Loans | Allowance for Loan Losses | Percent of Loans in Each Category to Total Loans | |||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||
Residential | $ | 1,521 | 6.7 | % | $ | 1,568 | 6.2 | % | $ | 1,300 | 7.1 | % | $ | 1,521 | 6.7 | % | ||||||||||||||||
Residential CRE | 10,814 | 44.0 | % | 5,327 | 39.2 | % | 12,837 | 50.4 | % | 10,814 | 44.0 | % | ||||||||||||||||||||
Grocery/Credit Retail CRE | 4,042 | 17.2 | % | 2,652 | 16.5 | % | 3,646 | 14.4 | % | 4,042 | 17.2 | % | ||||||||||||||||||||
Other CRE | 13,943 | 32.0 | % | 17,995 | 36.7 | % | 11,850 | 28.0 | % | 13,943 | 32.0 | % | ||||||||||||||||||||
Construction and land loans | 569 | 0.2 | % | 1,108 | 1.4 | % | 318 | 0.2 | % | 569 | 0.2 | % | ||||||||||||||||||||
Unallocated | — | 0.0 | % | 2,751 | 0.0 | % | ||||||||||||||||||||||||||
Total | $ | 30,889 | 100.0 | % | $ | 31,401 | 100.0 | % | $ | 29,951 | 100.0 | % | $ | 30,889 | 100.0 | % |
At June 30, | At June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government and federal agency obligations | $ | 6,750 | $ | 6,633 | $ | 6,750 | $ | 6,696 | $ | 6,750 | $ | 6,752 | $ | 5,000 | $ | 4,979 | $ | 5,000 | $ | 4,906 | $ | 6,750 | $ | 6,752 | ||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential MBS | 220,057 | 214,115 | 141,990 | 140,680 | 75,238 | 76,559 | 207,587 | 208,900 | 220,057 | 214,115 | 75,238 | 76,559 | ||||||||||||||||||||||||||||||||||||
Commercial MBS | 13,035 | 12,614 | 13,473 | 13,502 | 18,401 | 18,885 | 26,952 | 27,436 | 13,035 | 12,614 | 18,401 | 18,885 | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 85,488 | 83,125 | 77,418 | 76,326 | 67,718 | 68,510 | 77,643 | 77,565 | 85,488 | 83,125 | 67,718 | 68,510 | ||||||||||||||||||||||||||||||||||||
Corporate Notes | 10,044 | 10,024 | — | — | — | — | 15,033 | 15,299 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total securities held to maturity | $ | 335,374 | $ | 326,511 | $ | 239,631 | $ | 237,204 | $ | 168,107 | $ | 170,706 | ||||||||||||||||||||||||||||||||||||
Total debt securities held to maturity | $ | 332,215 | $ | 334,179 | $ | 335,374 | $ | 326,511 | $ | 168,107 | $ | 170,706 |
At June 30, | At June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | $ | 601 | $ | 1,565 | $ | 601 | $ | 1,498 | $ | 601 | $ | 1,125 | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential MBS | 70 | 71 | 6,974 | 6,921 | 11,106 | 11,321 | $ | 9 | $ | 9 | $ | 70 | $ | 71 | $ | 6,974 | $ | 6,921 | ||||||||||||||||||||||||||||||
Commercial MBS | 4,074 | 4,137 | 4,220 | 4,406 | 4,359 | 4,713 | 3,921 | 3,916 | 4,074 | 4,137 | 4,220 | 4,406 | ||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 40,106 | 38,918 | 85,437 | 85,105 | 123,173 | 124,691 | 29,108 | 28,827 | 40,106 | 38,918 | 85,437 | 85,105 | ||||||||||||||||||||||||||||||||||||
Total securities available for sale | $ | 44,851 | $ | 44,691 | $ | 97,232 | $ | 97,930 | $ | 139,239 | $ | 141,850 | ||||||||||||||||||||||||||||||||||||
Total debt securities available for sale | $ | 33,038 | $ | 32,752 | $ | 44,250 | $ | 43,126 | $ | 96,631 | $ | 96,432 |
One Year or Less | More than One Year through Five Years | More than Five Years through Ten Years | More than Ten Years | Total Securities | One Year or Less | More than One Year through Five Years | More than Five Years through Ten Years | More than Ten Years | Total Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Weighted Average Yield | Amortized Cost | Weighted Average Yield | Amortized Cost | Weighted Average Yield | Amortized Cost | Weighted Average Yield | Amortized Cost | Fair Value | Weighted Average Yield | Amortized Cost | Weighted Average Yield | Amortized Cost | Weighted Average Yield | Amortized Cost | Weighted Average Yield | Amortized Cost | Weighted Average Yield | Amortized Cost | Fair Value | Weighted Average Yield | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Held to Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities Held to Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United States Government and federal agency obligations | $ | 1,750 | 1.05 | % | $ | 5,000 | 1.22 | % | $ | — | — | % | $ | — | — | % | $ | 6,750 | $ | 6,633 | 1.18 | % | $ | 5,000 | 1.22 | % | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 5,000 | $ | 4,979 | 1.22 | % | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential MBS | — | — | — | — | 93,549 | 2.51 | 126,508 | 2.84 | 220,057 | 214,115 | 2.70 | — | — | 35 | 5.01 | 86,323 | 2.50 | 121,229 | 2.98 | 207,587 | 208,900 | 2.78 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial MBS | — | — | 9,022 | 2.54 | 4,013 | 2.66 | — | — | 13,035 | 12,614 | 2.58 | — | — | 8,774 | 2.55 | 13,617 | 2.78 | 4,561 | 3.21 | 26,952 | 27,436 | 2.78 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | — | — | — | — | 24,047 | 1.79 | 61,441 | 2.79 | 85,488 | 83,125 | 2.51 | — | — | — | — | 31,213 | 1.90 | 46,430 | 3.18 | 77,643 | 77,565 | 2.67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Notes | — | — | — | — | 10,044 | 4.48 | — | — | 10,044 | 10,024 | 4.48 | — | — | — | — | 15,033 | 4.86 | — | — | 15,033 | 15,299 | 4.86 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities held to maturity | $ | 1,750 | 1.05 | $ | 14,022 | 2.07 | % | $ | 131,653 | 2.53 | % | $ | 187,949 | 2.82 | % | $ | 335,374 | $ | 326,511 | 2.67 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities held to maturity | $ | 5,000 | 1.22 | $ | 8,809 | 2.56 | % | $ | 146,186 | 2.64 | % | $ | 172,220 | 3.04 | % | $ | 332,215 | $ | 334,179 | 2.82 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Available for Sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | $ | 601 | — | % | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 601 | $ | 1,565 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities Available for Sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential MBS | 4 | 4.50 | 66 | 4.53 | — | — | — | — | 70 | 71 | 4.53 | $ | 5 | 4.54 | % | $ | 4 | 4.50 | % | $ | — | — | % | $ | — | — | % | $ | 9 | $ | 9 | 4.52 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial MBS | — | — | 4,074 | 4.19 | — | — | — | — | 4,074 | 4,137 | 4.19 | 3,921 | 4.20 | — | — | — | — | — | — | 3,921 | 3,916 | 4.20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | — | — | 3,503 | 2.60 | 26,885 | 2.40 | 9,718 | 2.09 | 40,106 | 38,918 | 2.34 | — | — | 1,481 | 2.62 | 27,627 | 2.31 | — | — | 29,108 | 28,827 | 2.33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities available for sale | $ | 605 | 0 | % | $ | 7,643 | 3.46 | % | $ | 26,885 | 2.40 | % | $ | 9,718 | 2.09 | % | $ | 44,851 | $ | 44,691 | 2.48 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt securities available for sale | $ | 3,926 | 4 | % | $ | 1,485 | 2.63 | % | $ | 27,627 | 2.31 | % | $ | — | — | % | $ | 33,038 | $ | 32,752 | 2.55 | % |
At June 30, | At June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | Percent | Weighted Average Rate | Balance | Percent | Weighted Average Rate | Balance | Percent | Weighted Average Rate | Balance | Percent | Weighted Average Rate | Balance | Percent | Weighted Average Rate | Balance | Percent | Weighted Average Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit type: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Checking accounts | $ | 751,735 | 25.79 | % | 0.85 | % | $ | 706,554 | 24.74 | % | 0.62 | % | $ | 453,136 | 20.05 | % | 0.36 | % | $ | 668,453 | 22.87 | % | 1.36 | % | $ | 751,735 | 25.79 | % | 0.85 | % | $ | 706,554 | 24.74 | % | 0.62 | % | ||||||||||||||||||||||||||||||||||||
Money market accounts | 763,003 | 26.17 | % | 1.13 | % | 847,888 | 29.68 | % | 1.05 | % | 681,710 | 30.16 | % | 0.76 | % | 622,670 | 21.30 | % | 1.32 | % | 763,003 | 26.17 | % | 1.13 | % | 847,888 | 29.68 | % | 1.05 | % | ||||||||||||||||||||||||||||||||||||||||||
Savings accounts | 188,859 | 6.48 | % | 0.28 | % | 177,896 | 6.23 | % | 0.23 | % | 165,623 | 7.33 | % | 0.24 | % | 383,763 | 13.13 | % | 1.24 | % | 188,859 | 6.48 | % | 0.28 | % | 177,896 | 6.23 | % | 0.23 | % | ||||||||||||||||||||||||||||||||||||||||||
Time deposits | 1,211,531 | 41.56 | % | 1.62 | % | 1,124,140 | 39.35 | % | 1.34 | % | 959,534 | 42.46 | % | 1.31 | % | 1,248,358 | 42.70 | % | 2.17 | % | 1,211,531 | 41.56 | % | 1.62 | % | 1,124,140 | 39.35 | % | 1.34 | % | ||||||||||||||||||||||||||||||||||||||||||
Total deposits | $ | 2,915,128 | 100.00 | % | 1.21 | % | $ | 2,856,478 | 100.00 | % | 1.01 | % | $ | 2,260,003 | 100.00 | % | 0.88 | % | $ | 2,923,244 | 100.00 | % | 1.68 | % | $ | 2,915,128 | 100.00 | % | 1.21 | % | $ | 2,856,478 | 100.00 | % | 1.01 | % |
At June 30, 2018 | At June 30, 2019 | |||||||
(In thousands) | (In thousands) | |||||||
Three months or less | $ | 35,649 | $ | 62,405 | ||||
Over three months through six months | 37,173 | 33,376 | ||||||
Over six months through one year | 94,268 | 77,266 | ||||||
Over one year to three years | 56,988 | 76,387 | ||||||
Over three years | 20,671 | 4,097 | ||||||
Total | $ | 244,749 | $ | 253,531 |
At or For the Years Ended June 30, | At or For the Years Ended June 30, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2019 | 2018 | 2017 | |||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||
Balance at end of period | $ | 596,372 | $ | 642,059 | $ | 781,623 | $ | 521,555 | $ | 596,372 | $ | 642,059 | ||||||||||||
Average balance during period | $ | 543,290 | $ | 719,647 | $ | 731,078 | $ | 537,480 | $ | 543,290 | $ | 719,647 | ||||||||||||
Maximum outstanding at any month end | $ | 649,860 | $ | 928,391 | $ | 842,194 | $ | 616,803 | $ | 649,860 | $ | 928,391 | ||||||||||||
Weighted average interest rate at end of period | 1.88 | % | 1.59 | % | 1.39 | % | 2.14 | % | 1.88 | % | 1.59 | % | ||||||||||||
Average interest rate during period | 2.08 | % | 1.83 | % | 2.21 | % | 2.42 | % | 2.08 | % | 1.83 | % |
(1) | real estate mortgages; |
(2) | consumer and commercial loans; |
(3) | specific types of debt securities, including certain corporate debt securities and obligations of federal, state and local governments and agencies; |
(4) | certain types of corporate equity securities; and |
(5) | certain other assets. |
At June 30, 2018 | At June 30, 2019 | |||||||||||||||||||||||||||||||
The Company | The Bank | The Company | The Bank | |||||||||||||||||||||||||||||
Capital | Percent of Assets (1) | Capital | Percent of Assets (1) | Capital | Percent of Assets (1) | Capital | Percent of Assets (1) | |||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||
Common equity tier 1 (to risk-weighted assets) | $ | 548,122 | 14.82 | % | $ | 470,857 | 12.73 | % | $ | 529,692 | 14.57 | % | $ | 485,683 | 13.36 | % | ||||||||||||||||
Tier 1 capital (to risk-weighted assets) | 548,122 | 14.82 | % | 470,857 | 12.73 | % | 529,692 | 14.57 | % | 485,683 | 13.36 | % | ||||||||||||||||||||
Total capital (to risk-weighted assets) | 578,685 | 15.64 | % | 501,419 | 13.56 | % | 558,288 | 15.36 | % | 514,279 | 14.15 | % | ||||||||||||||||||||
Tier 1 Leverage capital (to average assets) | 548,122 | 13.25 | % | 470,857 | 11.38 | % | 529,692 | 12.98 | % | 485,683 | 11.90 | % | ||||||||||||||||||||
Capital conservation buffer | 282,759 | 7.64 | % | 205,541 | 5.56 | % | 267,518 | 7.36 | % | 223,553 | 6.15 | % |
(1) | For purposes of calculating Core capital, assets are based on adjusted total leverage assets. In calculating Tier 1 risk-based capital and total risk-based capital, assets are based on total risk-weighted assets. |
• | its ratio of common equity tier 1 capital to risk-weighted assets is at least 6.5%; and |
• | its ratio of total capital to risk-weighted assets is at least 10%; and |
• | its ratio of Tier 1 capital to risk-weighted assets is at least 8%; and |
• | its ratio of Tier 1 capital to total assets is at least 5%, and it is not subject to any order or directive by the FDIC to meet a specific capital level. |
• | its ratio of common equity tier 1 capital to risk-weighted assets is at least 4.5%; and |
• | its ratio of total capital to risk-weighted assets is at least 8%; and |
• | its ratio of Tier 1 capital to risk-weighted assets is at least 6%; and |
• | its ratio of Tier 1 capital to total assets is at least 4%. |
• | its ratio of common equity tier 1 capital to risk-weighted assets is less than 4.5%; or |
• | its total risk-based capital is less than 8%; or |
• | its Tier 1 risk-based-capital is less than 6%; or |
• | its leverage ratio is less than 4% . |
• | its ratio of common equity tier 1 capital to risk-weighted assets is less than 3.0%; or |
• | its Tier 1 capital to risk-weighted assets is less than 4%; or |
• | its leverage ratio is less than 3%. |
(i) | the approval of interstate supervisory acquisitions by savings and loan holding companies; and |
(ii) | the acquisition of a savings institution in another state if the laws of the state of the target savings institution specifically permit such acquisitions. |
ITEM 5. |
For the Years Ended June 30, | ||||||||||||||||||||||||||||||||
2018 | 2017 | |||||||||||||||||||||||||||||||
High | Low | Dividends | High | Low | Dividends | |||||||||||||||||||||||||||
First Quarter | $ | 17.45 | $ | 15.30 | $ | 0.175 | $ | 16.74 | $ | 15.56 | $ | 0.175 | ||||||||||||||||||||
Second Quarter | 17.70 | 15.90 | 0.625 | (1 | ) | 18.95 | 15.35 | 0.675 | (1 | ) | ||||||||||||||||||||||
Third Quarter | 17.30 | 15.05 | 0.250 | 19.00 | 16.30 | 0.175 | ||||||||||||||||||||||||||
Fourth Quarter | 17.20 | 15.00 | 0.250 | 17.75 | 16.32 | 0.175 |
At June 30, | At June 30, | |||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||
Selected Financial Condition Data: | ||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 4,167,039 | $ | 4,137,684 | $ | 3,669,338 | $ | 3,353,065 | $ | 3,140,200 | $ | 4,070,516 | $ | 4,167,039 | $ | 4,137,684 | $ | 3,669,338 | $ | 3,353,065 | ||||||||||||||||||||
Loans, net | 3,540,903 | 3,566,703 | 3,131,957 | 2,756,212 | 2,503,894 | 3,491,322 | 3,540,903 | 3,566,703 | 3,131,957 | 2,756,212 | ||||||||||||||||||||||||||||||
Securities available for sale, at market value | 44,691 | 97,930 | 141,850 | 258,963 | 384,137 | |||||||||||||||||||||||||||||||||||
Debt securities available for sale, at market value | 32,752 | 43,126 | 97,930 | 141,850 | 258,963 | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities held to maturity | 335,374 | 239,631 | 168,107 | 107,990 | 32,422 | 332,215 | 335,374 | 239,631 | 168,107 | 107,990 | ||||||||||||||||||||||||||||||
Bank owned life insurance | 98,438 | 95,946 | 93,327 | 90,609 | 68,054 | 100,872 | 98,438 | 95,946 | 93,327 | 90,609 | ||||||||||||||||||||||||||||||
Federal Home Loan Bank of New York stock, at cost | 30,365 | 32,504 | 38,003 | 39,898 | 49,046 | 25,925 | 30,365 | 32,504 | 38,003 | 39,898 | ||||||||||||||||||||||||||||||
Accrued interest receivable | 11,261 | 10,620 | 9,943 | 9,266 | 10,214 | 11,935 | 11,261 | 10,620 | 9,943 | 9,266 | ||||||||||||||||||||||||||||||
Investments in real estate joint ventures, net | — | — | 4,307 | 6,658 | 6,391 | — | — | — | 4,307 | 6,658 | ||||||||||||||||||||||||||||||
Real estate held for investment | — | — | — | 655 | 917 | — | — | — | — | 655 | ||||||||||||||||||||||||||||||
Deposits | 2,915,128 | 2,856,478 | 2,260,003 | 1,962,737 | 1,580,975 | 2,923,244 | 2,915,128 | 2,856,478 | 2,260,003 | 1,962,737 | ||||||||||||||||||||||||||||||
Borrowings | 596,372 | 642,059 | 781,623 | 796,372 | 967,443 | 521,555 | 596,372 | 642,059 | 781,623 | 796,372 | ||||||||||||||||||||||||||||||
Stockholders' equity | 559,346 | 559,223 | 535,200 | 517,670 | 526,292 | |||||||||||||||||||||||||||||||||||
Stockholders’ equity | 529,147 | 559,346 | 559,223 | 535,200 | 517,670 | |||||||||||||||||||||||||||||||||||
Selected Operating Data: | ||||||||||||||||||||||||||||||||||||||||
Interest income | $ | 152,826 | $ | 142,462 | $ | $134,324 | $ | $131,759 | $ | $128,226 | $ | 155,755 | $ | 152,826 | $ | $142,462 | $ | $134,324 | $ | $131,759 | ||||||||||||||||||||
Interest expense | 42,900 | 37,851 | 34,023 | 35,009 | 31,103 | 54,667 | 42,900 | 37,851 | 34,023 | 35,009 | ||||||||||||||||||||||||||||||
Net interest income | 109,926 | 104,611 | 100,301 | 96,750 | 97,123 | 101,088 | 109,926 | 104,611 | 100,301 | 96,750 | ||||||||||||||||||||||||||||||
Provision for loan losses | — | — | — | 200 | 700 | |||||||||||||||||||||||||||||||||||
(Reversal)/provision for loan losses | (2,000 | ) | — | — | — | 200 | ||||||||||||||||||||||||||||||||||
Net interest income after provision for loan losses | 109,926 | 104,611 | 100,301 | 96,550 | 96,423 | 103,088 | 109,926 | 104,611 | 100,301 | 96,550 | ||||||||||||||||||||||||||||||
Other income | 3,588 | 16,844 | 44,244 | 19,282 | 5,602 | |||||||||||||||||||||||||||||||||||
Other expense | 39,504 | 45,929 | 63,716 | 42,716 | 39,478 | |||||||||||||||||||||||||||||||||||
Non-interest income | 4,758 | 3,594 | 16,968 | 44,244 | 19,282 | |||||||||||||||||||||||||||||||||||
Non-interest expense | 38,785 | 39,510 | 46,053 | 63,716 | 42,716 | |||||||||||||||||||||||||||||||||||
Income before income tax expense | 74,010 | 75,526 | 80,829 | 73,116 | 62,547 | 69,061 | 74,010 | 75,526 | 80,829 | 73,116 | ||||||||||||||||||||||||||||||
Income tax expense | 31,116 | 26,382 | 28,534 | 26,214 | 21,488 | 17,002 | 31,116 | 26,382 | 28,534 | 26,214 | ||||||||||||||||||||||||||||||
Net income | $ | 42,894 | $ | 49,144 | $ | 52,295 | $ | 46,902 | $ | 41,059 | $ | 52,059 | $ | 42,894 | $ | 49,144 | $ | 52,295 | $ | 46,902 |
At or For the Years Ended June 30, | At or For the Years Ended June 30, | |||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
Selected Financial Ratios and Other Data: | ||||||||||||||||||||||||||||||||||||||||
Performance Ratios: | ||||||||||||||||||||||||||||||||||||||||
Return on assets (ratio of net income to average total assets) | 1.04 | % | 1.24 | % | 1.50 | % | 1.44 | % | 1.40 | % | 1.27 | % | 1.11 | % | 1.24 | % | 1.50 | % | 1.44 | % | ||||||||||||||||||||
Return on equity (ratio of net income to average equity) | 7.65 | % | 8.98 | % | 9.91 | % | 9.10 | % | 7.80 | % | 9.60 | % | 8.16 | % | 8.98 | % | 9.91 | % | 9.10 | % | ||||||||||||||||||||
Average interest rate spread (1) | 2.65 | % | 2.66 | % | 2.89 | % | 2.97 | % | 3.29 | % | 2.41 | % | 2.65 | % | 2.66 | % | 2.89 | % | 2.97 | % | ||||||||||||||||||||
Net interest margin (2) | 2.79 | % | 2.79 | % | 3.04 | % | 3.14 | % | 3.50 | % | 2.59 | % | 2.79 | % | 2.79 | % | 3.04 | % | 3.14 | % | ||||||||||||||||||||
Efficiency ratio (3) | 34.80 | % | 37.82 | % | 44.08 | % | 36.81 | % | 38.43 | % | 36.64 | % | 34.54 | % | 37.82 | % | 44.08 | % | 36.81 | % | ||||||||||||||||||||
Non-interest expense to average total assets | 0.95 | % | 1.16 | % | 1.83 | % | 1.31 | % | 1.35 | % | 0.95 | % | 0.95 | % | 1.16 | % | 1.83 | % | 1.31 | % | ||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 113.01 | % | 113.40 | % | 114.96 | % | 115.18 | % | 118.42 | % | 112.94 | % | 113.01 | % | 113.40 | % | 114.96 | % | 115.18 | % | ||||||||||||||||||||
Asset Quality Ratios: | ||||||||||||||||||||||||||||||||||||||||
Non-performing assets to total assets | 0.23 | % | 0.25 | % | 0.28 | % | 0.50 | % | 0.69 | % | 0.26 | % | 0.23 | % | 0.25 | % | 0.28 | % | 0.50 | % | ||||||||||||||||||||
Non-performing loans to total loans | 0.22 | % | 0.28 | % | 0.31 | % | 0.45 | % | 0.71 | % | 0.28 | % | 0.22 | % | 0.28 | % | 0.31 | % | 0.45 | % | ||||||||||||||||||||
Allowance for loan losses to total loans | 0.85 | % | 0.84 | % | 0.94 | % | 1.10 | % | 1.23 | % | 0.81 | % | 0.85 | % | 0.84 | % | 0.94 | % | 1.10 | % | ||||||||||||||||||||
Capital Ratios: | ||||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital (to risk-weighted assets) | 14.82 | % | 15.02 | % | 16.77 | % | 17.79 | % | 19.05 | % | 14.57 | % | 14.82 | % | 15.02 | % | 16.77 | % | 17.79 | % | ||||||||||||||||||||
Total capital (to risk-weighted assets) | 15.64 | % | 15.84 | % | 17.69 | % | 18.85 | % | 20.19 | % | 15.36 | % | 15.64 | % | 15.84 | % | 17.69 | % | 18.85 | % | ||||||||||||||||||||
Tier I capital (to risk-weighted assets) | 14.82 | % | 15.02 | % | 16.77 | % | 17.79 | % | 19.05 | % | 14.57 | % | 14.82 | % | 15.02 | % | 16.77 | % | 17.79 | % | ||||||||||||||||||||
Tier I capital (to average assets) | 13.25 | % | 13.51 | % | 14.94 | % | 15.67 | % | 17.11 | % | 12.98 | % | 13.25 | % | 13.51 | % | 14.94 | % | 15.67 | % | ||||||||||||||||||||
Other Data: | ||||||||||||||||||||||||||||||||||||||||
Number of full service offices | 26 | 26 | 26 | 25 | 25 | 26 | 26 | 26 | 26 | 25 | ||||||||||||||||||||||||||||||
Full time equivalent employees | 222 | 221 | 216 | 209 | 205 | 215 | 222 | 221 | 216 | 209 |
(1) | The average interest rate spread represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the period. |
(2) | The net interest margin represents net interest income as a percent of average interest-earning assets for the period. |
(3) | The efficiency ratio represents non-interest expense divided by the sum of net interest income before provision for loan losses and non-interest income. |
ITEM 7. |
Twelve Months Ended June 30, | Increase / (decrease) | |||||||||||||||||||||||||||
2018 | 2017 | Average | ||||||||||||||||||||||||||
Income | Yield | Income | Yield | Income | Balance | Yield | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Interest on mortgage loans | $ | 144,051 | 4.05 | % | $ | 133,967 | 3.99 | % | $ | 10,084 | $ | 201,405 | 0.06 | % | ||||||||||||||
Dividends on FHLB stock | 1,788 | 6.55 | % | 1,834 | 5.19 | % | (46 | ) | (8,021 | ) | 1.36 | % | ||||||||||||||||
Interest on securities AFS | 1,504 | 2.14 | % | 3,154 | 1.85 | % | (1,650 | ) | (100,278 | ) | 0.29 | % | ||||||||||||||||
Interest on securities HTM | 5,328 | 2.00 | % | 3,500 | 1.86 | % | 1,828 | 78,458 | 0.14 | % | ||||||||||||||||||
Interest on federal funds sold and short term investments | 155 | 1.34 | % | 7 | 0.73 | % | 148 | 10,600 | 0.61 | % | ||||||||||||||||||
Total interest income | $ | 152,826 | 3.88 | % | $ | 142,462 | 3.80 | % | $ | 10,364 | $ | 182,164 | 0.08 | % | ||||||||||||||
Twelve Months Ended June 30, | Increase / (decrease) | |||||||||||||||||||||||||||
2019 | 2018 | Average | ||||||||||||||||||||||||||
Income | Yield | Income | Yield | Income | Balance | Yield | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Interest on mortgage loans | $ | 144,457 | 4.15 | % | $ | 144,051 | 4.05 | % | $ | 406 | $ | (77,652 | ) | 0.10 | % | |||||||||||||
Equity securities | 48 | 3.37 | % | 43 | 2.81 | % | 5 | (105 | ) | 0.56 | % | |||||||||||||||||
Dividends on FHLB stock | 1,817 | 6.79 | % | 1,788 | 6.55 | % | 29 | (566 | ) | 0.24 | % | |||||||||||||||||
Interest on debt securities AFS | 868 | 2.29 | % | 1,461 | 2.13 | % | (593 | ) | (30,761 | ) | 0.16 | % | ||||||||||||||||
Interest on debt securities HTM | 8,189 | 2.41 | % | 5,328 | 2.00 | % | 2,861 | 72,102 | 0.41 | % | ||||||||||||||||||
Interest on federal funds sold and short term investments | 376 | 2.26 | % | 155 | 1.34 | % | 221 | 5,115 | 0.92 | % | ||||||||||||||||||
Total interest income | $ | 155,755 | 3.99 | % | $ | 152,826 | 3.88 | % | $ | 2,929 | $ | (31,867 | ) | 0.11 | % | |||||||||||||
Twelve Months Ended June 30, | Increase / (decrease) | Twelve Months Ended June 30, | Increase / (decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | Average | 2019 | 2018 | Average | |||||||||||||||||||||||||||||||||||||||||||||||||||
Expense | Cost | Expense | Cost | Expense | Balance | Cost | Expense | Cost | Expense | Cost | Expense | Balance | Cost | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | $ | 455 | 0.25 | % | $ | 391 | 0.23 | % | $ | 64 | $ | 11,003 | 0.02 | % | $ | 2,986 | 0.98 | % | $ | 455 | 0.25 | % | $ | 2,531 | $ | 121,059 | 0.73 | % | ||||||||||||||||||||||||||||
Money market | 9,038 | 1.10 | % | 7,742 | 1.05 | % | 1,296 | 81,235 | 0.05 | % | 7,397 | 1.10 | % | 9,038 | 1.10 | % | (1,641 | ) | (149,906 | ) | 0.00 | % | ||||||||||||||||||||||||||||||||||
Checking accounts | 4,955 | 0.66 | % | 3,015 | 0.46 | % | 1,940 | 91,486 | 0.20 | % | 8,556 | 1.21 | % | 4,955 | 0.66 | % | 3,601 | (44,554 | ) | 0.55 | % | |||||||||||||||||||||||||||||||||||
Time deposits | 17,176 | 1.45 | % | 13,523 | 1.33 | % | 3,653 | 165,307 | 0.12 | % | 22,699 | 1.84 | % | 17,176 | 1.45 | % | 5,523 | 52,936 | 0.39 | % | ||||||||||||||||||||||||||||||||||||
Total deposits | 31,624 | 1.08 | % | 24,671 | 0.95 | % | 6,953 | 349,031 | 0.13 | % | 41,638 | 1.43 | % | 31,624 | 1.08 | % | 10,014 | (20,465 | ) | 0.35 | % | |||||||||||||||||||||||||||||||||||
Borrowings | 11,276 | 2.08 | % | 13,180 | 1.83 | % | (1,904 | ) | (176,357 | ) | 0.25 | % | 13,029 | 2.42 | % | 11,276 | 2.08 | % | 1,753 | (5,810 | ) | 0.34 | % | |||||||||||||||||||||||||||||||||
Total interest expense | $ | 42,900 | 1.23 | % | $ | 37,851 | 1.14 | % | $ | 5,049 | $ | 172,674 | 0.09 | % | $ | 54,667 | 1.58 | % | $ | 42,900 | 1.23 | % | $ | 11,767 | $ | (26,275 | ) | 0.35 | % |
Net Interest Income Before | Prepayment Penalty | Net Interest Income Before Provision, Excluding Prepayment | Including Prepayment Penalties | Excluding Prepayment Penalties | ||||||||||||||||||||||||
Quarter Ended | Provision | Income | Penalties | Spread | Margin | Spread | Margin | |||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
June 30, 2018 | $ | 27,721 | $ | 1,836 | $ | 25,885 | 2.65 | % | 2.81 | % | 2.47 | % | 2.63 | % | ||||||||||||||
March 31, 2018 | 26,953 | 553 | 26,400 | 2.60 | 2.74 | 2.54 | 2.68 | |||||||||||||||||||||
December 31, 2017 | 27,608 | 1,638 | 25,970 | 2.67 | 2.81 | 2.50 | 2.64 | |||||||||||||||||||||
September 30, 2017 | 27,644 | 1,289 | 26,355 | 2.68 | 2.82 | 2.55 | 2.68 | |||||||||||||||||||||
June 30, 2017 | 26,287 | 236 | 26,051 | 2.54 | 2.68 | 2.52 | 2.66 |
Net Interest Income Before | Prepayment Penalty | Net Interest Income Before Provision, Excluding Prepayment | Including Prepayment Penalties | Excluding Prepayment Penalties | ||||||||||||||||||||||||
Quarter Ended | Provision | Income | Penalties | Spread | Margin | Spread | Margin | |||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
June 30, 2019 | $ | 24,657 | $ | 1,444 | $ | 23,213 | 2.32 | % | 2.53 | % | 2.17 | % | 2.38 | % | ||||||||||||||
March 31, 2019 | 24,109 | 275 | 23,834 | 2.29 | 2.48 | 2.26 | 2.45 | |||||||||||||||||||||
December 31, 2018 | 26,027 | 1,727 | 24,300 | 2.51 | 2.68 | 2.33 | 2.51 | |||||||||||||||||||||
September 30, 2018 | 26,295 | 1,154 | 25,141 | 2.51 | 2.67 | 2.40 | 2.55 | |||||||||||||||||||||
June 30, 2018 | 27,721 | 1,836 | 25,885 | 2.65 | 2.81 | 2.47 | 2.63 |
Twelve months ended | Twelve months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2018 | 2017 | 2019 | 2018 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
Balance at beginning of period | $ | 30,272 | $ | 29,951 | $ | 30,562 | $ | 30,272 | ||||||||
Provisions charged to operations | — | — | (2,000 | ) | — | |||||||||||
Recoveries of loans previously charged off | 407 | 409 | 99 | 407 | ||||||||||||
Loans charged off | (117 | ) | (88 | ) | (65 | ) | (117 | ) | ||||||||
Balance at end of period | $ | 30,562 | $ | 30,272 | $ | 28,596 | $ | 30,562 | ||||||||
Allowance for loan losses to total loans | 0.85 | % | 0.84 | % | 0.81 | % | 0.85 | % | ||||||||
Net charge-offs to average loans outstanding | (0.01 | %) | (0.01 | %) | 0.00 | % | (0.01 | %) |
6/30/2018 | 6/30/2017 | 6/30/2016 | 6/30/2015 | 6/30/2019 | 6/30/2018 | 6/30/2017 | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Delinquency Totals | ||||||||||||||||||||||||||||
30 - 59 days past due* | $ | 5,253 | $ | 1,374 | $ | 8,912 | $ | 2,535 | $ | 3,146 | $ | 5,253 | $ | 1,374 | ||||||||||||||
60 - 89 days past due* | 171 | 1,571 | 1,698 | 416 | 641 | 171 | 1,571 | |||||||||||||||||||||
Nonaccrual | 7,877 | 10,223 | 9,968 | 12,575 | 10,053 | 7,877 | 10,223 | |||||||||||||||||||||
Total | $ | 13,301 | $ | 13,168 | $ | 20,578 | $ | 15,526 | $ | 13,840 | $ | 13,301 | $ | 13,168 | ||||||||||||||
Non Performing Asset Totals | ||||||||||||||||||||||||||||
Nonaccrual loans, per above | $ | 7,877 | $ | 10,223 | $ | 9,968 | $ | 12,575 | $ | 10,053 | $ | 7,877 | $ | 10,223 | ||||||||||||||
Real Estate Owned | 1564 | 140 | 487 | 4,059 | 557 | 1,564 | 140 | |||||||||||||||||||||
Total | $ | 9,441 | $ | 10,363 | $ | 10,455 | $ | 16,634 | $ | 10,610 | $ | 9,441 | $ | 10,363 | ||||||||||||||
Nonaccrual loans to total loans | 0.22 | % | 0.28 | % | 0.31 | % | 0.45 | % | 0.28 | % | 0.22 | % | 0.28 | % | ||||||||||||||
Delinquent loans to total loans | 0.37 | % | 0.37 | % | 0.65 | % | 0.55 | % | 0.39 | % | 0.37 | % | 0.37 | % | ||||||||||||||
Non performing assets to total assets | 0.23 | % | 0.25 | % | 0.28 | % | 0.50 | % | 0.26 | % | 0.23 | % | 0.25 | % |
Twelve Months Ended June 30, | Increase / (decrease) | |||||||||||||||||||||||||||
2017 | 2016 | Average | ||||||||||||||||||||||||||
Income | Yield | Income | Yield | Income | Balance | Yield | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Interest on mortgage loans | $ | 133,967 | 3.99 | % | $ | 125,427 | 4.34 | % | $ | 8,540 | $ | 468,991 | (0.35 | )% | ||||||||||||||
Dividends on FHLB stock | 1,834 | 5.19 | % | 1,588 | 4.35 | % | 246 | (1,173 | ) | 0.84 | % | |||||||||||||||||
Interest on securities AFS | 3,154 | 1.85 | % | 4,566 | 1.99 | % | (1,412 | ) | (58,744 | ) | (0.14 | )% | ||||||||||||||||
Interest on securities HTM | 3,500 | 1.86 | % | 2,737 | 1.95 | % | 763 | 48,147 | (0.09 | )% | ||||||||||||||||||
Interest on federal funds sold | ||||||||||||||||||||||||||||
and short term investments | 7 | 0.73 | % | 6 | 0.36 | % | 1 | (717 | ) | 0.37 | % | |||||||||||||||||
Total interest income | $ | 142,462 | 3.80 | % | $ | 134,324 | 4.08 | % | $ | 8,138 | $ | 456,504 | (0.28 | )% | ||||||||||||||
Twelve Months Ended June 30, | Increase / (decrease) | |||||||||||||||||||||||||||
2017 | 2016 | Average | ||||||||||||||||||||||||||
Expense | Cost | Expense | Cost | Expense | Balance | Cost | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Savings deposits | $ | 391 | 0.23 | % | $ | 380 | 0.24 | % | $ | 11 | $ | 11,751 | (0.01 | )% | ||||||||||||||
Money market | 7,742 | 1.05 | % | 5,034 | 0.77 | % | 2,708 | 84,851 | 0.28 | % | ||||||||||||||||||
Checking accounts | 3,015 | 0.46 | % | 1,666 | 0.37 | % | 1,349 | 211,039 | 0.09 | % | ||||||||||||||||||
Time deposits | 13,523 | 1.33 | % | 10,804 | 1.24 | % | 2,719 | 145,801 | 0.09 | % | ||||||||||||||||||
Total deposits | 24,671 | 0.95 | % | 17,884 | 0.84 | % | 6,787 | 453,442 | 0.11 | % | ||||||||||||||||||
Borrowings | 13,180 | 1.83 | % | 16,139 | 2.21 | % | (2,959 | ) | (11,431 | ) | (0.38 | )% | ||||||||||||||||
Total interest expense | $ | 37,851 | 1.14 | % | $ | 34,023 | 1.19 | % | $ | 3,828 | $ | 442,011 | (0.05 | )% |
Net Interest Income Before | Prepayment Penalty | Net Interest Income Before Provision, Excluding Prepayment | Including Prepayment Penalties | Excluding Prepayment Penalties | ||||||||||||||||||||||||
Quarter Ended | Provision | Income | Penalties | Spread | Margin | Spread | Margin | |||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
June 30, 2017 | $ | 26,287 | $ | 236 | $ | 26,051 | 2.54 | % | 2.68 | % | 2.52 | % | 2.66 | % | ||||||||||||||
March 31, 2017 | 26,795 | 821 | 25,974 | 2.63 | 2.75 | 2.54 | 2.67 | |||||||||||||||||||||
December 31, 2016 | 26,229 | 1,199 | 25,030 | 2.72 | 2.86 | 2.59 | 2.73 | |||||||||||||||||||||
September 30, 2016 | 25,300 | 631 | 24,669 | 2.73 | 2.87 | 2.65 | 2.80 | |||||||||||||||||||||
June 30, 2016 | 25,707 | 1,538 | 24,169 | 2.82 | 2.97 | 2.64 | 2.79 |
Twelve months ended | ||||||||
June 30, | ||||||||
2017 | 2016 | |||||||
(Dollars in thousands) | ||||||||
Balance at beginning of period | $ | 29,951 | $ | 30,889 | ||||
Provisions charged to operations | — | — | ||||||
Recoveries of loans previously charged off | 409 | 9 | ||||||
Loans charged off | (88 | ) | (947 | ) | ||||
Balance at end of period | 30,272 | 29,951 | ||||||
Allowance for loan losses to total loans | 0.84 | % | 0.94 | % | ||||
Net charge-offs to average loans outstanding | (0.01 | )% | 0.03 | % |
6/30/2017 | 6/30/2016 | 6/30/2015 | 6/30/2014 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Delinquency Totals | ||||||||||||||||
30 - 59 days past due* | $ | 1,374 | $ | 8,912 | $ | 2,535 | $ | 3,411 | ||||||||
60 - 89 days past due* | 1,571 | 1,698 | 416 | 214 | ||||||||||||
Nonaccrual | 10,223 | 9,968 | 12,575 | 17,972 | ||||||||||||
Total | $ | 13,168 | $ | 20,578 | $ | 15,526 | $ | 21,597 | ||||||||
Non Performing Asset Totals | ||||||||||||||||
Nonaccrual loans, per above | $ | 10,223 | $ | 9,968 | $ | 12,575 | $ | 17,972 | ||||||||
Real Estate Owned | 140 | 487 | 4,059 | 3,850 | ||||||||||||
Total | $ | 10,363 | $ | 10,455 | $ | 16,634 | $ | 21,822 | ||||||||
Nonaccrual loans to total loans | 0.28 | % | 0.31 | % | 0.45 | % | 0.71 | % | ||||||||
Delinquent loans to total loans | 0.37 | % | 0.65 | % | 0.55 | % | 0.85 | % | ||||||||
Non performing assets to total assets | 0.25 | % | 0.28 | % | 0.50 | % | 0.69 | % |
For the Years Ended June 30, | For the Years Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Outstanding Balance | Interest Earned/ Paid | Average Yield/ Rate | Average Outstanding Balance | Interest Earned Paid | Average Yield/ Rate | Average Outstanding Balance | Interest Earned/ Paid | Average Yield/ Rate | Average Outstanding Balance | Interest Earned/ Paid | Average Yield/ Rate | Average Outstanding Balance | Interest Earned Paid | Average Yield/ Rate | Average Outstanding Balance | Interest Earned/ Paid | Average Yield/ Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans (1) | $ | 3,558,592 | $ | 144,051 | 4.05 | % | $ | 3,357,187 | $ | 133,967 | 3.99 | % | $ | 2,888,196 | $ | 125,427 | 4.34 | % | $ | 3,480,940 | $ | 144,457 | 4.15 | % | $ | 3,558,592 | $ | 144,051 | 4.05 | % | $ | 3,357,187 | $ | 133,967 | 3.99 | % | ||||||||||||||||||||||||||||||||||||
Securities available for sale | 70,129 | 1,504 | 2.14 | % | 170,407 | 3,154 | 1.85 | % | 229,151 | 4,566 | 1.99 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities held to maturity | 267,034 | 5,328 | 2.00 | % | 188,576 | 3,500 | 1.86 | % | 140,429 | 2,737 | 1.95 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | 1,424 | 48 | 3.37 | % | 1,529 | 43 | 2.81 | % | 1,508 | 35 | 2.32 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities available for sale | 37,839 | 868 | 2.29 | % | 68,600 | 1,461 | 2.13 | % | 168,899 | 3,119 | 1.85 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities held to maturity | 339,136 | 8,189 | 2.41 | % | 267,034 | 5,328 | 2.00 | % | 188,576 | 3,500 | 1.86 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank Stock | 27,313 | 1,788 | 6.55 | % | 35,334 | 1,834 | 5.19 | % | 36,507 | 1,588 | 4.35 | % | 26,747 | 1,817 | 6.79 | % | 27,313 | 1,788 | 6.55 | % | 35,334 | 1,834 | 5.19 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold and short term investments | 11,557 | 155 | 1.34 | % | 957 | 7 | 0.73 | % | 1,674 | 6 | 0.36 | % | 16,672 | 376 | 2.26 | % | 11,557 | 155 | 1.34 | % | 957 | 7 | 0.73 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 3,934,625 | 152,826 | 3.88 | % | 3,752,461 | 142,462 | 3.80 | % | 3,295,957 | 134,324 | 4.08 | % | 3,902,758 | 155,755 | 3.99 | % | 3,934,625 | 152,826 | 3.88 | % | 3,752,461 | 142,462 | 3.80 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest-earning assets | 203,782 | 196,441 | 182,675 | 193,798 | 203,782 | 196,441 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 4,138,407 | $ | 3,948,902 | $ | 3,478,632 | $ | 4,096,556 | $ | 4,138,407 | $ | 3,948,902 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | $ | 183,056 | 455 | 0.25 | % | $ | 172,053 | 391 | 0.23 | % | $ | 160,302 | 380 | 0.24 | % | $ | 304,115 | 2,986 | 0.98 | % | $ | 183,056 | 455 | 0.25 | % | $ | 172,053 | 391 | 0.23 | % | ||||||||||||||||||||||||||||||||||||||||||
Money market | 820,985 | 9,038 | 1.10 | % | 739,750 | 7,742 | 1.05 | % | 654,899 | 5,034 | 0.77 | % | 671,079 | 7,397 | 1.10 | % | 820,985 | 9,038 | 1.10 | % | 739,750 | 7,742 | 1.05 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Checking accounts | 752,430 | 4,955 | 0.66 | % | 660,944 | 3,015 | 0.46 | % | 449,905 | 1,666 | 0.37 | % | 707,876 | 8,556 | 1.21 | % | 752,430 | 4,955 | 0.66 | % | 660,944 | 3,015 | 0.46 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 1,182,018 | 17,176 | 1.45 | % | 1,016,711 | 13,523 | 1.33 | % | 870,910 | 10,804 | 1.24 | % | 1,234,954 | 22,699 | 1.84 | % | 1,182,018 | 17,176 | 1.45 | % | 1,016,711 | 13,523 | 1.33 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | 2,938,489 | 31,624 | 1.08 | % | 2,589,458 | 24,671 | 0.95 | % | 2,136,016 | 17,884 | 0.84 | % | 2,918,024 | 41,638 | 1.43 | % | 2,938,489 | 31,624 | 1.08 | % | 2,589,458 | 24,671 | 0.95 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 543,290 | 11,276 | 2.08 | % | 719,647 | 13,180 | 1.83 | % | 731,078 | 16,139 | 2.21 | % | 537,480 | 13,029 | 2.42 | % | 543,290 | 11,276 | 2.08 | % | 719,647 | 13,180 | 1.83 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 3,481,779 | 42,900 | 1.23 | % | 3,309,105 | 37,851 | 1.14 | % | 2,867,094 | 34,023 | 1.19 | % | 3,455,504 | 54,667 | 1.58 | % | 3,481,779 | 42,900 | 1.23 | % | 3,309,105 | 37,851 | 1.14 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing liabilities | 95,815 | 92,447 | 83,579 | 98,748 | 95,815 | 92,447 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 3,577,594 | 3,401,552 | 2,950,673 | 3,554,252 | 3,577,594 | 3,401,552 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity | 560,813 | 547,350 | 527,959 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 4,138,407 | $ | 3,948,902 | $ | 3,478,632 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 542,304 | 560,813 | 547,350 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 4,096,556 | $ | 4,138,407 | $ | 3,948,902 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 109,926 | $ | 104,611 | $ | 100,301 | $ | 101,088 | $ | 109,926 | $ | 104,611 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest rate spread (2) | 2.65 | % | 2.66 | % | 2.89 | % | 2.41 | % | 2.65 | % | 2.66 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest-earning assets (3) | $ | 452,846 | $ | 443,356 | $ | 428,863 | $ | 447,254 | $ | 452,846 | $ | 443,356 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (4) | 2.79 | % | 2.79 | % | 3.04 | % | 2.59 | % | 2.79 | % | 2.79 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 113.01 | % | 113.40 | % | 114.96 | % | 112.94 | % | 113.01 | % | 113.40 | % |
(1) | Includes nonaccrual loans. |
(2) | Net interest rate spread represents the difference between the weighted-average yield on interest-earning assets and the weighted- average cost of interest-bearing liabilities for the period. |
(3) | Net interest-earning assets represents total interest-earning assets less interest-bearing liabilities. |
(4) | Net interest margin represents net interest income as a percent of average interest-earning assets for the period. |
Years Ended June 30, | Years Ended June 30, | Years Ended June 30, | Years Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||
2018 vs 2017 | 2017 vs 2016 | 2019 vs 2018 | 2018 vs 2017 | |||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) Due to | Increase (Decrease) Due to | Increase (Decrease) Due to | Increase (Decrease) Due to | |||||||||||||||||||||||||||||||||||||||||||||
Volume | Rate | Total Increase (Decrease) | Volume | Rate | Total Increase (Decrease) | Volume | Rate | Total Increase (Decrease) | Volume | Rate | Total Increase (Decrease) | |||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | $ | 8,037 | $ | 2,047 | $ | 10,084 | $ | 20,367 | $ | (11,827 | ) | $ | 8,540 | $ | (3,143 | ) | $ | 3,549 | $ | 406 | $ | 8,037 | $ | 2,047 | $ | 10,084 | ||||||||||||||||||||||
Securities available for sale | (1,856 | ) | 206 | (1,650 | ) | (1,171 | ) | (241 | ) | (1,412 | ) | |||||||||||||||||||||||||||||||||||||
Securities held to maturity | 1,456 | 372 | 1,828 | 938 | (175 | ) | 763 | |||||||||||||||||||||||||||||||||||||||||
Equity securities | (3 | ) | 8 | 5 | 1 | 7 | 8 | |||||||||||||||||||||||||||||||||||||||||
Debt securities available for sale | (655 | ) | 62 | (593 | ) | (1,857 | ) | 199 | (1,658 | ) | ||||||||||||||||||||||||||||||||||||||
Debt securities held to maturity | 1,439 | 1,422 | 2,861 | 1,456 | 372 | 1,828 | ||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank Stock | (416 | ) | 370 | (46 | ) | (51 | ) | 297 | 246 | (37 | ) | 66 | 29 | (416 | ) | 370 | (46 | ) | ||||||||||||||||||||||||||||||
Federal Funds sold and short term investments | 78 | 70 | 148 | (3 | ) | 4 | 1 | 69 | 152 | 221 | 78 | 70 | 148 | |||||||||||||||||||||||||||||||||||
Total interest-earning assets | 7,299 | 3,065 | 10,364 | $ | 20,081 | $ | (11,943 | ) | $ | 8,138 | (2,331 | ) | 5,260 | 2,929 | $ | 7,299 | $ | 3,065 | $ | 10,364 | ||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Savings accounts | 25 | 39 | 64 | 28 | (17 | ) | 11 | 301 | 2,230 | 2,531 | 25 | 39 | 64 | |||||||||||||||||||||||||||||||||||
Money market | 850 | 446 | 1,296 | 652 | 2,056 | 2,708 | (1,650 | ) | 9 | (1,641 | ) | 850 | 446 | 1,296 | ||||||||||||||||||||||||||||||||||
Checking accounts | 417 | 1,523 | 1,940 | 781 | 568 | 1,349 | (293 | ) | 3,894 | 3,601 | 417 | 1,523 | 1,940 | |||||||||||||||||||||||||||||||||||
Time deposits | 2,199 | 1,454 | 3,653 | 1,809 | 910 | 2,719 | 769 | 4,754 | 5,523 | 2,199 | 1,454 | 3,653 | ||||||||||||||||||||||||||||||||||||
Total deposits | 3,491 | 3,462 | 6,953 | 3,270 | 3,517 | 6,787 | (874 | ) | 10,888 | 10,014 | 3,491 | 3,462 | 6,953 | |||||||||||||||||||||||||||||||||||
Borrowings | (3,230 | ) | 1,326 | (1,904 | ) | (252 | ) | (2,707 | ) | (2,959 | ) | (121 | ) | 1,874 | 1,753 | (3,230 | ) | 1,326 | (1,904 | ) | ||||||||||||||||||||||||||||
Total interest-bearing liabilities | 261 | 4,788 | 5,049 | 3,018 | 810 | 3,828 | (994 | ) | 12,761 | 11,767 | 261 | 4,788 | 5,049 | |||||||||||||||||||||||||||||||||||
Change in net interest income | $ | 7,038 | $ | (1,723 | ) | $ | 5,315 | $ | 17,063 | $ | (12,753 | ) | $ | 4,310 | $ | (1,337 | ) | $ | (7,501 | ) | $ | (8,838 | ) | $ | 7,038 | $ | (1,723 | ) | $ | 5,315 |
(i) | originating commercial real estate loans that generally tend to have shorter interest duration and generally have interest rates that reset at five years or less (see chart below); | |
(ii) | investing in shorter duration securities and mortgage-backed securities; | |
(iii) | obtaining general financing through FHLB advances with a fixed long term; | |
(iv) | utilizing interest rate swaps or other derivative instruments; and | |
(v) | obtaining long term financing through the use of listing services. |
Loan Portfolio by Reprice/Maturity Date | Loan Portfolio by Reprice/Maturity Date | Loan Portfolio by Reprice/Maturity Date | ||||||||||||||||||||||||||||||
At June 30, 2018 | ||||||||||||||||||||||||||||||||
At June 30, 2019 | At June 30, 2019 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | ||||||||||||||||||||||||||||||
Weighted | % of Total | Cumulative | Weighted | % of Total | Cumulative | |||||||||||||||||||||||||||
Repricing or Maturing Within: | Amount | Avg. Rate | Loans | Percent | Amount | Avg. Rate | Loans | Percent | ||||||||||||||||||||||||
Less than 1 year | $ | 659,616 | 3.74 | % | 18.43 | % | 18.43 | % | $ | 898,443 | 3.77 | % | 25.47 | % | 25.47 | % | ||||||||||||||||
1 - 3 years | 1,322,469 | 3.54 | % | 36.96 | % | 55.39 | % | 1,035,551 | 3.71 | % | 29.34 | % | 54.81 | % | ||||||||||||||||||
3 - 5 years | 882,995 | 3.90 | % | 24.68 | % | 80.07 | % | 982,645 | 4.20 | % | 27.84 | % | 82.65 | % | ||||||||||||||||||
5 -7 years | 180,962 | 4.09 | % | 5.06 | % | 85.13 | % | 136,012 | 4.31 | % | 3.85 | % | 86.50 | % | ||||||||||||||||||
7 - 10 years | 191,829 | 4.61 | % | 5.36 | % | 90.49 | % | 155,108 | 4.74 | % | 4.40 | % | 90.90 | % | ||||||||||||||||||
Greater than 10 years | 340,473 | 4.46 | % | 9.51 | % | 100.00 | % | 321,307 | 4.38 | % | 9.10 | % | 100.00 | % | ||||||||||||||||||
$ | 3,578,344 | 3.84 | % | 100.00 | % | $ | 3,529,066 | 3.99 | % | 100.00 | % |
NPV as a Percentage of Present Value of Assets (3) | NPV as a Percentage of Present Value of Assets (3) | |||||||||||||||||||||||||||||||||||||||||||
Change in Interest | Change in Interest | Estimated | Estimated Increase (Decrease) in NPV | Increase (Decrease) | Change in Interest | Estimated | Estimated Increase (Decrease) in NPV | Increase (Decrease) | ||||||||||||||||||||||||||||||||||||
Rates (basis points) (1) | Rates (basis points) (1) | NPV (2) | Amount | Percent | NPV Ratio (4) | (basis points) | Rates (basis points) (1) | NPV (2) | Amount | Percent | NPV Ratio (4) | (basis points) | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||
200 | $ | 520,742 | $ | ($87,097 | ) | (14.33 | )% | 13.17 | % | (158 | ) | 200 | $ | 421,866 | $ | ($68,685 | ) | (14.00 | )% | 10.93 | % | (131 | ) | |||||||||||||||||||||
100 | 565,112 | $ | (42,727 | ) | (7.03 | )% | 13.99 | % | (76 | ) | 100 | 462,059 | $ | (28,492 | ) | (5.81 | )% | 11.73 | % | (51 | ) | |||||||||||||||||||||||
0 | 607,839 | — | 0.00 | % | 14.75 | % | — | 0 | 490,551 | — | 0.00 | % | 12.24 | % | — | |||||||||||||||||||||||||||||
-100 | 641,192 | $ | 33,353 | 5.49 | % | 15.29 | % | 54 | -100 | 512,079 | $ | 21,528 | 4.39 | % | 12.55 | % | 31 | |||||||||||||||||||||||||||
-200 | 538,694 | $ | 48,143 | 9.81 | % | 12.95 | % | 71 |
(1) | Assumes an instantaneous uniform change in interest rates at all maturities. |
(2) | NPV is the discounted present value of expected cash flows from assets, liabilities and off-balance sheet contracts. |
(3) | Present value of assets represents the discounted present value of incoming cash flows on interest-earning assets. |
(4) | NPV Ratio represents NPV divided by the present value of assets. |
(i) | expected loan demand; | |
(ii) | expected deposit flows; | |
(iii) | expected payments from the loan and investment portfolios; | |
(iv) | funds available through borrowings; | |
(v) | yields available on interest-earning deposits and securities | |
(vi) | yields and structures available on alternate investments; and | |
(vii) | the objectives of our asset/liability management program |
Payments Due by Period | Payments Due by Period | |||||||||||||||||||||||||||||||||||||||
Contractual Obligations | Less than One Year | One to Three Years | Three to Five Years | More than Five Years | Total | Less than One Year | One to Three Years | Three to Five Years | More than Five Years | Total | ||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | $ | 193,735 | $ | 197,066 | $ | 169,076 | $ | 36,495 | $ | 596,372 | $ | 148,217 | $ | 232,549 | $ | 111,803 | $ | 28,986 | $ | 521,555 | ||||||||||||||||||||
Operating leases | 769 | 1,173 | 395 | 34 | 2,371 | 759 | 758 | 186 | - | 1,703 | ||||||||||||||||||||||||||||||
Total | $ | 194,504 | $ | 198,239 | $ | 169,471 | $ | 36,529 | $ | 598,743 | $ | 148,976 | $ | 233,307 | $ | 111,989 | $ | 28,986 | $ | 523,258 | ||||||||||||||||||||
Commitments to extend credit | $ | 58,567 | $ | — | $ | — | $ | — | $ | 58,567 | $ | 92,203 | $ | — | $ | — | $ | — | $ | 92,203 | ||||||||||||||||||||
Unadvanced construction loans | $ | 1,781 | $ | — | $ | — | $ | — | $ | 1,781 | $ | 7,457 | $ | — | $ | — | $ | — | $ | 7,457 | ||||||||||||||||||||
Unused lines of credit | $ | 14,196 | $ | — | $ | — | $ | — | $ | 14,196 | $ | 17,155 | $ | — | $ | — | $ | — | $ | 17,155 |
ITEM 12. |
Plan | Number of Securities to be Issued Upon Exercise of Outstanding Options (1) | Weighted Average Exercise Price (2) | Number of Securities Remaining Available for Issuance Under Plan | Number of Securities to be Issued Upon Exercise of Outstanding Options (1) | Weighted Average Exercise Price (2) | Number of Securities Remaining Available for Issuance Under Plan (3) | ||||||||||||||||||
Equity compensation plans approved by stockholders | 2,501,464 | $ | 12.05 | 263,407(3 | ) | 2,222,691 | $ | $12.16 | 253,407 | |||||||||||||||
Equity compensation plans not approved by stockholders | — | — | — | — | — | — | ||||||||||||||||||
2,501,464 | $ | 12.05 | 263,407 | 2,222,691 | $ | $12.16 | 253,407 |
(1) | Consists of outstanding stock options to purchase |
(2) | The weighted average exercise price reflects the exercise price of $11.95 per share for |
(3) | Represents the number of available shares that may be granted as stock options and stock awards under the Company's stock-based compensation plans. |
(A) | Report of Independent Registered Public Accounting Firm |
(B) | Consolidated Balance Sheets—at June 30, |
(C) | Consolidated Statements of Income—Years ended June 30, 2019, 2018 |
(D) | Consolidated Statements of Comprehensive Income—Years ended June 30, 2019, 2018 |
(E) | Consolidated Statements of |
(F) | Consolidated Statements of Cash Flows—Years ended June June 30, 2019, 2018 |
(G) | Notes to Consolidated Financial Statements. |
Testing the effectiveness of controls over the evaluation of the items used to estimate the qualitative general reserve factors, including controls addressing |
o | The data used as the basis for the adjustments relating to qualitative general reserve factors |
o | Management’s judgments related to the qualitative and quantitative assessment of the data used in the determination of qualitative general reserve factors and the resulting allocation to the allowance |
Substantively testing management’s process, including evaluating their judgments and assumptions, for developing the qualitative general reserve factors which included: |
o | Evaluation of the data used as a basis for the adjustments relating to qualitative general reserve factors |
o | Evaluation of the reasonableness of management’s judgments related to the qualitative and quantitative assessment of the data used in the determination of qualitative general reserve factors and the resulting allocation to the allowance. |
o | Analytically evaluating the general allocation component year over year and testing for reasonableness |
June 30, | June 30, | |||||||||||||||
Assets | 2018 | 2017 | 2019 | 2018 | ||||||||||||
Cash on hand and in banks | $ | 23,613 | $ | 33,252 | $ | 19,145 | $ | 23,613 | ||||||||
Federal funds sold and short term investments | 11,235 | 326 | 7,366 | 11,235 | ||||||||||||
Cash and cash equivalents | 34,848 | 33,578 | 26,511 | 34,848 | ||||||||||||
Loans, net | 3,540,903 | 3,566,703 | 3,491,322 | 3,540,903 | ||||||||||||
Securities available for sale, at fair value | 44,691 | 97,930 | ||||||||||||||
Securities held to maturity, fair value of $326,511 and $237,204, respectively. | 335,374 | 239,631 | ||||||||||||||
Equity securities | 1,358 | 1,566 | ||||||||||||||
Debt securities available for sale, at fair value | 32,752 | 43,126 | ||||||||||||||
Debt securities held to maturity, fair value of $334,179 and $326,511, respectively. | 332,215 | 335,374 | ||||||||||||||
Bank Owned Life Insurance (at cash surrender value) | 98,438 | 95,946 | 100,872 | 98,438 | ||||||||||||
Federal Home Loan Bank of New York ("FHLB") stock, at cost | 30,365 | 32,504 | 25,925 | 30,365 | ||||||||||||
Accrued interest receivable | 11,261 | 10,620 | 11,935 | 11,261 | ||||||||||||
Real estate owned | 1,564 | 140 | 557 | 1,564 | ||||||||||||
Office properties and equipment, net | 13,455 | 13,909 | 12,904 | 13,455 | ||||||||||||
Deferred tax assets, net | 25,864 | 37,693 | 31,045 | 25,864 | ||||||||||||
Other assets | 30,276 | 9,030 | 3,120 | 30,275 | ||||||||||||
Total Assets | $ | 4,167,039 | $ | 4,137,684 | $ | 4,070,516 | $ | 4,167,039 | ||||||||
Liabilities | ||||||||||||||||
Deposits | $ | 2,915,128 | $ | 2,856,478 | $ | 2,923,244 | $ | 2,915,128 | ||||||||
Borrowings | 596,372 | 642,059 | 521,555 | 596,372 | ||||||||||||
Advance payments by borrowers for taxes and insurance | 24,169 | 23,496 | 24,607 | 24,169 | ||||||||||||
Other liabilities | 72,024 | 56,428 | 71,963 | 72,024 | ||||||||||||
Total liabilities | 3,607,693 | 3,578,461 | 3,541,369 | 3,607,693 | ||||||||||||
Stockholders' Equity | ||||||||||||||||
Common stock, $0.01 par value; 150,000,000 shares authorized; 56,245,065 shares issued; 46,616,646 shares outstanding at June 30, 2018 and 45,992,366 shares outstanding at June 30, 2017 | 562 | 562 | ||||||||||||||
Stockholders’ Equity | ||||||||||||||||
Common stock, $0.01 par value; 150,000,000 shares authorized; 56,245,065 shares issued; 45,097,052 shares outstanding at June 30, 2019 and 46,616,646 shares outstanding at June 30, 2018 | 562 | 562 | ||||||||||||||
Additional paid-in capital | 514,002 | 512,337 | 515,491 | 514,002 | ||||||||||||
Restricted Stock Awards | (176 | ) | (458 | ) | (216 | ) | (176 | ) | ||||||||
Treasury stock, at cost; 9,628,419 shares at June 30, 2018 and 10,252,699 shares at June 30, 2017 | (129,433 | ) | (136,517 | ) | ||||||||||||
Treasury stock, at cost; 11,148,013 shares at June 30, 2019 and 9,628,419 shares at June 30, 2018 | (153,091 | ) | (129,433 | ) | ||||||||||||
Unallocated common stock held by the employee stock ownership plan | (16,631 | ) | (18,407 | ) | (15,085 | ) | (16,631 | ) | ||||||||
Retained income | 179,799 | 198,186 | 182,032 | 179,799 | ||||||||||||
Accumulated other comprehensive income, net of tax | 11,223 | 3,520 | (546 | ) | 11,223 | |||||||||||
Total stockholders' equity | 559,346 | 559,223 | ||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 4,167,039 | $ | 4,137,684 | ||||||||||||
Total stockholders’ equity | 529,147 | 559,346 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 4,070,516 | $ | 4,167,039 |
Years ended June 30, | Years ended June 30, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2019 | 2018 | 2017 | |||||||||||||||||||
(Dollars in thousands, except per share data) | (Dollars in thousands, except per share data) | |||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||
Interest on mortgage loans | $ | 144,051 | $ | 133,967 | $ | 125,427 | $ | 144,457 | $ | 144,051 | $ | 133,967 | ||||||||||||
Interest on securities available for sale | 1,504 | 3,154 | 4,566 | |||||||||||||||||||||
Interest on securities held to maturity | 5,328 | 3,500 | 2,737 | |||||||||||||||||||||
Dividends on equity securities | 48 | 43 | 35 | |||||||||||||||||||||
Interest on debt securities available for sale | 868 | 1,461 | 3,119 | |||||||||||||||||||||
Interest on debt securities held to maturity | 8,189 | 5,328 | 3,500 | |||||||||||||||||||||
Dividends on FHLB stock | 1,788 | 1,834 | 1,588 | 1,817 | 1,788 | 1,834 | ||||||||||||||||||
Interest on federal funds sold and short term investments | 155 | 7 | 6 | 376 | 155 | 7 | ||||||||||||||||||
Total interest income | 152,826 | 142,462 | 134,324 | 155,755 | 152,826 | 142,462 | ||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||
Deposits (note 10) | 31,624 | 24,671 | 17,884 | 41,638 | 31,624 | 24,671 | ||||||||||||||||||
Borrowings (note 12) | 11,276 | 13,180 | 16,139 | 13,029 | 11,276 | 13,180 | ||||||||||||||||||
Total interest expense | 42,900 | 37,851 | 34,023 | 54,667 | 42,900 | 37,851 | ||||||||||||||||||
Net interest income before provision for loan losses | 109,926 | 104,611 | 100,301 | 101,088 | 109,926 | 104,611 | ||||||||||||||||||
Provision for loan losses (note 5) | — | — | — | |||||||||||||||||||||
Reversal of provision for loan losses (note 5) | (2,000 | ) | — | — | ||||||||||||||||||||
Net interest income after provision for loan losses | 109,926 | 104,611 | 100,301 | 103,088 | 109,926 | 104,611 | ||||||||||||||||||
Other income: | ||||||||||||||||||||||||
Service charges | 1,119 | 881 | 949 | |||||||||||||||||||||
Non-interest income: | ||||||||||||||||||||||||
Fees and service charges | 1,655 | 1,410 | 1,208 | |||||||||||||||||||||
Bank Owned Life Insurance income | 2,434 | 2,492 | 2,618 | |||||||||||||||||||||
Change in fair value of equity securities | (208 | ) | — | — | ||||||||||||||||||||
Net loss on sale of debt securities available for sale | — | (324 | ) | (826 | ) | |||||||||||||||||||
Net gain on sale of assets and loans | — | — | 20,856 | |||||||||||||||||||||
Net gain/(losses) on sale of OREO | 855 | (2 | ) | — | ||||||||||||||||||||
Net income from investments in real estate joint ventures | — | 769 | 1,177 | — | — | 769 | ||||||||||||||||||
Bank Owned Life Insurance income | 2,492 | 2,618 | 2,718 | |||||||||||||||||||||
Net (loss) gain on sale of securities | (324 | ) | (826 | ) | 990 | |||||||||||||||||||
Net gain on sale of assets and loans | — | 20,856 | 37,544 | |||||||||||||||||||||
Net (loss)/gain on sale of real estate owned | (2 | ) | — | 328 | ||||||||||||||||||||
Net loss on termination of derivatives | — | (7,670 | ) | — | ||||||||||||||||||||
Derivatives termination cost, net | — | — | (7,670 | ) | ||||||||||||||||||||
Other income | 303 | 333 | 625 | 22 | 18 | 13 | ||||||||||||||||||
Total other income | 3,588 | 16,961 | 44,331 | |||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Compensation, payroll taxes and benefits (notes 14 and 15) | 26,532 | 28,862 | 33,774 | |||||||||||||||||||||
Total non-interest income | 4,758 | 3,594 | 16,968 | |||||||||||||||||||||
Non-interest expense: | ||||||||||||||||||||||||
Compensation, payroll taxes and fringe benefits (notes 14 and 15) | 23,678 | 25,082 | 27,140 | |||||||||||||||||||||
Advertising | 571 | 502 | 361 | 570 | 571 | 502 | ||||||||||||||||||
Office occupancy and equipment expense (notes 9 and 16) | 3,195 | 3,178 | 3,002 | 3,049 | 3,195 | 3,178 | ||||||||||||||||||
Data processing service fees | 2,029 | 2,213 | 2,030 | 2,086 | 2,029 | 2,213 | ||||||||||||||||||
Federal insurance premiums | 1,200 | 1,350 | 1,649 | 1,125 | 1,200 | 1,350 | ||||||||||||||||||
FHLBNY prepayment penalties | — | 5,169 | 17,988 | — | — | 5,169 | ||||||||||||||||||
Other expenses | 5,977 | 4,772 | 4,999 | 8,277 | 7,433 | 6,501 | ||||||||||||||||||
Total operating expenses | 39,504 | 46,046 | 63,803 | |||||||||||||||||||||
Total non-interest expense | 38,785 | 39,510 | 46,053 | |||||||||||||||||||||
Income before income tax expense | 74,010 | 75,526 | 80,829 | 69,061 | 74,010 | 75,526 | ||||||||||||||||||
Income tax expense (note 11) | 31,116 | 26,382 | 28,534 | 17,002 | 31,116 | 26,382 | ||||||||||||||||||
Net income | $ | 42,894 | $ | 49,144 | $ | 52,295 | $ | 52,059 | $ | 42,894 | $ | 49,144 | ||||||||||||
Basic income per common share | $ | 0.97 | $ | 1.14 | $ | 1.25 | $ | 1.19 | $ | 0.97 | $ | 1.14 | ||||||||||||
Diluted income per common share | $ | 0.95 | $ | 1.10 | $ | 1.21 | $ | 1.18 | $ | 0.95 | $ | 1.10 |
Years ended June 30, | Years ended June 30, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2019 | 2018 | 2017 | |||||||||||||||||||
Net of tax: | ||||||||||||||||||||||||
Net income | $ | 42,894 | $ | 49,144 | $ | 52,295 | $ | 52,059 | $ | 42,894 | $ | 49,144 | ||||||||||||
Other comprehensive income, net of tax: | ||||||||||||||||||||||||
Change in unrealized holding (loss) gain on securities available for sale | (745 | ) | (1,593 | ) | 595 | |||||||||||||||||||
Reclassification adjustment for security losses (gains) included in net income | 184 | 502 | (562 | ) | ||||||||||||||||||||
Change in unrealized gain (loss) on interest rate swaps | 6,796 | 8,981 | (7,916 | ) | ||||||||||||||||||||
Change in unrealized holding gain (loss) on securities available for sale | 582 | (745 | ) | (1,593 | ) | |||||||||||||||||||
Reclassification adjustment for security losses included in net income | — | 184 | 502 | |||||||||||||||||||||
Change in unrealized (loss) gain on interest rate swaps | (11,719 | ) | 6,796 | 8,981 | ||||||||||||||||||||
Reclassification adjustment for derivative losses included in net income | — | 4,614 | — | — | — | 4,614 | ||||||||||||||||||
Amortization related to post-retirement obligations | 21 | 246 | 129 | 26 | 21 | 246 | ||||||||||||||||||
Change in funded status of retirement obligations | 347 | 842 | (470 | ) | — | 347 | 842 | |||||||||||||||||
Total other comprehensive income (loss) | 6,603 | 13,592 | (8,224 | ) | ||||||||||||||||||||
Total other comprehensive (loss) income | (11,111 | ) | 6,603 | 13,592 | ||||||||||||||||||||
Total comprehensive income | $ | 49,497 | $ | 62,736 | $ | 44,071 | $ | 40,948 | $ | 49,497 | $ | 62,736 |
Shares Outstanding | Common stock | Additional paid-in capital | Restricted Stock Awards | Treasury stock | Un- allocated common stock held by ESOP | Retained income | Accumu- lated other compre- hensive income (loss), net of tax | Total stock- holders' equity | Shares Outstanding | Common stock | Additional paid-in capital | Restricted Stock Awards | Treasury stock | Un- allocated common stock held by ESOP | Retained income | Accumu- lated other compre- hensive income (loss), net of tax | Total stock- holders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2016 | 45,247,420 | $ | 562 | $ | 513,177 | $ | (4,242 | ) | $ | (146,173 | ) | $ | (20,481 | ) | $ | 202,429 | $ | (10,072 | ) | $ | 535,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 49,144 | — | 49,144 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | — | — | 13,592 | 13,592 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend declared ($1.20 per share) | — | — | — | — | — | — | (51,850 | ) | — | (51,850 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | (98,655 | ) | — | — | — | (1,574 | ) | — | — | — | (1,574 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock awards | 10,000 | — | — | (133 | ) | 133 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation cost for stock options and restricted stock | — | — | 1,004 | — | — | — | — | — | 1,004 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ESOP shares allocated or committed to be released | — | — | 2,066 | — | — | 2,074 | — | — | 4,140 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 833,601 | — | — | — | 11,097 | — | (1,530 | ) | — | 9,567 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock awards | — | — | (3,910 | ) | 3,917 | — | — | (7 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2017 | 45,992,366 | $ | 562 | $ | 512,337 | $ | (458 | ) | $ | (136,517 | ) | $ | (18,407 | ) | $ | 198,186 | $ | 3,520 | $ | 559,223 | 45,992,366 | $ | 562 | $ | 512,337 | $ | (458 | ) | $ | (136,517 | ) | $ | (18,407 | ) | $ | 198,186 | $ | 3,520 | $ | 559,223 | ||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 42,894 | — | 42,894 | — | — | — | — | — | — | 42,894 | — | 42,894 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | — | — | 6,603 | 6,603 | — | — | — | — | — | — | — | 6,603 | 6,603 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend declared ($1.30 per share) | — | — | — | — | — | — | (57,353 | ) | — | (57,353 | ) | — | — | — | — | — | — | (57,353 | ) | — | (57,353 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | (492,458 | ) | — | — | — | (7,834 | ) | — | — | — | (7,834 | ) | (492,458 | ) | — | — | — | (7,834 | ) | — | — | — | (7,834 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Compensation cost for stock options and restricted stock | — | — | 178 | — | — | — | — | — | 178 | — | — | 178 | — | — | — | — | — | 178 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
ESOP shares allocated or committed to be released | — | — | 1,728 | — | — | 1,776 | — | — | 3,504 | — | — | 1,728 | — | — | 1,776 | — | — | 3,504 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 1,123,738 | — | — | — | 15,005 | — | (2,874 | ) | — | 12,131 | 1,123,738 | — | — | — | 15,005 | — | (2,874 | ) | — | 12,131 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock awards | — | — | (241 | ) | 195 | — | — | 46 | — | — | — | — | (241 | ) | 195 | — | — | 46 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeiture of restricted stock awards | (7,000 | ) | — | — | 87 | (87 | ) | — | — | — | — | (7,000 | ) | — | — | 87 | (87 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification related to adoption of ASU 2018-02 | — | — | — | — | — | — | (1,100 | ) | 1,100 | — | — | — | — | — | — | (1,100 | ) | 1,100 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2018 | 46,616,646 | $ | 562 | $ | 514,002 | $ | (176 | ) | $ | (129,433 | ) | $ | (16,631 | ) | $ | 179,799 | $ | 11,223 | $ | 559,346 | 46,616,646 | $ | 562 | $ | 514,002 | $ | (176 | ) | $ | (129,433 | ) | $ | (16,631 | ) | $ | 179,799 | $ | 11,223 | $ | 559,346 |
Shares Outstanding | Common stock | Additional paid-in capital | Restricted Stock Awards | Treasury stock | Un- allocated common stock held by ESOP | Retained income | Accumu- lated other compre- hensive income (loss), net of tax | Total stock- holders' equity | Shares Outstanding | Common stock | Additional paid-in capital | Restricted Stock Awards | Treasury stock | Un- allocated common stock held by ESOP | Retained income | Accumu- lated other compre- hensive income (loss), net of tax | Total stock- holders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2015 | 44,012,239 | $ | 562 | $ | 508,999 | $ | (8,088 | ) | $ | (162,344 | ) | $ | (22,803 | ) | $ | 203,192 | $ | (1,848 | ) | $ | 517,670 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2018 | 46,616,646 | $ | 562 | $ | 514,002 | $ | (176 | ) | $ | (129,433 | ) | $ | (16,631 | ) | $ | 179,799 | $ | 11,223 | $ | 559,346 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 52,295 | — | 52,295 | — | — | — | — | — | — | 52,059 | — | 52,059 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | — | — | (8,224 | ) | (8,224 | ) | — | — | — | — | — | — | — | (11,111 | ) | (11,111 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend declared ($1.20 per share) | — | — | — | — | — | — | (50,007 | ) | — | (50,007 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | (100,978 | ) | — | — | — | (1,593 | ) | — | — | — | (1,593 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation cost for stock options and restricted stock | — | — | 5,970 | — | — | — | — | — | 5,970 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ESOP shares allocated or committed to be released | — | — | 2,095 | — | — | 2,322 | — | — | 4,417 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 1,332,159 | — | — | — | 17,704 | — | (2,999 | ) | — | 14,705 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock awards | — | — | (3,887 | ) | 3,906 | — | — | (19 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeiture of restricted stock awards | (6,000 | ) | — | — | 73 | (73 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle-adoption of ASU 2016-09 | — | — | — | — | — | — | (33 | ) | — | (33 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2016 | 45,247,420 | $ | 562 | $ | 513,177 | $ | (4,242 | ) | $ | (146,173 | ) | $ | (20,481 | ) | $ | 202,429 | $ | (10,072 | ) | $ | 535,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 49,144 | — | 49,144 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | — | — | 13,592 | 13,592 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend declared ($1.20 per share) | — | — | — | — | — | — | (51,850 | ) | — | (51,850 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend declared ($1.15 per share) | — | — | — | — | — | — | (49,994 | ) | — | (49,994 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | (98,655 | ) | — | — | — | (1,574 | ) | — | — | — | (1,574 | ) | (1,890,767 | ) | — | — | — | (28,747 | ) | — | — | — | (28,747 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock awards | 10,000 | — | — | (133 | ) | 133 | — | — | — | — | 10,000 | — | — | (134 | ) | 134 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation cost for stock options and restricted stock | — | — | 1,004 | — | — | — | — | — | 1,004 | — | — | 149 | — | — | — | — | — | 149 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
ESOP shares allocated or committed to be released | — | — | 2,066 | — | — | 2,074 | — | — | 4,140 | — | — | 1,457 | — | — | 1,546 | — | — | 3,003 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 833,601 | — | — | — | 11,097 | — | (1,530 | ) | — | 9,567 | 361,173 | — | — | — | 4,955 | — | (513 | ) | — | 4,442 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock awards | — | — | (3,910 | ) | 3,917 | — | — | (7 | ) | — | — | — | — | (117 | ) | 94 | — | — | 23 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2017 | 45,992,366 | $ | 562 | $ | 512,337 | $ | (458 | ) | $ | (136,517 | ) | $ | (18,407 | ) | $ | 198,186 | $ | 3,520 | $ | 559,223 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification due to the adoption of ASU No. 2016-01 | — | — | — | — | — | — | 658 | (658 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | 45,097,052 | $ | 562 | $ | 515,491 | $ | (216 | ) | $ | (153,091 | ) | $ | (15,085 | ) | $ | 182,032 | $ | (546 | ) | $ | 529,147 |
Years ended June 30, | Years ended June 30, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2019 | 2018 | 2017 | |||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||
Net income | $ | 42,894 | $ | 49,144 | $ | 52,295 | $ | 52,059 | $ | 42,894 | $ | 49,144 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||
ESOP and stock-based compensation expense | 3,682 | 5,144 | 10,387 | 3,152 | 3,682 | 5,144 | ||||||||||||||||||
Tax benefit from stock-based compensation | 1,122 | 1,430 | 2,118 | 261 | 1,122 | 1,430 | ||||||||||||||||||
Depreciation of premises and equipment | 810 | 864 | 910 | 735 | 810 | 864 | ||||||||||||||||||
Net amortization and accretion of premiums and discounts on securities | 1,170 | 1,322 | 1,145 | 1,143 | 1,170 | 1,322 | ||||||||||||||||||
Provision for losses on loans | — | — | — | |||||||||||||||||||||
Reversal of provision for losses on loans | (2,000 | ) | — | — | ||||||||||||||||||||
Amortization and accretion of deferred loan fees, net | (2,692 | ) | (2,262 | ) | (3,371 | ) | (2,542 | ) | (2,692 | ) | (2,262 | ) | ||||||||||||
Decrease (increase) in deferred taxes | 8,763 | (982 | ) | 229 | ||||||||||||||||||||
Loss (gain) on sale of securities | 324 | 826 | (990 | ) | ||||||||||||||||||||
(Increase) decrease in deferred taxes | (1,403 | ) | 8,763 | (982 | ) | |||||||||||||||||||
Loss on sale of debt securities available for sale | — | 324 | 826 | |||||||||||||||||||||
Fair value adjustment for equity securities | 208 | — | — | |||||||||||||||||||||
Gain on sale of real estate joint ventures and real estate investments | — | (20,856 | ) | (37,544 | ) | — | — | (20,856 | ) | |||||||||||||||
Net loss on termination of derivatives | — | 7,670 | — | — | — | 7,670 | ||||||||||||||||||
Loss (gain) on sale of real estate owned | 2 | — | (328 | ) | ||||||||||||||||||||
Net (gains) losses on sale of real estate owned | (855 | ) | 2 | — | ||||||||||||||||||||
Writedown of real estate owned | — | 215 | 250 | 79 | — | 215 | ||||||||||||||||||
Increase in cash surrender value of bank owned life insurance | (2,492 | ) | (2,618 | ) | (2,718 | ) | (2,434 | ) | (2,492 | ) | (2,618 | ) | ||||||||||||
Increase in accrued interest receivable | (641 | ) | (677 | ) | (677 | ) | (674 | ) | (641 | ) | (677 | ) | ||||||||||||
(Increase) decrease in other assets | (11,814 | ) | 20,194 | (9,708 | ) | |||||||||||||||||||
Increase (decrease) in other liabilities | 15,651 | (22,195 | ) | 16,008 | ||||||||||||||||||||
Decrease (increase) in other assets | 11,435 | (11,814 | ) | 20,194 | ||||||||||||||||||||
(Decrease) increase in other liabilities | (292 | ) | 15,651 | (22,195 | ) | |||||||||||||||||||
Net cash provided by operating activities | 56,779 | 37,219 | 28,006 | 58,872 | 56,779 | 37,219 | ||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Net decrease (increase) in loans receivable | 96,155 | (366,559 | ) | (273,846 | ) | 184,586 | 96,155 | (366,559 | ) | |||||||||||||||
Purchase of mortgage loans | (69,227 | ) | (65,925 | ) | (98,845 | ) | (138,523 | ) | (69,227 | ) | (65,925 | ) | ||||||||||||
Purchase of securities available for sale | — | (66,222 | ) | (42,213 | ) | |||||||||||||||||||
Purchase of securities held to maturity | (144,959 | ) | (110,664 | ) | (82,591 | ) | ||||||||||||||||||
Proceeds from payments, calls and maturities of securities available for sale | 22,350 | 51,573 | 59,188 | |||||||||||||||||||||
Proceeds from payments, calls and maturities of securities held to maturity | 48,247 | 36,561 | 22,010 | |||||||||||||||||||||
Proceeds from sales of securities available for sale | 29,505 | 55,093 | 100,468 | |||||||||||||||||||||
Proceeds from sales of securities held to maturity | — | 1,995 | — | |||||||||||||||||||||
Proceeds from sale of loans receivable | 8,060 | — | — | |||||||||||||||||||||
Purchase of debt securities available for sale | — | — | (66,222 | ) | ||||||||||||||||||||
Purchase of debt securities held to maturity | (68,106 | ) | (144,959 | ) | (110,664 | ) | ||||||||||||||||||
Proceeds from payments, calls and maturities of debt securities available for sale | 11,118 | 22,350 | 51,573 | |||||||||||||||||||||
Proceeds from payments, calls and maturities of debt securities held to maturity | 70,216 | 48,247 | 36,561 | |||||||||||||||||||||
Proceeds from sales of debt securities available for sale | — | 29,505 | 55,093 | |||||||||||||||||||||
Proceeds from sales of debt securities held to maturity | — | — | 1,995 | |||||||||||||||||||||
Proceeds from sale of real estate owned | 138 | 132 | 3,967 | 1,783 | 138 | 132 | ||||||||||||||||||
Proceeds from redemption of Federal Home Loan Bank stock | 45,997 | 74,723 | 56,337 | 25,880 | 45,997 | 74,723 | ||||||||||||||||||
Purchase of Federal Home Loan Bank stock | (43,858 | ) | (69,224 | ) | (54,442 | ) | (21,440 | ) | (43,858 | ) | (69,224 | ) | ||||||||||||
Proceeds from sale of real estate joint ventures and real estate investments | — | 25,318 | 38,614 | — | — | 25,318 | ||||||||||||||||||
Net increase in real estate held for investment | — | — | (23 | ) | ||||||||||||||||||||
Net (increase) decrease in real estate joint ventures | — | (155 | ) | 648 | ||||||||||||||||||||
Net increase in real estate joint ventures | — | — | (155 | ) | ||||||||||||||||||||
Purchase of fixed assets | (356 | ) | (419 | ) | (835 | ) | (191 | ) | (356 | ) | (419 | ) | ||||||||||||
Net cash used by investing activities | (16,008 | ) | (433,773 | ) | (271,563 | ) | ||||||||||||||||||
Net cash provided (used) by investing activities | 73,383 | (16,008 | ) | (433,773 | ) |
2018 | 2017 | 2016 | 2019 | 2018 | 2017 | |||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Net increase in deposits | $ | 58,650 | $ | 596,475 | $ | 297,266 | $ | 8,116 | $ | 58,650 | $ | 596,475 | ||||||||||||
Net proceeds from issuance of common stock | 12,131 | 9,567 | 14,705 | 4,442 | 12,131 | 9,567 | ||||||||||||||||||
Purchase of treasury stock | (7,834 | ) | (1,574 | ) | (1,593 | ) | (28,747 | ) | (7,834 | ) | (1,574 | ) | ||||||||||||
Dividends paid to shareholders | (57,353 | ) | (51,850 | ) | (50,007 | ) | (49,994 | ) | (57,353 | ) | (51,850 | ) | ||||||||||||
Increase in advance payments by borrowers for taxes and insurance | 673 | 2,081 | 970 | 438 | 673 | 2,081 | ||||||||||||||||||
Proceeds from borrowed funds | 82,683 | 144,130 | 353,433 | 70,627 | 82,683 | 144,130 | ||||||||||||||||||
Repayment of borrowed funds | (128,370 | ) | (283,694 | ) | (368,182 | ) | (145,444 | ) | (128,370 | ) | (283,694 | ) | ||||||||||||
Payment of employee taxes withheld from shared-based awards | (81 | ) | (1,574 | ) | (1,593 | ) | (30 | ) | (81 | ) | (1,574 | ) | ||||||||||||
Net cash (used in) provided by financing activities | (39,501 | ) | 413,561 | 244,999 | (140,592 | ) | (39,501 | ) | 413,561 | |||||||||||||||
Net increase in cash and cash equivalents | 1,270 | 17,007 | 1,442 | |||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (8,337 | ) | 1,270 | 17,007 | ||||||||||||||||||||
Cash and cash equivalents at beginning of period | 33,578 | 16,571 | 15,129 | 34,848 | 33,578 | 16,571 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | 34,848 | $ | 33,578 | $ | 16,571 | $ | 26,511 | $ | 34,848 | $ | 33,578 | ||||||||||||
Supplemental cash flow information: | ||||||||||||||||||||||||
Cash paid during the period for: | ||||||||||||||||||||||||
Interest | �� | $ | 42,770 | $ | 38,085 | $ | 34,475 | $ | 54,286 | $ | 42,770 | $ | 38,085 | |||||||||||
Income taxes | $ | 22,668 | $ | 30,103 | $ | 27,272 | $ | 17,543 | $ | 22,668 | $ | 30,103 | ||||||||||||
Noncash transfer | ||||||||||||||||||||||||
Loans receivable transferred to real estate owned | $ | 1,564 | $ | — | $ | 317 | $ | — | $ | 1,564 | $ | — |
June 30, 2018 | June 30, 2017 | June 30, 2019 | June 30, 2018 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Residential | $ | 267,771 | $ | 253,310 | $ | 267,011 | $ | 267,771 | ||||||||
Residential commercial real estate | 2,005,315 | 1,945,297 | 2,086,314 | 2,005,315 | ||||||||||||
Grocery/credit retail commercial real estate | 497,708 | 535,567 | 482,831 | 497,708 | ||||||||||||
Other commercial real estate | 796,589 | 866,826 | 683,739 | 796,589 | ||||||||||||
Construction and land loans | 10,960 | 4,210 | 9,170 | 10,960 | ||||||||||||
Total loans | 3,578,343 | 3,605,210 | 3,529,065 | 3,578,343 | ||||||||||||
Less: | ||||||||||||||||
Deferred loan fees, net | 6,878 | 8,235 | 9,147 | 6,878 | ||||||||||||
Allowance for loan losses | 30,562 | 30,272 | 28,596 | 30,562 | ||||||||||||
Net loans | $ | 3,540,903 | $ | 3,566,703 | $ | 3,491,322 | $ | 3,540,903 |
2018 | 2017 | 2016 | 2019 | 2018 | 2017 | |||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
Balance at beginning of year | $ | 30,272 | $ | 29,951 | $ | 30,889 | $ | 30,562 | $ | 30,272 | $ | 29,951 | ||||||||||||
Provisions charged to operations | — | — | — | |||||||||||||||||||||
Reversal of provision for loan losses | (2,000 | ) | — | — | ||||||||||||||||||||
Recoveries | 407 | 409 | 9 | 99 | 407 | 409 | ||||||||||||||||||
Loans charged off | (117 | ) | (88 | ) | (947 | ) | (65 | ) | (117 | ) | (88 | ) | ||||||||||||
Balance at end of year | $ | 30,562 | $ | 30,272 | $ | 29,951 | $ | 28,596 | $ | 30,562 | $ | 30,272 |
Year ended June 30, 2018 | Year ended June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential commercial real estate | Grocery/credit retail commercial real estate | Other commercial real estate | Construction and land loans | Total | Residential | Residential commercial real estate | Grocery/credit retail commercial real estate | Other commercial real estate | Construction and land loans | Total | |||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,261 | $ | 15,794 | $ | 3,000 | $ | 10,017 | $ | 200 | $ | 30,272 | $ | 1,990 | $ | 17,259 | $ | 3,015 | $ | 7,828 | $ | 470 | $ | 30,562 | ||||||||||||||||||||||||
Charge-offs | (117 | ) | — | — | — | — | (117 | ) | (65 | ) | — | — | — | — | (65 | ) | ||||||||||||||||||||||||||||||||
Recoveries | 150 | — | — | 225 | 32 | 407 | 41 | — | — | 58 | — | 99 | ||||||||||||||||||||||||||||||||||||
Provisions | 696 | 1,465 | 15 | (2,414 | ) | 238 | — | |||||||||||||||||||||||||||||||||||||||||
Provision/(reversal) for loan losses | 355 | (1,565 | ) | 234 | (918 | ) | (106 | ) | (2,000 | ) | ||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 1,990 | $ | 17,259 | $ | 3,015 | $ | 7,828 | $ | 470 | $ | 30,562 | $ | 2,321 | $ | 15,694 | $ | 3,249 | $ | 6,968 | $ | 364 | $ | 28,596 |
Year ended June 30, 2017 | Year ended June 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential commercial real estate | Grocery/credit retail commercial real estate | Other commercial real estate | Construction and land loans | Total | Residential | Residential commercial real estate | Grocery/credit retail commercial real estate | Other commercial real estate | Construction and land loans | Total | |||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,300 | $ | 12,837 | $ | 3,646 | $ | 11,850 | $ | 318 | $ | 29,951 | $ | 1,261 | $ | 15,794 | $ | 3,000 | $ | 10,017 | $ | 200 | $ | 30,272 | ||||||||||||||||||||||||
Charge-offs | (75 | ) | — | — | (13 | ) | — | (88 | ) | (117 | ) | — | — | — | — | (117 | ) | |||||||||||||||||||||||||||||||
Recoveries | — | — | — | 409 | — | 409 | 150 | — | — | 225 | 32 | 407 | ||||||||||||||||||||||||||||||||||||
Provisions | 36 | 2,957 | (646 | ) | (2,229 | ) | (118 | ) | — | |||||||||||||||||||||||||||||||||||||||
Provision/(reversal) for loan losses | 696 | 1,465 | 15 | (2,414 | ) | 238 | — | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 1,261 | $ | 15,794 | $ | 3,000 | $ | 10,017 | $ | 200 | $ | 30,272 | $ | 1,990 | $ | 17,259 | $ | 3,015 | $ | 7,828 | $ | 470 | $ | 30,562 |
Year ended June 30, 2016 | Year ended June 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential commercial real estate | Grocery/credit retail commercial real estate | Other commercial real estate | Construction and land loans | Total | Residential | Residential commercial real estate | Grocery/credit retail commercial real estate | Other commercial real estate | Construction and land loans | Total | |||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,521 | $ | 10,814 | $ | 4,042 | $ | 13,943 | $ | 569 | $ | 30,889 | $ | 1,300 | $ | 12,837 | $ | 3,646 | $ | 11,850 | $ | 318 | $ | 29,951 | ||||||||||||||||||||||||
Charge-offs | (98 | ) | — | — | (849 | ) | — | (947 | ) | (75 | ) | — | — | (13 | ) | — | (88 | ) | ||||||||||||||||||||||||||||||
Recoveries | — | — | — | 9 | — | 9 | — | — | — | 409 | — | 409 | ||||||||||||||||||||||||||||||||||||
Provisions | (123 | ) | 2,023 | (396 | ) | (1,253 | ) | (251 | ) | — | ||||||||||||||||||||||||||||||||||||||
Provision/(reversal) for loan losses | 36 | 2,957 | (646 | ) | (2,229 | ) | (118 | ) | — | |||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 1,300 | $ | 12,837 | $ | 3,646 | $ | 11,850 | $ | 318 | $ | 29,951 | $ | 1,261 | $ | 15,794 | $ | 3,000 | $ | 10,017 | $ | 200 | $ | 30,272 |
At June 30, 2018 | At June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential commercial real estate | Grocery/credit retail commercial real estate | Other commercial real estate | Construction and land loans | Total | Residential | Residential commercial real estate | Grocery/credit retail commercial real estate | Other commercial real estate | Construction and land loans | Total | |||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Collectively evaluated for impairment | 1,990 | 17,259 | 3,015 | 7,828 | 470 | 30,562 | 2,321 | 15,694 | 3,249 | 6,968 | 364 | 28,596 | ||||||||||||||||||||||||||||||||||||
Total | $ | 1,990 | $ | 17,259 | $ | 3,015 | $ | 7,828 | $ | 470 | $ | 30,562 | $ | 2,321 | $ | 15,694 | $ | 3,249 | $ | 6,968 | $ | 364 | $ | 28,596 | ||||||||||||||||||||||||
Loans receivable: | ||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 5,022 | $ | — | $ | — | $ | 4,181 | $ | — | $ | 9,203 | $ | 5,580 | $ | — | $ | — | $ | 3,758 | $ | — | $ | 9,338 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 262,749 | 2,005,315 | 497,708 | 792,408 | 10,960 | 3,569,140 | 261,431 | 2,086,314 | 482,831 | 679,981 | 9,170 | 3,519,727 | ||||||||||||||||||||||||||||||||||||
Total | $ | 267,771 | $ | 2,005,315 | $ | 497,708 | $ | 796,589 | $ | 10,960 | $ | 3,578,343 | $ | 267,011 | $ | 2,086,314 | $ | 482,831 | $ | 683,739 | $ | 9,170 | $ | 3,529,065 |
June 30, 2017 | June 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||
Residential | Residential commercial real estate | Grocery/credit retail commercial real estate | Other commercial real estate | Construction and land loans | Total | Residential | Residential commercial real estate | Grocery/credit retail commercial real estate | Other commercial real estate | Construction and land loans | Total | |||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | ||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | 43 | $ | — | $ | 43 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Collectively evaluated for impairment | 1,261 | 15,794 | 3,000 | 9,974 | 200 | 30,229 | 1,990 | 17,259 | 3,015 | 7,828 | 470 | 30,562 | ||||||||||||||||||||||||||||||||||||
Total | $ | 1,261 | $ | 15,794 | $ | 3,000 | $ | 10,017 | $ | 200 | $ | 30,272 | $ | 1,990 | $ | 17,259 | $ | 3,015 | $ | 7,828 | $ | 470 | $ | 30,562 | ||||||||||||||||||||||||
Loans receivable: | ||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 3,684 | $ | — | $ | — | $ | 10,173 | $ | — | $ | 13,857 | $ | 5,022 | $ | — | $ | — | $ | 4,181 | $ | — | $ | 9,203 | ||||||||||||||||||||||||
Collectively evaluated for impairment | 249,626 | 1,945,297 | 535,567 | 856,653 | 4,210 | 3,591,353 | 262,749 | 2,005,315 | 497,708 | 792,408 | 10,960 | 3,569,140 | ||||||||||||||||||||||||||||||||||||
Total | $ | 253,310 | $ | 1,945,297 | $ | 535,567 | $ | 866,826 | $ | 4,210 | $ | 3,605,210 | $ | 267,771 | $ | 2,005,315 | $ | 497,708 | $ | 796,589 | $ | 10,960 | $ | 3,578,343 |
Credit Quality Indicators at June 30, 2019 | ||||||||||||||||||||||||
Satisfactory | Pass/Watch | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Residential | $ | 241,524 | $ | 17,965 | $ | 351 | $ | 7,171 | $ | — | $ | 267,011 | ||||||||||||
Residential commercial real estate | 2,068,384 | 16,385 | 1,545 | — | — | 2,086,314 | ||||||||||||||||||
Grocery/credit retail commercial real estate | 479,963 | 2,868 | — | — | — | 482,831 | ||||||||||||||||||
Other commercial real estate | 617,061 | 58,219 | 4,246 | 4,213 | — | 683,739 | ||||||||||||||||||
Construction and land loans | 9,170 | — | — | — | — | 9,170 | ||||||||||||||||||
Total | $ | 3,416,102 | $ | 95,437 | $ | 6,142 | $ | 11,384 | $ | — | $ | 3,529,065 |
Credit Quality Indicators at June 30, 2018 | ||||||||||||||||||||||||
Satisfactory | Pass/Watch | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Residential | $ | 242,534 | $ | 18,731 | $ | 171 | $ | 6,335 | $ | — | $ | 267,771 | ||||||||||||
Residential commercial real estate | 1,981,781 | 21,952 | 1,582 | — | — | 2,005,315 | ||||||||||||||||||
Grocery/credit retail commercial real estate | 494,723 | — | 2,985 | — | — | 497,708 | ||||||||||||||||||
Other commercial real estate | 688,725 | 92,430 | 10,164 | 5,270 | — | 796,589 | ||||||||||||||||||
Construction and land loans | 10,960 | — | — | — | — | 10,960 | ||||||||||||||||||
Total | $ | 3,418,723 | $ | 133,113 | $ | 14,902 | $ | 11,605 | $ | — | $ | 3,578,343 |
Credit Quality Indicators at June 30, 2017 | ||||||||||||||||||||||||
Satisfactory | Pass/Watch | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Residential | $ | 229,481 | $ | 17,256 | $ | 1,571 | $ | 5,002 | $ | — | $ | 253,310 | ||||||||||||
Residential commercial real estate | 1,915,526 | 27,778 | 1,753 | 240 | — | 1,945,297 | ||||||||||||||||||
Grocery/credit retail commercial real estate | 532,472 | — | 3,095 | — | — | 535,567 | ||||||||||||||||||
Other commercial real estate | 725,714 | 107,249 | 15,551 | 18,312 | — | 866,826 | ||||||||||||||||||
Construction and land loans | 4,210 | — | — | — | — | 4,210 | ||||||||||||||||||
Total | $ | 3,407,403 | $ | 152,283 | $ | 21,970 | $ | 23,554 | $ | — | $ | 3,605,210 |
At June 30, 2018 | At June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 days or More Past Due | Total Past Due | Current | Total Loans | Nonaccrual (1) | 30-59 Days Past Due | 60-89 Days Past Due | 90 days or More Past Due | Total Past Due | Current | Total Loans | Nonaccrual (1) | |||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | $ | 2,696 | $ | 753 | $ | 5,213 | $ | 8,662 | $ | 259,109 | $ | 267,771 | $ | 6,335 | $ | 2,482 | $ | 1,409 | $ | 5,164 | $ | 9,055 | $ | 257,956 | $ | 267,011 | $ | 6,531 | ||||||||||||||||||||||||||||
Residential commercial real estate | 1,582 | — | — | 1,582 | 2,003,733 | 2,005,315 | — | — | — | — | — | 2,086,314 | 2,086,314 | — | ||||||||||||||||||||||||||||||||||||||||||
Grocery/credit retail CRE | — | — | — | — | 497,708 | 497,708 | — | — | — | — | — | 482,831 | 482,831 | — | ||||||||||||||||||||||||||||||||||||||||||
Other commercial real estate | 1,009 | — | 136 | 1,145 | 795,444 | 796,589 | 1,542 | 1,789 | — | — | 1,789 | 681,950 | 683,739 | 3,522 | ||||||||||||||||||||||||||||||||||||||||||
Construction and land loans | — | — | — | — | 10,960 | 10,960 | — | — | — | — | — | 9,170 | 9,170 | — | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 5,287 | $ | 753 | $ | 5,349 | $ | 11,389 | $ | 3,566,954 | $ | 3,578,343 | $ | 7,877 | $ | 4,271 | $ | 1,409 | $ | 5,164 | $ | 10,844 | $ | 3,518,221 | $ | 3,529,065 | $ | 10,053 |
At June 30, 2017 | At June 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 days or More Past Due | Total Past Due | Current | Total Loans | Nonaccrual (2) | 30-59 Days Past Due | 60-89 Days Past Due | 90 days or More Past Due | Total Past Due | Current | Total Loans | Nonaccrual (2) | |||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | $ | 1,243 | $ | 1,776 | $ | 614 | $ | 3,633 | $ | 249,677 | $ | 253,310 | $ | 1,556 | $ | 2,696 | $ | 753 | $ | 5,213 | $ | 8,662 | $ | 259,109 | $ | 267,771 | $ | 6,335 | ||||||||||||||||||||||||||||
Residential commercial real estate | 240 | — | — | 240 | 1,945,057 | 1,945,297 | — | 1,582 | — | — | 1,582 | 2,003,733 | 2,005,315 | — | ||||||||||||||||||||||||||||||||||||||||||
Grocery/credit retail CRE | — | — | — | — | 535,567 | 535,567 | — | — | — | — | — | 497,708 | 497,708 | — | ||||||||||||||||||||||||||||||||||||||||||
Other commercial real estate | 606 | — | 1,897 | 2,503 | 864,323 | 866,826 | 8,667 | 1,009 | — | 136 | 1,145 | 795,444 | 796,589 | 1,542 | ||||||||||||||||||||||||||||||||||||||||||
Construction and land loans | — | — | — | — | 4,210 | 4,210 | — | — | — | — | — | 10,960 | 10,960 | — | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,089 | $ | 1,776 | $ | 2,511 | $ | 6,376 | $ | 3,598,834 | $ | 3,605,210 | $ | 10,223 | $ | 5,287 | $ | 753 | $ | 5,349 | $ | 11,389 | $ | 3,566,954 | $ | 3,578,343 | $ | 7,877 |
(1) | Included in nonaccrual loans at June 30, 2019 are residential loans totaling $30,000 that were 30-59 days past due; residential loans totaling $768,000 that were 60-89 days past due; and residential loans totaling $568,000 and other CRE loans totaling $2.4 million that were less than 30 days past due. |
(2) | Included in nonaccrual loans at June 30, 2018 are residential loans totaling $35,000 that were 30-59 days past due; residential loans totaling $582,000 that were 60-89 days past due; and residential loans totaling $504,000 and other CRE loans totaling $1.4 million that were less than 30 days past due. |
Impaired Financing Receivables | Impaired Loans | |||||||||||||||||||||||||||||||||||||||
At June 30, 2018 | Year ended June 30, 2018 | At June 30, 2019 | Year ended June 30, 2019 | |||||||||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Allowance | Average Recorded Investment | Interest Income Recognized | Recorded Investment | Unpaid Principal Balance | Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||||||
Residential | $ | 5,021 | $ | 5,022 | $ | — | $ | 4,614 | $ | 64 | $ | 5,580 | $ | 5,580 | $ | — | $ | 5,529 | $ | 98 | ||||||||||||||||||||
Other commercial real estate | 4,018 | 4,181 | — | 4,317 | 386 | 3,938 | 3,758 | — | 3,578 | 180 | ||||||||||||||||||||||||||||||
9,039 | 9,203 | — | 8,931 | 450 | 9,518 | 9,338 | — | 9,107 | 278 | |||||||||||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||||||||||
Residential | $ | 5,021 | $ | 5,022 | $ | — | $ | 4,614 | $ | 64 | $ | 5,580 | $ | 5,580 | $ | — | $ | 5,529 | $ | 98 | ||||||||||||||||||||
Other commercial real estate | 4,018 | 4,181 | — | 4,317 | 386 | 3,938 | 3,758 | — | 3,578 | 180 | ||||||||||||||||||||||||||||||
$ | 9,039 | $ | 9,203 | $ | — | $ | 8,931 | $ | 450 | $ | 9,518 | $ | 9,338 | $ | — | $ | 9,107 | $ | 278 | |||||||||||||||||||||
Cash basis interest income | 415 | 197 |
Impaired Financing Receivables | Impaired Loans | |||||||||||||||||||||||||||||||||||||||
At June 30, 2017 | Year ended June 30, 2017 | At June 30, 2018 | Year ended June 30, 2018 | |||||||||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Allowance | Average Recorded Investment | Interest Income Recognized | Recorded Investment | Unpaid Principal Balance | Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||||||
Residential | $ | 3,684 | $ | 3,684 | $ | — | $ | 3,655 | $ | 146 | $ | 5,021 | $ | 5,022 | $ | — | $ | 4,614 | $ | 64 | ||||||||||||||||||||
Other commercial real estate | 9,635 | 9,635 | — | 8,848 | 560 | 4,018 | 4,181 | — | 4,317 | 386 | ||||||||||||||||||||||||||||||
13,319 | 13,319 | — | 12,503 | 706 | 9,039 | 9,203 | — | 8,931 | 450 | |||||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||||||
Other commercial real estate | $ | 495 | $ | 538 | $ | 43 | $ | 554 | $ | — | ||||||||||||||||||||||||||||||
495 | 538 | 43 | 554 | — | ||||||||||||||||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||||||||||
Residential | $ | 3,684 | $ | 3,684 | $ | — | $ | 3,655 | $ | 146 | $ | 5,021 | $ | 5,022 | $ | — | $ | 4,614 | $ | 64 | ||||||||||||||||||||
Other commercial real estate | 10,130 | 10,173 | 43 | 9,402 | 560 | 4,018 | 4,181 | — | 4,317 | 386 | ||||||||||||||||||||||||||||||
$ | 13,814 | $ | 13,857 | $ | 43 | $ | 13,057 | $ | 706 | $ | 9,039 | $ | 9,203 | $ | — | $ | 8,931 | $ | 450 | |||||||||||||||||||||
Cash basis interest income | 611 | 415 |
Troubled Debt Restructurings at June 30, 2018 | ||||||||||||||||||||||||||||||||||||
Performing | Nonperforming | Total | ||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Residential | $ | — | $ | 174 | $ | 174 | ||||||||||||||||||||||||||||||
Other commercial real estate | 309 | 1,407 | 1,716 | |||||||||||||||||||||||||||||||||
Total | $ | 309 | $ | 1,581 | $ | 1,890 | ||||||||||||||||||||||||||||||
Allowance | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||
Troubled Debt Restructurings | ||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings at June 30, 2017 | June 30, 2019 | June 30, 2018 | ||||||||||||||||||||||||||||||||||
Performing | Nonperforming | Total | Performing | Nonperforming | Total | Performing | Nonperforming | Total | ||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||
Residential | $ | — | $ | 178 | $ | 178 | $ | — | $ | 167 | $ | 167 | $ | — | $ | 174 | $ | 174 | ||||||||||||||||||
Other commercial real estate | 362 | 4,070 | 4,432 | |||||||||||||||||||||||||||||||||
Other CRE | 236 | 1,096 | 1,332 | 309 | 1,407 | 1,716 | ||||||||||||||||||||||||||||||
Total | $ | 362 | $ | 4,248 | $ | 4,610 | $ | 236 | $ | 1,263 | $ | 1,499 | 309 | $ | 1,581 | $ | 1,890 | |||||||||||||||||||
Allowance | $ | — | $ | 43 | $ | 43 | $ | — | $ | — | $ | — | — | $ | — | $ | — |
Year ended June 30, 2018 | ||||||||||||
Number of Relationships | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||
(Dollars in thousands) | ||||||||||||
Other commercial real estate | $ | 1 | $ | 271 | $ | 249 | ||||||
Total | $ | 1 | $ | 271 | $ | 249 |
Year ended June 30, 2017 | Year ended June 30, 2018 | |||||||||||||||||||||||
Number of Relationships | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Relationships | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||
Other commercial real estate | $ | 2 | $ | 1,252 | $ | 1,167 | 1 | $ | 271 | $ | 249 | |||||||||||||
Total | $ | 2 | $ | 1,252 | $ | 1,167 | 1 | $ | 271 | $ | 249 |
Year Ended June 30, 2016 | Year Ended June 30, 2017 | |||||||||||||||||||||||
Number of Relationships | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Relationships | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||
Other commercial real estate | $ | 1 | $ | 3,385 | $ | 2,266 | 2 | $ | 1,252 | $ | 1,167 | |||||||||||||
Total | $ | 1 | $ | 3,385 | $ | 2,266 | 2 | $ | 1,252 | $ | 1,167 |
June 30, 2018 | June 30, 2019 | |||||||||||||||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | |||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||
U.S. Government and federal agency obligations | ||||||||||||||||||||||||||||||||
Due in less than one year | $ | 1,750 | $ | — | $ | 23 | $ | 1,727 | $ | 5,000 | $ | — | $ | 21 | $ | 4,979 | ||||||||||||||||
Due in one to five years | 5,000 | — | 94 | 4,906 | ||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Residential MBS | 220,057 | 23 | 5,965 | 214,115 | 207,587 | 1,952 | 639 | 208,900 | ||||||||||||||||||||||||
Commercial MBS | 13,035 | — | 421 | 12,614 | 26,952 | 511 | 27 | 27,436 | ||||||||||||||||||||||||
CMO | 85,488 | 35 | 2,398 | 83,125 | 77,643 | 434 | 512 | 77,565 | ||||||||||||||||||||||||
Corporate Note | ||||||||||||||||||||||||||||||||
Due in five to ten years | 10,044 | — | 20 | 10,024 | 15,033 | 266 | — | 15,299 | ||||||||||||||||||||||||
$ | 335,374 | $ | 58 | $ | 8,921 | $ | 326,511 | $ | 332,215 | $ | 3,163 | $ | 1,199 | $ | 334,179 | |||||||||||||||||
June 30, 2017 | June 30, 2018 | |||||||||||||||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | |||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||
U.S. Government and federal agency obligations | ||||||||||||||||||||||||||||||||
Due in less than one year | $ | 1,750 | $ | — | $ | 23 | $ | 1,727 | ||||||||||||||||||||||||
Due in one to five years | $ | 6,750 | $ | — | $ | 54 | $ | 6,696 | 5,000 | — | 94 | 4,906 | ||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Residential MBS | 141,990 | 81 | 1,391 | 140,680 | 220,057 | 23 | 5,965 | 214,115 | ||||||||||||||||||||||||
Commercial MBS | 13,473 | 112 | 83 | 13,502 | 13,035 | — | 421 | 12,614 | ||||||||||||||||||||||||
CMO | 77,418 | — | 1,092 | 76,326 | 85,488 | 35 | 2,398 | 83,125 | ||||||||||||||||||||||||
Corportate Notes | ||||||||||||||||||||||||||||||||
Due in five to ten years | 10,044 | — | 20 | 10,024 | ||||||||||||||||||||||||||||
$ | 239,631 | $ | 193 | $ | 2,620 | $ | 237,204 | $ | 335,374 | $ | 58 | $ | 8,921 | $ | 326,511 | |||||||||||||||||
Year ended | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(dollars in thousands) | ||||||||||||
Proceeds | — | — | 1,995 | |||||||||
Debt securities held-to-maturity sold at amortized cost | — | — | 1,938 | |||||||||
Debt securities held to maturity sold at gross realized gain | — | — | 57 | |||||||||
Fair value of debt securities held-to-maturity pledged as collateral for advances | 7,501 | 9,106 | 27,186 | |||||||||
Fair value of debt securities held to maturity pledged for IR SWAP | — | — | 8,500 | |||||||||
Fair value of debt securities held to maturity pledged as collateral for municipal deposits | 19,511 | — | 132,500 |
June 30, 2018 | ||||||||||||||||||||||||
Less than 12 months | Greater than 12 months | Total | ||||||||||||||||||||||
Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
U.S. Government and federal agency obligations | $ | — | $ | — | $ | 6,633 | $ | 117 | $ | 6,633 | $ | 117 | ||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||
Residential MBS | 188,281 | 4,646 | 24,712 | 1,319 | 212,993 | 5,965 | ||||||||||||||||||
Commercial MBS | 8,290 | 224 | 4,324 | 197 | 12,614 | 421 | ||||||||||||||||||
CMO | 9,106 | 279 | 48,211 | 2,119 | 57,317 | 2,398 | ||||||||||||||||||
Corporate Note | 10,024 | 20 | — | — | 10,024 | 20 | ||||||||||||||||||
$ | 215,701 | $ | 5,169 | $ | 83,880 | $ | 3,752 | $ | 299,581 | $ | 8,921 |
June 30, 2019 | ||||||||||||||||||||||||
Less than 12 months | Greater than 12 months | Total | ||||||||||||||||||||||
Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
U.S. Government and federal agency obligations | ||||||||||||||||||||||||
Due in less than one year | $ | — | $ | — | $ | 4,979 | $ | 21 | $ | 4,979 | $ | 21 | ||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||
Residential MBS | — | — | 103,110 | 639 | 103,110 | 639 | ||||||||||||||||||
Commercial MBS | — | — | 4,370 | 27 | 4,370 | 27 | ||||||||||||||||||
CMO | — | — | 45,043 | 512 | 45,043 | 512 | ||||||||||||||||||
$ | — | $ | — | $ | 157,502 | $ | 1,199 | $ | 157,502 | $ | 1,199 |
June 30, 2017 | June 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | Greater than 12 months | Total | Less than 12 months | Greater than 12 months | Total | |||||||||||||||||||||||||||||||||||||||||||
Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | |||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government and federal agency obligations | $ | 1,737 | $ | 13 | $ | 4,959 | $ | 41 | $ | 6,696 | $ | 54 | ||||||||||||||||||||||||||||||||||||
Due in less than one year | $ | — | $ | — | $ | 1,727 | $ | 23 | $ | 1,727 | $ | 23 | ||||||||||||||||||||||||||||||||||||
Due in one to five years | — | — | 4,906 | 94 | 4,906 | 94 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential MBS | 128,040 | 1,265 | 3,020 | 126 | 131,060 | 1,391 | 188,281 | 4,646 | 24,712 | 1,319 | 212,993 | 5,965 | ||||||||||||||||||||||||||||||||||||
Commercial MBS | 7,120 | 83 | — | — | 7,120 | 83 | 8,290 | 224 | 4,324 | 197 | 12,614 | 421 | ||||||||||||||||||||||||||||||||||||
CMO | 76,326 | 1,092 | — | — | 76,326 | 1,092 | 9,106 | 279 | 48,211 | 2,119 | 57,317 | 2,398 | ||||||||||||||||||||||||||||||||||||
Corporate Note | ||||||||||||||||||||||||||||||||||||||||||||||||
Due in five to ten years | 10,024 | 20 | — | — | 10,024 | 20 | ||||||||||||||||||||||||||||||||||||||||||
$ | 213,223 | $ | 2,453 | $ | 7,979 | $ | 167 | $ | 221,202 | $ | 2,620 | $ | 215,701 | $ | 5,169 | $ | 83,880 | $ | 3,752 | $ | 299,581 | $ | 8,921 |
June 30, 2018 | ||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | |||||||||||||
(In thousands) | ||||||||||||||||
Equity securities | $ | 601 | $ | 964 | $ | — | $ | 1,565 | ||||||||
Mortgage-backed securities: | ||||||||||||||||
Residential MBS | 70 | 1 | — | 71 | ||||||||||||
Commercial MBS | 4,074 | 63 | — | 4,137 | ||||||||||||
CMO | 40,106 | — | 1,188 | 38,918 | ||||||||||||
$ | 44,851 | $ | 1,028 | $ | 1,188 | $ | 44,691 |
June 30, 2017 | ||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | |||||||||||||
(In thousands) | ||||||||||||||||
Equity securities | $ | 601 | $ | 897 | $ | — | $ | 1,498 | ||||||||
Mortgage-backed securities: | ||||||||||||||||
Residential MBS | 6,974 | 9 | 62 | 6,921 | ||||||||||||
Commercial MBS | 4,220 | 186 | — | 4,406 | ||||||||||||
CMO | 85,437 | 152 | 484 | 85,105 | ||||||||||||
$ | 97,232 | $ | 1,244 | $ | 546 | $ | 97,930 |
June 30, 2018 | ||||||||||||||||||||||||
Less than 12 months | Greater than 12 months | Total | ||||||||||||||||||||||
Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||
CMO | $ | 20,651 | $ | 444 | $ | 18,267 | $ | 744 | $ | 38,918 | $ | 1,188 | ||||||||||||
$ | 20,651 | $ | 444 | $ | 18,267 | $ | 744 | $ | 38,918 | $ | 1,188 |
June 30, 2017 | ||||||||||||||||||||||||
Less than 12 months | Greater than 12 months | Total | ||||||||||||||||||||||
Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||
Residential MBS | 6,521 | 62 | — | — | 6,521 | 62 | ||||||||||||||||||
CMO | 53,880 | 406 | 4,877 | 78 | 58,757 | 484 | ||||||||||||||||||
$ | 60,401 | $ | 468 | $ | 4,877 | $ | 78 | $ | 65,278 | $ | 546 |
June 30, 2019 | ||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | |||||||||||||
(In thousands) | ||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||
Residential MBS | $ | 9 | $ | — | $ | — | $ | 9 | ||||||||
Commercial MBS | 3,921 | — | 5 | 3,916 | ||||||||||||
CMO | 29,108 | 3 | 284 | 28,827 | ||||||||||||
$ | 33,038 | $ | 3 | $ | 289 | $ | 32,752 |
June 30, 2018 | ||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | |||||||||||||
(In thousands) | ||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||
Residential MBS | $ | 70 | $ | 1 | $ | — | $ | 71 | ||||||||
Commercial MBS | 4,074 | 63 | — | 4,137 | ||||||||||||
CMO | 40,106 | — | 1,188 | 38,918 | ||||||||||||
$ | 44,250 | $ | 64 | $ | 1,188 | $ | 43,126 |
Year ended | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(dollars in thousands) | ||||||||||||
Proceeds | — | 29,505 | 55,093 | |||||||||
Debt securities available for sale sold at amortized cost | — | 29,829 | 55,977 | |||||||||
Gross gains | — | — | 28 | |||||||||
Gross losses | — | 324 | 911 | |||||||||
Other-than-temporary impairment charges on debt securities available for sale | — | — | — | |||||||||
Fair value of debt securities available-for-sale pledged as collateral for advances | 12,879 | 15,507 | 31,565 | |||||||||
Fair value of debt securities available-for-sale pledged for swap | — | — | — | |||||||||
Fair value of debt securities available for sale pledged as collateral for municipal deposits | — | — | 59,500 |
June 30, 2019 | ||||||||||||||||||||||||
Less than 12 months | Greater than 12 months | Total | ||||||||||||||||||||||
Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||
Commercial MBS | $ | 3,916 | $ | 5 | $ | — | $ | — | $ | 3,916 | $ | 5 | ||||||||||||
CMO | — | — | 27,063 | 284 | 27,063 | 284 | ||||||||||||||||||
$ | 3,916 | $ | 5 | $ | 27,063 | $ | 284 | $ | 30,979 | $ | 289 |
June 30, 2018 | ||||||||||||||||||||||||
Less than 12 months | Greater than 12 months | Total | ||||||||||||||||||||||
Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||
CMO | $ | 20,651 | $ | 444 | $ | 18,267 | $ | 744 | $ | 38,918 | $ | 1,188 | ||||||||||||
$ | 20,651 | $ | 444 | $ | 18,267 | $ | 744 | $ | 38,918 | $ | 1,188 |
2018 | 2017 | 2019 | 2018 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Mortgage Loans | $ | 10,446 | $ | 9,976 | $ | 11,015 | $ | 10,446 | ||||||||
Investment Securities | 815 | 644 | 920 | 815 | ||||||||||||
$ | 11,261 | $ | 10,620 | $ | 11,935 | $ | 11,261 |
2018 | 2017 | 2019 | 2018 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Cost: | ||||||||||||||||
Land | $ | 4,171 | $ | 4,171 | $ | 4,171 | $ | 4,171 | ||||||||
Buildings | 10,073 | 10,073 | 10,073 | 10,073 | ||||||||||||
Land and building improvements | 5,698 | 5,470 | 5,831 | 5,698 | ||||||||||||
Leasehold improvements | 1,763 | 1,754 | 1,784 | 1,763 | ||||||||||||
Furniture and equipment | 6,282 | 6,451 | 6,354 | 6,282 | ||||||||||||
Construction in progress | 50 | 248 | 35 | 50 | ||||||||||||
28,037 | 28,167 | 28,248 | 28,037 | |||||||||||||
Less accumulated depreciation and amortization | 14,582 | 14,258 | 15,344 | 14,582 | ||||||||||||
Office properties and equipment, net | $ | 13,455 | $ | 13,909 | $ | 12,904 | $ | 13,455 |
2018 | 2017 | 2019 | 2018 | |||||||||||||||||||||||||||||
Amount | Weighted average cost | Amount | Weighted average cost | Amount | Weighted average cost | Amount | Weighted average cost | |||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||
Checking accounts | $ | 751,735 | 0.85 | % | $ | 706,554 | 0.62 | % | $ | 668,453 | 1.36 | % | $ | 751,735 | 0.85 | % | ||||||||||||||||
Money market deposit accounts | 763,003 | 1.13 | % | 847,888 | 1.05 | % | 622,670 | 1.32 | % | 763,003 | 1.13 | % | ||||||||||||||||||||
Savings accounts | 188,859 | 0.28 | % | 177,896 | 0.23 | % | 383,763 | 1.24 | % | 188,859 | 0.28 | % | ||||||||||||||||||||
Time deposits | 1,211,531 | 1.62 | % | 1,124,140 | 1.34 | % | 1,248,358 | 2.17 | % | 1,211,531 | 1.62 | % | ||||||||||||||||||||
$ | 2,915,128 | 1.21 | % | $ | 2,856,478 | 1.01 | % | $ | 2,923,244 | 1.68 | % | $ | 2,915,128 | 1.21 | % |
2018 | 2017 | 2016 | 2019 | 2018 | 2017 | |||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
Checking accounts | $ | 4,955 | $ | 3,015 | $ | 1,666 | $ | 8,556 | $ | 4,955 | $ | 3,015 | ||||||||||||
Money market deposit accounts | 9,038 | 7,742 | 5,034 | 7,397 | 9,038 | 7,742 | ||||||||||||||||||
Savings accounts | 455 | 391 | 380 | 2,986 | 455 | 391 | ||||||||||||||||||
Time deposits | 17,176 | 13,523 | 10,804 | 22,699 | 17,176 | 13,523 | ||||||||||||||||||
$ | 31,624 | $ | 24,671 | $ | 17,884 | $ | 41,638 | $ | 31,624 | $ | 24,671 |
Year ending June 30: | ||||||||
2019 | $ | 781,699 | ||||||
2020 | 280,465 | $ | 849,787 | |||||
2021 | 69,340 | 319,883 | ||||||
2022 | 66,912 | 62,671 | ||||||
2023 and beyond | 13,115 | |||||||
2023 | 9,552 | |||||||
2024 and beyond | 6,465 | |||||||
$ | 1,211,531 | $ | 1,248,358 |
2018 | 2017 | 2016 | 2019 | 2018 | 2017 | |||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
Current: | ||||||||||||||||||||||||
Federal | $ | 18,153 | $ | 24,641 | $ | 24,145 | $ | 12,816 | $ | 18,153 | $ | 24,641 | ||||||||||||
State | 4,200 | 2,723 | 4,160 | 5,589 | 4,200 | 2,723 | ||||||||||||||||||
Total current | 22,353 | 27,364 | 28,305 | 18,405 | 22,353 | 27,364 | ||||||||||||||||||
Deferred: | ||||||||||||||||||||||||
Federal | 11,061 | (776 | ) | 765 | 7 | 11,061 | (776 | ) | ||||||||||||||||
State | (2,298 | ) | (206 | ) | (536 | ) | (1,410 | ) | (2,298 | ) | (206 | ) | ||||||||||||
Total deferred | 8,763 | (982 | ) | 229 | (1,403 | ) | 8,763 | (982 | ) | |||||||||||||||
Total income tax expense | $ | 31,116 | $ | 26,382 | $ | 28,534 | $ | 17,002 | $ | 31,116 | $ | 26,382 |
2018 | 2017 | 2016 | 2019 | 2018 | 2017 | |||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
Income before provision for income taxes | $ | 74,010 | $ | 75,526 | $ | 80,829 | $ | 69,061 | $ | 74,010 | $ | 75,526 | ||||||||||||
Applicable statutory federal income tax rate | 28 | % | 35 | % | 35 | % | 21 | % | 28 | % | 35 | % | ||||||||||||
Computed "expected" federal income tax expense | 20,723 | 26,434 | 28,290 | |||||||||||||||||||||
Computed “expected” federal income tax expense | 14,503 | 20,723 | 26,434 | |||||||||||||||||||||
Increase (decrease) in federal income tax expense resulting from: | ||||||||||||||||||||||||
State income taxes, net of federal benefit | 2,339 | 1,636 | 2,356 | 2,787 | 2,339 | 1,636 | ||||||||||||||||||
Bank owned life insurance | (698 | ) | (916 | ) | (951 | ) | (511 | ) | (698 | ) | (916 | ) | ||||||||||||
ESOP fair market value adjustment | 484 | 723 | 733 | 306 | 484 | 723 | ||||||||||||||||||
ESOP unallocated dividend | (631 | ) | (455 | ) | (403 | ) | (449 | ) | (631 | ) | (455 | ) | ||||||||||||
Non-deductible compensation | — | 146 | 194 | 10 | — | 146 | ||||||||||||||||||
Stock based compensation | (1,122 | ) | (1,430 | ) | (2,118 | ) | (261 | ) | (1,122 | ) | (1,430 | ) | ||||||||||||
Impact of tax reform | 10,165 | — | — | 477 | 10,165 | — | ||||||||||||||||||
Other items, net | (144 | ) | 244 | 433 | 140 | (144 | ) | 244 | ||||||||||||||||
Total income tax expense | $ | 31,116 | $ | 26,382 | $ | 28,534 | $ | 17,002 | $ | 31,116 | $ | 26,382 |
2018 | 2017 | 2019 | 2018 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Deferred tax assets: | ||||||||||||||||
Allowance for loan and real estate owned losses | $ | 8,589 | $ | 12,101 | $ | 8,258 | $ | 8,589 | ||||||||
Postretirement benefits | 10,242 | 13,973 | 9,975 | 10,242 | ||||||||||||
Accrued/deferred compensation | 7,554 | 9,598 | 7,813 | 7,554 | ||||||||||||
ESOP shares allocated or committed to be released | 875 | 1,211 | 855 | 875 | ||||||||||||
Stock compensation | 1,914 | 3,772 | 1,581 | 1,914 | ||||||||||||
Other than temporary loss on securities | 64 | 96 | 66 | 64 | ||||||||||||
State net operating loss carry forward | 1,704 | 373 | 3,059 | 1,704 | ||||||||||||
Other | 494 | 271 | 106 | 494 | ||||||||||||
Total deferred tax asset | 31,436 | 41,395 | 31,713 | 31,436 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||||
Unrealized gain on securities available for sale | — | 301 | 138 | — | ||||||||||||
Unrealized gain on interest rate swap | 5,158 | 2,776 | 63 | 5,158 | ||||||||||||
Other | 414 | 625 | 467 | 414 | ||||||||||||
Total deferred tax liabilities | 5,572 | 3,702 | 668 | 5,572 | ||||||||||||
Net deferred tax asset | $ | 25,864 | $ | 37,693 | $ | 31,045 | $ | 25,864 |
Stated Maturity | ||||
Year ending June 30: | ||||
2019 | $ | 193,735 | ||
2020 | 97,418 | |||
2021 | 99,648 | |||
2022 | 110,650 | |||
2023 | 58,426 | |||
2025 | 36,495 | |||
$ | 596,372 |
Stated Maturity | ||||
Year ending June 30: | ||||
2020 | $ | 148,217 | ||
2021 | 99,649 | |||
2022 | 132,900 | |||
2023 | 87,803 | |||
2024 | 24,000 | |||
2025 and thereafter | 28,986 | |||
$ | 521,555 |
At June 30, 2018 | At June 30, 2017 | ||||||||||||||||
Balance Sheet Line Item | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||
Cash flow hedge interest rate swaps | |||||||||||||||||
Gross unrealized gain | Other Assets | $ | 405,000 | $ | 16,789 | $ | 450,000 | $ | 6,437 | ||||||||
Gross notional / net fair value | $ | 405,000 | $ | 16,789 | $ | 450,000 | $ | 6,437 | |||||||||
Average rate paid for the year ended | 1.96 | % | 1.26 | % | |||||||||||||
Average rate received for the year ended | 2.06 | % | 0.72 | % | |||||||||||||
Weighted average maturity (in years) | 3.9 | 5.4 |
At June 30, 2019 | At June 30, 2018 | ||||||||||||||||
Balance Sheet Line Item | Notional Amount | Fair Value | Notional Amount | Fair Value | |||||||||||||
Cash flow hedge interest rate swaps | |||||||||||||||||
Gross unrealized gain | Other Assets | $ | 185,000 | $ | 1,624 | $ | 405,000 | $ | 16,789 | ||||||||
Gross unrealized losses Other Liabilities | 170,000 | (1,408 | ) | — | — | ||||||||||||
Gross notional / net fair value | $ | 355,000 | $ | 216 | $ | 405,000 | $ | 16,789 | |||||||||
Average rate paid for the year ended | 1.50 | % | 1.96 | % | |||||||||||||
Average rate received for the year ended | 2.37 | % | 2.06 | % | |||||||||||||
Weighted average maturity (in years) | 3.3 | 3.9 |
Year ended June 30, | ||||||||
2018 | 2017 | |||||||
Amount of gain (loss) reclassified from accumulated other comprehensive loss to interest expense | $ | 133 | $ | (2,523 | ) | |||
Amount of gain recognized in other comprehensive income | 10,485 | 13,297 | ||||||
Amount of loss recognized in the consolidated statements of income | — | (7,670 | ) |
Year ended June 30, | ||||||||
2019 | 2018 | |||||||
Amount of gain reclassified from accumulated other comprehensive loss to interest expense | $ | 3,267 | $ | 133 | ||||
Amount of (loss) gain recognized in other comprehensive income | (13,306 | ) | 10,485 | |||||
Amount of loss recognized in the consolidated statements of income | — | — |
BEP Plan | Retirement Plan | Medical Plan | BEP Plan | Retirement Plan | Medical Plan | |||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||||||||||||||||||||
Projected benefit obligation at beginning of the year | $ | 1,386 | $ | 1,388 | $ | 5,858 | $ | 5,756 | $ | 5,567 | $ | 6,583 | $ | 1,406 | $ | 1,386 | $ | 5,588 | $ | 5,858 | $ | 5,802 | $ | 5,567 | ||||||||||||||||||||||||
Service cost | — | — | 130 | 151 | 59 | 57 | — | — | 123 | 130 | 45 | 59 | ||||||||||||||||||||||||||||||||||||
Interest cost | 45 | 39 | 208 | 182 | 211 | 234 | 52 | 45 | 218 | 208 | 234 | 211 | ||||||||||||||||||||||||||||||||||||
Actuarial (gain) loss | (25 | ) | (41 | ) | (518 | ) | (168 | ) | 41 | (1,273 | ) | 75 | (25 | ) | 285 | (518 | ) | 179 | 41 | |||||||||||||||||||||||||||||
Benefits paid | — | — | (90 | ) | (63 | ) | (76 | ) | (34 | ) | (1 | ) | — | (90 | ) | (90 | ) | (83 | ) | (76 | ) | |||||||||||||||||||||||||||
Discount rate change | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Projected benefit obligation at end of the year | $ | 1,406 | $ | 1,386 | $ | 5,588 | $ | 5,858 | $ | 5,802 | $ | 5,567 | $ | 1,532 | $ | 1,406 | $ | 6,124 | $ | 5,588 | $ | 6,177 | $ | 5,802 | ||||||||||||||||||||||||
Reconciliation of plan assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of the year | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Actual return on plan assets | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Employer contributions | — | — | 90 | 63 | 76 | 34 | 1 | — | 90 | 90 | 83 | 76 | ||||||||||||||||||||||||||||||||||||
Benefits paid | — | — | (90 | ) | (63 | ) | (76 | ) | (34 | ) | (1 | ) | — | (90 | ) | (90 | ) | (83 | ) | (76 | ) | |||||||||||||||||||||||||||
Fair value of plan assets at end of the year | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Unfunded status at end of year | $ | 1,406 | $ | 1,386 | $ | 5,588 | $ | 5,858 | $ | 5,802 | $ | 5,567 | $ | 1,532 | $ | 1,406 | $ | 6,124 | $ | 5,588 | $ | 6,177 | $ | 5,802 |
BEP Plan | Retirement Plan | Medical Plan | BEP Plan | Retirement Plan | Medical Plan | |||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||
Net actuarial loss/(gain) | $ | 238 | $ | 299 | $ | (308 | ) | $ | 210 | $ | 461 | $ | 420 | $ | 240 | $ | 238 | $ | (290 | ) | $ | (308 | ) | $ | 440 | $ | 461 | |||||||||||||||||||||
Total amounts recognized in accumulated other comprehensive income | $ | 238 | $ | 299 | $ | (308 | ) | $ | 210 | $ | 461 | $ | 420 | $ | 240 | $ | 238 | $ | (290 | ) | $ | (308 | ) | $ | 440 | $ | 461 |
BEP Plan | Retirement Plan | Medical Plan | BEP Plan | Retirement Plan | Medical Plan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2018 | 2017 | 2016 | 2018 | 2017 | 2016 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 130 | $ | 151 | $ | 174 | $ | 59 | $ | 57 | $ | 77 | $ | — | $ | — | $ | — | $ | 123 | $ | 130 | $ | 151 | $ | 45 | $ | 59 | $ | 57 | ||||||||||||||||||||||||||||||||||||
Interest cost | 45 | 39 | 48 | 208 | 182 | 227 | 211 | 234 | 235 | 52 | 45 | 39 | 218 | 208 | 182 | 234 | 211 | 234 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of unrecognized: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | 35 | 52 | 40 | — | — | 29 | — | 350 | 155 | 33 | 35 | 52 | — | — | — | — | — | 350 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 80 | $ | 91 | $ | 88 | $ | 338 | $ | 333 | $ | 430 | $ | 270 | $ | 641 | $ | 467 | $ | 85 | $ | 80 | $ | 91 | $ | 341 | $ | 338 | $ | 333 | $ | 279 | $ | 270 | $ | 641 | ||||||||||||||||||||||||||||||||||||
Amounts expected to be amortized into net periodic benefit cost in fiscal 2019: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | 33 | — | — | 33 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 33 | $ | — | $ | — | $ | 33 | $ | — | $ | — |
BEP Plan | Retirement Plan | Medical Plan | BEP Plan | Retirement Plan | Medical Plan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2018 | 2017 | 2016 | 2018 | 2017 | 2016 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount Rate | 3.84 | % | 3.34 | % | 2.94 | % | 4.01 | % | 3.65 | % | 3.23 | % | 4.09 | % | 3.82 | % | 3.58 | % | 2.97 | % | 3.84 | % | 3.34 | % | 3.29 | % | 4.01 | % | 3.65 | % | 3.42 | % | 4.09 | % | 3.82 | % | ||||||||||||||||||||||||||||||||||||
Rate of compensation increase | — | — | — | 2.25 | % | 2.25 | % | 2.00 | % | — | — | — | — | — | — | 2.25 | % | 2.25 | % | 2.25 | % | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Medical benefits cost rate of increase | — | — | — | — | — | — | 5.00 | % | 5.00 | % | 5.00 | % | — | — | — | — | — | — | 5.00 | % | 5.00 | % | 5.00 | % |
BEP Plan | Retirement Plan | Medical Plan | BEP Plan | Retirement Plan | Medical Plan | |||||||||||||||||||
2019 | $ | 110 | $ | 303 | $ | 173 | ||||||||||||||||||
2020 | 110 | 302 | 243 | $ | 116 | $ | 302 | $ | 229 | |||||||||||||||
2021 | 111 | 300 | 267 | 116 | 300 | 253 | ||||||||||||||||||
2022 | 111 | 297 | 267 | 116 | 297 | 252 | ||||||||||||||||||
2023 | 111 | 294 | 265 | 117 | 294 | 250 | ||||||||||||||||||
2024-2028 | 558 | 1,807 | 1,424 | |||||||||||||||||||||
2024 | 117 | 289 | 246 | |||||||||||||||||||||
2025-2029 | 589 | 1,948 | 1,398 |
1% increase | 1% decrease | 1% increase | 1% decrease | |||||||||||||
Effect on total service cost and interest cost | $ | 318 | (231 | ) | $ | 326 | (242 | ) | ||||||||
Effect on post retirement benefits obligation | $ | 987 | (785 | ) | $ | (1,071 | ) | 849 |
2018 | 2017 | 2016 | 2019 | 2018 | 2017 | |||||||||||
Option shares granted | 70,000 | 20,000 | 20,000 | 20,000 | 70,000 | 20,000 | ||||||||||
Expected dividend yield | 7.18% | 5.35% | 6.75% | 7.47 | % | 7.18 | % | 5.35 | % | |||||||
Expected volatility | 18.74% | 20.81% | 26.10% | 17.68 | % | 18.74 | % | 20.81 | % | |||||||
Risk-free interest rate | 2.75% | 1.39% | 2.03% | 2.82 | % | 2.75 | % | 1.39 | % | |||||||
Expected option life | 6.50 | 6.50 | 6.50 | 6.50 | 6.50 | 6.50 |
Number of Stock Options | Weighted Average Grant Date Fair Value | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (years) | Number of Stock Options | Weighted Average Grant Date Fair Value | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (years) | |||||||||||||||||||||||||
Outstanding at June 30, 2017 | 3,729,033 | $ | 2.59 | $ | 11.70 | 3.4 | ||||||||||||||||||||||||||
Outstanding at June 30, 2018 | 2,599,864 | $ | 2.64 | $ | 12.16 | 3.4 | ||||||||||||||||||||||||||
Granted | 70,000 | 0.89 | 15.40 | 10.0 | 20,000 | 0.78 | 16.15 | 10.0 | ||||||||||||||||||||||||
Exercised | (1,123,738 | ) | 2.39 | 10.79 | 1.1 | (361,173 | ) | 2.68 | 12.30 | 3.9 | ||||||||||||||||||||||
Forfeited | (12,000 | ) | 1.64 | 15.89 | 7.8 | (20,000 | ) | 0.89 | 15.40 | 9.3 | ||||||||||||||||||||||
Expired | (63,432 | ) | 2.27 | 11.36 | 1.6 | (16,000 | ) | 2.70 | 12.60 | 3.2 | ||||||||||||||||||||||
Outstanding at June 30, 2018 | 2,599,863 | $ | 2.64 | $ | 12.16 | 3.4 | ||||||||||||||||||||||||||
Exercisable at June 30, 2018 | 2,501,464 | $ | 2.70 | $ | 12.05 | 3.2 | ||||||||||||||||||||||||||
Outstanding at June 30, 2019 | 2,222,691 | $ | 2.64 | $ | 12.16 | 2.4 | ||||||||||||||||||||||||||
Exercisable at June 30, 2019 | 2,149,091 | $ | 2.69 | $ | 12.04 | 2.2 |
Number of Shares Awarded | Weighted Average Grant Date Fair Value | Number of Shares Awarded | Weighted Average Grant Date Fair Value | |||||||||||||
Non-vested at June 30, 2017 | 35,934 | $ | 15.60 | |||||||||||||
Non-vested at June 30, 2018 | 14,200 | $ | 15.78 | |||||||||||||
Granted | — | — | 10,000 | 16.15 | ||||||||||||
Vested | (15,734 | ) | 15.33 | (7,400 | ) | 15.84 | ||||||||||
Forfeited | (6,000 | ) | 15.89 | — | — | |||||||||||
Non-vested at June 30, 2018 | 14,200 | $ | 15.78 | |||||||||||||
Non-vested at June 30, 2019 | 16,800 | $ | 15.97 |
Year ending June 30: | ||||||||
2019 | $ | 769 | ||||||
2020 | 652 | $ | 759 | |||||
2021 | 521 | 521 | ||||||
2022 | 237 | 237 | ||||||
2023 | 158 | 158 | ||||||
Thereafter | 34 | |||||||
2024 | 28 | |||||||
$ | 2,371 | $ | 1,703 |
June 30, 2019 | ||||||||||||||||
Actual | Required | |||||||||||||||
Amount | Rate | Amount | Rate | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Common Equity Tier 1 ("CET1") (to risk weighted assets) | $ | 529,692 | 14.57 | % | $ | 163,558 | 4.50 | % | ||||||||
Tier 1 capital (to risk-weighted assets) | 529,692 | 14.57 | 218,078 | 6.00 | ||||||||||||
Total capital (to risk-weighted assets) | 558,288 | 15.36 | 290,770 | 8.00 | ||||||||||||
Tier 1 Leverage capital (to average assets) | 529,692 | 12.98 | 163,288 | 4.00 | ||||||||||||
Capital conservation buffer | 267,518 | 7.36 | 90,866 | 2.500 |
June 30, 2018 | ||||||||||||||||
Actual | Required | |||||||||||||||
Amount | Rate | Amount | Rate | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Common Equity Tier 1 ("CET1") (to risk weighted assets) | $ | 548,122 | 14.82 | % | $ | 166,458 | 4.50 | % | ||||||||
Tier 1 capital (to risk-weighted assets) | 548,122 | 14.82 | 221,945 | 6.00 | ||||||||||||
Total capital (to risk-weighted assets) | 578,685 | 15.64 | 295,926 | 8.00 | ||||||||||||
Tier 1 Leverage capital (to average assets) | 548,122 | 13.25 | 165,465 | 4.00 | ||||||||||||
Capital conservation buffer | 282,759 | 7.64 | 69,358 | 1.875 |
June 30, 2018 | ||||||||||||||||
Actual | Required | |||||||||||||||
Amount | Rate | Amount | Rate | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Common Equity Tier 1 ("CET1") (to risk weighted assets) | $ | 548,122 | 14.82 | % | $ | 166,458 | 4.50 | % | ||||||||
Tier 1 capital (to risk-weighted assets) | 548,122 | 14.82 | 221,945 | 6.00 | ||||||||||||
Total capital (to risk-weighted assets) | 578,685 | 15.64 | 295,926 | 8.00 | ||||||||||||
Tier 1 Leverage capital (to average assets) | 548,122 | 13.25 | 165,465 | 4.00 | ||||||||||||
Capital conservation buffer | 282,759 | 7.64 | 69,358 | 1.875 |
June 30, 2017 | ||||||||||||||||
Actual | Required | |||||||||||||||
Amount | Rate | Amount | Rate | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Common Equity Tier 1 ("CET1") (to risk weighted assets) | $ | 555,703 | 15.02 | % | $ | 166,443 | 4.50 | % | ||||||||
Tier 1 capital (to risk-weighted assets) | 555,703 | 15.02 | 221,924 | 6.00 | ||||||||||||
Total capital (to risk-weighted assets) | 585,975 | 15.84 | 295,898 | 8.00 | ||||||||||||
Tier 1 Leverage capital (to average assets) | 555,703 | 13.51 | 164,562 | 4.00 | ||||||||||||
Capital conservation buffer | 290,077 | 7.84 | 46,234 | 1.250 |
June 30, 2018 | June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Actual | Required | Well-Capitalized | Actual | Required | Well-Capitalized | |||||||||||||||||||||||||||||||||||||||||||
Amount | Rate | Amount | Rate | Amount | Rate | Amount | Rate | Amount | Rate | Amount | Rate | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 ("CET1") (to risk weighted assets) | $ | 470,857 | 12.73 | % | $ | 166,431 | 4.50 | % | $ | 240,401 | 6.50 | % | $ | 485,683 | 13.36 | % | $ | 163,533 | 4.50 | % | $ | 236,215 | 6.50 | % | ||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | 470,857 | 12.73 | 221,908 | 6.00 | 295,878 | 8.00 | 485,683 | 13.36 | 218,044 | 6.00 | 290,726 | 8.00 | ||||||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | 501,419 | 13.56 | 295,878 | 8.00 | 369,847 | 10.00 | 514,279 | 14.15 | 290,726 | 8.00 | 363,407 | 10.00 | ||||||||||||||||||||||||||||||||||||
Tier 1 Leverage capital (to average assets) | 470,857 | 11.38 | 165,438 | 4.00 | 206,797 | 5.00 | 485,683 | 11.90 | 163,258 | 4.00 | 204,073 | 5.00 | ||||||||||||||||||||||||||||||||||||
Capital conservation buffer | 205,541 | 5.56 | 69,346 | 1.875 | 223,553 | 6.15 | 90,582 | 2.500 |
June 30, 2017 | June 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||
Actual | Required | Well-Capitalized | Actual | Required | Well-Capitalized | |||||||||||||||||||||||||||||||||||||||||||
Amount | Rate | Amount | Rate | Amount | Rate | Amount | Rate | Amount | Rate | Amount | Rate | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Common Equity Tier 1 ("CET1") (to risk weighted assets) | $ | 521,414 | 14.10 | % | $ | 166,440 | 4.50 | % | $ | 240,413 | 6.50 | % | $ | 470,857 | 12.73 | % | $ | 166,431 | 4.50 | % | $ | 240,401 | 6.50 | % | ||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | 521,414 | 14.10 | 221,919 | 6.00 | 295,893 | 8.00 | 470,857 | 12.73 | 221,908 | 6.00 | 295,878 | 8.00 | ||||||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | 551,686 | 14.92 | 295,893 | 8.00 | 369,866 | 10.00 | 501,419 | 13.56 | 295,878 | 8.00 | 369,847 | 10.00 | ||||||||||||||||||||||||||||||||||||
Tier 1 Leverage capital (to average assets) | 521,414 | 12.68 | 164,533 | 4.00 | 205,666 | 5.00 | 470,857 | 11.38 | 165,438 | 4.00 | 206,797 | 5.00 | ||||||||||||||||||||||||||||||||||||
Capital conservation buffer | 255,793 | 6.92 | 46,233 | 1.250 | 205,541 | 5.56 | 69,346 | 1.875 |
Fair Value as of June 30, 2018 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Fair Value as of June 30, 2019 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Equity Securities | $ | 1,565 | $ | 1,565 | $ | — | $ | — | $ | 1,358 | $ | 1,358 | $ | — | $ | — | ||||||||||||||||
Mortgage-backed securities available for sale | ||||||||||||||||||||||||||||||||
Residential MBS | 71 | — | 71 | — | 9 | — | 9 | — | ||||||||||||||||||||||||
Commercial MBS | 4,137 | — | 4,137 | — | 3,916 | — | 3,916 | — | ||||||||||||||||||||||||
CMO | 38,918 | — | 38,918 | — | 28,827 | — | 28,827 | — | ||||||||||||||||||||||||
Total securities available for sale | 44,691 | 1,565 | 43,126 | — | ||||||||||||||||||||||||||||
Total debt securities available for sale | 32,752 | — | 32,752 | — | ||||||||||||||||||||||||||||
Interest rate swap | 16,789 | — | 16,789 | — | 1,624 | — | 1,624 | — | ||||||||||||||||||||||||
Total assets measured on a recurring basis | 61,480 | 1,565 | 59,915 | — | 35,734 | 1,358 | 34,376 | — | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Interest rate swap | $ | (1,408 | ) | — | (1,408 | ) | — | |||||||||||||||||||||||||
Fair Value as of June 30, 2017 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Fair Value as of June 30, 2018 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||||
Equity Securities | $ | 1,498 | $ | 1,498 | $ | — | $ | — | $ | 1,566 | $ | 1,566 | $ | — | $ | — | ||||||||||||||||
Mortgage-backed securities available for sale | ||||||||||||||||||||||||||||||||
Residential MBS | 6,921 | — | 6,921 | — | 71 | — | 71 | — | ||||||||||||||||||||||||
Commercial MBS | 4,406 | — | 4,406 | — | 4,137 | — | 4,137 | — | ||||||||||||||||||||||||
CMO | 85,105 | — | 85,105 | — | 38,918 | — | 38,918 | — | ||||||||||||||||||||||||
Total securities available for sale | 97,930 | 1,498 | 96,432 | — | 43,126 | — | 43,126 | — | ||||||||||||||||||||||||
Interest rate swap | 6,437 | — | 6,437 | — | 16,789 | — | 16,789 | — | ||||||||||||||||||||||||
Total assets measured on a recurring basis | 104,367 | 1,498 | 102,869 | — | 61,481 | 1,566 | 59,915 | — | ||||||||||||||||||||||||
Fair Value as of June 30, 2018 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Fair Value as of June 30, 2019 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Impaired loans: | ||||||||||||||||||||||||||||||||
Other commercial real estate | $ | 1,056 | $ | — | $ | — | $ | 1,056 | $ | 1,164 | $ | — | $ | — | $ | 1,164 | ||||||||||||||||
Total impaired loans | 1,056 | — | — | 1,056 | 1,164 | — | — | 1,164 | ||||||||||||||||||||||||
Real estate owned | ||||||||||||||||||||||||||||||||
Other commercial real estate | 1,564 | — | — | 1,564 | 557 | — | — | 557 | ||||||||||||||||||||||||
Total real estate owned | 1,564 | — | — | 1,564 | 557 | — | — | 557 | ||||||||||||||||||||||||
Total assets measured on a nonrecurring basis | $ | 2,620 | $ | — | $ | — | $ | 2,620 | $ | 1,721 | $ | — | $ | — | $ | 1,721 |
Fair Value as of June 30, 2017 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Fair Value as of June 30, 2018 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Impaired loans: | ||||||||||||||||||||||||||||||||
Residential | $ | 59 | $ | — | $ | — | $ | 59 | ||||||||||||||||||||||||
Other commercial real estate | 2,907 | — | — | 2,907 | $ | 1,056 | $ | — | $ | — | $ | 1,056 | ||||||||||||||||||||
Total impaired loans | 2,966 | — | — | 2,966 | 1,056 | — | — | 1,056 | ||||||||||||||||||||||||
Real estate owned | ||||||||||||||||||||||||||||||||
Other commercial real estate | 140 | — | — | 140 | 1,564 | — | — | 1,564 | ||||||||||||||||||||||||
Total real estate owned | 140 | — | — | 140 | 1,564 | — | — | 1,564 | ||||||||||||||||||||||||
Total assets measured on a nonrecurring basis | $ | 3,106 | $ | — | $ | — | $ | 3,106 | $ | 2,620 | $ | — | $ | — | $ | 2,620 |
At June 30, 2018 | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Unobservable Inputs | At June 30, 2019 | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Unobservable Inputs | |||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | (Level 1) | (Level 2) | (Level 3) | Carrying Amount | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||||||
Securities held to maturity | $ | 335,374 | $ | 326,511 | $ | — | $ | 326,511 | $ | — | ||||||||||||||||||||||||||||||
Debt securities held to maturity | $ | 332,215 | $ | 334,179 | $ | — | $ | 334,179 | $ | — | ||||||||||||||||||||||||||||||
Loans, net (1) | 3,540,903 | 3,470,434 | — | — | 3,470,434 | 3,491,322 | 3,469,016 | — | — | 3,469,016 | ||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||
Term deposits | 1,211,531 | 1,219,558 | — | 1,219,558 | — | 1,248,358 | 1,255,282 | — | 1,255,282 | — | ||||||||||||||||||||||||||||||
Term borrowings | 497,372 | 486,278 | — | 486,278 | — | 490,755 | 493,674 | — | 493,674 | — |
(1) | Comprised of loans (including impaired loans), net of deferred loan fees and the allowance for loan losses. |
At June 30, 2017 | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Unobservable Inputs | At June 30, 2018 | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Unobservable Inputs | |||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | (Level 1) | (Level 2) | (Level 3) | Carrying Amount | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||||||
Securities held to maturity | $ | 239,631 | $ | 237,204 | $ | — | $ | 237,204 | $ | — | ||||||||||||||||||||||||||||||
Debt securities held to maturity | $ | 335,374 | $ | 326,511 | $ | — | $ | 326,511 | $ | — | ||||||||||||||||||||||||||||||
Loans, net (1) | 3,566,703 | 3,532,998 | — | — | 3,532,998 | 3,540,903 | 3,470,434 | — | — | 3,470,434 | ||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||
Term deposits | 1,124,140 | 1,134,628 | — | 1,134,628 | — | 1,211,531 | 1,219,558 | — | 1,219,558 | — | ||||||||||||||||||||||||||||||
Term borrowings | 489,859 | 487,305 | — | 487,305 | — | 497,372 | 486,278 | — | 486,278 | — |
(1) | Comprised of loans (including impaired loans), net of deferred loan fees and the allowance for loan losses. |
June 30, | June 30, | |||||||||||||||
2018 | 2017 | 2019 | 2018 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Assets: | ||||||||||||||||
Cash | $ | 34 | $ | 51 | $ | 84 | $ | 34 | ||||||||
Fed Funds Sold | 56,552 | 24,440 | 24,175 | 56,552 | ||||||||||||
ESOP loan | 19,703 | 21,449 | 18,276 | 19,703 | ||||||||||||
Securities available for sale, at fair value | 1,565 | 1,498 | 1,358 | 1,565 | ||||||||||||
Accrued Interest Receivable | 440 | 399 | 498 | 440 | ||||||||||||
Investment in Subsidiaries | 481,412 | 524,413 | 485,138 | 481,412 | ||||||||||||
Other assets | — | 37 | ||||||||||||||
Total Assets | $ | 559,706 | $ | 572,287 | $ | 529,529 | $ | 559,706 | ||||||||
Liabilities and Equity | ||||||||||||||||
Borrowings | — | 12,500 | ||||||||||||||
Other liabilities | 360 | 564 | $ | 382 | $ | 360 | ||||||||||
Total Equity | 559,346 | 559,223 | 529,147 | 559,346 | ||||||||||||
Total Liabilities and Equity | $ | 559,706 | $ | 572,287 | $ | 529,529 | $ | 559,706 |
Year Ended June 30, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
(In thousands) | ||||||||||||
Interest on mortgage loans | $ | — | $ | — | $ | 1,205 | ||||||
Interest on ESOP loan | 845 | 815 | 838 | |||||||||
Interest income on fed funds | 377 | 295 | 176 | |||||||||
Dividends/distributions from subsidiary | 96,153 | — | 44,392 | |||||||||
Gain on sale of securities | — | — | 406 | |||||||||
Other income | 43 | 35 | 35 | |||||||||
Equity in undistributed earnings of subsidiary | (53,243 | ) | 49,286 | 13,563 | ||||||||
Total income | 44,175 | 50,431 | 60,615 | |||||||||
Interest on borrowings | 67 | 404 | 405 | |||||||||
Other expenses | 1,375 | 1,016 | 979 | |||||||||
Income before income tax expense | 42,733 | 49,011 | 59,231 | |||||||||
Income tax (benefit) expense | (161 | ) | (133 | ) | 6,936 | |||||||
Net income | $ | 42,894 | $ | 49,144 | $ | 52,295 |
Year Ended June 30, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
(In thousands) | ||||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 42,894 | $ | 49,144 | $ | 52,295 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Gain on sale of securities available for sale | — | — | (406 | ) | ||||||||
Equity in undistributed earnings of subsidiary | 53,243 | (49,286 | ) | (13,563 | ) | |||||||
(Increase) decrease in accrued interest receivable | (41 | ) | 12 | 118 | ||||||||
Decrease in other assets | 117 | 16 | 12 | |||||||||
(Decrease) increase in other liabilities | (308 | ) | 121 | (155 | ) | |||||||
Net cash provided by operating activities | 95,905 | 7 | 38,301 | |||||||||
Cash flows from investing activities | ||||||||||||
Proceeds from sale of securities available for sale | — | — | 1,013 | |||||||||
Principal collected on ESOP loan | 1,746 | 2,129 | 2,469 | |||||||||
Decrease in mortgage loans, net | — | — | 31,616 | |||||||||
Net cash provided by investing activities | 1,746 | 2,129 | 35,098 | |||||||||
Cash flows from financing activities | ||||||||||||
Dividends paid to shareholders | (57,353 | ) | (51,850 | ) | (50,007 | ) | ||||||
Purchase of treasury stock | (7,834 | ) | (1,574 | ) | (1,593 | ) | ||||||
Stock issued upon exercise of stock options | 12,131 | 9,567 | 14,705 | |||||||||
Repayment of long term debt | (12,500 | ) | — | — | ||||||||
Cash used in financing activities | (65,556 | ) | (43,857 | ) | (36,895 | ) | ||||||
Net change in cash and equivalents | 32,095 | (41,721 | ) | 36,504 | ||||||||
Cash at beginning of period | 24,491 | 66,212 | 29,708 | |||||||||
Cash at end of period | $ | 56,586 | $ | 24,491 | $ | 66,212 |
Year Ended June 30, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(In thousands) | ||||||||||||
Interest on ESOP loan | $ | 945 | $ | 845 | $ | 815 | ||||||
Interest income on fed funds | 721 | 377 | 295 | |||||||||
Dividends/distributions from subsidiaries | 40,200 | 96,153 | — | |||||||||
Other income | (158 | ) | 43 | 35 | ||||||||
Equity in undistributed earnings of subsidiaries | 11,677 | (53,243 | ) | 49,286 | ||||||||
Total income | 53,385 | 44,175 | 50,431 | |||||||||
Interest on borrowings | — | 67 | 404 | |||||||||
Other expenses | 1,282 | 1,375 | 1,016 | |||||||||
Income before income tax expense | 52,103 | 42,733 | 49,011 | |||||||||
Income tax (benefit) expense | 44 | (161 | ) | (133 | ) | |||||||
Net income | $ | 52,059 | $ | 42,894 | $ | 49,144 |
Year Ended June 30, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(In thousands) | ||||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 52,059 | $ | 42,894 | $ | 49,144 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Equity in undistributed earnings of subsidiaries | (11,677 | ) | 53,243 | (49,286 | ) | |||||||
(Increase) decrease in accrued interest receivable | (58 | ) | (41 | ) | 12 | |||||||
Decrease in other assets | 159 | 117 | 16 | |||||||||
Increase (decrease) in other liabilities | 62 | (308 | ) | 121 | ||||||||
Net cash provided by operating activities | 40,545 | 95,905 | 7 | |||||||||
Cash flows from investing activities | ||||||||||||
Principal collected on ESOP loan | 1,427 | 1,746 | 2,129 | |||||||||
Net cash provided by investing activities | 1,427 | 1,746 | 2,129 | |||||||||
Cash flows from financing activities | ||||||||||||
Dividends paid to shareholders | (49,994 | ) | (57,353 | ) | (51,850 | ) | ||||||
Purchase of treasury stock | (28,747 | ) | (7,834 | ) | (1,574 | ) | ||||||
Stock issued upon exercise of stock options | 4,442 | 12,131 | 9,567 | |||||||||
Repayment of long term debt | — | (12,500 | ) | — | ||||||||
Cash used in financing activities | (74,299 | ) | (65,556 | ) | (43,857 | ) | ||||||
Net change in cash and equivalents | (32,327 | ) | 32,095 | (41,721 | ) | |||||||
Cash at beginning of period | 56,586 | 24,491 | 66,212 | |||||||||
Cash at end of period | $ | 24,259 | $ | 56,586 | $ | 24,491 |
Fiscal 2018 Quarter Ended | Fiscal 2019 Quarter Ended | |||||||||||||||||||||||||||||||
September 30 | December 31 | March 31 | June 30 | September 30 | December 31 | March 31 | June 30 | |||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||
Selected Operating Data: | ||||||||||||||||||||||||||||||||
Interest income | $ | 37,920 | $ | 38,052 | $ | 37,561 | $ | 39,293 | $ | 38,601 | $ | 39,082 | $ | 38,223 | $ | 39,849 | ||||||||||||||||
Interest expense | 10,276 | 10,444 | 10,608 | 11,572 | 12,306 | 13,055 | 14,114 | 15,192 | ||||||||||||||||||||||||
Net interest income | 27,644 | 27,608 | 26,953 | 27,721 | 26,295 | 26,027 | 24,109 | 24,657 | ||||||||||||||||||||||||
Provision for loan losses | — | — | — | — | ||||||||||||||||||||||||||||
Reversal of provision for loan losses | (2,000 | ) | — | — | — | |||||||||||||||||||||||||||
Net interest income after provision for loan losses | 27,644 | 27,608 | 26,953 | 27,721 | 28,295 | 26,027 | 24,109 | 24,657 | ||||||||||||||||||||||||
Other income | 971 | 623 | 979 | 1,015 | ||||||||||||||||||||||||||||
Other expense | 9,512 | 10,213 | 9,760 | 10,019 | ||||||||||||||||||||||||||||
Non-interest income | 821 | 1,642 | 1,095 | 1,200 | ||||||||||||||||||||||||||||
Non-interest expense | 10,627 | 9,748 | 9,141 | 9,269 | ||||||||||||||||||||||||||||
Income before income tax expense | 19,103 | 18,018 | 18,172 | 18,717 | 18,489 | 17,921 | 16,063 | 16,588 | ||||||||||||||||||||||||
Income tax expense | 7,107 | 14,048 | 4,747 | 5,214 | 5,092 | 4,492 | 3,613 | 3,805 | ||||||||||||||||||||||||
Net income | $ | 11,996 | $ | 3,970 | $ | 13,425 | $ | 13,503 | $ | 13,397 | $ | 13,429 | $ | 12,450 | $ | 12,783 | ||||||||||||||||
Basic Earnings per common share | $ | 0.27 | $ | 0.09 | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.31 | $ | 0.29 | $ | 0.29 | ||||||||||||||||
Diluted Earnings per common share | $ | 0.27 | $ | 0.09 | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.31 | $ | 0.28 | $ | 0.29 |
Fiscal 2018 Quarter Ended | ||||||||||||||||
September 30 | December 31 | March 31 | June 30 | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Selected Operating Data: | ||||||||||||||||
Interest income | $ | 37,920 | $ | 38,052 | $ | 37,561 | $ | 39,293 | ||||||||
Interest expense | 10,276 | 10,444 | 10,608 | 11,572 | ||||||||||||
Net interest income | 27,644 | 27,608 | 26,953 | 27,721 | ||||||||||||
Provision for loan losses | — | — | — | — | ||||||||||||
Net interest income after provision for loan losses | 27,644 | 27,608 | 26,953 | 27,721 | ||||||||||||
Non-interest income | 975 | 623 | 981 | 1,015 | ||||||||||||
Non-interest expense | 9,516 | 10,213 | 9,762 | 10,019 | ||||||||||||
Income before income tax expense | 19,103 | 18,018 | 18,172 | 18,717 | ||||||||||||
Income tax expense | 7,107 | 14,048 | 4,747 | 5,214 | ||||||||||||
Net income | $ | 11,996 | $ | 3,970 | $ | 13,425 | $ | 13,503 | ||||||||
Basic Earnings per common share | $ | 0.27 | $ | 0.09 | $ | 0.30 | $ | 0.30 | ||||||||
Diluted Earnings per common share | $ | 0.27 | $ | 0.09 | $ | 0.30 | $ | 0.30 |
Fiscal 2017 Quarter Ended | ||||||||||||||||
September 30 | December 31 | March 31 | June 30(1) | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Selected Operating Data: | ||||||||||||||||
Interest income | $ | 34,060 | $ | 35,251 | $ | 36,586 | $ | 36,565 | ||||||||
Interest expense | 8,760 | 9,022 | 9,791 | 10,278 | ||||||||||||
Net interest income | 25,300 | 26,229 | 26,795 | 26,287 | ||||||||||||
Provision for loan losses | — | — | — | — | ||||||||||||
Net interest income after provision for loan losses | 25,300 | 26,229 | 26,795 | 26,287 | ||||||||||||
Other income | 1,258 | 1,183 | 21,741 | (7,338 | ) | |||||||||||
Other expense | 10,268 | 11,058 | 9,893 | 14,710 | ||||||||||||
Income before income tax expense | 16,290 | 16,354 | 38,643 | 4,239 | ||||||||||||
Income tax expense | 5,679 | 4,978 | 14,377 | 1,348 | ||||||||||||
Net income | $ | 10,611 | $ | 11,376 | $ | 24,266 | $ | 2,891 | ||||||||
Basic Earnings per common share | $ | 0.25 | $ | 0.26 | $ | 0.56 | $ | 0.07 | ||||||||
Diluted Earnings per common share | $ | 0.24 | $ | 0.26 | $ | 0.54 | $ | 0.06 |
For the Years Ended June 30, | For the Years Ended June 30, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2019 | 2018 | 2017 | |||||||||||||||||||
(in thousands, except for per share data) | (in thousands, except for per share data) | |||||||||||||||||||||||
Net income | $ | 42,894 | $ | 49,144 | $ | 52,295 | $ | 52,059 | $ | 42,894 | $ | 49,144 | ||||||||||||
Weighted average common shares outstanding—basic | 44,226 | 43,263 | 41,864 | 43,612 | 44,226 | 43,263 | ||||||||||||||||||
Effect of dilutive non-vested shares and stock options outstanding | 848 | 1,246 | 1,411 | 595 | 848 | 1,246 | ||||||||||||||||||
Weighted average common shares outstanding—diluted | 45,074 | 44,509 | 43,275 | 44,207 | 45,074 | 44,509 | ||||||||||||||||||
Earnings per share-basic | $ | 0.97 | $ | 1.14 | $ | 1.25 | $ | 1.19 | $ | 0.97 | $ | 1.14 | ||||||||||||
Earnings per share-diluted | $ | 0.95 | $ | 1.10 | $ | 1.21 | $ | 1.18 | $ | 0.95 | $ | 1.10 |
Years ended June 30, | Years ended June 30, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2019 | 2018 | 2017 | |||||||||||||||||||
Gross: | ||||||||||||||||||||||||
Net income | $ | 74,010 | $ | 75,526 | $ | 80,829 | $ | 69,061 | $ | 74,010 | $ | 75,526 | ||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||||||
Change in unrealized holding (loss) gain on securities available for sale | (1,182 | ) | (2,795 | ) | 1,011 | 838 | (1,182 | ) | (2,795 | ) | ||||||||||||||
Reclassification adjustment for security losses (gains) included in net income | 324 | 883 | (990 | ) | — | 324 | 883 | |||||||||||||||||
Change in unrealized gain (loss) on interest rate swaps | 10,352 | 15,820 | (13,936 | ) | (16,573 | ) | 10,352 | 15,820 | ||||||||||||||||
Amortization related to post-retirement obligations | 35 | 402 | 224 | 33 | 35 | 402 | ||||||||||||||||||
Reclassification adjustment for derivative losses included in net income | — | 8,112 | — | — | — | 8,112 | ||||||||||||||||||
Change in funded status of retirement obligations | 503 | 1,482 | (797 | ) | — | 503 | 1,482 | |||||||||||||||||
Total other comprehensive income (loss) | 10,032 | 23,904 | (14,488 | ) | ||||||||||||||||||||
Total other comprehensive (loss) income | (15,702 | ) | 10,032 | 23,904 | ||||||||||||||||||||
Total comprehensive income | 84,042 | 99,430 | 66,341 | 53,359 | 84,042 | 99,430 | ||||||||||||||||||
Tax applicable to: | ||||||||||||||||||||||||
Net income | 31,116 | 26,382 | 28,534 | 17,002 | 31,116 | 26,382 | ||||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||||||
Change in unrealized holding (loss) gain on securities available for sale | (437 | ) | (1,202 | ) | 416 | 256 | (437 | ) | (1,202 | ) | ||||||||||||||
Reclassification adjustment for security losses (gains) included in net income | 140 | 381 | (428 | ) | — | 140 | 381 | |||||||||||||||||
Change in unrealized gain (loss) on interest rate swaps | 3,556 | 6,839 | (6,020 | ) | (4,854 | ) | 3,556 | 6,839 | ||||||||||||||||
Reclassification adjustment for derivative losses included in net income | — | 3,498 | — | — | — | 3,498 | ||||||||||||||||||
Amortization related to post-retirement obligations | 14 | 156 | 95 | 7 | 14 | 156 | ||||||||||||||||||
Change in funded status of retirement obligations | 156 | 640 | (327 | ) | — | 156 | 640 | |||||||||||||||||
Total other comprehensive income (loss) | 3,429 | 10,312 | (6,264 | ) | ||||||||||||||||||||
Total other comprehensive (loss) income | (4,591 | ) | 3,429 | 10,312 | ||||||||||||||||||||
Total comprehensive income | 34,545 | 36,694 | 22,270 | 12,411 | 34,545 | 36,694 | ||||||||||||||||||
Net of tax: | ||||||||||||||||||||||||
Net income | 42,894 | 49,144 | 52,295 | 52,059 | 42,894 | 49,144 | ||||||||||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||||||
Change in unrealized holding (loss) gain on securities available for sale | (745 | ) | (1,593 | ) | 595 | 582 | (745 | ) | (1,593 | ) | ||||||||||||||
Reclassification adjustment for security losses (gains) included in net income | 184 | 502 | (562 | ) | — | 184 | 502 | |||||||||||||||||
Change in unrealized gain (loss) on interest rate swaps | 6,796 | 8,981 | (7,916 | ) | (11,719 | ) | 6,796 | 8,981 | ||||||||||||||||
Reclassification adjustment for derivative losses included in net income | — | 4,614 | — | — | — | 4,614 | ||||||||||||||||||
Amortization related to post-retirement obligations | 21 | 246 | 129 | 26 | 21 | 246 | ||||||||||||||||||
Change in funded status of retirement obligations | 347 | 842 | (470 | ) | — | 347 | 842 | |||||||||||||||||
Total other comprehensive income (loss) | 6,603 | 13,592 | (8,224 | ) | ||||||||||||||||||||
Total other comprehensive (loss) income | (11,111 | ) | 6,603 | 13,592 | ||||||||||||||||||||
Total comprehensive income | $ | 49,497 | $ | 62,736 | $ | 44,071 | $ | 40,948 | $ | 49,497 | $ | 62,736 |
Unrealized Holding Gains on Securities Available for Sale | Post Retirement Obligations | Unrealized Holding Gains on Interest Rate Swaps | Accumulated Other Comprehensive Income (Loss), Net of Tax | |||||||||||||||||||||||||||||
Balance at June 30, 2018 | $ | (86 | ) | $ | (314 | ) | $ | 11,623 | $ | 11,223 | ||||||||||||||||||||||
Net change | 582 | 26 | (11,719 | ) | (11,111 | ) | ||||||||||||||||||||||||||
Reclassification due to adoption of ASU No. 2016-01 | (658 | ) | — | — | (658 | ) | ||||||||||||||||||||||||||
Balance at June 30, 2019 | $ | (162 | ) | $ | (288 | ) | $ | (96 | ) | $ | (546 | ) | ||||||||||||||||||||
Unrealized Holding Gains on Securities Available for Sale | Post Retirement Obligations | Unrealized Holding Gains on Interest Rate Swaps | Accumulated Other Comprehensive Income (Loss), Net of Tax | |||||||||||||||||||||||||||||
Balance at June 30, 2017 | $ | 438 | $ | (569 | ) | $ | 3,651 | $ | 3,520 | $ | 438 | $ | (569 | ) | $ | 3,651 | $ | 3,520 | ||||||||||||||
Net change | (561 | ) | 368 | 6,796 | 6,603 | (561 | ) | 368 | 6,796 | 6,603 | ||||||||||||||||||||||
Reclassification due to adoption of ASU No. 2018-02 | 37 | (113 | ) | 1,176 | 1,100 | 37 | (113 | ) | 1,176 | 1,100 | ||||||||||||||||||||||
Balance at June 30, 2018 | $ | (86 | ) | $ | (314 | ) | $ | 11,623 | $ | 11,223 | $ | (86 | ) | $ | (314 | ) | $ | 11,623 | $ | 11,223 | ||||||||||||
Balance at June 30, 2016 | $ | 1,529 | $ | (1,657 | ) | $ | (9,944 | ) | $ | (10,072 | ) | |||||||||||||||||||||
Net change | (1,091 | ) | 1,088 | 13,595 | 13,592 | |||||||||||||||||||||||||||
Balance at June 30, 2017 | $ | 438 | $ | (569 | ) | $ | 3,651 | $ | 3,520 |
Year ended June 30, | Year ended June 30, | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) Component | Affected line item in the Consolidated Statement of Income | 2018 | 2017 | 2016 | Affected line item in the Consolidated Statement of Income | 2019 | 2018 | 2017 | ||||||||||||||||||
Reclassification adjustment for security losses (gains) included in net income | Net loss (gain) on sale of securities | $ | 324 | $ | 883 | $ | (990 | ) | Net loss (gain) on sale of securities | $ | — | $ | 324 | $ | 883 | |||||||||||
Reclassification adjustment for derivative losses included in net income | Net loss on termination of derivatives | — | 8,112 | — | Net loss on termination of derivatives | — | — | 8,112 | ||||||||||||||||||
Amortization related to post-retirement obligations (1) | ||||||||||||||||||||||||||
Net loss | 35 | 402 | 224 | 33 | 35 | 402 | ||||||||||||||||||||
Compensation, payroll taxes and fringe benefits | Compensation, payroll taxes and fringe benefits | 35 | 402 | 224 | Compensation, payroll taxes and fringe benefits | 33 | 35 | 402 | ||||||||||||||||||
Total before tax | Total before tax | 359 | 9,397 | (766 | ) | Total before tax | 33 | 359 | 9,397 | |||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 154 | 4,035 | (333 | ) | Income tax expense (benefit) | 7 | 154 | 4,035 | |||||||||||||||||
Net of tax | Net of tax | $ | 205 | $ | 5,362 | $ | (433 | ) | Net of tax | $ | 26 | $ | 205 | $ | 5,362 |
Year ended June 30, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Fees and service charges for customer services: | ||||||||||||
Service charges on deposits | $ | 498 | $ | 495 | $ | 471 | ||||||
ATM and card interchange fees | 527 | 509 | 532 | |||||||||
Service charges on loans | 630 | 406 | 205 | |||||||||
Total fees and service charges | $ | 1,655 | $ | 1,410 | $ | 1,208 | ||||||
Bank owned life insurance | 2,434 | 2,492 | 2,618 | |||||||||
Change in fair value of equity securities | (208 | ) | — | — | ||||||||
Net losses on sale of debt securities available for sale | — | (324 | ) | (826 | ) | |||||||
Net gain on sale of assets and loans | — | — | 20,856 | |||||||||
Net gains (losses) on sale of OREO | 855 | (2 | ) | — | ||||||||
Net income from investments in joint ventures | — | — | 769 | |||||||||
Derivatives termination cost, net | — | — | (7,670 | ) | ||||||||
Other income | 22 | 18 | 13 | |||||||||
Total non-interest income | $ | 4,758 | $ | 3,594 | $ | 16,968 |
· | fees generated when an Oritani cardholder uses a non-Oritani ATM |
· | a non-Oritani cardholder uses an Oritani ATM |
· | fees earned whenever the Bank's debit cards are processed through card payment networks such as Visa |
· | fees earned through partnering with a third-party service firm to provide Oritani branded credit cards |
2.1 | ||
3.1 | ||
3.2 | ||
4.2 | ||
10.1 | ||
10.2 | ||
10.3 | ||
10.4 | ||
10.5 | ||
10.6 | ||
10.7 | ||
10.8 | ||
10.9 | ||
10.10 | ||
21 | ||
23.1 | ||
31.1 | ||
31.2 | ||
32 | ||
101 | Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Statements of Condition, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Stockholders' Equity, (v) the Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements |
* | Incorporated by reference to the Registration Statement on Form S-1 of Oritani Financial Corp. |
** | Incorporated by reference to the Registration Statement on Form S-1 of Oritani Financial Corp. |
*** | Incorporated by reference to |
**** | Management contract, compensatory plan or arrangement. |
***** | Incorporated by reference to Exhibit 2.1 to the |
****** |
ORITANI FINANCIAL CORP. | ||||
Date: | August | By: | /s/ Kevin J. Lynch | |
Kevin J. Lynch | ||||
Chief Executive Officer and President | ||||
(Duly Authorized Representative) |
Signatures | Title | Date | ||
/s/ Kevin J. Lynch | Director, Chief Executive Officer and President | August | ||
Kevin J. Lynch | (Principal Executive Officer) | |||
/s/ John M. Fields, Jr. | Director, Executive Vice President | August | ||
John M. Fields, Jr. | and Chief Financial Officer | |||
/s/ Ann Marie Jetton | Sr. Vice President and Principal | August | ||
Ann Marie Jetton | Accounting Officer | |||
/s/ Nicholas Antonaccio | Director | August | ||
Nicholas Antonaccio | ||||
/s/ James J. Doyle, Jr. | Director | August | ||
James J. Doyle, Jr. | ||||
/s/ Robert S. Hekemian, Jr. | Director | August | ||
Robert S. Hekemian, Jr. | ||||
/s/ Harvey R. Hirschfeld | Director | August | ||
Harvey R. Hirschfeld | ||||
/s/Judith Schumacher-Tilton | Director | August | ||
Judith Schumacher-Tilton | ||||
/s/ John J. Skelly, Jr. | Director | August | ||
John J. Skelly, Jr. | ||||