Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Entity File Number | 001-37399 | |
Entity Tax Identification Number | 30-0870244 | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | KRNY | |
Security Exchange Name | NASDAQ | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Entity Registrant Name | KEARNY FINANCIAL CORP. | |
Entity Central Index Key | 0001617242 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 70,421,270 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Address, Address Line One | 120 Passaic Ave. | |
Entity Address, City or Town | Fairfield | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07004 | |
Entity Incorporation, State or Country Code | MD | |
City Area Code | 973 | |
Local Phone Number | 244-4500 | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Assets | ||
Cash and amounts due from depository institutions | $ 22,864 | $ 21,463 |
Interest-bearing deposits in other banks | 39,515 | 46,392 |
Cash and cash equivalents | 62,379 | 67,855 |
Investment securities available for sale (amortized cost $1,595,802 and $1,666,853, respectively), net of allowance for credit losses of $0 at December 31, 2021 and June 30, 2021 | 1,526,086 | 1,676,864 |
Investment securities held to maturity (fair value $54,056 and $39,610, respectively), net of allowance for credit losses of $0 at December 31, 2021 and June 30, 2021 | 121,853 | 38,138 |
Loans held-for-sale | 2,822 | 16,492 |
Loans receivable | 5,003,201 | 4,851,394 |
Less: allowance for credit losses on loans | (43,860) | (58,165) |
Net loans receivable | 4,959,341 | 4,793,229 |
Premises and equipment | 53,727 | 56,338 |
Federal Home Loan Bank("FHLB")of New York stock | 30,997 | 36,615 |
Accrued interest receivable | 19,517 | 19,362 |
Goodwill | 210,895 | 210,895 |
Core deposit intangibles | 3,166 | 3,705 |
Bank owned life insurance | 287,644 | 283,310 |
Deferred income tax assets, net | 34,349 | 29,323 |
Other real estate owned | 401 | 178 |
Other assets | 76,714 | 51,431 |
Total Assets | 7,389,891 | 7,283,735 |
Liabilities | ||
Deposits: Non-interest-bearing | 621,954 | 593,718 |
Deposits: Interest-bearing | 4,906,708 | 4,891,588 |
Total deposits | 5,528,662 | 5,485,306 |
Borrowings | 851,220 | 685,876 |
Advance payments by borrowers for taxes | 16,979 | 15,752 |
Other liabilities | 37,861 | 53,857 |
Total Liabilities | 6,434,722 | 6,240,791 |
Stockholders' Equity | ||
Preferred stock, $0.01 par value, 100,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $0.01 par value; 800,000,000 shares authorized; 71424469 shares and 78,964,859 shares issued and outstanding, respectively | 714 | 790 |
Paid-in capital | 561,176 | 654,396 |
Retained earnings | 441,522 | 408,367 |
Unearned employee stock ownership plan shares; 2609069 shares and 2,759,594 shares, respectively | (25,294) | (26,753) |
Accumulated other comprehensive (loss) income | (22,949) | 6,144 |
Total Stockholders' Equity | 955,169 | 1,042,944 |
Total Liabilities and Stockholders' Equity | $ 7,389,891 | $ 7,283,735 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($) | Mar. 31, 2022 | Jun. 30, 2021 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 800,000,000 | 800,000,000 |
Common stock, shares issued | 71,424,469 | 78,964,859 |
Common stock, shares outstanding | 78,964,859 | |
Employee Stock Ownership Plan (ESOP), Number of Suspense Shares | 2,609,069 | 2,759,594 |
Securities available for sale, Amortized Cost | $ 1,590,074,000 | $ 1,666,853,000 |
Net of allowance for credit losses | 0 | |
Securities held to maturity, estimated fair value | 117,017,000 | 39,610,000 |
Available-for-sale Securities [Member] | ||
Securities available for sale, Amortized Cost | 1,590,074,000 | 1,666,853,000 |
Net of allowance for credit losses | 0 | 0 |
Held-to-maturity Securities [Member] | ||
Net of allowance for credit losses | 0 | 0 |
Securities held to maturity, estimated fair value | $ 117,017,000 | $ 39,610,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Interest Income | ||||
Loans | $ 45,846 | $ 50,159 | $ 141,651 | $ 153,776 |
Taxable investment securities | 8,024 | 7,891 | 23,831 | 22,934 |
Tax-exempt investment securities | 316 | 410 | 976 | 1,297 |
Other interest-earning assets | 415 | 705 | 1,261 | 2,406 |
Total Interest Income | 54,601 | 59,165 | 167,719 | 180,413 |
Interest Expense | ||||
Deposits | 3,565 | 6,670 | 11,293 | 26,379 |
Borrowings | 3,309 | 4,012 | 10,422 | 14,865 |
Total Interest Expense | 6,874 | 10,682 | 21,715 | 41,244 |
Net Interest Income | 47,727 | 48,483 | 146,004 | 139,169 |
(Reversal of) provision for credit losses | (3,920) | 1,126 | (11,740) | 3,820 |
Net Interest Income after (Reversal of) Provision for Credit Losses | 51,647 | 47,357 | 157,744 | 135,349 |
Non-Interest Income | ||||
Fees and service charges | 617 | 473 | 1,922 | 1,474 |
Gain on sale and call of securities | 3 | 18 | 4 | 454 |
Gain on sale of loans | 376 | 943 | 2,352 | 5,211 |
Gain on sale of other real estate owned | 14 | 0 | 14 | 0 |
Income from bank owned life insurance | 1,511 | 1,530 | 4,634 | 4,722 |
Electronic banking fees and charges | 432 | 456 | 1,260 | 1,265 |
Bargain purchase gain | 0 | 0 | 0 | 3,053 |
Other income | 238 | 1,194 | 938 | 1,351 |
Total Non-Interest Income | 3,191 | 4,614 | 11,124 | 17,530 |
Non-Interest Expense | ||||
Salaries and employee benefits | 19,184 | 16,965 | 55,897 | 51,023 |
Net occupancy expense of premises | 3,223 | 3,433 | 10,926 | 9,675 |
Equipment and systems | 3,822 | 3,823 | 11,370 | 11,295 |
Advertising and marketing | 516 | 567 | 1,356 | 1,580 |
Federal deposit insurance premium | 480 | 488 | 1,693 | 1,450 |
Directors' compensation | 340 | 748 | 1,792 | 2,244 |
Merger-related expenses | 0 | 0 | 0 | 4,349 |
Debt extinguishment expenses | 0 | 0 | 0 | 796 |
Other expense | 3,058 | 3,792 | 9,062 | 11,487 |
Total Non-Interest Expense | 30,623 | 29,816 | 92,096 | 93,899 |
Income before Income Taxes | 24,215 | 22,155 | 76,772 | 58,980 |
Income tax expense | 6,522 | 5,732 | 20,595 | 14,230 |
Net Income | $ 17,693 | $ 16,423 | $ 56,177 | $ 44,750 |
Net Income per Common Share (EPS) | ||||
Basic | $ 0.25 | $ 0.20 | $ 0.78 | $ 0.53 |
Diluted | $ 0.25 | $ 0.20 | $ 0.78 | $ 0.53 |
Weighted Average Number of Common Shares Outstanding | ||||
Basic | 69,790 | 80,673 | 72,130 | 83,958 |
Diluted | 69,817 | 80,690 | 72,154 | 83,961 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 17,693 | $ 16,423 | $ 56,177 | $ 44,750 |
Other Comprehensive (Loss) Income, net of tax: | ||||
Net unrealized loss on securities available for sale | (41,922) | (15,671) | (52,354) | (14,379) |
Net realized gain on sale and call of securities available for sale | (2) | (13) | (3) | (319) |
Fair value adjustments on derivatives | 17,387 | 10,574 | 23,227 | 14,750 |
Benefit plan adjustments | 14 | 14 | 37 | 48 |
Total Other Comprehensive (Loss) Income | (24,523) | (5,096) | (29,093) | 100 |
Total Comprehensive (Loss) Income | $ (6,830) | $ 11,327 | $ 27,084 | $ 44,850 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | MSB Financial Corporation [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | Common Stock [Member] | Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect Period Of Adoption Adjustment [Member] | Unearned ESOP Shares [Member] | Accumulated Other Comprehensive Income [Member] |
Balance (in value) at Jun. 30, 2020 | $ 1,084,177 | $ 837 | $ 722,871 | $ 387,911 | $ (28,699) | $ 1,257 | |||
Balance (in shares) at Jun. 30, 2020 | 83,663 | ||||||||
Cumulative effect of change in accounting principle for the adoption of ASU 2017-08 at Jun. 30, 2020 | $ (14,239) | $ (14,239) | |||||||
Balance - July 1, 2020 as adjusted for change in accounting principle at Jun. 30, 2020 | 1,069,938 | $ 837 | 722,871 | 373,672 | (28,699) | 1,257 | |||
Net Income | 44,750 | 44,750 | |||||||
Other comprehensive income (loss), net of income tax | 100 | 100 | |||||||
Accretion Amortization Of ESOP Award | 1,435 | (25) | 1,460 | ||||||
Stock option exercise | 373 | 373 | |||||||
Stock option exercise (in shares) | 41 | ||||||||
Stock repurchases (in value) | (80,567) | $ (74) | (80,493) | ||||||
Stock repurchases (in shares) | (7,535) | ||||||||
Stock-based compensation expense | 4,281 | 4,281 | |||||||
Cancellation of shares issued for restricted stock awards (in value) | (803) | $ (1) | (802) | ||||||
Cancellation of shares issued for restricted stock awards (in shares) | (80) | ||||||||
Shares issued in conjunction with the acquisition of MSB Financial Corp (Share). | 5,854 | ||||||||
Shares issued in conjunction with the acquisition of MSB Financial Corp. | 45,133 | $ 58 | 45,075 | ||||||
Cash dividends declared | $ (20,828) | 20,828 | |||||||
Balance (in value) at Mar. 31, 2021 | 1,063,812 | $ 820 | 691,280 | 397,594 | (27,239) | 1,357 | |||
Balance (in shares) at Mar. 31, 2021 | 81,943 | ||||||||
Balance (in value) at Dec. 31, 2020 | 1,092,341 | $ 849 | 724,389 | 388,376 | (27,726) | 6,453 | |||
Balance (in shares) at Dec. 31, 2020 | 84,938 | ||||||||
Net Income | 16,423 | 16,423 | |||||||
Other comprehensive income (loss), net of income tax | (5,096) | (5,096) | |||||||
Accretion Amortization Of ESOP Award | 574 | 87 | 487 | ||||||
Stock option exercise | 373 | 373 | |||||||
Stock option exercise (in shares) | 41 | ||||||||
Stock repurchases (in value) | (34,863) | $ (29) | (34,834) | ||||||
Stock repurchases (in shares) | (3,026) | ||||||||
Stock-based compensation expense | 1,379 | 1,379 | |||||||
Cancellation of shares issued for restricted stock awards (in value) | (114) | (114) | |||||||
Cancellation of shares issued for restricted stock awards (in shares) | (10) | ||||||||
Cash dividends declared | (7,205) | 7,205 | |||||||
Balance (in value) at Mar. 31, 2021 | 1,063,812 | $ 820 | 691,280 | 397,594 | (27,239) | 1,357 | |||
Balance (in shares) at Mar. 31, 2021 | 81,943 | ||||||||
Balance (in value) at Jun. 30, 2021 | $ 1,042,944 | $ 790 | 654,396 | 408,367 | (26,753) | 6,144 | |||
Balance (in shares) at Jun. 30, 2021 | 78,964,859 | 78,965 | |||||||
Net Income | $ 56,177 | 56,177 | |||||||
Other comprehensive income (loss), net of income tax | (29,093) | 29,093 | |||||||
Accretion Amortization Of ESOP Award | 1,945 | 486 | 1,459 | ||||||
Stock repurchases (in value) | (95,967) | $ (75) | (95,892) | ||||||
Stock repurchases (in shares) | (7,468) | ||||||||
Stock-based compensation expense | 3,117 | 3,117 | |||||||
Cancellation of shares issued for restricted stock awards (in value) | (932) | $ (1) | (931) | ||||||
Cancellation of shares issued for restricted stock awards (in shares) | (73) | ||||||||
Cash dividends declared | (23,022) | 23,022 | |||||||
Balance (in value) at Mar. 31, 2022 | 955,169 | $ 714 | 561,176 | 441,522 | (25,294) | (22,949) | |||
Balance (in shares) at Mar. 31, 2022 | 71,424 | ||||||||
Balance (in value) at Dec. 31, 2021 | 995,470 | $ 735 | 587,392 | 431,549 | (25,780) | 1,574 | |||
Balance (in shares) at Dec. 31, 2021 | 73,453 | ||||||||
Net Income | 17,693 | 17,693 | |||||||
Other comprehensive income (loss), net of income tax | (24,523) | 24,523 | |||||||
Accretion Amortization Of ESOP Award | 666 | 180 | 486 | ||||||
Stock repurchases (in value) | (26,969) | $ (21) | (26,948) | ||||||
Stock repurchases (in shares) | (2,020) | ||||||||
Stock-based compensation expense | 676 | 676 | |||||||
Cancellation of shares issued for restricted stock awards (in value) | (124) | (124) | |||||||
Cancellation of shares issued for restricted stock awards (in shares) | (9) | ||||||||
Cash dividends declared | (7,720) | 7,720 | |||||||
Balance (in value) at Mar. 31, 2022 | $ 955,169 | $ 714 | $ 561,176 | $ 441,522 | $ (25,294) | $ (22,949) | |||
Balance (in shares) at Mar. 31, 2022 | 71,424 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
ESOP shares committed to be released, shares | 51,000 | 50,000 | 151 | 150 |
Dividends declared per common share | $ 0.11 | $ 0.09 | $ 0.32 | $ 0.25 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 56,177 | $ 44,750 |
Adjustment to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of premises and equipment | 4,470 | 4,355 |
Net accretion of premiums, discounts and loan fees and costs | (4,374) | (11,257) |
Deferred income taxes and valuation allowance | 6,943 | 3,004 |
Bargain purchase gain | 0 | (3,053) |
Amortization of intangible assets | 539 | 797 |
Amortization of benefit plans unrecognized net loss | 60 | 62 |
(Reversal of) provision for credit losses | (11,740) | 3,820 |
Gain on sale of other real estate owned | 14 | 0 |
Loans originated for sale | (151,783) | (249,671) |
Proceeds from sale of mortgage loans held-for-sale | 167,713 | 270,147 |
Gain on sale of mortgage loans held-for-sale, net | (2,260) | (4,859) |
Realized gain on sale/call of investment securities available for sale | (4) | (454) |
Realized loss on debt extinguishment | 0 | 796 |
Realized gain on sale of loans receivable | (92) | (352) |
Realized (gain) loss on disposition of premises and equipment | (356) | 40 |
Increase in cash surrender value of bank owned life insurance | (4,634) | (4,722) |
ESOP and stock-based compensation expense | 5,062 | 5,716 |
Increase in interest receivable | (155) | (1,488) |
Decrease (increase) in other assets | 6,679 | (1,021) |
Increase (decrease) in interest payable | 49 | (406) |
(Decrease) increase in other liabilities | (15,125) | 1,519 |
Net Cash Provided by Operating Activities | 57,155 | 57,723 |
Purchases of: | ||
Investment securities available for sale | (206,145) | (865,163) |
Investment securities held to maturity | (86,406) | 0 |
Proceeds from: | ||
Repayments/calls/maturities of investment securities available for sale | 280,496 | 407,489 |
Repayments/calls/maturities of investment securities held to maturity | 2,586 | 5,280 |
Sales of investment securities available for sale | 0 | 44,842 |
Purchase of loans | (112,485) | (34,635) |
Net decrease in loans receivable | (36,895) | (237,383) |
Proceeds from sale of loans receivable | 1,126 | 43,931 |
Proceeds from the sale of other real estate owned | 494 | 0 |
Additions to premises and equipment | (1,859) | (2,889) |
Proceeds from death benefit of bank owned life insurance | 300 | 0 |
Proceeds from cash settlement of premises and equipment | 599 | 3,401 |
Redemption of FHLB stock | 5,618 | 16,421 |
Net cash acquired in acquisition | 0 | 4,296 |
Net Cash Provided by (Used in) Investing Activities | (152,571) | (139,644) |
Cash Flows from Financing Activities: | ||
Net (decrease) increase in deposits | 43,903 | 485,417 |
Repayment of term FHLB advances | (1,170,000) | (2,257,796) |
Proceeds from term FHLB advances | 1,045,000 | 1,955,000 |
Net increase (decrease) in other short-term borrowings | 290,000 | (68,635) |
Net increase (decrease) in advance payments by borrowers for taxes | 1,227 | (2,063) |
Repurchase and cancellation of common stock of Kearny Financial Corp. | (95,967) | (80,567) |
Cancellation of shares repurchased on vesting to pay taxes | (932) | (803) |
Exercise of stock options | 0 | 373 |
Dividends paid | (23,291) | (20,981) |
Net Cash Provided by Financing Activities | 89,940 | 9,945 |
Net (Decrease) in Cash and Cash Equivalents | (5,476) | (71,976) |
Cash and Cash Equivalents - Beginning | 67,855 | 180,967 |
Cash and Cash Equivalents - Ending | 62,379 | 108,991 |
Cash paid during the period for: | ||
Income taxes, net of refunds | 9,497 | 13,675 |
Interest | 21,666 | 41,649 |
Non-cash investing and financing activities: | ||
Acquisition of other real estate owned in settlement of loans | 703 | 0 |
Transfers from loans receivable to loans receivable held-for-sale | 0 | 43,579 |
Fair value of assets acquired, net of cash and cash equivalents acquired | 0 | 567,816 |
Fair value of liabilities assumed | $ 0 | $ 523,926 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The unaudited consolidated financial statements include the accounts of Kearny Financial Corp. (the “Company”), its wholly-owned subsidiary, Kearny Bank (the “Bank”) and the Bank’s wholly-owned subsidiary, CJB Investment Corp. The Company conducts its business principally through the Bank. Management prepared the unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), including the elimination of all significant inter-company accounts and transactions during consolidation. Basis of Presentation The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include the information or footnotes necessary for a complete presentation of financial condition, income, comprehensive income, changes in stockholders’ equity and cash flows in conformity with GAAP. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the unaudited consolidated financial statements have been included. The results of operations for the three months and nine months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the entire fiscal year or any other period. The data in the consolidated statement of financial condition for June 30, 2021 was derived from the Company’s 2021 Annual Report on Form 10-K. That data, along with the interim unaudited financial information presented in the consolidated statements of financial condition, income, comprehensive income, changes in stockholders’ equity and cash flows should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in the Company’s 2021 Annual Report on Form 10-K. The accounting and reporting policies of the Company conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1, Summary of Significant Accounting Policies, included in the Company’s 2021 Annual Report on Form 10-K. There have been no material changes to the Company’s significant accounting policies since June 30, 2021. The Company has reclassified certain amounts in the prior period’s financial statements to conform to the current period’s presentation. Specifically, effective July 1, 2021, loan prepayment penalty income was reclassified to interest income on loans. Previously, loan prepayment penalty income was recorded within non-interest income. Interest income and non-interest income for all periods presented reflect this reclassification. Update to Significant Accounting Policies Allowance for Credit Losses (“ACL”) on Loans. In accordance with the ACL policy, the methodology is reviewed no less than annually. During the quarter ended September 30, 2021, the Company updated the econometric factors used in the determination of the probability of default for certain loan portfolio segments used in its ACL methodology for pooled loans. Econometric factors are selected based on the correlation of the factor to credit losses for each loan portfolio segment. Effective July 1, 2021, the primary econometric factor utilized in the determination of the probability of default for each loan portfolio segment is the national unemployment rate (“NUR”). Prior to July 1, 2021, NUR and gross domestic product (“GDP”) econometric factors were used in the determination of the probability of default for each loan portfolio segment. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 2. SUBSEQUENT EVENTS The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of March 31, 2022 , for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date this document was filed. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Mar. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 3. RECENT ACCOUNTING PRONOUNCEMENTS In March 2022, the Financial Accounting Standards Board (the “FASB”) issued ASU 2022-02, “Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” to improve the usefulness of information provided to investors about certain loan refinancings, restructurings and writeoffs. ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings by creditors and enhances disclosure requirements for certain modifications made to borrowers experiencing financial difficulty. In addition, ASU 2022-02 requires public business entities to disclose current-period gross writeoffs for financing receivables and net investments in leases by year of origination in the vintage disclosures. For entities that have adopted ASU 2016-13, the amendments in ASU 2022-02 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted if an entity has adopted ASU 2016-13, including adoption in an interim period. If an entity elects to early adopt the amendments in ASU 2022-02, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. An entity may elect to early adopt the amendments about TDRs and related disclosure enhancements separately from the amendments related to vintage disclosures. The amendments in ASU 2022-02 should be applied prospectively, but for the amendments related to the recognition and measurement of TDRs, an entity has the option to apply a modified retrospective transition method that would result in a cumulative-effect adjustment to retained earnings in the period of adoption. The Company is currently evaluating the impact of the adoption of this ASU on its consolidated financial statements. In March 2022, the FASB issued ASU 2022-01, “Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method” which clarifies the guidance in ASC 815 on fair value hedge accounting of interest rate risk for portfolios of financial assets. This ASU amends the guidance in ASU 2017-12 (released in August 2017) that, among other things, established the last-of-layer method to enable fair value hedge accounting for these portfolios to be more accessible. ASU 2022-01 expands the current last-of-layer method to allow multiple hedged layers of a single closed portfolio under this method. To reflect that expansion, the last-of-layer method is renamed the portfolio layer method. The scope of last-of-layer hedging will be expanded so that the portfolio layer method can be utilized for nonprepayable financial assets. In addition, ASU 2022-01 specifies eligible hedging instruments in a single-layer hedge, provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method, and specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. For public business entities, the amendments in ASU 2022-01 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted on any date on or after the issuance of ASU 2022-01 for any entity that has adopted the amendments in ASU 2017-12 for the corresponding period. The Company is currently evaluating the impact of the adoption of this ASU on its consolidated financial statements. Adoption of New Accounting Standards In December 2019, the FASB issued ASU 2019-12, “Income taxes (Topic 740): Simplifying the Accounting for Income Taxes”. ASU 2019-12 provides amendments intended to reduce the cost and complexity in accounting for income taxes while maintaining or improving the usefulness of the information provided to users of financial statements. ASU 2019-12 removes the following exceptions from ASC 740, Income Taxes: (i) exceptions to the incremental approach for intraperiod tax allocation; (ii) exceptions to accounting for basis differences when a foreign subsidiary becomes an equity method investment or a foreign equity method investment become a subsidiary; and (iii) exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. ASU 2019-12 provides the following amendments that simplify and improve guidance with Topic 740: (i) franchise taxes that are based partially on income; (ii) transactions that result in a step up in the tax basis of goodwill; (iii) separate financial statements of legal entities that are not subject to tax; (iv) enacted changes in tax laws in interim periods; and (v) employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. For public business entities, the amendments in the ASU 2019-12 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company adopted ASU 2019-12 in July 2021, and its adoption did not have a significant impact on the Company’s consolidated financial statements. |
Securities
Securities | 9 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | 4. SECURITIES The following tables present the amortized cost, gross unrealized gains and losses and estimated fair values for available for sale securities and the amortized cost, gross unrecognized gains and losses and estimated fair values for held to maturity securities as of the dates indicated: March 31, 2022 Amortized Gross Gross Allowance for Fair (In Thousands) Available for sale: Debt securities: Obligations of state and political subdivisions $ 30,973 $ 118 $ 13 $ - $ 31,078 Asset-backed securities 230,997 375 1,788 - 229,584 Collateralized loan obligations 313,651 11 2,042 - 311,620 Corporate bonds 154,922 1,193 2,620 - 153,495 Total debt securities 730,543 1,697 6,463 - 725,777 Mortgage-backed securities: Collateralized mortgage obligations (1) 8,265 1 270 - 7,996 Residential pass-through securities (1) 617,387 332 47,569 - 570,150 Commercial pass-through securities (1) 233,879 249 11,965 - 222,163 Total mortgage-backed securities 859,531 582 59,804 - 800,309 Total securities available for sale $ 1,590,074 $ 2,279 $ 66,267 $ - $ 1,526,086 (1) Government-sponsored enterprises. June 30, 2021 Amortized Gross Gross Allowance for Fair (In Thousands) Available for sale: Debt securities: Obligations of state and political subdivisions $ 33,800 $ 803 $ - $ - $ 34,603 Asset-backed securities 240,217 2,835 63 - 242,989 Collateralized loan obligations 189,873 177 170 - 189,880 Corporate bonds 155,622 2,802 73 - 158,351 Total debt securities 619,512 6,617 306 - 625,823 Mortgage-backed securities: Collateralized mortgage obligations (1) 13,420 319 - - 13,739 Residential pass-through securities (1) 744,196 7,443 7,148 - 744,491 Commercial pass-through securities (1) 289,725 5,738 2,652 - 292,811 Total mortgage-backed securities 1,047,341 13,500 9,800 - 1,051,041 Total securities available for sale $ 1,666,853 $ 20,117 $ 10,106 $ - $ 1,676,864 (1) Government-sponsored enterprises . March 31, 2022 Amortized Gross Gross Allowance for Fair (In Thousands) Held to maturity: Debt securities: Obligations of state and political subdivisions $ 23,546 $ 122 $ 24 $ - $ 23,644 Total debt securities 23,546 122 24 - 23,644 Mortgage-backed securities: Residential pass-through securities (1) 86,017 - 3,989 - 82,028 Commercial pass-through securities (1) 12,290 - 945 - 11,345 Total mortgage-backed securities 98,307 - 4,934 - 93,373 Total securities held to maturity $ 121,853 $ 122 $ 4,958 $ - $ 117,017 (1) Government-sponsored enterprises. June 30, 2021 Amortized Gross Gross Allowance for Fair (In Thousands) Held to maturity: Debt securities: Obligations of state and political subdivisions $ 25,824 $ 1,204 $ - $ - $ 27,028 Total debt securities 25,824 1,204 - - 27,028 Mortgage-backed securities: Commercial pass-through securities (1) 12,314 268 - - 12,582 Total mortgage-backed securities 12,314 268 - - 12,582 Total securities held to maturity $ 38,138 $ 1,472 $ - $ - $ 39,610 (1) Government-sponsored enterprises. Excluding the balances of mortgage-backed securities, the following tables present the amortized cost and estimated fair values of debt securities available for sale and held to maturity, by contractual maturity, at March 31, 2022: March 31, 2022 Amortized Fair (In Thousands) Available for sale debt securities: Due in one year or less $ 1,970 $ 1,971 Due after one year through five years 18,939 19,008 Due after five years through ten years 353,679 351,676 Due after ten years 355,955 353,122 Total $ 730,543 $ 725,777 March 31, 2022 Amortized Fair (In Thousands) Held to maturity debt securities: Due in one year or less $ 6,817 $ 6,832 Due after one year through five years 15,026 15,084 Due after five years through ten years 1,703 1,728 Due after ten years - - Total $ 23,546 $ 23,644 Sales of securities available for sale were as follows for the periods presented below: Three Months Ended Nine Months Ended March 31, March 31, 2022 2021 2022 2021 (In Thousands) Available for sale securities sold: Proceeds from sales of securities $ - $ - $ - $ 44,842 Gross realized gains $ - $ - $ - $ 800 Gross realized losses - - - ( 385 ) Net gain on sales of securities $ - $ - $ - $ 415 Gains resulting from calls of securities available for sale were as follows for the periods presented below: Three Months Ended Nine Months Ended March 31, March 31, 2022 2021 2022 2021 (In Thousands) Available for sale securities called: Gross realized gains $ 3 $ 18 $ 4 $ 39 Gross realized losses - - - - Net gain on calls of securities $ 3 $ 18 $ 4 $ 39 During the three months and nine months ended March 31, 2022 and 2021 , there were no gains or losses recognized on sales of securities held to maturity. The carrying value of securities pledged for borrowings at the FHLB and other institutions, and securities pledged for public funds and other purposes, were as follows as of the dates presented below: March 31, June 30, 2022 2021 (In Thousands) Securities pledged: Pledged for borrowings at the FHLB of New York $ 155,868 $ 170,120 Pledged to secure public funds on deposit 324,425 137,778 Pledged for potential borrowings at the Federal Reserve Bank of New York 372,968 274,076 Total carrying value of securities pledged $ 853,261 $ 581,974 The following tables present the gross unrealized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that securities have been in a continuous unrealized loss position within the available for sale portfolio at March 31, 2022 and June 30, 2021: March 31, 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Number of Securities Fair Unrealized (Dollars in Thousands) Securities Available for Sale: Obligations of state and political $ 2,303 $ 13 $ - $ - 8 $ 2,303 $ 13 Asset-backed securities 180,827 1,788 - - 15 180,827 1,788 Collateralized loan obligations 226,513 1,780 52,851 262 22 279,364 2,042 Corporate bonds 75,909 2,495 3,875 125 16 79,784 2,620 Collateralized mortgage obligations 6,819 270 - - 5 6,819 270 Commercial pass-through securities 48,811 1,147 113,569 10,818 15 162,380 11,965 Residential pass-through securities 237,063 14,376 302,905 33,193 66 539,968 47,569 Total $ 778,245 $ 21,869 $ 473,200 $ 44,398 147 $ 1,251,445 $ 66,267 June 30, 2021 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Number of Securities Fair Unrealized (Dollars in Thousands) Securities Available for Sale: Asset-backed securities $ 12,159 $ 63 $ - $ - 2 $ 12,159 $ 63 Collateralized loan obligations 36,741 9 58,605 161 8 95,346 170 Corporate bonds 15,952 73 - - 4 15,952 73 Commercial pass-through securities 145,055 2,652 - - 7 145,055 2,652 Residential pass-through securities 424,112 7,148 - - 10 424,112 7,148 Total $ 634,019 $ 9,945 $ 58,605 $ 161 31 $ 692,624 $ 10,106 The following table presents the gross unrecognized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that securities have been in a continuous unrecognized loss position within the held to maturity portfolio at March 31, 2022: March 31, 2022 Less than 12 Months 12 Months or More Total Fair Unrecognized Fair Unrecognized Number of Securities Fair Unrecognized (Dollars in Thousands) Securities Held to Maturity: Obligations of state and political $ 4,901 $ 24 $ - $ - 8 $ 4,901 $ 24 Commercial pass-through 11,345 945 - - 1 11,345 945 Residential pass-through 82,028 3,989 - - 8 82,028 3,989 Total $ 98,274 $ 4,958 $ - $ - 17 $ 98,274 $ 4,958 At June 30, 2021 , there were no held to maturity securities with unrecognized losses. Available for sale securities are evaluated to determine if a decline in fair value below the amortized cost basis has resulted from a credit loss or from other factors. An impairment related to credit factors would be recorded through an allowance for credit losses. The allowance is limited to the amount by which the security’s amortized cost basis exceeds the fair value. An impairment that has not been recorded through an allowance for credit losses shall be recorded through other comprehensive income, net of applicable taxes. Investment securities will be written down to fair value through the consolidated statement of income if management intends to sell, or may be required to sell, the securities before they recover in value. The issuers of these securities continue to make timely principal and interest payments and none of these securities were past due or were placed in nonaccrual status at March 31, 2022 . Management believes that the unrealized losses on these securities are a function of changes in market interest rates and credit spreads, not changes in credit quality. No allowance for credit losses was recorded at March 31, 2022 on available for sale securities. At March 31, 2022, the held to maturity securities portfolio consists of agency mortgage-backed securities and obligations of state and political subdivisions. The mortgage-backed securities are issued by U.S. government agencies and are implicitly guaranteed by the U.S. government. The obligations of state and political subdivisions in the portfolio are highly rated by major rating agencies and have a long history of no credit losses. The Company regularly monitors the obligations of state and political subdivisions sector of the market and reviews collectability including such factors as the financial condition of the issuers as well as credit ratings in effect as of the reporting period. No allowance for credit losses was recorded at March 31, 2022 on held to maturity securities. |
Loans Receivable
Loans Receivable | 9 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Loans Receivable | . LOANS RECEIVABLE The following table sets forth the composition of the Company’s loan portfolio at March 31, 2022 and June 30, 2021: March 31, June 30, 2022 2021 (In Thousands) Commercial loans: Multi-family mortgage $ 2,076,003 $ 2,039,260 Nonresidential mortgage 1,085,988 1,079,444 Commercial business 169,551 168,951 Construction 121,137 93,804 Total commercial loans 3,452,679 3,381,459 One- to four-family residential mortgage 1,527,980 1,447,721 Consumer loans: Home equity loans 41,501 47,871 Other consumer 2,755 3,259 Total consumer loans 44,256 51,130 Total loans 5,024,915 4,880,310 Unaccreted yield adjustments ( 21,714 ) ( 28,916 ) Total loans receivable, net of yield adjustments $ 5,003,201 $ 4,851,394 Past Due Loans Past due status is based on the contractual payment terms of the loans. The following tables present the payment status of past due loans as of March 31, 2022 and June 30, 2021, by loan segment: Payment Status March 31, 2022 30-59 Days 60-89 Days 90 Days and Over Total Past Due Current Total (In Thousands) Multi-family mortgage $ - $ - $ 28,197 $ 28,197 $ 2,047,806 $ 2,076,003 Nonresidential mortgage 2,101 - 25,283 27,384 1,058,604 1,085,988 Commercial business - 64 281 345 169,206 169,551 Construction - - - - 121,137 121,137 One- to four-family 3,410 520 2,968 6,898 1,521,082 1,527,980 Home equity loans 25 4 59 88 41,413 41,501 Other consumer - - - - 2,755 2,755 Total loans $ 5,536 $ 588 $ 56,788 $ 62,912 $ 4,962,003 $ 5,024,915 Payment Status June 30, 2021 30-59 Days 60-89 Days 90 Days and Over Total Past Due Current Total (In Thousands) Multi-family mortgage $ - $ - $ 16,094 $ 16,094 $ 2,023,166 $ 2,039,260 Nonresidential mortgage - - 32,891 32,891 1,046,553 1,079,444 Commercial business - - 401 401 168,550 168,951 Construction - - - - 93,804 93,804 One- to four-family 382 2,734 5,104 8,220 1,439,501 1,447,721 Home equity loans 6 5 32 43 47,828 47,871 Other consumer 1 - - 1 3,258 3,259 Total loans $ 389 $ 2,739 $ 54,522 $ 57,650 $ 4,822,660 $ 4,880,310 Nonperforming Loans Loans are generally placed on nonaccrual status when contractual payments become 90 or more days past due or when the Company does not expect to receive all principal and interest payments owed substantially in accordance with the terms of the loan agreement, regardless of past due status. Loans that become 90 days past due, but are well secured and in the process of collection, may remain on accrual status. Nonaccrual loans are generally returned to accrual status when all payments due are brought current and the Company expects to receive all remaining principal and interest payments owed substantially in accordance with the terms of the loan agreement. Payments received in cash on nonaccrual loans, including both the principal and interest portions of those payments, are generally applied to reduce the carrying value of the loan. The Company did not recognize interest income on non-accrual loans during the three months and nine months ended March 31, 2022 and 2021. The following tables present information relating to the Company’s nonperforming loans as of March 31, 2022 and June 30, 2021: Performance Status March 31, 2022 90 Days and Over Past Due Accruing Nonaccrual Loans with Allowance for Credit Losses Nonaccrual Loans with no Allowance for Credit Losses Total Nonperforming Performing Total (In Thousands) Multi-family mortgage $ - $ 11,369 $ 28,646 $ 40,015 $ 2,035,988 $ 2,076,003 Nonresidential mortgage - 3,667 24,523 28,190 1,057,798 1,085,988 Commercial business - 63 430 493 169,058 169,551 Construction - - 1,791 1,791 119,346 121,137 One- to four-family - 4,376 4,241 8,617 1,519,363 1,527,980 Home equity loans - 313 1,176 1,489 40,012 41,501 Other consumer - - - - 2,755 2,755 Total loans $ - $ 19,788 $ 60,807 $ 80,595 $ 4,944,320 $ 5,024,915 Performance Status June 30, 2021 90 Days and Over Past Due Accruing Nonaccrual Loans with Allowance for Credit Losses Nonaccrual Loans with no Allowance for Credit Losses Total Nonperforming Performing Total (In Thousands) Multi-family mortgage $ - $ 8,300 $ 10,226 $ 18,526 $ 2,020,734 $ 2,039,260 Nonresidential mortgage - 12,612 24,575 37,187 1,042,257 1,079,444 Commercial business - 236 676 912 168,039 168,951 Construction - - 2,228 2,228 91,576 93,804 One- to four-family - 7,422 11,748 19,170 1,428,551 1,447,721 Home equity loans - 452 1,292 1,744 46,127 47,871 Other consumer - - - - 3,259 3,259 Total loans $ - $ 29,022 $ 50,745 $ 79,767 $ 4,800,543 $ 4,880,310 Troubled Debt Restructurings (“TDRs”) TDRs are loans where the Company has modified the contractual terms of the loan as a result of the financial condition of the borrower. Subsequent to their modification, TDRs are placed on non-accrual until such time as satisfactory payment performance has been demonstrated, at which time the loan may be returned to accrual status. On a case-by-case basis, the Company may agree to modify the contractual terms of a loan to assist a borrower who may be experiencing financial difficulty, as well as to preserve the Company’s position in the loan. If the borrower is experiencing financial difficulties and a concession has been made at the time of such modification, the loan is classified as a TDR. The Company had TDRs totaling $ 31.7 million and $ 17.8 million as of March 31, 2022 and June 30, 2021, respectively. The allowance for credit losses associated with the TDRs presented in the tables below totaled $ 672,000 an d $ 256,000 as of March 31, 2022 and June 30, 2021, respectively. As of March 31, 2022, there were no significant commitments to lend additional funds to borrowers whose loans had been restructured in a TDR. The following tables present total TDR loans at March 31, 2022 and June 30, 2021: March 31, 2022 Accrual Non-accrual Total # of Loans Amount # of Loans Amount # of Loans Amount (Dollars In Thousands) Commercial loans: Multi-family mortgage - $ - 3 $ 14,605 3 $ 14,605 Nonresidential mortgage 4 400 2 1,646 6 2,046 Commercial business 5 3,704 3 325 8 4,029 Construction - - 1 1,791 1 1,791 Total commercial loans 9 4,104 9 18,367 18 22,471 One- to four-family residential 29 4,270 15 3,392 44 7,662 Consumer loans: Home equity loans 5 170 2 1,396 7 1,566 Total 43 $ 8,544 26 $ 23,155 69 $ 31,699 June 30, 2021 Accrual Non-accrual Total # of Loans Amount # of Loans Amount # of Loans Amount (Dollars In Thousands) Commercial loans: Multi-family mortgage - $ - 1 $ 2,896 1 $ 2,896 Nonresidential mortgage 1 105 6 2,275 7 2,380 Commercial business 3 3,755 6 693 9 4,448 Construction - - 1 2,228 1 2,228 Total commercial loans 4 3,860 14 8,092 18 11,952 One- to four-family residential 18 2,216 20 3,405 38 5,621 Consumer loans: Home equity loans 4 159 3 68 7 227 Total 26 $ 6,235 37 $ 11,565 63 $ 17,800 The following tables present information regarding troubled debt restructurings that occurred during the three months and nine months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 Nine Months Ended March 31, 2022 # of Loans Pre- Post- # of Loans Pre- Post- (Dollars In Thousands) Multi-family mortgage 1 $ 9,104 $ 9,101 2 $ 12,091 $ 12,073 One- to four-family residential 8 2,953 2,965 10 3,214 3,226 Home equity loans 2 1,477 1,477 2 1,477 1,477 Total 11 $ 13,534 $ 13,543 14 $ 16,782 $ 16,776 Three Months Ended March 31, 2021 Nine Months Ended March 31, 2021 # of Loans Pre- Post- # of Loans Pre- Post- (Dollars In Thousands) One- to four-family residential - $ - $ - 1 $ 309 $ 308 Home equity loans 1 24 24 1 24 24 Total 1 $ 24 $ 24 2 $ 333 $ 332 During the three months and nine months ended March 31, 2022 and 2021 , there were no charge-offs related to TDRs. During the three months and nine months ended March 31, 2022 and 2021 , there were no defaults of TDRs. Loan modifications generally involve a reduction in interest rates and/or extension of maturity dates and also may include step up interest rates in their modified terms which will impact their weighted average yield in the future. The loans which qualified as TDRs during the three months and nine months ended March 31, 2022 and 2021, capitalized prior past due amounts and modified the repayment terms. In March 2020, various regulatory agencies, including the Board of Governors of the Federal Reserve System (the “FRB”) and the Federal Deposit Insurance Corporation (the “FDIC”), issued an interagency statement on loan modifications and reporting for financial institutions working with customers affected by COVID-19. The interagency statement was effective immediately and impacted accounting for loan modifications. The agencies confirmed with the staff of the FASB that short-term modifications, made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief, were not to be considered TDRs. This included short-term modifications such as payment deferrals, fee waivers, extension of repayment terms, or other delays in payment that were insignificant. Provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) largely mirrored the provisions of the interagency statement, providing that modified loans were not to be considered TDRs if they were performing at December 31, 2019 and other considerations set forth in the interagency statements were met. Borrowers considered current are those that were less than 30 days past due at the time a modification program was implemented or at December 31, 2019. On December 27, 2020, the 2021 Consolidated Appropriations Act was signed into law. The $ 900 billion relief package included legislation that extended certain relief provisions of the CARES Act that were set to expire on December 31, 2020 . The relief expired on January 1, 2022. As of March 31, 2022, the Company did not have any no n-TDR loan modifications granted under the CARES Act . Individually Analyzed Loans Effective July 1, 2020, individually analyze d loans include loans which do not share similar risk characteristics with other loans. TDRs will generally be evaluated for individual impairment, however, after a period of sustained repayment performance which permits the credit to be returned to accrual status, a TDR would generally be removed from individual impairment analysis and returned to its corresponding pool. As of March 31, 2022, the carrying value of individually analyzed loans totaled $ 82.7 million , of which $ 65.1 million were considered collateral dependent. For collateral dependent loans where management has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and repayment of the loan is to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral, less costs to sell, and the amortized cost basis of the loan as of the measurement date. See Note 12 for additional disclosure regarding fair value of individually analyzed collateral dependent loans. The following table presents the carrying value and related allowance of collateral dependent individually analyzed loans at the dates indicated: March 31, 2022 June 30, 2021 Carrying Value Related Allowance Carrying Value Related Allowance (In Thousands) Commercial loans: Multi-family mortgage $ 31,078 $ 661 $ 18,526 $ 1,368 Nonresidential mortgage (1) 27,384 119 32,891 4,724 Commercial business (2) 176 - 183 - Construction 1,791 - - - Total commercial loans 60,429 780 51,600 6,092 One- to four-family residential mortgage (3) 4,581 196 7,612 420 Consumer loans: Home equity loans (3) 59 - 31 - Total $ 65,069 $ 976 $ 59,243 $ 6,512 (1) Secured by income-producing nonresidential property. (2) Secured by business assets. (3) Secured by one- to four-family residential properties. Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually to classify the loans as to credit risk. The Company uses the following definitions for risk ratings: Pass – Loans that are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral in a timely manner. Special Mention – Loans which do not currently expose the Company to a sufficient degree of risk to warrant an adverse classification but have some credit deficiencies or other potential weaknesses. Substandard – Loans which are inadequately protected by the paying capacity and net worth of the obligor or the collateral pledged, if any. Substandard assets include those characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful – Loans which have all of the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values. Loss – Loans which are considered uncollectible or of so little value that their continuance as assets is not warranted. The following table presents the risk category of loans as of March 31, 2022 by loan segment and vintage year: Term Loans by Origination Year for Fiscal Years ended June 30, 2022 2021 2020 2019 2018 Prior Revolving Loans Total (In Thousands) Multi-family mortgage: Pass $ 520,269 $ 263,316 $ 216,072 $ 256,541 $ 252,909 $ 500,758 $ - $ 2,009,865 Special Mention - - - 16,370 4,994 4,759 - 26,123 Substandard - - - 10,182 2,788 27,045 - 40,015 Doubtful - - - - - - - - Total multi-family mortgage 520,269 263,316 216,072 283,093 260,691 532,562 - 2,076,003 Nonresidential mortgage: Pass 201,205 86,212 64,161 37,706 51,884 569,499 6,087 1,016,754 Special Mention - - - 23,364 4,070 9,249 - 36,683 Substandard - 724 - 933 - 30,894 - 32,551 Doubtful - - - - - - - - Total nonresidential mortgage 201,205 86,936 64,161 62,003 55,954 609,642 6,087 1,085,988 Commercial business: Pass 36,918 39,481 12,441 3,961 9,147 7,370 54,513 163,831 Special Mention - - 65 189 2,173 895 216 3,538 Substandard - 39 230 - 1,422 285 58 2,034 Doubtful - - - - - 145 3 148 Total commercial business 36,918 39,520 12,736 4,150 12,742 8,695 54,790 169,551 Construction loans: Pass 7,868 85,564 9,492 3,058 6,513 1,117 5,735 119,347 Special Mention - - - - - - - - Substandard - - - - - 1,790 - 1,790 Doubtful - - - - - - - - Total construction loans 7,868 85,564 9,492 3,058 6,513 2,907 5,735 121,137 Residential mortgage: Pass 312,625 531,111 90,576 53,262 56,834 464,738 375 1,509,521 Special Mention - - - 1,213 - 439 - 1,652 Substandard - - 1,704 83 - 15,020 - 16,807 Doubtful - - - - - - - - Total residential mortgage 312,625 531,111 92,280 54,558 56,834 480,197 375 1,527,980 Home equity loans: Pass 1,759 715 1,744 3,245 2,125 7,552 22,156 39,296 Special Mention - - - - - 265 - 265 Substandard - - - 124 - 1,816 - 1,940 Doubtful - - - - - - - - Total home equity loans 1,759 715 1,744 3,369 2,125 9,633 22,156 41,501 Other consumer loans Pass 281 324 477 398 247 913 40 2,680 Special Mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - 75 75 Other consumer loans 281 324 477 398 247 913 115 2,755 Total loans $ 1,080,925 $ 1,007,486 $ 396,962 $ 410,629 $ 395,106 $ 1,644,549 $ 89,258 $ 5,024,915 The following table presents the risk category of loans as of June 30, 2021 by loan segment and vintage year: Term Loans by Origination Year for Fiscal Years ended June 30, 2021 2020 2019 2018 2017 Prior Revolving Loans Total (In Thousands) Multi-family mortgage: Pass $ 281,402 $ 257,970 $ 374,871 $ 341,304 $ 343,370 $ 374,909 $ - $ 1,973,826 Special Mention - - 26,974 5,079 4,834 1,054 - 37,941 Substandard - - - 2,896 13,198 11,399 - 27,493 Doubtful - - - - - - - - Total multi-family mortgage 281,402 257,970 401,845 349,279 361,402 387,362 - 2,039,260 Nonresidential mortgage: Pass 99,602 77,146 56,435 64,616 254,940 441,696 6,150 1,000,585 Special Mention - - 23,520 4,146 8,801 4,513 - 40,980 Substandard 743 - - 4,934 20,602 11,600 - 37,879 Doubtful - - - - - - - - Total nonresidential mortgage 100,345 77,146 79,955 73,696 284,343 457,809 6,150 1,079,444 Commercial business: Pass 44,514 18,988 4,701 12,654 3,322 12,892 65,657 162,728 Special Mention - - - 2,304 945 12 461 3,722 Substandard 41 76 160 1,474 132 189 - 2,072 Doubtful - - - - - 420 9 429 Total commercial business 44,555 19,064 4,861 16,432 4,399 13,513 66,127 168,951 Construction loans: Pass 40,332 17,404 11,203 13,860 1,641 1,382 5,735 91,557 Special Mention - - - - - - - - Substandard - - - - - 2,247 - 2,247 Doubtful - - - - - - - - Total construction loans 40,332 17,404 11,203 13,860 1,641 3,629 5,735 93,804 Residential mortgage: Pass 560,543 124,606 69,917 74,754 119,238 472,587 375 1,422,020 Special Mention - - 1,233 - - 712 - 1,945 Substandard - 1,040 671 511 1,468 20,066 - 23,756 Doubtful - - - - - - - - Total residential mortgage 560,543 125,646 71,821 75,265 120,706 493,365 375 1,447,721 Home equity loans: Pass 834 2,508 4,585 2,778 2,241 7,798 24,788 45,532 Special Mention - - - - - 393 - 393 Substandard - - - - 11 1,935 - 1,946 Doubtful - - - - - - - - Total home equity loans 834 2,508 4,585 2,778 2,252 10,126 24,788 47,871 Other consumer loans Pass 550 517 633 256 127 1,044 44 3,171 Special Mention - - - - - - - - Substandard - - - - - - 1 1 Doubtful - - - - - - 87 87 Other consumer loans 550 517 633 256 127 1,044 132 3,259 Total loans $ 1,028,561 $ 500,255 $ 574,903 $ 531,566 $ 774,870 $ 1,366,848 $ 103,307 $ 4,880,310 Residential Mortgage Loans in Foreclosure The Company may obtain physical possession of one- to four-family real estate collateralizing a residential mortgage loan via foreclosure or through an in-substance repossession. As of March 31, 2022, the Company hel d two single-family properties in other real estate owned with an aggregate carrying value of $ 401,000 that were acquired through foreclosure on residential mortgage loans. As of that same date, the Company held eight residential mortgage loans with aggregate carrying values totaling $ 1.6 million which were in the process of foreclosure. As of June 30, 2021 , the Company held one single-family property in other real estate owned with an aggregate carrying value of $ 178,000 that was acquired through a foreclosure on a residential mortgage loan. As of that same date, the Company held 11 residential mortgage loans with aggregate carrying values totaling $ 2.1 million which were in the process of foreclosure. New Jersey’s moratorium on evictions ended on December 31, 2021. Under New Jersey’s new eviction protections for people under certain income levels, no evictions may occur now or in the future based on rent due during the time period of March 1, 2020 through August 31, 2021, for certain moderate income families, or March 1, 2020 through December 31, 2021 for certain low income families. The moratorium on home foreclosures ended on November 15, 2021, for all income levels. This included landlords facing foreclosure who currently have tenants. New York’ s moratorium on evictions for tenants who have endured COVID-related hardships and on foreclosures ended on January 15, 2022. As a result, the Company has resumed residential property foreclosure sales and evictions. Eviction laws may be subject to legal challenges and could change based on the results of court proceedings. |
Allowance for Credit Losses
Allowance for Credit Losses | 9 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Allowance for Credit Losses | 6. ALLOWANCE FOR CREDIT LOSSES Adoption of Topic 326 On July 1, 2020, the Company adopted ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which replaces the incurred loss methodology with an expected loss methodology, referred to as the “CECL” methodology. Allowance for Credit Losses on Loans Receivable The following tables present the balance of the allowance for credit losses at March 31, 2022 and June 30, 2021. For the three months and nine months ended March 31, 2022 and 2021, the balance of the allowance for credit losses is based on the CECL methodology, as noted above. The tables identify the valuation allowances attributable to specifically identified impairments on individually evaluated loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans evaluated collectively. The tables include the underlying balance of loans receivable applicable to each category as of those dates. Allowance for Credit Losses March 31, 2022 Loans Loans Loans individually Loans collectively Total allowance for credit losses (In Thousands) Multi-family mortgage $ - $ - $ 1,083 $ 23,144 $ 24,227 Nonresidential mortgage - 363 119 8,557 9,039 Commercial business - 11 6 1,708 1,725 Construction - - - 1,274 1,274 One- to four-family - 242 278 6,758 7,278 Home equity loans 22 - - 214 236 Other consumer - - - 81 81 Total loans $ 22 $ 616 $ 1,486 $ 41,736 $ 43,860 Balance of Loans Receivable March 31, 2022 Loans Loans Loans individually Loans collectively Total loans (In Thousands) Multi-family mortgage $ - $ - $ 40,015 $ 2,035,988 $ 2,076,003 Nonresidential mortgage 381 13,179 29,911 1,042,517 1,085,988 Commercial business 176 1,267 317 167,791 169,551 Construction - 5,735 1,791 113,611 121,137 One- to four-family 230 6,666 8,386 1,512,698 1,527,980 Home equity loans 342 60 1,147 39,952 41,501 Other consumer - - - 2,755 2,755 Total loans $ 1,129 $ 26,907 $ 81,567 $ 4,915,312 $ 5,024,915 Unaccreted yield adjustments ( 21,714 ) Loans receivable, net of $ 5,003,201 Allowance for Credit Losses June 30, 2021 Loans Loans Loans individually Loans collectively Total allowance for credit losses (In Thousands) Multi-family mortgage $ - $ 155 $ 1,368 $ 26,927 $ 28,450 Nonresidential mortgage 2,700 692 2,025 10,826 16,243 Commercial business - 15 33 2,038 2,086 Construction - 49 - 1,121 1,170 One- to four-family 122 204 447 8,974 9,747 Home equity loans 21 1 1 410 433 Other consumer - - - 36 36 Total loans $ 2,843 $ 1,116 $ 3,874 $ 50,332 $ 58,165 Balance of Loans Receivable June 30, 2021 Loans Loans Loans individually Loans collectively Total loans (In Thousands) Multi-family mortgage $ - $ 5,599 $ 18,526 $ 2,015,135 $ 2,039,260 Nonresidential mortgage 6,519 25,844 30,668 1,016,413 1,079,444 Commercial business 183 2,533 729 165,506 168,951 Construction - 12,970 2,228 78,606 93,804 One- to four-family 3,617 4,785 15,553 1,423,766 1,447,721 Home equity loans 380 65 1,364 46,062 47,871 Other consumer - - - 3,259 3,259 Total loans $ 10,699 $ 51,796 $ 69,068 $ 4,748,747 $ 4,880,310 Unaccreted yield adjustments ( 28,916 ) Loans receivable, net of $ 4,851,394 The following tables present the activity in the allowance for credit losses on loans for the three months and nine months ended March 31, 2022 and 2021. Changes in the Allowance for Credit Losses Three Months Ended March 31, 2022 Balance at Charge-offs Recoveries (Reversal of) Balance at (In Thousands) Multi-family mortgage $ 25,795 $ - $ - $ ( 1,568 ) $ 24,227 Nonresidential mortgage 10,078 ( 441 ) - ( 598 ) 9,039 Commercial business 1,903 - 4 ( 182 ) 1,725 Construction 1,441 - - ( 167 ) 1,274 One- to four-family 8,601 - - ( 1,323 ) 7,278 Home equity loans 308 - - ( 72 ) 236 Other consumer 90 - 1 ( 10 ) 81 Total loans $ 48,216 $ ( 441 ) $ 5 $ ( 3,920 ) $ 43,860 Changes in the Allowance for Credit Losses Nine Months Ended March 31, 2022 Balance at Charge-offs Recoveries (Reversal of) Balance at (In Thousands) Multi-family mortgage $ 28,450 $ ( 104 ) $ - $ ( 4,119 ) $ 24,227 Nonresidential mortgage 16,243 ( 2,538 ) - ( 4,666 ) 9,039 Commercial business 2,086 ( 175 ) 105 ( 291 ) 1,725 Construction 1,170 - - 104 1,274 One- to four-family 9,747 - 147 ( 2,616 ) 7,278 Home equity loans 433 - 1 ( 198 ) 236 Other consumer 36 ( 2 ) 1 46 81 Total loans $ 58,165 $ ( 2,819 ) $ 254 $ ( 11,740 ) $ 43,860 Changes in the Allowance for Credit Losses Three Months Ended March 31, 2021 Balance at Charge-offs Recoveries (Reversal of) Balance at (In Thousands) Multi-family mortgage $ 29,500 $ - $ - $ ( 514 ) $ 28,986 Nonresidential mortgage 15,933 ( 9 ) - 4,053 19,977 Commercial business 3,348 ( 738 ) 2 ( 86 ) 2,526 Construction 1,205 - - 40 1,245 One- to four-family 12,625 - 2 ( 2,249 ) 10,378 Home equity loans 725 - - ( 117 ) 608 Other consumer 50 ( 9 ) 2 ( 1 ) 42 Total loans $ 63,386 $ ( 756 ) $ 6 $ 1,126 $ 63,762 Changes in the Allowance for Credit Losses Nine Months Ended March 31, 2021 Balance at June 30, 2020 (prior to Impact of adopting Charge-offs Recoveries Initial allowance on PCD loans (Reversal of) Balance at (In Thousands) Multi-family mortgage $ 20,916 $ 8,408 $ - $ - $ 250 $ ( 588 ) $ 28,986 Nonresidential mortgage 8,763 2,390 ( 75 ) - 1,720 7,179 19,977 Commercial business 1,926 ( 421 ) ( 802 ) 7 1,007 809 2,526 Construction 236 80 - - 99 830 1,245 One- to four-family 4,860 9,106 ( 13 ) 2 720 ( 4,297 ) 10,378 Home equity loans 568 92 ( 32 ) - 105 ( 125 ) 608 Other consumer 58 ( 15 ) ( 22 ) 9 - 12 42 Total loans $ 37,327 $ 19,640 $ ( 944 ) $ 18 $ 3,901 $ 3,820 $ 63,762 Allowance for Credit Losses on Off Balance Sheet Commitments The following table presents the activity in the allowance for credit losses on off balance sheet commitments recorded in other non-interest expense for the three months and nine months ended March 31, 2022 and 2021: Three Months Ended Nine Months Ended March 31, March 31, 2022 2021 2022 2021 (In Thousands) (In Thousands) Balance at beginning of the period $ 1,148 $ 1,058 $ 1,708 $ - Impact of adopting Topic 326 (1) - - - 536 (Reversal of) provision for credit losses ( 208 ) 207 ( 768 ) 729 Balance at end of the period $ 940 $ 1,265 $ 940 $ 1,265 (1) Adoption of CECL accounting standard effective July 1, 2020 . |
Deposits
Deposits | 9 Months Ended |
Mar. 31, 2022 | |
Deposits [Abstract] | |
Deposits | . DEPOSITS Deposits are summarized as follows: March 31, June 30, 2022 2021 (In Thousands) Non-interest-bearing demand $ 621,954 $ 593,718 Interest-bearing demand 2,154,488 1,902,478 Savings 1,088,974 1,111,364 Certificates of deposits 1,663,246 1,877,746 Total deposits $ 5,528,662 $ 5,485,306 |
Borrowings
Borrowings | 9 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings | 8. BORROWINGS Borrowings at March 31, 2022 and June 30, 2021 consisted of the following: March 31, June 30, 2022 2021 (In Thousands) FHLB advances $ 541,220 $ 665,876 Overnight borrowings 310,000 20,000 Total borrowings $ 851,220 $ 685,876 Fixed rate advances from the FHLB of New York mature as follows: March 31, 2022 June 30, 2021 Balance Weighted Balance Weighted (Dollars in Thousands) By remaining period to maturity: Less than one year $ 265,000 0.63 % $ 390,000 0.33 % One to two years 145,000 3.04 145,000 3.04 Two to three years 103,500 2.65 22,500 2.63 Three to four years 29,000 2.77 103,500 2.68 Four to five years - - 6,500 2.82 Greater than five years - - - - Total advances 542,500 1.77 % 667,500 1.38 % Unamortized fair value adjustments ( 1,280 ) ( 1,624 ) Total advances, net of fair value adjustments $ 541,220 $ 665,876 At March 31, 2022, FHLB advances were collateralized by the FHLB capital stock owned by the Bank and mortgage loans and securities with carrying values totaling approximatel y $ 3.44 billion and $ 155.9 million , respectively. At June 30, 2021, FHLB advances were collateralized by the FHLB capital stock owned by the Bank and mortgage loans and securities with carrying values totaling approximately $ 3.27 billion and $ 170.1 million , respectively. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 9. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives The Company uses various financial instruments, including derivatives, to manage its exposure to interest rate risk. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to specific wholesale funding positions. Fair Values of Derivative Instruments on the Statement of Financial Condition The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Statement of Financial Condition as of March 31, 2022 and June 30, 2021: March 31, 2022 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (In Thousands) Derivatives designated as hedging instruments: Interest rate contracts Other assets $ 34,007 Other liabilities $ - Total $ 34,007 $ - June 30, 2021 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (In Thousands) Derivatives designated as hedging instruments: Interest rate contracts Other assets $ 1,832 Other liabilities $ 673 Total $ 1,832 $ 673 Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using derivatives are primarily to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company has entered into interest rate swaps and caps as part of its interest rate risk management strategy. These interest rate products are designated as cash flow hedges. As of March 31, 2022, the Company had a total of 10 interest rate swaps and caps with a total notional amount of $ 790.0 million hedging specific wholesale funding positions. For derivatives designated as cash flow hedges, the gain or loss on the derivative is recorded in other comprehensive income, net of tax, and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable rate wholesale funding positions. During the three months and nine months ended March 31, 2022 the Company reclassified $ 1.3 million and $ 4.3 million , respectively, as additional interest expense. During the next twelve months, the Company estimates that $ 4.6 million will be reclassified as a reduction in interest expense. The table below presents the pre-tax effects of the Company’s derivative instruments on the Consolidated Statements of Income for the three months and nine months ended March 31, 2022 and 2021: Three Months Ended Nine Months Ended March 31, March 31, 2022 2021 2022 2021 (In Thousands) (In Thousands) Amount of gain recognized in other comprehensive income $ 23,343 $ 13,075 $ 28,607 $ 14,353 Amount of loss reclassified from accumulated other comprehensive income ( 1,268 ) ( 1,987 ) ( 4,271 ) ( 6,576 ) Offsetting Derivatives The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives in the Consolidated Statements of Financial Condition as of March 31, 2022 and June 30, 2021, respectively. The net amounts presented for derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Consolidated Statements of Financial Condition. March 31, 2022 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received Net Amount (In Thousands) Assets: Interest rate contracts $ 34,158 $ ( 151 ) $ 34,007 $ - $ - $ 34,007 Total $ 34,158 $ ( 151 ) $ 34,007 $ - $ - $ 34,007 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Posted Net Amount (In Thousands) Liabilities: Interest rate contracts $ 151 $ ( 151 ) $ - $ - $ - $ - Total $ 151 $ ( 151 ) $ - $ - $ - $ - June 30, 2021 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received Net Amount (In Thousands) Assets: Interest rate contracts $ 6,847 $ ( 5,015 ) $ 1,832 $ - $ - $ 1,832 Total $ 6,847 $ ( 5,015 ) $ 1,832 $ - $ - $ 1,832 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Posted Net Amount (In Thousands) Liabilities: Interest rate contracts $ 5,688 $ ( 5,015 ) $ 673 $ - $ ( 673 ) $ - Total $ 5,688 $ ( 5,015 ) $ 673 $ - $ ( 673 ) $ - Credit Risk-Related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, then the Company could also be declared in default on its derivative obligations and could be required to terminate its derivative positions with the counterparty. The Company also has agreements with its derivative counterparties that contain a provision where if the Company fails to maintain its status as a well-capitalized institution, then the Company could be required to terminate its derivative positions with the counterparty. At March 31, 2022 , no ne of the Company’s derivatives were in a net liability position. As required under the enforceable master netting arrangement with its derivatives counterparties, at March 31, 2022, the Company was not required to post financial collateral. In addition to the derivative instruments noted above, the Company’s pipeline of loans held for sale at March 31, 2022 and June 30, 2021, included $ 16.0 million and $ 48.4 million , respectively, of in process loans whose terms included interest rate locks to borrowers, which are considered free-standing derivative instruments whose fair values are not material to the Company’s financial condition or results of operations. |
Benefit Plans
Benefit Plans | 9 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Benefit Plans | 10. BENEFIT PLANS Components of Net Periodic Expense The following table sets forth the aggregate net periodic benefit expense for the Bank’s Benefit Equalization Plan, Postretirement Welfare Plan, Directors’ Consultation and Retirement Plan and Atlas Bank Retirement Income Plan: Three Months Ended Nine Months Ended Affected Line Item in the Consolidated March 31, March 31, Statements of Income 2022 2021 2022 2021 (In Thousands) (In Thousands) Service cost $ 29 $ 26 $ 87 $ 79 Salaries and employee benefits Interest cost 67 66 205 197 Other expense Amortization of unrecognized loss 20 20 60 62 Other expense Expected return on assets ( 27 ) ( 28 ) ( 83 ) ( 85 ) Other expense Net periodic benefit cost $ 89 $ 84 $ 269 $ 253 2021 Equity Incentive Plan At the Company’s 2021 Annual Meeting of Stockholders held on October 28, 2021, the stockholders approved the Kearny Financial Corp. 2021 Equity Incentive Plan (“2021 Plan”) which provides for the grant of stock options, restricted stock and restricted stock units ( “RSUs”) . The 2021 Plan authorized the issuance of up to 7,500,000 shares (the “Share Limit”); provided, however that the Share Limit is reduced, on a one-for-one-basis, for each share of common stock subject to a stock option grant, and on a three-for-one basis for each share of common stock issued pursuant to restricted stock awards or RSUs. During the quarter ended March 31, 2022, the Company granted 251,905 RSUs comprised of 181,588 service-based RSUs and 70,317 performance-based RSUs. The service-based RSUs will vest in three tranches over a period of 2.6 years and the performance-based RSUs will cliff vest upon the achievement of performance measures over the three-year period ending June 30, 2024. The total number of performance-based RSUs that will vest, if any, will depend on whether and to what extent the performance measures are achieved. Common stock will be issued from authorized shares upon the vesting of the RSUs. |
Income Taxes
Income Taxes | 9 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. INCOME TAXES The following table presents a reconciliation between the reported income taxes for the periods presented and the income taxes which would be computed by applying the federal income tax rate of 21 % to income for the three months and nine months ended March 31, 2022 and 2021: Three Months Ended Nine Months Ended March 31, March 31, 2022 2021 2022 2021 (Dollars in Thousands) (Dollars in Thousands) Income before income taxes $ 24,215 $ 22,155 $ 76,772 $ 58,980 Statutory federal tax rate 21 % 21 % 21 % 21 % Federal income tax expense at statutory rate $ 5,085 $ 4,653 $ 16,122 $ 12,386 (Reduction) increase in income taxes resulting from: Tax exempt interest ( 66 ) ( 85 ) ( 204 ) ( 270 ) State tax, net of federal tax effect 1,908 1,498 6,026 3,738 Incentive stock option compensation expense 3 23 42 63 Income from bank-owned life insurance ( 317 ) ( 324 ) ( 973 ) ( 989 ) Non-deductible merger-related expenses - - - 49 Bargain purchase gain - - - ( 641 ) Other items, net ( 91 ) ( 21 ) ( 418 ) 429 $ 6,522 $ 5,744 $ 20,595 $ 14,765 Reversal of valuation allowance - ( 12 ) - ( 535 ) Total income tax expense $ 6,522 $ 5,732 $ 20,595 $ 14,230 Effective income tax rate 26.93 % 25.87 % 26.83 % 24.13 % |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 12. FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability or inputs that are derived principally from, or corroborated by, market data by correlation or other means. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Assets Measured on a Recurring Basis: The following methods and significant assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a recurring basis at March 31, 2022 and June 30, 2021: Investment Securities Available for Sale The Company’s available for sale investment securities are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the securities’ terms and conditions, among other things. From time to time, the Company validates prices supplied by the independent pricing service by comparison to prices obtained from third-party sources or derived using internal models. Derivatives The Company has contracted with a third party vendor to provide periodic valuations for its interest rate derivatives to determine the fair value of its interest rate caps and swaps. The vendor utilizes standard valuation methodologies applicable to interest rate derivatives such as discounted cash flow analysis and extensions of the Black-Scholes model. Such valuations are based upon readily observable market data and are therefore considered Level 2 valuations by the Company. Those assets measured at fair value on a recurring basis are summarized below: March 31, 2022 Quoted Significant Significant Total (In Thousands) Assets: Debt securities available for sale: Obligations of state and political subdivisions $ - $ 31,078 $ - $ 31,078 Asset-backed securities - 229,584 - 229,584 Collateralized loan obligations - 311,620 - 311,620 Corporate bonds - 153,495 - 153,495 Total debt securities - 725,777 - 725,777 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 7,996 - 7,996 Residential pass-through securities - 570,150 - 570,150 Commercial pass-through securities - 222,163 - 222,163 Total mortgage-backed securities - 800,309 - 800,309 Total securities available for sale $ - $ 1,526,086 $ - $ 1,526,086 Interest rate contracts $ - $ 34,007 $ - $ 34,007 Total assets $ - $ 1,560,093 $ - $ 1,560,093 June 30, 2021 Quoted Prices Significant Significant Total (In Thousands) Assets: Debt securities available for sale: Obligations of state and political subdivisions $ - $ 34,603 $ - $ 34,603 Asset-backed securities - 242,989 - 242,989 Collateralized loan obligations - 189,880 - 189,880 Corporate bonds - 158,351 - 158,351 Total debt securities - 625,823 - 625,823 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 13,739 - 13,739 Residential pass-through securities - 744,491 - 744,491 Commercial pass-through securities - 292,811 - 292,811 Total mortgage-backed securities - 1,051,041 - 1,051,041 Total securities available for sale $ - $ 1,676,864 $ - $ 1,676,864 Interest rate contracts $ - $ 1,832 $ - $ 1,832 Total assets $ - $ 1,678,696 $ - $ 1,678,696 Liabilities: Interest rate contracts $ - $ 673 $ - $ 673 Total liabilities $ - $ 673 $ - $ 673 Assets Measured on a Non-Recurring Basis: The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a non-recurring basis at March 31, 2022 and June 30, 2021: Collateral Dependent Individually Analyzed Loans The fair value of collateral dependent loans that are individually analyzed is determined based upon the appraised fair value of the underlying collateral, less costs to sell. Such collateral primarily consists of real estate and, to a lesser extent, other business assets. Management may also adjust appraised values to reflect estimated changes in market values or apply other adjustments to appraised values resulting from its knowledge of the collateral. Internal valuations may be utilized to determine the fair value of other business assets. For non-collateral-dependent loans, management estimates fair value using discounted cash flows based on inputs that are largely unobservable and instead reflect management’s own estimates of the assumptions as a market participant would in pricing such loans. Collateral dependent individually analyzed loans are considered a Level 3 valuation by the Company. Other Real Estate Owned Other real estate owned is recorded at estimated fair value, less estimated selling costs when acquired, thus establishing a new cost basis. Fair value is generally based on independent appraisals. These appraisals include adjustments to comparable assets based on the appraisers’ market knowledge and experience. When an asset is acquired, the excess of the loan balance over fair value, less estimated selling costs, is charged to the allowance for credit losses. If further declines in the estimated fair value of the asset occur, a write-down is recorded through expense. The valuation of foreclosed assets is subjective in nature and may be adjusted in the future because of changes in economic conditions. Those assets measured at fair value on a non-recurring basis are summarized below: March 31, 2022 Quoted Prices Significant Significant Total (In Thousands) Collateral dependent loans: Residential mortgage $ - $ - $ 2,239 $ 2,239 Multi-family mortgage - - 4,558 4,558 Nonresidential mortgage - - 5,799 5,799 Total $ - $ - $ 12,596 $ 12,596 Other real estate owned, net: Residential $ - $ - $ 401 $ 401 Total $ - $ - $ 401 $ 401 June 30, 2021 Quoted Prices Significant Significant Total (In Thousands) Collateral dependent loans: Residential mortgage $ - $ - $ 3,051 $ 3,051 Multi-family mortgage 6,932 6,932 Nonresidential mortgage - - 8,679 8,679 Total $ - $ - $ 18,662 $ 18,662 Other real estate owned, net: Residential $ - $ - $ 178 $ 178 Total $ - $ - $ 178 $ 178 The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value: March 31, 2022 Fair Valuation Unobservable Range Weighted (Dollars in Thousands) Collateral dependent loans: Residential mortgage $ 2,239 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 7 % - 14 % 10.39 % Multi-family mortgage 4,558 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 10 % - 11 % 10.60 % Nonresidential mortgage 5,799 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 9 % - 19 % 14.97 % Total $ 12,596 Other real estate owned, net: Residential $ 401 Market valuation of underlying collatera l (3) Adjustments to reflect current conditions/selling costs (2) 5 % - 6 % 5.44 % Total $ 401 June 30, 2021 Fair Valuation Unobservable Range Weighted (Dollars in Thousands) Collateral dependent loans: Residential mortgage $ 3,051 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 7 % - 13 % 9.77 % Multi-family mortgage 6,932 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 10 % - 11 % 10.39 % Nonresidential mortgage 8,679 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 9 % - 16 % 14.48 % Total $ 18,662 Other real estate owned, net: Residential $ 178 Market valuation of underlying collateral (3) Adjustments to reflect current conditions/selling costs (2) 6.00 % 6.00 % Total $ 178 (1) The fair value of collateral dependent individually analyzed loans is generally determined based on an independent appraisal of the fair value of a loan’s underlying collateral. (2) The fair value basis of collateral dependent individually analyzed loans and other real estate owned is adjusted to reflect management’s estimates of selling costs including, but not necessarily limited to, real estate brokerage commissions and title transfer fees. (3) The fair value of other real estate owned is generally determined based upon the lower of an independent appraisal of the property’s fair value or the applicable listing price or contracted sales price. At March 31, 2022 , collateral dependent loans valued using Level 3 inputs comprised loans with principal balance totaling $ 13.6 million and valuation allowances of $ 976,000 reflecting fair values of $ 12.6 million. By comparison, at June 30, 2021 , collateral dependent loans valued using Level 3 inputs comprised loans with principal balance totaling $ 25.2 million and valuation allowances of $ 6.5 million reflecting fair values of $ 18.7 million. Once a loan is foreclosed, the fair value of the other real estate owned continues to be evaluated based upon the fair value of the repossessed real estate originally securing the loan. At March 31, 2022 and June 30, 2021, the Company held other real estate owned totaling $ 401,000 an d $ 178,000 , respectively, whose carrying value was written down utilizing Level 3 inputs. The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of March 31, 2022 and June 30, 2021: March 31, 2022 Carrying Fair Quoted Significant Significant (In Thousands) Financial assets: Cash and cash equivalents $ 62,379 $ 62,379 $ 62,379 $ - $ - Investment securities available for sale 1,526,086 1,526,086 - 1,526,086 - Investment securities held to maturity 121,853 117,017 - 117,017 - Loans held-for-sale 2,822 2,759 - 2,759 - Net loans receivable 4,959,341 4,877,212 - - 4,877,212 FHLB Stock 30,997 - - - - Interest receivable 19,517 19,517 3 5,311 14,203 Interest rate contracts 34,007 34,007 - 34,007 - Financial liabilities: Deposits 5,528,662 5,515,560 3,865,416 - 1,650,144 Borrowings 851,220 853,824 - - 853,824 Interest payable on deposits 164 164 79 - 85 Interest payable on borrowings 1,365 1,365 - - 1,365 June 30, 2021 Carrying Fair Quoted Significant Significant (In Thousands) Financial assets: Cash and cash equivalents $ 67,855 $ 67,855 $ 67,855 $ - $ - Investment securities available for sale 1,676,864 1,676,864 - 1,676,864 - Investment securities held to maturity 38,138 39,610 - 39,610 - Loans held-for-sale 16,492 16,934 - 16,934 - Net loans receivable 4,793,229 4,830,136 - - 4,830,136 FHLB Stock 36,615 - - - - Interest receivable 19,362 19,362 1 4,238 15,123 Interest rate contracts 1,832 1,832 - 1,832 - Financial liabilities: Deposits 5,485,306 5,490,923 3,607,560 - 1,883,363 Borrowings 685,876 701,419 - - 701,419 Interest payable on deposits 145 145 96 - 49 Interest payable on borrowings 1,335 1,335 - - 1,335 Interest rate contracts 673 673 - 673 - Commitments. The fair value of commitments to fund credit lines and originate or participate in loans held in portfolio or loans held for sale is estimated using fees currently charged to enter into similar agreements taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, including those relating to loans held for sale that are considered derivative instruments for financial statement reporting purposes, the fair value also considers the difference between current levels of interest and the committed rates. The carrying value, represented by the net deferred fee arising from the unrecognized commitment, and the fair value, determined by discounting the remaining contractual fee over the term of the commitment using fees currently charged to enter into similar agreements with similar credit risk, is not considered material for disclosure. Limitations. Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instruments. These estimates do not reflect any premium or discount that could result from offering for sale at one time the entire holdings of a particular financial instrument. Because no fair value exists for a significant portion of the financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature, involve uncertainties and matters of judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. The fair value estimates are based on existing on-and-off balance sheet financial instruments without attempting to value anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets and liabilities that are not considered financial assets and liabilities include premises and equipment, and advances from borrowers for taxes and insurance. In addition, the ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates. Finally, reasonable comparability between financial institutions may not be likely due to the wide range of permitted valuation techniques and numerous estimates which must be made given the absence of active secondary markets for many of the financial instruments. This lack of uniform valuation methodologies introduces a greater degree of subjectivity to these estimated fair values. |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 9 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Comprehensive Income | 13. COMPREHENSIVE INCOME (LOSS) The components of accumulated other comprehensive (loss) income included in stockholders’ equity at March 31, 2022 and June 30, 2021 are as follows: March 31, June 30, 2022 2021 (In Thousands) Net unrealized (loss) gain on securities available for sale $ ( 63,988 ) $ 10,011 Tax effect 18,760 ( 2,882 ) Net of tax amount ( 45,228 ) 7,129 Fair value adjustments on derivatives 32,566 ( 312 ) Tax effect ( 9,557 ) 94 Net of tax amount 23,009 ( 218 ) Benefit plan adjustments ( 1,033 ) ( 1,093 ) Tax effect 303 326 Net of tax amount ( 730 ) ( 767 ) Total accumulated other comprehensive (loss) income $ ( 22,949 ) $ 6,144 Other comprehensive (loss) income and related tax effects for the three months and nine months ended March 31, 2022 and 2021 are presented in the following table: Three Months Ended Nine Months Ended March 31, March 31, 2022 2021 2022 2021 (In Thousands) Net unrealized holding loss on securities $ ( 59,249 ) $ ( 22,285 ) $ ( 73,995 ) $ ( 20,374 ) Net realized gain on sale and call of securities (1) ( 3 ) ( 18 ) ( 4 ) ( 454 ) Fair value adjustments on derivatives 24,611 15,062 32,878 20,929 Amortization of benefit plan net actuarial loss 20 20 60 62 Other comprehensive (loss) income before taxes ( 34,621 ) ( 7,221 ) ( 41,061 ) 163 Tax effect 10,098 2,125 11,968 ( 63 ) Total other comprehensive (loss) income $ ( 24,523 ) $ ( 5,096 ) $ ( 29,093 ) $ 100 (1) Represents amounts reclassified out of accumulated other comprehensive income and included in gain on sale of securities on the consolidated statements of income. |
Net Income Per Common Share ("E
Net Income Per Common Share ("EPS") | 9 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share (EPS) | 14. NET INCOME PER COMMON SHARE (“EPS”) The following schedule shows the Company’s earnings per share calculations for the periods presented: Three Months Ended March 31, Nine Months Ended March 31, 2022 2021 2022 2021 (In Thousands, Except Per Share Data) Net income $ 17,693 $ 16,423 $ 56,177 $ 44,750 Weighted average number of common shares 69,790 80,673 72,130 83,958 Effect of dilutive securities 27 17 24 3 Weighted average number of common shares 69,817 80,690 72,154 83,961 Basic earnings per share $ 0.25 $ 0.20 $ 0.78 $ 0.53 Diluted earnings per share $ 0.25 $ 0.20 $ 0.78 $ 0.53 Stock option s for 3,115,000 and 3,253,040 shares of common stock were not considered in computing diluted earnings per share at March 31, 2022 and March 31, 2021, respectively, because the stock options were considered anti-dilutive. In addition, 251,905 RSUs were not considered in computing diluted earnings per share at March 31, 2022 because the RSUs were considered anti-dilutive. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The unaudited consolidated financial statements include the accounts of Kearny Financial Corp. (the “Company”), its wholly-owned subsidiary, Kearny Bank (the “Bank”) and the Bank’s wholly-owned subsidiary, CJB Investment Corp. The Company conducts its business principally through the Bank. Management prepared the unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), including the elimination of all significant inter-company accounts and transactions during consolidation. |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include the information or footnotes necessary for a complete presentation of financial condition, income, comprehensive income, changes in stockholders’ equity and cash flows in conformity with GAAP. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the unaudited consolidated financial statements have been included. The results of operations for the three months and nine months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the entire fiscal year or any other period. The data in the consolidated statement of financial condition for June 30, 2021 was derived from the Company’s 2021 Annual Report on Form 10-K. That data, along with the interim unaudited financial information presented in the consolidated statements of financial condition, income, comprehensive income, changes in stockholders’ equity and cash flows should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in the Company’s 2021 Annual Report on Form 10-K. The accounting and reporting policies of the Company conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1, Summary of Significant Accounting Policies, included in the Company’s 2021 Annual Report on Form 10-K. There have been no material changes to the Company’s significant accounting policies since June 30, 2021. The Company has reclassified certain amounts in the prior period’s financial statements to conform to the current period’s presentation. Specifically, effective July 1, 2021, loan prepayment penalty income was reclassified to interest income on loans. Previously, loan prepayment penalty income was recorded within non-interest income. Interest income and non-interest income for all periods presented reflect this reclassification. Update to Significant Accounting Policies Allowance for Credit Losses (“ACL”) on Loans. In accordance with the ACL policy, the methodology is reviewed no less than annually. During the quarter ended September 30, 2021, the Company updated the econometric factors used in the determination of the probability of default for certain loan portfolio segments used in its ACL methodology for pooled loans. Econometric factors are selected based on the correlation of the factor to credit losses for each loan portfolio segment. Effective July 1, 2021, the primary econometric factor utilized in the determination of the probability of default for each loan portfolio segment is the national unemployment rate (“NUR”). Prior to July 1, 2021, NUR and gross domestic product (“GDP”) econometric factors were used in the determination of the probability of default for each loan portfolio segment. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities | The following tables present the amortized cost, gross unrealized gains and losses and estimated fair values for available for sale securities and the amortized cost, gross unrecognized gains and losses and estimated fair values for held to maturity securities as of the dates indicated: March 31, 2022 Amortized Gross Gross Allowance for Fair (In Thousands) Available for sale: Debt securities: Obligations of state and political subdivisions $ 30,973 $ 118 $ 13 $ - $ 31,078 Asset-backed securities 230,997 375 1,788 - 229,584 Collateralized loan obligations 313,651 11 2,042 - 311,620 Corporate bonds 154,922 1,193 2,620 - 153,495 Total debt securities 730,543 1,697 6,463 - 725,777 Mortgage-backed securities: Collateralized mortgage obligations (1) 8,265 1 270 - 7,996 Residential pass-through securities (1) 617,387 332 47,569 - 570,150 Commercial pass-through securities (1) 233,879 249 11,965 - 222,163 Total mortgage-backed securities 859,531 582 59,804 - 800,309 Total securities available for sale $ 1,590,074 $ 2,279 $ 66,267 $ - $ 1,526,086 (1) Government-sponsored enterprises. June 30, 2021 Amortized Gross Gross Allowance for Fair (In Thousands) Available for sale: Debt securities: Obligations of state and political subdivisions $ 33,800 $ 803 $ - $ - $ 34,603 Asset-backed securities 240,217 2,835 63 - 242,989 Collateralized loan obligations 189,873 177 170 - 189,880 Corporate bonds 155,622 2,802 73 - 158,351 Total debt securities 619,512 6,617 306 - 625,823 Mortgage-backed securities: Collateralized mortgage obligations (1) 13,420 319 - - 13,739 Residential pass-through securities (1) 744,196 7,443 7,148 - 744,491 Commercial pass-through securities (1) 289,725 5,738 2,652 - 292,811 Total mortgage-backed securities 1,047,341 13,500 9,800 - 1,051,041 Total securities available for sale $ 1,666,853 $ 20,117 $ 10,106 $ - $ 1,676,864 Government-sponsored enterprises |
Amortized Cost, Gross Unrecognized Gains and Losses and Fair Values of Securities | March 31, 2022 Amortized Gross Gross Allowance for Fair (In Thousands) Held to maturity: Debt securities: Obligations of state and political subdivisions $ 23,546 $ 122 $ 24 $ - $ 23,644 Total debt securities 23,546 122 24 - 23,644 Mortgage-backed securities: Residential pass-through securities (1) 86,017 - 3,989 - 82,028 Commercial pass-through securities (1) 12,290 - 945 - 11,345 Total mortgage-backed securities 98,307 - 4,934 - 93,373 Total securities held to maturity $ 121,853 $ 122 $ 4,958 $ - $ 117,017 (1) Government-sponsored enterprises. June 30, 2021 Amortized Gross Gross Allowance for Fair (In Thousands) Held to maturity: Debt securities: Obligations of state and political subdivisions $ 25,824 $ 1,204 $ - $ - $ 27,028 Total debt securities 25,824 1,204 - - 27,028 Mortgage-backed securities: Commercial pass-through securities (1) 12,314 268 - - 12,582 Total mortgage-backed securities 12,314 268 - - 12,582 Total securities held to maturity $ 38,138 $ 1,472 $ - $ - $ 39,610 (1) Government-sponsored enterprises. |
Sales of Securities Available for Sale | Sales of securities available for sale were as follows for the periods presented below: Three Months Ended Nine Months Ended March 31, March 31, 2022 2021 2022 2021 (In Thousands) Available for sale securities sold: Proceeds from sales of securities $ - $ - $ - $ 44,842 Gross realized gains $ - $ - $ - $ 800 Gross realized losses - - - ( 385 ) Net gain on sales of securities $ - $ - $ - $ 415 |
Gains resulting from calls of securities available for sale | Gains resulting from calls of securities available for sale were as follows for the periods presented below: Three Months Ended Nine Months Ended March 31, March 31, 2022 2021 2022 2021 (In Thousands) Available for sale securities called: Gross realized gains $ 3 $ 18 $ 4 $ 39 Gross realized losses - - - - Net gain on calls of securities $ 3 $ 18 $ 4 $ 39 |
Schedule Of Available For Sale Securities Pledged | The carrying value of securities pledged for borrowings at the FHLB and other institutions, and securities pledged for public funds and other purposes, were as follows as of the dates presented below: March 31, June 30, 2022 2021 (In Thousands) Securities pledged: Pledged for borrowings at the FHLB of New York $ 155,868 $ 170,120 Pledged to secure public funds on deposit 324,425 137,778 Pledged for potential borrowings at the Federal Reserve Bank of New York 372,968 274,076 Total carrying value of securities pledged $ 853,261 $ 581,974 |
Held-to-maturity Securities [Member] | |
Stratification by Contractual Maturity of Securities | Excluding the balances of mortgage-backed securities, the following tables present the amortized cost and estimated fair values of debt securities available for sale and held to maturity, by contractual maturity, at March 31, 2022: March 31, 2022 Amortized Fair (In Thousands) Available for sale debt securities: Due in one year or less $ 1,970 $ 1,971 Due after one year through five years 18,939 19,008 Due after five years through ten years 353,679 351,676 Due after ten years 355,955 353,122 Total $ 730,543 $ 725,777 March 31, 2022 Amortized Fair (In Thousands) Held to maturity debt securities: Due in one year or less $ 6,817 $ 6,832 Due after one year through five years 15,026 15,084 Due after five years through ten years 1,703 1,728 Due after ten years - - Total $ 23,546 $ 23,644 |
Schedule of Fair Values and Gross Unrealized and Unrecognized Losses on Investments | The following table presents the gross unrecognized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that securities have been in a continuous unrecognized loss position within the held to maturity portfolio at March 31, 2022: March 31, 2022 Less than 12 Months 12 Months or More Total Fair Unrecognized Fair Unrecognized Number of Securities Fair Unrecognized (Dollars in Thousands) Securities Held to Maturity: Obligations of state and political $ 4,901 $ 24 $ - $ - 8 $ 4,901 $ 24 Commercial pass-through 11,345 945 - - 1 11,345 945 Residential pass-through 82,028 3,989 - - 8 82,028 3,989 Total $ 98,274 $ 4,958 $ - $ - 17 $ 98,274 $ 4,958 |
Available-for-sale Securities [Member] | |
Schedule of Fair Values and Gross Unrealized and Unrecognized Losses on Investments | The following tables present the gross unrealized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that securities have been in a continuous unrealized loss position within the available for sale portfolio at March 31, 2022 and June 30, 2021: March 31, 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Number of Securities Fair Unrealized (Dollars in Thousands) Securities Available for Sale: Obligations of state and political $ 2,303 $ 13 $ - $ - 8 $ 2,303 $ 13 Asset-backed securities 180,827 1,788 - - 15 180,827 1,788 Collateralized loan obligations 226,513 1,780 52,851 262 22 279,364 2,042 Corporate bonds 75,909 2,495 3,875 125 16 79,784 2,620 Collateralized mortgage obligations 6,819 270 - - 5 6,819 270 Commercial pass-through securities 48,811 1,147 113,569 10,818 15 162,380 11,965 Residential pass-through securities 237,063 14,376 302,905 33,193 66 539,968 47,569 Total $ 778,245 $ 21,869 $ 473,200 $ 44,398 147 $ 1,251,445 $ 66,267 June 30, 2021 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Number of Securities Fair Unrealized (Dollars in Thousands) Securities Available for Sale: Asset-backed securities $ 12,159 $ 63 $ - $ - 2 $ 12,159 $ 63 Collateralized loan obligations 36,741 9 58,605 161 8 95,346 170 Corporate bonds 15,952 73 - - 4 15,952 73 Commercial pass-through securities 145,055 2,652 - - 7 145,055 2,652 Residential pass-through securities 424,112 7,148 - - 10 424,112 7,148 Total $ 634,019 $ 9,945 $ 58,605 $ 161 31 $ 692,624 $ 10,106 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | The following table sets forth the composition of the Company’s loan portfolio at March 31, 2022 and June 30, 2021: March 31, June 30, 2022 2021 (In Thousands) Commercial loans: Multi-family mortgage $ 2,076,003 $ 2,039,260 Nonresidential mortgage 1,085,988 1,079,444 Commercial business 169,551 168,951 Construction 121,137 93,804 Total commercial loans 3,452,679 3,381,459 One- to four-family residential mortgage 1,527,980 1,447,721 Consumer loans: Home equity loans 41,501 47,871 Other consumer 2,755 3,259 Total consumer loans 44,256 51,130 Total loans 5,024,915 4,880,310 Unaccreted yield adjustments ( 21,714 ) ( 28,916 ) Total loans receivable, net of yield adjustments $ 5,003,201 $ 4,851,394 |
Contractual Payment Status of Past Loans Receivable | The following tables present the payment status of past due loans as of March 31, 2022 and June 30, 2021, by loan segment: Payment Status March 31, 2022 30-59 Days 60-89 Days 90 Days and Over Total Past Due Current Total (In Thousands) Multi-family mortgage $ - $ - $ 28,197 $ 28,197 $ 2,047,806 $ 2,076,003 Nonresidential mortgage 2,101 - 25,283 27,384 1,058,604 1,085,988 Commercial business - 64 281 345 169,206 169,551 Construction - - - - 121,137 121,137 One- to four-family 3,410 520 2,968 6,898 1,521,082 1,527,980 Home equity loans 25 4 59 88 41,413 41,501 Other consumer - - - - 2,755 2,755 Total loans $ 5,536 $ 588 $ 56,788 $ 62,912 $ 4,962,003 $ 5,024,915 Payment Status June 30, 2021 30-59 Days 60-89 Days 90 Days and Over Total Past Due Current Total (In Thousands) Multi-family mortgage $ - $ - $ 16,094 $ 16,094 $ 2,023,166 $ 2,039,260 Nonresidential mortgage - - 32,891 32,891 1,046,553 1,079,444 Commercial business - - 401 401 168,550 168,951 Construction - - - - 93,804 93,804 One- to four-family 382 2,734 5,104 8,220 1,439,501 1,447,721 Home equity loans 6 5 32 43 47,828 47,871 Other consumer 1 - - 1 3,258 3,259 Total loans $ 389 $ 2,739 $ 54,522 $ 57,650 $ 4,822,660 $ 4,880,310 |
Performance Status of Loans Receivable | The following tables present information relating to the Company’s nonperforming loans as of March 31, 2022 and June 30, 2021: Performance Status March 31, 2022 90 Days and Over Past Due Accruing Nonaccrual Loans with Allowance for Credit Losses Nonaccrual Loans with no Allowance for Credit Losses Total Nonperforming Performing Total (In Thousands) Multi-family mortgage $ - $ 11,369 $ 28,646 $ 40,015 $ 2,035,988 $ 2,076,003 Nonresidential mortgage - 3,667 24,523 28,190 1,057,798 1,085,988 Commercial business - 63 430 493 169,058 169,551 Construction - - 1,791 1,791 119,346 121,137 One- to four-family - 4,376 4,241 8,617 1,519,363 1,527,980 Home equity loans - 313 1,176 1,489 40,012 41,501 Other consumer - - - - 2,755 2,755 Total loans $ - $ 19,788 $ 60,807 $ 80,595 $ 4,944,320 $ 5,024,915 Performance Status June 30, 2021 90 Days and Over Past Due Accruing Nonaccrual Loans with Allowance for Credit Losses Nonaccrual Loans with no Allowance for Credit Losses Total Nonperforming Performing Total (In Thousands) Multi-family mortgage $ - $ 8,300 $ 10,226 $ 18,526 $ 2,020,734 $ 2,039,260 Nonresidential mortgage - 12,612 24,575 37,187 1,042,257 1,079,444 Commercial business - 236 676 912 168,039 168,951 Construction - - 2,228 2,228 91,576 93,804 One- to four-family - 7,422 11,748 19,170 1,428,551 1,447,721 Home equity loans - 452 1,292 1,744 46,127 47,871 Other consumer - - - - 3,259 3,259 Total loans $ - $ 29,022 $ 50,745 $ 79,767 $ 4,800,543 $ 4,880,310 |
Troubled Debt Restructurings of Loans Receivable | The following tables present total TDR loans at March 31, 2022 and June 30, 2021: March 31, 2022 Accrual Non-accrual Total # of Loans Amount # of Loans Amount # of Loans Amount (Dollars In Thousands) Commercial loans: Multi-family mortgage - $ - 3 $ 14,605 3 $ 14,605 Nonresidential mortgage 4 400 2 1,646 6 2,046 Commercial business 5 3,704 3 325 8 4,029 Construction - - 1 1,791 1 1,791 Total commercial loans 9 4,104 9 18,367 18 22,471 One- to four-family residential 29 4,270 15 3,392 44 7,662 Consumer loans: Home equity loans 5 170 2 1,396 7 1,566 Total 43 $ 8,544 26 $ 23,155 69 $ 31,699 June 30, 2021 Accrual Non-accrual Total # of Loans Amount # of Loans Amount # of Loans Amount (Dollars In Thousands) Commercial loans: Multi-family mortgage - $ - 1 $ 2,896 1 $ 2,896 Nonresidential mortgage 1 105 6 2,275 7 2,380 Commercial business 3 3,755 6 693 9 4,448 Construction - - 1 2,228 1 2,228 Total commercial loans 4 3,860 14 8,092 18 11,952 One- to four-family residential 18 2,216 20 3,405 38 5,621 Consumer loans: Home equity loans 4 159 3 68 7 227 Total 26 $ 6,235 37 $ 11,565 63 $ 17,800 The following tables present information regarding troubled debt restructurings that occurred during the three months and nine months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 Nine Months Ended March 31, 2022 # of Loans Pre- Post- # of Loans Pre- Post- (Dollars In Thousands) Multi-family mortgage 1 $ 9,104 $ 9,101 2 $ 12,091 $ 12,073 One- to four-family residential 8 2,953 2,965 10 3,214 3,226 Home equity loans 2 1,477 1,477 2 1,477 1,477 Total 11 $ 13,534 $ 13,543 14 $ 16,782 $ 16,776 Three Months Ended March 31, 2021 Nine Months Ended March 31, 2021 # of Loans Pre- Post- # of Loans Pre- Post- (Dollars In Thousands) One- to four-family residential - $ - $ - 1 $ 309 $ 308 Home equity loans 1 24 24 1 24 24 Total 1 $ 24 $ 24 2 $ 333 $ 332 |
Carrying Value of Collateral Dependent Individually Analyzed Loans | The following table presents the carrying value and related allowance of collateral dependent individually analyzed loans at the dates indicated: March 31, 2022 June 30, 2021 Carrying Value Related Allowance Carrying Value Related Allowance (In Thousands) Commercial loans: Multi-family mortgage $ 31,078 $ 661 $ 18,526 $ 1,368 Nonresidential mortgage (1) 27,384 119 32,891 4,724 Commercial business (2) 176 - 183 - Construction 1,791 - - - Total commercial loans 60,429 780 51,600 6,092 One- to four-family residential mortgage (3) 4,581 196 7,612 420 Consumer loans: Home equity loans (3) 59 - 31 - Total $ 65,069 $ 976 $ 59,243 $ 6,512 (1) Secured by income-producing nonresidential property. (2) Secured by business assets. (3) Secured by one- to four-family residential properties. |
Credit-Rating Classification of Loans Receivable | The following table presents the risk category of loans as of March 31, 2022 by loan segment and vintage year: Term Loans by Origination Year for Fiscal Years ended June 30, 2022 2021 2020 2019 2018 Prior Revolving Loans Total (In Thousands) Multi-family mortgage: Pass $ 520,269 $ 263,316 $ 216,072 $ 256,541 $ 252,909 $ 500,758 $ - $ 2,009,865 Special Mention - - - 16,370 4,994 4,759 - 26,123 Substandard - - - 10,182 2,788 27,045 - 40,015 Doubtful - - - - - - - - Total multi-family mortgage 520,269 263,316 216,072 283,093 260,691 532,562 - 2,076,003 Nonresidential mortgage: Pass 201,205 86,212 64,161 37,706 51,884 569,499 6,087 1,016,754 Special Mention - - - 23,364 4,070 9,249 - 36,683 Substandard - 724 - 933 - 30,894 - 32,551 Doubtful - - - - - - - - Total nonresidential mortgage 201,205 86,936 64,161 62,003 55,954 609,642 6,087 1,085,988 Commercial business: Pass 36,918 39,481 12,441 3,961 9,147 7,370 54,513 163,831 Special Mention - - 65 189 2,173 895 216 3,538 Substandard - 39 230 - 1,422 285 58 2,034 Doubtful - - - - - 145 3 148 Total commercial business 36,918 39,520 12,736 4,150 12,742 8,695 54,790 169,551 Construction loans: Pass 7,868 85,564 9,492 3,058 6,513 1,117 5,735 119,347 Special Mention - - - - - - - - Substandard - - - - - 1,790 - 1,790 Doubtful - - - - - - - - Total construction loans 7,868 85,564 9,492 3,058 6,513 2,907 5,735 121,137 Residential mortgage: Pass 312,625 531,111 90,576 53,262 56,834 464,738 375 1,509,521 Special Mention - - - 1,213 - 439 - 1,652 Substandard - - 1,704 83 - 15,020 - 16,807 Doubtful - - - - - - - - Total residential mortgage 312,625 531,111 92,280 54,558 56,834 480,197 375 1,527,980 Home equity loans: Pass 1,759 715 1,744 3,245 2,125 7,552 22,156 39,296 Special Mention - - - - - 265 - 265 Substandard - - - 124 - 1,816 - 1,940 Doubtful - - - - - - - - Total home equity loans 1,759 715 1,744 3,369 2,125 9,633 22,156 41,501 Other consumer loans Pass 281 324 477 398 247 913 40 2,680 Special Mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - 75 75 Other consumer loans 281 324 477 398 247 913 115 2,755 Total loans $ 1,080,925 $ 1,007,486 $ 396,962 $ 410,629 $ 395,106 $ 1,644,549 $ 89,258 $ 5,024,915 The following table presents the risk category of loans as of June 30, 2021 by loan segment and vintage year: Term Loans by Origination Year for Fiscal Years ended June 30, 2021 2020 2019 2018 2017 Prior Revolving Loans Total (In Thousands) Multi-family mortgage: Pass $ 281,402 $ 257,970 $ 374,871 $ 341,304 $ 343,370 $ 374,909 $ - $ 1,973,826 Special Mention - - 26,974 5,079 4,834 1,054 - 37,941 Substandard - - - 2,896 13,198 11,399 - 27,493 Doubtful - - - - - - - - Total multi-family mortgage 281,402 257,970 401,845 349,279 361,402 387,362 - 2,039,260 Nonresidential mortgage: Pass 99,602 77,146 56,435 64,616 254,940 441,696 6,150 1,000,585 Special Mention - - 23,520 4,146 8,801 4,513 - 40,980 Substandard 743 - - 4,934 20,602 11,600 - 37,879 Doubtful - - - - - - - - Total nonresidential mortgage 100,345 77,146 79,955 73,696 284,343 457,809 6,150 1,079,444 Commercial business: Pass 44,514 18,988 4,701 12,654 3,322 12,892 65,657 162,728 Special Mention - - - 2,304 945 12 461 3,722 Substandard 41 76 160 1,474 132 189 - 2,072 Doubtful - - - - - 420 9 429 Total commercial business 44,555 19,064 4,861 16,432 4,399 13,513 66,127 168,951 Construction loans: Pass 40,332 17,404 11,203 13,860 1,641 1,382 5,735 91,557 Special Mention - - - - - - - - Substandard - - - - - 2,247 - 2,247 Doubtful - - - - - - - - Total construction loans 40,332 17,404 11,203 13,860 1,641 3,629 5,735 93,804 Residential mortgage: Pass 560,543 124,606 69,917 74,754 119,238 472,587 375 1,422,020 Special Mention - - 1,233 - - 712 - 1,945 Substandard - 1,040 671 511 1,468 20,066 - 23,756 Doubtful - - - - - - - - Total residential mortgage 560,543 125,646 71,821 75,265 120,706 493,365 375 1,447,721 Home equity loans: Pass 834 2,508 4,585 2,778 2,241 7,798 24,788 45,532 Special Mention - - - - - 393 - 393 Substandard - - - - 11 1,935 - 1,946 Doubtful - - - - - - - - Total home equity loans 834 2,508 4,585 2,778 2,252 10,126 24,788 47,871 Other consumer loans Pass 550 517 633 256 127 1,044 44 3,171 Special Mention - - - - - - - - Substandard - - - - - - 1 1 Doubtful - - - - - - 87 87 Other consumer loans 550 517 633 256 127 1,044 132 3,259 Total loans $ 1,028,561 $ 500,255 $ 574,903 $ 531,566 $ 774,870 $ 1,366,848 $ 103,307 $ 4,880,310 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Allowance for Credit Losses and Balance of Loans Receivable | The following tables present the balance of the allowance for credit losses at March 31, 2022 and June 30, 2021. For the three months and nine months ended March 31, 2022 and 2021, the balance of the allowance for credit losses is based on the CECL methodology, as noted above. The tables identify the valuation allowances attributable to specifically identified impairments on individually evaluated loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans evaluated collectively. The tables include the underlying balance of loans receivable applicable to each category as of those dates. Allowance for Credit Losses March 31, 2022 Loans Loans Loans individually Loans collectively Total allowance for credit losses (In Thousands) Multi-family mortgage $ - $ - $ 1,083 $ 23,144 $ 24,227 Nonresidential mortgage - 363 119 8,557 9,039 Commercial business - 11 6 1,708 1,725 Construction - - - 1,274 1,274 One- to four-family - 242 278 6,758 7,278 Home equity loans 22 - - 214 236 Other consumer - - - 81 81 Total loans $ 22 $ 616 $ 1,486 $ 41,736 $ 43,860 Balance of Loans Receivable March 31, 2022 Loans Loans Loans individually Loans collectively Total loans (In Thousands) Multi-family mortgage $ - $ - $ 40,015 $ 2,035,988 $ 2,076,003 Nonresidential mortgage 381 13,179 29,911 1,042,517 1,085,988 Commercial business 176 1,267 317 167,791 169,551 Construction - 5,735 1,791 113,611 121,137 One- to four-family 230 6,666 8,386 1,512,698 1,527,980 Home equity loans 342 60 1,147 39,952 41,501 Other consumer - - - 2,755 2,755 Total loans $ 1,129 $ 26,907 $ 81,567 $ 4,915,312 $ 5,024,915 Unaccreted yield adjustments ( 21,714 ) Loans receivable, net of $ 5,003,201 Allowance for Credit Losses June 30, 2021 Loans Loans Loans individually Loans collectively Total allowance for credit losses (In Thousands) Multi-family mortgage $ - $ 155 $ 1,368 $ 26,927 $ 28,450 Nonresidential mortgage 2,700 692 2,025 10,826 16,243 Commercial business - 15 33 2,038 2,086 Construction - 49 - 1,121 1,170 One- to four-family 122 204 447 8,974 9,747 Home equity loans 21 1 1 410 433 Other consumer - - - 36 36 Total loans $ 2,843 $ 1,116 $ 3,874 $ 50,332 $ 58,165 Balance of Loans Receivable June 30, 2021 Loans Loans Loans individually Loans collectively Total loans (In Thousands) Multi-family mortgage $ - $ 5,599 $ 18,526 $ 2,015,135 $ 2,039,260 Nonresidential mortgage 6,519 25,844 30,668 1,016,413 1,079,444 Commercial business 183 2,533 729 165,506 168,951 Construction - 12,970 2,228 78,606 93,804 One- to four-family 3,617 4,785 15,553 1,423,766 1,447,721 Home equity loans 380 65 1,364 46,062 47,871 Other consumer - - - 3,259 3,259 Total loans $ 10,699 $ 51,796 $ 69,068 $ 4,748,747 $ 4,880,310 Unaccreted yield adjustments ( 28,916 ) Loans receivable, net of $ 4,851,394 The following tables present the activity in the allowance for credit losses on loans for the three months and nine months ended March 31, 2022 and 2021. Changes in the Allowance for Credit Losses Three Months Ended March 31, 2022 Balance at Charge-offs Recoveries (Reversal of) Balance at (In Thousands) Multi-family mortgage $ 25,795 $ - $ - $ ( 1,568 ) $ 24,227 Nonresidential mortgage 10,078 ( 441 ) - ( 598 ) 9,039 Commercial business 1,903 - 4 ( 182 ) 1,725 Construction 1,441 - - ( 167 ) 1,274 One- to four-family 8,601 - - ( 1,323 ) 7,278 Home equity loans 308 - - ( 72 ) 236 Other consumer 90 - 1 ( 10 ) 81 Total loans $ 48,216 $ ( 441 ) $ 5 $ ( 3,920 ) $ 43,860 Changes in the Allowance for Credit Losses Nine Months Ended March 31, 2022 Balance at Charge-offs Recoveries (Reversal of) Balance at (In Thousands) Multi-family mortgage $ 28,450 $ ( 104 ) $ - $ ( 4,119 ) $ 24,227 Nonresidential mortgage 16,243 ( 2,538 ) - ( 4,666 ) 9,039 Commercial business 2,086 ( 175 ) 105 ( 291 ) 1,725 Construction 1,170 - - 104 1,274 One- to four-family 9,747 - 147 ( 2,616 ) 7,278 Home equity loans 433 - 1 ( 198 ) 236 Other consumer 36 ( 2 ) 1 46 81 Total loans $ 58,165 $ ( 2,819 ) $ 254 $ ( 11,740 ) $ 43,860 Changes in the Allowance for Credit Losses Three Months Ended March 31, 2021 Balance at Charge-offs Recoveries (Reversal of) Balance at (In Thousands) Multi-family mortgage $ 29,500 $ - $ - $ ( 514 ) $ 28,986 Nonresidential mortgage 15,933 ( 9 ) - 4,053 19,977 Commercial business 3,348 ( 738 ) 2 ( 86 ) 2,526 Construction 1,205 - - 40 1,245 One- to four-family 12,625 - 2 ( 2,249 ) 10,378 Home equity loans 725 - - ( 117 ) 608 Other consumer 50 ( 9 ) 2 ( 1 ) 42 Total loans $ 63,386 $ ( 756 ) $ 6 $ 1,126 $ 63,762 Changes in the Allowance for Credit Losses Nine Months Ended March 31, 2021 Balance at June 30, 2020 (prior to Impact of adopting Charge-offs Recoveries Initial allowance on PCD loans (Reversal of) Balance at (In Thousands) Multi-family mortgage $ 20,916 $ 8,408 $ - $ - $ 250 $ ( 588 ) $ 28,986 Nonresidential mortgage 8,763 2,390 ( 75 ) - 1,720 7,179 19,977 Commercial business 1,926 ( 421 ) ( 802 ) 7 1,007 809 2,526 Construction 236 80 - - 99 830 1,245 One- to four-family 4,860 9,106 ( 13 ) 2 720 ( 4,297 ) 10,378 Home equity loans 568 92 ( 32 ) - 105 ( 125 ) 608 Other consumer 58 ( 15 ) ( 22 ) 9 - 12 42 Total loans $ 37,327 $ 19,640 $ ( 944 ) $ 18 $ 3,901 $ 3,820 $ 63,762 |
Allowance for Credit Losses on Financing Receivables Off Balance Sheet Commitments | The following table presents the activity in the allowance for credit losses on off balance sheet commitments recorded in other non-interest expense for the three months and nine months ended March 31, 2022 and 2021: Three Months Ended Nine Months Ended March 31, March 31, 2022 2021 2022 2021 (In Thousands) (In Thousands) Balance at beginning of the period $ 1,148 $ 1,058 $ 1,708 $ - Impact of adopting Topic 326 (1) - - - 536 (Reversal of) provision for credit losses ( 208 ) 207 ( 768 ) 729 Balance at end of the period $ 940 $ 1,265 $ 940 $ 1,265 (1) Adoption of CECL accounting standard effective July 1, 2020 . |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Deposits [Abstract] | |
Schedule of Deposits | Deposits are summarized as follows: March 31, June 30, 2022 2021 (In Thousands) Non-interest-bearing demand $ 621,954 $ 593,718 Interest-bearing demand 2,154,488 1,902,478 Savings 1,088,974 1,111,364 Certificates of deposits 1,663,246 1,877,746 Total deposits $ 5,528,662 $ 5,485,306 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | Borrowings at March 31, 2022 and June 30, 2021 consisted of the following: March 31, June 30, 2022 2021 (In Thousands) FHLB advances $ 541,220 $ 665,876 Overnight borrowings 310,000 20,000 Total borrowings $ 851,220 $ 685,876 |
Schedule of Fixed Rate Advances from FHLB | Fixed rate advances from the FHLB of New York mature as follows: March 31, 2022 June 30, 2021 Balance Weighted Balance Weighted (Dollars in Thousands) By remaining period to maturity: Less than one year $ 265,000 0.63 % $ 390,000 0.33 % One to two years 145,000 3.04 145,000 3.04 Two to three years 103,500 2.65 22,500 2.63 Three to four years 29,000 2.77 103,500 2.68 Four to five years - - 6,500 2.82 Greater than five years - - - - Total advances 542,500 1.77 % 667,500 1.38 % Unamortized fair value adjustments ( 1,280 ) ( 1,624 ) Total advances, net of fair value adjustments $ 541,220 $ 665,876 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Financial Instruments as well as Their Classification on Statement of Financial Condition | The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Statement of Financial Condition as of March 31, 2022 and June 30, 2021: March 31, 2022 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (In Thousands) Derivatives designated as hedging instruments: Interest rate contracts Other assets $ 34,007 Other liabilities $ - Total $ 34,007 $ - June 30, 2021 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (In Thousands) Derivatives designated as hedging instruments: Interest rate contracts Other assets $ 1,832 Other liabilities $ 673 Total $ 1,832 $ 673 |
Pre-tax Effects of Derivative Instruments on Consolidated Statements of Income | The table below presents the pre-tax effects of the Company’s derivative instruments on the Consolidated Statements of Income for the three months and nine months ended March 31, 2022 and 2021: Three Months Ended Nine Months Ended March 31, March 31, 2022 2021 2022 2021 (In Thousands) (In Thousands) Amount of gain recognized in other comprehensive income $ 23,343 $ 13,075 $ 28,607 $ 14,353 Amount of loss reclassified from accumulated other comprehensive income ( 1,268 ) ( 1,987 ) ( 4,271 ) ( 6,576 ) |
Offsetting Derivatives | The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives in the Consolidated Statements of Financial Condition as of March 31, 2022 and June 30, 2021, respectively. The net amounts presented for derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Consolidated Statements of Financial Condition. March 31, 2022 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received Net Amount (In Thousands) Assets: Interest rate contracts $ 34,158 $ ( 151 ) $ 34,007 $ - $ - $ 34,007 Total $ 34,158 $ ( 151 ) $ 34,007 $ - $ - $ 34,007 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Posted Net Amount (In Thousands) Liabilities: Interest rate contracts $ 151 $ ( 151 ) $ - $ - $ - $ - Total $ 151 $ ( 151 ) $ - $ - $ - $ - June 30, 2021 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received Net Amount (In Thousands) Assets: Interest rate contracts $ 6,847 $ ( 5,015 ) $ 1,832 $ - $ - $ 1,832 Total $ 6,847 $ ( 5,015 ) $ 1,832 $ - $ - $ 1,832 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Posted Net Amount (In Thousands) Liabilities: Interest rate contracts $ 5,688 $ ( 5,015 ) $ 673 $ - $ ( 673 ) $ - Total $ 5,688 $ ( 5,015 ) $ 673 $ - $ ( 673 ) $ - |
Benefit Plans (Tables)
Benefit Plans (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Benefit Expense | Components of Net Periodic Expense The following table sets forth the aggregate net periodic benefit expense for the Bank’s Benefit Equalization Plan, Postretirement Welfare Plan, Directors’ Consultation and Retirement Plan and Atlas Bank Retirement Income Plan: Three Months Ended Nine Months Ended Affected Line Item in the Consolidated March 31, March 31, Statements of Income 2022 2021 2022 2021 (In Thousands) (In Thousands) Service cost $ 29 $ 26 $ 87 $ 79 Salaries and employee benefits Interest cost 67 66 205 197 Other expense Amortization of unrecognized loss 20 20 60 62 Other expense Expected return on assets ( 27 ) ( 28 ) ( 83 ) ( 85 ) Other expense Net periodic benefit cost $ 89 $ 84 $ 269 $ 253 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | The following table presents a reconciliation between the reported income taxes for the periods presented and the income taxes which would be computed by applying the federal income tax rate of 21 % to income for the three months and nine months ended March 31, 2022 and 2021: Three Months Ended Nine Months Ended March 31, March 31, 2022 2021 2022 2021 (Dollars in Thousands) (Dollars in Thousands) Income before income taxes $ 24,215 $ 22,155 $ 76,772 $ 58,980 Statutory federal tax rate 21 % 21 % 21 % 21 % Federal income tax expense at statutory rate $ 5,085 $ 4,653 $ 16,122 $ 12,386 (Reduction) increase in income taxes resulting from: Tax exempt interest ( 66 ) ( 85 ) ( 204 ) ( 270 ) State tax, net of federal tax effect 1,908 1,498 6,026 3,738 Incentive stock option compensation expense 3 23 42 63 Income from bank-owned life insurance ( 317 ) ( 324 ) ( 973 ) ( 989 ) Non-deductible merger-related expenses - - - 49 Bargain purchase gain - - - ( 641 ) Other items, net ( 91 ) ( 21 ) ( 418 ) 429 $ 6,522 $ 5,744 $ 20,595 $ 14,765 Reversal of valuation allowance - ( 12 ) - ( 535 ) Total income tax expense $ 6,522 $ 5,732 $ 20,595 $ 14,230 Effective income tax rate 26.93 % 25.87 % 26.83 % 24.13 % |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured At Fair Value on a Recurring Basis | Those assets measured at fair value on a recurring basis are summarized below: March 31, 2022 Quoted Significant Significant Total (In Thousands) Assets: Debt securities available for sale: Obligations of state and political subdivisions $ - $ 31,078 $ - $ 31,078 Asset-backed securities - 229,584 - 229,584 Collateralized loan obligations - 311,620 - 311,620 Corporate bonds - 153,495 - 153,495 Total debt securities - 725,777 - 725,777 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 7,996 - 7,996 Residential pass-through securities - 570,150 - 570,150 Commercial pass-through securities - 222,163 - 222,163 Total mortgage-backed securities - 800,309 - 800,309 Total securities available for sale $ - $ 1,526,086 $ - $ 1,526,086 Interest rate contracts $ - $ 34,007 $ - $ 34,007 Total assets $ - $ 1,560,093 $ - $ 1,560,093 June 30, 2021 Quoted Prices Significant Significant Total (In Thousands) Assets: Debt securities available for sale: Obligations of state and political subdivisions $ - $ 34,603 $ - $ 34,603 Asset-backed securities - 242,989 - 242,989 Collateralized loan obligations - 189,880 - 189,880 Corporate bonds - 158,351 - 158,351 Total debt securities - 625,823 - 625,823 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 13,739 - 13,739 Residential pass-through securities - 744,491 - 744,491 Commercial pass-through securities - 292,811 - 292,811 Total mortgage-backed securities - 1,051,041 - 1,051,041 Total securities available for sale $ - $ 1,676,864 $ - $ 1,676,864 Interest rate contracts $ - $ 1,832 $ - $ 1,832 Total assets $ - $ 1,678,696 $ - $ 1,678,696 Liabilities: Interest rate contracts $ - $ 673 $ - $ 673 Total liabilities $ - $ 673 $ - $ 673 |
Schedule of Assets Measured At Fair Value on a Non-recurring Basis | Those assets measured at fair value on a non-recurring basis are summarized below: March 31, 2022 Quoted Prices Significant Significant Total (In Thousands) Collateral dependent loans: Residential mortgage $ - $ - $ 2,239 $ 2,239 Multi-family mortgage - - 4,558 4,558 Nonresidential mortgage - - 5,799 5,799 Total $ - $ - $ 12,596 $ 12,596 Other real estate owned, net: Residential $ - $ - $ 401 $ 401 Total $ - $ - $ 401 $ 401 June 30, 2021 Quoted Prices Significant Significant Total (In Thousands) Collateral dependent loans: Residential mortgage $ - $ - $ 3,051 $ 3,051 Multi-family mortgage 6,932 6,932 Nonresidential mortgage - - 8,679 8,679 Total $ - $ - $ 18,662 $ 18,662 Other real estate owned, net: Residential $ - $ - $ 178 $ 178 Total $ - $ - $ 178 $ 178 |
Schedule of Quantitative Information about Level 3 Fair Value Measurements | The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value: March 31, 2022 Fair Valuation Unobservable Range Weighted (Dollars in Thousands) Collateral dependent loans: Residential mortgage $ 2,239 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 7 % - 14 % 10.39 % Multi-family mortgage 4,558 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 10 % - 11 % 10.60 % Nonresidential mortgage 5,799 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 9 % - 19 % 14.97 % Total $ 12,596 Other real estate owned, net: Residential $ 401 Market valuation of underlying collatera l (3) Adjustments to reflect current conditions/selling costs (2) 5 % - 6 % 5.44 % Total $ 401 June 30, 2021 Fair Valuation Unobservable Range Weighted (Dollars in Thousands) Collateral dependent loans: Residential mortgage $ 3,051 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 7 % - 13 % 9.77 % Multi-family mortgage 6,932 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 10 % - 11 % 10.39 % Nonresidential mortgage 8,679 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 9 % - 16 % 14.48 % Total $ 18,662 Other real estate owned, net: Residential $ 178 Market valuation of underlying collateral (3) Adjustments to reflect current conditions/selling costs (2) 6.00 % 6.00 % Total $ 178 (1) The fair value of collateral dependent individually analyzed loans is generally determined based on an independent appraisal of the fair value of a loan’s underlying collateral. (2) The fair value basis of collateral dependent individually analyzed loans and other real estate owned is adjusted to reflect management’s estimates of selling costs including, but not necessarily limited to, real estate brokerage commissions and title transfer fees. (3) The fair value of other real estate owned is generally determined based upon the lower of an independent appraisal of the property’s fair value or the applicable listing price or contracted sales price. |
Schedule of Carrying Amounts and Fair Values of Financial Instruments | The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of March 31, 2022 and June 30, 2021: March 31, 2022 Carrying Fair Quoted Significant Significant (In Thousands) Financial assets: Cash and cash equivalents $ 62,379 $ 62,379 $ 62,379 $ - $ - Investment securities available for sale 1,526,086 1,526,086 - 1,526,086 - Investment securities held to maturity 121,853 117,017 - 117,017 - Loans held-for-sale 2,822 2,759 - 2,759 - Net loans receivable 4,959,341 4,877,212 - - 4,877,212 FHLB Stock 30,997 - - - - Interest receivable 19,517 19,517 3 5,311 14,203 Interest rate contracts 34,007 34,007 - 34,007 - Financial liabilities: Deposits 5,528,662 5,515,560 3,865,416 - 1,650,144 Borrowings 851,220 853,824 - - 853,824 Interest payable on deposits 164 164 79 - 85 Interest payable on borrowings 1,365 1,365 - - 1,365 June 30, 2021 Carrying Fair Quoted Significant Significant (In Thousands) Financial assets: Cash and cash equivalents $ 67,855 $ 67,855 $ 67,855 $ - $ - Investment securities available for sale 1,676,864 1,676,864 - 1,676,864 - Investment securities held to maturity 38,138 39,610 - 39,610 - Loans held-for-sale 16,492 16,934 - 16,934 - Net loans receivable 4,793,229 4,830,136 - - 4,830,136 FHLB Stock 36,615 - - - - Interest receivable 19,362 19,362 1 4,238 15,123 Interest rate contracts 1,832 1,832 - 1,832 - Financial liabilities: Deposits 5,485,306 5,490,923 3,607,560 - 1,883,363 Borrowings 685,876 701,419 - - 701,419 Interest payable on deposits 145 145 96 - 49 Interest payable on borrowings 1,335 1,335 - - 1,335 Interest rate contracts 673 673 - 673 - |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive (loss) income included in stockholders’ equity at March 31, 2022 and June 30, 2021 are as follows: March 31, June 30, 2022 2021 (In Thousands) Net unrealized (loss) gain on securities available for sale $ ( 63,988 ) $ 10,011 Tax effect 18,760 ( 2,882 ) Net of tax amount ( 45,228 ) 7,129 Fair value adjustments on derivatives 32,566 ( 312 ) Tax effect ( 9,557 ) 94 Net of tax amount 23,009 ( 218 ) Benefit plan adjustments ( 1,033 ) ( 1,093 ) Tax effect 303 326 Net of tax amount ( 730 ) ( 767 ) Total accumulated other comprehensive (loss) income $ ( 22,949 ) $ 6,144 |
Schedule of Comprehensive (Loss) Income | Other comprehensive (loss) income and related tax effects for the three months and nine months ended March 31, 2022 and 2021 are presented in the following table: Three Months Ended Nine Months Ended March 31, March 31, 2022 2021 2022 2021 (In Thousands) Net unrealized holding loss on securities $ ( 59,249 ) $ ( 22,285 ) $ ( 73,995 ) $ ( 20,374 ) Net realized gain on sale and call of securities (1) ( 3 ) ( 18 ) ( 4 ) ( 454 ) Fair value adjustments on derivatives 24,611 15,062 32,878 20,929 Amortization of benefit plan net actuarial loss 20 20 60 62 Other comprehensive (loss) income before taxes ( 34,621 ) ( 7,221 ) ( 41,061 ) 163 Tax effect 10,098 2,125 11,968 ( 63 ) Total other comprehensive (loss) income $ ( 24,523 ) $ ( 5,096 ) $ ( 29,093 ) $ 100 (1) Represents amounts reclassified out of accumulated other comprehensive income and included in gain on sale of securities on the consolidated statements of income. |
Net Income Per Common Share (_2
Net Income Per Common Share ("EPS") (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Calculations | The following schedule shows the Company’s earnings per share calculations for the periods presented: Three Months Ended March 31, Nine Months Ended March 31, 2022 2021 2022 2021 (In Thousands, Except Per Share Data) Net income $ 17,693 $ 16,423 $ 56,177 $ 44,750 Weighted average number of common shares 69,790 80,673 72,130 83,958 Effect of dilutive securities 27 17 24 3 Weighted average number of common shares 69,817 80,690 72,154 83,961 Basic earnings per share $ 0.25 $ 0.20 $ 0.78 $ 0.53 Diluted earnings per share $ 0.25 $ 0.20 $ 0.78 $ 0.53 |
Business Combination - Addition
Business Combination - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Business Acquisition [Line Items] | ||||
Bargain purchase gain | $ 0 | $ 0 | $ 0 | $ 3,053 |
Merger-related expenses | $ 0 | $ 0 | $ 0 | $ 4,349 |
Business Combination - Summary
Business Combination - Summary of Assets Acquired and Liabilities Assumed Through Merger at Fair Value (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Business Acquisition [Line Items] | ||||
Bargain purchase gain | $ 0 | $ 0 | $ 0 | $ (3,053) |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - Additional Information (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Cumulative Effect Period Of Adoption Adjustment [Member] | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Cumulative effect of change in accounting principle for the adoption of ASU 2017-08 | $ (14,239) |
Securities - Amortized Cost, Gr
Securities - Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 | |||
Schedule Of Available For Sale Securities [Line Items] | |||||
Securities available for sale, Amortized Cost | $ 730,543 | ||||
Securities available for sale, Fair value | 725,777 | ||||
Securities available for sale, Amortized Cost | 1,590,074 | $ 1,666,853 | |||
Mortgage-backed securities, Gross Unrealized Gains | 2,279 | 20,117 | |||
Mortgage-backed securities, Gross Unrealized Losses | 66,267 | 10,106 | |||
Securities available for sale | 1,526,086 | 1,676,864 | |||
Debt Securities [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Securities available for sale, Amortized Cost | 730,543 | 619,512 | |||
Securities available for sale, Gross Unrealized Gains | 1,697 | 6,617 | |||
Securities available for sale, Gross Unrealized Losses | 6,463 | 306 | |||
Securities available for sale, Fair value | 725,777 | 625,823 | |||
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Securities available for sale, Amortized Cost | 30,973 | 33,800 | |||
Securities available for sale, Gross Unrealized Gains | 118 | 803 | |||
Securities available for sale, Gross Unrealized Losses | 13 | ||||
Securities available for sale, Fair value | 31,078 | 34,603 | |||
Debt Securities [Member] | Asset-backed Securities [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Securities available for sale, Amortized Cost | 230,997 | 240,217 | |||
Securities available for sale, Gross Unrealized Gains | 375 | 2,835 | |||
Securities available for sale, Gross Unrealized Losses | 1,788 | 63 | |||
Securities available for sale, Fair value | 229,584 | 242,989 | |||
Debt Securities [Member] | Collateralized Loan Obligations [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Securities available for sale, Amortized Cost | 313,651 | 189,873 | |||
Securities available for sale, Gross Unrealized Gains | 11 | 177 | |||
Securities available for sale, Gross Unrealized Losses | 2,042 | 170 | |||
Securities available for sale, Fair value | 311,620 | 189,880 | |||
Debt Securities [Member] | Corporate Bonds [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Securities available for sale, Amortized Cost | 154,922 | 155,622 | |||
Securities available for sale, Gross Unrealized Gains | 1,193 | 2,802 | |||
Securities available for sale, Gross Unrealized Losses | 2,620 | 73 | |||
Securities available for sale, Fair value | 153,495 | 158,351 | |||
Mortgage-Backed Securities [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Securities available for sale, Amortized Cost | 859,531 | 1,047,341 | |||
Mortgage-backed securities, Gross Unrealized Gains | 582 | 13,500 | |||
Mortgage-backed securities, Gross Unrealized Losses | 59,804 | 9,800 | [1] | ||
Securities available for sale | 800,309 | 1,051,041 | [1] | ||
Mortgage-Backed Securities [Member] | Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Securities available for sale, Amortized Cost | [1] | 8,265 | 13,420 | ||
Mortgage-backed securities, Gross Unrealized Gains | [1] | 1 | 319 | ||
Mortgage-backed securities, Gross Unrealized Losses | 270 | [1] | 0 | ||
Securities available for sale | [1] | 7,996 | 13,739 | ||
Mortgage-Backed Securities [Member] | Residential Pass-Through Securities [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Securities available for sale, Amortized Cost | [1] | 617,387 | 744,196 | ||
Mortgage-backed securities, Gross Unrealized Gains | [1] | 332 | 7,443 | ||
Mortgage-backed securities, Gross Unrealized Losses | [1] | 47,569 | 7,148 | ||
Securities available for sale | [1] | 570,150 | 744,491 | ||
Mortgage-Backed Securities [Member] | Commercial Pass-Through Securities [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Securities available for sale, Amortized Cost | [1] | 233,879 | 289,725 | ||
Mortgage-backed securities, Gross Unrealized Gains | [1] | 249 | 5,738 | ||
Mortgage-backed securities, Gross Unrealized Losses | [1] | 11,965 | 2,652 | ||
Securities available for sale | [1] | $ 222,163 | $ 292,811 | ||
[1] | Government-sponsored enterprises. |
Securities - Amortized Cost, _2
Securities - Amortized Cost, Gross Unrecognized Gains and Losses and Fair Values of Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 | |
Schedule Of Held To Maturity Securities [Line Items] | |||
Amortized Cost | $ 23,546 | ||
Gross Unrecognized Gains | 122 | $ 1,472 | |
Gross Unrecognized Losses | 4,958 | ||
Fair Value | 23,644 | ||
Amortized Cost | 121,853 | 38,138 | |
Securities held to maturity, estimated fair value | 117,017 | 39,610 | |
Debt Securities [Member] | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Amortized Cost | 23,546 | 25,824 | |
Gross Unrecognized Gains | 122 | 1,204 | |
Gross Unrecognized Losses | 24 | ||
Fair Value | 23,644 | 27,028 | |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Amortized Cost | 23,546 | 25,824 | |
Gross Unrecognized Gains | 122 | 1,204 | |
Gross Unrecognized Losses | 24 | ||
Fair Value | 23,644 | 27,028 | |
Collateralized Mortgage Backed Securities [Member] | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Amortized Cost | 98,307 | 12,314 | |
Gross Unrecognized Gains | 268 | ||
Gross Unrecognized Losses | 4,934 | ||
Fair Value | 93,373 | 12,582 | |
Collateralized Mortgage Backed Securities [Member] | Residential Pass-Through Securities [Member] | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Amortized Cost | [1] | 86,017 | |
Gross Unrecognized Losses | [1] | 3,989 | |
Fair Value | [1] | 82,028 | |
Collateralized Mortgage Backed Securities [Member] | Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Amortized Cost | [1] | 12,290 | |
Collateralized Mortgage Backed Securities [Member] | Commercial Pass-Through Securities [Member] | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Amortized Cost | [1] | 12,314 | |
Gross Unrecognized Gains | [1] | 268 | |
Gross Unrecognized Losses | [1] | 945 | |
Fair Value | [1] | $ 11,345 | $ 12,582 |
[1] | Government-sponsored enterprises. |
Securities - Stratification by
Securities - Stratification by Contractual Maturity of Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Debt Securities, Available-for-sale, Maturity, Marurity Date, Amortized Cost [Abstract] | ||
Due in one year or less, Amortized Cost | $ 1,970 | |
Due after one year through five years, Amortized Cost | 18,939 | |
Due after five years through ten years, Amortized Cost | 353,679 | |
Due after ten years, Amortized Cost | 355,955 | |
Securities available for sale, Amortized Cost | 730,543 | |
Debt Securities, Available-for-sale, Maturity, Maturity Date, Fair Value [Abstract] | ||
Due in one year or less, Fair Value | 1,971 | |
Due after one year through five years, Fair Value | 19,008 | |
Due after five years through ten years, Fair Value | 351,676 | |
Due after ten years, Fair Value | 353,122 | |
Securities available for sale, Fair Value Total | 725,777 | |
Debt Securities, Held-to-maturity, Maturity Date, Amortized Cost [Abstract] | ||
Due in one year or less, Amortized Cost | 6,817 | |
Due after one year through five years, Amortized Cost | 15,026 | |
Due after five years through ten years, Amortized Cost | 1,703 | |
Amortized Cost | 23,546 | |
Debt Securities, Held-to-maturity, Maturity Date, Fair Value [Abstract] | ||
Due in one year or less, Fair Value | 6,832 | |
Due after one year through five years, Fair Value | 15,084 | |
Due after five years through ten years, Fair Value | 1,728 | |
Securities available for sale, Fair Value Total | 23,644 | |
Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Maturity, Marurity Date, Amortized Cost [Abstract] | ||
Securities available for sale, Amortized Cost | 730,543 | $ 619,512 |
Debt Securities, Available-for-sale, Maturity, Maturity Date, Fair Value [Abstract] | ||
Securities available for sale, Fair Value Total | 725,777 | 625,823 |
Debt Securities, Held-to-maturity, Maturity Date, Amortized Cost [Abstract] | ||
Amortized Cost | 23,546 | 25,824 |
Debt Securities, Held-to-maturity, Maturity Date, Fair Value [Abstract] | ||
Securities available for sale, Fair Value Total | $ 23,644 | $ 27,028 |
Securities - Sales of Securitie
Securities - Sales of Securities Available for Sale (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sales of securities | $ 0 | $ 0 | $ 0 | $ 44,842 |
Gross realized gains | 0 | 0 | 0 | 800 |
Gross realized losses | 0 | 0 | 0 | (385) |
Net gain (loss) on sales of securities | $ 0 | $ 0 | $ 0 | $ 415 |
Securities - Calls of securitie
Securities - Calls of securities available for sale (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Gross realized gains | $ 0 | $ 0 | $ 0 | $ 800 |
Gross realized losses | 0 | 0 | 0 | (385) |
Net gain on sales of securities | 0 | 0 | 0 | 415 |
Calls of Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Gross realized gains | 3 | 18 | 4 | 39 |
Gross realized losses | 0 | 0 | 0 | 0 |
Net gain on sales of securities | $ 3 | $ 18 | $ 4 | $ 39 |
Securities - Additional Informa
Securities - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2022USD ($) | Jun. 30, 2021Securities | |
Investments, Debt and Equity Securities [Abstract] | ||||
Held to maturity gains (losses) recognized on calls of securities | $ 0 | $ 0 | $ 0 | |
Held-to-maturity, securities with unrealized losses, Number of positions | Securities | 0 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 0 | $ 0 |
Securities - Schedule of Availa
Securities - Schedule of Available for Sale Securities Pledged (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Schedule Of Available For Sale Securities [Line Items] | ||
Carrying value of securities pledged | $ 853,261 | $ 581,974 |
FHLB of New York [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Carrying value of securities pledged | 155,868 | 170,120 |
Secure Public Funds On Deposit [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Carrying value of securities pledged | 324,425 | 137,778 |
Federal Reserve ("FRB") [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Carrying value of securities pledged | $ 372,968 | $ 274,076 |
Securities - Schedule of Fair V
Securities - Schedule of Fair Values and Gross Unrealized and Unrecognized Losses on Investments (Detail) $ in Thousands | Mar. 31, 2022USD ($)Security | Jun. 30, 2021USD ($)Security |
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | $ 778,245 | $ 634,019 |
Less than 12 Months: Unrealized Losses | 21,869 | 9,945 |
12 Months or More: Fair Value | 473,200 | 58,605 |
12 Months or More: Unrealized Losses | $ 44,398 | $ 161 |
Number of Securities | Security | 147 | 31 |
Total: Fair Value | $ 1,251,445 | $ 692,624 |
Total: Unrealized Losses | 66,267 | 10,106 |
Less than 12 Months: Securities Held to Maturity, Fair value | 98,274 | |
Less than 12 Months: Securities Held to Maturity Unrecognized Losses | $ 4,958 | |
Held to Maturity Securities Number of Securities | Security | 17 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value, Total | $ 98,274 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss, Total | 4,958 | |
Obligations of State and Political Subdivisions [Member] | Trust Preferred Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months: Securities Held to Maturity, Fair value | 4,901 | |
Less than 12 Months: Securities Held to Maturity Unrecognized Losses | $ 24 | |
Held to Maturity Securities Number of Securities | Security | 8 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value, Total | $ 4,901 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss, Total | 24 | |
Obligations of State and Political Subdivisions [Member] | Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 2,303 | |
Less than 12 Months: Unrealized Losses | $ 13 | |
Number of Securities | Security | 8 | |
Total: Fair Value | $ 2,303 | |
Total: Unrealized Losses | 13 | |
Asset-backed Securities [Member] | Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 180,827 | 12,159 |
Less than 12 Months: Unrealized Losses | $ 1,788 | $ 63 |
Number of Securities | Security | 15 | 2 |
Total: Fair Value | $ 180,827 | $ 12,159 |
Total: Unrealized Losses | 1,788 | 63 |
Collateralized Loan Obligations [Member] | Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 226,513 | 36,741 |
Less than 12 Months: Unrealized Losses | 1,780 | 9 |
12 Months or More: Fair Value | 52,851 | 58,605 |
12 Months or More: Unrealized Losses | $ 262 | $ 161 |
Number of Securities | Security | 22 | 8 |
Total: Fair Value | $ 279,364 | $ 95,346 |
Total: Unrealized Losses | 2,042 | 170 |
Corporate Bonds [Member] | Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 75,909 | 15,952 |
Less than 12 Months: Unrealized Losses | 2,495 | $ 73 |
12 Months or More: Fair Value | 3,875 | |
12 Months or More: Unrealized Losses | $ 125 | |
Number of Securities | Security | 16 | 4 |
Total: Fair Value | $ 79,784 | $ 15,952 |
Total: Unrealized Losses | 2,620 | 73 |
Collateralized mortgage obligations Member | Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 6,819 | |
Less than 12 Months: Unrealized Losses | $ 270 | |
Number of Securities | Security | 5 | |
Total: Fair Value | $ 6,819 | |
Total: Unrealized Losses | 270 | |
Commercial Pass-Through Securities [Member] | Trust Preferred Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months: Securities Held to Maturity, Fair value | 11,345 | |
Less than 12 Months: Securities Held to Maturity Unrecognized Losses | $ 945 | |
Held to Maturity Securities Number of Securities | Security | 1 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value, Total | $ 11,345 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss, Total | 945 | |
Commercial Pass-Through Securities [Member] | Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 48,811 | 145,055 |
Less than 12 Months: Unrealized Losses | 1,147 | $ 2,652 |
12 Months or More: Fair Value | 113,569 | |
12 Months or More: Unrealized Losses | $ 10,818 | |
Number of Securities | Security | 15 | 7 |
Total: Fair Value | $ 162,380 | $ 145,055 |
Total: Unrealized Losses | 11,965 | 2,652 |
Residential Pass-Through Securities [Member] | Trust Preferred Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months: Securities Held to Maturity, Fair value | 82,028 | |
Less than 12 Months: Securities Held to Maturity Unrecognized Losses | $ 3,989 | |
Held to Maturity Securities Number of Securities | Security | 8 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value, Total | $ 82,028 | |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss, Total | 3,989 | |
Residential Pass-Through Securities [Member] | Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 237,063 | 424,112 |
Less than 12 Months: Unrealized Losses | 14,376 | $ 7,148 |
12 Months or More: Fair Value | 302,905 | |
12 Months or More: Unrealized Losses | $ 33,193 | |
Number of Securities | Security | 66 | 10 |
Total: Fair Value | $ 539,968 | $ 424,112 |
Total: Unrealized Losses | $ 47,569 | $ 7,148 |
Loans Receivable - Schedule of
Loans Receivable - Schedule of Loans Receivable (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | $ 5,024,915 | $ 4,880,310 |
Unaccreted yield adjustments | (21,714) | (28,916) |
Loans receivable | 5,003,201 | 4,851,394 |
One-to Four-Family Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 1,527,980 | 1,447,721 |
Home Equity Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 41,501 | 47,871 |
Other Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 2,755 | 3,259 |
Consumer Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 44,256 | 51,130 |
Multi-Family Mortgage Member | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 2,076,003 | 2,039,260 |
Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 169,551 | 168,951 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 121,137 | 93,804 |
Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | 3,452,679 | 3,381,459 |
Nonresidential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, Gross | $ 1,085,988 | $ 1,079,444 |
Loans Receivable - Contractual
Loans Receivable - Contractual Payment Status of Loans Receivable (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | $ 5,024,915 | $ 4,880,310 |
Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 41,501 | 47,871 |
One-to Four-Family Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 1,527,980 | 1,447,721 |
Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 169,551 | 168,951 |
Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 121,137 | 93,804 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 1,527,980 | 1,447,721 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 2,755 | 3,259 |
Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 1,085,988 | 1,079,444 |
Not Past Due [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 41,413 | 47,828 |
Not Past Due [Member] | One-to Four-Family Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1,521,082 | 1,439,501 |
Not Past Due [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 169,206 | 168,550 |
Not Past Due [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 121,137 | 93,804 |
Not Past Due [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 2,755 | 3,258 |
Not Past Due [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1,058,604 | 1,046,553 |
Multi-Family Mortgage Member | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 2,076,003 | 2,039,260 |
Multi-Family Mortgage Member | Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 2,047,806 | 2,023,166 |
Past Due Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 62,912 | 57,650 |
Loans and Leases Receivable, Gross | 5,024,915 | 4,880,310 |
Past Due Loans [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 88 | 43 |
Loans and Leases Receivable, Gross | 41,501 | 47,871 |
Past Due Loans [Member] | One-to Four-Family Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 6,898 | 8,220 |
Loans and Leases Receivable, Gross | 1,527,980 | 1,447,721 |
Past Due Loans [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 345 | 401 |
Loans and Leases Receivable, Gross | 169,551 | 168,951 |
Past Due Loans [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 121,137 | 93,804 |
Past Due Loans [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1 | |
Loans and Leases Receivable, Gross | 2,755 | 3,259 |
Past Due Loans [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 27,384 | 32,891 |
Loans and Leases Receivable, Gross | 1,085,988 | 1,079,444 |
Past Due Loans [Member] | Not Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 4,962,003 | 4,822,660 |
Past Due Loans [Member] | 30-59 days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 5,536 | 389 |
Past Due Loans [Member] | 30-59 days [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 25 | 6 |
Past Due Loans [Member] | 30-59 days [Member] | One-to Four-Family Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 3,410 | 382 |
Past Due Loans [Member] | 30-59 days [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1 | |
Past Due Loans [Member] | 30-59 days [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 2,101 | |
Past Due Loans [Member] | 60-89 days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 588 | 2,739 |
Past Due Loans [Member] | 60-89 days [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 4 | 5 |
Past Due Loans [Member] | 60-89 days [Member] | One-to Four-Family Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 520 | 2,734 |
Past Due Loans [Member] | 60-89 days [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 64 | |
Past Due Loans [Member] | 90 days and over [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 56,788 | 54,522 |
Past Due Loans [Member] | 90 days and over [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 59 | 32 |
Past Due Loans [Member] | 90 days and over [Member] | One-to Four-Family Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 2,968 | 5,104 |
Past Due Loans [Member] | 90 days and over [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 281 | 401 |
Past Due Loans [Member] | 90 days and over [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 25,283 | 32,891 |
Past Due Loans [Member] | Multi-Family Mortgage Member | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 28,197 | 16,094 |
Loans and Leases Receivable, Gross | 2,076,003 | 2,039,260 |
Past Due Loans [Member] | Multi-Family Mortgage Member | 90 days and over [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | $ 28,197 | $ 16,094 |
Loans Receivable - Performance
Loans Receivable - Performance Status of Loans Receivable (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases receivable, Gross | $ 5,024,915 | $ 4,880,310 |
Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases receivable, Gross | 169,551 | 168,951 |
Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases receivable, Gross | 121,137 | 93,804 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases receivable, Gross | 1,527,980 | 1,447,721 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases receivable, Gross | 2,755 | 3,259 |
Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases receivable, Gross | 1,085,988 | 1,079,444 |
Multi-Family Mortgage Member | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases receivable, Gross | 2,076,003 | 2,039,260 |
Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases receivable, Gross | 41,501 | 47,871 |
One-to Four-Family Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases receivable, Gross | 1,527,980 | 1,447,721 |
Nonperforming Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases receivable, Gross | 5,024,915 | 4,880,310 |
Nonperforming Loans [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases receivable, Gross | 169,551 | 168,951 |
Nonperforming Loans [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases receivable, Gross | 121,137 | 93,804 |
Nonperforming Loans [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases receivable, Gross | 2,755 | 3,259 |
Nonperforming Loans [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases receivable, Gross | 1,085,988 | 1,079,444 |
Nonperforming Loans [Member] | Multi-Family Mortgage Member | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases receivable, Gross | 2,076,003 | 2,039,260 |
Nonperforming Loans [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases receivable, Gross | 4,944,320 | 4,800,543 |
Nonperforming Loans [Member] | Performing Financing Receivable [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases receivable, Gross | 169,058 | 168,039 |
Nonperforming Loans [Member] | Performing Financing Receivable [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases receivable, Gross | 119,346 | 91,576 |
Nonperforming Loans [Member] | Performing Financing Receivable [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases receivable, Gross | 2,755 | 3,259 |
Nonperforming Loans [Member] | Performing Financing Receivable [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases receivable, Gross | 1,057,798 | 1,042,257 |
Nonperforming Loans [Member] | Performing Financing Receivable [Member] | Multi-Family Mortgage Member | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases receivable, Gross | 2,035,988 | 2,020,734 |
Nonperforming Loans [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 19,788 | 29,022 |
Nonaccrual loans with no allowance for credit losses | 60,807 | 50,745 |
Total nonperforming | 80,595 | 79,767 |
Nonperforming Loans [Member] | Nonperforming Financing Receivable [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 63 | 236 |
Nonaccrual loans with no allowance for credit losses | 430 | 676 |
Total nonperforming | 493 | 912 |
Nonperforming Loans [Member] | Nonperforming Financing Receivable [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans with no allowance for credit losses | 1,791 | 2,228 |
Total nonperforming | 1,791 | 2,228 |
Nonperforming Loans [Member] | Nonperforming Financing Receivable [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 313 | |
Nonperforming Loans [Member] | Nonperforming Financing Receivable [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 3,667 | 12,612 |
Nonaccrual loans with no allowance for credit losses | 24,523 | 24,575 |
Total nonperforming | 28,190 | 37,187 |
Nonperforming Loans [Member] | Nonperforming Financing Receivable [Member] | Multi-Family Mortgage Member | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 11,369 | 8,300 |
Nonaccrual loans with no allowance for credit losses | 28,646 | 10,226 |
Total nonperforming | 40,015 | 18,526 |
Nonperforming Loans [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases receivable, Gross | 41,501 | 47,871 |
Nonperforming Loans [Member] | Home Equity Loans [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases receivable, Gross | 40,012 | 46,127 |
Nonperforming Loans [Member] | Home Equity Loans [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 452 | |
Nonaccrual loans with no allowance for credit losses | 1,176 | 1,292 |
Total nonperforming | 1,489 | 1,744 |
Nonperforming Loans [Member] | One-to Four-Family Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases receivable, Gross | 1,527,980 | 1,447,721 |
Nonperforming Loans [Member] | One-to Four-Family Residential Mortgage [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and leases receivable, Gross | 1,519,363 | 1,428,551 |
Nonperforming Loans [Member] | One-to Four-Family Residential Mortgage [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 4,376 | 7,422 |
Nonaccrual loans with no allowance for credit losses | 4,241 | 11,748 |
Total nonperforming | $ 8,617 | $ 19,170 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) $ in Thousands | Dec. 27, 2020USD ($) | Mar. 31, 2022USD ($)LoanProperty | Mar. 31, 2022USD ($)LoanProperty | Mar. 31, 2021USD ($) | Jun. 30, 2021USD ($)PropertyLoan |
Financing Receivable Recorded Investment [Line Items] | |||||
Financing receivable TDR modified principal balance | $ 31,700 | $ 17,800 | |||
Financing Receivable, Allowance for Credit Loss | $ 43,860 | 43,860 | 58,165 | ||
TDR charge-offs | 0 | $ 0 | |||
TDR defaults | 0 | $ 0 | |||
Financing receivables individually analyzed loans carrying value | 82,700 | 82,700 | |||
Financing receivables individually analyzed loans collateral dependent | $ 65,100 | $ 65,100 | |||
Aggregate carrying value of real estate owned | $ 178,000 | ||||
Residential Mortgage [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Number of properties held | Loan | 8 | 8 | |||
Aggregate carrying value of real estate owned | $ 1,600 | $ 1,600 | |||
Number of loans in process of foreclosure | Loan | 11 | ||||
Mortgage loans in process of foreclosure, carrying value | $ 2,100 | ||||
Residential Mortgage [Member] | Single-family Property [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Aggregate carrying value of real estate owned | $ 401,000 | $ 401,000 | |||
Residential Mortgage [Member] | Real Estate Acquired in Satisfaction of Debt [Member] | Single-family Property [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Number of properties held | Property | 2 | 2 | 1 | ||
CARES Act [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Relief provisions | $ 900,000,000 | ||||
Relief provision expiration date | Dec. 31, 2020 | ||||
Troubled Debt Restructurings [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | $ 672,000 | $ 672,000 | $ 256,000 |
Loans Receivable - Troubled Deb
Loans Receivable - Troubled Debt Restructurings of Loans Receivable (Details) - Troubled Debt Restructurings [Member] $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2022USD ($)Loan | Mar. 31, 2021USD ($)Loan | Mar. 31, 2022USD ($)Loan | Mar. 31, 2021USD ($)Loan | Jun. 30, 2021USD ($)Loan | |
Financing Receivable Modifications [Line Items] | |||||
Number of Loans | Loan | 69 | 69 | 63 | ||
Number of Loans | Loan | 11 | 1 | 14 | 2 | |
Amount | $ 31,699 | $ 31,699 | $ 17,800 | ||
Pre-modification outstanding recorded investment | 13,534 | $ 24 | 16,782 | $ 333 | |
Post-modification outstanding recorded investment | $ 13,543 | $ 24 | $ 16,776 | $ 332 | |
One-to Four-Family Residential Mortgage [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Number of Loans | Loan | 44 | 44 | 38 | ||
Number of Loans | Loan | 8 | 10 | 1 | ||
Amount | $ 7,662 | $ 7,662 | $ 5,621 | ||
Pre-modification outstanding recorded investment | 2,953 | 3,214 | $ 309 | ||
Post-modification outstanding recorded investment | $ 2,965 | $ 3,226 | $ 308 | ||
Home Equity Loans [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Number of Loans | Loan | 7 | 7 | 7 | ||
Number of Loans | Loan | 2 | 1 | 2 | 1 | |
Amount | $ 1,566 | $ 1,566 | $ 227 | ||
Pre-modification outstanding recorded investment | 1,477 | $ 24 | 1,477 | $ 24 | |
Post-modification outstanding recorded investment | $ 1,477 | $ 24 | $ 1,477 | $ 24 | |
Commercial Loan [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Number of Loans | Loan | 18 | 18 | 18 | ||
Amount | $ 22,471 | $ 22,471 | $ 11,952 | ||
Accrual [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Number of Loans | Loan | 43 | 43 | 26 | ||
Amount | $ 8,544 | $ 8,544 | $ 6,235 | ||
Accrual [Member] | One-to Four-Family Residential Mortgage [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Number of Loans | Loan | 29 | 29 | 18 | ||
Amount | $ 4,270 | $ 4,270 | $ 2,216 | ||
Accrual [Member] | Home Equity Loans [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Number of Loans | Loan | 5 | 5 | 4 | ||
Amount | $ 170 | $ 170 | $ 159 | ||
Accrual [Member] | Commercial Loan [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Number of Loans | Loan | 9 | 9 | 4 | ||
Amount | $ 4,104 | $ 4,104 | $ 3,860 | ||
Non-accrual [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Number of Loans | Loan | 26 | 26 | 37 | ||
Amount | $ 23,155 | $ 23,155 | $ 11,565 | ||
Non-accrual [Member] | One-to Four-Family Residential Mortgage [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Number of Loans | Loan | 15 | 15 | 20 | ||
Amount | $ 3,392 | $ 3,392 | $ 3,405 | ||
Non-accrual [Member] | Home Equity Loans [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Number of Loans | Loan | 2 | 2 | 3 | ||
Amount | $ 1,396 | $ 1,396 | $ 68 | ||
Non-accrual [Member] | Commercial Loan [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Number of Loans | Loan | 9 | 9 | 14 | ||
Amount | $ 18,367 | $ 18,367 | $ 8,092 | ||
Non-Residential Mortgage [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Number of Loans | Loan | 6 | 6 | |||
Non-Residential Mortgage [Member] | Commercial Loan [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Number of Loans | Loan | 7 | ||||
Amount | $ 2,046 | $ 2,046 | $ 2,380 | ||
Non-Residential Mortgage [Member] | Accrual [Member] | Commercial Loan [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Number of Loans | Loan | 4 | 4 | 1 | ||
Amount | $ 400 | $ 400 | $ 105 | ||
Non-Residential Mortgage [Member] | Non-accrual [Member] | Commercial Loan [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Number of Loans | Loan | 2 | 2 | 6 | ||
Amount | $ 1,646 | $ 1,646 | $ 2,275 | ||
Commercial Business [Member] | Commercial Loan [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Number of Loans | Loan | 8 | 8 | 9 | ||
Amount | $ 4,029 | $ 4,029 | $ 4,448 | ||
Commercial Business [Member] | Accrual [Member] | Commercial Loan [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Number of Loans | Loan | 5 | 5 | 3 | ||
Amount | $ 3,704 | $ 3,704 | $ 3,755 | ||
Commercial Business [Member] | Non-accrual [Member] | Commercial Loan [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Number of Loans | Loan | 3 | 3 | 6 | ||
Amount | $ 325 | $ 325 | $ 693 | ||
Construction [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Number of Loans | Loan | 1 | 1 | |||
Construction [Member] | Commercial Loan [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Number of Loans | Loan | 1 | ||||
Amount | $ 1,791 | $ 1,791 | $ 2,228 | ||
Construction [Member] | Non-accrual [Member] | Commercial Loan [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Number of Loans | Loan | 1 | 1 | 1 | ||
Amount | $ 1,791 | $ 1,791 | $ 2,228 | ||
Multi-Family Mortgage Member | |||||
Financing Receivable Modifications [Line Items] | |||||
Number of Loans | Loan | 1 | 2 | |||
Pre-modification outstanding recorded investment | $ 9,104 | $ 12,091 | |||
Post-modification outstanding recorded investment | $ 9,101 | $ 12,073 | |||
Multi-Family Mortgage Member | Commercial Loan [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Number of Loans | Loan | 3 | 3 | 1 | ||
Amount | $ 14,605 | $ 14,605 | $ 2,896 | ||
Multi-Family Mortgage Member | Non-accrual [Member] | Commercial Loan [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Number of Loans | Loan | 3 | 3 | 1 | ||
Amount | $ 14,605 | $ 14,605 | $ 2,896 |
Loans Receivable - Schedule O_2
Loans Receivable - Schedule Of Carrying Value Of Collateral Dependent Individually Analyzed Loans (Detail) - Individually Analyzed Loans [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of loans | $ 65,069 | $ 59,243 | ||
Balance | $ 976 | 6,512 | ||
One-to Four-Family Residential Mortgage [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of loans | [1] | 4,581 | 7,612 | |
Balance | [1] | 196 | 420 | |
Home Equity Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of loans | [1] | 59 | 31 | |
Commercial Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of loans | 60,429 | 51,600 | ||
Balance | 780 | 6,092 | ||
Commercial Loan [Member] | Non-Residential Mortgage [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of loans | [2] | 27,384 | 32,891 | |
Balance | [2] | 119 | 4,724 | |
Commercial Loan [Member] | Commercial Business [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of loans | [3] | 176 | 183 | |
Commercial Loan [Member] | Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of loans | 1,791 | |||
Multi-Family Mortgage Member | Commercial Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of loans | $ 31,078 | 18,526 | ||
Balance | $ 661 | $ 1,368 | ||
[1] | Secured by one- to four-family residential properties. | |||
[2] | Secured by income-producing nonresidential property. | |||
[3] | Secured by business assets. |
Loans Receivable - Credit-Ratin
Loans Receivable - Credit-Rating Classification of Loans Receivable (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | $ 5,024,915 | $ 4,880,310 | ||||||||||
Home Equity Loans [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 41,501 | 47,871 | ||||||||||
Non-Residential Mortgage [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 1,085,988 | 1,079,444 | ||||||||||
Commercial Business [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 169,551 | 168,951 | ||||||||||
Construction [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 121,137 | 93,804 | ||||||||||
Residential Mortgage [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 1,527,980 | 1,447,721 | ||||||||||
Other Consumer [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 2,755 | 3,259 | ||||||||||
Pass [Member] | Home Equity Loans [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 39,296 | 45,532 | ||||||||||
Pass [Member] | Non-Residential Mortgage [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 1,016,754 | 1,000,585 | ||||||||||
Pass [Member] | Commercial Business [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 163,831 | 162,728 | ||||||||||
Pass [Member] | Construction [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 119,347 | 91,557 | ||||||||||
Pass [Member] | Residential Mortgage [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 1,509,521 | 1,422,020 | ||||||||||
Pass [Member] | Other Consumer [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 2,680 | 3,171 | ||||||||||
Special Mention | Home Equity Loans [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 265 | 393 | ||||||||||
Special Mention | Non-Residential Mortgage [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 36,683 | 40,980 | ||||||||||
Special Mention | Commercial Business [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 3,538 | 3,722 | ||||||||||
Special Mention | Residential Mortgage [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 1,652 | 1,945 | ||||||||||
Substandard | Home Equity Loans [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 1,940 | 1,946 | ||||||||||
Substandard | Non-Residential Mortgage [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 32,551 | 37,879 | ||||||||||
Substandard | Commercial Business [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 2,034 | 2,072 | ||||||||||
Substandard | Construction [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 1,790 | 2,247 | ||||||||||
Substandard | Residential Mortgage [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 16,807 | 23,756 | ||||||||||
Substandard | Other Consumer [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 0 | 1 | ||||||||||
Doubtful | Commercial Business [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 148 | 429 | ||||||||||
Doubtful | Other Consumer [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 75 | 87 | ||||||||||
Revolving Credit Facility | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 89,258 | 103,307 | ||||||||||
Revolving Credit Facility | Home Equity Loans [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 22,156 | 24,788 | ||||||||||
Revolving Credit Facility | Non-Residential Mortgage [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 6,087 | 6,150 | ||||||||||
Revolving Credit Facility | Commercial Business [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 54,790 | 66,127 | ||||||||||
Revolving Credit Facility | Construction [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 5,735 | 5,735 | ||||||||||
Revolving Credit Facility | Residential Mortgage [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 375 | 375 | ||||||||||
Revolving Credit Facility | Other Consumer [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 115 | 132 | ||||||||||
Revolving Credit Facility | Pass [Member] | Home Equity Loans [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 22,156 | 24,788 | ||||||||||
Revolving Credit Facility | Pass [Member] | Non-Residential Mortgage [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 6,087 | 6,150 | ||||||||||
Revolving Credit Facility | Pass [Member] | Commercial Business [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 54,513 | 65,657 | ||||||||||
Revolving Credit Facility | Pass [Member] | Construction [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 5,735 | 5,735 | ||||||||||
Revolving Credit Facility | Pass [Member] | Residential Mortgage [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 375 | 375 | ||||||||||
Revolving Credit Facility | Pass [Member] | Other Consumer [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 40 | 44 | ||||||||||
Revolving Credit Facility | Special Mention | Commercial Business [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 216 | 461 | ||||||||||
Revolving Credit Facility | Substandard | Commercial Business [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 58 | |||||||||||
Revolving Credit Facility | Substandard | Other Consumer [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 0 | 1 | ||||||||||
Revolving Credit Facility | Doubtful | Commercial Business [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 3 | 9 | ||||||||||
Revolving Credit Facility | Doubtful | Other Consumer [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 75 | 87 | ||||||||||
Multi-Family Mortgage Member | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 2,076,003 | 2,039,260 | ||||||||||
Multi-Family Mortgage Member | Pass [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 2,009,865 | 1,973,826 | ||||||||||
Multi-Family Mortgage Member | Special Mention | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 26,123 | 37,941 | ||||||||||
Multi-Family Mortgage Member | Substandard | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 40,015 | 27,493 | ||||||||||
Term Loan Amortized Cost [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 1,080,925 | 1,028,561 | $ 1,007,486 | $ 500,255 | $ 396,962 | $ 574,903 | $ 410,629 | $ 531,566 | $ 395,106 | $ 774,870 | $ 1,644,549 | $ 1,366,848 |
Term Loan Amortized Cost [Member] | Home Equity Loans [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 1,759 | 834 | 715 | 2,508 | 1,744 | 4,585 | 3,369 | 2,778 | 2,125 | 2,252 | 9,633 | 10,126 |
Term Loan Amortized Cost [Member] | Non-Residential Mortgage [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 201,205 | 100,345 | 86,936 | 77,146 | 64,161 | 79,955 | 62,003 | 73,696 | 55,954 | 284,343 | 609,642 | 457,809 |
Term Loan Amortized Cost [Member] | Commercial Business [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 36,918 | 44,555 | 39,520 | 19,064 | 12,736 | 4,861 | 4,150 | 16,432 | 12,742 | 4,399 | 8,695 | 13,513 |
Term Loan Amortized Cost [Member] | Construction [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 7,868 | 40,332 | 85,564 | 17,404 | 9,492 | 11,203 | 3,058 | 13,860 | 6,513 | 1,641 | 2,907 | 3,629 |
Term Loan Amortized Cost [Member] | Residential Mortgage [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 312,625 | 560,543 | 531,111 | 125,646 | 92,280 | 71,821 | 54,558 | 75,265 | 56,834 | 120,706 | 480,197 | 493,365 |
Term Loan Amortized Cost [Member] | Other Consumer [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 281 | 550 | 324 | 517 | 477 | 633 | 398 | 256 | 247 | 127 | 913 | 1,044 |
Term Loan Amortized Cost [Member] | Pass [Member] | Home Equity Loans [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 1,759 | 834 | 715 | 2,508 | 1,744 | 4,585 | 3,245 | 2,778 | 2,125 | 2,241 | 7,552 | 7,798 |
Term Loan Amortized Cost [Member] | Pass [Member] | Non-Residential Mortgage [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 201,205 | 99,602 | 86,212 | 77,146 | 64,161 | 56,435 | 37,706 | 64,616 | 51,884 | 254,940 | 569,499 | 441,696 |
Term Loan Amortized Cost [Member] | Pass [Member] | Commercial Business [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 36,918 | 44,514 | 39,481 | 18,988 | 12,441 | 4,701 | 3,961 | 12,654 | 9,147 | 3,322 | 7,370 | 12,892 |
Term Loan Amortized Cost [Member] | Pass [Member] | Construction [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 7,868 | 40,332 | 85,564 | 17,404 | 9,492 | 11,203 | 3,058 | 13,860 | 6,513 | 1,641 | 1,117 | 1,382 |
Term Loan Amortized Cost [Member] | Pass [Member] | Residential Mortgage [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 312,625 | 560,543 | 531,111 | 124,606 | 90,576 | 69,917 | 53,262 | 74,754 | 56,834 | 119,238 | 464,738 | 472,587 |
Term Loan Amortized Cost [Member] | Pass [Member] | Other Consumer [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 281 | 550 | 324 | 517 | 477 | 633 | 398 | 256 | 247 | 127 | 913 | 1,044 |
Term Loan Amortized Cost [Member] | Special Mention | Home Equity Loans [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 265 | 393 | ||||||||||
Term Loan Amortized Cost [Member] | Special Mention | Non-Residential Mortgage [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 23,520 | 23,364 | 4,146 | 4,070 | 8,801 | 9,249 | 4,513 | |||||
Term Loan Amortized Cost [Member] | Special Mention | Commercial Business [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 65 | 189 | 2,304 | 2,173 | 945 | 895 | 12 | |||||
Term Loan Amortized Cost [Member] | Special Mention | Residential Mortgage [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 1,233 | 1,213 | 439 | 712 | ||||||||
Term Loan Amortized Cost [Member] | Substandard | Home Equity Loans [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 124 | 11 | 1,816 | 1,935 | ||||||||
Term Loan Amortized Cost [Member] | Substandard | Non-Residential Mortgage [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 743 | 724 | 933 | 4,934 | 0 | 20,602 | 30,894 | 11,600 | ||||
Term Loan Amortized Cost [Member] | Substandard | Commercial Business [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 41 | 39 | 76 | 230 | 160 | 1,474 | 1,422 | 132 | 285 | 189 | ||
Term Loan Amortized Cost [Member] | Substandard | Construction [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 1,790 | 2,247 | ||||||||||
Term Loan Amortized Cost [Member] | Substandard | Residential Mortgage [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 1,040 | 1,704 | 671 | 83 | 511 | 1,468 | 15,020 | 20,066 | ||||
Term Loan Amortized Cost [Member] | Doubtful | Commercial Business [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 145 | 420 | ||||||||||
Term Loan Amortized Cost [Member] | Multi-Family Mortgage Member | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | 520,269 | 281,402 | 263,316 | 257,970 | 216,072 | 401,845 | 283,093 | 349,279 | 260,691 | 361,402 | 532,562 | 387,362 |
Term Loan Amortized Cost [Member] | Multi-Family Mortgage Member | Pass [Member] | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | $ 520,269 | $ 281,402 | $ 263,316 | $ 257,970 | $ 216,072 | 374,871 | 256,541 | 341,304 | 252,909 | 343,370 | 500,758 | 374,909 |
Term Loan Amortized Cost [Member] | Multi-Family Mortgage Member | Special Mention | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | $ 26,974 | 16,370 | 5,079 | 4,994 | 4,834 | 4,759 | 1,054 | |||||
Term Loan Amortized Cost [Member] | Multi-Family Mortgage Member | Substandard | ||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||
Loans and leases receivable, Gross | $ 10,182 | $ 2,896 | $ 2,788 | $ 13,198 | $ 27,045 | $ 11,399 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Allowance for Credit Losses and Balance of Loans Receivable (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans acquired with deteriorated credit quality collectively evaluated | $ 41,736 | $ 41,736 | $ 50,332 | ||
Allowance | 48,216 | $ 63,386 | 58,165 | $ 37,327 | |
Loans Individually Analyzed | 1,486 | 1,486 | 3,874 | ||
Loans collectively evaluated | 41,736 | 41,736 | 50,332 | ||
Financing Receivable, Allowance for Credit Loss | 43,860 | 43,860 | 58,165 | ||
Loans acquired with deteriorated credit quality individually analyzed | 1,129 | 1,129 | |||
Loans acquired with deteriorated credit quality collectively evaluated | 26,907 | 26,907 | |||
Loans individually analyzed | 81,567 | 81,567 | 69,068 | ||
Loans collectively evaluated | 4,915,312 | 4,915,312 | 4,748,747 | ||
Loans and Leases Receivable, Gross | 5,024,915 | 5,024,915 | 4,880,310 | ||
Loans receivable, Unaccreted yield adjustments | 21,714 | 21,714 | (28,916) | ||
Loans receivable | 5,003,201 | 5,003,201 | 4,851,394 | ||
Allowance | 43,860 | 63,762 | 43,860 | 63,762 | |
Impact of adopting Topic 326 | 19,640 | ||||
Total charge offs | (441) | (756) | (2,819) | (944) | |
Total recoveries | 5 | 6 | 254 | 18 | |
Initial allowance on PCD loans | 3,901 | ||||
(Reversal of) provision for credit losses | 3,920 | 1,126 | 11,740 | 3,820 | |
Non-Residential Mortgage [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans acquired with deteriorated credit quality collectively evaluated | 8,557 | 8,557 | 10,826 | ||
Allowance | 10,078 | 15,933 | 16,243 | 8,763 | |
Loans Individually Analyzed | 119 | 119 | 2,025 | ||
Loans collectively evaluated | 8,557 | 8,557 | 10,826 | ||
Financing Receivable, Allowance for Credit Loss | 9,039 | 9,039 | 16,243 | ||
Loans individually analyzed | 29,911 | 29,911 | 30,668 | ||
Loans collectively evaluated | 1,042,517 | 1,042,517 | 1,016,413 | ||
Loans and Leases Receivable, Gross | 1,085,988 | 1,085,988 | 1,079,444 | ||
Allowance | 9,039 | 19,977 | 9,039 | 19,977 | |
Impact of adopting Topic 326 | 2,390 | ||||
Total charge offs | (441) | (9) | (2,538) | (75) | |
Total recoveries | 0 | 0 | 0 | ||
Initial allowance on PCD loans | 1,720 | ||||
(Reversal of) provision for credit losses | 598 | 4,053 | 4,666 | 7,179 | |
Commercial Business [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans acquired with deteriorated credit quality collectively evaluated | 1,708 | 1,708 | 2,038 | ||
Allowance | 1,903 | 3,348 | 2,086 | 1,926 | |
Loans Individually Analyzed | 6 | 6 | 33 | ||
Loans collectively evaluated | 1,708 | 1,708 | 2,038 | ||
Financing Receivable, Allowance for Credit Loss | 1,725 | 1,725 | 2,086 | ||
Loans individually analyzed | 317 | 317 | 729 | ||
Loans collectively evaluated | 167,791 | 167,791 | 165,506 | ||
Loans and Leases Receivable, Gross | 169,551 | 169,551 | 168,951 | ||
Allowance | 1,725 | 2,526 | 1,725 | 2,526 | |
Impact of adopting Topic 326 | (421) | ||||
Total charge offs | 0 | (738) | (175) | (802) | |
Total recoveries | 4 | 2 | 105 | 7 | |
Initial allowance on PCD loans | 1,007 | ||||
(Reversal of) provision for credit losses | 182 | (86) | 291 | 809 | |
Construction [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans acquired with deteriorated credit quality collectively evaluated | 1,274 | 1,274 | 1,121 | ||
Allowance | 1,441 | 1,205 | 1,170 | 236 | |
Loans individually analyzed | 0 | 0 | |||
Loans Individually Analyzed | 0 | ||||
Loans collectively evaluated | 1,274 | 1,274 | 1,121 | ||
Financing Receivable, Allowance for Credit Loss | 1,274 | 1,274 | 1,170 | ||
Loans individually analyzed | 1,791 | 1,791 | 2,228 | ||
Loans collectively evaluated | 113,611 | 113,611 | 78,606 | ||
Loans and Leases Receivable, Gross | 121,137 | 121,137 | 93,804 | ||
Allowance | 1,274 | 1,245 | 1,274 | 1,245 | |
Impact of adopting Topic 326 | 80 | ||||
Total charge offs | 0 | 0 | 0 | ||
Total recoveries | 0 | 0 | 0 | ||
Initial allowance on PCD loans | 99 | ||||
(Reversal of) provision for credit losses | 167 | 40 | 104 | 830 | |
One-to Four-Family Residential Mortgage [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans acquired with deteriorated credit quality collectively evaluated | 6,758 | 6,758 | 8,974 | ||
Allowance | 8,601 | 12,625 | 9,747 | 4,860 | |
Loans Individually Analyzed | 278 | 278 | 447 | ||
Loans collectively evaluated | 6,758 | 6,758 | 8,974 | ||
Financing Receivable, Allowance for Credit Loss | 7,278 | 7,278 | 9,747 | ||
Loans individually analyzed | 8,386 | 8,386 | 15,553 | ||
Loans collectively evaluated | 1,512,698 | 1,512,698 | 1,423,766 | ||
Loans and Leases Receivable, Gross | 1,527,980 | 1,527,980 | 1,447,721 | ||
Allowance | 7,278 | 10,378 | 7,278 | 10,378 | |
Impact of adopting Topic 326 | 9,106 | ||||
Total charge offs | 0 | 0 | (13) | ||
Total recoveries | 0 | 2 | 147 | 2 | |
Initial allowance on PCD loans | 720 | ||||
(Reversal of) provision for credit losses | 1,323 | (2,249) | 2,616 | (4,297) | |
Other Consumer [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans acquired with deteriorated credit quality collectively evaluated | 81 | 81 | 36 | ||
Allowance | 90 | 50 | 36 | 58 | |
Loans Individually Analyzed | 0 | 0 | 0 | ||
Loans collectively evaluated | 81 | 81 | 36 | ||
Financing Receivable, Allowance for Credit Loss | 81 | 81 | 36 | ||
Loans individually analyzed | 0 | 0 | 0 | ||
Loans collectively evaluated | 2,755 | 2,755 | 3,259 | ||
Loans and Leases Receivable, Gross | 2,755 | 2,755 | 3,259 | ||
Allowance | 81 | 42 | 81 | 42 | |
Impact of adopting Topic 326 | (15) | ||||
Total charge offs | 0 | (9) | (2) | (22) | |
Total recoveries | 1 | 2 | 1 | 9 | |
Initial allowance on PCD loans | 0 | ||||
(Reversal of) provision for credit losses | 10 | (1) | 46 | 12 | |
Multi-Family Mortgage Member | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans acquired with deteriorated credit quality collectively evaluated | 23,144 | 23,144 | 26,927 | ||
Allowance | 25,795 | 29,500 | 28,450 | 20,916 | |
Loans Individually Analyzed | 1,083 | 1,083 | 1,368 | ||
Loans collectively evaluated | 23,144 | 23,144 | 26,927 | ||
Financing Receivable, Allowance for Credit Loss | 24,227 | 24,227 | 28,450 | ||
Loans individually analyzed | 40,015 | 40,015 | 18,526 | ||
Loans collectively evaluated | 2,035,988 | 2,035,988 | 2,015,135 | ||
Loans and Leases Receivable, Gross | 2,076,003 | 2,076,003 | 2,039,260 | ||
Allowance | 24,227 | 28,986 | 24,227 | 28,986 | |
Impact of adopting Topic 326 | 8,408 | ||||
Total charge offs | 0 | (104) | 0 | ||
Total recoveries | 0 | 0 | 0 | ||
Initial allowance on PCD loans | 250 | ||||
(Reversal of) provision for credit losses | 1,568 | (514) | 4,119 | (588) | |
Home Equity Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans acquired with deteriorated credit quality collectively evaluated | 214 | 214 | 410 | ||
Allowance | 308 | 725 | 433 | 568 | |
Loans Individually Analyzed | 0 | 0 | 1 | ||
Loans collectively evaluated | 214 | 214 | 410 | ||
Financing Receivable, Allowance for Credit Loss | 236 | 236 | 433 | ||
Loans individually analyzed | 1,147 | 1,147 | 1,364 | ||
Loans collectively evaluated | 39,952 | 39,952 | 46,062 | ||
Loans and Leases Receivable, Gross | 41,501 | 41,501 | 47,871 | ||
Allowance | 236 | 608 | 236 | 608 | |
Impact of adopting Topic 326 | 92 | ||||
Total charge offs | 0 | 0 | (32) | ||
Total recoveries | 0 | 1 | 0 | ||
Initial allowance on PCD loans | 105 | ||||
(Reversal of) provision for credit losses | 72 | $ (117) | 198 | $ (125) | |
Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans acquired with deteriorated credit quality collectively evaluated | 616 | 616 | 1,116 | ||
Loans collectively evaluated | 616 | 616 | 1,116 | ||
Financing Receivable, Allowance for Credit Loss | 22 | 22 | 2,843 | ||
Loans acquired with deteriorated credit quality individually analyzed | 10,699 | ||||
Loans acquired with deteriorated credit quality collectively evaluated | 51,796 | ||||
Receivables Acquired with Deteriorated Credit Quality [Member] | Non-Residential Mortgage [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans acquired with deteriorated credit quality collectively evaluated | 363 | 363 | 692 | ||
Loans collectively evaluated | 363 | 363 | 692 | ||
Financing Receivable, Allowance for Credit Loss | 0 | 0 | 2,700 | ||
Loans acquired with deteriorated credit quality individually analyzed | 381 | 381 | 6,519 | ||
Loans acquired with deteriorated credit quality collectively evaluated | 13,179 | 13,179 | 25,844 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Business [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans acquired with deteriorated credit quality collectively evaluated | 11 | 11 | 15 | ||
Loans collectively evaluated | 11 | 11 | 15 | ||
Financing Receivable, Allowance for Credit Loss | 0 | 0 | 0 | ||
Loans acquired with deteriorated credit quality individually analyzed | 176 | 176 | 183 | ||
Loans acquired with deteriorated credit quality collectively evaluated | 1,267 | 1,267 | 2,533 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Construction [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Financing Receivable, Allowance for Credit Losses | 0 | ||||
Loans acquired with deteriorated credit quality collectively evaluated | 0 | 0 | 49 | ||
Loans collectively evaluated | 0 | 0 | 49 | ||
Financing Receivable, Allowance for Credit Loss | 0 | ||||
Loans acquired with deteriorated credit quality individually analyzed | 0 | 0 | 0 | ||
Loans acquired with deteriorated credit quality collectively evaluated | 5,735 | 5,735 | 12,970 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | One-to Four-Family Residential Mortgage [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans acquired with deteriorated credit quality collectively evaluated | 242 | 242 | 204 | ||
Loans collectively evaluated | 242 | 242 | 204 | ||
Financing Receivable, Allowance for Credit Loss | 0 | 0 | 122 | ||
Loans acquired with deteriorated credit quality individually analyzed | 230 | 230 | 3,617 | ||
Loans acquired with deteriorated credit quality collectively evaluated | 6,666 | 6,666 | 4,785 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Other Consumer [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans acquired with deteriorated credit quality collectively analyzed | |||||
Loans acquired with deteriorated credit quality collectively evaluated | 0 | 0 | 0 | ||
Loans collectively evaluated | 0 | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss | 0 | 0 | 0 | ||
Loans acquired with deteriorated credit quality individually analyzed | 0 | 0 | 0 | ||
Loans acquired with deteriorated credit quality collectively evaluated | 0 | 0 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | Multi-Family Mortgage Member | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans acquired with deteriorated credit quality collectively evaluated | 0 | 0 | 155 | ||
Loans collectively evaluated | 0 | 0 | 155 | ||
Financing Receivable, Allowance for Credit Loss | 0 | 0 | 0 | ||
Loans acquired with deteriorated credit quality individually analyzed | 0 | 0 | 0 | ||
Loans acquired with deteriorated credit quality collectively evaluated | 0 | 0 | 5,599 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Home Equity Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans acquired with deteriorated credit quality collectively evaluated | 0 | 0 | 1 | ||
Loans collectively evaluated | 0 | 0 | 1 | ||
Financing Receivable, Allowance for Credit Loss | 22 | 22 | 21 | ||
Loans acquired with deteriorated credit quality individually analyzed | 342 | 342 | 380 | ||
Loans acquired with deteriorated credit quality collectively evaluated | $ 60 | $ 60 | $ 65 |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Allowance for Credit Losses on Financing Receivables Off Balance Sheet Commitments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | ||
Receivables [Abstract] | |||||
Beginning balance | $ 1,148 | $ 1,058 | $ 1,708 | ||
Impact of adopting Topic 326 | [1] | $ 536 | |||
(Reversal of) provision for credit losses | 3,920 | 1,126 | 11,740 | 3,820 | |
(Reversal of) provision for credit losses | (208) | 207 | (768) | 729 | |
Ending balance | $ 940 | $ 1,265 | $ 940 | $ 1,265 | |
[1] | Adoption of CECL accounting standard effective July 1, 2020 |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Deposits [Abstract] | ||
Non-interest-bearing demand | $ 621,954 | $ 593,718 |
Interest-bearing demand | 2,154,488 | 1,902,478 |
Savings | 1,088,974 | 1,111,364 |
Certificates of deposits | 1,663,246 | 1,877,746 |
Total deposits | $ 5,528,662 | $ 5,485,306 |
Borrowings - Schedule of Borrow
Borrowings - Schedule of Borrowings (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Debt Instrument [Line Items] | ||
Short-term Debt | $ 851,220 | $ 685,876 |
FHLB advances | ||
Debt Instrument [Line Items] | ||
Short-term Debt | 541,220 | 665,876 |
Overnight borrowings | ||
Debt Instrument [Line Items] | ||
Short-term Debt | $ 310,000 | $ 20,000 |
Borrowings - Schedule of Fixed
Borrowings - Schedule of Fixed Rate Advances from FHLB (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, Advances, Balance, Less than one year | $ 265,000 | $ 390,000 |
Federal Home Loan Bank, Advances, Balance Due in One to two years | 145,000 | 145,000 |
Federal Home Loan Bank, Advances, Balance Due in two to three years | 103,500 | 22,500 |
Federal Home Loan Bank, Advances, Balance Due in three to four years | 29,000 | 103,500 |
Federal Home Loan Bank, Advances, Balance Due in four to five years | 0 | 6,500 |
Federal Home Loan Bank, Advances, Balance greater than five years | 0 | 0 |
Federal Home Loan Bank, Advances, Total | 542,500 | 667,500 |
Federal Home Loan Bank, Advances, Unamortized Fair Value Adjustments | (1,280) | (1,624) |
Total Federal Home Loan Bank, Advances, After Fair Value Adjustments | $ 541,220 | $ 665,876 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in less than one year | 0.63% | 0.33% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in one to two years | 3.04% | 3.04% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in two to three years | 2.65% | 2.63% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in three to four years | 2.77% | 2.68% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in four to five years | 0.00% | 2.82% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in greater than five years | 0.00% | 0.00% |
Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Weighted Average Interest Rate | 1.77% | 1.38% |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Jun. 30, 2021 |
Mortgage-Backed Securities [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, advances, general debt obligations, disclosures, collateral pledged | $ 155.9 | $ 170.1 |
Investment in Federal Home Loan Bank Stock [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, advances, general debt obligations, disclosures, collateral pledged | $ 3,440 | $ 3,270 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Fair Values of Derivative Financial Instruments as well as Their Classification on Statement of Financial Condition (Detail) - Derivatives Designated as Hedging Instruments [Member] - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Other Assets [Member] | ||
Derivative [Line Items] | ||
Fair Value | $ 34,007 | $ 1,832 |
Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair Value | 0 | 673 |
Interest Rate Contract [Member] | Other Assets [Member] | ||
Derivative [Line Items] | ||
Fair Value | 34,007 | 1,832 |
Interest Rate Contract [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair Value | $ 0 | $ 673 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2022USD ($)Instrument | Mar. 31, 2021USD ($) | Mar. 31, 2022USD ($)Instrument | Mar. 31, 2021USD ($) | Jun. 30, 2021USD ($) | |
Derivative [Line Items] | |||||
Reclassifications to interest expense | $ (1,268,000) | $ (1,987,000) | $ (4,271,000) | $ (6,576,000) | |
Derivative liability | 0 | 0 | |||
Loan Origination Commitments [Member] | |||||
Derivative [Line Items] | |||||
Pipeline of loans held-for-sale | 16,000,000 | 16,000,000 | $ 48,400,000 | ||
Interest Expense [Member] | |||||
Derivative [Line Items] | |||||
Estimated cash flow hedge gain (loss) to be reclassified in next twelve months | 4,600,000 | ||||
Cash Flow Hedges [Member] | |||||
Derivative [Line Items] | |||||
Reclassifications to interest expense | $ 1,300,000 | $ (4,300,000) | |||
Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | |||||
Derivative [Line Items] | |||||
Number of interest rate derivative instruments held | Instrument | 10 | 10 | |||
Derivative, notional amount | $ 790,000,000 | $ 790,000,000 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Pre-tax Effects of Derivative Instruments on Consolidated Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivatives | $ 23,343 | $ 13,075 | $ 28,607 | $ 14,353 |
Amount of loss reclassified from accumulated other comprehensive income to interest expense | (1,268) | $ (1,987) | (4,271) | $ (6,576) |
Derivatives in Cash Flow Hedging Relationships [Member] | ||||
Derivative [Line Items] | ||||
Amount of loss reclassified from accumulated other comprehensive income to interest expense | $ 1,300 | $ (4,300) |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Offsetting Derivatives (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Derivative [Line Items] | ||
Gross Amount Recognized, Assets | $ 34,158 | $ 6,847 |
Gross Amounts Offset, Assets | (5,015) | |
Net Amounts Presented, Assets | 34,007 | 1,832 |
Net Amount, Assets | 34,007 | 1,832 |
Gross Amount Recognized, Liabilities | 151 | 5,688 |
Gross Amounts Offset, Liabilities | (151) | (5,015) |
Net Amounts Presented, Liabilities | 0 | 673 |
Gross Amounts Not Offset, Cash Collateral Posted, Liabilities | 0 | (673) |
Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Gross Amount Recognized, Assets | 34,158 | 6,847 |
Gross Amounts Offset, Assets | (151) | (5,015) |
Net Amounts Presented, Assets | 34,007 | 1,832 |
Net Amount, Assets | 34,007 | 1,832 |
Gross Amount Recognized, Liabilities | 151 | 5,688 |
Gross Amounts Offset, Liabilities | (151) | (5,015) |
Net Amounts Presented, Liabilities | 0 | 673 |
Gross Amounts Not Offset, Cash Collateral Posted, Liabilities | $ 0 | $ (673) |
Benefit Plans - Schedule of Net
Benefit Plans - Schedule of Net Periodic Benefit Expense (Detail) - Benefit Equalization Plan, Postretirement Welfare Plan, Directors Consultation and Retirement Plan and Atlas Bank Retirement Income Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Salaries and Employee Benefits [Member] | ||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 29 | $ 26 | $ 87 | $ 79 |
Other Expense [Member] | ||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Interest cost | 67 | 66 | 205 | 197 |
Amortization of unrecognized loss | (20) | (20) | (60) | (62) |
Expected return on assets | 27 | 28 | 83 | 85 |
Net periodic benefit cost | $ 89 | $ 84 | $ 269 | $ 253 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) - 2021 Equity Incentive Plan [Member] - shares | 3 Months Ended | |
Mar. 31, 2022 | Oct. 28, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Number of shares authorized for issuance | 7,500,000 | |
RSU Member | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Shares granted | 251,905 | |
Service Based RSU | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Shares granted | 181,588 | |
Service Based RSU | Tranche Three [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service-based RSUs, vest in period | 2 years 7 months 6 days | |
Performance Based RSU | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Shares granted | 70,317 | |
Performance Based RSU | Tranche Three [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Performance based RSUs vested period | 3 years |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Statutory federal tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Income before income taxes | $ 24,215 | $ 22,155 | $ 76,772 | $ 58,980 |
Statutory federal tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Federal income tax expense at statutory rate | $ 5,085 | $ 4,653 | $ 16,122 | $ 12,386 |
(Reduction) increases in income taxes resulting from: Tax exempt interest | (66) | (85) | (204) | (270) |
(Reduction) increases in income taxes resulting from: State tax, net of federal tax effect | 1,908 | 1,498 | 6,026 | 3,738 |
(Reduction) increases in income taxes resulting from: Incentive stock option compensation expense | 3 | 23 | 42 | 63 |
(Reduction) increases in income taxes resulting from: Income from bank-owned life insurance | (317) | (324) | (973) | (989) |
(Reduction) increases in income taxes resulting from: Non-deductible merger-related expenses | 0 | 0 | 0 | 49 |
(Reductions) increases in income taxes resulting from: Bargain purchase gain | 0 | 0 | (641) | |
(Reduction) increase in income taxes resulting from: Utilization of capital loss carryforward | 0 | |||
(Reductions) increases in income taxes resulting from: Other items, net | 91 | 21 | 418 | 429 |
Income Tax Expense Benefit Before Valuation Allowance | 6,522 | 5,744 | 20,595 | 14,765 |
Reversal of valuation allowance | 0 | (12) | 0 | (535) |
Total income tax expense | $ 6,522 | $ 5,732 | $ 20,595 | $ 14,230 |
Effective income tax rate | 26.93% | 25.87% | 26.83% | 24.13% |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Assets Measured At Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Assets: | ||
Securities available for sale, Fair value | $ 725,777 | |
Mortgage-backed securities available for sale | 800,309 | $ 1,051,041 |
Securities available for sale | 1,526,086 | 1,676,864 |
Interest rate contracts | 34,007 | 1,832 |
Total assets | 1,560,093 | 1,678,696 |
Liabilities: | ||
Interest rate contracts | 0 | 673 |
Total liabilities | 673 | |
Debt Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 725,777 | 625,823 |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 31,078 | 34,603 |
Debt Securities [Member] | Asset-backed Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 229,584 | 242,989 |
Debt Securities [Member] | Collateralized Loan Obligations [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 311,620 | 189,880 |
Debt Securities [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 153,495 | 158,351 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | 7,996 | 13,739 |
Residential Pass-Through Securities [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | 570,150 | 744,491 |
Commercial Pass-Through Securities [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | 222,163 | 292,811 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | 800,309 | 1,051,041 |
Securities available for sale | 1,526,086 | 1,676,864 |
Total assets | 1,560,093 | 1,678,696 |
Liabilities: | ||
Total liabilities | 673 | |
Significant Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 725,777 | 625,823 |
Significant Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 31,078 | 34,603 |
Significant Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | Asset-backed Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 229,584 | 242,989 |
Significant Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | Collateralized Loan Obligations [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 311,620 | 189,880 |
Significant Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 153,495 | 158,351 |
Significant Other Observable Inputs (Level 2) [Member] | Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | 7,996 | 13,739 |
Significant Other Observable Inputs (Level 2) [Member] | Residential Pass-Through Securities [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | 570,150 | 744,491 |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Pass-Through Securities [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | 222,163 | 292,811 |
Interest Rate Contract [Member] | ||
Assets: | ||
Interest rate contracts | 34,007 | 1,832 |
Liabilities: | ||
Interest rate contracts | 0 | 673 |
Interest Rate Contract [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Interest rate contracts | $ 34,007 | 1,832 |
Liabilities: | ||
Interest rate contracts | $ 673 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Schedule of Assets Measured At Fair Value on a Non-recurring Basis (Detail) - USD ($) | Mar. 31, 2022 | Jun. 30, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 1,560,093,000 | $ 1,678,696,000 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 401,000 | 178,000 |
Fair Value, Measurements, Nonrecurring [Member] | Multifamily [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 4,558,000 | 6,932,000 |
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 12,596,000 | 18,662,000 |
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 2,239,000 | 3,051,000 |
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Non-Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 5,799,000 | 8,679,000 |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 401,000 | 178,000 |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 401,000 | 178,000 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 1,560,093,000 | 1,678,696,000 |
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 12,600,000 | 18,700,000 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Multifamily [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 4,558,000 | 6,932,000 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 12,596,000 | 18,662,000 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 2,239,000 | 3,051,000 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Non-Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 5,799,000 | 8,679,000 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 401,000 | 178,000 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 401,000 | $ 178,000 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Schedule of Quantitative Information about Level 3 Fair Value Measurements (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Jun. 30, 2021 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 1,560,093 | $ 1,678,696 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 401 | $ 178 |
Valuation Techniques | Market valuation of underlying collatera | Market valuation of underlying collateral |
Unobservable Input | Adjustments to reflect current conditions/selling costs | Adjustments to reflect current conditions/selling costs |
Weighted Average | 5.44% | 6.00% |
Fair Value, Measurements, Nonrecurring [Member] | Multifamily [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 4,558 | $ 6,932 |
Fair Value, Measurements, Nonrecurring [Member] | Minimum [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range | 5.00% | 6.00% |
Fair Value, Measurements, Nonrecurring [Member] | Maximum [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range | 6.00% | |
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 12,596 | $ 18,662 |
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 2,239 | 3,051 |
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Non-Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 5,799 | 8,679 |
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 12,596 | 18,662 |
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 2,239 | $ 3,051 |
Valuation Techniques | Market valuation of underlying collateral | Market valuation of underlying collateral |
Unobservable Input | Adjustments to reflect current conditions/selling costs | Adjustments to reflect current conditions/selling costs |
Weighted Average | 10.39% | 9.77% |
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Non-Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 5,799 | $ 8,679 |
Valuation Techniques | Market valuation of underlying collateral | Market valuation of underlying collateral |
Unobservable Input | Adjustments to reflect current conditions/selling costs | Adjustments to reflect current conditions/selling costs |
Weighted Average | 14.97% | 14.48% |
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Multifamily [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 4,558 | $ 6,932 |
Valuation Techniques | Market valuation of underlying collateral | Market valuation of underlying collateral |
Unobservable Input | Adjustments to reflect current conditions/selling costs | Adjustments to reflect current conditions/selling costs |
Weighted Average | 10.60% | 10.39% |
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Minimum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range | 7.00% | 7.00% |
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Minimum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Non-Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range | 9.00% | 9.00% |
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Minimum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Multifamily [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range | 10.00% | 10.00% |
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Maximum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range | 14.00% | 13.00% |
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Maximum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Non-Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range | 19.00% | 16.00% |
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Maximum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Multifamily [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range | 11.00% | 11.00% |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 401 | $ 178 |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 401 | 178 |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Market Valuation of Underlying Collateral [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 401 | $ 178 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | Mar. 31, 2022 | Jun. 30, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 1,560,093,000 | $ 1,678,696,000 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 401,000 | 178,000 |
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 12,596,000 | 18,662,000 |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 401,000 | 178,000 |
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 12,600,000 | 18,700,000 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 976,000,000 | 6,500,000 |
Loans and Leases Receivable, Gross | 13,600,000 | 25,200,000 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 12,596,000 | 18,662,000 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 401,000 | $ 178,000 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 1,526,086 | $ 1,676,864 |
Investment securities held to maturity | 121,853 | 38,138 |
Interest receivable | 14,203 | |
Interest rate contracts | 34,007 | 1,832 |
Interest payable on deposits | 85 | |
Interest payable on borrowings | 1,365 | |
Interest rate contracts | 0 | 673 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,526,086 | 1,676,864 |
Carrying Amount [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 62,379 | 67,855 |
Investment securities available for sale | 1,526,086 | 1,676,864 |
Investment securities held to maturity | 121,853 | 38,138 |
Loans held-for-sale | 2,822 | 16,492 |
Net loans receivable | 4,959,341 | 4,793,229 |
FHLB Stock | 30,997 | 36,615 |
Interest receivable | 19,517 | 19,362 |
Interest rate contracts | 34,007 | 1,832 |
Deposits | 5,528,662 | 5,485,306 |
Borrowings | 851,220 | 685,876 |
Interest payable on deposits | 164 | 145 |
Interest payable on borrowings | 1,365 | 1,335 |
Interest rate contracts | 673 | |
Estimate of Fair Value Measurement [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 62,379 | 67,855 |
Investment securities available for sale | 1,526,086 | 1,676,864 |
Investment securities held to maturity | 117,017 | 39,610 |
Loans held-for-sale | 2,759 | 16,934 |
Net loans receivable | 4,877,212 | 4,830,136 |
Interest receivable | 19,517 | 19,362 |
Interest rate contracts | 34,007 | 1,832 |
Deposits | 5,515,560 | 5,490,923 |
Borrowings | 853,824 | 701,419 |
Interest payable on deposits | 164 | 145 |
Interest payable on borrowings | 1,365 | 1,335 |
Interest rate contracts | 673 | |
Estimate of Fair Value Measurement [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 62,379 | 67,855 |
Interest receivable | 3 | 1 |
Deposits | 3,865,416 | 3,607,560 |
Interest payable on deposits | 79 | 96 |
Estimate of Fair Value Measurement [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,526,086 | 1,676,864 |
Investment securities held to maturity | 117,017 | 39,610 |
Loans held-for-sale | 2,759 | 16,934 |
Interest receivable | 5,311 | 4,238 |
Interest rate contracts | 34,007 | 1,832 |
Interest rate contracts | 673 | |
Estimate of Fair Value Measurement [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 4,877,212 | 4,830,136 |
Interest receivable | 15,123 | |
Deposits | 1,650,144 | 1,883,363 |
Borrowings | $ 853,824 | 701,419 |
Interest payable on deposits | 49 | |
Interest payable on borrowings | $ 1,335 |
Comprehensive Income (Loss) - S
Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Total Stockholders' Equity | $ 955,169 | $ 995,470 | $ 1,042,944 | $ 1,063,812 | $ 1,092,341 | $ 1,084,177 |
Net Unrealized (Loss) Gain on Securities Available for Sale [Member] | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Net unrealized gain on securities available for sale | (63,988) | 10,011 | ||||
Tax effect | (18,760) | (2,882) | ||||
Total Stockholders' Equity | (45,228) | 7,129 | ||||
Fair Value Adjustments on Derivatives [Member] | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Net unrealized gain on securities available for sale | 32,566 | (312) | ||||
Tax effect | (9,557) | 94 | ||||
Total Stockholders' Equity | 23,009 | (218) | ||||
Benefit Plan Adjustments [Member] | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Net unrealized gain on securities available for sale | (1,033) | (1,093) | ||||
Tax effect | 303 | 326 | ||||
Total Stockholders' Equity | 730 | (767) | ||||
Accumulated Other Comprehensive Income [Member] | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Total Stockholders' Equity | $ (22,949) | $ 1,574 | $ 6,144 | $ 1,357 | $ 6,453 | $ 1,257 |
Comprehensive Income (Loss) -_2
Comprehensive Income (Loss) - Schedule of Comprehensive (Loss) Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||
Net unrealized holding (loss) gain on securities available for sale | $ (59,249) | $ (22,285) | $ (73,995) | $ (20,374) | |
Net realized gain on sale and call of securities available for sale | [1] | (3) | (18) | (4) | (454) |
Fair value adjustments on derivatives | 24,611 | 15,062 | 32,878 | 20,929 | |
Amortization of actuarial loss | 20 | 20 | 60 | 62 | |
Other comprehensive (loss) income before taxes | (34,621) | (7,221) | (41,061) | 163 | |
Tax effect | 10,098 | 2,125 | 11,968 | (63) | |
Total Other Comprehensive (Loss) Income | $ (24,523) | $ (5,096) | $ (29,093) | $ 100 | |
[1] | Represents amounts reclassified out of accumulated other comprehensive income and included in gain on sale of securities on the consolidated statements of income. |
Net Income Per Common Share (EP
Net Income Per Common Share (EPS) - Schedule of Earnings Per Share Calculations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||||
Net Income | $ 17,693 | $ 16,423 | $ 56,177 | $ 44,750 |
Weighted average number of common shares outstanding - basic | 69,790 | 80,673 | 72,130 | 83,958 |
Effect of dilutive securities | 27 | 17 | 24 | 3 |
Weighted average number of common shares outstanding - diluted | 69,817 | 80,690 | 72,154 | 83,961 |
Basic earnings per share | $ 0.25 | $ 0.20 | $ 0.78 | $ 0.53 |
Diluted earnings per share | $ 0.25 | $ 0.20 | $ 0.78 | $ 0.53 |
Net Income Per Common Share (_3
Net Income Per Common Share (EPS) - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | |
Stock Options [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Number of stock options anti-dilutive | 3,115,000 | 3,253,040 | |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Number of stock options anti-dilutive | 251,905 |