Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Dec. 31, 2014 | |
Document And Entity Information [Abstract] | |
Document Type | S-1/A |
Amendment Flag | FALSE |
Document Period End Date | 31-Dec-14 |
Trading Symbol | KRNY |
Entity Registrant Name | Kearny Financial Corp. |
Entity Central Index Key | 1617242 |
Entity Filer Category | Accelerated Filer |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Assets | |||
Cash and amounts due from depository institutions | $14,133 | $14,403 | $13,102 |
Interest-bearing deposits in other banks | 82,303 | 120,631 | 113,932 |
Cash and Cash Equivalents | 96,436 | 135,034 | 127,034 |
Debt securities available for sale | 420,458 | 407,898 | 300,122 |
Debt securities held to maturity | 219,906 | 216,414 | 210,015 |
Loans receivable, including net yield adjustments | 1,814,071 | 1,741,471 | 1,360,871 |
Less allowance for loan losses | -12,584 | -12,387 | -10,896 |
Net loans receivable | 1,801,487 | 1,729,084 | 1,349,975 |
Mortgage-backed securities available for sale | 391,548 | 437,223 | 780,652 |
Mortgage-backed securities held to maturity | 322,529 | 295,658 | 101,114 |
Premises and equipment | 39,584 | 40,105 | 36,994 |
Federal Home Loan Bank of New York ("FHLB") stock | 27,382 | 25,990 | 15,666 |
Accrued interest receivable | 9,059 | 9,013 | 8,028 |
Goodwill | 108,591 | 108,591 | 108,591 |
Bank owned life insurance | 90,126 | 88,820 | 86,084 |
Deferred income tax assets, net | 9,998 | 10,314 | 9,782 |
Other assets | 10,765 | 5,865 | 11,303 |
Total Assets | 3,547,869 | 3,510,009 | 3,145,360 |
Liabilities | |||
Deposits: Non-interest-bearing | 208,457 | 224,054 | 190,964 |
Deposits: Interest-bearing | 2,256,388 | 2,255,887 | 2,179,544 |
Total deposits | 2,464,845 | 2,479,941 | 2,370,508 |
Borrowings | 563,002 | 512,257 | 287,695 |
Advance payments by borrowers for taxes | 8,636 | 9,001 | 7,840 |
Other liabilities | 18,152 | 14,134 | 11,610 |
Total Liabilities | 3,054,635 | 3,015,333 | 2,677,653 |
Stockholders' Equity | |||
Preferred stock, $0.10 par value, 25,000,000 shares authorized; none issued and outstanding | |||
Common stock | 7,378 | 7,378 | 7,274 |
Paid-in capital | 225,404 | 231,870 | 215,722 |
Retained earnings | 341,447 | 336,355 | 326,167 |
Unearned Employee Stock Ownership Plan | -3,152 | -3,879 | -5,334 |
Treasury stock, at cost | -73,535 | -74,768 | -71,983 |
Accumulated other comprehensive loss | -4,308 | -2,280 | -4,139 |
Total Stockholders' Equity | 493,234 | 494,676 | 467,707 |
Total Liabilities and Stockholders' Equity | $3,547,869 | $3,510,009 | $3,145,360 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Parenthetical) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | |||
Securities available for sale, amortized cost | $423,451 | $411,228 | $305,283 |
Securities held to maturity, estimated fair value | 218,064 | 213,472 | 202,328 |
Loans receivable, unamortized yield adjustments | -1,439 | -1,397 | -847 |
Mortgage-backed securities available for sale, amortized cost | 387,508 | 432,802 | 782,866 |
Mortgage-backed securities held to maturity, fair value disclosure | 325,709 | 293,781 | 96,447 |
Preferred stock, par value | $0.10 | $0.10 | $0.10 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common stock, par value | $0.10 | $0.10 | $0.10 |
Common stock, shares authorized | 75,000,000 | 75,000,000 | 75,000,000 |
Common stock, shares issued | 73,781,587 | 73,781,587 | 72,737,500 |
Common stock, shares outstanding | 67,375,247 | 67,267,865 | 66,500,740 |
Employee Stock Ownership Plan (ESOP), Number of Suspense Shares | 315,195 | 387,924 | 533,400 |
Treasury stock, shares | 6,406,340 | 6,513,722 | 6,236,760 |
Other Investment Securities | |||
Securities held to maturity, estimated fair value | $218,064 | $213,472 | $202,328 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Interest Income | |||||||
Loans | $18,648 | $16,509 | $37,053 | $32,325 | $66,794 | $61,500 | $63,960 |
Mortgage-backed securities | 4,654 | 5,505 | 9,430 | 11,059 | 20,827 | 23,688 | 32,435 |
Debt securities: | |||||||
Taxable | 1,792 | 1,221 | 3,527 | 2,499 | 5,341 | 1,884 | 1,319 |
Tax-exempt | 490 | 460 | 975 | 914 | 1,839 | 411 | 70 |
Other interest-earning assets | 328 | 238 | 625 | 436 | 1,018 | 775 | 765 |
Total Interest Income | 25,912 | 23,933 | 51,610 | 47,233 | 95,819 | 88,258 | 98,549 |
Interest Expense | |||||||
Deposits | 3,972 | 3,594 | 7,818 | 7,226 | 14,538 | 14,711 | 20,272 |
Borrowings | 2,367 | 1,864 | 4,694 | 3,336 | 7,460 | 7,290 | 8,097 |
Total Interest Expense | 6,339 | 5,458 | 12,512 | 10,562 | 21,998 | 22,001 | 28,369 |
Net Interest Income | 19,573 | 18,475 | 39,098 | 36,671 | 73,821 | 66,257 | 70,180 |
Provision for Loan Loses | 1,732 | 559 | 2,590 | 1,727 | 3,381 | 4,464 | 5,750 |
Net Interest Income after Provision for Loan Losses | 17,841 | 17,916 | 36,508 | 34,944 | 70,440 | 61,793 | 64,430 |
Non-Interest Income | |||||||
Fees and service charges | 731 | 630 | 1,430 | 1,321 | 2,452 | 2,541 | 2,435 |
Gain on sale of securities | 7 | 226 | 7 | 226 | 1,517 | 10,427 | 47 |
Gain on sale of loans | 9 | 9 | 53 | 80 | 557 | 661 | |
Gain (loss) on sale and write down of real estate owned | 5 | -146 | 1 | -441 | -775 | -3,330 | |
Income from bank owned life insurance | 654 | 707 | 1,306 | 1,409 | 2,735 | 1,966 | 748 |
Electronic banking fees and charges | 258 | 296 | 542 | 640 | 1,160 | 1,145 | 957 |
Miscellaneous | 54 | 70 | 150 | 140 | 620 | 527 | 627 |
Total Non-Interest Income | 1,718 | 1,929 | 3,298 | 3,790 | 8,123 | 16,388 | 2,145 |
Non-Interest Expense | |||||||
Salaries and employee benefits | 9,588 | 8,723 | 19,664 | 17,676 | 35,774 | 35,406 | 33,688 |
Net occupancy expense of premises | 1,795 | 1,607 | 3,437 | 3,269 | 7,031 | 6,625 | 6,528 |
Equipment and systems | 2,034 | 2,055 | 3,964 | 3,929 | 8,982 | 7,596 | 7,190 |
Advertising and marketing | 228 | 308 | 376 | 559 | 1,262 | 1,002 | 1,100 |
Federal deposit insurance premium | 607 | 618 | 1,196 | 1,130 | 2,288 | 2,166 | 2,082 |
Directors' compensation | 165 | 172 | 361 | 344 | 690 | 698 | 678 |
Merger-related expenses | 391 | ||||||
Debt extinguishment expenses | 8,688 | ||||||
Miscellaneous | 2,103 | 2,074 | 4,293 | 3,932 | 7,740 | 7,244 | 7,455 |
Total Non-Interest Expense | 16,520 | 15,557 | 33,291 | 30,839 | 64,158 | 69,425 | 58,721 |
Income before Income Taxes | 3,039 | 4,288 | 6,515 | 7,895 | 14,405 | 8,756 | 7,854 |
Income Taxes | 870 | 1,301 | 1,423 | 2,322 | 4,217 | 2,250 | 2,776 |
Net Income | $2,169 | $2,987 | $5,092 | $5,573 | $10,188 | $6,506 | $5,078 |
Net Income per Common Share (EPS) | |||||||
Basic | $0.03 | $0.05 | $0.08 | $0.08 | $0.16 | $0.10 | $0.08 |
Diluted | $0.03 | $0.05 | $0.08 | $0.08 | $0.16 | $0.10 | $0.08 |
Weighted Average Number of Common Shares Outstanding | |||||||
Basic | 67,042 | 65,767 | 67,009 | 65,851 | 65,796 | 66,152 | 66,495 |
Diluted | 67,055 | 65,767 | 67,185 | 65,851 | 65,836 | 66,152 | 66,495 |
Dividends Declared Per Common Share | $0 | $0 | $0 | $0 | $0.15 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Statement of Comprehensive Income [Abstract] | |||||||
Net Income | $2,169 | $2,987 | $5,092 | $5,573 | $10,188 | $6,506 | $5,078 |
Other Comprehensive Income (Loss): | |||||||
Net unrealized gain (loss) on securities available for sale, net of deferred income tax (benefit) expense | 2,169 | -6,993 | 139 | -6,050 | 6,754 | -22,776 | 8,004 |
Net gain on securities transferred from available for sale to held to maturity, net of deferred income tax (benefit) expense | 2 | -586 | |||||
Net realized gain on securities available for sale, net of income tax expense | -4 | -133 | -4 | -133 | -901 | -6,156 | -31 |
Fair value adjustments on derivatives, net of deferred income tax expense (benefit) | -3,694 | 1,532 | -1,972 | -140 | -3,909 | 1,838 | |
Benefit plan adjustments, net of deferred income tax (benefit) expense | 11 | 7 | -193 | 488 | 501 | -641 | 191 |
Total comprehensive loss | -1,518 | -5,587 | -2,028 | -5,835 | 1,859 | -27,735 | 8,164 |
Total Comprehensive Income (Loss) | $651 | ($2,600) | $3,064 | ($262) | $12,047 | ($21,229) | $13,242 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Statement of Comprehensive Income [Abstract] | |||||||
Deferred income tax expense (benefit), Unrealized gain (loss) on securities available for sale arising during the period | $866 | ($4,336) | ($175) | ($3,802) | $3,235 | ($13,886) | $5,401 |
Deferred income tax expense, Net gain on securities transferred from available for sale held to maturity | 0 | 0 | 0 | 0 | -404 | ||
Income tax expense, Realized gain on securities available for sale | -3 | -93 | -3 | -93 | -622 | -4,277 | -22 |
Deferred income tax expense (benefit), Fair value adjustments on derivatives | -2,551 | 1,059 | -1,362 | -96 | -2,699 | 1,269 | |
Deferred tax expense (benefit), Benefit plans | $8 | $4 | ($132) | $337 | $346 | ($443) | $132 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock [Member] | Paid-in Capital [Member] | Retained Earnings [Member] | Unearned ESOP Shares [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss [Member] |
Balance (in value) at Jun. 30, 2011 | $487,874,000 | $7,274,000 | $215,258,000 | $317,354,000 | ($8,244,000) | ($59,200,000) | $15,432,000 |
Balance (in shares) at Jun. 30, 2011 | 67,851,000 | ||||||
Net Income | 5,078,000 | 5,078,000 | |||||
Other comprehensive income (loss), net of income tax | 8,164,000 | 8,164,000 | |||||
ESOP shares committed to be released | 1,367,000 | -88,000 | 1,455,000 | ||||
Dividends contributed for payment of ESOP loan | 160,000 | 160,000 | |||||
Stock option expense | 41,000 | 41,000 | |||||
Treasury stock purchases (in shares) | -915,000 | ||||||
Treasury stock purchases (in value) | -8,464,000 | -8,464,000 | |||||
Restricted stock plan shares earned | 168,000 | 168,000 | |||||
Cash dividends declared ($0.15/public share) | -2,321,000 | -2,321,000 | |||||
Cash dividends paid to Kearny MHC | -450,000 | -450,000 | |||||
Balance (in value) at Jun. 30, 2012 | 491,617,000 | 7,274,000 | 215,539,000 | 319,661,000 | -6,789,000 | -67,664,000 | 23,596,000 |
Balance (in shares) at Jun. 30, 2012 | 66,936,000 | ||||||
Net Income | 6,506,000 | 6,506,000 | |||||
Other comprehensive income (loss), net of income tax | -27,735,000 | -27,735,000 | |||||
ESOP shares committed to be released | 1,431,000 | -24,000 | 1,455,000 | ||||
Dividends contributed for payment of ESOP loan | -2,000 | -2,000 | |||||
Stock option expense | 41,000 | 41,000 | |||||
Treasury stock purchases (in shares) | -435,000 | ||||||
Treasury stock purchases (in value) | -4,319,000 | -4,319,000 | |||||
Restricted stock plan shares earned | 168,000 | 168,000 | |||||
Balance (in value) at Jun. 30, 2013 | 467,707,000 | 7,274,000 | 215,722,000 | 326,167,000 | -5,334,000 | -71,983,000 | -4,139,000 |
Balance (in shares) at Jun. 30, 2013 | 66,500,740 | 66,501,000 | |||||
Net Income | 5,573,000 | 5,573,000 | |||||
Other comprehensive income (loss), net of income tax | -5,835,000 | -5,835,000 | |||||
ESOP shares committed to be released | 758,000 | 31,000 | 727,000 | ||||
Stock option expense | 20,000 | 20,000 | |||||
Treasury stock purchases (in shares) | -366,000 | ||||||
Treasury stock purchases (in value) | -3,792,000 | -3,792,000 | |||||
Restricted stock plan shares earned | 84,000 | 84,000 | |||||
Balance (in value) at Dec. 31, 2013 | 464,515,000 | 7,274,000 | 215,857,000 | 331,740,000 | -4,607,000 | -75,775,000 | -9,974,000 |
Balance (in shares) at Dec. 31, 2013 | 66,135,000 | ||||||
Balance (in value) at Jun. 30, 2013 | 467,707,000 | 7,274,000 | 215,722,000 | 326,167,000 | -5,334,000 | -71,983,000 | -4,139,000 |
Balance (in shares) at Jun. 30, 2013 | 66,500,740 | 66,501,000 | |||||
Net Income | 10,188,000 | 10,188,000 | |||||
Other comprehensive income (loss), net of income tax | 1,859,000 | 1,859,000 | |||||
ESOP shares committed to be released | 1,742,000 | 287,000 | 1,455,000 | ||||
Stock option expense | 81,000 | 81,000 | |||||
Treasury stock purchases (in shares) | -331,680 | -395,000 | |||||
Treasury stock purchases (in value) | -4,135,000 | -4,135,000 | |||||
Treasury stock reissued (in shares) | 118,000 | ||||||
Treasury stock reissued (in value) | 1,495,000 | 145,000 | 1,350,000 | ||||
Restricted stock plan shares earned | 239,000 | 239,000 | |||||
Issuance of stock to MHC for acquisition (in value) | 15,500,000 | 104,000 | 15,396,000 | ||||
Issuance of stock to MHC for acquisition (in shares) | 1,044,000 | ||||||
Balance (in value) at Jun. 30, 2014 | 494,676,000 | 7,378,000 | 231,870,000 | 336,355,000 | -3,879,000 | -74,768,000 | -2,280,000 |
Balance (in shares) at Jun. 30, 2014 | 67,267,865 | 67,268,000 | |||||
Net Income | 5,092,000 | 5,092,000 | |||||
Other comprehensive income (loss), net of income tax | -2,028,000 | -2,028,000 | |||||
ESOP shares committed to be released | 1,053,000 | 326,000 | 727,000 | ||||
Stock option expense | 100,000 | 100,000 | |||||
Treasury stock reissued (in shares) | 107,382 | 107,000 | |||||
Treasury stock reissued (in value) | 1,365,000 | 132,000 | 1,233,000 | ||||
Restricted stock plan shares earned | 164,000 | 164,000 | |||||
Settlement of stock options with cash in lieu of shares, value | -7,188,000 | -7,188,000 | |||||
Balance (in value) at Dec. 31, 2014 | $493,234,000 | $7,378,000 | $225,404,000 | $341,447,000 | ($3,152,000) | ($73,535,000) | ($4,308,000) |
Balance (in shares) at Dec. 31, 2014 | 67,375,247 | 67,375,000 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Statement of Stockholders' Equity [Abstract] | |||||
ESOP shares committed to be released, shares | 72 | 72 | 145 | 145 | 145 |
Restricted stock plan shares earned, shares | 14 | 8 | 19 | 16 | 16 |
Dividends Declared Per Common Share | $0 | $0 | $0.15 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Cash Flows from Operating Activities | |||||
Net Income | $5,092 | $5,573 | $10,188 | $6,506 | $5,078 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization of premises and equipment | 1,503 | 1,262 | 2,645 | 2,610 | 2,665 |
Net amortization of premiums, discounts and loan fees and costs | 1,185 | 1,663 | 2,667 | 9,163 | 8,881 |
Deferred income taxes | 1,988 | 186 | 83 | 278 | 96 |
Realized gain on bargain purchase | -226 | ||||
Amortization of intangible assets | 78 | 64 | 122 | 138 | 155 |
Amortization of benefit plans' unrecognized net loss | 39 | 22 | 43 | 100 | 40 |
Provision for loan losses | 2,590 | 1,727 | 3,381 | 4,464 | 5,750 |
Realized loss (gain) on sale of debt securities available for sale | 594 | 1,294 | 1,294 | -53 | |
Realized gain on sale of mortgage-backed securities available for sale | -601 | -1,520 | -2,817 | -10,433 | |
Realized loss on sale of mortgage-backed securities held to maturity | 6 | 6 | 6 | ||
Realized loss on debt extinguishment | 8,688 | ||||
Realized gain on sale of loans | -9 | -53 | -80 | -557 | -661 |
Proceeds from sale of loans | 133 | 496 | 6,092 | 5,332 | 7,123 |
Realized (gain) loss on disposition of premises and equipment | -25 | -105 | 8 | ||
Increase in cash surrender value of bank owned life insurance | -1,306 | -1,409 | -2,735 | -1,966 | -748 |
ESOP, stock option plan and restricted stock plan expenses | 1,317 | 862 | 2,062 | 1,640 | 1,576 |
Loss (gain) on write-down and sales of real estate owned | 146 | -1 | 441 | 775 | 3,330 |
(Increase) decrease in interest receivable | -46 | 103 | -611 | 367 | 1,345 |
Decrease in other assets | -8,077 | -1,361 | 367 | 2,882 | 2,655 |
Increase (decrease) in interest payable | 37 | 113 | 71 | -41 | -46 |
Increase in other liabilities | 3,654 | 991 | 3,014 | 76 | 157 |
Net Cash Provided by Operating Activities | 8,292 | 10,012 | 26,007 | 29,923 | 37,357 |
Cash Flows from Investing Activities | |||||
Purchase of debt securities available for sale | -52,528 | -55,217 | -158,909 | -291,418 | |
Proceeds from sale of debt securities available for sale | 39,444 | 54,075 | 54,075 | ||
Proceeds from calls and maturities of debt securities available for sale | 30,598 | ||||
Proceeds from repayments of debt securities available for sale | 288 | 455 | 737 | 732 | 838 |
Purchase of debt securities held to maturity | -6,243 | -2,530 | -9,056 | -208,610 | -2,236 |
Proceeds from calls and maturities of debt securities held to maturity | 2,530 | 270 | 2,077 | 32,236 | 73,019 |
Proceeds from repayments of debt securities held to maturity | 116 | 847 | 404 | 984 | 966 |
Purchase of loans | -32,050 | -58,319 | -114,343 | -17,773 | -80,014 |
Net (increase) decrease in loans receivable | -44,562 | -137,695 | -196,468 | -69,663 | 48,566 |
Proceeds from sale of real estate owned | 1,047 | 403 | 1,484 | 3,847 | 2,142 |
Purchases of mortgage-backed securities available for sale | -10,384 | -17,061 | -50,155 | -373,003 | -523,211 |
Principal repayments on mortgage-backed securities available for sale | 37,613 | 70,719 | 114,107 | 335,914 | 305,665 |
Proceeds from sale of mortgage-backed securities available for sale | 17,780 | 53,613 | 116,838 | 442,806 | 51,306 |
Purchases of mortgage-backed securities held to maturity | -33,210 | -5,094 | -100,357 | ||
Principal repayments on mortgage-backed securities held to maturity | 6,045 | 827 | 2,299 | 312 | 228 |
Proceeds from sale of mortgage-backed securities held to maturity | 0 | 0 | 28 | 18 | 32 |
Purchase of cash flow hedges | -2,538 | ||||
Additions to premises and equipment | -1,005 | -1,580 | -3,560 | -1,042 | -1,797 |
Proceeds from cash settlement of premises and equipment | 49 | 220 | 3 | ||
Purchase of bank owned life insurance | -35,503 | -23,397 | |||
Purchase of FHLB stock | -6,930 | -14,445 | -28,170 | -18,675 | -5,760 |
Redemption of FHLB stock | 5,538 | 9,047 | 18,883 | 17,151 | 5,178 |
Cash acquired in merger | 9,133 | ||||
Net Cash Provided by Investing Activities | -76,462 | -96,591 | -245,690 | -284,362 | -117,874 |
Cash Flows from Financing Activities | |||||
Net (decrease) increase in deposits | -14,995 | 7,085 | 23,326 | 198,899 | 22,978 |
Repayment of term FHLB advances | -678,047 | -275,043 | -800,088 | -218,774 | -80 |
Proceeds from term FHLB advances | 750,000 | 400,000 | 1,000,000 | 145,000 | |
Net change in overnight borrowings | -17,000 | -5,000 | 12,000 | 105,000 | |
(Decrease) increase in sweep accounts | -6,026 | -1,781 | 2,364 | ||
Decrease in other short-term borrowings | -4,198 | -10,775 | |||
(Decrease) increase in advance payments by borrowers for taxes | -365 | 362 | 1,111 | 1,866 | 180 |
Dividends paid to stockholders of Kearny Financial Corp. | -3,617 | ||||
Purchase of common stock of Kearny Financial Corp. for treasury | -3,792 | -4,135 | -4,319 | -8,464 | |
Dividends contributed for payment of ESOP loan | -2 | 160 | |||
Issuance of common stock of Kearny Financial Corp. from treasury | 1,365 | 1,495 | |||
Payment of cash for exercise of stock options | -7,188 | ||||
Net Cash Provided by Financing Activities | 29,572 | 112,837 | 227,683 | 225,889 | 13,521 |
Net (Decrease) Increase in Cash and Cash Equivalents | -38,598 | 26,258 | 8,000 | -28,550 | -66,996 |
Cash and Cash Equivalents - Beginning | 135,034 | 127,034 | 127,034 | 155,584 | 222,580 |
Cash and Cash Equivalents - Ending | 96,436 | 153,292 | 135,034 | 127,034 | 155,584 |
Cash paid during the year for: | |||||
Income taxes, net of refunds | 1,806 | 2,341 | 3,503 | 1,687 | 1,836 |
Interest | 12,424 | 10,448 | 21,919 | 22,042 | 28,415 |
Non-cash investing and financing activities: | |||||
Acquisition of real estate owned in settlement of loans | 1,465 | 720 | 1,489 | 2,873 | 1,786 |
Fair value of assets acquired, net of cash and cash equivalents acquired | 111,806 | ||||
Fair value of liabilities assumed | 105,213 | ||||
Transfer of securities available for sale to securities held to maturity | 191,890 | ||||
Issuance of common stock to mutual holding company | $15,500 |
Principles_of_Consolidation
Principles of Consolidation | 6 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | 1. PRINCIPLES OF CONSOLIDATION |
The unaudited consolidated financial statements include the accounts of Kearny Financial Corp. (the “Company”), its wholly-owned subsidiary, Kearny Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries, CJB Investment Corp. and KFS Financial Services, Inc. and its wholly-owned subsidiary, KFS Insurance Services, Inc. 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 | 6 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 2. 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 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- month and six-month periods ended December 31, 2014, 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, 2014 was derived from the Company’s 2014 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 2014 annual report on Form 10-K. |
Net_Income_Per_Common_Share_EP
Net Income Per Common Share ("EPS") | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||
Net Income Per Common Share ("EPS") | 3. NET INCOME PER COMMON SHARE (“EPS”) | Note 23 – Net Income per Common Share (EPS) | ||||||||||||||||||||||||||||||||||||
Basic EPS is based on the weighted average number of common shares actually outstanding including restricted stock awards (see following paragraph) adjusted for Employee Stock Ownership Plan (“ESOP”) shares not yet committed to be released. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as outstanding stock options, were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Diluted EPS is calculated by adjusting the weighted average number of shares of common stock outstanding to include the effect of contracts or securities exercisable or which could be converted into common stock, if dilutive, using the treasury stock method. Shares issued and reacquired during any period are weighted for the portion of the period they were outstanding. | The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations: | |||||||||||||||||||||||||||||||||||||
The Financial Accounting Standards Board (“FASB”) has issued guidance on determining whether instruments granted in share-based payment transactions are participating securities. This guidance clarifies that all outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends participate in undistributed earnings with common shareholders. Awards of this nature are considered participating securities and the two-class method of computing basic and diluted earnings per share must be applied. | ||||||||||||||||||||||||||||||||||||||
The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations: | ||||||||||||||||||||||||||||||||||||||
Year Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||||
Income | Shares | Per Share | ||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | (Numerator) | (Denominator) | Amount | ||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2014 | (In Thousands, Except Per Share Data) | ||||||||||||||||||||||||||||||||||||
Income | Shares | Per | Income | Shares | Per | |||||||||||||||||||||||||||||||||
(Numerator) | (Denominator) | Share | (Numerator) | (Denominator) | Share | Net income | $ | 10,188 | ||||||||||||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||||||||||||||||
(In Thousands, Except Per Share Data) | (In Thousands, Except Per Share Data) | Basic earnings per share, income available to common stockholders | $ | 10,188 | 65,796 | $ | 0.16 | |||||||||||||||||||||||||||||||
Net income | $ | 2,169 | $ | 5,092 | ||||||||||||||||||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||||||||||||||||
Basic earnings per share, income available to common stockholders | $ | 2,169 | 67,042 | $ | 0.03 | $ | 5,092 | 67,009 | $ | 0.08 | Stock options | — | 40 | |||||||||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||||||||||||||||
Stock options | — | 13 | — | 176 | Diluted earnings per share | $ | 10,188 | 65,836 | $ | 0.16 | ||||||||||||||||||||||||||||
$ | 2,169 | 67,055 | $ | 0.03 | $ | 5,092 | 67,185 | $ | 0.08 | |||||||||||||||||||||||||||||
Year Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||||
Income | Shares | Per Share | ||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | (Numerator) | (Denominator) | Amount | ||||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2013 | (In Thousands, Except Per Share Data) | ||||||||||||||||||||||||||||||||||||
Income | Shares | Per | Income | Shares | Per | |||||||||||||||||||||||||||||||||
(Numerator) | (Denominator) | Share | (Numerator) | (Denominator) | Share | Net income | $ | 6,506 | ||||||||||||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||||||||||||||||
(In Thousands, Except Per Share Data) | (In Thousands, Except Per Share Data) | Basic earnings per share, income available to common stockholders | $ | 6,506 | 66,152 | $ | 0.1 | |||||||||||||||||||||||||||||||
Net income | $ | 2,987 | $ | 5,573 | ||||||||||||||||||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||||||||||||||||
Basic earnings per share, income available to common stockholders | $ | 2,987 | 65,767 | $ | 0.05 | $ | 5,573 | 65,851 | $ | 0.08 | Stock options | — | — | |||||||||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||||||||||||||||
Stock options | — | — | — | — | Diluted earnings per share | $ | 6,506 | 66,152 | $ | 0.1 | ||||||||||||||||||||||||||||
$ | 2,987 | 65,767 | $ | 0.05 | $ | 5,573 | 65,851 | $ | 0.08 | |||||||||||||||||||||||||||||
During the three and six months ended December 31, 2014, the average number of options which were considered anti-dilutive totaled approximately 185,000 and 185,000, respectively. During the three and six months ended December 31, 2013, the average number of options which were considered anti-dilutive totaled approximately 3,053,000 and 3,122,000, respectively. | Year Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||||
Income | Shares | Per Share | ||||||||||||||||||||||||||||||||||||
(Numerator) | (Denominator) | Amount | ||||||||||||||||||||||||||||||||||||
(In Thousands, Except Per Share Data) | ||||||||||||||||||||||||||||||||||||||
Net income | $ | 5,078 | ||||||||||||||||||||||||||||||||||||
Basic earnings per share, income available to common stockholders | $ | 5,078 | 66,495 | $ | 0.08 | |||||||||||||||||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||||||||||||||||
Stock options | — | — | ||||||||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 5,078 | 66,495 | $ | 0.08 | |||||||||||||||||||||||||||||||||
During the years ended June 30, 2014, 2013 and 2012, the average number of options which were anti-dilutive totaled approximately 1,910,000, 3,193,000 and 3,221,000, respectively. |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | 4. SUBSEQUENT EVENTS |
The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of December 31, 2014, for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation identified the following subsequent event that warranted disclosure in these consolidated financial statements: | |
On January 21, 2015, the Bank changed its name from Kearny Federal Savings Bank to Kearny Bank. | |
The evaluation was conducted through the date this document was filed. |
Plan_of_Conversion_and_Reorgan
Plan of Conversion and Reorganization | 6 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
Plan of Conversion and Reorganization | 5. PLAN OF CONVERSION AND REORGANIZATION |
On September 4, 2014, the Boards of Directors of Kearny MHC (the majority stockholder of the Company), the Company and the Bank adopted a Plan of Conversion and Reorganization (the “Plan”). Pursuant to the Plan, Kearny MHC will convert from the mutual holding company form of organization to the fully public form. Kearny MHC will be merged into the Company, and Kearny MHC will no longer exist. The Company will then merge into a new Maryland corporation, also named Kearny Financial Corp., which will become the holding company for the Bank. | |
As part of the conversion, Kearny MHC’s ownership interest in the Company will be offered for sale in a public offering. The existing publicly held shares of the Company, which represent the remaining ownership interest in the Company, will be exchanged for new shares of common stock of the new Maryland corporation. The exchange ratio will ensure that immediately after the conversion and public offering, the public shareholders of the Company will own the same aggregate percentage of common stock of the new Maryland corporation that they owned immediately prior to the completion of the conversion and public offering (excluding shares purchased in the stock offering and cash received in lieu of fractional shares). | |
When the conversion and public offering are completed, all of the capital stock of the Bank will be owned by the new Maryland corporation. The Plan provides for the establishment, upon the completion of the conversion, of special “liquidation accounts” for the benefit of certain depositors of the Bank in an amount equal to the greater of Kearny MHC’s ownership interest in the retained earnings of the Company as of the date of the latest balance sheet contained in the prospectus or the value of the net assets of Kearny MHC as of the date of the latest statement of financial condition of Kearny MHC prior to the consummation of the conversion (excluding its ownership of the Company). | |
Following the completion of the conversion, under the rules of the Federal Reserve Bank (“FRB”), the Bank will not be permitted to pay dividends on its capital stock to the Company, its sole shareholder, if the Company’s shareholders’ equity would be reduced below the amount of the liquidation accounts. The liquidation accounts will be reduced annually to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holder’s interest in the liquidation accounts. Direct costs of the conversion and public offering will be deferred and reduce the proceeds from the shares sold in the public offering. The Company has incurred approximately $1.5 million in such costs through December 31, 2014. | |
The transactions contemplated by the Plan are subject to approval by the Company’s stockholders (including approval by a majority of the shares held by persons other than the MHC) and the members of the MHC as well as the Board of Governors of the Federal Reserve System. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 6 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Jun. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ||
Recent Accounting Pronouncements | 6. RECENT ACCOUNTING PRONOUNCEMENTS | Note 3 – Recent Accounting Pronouncements |
In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-04, Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40) Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The purpose of the ASU is to reduce diversity in the application of guidance by clarifying when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. This ASU is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. | In June 2011, the FASB issued Accounting Standards Update 2011-05 which amends FASB ASC Topic 220, Comprehensive Income, to facilitate the continued alignment of U.S. GAAP with International Accounting Standards. The ASU prohibits the presentation of the components of comprehensive income in the statement of stockholder’s equity. Reporting entities are allowed to present either: a statement of comprehensive income, which reports both net income and other comprehensive income; or separate, but consecutive, statements of net income and other comprehensive income. Under previous GAAP, all three presentations were acceptable. Regardless of the presentation selected, the Reporting Entity is required to present all reclassifications between other comprehensive and net income on the face of the new statement or statements. ASU 2011-05 was effective for the Company as of June 30, 2013. The impact of adoption of ASU 2011-05 as of June 30, 2013 and all prior periods presented was a separate, but consecutive, statements of income and other comprehensive income. | |
In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing (Topic 860) Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The purpose of the ASU is to address the concern that current accounting guidance distinguishes between repurchase agreements that settle at the same time as the maturity of the transferred financial asset and those that settle any time before maturity. In particular, repurchase-to-maturity transactions are generally accounted for as sales with forward agreements under current accounting, whereas typical repurchase agreements that settle before the maturity of the transferred financial asset are accounted for as secured borrowings. Additionally, current accounting guidance requires an evaluation of whether an initial transfer of a financial asset and a contemporaneous repurchase agreement (a repurchase financing) should be accounted for separately or linked. If linked, the arrangement is accounted for on a combined basis as a forward agreement. Those outcomes often are referred to as off-balance-sheet accounting. The ASU changes the accounting for repurchase-to-maturity transactions and linked repurchase financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements. The amendments also require two new related disclosures. This ASU is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. | In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. The ASU allows the Fed Funds Effective Swap Rate to be used as a U.S. benchmark interest rate for hedge accounting purposes. In the past, only rates on U.S. Treasury obligations and LIBOR were permitted. The ASU was issued as a result of changes in the marketplace that have occurred since the issuance of Statement 133, and more particularly, as a result of the 2008 financial crisis. ASU 2013-10 is applicable to all entities that elect to apply hedge accounting of the benchmark interest rate under Topic 815, Derivatives and Hedging. The ASU was effective July 17, 2013, but only for qualifying new or redesignated hedging relationships entered into on or after that date. In other words, retrospective adoption is not available because it would be inconsistent with the requirement to prepare appropriate documentation at the inception of a hedge. The new pronouncement did not have an impact on the Company’s consolidated financial statements. | |
In August 2014, the FASB issued ASU 2014-14, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure. The purpose of the ASU is to address a practice issue related to the classification of certain foreclosed residential and nonresidential mortgage loans that are either fully or partially guaranteed under government programs. Specifically, creditors should reclassify loans that meet certain conditions to “other receivables” upon foreclosure, rather than reclassifying them to other real estate owned (OREO). The separate other receivable recorded upon foreclosure is to be measured based on the amount of the loan balance (principal and interest) the creditor expects to recover from the guarantor. The ASU is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. | In January 2014, the FASB issued ASU 2014-04, Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40) Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The purpose of the ASU is to reduce diversity by clarifying when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. This ASU is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. |
Stock_Offering_and_Stock_Repur
Stock Offering and Stock Repurchase Plans | 6 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Jun. 30, 2014 | |
Equity [Abstract] | ||
Stock Offering and Stock Repurchase Plans | 7. STOCK REPURCHASE PLANS | Note 4 – Stock Offering and Stock Repurchase Plans |
On December 2, 2013, the Company announced that the Board of Directors authorized a stock repurchase plan to acquire up to 762,640 shares, or 5%, of the Company’s outstanding stock held by persons other than Kearny MHC. Through December 31, 2014, the Company has repurchased a total of 62,900 shares in accordance with this repurchase plan at a total cost of approximately $700,000 and at an average cost per share of $11.13. | On June 7, 2004, the Board of Directors of the Company and the Bank adopted a plan of stock issuance pursuant to which the Company subsequently sold common stock representing a minority ownership of the estimated pro forma market value of the Company to eligible depositors of the Bank. Kearny MHC (the “MHC”) retained 70% of the outstanding common stock, or 50,916,250 shares. The MHC is a federally-chartered mutual holding company organized on March 30, 2001, and was previously subject to regulation by the Office of Thrift Supervision. Concurrent with the elimination of the Office of Thrift Supervision on July 21, 2011, the Federal Reserve Board became the primary regulator of the MHC. So long as the MHC is in existence, it will continue to own at least a majority of the outstanding common stock of the Company. | |
On March 23, 2012, the Company announced that the Board of Directors authorized a stock repurchase plan to acquire up to 802,780 shares, or 5% of the Company’s outstanding stock held by persons other than Kearny MHC. Through June 30, 2013, the Company had repurchased a total of 471,100 shares in accordance with this repurchase plan at a total cost of approximately $4,654,000 and at an average cost per share of $9.88. During the fiscal year ended June 30, 2014, the Company completed the repurchases under this plan by repurchasing an additional 331,680 shares at a total cost of $3,434,000 and at an average cost per share of $10.35. In total, 802,780 shares were repurchased under this plan at a total cost of $8,088,000 and at an average cost of $10.07 per share. | ||
On December 2, 2013, the Company announced that the Board of Directors authorized a stock repurchase plan to acquire up to 762,640 shares, or 5% of the Company’s outstanding stock held by persons other than Kearny MHC. Through June 30, 2014, the Company has repurchased a total of 62,900 shares in accordance with this repurchase plan at a total cost of approximately $700,000 and at an average cost per share of $11.13. | ||
During the year ended June 30, 2012, Kearny MHC waived its right, upon non-objection from the Office of Thrift Supervision, to receive cash dividends of $7,187,000 declared by the Company during the year. The MHC elected to receive $450,000 of such dividends during the year ended June 30, 2012. The Company did not pay cash dividends during fiscal 2014 or 2013. |
Securities_Available_for_Sale
Securities Available for Sale | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||||||||||||||||||
Securities Available for Sale | 8. SECURITIES AVAILABLE FOR SALE | Note 5 – Securities Available for Sale | ||||||||||||||||||||||||||||||||
The amortized cost, gross unrealized gains and losses and fair values of debt and mortgage-backed securities available for sale at December 31, 2014 and June 30, 2014 and stratification by contractual maturity of debt securities available for sale at December 31, 2014 are presented below: | Amortized cost, gross unrealized gains and losses and fair value of debt securities and mortgage-backed securities at June 30, 2014 and 2013 and stratification by contractual maturity of debt securities at June 30, 2014 are presented below: | |||||||||||||||||||||||||||||||||
December 31, 2014 | June 30, 2014 | |||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | Amortized | Gross | Gross | Carrying | |||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||||||||
Gains | Losses | Gains | Losses | |||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||
Securities available for sale: | Securities available for sale: | |||||||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||||||
U.S. agency securities | $ | 7,814 | $ | 63 | $ | 13 | $ | 7,864 | Debt securities: | |||||||||||||||||||||||||
Obligations of state and political subdivisions | 27,525 | 137 | 219 | 27,443 | ||||||||||||||||||||||||||||||
Asset-backed securities | 87,550 | 1,259 | 202 | 88,607 | U.S. agency securities | $ | 4,159 | $ | 48 | $ | 2 | $ | 4,205 | |||||||||||||||||||||
Collateralized loan obligations | 128,607 | — | 2,299 | 126,308 | Obligations of state and political subdivisions | 27,537 | 9 | 773 | 26,773 | |||||||||||||||||||||||||
Corporate bonds | 163,064 | 431 | 1,079 | 162,416 | Asset-backed securities | 87,480 | 663 | 827 | 87,316 | |||||||||||||||||||||||||
Trust preferred securities | 8,891 | 20 | 1,091 | 7,820 | Collateralized loan obligations | 120,089 | — | 517 | 119,572 | |||||||||||||||||||||||||
Corporate bonds | 163,076 | 617 | 1,459 | 162,234 | ||||||||||||||||||||||||||||||
Total debt securities | 423,451 | 1,910 | 4,903 | 420,458 | Trust preferred securities | 8,887 | 32 | 1,121 | 7,798 | |||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 31,637 | — | 470 | 31,167 | Total debt securities | 411,228 | 1,369 | 4,699 | 407,898 | |||||||||||||||||||||||||
Federal National Mortgage Association | 49,017 | 16 | 1,206 | 47,827 | ||||||||||||||||||||||||||||||
Non-agency securities | 184 | — | 2 | 182 | ||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||
Total collateralized mortgage obligations | 80,838 | 16 | 1,678 | 79,176 | ||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||||||||||||||||||||
Mortgage pass-through securities: | ||||||||||||||||||||||||||||||||||
Residential pass-through securities: | Federal Home Loan Mortgage Corporation | 33,505 | — | 485 | 33,020 | |||||||||||||||||||||||||||||
Government National Mortgage Association | 2,748 | 261 | 1 | 3,008 | Federal National Mortgage Association | 51,277 | 12 | 1,249 | 50,040 | |||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 171,495 | 2,908 | 772 | 173,631 | Non-agency securities | 210 | — | — | 210 | |||||||||||||||||||||||||
Federal National Mortgage Association | 116,052 | 3,604 | 373 | 119,283 | ||||||||||||||||||||||||||||||
Total residential pass-through securities | 290,295 | 6,773 | 1,146 | 295,922 | Total collateralized mortgage obligations | 84,992 | 12 | 1,734 | 83,270 | |||||||||||||||||||||||||
Commercial pass-through securities: | ||||||||||||||||||||||||||||||||||
Federal National Mortgage Association | 16,375 | 75 | — | 16,450 | Mortgage pass-through securities: | |||||||||||||||||||||||||||||
Total commercial pass-through securities | 16,375 | 75 | — | 16,450 | Residential pass-through securities: | |||||||||||||||||||||||||||||
Government National Mortgage Association | 3,055 | 221 | — | 3,276 | ||||||||||||||||||||||||||||||
Total mortgage-backed securities | 387,508 | 6,864 | 2,824 | 391,548 | Federal Home Loan Mortgage Corporation | 196,882 | 3,937 | 1,929 | 198,890 | |||||||||||||||||||||||||
Federal National Mortgage Association | 147,873 | 4,750 | 836 | 151,787 | ||||||||||||||||||||||||||||||
Total securities available for sale | $ | 810,959 | $ | 8,774 | $ | 7,727 | $ | 812,006 | ||||||||||||||||||||||||||
Total residential pass-through securities | 347,810 | 8,908 | 2,765 | 353,953 | ||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||||
Amortized | Fair | Total mortgage-backed securities | 432,802 | 8,920 | 4,499 | 437,223 | ||||||||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||
Debt securities available for sale: | Total securities available for sale | $ | 844,030 | $ | 10,289 | $ | 9,198 | $ | 845,121 | |||||||||||||||||||||||||
Due in one year or less | $ | — | $ | — | ||||||||||||||||||||||||||||||
Due after one year through five years | 20,048 | 20,175 | ||||||||||||||||||||||||||||||||
Due after five years through ten years | 152,413 | 151,661 | ||||||||||||||||||||||||||||||||
Due after ten years | 250,990 | 248,622 | June 30, 2014 | |||||||||||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||||||||||||
Total | $ | 423,451 | $ | 420,458 | Cost | Value | ||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||
Debt securities available for sale: | ||||||||||||||||||||||||||||||||||
Due in one year or less | $ | — | $ | — | ||||||||||||||||||||||||||||||
June 30, 2014 | Due after one year through five years | 20,059 | 20,221 | |||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | Due after five years through ten years | 172,269 | 171,118 | ||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | Due after ten years | 218,900 | 216,559 | ||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||
Securities available for sale: | $ | 411,228 | $ | 407,898 | ||||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||||||
U.S. agency securities | $ | 4,159 | $ | 48 | $ | 2 | $ | 4,205 | ||||||||||||||||||||||||||
Obligations of state and political subdivisions | 27,537 | 9 | 773 | 26,773 | ||||||||||||||||||||||||||||||
Asset-backed securities | 87,480 | 663 | 827 | 87,316 | June 30, 2013 | |||||||||||||||||||||||||||||
Collateralized loan obligations | 120,089 | — | 517 | 119,572 | Amortized | Gross | Gross | Carrying | ||||||||||||||||||||||||||
Corporate bonds | 163,076 | 617 | 1,459 | 162,234 | Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||
Trust preferred securities | 8,887 | 32 | 1,121 | 7,798 | Gains | Losses | ||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||
Total debt securities | 411,228 | 1,369 | 4,699 | 407,898 | ||||||||||||||||||||||||||||||
Mortgage-backed securities: | Securities available for sale: | |||||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 33,505 | — | 485 | 33,020 | Debt securities: | |||||||||||||||||||||||||||||
Federal National Mortgage Association | 51,277 | 12 | 1,249 | 50,040 | ||||||||||||||||||||||||||||||
Non-agency securities | 210 | — | — | 210 | U.S. agency securities | $ | 4,955 | $ | 60 | $ | — | $ | 5,015 | |||||||||||||||||||||
Obligations of state and political subdivisions | 27,560 | — | 2,253 | 25,307 | ||||||||||||||||||||||||||||||
Total collateralized mortgage obligations | 84,992 | 12 | 1,734 | 83,270 | Asset-backed securities | 25,417 | 1 | 620 | 24,798 | |||||||||||||||||||||||||
Collateralized loan obligations | 78,366 | 190 | 70 | 78,486 | ||||||||||||||||||||||||||||||
Mortgage pass-through securities: | Corporate bonds | 160,107 | 34 | 949 | 159,192 | |||||||||||||||||||||||||||||
Residential pass-through securities: | Trust preferred securities | 8,878 | — | 1,554 | 7,324 | |||||||||||||||||||||||||||||
Government National Mortgage Association | 3,055 | 221 | — | 3,276 | ||||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 196,882 | 3,937 | 1,929 | 198,890 | ||||||||||||||||||||||||||||||
Federal National Mortgage Association | 147,873 | 4,750 | 836 | 151,787 | Total debt securities | 305,283 | 285 | 5,446 | 300,122 | |||||||||||||||||||||||||
Total residential pass-through securities | 347,810 | 8,908 | 2,765 | 353,953 | ||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||
Total mortgage-backed securities | 432,802 | 8,920 | 4,499 | 437,223 | ||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||||||||||||||||||||
Total securities available for sale | $ | 844,030 | $ | 10,289 | $ | 9,198 | $ | 845,121 | ||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 9,825 | — | 470 | 9,355 | ||||||||||||||||||||||||||||||
During the six months ended December 31, 2014, proceeds from sales of securities available for sale totaled $57.2 million and resulted in gross gains of $601,000 and gross losses of $594,000. Proceeds from sales of securities available for sale during the six months ended December 31, 2013, totaled $107.7 million and resulted in gross gains of $2,060,000 and gross losses of $1,834,000. | Federal National Mortgage Association | 56,158 | 24 | 3,055 | 53,127 | |||||||||||||||||||||||||||||
At December 31, 2014 and June 30, 2014, securities available for sale with carrying values of approximately $66.9 million and $76.1 million, respectively, were utilized as collateral for borrowings through the FHLB of New York. As of those same dates, securities available for sale with total carrying values of approximately $1.6 million and $1.8 million, respectively, were pledged to secure public funds on deposit. | ||||||||||||||||||||||||||||||||||
At December 31, 2014, the Company’s available for sale mortgage-backed securities were secured by residential and commercial mortgage loans with original contractual maturities of ten to thirty years. At June 30, 2014, the Company’s available for sale mortgage-backed securities were secured by residential mortgage loans only with original contractual maturities of ten to thirty years. The effective lives of mortgage-backed securities are generally shorter than their contractual maturities due to principal amortization and prepayment of the mortgage loans comprised within those securities. Investors in mortgage pass-through securities generally share in the receipt of principal repayments on a pro-rata basis as paid by the borrowers. By comparison, collateralized mortgage obligations generally represent individual tranches within a larger investment vehicle that is designed to distribute cash flows received on securitized mortgage loans to investors in a manner determined by the overall terms and structure of the investment vehicle and those applying to the individual tranches within that structure. | ||||||||||||||||||||||||||||||||||
Total collateralized mortgage obligations | 65,983 | 24 | 3,525 | 62,482 | ||||||||||||||||||||||||||||||
Mortgage pass-through securities: | ||||||||||||||||||||||||||||||||||
Residential pass-through securities: | ||||||||||||||||||||||||||||||||||
Government National Mortgage Association | 5,889 | 444 | — | 6,333 | ||||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 290,133 | 4,827 | 4,600 | 290,360 | ||||||||||||||||||||||||||||||
Federal National Mortgage Association | 326,356 | 9,050 | 3,945 | 331,461 | ||||||||||||||||||||||||||||||
Total residential pass-through securities | 622,378 | 14,321 | 8,545 | 628,154 | ||||||||||||||||||||||||||||||
Commercial pass-through securities: | ||||||||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 116 | 2 | — | 118 | ||||||||||||||||||||||||||||||
Federal National Mortgage Association | 94,389 | 3 | 4,494 | 89,898 | ||||||||||||||||||||||||||||||
Total commercial pass-through securities | 94,505 | 5 | 4,494 | 90,016 | ||||||||||||||||||||||||||||||
Total mortgage-backed securities | 782,866 | 14,350 | 16,564 | 780,652 | ||||||||||||||||||||||||||||||
Total securities available for sale | $ | 1,088,149 | $ | 14,635 | $ | 22,010 | $ | 1,080,774 | ||||||||||||||||||||||||||
During the years ended June 30, 2014, 2013 and 2012, proceeds from sales of securities available for sale totaled $170.9 million, $442.8 million and $51.3 million and resulted in gross gains of $3.6 million, $10.6 million and $53,000 and gross losses of $2.1 million, $135,000 and $-0-, respectively. | ||||||||||||||||||||||||||||||||||
At June 30, 2014 and 2013, securities available for sale with carrying value of approximately $76.1 million and $99.4 million, respectively, were utilized as collateral for borrowings through the FHLB of New York. As of those same dates, securities available for sale with total carrying values of approximately $1.8 million and $4.4 million, respectively, were pledged to secure public funds on deposit. | ||||||||||||||||||||||||||||||||||
At June 30, 2014, the Company’s available for sale mortgage-backed securities were secured by residential mortgage loans with original contractual maturities of ten to thirty years. At June 30, 2013, such securities had similar contractual maturities but were secured by both residential and commercial mortgage loans. The effective lives of mortgage-backed securities are generally shorter than their contractual maturities due to principal amortization and prepayment of the mortgage loans comprised within those securities. Investors in mortgage pass-through securities generally share in the receipt of principal repayments on a pro-rata basis as paid by the borrowers. By comparison, collateralized mortgage obligations generally represent individual tranches within a larger investment vehicle that is designed to distribute cash flows received on securitized mortgage loans to investors in a manner determined by the overall terms and structure of the investment vehicle and those applying to the individual tranches within that structure. |
Securities_Held_to_Maturity
Securities Held to Maturity | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||||||||||||||||||
Securities Held to Maturity | 9. SECURITIES HELD TO MATURITY | Note 6 – Securities Held to Maturity | ||||||||||||||||||||||||||||||||
The amortized cost, gross unrealized gains and losses and fair values of debt and mortgage-backed securities held to maturity at December 31, 2014 and June 30, 2014 and stratification by contractual maturity of debt securities held to maturity at December 31, 2014 are presented below: | Amortized cost, gross unrealized gains and losses and fair value of debt securities and mortgage-backed securities at June 30, 2014 and 2013 and stratification by contractual maturity of debt securities at June 30, 2014 are presented below: | |||||||||||||||||||||||||||||||||
December 31, 2014 | June 30, 2014 | |||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | Carrying | Gross | Gross | Fair Value | |||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | Value | Unrealized | Unrealized | ||||||||||||||||||||||||||||
Gains | Losses | Gains | Losses | |||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||
Securities held to maturity: | ||||||||||||||||||||||||||||||||||
Debt securities: | Securities held to maturity: | |||||||||||||||||||||||||||||||||
U.S. agency securities | $ | 144,236 | $ | 5 | $ | 1,394 | $ | 142,847 | ||||||||||||||||||||||||||
Obligations of state and political subdivisions | 75,670 | 271 | 724 | 75,217 | Debt securities: | |||||||||||||||||||||||||||||
Total debt securities | 219,906 | 276 | 2,118 | 218,064 | U.S. agency securities | $ | 144,349 | $ | 6 | $ | 1,408 | $ | 142,947 | |||||||||||||||||||||
Mortgage-backed securities: | Obligations of state and political subdivisions | 72,065 | 15 | 1,555 | 70,525 | |||||||||||||||||||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 19 | 2 | — | 21 | ||||||||||||||||||||||||||||||
Federal National Mortgage Association | 241 | 26 | — | 267 | Total debt securities | 216,414 | 21 | 2,963 | 213,472 | |||||||||||||||||||||||||
Non-agency securities | 46 | — | 2 | 44 | ||||||||||||||||||||||||||||||
Total collateralized mortgage obligations | 306 | 28 | 2 | 332 | Mortgage-backed securities: | |||||||||||||||||||||||||||||
Mortgage pass-through securities: | Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||
Residential pass-through securities: | ||||||||||||||||||||||||||||||||||
Government National Mortgage Association | 9 | 1 | — | 10 | Federal Home Loan Mortgage Corporation | 20 | 2 | — | 22 | |||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 258 | 15 | — | 273 | Federal National Mortgage Association | 264 | 30 | — | 294 | |||||||||||||||||||||||||
Federal National Mortgage Association | 129,223 | 1,943 | — | 131,166 | Non-agency securities | 54 | — | 1 | 53 | |||||||||||||||||||||||||
Total residential pass-through securities | 129,490 | 1,959 | — | 131,449 | ||||||||||||||||||||||||||||||
Total collateralized mortgage obligations | 338 | 32 | 1 | 369 | ||||||||||||||||||||||||||||||
Commercial pass-through securities: | ||||||||||||||||||||||||||||||||||
Government National Mortgage Association | 10,305 | — | 188 | 10,117 | ||||||||||||||||||||||||||||||
Federal National Mortgage Association | 182,428 | 1,812 | 429 | 183,811 | Mortgage pass-through securities: | |||||||||||||||||||||||||||||
Total commercial pass-through securities | 192,733 | 1,812 | 617 | 193,928 | Residential pass-through securities: | |||||||||||||||||||||||||||||
Government National Mortgage Association | 9 | — | — | 9 | ||||||||||||||||||||||||||||||
Total mortgage-backed securities | 322,529 | 3,799 | 619 | 325,709 | Federal Home Loan Mortgage Corporation | 283 | 4 | — | 287 | |||||||||||||||||||||||||
Federal National Mortgage Association | 114,276 | 140 | 83 | 114,333 | ||||||||||||||||||||||||||||||
Total securities held to maturity | $ | 542,435 | $ | 4,075 | $ | 2,737 | $ | 543,773 | ||||||||||||||||||||||||||
Total residential pass-through securities | 114,568 | 144 | 83 | 114,629 | ||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||||
Amortized | Fair | Commercial pass-through securities: | ||||||||||||||||||||||||||||||||
Cost | Value | Federal National Mortgage Association | 180,752 | 73 | 2,042 | 178,783 | ||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||
Debt securities available for sale: | ||||||||||||||||||||||||||||||||||
Due in one year or less | $ | 6,302 | $ | 6,312 | Total commercial pass-through securities | 180,752 | 73 | 2,042 | 178,783 | |||||||||||||||||||||||||
Due after one year through five years | 149,359 | 147,917 | ||||||||||||||||||||||||||||||||
Due after five years through ten years | 39,395 | 39,164 | ||||||||||||||||||||||||||||||||
Due after ten years | 24,850 | 24,671 | Total mortgage-backed securities | 295,658 | 249 | 2,126 | 293,781 | |||||||||||||||||||||||||||
Total | $ | 219,906 | $ | 218,064 | ||||||||||||||||||||||||||||||
Total securities held to maturity | $ | 512,072 | $ | 270 | $ | 5,089 | $ | 507,253 | ||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | June 30, 2014 | ||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | Amortized | Fair | |||||||||||||||||||||||||||||
Gains | Losses | Cost | Value | |||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||
Securities held to maturity: | Debt securities held to maturity: | |||||||||||||||||||||||||||||||||
Debt securities: | Due in one year or less | $ | 5,809 | $ | 5,825 | |||||||||||||||||||||||||||||
U.S. agency securities | $ | 144,349 | $ | 6 | $ | 1,408 | $ | 142,947 | Due after one year through five years | 146,079 | 144,664 | |||||||||||||||||||||||
Obligations of state and political subdivisions | 72,065 | 15 | 1,555 | 70,525 | Due after five years through ten years | 37,107 | 36,442 | |||||||||||||||||||||||||||
Due after ten years | 27,419 | 26,541 | ||||||||||||||||||||||||||||||||
Total debt securities | 216,414 | 21 | 2,963 | 213,472 | ||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | $ | 216,414 | $ | 213,472 | ||||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 20 | 2 | — | 22 | ||||||||||||||||||||||||||||||
Federal National Mortgage Association | 264 | 30 | — | 294 | ||||||||||||||||||||||||||||||
Non-agency securities | 54 | — | 1 | 53 | ||||||||||||||||||||||||||||||
June 30, 2013 | ||||||||||||||||||||||||||||||||||
Total collateralized mortgage obligations | 338 | 32 | 1 | 369 | Carrying | Gross | Gross | Fair Value | ||||||||||||||||||||||||||
Value | Unrealized | Unrealized | ||||||||||||||||||||||||||||||||
Mortgage pass-through securities: | Gains | Losses | ||||||||||||||||||||||||||||||||
Residential pass-through securities: | (In Thousands) | |||||||||||||||||||||||||||||||||
Government National Mortgage Association | 9 | — | — | 9 | ||||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 283 | 4 | — | 287 | Securities held to maturity: | |||||||||||||||||||||||||||||
Federal National Mortgage Association | 114,276 | 140 | 83 | 114,333 | ||||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||||||
Total residential pass-through securities | 114,568 | 144 | 83 | 114,629 | ||||||||||||||||||||||||||||||
U.S. agency securities | $ | 144,747 | $ | 14 | $ | 3,622 | $ | 141,139 | ||||||||||||||||||||||||||
Commercial pass-through securities: | Obligations of state and political subdivisions | 65,268 | 4 | 4,083 | 61,189 | |||||||||||||||||||||||||||||
Federal National Mortgage Association | 180,752 | 73 | 2,042 | 178,783 | ||||||||||||||||||||||||||||||
Total commercial pass-through securities | 180,752 | 73 | 2,042 | 178,783 | Total debt securities | 210,015 | 18 | 7,705 | 202,328 | |||||||||||||||||||||||||
Total mortgage-backed securities | 295,658 | 249 | 2,126 | 293,781 | ||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||
Total securities held to maturity | $ | 512,072 | $ | 270 | $ | 5,089 | $ | 507,253 | ||||||||||||||||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||||||||||||||||||||
There were no sales of securities held to maturity during the six months ended December 31, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||||||||
At December 31, 2014 and June 30, 2014, securities held to maturity with carrying values of approximately $127.8 million and $128.1 million, respectively, were utilized as collateral for borrowings from the FHLB of New York. As of those same dates, securities held to maturity with total carrying values of approximately $8.0 million and $4.5 million, respectively, were pledged to secure public funds on deposit. | Federal Home Loan Mortgage Corporation | 22 | 3 | — | 25 | |||||||||||||||||||||||||||||
At December 31, 2014 and June 30, 2014, the Company’s held to maturity mortgage-backed securities were secured by both residential and commercial mortgage loans with original contractual maturities of ten to thirty years. The effective lives of mortgage-backed securities are generally shorter than their contractual maturities due to principal amortization and prepayment of the mortgage loans comprised within those securities. Investors in mortgage pass-through securities generally share in the receipt of principal repayments on a pro-rata basis as paid by the borrowers. By comparison, collateralized mortgage obligations generally represent individual tranches within a larger investment vehicle that is designed to distribute cash flows received on securitized mortgage loans to investors in a manner determined by the overall terms and structure of the investment vehicle and those applying to the individual tranches within that structure. | Federal National Mortgage Association | 350 | 32 | — | 382 | |||||||||||||||||||||||||||||
Non-agency securities | 105 | 3 | 2 | 106 | ||||||||||||||||||||||||||||||
Total collateralized mortgage obligations | 477 | 38 | 2 | 513 | ||||||||||||||||||||||||||||||
Mortgage pass-through securities: | ||||||||||||||||||||||||||||||||||
Residential pass-through securities: | ||||||||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 98 | 4 | — | 102 | ||||||||||||||||||||||||||||||
Federal National Mortgage Association | 231 | 9 | — | 240 | ||||||||||||||||||||||||||||||
Total residential pass-through securities | 329 | 13 | — | 342 | ||||||||||||||||||||||||||||||
Commercial pass-through securities: | ||||||||||||||||||||||||||||||||||
Federal National Mortgage Association | 100,308 | — | 4,716 | 95,592 | ||||||||||||||||||||||||||||||
Total commercial pass-through securities | 100,308 | — | 4,716 | 95,592 | ||||||||||||||||||||||||||||||
Total mortgage-backed securities | 101,114 | 51 | 4,718 | 96,447 | ||||||||||||||||||||||||||||||
Total securities held to maturity | $ | 311,129 | $ | 69 | $ | 12,423 | $ | 298,775 | ||||||||||||||||||||||||||
During the years ended June 30, 2014, 2013 and 2012, proceeds from sales of securities held to maturity totaled $28,000, $18,000 and $32,000, respectively, resulting in gross losses of $6,000, $6,000 and $6,000, respectively. The proceeds and losses for each year were fully attributable to the sale of the Company’s non-investment grade, non-agency collateralized mortgage obligations. These securities were originally acquired as investment grade securities upon the in-kind redemption of the Bank’s interest in the AMF Fund during the first quarter of fiscal 2009. The ratings of these securities subsequently declined below investment grade with most ultimately being identified as other-than-temporarily impaired resulting in their eligibility for sale from the held-to-maturity portfolio. | ||||||||||||||||||||||||||||||||||
At June 30, 2014 and 2013, securities held to maturity with carrying value of approximately $128.1 million and $123.3 million were utilized as collateral for borrowings from the FHLB of New York. As of those same dates, securities held to maturity with total carrying values of approximately $4.5 million and $-0- million, respectively, were pledged to secure public funds on deposit. | ||||||||||||||||||||||||||||||||||
At June 30, 2014 and 2013, the Company’s held to maturity mortgage-backed securities were secured by both residential and commercial mortgage loans with original contractual maturities of ten to thirty years. The effective lives of mortgage-backed securities are generally shorter than their contractual maturities due to principal amortization and prepayment of the mortgage loans comprised within those securities. Investors in mortgage pass-through securities generally share in the receipt of principal repayments on a pro-rata basis as paid by the borrowers. By comparison, collateralized mortgage obligations generally represent individual tranches within a larger investment vehicle that is designed to distribute cash flows received on securitized mortgage loans to investors in a manner determined by the overall terms and structure of the investment vehicle and those applying to the individual tranches within that structure. |
Impairment_of_Securities
Impairment of Securities | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of Securities | 10. IMPAIRMENT OF SECURITIES | Note 7 – Impairment of Securities | ||||||||||||||||||||||||||||||||||||||||||||||||
The following two tables summarize the fair values and gross unrealized losses within the available for sale and held to maturity portfolios at December 31, 2014 and June 30, 2014. The gross unrealized losses, presented by security type, represent temporary impairments of value within each portfolio as of the dates presented. Temporary impairments within the available for sale portfolio have been recognized through other comprehensive income as reductions in stockholders’ equity on a tax-effected basis. | The following two tables summarize the fair values and gross unrealized losses within the available for sale and held to maturity portfolios. The gross unrealized losses, presented by security type, represent temporary impairments of value within each portfolio as of the dates presented. Temporary impairments within the available for sale portfolio have been recognized through other comprehensive income as reductions in stockholders’ equity on a tax-effected basis. | |||||||||||||||||||||||||||||||||||||||||||||||||
The tables are followed by a discussion that summarizes the Company’s rationale for recognizing certain impairments as “temporary” versus those identified as “other-than-temporary”. Such rationale is presented by investment type and generally applies consistently to both the “available for sale” and “held to maturity” portfolios, except where specifically noted. | ||||||||||||||||||||||||||||||||||||||||||||||||||
The tables are followed by a discussion that summarizes the Company’s rationale for recognizing certain impairments as “temporary” versus those identified as “other-than-temporary”. Such rationale is presented by investment type and generally applies consistently to both the “available for sale” and “held to maturity” portfolios, except where specifically noted. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | (In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Securities available for sale: | |||||||||||||||||||||||||||||||||||||||||||||||||
Securities Available for Sale: | June 30, 2014: | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. agency securities | $ | 1,570 | $ | 8 | $ | 856 | $ | 5 | $ | 2,426 | $ | 13 | U.S. agency securities | $ | 826 | $ | 1 | $ | 84 | $ | 1 | $ | 910 | $ | 2 | |||||||||||||||||||||||||
Obligations of state and political subdivisions | 656 | 2 | 11,952 | 217 | 12,608 | 219 | Obligations of state and political subdivisions | 946 | 3 | 23,140 | 770 | 24,086 | 773 | |||||||||||||||||||||||||||||||||||||
Asset-backed securities | — | — | 30,121 | 202 | 30,121 | 202 | Asset-backed securities | 28,404 | 630 | 25,169 | 197 | 53,573 | 827 | |||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 126,309 | 2,299 | — | — | 126,309 | 2,299 | Collateralized loan obligations | 84,705 | 270 | 24,829 | 247 | 109,534 | 517 | |||||||||||||||||||||||||||||||||||||
Corporate bonds | 43,814 | 203 | 54,178 | 876 | 97,992 | 1,079 | Corporate bonds | 19,790 | 210 | 53,811 | 1,249 | 73,601 | 1,459 | |||||||||||||||||||||||||||||||||||||
Trust preferred securities | — | — | 6,800 | 1,091 | 6,800 | 1,091 | Trust preferred securities | — | — | 6,766 | 1,121 | 6,766 | 1,121 | |||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 26,739 | 222 | 47,010 | 1,456 | 73,749 | 1,678 | Collateralized mortgage obligations | 21,806 | 219 | 50,028 | 1,515 | 71,834 | 1,734 | |||||||||||||||||||||||||||||||||||||
Residential pass-through securities | 43,435 | 306 | 75,149 | 840 | 118,584 | 1,146 | Residential pass-through securities | — | — | 123,666 | 2,765 | 123,666 | 2,765 | |||||||||||||||||||||||||||||||||||||
Total | $ | 242,523 | $ | 3,040 | $ | 226,066 | $ | 4,687 | $ | 468,589 | $ | 7,727 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 156,477 | $ | 1,333 | $ | 307,493 | $ | 7,865 | $ | 463,970 | $ | 9,198 | ||||||||||||||||||||||||||||||||||||||
June 30, 2014 | June 30, 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | Obligations of state and political subdivisions | $ | 25,307 | $ | 2,253 | $ | — | $ | — | $ | 25,307 | $ | 2,253 | |||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Asset-backed securities | 19,675 | 620 | — | — | 19,675 | 620 | ||||||||||||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | Collateralized loan obligations | 27,930 | 70 | — | — | 27,930 | 70 | ||||||||||||||||||||||||||||||||||||||
(In Thousands) | Corporate bonds | 149,190 | 949 | — | — | 149,190 | 949 | |||||||||||||||||||||||||||||||||||||||||||
Securities Available for Sale: | Trust preferred securities | — | — | 6,324 | 1,554 | 6,324 | 1,554 | |||||||||||||||||||||||||||||||||||||||||||
U.S. agency securities | $ | 826 | $ | 1 | $ | 84 | $ | 1 | $ | 910 | $ | 2 | Collateralized mortgage obligations | 60,740 | 3,525 | — | — | 60,740 | 3,525 | |||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | 946 | 3 | 23,140 | 770 | 24,086 | 773 | Residential pass-through securities | 244,429 | 8,545 | — | — | 244,429 | 8,545 | |||||||||||||||||||||||||||||||||||||
Asset-backed securities | 28,404 | 630 | 25,169 | 197 | 53,573 | 827 | Commercial pass-through securities | 89,695 | 4,494 | — | — | 89,695 | 4,494 | |||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 84,705 | 270 | 24,829 | 247 | 109,534 | 517 | ||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 19,790 | 210 | 53,811 | 1,249 | 73,601 | 1,459 | ||||||||||||||||||||||||||||||||||||||||||||
Trust preferred securities | — | — | 6,766 | 1,121 | 6,766 | 1,121 | Total | $ | 616,966 | $ | 20,456 | $ | 6,324 | $ | 1,554 | $ | 623,290 | $ | 22,010 | |||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 21,806 | 219 | 50,028 | 1,515 | 71,834 | 1,734 | ||||||||||||||||||||||||||||||||||||||||||||
Residential pass-through securities | — | — | 123,666 | 2,765 | 123,666 | 2,765 | ||||||||||||||||||||||||||||||||||||||||||||
The number of available for sale securities with unrealized losses at June 30, 2014 totaled 111 and included four U.S. agency securities, 63 municipal obligations, five asset-backed securities, 16 collateralized loan obligations, six corporate obligations, four trust preferred securities, six collateralized mortgage obligations and seven residential pass-through securities. The number of available for sale securities with unrealized losses at June 30, 2013 totaled 153 and included 70 municipal obligations, two asset-backed securities, five collateralized loan obligations, 13 corporate obligations, four trust preferred securities, four collateralized mortgage obligations and 55 mortgage-backed securities comprising 38 residential pass-through securities and 17 commercial pass-through securities. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 156,477 | $ | 1,333 | $ | 307,493 | $ | 7,865 | $ | 463,970 | $ | 9,198 | ||||||||||||||||||||||||||||||||||||||
The number of available for sale securities with unrealized losses at December 31, 2014 totaled 95 and included five U.S. agency securities, 35 municipal obligations, four asset-backed securities, 20 collateralized loan obligations, nine corporate obligations, four trust preferred securities and 18 mortgage-backed securities comprising nine collateralized mortgage obligations and nine residential pass-through securities. The number of available for sale securities with unrealized losses at June 30, 2014 totaled 111 and included four U.S. agency securities, 63 municipal obligations, five asset-backed securities, 16 collateralized loan obligations, six corporate obligations, four trust preferred securities and 13 mortgage-backed securities comprising six collateralized mortgage obligations and seven residential pass-through securities. | Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | Securities held to maturity: | |||||||||||||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | June 30, 2014: | ||||||||||||||||||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | U.S. agency securities | $ | — | $ | — | $ | 141,919 | $ | 1,408 | $ | 141,919 | $ | 1,408 | ||||||||||||||||||||||||||||||||
(In Thousands) | Obligations of state and political subdivisions | 5,808 | 36 | 57,056 | 1,519 | 62,864 | 1,555 | |||||||||||||||||||||||||||||||||||||||||||
Securities Held to Maturity: | Collateralized mortgage obligations | 30 | 1 | — | — | 30 | 1 | |||||||||||||||||||||||||||||||||||||||||||
At December 31, 2014 | Residential pass-through securities | 59,993 | 83 | — | — | 59,993 | 83 | |||||||||||||||||||||||||||||||||||||||||||
U.S. agency securities | $ | — | $ | — | $ | 141,936 | $ | 1,394 | $ | 141,936 | $ | 1,394 | Commercial pass-through securities | 56,234 | 230 | 96,937 | 1,812 | 153,171 | 2,042 | |||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | 13,964 | 66 | 30,580 | 658 | 44,544 | 724 | ||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 41 | 1 | 5 | 1 | 46 | 2 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial pass-through securities | 13,077 | 203 | 24,105 | 414 | 37,182 | 617 | Total | $ | 122,065 | $ | 350 | $ | 295,912 | $ | 4,739 | $ | 417,977 | $ | 5,089 | |||||||||||||||||||||||||||||||
Total | $ | 27,082 | $ | 270 | $ | 196,626 | $ | 2,467 | $ | 223,708 | $ | 2,737 | ||||||||||||||||||||||||||||||||||||||
June 30, 2013: | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. agency securities | $ | 139,699 | $ | 3,622 | $ | — | $ | — | $ | 139,699 | $ | 3,622 | ||||||||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | 59,109 | 4,083 | — | — | 59,109 | 4,083 | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | Collateralized mortgage obligations | 4 | 1 | 44 | 1 | 48 | 2 | |||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | Commercial pass-through securities | 90,935 | 4,716 | — | — | 90,935 | 4,716 | |||||||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Total | $ | 289,747 | $ | 12,422 | $ | 44 | $ | 1 | $ | 289,791 | $ | 12,423 | |||||||||||||||||||||||||||||||||||||
Securities Held to Maturity: | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. agency securities | $ | — | $ | — | $ | 141,919 | $ | 1,408 | $ | 141,919 | $ | 1,408 | The number of held to maturity securities with unrealized losses at June 30, 2014 totaled 198 and included seven U.S. agency securities, 137 municipal obligations and 54 mortgage-backed securities comprising three collateralized mortgage obligations, 26 residential pass-through securities and 25 commercial pass-through securities. The number of held to maturity securities with unrealized losses at June 30, 2013 totaled 162 and included seven U.S. agency securities, 132 municipal obligations and 23 mortgage-backed securities comprising four collateralized mortgage obligations and 19 commercial pass-through securities. | |||||||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | 5,808 | 36 | 57,056 | 1,519 | 62,864 | 1,555 | ||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 30 | 1 | — | — | 30 | 1 | In general, if the fair value of a debt security is less than its amortized cost basis at the time of evaluation, the security is “impaired” and the impairment is to be evaluated to determine if it is other than temporary. The Company evaluates the impaired securities in its portfolio for possible other than temporary impairment (OTTI) on at least a quarterly basis. The following represents the circumstances under which an impaired security is determined to be other than temporarily impaired: | |||||||||||||||||||||||||||||||||||||||||||
Residential pass-through securities | 59,993 | 83 | — | — | 59,993 | 83 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial pass-through securities | 56,234 | 230 | 96,937 | 1,812 | 153,171 | 2,042 | • | When the Company intends to sell the impaired debt security; | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 122,065 | $ | 350 | $ | 295,912 | $ | 4,739 | $ | 417,977 | $ | 5,089 | • | When the Company more likely than not will be required to sell the impaired debt security before recovery of its amortized cost (for example, whether liquidity requirements or contractual or regulatory obligations indicate that the security will be required to be sold before a forecasted recovery occurs); or | ||||||||||||||||||||||||||||||||||||
The number of held to maturity securities with unrealized losses at December 31, 2014 totaled 109 and included seven U.S. agency securities, 91 municipal obligations and 11 mortgage-backed securities comprising four collateralized mortgage obligations and seven commercial pass-through securities. The number of held to maturity securities with unrealized losses at June 30, 2014 totaled 198 and included seven U.S. agency securities, 137 municipal obligations and 54 mortgage-backed securities comprising three collateralized mortgage obligations, 26 residential pass-through securities and 25 commercial pass-through securities. | • | When an impaired debt security does not meet either of the two conditions above, but the Company does not expect to recover the entire amortized cost of the security. According to applicable accounting guidance for debt securities, this is generally when the present value of cash flows expected to be collected is less than the amortized cost of the security. | ||||||||||||||||||||||||||||||||||||||||||||||||
In general, if the fair value of a debt security is less than its amortized cost basis at the time of evaluation, the security is “impaired” and the impairment is to be evaluated to determine if it is other than temporary. The Company evaluates the impaired securities in its portfolio for possible other than temporary impairment (OTTI) on at least a quarterly basis. The following represents the circumstances under which an impaired security is determined to be other than temporarily impaired: | In the first two circumstances noted above, the amount of OTTI recognized in earnings is the entire difference between the security’s amortized cost basis and its fair value at the balance sheet date. In the third circumstance, however, the OTTI is to be separated into the amount representing the credit loss from the amount related to all other factors. The credit loss component is to be recognized in earnings while the non-credit loss component is to be recognized in other comprehensive income. In these cases, OTTI is generally predicated on an adverse change in cash flows (e.g. principal and/or interest payment deferrals or losses) versus those expected at the time of purchase. The absence of an adverse change in expected cash flows generally indicates that a security’s impairment is related to other “non-credit loss” factors and is thereby generally not recognized as OTTI. | |||||||||||||||||||||||||||||||||||||||||||||||||
The Company considers a variety of factors when determining whether a credit loss exists for an impaired security including, but not limited to: | ||||||||||||||||||||||||||||||||||||||||||||||||||
• | When the Company intends to sell the impaired debt security; | |||||||||||||||||||||||||||||||||||||||||||||||||
• | The length of time and the extent (a percentage) to which the fair value has been less than the amortized cost basis; | |||||||||||||||||||||||||||||||||||||||||||||||||
• | When the Company more likely than not will be required to sell the impaired debt security before recovery of its amortized cost (for example, whether liquidity requirements or contractual or regulatory obligations indicate that the security will be required to be sold before a forecasted recovery occurs); or | |||||||||||||||||||||||||||||||||||||||||||||||||
• | Adverse conditions specifically related to the security, an industry, or a geographic area (e.g. changes in the financial condition of the issuer of the security, or in the case of an asset backed debt security, in the financial condition of the underlying loan obligors, including changes in technology or the discontinuance of a segment of the business that may affect the future earnings potential of the issuer or underlying loan obligors of the security or changes in the quality of the credit enhancement); | |||||||||||||||||||||||||||||||||||||||||||||||||
• | When an impaired debt security does not meet either of the two conditions above, but the Company does not expect to recover the entire amortized cost of the security. According to applicable accounting guidance for debt securities, this is generally when the present value of cash flows expected to be collected is less than the amortized cost of the security. | |||||||||||||||||||||||||||||||||||||||||||||||||
In the first two circumstances noted above, the amount of OTTI recognized in earnings is the entire difference between the security’s amortized cost basis and its fair value at the balance sheet date. In the third circumstance, however, the OTTI is to be separated into the amount representing the credit loss from the amount related to all other factors. The credit loss component is to be recognized in earnings while the non-credit loss component is to be recognized in other comprehensive income. In these cases, OTTI is generally predicated on an adverse change in cash flows (e.g. principal and/or interest payment deferrals or losses) versus those expected at the time of purchase. The absence of an adverse change in expected cash flows generally indicates that a security’s impairment is related to other “non-credit loss” factors and is thereby generally not recognized as OTTI. | • | The historical and implied volatility of the fair value of the security; | ||||||||||||||||||||||||||||||||||||||||||||||||
The Company considers a variety of factors when determining whether a credit loss exists for an impaired security including, but not limited to: | • | The payment structure of the debt security; | ||||||||||||||||||||||||||||||||||||||||||||||||
• | The length of time and the extent (a percentage) to which the fair value has been less than the amortized cost basis; | • | Actual or expected failure of the issuer of the security to make scheduled interest or principal payments; | |||||||||||||||||||||||||||||||||||||||||||||||
• | Adverse conditions specifically related to the security, an industry, or a geographic area (e.g. changes in the financial condition of the issuer of the security, or in the case of an asset backed debt security, in the financial condition of the underlying loan obligors, including changes in technology or the discontinuance of a segment of the business that may affect the future earnings potential of the issuer or underlying loan obligors of the security or changes in the quality of the credit enhancement); | • | Changes to the rating of the security by external rating agencies; and | |||||||||||||||||||||||||||||||||||||||||||||||
• | The historical and implied volatility of the fair value of the security; | • | Recoveries or additional declines in fair value subsequent to the balance sheet date. | |||||||||||||||||||||||||||||||||||||||||||||||
• | The payment structure of the debt security; | At June 30, 2014 and June 30, 2013, the Company held no securities on which credit-related OTTI had been recognized in earnings. The following discussion summarizes the Company’s rationale for recognizing the impairments reported in the tables above as “temporary” versus “other-than-temporary”. Such rationale is presented by investment type and generally applies consistently to both the available for sale and held to maturity portfolios, except where specifically noted. | ||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed Securities. | ||||||||||||||||||||||||||||||||||||||||||||||||||
• | Actual or expected failure of the issuer of the security to make scheduled interest or principal payments; | The carrying value of the Company’s mortgage-backed securities totaled $732.9 million at June 30, 2014 and comprised 54.0% of total investments and 20.9% of total assets as of that date. This category of securities primarily includes mortgage pass-through securities and collateralized mortgage obligations issued by U.S. government agencies and/or government-sponsored entities (“GSEs”) such as Ginnie Mae, Fannie Mae and Freddie Mac who guarantee the contractual cash flows associated with those securities. Those guarantees were strengthened during the 2008-2009 financial crisis at which time Fannie Mae and Freddie Mac were placed into receivership by the federal government. Through those actions, the U.S. government effectively reinforced the guarantees of their agencies thereby strengthening the creditworthiness of the mortgage-backed securities issued by those agencies. | ||||||||||||||||||||||||||||||||||||||||||||||||
With credit risk being reduced to negligible levels due primarily to the U.S. government’s support of most of these agencies, the unrealized losses on the Company’s investment in U.S. agency mortgage-backed securities are due largely to the combined effects of several market-related factors including, most notably, changes in market interest rates. In general, the fair value of certain debt securities, including the Company’s mortgage-backed securities, move inversely with changes in market interest rates. As market interest rates increase, the value of the securities, which are generally characterized by fixed interest rates or adjustable rates that lag the movement in market interest rates, decline and vice-versa. | ||||||||||||||||||||||||||||||||||||||||||||||||||
• | Changes to the rating of the security by external rating agencies; and | Additionally, movements in market interest rates significantly impact the average lives of mortgage-backed securities by influencing the rate of principal prepayment attributable to refinancing activity. Changes in the expected average lives of such securities significantly impact their fair values due to the extension or contraction of the cash flows that an investor expects to receive over the life of the security. Generally, lower market interest rates prompt greater refinancing activity thereby shortening the average lives of mortgage-backed securities and vice-versa. The historically low mortgage rates prevalent in the marketplace during recent years created significant refinancing incentive for qualified borrowers. | ||||||||||||||||||||||||||||||||||||||||||||||||
Prepayment rates are also influenced by fluctuating real estate values and the overall availability of credit in the marketplace which significantly impacts the ability of borrowers to qualify for refinancing. The residential real estate marketplace in recent years has been characterized by diminished property values and reduced availability of credit due to tightening underwriting standards. As a consequence, the ability of certain borrowers to qualify for the refinancing of existing loans has been reduced while residential real estate purchase activity has been stifled. These factors have partially offset the effects of historically low interest rates on mortgage-backed security prepayment rates. | ||||||||||||||||||||||||||||||||||||||||||||||||||
• | Recoveries or additional declines in fair value subsequent to the balance sheet date. | The market price of mortgage-backed securities, being the key measure of the fair value to an investor in such securities, is also influenced by the overall supply and demand for such securities in the marketplace. Absent other factors, an increase in the demand for, or a decrease in the supply of a security increases its price. Conversely, a decrease in the demand for, or an increase in the supply of a security decreases its price. | ||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2014 and June 30, 2014, the Company held no securities on which credit-related OTTI had been recognized in earnings. The following discussion summarizes the Company’s rationale for recognizing the impairments reported in the tables above as “temporary” versus “other-than-temporary”. Such rationale is presented by investment type and generally applies consistently to both the available for sale and held to maturity portfolios, except where specifically noted. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed Securities. | In sum, the factors influencing the fair value of the Company’s U.S. agency mortgage-backed securities, as described above, generally result from movements in market interest rates and changing real estate and financial market conditions which affect the supply and demand for such securities. Such market conditions may fluctuate over time resulting in certain securities being impaired for periods in excess of 12 months. However, the longevity of such impairment is not necessarily reflective of an expectation for an adverse change in cash flows signifying a credit loss. Consequently, the impairments of value resulting directly from these changing market conditions are considered “noncredit-related” and “temporary” in nature. | |||||||||||||||||||||||||||||||||||||||||||||||||
The carrying value of the Company’s mortgage-backed securities totaled $714.1 million at December 31, 2014 and comprised 52.7% of total investments and 20.1% of total assets as of that date. This category of securities primarily includes mortgage pass-through securities and collateralized mortgage obligations issued by U.S. government agencies and/or government-sponsored entities (“GSEs”) such as Ginnie Mae, Fannie Mae and Freddie Mac who guarantee the contractual cash flows associated with those securities. Those guarantees were strengthened during the 2008-2009 financial crisis at which time Fannie Mae and Freddie Mac were placed into receivership by the federal government. Through those actions, the U.S. government effectively reinforced the guarantees of their agencies thereby strengthening the creditworthiness of the mortgage-backed securities issued by those agencies. | Finally, the Company has the stated ability and intent to “hold to maturity” those securities so designated at June 30, 2014 and does not intend to sell the temporarily impaired available for sale securities prior to the recovery of their fair value to a level equal to or greater than the Company’s amortized cost. Moreover, the Company has concluded that the possibility of being required to sell the securities prior to their anticipated recovery is unlikely based upon its strong liquidity, asset quality and capital position as of that date. In light of the factors noted, the Company does not consider its U.S. agency and GSE mortgage-backed securities with unrealized losses at June 30, 2014 to be “other-than-temporarily” impaired as of that date. | |||||||||||||||||||||||||||||||||||||||||||||||||
With credit risk being reduced to negligible levels due primarily to the U.S. government’s support of most of these agencies, the unrealized losses on the Company’s investment in U.S. agency mortgage-backed securities are due largely to the combined effects of several market-related factors including, most notably, changes in market interest rates. In general, the fair value of certain debt securities, including the Company’s mortgage-backed securities, move inversely with changes in market interest rates. As market interest rates increase, the value of the securities, which are largely characterized by fixed interest rates or adjustable rates that lag the movement in market interest rates, generally decline and vice-versa. | In addition to those mortgage-backed securities issued by U.S. agencies and GSEs, the Company held a nominal balance of non-agency mortgage-backed securities at June 30, 2014. Unlike agency and GSE mortgage-backed securities, non-agency collateralized mortgage obligations are not explicitly guaranteed by a U.S. government sponsored entity. Rather, such securities generally utilize the structure of the larger investment vehicle to reallocate credit risk among the individual tranches comprised within that vehicle. Through this process, investors in different tranches are subject to varying degrees of risk that the cash flows of their tranche will be adversely impacted by borrowers defaulting on the underlying mortgage loans. The creditworthiness of certain tranches may also be further enhanced by additional credit insurance protection embedded within the terms of the total investment vehicle. | |||||||||||||||||||||||||||||||||||||||||||||||||
Additionally, movements in market interest rates significantly impact the average lives of mortgage-backed securities by influencing the rate of principal prepayment attributable to refinancing activity. Changes in the expected average lives of such securities significantly impact their fair values due to the extension or contraction of the cash flows that an investor expects to receive over the life of the security. Generally, lower market interest rates prompt greater refinancing activity thereby shortening the average lives of mortgage-backed securities and vice-versa. The historically low mortgage rates prevalent in the marketplace during recent years created significant refinancing incentive for qualified borrowers. | The fair values of the non-agency mortgage-backed securities are subject to many of the factors applicable to the agency securities that may result in “temporary” impairments in value. However, due to the lack of agency guaranty, the Company also monitors the general level of credit risk for each of its non-agency mortgage-backed securities based upon a variety of factors including, but not limited to, the ratings assigned to its specific tranches by one or more credit rating agencies, where available. As noted above, the level of such ratings and changes thereto, is one of several factors considered by the Company in identifying those securities that may be other-than-temporarily impaired. | |||||||||||||||||||||||||||||||||||||||||||||||||
Prepayment rates are also influenced by fluctuating real estate values and the overall availability of credit in the marketplace which significantly impacts the ability of borrowers to qualify for refinancing. The residential real estate marketplace in recent years has been characterized by diminished property values and reduced availability of credit due to tightening underwriting standards. As a consequence, the ability of certain borrowers to qualify for the refinancing of existing loans has been reduced while residential real estate purchase activity has been stifled. These factors have partially offset the effects of historically low interest rates on mortgage-backed security prepayment rates. | The applicable securities generally maintained their credit-ratings at levels supporting the investment grade assessment by the Company. The Company has the stated ability and intent to “hold to maturity” those securities at June 30, 2014 and has further concluded that the possibility of being required to sell the securities prior to their anticipated recovery is unlikely based upon its strong liquidity, asset quality and capital position as of that date. In light of the factors noted, the Company does not consider its non-agency mortgage-backed securities with unrealized losses at June 30, 2014 to be “other-than-temporarily” impaired as of that date. | |||||||||||||||||||||||||||||||||||||||||||||||||
The market price of mortgage-backed securities, being the key measure of the fair value to an investor in such securities, is also influenced by the overall supply and demand for such securities in the marketplace. Absent other factors, an increase in the demand for, or a decrease in the supply of, a security increases its price. Conversely, a decrease in the demand for, or an increase in the supply of, a security decreases its price. | U.S. Agency Debt Securities. | |||||||||||||||||||||||||||||||||||||||||||||||||
The carrying value of the Company’s U.S. agency debt securities totaled $148.6 million at June 30, 2014 and comprised 10.9% of total investments and 4.2% of total assets as of that date. Such securities included $144.3 million of fixed-rate U.S. agency debentures and $4.2 million of securities representing securitized pools of loans issued and fully guaranteed by the Small Business Administration (“SBA”), a U.S. government agency. | ||||||||||||||||||||||||||||||||||||||||||||||||||
In sum, the factors influencing the fair value of the Company’s U.S. agency mortgage-backed securities, as described above, generally result from movements in market interest rates and changing real estate and financial market conditions which affect the supply and demand for such securities. Such market conditions may fluctuate over time resulting in certain securities being impaired for periods in excess of 12 months. However, the longevity of such impairment is not necessarily reflective of an expectation for an adverse change in cash flows signifying a credit loss. Consequently, the impairments of value resulting directly from these changing market conditions are considered “noncredit-related” and “temporary” in nature. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finally, the Company has the stated ability and intent to “hold to maturity” those securities so designated at December 31, 2014 and does not intend to sell the temporarily impaired available for sale securities prior to the recovery of their fair value to a level equal to or greater than the Company’s amortized cost. Moreover, the Company has concluded that the possibility of being required to sell the securities prior to their anticipated recovery is unlikely based upon its strong liquidity, asset quality and capital position as of that date. In light of the factors noted, the Company does not consider its U.S. agency and GSE mortgage-backed securities with unrealized losses at December 31, 2014 to be “other-than-temporarily” impaired as of that date. | With credit risk being reduced to negligible levels due to the issuer’s guarantee, the unrealized losses on the Company’s investment in U.S. agency debentures are due largely to the combined effects of several market-related factors including, most notably, changes in market interest rates. In general, the fair value of certain debt securities, including the Company’s U.S. agency debentures, move inversely with changes in market interest rates. As market interest rates increase, the value of the securities, which are generally characterized by fixed interest rates, decline and vice-versa. | |||||||||||||||||||||||||||||||||||||||||||||||||
In addition to those mortgage-backed securities issued by U.S. agencies and GSEs, the Company held a nominal balance of non-agency mortgage-backed securities at December 31, 2014. Unlike agency and GSE mortgage-backed securities, non-agency collateralized mortgage obligations are not explicitly guaranteed by a U.S. government sponsored entity. Rather, such securities generally utilize the structure of the larger investment vehicle to reallocate credit risk among the individual tranches comprised within that vehicle. Through this process, investors in different tranches are subject to varying degrees of risk that the cash flows of their tranche will be adversely impacted by borrowers defaulting on the underlying mortgage loans. The creditworthiness of certain tranches may also be further enhanced by additional credit insurance protection embedded within the terms of the total investment vehicle. | The market price of U.S. agency debentures is also influenced by the overall supply and demand for such securities in the marketplace. Absent other factors, an increase in the demand for, or a decrease in the supply of a security increases its price. Conversely, a decrease in the demand for, or an increase in the supply of, a security decreases its price. | |||||||||||||||||||||||||||||||||||||||||||||||||
The fair values of the non-agency mortgage-backed securities are subject to many of the factors applicable to the agency securities that may result in “temporary” impairments in value. However, due to the lack of agency guaranty, the Company also monitors the general level of credit risk for each of its non-agency mortgage-backed securities based upon a variety of factors including, but not limited to, the ratings assigned to its specific tranches by one or more credit rating agencies, where available. As noted above, the level of such ratings and changes thereto, is one of several factors considered by the Company in identifying those securities that may be other-than-temporarily impaired. | In sum, the factors influencing the fair value of the Company’s U.S. agency debentures, as described above, generally result from movements in market interest rates and changing market conditions which affect the supply and demand for such securities. Those market conditions may fluctuate over time resulting in certain securities being impaired for periods in excess of 12 months. However, the longevity of such impairment is not necessarily reflective of an expectation for an adverse change in cash flows signifying a credit loss. Consequently, the impairments of value resulting directly from these changing market conditions are considered “noncredit-related” and “temporary” in nature. | |||||||||||||||||||||||||||||||||||||||||||||||||
The applicable securities generally maintained their credit-ratings at levels supporting the investment grade assessment by the Company. The Company has the stated ability and intent to “hold to maturity” those securities at December 31, 2014 and has further concluded that the possibility of being required to sell the securities prior to their anticipated recovery is unlikely based upon its strong liquidity, asset quality and capital position as of that date. In light of the factors noted, the Company does not consider its non-agency mortgage-backed securities with unrealized losses at December 31, 2014 to be “other-than-temporarily” impaired as of that date. | Finally, the Company has the stated ability and intent to “hold to maturity” those securities so designated at June 30, 2014 and does not intend to sell the temporarily impaired available for sale securities prior to the recovery of their fair value to a level equal to or greater than the Company’s amortized cost. Furthermore, the Company has concluded that the possibility of being required to sell the securities prior to their anticipated recovery is unlikely based upon its strong liquidity, asset quality and capital position as of that date. In light of the factors noted, the Company does not consider its balance of U.S. agency securities with unrealized losses at June 30, 2014 to be “other-than-temporarily” impaired as of that date. | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Agency Debt Securities. | Obligations of State and Political Subdivisions. | |||||||||||||||||||||||||||||||||||||||||||||||||
The carrying value of the Company’s U.S. agency debt securities totaled $152.1 million at December 31, 2014 and comprised 11.2% of total investments and 4.3% of total assets as of that date. Such securities included U.S. agency debentures and securitized pools of loans issued and fully guaranteed by the Small Business Administration (“SBA”), a U.S. government agency. | The carrying value of the Company’s securities representing obligations of state and political subdivisions totaled $98.8 million at June 30, 2014 and comprised 7.3% of total investments and 2.8% of total assets as of that date. Such securities include approximately $95.7 million of fixed-rate, bank-qualified securities representing general obligations of municipalities located within the U.S. or the obligations of their related entities such as boards of education or school districts. The portfolio also includes $3.1 million of non-rated bond anticipation notes (“BANs”) comprising seven short-term obligations issued by a total of four New Jersey municipalities with whom the Company maintains or seeks to maintain deposit relationships. At June 30, 2014, the fair value of each of the Company’s BANs equaled or exceeded their respective carrying values resulting in no reported impairment on those securities as of that date. | |||||||||||||||||||||||||||||||||||||||||||||||||
With credit risk being reduced to negligible levels due to the issuer’s guarantee, the unrealized losses on the Company’s investment in U.S. agency debentures are due largely to the combined effects of several market-related factors including, most notably, changes in market interest rates. In general, the fair value of certain debt securities, including the Company’s U.S. agency debentures, move inversely with changes in market interest rates. As market interest rates increase, the value of the securities, which are largely characterized by fixed interest rates, generally decline and vice-versa. | As noted earlier, the Company considers the ratings assigned by one or more credit rating agencies, where available, in its evaluation of the impairment attributable to each of its municipal obligations. The Company uses such ratings, in conjunction with the other criteria noted earlier, to identify those securities whose impairments are potentially “credit-related” versus “noncredit-related”. | |||||||||||||||||||||||||||||||||||||||||||||||||
The market price of U.S. agency debentures is also influenced by the overall supply and demand for such securities in the marketplace. Absent other factors, an increase in the demand for, or a decrease in the supply of, a security increases its price. Conversely, a decrease in the demand for, or an increase in the supply of, a security decreases its price. | Unrealized losses associated with municipal obligations whose credit ratings exceed certain internally defined thresholds are considered to be indicative of “noncredit-related” impairment given the nominal level of credit losses that would be expected based upon such ratings. That conclusion is generally reinforced, as appropriate, by additional internal analysis supporting the Company’s periodic internal investment grade assessment of the security. | |||||||||||||||||||||||||||||||||||||||||||||||||
In sum, the factors influencing the fair value of the Company’s U.S. agency debentures, as described above, generally result from movements in market interest rates and changing market conditions which affect the supply and demand for such securities. Those market conditions may fluctuate over time resulting in certain securities being impaired for periods in excess of 12 months. However, the longevity of such impairment is not necessarily reflective of an expectation for an adverse change in cash flows signifying a credit loss. Consequently, the impairments of value resulting directly from these changing market conditions are considered “noncredit-related” and “temporary” in nature. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finally, the Company has the stated ability and intent to “hold to maturity” those securities so designated at December 31, 2014 and does not intend to sell the temporarily impaired available for sale securities prior to the recovery of their fair value to a level equal to or greater than the Company’s amortized cost. Furthermore, the Company has concluded that the possibility of being required to sell the securities prior to their anticipated recovery is unlikely based upon its strong liquidity, asset quality and capital position as of that date. In light of the factors noted, the Company does not consider its balance of U.S. agency securities with unrealized losses at December 31, 2014 to be “other-than-temporarily” impaired as of that date. | At June 30, 2014, each of the Company’s impaired municipal obligations were consistently rated by Moody’s Investors Service (“Moody’s”) and Standard & Poor’s Financial Services (“S&P”) well above the thresholds that generally support the Company’s investment grade assessment with such ratings equaling “A” or higher by S&P and/or “A1” or higher by Moody’s, where rated by those agencies. In the absence of such ratings, the Company relies upon its own internal analysis of the issuer’s financial condition to validate its investment grade assessment. | |||||||||||||||||||||||||||||||||||||||||||||||||
Given the absence of any expectation for an adverse change in cash flows signifying a credit loss, the unrealized losses on the Company’s investment in municipal obligations are due largely to the combined effects of several market-related factors including, most notably, changes in market interest rates. In general, the fair value of certain debt securities, including the Company’s municipal obligations, move inversely with changes in market interest rates. As market interest rates increase, the value of the securities, which are generally characterized by fixed interest rates, decline and vice-versa. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations of State and Political Subdivisions. | The market price of municipal obligations is also influenced by the overall supply and demand for such securities in the marketplace. While these factors may generally reflect the level of available liquidity in the marketplace, demand for individual securities will specifically reflect investors’ assessment of an issuer’s creditworthiness and resulting expectations for timely and full repayment in accordance with the terms of the applicable security agreement. Absent other factors, an increase in the demand for, or a decrease in the supply of, a security increases its price. Conversely, a decrease in the demand for, or an increase in the supply of, a security decreases its price. | |||||||||||||||||||||||||||||||||||||||||||||||||
The carrying value of the Company’s securities representing obligations of state and political subdivisions totaled $103.1 million at December 31, 2014 and comprised 7.6% of total investments and 2.9% of total assets as of that date. Such securities include approximately $101.5 million of fixed-rate, bank-qualified securities representing general obligations of municipalities located within the U.S. or the obligations of their related entities such as boards of education or school districts. The portfolio also includes $1.6 million of non-rated bond anticipation notes (“BANs”) comprising five short-term obligations issued by a total of three New Jersey municipalities with whom the Company maintains or seeks to maintain deposit relationships. At December 31, 2014, the fair value of each of the Company’s BANs equaled or exceeded their respective carrying values resulting in no reported impairment on those securities as of that date. | In sum, the factors influencing the fair value of the Company’s municipal obligations, as described above, generally result from movements in market interest rates and changing market conditions which affect the supply and demand for such securities. Those market conditions may fluctuate over time resulting in certain securities being impaired for periods in excess of 12 months. However, the longevity of such impairment is not necessarily reflective of an expectation for an adverse change in cash flows signifying a credit loss. Consequently, the impairments of value resulting directly from these changing market conditions are considered “noncredit-related” and “temporary” in nature. | |||||||||||||||||||||||||||||||||||||||||||||||||
As noted earlier, the Company considers the ratings assigned by one or more credit rating agencies, where available, in its evaluation of the impairment attributable to each of its municipal obligations. The Company uses such ratings, in conjunction with the other criteria noted earlier, to identify those securities whose impairments are potentially “credit-related” versus “noncredit-related”. | Finally, the Company has the stated ability and intent to “hold to maturity” those securities so designated at June 30, 2014 and does not intend to sell the temporarily impaired available for sale securities prior to the recovery of their fair value to a level equal to or greater than the Company’s amortized cost. Furthermore, the Company has concluded that the possibility of being required to sell the securities prior to their anticipated recovery is unlikely based upon its strong liquidity, asset quality and capital position as of that date. In light of the factors noted, the Company does not consider its balance of obligations of state and political subdivisions with unrealized losses at June 30, 2014 to be “other-than-temporarily” impaired as of that date. | |||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized losses associated with municipal obligations whose credit ratings exceed certain internally defined thresholds are considered to be indicative of “noncredit-related” impairment given the nominal level of credit losses that would be expected based upon such ratings. That conclusion is generally reinforced, as appropriate, by additional internal analysis supporting the Company’s periodic internal investment grade assessment of the security. | Asset-backed Securities. | |||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2014, each of the Company’s impaired municipal obligations were consistently rated by Moody’s Investors Service (“Moody’s”) and Standard & Poor’s Financial Services (“S&P”) well above the thresholds that generally support the Company’s investment grade assessment with such ratings equaling “A” or higher by S&P and/or “A2” or higher by Moody’s, where rated by those agencies. In the absence of such ratings, the Company relies upon its own internal analysis of the issuer’s financial condition to validate its investment grade assessment. | The carrying value of the Company’s asset-backed securities totaled $87.3 million at June 30, 2014 and comprised 6.4% of total investments and 2.5% of total assets as of that date. This category of securities is comprised entirely of structured, floating-rate securities representing securitized federal education loans with 97% U.S. government guarantees. The securities represent tranches of a larger investment vehicle designed to reallocate credit risk among the individual tranches comprised within that vehicle. Through this process, investors in different tranches are subject to varying degrees of risk that the cash flows of their tranche will be adversely impacted by borrowers defaulting on the underlying loans. The Company’s securities represent the highest credit-quality tranches within the overall structures with each being rated “AA+” by S&P at June 30, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||
Given the absence of any expectation for an adverse change in cash flows signifying a credit loss, the unrealized losses on the Company’s investment in municipal obligations are due largely to the combined effects of several market-related factors including, most notably, changes in market interest rates. In general, the fair value of certain debt securities, including the Company’s municipal obligations, move inversely with changes in market interest rates. As market interest rates increase, the value of the securities, which are largely characterized by fixed interest rates, generally decline and vice-versa. | ||||||||||||||||||||||||||||||||||||||||||||||||||
The market price of municipal obligations is also influenced by the overall supply and demand for such securities in the marketplace. While these factors may generally reflect the level of available liquidity in the marketplace, demand for individual securities will specifically reflect investors’ assessment of an issuer’s creditworthiness and resulting expectations for timely and full repayment in accordance with the terms of the applicable security agreement. Absent other factors, an increase in the demand for, or a decrease in the supply of, a security increases its price. Conversely, a decrease in the demand for, or an increase in the supply of, a security decreases its price. | With credit risk being reduced to nominal levels due to the guarantees and structural support noted above, the unrealized losses on the Company’s investment in asset-backed securities are due largely to the combined effects of several market-related factors, including changes in market interest rates and fluctuating demand for such securities in the marketplace. In general, the fair value of certain debt securities, including the Company’s asset-backed securities, move inversely with changes in market interest rates. As market interest rates increase, the value of the securities decline and vice-versa. However, the floating-rate nature of the Company’s asset-backed securities greatly reduces their sensitivity to such changes in market rates. | |||||||||||||||||||||||||||||||||||||||||||||||||
In sum, the factors influencing the fair value of the Company’s municipal obligations, as described above, generally result from movements in market interest rates and changing market conditions which affect the supply and demand for such securities. Those market conditions may fluctuate over time resulting in certain securities being impaired for periods in excess of 12 months. However, the longevity of such impairment is not necessarily reflective of an expectation for an adverse change in cash flows signifying a credit loss. Consequently, the impairments of value resulting directly from these changing market conditions are considered “noncredit-related” and “temporary” in nature. | More significantly, the market price of asset-backed securities is also influenced by the overall supply and demand for such securities in the marketplace. Absent other factors, an increase in the demand for, or a decrease in the supply of, a security increases its price. Conversely, a decrease in the demand for, or an increase in the supply of, a security decreases its price. | |||||||||||||||||||||||||||||||||||||||||||||||||
Finally, the Company has the stated ability and intent to “hold to maturity” those securities so designated at December 31, 2014 and does not intend to sell the temporarily impaired available for sale securities prior to the recovery of their fair value to a level equal to or greater than the Company’s amortized cost. Furthermore, the Company has concluded that the possibility of being required to sell the securities prior to their anticipated recovery is unlikely based upon its strong liquidity, asset quality and capital position as of that date. In light of the factors noted, the Company does not consider its balance of obligations of state and political subdivisions with unrealized losses at December 31, 2014 to be “other-than-temporarily” impaired as of that date. | In sum, the factors influencing the fair value of the Company’s asset-backed securities, as described above, generally result from movements in market interest rates and changing market conditions which affect the supply and demand for such securities. Those market conditions may fluctuate over time resulting in certain securities being impaired for periods in excess of 12 months. However, the longevity of such impairment is not necessarily reflective of an expectation for an adverse change in cash flows signifying a credit loss. Consequently, the impairments of value resulting directly from these changing market conditions are considered “noncredit-related” and “temporary” in nature. | |||||||||||||||||||||||||||||||||||||||||||||||||
Finally, the Company does not intend to sell the temporarily impaired available for sale securities prior to the recovery of their fair value to a level equal to or greater than the Company’s amortized cost. Furthermore, the Company has concluded that the possibility of being required to sell the securities prior to their anticipated recovery is unlikely based upon its strong liquidity, asset quality and capital position as of June 30, 2014. In light of the factors noted, the Company does not consider its balance of asset-backed securities with unrealized losses at June 30, 2014 to be “other-than-temporarily” impaired as of that date. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed Securities. | Collateralized Loan Obligations. | |||||||||||||||||||||||||||||||||||||||||||||||||
The carrying value of the Company’s asset-backed securities totaled $88.6 million at December 31, 2014 and comprised 6.5% of total investments and 2.5% of total assets as of that date. This category of securities is comprised entirely of structured, floating-rate securities representing securitized federal education loans with 97% U.S. government guarantees. The securities represent tranches of a larger investment vehicle designed to reallocate credit risk among the individual tranches comprised within that vehicle. Through this process, investors in different tranches are subject to varying degrees of risk that the cash flows of their tranche will be adversely impacted by borrowers defaulting on the underlying loans. The Company’s securities represent the highest credit-quality tranches within the overall structures with each being rated “AA+” by S&P at December 31, 2014. | The outstanding balance of the Company’s collateralized loan obligations totaled $119.6 million at June 30, 2014 and comprised 8.8% of total investments and 3.4% of total assets as of that date. This category of securities is comprised entirely of structured, floating-rate securities comprised of securitized commercial loans to large U.S. corporations. The Company’s securities represent tranches of a larger investment vehicle designed to reallocate cash flows and credit risk among the individual tranches comprised within that vehicle. Through this process, investors in different tranches are subject to varying degrees of risk that the cash flows of their tranche will be adversely impacted by borrowers defaulting on the underlying loans. | |||||||||||||||||||||||||||||||||||||||||||||||||
With credit risk being reduced to nominal levels due to the guarantees and structural support noted above, the unrealized losses on the Company’s investment in asset-backed securities are due largely to the combined effects of several market-related factors, including changes in market interest rates and fluctuating demand for such securities in the marketplace. In general, the fair value of certain debt securities, including the Company’s asset-backed securities, move inversely with changes in market interest rates. As market interest rates increase, the value of the securities generally decline and vice-versa. However, the floating-rate nature of the Company’s asset-backed securities greatly reduces their sensitivity to such changes in market rates. | As noted earlier, the Company considers the ratings assigned by one or more credit rating agencies, where available, in its evaluation of the impairment attributable to each of its collateralized loan obligations. The Company uses such ratings, in conjunction with the other criteria noted earlier, to identify those securities whose impairments are potentially “credit-related” versus “noncredit-related”. | |||||||||||||||||||||||||||||||||||||||||||||||||
More significantly, the market price of asset-backed securities is also influenced by the overall supply and demand for such securities in the marketplace. Absent other factors, an increase in the demand for, or a decrease in the supply of, a security increases its price. Conversely, a decrease in the demand for, or an increase in the supply of, a security decreases its price. | Unrealized losses associated with collateralized loan obligations whose credit ratings exceed certain internally defined thresholds are considered to be indicative of “noncredit-related” impairment given the nominal level of credit losses that would be expected based upon such ratings. That conclusion is generally reinforced, as appropriate, by additional internal analysis supporting the Company’s periodic internal investment grade assessment of the security. | |||||||||||||||||||||||||||||||||||||||||||||||||
In sum, the factors influencing the fair value of the Company’s asset-backed securities, as described above, generally result from movements in market interest rates and changing market conditions which affect the supply and demand for such securities. Those market conditions may fluctuate over time resulting in certain securities being impaired for periods in excess of 12 months. However, the longevity of such impairment is not necessarily reflective of an expectation for an adverse change in cash flows signifying a credit loss. Consequently, the impairments of value resulting directly from these changing market conditions are considered “noncredit-related” and “temporary” in nature. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finally, the Company does not intend to sell the temporarily impaired available for sale securities prior to the recovery of their fair value to a level equal to or greater than the Company’s amortized cost. Furthermore, the Company has concluded that the possibility of being required to sell the securities prior to their anticipated recovery is unlikely based upon its strong liquidity, asset quality and capital position as of December 31, 2014. In light of the factors noted, the Company does not consider its balance of asset-backed securities with unrealized losses at December 31, 2014 to be “other-than-temporarily” impaired as of that date. | At June 30, 2014, each of the Company’s impaired collateralized loan obligations were consistently rated by Moody’s and S&P well above the thresholds that generally support the Company’s investment grade assessment, with such ratings equaling “AA” or higher by S&P and “Aa2” or higher by Moody’s, where rated by those agencies. | |||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized Loan Obligations. | Given the absence of any expectation for an adverse change in cash flows signifying a credit loss, the unrealized losses on the Company’s investment in collateralized loan obligations are due largely to the combined effects of several market-related factors, including changes in market interest rates and fluctuating demand for such securities in the marketplace. In general, the fair value of certain debt securities, including the Company’s collateralized loan obligations, move inversely with changes in market interest rates. As market interest rates increase, the value of the securities decline and vice-versa. However, the floating-rate nature of the Company’s collateralized loan obligations greatly reduces their sensitivity to such changes in market rates. | |||||||||||||||||||||||||||||||||||||||||||||||||
The outstanding balance of the Company’s collateralized loan obligations totaled $126.3 million at December 31, 2014 and comprised 9.3% of total investments and 3.6% of total assets as of that date. This category of securities is comprised entirely of structured, floating-rate securities comprised of securitized commercial loans to large U.S. corporations. The Company’s securities represent tranches of a larger investment vehicle designed to reallocate cash flows and credit risk among the individual tranches comprised within that vehicle. Through this process, investors in different tranches are subject to varying degrees of risk that the cash flows of their tranche will be adversely impacted by borrowers defaulting on the underlying loans. | More significantly, the market price of collateralized loan obligations is also influenced by the overall supply and demand for such securities in the marketplace. While these factors may generally reflect the level of available liquidity in the marketplace, demand for individual securities will specifically reflect the performance of the underlying collateral in conjunction with the resiliency of the security’s structural support as they affect investors’ expectations for timely and full repayment. Absent other factors, an increase in the demand for, or a decrease in the supply of, a security increases its price. Conversely, a decrease in the demand for, or an increase in the supply of, a security decreases its price. | |||||||||||||||||||||||||||||||||||||||||||||||||
As noted earlier, the Company considers the ratings assigned by one or more credit rating agencies, where available, in its evaluation of the impairment attributable to each of its collateralized loan obligations. The Company uses such ratings, in conjunction with the other criteria noted earlier, to identify those securities whose impairments are potentially “credit-related” versus “noncredit-related”. | In sum, the factors influencing the fair value of the Company’s collateralized loan obligations, as described above, generally result from movements in market interest rates and changing market conditions which affect the supply and demand for such securities. Those market conditions may fluctuate over time resulting in certain securities being impaired for periods in excess of 12 months. However, the longevity of such impairment is not necessarily reflective of an expectation for an adverse change in cash flows signifying a credit loss. Consequently, the impairments of value resulting directly from these changing market conditions are considered “noncredit-related” and “temporary” in nature. | |||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized losses associated with collateralized loan obligations whose credit ratings exceed certain internally defined thresholds are considered to be indicative of “noncredit-related” impairment given the nominal level of credit losses that would be expected based upon such ratings. That conclusion is generally reinforced, as appropriate, by additional internal analysis supporting the Company’s periodic internal investment grade assessment of the security. | Finally, the Company does not intend to sell the temporarily impaired available for sale securities prior to the recovery of their fair value to a level equal to or greater than the Company’s amortized cost. The Company evaluated its entire portfolio of collateralized loan obligations during the first half of fiscal 2014 and sold those securities that it identified as potentially ineligible investments under the terms of the “Volcker Rule” and related regulations enacted by regulatory agencies during the latter half of fiscal 2014 in conjunction with the ongoing implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Company concluded that the possibility of being required to sell its current collateralized loan obligations prior to their anticipated recovery is unlikely based upon their eligibility under the terms of the Volcker Rule in conjunction with the overall strength of the Company’s liquidity, asset quality and capital position as of June 30, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2014, each of the Company’s impaired collateralized loan obligations were consistently rated by Moody’s and S&P well above the thresholds that generally support the Company’s investment grade assessment, with such ratings equaling “AA” or higher by S&P and “Aa2” or higher by Moody’s, where rated by those agencies. | In light of the factors noted, the Company does not consider its balance of collateralized loan obligations with unrealized losses at June 30, 2014 to be “other-than-temporarily” impaired as of that date. | |||||||||||||||||||||||||||||||||||||||||||||||||
Given the absence of any expectation for an adverse change in cash flows signifying a credit loss, the unrealized losses on the Company’s investment in collateralized loan obligations are due largely to the combined effects of several market-related factors, including changes in market interest rates and fluctuating demand for such securities in the marketplace. In general, the fair value of certain debt securities, including the Company’s collateralized loan obligations, move inversely with changes in market interest rates. As market interest rates increase, the value of the securities generally decline and vice-versa. However, the floating-rate nature of the Company’s collateralized loan obligations greatly reduces their sensitivity to such changes in market rates. | Corporate Bonds. | |||||||||||||||||||||||||||||||||||||||||||||||||
The carrying value of the Company’s corporate bonds totaled $162.2 million at June 30, 2014 and comprised 12.0% of total investments and 4.6% of total assets as of that date. This category of securities is comprised entirely of floating-rate corporate debt obligations of large financial institutions. | ||||||||||||||||||||||||||||||||||||||||||||||||||
More significantly, the market price of collateralized loan obligations is also influenced by the overall supply and demand for such securities in the marketplace. While these factors may generally reflect the level of available liquidity in the marketplace, demand for individual securities will specifically reflect the performance of the underlying collateral in conjunction with the resiliency of the security’s structural support as they affect investors’ expectations for timely and full repayment. Absent other factors, an increase in the demand for, or a decrease in the supply of, a security increases its price. Conversely, a decrease in the demand for, or an increase in the supply of, a security decreases its price. | ||||||||||||||||||||||||||||||||||||||||||||||||||
In sum, the factors influencing the fair value of the Company’s collateralized loan obligations, as described above, generally result from movements in market interest rates and changing market conditions which affect the supply and demand for such securities. Those market conditions may fluctuate over time resulting in certain securities being impaired for periods in excess of 12 months. However, the longevity of such impairment is not necessarily reflective of an expectation for an adverse change in cash flows signifying a credit loss. Consequently, the impairments of value resulting directly from these changing market conditions are considered “noncredit-related” and “temporary” in nature. | As noted earlier, the Company considers the ratings assigned by one or more credit rating agencies, where available, in its evaluation of the impairment attributable to each of its corporate bonds. The Company uses such ratings, in conjunction with the other criteria noted earlier, to identify those securities whose impairments are potentially “credit-related” versus “noncredit-related”. | |||||||||||||||||||||||||||||||||||||||||||||||||
During fiscal 2014, the Company sold certain collateralized loan obligations that it had identified as potentially ineligible investments under the terms of the “Volcker Rule” and related regulations enacted by regulatory agencies in conjunction with the ongoing implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Such ineligibility was primarily based upon the actual composition of the securitized financial assets within the applicable securities. | Unrealized losses associated with corporate bonds whose credit ratings exceed certain internally defined thresholds are considered to be indicative of “noncredit-related” impairment given the nominal level of credit losses that would be expected based upon such ratings. That conclusion is generally reinforced, as appropriate, by additional internal analysis supporting the Company’s periodic internal investment grade assessment of the security. | |||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2014, the Company’s entire portfolio of collateralized loan obligations remains compliant with the Volcker Rule in that regard. As such, the Company concluded that the possibility of being required to sell its collateralized loan obligations prior to their anticipated recovery is currently unlikely which is further reinforced by the overall strength of the Company’s liquidity, asset quality and capital position as of that date. Moreover, the Company does not otherwise intend to sell the temporarily impaired available for sale securities prior to the recovery of their fair value to a level equal to or greater than the Company’s amortized cost at December 31, 2014. | At June 30, 2014, each of the Company’s impaired corporate bonds were consistently rated by Moody’s and S&P above the thresholds that generally support the Company’s investment grade assessment with such ratings equaling “A-” or higher by S&P and/or “Baa1” or higher by Moody’s, where rated by those agencies. | |||||||||||||||||||||||||||||||||||||||||||||||||
During the quarter ended December 31, 2014, the Company reviewed the underlying security agreements for each of its collateralized loan obligations to determine if the terms of such agreements could potentially allow for the inclusion of ineligible assets within the security’s structure in the future. To the extent the agreements contained such provisions and could or would not be modified by the issuer to ensure ongoing compliance with the Volcker Rule, the Bank sold such securities during the quarter ended December 31, 2014. | Given the absence of any expectation for an adverse change in cash flows signifying a credit loss, the unrealized losses on the Company’s investment in corporate bonds are due largely to the combined effects of several market-related factors including changes in market interest rates and fluctuating demand for such securities in the marketplace. In general, the fair value of certain debt securities, including the Company’s corporate bonds, move inversely with changes in market interest rates. As market interest rates increase, the value of the securities decline and vice-versa. However, the floating-rate nature of the Company’s corporate bonds greatly reduces their sensitivity to such changes in market rates. | |||||||||||||||||||||||||||||||||||||||||||||||||
In light of the factors noted, the Company does not consider its balance of collateralized loan obligations with unrealized losses at December 31, 2014 to be “other-than-temporarily” impaired as of that date. | More significantly, the market price of corporate bonds is also influenced by the overall supply and demand for such securities in the marketplace. While these factors may generally reflect the level of available liquidity in the marketplace, demand for individual securities will specifically reflect investors’ assessment of an issuer’s creditworthiness and resulting expectations for timely and full repayment in accordance with the terms of the applicable security agreement. Absent other factors, an increase in the demand for, or a decrease in the supply of, a security increases its price. Conversely, a decrease in the demand for, or an increase in the supply of, a security decreases its price. | |||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Bonds. | In sum, the factors influencing the fair value of the Company’s corporate bonds, as described above, generally result from movements in market interest rates and changing market conditions which affect the supply and demand for such securities. Those market conditions may fluctuate over time resulting in certain securities being impaired for periods in excess of 12 months. However, the longevity of such impairment is not necessarily reflective of an expectation for an adverse change in cash flows signifying a credit loss. Consequently, the impairments of value resulting directly from these changing market conditions are considered “noncredit-related” and “temporary” in nature. | |||||||||||||||||||||||||||||||||||||||||||||||||
The carrying value of the Company’s corporate bonds totaled $162.4 million at December 31, 2014 and comprised 12.0% of total investments and 4.6% of total assets as of that date. This category of securities is comprised entirely of floating-rate corporate debt obligations of large financial institutions. | Finally, the Company does not intend to sell the temporarily impaired available for sale securities prior to the recovery of their fair value to a level equal to or greater than the Company’s amortized cost. Furthermore, the Company has concluded that the possibility of being required to sell the securities prior to their anticipated recovery is unlikely based upon its strong liquidity, asset quality and capital position as of June 30, 2014. In light of the factors noted, the Company does not consider its balance of corporate bonds with unrealized losses at June 30, 2014 to be “other-than-temporarily” impaired as of that date. | |||||||||||||||||||||||||||||||||||||||||||||||||
As noted earlier, the Company considers the ratings assigned by one or more credit rating agencies, where available, in its evaluation of the impairment attributable to each of its corporate bonds. The Company uses such ratings, in conjunction with the other criteria noted earlier, to identify those securities whose impairments are potentially “credit-related” versus “noncredit-related”. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized losses associated with corporate bonds whose credit ratings exceed certain internally defined thresholds are considered to be indicative of “noncredit-related” impairment given the nominal level of credit losses that would be expected based upon such ratings. That conclusion is generally reinforced, as appropriate, by additional internal analysis supporting the Company’s periodic internal investment grade assessment of the security. | Trust Preferred Securities. | |||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2014, each of the Company’s impaired corporate bonds were consistently rated by Moody’s and S&P above the thresholds that generally support the Company’s investment grade assessment with such ratings equaling “A-” or higher by S&P and/or “Baa1” or higher by Moody’s, where rated by those agencies. | The carrying value of the Company’s trust preferred securities totaled $7.8 million at June 30, 2014 and comprised less than one percent of total investments and total assets as of that date. The category comprises a total of five “single-issuer” (i.e. non-pooled) trust preferred securities, four of which are impaired as of June 30, 2014, that were originally issued by four separate financial institutions. As a result of bank mergers involving the issuers of these securities, the Company’s five trust preferred securities currently represent the de-facto obligations of three separate financial institutions. | |||||||||||||||||||||||||||||||||||||||||||||||||
Given the absence of any expectation for an adverse change in cash flows signifying a credit loss, the unrealized losses on the Company’s investment in corporate bonds are due largely to the combined effects of several market-related factors including changes in market interest rates and fluctuating demand for such securities in the marketplace. In general, the fair value of certain debt securities, including the Company’s corporate bonds, move inversely with changes in market interest rates. As market interest rates increase, the value of the securities generally decline and vice-versa. However, the floating-rate nature of the Company’s corporate bonds greatly reduces their sensitivity to such changes in market rates. | As noted earlier, the Company considers the ratings assigned by one or more credit rating agencies, where such ratings are available, in its evaluation of the impairment attributable to each of its trust preferred securities. The Company uses such ratings, in conjunction with other criteria, to identify those securities whose impairments are potentially “credit-related” versus “noncredit-related”. | |||||||||||||||||||||||||||||||||||||||||||||||||
More significantly, the market price of corporate bonds is also influenced by the overall supply and demand for such securities in the marketplace. While these factors may generally reflect the level of available liquidity in the marketplace, demand for individual securities will specifically reflect investors’ assessment of an issuer’s creditworthiness and resulting expectations for timely and full repayment in accordance with the terms of the applicable security agreement. Absent other factors, an increase in the demand for, or a decrease in the supply of, a security increases its price. Conversely, a decrease in the demand for, or an increase in the supply of, a security decreases its price. | Unrealized losses associated with trust preferred securities whose credit ratings exceed certain internally defined thresholds are considered to be indicative of “noncredit-related” impairment given the nominal level of credit losses that would be expected based upon such ratings. That conclusion is generally reinforced, as appropriate, by additional internal analysis supporting the Company’s internal investment grade assessment of the security. | |||||||||||||||||||||||||||||||||||||||||||||||||
In sum, the factors influencing the fair value of the Company’s corporate bonds, as described above, generally result from movements in market interest rates and changing market conditions which affect the supply and demand for such securities. Those market conditions may fluctuate over time resulting in certain securities being impaired for periods in excess of 12 months. However, the longevity of such impairment is not necessarily reflective of an expectation for an adverse change in cash flows signifying a credit loss. Consequently, the impairments of value resulting directly from these changing market conditions are considered “noncredit-related” and “temporary” in nature. | At June 30, 2014, the Company owned two securities at an amortized cost of $3.0 million that were consistently rated by Moody’s and S&P above the thresholds that generally support the Company’s investment grade assessment. The securities were originally issued through Chase Capital II and currently represent de-facto obligations of JPMorgan Chase & Co. | |||||||||||||||||||||||||||||||||||||||||||||||||
Finally, the Company does not intend to sell the temporarily impaired available for sale securities prior to the recovery of their fair value to a level equal to or greater than the Company’s amortized cost. Furthermore, the Company has concluded that the possibility of being required to sell the securities prior to their anticipated recovery is unlikely based upon its strong liquidity, asset quality and capital position as of December 31, 2014. In light of the factors noted, the Company does not consider its balance of corporate bonds with unrealized losses at December 31, 2014 to be “other-than-temporarily” impaired as of that date. | The Company has attributed the unrealized losses on these securities to the combined effects of several market-related factors, including movements in market interest rates and general level of liquidity of such securities in the marketplace based on overall supply and demand. | |||||||||||||||||||||||||||||||||||||||||||||||||
Trust Preferred Securities. | With regard to interest rates, the Company’s impaired trust preferred securities are variable rate securities whose interest rates generally float with three-month LIBOR plus a margin. Based upon the historically low level of short-term market interest rates, the current yield on these securities is comparatively low. Consequently, the fair value of the securities, as determined based upon their market price, reflects the adverse effects of the historically low market interest rates at June 30, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||
The carrying value of the Company’s trust preferred securities totaled $7.8 million at December 31, 2014 and comprised less than one percent of total investments and total assets as of that date. The category comprises a total of five “single-issuer” (i.e. non-pooled) trust preferred securities, four of which are impaired as of December 31, 2014, that were originally issued by four separate financial institutions. As a result of bank mergers involving the issuers of these securities, the Company’s five trust preferred securities currently represent the de-facto obligations of three separate financial institutions. | More significantly, the market prices of the impaired trust preferred securities also currently reflect the effect of reduced demand for such securities in the current marketplace. Additionally, such prices reflect the effects of increased supply arising from financial institutions selling such investments. | |||||||||||||||||||||||||||||||||||||||||||||||||
As noted earlier, the Company considers the ratings assigned by one or more credit rating agencies, where such ratings are available, in its evaluation of the impairment attributable to each of its trust preferred securities. The Company uses such ratings, in conjunction with other criteria, to identify those securities whose impairments are potentially “credit-related” versus “noncredit-related”. | In addition to the securities noted above, the Company owned two additional trust preferred securities at an amortized cost of $4.9 million whose external credit ratings by both S&P and Moody’s fell below the thresholds that the Company normally associates with investment grade securities. The securities were originally issued through BankBoston Capital Trust IV and MBNA Capital B and currently represent de-facto obligations of Bank of America Corporation. | |||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized losses associated with trust preferred securities whose credit ratings exceed certain internally defined thresholds are considered to be indicative of “noncredit-related” impairment given the nominal level of credit losses that would be expected based upon such ratings. That conclusion is generally reinforced, as appropriate, by additional internal analysis supporting the Company’s internal investment grade assessment of the security. | ||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2014, the Company owned two securities at an amortized cost of $3.0 million that were consistently rated by Moody’s and S&P above the thresholds that generally support the Company’s investment grade assessment. The securities were originally issued through Chase Capital II and currently represent de facto obligations of JPMorgan Chase & Co. | The Company’s evaluation of the unrealized loss associated with these securities considered a variety of factors to determine if any portion of the impairment was credit-related at June 30, 2014. Factors generally considered in such evaluations included the financial strength and viability of the issuer and its parent company, the security’s historical performance through prior business and economic cycles, rating consistency or variability among rating companies, the security’s current and anticipated status regarding payment default or deferral of contractual payments to investors and the impact of these factors on the present value of the security’s expected future cash flows in relation to its amortized cost basis. | |||||||||||||||||||||||||||||||||||||||||||||||||
The Company has attributed the unrealized losses on these securities to the combined effects of several market-related factors, including movements in market interest rates and general level of liquidity of such securities in the marketplace based on overall supply and demand. | In its evaluation, the Company noted the overall financial strength and continuing expected viability of the issuing entity’s parent, particularly given their systemically critical role in the marketplace. The Company noted the security’s absence of historical defaults or payment deferrals throughout prior business cycles including the recent fiscal crisis that triggered the current economic weaknesses prevalent in the marketplace. Given these factors, the Company had no basis upon which to estimate an adverse change in the expected cash flows over the securities’ remaining terms to maturity. | |||||||||||||||||||||||||||||||||||||||||||||||||
With regard to interest rates, the Company’s impaired trust preferred securities are variable rate securities whose interest rates generally float with three-month LIBOR plus a margin. Based upon the historically low level of short-term market interest rates, the current yield on these securities is comparatively low. Consequently, the fair value of the securities, as determined based upon their market price, reflects the adverse effects of the historically low market interest rates at December 31, 2014. | In sum, the factors influencing the fair value of the Company’s trust preferred securities and the resulting impairment attributable to each generally resulted from movements in market interest rates and changing market conditions which affect the supply and demand for such securities. Such market conditions may generally fluctuate over time resulting in the securities being impaired for periods in excess of 12 months. However, the longevity of such impairment is not reflective of an expectation for an adverse change in cash flows signifying a credit loss. Consequently, the impairments of value arising from these changing market conditions are both “noncredit-related” and “temporary” in nature. | |||||||||||||||||||||||||||||||||||||||||||||||||
More significantly, the market prices of the impaired trust preferred securities also currently reflect the effect of reduced demand for such securities in the current marketplace. | Finally, the Company does not intend to sell the temporarily impaired available for sale securities prior to the recovery of their fair value to a level equal to or greater than the Company’s amortized cost. Furthermore, the Company has concluded that the possibility of being required to sell the securities prior to their anticipated recovery is unlikely based upon its strong liquidity, asset quality and capital position as of June 30, 2014. Moreover, as “single issuer” obligations, these securities fall outside the scope of the Volcker Rule discussed earlier that originally identified pooled trust preferred securities as potentially ineligible investments for banks. In light of the factors noted, the Company does not consider its investments in trust preferred securities with unrealized losses at June 30, 2014 to be “other-than-temporarily” impaired as of that date. | |||||||||||||||||||||||||||||||||||||||||||||||||
In addition to the securities noted above, the Company owned two additional trust preferred securities at an amortized cost of $4.9 million whose external credit ratings by both S&P and Moody’s fell below the thresholds that the Company normally associates with investment grade securities. The securities were originally issued through BankBoston Capital Trust IV and MBNA Capital Trust B and currently represent de-facto obligations of Bank of America Corporation. | ||||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s evaluation of the unrealized loss associated with these securities considered a variety of factors to determine if any portion of the impairment was credit-related at December 31, 2014. Factors generally considered in such evaluations included the financial strength and viability of the issuer and its parent company, the security’s historical performance through prior business and economic cycles, rating consistency or variability among rating companies, the security’s current and anticipated status regarding payment default or deferral of contractual payments to investors and the impact of these factors on the present value of the security’s expected future cash flows in relation to its amortized cost basis. | ||||||||||||||||||||||||||||||||||||||||||||||||||
In its evaluation, the Company noted the overall financial strength and continuing expected viability of the issuing entity’s parent, particularly given their systemically critical role in the marketplace. The Company noted the security’s absence of historical defaults or payment deferrals throughout prior business cycles including the recent fiscal crisis that triggered the current economic weaknesses prevalent in the marketplace. Given these factors, the Company had no basis upon which to estimate an adverse change in the expected cash flows over the securities’ remaining terms to maturity. | ||||||||||||||||||||||||||||||||||||||||||||||||||
In sum, the factors influencing the fair value of the Company’s trust preferred securities and the resulting impairment attributable to each generally resulted from movements in market interest rates and changing market conditions which affect the supply and demand for such securities. Such market conditions may generally fluctuate over time resulting in the securities being impaired for periods in excess of 12 months. However, the longevity of such impairment is not reflective of an expectation for an adverse change in cash flows signifying a credit loss. Consequently, the impairments of value arising from these changing market conditions are both “noncredit-related” and “temporary” in nature. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finally, the Company does not intend to sell the temporarily impaired available for sale securities prior to the recovery of their fair value to a level equal to or greater than the Company’s amortized cost. Furthermore, the Company has concluded that the possibility of being required to sell the securities prior to their anticipated recovery is unlikely based upon its strong liquidity, asset quality and capital position as of December 31, 2014. In light of the factors noted, the Company does not consider its investments in trust preferred securities with unrealized losses at December 31, 2014 to be “other-than-temporarily” impaired as of that date. |
Loan_Quality_and_Allowance_for
Loan Quality and Allowance for Loan Losses | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan Quality and Allowance for Loan Losses | 11. LOAN QUALITY AND ALLOWANCE FOR LOAN LOSSES | Note 9 – Loan Quality and the Allowance for Loan Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Past Due Loans. A loan’s “past due” status is generally determined based upon its “P&I delinquency” status in conjunction with its “past maturity” status, where applicable. A loan’s “P&I delinquency” status is based upon the number of calendar days between the date of the earliest P&I payment due and the “as of” measurement date. A loan’s “past maturity” status, where applicable, is based upon the number of calendar days between a loan’s contractual maturity date and the “as of” measurement date. Based upon the larger of these criteria, loans are categorized into the following “past due” tiers for financial statement reporting and disclosure purposes: Current (including 1-29 days past due), 30-59 days, 60-89 days and 90 or more days. | The following tables present the balance of the allowance for loan losses at June 30, 2014, 2013 and 2012 based upon the calculation methodology described in Note 1. 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 as well as the activity in the allowance for loan losses for the years ended June 30, 2014, 2013 and 2012. Unless otherwise noted, the balance of loans reported in the tables below excludes yield adjustments and the allowance for loan loss. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual Loans. Loans are generally placed on nonaccrual status when contractual payments become 90 days or more past due, and are otherwise placed on nonaccrual status when the Company does not expect to receive all P&I payments owed substantially in accordance with the terms of the loan agreement. Loans that become 90 days past maturity, but remain non-delinquent with regard to ongoing P&I payments, may remain on accrual status if: (1) the Company expects to receive all P&I payments owed substantially in accordance with the terms of the loan agreement, past maturity status notwithstanding, and (2) the borrower is working actively and cooperatively with the Company to remedy the past maturity status through an expected refinance, payoff or modification of the loan agreement that is not expected to result in a troubled debt restructuring (“TDR”) classification. All TDRs are placed on nonaccrual status for a period of no less than six months after restructuring, irrespective of past due status. The sum of nonaccrual loans plus accruing loans that are 90 days or more past due are generally defined collectively as “nonperforming loans”. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 for financial statement purposes. When a loan is returned to accrual status, any accumulated interest payments previously applied to the carrying value of the loan during its nonaccrual period are recognized as interest income as an adjustment to the loan’s yield over its remaining term. | Allowance for Loan Losses and Loans Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans that are not considered to be TDRs are generally returned to accrual status when payments due are brought current and the Company expects to receive all remaining P&I payments owed substantially in accordance with the terms of the loan agreement. Non-TDR loans may also be returned to accrual status when a loan’s payment status falls below 90 days past due and the Company: (1) expects receipt of the remaining past due amounts within a reasonable timeframe, and (2) expects to receive all remaining P&I payments owed substantially in accordance with the terms of the loan agreement. | at June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired Loans. Loans that we acquire through acquisitions are recorded at fair value with no carryover of the related allowance for credit losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable yield and is recognized into interest income over the remaining life of the loan. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable yield. The nonaccretable yield represents estimated future credit losses expected to be incurred over the life of the loan. Subsequent decreases to the expected cash flows require us to evaluate the need for an allowance for credit losses. Subsequent improvements in expected cash flows result in the reversal of a corresponding amount of the nonaccretable yield which we then reclassify as accretable yield that is recognized into interest income over the remaining life of the loan using the interest method. Our evaluation of the amount of future cash flows that we expect to collect is performed in a similar manner as that used to determine our allowance for credit losses. Charge-offs of the principal amount on acquired loans would be first applied to the nonaccretable yield portion of the fair value adjustment. | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired loans that met the criteria for nonaccrual of interest prior to the acquisition may be considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if we can reasonably estimate the timing and amount of the expected cash flows on such loans and if we expect to fully collect the new carrying value of the loans. As such, we may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable yield. | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2014, the remaining outstanding principal balance and carrying amount of acquired credit-impaired loans totaled approximately $11,691,000 and $9,971,000, respectively. By comparison, at June 30, 2014, the remaining outstanding principal balance and carrying amount of acquired credit-impaired loans totaled approximately $11,778,000 and $10,138,000, respectively. | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The carrying amount of acquired credit-impaired loans for which interest is not being recognized due to the uncertainty of the cash flows relating to such loans totaled $1,969,000 and $2,374,000 at December 31, 2014 and June 30, 2014, respectively. | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The balance of the allowance for loan losses at December 31, 2014 and June 30, 2014 included approximately $91,000 and $98,000 of valuation allowances, respectively, for a specifically identified impairment attributable to acquired credit-impaired loans. The valuation allowances were attributable to additional impairment recognized on the applicable loans subsequent to their acquisition, net of any charge offs recognized during that time. | Balance of allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents the changes in the accretable yield relating to the acquired credit-impaired loans for the three and six months ended December 31, 2014 and December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 528 | $ | 404 | $ | — | $ | — | $ | 75 | $ | — | $ | — | $ | 1,007 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | Loans collectively evaluated for impairment | 2,172 | 6,760 | 29 | 352 | 272 | 35 | 21 | 9,641 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | Allowance for loan losses on originated and purchased loans | 2,700 | 7,164 | 29 | 352 | 347 | 35 | 21 | 10,648 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,827 | $ | 1,891 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion to interest income | (143 | ) | (207 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposals | — | — | Loans acquired at fair value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications from nonaccretable difference | — | — | Loans acquired with deteriorated credit quality | — | — | — | 98 | — | — | — | 98 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other acquired loans individually evaluated for impairment | — | 165 | — | 346 | 57 | — | — | 568 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 1,684 | $ | 1,684 | Loans collectively evaluated for impairment | 29 | 408 | 38 | 488 | 56 | 53 | 1 | 1,073 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses on loans acquired at fair value | 29 | 573 | 38 | 932 | 113 | 53 | 1 | 1,739 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | Total allowance for loan losses | $ | 2,729 | $ | 7,737 | $ | 67 | $ | 1,284 | $ | 460 | $ | 88 | $ | 22 | $ | 12,387 | ||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 2,180 | $ | 741 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion to interest income | (57 | ) | (112 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposals | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications from nonaccretable difference | — | 1,494 | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Equity | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 2,123 | $ | 2,123 | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classification of Assets. In compliance with regulatory guidelines, the Company’s loan review system includes an evaluation process through which certain loans exhibiting adverse credit quality characteristics are classified “Special Mention”, “Substandard”, “Doubtful” or “Loss”. | Changes in the allowance for loan losses for the year ended June 30, 2014: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
An asset is classified as “Substandard” if it is 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 insured institution will sustain some loss if the deficiencies are not corrected. Assets classified as “Doubtful” 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. Assets, or portions thereof, classified as “Loss” are considered uncollectible or of so little value that their continuance as assets is not warranted. | At June 30, 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management evaluates loans classified as substandard or doubtful for impairment in accordance with applicable accounting requirements. As discussed in greater detail below, a valuation allowance is established through the provision for loan losses for any impairment identified through such evaluations. | Allocated | $ | 3,660 | $ | 5,359 | $ | 81 | $ | 1,218 | $ | 490 | $ | 76 | $ | 12 | $ | 10,896 | |||||||||||||||||||||||||||||||||||||||||||||||||
To the extent that impairment identified on a loan is classified as “Loss”, that portion of the loan is charged off against the allowance for loan losses. The classification of loan impairment as “Loss” is based upon a confirmed expectation for loss. For loans primarily secured by real estate, the expectation for loss is generally confirmed when: (a) impairment is identified on a loan individually evaluated in the manner described below, and (b) the loan is presumed to be collateral-dependent such that the source of loan repayment is expected to arise solely from sale of the collateral securing the applicable loan. Impairment identified on non-collateral-dependent loans may or may not be eligible for a “Loss” classification depending upon the other salient facts and circumstances that affect the manner and likelihood of loan repayment. However, loan impairment that is classified as “Loss” is charged off against the allowance for loan losses concurrent with that classification. | Unallocated | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The timeframe between when loan impairment is first identified by the Company and when such impairment may ultimately be charged off varies by loan type. For example, unsecured consumer and commercial loans are generally classified as “Loss” at 120 days past due, resulting in their outstanding balances being charged off at that time. For the Company’s secured loans, the condition of collateral dependency generally serves as the basis upon which a “Loss” classification is ascribed to a loan’s impairment thereby confirming an expected loss and triggering charge off of that impairment. While the facts and circumstances that effect the manner and likelihood of repayment vary from loan to loan, the Company generally considers the referral of a loan to foreclosure, coupled with the absence of other viable sources of loan repayment, to be demonstrable evidence of collateral dependency. Depending upon the nature of the collections process applicable to a particular loan, an early determination of collateral dependency could result in a nearly concurrent charge off of a newly identified impairment. By contrast, a presumption of collateral dependency may only be determined after the completion of lengthy loan collection and/or workout efforts, including bankruptcy proceedings, which may extend several months or more after a loan’s impairment is first identified. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In a limited number of cases, the entire net carrying value of a loan may be determined to be impaired based upon a collateral-dependent impairment analysis. However, the borrower’s adherence to contractual repayment terms precludes the recognition of a “Loss” classification and charge off. In these limited cases, a valuation allowance equal to 100% of the impaired loan’s carrying value may be maintained against the net carrying value of the asset. | Total allowance for loan losses | 3,660 | 5,359 | 81 | 1,218 | 490 | 76 | 12 | 10,896 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets 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 are designated as “Special Mention” by management. Adversely classified assets, together with those rated as “Special Mention”, are generally referred to as “Classified Assets”. Non-classified assets are internally rated within one of four “Pass” categories or as “Watch” with the latter denoting a potential deficiency or concern that warrants increased oversight or tracking by management until remediated. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management performs a classification of assets review, including the regulatory classification of assets, generally on a monthly basis. The results of the classification of assets review are validated by the Company’s third party loan review firm during their quarterly independent review. In the event of a difference in rating or classification between those assigned by the internal and external resources, the Company will generally utilize the more critical or conservative rating or classification. Final loan ratings and regulatory classifications are presented monthly to the Board of Directors and are reviewed by regulators during the examination process. | Total charge offs | (1,202 | ) | (44 | ) | — | (1,170 | ) | (47 | ) | — | (30 | ) | (2,493 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses. The allowance for loan losses is a valuation account that reflects the Company’s estimation of the losses in its loan portfolio to the extent they are both probable and reasonable to estimate. The balance of the allowance is generally maintained through provisions for loan losses that are charged to income in the period that estimated losses on loans are identified by the Company’s loan review system. The Company charges confirmed losses on loans against the allowance as such losses are identified. Recoveries on loans previously charged-off are added back to the allowance. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s allowance for loan loss calculation methodology utilizes a “two-tier” loss measurement process that is generally performed monthly. Based upon the results of the classification of assets and credit file review processes described earlier, the Company first identifies the loans that must be reviewed individually for impairment. Factors considered in identifying individual loans to be reviewed include, but may not be limited to, loan type, classification status, contractual payment status, performance/accrual status and impaired status. | Total recoveries | 67 | 525 | — | 9 | 2 | — | — | 603 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The loans considered by the Company to be eligible for individual impairment review include its commercial mortgage loans, comprising multi-family and nonresidential real estate loans, construction loans, commercial business loans as well as its one-to-four family mortgage loans, home equity loans and home equity lines of credit. | Total allocated provisions | 204 | 1,897 | (14 | ) | 1,227 | 15 | 12 | 40 | 3,381 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A reviewed loan is deemed to be impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. Once a loan is determined to be impaired, management performs an analysis to determine the amount of impairment associated with that loan. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In measuring the impairment associated with collateral-dependent loans, the fair value of the collateral securing the loan is generally used as a measurement proxy for that of the impaired loan itself as a practical expedient. In the case of real estate collateral, such values are generally determined based upon a discounted market value obtained through an automated valuation module or prepared by a qualified, independent real estate appraiser. The value of non-real estate collateral is similarly determined based upon an independent assessment of fair market value by a qualified resource. | Total unallocated provisions | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company generally obtains independent appraisals on properties securing mortgage loans when such loans are initially placed on nonperforming or impaired status with such values updated approximately every six to twelve months thereafter throughout the collections, bankruptcy and/or foreclosure processes. Appraised values are typically updated at the point of foreclosure, where applicable, and approximately every six to twelve months thereafter while the repossessed property is held as real estate owned. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As supported by accounting and regulatory guidance, the Company reduces the fair value of the collateral by estimated selling costs, such as real estate brokerage commissions, to measure impairment when such costs are expected to reduce the cash flows available to repay the loan. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company establishes valuation allowances in the fiscal period during which the loan impairments are identified. The results of management’s individual loan impairment evaluations are validated by the Company’s third party loan review firm during their quarterly independent review. Such valuation allowances are adjusted in subsequent fiscal periods, where appropriate, to reflect any changes in carrying value or fair value identified during subsequent impairment evaluations which are generally updated monthly by management. | At June 30, 2014: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The second tier of the loss measurement process involves estimating the probable and estimable losses which addresses loans not otherwise reviewed individually for impairment as well as those individually reviewed loans that are determined to be non-impaired. Such loans include groups of smaller-balance homogeneous loans that may generally be excluded from individual impairment analysis, and therefore collectively evaluated for impairment, as well as the non-impaired loans within categories that are otherwise eligible for individual impairment review. | Allocated | 2,729 | 7,737 | 67 | 1,284 | 460 | 88 | 22 | 12,387 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation allowances established through the second tier of the loss measurement process utilize historical and environmental loss factors to collectively estimate the level of probable losses within defined segments of the Company’s loan portfolio. These segments aggregate homogeneous subsets of loans with similar risk characteristics based upon loan type. For allowance for loan loss calculation and reporting purposes, the Company currently stratifies its loan portfolio into seven primary segments: residential mortgage loans, commercial mortgage loans, construction loans, commercial business loans, home equity loans, home equity lines of credit and other consumer loans. | Unallocated | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The risks presented by residential mortgage loans are primarily related to adverse changes in the borrower’s financial condition that threaten repayment of the loan in accordance with its contractual terms. Such risk to repayment can arise from job loss, divorce, illness and the personal bankruptcy of the borrower. For collateral dependent residential mortgage loans, additional risk of loss is presented by potential declines in the fair value of the collateral securing the loan. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans and home equity lines of credit generally share the same risks as those applicable to residential mortgage loans. However, to the extent that such loans represent junior liens, they are comparatively more susceptible to such risks given their subordinate position behind senior liens. | Total allowance for loan losses | $ | 2,729 | $ | 7,737 | $ | 67 | $ | 1,284 | $ | 460 | $ | 88 | $ | 22 | $ | 12,387 | |||||||||||||||||||||||||||||||||||||||||||||||||
In addition to sharing similar risks as those presented by residential mortgage loans, risks relating to commercial mortgage also arise from comparatively larger loan balances to single borrowers or groups of related borrowers. Moreover, the repayment of such loans is typically dependent on the successful operation of an underlying real estate project and may be further threatened by adverse changes to demand and supply of commercial real estate as well as changes generally impacting overall business or economic conditions. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The risks presented by construction loans are generally considered to be greater than those attributable to residential and commercial mortgage loans. Risks from construction lending arise, in part, from the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions on developers and builders. Moreover, a construction loan can involve additional risks because of the inherent difficulty in estimating both a property’s value at completion of the project and the estimated cost, including interest, of the project. The nature of these loans is such that they are comparatively more difficult to evaluate and monitor than permanent mortgage loans. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business loans are also considered to present a comparatively greater risk of loss due to the concentration of principal in a limited number of loans and/or borrowers and the effects of general economic conditions on the business. Commercial business loans may be secured by varying forms of collateral including, but not limited to, business equipment, receivables, inventory and other business assets which may not provide an adequate source of repayment of the outstanding loan balance in the event of borrower default. Moreover, the repayment of commercial business loans is primarily dependent on the successful operation of the underlying business which may be threatened by adverse changes to the demand for the business’ products and/or services as well as the overall efficiency and effectiveness of the business’ operations and infrastructure. | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finally, our unsecured consumer loans generally have shorter terms and higher interest rates than other forms of lending but generally involve more credit risk due to the lack of collateral to secure the loan in the event of borrower default. Consumer loan repayment is dependent on the borrower’s continuing financial stability, and therefore is more likely to be adversely affected by job loss, divorce, illness and personal bankruptcy. By contrast, our consumer loans also include account loans that are fully secured by the borrower’s deposit accounts and generally present nominal risk to the Bank. | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each primary segment is further stratified to distinguish between loans originated and purchased through third parties from loans acquired through business combinations. Commercial business loans include secured and unsecured loans as well as loans originated through SBA programs. Additional criteria may be used to further group loans with common risk characteristics. For example, such criteria may distinguish between loans secured by different collateral types or separately identify loans supported by government guarantees such as those issued by the SBA. | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In regard to historical loss factors, the Company’s allowance for loan loss calculation calls for an analysis of historical charge-offs and recoveries for each of the defined segments within the loan portfolio. The Company utilizes a two-year moving average of annual net charge-off rates (charge-offs net of recoveries) by loan segment, where available, to calculate its actual, historical loss experience. The outstanding principal balance of the non-impaired portion of each loan segment is multiplied by the applicable historical loss factor to estimate the level of probable losses based upon the Company’s historical loss experience. | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As noted, the second tier of the Company’s allowance for loan loss calculation also utilizes environmental loss factors to estimate the probable losses within the loan portfolio. Environmental loss factors are based upon specific qualitative criteria representing key sources of risk within the loan portfolio. Such risk criteria includes the level of and trends in nonperforming loans; the effects of changes in credit policy; the experience, ability and depth of the lending function’s management and staff; national and local economic trends and conditions; credit risk concentrations and changes in local and regional real estate values. During fiscal 2014, the environmental factors utilized by the Company in its allowance for loan loss calculation were expanded to include changes in the nature, volume and terms of loans, changes in the quality of loan review systems and resources and the effects of regulatory, legal and other external factors. | Balance of loans receivable: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For each category of the loan portfolio, a level of risk, developed from a number of internal and external resources, is assigned to each of the qualitative criteria utilizing a scale ranging from zero (negligible risk) to 15 (high risk), with higher values potentially ascribed to exceptional levels of risk that exceed the standard range, as appropriate. The sum of the risk values, expressed as a whole number, is multiplied by .01% to arrive at an overall environmental loss factor, expressed in basis points, for each loan category. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company incorporates its credit-rating classification system into the calculation of environmental loss factors by loan type by including risk-rating classification “weights” in its calculation of those factors. The Company’s risk-rating classification system ascribes a numerical rating of “1” through “9” to each loan within the portfolio. The ratings “5” through “9” represent the numerical equivalents of the traditional loan classifications “Watch”, “Special Mention”, “Substandard”, “Doubtful” and “Loss”, respectively, while lower ratings, “1” through “4”, represent risk-ratings within the least risky “Pass” category. The environmental loss factor applicable to each non-impaired loan within a category, as described above, is “weighted” by a multiplier based upon the loan’s risk-rating classification. Within any single loan category, a “higher” environmental loss factor is ascribed to those loans with comparatively higher risk-rating classifications resulting in a proportionately greater ALLL requirement attributable to such loans compared to the comparatively lower risk-rated loans within that category. | Originated and purchased loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In evaluating the impact of the level and trends in nonperforming loans on environmental loss factors, the Company first broadly considers the occurrence and overall magnitude of prior losses recognized on such loans over an extended period of time. For this purpose, losses are considered to include both charge offs as well as loan impairments for which valuation allowances have been recognized through provisions to the allowance for loan losses, but have not yet been charged off. To the extent that prior losses have generally been recognized on nonperforming loans within a category, a basis is established to recognize existing losses on loans collectively evaluated for impairment based upon the current levels of nonperforming loans within that category. Conversely, the absence of material prior losses attributable to delinquent or nonperforming loans within a category may significantly diminish, or even preclude, the consideration of the level of nonperforming loans in the calculation of the environmental loss factors attributable to that category of loans. | Loans individually evaluated for impairment | $ | 11,923 | $ | 5,403 | $ | — | $ | 1,263 | $ | 1,010 | $ | 17 | $ | — | $ | 19,616 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 494,522 | 873,340 | 3,619 | 31,326 | 66,163 | 10,529 | 4,248 | 1,483,747 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Once the basis for considering the level of nonperforming loans on environmental loss factors is established, the Company then considers the current dollar amount of nonperforming loans by loan type in relation to the total outstanding balance of loans within the category. A greater portion of nonperforming loans within a category in relation to the total suggests a comparatively greater level of risk and expected loss within that loan category and vice-versa. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In addition to considering the current level of nonperforming loans in relation to the total outstanding balance for each category, the Company also considers the degree to which those levels have changed from period to period. A significant and sustained increase in nonperforming loans over a 12-24 month period suggests a growing level of expected loss within that loan category and vice-versa. | Total originated and purchased loans | 506,445 | 878,743 | 3,619 | 32,589 | 67,173 | 10,546 | 4,248 | 1,503,363 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As noted above, the Company considers these factors in a qualitative, rather than quantitative fashion when ascribing the risk value, as described above, to the level and trends of nonperforming loans that is applicable to a particular loan category. As with all environmental loss factors, the risk value assigned ultimately reflects the Company’s best judgment as to the level of expected losses on loans collectively evaluated for impairment. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The sum of the probable and estimable loan losses calculated through the first and second tiers of the loss measurement processes as described above, represents the total targeted balance for the Company’s allowance for loan losses at the end of a fiscal period. As noted earlier, the Company establishes all additional valuation allowances in the fiscal period during which additional individually identified loan impairments and additional estimated losses on loans collectively evaluated for impairment are identified. The Company adjusts its balance of valuation allowances through the provision for loan losses as required to ensure that the balance of the allowance for loan losses reflects all probable and estimable loans losses at the close of the fiscal period. Notwithstanding calculation methodology and the noted distinction between valuation allowances established on loans collectively versus individually evaluated for impairment, the Company’s entire allowance for loan losses is available to cover all charge-offs that arise from the loan portfolio. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Although the Company’s allowance for loans losses is established in accordance with management’s best estimate, actual losses are dependent upon future events and, as such, further additions to the level of loan loss allowances may be necessary. | Loans acquired at fair value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following tables present the balance of the allowance for loan losses at December 31, 2014 and June 30, 2014 based upon the calculation methodology described 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 as well as the activity in the allowance for loan losses for the three and six months ended December 31, 2014 and 2013. Unless otherwise noted, the balance of loans reported in the tables below excludes yield adjustments and the allowance for loan loss. | Loans acquired with deteriorated credit quality | 742 | 1,071 | — | 8,325 | — | — | — | 10,138 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other acquired loans individually evaluated for impairment | — | 1,895 | 1,448 | 2,456 | 692 | 964 | — | 7,455 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Loans Receivable | Loans collectively evaluated for impairment | 73,425 | 102,046 | 2,214 | 23,891 | 7,746 | 12,500 | 90 | 221,912 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 74,167 | 105,012 | 3,662 | 34,672 | 8,438 | 13,464 | 90 | 239,505 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | Total loans | $ | 580,612 | $ | 983,755 | $ | 7,281 | $ | 67,261 | $ | 75,611 | $ | 24,010 | $ | 4,338 | 1,742,868 | |||||||||||||||||||||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Unamortized yield adjustments | (1,397 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance of allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 151 | $ | 388 | $ | — | $ | — | $ | 19 | $ | — | $ | — | $ | 558 | Loans receivable | $ | 1,741,471 | |||||||||||||||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 2,137 | 7,528 | 55 | 556 | 220 | 34 | 21 | 10,551 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses on originated and purchased loans | 2,288 | 7,916 | 55 | 556 | 239 | 34 | 21 | 11,109 | Allowance for Loan Losses and Loans Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | — | — | — | 91 | — | — | — | 91 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other acquired loans individually evaluated for impairment | — | 64 | — | 125 | 18 | — | — | 207 | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired loans collectively evaluated for impairment | 22 | 412 | 4 | 635 | 57 | 46 | 1 | 1,177 | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Credit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses on loans acquired at fair value | 22 | 476 | 4 | 851 | 75 | 46 | 1 | 1,475 | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance of allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 2,310 | $ | 8,392 | $ | 59 | $ | 1,407 | $ | 314 | $ | 80 | $ | 22 | $ | 12,584 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 697 | $ | 430 | $ | — | $ | — | $ | 110 | $ | — | $ | — | $ | 1,237 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Loans Receivable | Loans collectively evaluated for impairment | 2,939 | 4,356 | 50 | 252 | 300 | 35 | 12 | 7,944 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses on originated and purchased loans | 3,636 | 4,786 | 50 | 252 | 410 | 35 | 12 | 9,181 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | Loans acquired at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | Loans acquired with deteriorated credit quality | — | — | — | 17 | — | — | — | 17 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Other acquired loans individually evaluated for impairment | — | 84 | — | 740 | — | — | — | 824 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the allowance for loan losses for the three months ended December 31, 2014: | Loans collectively evaluated for impairment | 24 | 489 | 31 | 209 | 80 | 41 | — | 874 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At September 30, 2014: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocated | $ | 2,575 | $ | 7,942 | $ | 58 | $ | 1,362 | $ | 362 | $ | 84 | $ | 23 | $ | 12,406 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | — | — | — | — | — | — | — | — | Allowance for loan losses on loans acquired at fair value | 24 | 573 | 31 | 966 | 80 | 41 | — | 1,715 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | 2,575 | 7,942 | 58 | 1,362 | 362 | 84 | 23 | 12,406 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 3,660 | $ | 5,359 | $ | 81 | $ | 1,218 | $ | 490 | $ | 76 | $ | 12 | $ | 10,896 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total charge offs | (1,134 | ) | (266 | ) | — | (259 | ) | (39 | ) | — | — | (1,698 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total recoveries | 141 | — | — | 3 | — | — | — | 144 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allocated provisions | 728 | 716 | 1 | 301 | (9 | ) | (4 | ) | (1 | ) | 1,732 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total unallocated provisions | — | — | — | — | — | — | — | — | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Equity | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2014: | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocated | 2,310 | 8,392 | 59 | 1,407 | 314 | 80 | 22 | $ | 12,584 | (In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | — | — | — | — | — | — | — | — | Changes in the allowance for loan losses for the year ended June 30, 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 2,310 | $ | 8,392 | $ | 59 | $ | 1,407 | $ | 314 | $ | 80 | $ | 22 | $ | 12,584 | At June 30, 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||
Allocated | $ | 4,572 | $ | 3,443 | $ | 277 | $ | 1,310 | $ | 447 | $ | 54 | $ | 14 | $ | 10,117 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended December 31, 2014 (continuned) | Total allowance for loan losses | 4,572 | 3,443 | 277 | 1,310 | 447 | 54 | 14 | 10,117 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total charge offs | (2,272 | ) | (1,042 | ) | (9 | ) | (182 | ) | (221 | ) | — | (2 | ) | (3,728 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | Total recoveries | 15 | — | — | 18 | 10 | — | — | 43 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Total allocated provisions | 1,345 | 2,958 | (187 | ) | 72 | 254 | 22 | — | 4,464 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the allowance for loan losses for the six months ended December 31, 2014: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2014: | Total unallocated provisions | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocated | $ | 2,729 | $ | 7,737 | $ | 67 | $ | 1,284 | $ | 460 | $ | 88 | $ | 22 | $ | 12,387 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2013: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | 2,729 | 7,737 | 67 | 1,284 | 460 | 88 | 22 | 12,387 | Allocated | 3,660 | 5,359 | 81 | 1,218 | 490 | 76 | 12 | 10,896 | |||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total charge offs | (1,437 | ) | (612 | ) | — | (451 | ) | (39 | ) | — | — | (2,539 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total recoveries | 141 | — | — | 5 | — | — | — | 146 | Total allowance for loan losses | $ | 3,660 | $ | 5,359 | $ | 81 | $ | 1,218 | $ | 490 | $ | 76 | $ | 12 | $ | 10,896 | |||||||||||||||||||||||||||||||||||||||||
Total allocated provisions | 877 | 1,267 | (8 | ) | 569 | (107 | ) | (8 | ) | — | 2,590 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total unallocated provisions | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2014: | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocated | 2,310 | 8,392 | 59 | 1,407 | 314 | 80 | 22 | $ | 12,584 | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | — | — | — | — | — | — | — | — | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 2,310 | $ | 8,392 | $ | 59 | $ | 1,407 | $ | 314 | $ | 80 | $ | 22 | $ | 12,584 | Balance of loans receivable: | |||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Loans Receivable | Loans individually evaluated for impairment | $ | 14,412 | $ | 7,865 | $ | — | $ | 1,076 | $ | 1,145 | $ | — | $ | — | $ | 24,498 | |||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended December 31, 2013 | Loans collectively evaluated for impairment | 484,575 | 540,491 | 5,717 | 25,975 | 65,581 | 10,461 | 4,145 | 1,136,945 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total originated and purchased loans | 498,987 | 548,356 | 5,717 | 27,051 | 66,726 | 10,461 | 4,145 | 1,161,443 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | Loans acquired at fair value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Loans acquired with deteriorated credit quality | — | 1,230 | 316 | 4,504 | — | — | — | 6,050 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the allowance for loan losses for the three months ended December 31, 2013: | Other acquired loans individually evaluated for impairment | 359 | 2,079 | 2,570 | 2,746 | 606 | 626 | — | 8,986 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At September 30, 2013: | Loans collectively evaluated for impairment | 1,301 | 115,163 | 3,248 | 36,387 | 13,481 | 15,526 | 133 | 185,239 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocated | $ | 3,547 | $ | 6,220 | $ | 103 | $ | 980 | $ | 469 | $ | 76 | $ | 11 | $ | 11,406 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | — | — | — | — | — | — | — | — | Total loans acquired at fair value | 1,660 | 118,472 | 6,134 | 43,637 | 14,087 | 16,152 | 133 | 200,275 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | 3,547 | 6,220 | 103 | 980 | 469 | 76 | 11 | 11,406 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 500,647 | $ | 666,828 | $ | 11,851 | $ | 70,688 | $ | 80,813 | $ | 26,613 | $ | 4,278 | 1,361,718 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total charge offs | (278 | ) | — | — | (672 | ) | (1 | ) | — | (28 | ) | (979 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total recoveries | 7 | 497 | — | 3 | — | — | — | 507 | Unamortized yield adjustments | (847 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allocated provisions | (2 | ) | (143 | ) | (32 | ) | 731 | (33 | ) | (2 | ) | 40 | 559 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total unallocated provisions | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable | $ | 1,360,871 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocated | 3,274 | 6,574 | 71 | 1,042 | 435 | 74 | 23 | $ | 11,493 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | — | — | — | — | — | — | — | — | Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at June 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 3,274 | $ | 6,574 | $ | 71 | $ | 1,042 | $ | 435 | $ | 74 | $ | 23 | $ | 11,493 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Loans Receivable | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended December 31, 2013 (continuned) | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the allowance for loan losses for the year ended June 30, 2012: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | At June 30, 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | Allocated | $ | 6,644 | $ | 3,336 | $ | 289 | $ | 880 | $ | 322 | $ | 49 | $ | 14 | $ | 11,534 | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Unallocated | — | — | — | — | — | — | — | 233 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the allowance for loan losses for the six months ended December 31, 2013: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2013: | Total allowance for loan losses | 6,644 | 3,336 | 289 | 880 | 322 | 49 | 14 | 11,767 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocated | $ | 3,660 | $ | 5,359 | $ | 81 | $ | 1,218 | $ | 490 | $ | 76 | $ | 12 | $ | 10,896 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | — | — | — | — | — | — | — | — | Total charge offs | (6,398 | ) | (483 | ) | (106 | ) | (349 | ) | (135 | ) | — | (9 | ) | (7,480 | ) | ||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | 3,660 | 5,359 | 81 | 1,218 | 490 | 76 | 12 | 10,896 | Total recoveries | 6 | 37 | 33 | — | 2 | — | 2 | 80 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total charge offs | (508 | ) | (34 | ) | — | (1,080 | ) | (34 | ) | — | (29 | ) | (1,685 | ) | Total allocated provisions | 4,320 | 553 | 61 | 779 | 258 | 5 | 7 | 5,983 | |||||||||||||||||||||||||||||||||||||||||||
Total recoveries | 25 | 525 | — | 5 | — | — | — | 555 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allocated provisions | 97 | 724 | (10 | ) | 899 | (21 | ) | (2 | ) | 40 | 1,727 | Total unallocated provisions | — | — | — | — | — | — | — | (233 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Total unallocated provisions | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013: | At June 30, 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocated | 3,274 | 6,574 | 71 | 1,042 | 435 | 74 | 23 | $ | 11,493 | Allocated | 4,572 | 3,443 | 277 | 1,310 | 447 | 54 | 14 | 10,117 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | — | — | — | — | — | — | — | — | Unallocated | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 3,274 | $ | 6,574 | $ | 71 | $ | 1,042 | $ | 435 | $ | 74 | $ | 23 | $ | 11,493 | Total allowance for loan losses | $ | 4,572 | $ | 3,443 | $ | 277 | $ | 1,310 | $ | 447 | $ | 54 | $ | 14 | $ | 10,117 | |||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Loans Receivable | The following tables present key indicators of credit quality regarding the Company’s loan portfolio based upon loan classification and contractual payment status at June 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at December 31, 2014 | Credit-Rating Classification of Loans Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance of loans receivable: | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans: | Originated and purchased loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 11,693 | $ | 3,546 | $ | — | $ | 1,453 | $ | 1,095 | $ | 17 | $ | — | $ | 17,804 | Non-classified | $ | 492,531 | $ | 872,063 | $ | 3,461 | $ | 31,301 | $ | 66,016 | $ | 10,352 | $ | 4,247 | $ | 1,479,971 | |||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 493,311 | 947,350 | 5,700 | 43,148 | 63,901 | 10,771 | 4,758 | 1,568,939 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classified: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total originated and purchased loans | 505,004 | 950,896 | 5,700 | 44,601 | 64,996 | 10,788 | 4,758 | 1,586,743 | Special mention | 1,626 | 357 | 158 | 25 | 146 | 84 | 1 | 2,397 | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 12,288 | 6,039 | — | 1,263 | 1,011 | 110 | — | 20,711 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value: | Doubtful | — | 284 | — | — | — | — | — | 284 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 730 | 1,039 | — | 8,201 | — | — | — | 9,970 | Loss | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other acquired loans individually evaluated for impairment | 259 | 1,976 | 2,656 | 2,194 | 596 | 965 | — | 8,646 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired loans collectively evaluated for impairment | 64,607 | 103,377 | 352 | 23,452 | 6,603 | 11,658 | 102 | 210,151 | Total classified loans | 13,914 | 6,680 | 158 | 1,288 | 1,157 | 194 | 1 | 23,392 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 65,596 | 106,392 | 3,008 | 33,847 | 7,199 | 12,623 | 102 | 228,767 | Total originated and purchased loans | 506,445 | 878,743 | 3,619 | 32,589 | 67,173 | 10,546 | 4,248 | 1,503,363 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 570,600 | $ | 1,057,288 | $ | 8,708 | $ | 78,448 | $ | 72,195 | $ | 23,411 | $ | 4,860 | 1,815,510 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized yield adjustments | (1,439 | ) | Non-classified | 73,425 | 96,758 | — | 18,946 | 7,582 | 12,003 | 71 | 208,785 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, including unamortized yield adjustments | $ | 1,814,071 | Classified: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 4,600 | 353 | 4,602 | 45 | 245 | 16 | 9,861 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 742 | 3,654 | 3,309 | 11,118 | 811 | 1,216 | 3 | 20,853 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Loans Receivable | Doubtful | — | — | — | 6 | — | — | — | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at June 30, 2014 | Loss | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total classified loans | 742 | 8,254 | 3,662 | 15,726 | 856 | 1,461 | 19 | 30,720 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | Total loans acquired at fair value | 74,167 | 105,012 | 3,662 | 34,672 | 8,438 | 13,464 | 90 | 239,505 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance of allowance for loan losses: | Total loans | $ | 580,612 | $ | 983,755 | $ | 7,281 | $ | 67,261 | $ | 75,611 | $ | 24,010 | $ | 4,338 | $ | 1,742,868 | |||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 528 | $ | 404 | $ | — | $ | — | $ | 75 | $ | — | $ | — | $ | 1,007 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 2,172 | 6,760 | 29 | 352 | 272 | 35 | 21 | 9,641 | Credit-Rating Classification of Loans Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses on originated and purchased loans | 2,700 | 7,164 | 29 | 352 | 347 | 35 | 21 | 10,648 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value: | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | — | — | — | 98 | — | — | — | 98 | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other acquired loans individually evaluated for impairment | — | 165 | — | 346 | 57 | — | — | 568 | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired loans collectively evaluated for impairment | 29 | 408 | 38 | 488 | 56 | 53 | 1 | 1,073 | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses on loans acquired at fair value | 29 | 573 | 38 | 932 | 113 | 53 | 1 | 1,739 | Non-classified | $ | 482,462 | $ | 538,544 | $ | 5,717 | $ | 25,630 | $ | 65,353 | $ | 10,339 | $ | 4,118 | $ | 1,132,163 | |||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 2,729 | $ | 7,737 | $ | 67 | $ | 1,284 | $ | 460 | $ | 88 | $ | 22 | $ | 12,387 | Classified: | |||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 1,843 | 983 | — | 50 | 228 | 28 | — | 3,132 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 14,682 | 8,527 | — | 1,371 | 1,145 | 94 | 27 | 25,846 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Loans Receivable | Doubtful | — | 302 | — | — | — | — | — | 302 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at June 30, 2014 (continued) | Loss | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total classified loans | 16,525 | 9,812 | — | 1,421 | 1,373 | 122 | 27 | 29,280 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | Total originated and purchased loans | 498,987 | 548,356 | 5,717 | 27,051 | 66,726 | 10,461 | 4,145 | 1,161,443 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance of loans receivable: | Loans acquired at fair value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans: | Non-classified | 1,301 | 109,559 | 820 | 31,062 | 13,419 | 15,450 | 132 | 171,743 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 11,923 | $ | 5,403 | $ | — | $ | 1,263 | $ | 1,010 | $ | 17 | $ | — | $ | 19,616 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 494,522 | 873,340 | 3,619 | 31,326 | 66,163 | 10,529 | 4,248 | 1,483,747 | Classified: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | 4,548 | 1,300 | 4,932 | 62 | 76 | — | 10,918 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total originated and purchased loans | 506,445 | 878,743 | 3,619 | 32,589 | 67,173 | 10,546 | 4,248 | 1,503,363 | Substandard | 359 | 4,365 | 4,014 | 7,554 | 606 | 626 | 1 | 17,525 | |||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | 89 | — | — | — | 89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value: | Loss | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 742 | 1,071 | — | 8,325 | — | — | — | 10,138 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other acquired loans individually evaluated for impairment | — | 1,895 | 1,448 | 2,456 | 692 | 964 | — | 7,455 | Total classified loans | 359 | 8,913 | 5,314 | 12,575 | 668 | 702 | 1 | 28,532 | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquired loans collectively evaluated for impairment | 73,425 | 102,046 | 2,214 | 23,891 | 7,746 | 12,500 | 90 | 221,912 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 1,660 | 118,472 | 6,134 | 43,637 | 14,087 | 16,152 | 133 | 200,275 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 74,167 | 105,012 | 3,662 | 34,672 | 8,438 | 13,464 | 90 | 239,505 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 580,612 | $ | 983,755 | $ | 7,281 | $ | 67,261 | $ | 75,611 | $ | 24,010 | $ | 4,338 | 1,742,868 | Total loans | $ | 500,647 | $ | 666,828 | $ | 11,851 | $ | 70,688 | $ | 80,813 | $ | 26,613 | $ | 4,278 | $ | 1,361,718 | ||||||||||||||||||||||||||||||||||
Unamortized yield adjustments | (1,397 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual Payment Status of Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, including unamortized yield adjustments | $ | 1,741,471 | at June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following tables present key indicators of credit quality regarding the Company’s loan portfolio based upon loan classification and contractual payment status at December 31, 2014 and June 30, 2014. | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit-Rating Classification of Loans Receivable | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at December 31, 2014 | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | Current | $ | 495,330 | $ | 875,887 | $ | 3,619 | $ | 31,081 | $ | 66,548 | $ | 10,499 | $ | 4,034 | $ | 1,486,998 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | Past due: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | 30-59 days | 1,385 | — | — | 245 | 183 | — | 60 | 1,873 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans: | 60-89 days | 1,163 | — | — | — | 3 | 30 | 28 | 1,224 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-classified | $ | 492,370 | $ | 945,958 | $ | 5,332 | $ | 43,061 | $ | 63,736 | $ | 10,600 | $ | 4,755 | $ | 1,565,812 | 90+ days | 8,567 | 2,856 | — | 1,263 | 439 | 17 | 126 | 13,268 | |||||||||||||||||||||||||||||||||||||||||
Classified: | Total past due | 11,115 | 2,856 | — | 1,508 | 625 | 47 | 214 | 16,365 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 844 | 342 | 368 | — | 59 | 171 | 2 | 1,786 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 11,790 | 4,321 | — | 1,540 | 1,201 | 17 | 1 | 18,870 | Total originated and purchased loans | 506,445 | 878,743 | 3,619 | 32,589 | 67,173 | 10,546 | 4,248 | 1,503,363 | |||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | 275 | — | — | — | — | — | 275 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total classified loans | 12,634 | 4,938 | 368 | 1,540 | 1,260 | 188 | 3 | 20,931 | Current | 72,736 | 102,881 | 2,810 | 32,346 | 7,731 | 12,390 | 88 | 230,982 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total originated and purchased loans | 505,004 | 950,896 | 5,700 | 44,601 | 64,996 | 10,788 | 4,758 | 1,586,743 | Past due: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 days | 689 | 561 | — | — | 152 | — | — | 1,402 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value: | 60-89 days | — | 427 | — | — | 95 | 110 | 1 | 633 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-classified | 63,870 | 98,800 | — | 18,858 | 6,453 | 11,184 | 78 | 199,243 | 90+ days | 742 | 1,143 | 852 | 2,326 | 460 | 964 | 1 | 6,488 | |||||||||||||||||||||||||||||||||||||||||||||||||
Classified: | Total past due | 1,431 | 2,131 | 852 | 2,326 | 707 | 1,074 | 2 | 8,523 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 376 | 4,396 | 352 | 7,248 | 77 | 244 | 21 | 12,714 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 1,350 | 3,196 | 2,656 | 7,735 | 669 | 1,195 | 3 | 16,804 | Total loans acquired at fair value | 74,167 | 105,012 | 3,662 | 34,672 | 8,438 | 13,464 | 90 | 239,505 | |||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | 6 | — | — | — | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 580,612 | $ | 983,755 | $ | 7,281 | $ | 67,261 | $ | 75,611 | $ | 24,010 | $ | 4,338 | $ | 1,742,868 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total classified loans | 1,726 | 7,592 | 3,008 | 14,989 | 746 | 1,439 | 24 | 29,524 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 65,596 | 106,392 | 3,008 | 33,847 | 7,199 | 12,623 | 102 | 228,767 | Contractual Payment Status of Loans Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 570,600 | $ | 1,057,288 | $ | 8,708 | $ | 78,448 | $ | 72,195 | $ | 23,411 | $ | 4,860 | $ | 1,815,510 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit-Rating Classification of Loans Receivable | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at June 30, 2014 | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | Current | $ | 484,836 | $ | 542,504 | $ | 5,717 | $ | 26,141 | $ | 66,186 | $ | 10,346 | $ | 3,925 | $ | 1,139,655 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | Past due: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | 30-59 days | 2,297 | 836 | — | — | 21 | 115 | 166 | 3,435 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans: | 60-89 days | 1,515 | — | — | — | 186 | — | 27 | 1,728 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-classified | $ | 492,531 | $ | 872,063 | $ | 3,461 | $ | 31,301 | $ | 66,016 | $ | 10,352 | $ | 4,247 | $ | 1,479,971 | 90+ days | 10,339 | 5,016 | — | 910 | 333 | — | 27 | 16,625 | |||||||||||||||||||||||||||||||||||||||||
Classified: | Total past due | 14,151 | 5,852 | — | 910 | 540 | 115 | 220 | 21,788 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 1,626 | 357 | 158 | 25 | 146 | 84 | 1 | 2,397 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 12,288 | 6,039 | — | 1,263 | 1,011 | 110 | — | 20,711 | Total originated and purchased loans | 498,987 | 548,356 | 5,717 | 27,051 | 66,726 | 10,461 | 4,145 | 1,161,443 | |||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | 284 | — | — | — | — | — | 284 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total classified loans | 13,914 | 6,680 | 158 | 1,288 | 1,157 | 194 | 1 | 23,392 | Current | 1,301 | 116,150 | 4,448 | 39,819 | 13,295 | 15,477 | 124 | 190,614 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total originated and purchased loans | 506,445 | 878,743 | 3,619 | 32,589 | 67,173 | 10,546 | 4,248 | 1,503,363 | Past due: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 days | — | 258 | — | 45 | 433 | — | 8 | 744 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value: | 60-89 days | — | 186 | — | 284 | 62 | 49 | — | 581 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-classified | 73,425 | 96,758 | — | 18,946 | 7,582 | 12,003 | 71 | 208,785 | 90+ days | 359 | 1,878 | 1,686 | 3,489 | 297 | 626 | 1 | 8,336 | |||||||||||||||||||||||||||||||||||||||||||||||||
Classified: | Total past due | 359 | 2,322 | 1,686 | 3,818 | 792 | 675 | 9 | 9,661 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | 4,600 | 353 | 4,602 | 45 | 245 | 16 | 9,861 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 742 | 3,654 | 3,309 | 11,118 | 811 | 1,216 | 3 | 20,853 | Total loans acquired at fair value | 1,660 | 118,472 | 6,134 | 43,637 | 14,087 | 16,152 | 133 | 200,275 | |||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | 6 | — | — | — | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 500,647 | $ | 666,828 | $ | 11,851 | $ | 70,688 | $ | 80,813 | $ | 26,613 | $ | 4,278 | $ | 1,361,718 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total classified loans | 742 | 8,254 | 3,662 | 15,726 | 856 | 1,461 | 19 | 30,720 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 74,167 | 105,012 | 3,662 | 34,672 | 8,438 | 13,464 | 90 | 239,505 | The following tables present information relating to the Company’s nonperforming and impaired loans at June 30, 2014 and 2013. Loans reported as “90+ days past due and accruing” in the table immediately below are also reported in the preceding contractual payment status table under the heading “90+ days past due”. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Status of Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 580,612 | $ | 983,755 | $ | 7,281 | $ | 67,261 | $ | 75,611 | $ | 24,010 | $ | 4,338 | $ | 1,742,868 | at June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Contractual Payment Status of Loans Receivable | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at December 31, 2014 | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Credit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | Performing | $ | 497,243 | $ | 873,421 | $ | 3,619 | $ | 31,326 | $ | 66,734 | $ | 10,529 | $ | 4,122 | $ | 1,486,994 | ||||||||||||||||||||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Nonperforming: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans: | 90+ days past due accruing | — | — | — | — | — | — | 125 | 125 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | 497,282 | $ | 949,456 | $ | 5,700 | $ | 43,383 | $ | 64,316 | $ | 10,648 | $ | 4,690 | $ | 1,575,475 | Nonaccrual | 9,202 | 5,322 | — | 1,263 | 439 | 17 | 1 | 16,244 | |||||||||||||||||||||||||||||||||||||||||
Past due: | Total nonperforming | 9,202 | 5,322 | — | 1,263 | 439 | 17 | 126 | 16,369 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 days | 1,400 | 76 | — | 87 | 44 | 123 | 65 | 1,795 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60-89 days | 764 | — | — | — | — | — | 2 | 766 | Total originated and purchased loans | 506,445 | 878,743 | 3,619 | 32,589 | 67,173 | 10,546 | 4,248 | 1,503,363 | |||||||||||||||||||||||||||||||||||||||||||||||||
90+ days | 5,558 | 1,364 | — | 1,131 | 636 | 17 | 1 | 8,707 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total past due | 7,722 | 1,440 | — | 1,218 | 680 | 140 | 68 | 11,268 | Loans acquired at fair value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | 73,425 | 103,399 | 2,214 | 31,016 | 7,928 | 12,500 | 89 | 230,571 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total originated and purchased loans | 505,004 | 950,896 | 5,700 | 44,601 | 64,996 | 10,788 | 4,758 | 1,586,743 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value: | 90+ days past due accruing | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 64,657 | 103,322 | 2,224 | 30,227 | 6,858 | 11,465 | 99 | 218,852 | Nonaccrual | 742 | 1,613 | 1,448 | 3,656 | 510 | 964 | 1 | 8,934 | |||||||||||||||||||||||||||||||||||||||||||||||||
Past due: | Total nonperforming | 742 | 1,613 | 1,448 | 3,656 | 510 | 964 | 1 | 8,934 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 days | 330 | 953 | — | 542 | 44 | 193 | — | 2,062 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60-89 days | — | 779 | — | 548 | 20 | — | 2 | 1,349 | Total loans acquired at fair value | 74,167 | 105,012 | 3,662 | 34,672 | 8,438 | 13,464 | 90 | 239,505 | |||||||||||||||||||||||||||||||||||||||||||||||||
90+ days | 609 | 1,338 | 784 | 2,530 | 277 | 965 | 1 | 6,504 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total past due | 939 | 3,070 | 784 | 3,620 | 341 | 1,158 | 3 | 9,915 | Total loans | $ | 580,612 | $ | 983,755 | $ | 7,281 | $ | 67,261 | $ | 75,611 | $ | 24,010 | $ | 4,338 | $ | 1,742,868 | |||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 65,596 | 106,392 | 3,008 | 33,847 | 7,199 | 12,623 | 102 | 228,767 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Status of Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 570,600 | $ | 1,057,288 | $ | 8,708 | $ | 78,448 | $ | 72,195 | $ | 23,411 | $ | 4,860 | $ | 1,815,510 | at June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Contractual Payment Status of Loans Receivable | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at June 30, 2014 | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Credit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | Performing | $ | 487,671 | $ | 540,585 | $ | 5,717 | $ | 25,975 | $ | 66,320 | $ | 10,461 | $ | 4,118 | $ | 1,140,847 | ||||||||||||||||||||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Nonperforming: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans: | 90+ days past due accruing | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | 495,330 | $ | 875,887 | $ | 3,619 | $ | 31,081 | $ | 66,548 | $ | 10,499 | $ | 4,034 | $ | 1,486,998 | Nonaccrual | 11,316 | 7,771 | — | 1,076 | 406 | — | 27 | 20,596 | |||||||||||||||||||||||||||||||||||||||||
Past due: | Total nonperforming | 11,316 | 7,771 | — | 1,076 | 406 | — | 27 | 20,596 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 days | 1,385 | — | — | 245 | 183 | — | 60 | 1,873 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60-89 days | 1,163 | — | — | — | 3 | 30 | 28 | 1,224 | Total originated and purchased loans | 498,987 | 548,356 | 5,717 | 27,051 | 66,726 | 10,461 | 4,145 | 1,161,443 | |||||||||||||||||||||||||||||||||||||||||||||||||
90+ days | 8,567 | 2,856 | — | 1,263 | 439 | 17 | 126 | 13,268 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total past due | 11,115 | 2,856 | — | 1,508 | 625 | 47 | 214 | 16,365 | Loans acquired at fair value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | 1,301 | 116,080 | 3,248 | 39,877 | 13,790 | 15,526 | 132 | 189,954 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total originated and purchased loans | 506,445 | 878,743 | 3,619 | 32,589 | 67,173 | 10,546 | 4,248 | 1,503,363 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value: | 90+ days past due accruing | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 72,736 | 102,881 | 2,810 | 32,346 | 7,731 | 12,390 | 88 | 230,982 | Nonaccrual | 359 | 2,392 | 2,886 | 3,760 | 297 | 626 | 1 | 10,321 | |||||||||||||||||||||||||||||||||||||||||||||||||
Past due: | Total nonperforming | 359 | 2,392 | 2,886 | 3,760 | 297 | 626 | 1 | 10,321 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 days | 689 | 561 | — | — | 152 | — | — | 1,402 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60-89 days | — | 427 | — | — | 95 | 110 | 1 | 633 | Total loans acquired at fair value | 1,660 | 118,472 | 6,134 | 43,637 | 14,087 | 16,152 | 133 | 200,275 | |||||||||||||||||||||||||||||||||||||||||||||||||
90+ days | 742 | 1,143 | 852 | 2,326 | 460 | 964 | 1 | 6,488 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total past due | 1,431 | 2,131 | 852 | 2,326 | 707 | 1,074 | 2 | 8,523 | Total loans | $ | 500,647 | $ | 666,828 | $ | 11,851 | $ | 70,688 | $ | 80,813 | $ | 26,613 | $ | 4,278 | $ | 1,361,718 | |||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 74,167 | 105,012 | 3,662 | 34,672 | 8,438 | 13,464 | 90 | 239,505 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment Status of Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 580,612 | $ | 983,755 | $ | 7,281 | $ | 67,261 | $ | 75,611 | $ | 24,010 | $ | 4,338 | $ | 1,742,868 | at June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
The following tables present information relating to the Company’s nonperforming and impaired loans at December 31, 2014 and June 30, 2014. Loans reported as “90+ days past due accruing” in the table immediately below are also reported in the preceding contractual payment status table under the heading “90+ days past due”. | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Status of Loans Receivable | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at December 31, 2014 | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying value of impaired loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | Non-impaired loans | $ | 494,522 | $ | 873,340 | $ | 3,619 | $ | 31,326 | $ | 66,163 | $ | 10,529 | $ | 4,248 | $ | 1,483,747 | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans: | Impaired loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 495,818 | $ | 947,426 | $ | 5,700 | $ | 43,148 | $ | 64,360 | $ | 10,771 | $ | 4,757 | $ | 1,571,980 | Impaired loans with no allowance for impairment | 9,800 | 5,037 | — | 1,263 | 911 | 17 | — | 17,028 | |||||||||||||||||||||||||||||||||||||||||
Impaired loans with allowance for impairment: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming: | Unpaid principal balance | 2,123 | 366 | — | — | 99 | — | — | 2,588 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
90+ days past due accruing | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual | 9,186 | 3,470 | — | 1,453 | 636 | 17 | 1 | 14,763 | Allowance for impairment | (528 | ) | (404 | ) | — | — | (75 | ) | — | — | (1,007 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Total nonperforming | 9,186 | 3,470 | — | 1,453 | 636 | 17 | 1 | 14,763 | Balance of impaired loans net of allowance for impairment | 1,595 | (38 | ) | — | — | 24 | — | — | 1,581 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total originated and purchased loans | 505,004 | 950,896 | 5,700 | 44,601 | 64,996 | 10,788 | 4,758 | 1,586,743 | Total impaired loans, excluding allowance | 11,923 | 5,403 | — | 1,263 | 1,010 | 17 | — | 19,616 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value: | Total originated and purchased loans | 506,445 | 878,743 | 3,619 | 32,589 | 67,173 | 10,546 | 4,248 | 1,503,363 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | 64,608 | 104,587 | 352 | 30,452 | 6,788 | 11,657 | 101 | 218,545 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming: | Loans acquired at fair value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
90+ days past due accruing | — | — | — | — | — | — | — | — | Non-impaired loans | 73,425 | 102,046 | 2,214 | 23,891 | 7,746 | 12,500 | 90 | 221,912 | |||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual | 988 | 1,805 | 2,656 | 3,395 | 411 | 966 | 1 | 10,222 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total nonperforming | 988 | 1,805 | 2,656 | 3,395 | 411 | 966 | 1 | 10,222 | Impaired loans with no allowance for impairment | 742 | 1,690 | 1,448 | 10,141 | 617 | 964 | — | 15,602 | |||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans with allowance for impairment: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 65,596 | 106,392 | 3,008 | 33,847 | 7,199 | 12,623 | 102 | 228,767 | Unpaid principal balance | — | 1,276 | — | 640 | 75 | — | — | 1,991 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 570,600 | $ | 1,057,288 | $ | 8,708 | $ | 78,448 | $ | 72,195 | $ | 23,411 | $ | 4,860 | $ | 1,815,510 | Allowance for impairment | — | (165 | ) | — | (444 | ) | (57 | ) | — | — | (666 | ) | |||||||||||||||||||||||||||||||||||||
Balance of impaired loans net of allowance for impairment | — | 1,111 | — | 196 | 18 | — | — | 1,325 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Status of Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at June 30, 2014 | Total impaired loans, excluding allowance | 742 | 2,966 | 1,448 | 10,781 | 692 | 964 | — | 17,593 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 74,167 | 105,012 | 3,662 | 34,672 | 8,438 | 13,464 | 90 | 239,505 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | Total loans | $ | 580,612 | $ | 983,755 | $ | 7,281 | $ | 67,261 | $ | 75,611 | $ | 24,010 | $ | 4,338 | $ | 1,742,868 | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 497,243 | $ | 873,421 | $ | 3,619 | $ | 31,326 | $ | 66,734 | $ | 10,529 | $ | 4,122 | $ | 1,486,994 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming: | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
90+ days past due accruing | — | — | — | — | — | — | 125 | 125 | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual | 9,202 | 5,322 | — | 1,263 | 439 | 17 | 1 | 16,244 | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unpaid principal balance of impaired loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total nonperforming | 9,202 | 5,322 | — | 1,263 | 439 | 17 | 126 | 16,369 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | $ | 17,655 | $ | 5,919 | $ | — | $ | 1,407 | $ | 1,027 | $ | 17 | $ | — | $ | 26,025 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total originated and purchased loans | 506,445 | 878,743 | 3,619 | 32,589 | 67,173 | 10,546 | 4,248 | 1,503,363 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value | 742 | 3,264 | 1,547 | 12,495 | 726 | 975 | — | 19,749 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | 73,425 | 103,399 | 2,214 | 31,016 | 7,928 | 12,500 | 89 | 230,571 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | 18,397 | $ | 9,183 | $ | 1,547 | $ | 13,902 | $ | 1,753 | $ | 992 | $ | — | $ | 45,774 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
90+ days past due accruing | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual | 742 | 1,613 | 1,448 | 3,656 | 510 | 964 | 1 | 8,934 | For the year ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average balance of impaired loans | $ | 13,754 | $ | 9,971 | $ | 2,514 | $ | 10,669 | $ | 1,526 | $ | 641 | $ | — | $ | 39,075 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total nonperforming | 742 | 1,613 | 1,448 | 3,656 | 510 | 964 | 1 | 8,934 | Interest earned on impaired loans | $ | 138 | $ | 186 | $ | — | $ | 732 | $ | 69 | $ | 7 | $ | — | $ | 1,132 | |||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 74,167 | 105,012 | 3,662 | 34,672 | 8,438 | 13,464 | 90 | 239,505 | Impairment Status of Loans Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 580,612 | $ | 983,755 | $ | 7,281 | $ | 67,261 | $ | 75,611 | $ | 24,010 | $ | 4,338 | $ | 1,742,868 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment Status of Loans Receivable | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at December 31, 2014 | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying value of impaired loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | Non-impaired loans | $ | 484,575 | $ | 540,491 | $ | 5,717 | $ | 25,975 | $ | 65,581 | $ | 10,461 | $ | 4,145 | $ | 1,136,945 | |||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying value of impaired loans: | Impaired loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans: | Impaired loans with no allowance for impairment | 11,758 | 7,470 | — | 1,076 | 1,026 | — | — | 21,330 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-impaired loans | $ | 493,311 | $ | 947,350 | $ | 5,700 | $ | 43,148 | $ | 63,901 | $ | 10,771 | $ | 4,758 | $ | 1,568,939 | Impaired loans with allowance for impairment: | |||||||||||||||||||||||||||||||||||||||||||||||||
Unpaid principal balance | 2,654 | 395 | — | — | 119 | — | — | 3,168 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans with no allowance for impairment | 10,081 | 3,195 | — | 1,453 | 1,001 | 17 | — | 15,747 | Allowance for impairment | (697 | ) | (430 | ) | — | — | (110 | ) | — | — | (1,237 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Impaired loans with allowance for impairment: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded investment | 1,612 | 351 | — | — | 94 | — | — | 2,057 | Balance of impaired loans net of allowance for impairment | 1,957 | (35 | ) | — | — | 9 | — | — | 1,931 | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for impairment | (151 | ) | (388 | ) | — | — | (19 | ) | — | — | (558 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total impaired loans, excluding allowance | 14,412 | 7,865 | — | 1,076 | 1,145 | — | — | 24,498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance of impaired loans net of allowance for impairment | 1,461 | (37 | ) | — | — | 75 | — | — | 1,499 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total originated and purchased loans | 498,987 | 548,356 | 5,717 | 27,051 | 66,726 | 10,461 | 4,145 | 1,161,443 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total impaired loans, excluding allowance for impairment: | 11,693 | 3,546 | — | 1,453 | 1,095 | 17 | — | 17,804 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total originated and purchased loans | 505,004 | 950,896 | 5,700 | 44,601 | 64,996 | 10,788 | 4,758 | 1,586,743 | Loans acquired at fair value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-impaired loans | 1,301 | 115,163 | 3,248 | 36,387 | 13,481 | 15,526 | 133 | 185,239 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-impaired loans | 64,607 | 103,377 | 352 | 23,452 | 6,603 | 11,658 | 102 | 210,151 | Impaired loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans with no allowance for impairment | 359 | 2,795 | 2,886 | 6,251 | 606 | 626 | — | 13,523 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans: | Impaired loans with allowance for impairment: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans with no allowance for impairment | 989 | 2,199 | 2,656 | 9,950 | 578 | 965 | — | 17,337 | Unpaid principal balance | — | 514 | — | 999 | — | — | — | 1,513 | |||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans with allowance for impairment: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded investment | — | 816 | — | 445 | 18 | — | — | 1,279 | Allowance for impairment | — | (84 | ) | — | (757 | ) | — | — | — | (841 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for impairment | — | (64 | ) | — | (216 | ) | (18 | ) | — | — | (298 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance of impaired loans net of allowance for impairment | — | 430 | — | 242 | — | — | — | 672 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance of impaired loans net of allowance for impairment | — | 752 | — | 229 | — | — | — | 981 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total impaired loans, excluding allowance | 359 | 3,309 | 2,886 | 7,250 | 606 | 626 | — | 15,036 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total impaired loans, excluding allowance for impairment: | 989 | 3,015 | 2,656 | 10,395 | 596 | 965 | — | 18,616 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 1,660 | 118,472 | 6,134 | 43,637 | 14,087 | 16,152 | 133 | 200,275 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 65,596 | 106,392 | 3,008 | 33,847 | 7,199 | 12,623 | 102 | 228,767 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 570,600 | $ | 1,057,288 | $ | 8,708 | $ | 78,448 | $ | 72,195 | $ | 23,411 | $ | 4,860 | $ | 1,815,510 | Total loans | $ | 500,647 | $ | 666,828 | $ | 11,851 | $ | 70,688 | $ | 80,813 | $ | 26,613 | $ | 4,278 | $ | 1,361,718 | |||||||||||||||||||||||||||||||||
Impairment Status of Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at December 31, 2014 (continued) | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Equity | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Credit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | (In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | Unpaid principal balance of impaired loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Originated and purchased loans | $ | 20,682 | $ | 8,956 | $ | — | $ | 1,120 | $ | 1,169 | $ | — | $ | — | $ | 31,927 | |||||||||||||||||||||||||||||||||||||||||||||||||
Unpaid principal balance of impaired loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | $ | 18,299 | $ | 4,132 | $ | — | $ | 1,608 | $ | 1,116 | $ | 17 | $ | — | $ | 25,172 | Loans acquired at fair value | 417 | 4,077 | 3,419 | 10,168 | 614 | 626 | — | 19,321 | |||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value | 1,072 | 3,291 | 2,783 | 12,211 | 651 | 988 | — | 20,996 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | 19,371 | $ | 7,423 | $ | 2,783 | $ | 13,819 | $ | 1,767 | $ | 1,005 | $ | — | $ | 46,168 | Total impaired loans | $ | 21,099 | $ | 13,033 | $ | 3,419 | $ | 11,288 | $ | 1,783 | $ | 626 | $ | — | $ | 51,248 | |||||||||||||||||||||||||||||||||
For the three months ended December 31, 2014: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average balance of impaired loans | $ | 13,057 | $ | 7,246 | $ | 1,711 | $ | 11,655 | $ | 1,631 | $ | 1,007 | $ | — | $ | 36,307 | For the year ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest earned on impaired loans | $ | 36 | $ | 46 | $ | — | $ | 190 | $ | 11 | $ | — | $ | — | $ | 283 | Average balance of impaired loans | $ | 15,890 | $ | 11,885 | $ | 2,120 | $ | 8,853 | $ | 1,767 | $ | 189 | $ | — | $ | 40,704 | |||||||||||||||||||||||||||||||||
For the six months ended December 31, 2014: | Interest earned on impaired loans | $ | 181 | $ | 108 | $ | 20 | $ | 478 | $ | 61 | $ | 2 | $ | — | $ | 850 | |||||||||||||||||||||||||||||||||||||||||||||||||
Average balance of impaired loans | $ | 13,072 | $ | 7,775 | $ | 1,593 | $ | 11,804 | $ | 1,644 | $ | 1,034 | $ | — | $ | 36,922 | Impairment Status of Loans Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest earned on impaired loans | $ | 80 | $ | 289 | $ | — | $ | 419 | $ | 23 | $ | — | $ | — | $ | 811 | at June 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended December 31, 2013: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average balance of impaired loans | $ | 13,781 | $ | 10,312 | $ | 2,431 | $ | 11,638 | $ | 1,336 | $ | 577 | $ | — | $ | 40,075 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest earned on impaired loans | $ | 54 | $ | 40 | $ | — | $ | 188 | $ | 25 | $ | 6 | $ | — | $ | 313 | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | ||||||||||||||||||||||||||||||||||||||||||
For the six months ended December 31, 2013: | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average balance of impaired loans | $ | 14,124 | $ | 10,733 | $ | 2,620 | $ | 10,056 | $ | 1,474 | $ | 620 | $ | — | $ | 39,627 | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest earned on impaired loans | $ | 86 | $ | 86 | $ | — | $ | 371 | $ | 39 | $ | 6 | $ | — | $ | 588 | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
For the year ended June 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment Status of Loans Receivable | Average balance of impaired loans | $ | 17,633 | $ | 11,228 | $ | 1,944 | $ | 10,358 | $ | 1,322 | $ | 161 | $ | — | $ | 42,646 | |||||||||||||||||||||||||||||||||||||||||||||||||
at June 30, 2014 | Interest earned on impaired loans | $ | 484 | $ | 58 | $ | 52 | $ | 283 | $ | 20 | $ | — | $ | — | $ | 897 | |||||||||||||||||||||||||||||||||||||||||||||||||
The following tables present information regarding the restructuring of the Company’s troubled debts during the year ended June 30, 2013 and any defaults of TDRs during that year that were restructured within 12 months of the date of default. During the year ended June 30, 2014, the Company did not restructure any troubled debts and there were no defaults of TDRs that were restructured within 12 months of the date of default. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | Troubled Debt Restructurings of Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | at June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying value of impaired loans: | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans: | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-impaired loans | $ | 494,522 | $ | 873,340 | $ | 3,619 | $ | 31,326 | $ | 66,163 | $ | 10,529 | $ | 4,248 | $ | 1,483,747 | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans: | Troubled debt restructuring activity for the year ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans with no allowance for impairment | 9,800 | 5,037 | — | 1,263 | 911 | 17 | — | 17,028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans with allowance for impairment: | Originated and purchased loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded investment | 2,123 | 366 | — | — | 99 | — | — | 2,588 | Number of loans | 5 | 1 | — | — | 2 | — | — | 8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for impairment | (528 | ) | (404 | ) | — | — | (75 | ) | — | — | (1,007 | ) | Pre-modification outstanding recorded investment | $ | 967 | $ | 265 | $ | — | $ | — | $ | 176 | $ | — | $ | — | $ | 1,408 | |||||||||||||||||||||||||||||||||||||
Post-modification outstanding recorded investment | 852 | 245 | — | — | 164 | — | — | 1,261 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance of impaired loans net of allowance for impairment | 1,595 | (38 | ) | — | — | 24 | — | — | 1,581 | Charge offs against the allowance for loan loss for impairment recognized at modification | 146 | 20 | — | — | 14 | — | — | 180 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total impaired loans, excluding allowance for impairment: | 11,923 | 5,403 | — | 1,263 | 1,010 | 17 | — | 19,616 | Loans acquired at fair value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total originated and purchased loans | 506,445 | 878,743 | 3,619 | 32,589 | 67,173 | 10,546 | 4,248 | 1,503,363 | Pre-modification outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||
Post-modification outstanding recorded investment | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value: | Charge offs against the allowance for loan loss for impairment recognized at modification | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-impaired loans | 73,425 | 102,046 | 2,214 | 23,891 | 7,746 | 12,500 | 90 | 221,912 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructuring defaults | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans with no allowance for impairment | 742 | 1,690 | 1,448 | 10,141 | 617 | 964 | — | 15,602 | Originated and purchased loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans with allowance for impairment: | Number of loans | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded investment | — | 1,276 | — | 640 | 75 | — | — | 1,991 | Outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||
Allowance for impairment | — | (165 | ) | — | (444 | ) | (57 | ) | — | — | (666 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance of impaired loans net of allowance for impairment | — | 1,111 | — | 196 | 18 | — | — | 1,325 | Number of loans | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total impaired loans, excluding allowance for impairment: | 742 | 2,966 | 1,448 | 10,781 | 692 | 964 | — | 17,593 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The manner in which the terms of a loan are modified through a troubled debt restructuring generally includes one or more of the following changes to the loan’s repayment terms: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 74,167 | 105,012 | 3,662 | 34,672 | 8,438 | 13,464 | 90 | 239,505 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Interest Rate Reduction: Temporary or permanent reduction of the interest rate charged against the outstanding balance of the loan. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 580,612 | $ | 983,755 | $ | 7,281 | $ | 67,261 | $ | 75,611 | $ | 24,010 | $ | 4,338 | $ | 1,742,868 | ||||||||||||||||||||||||||||||||||||||||||||||||||
• | Capitalization of Prior Past Dues: Capitalization of prior amounts due to the outstanding balance of the loan. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment Status of Loans Receivable | • | Extension of Maturity or Balloon Date: Extending the term of the loan past its original balloon or maturity date. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at June 30, 2014 (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Deferral of Principal Payments: Temporary deferral of the principal portion of a loan payment. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | • | Payment Recalculation and Re-amortization: Recalculation of the recurring payment obligation and resulting loan amortization/repayment schedule based on the loan’s modified terms. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | At June 30, 2014, the remaining outstanding principal balance and carrying amount of acquired credit-impaired loans totaled approximately $11,778,000 and $ 10,138,000 respectively. By comparison, at June 30, 2013, the remaining outstanding principal balance and carrying amount of such loans totaled approximately $9,874,000 and $6,050,000, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | The carrying amount of acquired credit-impaired loans for which interest is not being recognized due to the uncertainty of the cash flows relating to such loans totaled $2,374,000 and $1,952,000 at June 30, 2014 and June 30, 2013, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | The balance of the allowance for loan losses at June 30, 2014 and June 30, 2013 included approximately $98,000 and $17,000 of valuation allowances, respectively, for a specifically identified impairment attributable to acquired credit-impaired loans. The valuation allowances were attributable to additional impairment recognized on the applicable loans subsequent to their acquisition, net of any charge offs recognized during that time. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unpaid principal balance of impaired loans: | The following table presents the changes in the accretable yield relating to the acquired credit-impaired loans for the years ended June 30, 2014 and 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | $ | 17,655 | $ | 5,919 | $ | — | $ | 1,407 | $ | 1,027 | $ | 17 | $ | — | $ | 26,025 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value | 742 | 3,264 | 1,547 | 12,495 | 726 | 975 | — | 19,749 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | 18,397 | $ | 9,183 | $ | 1,547 | $ | 13,902 | $ | 1,753 | $ | 992 | $ | — | $ | 45,774 | June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 741 | $ | 1,461 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings (“TDRs”). A modification to the terms of a loan is generally considered a TDR if the Bank grants a concession to the borrower that it would not otherwise consider for economic or legal reasons related to the debtor’s financial difficulties. In granting the concession, the Bank’s general objective is to make the best of a difficult situation by obtaining more cash or other value from the borrower or otherwise increase the probability of repayment. | Accretion to interest income | (326 | ) | (567 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A TDR may include, but is not necessarily limited to, the modification of loan terms such as a temporary or permanent reduction of the loan’s stated interest rate, extension of the maturity date and/or reduction or deferral of amounts owed under the terms of the loan agreement. In measuring the impairment associated with restructured loans that qualify as TDRs, the Company compares the cash flows under the loan’s existing terms with those that are expected to be received in accordance with its modified terms. The difference between the comparative cash flows is discounted at the loan’s effective interest rate prior to modification to measure the associated impairment. The impairment is charged off directly against the allowance for loan loss at the time of restructuring resulting in a reduction in carrying value of the modified loan that is accreted into interest income as a yield adjustment over the remaining term of the modified cash flows. | Disposals | (38 | ) | (153 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All restructured loans that qualify as TDRs are placed on nonaccrual status for a period of no less than six months after restructuring, irrespective of the borrower’s adherence to a TDR’s modified repayment terms during which time TDRs continue to be adversely classified and reported as impaired. TDRs may be returned to accrual status if (1) the borrower has paid timely P&I payments in accordance with the terms of the restructured loan agreement for no less than six consecutive months after restructuring, and (2) the Company expects to receive all P&I payments owed substantially in accordance with the terms of the restructured loan agreement at which time the loan may also be returned to a non-adverse classification while retaining its impaired status. | Reclassifications from nonaccretable difference | 1,514 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents information regarding the restructuring of the Company’s troubled debts during the three and six months ended December 31, 2014 and any defaults during those periods of TDRs that were restructured within 12 months of the date of default. There were no restructurings or applicable defaults of the Company’s troubled debt during the three and six months ended December 31, 2013. | Ending balance | $ | 1,891 | $ | 741 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings of Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructuring activity for the three months ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | 3 | — | — | 2 | — | — | — | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-modification outstanding recorded investment | $ | 1,291 | $ | — | $ | — | $ | 348 | $ | — | $ | — | $ | — | $ | 1,639 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Post-modification outstanding recorded investment | 1,150 | — | — | 322 | — | — | — | $ | 1,472 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge offs against the allowance for loan loss recognized at modification | 228 | — | — | 27 | — | — | — | $ | 255 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-modification outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Post-modification outstanding recorded investment | — | — | — | — | — | — | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge offs against the allowance for loan loss recognized at modification | — | — | — | — | — | — | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructuring defaults for the three months ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings of Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructuring activity for the six months ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | 5 | — | — | 2 | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-modification outstanding recorded investment | $ | 1,955 | $ | — | $ | — | $ | 348 | $ | — | $ | — | $ | — | $ | 2,303 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Post-modification outstanding recorded investment | 1,823 | — | — | 322 | — | — | — | $ | 2,145 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge offs against the allowance for loan loss recognized at modification | 261 | — | — | 27 | — | — | — | $ | 288 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-modification outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Post-modification outstanding recorded investment | — | — | — | — | — | — | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge offs against the allowance for loan loss recognized at modification | — | — | — | — | — | — | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructuring defaults for the three months ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings of Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructuring activity for the three months ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-modification outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Post-modification outstanding recorded investment | — | — | — | — | — | — | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge offs against the allowance for loan loss recognized at modification | — | — | — | — | — | — | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-modification outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Post-modification outstanding recorded investment | — | — | — | — | — | — | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge offs against the allowance for loan loss recognized at modification | — | — | — | — | — | — | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructuring defaults for the three months ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings of Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructuring activity for the six months ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-modification outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Post-modification outstanding recorded investment | — | — | — | — | — | — | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge offs against the allowance for loan loss for impairment recognized at modification | — | — | — | — | — | — | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-modification outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Post-modification outstanding recorded investment | — | — | — | — | — | — | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge offs against the allowance for loan loss for impairment recognized at modification | — | — | — | — | — | — | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructuring defaults for the six months ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
The manner in which the terms of a loan are modified through a troubled debt restructuring generally includes one or more of the following changes to the loan’s repayment terms: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Interest Rate Reduction: Temporary or permanent reduction of the interest rate charged against the outstanding balance of the loan. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Capitalization of Prior Past Dues: Capitalization of prior amounts due to the outstanding balance of the loan. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Extension of Maturity or Balloon Date: Extending the term of the loan past its original balloon or maturity date. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Deferral of Principal Payments: Temporary deferral of the principal portion of a loan payment. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Payment Recalculation and Re-amortization: Recalculation of the recurring payment obligation and resulting loan amortization/repayment schedule based on the loan’s modified terms. |
Borrowings
Borrowings | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||
Borrowings | 12. BORROWINGS | Note 14 – Borrowings | ||||||||||||||||||||||||||||||||
Fixed rate advances from the FHLB of New York mature as follows: | Fixed-rate advances from FHLB of New York mature as follows: | |||||||||||||||||||||||||||||||||
December 31, 2014 | June 30, 2014 | June 30, | ||||||||||||||||||||||||||||||||
Amount | Weighted | Amount | Weighted | 2014 | 2013 | |||||||||||||||||||||||||||||
Average | Average | Amount | Weighted | Amount | Weighted | |||||||||||||||||||||||||||||
Interest Rate | Interest Rate | Average | Average | |||||||||||||||||||||||||||||||
Maturing in years ending June 30: | Interest | Interest | ||||||||||||||||||||||||||||||||
2015 | $ | 375,000 | 0.41 | % | $ | 320,000 | 0.38 | % | Rate | Rate | ||||||||||||||||||||||||
2016 | 7,500 | 1.09 | 7,500 | 1.09 | (Dollars in Thousands) | |||||||||||||||||||||||||||||
2017 | 3,000 | 1.05 | 3,000 | 1.05 | ||||||||||||||||||||||||||||||
2018 | 5,225 | 1.18 | 5,225 | 1.18 | Maturing in years ending June 30: | |||||||||||||||||||||||||||||
2021 | 718 | 4.94 | 765 | 4.94 | 2014 | $ | — | — | % | $ | 105,000 | 0.39 | % | |||||||||||||||||||||
2023 | 145,000 | 3.04 | 145,000 | 3.04 | 2015 | 320,000 | 0.38 | — | — | |||||||||||||||||||||||||
2016 | 7,500 | 1.09 | — | — | ||||||||||||||||||||||||||||||
536,443 | 1.15 | % | 481,490 | 1.21 | % | 2017 | 3,000 | 1.05 | — | — | ||||||||||||||||||||||||
Fair value adjustments | 19 | 29 | 2018 | 5,225 | 1.18 | — | — | |||||||||||||||||||||||||||
2021 | 765 | 4.94 | 854 | 4.94 | ||||||||||||||||||||||||||||||
$ | 536,462 | $ | 481,519 | 2023 | 145,000 | 3.04 | 145,000 | 3.04 | ||||||||||||||||||||||||||
At December 31, 2014, $375.0 million in advances are due within one year while the remaining $161.5 million in advances are due after one year of which $145.0 million are callable in April 2018. | 481,490 | 1.21 | % | 250,854 | 1.94 | % | ||||||||||||||||||||||||||||
At December 31, 2014, FHLB advances were collateralized by the FHLB capital stock owned by the Bank and mortgage loans and securities with carrying values totaling approximately $796.4 million and $194.6 million, respectively. At June 30, 2014, FHLB advances were collateralized by the FHLB capital stock owned by the Bank and mortgage loans and securities with carrying values totaling approximately $739.4 million and $204.2 million, respectively. | Fair value adjustments | 29 | 77 | |||||||||||||||||||||||||||||||
Borrowings at December 31, 2014 and June 30, 2014 also included overnight borrowings in the form of depositor sweep accounts totaling $26.5 million and $30.7 million, respectively. Depositor sweep accounts are short term borrowings representing funds that are withdrawn from a customer’s noninterest-bearing deposit account and invested in an uninsured overnight investment account that is collateralized by specified investment securities owned by the Bank. | ||||||||||||||||||||||||||||||||||
$ | 481,519 | $ | 250,931 | |||||||||||||||||||||||||||||||
At June 30, 2014, $320.0 million in advances are due within one year while the remaining $161.5 million in advances are due after one year of which $145.0 million are callable in April 2018. | ||||||||||||||||||||||||||||||||||
At June 30, 2014, FHLB advances were collateralized by the FHLB capital stock owned by the Bank and mortgage loans and securities with carrying values totaling approximately $739.4 million and $204.2 million, respectively. At June 30, 2013, FHLB advances were collateralized by the FHLB capital stock owned by the Bank and mortgage loans and securities with carrying values totaling approximately $433.2 million and $222.7 million, respectively. | ||||||||||||||||||||||||||||||||||
Borrowings at June 30, 2014 and 2013 also included overnight borrowings in the form of depositor sweep accounts totaling $30.7 million and $36.8 million, respectively. Depositor sweep accounts are short term borrowings representing funds that are withdrawn from a customer’s noninterest-bearing deposit account and invested in an uninsured overnight investment account that is collateralized by specified investment securities owned by the Bank. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | Jun. 30, 2014 | |||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | 13. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | Note 15 – Derivative Instruments and Hedging Activities | ||||||||||||||||||||||||||
At December 31, 2014 and June 30, 2014, the Company was subject to the terms of certain interest rate derivative agreements that were utilized by the Company to manage the interest rate exposure arising from specific wholesale funding positions. Such wholesale funding sources include floating-rate brokered money market deposits indexed to one-month LIBOR as well as a number of 90 day fixed-rate FHLB advances that are forecasted to be periodically redrawn at maturity for the same 90 day term as the original advance. The derivatives, comprising eight interest rate swaps and two interest rate caps, were designated as cash flow hedges with changes in their fair value recorded as an adjustment through other comprehensive income on an after-tax basis. | At June 30, 2014 and 2013, the Company was subject to the terms of certain interest rate derivative agreements that were utilized by the Company to manage the interest rate exposure arising from specific wholesale funding positions. Such wholesale funding sources include floating-rate brokered money market deposits indexed to one-month LIBOR as well as a number of 90 day fixed-rate FHLB advances that are forecasted to be periodically redrawn at maturity for the same 90 day term as the original advance. The derivatives, comprising five interest rate swaps and two interest rate caps, were designated as cash flow hedges with changes in their fair value recorded as an adjustment through other comprehensive income on an after-tax basis. The Company had no interest rate derivatives as of or during the prior years ended June 30, 2012. | |||||||||||||||||||||||||||
The effects of derivative instruments on the Consolidated Financial Statements for June 30, 2014 are as follows: | ||||||||||||||||||||||||||||
The effects of derivative instruments on the statements of condition included in the Consolidated Financial Statements at December 31, 2014 and June 30, 2014 and for the three and six months ended December 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||
December 31, 2014 | Notional/ | Fair Value | Balance Sheet | Expiration | ||||||||||||||||||||||||
Notional/ | Fair | Balance | Expiration | Contract | Location | Date | ||||||||||||||||||||||
Contract | Value | Sheet | Date | Amount | ||||||||||||||||||||||||
Amount | Location | (Dollars in Thousands) | ||||||||||||||||||||||||||
(Dollars in Thousands) | Derivatives designated as hedging instruments | |||||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||||
Interest rate swaps by effective date: | Interest rate swaps: | |||||||||||||||||||||||||||
July 1, 2013 | $ | 165,000 | $ | 182 | Other liabilities | July 1, 2018 | Effective July 1, 2013 | $ | 165,000 | $ | 103 | Other liabilities | July 1, 2018 | |||||||||||||||
August 19, 2013 | 75,000 | (870 | ) | Other liabilities | August 20, 2018 | Effective August 19, 2013 | 75,000 | (1,109 | ) | Other liabilities | August 20, 2018 | |||||||||||||||||
October 9, 2013 | 50,000 | (143 | ) | Other liabilities | 9-Oct-18 | Effective October 9, 2013 | 50,000 | (234 | ) | Other liabilities | 9-Oct-18 | |||||||||||||||||
March 28, 2014 | 75,000 | (1,069 | ) | Other liabilities | 28-Mar-19 | Effective March 28, 2014 | 75,000 | (1,203 | ) | Other liabilities | 28-Mar-19 | |||||||||||||||||
June 5, 2015 | 60,000 | (1,102 | ) | Other liabilities | 5-Jun-20 | Effective June 5, 2015 | 60,000 | (271 | ) | Other liabilities | 5-Jun-20 | |||||||||||||||||
July 28, 2015 | 50,000 | (1,127 | ) | Other liabilities | 28-Jul-20 | |||||||||||||||||||||||
September 28, 2015 | 40,000 | (851 | ) | Other liabilities | September 28, 2020 | Interest rate caps: | ||||||||||||||||||||||
December 28, 2015 | 35,000 | (769 | ) | Other liabilities | 28-Dec-20 | Effective June 5, 2013 | 40,000 | 913 | Other liabilities | 5-Jun-18 | ||||||||||||||||||
Effective July 1, 2013 | 35,000 | 826 | Other liabilities | 1-Jul-18 | ||||||||||||||||||||||||
550,000 | (5,749 | ) | ||||||||||||||||||||||||||
Interest rate caps by effective date: | Total | $ | 500,000 | $ | (975 | ) | ||||||||||||||||||||||
June 5, 2013 | 40,000 | 751 | Other liabilities | 5-Jun-18 | ||||||||||||||||||||||||
July 1, 2013 | 35,000 | 652 | Other liabilities | 1-Jul-18 | ||||||||||||||||||||||||
75,000 | 1,403 | Year Ended June 30, 2014 | ||||||||||||||||||||||||||
Amount of | Location of Gain | Amount of | ||||||||||||||||||||||||||
Total | $ | 625,000 | $ | (4,346 | ) | Gain (Loss) | (Loss) Recognized | Gain (Loss) | ||||||||||||||||||||
Recognized in | in Income on | Recognized in | ||||||||||||||||||||||||||
OCI on | Derivatives | Income on | ||||||||||||||||||||||||||
June 30, 2014 | Derivatives, net | (Ineffective | Derivatives | |||||||||||||||||||||||||
Notional/ | Fair | Balance | Expiration | of tax (Effective | Portion) | (Ineffective | ||||||||||||||||||||||
Contract | Value | Sheet | Date | Portion) | Portion) | |||||||||||||||||||||||
Amount | Location | (Dollars in Thousands) | ||||||||||||||||||||||||||
(Dollars in Thousands) | Derivatives in cash flow hedges | |||||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||||
Interest rate swaps by effective date: | Interest rate swaps: | |||||||||||||||||||||||||||
July 1, 2013 | $ | 165,000 | $ | 103 | Other liabilities | July 1, 2018 | Effective July 1, 2013 | $ | (896 | ) | Not Applicable | $ | — | |||||||||||||||
August 19, 2013 | 75,000 | (1,109 | ) | Other liabilities | August 20, 2018 | Effective August 19, 2013 | (656 | ) | Not Applicable | — | ||||||||||||||||||
October 9, 2013 | 50,000 | (234 | ) | Other liabilities | October 9, 2018 | Effective October 9, 2013 | (138 | ) | Not Applicable | — | ||||||||||||||||||
March 28, 2014 | 75,000 | (1,203 | ) | Other liabilities | 28-Mar-19 | Effective March 28, 2014 | (711 | ) | Not Applicable | — | ||||||||||||||||||
June 5, 2015 | 60,000 | (271 | ) | Other liabilities | 5-Jun-20 | Effective June 5, 2015 | (883 | ) | Not Applicable | — | ||||||||||||||||||
425,000 | (2,714 | ) | Interest rate caps: | |||||||||||||||||||||||||
Effective June 5, 2013 | (333 | ) | Not Applicable | — | ||||||||||||||||||||||||
Interest rate caps by effective date: | Effective July 1, 2013 | (292 | ) | Not Applicable | — | |||||||||||||||||||||||
June 5, 2013 | 40,000 | 913 | Other liabilities | 5-Jun-18 | ||||||||||||||||||||||||
July 1, 2013 | 35,000 | 826 | Other liabilities | 1-Jul-18 | ||||||||||||||||||||||||
Total | $ | (3,909 | ) | $ | — | |||||||||||||||||||||||
75,000 | 1,739 | |||||||||||||||||||||||||||
The effects of derivative instruments on the Consolidated Financial Statements for June 30, 2013 are as follows: | ||||||||||||||||||||||||||||
Total | $ | 500,000 | $ | (975 | ) | |||||||||||||||||||||||
June 30, 2013 | ||||||||||||||||||||||||||||
Notional/ | Fair Value | Balance Sheet | Expiration | |||||||||||||||||||||||||
Three Months Ended December 31, 2014 | Contract | Location | Date | |||||||||||||||||||||||||
Amount of Gain (Loss) | Location of Gain (Loss) | Amount of Gain (Loss) | Amount | |||||||||||||||||||||||||
Recognized in OCI on | Recognized in Income of | Recognized in Income of | (Dollars in Thousands) | |||||||||||||||||||||||||
Derivatives, net of Tax | Derivatives | Derivatives | Derivatives designated as hedging instruments | |||||||||||||||||||||||||
(Effective Portion) | (Ineffective Portion) | (Ineffective Portion) | ||||||||||||||||||||||||||
(Dollars in Thousands) | Interest rate swaps: | |||||||||||||||||||||||||||
Derivatives in cash flow hedges | Effective July 1, 2013 | $ | 165,000 | $ | 1,617 | Other assets | July 1, 2018 | |||||||||||||||||||||
Interest rate swaps by effective date: | Effective June 5, 2015 | 60,000 | 1,220 | Other assets | June 5, 2020 | |||||||||||||||||||||||
July 1, 2013 | $ | (599 | ) | Not applicable | $ | — | ||||||||||||||||||||||
August 19, 2013 | (263 | ) | Not applicable | — | Interest rate caps: | |||||||||||||||||||||||
October 9, 2013 | (211 | ) | Not applicable | — | Effective June 5, 2013 | 40,000 | 1,485 | Other assets | 5-Jun-18 | |||||||||||||||||||
March 28, 2014 | (342 | ) | Not applicable | — | Effective July 1, 2013 | 35,000 | 1,323 | Other assets | 1-Jul-18 | |||||||||||||||||||
June 5, 2015 | (625 | ) | Not applicable | — | ||||||||||||||||||||||||
July 28, 2015 | (540 | ) | Not applicable | — | ||||||||||||||||||||||||
September 28, 2015 | (450 | ) | Not applicable | — | Total | $ | 300,000 | $ | 5,645 | |||||||||||||||||||
December 28, 2015 | (403 | ) | Not applicable | — | ||||||||||||||||||||||||
(3,433 | ) | — | ||||||||||||||||||||||||||
June 30, 2013 | ||||||||||||||||||||||||||||
Interest rate caps by effective date: | Amount of | Location of Gain | Amount of | |||||||||||||||||||||||||
June 5, 2013 | (136 | ) | Not applicable | — | Gain (Loss) | (Loss) Recognized | Gain (Loss) | |||||||||||||||||||||
July 1, 2013 | (125 | ) | Not applicable | — | Recognized in | in Income on | Recognized in | |||||||||||||||||||||
OCI on | Derivatives | Income on | ||||||||||||||||||||||||||
(261 | ) | — | Derivatives, net | (Ineffective | Derivatives | |||||||||||||||||||||||
of tax (Effective | Portion) | (Ineffective | ||||||||||||||||||||||||||
Total | $ | (3,694 | ) | $ | — | Portion) | Portion) | |||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||
Derivatives in cash flow hedges | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2014 | Interest rate swaps: | |||||||||||||||||||||||||||
Amount of Gain (Loss) | Location of Gain (Loss) | Amount of Gain (Loss) | Effective July 1, 2013 | $ | 957 | Not Applicable | $ | — | ||||||||||||||||||||
Recognized in OCI on | Recognized in Income of | Recognized in Income of | Effective June 5, 2015 | 722 | Not Applicable | — | ||||||||||||||||||||||
Derivatives, net of Tax | Derivatives | Derivatives | ||||||||||||||||||||||||||
(Effective Portion) | (Ineffective Portion) | (Ineffective Portion) | Interest rate caps: | |||||||||||||||||||||||||
(Dollars in Thousands) | Effective June 5, 2013 | 128 | Not Applicable | — | ||||||||||||||||||||||||
Derivatives in cash flow hedges | Effective July 1, 2013 | 31 | Not Applicable | — | ||||||||||||||||||||||||
Interest rate swaps by effective date: | ||||||||||||||||||||||||||||
July 1, 2013 | $ | 47 | Not applicable | $ | — | |||||||||||||||||||||||
August 19, 2013 | 141 | Not applicable | — | Total | $ | 1,838 | $ | — | ||||||||||||||||||||
October 9, 2013 | 54 | Not applicable | — | |||||||||||||||||||||||||
March 28, 2014 | 79 | Not applicable | — | The Company has in place an enforceable master netting arrangement with every counterparty. All master netting arrangements include rights to offset associated with the Company’s recognized derivative assets, derivative liabilities, and cash collateral received and pledged. | ||||||||||||||||||||||||
June 5, 2015 | (491 | ) | Not applicable | — | At June 30, 2014, three of the Company’s derivatives were in an asset position totaling $1.8 million while the remaining four derivatives were in a liability position totaling $2.8 million. In total, the Company’s derivatives were in a net liability position of $975,000 at June 30, 2014 and included in other liabilities as of that date. As required under the enforceable master netting arrangement with its derivatives counterparty, the Company posted financial collateral in the amount of $1,090,000 at June 30, 2014 that was not included as an offsetting amount. | |||||||||||||||||||||||
July 28, 2015 | (667 | ) | Not applicable | — | ||||||||||||||||||||||||
September 28, 2015 | (503 | ) | Not applicable | — | At June 30, 2013, all derivatives were in an asset position so that no offset was required. Both the gross amount of assets and net amount included in other assets was $5,645,000 at June 30, 2013. As required under the enforceable master netting arrangement, the Company’s derivatives counterparty posted financial collateral in the amount $5,500,000 at June 30, 2013 that was not included as an offsetting amount. | |||||||||||||||||||||||
December 28, 2015 | (455 | ) | Not applicable | — | ||||||||||||||||||||||||
(1,795 | ) | — | ||||||||||||||||||||||||||
Interest rate caps by effective date: | ||||||||||||||||||||||||||||
June 5, 2013 | (83 | ) | Not applicable | — | ||||||||||||||||||||||||
July 1, 2013 | (94 | ) | Not applicable | — | ||||||||||||||||||||||||
(177 | ) | — | ||||||||||||||||||||||||||
Total | $ | (1,972 | ) | $ | — | |||||||||||||||||||||||
Three Months Ended December 31, 2013 | ||||||||||||||||||||||||||||
Amount of Gain (Loss) | Location of Gain (Loss) | Amount of Gain (Loss) | ||||||||||||||||||||||||||
Recognized in OCI on | Recognized in Income of | Recognized in Income of | ||||||||||||||||||||||||||
Derivatives, net of Tax | Derivatives | Derivatives | ||||||||||||||||||||||||||
(Effective Portion) | (Ineffective Portion) | (Ineffective Portion) | ||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||
Derivatives in cash flow hedges | ||||||||||||||||||||||||||||
Interest rate swaps by effective date: | ||||||||||||||||||||||||||||
July 1, 2013 | $ | 571 | Not applicable | $ | — | |||||||||||||||||||||||
August 19, 2013 | 293 | Not applicable | — | |||||||||||||||||||||||||
October 9, 2013 | 144 | Not applicable | — | |||||||||||||||||||||||||
June 5, 2015 | 372 | Not applicable | — | |||||||||||||||||||||||||
1,380 | — | |||||||||||||||||||||||||||
Interest rate caps by effective date: | ||||||||||||||||||||||||||||
June 5, 2013 | 75 | Not applicable | — | |||||||||||||||||||||||||
July 1, 2013 | 78 | Not applicable | — | |||||||||||||||||||||||||
153 | — | |||||||||||||||||||||||||||
Total | $ | 1,533 | $ | — | ||||||||||||||||||||||||
Six Months Ended December 31, 2013 | ||||||||||||||||||||||||||||
Amount of Gain (Loss) | Location of Gain (Loss) | Amount of Gain (Loss) | ||||||||||||||||||||||||||
Recognized in OCI on | Recognized in Income of | Recognized in Income of | ||||||||||||||||||||||||||
Derivatives, net of Tax | Derivatives | Derivatives | ||||||||||||||||||||||||||
(Effective Portion) | (Ineffective Portion) | (Ineffective Portion) | ||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||
Derivatives in cash flow hedges | ||||||||||||||||||||||||||||
Interest rate swaps by effective date: | ||||||||||||||||||||||||||||
July 1, 2013 | (4 | ) | Not applicable | — | ||||||||||||||||||||||||
August 19, 2013 | (333 | ) | Not applicable | — | ||||||||||||||||||||||||
October 9, 2013 | 144 | Not applicable | — | |||||||||||||||||||||||||
June 5, 2015 | 160 | Not applicable | — | |||||||||||||||||||||||||
(33 | ) | — | ||||||||||||||||||||||||||
Interest rate caps by effective date: | ||||||||||||||||||||||||||||
June 5, 2013 | (64 | ) | Not applicable | — | ||||||||||||||||||||||||
July 1, 2013 | (43 | ) | Not applicable | — | ||||||||||||||||||||||||
(107 | ) | — | ||||||||||||||||||||||||||
Total | $ | (140 | ) | $ | — | |||||||||||||||||||||||
The Company has in place enforceable master netting arrangements with all counterparties. All master netting arrangements include rights to offset associated with the Company’s recognized derivative assets, derivative liabilities, and cash collateral received and pledged. | ||||||||||||||||||||||||||||
At December 31, 2014, three of the Company’s derivatives were in an asset position totaling $1.6 million while the remaining seven derivatives were in a liability position totaling $5.9 million. In total, the Company’s derivatives were in a net liability position of $4.3 million at December 31, 2014 and included in other liabilities as of that date. As required under the enforceable master netting arrangement with its derivatives counterparties, the Company posted financial collateral to two counterparties totaling $3.9 million at December 31, 2014. The financial collateral posted was not included as an offsetting amount at December 31, 2014. | ||||||||||||||||||||||||||||
At June 30, 2014, three of the Company’s derivatives were in an asset position totaling $1.8 million while the remaining four derivatives were in a liability position totaling $2.8 million. In total, the Company’s derivatives were in a net liability position of $975,000 at June 30, 2014 and included in other liabilities as of that date. As required under the enforceable master netting arrangement with its derivatives counterparty, the Company posted financial collateral in the amount of $1,090,000 at June 30, 2014 that was not included as an offsetting amount. |
Benefit_Plans
Benefit Plans | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||
Benefit Plans | 14. BENEFIT PLANS | Note 16 – Benefit Plans | ||||||||||||||||||||||||||||||||||||
Components of Net Periodic Expense | Employee Stock Ownership Plan | |||||||||||||||||||||||||||||||||||||
The following table sets forth the aggregate net periodic benefit expense for the Bank’s Benefit Equalization Plan, Postretirement Welfare Plan and Directors’ Consultation and Retirement Plan: | Effective upon completion of the Company’s initial public offering in February 2005, the Bank established an Employee Stock Ownership Plan (“ESOP”) for all eligible employees who complete a twelve-month period of employment with the Bank, have attained the age of 21 and complete at least 1,000 hours of service in a plan year. The ESOP used $17,457,000 in proceeds from a term loan obtained from the Company to purchase 1,745,700 shares of Company common stock. The remaining term loan principal is payable over 42 equal installments through March 31, 2017. The interest rate on the term loan is 5.50%. Each year, the Bank intends to make discretionary contributions to the ESOP, which will be equal to principal and interest payments required on the term loan. The Bank may substitute dividends paid, if any, on the Company common stock held by the ESOP for discretionary contributions. | |||||||||||||||||||||||||||||||||||||
Shares purchased with the loan proceeds provide collateral for the term loan and are held in a suspense account for future allocations among participants. Contributions to the ESOP and shares released from the suspense account are to be allocated among the participants on the basis of compensation, as described by the ESOP, in the year of allocation. | ||||||||||||||||||||||||||||||||||||||
ESOP shares pledged as collateral were initially recorded as unearned ESOP shares in the consolidated statements of financial condition. Thereafter, on a monthly basis, 12,123 shares are committed to be released, compensation expense is recorded equal to the number of shares committed to be released times the monthly average market price of the shares, and the committed shares become outstanding for basic net income per common share computations. ESOP compensation expense was approximately $1,742,000, $1,431,000 and $1,367,000 for the years ended June 30, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | At June 30, 2014 and 2013, the ESOP shares were as follows: | ||||||||||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | June 30, | ||||||||||||||||||||||||||||||||||||
Service cost | $ | 56 | $ | 50 | $ | 113 | $ | 100 | 2014 | 2013 | ||||||||||||||||||||||||||||
Interest cost | 82 | 84 | 164 | 168 | ||||||||||||||||||||||||||||||||||
Amortization of unrecognized past service liability | 12 | 12 | 24 | 24 | Allocated shares | 1,113,602 | 989,049 | |||||||||||||||||||||||||||||||
Amortization of unrecognized net actuarial loss (gain) | 7 | (1 | ) | 14 | (2 | ) | Total shares distributed due to employee resignations/terminations | 159,514 | 138,657 | |||||||||||||||||||||||||||||
Shares committed to be released | 84,660 | 84,594 | ||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 157 | $ | 145 | $ | 315 | $ | 290 | Unearned shares | 387,924 | 533,400 | |||||||||||||||||||||||||||
Stock Compensation Plans | ||||||||||||||||||||||||||||||||||||||
The following is a summary of the Company’s stock option activity and related information for its option plans for the six months ended December 31, 2014: | Total ESOP Shares | 1,745,700 | 1,745,700 | |||||||||||||||||||||||||||||||||||
Options | Weighted | Range | Weighted | Aggregate | Fair value of unearned shares | $ | 5,873,169 | $ | 5,595,366 | |||||||||||||||||||||||||||||
Average | of prices | Average | Intrinsic | |||||||||||||||||||||||||||||||||||
Exercise | Remaining | Value | Employee Stock Ownership Plan Benefit Equalization Plan (“ESOP BEP”) | |||||||||||||||||||||||||||||||||||
Price | Contractual | The Bank has a non-qualified plan to compensate its senior officers who participate in the Bank’s ESOP for certain benefits lost under such plan by reason of benefit limitations imposed by the Internal Revenue Code (“IRC”). The ESOP BEP expense was approximately $36,000, $6,000 and $-0- for the years ended June 30, 2014, 2013 and 2012, respectively. The liability totaled approximately $15,000 and $6,000 at June 30, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||||||
Term | Thrift Plan | |||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | The Bank sponsors the Employees’ Savings and Profit Sharing Plan and Trust (the “Plan”), pursuant to Section 401(k) of the Internal Revenue Code, for all eligible employees. Employees may elect to save up to 20% of their compensation. The Bank will contribute a matching contribution up to 3% of the employee annual compensation. The Plan expense amounted to approximately $543,000, $527,000 and $510,000 for the years ended June 30, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||||
Outstanding at June 30, 2014 | 3,035 | $ | 12.37 | $ | 10.16 - $14.79 | 2.0 years | Multi-Employer Retirement Plan | |||||||||||||||||||||||||||||||
Granted | — | $ | — | — | — | The Bank participates in the Pentegra Defined Benefit Plan for Financial Institutions (“The Pentegra DB Plan”), a tax-qualified defined-benefit pension plan. The Pentegra DB Plan’s Employer Identification Number is 13-5645888 and the Plan Number is 333. The Pentegra DB Plan operates as a multi-employer plan for accounting purposes and as a multiple-employer plan under the Employee Retirement Income Security Act of 1974 and the IRC. There are no collective bargaining agreements in place that require contributions to the Pentegra DB Plan. | ||||||||||||||||||||||||||||||||
Exercised | (2,785 | ) | $ | 12.26 | $ | 11.55 - $12.71 | 1.2 Years | The Pentegra DB Plan is a single plan under Internal Revenue Code Section 413(c) and, as a result, all of the assets stand behind all of the liabilities. Accordingly, under the Pentegra DB Plan contributions made by a participating employer may be used to provide benefits to participants of other participating employers. | ||||||||||||||||||||||||||||||
Forefeited | — | $ | — | — | — | The Pentegra DB Plan is non-contributory and covers all eligible employees. In April 2007, the Board of Directors of the Bank approved, effective July 1, 2007, “freezing” all future benefit accruals under the Bank’s defined benefit pension plan. | ||||||||||||||||||||||||||||||||
Funded status (market value of plan assets divided by funding target) of the Bank’s plan based on valuation reports as of July 1, 2013 and 2012 was 101.13% and 104.56%, respectively. Total contributions made to the Pentegra DB Plan, as reported on Form 5500, were $136.5 million and $196.5 million for the plan years ending June 30, 2013 and June 30, 2012, respectively. The Bank’s contributions to the Pentegra DB Plan were not more than 5% of the total contributions to the Pentegra DB Plan. During the years ended June 30, 2014, 2013 and 2012, the total expense recorded for the Pentegra DB Plan was approximately $303,000, $1,254,000 and $1,238,000, respectively. | ||||||||||||||||||||||||||||||||||||||
Outstanding at December 31, 2014 | 250 | $ | 13.59 | $ | 10.16 - $14.79 | 8.5 Years | $ | 233 | ||||||||||||||||||||||||||||||
Atlas Bank Retirement Income Plan (“ABRIP”) | ||||||||||||||||||||||||||||||||||||||
Exercisable at December 31, 2014 | 39 | $ | 10.16 | $ | 10.16 | 6.5 Years | $ | 140 | Through the merger with Atlas Bank, the Company acquired a non-contributory defined benefit pension plan covering all eligible employees of Atlas Bank. Effective January 31, 2013, the ABRIP was frozen by Atlas Bank. All benefits for eligible participants accrued in the ABRIP to the freeze date have been retained. The benefits are based on years of service and employee’s compensation. The ABRIP is funded in conformity with funding requirements of applicable government regulations. | |||||||||||||||||||||||||||||
The following table sets forth the ABRIP’s funded status at June 30, 2014: | ||||||||||||||||||||||||||||||||||||||
A total of 2,785,122 vested options with an aggregate intrinsic value of $7.4 million were exercised during the six months ended December 31, 2014. The Company issued 107,382 shares from treasury stock carrying an average cost of $11.48 per share in conjunction with the equivalent number of options exercised during the period. The cash proceeds received in conjunction with the exercise of these options totaled approximately $1.4 million. | ||||||||||||||||||||||||||||||||||||||
The Company elected to settle the exercise of the remaining 2,677,740 stock options exercised during the period in cash based upon the difference between the exercise price of the options and the closing price of the Company’s stock on the date of exercise. The net cash proceeds of these exercises resulted in a direct reduction of stockholders’ equity totaling approximately $7.2 million. No additional shares of the Company’s capital stock were issued and no cash proceeds were received in relation to the exercise of these options. A portion of the exercises settled in cash during the period represented disqualifying dispositions of incentive stock options for which the Company recognized approximately $416,000 in income tax benefits. | ||||||||||||||||||||||||||||||||||||||
There were no vested options exercised during the six months ended December 31, 2013. | June 30, | |||||||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||
Reconciliation of funded status: | ||||||||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 2,646 | ||||||||||||||||||||||||||||||||||||
Fair value of assets | 3,885 | |||||||||||||||||||||||||||||||||||||
Funded status, included in other assets | $ | 1,239 | ||||||||||||||||||||||||||||||||||||
Valuation assumptions: | ||||||||||||||||||||||||||||||||||||||
Discount rate | 4.5 | % | ||||||||||||||||||||||||||||||||||||
Salary increase rate | N/A | |||||||||||||||||||||||||||||||||||||
There was no net periodic pension expense for the year ended June 30, 2014 as the acquisition of Atlas Bank occurred on June 30, 2014. The Bank does not expect to contribute to the ABRIP in the year ending June 30, 2015. | ||||||||||||||||||||||||||||||||||||||
The assets of the ABRIP are invested in a Guaranteed Deposit Fund (“GDF”) with Prudential Financial, Inc. The GDF is a group annuity fund invested in public and private-issue debt securities through various sub-accounts. The underlying assets are valued based on quoted prices for similar assets with similar terms and other observable market data and have no redemption restrictions. The investments in the plan were monitored to ensure that they complied with the investment policies set forth by the Employee Benefits Committee of Atlas Bank. The plan’s assets were reviewed periodically by management, which included an analysis of the asset allocation and the performance of the GDF prepared by Prudential Financial, Inc. | ||||||||||||||||||||||||||||||||||||||
The overall investment objective of the ABRIP is to ensure safety of principal and seek an attractive rate of return. The GDF utilizes a full spectrum of fixed income asset classes to provide the opportunity to maximize portfolio returns and diversification. Such asset classes are as follows: | ||||||||||||||||||||||||||||||||||||||
• | Private Placement Bonds | |||||||||||||||||||||||||||||||||||||
• | Commercial Mortgage Loans | |||||||||||||||||||||||||||||||||||||
• | Public Corporate Bonds | |||||||||||||||||||||||||||||||||||||
• | Residential Mortgage Securities | |||||||||||||||||||||||||||||||||||||
• | Public Asset Backed Securities | |||||||||||||||||||||||||||||||||||||
• | Commercial Mortgage-backed Securities | |||||||||||||||||||||||||||||||||||||
• | Private Securitized Investments | |||||||||||||||||||||||||||||||||||||
The long-term rate-of-return-on-assets assumption was set based on historical returns earned by equities and fixed-income securities, adjusted to reflect expectations of future returns as applied to the plan’s target allocation of asset classes. Equities and fixed-income securities were assumed to earn real rates of return in the ranges of 5-9% and 2-6%, respectively. The long-term inflation rate was estimated to be 3%. When these overall return expectations are applied to the plan’s allocation, the result is an expected rate of return of 7% to 11%. | ||||||||||||||||||||||||||||||||||||||
The fair values of the ABRIP’s assets at June 30, 2014, by asset category (see Note 20 for the definitions of levels), are as follows: | ||||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Balance | |||||||||||||||||||||||||||||||||||
Active Markets | Observable Inputs | Unobservable | ||||||||||||||||||||||||||||||||||||
for Identical | (Level 2) | Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||
Assets (Level 1) | ||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||
At June 30, 2014: | ||||||||||||||||||||||||||||||||||||||
Prudential Guaranteed Deposit Fund | $ | — | $ | 3,885 | $ | — | $ | 3,885 | ||||||||||||||||||||||||||||||
Benefit Equalization Plan (“BEP”) | ||||||||||||||||||||||||||||||||||||||
The Bank has an unfunded non-qualified plan to compensate senior officers of the Bank who participate in the Bank’s qualified defined benefit plan for certain benefits lost under such plans by reason of benefit limitations imposed by Sections 415 and 401 of the IRC. There were approximately $265,000, $221,000 and $257,000 in contributions made to and benefits paid under the BEP during each of the years ended June 30, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||||||
The following tables set forth the BEP’s funded status and components of net periodic pension cost: | ||||||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||||||||||
Benefit obligation - beginning | $ | 3,430 | $ | 2,859 | ||||||||||||||||||||||||||||||||||
Interest cost | 154 | 143 | ||||||||||||||||||||||||||||||||||||
Actuarial (gain) loss | (218 | ) | 649 | |||||||||||||||||||||||||||||||||||
Benefit payments | (265 | ) | (221 | ) | ||||||||||||||||||||||||||||||||||
Benefit obligation - ending | $ | 3,101 | $ | 3,430 | ||||||||||||||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||||||||||||||
Fair value of assets - beginning | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Contributions | 265 | 221 | ||||||||||||||||||||||||||||||||||||
Benefit payments | (265 | ) | (221 | ) | ||||||||||||||||||||||||||||||||||
Fair value of assets - ending | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||
Reconciliation of funded status: | ||||||||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | (3,101 | ) | $ | (3,430 | ) | ||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | (3,101 | ) | $ | (3,430 | ) | ||||||||||||||||||||||||||||||||
Fair value of assets | — | — | ||||||||||||||||||||||||||||||||||||
Accrued pension cost included in other liabilities | $ | (3,101 | ) | $ | (3,430 | ) | ||||||||||||||||||||||||||||||||
Valuation assumptions: | ||||||||||||||||||||||||||||||||||||||
Discount rate | 4.5 | % | 5 | % | ||||||||||||||||||||||||||||||||||
Salary increase rate | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Years Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||
Net periodic pension expense: | ||||||||||||||||||||||||||||||||||||||
Interest cost | $ | 154 | $ | 143 | $ | 162 | ||||||||||||||||||||||||||||||||
Amortization of net actuarial loss | 37 | 50 | 10 | |||||||||||||||||||||||||||||||||||
$ | 191 | $ | 193 | $ | 172 | |||||||||||||||||||||||||||||||||
Valuation assumptions: | ||||||||||||||||||||||||||||||||||||||
Discount rate | 5 | % | 4.25 | % | 5.75 | % | ||||||||||||||||||||||||||||||||
Salary increase rate | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
It is estimated that contributions of approximately $225,000 will be made during the year ending June 30, 2015. | ||||||||||||||||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | ||||||||||||||||||||||||||||||||||||||
Years Ending June 30: | (In Thousands) | |||||||||||||||||||||||||||||||||||||
2015 | 225 | |||||||||||||||||||||||||||||||||||||
2016 | 227 | |||||||||||||||||||||||||||||||||||||
2017 | 229 | |||||||||||||||||||||||||||||||||||||
2018 | 230 | |||||||||||||||||||||||||||||||||||||
2019 | 232 | |||||||||||||||||||||||||||||||||||||
2020-2024 | 1,157 | |||||||||||||||||||||||||||||||||||||
In April 2007, the Board of Directors of the Bank approved, effective July 1, 2007, “freezing” all future benefit accruals under the BEP related to the Bank’s defined benefit pension plan. | ||||||||||||||||||||||||||||||||||||||
At June 30, 2014 and 2013, unrecognized net loss of $777,000 and $1,032,000, respectively, was included in accumulated other comprehensive income. For the fiscal year ending June 30, 2015, $47,000 of the unrecognized net loss is expected to be recognized as a component of net periodic pension cost. | ||||||||||||||||||||||||||||||||||||||
Postretirement Welfare Plan | ||||||||||||||||||||||||||||||||||||||
The Bank has an unfunded postretirement group term life insurance plan covering all eligible employees. The benefits are based on age and years of service. During the years ended June 30, 2014, 2013 and 2012, contributions and benefits paid totaled $6,000, $5,000 and $5,000, respectively. | ||||||||||||||||||||||||||||||||||||||
The following tables set forth the accrued accumulated postretirement benefit obligation and the net periodic postretirement benefit cost: | ||||||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||||||||||
Benefit obligation - beginning | $ | 1,043 | $ | 655 | ||||||||||||||||||||||||||||||||||
Service cost | 54 | 62 | ||||||||||||||||||||||||||||||||||||
Interest cost | 45 | 40 | ||||||||||||||||||||||||||||||||||||
Actuarial (gain) loss | (144 | ) | 291 | |||||||||||||||||||||||||||||||||||
Premiums/claims paid | (6 | ) | (5 | ) | ||||||||||||||||||||||||||||||||||
Benefit obligation - ending | $ | 992 | $ | 1,043 | ||||||||||||||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||||||||||||||
Fair value of assets - beginning | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Contributions | 6 | 5 | ||||||||||||||||||||||||||||||||||||
Premiums/claims paid | (6 | ) | (5 | ) | ||||||||||||||||||||||||||||||||||
Fair value of assets - ending | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Reconciliation of funded status: | ||||||||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | (992 | ) | $ | (1,043 | ) | ||||||||||||||||||||||||||||||||
Fair value of assets | — | — | ||||||||||||||||||||||||||||||||||||
Accrued postretirement benefit cost included in other liabilities | $ | (992 | ) | $ | (1,043 | ) | ||||||||||||||||||||||||||||||||
Valuation assumptions: | ||||||||||||||||||||||||||||||||||||||
Discount rate | 4.5 | % | 5 | % | ||||||||||||||||||||||||||||||||||
Salary increase rate | 3.25 | % | 3.25 | % | ||||||||||||||||||||||||||||||||||
Years Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||
Net periodic postretirement benefit cost: | ||||||||||||||||||||||||||||||||||||||
Service cost | $ | 54 | $ | 62 | $ | 23 | ||||||||||||||||||||||||||||||||
Interest cost | 45 | 40 | 34 | |||||||||||||||||||||||||||||||||||
Amortization of past service liability | — | — | 3 | |||||||||||||||||||||||||||||||||||
Amortization of unrecognized loss (gain) | — | 4 | (12 | ) | ||||||||||||||||||||||||||||||||||
$ | 99 | $ | 106 | $ | 48 | |||||||||||||||||||||||||||||||||
Valuation assumptions: | ||||||||||||||||||||||||||||||||||||||
Discount rate | 5 | % | 4.25 | % | 5.75 | % | ||||||||||||||||||||||||||||||||
Salary increase rate | 3.25 | % | 3.25 | % | 3.25 | % | ||||||||||||||||||||||||||||||||
It is estimated that contributions of approximately $9,000 will be made during the year ending June 30, 2015. | ||||||||||||||||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | ||||||||||||||||||||||||||||||||||||||
Years Ending June 30: | (In Thousands) | |||||||||||||||||||||||||||||||||||||
2015 | 9 | |||||||||||||||||||||||||||||||||||||
2016 | 11 | |||||||||||||||||||||||||||||||||||||
2017 | 12 | |||||||||||||||||||||||||||||||||||||
2018 | 14 | |||||||||||||||||||||||||||||||||||||
2019 | 16 | |||||||||||||||||||||||||||||||||||||
2020-2024 | 106 | |||||||||||||||||||||||||||||||||||||
At June 30, 2014 and 2013, unrecognized net gain (loss) of $18,000 and $(126,000), respectively, were included in accumulated other comprehensive income. For the fiscal year ending June 30, 2015, $-0- of unrecognized net gain is expected to be recognized as a component of net periodic postretirement benefit cost. | ||||||||||||||||||||||||||||||||||||||
Directors’ Consultation and Retirement Plan (“DCRP”) | ||||||||||||||||||||||||||||||||||||||
The Bank has an unfunded retirement plan for non-employee directors. The benefits are payable based on term of service as a director. During each of the years ended June 30, 2014, 2013 and 2012, contributions and benefits paid totaled $60,000, $98,000 and $117,000, respectively. | ||||||||||||||||||||||||||||||||||||||
The following table sets forth the DCRP’s funded status and components of net periodic cost: | ||||||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||||||||||
Projected benefit obligation - beginning | $ | 3,201 | $ | 2,761 | ||||||||||||||||||||||||||||||||||
Service cost | 147 | 168 | ||||||||||||||||||||||||||||||||||||
Interest cost | 136 | 125 | ||||||||||||||||||||||||||||||||||||
Actuarial (gain) loss | (441 | ) | 245 | |||||||||||||||||||||||||||||||||||
Benefit payments | (60 | ) | (98 | ) | ||||||||||||||||||||||||||||||||||
Projected benefit obligation - ending | $ | 2,983 | $ | 3,201 | ||||||||||||||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||||||||||||||
Fair value of assets - beginning | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Contributions | 60 | 98 | ||||||||||||||||||||||||||||||||||||
Benefit payments | (60 | ) | (98 | ) | ||||||||||||||||||||||||||||||||||
Fair value of assets - ending | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Reconciliation of funded status: | ||||||||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | (2,524 | ) | $ | (2,278 | ) | ||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | (2,983 | ) | $ | (3,201 | ) | ||||||||||||||||||||||||||||||||
Fair value of assets | — | — | ||||||||||||||||||||||||||||||||||||
Accrued cost included in other liabilities | $ | (2,983 | ) | $ | (3,201 | ) | ||||||||||||||||||||||||||||||||
Valuation assumptions: | ||||||||||||||||||||||||||||||||||||||
Discount rate | 4.5 | % | 5 | % | ||||||||||||||||||||||||||||||||||
Fee increase rate | 3.25 | % | 3.25 | % | ||||||||||||||||||||||||||||||||||
Years Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||
Net periodic plan cost: | ||||||||||||||||||||||||||||||||||||||
Service cost | $ | 147 | $ | 168 | $ | 131 | ||||||||||||||||||||||||||||||||
Interest cost | 136 | 125 | 146 | |||||||||||||||||||||||||||||||||||
Amortization of unrecognized gain | (39 | ) | — | (23 | ) | |||||||||||||||||||||||||||||||||
Amortization of past service liability | 46 | 48 | 61 | |||||||||||||||||||||||||||||||||||
$ | 290 | $ | 341 | $ | 315 | |||||||||||||||||||||||||||||||||
Valuation assumptions: | ||||||||||||||||||||||||||||||||||||||
Discount rate | 5 | % | 4.25 | % | 5.75 | % | ||||||||||||||||||||||||||||||||
Fee increase rate | 3.25 | % | 3.25 | % | 3.25 | % | ||||||||||||||||||||||||||||||||
It is estimated that contributions of approximately $80,000 will be made during the year ending June 30, 2015. | ||||||||||||||||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | ||||||||||||||||||||||||||||||||||||||
Years Ending June 30: | (In Thousands) | |||||||||||||||||||||||||||||||||||||
2015 | 80 | |||||||||||||||||||||||||||||||||||||
2016 | 101 | |||||||||||||||||||||||||||||||||||||
2017 | 123 | |||||||||||||||||||||||||||||||||||||
2018 | 146 | |||||||||||||||||||||||||||||||||||||
2019 | 169 | |||||||||||||||||||||||||||||||||||||
2020-2024 | 1,137 | |||||||||||||||||||||||||||||||||||||
At June 30, 2014 and 2013, unrecognized net gain of $661,000 and $259,000, respectively, and unrecognized past service cost of $108,000 and $154,000, respectively, were included in accumulated other comprehensive income. For the fiscal year ending June 30, 2015, $18,000 of unrecognized gain and $46,000 of unrecognized past service cost are expected to be recognized as a component of net periodic plan cost. | ||||||||||||||||||||||||||||||||||||||
Stock Compensation Plans | ||||||||||||||||||||||||||||||||||||||
The Company has two stock-related compensation plans: stock options and restricted stock awards. The plans authorized up to 3,564,137 shares as stock option grants and 1,425,655 shares as restricted stock awards. At June 30, 2014, there were 392,897 shares remaining available for future stock option grants and 18,959 shares remaining available for future restricted stock awards under the plans. | ||||||||||||||||||||||||||||||||||||||
Stock option grants generally vest over a five-year service period and have a contractual maturity of ten years. The Company recognizes compensation expense for the fair values of these grants, which have graded vesting, on a straight-line basis over the requisite service period of the grants. | ||||||||||||||||||||||||||||||||||||||
The Company granted 185,000 options during the year ended June 30, 2014. No options were granted during the years ended June 30, 2013 and 2012. | ||||||||||||||||||||||||||||||||||||||
Management used the following assumptions to estimate the fair value of the options granted during the year ended June 30, 2014: | ||||||||||||||||||||||||||||||||||||||
Weighted average risk-free interest rate | 2.17 | % | ||||||||||||||||||||||||||||||||||||
Expected dividend yield | 2 | % | ||||||||||||||||||||||||||||||||||||
Weighted average volatility factors of the expected market price of the Company’s stock | 33.14 | % | ||||||||||||||||||||||||||||||||||||
Weighted average expected life of the options | 6.5 years | |||||||||||||||||||||||||||||||||||||
The weighted average fair value of stock options granted during the year ended June 30, 2014 was $4.30 per option. | ||||||||||||||||||||||||||||||||||||||
Restricted stock awards generally vest in full after five years. The Company recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period of five years. | ||||||||||||||||||||||||||||||||||||||
The Company awarded 54,500 shares of restricted stock during the year ended June 30, 2014. There were no restricted stock awards granted during the years ended June 30, 2013 and 2012. | ||||||||||||||||||||||||||||||||||||||
During the years ended June 30, 2014, 2013 and 2012, the Company recorded $289,000, $209,000 and $209,000, respectively, of share-based compensation expense, comprised of stock option expense of $81,000, $41,000 and $41,000, respectively, and restricted stock expense of $208,000, $168,000 and $168,000, respectively. | ||||||||||||||||||||||||||||||||||||||
During the years ended June 30, 2014, 2013 and 2012, the income tax benefit attributed to non-qualified stock options expense was approximately $1,000, $-0- and $-0-, respectively, and attributed to restricted stock expense was approximately $85,000, $68,000 and $68,000, respectively. | ||||||||||||||||||||||||||||||||||||||
The following is a summary of the Company’s stock option activity and related information for its option plans for the year ended June 30, 2014: | ||||||||||||||||||||||||||||||||||||||
Options | Weighted | Range of Prices | Weighted | Aggregate | ||||||||||||||||||||||||||||||||||
Average | Average | Intrinsic | ||||||||||||||||||||||||||||||||||||
Exercise | Remaining | Value | ||||||||||||||||||||||||||||||||||||
Price | Contractual | |||||||||||||||||||||||||||||||||||||
Term | ||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||
Outstanding at June 30, 2013 | 3,133 | $ | 12.26 | $10.16 - $12.71 | 2.5 years | |||||||||||||||||||||||||||||||||
Granted | 185 | 14.79 | 14.79 | |||||||||||||||||||||||||||||||||||
Exercised | (118 | ) | 12.71 | 12.71 | ||||||||||||||||||||||||||||||||||
Forfeited | (165 | ) | 12.71 | 12.71 | ||||||||||||||||||||||||||||||||||
Outstanding at June 30, 2014 | 3,035 | $ | 12.37 | $10.16 - $14.79 | 2.0 years | $ | 9,034 | |||||||||||||||||||||||||||||||
Exercisable at June 30, 2014 | 2,824 | $ | 12.24 | $10.16 - $12.71 | 1.5 years | $ | 8,795 | |||||||||||||||||||||||||||||||
The Company generally utilizes treasury stock to issue shares upon the exercise of vested options. A total of 117,618 vested options with an aggregate intrinsic value of $256,000 were exercised during the fiscal year ended June 30, 2014 with all such shares being issued from treasury stock carrying an average cost of $11.48 per share. There were no vested options exercised during the years ended June 30, 2013 and 2012. As of June 30, 2014, the Company has 6,513,722 shares of treasury stock. | ||||||||||||||||||||||||||||||||||||||
The cash proceeds from stock options exercises during the year ended June 30, 2014 totaled approximately $1.5 million. A portion of such exercises represented disqualifying dispositions of incentive stock options for which the Company recognized $98,000 in income tax benefit. | ||||||||||||||||||||||||||||||||||||||
Expected future compensation expense relating to the 211,000 non-exercisable options outstanding as of June 30, 2014 is $829,000 over a weighted average period of 4.39 years. | ||||||||||||||||||||||||||||||||||||||
The following is a summary of the status of the Company’s non-vested restricted share awards as of June 30, 2014 and changes during the year ended June 30, 2014: | ||||||||||||||||||||||||||||||||||||||
Restricted | Weighted | |||||||||||||||||||||||||||||||||||||
Shares | Average | |||||||||||||||||||||||||||||||||||||
Grant Date | ||||||||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||
Non-vested at June 30, 2013 | 49 | $ | 10.16 | |||||||||||||||||||||||||||||||||||
Awarded | 54 | $ | 14.79 | |||||||||||||||||||||||||||||||||||
Vested | (16 | ) | $ | 10.16 | ||||||||||||||||||||||||||||||||||
Non-vested at June 30, 2014 | 87 | $ | 13.04 | |||||||||||||||||||||||||||||||||||
During the years ended June 30, 2014, 2013 and 2012, the total fair value of vested restricted shares were $244,000, $166,000 and $160,000, respectively. Expected future compensation expense relating to the 87,500 non-vested restricted shares at June 30, 2014 is $1,059,000 over a weighted average period of 3.62 years. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | 15. FAIR VALUE OF FINANCIAL INSTRUMENTS | Note 20 – Fair Value of Financial Instruments | ||||||||||||||||||||||||||||||||||||||||
The guidance on fair value measurement establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy describes three levels of inputs that may be used to measure fair value: | The guidance on fair value measurement establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy describes three levels of inputs that may be used to measure fair value: | |||||||||||||||||||||||||||||||||||||||||
Level 1: | Quoted prices in active markets for identical assets or liabilities. | Level 1: | Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||||||||||||||||||||||||
Level 2: | Observable inputs other than Level 1 prices, such as quoted for similar assets or liabilities; quoted prices in markets that are not active; or inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | Level 2: | Observable inputs other than Level 1 prices, such as quoted for similar assets or liabilities; quoted prices in markets that are not active; or inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||||||||||||||||||||||||||
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. | 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. | |||||||||||||||||||||||||||||||||||||||
In addition, the guidance requires the Company to disclose the fair value for assets and liabilities on both a recurring and non-recurring basis. | In addition, the guidance requires the Company to disclose the fair value for assets and liabilities on both a recurring and non-recurring basis. | |||||||||||||||||||||||||||||||||||||||||
Those assets and liabilities measured at fair value on a recurring basis are summarized below: | ||||||||||||||||||||||||||||||||||||||||||
Those assets and liabilities measured at fair value on a recurring basis are summarized below: | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | Total | Fair Value Measurements Using | ||||||||||||||||||||||||||||||||||||||
in Active | Other | Unobservable | Quoted Prices in | Significant Other | Significant | Balance | ||||||||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | Active Markets | Observable Inputs | Unobservable | |||||||||||||||||||||||||||||||||||||
Identical | Inputs | (Level 3) | for Identical | (Level 2) | Inputs (Level 3) | |||||||||||||||||||||||||||||||||||||
Assets | (Level 2) | Assets (Level 1) | ||||||||||||||||||||||||||||||||||||||||
(Level 1) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||
(In Thousands) | At June 30, 2014: | |||||||||||||||||||||||||||||||||||||||||
Debt securites available for sale: | ||||||||||||||||||||||||||||||||||||||||||
U.S. agency securities | $ | — | $ | 7,864 | $ | — | $ | 7,864 | Debt securities available for sale: | |||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | — | 27,443 | — | 27,443 | ||||||||||||||||||||||||||||||||||||||
Asset-backed securities | — | 88,607 | — | 88,607 | U.S. agency securities | $ | — | $ | 4,205 | $ | — | $ | 4,205 | |||||||||||||||||||||||||||||
Collateralized loan obligations | — | 126,308 | — | 126,308 | Obligations of state and political subdivisions | — | 26,773 | — | 26,773 | |||||||||||||||||||||||||||||||||
Corporate bonds | — | 162,416 | — | 162,416 | Asset-backed securities | — | 87,316 | — | 87,316 | |||||||||||||||||||||||||||||||||
Trust preferred securities | — | 7,820 | — | 7,820 | Collateralized loan obligations | — | 119,572 | — | 119,572 | |||||||||||||||||||||||||||||||||
Corporate bonds | — | 162,234 | — | 162,234 | ||||||||||||||||||||||||||||||||||||||
Total debt securities | — | 420,458 | — | 420,458 | Trust preferred securities | — | 7,798 | — | 7,798 | |||||||||||||||||||||||||||||||||
Mortgage-backed securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | — | 79,176 | — | 79,176 | ||||||||||||||||||||||||||||||||||||||
Residential pass-through securities | — | 295,922 | — | 295,922 | Total debt securities | — | 407,898 | — | 407,898 | |||||||||||||||||||||||||||||||||
Commercial pass-through securities | — | 16,450 | — | 16,450 | ||||||||||||||||||||||||||||||||||||||
Total mortgage-backed securities | — | 391,548 | — | 391,548 | Mortgage-backed securities available for sale: | |||||||||||||||||||||||||||||||||||||
Total securities available for sale | $ | — | $ | 812,006 | $ | — | $ | 812,006 | Collateralized mortgage obligations | — | 83,270 | — | 83,270 | |||||||||||||||||||||||||||||
Residential pass-through securities | — | 353,953 | — | 353,953 | ||||||||||||||||||||||||||||||||||||||
Derivative instruments | ||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | (5,749 | ) | $ | — | $ | (5,749 | ) | Total mortgage-backed securities | — | 437,223 | — | 437,223 | |||||||||||||||||||||||||||
Interest rate caps | — | 1,403 | — | 1,403 | ||||||||||||||||||||||||||||||||||||||
Total securities available for sale | $ | — | $ | 845,121 | $ | — | $ | 845,121 | ||||||||||||||||||||||||||||||||||
Total mortgage-backed securities | $ | — | $ | (4,346 | ) | $ | — | $ | (4,346 | ) | ||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | Interest rate swaps | $ | — | $ | (2,714 | ) | $ | — | $ | (2,714 | ) | |||||||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | Total | |||||||||||||||||||||||||||||||||||||||
in Active | Other | Unobservable | Interest rate caps | — | 1,739 | — | 1,739 | |||||||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||||
Assets | (Level 2) | Total derivatives | $ | — | $ | (975 | ) | $ | — | $ | (975 | ) | ||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||
Debt securites available for sale: | ||||||||||||||||||||||||||||||||||||||||||
U.S. agency securities | $ | — | $ | 4,205 | $ | — | $ | 4,205 | Fair Value Measurements Using | |||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | — | 26,773 | — | 26,773 | Quoted Prices in | Significant Other | Significant | Balance | ||||||||||||||||||||||||||||||||||
Asset-backed securities | — | 87,316 | — | 87,316 | Active Markets | Observable Inputs | Unobservable | |||||||||||||||||||||||||||||||||||
Collateralized loan obligations | — | 119,572 | — | 119,572 | for Identical | (Level 2) | Inputs (Level 3) | |||||||||||||||||||||||||||||||||||
Corporate bonds | — | 162,234 | — | 162,234 | Assets (Level 1) | |||||||||||||||||||||||||||||||||||||
Trust preferred securities | — | 7,798 | — | 7,798 | (In Thousands) | |||||||||||||||||||||||||||||||||||||
At June 30, 2013: | ||||||||||||||||||||||||||||||||||||||||||
Total debt securities | — | 407,898 | — | 407,898 | ||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities available for sale: | Debt securities available for sale: | |||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | — | 83,270 | — | 83,270 | ||||||||||||||||||||||||||||||||||||||
Residential pass-through securities | — | 353,953 | — | 353,953 | U.S. agency securities | $ | — | $ | 5,015 | $ | — | $ | 5,015 | |||||||||||||||||||||||||||||
Obligations of state and political subdivisions | — | 25,307 | — | 25,307 | ||||||||||||||||||||||||||||||||||||||
Total mortgage-backed securities | — | 437,223 | — | 437,223 | Asset-backed securities | — | 24,798 | — | 24,798 | |||||||||||||||||||||||||||||||||
Collateralized loan obligations | — | 78,486 | — | 78,486 | ||||||||||||||||||||||||||||||||||||||
Total securities available for sale | $ | — | $ | 845,121 | $ | — | $ | 845,121 | Corporate bonds | — | 159,192 | — | 159,192 | |||||||||||||||||||||||||||||
Trust preferred securities | — | 6,324 | 1,000 | 7,324 | ||||||||||||||||||||||||||||||||||||||
Derivative instruments | ||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | (2,714 | ) | $ | — | $ | (2,714 | ) | ||||||||||||||||||||||||||||||||
Interest rate caps | — | 1,739 | — | 1,739 | Total debt securities | — | 299,122 | 1,000 | 300,122 | |||||||||||||||||||||||||||||||||
Total mortgage-backed securities | $ | — | $ | (975 | ) | $ | — | $ | (975 | ) | ||||||||||||||||||||||||||||||||
Mortgage-backed securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||
The fair values of securities available for sale (carried at fair value) or held to maturity (carried at amortized cost) are primarily determined by obtaining matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). | ||||||||||||||||||||||||||||||||||||||||||
The 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. | Collateralized mortgage obligations | — | 62,482 | — | 62,482 | |||||||||||||||||||||||||||||||||||||
For the three and six months ended December 31, 2014, there were no purchases, sales, issuances, or settlements of assets or liabilities whose fair values are determined based upon Level 3 inputs on a recurring basis. For those same periods, there were no transfers of assets or liabilities within the fair valuation measurement hierarchy between Level 1 and Level 2 inputs. | Residential pass-through securities | — | 628,154 | — | 628,154 | |||||||||||||||||||||||||||||||||||||
Commercial pass-through securities | — | 90,016 | — | 90,016 | ||||||||||||||||||||||||||||||||||||||
Those assets and liabilities measured at fair value on a non-recurring basis are summarized below: | ||||||||||||||||||||||||||||||||||||||||||
Total mortgage-backed securities | — | 780,652 | — | 780,652 | ||||||||||||||||||||||||||||||||||||||
December 31, 2014 | Total securities available for sale | $ | — | $ | 1,079,774 | $ | 1,000 | $ | 1,080,774 | |||||||||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | Total | |||||||||||||||||||||||||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | Derivative instruments: | |||||||||||||||||||||||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||||
Assets | (Level 2) | Interest rate swaps | $ | — | $ | 2,837 | $ | — | $ | 2,837 | ||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Interest rate caps | — | 2,808 | — | 2,808 | |||||||||||||||||||||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 9,931 | $ | 9,931 | ||||||||||||||||||||||||||||||||||
Total derivatives | $ | — | $ | 5,645 | $ | — | $ | 5,645 | ||||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | Total | The fair values of securities available for sale (carried at fair value) or held to maturity (carried at amortized cost) are primarily determined by obtaining matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). | ||||||||||||||||||||||||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | At June 30, 2014, the Company held a trust preferred security with a par value of $1.0 million, a de-facto obligation of Mercantil Commercebank Florida Bancorp, Inc. which is a part of a $40.0 million private placement with a coupon of 8.90% issued in 1998 and maturing in 2028. The security’s value at June 30, 2014 was determined using the matrix pricing (Level 2 inputs) noted above. However, the security’s fair value had previously been determined by using Level 3 inputs because management had been unable to obtain a market quote due to a lack of trading activity for this security. Consequently, the security’s fair value as reported at June 30, 2013 was based upon the present value of its expected future cash flows assuming the security continued to meet all its payment obligations and utilizing a discount rate based upon the security’s contractual interest rate. | |||||||||||||||||||||||||||||||||||||||
Identical | Inputs | (Level 3) | 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. | |||||||||||||||||||||||||||||||||||||||
Assets | (Level 2) | For the year ended June 30, 2014, there were no purchases, sales, issuances, or settlements of assets or liabilities whose fair values are determined based upon Level 3 inputs on a recurring basis. For that same period, there were no transfers of assets or liabilities within the fair valuation measurement hierarchy between Level 1 and Level 2 inputs. | ||||||||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Those assets and liabilities measured at fair value on a non-recurring basis are summarized below: | |||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 10,387 | $ | 10,387 | ||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Balance | |||||||||||||||||||||||||||||||||||||||
December 31, 2014 | Active Markets | Observable Inputs | Unobservable | |||||||||||||||||||||||||||||||||||||||
Fair Value | Valuation Techniques | Unobservable Input | Range | Weighted | for Identical | (Level 2) | Inputs (Level 3) | |||||||||||||||||||||||||||||||||||
Estimate | Average | Assets (Level 1) | ||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | 9,931 | Market valuation of underlying collateral | -1 | Direct disposal costs | -2 | 6% - 10% | 7.44 | % | At June 30, 2014 | ||||||||||||||||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 10,387 | $ | 10,387 | ||||||||||||||||||||||||||||||||||
June 30, 2014 | At June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Fair Value | Valuation Techniques | Unobservable Input | Range | Weighted | Impaired loans | $ | — | $ | — | $ | 14,603 | $ | 14,603 | |||||||||||||||||||||||||||||
Estimate | Average | Real estate owned | — | — | 229 | 229 | ||||||||||||||||||||||||||||||||||||
(In Thousands) | 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: | |||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | 10,387 | Market valuation of underlying collateral | -1 | Direct disposal costs | -2 | 6% - 10% | 7.1 | % | |||||||||||||||||||||||||||||||||
-1 | The fair value of impaired loans is generally determined based on an independent appraisal of the market value of a loan’s underlying collateral. | Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||||||||||||||||||||||||||
-2 | The fair value basis of impaired loans and real estate owned is adjusted to reflect management estimates of disposal costs including, but not necessarily limited to, real estate brokerage commissions and title transfer fees, with such cost estimates generally ranging from 6% to 10% of collateral or property market value. | Fair | Valuation | Unobservable | Range | Weighted | ||||||||||||||||||||||||||||||||||||
Value | Techniques | Input | Average | |||||||||||||||||||||||||||||||||||||||
An impaired loan is evaluated and valued at the time the loan is identified as impaired at the lower of cost or market value. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Market value is measured based on the value of the collateral securing the loan and is classified at a Level 3 in the fair value hierarchy. Once a loan is identified as individually impaired, management measures impairment in accordance with the FASB’s guidance on accounting by creditors for impairment of a loan with the fair value estimated using the market value of the collateral reduced by estimated disposal costs. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceeds the recorded investments in such loans. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly. | Estimate | |||||||||||||||||||||||||||||||||||||||||
At December 31, 2014, impaired loans valued using Level 3 inputs comprised loans with principal balances totaling $10.8 million and valuation allowances of $856,000 reflecting fair values of $9.9 million. By comparison, at June 30, 2014, impaired loans valued using Level 3 inputs comprised loans with principal balances totaling $12.1 million and valuation allowances of $1.7 million reflecting fair values of $10.4 million. | (In | |||||||||||||||||||||||||||||||||||||||||
Once a loan is foreclosed, the fair value of the real estate owned continues to be evaluated based upon the market value of the repossessed real estate originally securing the loan. At December 31, 2014 and June 30, 2014, the Company held no real estate owned whose carrying value was written down utilizing Level 3 inputs during fiscal 2015 or fiscal 2014, respectively. | Thousands) | |||||||||||||||||||||||||||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instruments at December 31, 2014 and June 30, 2014: | ||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents, Interest Receivable and Interest Payable. The carrying amounts for cash and cash equivalents, interest receivable and interest payable approximate fair value because they mature in three months or less. | At June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Securities. See the discussion presented above concerning assets measured at fair value on a recurring basis. | Impaired loans | $ | 10,387 | Market valuation of underlying collateral (1) | Direct disposal | 6% - 10% | 7.1 | % | ||||||||||||||||||||||||||||||||||
Loans Receivable. Except for certain impaired loans as previously discussed, the fair value of loans receivable is estimated by discounting the future cash flows, using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities, of such loans. | costs (3) | |||||||||||||||||||||||||||||||||||||||||
FHLB of New York Stock. The carrying amount of restricted investment in bank stock approximates fair value, and considers the limited marketability of such securities. | At June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Deposits. The fair value of demand, savings and club accounts is equal to the amount payable on demand at the reporting date. The fair value of certificates of deposit is estimated using rates currently offered for deposits of similar remaining maturities. The fair value estimates do not include the benefit that results from the low-cost funding provided by deposit liabilities compared to the cost of borrowing funds in the market. | Impaired loans | $ | 14,603 | Market valuation of underlying collateral (1) | Direct disposal | 6% - 10% | 7.21 | % | ||||||||||||||||||||||||||||||||||
Advances from FHLB. Fair value is estimated using rates currently offered for advances of similar remaining maturities. | costs (3) | |||||||||||||||||||||||||||||||||||||||||
Interest Rate Derivatives. See the discussion presented above concerning assets measured at fair value on a recurring basis. | ||||||||||||||||||||||||||||||||||||||||||
Commitments. The fair value of commitments to fund credit lines and originate or participate in loans 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, 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. The contractual amounts of unfunded commitments are presented in Management’s Discussion and Analysis of Financial Condition and Results of Operations under the heading Liquidity and Capital Resources. | Real estate owned | $ | 229 | Market valuation property (2) | Direct disposal | 6% - 10% | 8.51 | % | ||||||||||||||||||||||||||||||||||
costs (3) | ||||||||||||||||||||||||||||||||||||||||||
The carrying amounts and fair values of financial instruments are as follows: | ||||||||||||||||||||||||||||||||||||||||||
(1) | The fair value basis of impaired loans is generally determined based on an independent appraisal of the market value of a loan’s underlying collateral. | |||||||||||||||||||||||||||||||||||||||||
(2) | The fair value basis of real estate owned is generally determined based upon the lower of an independent appraisal of the property’s market value or the applicable listing price or contracted sales price. | |||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | (3) | The fair value basis of impaired loans and real estate owned is adjusted to reflect management estimates of disposal costs including, but not necessarily limited to, real estate brokerage commissions and title transfer fees, with such cost estimates generally ranging from 6% to 10% of collateral or property market value. | ||||||||||||||||||||||||||||||||||||||||
Carrying | Fair | Quoted Prices | Significant | Significant | An impaired loan is evaluated and valued at the time the loan is identified as impaired at the lower of cost or market value. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Market value is measured based on the value of the collateral securing the loan and is classified at a Level 3 in the fair value hierarchy. Once a loan is identified as individually impaired, management measures impairment in accordance with the FASB’s guidance on accounting by creditors for impairment of a loan with the fair value estimated using the market value of the collateral reduced by estimated disposal costs. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceeds the recorded investments in such loans. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly. | |||||||||||||||||||||||||||||||||||||
Amount | Value | in Active | Other | Unobservable | ||||||||||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | At June 30, 2014, impaired loans valued using Level 3 inputs comprised loans with principal balances totaling $12.1 million and valuation allowances of $1.7 million reflecting fair values of $10.4 million. By comparison, at June 30, 2013, impaired loans valued using Level 3 inputs comprised loans with principal balances totaling $16.7 million and valuation allowances of $2.1 million reflecting fair values of $14.6 million. | |||||||||||||||||||||||||||||||||||||||
Identical | Inputs | (Level 3) | Once a loan is foreclosed, the fair value of the real estate owned continues to be evaluated based upon the market value of the repossessed real estate originally securing the loan. At June 30, 2014, the Company held no real estate owned whose carrying value was written down utilizing Level 3 inputs during fiscal 2014. By comparison, at June 30, 2013, real estate owned whose carrying value was written down utilizing Level 3 inputs during the year ended June 30, 2013 comprised one property with a fair value totaling $229,000. | |||||||||||||||||||||||||||||||||||||||
Assets | (Level 2) | The following methods and assumptions were used to estimate the fair value of each class of financial instruments at June 30, 2014 and June 30, 2013: | ||||||||||||||||||||||||||||||||||||||||
(Level 1) | Cash and Cash Equivalents, Interest Receivable and Interest Payable. The carrying amounts for cash and cash equivalents, interest receivable and interest payable approximate fair value because they mature in three months or less. | |||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Securities. See the discussion presented above concerning assets measured at fair value on a recurring basis. | |||||||||||||||||||||||||||||||||||||||||
Financial assets: | Loans Receivable. Except for certain impaired loans as previously discussed, the fair value of loans receivable is estimated by discounting the future cash flows, using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities, of such loans. | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 96,436 | $ | 96,436 | $ | 96,436 | $ | — | $ | — | FHLB of New York Stock. The carrying amount of restricted investment in bank stock approximates fair value, and considers the limited marketability of such securities. | |||||||||||||||||||||||||||||||
Debt securities available for sale | 420,458 | 420,458 | — | 420,458 | — | Deposits. The fair value of demand, savings and club accounts is equal to the amount payable on demand at the reporting date. The fair value of certificates of deposit is estimated using rates currently offered for deposits of similar remaining maturities. The fair value estimates do not include the benefit that results from the low-cost funding provided by deposit liabilities compared to the cost of borrowing funds in the market. | ||||||||||||||||||||||||||||||||||||
Debt securities held to maturity | 219,906 | 218,064 | — | 218,064 | — | Advances from FHLB. Fair value is estimated using rates currently offered for advances of similar remaining maturities. | ||||||||||||||||||||||||||||||||||||
Loans receivable | 1,801,487 | 1,805,949 | — | — | 1,805,949 | Interest Rate Derivatives. See the discussion presented above concerning assets measured at fair value on a recurring basis. | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities available for sale | 391,548 | 391,548 | — | 391,548 | — | Commitments. The fair value of commitments to fund credit lines and originate or participate in loans 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, 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. The contractual amounts of unfunded commitments are presented in Note 19. | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 322,529 | 325,709 | — | 325,709 | — | |||||||||||||||||||||||||||||||||||||
held to maturity | The carrying amounts and fair values of financial instruments are as follows: | |||||||||||||||||||||||||||||||||||||||||
FHLB Stock | 27,382 | 27,382 | — | — | 27,382 | |||||||||||||||||||||||||||||||||||||
Interest receivable | 9,059 | 9,059 | 9,059 | — | — | |||||||||||||||||||||||||||||||||||||
Financial liabilities: | Carrying Amount and Fair Value Measurements at | |||||||||||||||||||||||||||||||||||||||||
Deposits (1) | 2,464,845 | 2,475,832 | 1,443,931 | — | 1,031,901 | June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Borrowings | 563,002 | 575,243 | — | — | 575,243 | Carrying | Fair Value | Quoted Prices | Significant | Significant | ||||||||||||||||||||||||||||||||
Interest payable on borrowings | 1,032 | 1,032 | 1,032 | — | — | Amount | in Active | Other | Unobservable | |||||||||||||||||||||||||||||||||
Derivative instruments: | Markets for | Observable | Inputs | |||||||||||||||||||||||||||||||||||||||
Interest rate swaps | (5,749 | ) | (5,749 | ) | — | (5,749 | ) | — | Identical Assets | Inputs | (Level 3) | |||||||||||||||||||||||||||||||
Interest rate caps | 1,403 | 1,403 | — | 1,403 | — | (Level 1) | (Level 2) | |||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||
-1 | Includes accrued interest payable on deposits of $65,000 at December 31, 2014. | Financial assets: | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 135,034 | $ | 135,034 | $ | 135,034 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Debt securities available for sale | 407,898 | 407,898 | — | 407,898 | — | |||||||||||||||||||||||||||||||||||||
June 30, 2014 | Debt securities held to maturity | 216,414 | 213,472 | — | 213,472 | — | ||||||||||||||||||||||||||||||||||||
Carrying | Fair | Quoted Prices | Significant | Significant | Loans receivable | 1,729,084 | 1,711,972 | — | — | 1,711,972 | ||||||||||||||||||||||||||||||||
Amount | Value | in Active | Other | Unobservable | Mortgage-backed securities available for sale | 437,223 | 437,223 | — | 437,223 | — | ||||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | Mortgage-backed securities held to maturity | 295,658 | 293,781 | — | 293,781 | — | ||||||||||||||||||||||||||||||||||
Identical | Inputs | (Level 3) | FHLB stock | 25,990 | 25,990 | — | — | 25,990 | ||||||||||||||||||||||||||||||||||
Assets | (Level 2) | Interest receivable | 9,013 | 9,013 | 9,013 | — | — | |||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Financial liabilities: | |||||||||||||||||||||||||||||||||||||||||
Financial assets: | Deposits (A) | 2,479,941 | 2,490,933 | 1,442,723 | — | 1,048,210 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 135,034 | $ | 135,034 | $ | 135,034 | $ | — | $ | — | Borrowings | 512,257 | 521,839 | — | — | 521,839 | ||||||||||||||||||||||||||
Debt securities available for sale | 407,898 | 407,898 | — | 407,898 | — | Interest payable on borrowings | 1,001 | 1,001 | 1,001 | — | — | |||||||||||||||||||||||||||||||
Debt securities held to maturity | 216,414 | 213,472 | — | 213,472 | — | |||||||||||||||||||||||||||||||||||||
Loans receivable | 1,729,084 | 1,711,972 | — | — | 1,711,972 | Derivative instruments: | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 437,223 | 437,223 | — | 437,223 | — | Interest rate swaps | (2,714 | ) | (2,714 | ) | — | (2,714 | ) | — | ||||||||||||||||||||||||||||
available for sale | Interest rate caps | 1,739 | 1,739 | — | 1,739 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 295,658 | 293,781 | — | 293,781 | — | |||||||||||||||||||||||||||||||||||||
held to maturity | (A) | Includes accrued interest payable on deposits of $69,000 at June 30, 2014. | ||||||||||||||||||||||||||||||||||||||||
FHLB Stock | 25,990 | 25,990 | — | — | 25,990 | |||||||||||||||||||||||||||||||||||||
Interest receivable | 9,013 | 9,013 | 9,013 | — | — | |||||||||||||||||||||||||||||||||||||
Financial liabilities: | Carrying Amount and Fair Value Measurements at | |||||||||||||||||||||||||||||||||||||||||
Deposits (1) | 2,479,941 | 2,490,933 | 1,442,723 | — | 1,048,210 | June 30, 2013 | ||||||||||||||||||||||||||||||||||||
Borrowings | 512,257 | 521,839 | — | — | 521,539 | Carrying | Fair | Quoted Prices in | Significant | Significant | ||||||||||||||||||||||||||||||||
Interest payable on borrowings | 1,001 | 1,001 | 1,001 | — | — | Amount | Value | Active Markets | Other | Unobservable | ||||||||||||||||||||||||||||||||
Derivative instruments: | for Identical | Observable | Inputs | |||||||||||||||||||||||||||||||||||||||
Interest rate swaps | (2,714 | ) | (2,714 | ) | — | (2,714 | ) | — | Assets | Inputs | (Level 3) | |||||||||||||||||||||||||||||||
Interest rate caps | 1,739 | 1,739 | — | 1,739 | — | (Level 1) | (Level 2) | |||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||
-1 | Includes accrued interest payable on deposits of $69,000 at June 30, 2014. | Financial assets: | ||||||||||||||||||||||||||||||||||||||||
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 market 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. | Cash and cash equivalents | $ | 127,034 | $ | 127,034 | $ | 127,034 | $ | — | $ | — | |||||||||||||||||||||||||||||||
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. | Debt securities available for sale | 300,122 | 300,122 | — | 299,122 | 1,000 | ||||||||||||||||||||||||||||||||||||
Debt securities held to maturity | 210,015 | 202,328 | — | 202,328 | — | |||||||||||||||||||||||||||||||||||||
Loans receivable | 1,349,975 | 1,359,799 | — | — | 1,359,799 | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities available for sale | 780,652 | 780,652 | — | 780,652 | — | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities held to maturity | 101,114 | 96,447 | — | 96,447 | — | |||||||||||||||||||||||||||||||||||||
FHLB stock | 15,666 | 15,666 | — | — | 15,666 | |||||||||||||||||||||||||||||||||||||
Interest receivable | 8,028 | 8,028 | 8,028 | — | — | |||||||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||
Deposits (A) | 2,370,508 | 2,376,290 | 1,389,044 | — | 987,246 | |||||||||||||||||||||||||||||||||||||
Borrowings | 287,695 | 295,914 | — | — | 295,914 | |||||||||||||||||||||||||||||||||||||
Interest payable on borrowings | 938 | 938 | 938 | — | — | |||||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | 2,837 | 2,837 | — | 2,837 | — | |||||||||||||||||||||||||||||||||||||
Interest rate caps | 2,808 | 2,808 | — | 2,808 | — | |||||||||||||||||||||||||||||||||||||
(A) | Includes accrued interest payable on deposits of $47,000 at June 30, 2013. | |||||||||||||||||||||||||||||||||||||||||
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 market 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
Comprehensive Income | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | Jun. 30, 2014 | |||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||
Comprehensive Income | 16. COMPREHENSIVE LOSS | Note 21 – Comprehensive Income | ||||||||||||||||||||||||||||
The components of accumulated other comprehensive loss included in stockholders’ equity at December 31, 2014 and June 30, 2014 are as follows: | The components of accumulated other comprehensive income (loss) included in stockholders’ equity are as follows: | |||||||||||||||||||||||||||||
December 31, | June 30, | June 30, | ||||||||||||||||||||||||||||
2014 | 2014 | 2014 | 2013 | |||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||
Net unrealized loss on securities available for sale | $ | 1,047 | $ | 1,091 | ||||||||||||||||||||||||||
Tax effect | (416 | ) | (592 | ) | Net unrealized loss on securities available for sale | $ | 1,091 | $ | (7,375 | ) | ||||||||||||||||||||
Tax effect | (592 | ) | 2,021 | |||||||||||||||||||||||||||
Net of tax amount | 631 | 499 | ||||||||||||||||||||||||||||
Net of tax amount | 499 | (5,354 | ) | |||||||||||||||||||||||||||
Net unrealized loss on securities available for sale transferred to held to maturity | (987 | ) | (990 | ) | ||||||||||||||||||||||||||
Tax effect | 404 | 404 | ||||||||||||||||||||||||||||
Net unrealized loss on securities available for sale transferred to held to maturity | (990 | ) | — | |||||||||||||||||||||||||||
Net of tax amount | (583 | ) | (586 | ) | Tax effect | 404 | — | |||||||||||||||||||||||
Fair value adjustments on derivatives | (6,834 | ) | (3,501 | ) | Net of tax amount | (586 | ) | — | ||||||||||||||||||||||
Tax effect | 2,792 | 1,430 | ||||||||||||||||||||||||||||
Net of tax amount | (4,042 | ) | (2,071 | ) | Fair value adjustments on derivatives | (3,501 | ) | 3,107 | ||||||||||||||||||||||
Tax effect | 1,430 | (1,269 | ) | |||||||||||||||||||||||||||
Benefit plan adjustments | (531 | ) | (206 | ) | ||||||||||||||||||||||||||
Tax effect | 217 | 84 | Net of tax amount | (2,071 | ) | 1,838 | ||||||||||||||||||||||||
Net of tax amount | (314 | ) | (122 | ) | ||||||||||||||||||||||||||
Benefit plan adjustments | (206 | ) | (1,053 | ) | ||||||||||||||||||||||||||
Accumulated other comprehensive loss | $ | (4,308 | ) | $ | (2,280 | ) | Tax effect | 84 | 430 | |||||||||||||||||||||
Net of tax amount | (122 | ) | (623 | ) | ||||||||||||||||||||||||||
Other comprehensive loss and related tax effects for the three and six months ended December 31, 2014 and December 31, 2013 are presented in the following table: | ||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | $ | (2,280 | ) | $ | (4,139 | ) | ||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | Other comprehensive income (loss) and related tax effects are presented in the following table: | ||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||
Net unrealized holding gain (loss) on securities available for sale | $ | 3,035 | $ | (11,329 | ) | $ | (36 | ) | $ | (9,852 | ) | |||||||||||||||||||
Years Ended June 30, | ||||||||||||||||||||||||||||||
Amortization of unrealized holding loss on securities | — | — | 2 | — | 2014 | 2013 | 2012 | |||||||||||||||||||||||
available for sale transferred to held to maturity (3) | (In Thousands) | |||||||||||||||||||||||||||||
Net realized gain on securities available for sale | (7 | ) | (226 | ) | (7 | ) | (226 | ) | Realized gain on sale of securities available for sale (1) | $ | (1,523 | ) | $ | (10,433 | ) | $ | (53 | ) | ||||||||||||
Net unrealized (loss) gain on derivatives | (6,245 | ) | 2,591 | (3,334 | ) | (236 | ) | Unrealized holding gain (loss) on securities available for sale arising during the period | 9,989 | (36,662 | ) | 13,405 | ||||||||||||||||||
Benefit plans: | Unrealized holding loss on securities available for sale transferred to held to maturity | (1,009 | ) | — | — | |||||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||
Actuarial loss (gain) (1) | 7 | (1 | ) | 14 | (2 | ) | Amortization of unrealized holding loss on securities available for sale transferred to held to maturity (2) | 19 | — | — | ||||||||||||||||||||
Past service cost (1) | 12 | 12 | 24 | 24 | ||||||||||||||||||||||||||
New actuarial (loss) gain | — | — | (363 | ) | 803 | |||||||||||||||||||||||||
Fair value adjustments on derivatives | (6,608 | ) | 3,107 | — | ||||||||||||||||||||||||||
Net change in benefit plan accrued expense | 19 | 11 | (325 | ) | 825 | |||||||||||||||||||||||||
Other comprehensive loss before taxes | (3,198 | ) | (8,953 | ) | (3,700 | ) | (9,489 | ) | Benefit plans: | |||||||||||||||||||||
Tax effect (2) | 1,680 | 3,366 | 1,672 | 3,654 | Amortization of: | |||||||||||||||||||||||||
Actuarial (gain) loss (3) | (2 | ) | 54 | (25 | ) | |||||||||||||||||||||||||
Total comprehensive loss | $ | (1,518 | ) | $ | (5,587 | ) | $ | (2,028 | ) | $ | (5,835 | ) | Past service cost (3) | 46 | 48 | 64 | ||||||||||||||
New actuarial gain (loss) | 803 | (1,186 | ) | 284 | ||||||||||||||||||||||||||
-1 | Represents amounts reclassified out of accumulated other comprehensive income and included in the computation of net periodic pension expense. See Note 14 – Benefit Plans for additional information. | Net change in benefit plans accrued expense | 847 | (1,084 | ) | 323 | ||||||||||||||||||||||||
-2 | The amounts included in income taxes for items reclassified out of accumulated other comprehensive income totaled $5 and $(135) for the three and six months ended December 31, 2014, respectively, and $(89) and $244 for the three and six months ended December 31, 2013, respectively. | |||||||||||||||||||||||||||||
-3 | Represents amounts reclassified out of accumulated other comprehensive income and included in interest income on taxable securities. | |||||||||||||||||||||||||||||
Other comprehensive income (loss) before taxes | 1,715 | (45,072 | ) | 13,675 | ||||||||||||||||||||||||||
Tax effect | 144 | 17,337 | (5,511 | ) | ||||||||||||||||||||||||||
Other comprehensive income (loss) | $ | 1,859 | $ | (27,735 | ) | $ | 8,164 | |||||||||||||||||||||||
-1 | Represents amount reclassified out of accumulated other comprehensive income and included in gain on sale of securities on the consolidated statements of income. | |||||||||||||||||||||||||||||
-2 | Represents amounts reclassified out of accumulated other comprehensive income and included in interest income on taxable securities. | |||||||||||||||||||||||||||||
-3 | Represents amounts reclassified out of accumulated other comprehensive income and included in the computation of net periodic pension expense. See Note 16 – Benefit Plans for additional information. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||
Jun. 30, 2014 | |||
Accounting Policies [Abstract] | |||
Summary of Significant Accounting Policies | Note 1 – Summary of Significant Accounting Policies | ||
Basis of Consolidated Financial Statement Presentation | |||
The consolidated financial statements include the accounts of Kearny Financial Corp. (the “Company”), its wholly-owned subsidiary, Kearny Federal Savings Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries, KFS Investment Corp., CJB Investment Corp. and KFS Financial Services, Inc. and its wholly-owned subsidiary, KFS Insurance Services, Inc. The Company conducts its business principally through the Bank. Management prepared the 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. | |||
In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of financial condition and revenues and expenses for the periods then ended. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, the evaluation of goodwill for impairment, identification of other-than-temporary impairment of securities and the determination of the amount of deferred tax assets which are more likely than not to be realized. The allowance for loan losses represents management’s best estimate of losses known and inherent in the loan portfolio that are both probable and reasonable to estimate, impairment testing of goodwill and evaluation for other-than-temporary impairment of securities are done in accordance with GAAP; and deferred tax assets are properly recognized. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses may be necessary based on changes in economic conditions in the market area. Moreover, various regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses. Such agencies may require the recognition of additions to the allowance based on their judgments about information available to them at the time of their examination. Additionally, subsequent evaluations of the Company’s goodwill that originated from the application of purchase accounting associated with the Company’s prior acquisition of four community banks could identify impairments to the intangible asset that would result in future charges to earnings. Finally, the determination of the amount of deferred tax assets more likely than not to be realized is dependent on projections of future earnings, which are subject to frequent change. | |||
Business of the Company and Subsidiaries | |||
The Company’s primary business is the ownership and operation of the Bank. The Bank is principally engaged in the business of attracting deposits from the general public at its 42 locations in New Jersey and New York and using these deposits, together with other funds, to originate or purchase loans for its portfolio and invest in securities. Loans originated or purchased by the Bank generally include loans collateralized by residential and commercial real estate augmented by secured and unsecured loans to businesses and consumers. The investment securities purchased by the Bank generally include U.S. agency mortgage-backed securities, U.S. government and agency debentures, bank-qualified municipal obligations, corporate bonds, asset-backed securities and collateralized loan obligations. The Bank maintains a small balance of single issuer trust preferred securities and non-agency mortgage-backed securities which were acquired through the Company’s purchase of other institutions and does not actively purchase such securities. | |||
At June 30, 2014, the Bank had two wholly owned subsidiaries: KFS Financial Services, Inc., and CJB Investment Corp. KFS Financial Services, Inc., incorporated as a New Jersey corporation in 1994 under the name of South Bergen Financial Services, Inc., was acquired in Kearny’s merger with South Bergen Savings Bank in 1999 and was renamed KFS Financial Services, Inc. in 2000. It is a service corporation subsidiary originally organized for selling insurance products to Bank customers and the general public through a third party networking arrangement. | |||
During the year ended June 30, 2014, KFS Insurance Services, Inc. was created as a wholly owned subsidiary of KFS Financial Services, Inc. for the primary purpose of acquiring insurance agencies. Both KFS Financial Services Inc. and KFS Insurance Services Inc. were considered inactive during the year ended June 30, 2014. | |||
CJB Investment Corp. was acquired by the Bank through the Company’s acquisition of Central Jersey Bancorp in November 2010. CJB Investment Corp was organized under New Jersey law as a New Jersey Investment Company and remained active through the three-year period ended June 30, 2014. | |||
In addition to the subsidiaries noted above, the Bank dissolved its wholly owned subsidiary KFS Investment Corp. during fiscal 2014 which had remained inactive during the two years ended June 30, 2012 and 2013 and through the date of its dissolution during the year ended June 30, 2014. | |||
Cash and Cash Equivalents | |||
Cash and cash equivalents include cash and amounts due from depository institutions and interest-bearing deposits in other banks, all with original maturities of three months or less. | |||
Securities | |||
In accordance with applicable accounting standards, the Company classifies its investment securities into one of three portfolios: held to maturity, available for sale or trading. Investments in debt securities that we have the positive intent and ability to hold to maturity are classified as held to maturity securities and reported at amortized cost. Debt and equity securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and reported at fair value, with unrealized holding gains and losses included in earnings. Debt and equity securities not classified as trading securities or as held to maturity securities are classified as available for sale securities and reported at fair value, with unrealized holding gains or losses, net of deferred income taxes, reported in the accumulated other comprehensive income (“OCI”) component of stockholders’ equity. | |||
If the fair value of a security is less than its amortized cost, the security is deemed to be impaired. Management evaluates all securities with unrealized losses quarterly to determine if such impairments are “temporary” or “other-than-temporary”. | |||
The Company accounts for temporary impairments based upon their classification as either available for sale, held to maturity or managed within a trading portfolio. Temporary impairments on “available for sale” securities are recognized, on a tax-effected basis, through OCI with offsetting entries adjusting the carrying value of the security and the balance of deferred taxes. Conversely, the Company does not adjust the carrying value of “held to maturity” securities for temporary impairments, although information concerning the amount and duration of impairments on held to maturity securities is disclosed in periodic financial statements. The carrying value of securities held in a trading portfolio is adjusted to their fair value through earnings on a daily basis. However, the Company did not maintain any securities in trading portfolios at or during the periods presented in these financial statements. | |||
The Company accounts for other-than-temporary impairments based upon several considerations. First, other-than-temporary impairments on securities that the Company has decided to sell as of the close of a fiscal period, or will, more likely than not, be required to sell prior to the full recovery of their fair value to a level equal to or exceeding their amortized cost, are recognized in earnings. If neither of these conditions regarding the likelihood of the securities’ sale are applicable, then, for debt securities, the other-than-temporary impairment is bifurcated into credit-related and noncredit-related components. A credit-related impairment generally represents the amount by which the present value of the cash flows that are expected to be collected on a debt security fall below its amortized cost. The noncredit-related component represents the remaining portion of the impairment not otherwise designated as credit-related. The Company recognizes credit-related, other-than-temporary impairments in earnings. However, noncredit-related, other-than-temporary impairments on debt securities are recognized in OCI. | |||
Premiums and discounts on all securities are generally amortized/accreted to maturity by use of the level-yield method considering the impact of principal amortization and prepayments on mortgage-backed securities. Premiums on callable securities are generally amortized to the call date whereas discounts on such securities are accreted to the maturity date. Gain or loss on sales of securities is based on the specific identification method. | |||
Concentration of Risk | |||
Financial instruments which potentially subject the Company and its subsidiaries to concentrations of credit risk consist of cash and cash equivalents, mortgage-backed and non-mortgage-backed securities and loans receivable. Cash and cash equivalents include deposits placed in other financial institutions. At June 30, 2014, the Company had cash and cash equivalents of $135.0 million comprising funds on deposit at other institutions totaling $124.7 million and other cash-related items, consisting primarily of vault cash, totaling $10.3 million. Cash and equivalents on deposit at other institutions at June 30, 2014 was comprised of $64.6 million held by the Federal Home Loan Bank of New York (“FHLB”), $47.5 million held by the Federal Reserve Bank of New York (“FRB”) and a total of $3.9 million held at two U.S. domestic money center banks representing funds on deposit totaling $3.6 million and $283,000, respectively, at June 30, 2014. Such balances also included a total of $8.7 million of cash held at or invested through Atlantic Community Bankers Bank (“ACBB”) including cash on deposit of $230,000 and federal funds sold of $8.5 million. | |||
Securities include concentrations of investments backed by U.S. government agencies and U.S. government sponsored enterprises (“GSEs”), including the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”), the Government National Mortgage Association (“Ginnie Mae”) and the Small Business Administration (“SBA”). Additional concentration risk exists in the Company’s municipal and corporate obligations, asset-backed securities and collateralized loan obligations. Lesser concentration risk exists in the Company’s non-agency mortgage-backed securities and single issuer trust preferred securities due to comparatively lower total balances of such securities held by the Company and the variety of issuers represented. | |||
The Company’s lending activity is primarily concentrated in loans collateralized by real estate in the states of New Jersey and New York. As a result, credit risk is broadly dependent on the real estate market and general economic conditions in these states. Additionally, the Company’s lending policies limit the amount of credit extended to any single borrower and their related interests thereby limiting the concentration of credit risk to any single borrower. | |||
Loans Receivable | |||
Loans receivable, net are stated at unpaid principal balances, net of deferred loan origination fees and costs, purchased discounts and premiums and the allowance for loan losses. Certain direct loan origination costs net of loan origination fees, are deferred and amortized, using the level-yield method, as an adjustment of yield over the contractual lives of the related loans. Unearned premiums and discounts are amortized or accreted by use of the level-yield method over the contractual lives of the related loans. | |||
Past Due Loans | |||
A loan’s “past due” status is generally determined based upon its “P&I delinquency” status in conjunction with its “past maturity” status, where applicable. A loan’s “P&I delinquency” status is based upon the number of calendar days between the date of the earliest P&I payment due and the “as of” measurement date. A loan’s “past maturity” status, where applicable, is based upon the number of calendar days between a loan’s contractual maturity date and the “as of” measurement date. Based upon the larger of these criteria, loans are categorized into the following “past due” tiers for financial statement reporting and disclosure purposes: Current (including 1-29 days past due), 30-59 days, 60-89 days and 90 or more days. | |||
Nonaccrual Loans | |||
Loans are generally placed on nonaccrual status when contractual payments become 90 days or more past due, and are otherwise placed on nonaccrual when the Company does not expect to receive all P&I payments owed substantially in accordance with the terms of the loan agreement. Loans that become 90 days past maturity, but remain non-delinquent with regard to ongoing P&I payments, may remain on accrual status if: (1) the Company expects to receive all P&I payments owed substantially in accordance with the terms of the loan agreement, past maturity status notwithstanding, and (2) the borrower is working actively and cooperatively with the Company to remedy the past maturity status through an expected refinance, payoff or modification of the loan agreement that is not expected to result in a troubled debt restructuring (“TDR”) classification. All TDRs are placed on nonaccrual status for a period of no less than six months after restructuring, irrespective of past due status. The sum of nonaccrual loans plus accruing loans that are 90 days or more past due are generally defined collectively as “nonperforming loans”. | |||
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 for financial statement purposes. When a loan is returned to accrual status, any accumulated interest payments previously applied to the carrying value of the loan during its nonaccrual period are recognized as interest income as an adjustment to the loan’s yield over its remaining term. | |||
Loans that are not considered to be TDRs are generally returned to accrual status when payments due are brought current and the Company expects to receive all remaining P&I payments owed substantially in accordance with the terms of the loan agreement. Non-TDR loans may also be returned to accrual status when a loan’s payment status falls below 90 days past due and the Company: (1) expects receipt of the remaining past due amounts within a reasonable timeframe, and (2) expects to receive all remaining P&I payments owed substantially in accordance with the terms of the loan agreement. | |||
Acquired Loans | |||
Loans that we acquire through acquisitions are recorded at fair value with no carryover of the related allowance for credit losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. | |||
The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable yield and is recognized into interest income over the remaining life of the loan. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable yield. The nonaccretable yield represents estimated future credit losses expected to be incurred over the life of the loan. Subsequent decreases to the expected cash flows require us to evaluate the need for an allowance for credit losses. Subsequent improvements in expected cash flows result in the reversal of a corresponding amount of the nonaccretable yield which we then reclassify as accretable yield that is recognized into interest income over the remaining life of the loan using the interest method. Our evaluation of the amount of future cash flows that we expect to collect is performed in a similar manner as that used to determine our allowance for credit losses. Charge-offs of the principal amount on acquired loans would be first applied to the nonaccretable yield portion of the fair value adjustment. | |||
Acquired loans that met the criteria for nonaccrual of interest prior to the acquisition may be considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if we can reasonably estimate the timing and amount of the expected cash flows on such loans and if we expect to fully collect the new carrying value of the loans. As such, we may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable yield. | |||
Classification of Assets | |||
In compliance with the regulatory guidelines, the Company’s loan review system includes an evaluation process through which certain loans exhibiting adverse credit quality characteristics are classified “Special Mention”, “Substandard”, “Doubtful” or “Loss”. | |||
An asset is classified as “Substandard” if it is 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 insured institution will sustain some loss if the deficiencies are not corrected. Assets classified as “Doubtful” 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. Assets, or portions thereof, classified as “Loss” are considered uncollectible or of so little value that their continuance as assets is not warranted. | |||
Management evaluates loans classified as substandard or doubtful for impairment in accordance with applicable accounting requirements. As discussed in greater detail below, a valuation allowance is established through the provision for loan losses for any impairment identified through such evaluations. | |||
To the extent that impairment identified on a loan is classified as “Loss”, that portion of the loan is charged off against the allowance for loan losses. The classification of loan impairment as “Loss” is based upon a confirmed expectation for loss. For loans primarily secured by real estate, the expectation for loss is generally confirmed when: (a) impairment is identified on a loan individually evaluated in the manner described below, and (b) the loan is presumed to be collateral-dependent such that the source of loan repayment is expected to arise solely from sale of the collateral securing the applicable loan. Impairment identified on non-collateral-dependent loans may or may not be eligible for a “Loss” classification depending upon the other salient facts and circumstances that effect the manner and likelihood of loan repayment. However, loan impairment that is classified as “Loss” is charged off against the allowance for loan losses concurrent with that classification. | |||
The timeframe between when loan impairment is first identified by the Company and when such impairment may ultimately be charged off varies by loan type. For example, unsecured consumer and commercial loans are generally classified as “Loss” at 120 days past due, resulting in their outstanding balances being charged off at that time. For the Company’s secured loans, the condition of collateral dependency generally serves as the basis upon which a “Loss” classification is ascribed to a loan’s impairment thereby confirming an expected loss and triggering charge off of that impairment. While the facts and circumstances that effect the manner and likelihood of repayment vary from loan to loan, the Company generally considers the referral of a loan to foreclosure, coupled with the absence of other viable sources of loan repayment, to be demonstrable evidence of collateral dependency. Depending upon the nature of the collections process applicable to a particular loan, an early determination of collateral dependency could result in a nearly concurrent charge off of a newly identified impairment. By contrast, a presumption of collateral dependency may only be determined after the completion of lengthy loan collection and/or workout efforts, including bankruptcy proceedings, which may extend several months or more after a loan’s impairment is first identified. | |||
In a limited number of cases, the entire net carrying value of a loan may be determined to be impaired based upon a collateral-dependent impairment analysis. However, the borrower’s adherence to contractual repayment terms precludes the recognition of a “Loss” classification and charge off. In these limited cases, a valuation allowance equal to 100% of the impaired loan’s carrying value may be maintained against the net carrying value of the asset. | |||
Assets 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 are designated as “Special Mention” by management. Adversely classified assets, together with those rated as “Special Mention”, are generally referred to as “Classified Assets”. Non-classified assets are internally rated within one of four “Pass” categories or as “Watch” with the latter denoting a potential deficiency or concern that warrants increased oversight or tracking by management until remediated. | |||
Management performs a classification of assets review, including the regulatory classification of assets, generally on a monthly basis. The results of the classification of assets review are validated by the Company’s third party loan review firm during their quarterly independent review. In the event of a difference in rating or classification between those assigned by the internal and external resources, the Company will generally utilize the more critical or conservative rating or classification. Final loan ratings and regulatory classifications are presented monthly to the Board of Directors and are reviewed by regulators during the examination process. | |||
Allowance for Loan Losses | |||
The allowance for loan losses is a valuation account that reflects the Company’s estimation of the losses in its loan portfolio to the extent they are both probable and reasonable to estimate. The balance of the allowance is generally maintained through provisions for loan losses that are charged to income in the period that estimated losses on loans are identified by the Company’s loan review system. The Company charges confirmed losses on loans against the allowance as such losses are identified. Recoveries on loans previously charged-off are added back to the allowance. | |||
The Company’s allowance for loan loss calculation methodology utilizes a “two-tier” loss measurement process that is generally performed monthly. Based upon the results of the classification of assets and credit file review processes described earlier, the Company first identifies the loans that must be reviewed individually for impairment. Factors considered in identifying individual loans to be reviewed include, but may not be limited to, loan type, classification status, contractual payment status, performance/accrual status and impaired status. | |||
The loans considered by the Company to be eligible for individual impairment review include its commercial mortgage loans, comprising multi-family and nonresidential real estate loans, construction loans, commercial business loans as well as its one-to-four family mortgage loans, home equity loans and home equity lines of credit. | |||
A reviewed loan is deemed to be impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. Once a loan is determined to be impaired, management performs an analysis to determine the amount of impairment associated with that loan. | |||
In measuring the impairment associated with collateral-dependent loans, the fair value of the collateral securing the loan is generally used as a measurement proxy for that of the impaired loan itself as a practical expedient. In the case of real estate collateral, such values are generally determined based upon a discounted market value obtained through an automated valuation module or prepared by a qualified, independent real estate appraiser. The value of non-real estate collateral is similarly determined based upon an independent assessment of fair market value by a qualified resource. | |||
The Company generally obtains independent appraisals on properties securing mortgage loans when such loans are initially placed on nonperforming or impaired status with such values updated approximately every six to twelve months thereafter throughout the collections, bankruptcy and/or foreclosure processes. Appraised values are typically updated at the point of foreclosure, where applicable, and approximately every six to twelve months thereafter while the repossessed property is held as real estate owned. | |||
As supported by accounting and regulatory guidance, the Company reduces the fair value of the collateral by estimated selling costs, such as real estate brokerage commissions, to measure impairment when such costs are expected to reduce the cash flows available to repay the loan. | |||
The Company establishes valuation allowances in the fiscal period during which the loan impairments are identified. The results of management’s individual loan impairment evaluations are validated by the Company’s third party loan review firm during their quarterly independent review. Such valuation allowances are adjusted in subsequent fiscal periods, where appropriate, to reflect any changes in carrying value or fair value identified during subsequent impairment evaluations which are generally updated monthly by management. | |||
The second tier of the loss measurement process involves estimating the probable and estimable losses which addresses loans not otherwise reviewed individually for impairment as well as those individually reviewed loans that are determined to be non-impaired. Such loans include groups of smaller-balance homogeneous loans that may generally be excluded from individual impairment analysis, and therefore collectively evaluated for impairment, as well as the non-impaired loans within categories that are otherwise eligible for individual impairment review. | |||
Valuation allowances established through the second tier of the loss measurement process utilize historical and environmental loss factors to collectively estimate the level of probable losses within defined segments of the Company’s loan portfolio. These segments aggregate homogeneous subsets of loans with similar risk characteristics based upon loan type. For allowance for loan loss calculation and reporting purposes, the Company currently stratifies its loan portfolio into seven primary segments: residential mortgage loans, commercial mortgage loans, construction loans, commercial business loans, home equity loans, home equity lines of credit and other consumer loans. | |||
The risks presented by residential mortgage loans are primarily related to adverse changes in the borrower’s financial condition that threaten repayment of the loan in accordance with its contractual terms. Such risk to repayment can arise from job loss, divorce, illness and the personal bankruptcy of the borrower. For collateral dependent residential mortgage loans, additional risk of loss is presented by potential declines in the fair value of the collateral securing the loan. | |||
Home equity loans and home equity lines of credit generally share the same risks as those applicable to residential mortgage loans. However, to the extent that such loans represent junior liens, they are comparatively more susceptible to such risks given their subordinate position behind senior liens. | |||
In addition to sharing similar risks as those presented by residential mortgage loans, risks relating to commercial mortgage also arise from comparatively larger loan balances to single borrowers or groups of related borrowers. Moreover, the repayment of such loans is typically dependent on the successful operation of an underlying real estate project and may be further threatened by adverse changes to demand and supply of commercial real estate as well as changes generally impacting overall business or economic conditions. | |||
The risks presented by construction loans are generally considered to be greater than those attributable to residential and commercial mortgage loans. Risks from construction lending arise, in part, from the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions on developers and builders. Moreover, a construction loan can involve additional risks because of the inherent difficulty in estimating both a property’s value at completion of the project and the estimated cost, including interest, of the project. The nature of these loans is such that they are comparatively more difficult to evaluate and monitor than permanent mortgage loans. | |||
Commercial business loans are also considered to present a comparatively greater risk of loss due to the concentration of principal in a limited number of loans and/or borrowers and the effects of general economic conditions on the business. Commercial business loans may be secured by varying forms of collateral including, but not limited to, business equipment, receivables, inventory and other business assets which may not provide an adequate source of repayment of the outstanding loan balance in the event of borrower default. Moreover, the repayment of commercial business loans is primarily dependent on the successful operation of the underlying business which may be threatened by adverse changes to the demand for the business’ products and/or services as well as the overall efficiency and effectiveness of the business’ operations and infrastructure. | |||
Finally, our unsecured consumer loans generally have shorter terms and higher interest rates than other forms of lending but generally involve more credit risk due to the lack of collateral to secure the loan in the event of borrower default. Consumer loan repayment is dependent on the borrower’s continuing financial stability, and therefore is more likely to be adversely affected by job loss, divorce, illness and personal bankruptcy. By contrast, our consumer loans also include account loans that are fully secured by the borrower’s deposit accounts and generally present nominal risk to the Bank. | |||
Each primary segment is further stratified to distinguish between loans originated and purchased through third parties from loans acquired through business combinations. Commercial business loans include secured and unsecured loans as well as loans originated through SBA programs. Additional criteria may be used to further group loans with common risk characteristics. For example, such criteria may distinguish between loans secured by different collateral types or separately identify loans supported by government guarantees such as those issued by the SBA. | |||
In regard to historical loss factors, the Company’s allowance for loan loss calculation calls for an analysis of historical charge-offs and recoveries for each of the defined segments within the loan portfolio. The Company utilizes a two-year moving average of annual net charge-off rates (charge-offs net of recoveries) by loan segment, where available, to calculate its actual, historical loss experience. The outstanding principal balance of the non-impaired portion of each loan segment is multiplied by the applicable historical loss factor to estimate the level of probable losses based upon the Company’s historical loss experience. | |||
As noted, the second tier of the Company’s allowance for loan loss calculation also utilizes environmental loss factors to estimate the probable losses within the loan portfolio. Environmental loss factors are based upon specific qualitative criteria representing key sources of risk within the loan portfolio. Such risk criteria includes the level of and trends in nonperforming loans; the effects of changes in credit policy; the experience, ability and depth of the lending function’s management and staff; national and local economic trends and conditions; credit risk concentrations and changes in local and regional real estate values. During fiscal 2014, the environmental factors utilized by the Company in its allowance for loan loss calculation were expanded to include changes in the nature, volume and terms of loans, changes in the quality of loan review systems and resources and the effects of regulatory, legal and other external factors. | |||
For each category of the loan portfolio, a level of risk, developed from a number of internal and external resources, is assigned to each of the qualitative criteria utilizing a scale ranging from zero (negligible risk) to 15 (high risk), with higher values potentially ascribed to exceptional levels of risk that exceed the standard range, as appropriate. The sum of the risk values, expressed as a whole number, is multiplied by .01% to arrive at an overall environmental loss factor, expressed in basis points, for each loan category. | |||
The Company incorporates its credit-rating classification system into the calculation of environmental loss factors by loan type by including risk-rating classification “weights” in its calculation of those factors. The Company’s risk-rating classification system ascribes a numerical rating of “1” through “9” to each loan within the portfolio. The ratings “5” through “9” represent the numerical equivalents of the traditional loan classifications “Watch”, “Special Mention”, “Substandard”, “Doubtful” and “Loss”, respectively, while lower ratings, “1” through “4”, represent risk-ratings within the least risky “Pass” category. The environmental loss factor applicable to each non-impaired loan within a category, as described above, is “weighted” by a multiplier based upon the loan’s risk-rating classification. Within any single loan category, a “higher” environmental loss factor is ascribed to those loans with comparatively higher risk-rating classifications resulting in a proportionately greater ALLL requirement attributable to such loans compared to the comparatively lower risk-rated loans within that category. | |||
In evaluating the impact of the level and trends in nonperforming loans on environmental loss factors, the Company first broadly considers the occurrence and overall magnitude of prior losses recognized on such loans over an extended period of time. For this purpose, losses are considered to include both charge offs as well as loan impairments for which valuation allowances have been recognized through provisions to the allowance for loan losses, but have not yet been charged off. To the extent that prior losses have generally been recognized on nonperforming loans within a category, a basis is established to recognize existing losses on loans collectively evaluated for impairment based upon the current levels of nonperforming loans within that category. Conversely, the absence of material prior losses attributable to delinquent or nonperforming loans within a category may significantly diminish, or even preclude, the consideration of the level of nonperforming loans in the calculation of the environmental loss factors attributable to that category of loans. | |||
Once the basis for considering the level of nonperforming loans on environmental loss factors is established, the Company then considers the current dollar amount of nonperforming loans by loan type in relation to the total outstanding balance of loans within the category. A greater portion of nonperforming loans within a category in relation to the total suggests a comparatively greater level of risk and expected loss within that loan category and vice-versa. | |||
In addition to considering the current level of nonperforming loans in relation to the total outstanding balance for each category, the Company also considers the degree to which those levels have changed from period to period. A significant and sustained increase in nonperforming loans over a 12-24 month period suggests a growing level of expected loss within that loan category and vice-versa. | |||
As noted above, the Company considers these factors in a qualitative, rather than quantitative fashion when ascribing the risk value, as described above, to the level and trends of nonperforming loans that is applicable to a particular loan category. As with all environmental loss factors, the risk value assigned ultimately reflects the Company’s best judgment as to the level of expected losses on loans collectively evaluated for impairment. | |||
The sum of the probable and estimable loan losses calculated through the first and second tiers of the loss measurement processes as described above, represents the total targeted balance for the Company’s allowance for loan losses at the end of a fiscal period. As noted earlier, the Company establishes all additional valuation allowances in the fiscal period during which additional individually identified loan impairments and additional estimated losses on loans collectively evaluated for impairment are identified. The Company adjusts its balance of valuation allowances through the provision for loan losses as required to ensure that the balance of the allowance for loan losses reflects all probable and estimable loans losses at the close of the fiscal period. Notwithstanding calculation methodology and the noted distinction between valuation allowances established on loans collectively versus individually evaluated for impairment, the Company’s entire allowance for loan losses is available to cover all charge-offs that arise from the loan portfolio. | |||
Although the Company’s allowance for loans losses is established in accordance with management’s best estimate, actual losses are dependent upon future events and, as such, further additions to the level of loan loss allowances may be necessary. | |||
Troubled Debt Restructurings | |||
A modification to the terms of a loan is generally considered a TDR if the Company grants a concession to the borrower, that it would not otherwise consider for economic or legal reasons, related to the debtor’s financial difficulties. In granting the concession, the Company’s general objective is to make the best of a difficult situation by obtaining more cash or other value from the borrower or otherwise increase the probability of repayment. | |||
A TDR may include, but is not necessarily limited to, the modification of loan terms such as a temporary or permanent reduction of the loan’s stated interest rate, extension of the maturity date and/or reduction or deferral of amounts owed under the terms of the loan agreement. In measuring the impairment associated with restructured loans that qualify as TDRs, the Company compares the cash flows under the loan’s existing terms with those that are expected to be received in accordance with its modified terms. The difference between the comparative cash flows is discounted at the loan’s effective interest rate prior to modification to measure the associated impairment. The impairment is charged off directly against the allowance for loan loss at the time of restructuring resulting in a reduction in carrying value of the modified loan that is accreted into interest income as a yield adjustment over the remaining term of the modified cash flows. | |||
All restructured loans that qualify as TDRs are placed on nonaccrual status for a period of no less than six months after restructuring, irrespective of the borrower’s adherence to a TDR’s modified repayment terms during which time TDRs continue to be adversely classified and reported as impaired. TDRs may be returned to accrual status if (1) the borrower has paid timely P&I payments in accordance with the terms of the restructured loan agreement for no less than six consecutive months after restructuring, and (2) the Company expects to receive all P&I payments owed substantially in accordance with the terms of the restructured loan agreement at which time the loan may also be returned to a non-adverse classification while retaining its impaired status. | |||
Premises and Equipment | |||
Land is carried at cost. Buildings and improvements, furnishings and equipment and leasehold improvements are carried at cost, less accumulated depreciation and amortization computed on the straight-line method over the following estimated useful lives: | |||
Years | |||
Building and improvements | 10 - 50 | ||
Furnishings and equipment | 20-Mar | ||
Leasehold improvements | Shorter of useful | ||
lives or lease term | |||
Construction in progress primarily represents facilities under construction for future use in our business and includes all costs to acquire land and construct buildings, as well as capitalized interest during the construction period. Interest is capitalized at the Company’s average cost of interest-bearing liabilities. | |||
Significant renewals and betterments are charged to the premises and equipment account. Maintenance and repairs are charged to operations in the year incurred. Rental income is netted against occupancy costs in the consolidated statements of income. | |||
Federal Home Loan Bank Stock | |||
Federal law requires a member institution of the FHLB system to hold restricted stock of its district FHLB according to a predetermined formula. The restricted stock is carried at cost, less any applicable impairment. | |||
Goodwill and Other Intangible Assets | |||
Goodwill and other intangible assets principally represent the excess cost over the fair value of the net assets of the institutions acquired in purchase transactions. Goodwill is evaluated annually by reporting unit and an impairment loss recorded if indicated. The impairment test is performed in two phases. The first step of the goodwill impairment test compares the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired; however, if the carrying amount of the reporting unit exceeds its fair value, an additional impairment evaluation must be performed. That additional evaluation compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. An impairment loss is recorded to the extent that the carrying amount of goodwill exceeds its implied fair value. No impairment charges were required to be recorded in the years ended June 30, 2014, 2013 or 2012. If an impairment loss is determined to exist in the future, such loss will be reflected as an expense in the consolidated statements of income in the period in which the impairment loss is determined. The balance of other intangible assets at June 30, 2014 totaled $790,000 representing the remaining unamortized balance of the core deposit intangibles ascribed to the value of deposits acquired by the Bank through the acquisition of Central Jersey Bancorp in November 2010 and Atlas Bank in June 2014. | |||
Bank Owned Life Insurance | |||
Bank owned life insurance is accounted for using the cash surrender value method and is recorded at its net realizable value. The change in the net asset value is recorded as a component of non-interest income. A deferred liability has been recorded for the estimated cost of postretirement life insurance benefits accruing to applicable employees and directors covered by an endorsement split-dollar life insurance arrangement. The Company recorded additional (gain) expense of approximately $(9,000), $14,000 and $25,000 for the years ended June 30, 2014, 2013 and 2012, respectively, attributable to this deferred liability. | |||
Transfers of Financial Assets | |||
Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company—put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. | |||
Income Taxes | |||
The Company and its subsidiaries file consolidated federal income tax returns. Federal income taxes are allocated to each entity based on their respective contributions to the taxable income of the consolidated income tax returns. Separate state income tax returns are filed for the Company and each of its subsidiaries on an unconsolidated basis. | |||
Federal and state income taxes have been provided on the basis of the Company’s income or loss as reported in accordance with GAAP. The amounts reflected on the Company’s state and federal income tax returns differ from these provisions due principally to temporary differences in the reporting of certain items for financial statement reporting and income tax reporting purposes. The tax effect of these temporary differences is accounted for as deferred taxes applicable to future periods. Deferred income tax expense or benefit is determined by recognizing deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. The realization of deferred tax assets is assessed and a valuation allowance provided for the full amount which is not more likely than not to be realized. | |||
The Company identified no significant income tax uncertainties through the evaluation of its income tax positions as of June 30, 2014 and June 30, 2013. Therefore, the Company has no unrecognized income tax benefits as of those dates. Our policy is to recognize interest and penalties on unrecognized tax benefits in income tax expense in the consolidated statements of income. The Company recognized no interest and penalties during the years ended June 30, 2014, 2013 and 2012. The tax years subject to examination by the taxing authorities are the years ended June 30, 2013, 2012 and 2011. | |||
Other Comprehensive Income | |||
The Company records unrealized gains and losses, net of deferred income taxes, on available for sale mortgage-backed and non-mortgage-backed securities in accumulated other comprehensive income. Unrealized losses on available for sale securities recorded through OCI are generally considered “temporary” security impairments. Realized gains and losses, if any, are reclassified to non-interest income upon sale of the related securities. | |||
The Company also records changes in the fair value of interest rate derivatives used in its cash flow hedging activities, net of deferred income tax, in accumulated other comprehensive income. | |||
OCI also includes benefit plan amounts recognized in accordance with applicable accounting standards. This adjustment to OCI reflects, net of deferred income tax, transition obligations, prior service costs and unrealized net losses that had not been recognized in the consolidated financial statements prior to the implementation of those standards. | |||
Derivatives and Hedging | |||
The Company utilizes derivative instruments in the form of interest rate swaps and caps to hedge its exposure to interest rate risk in conjunction with its overall asset/liability management process. In accordance with accounting requirements, the Company formally designates all of its hedging relationships as either fair value hedges, intended to offset the changes in the value of certain financial instruments due to movements in interest rates, or cash flow hedges, intended to offset changes in the cash flows of certain financial instruments due to movement in interest rates, and documents the strategy for undertaking the hedge transactions and its method of assessing ongoing effectiveness. The Company does not use derivative instruments for speculative purposes. | |||
All derivatives are recognized as either assets or liabilities in the Consolidated Financial Statements at their fair values. For a derivative designated as a cash flow hedge, the ineffective portion of changes in fair value (i.e. gain or loss) is reported in current period earnings. The effective portion of the change in fair value is initially recorded as a component of other comprehensive income (loss) and subsequently reclassified into earnings when the hedged transaction effects earnings. For a derivative designated as a fair value hedge, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current earnings. | |||
Derivative instruments qualify for hedge accounting treatment only if they are designated as such on the date on which the derivative contracted is entered and are expected to be, and are, effective in substantially reducing interest rate risk arising from the assets and liabilities identified as exposing the Company to risk. Those derivative financial instruments that do not meet the hedging criteria discussed below would be classified as undesignated derivatives and would be recorded at fair value with changes in fair value recorded in income. | |||
Derivative hedge contracts must meet specific effectiveness tests (i.e., over time the change in their fair values due to the designated hedge risk must be within 80 to 125 percent of the opposite change in the fair values of the hedged assets or liabilities). Changes in fair value of the derivative financial instruments must be effective at offsetting changes in the fair value of the hedged items due to the designated hedge risk during the term of the hedge. | |||
The Company formally assesses, both at the hedges’ inception, and on an on-going basis, whether derivatives used in hedging transactions have been highly effective in offsetting changes in cash flows of hedged items and whether those derivatives are expected to remain highly effective in subsequent periods. The Company discontinues hedge accounting when (a) it determines that a derivative is no longer effective in offsetting changes in cash flows of a hedged item; (b) the derivative expires or is sold, terminated or exercised; (c) probability exists that the forecasted transaction will no longer occur; or (d) management determines that designating the derivative as a hedging instrument is no longer appropriate. In all cases in which hedge accounting is discontinued and a derivative remains outstanding, the Company will carry the derivative at fair value in the Consolidated Financial Statements, recognizing changes in fair value in current period income in the consolidated statement of income. | |||
In accordance with the applicable accounting guidance, the Company takes into account the impact of collateral and master netting agreements that allow it to settle all derivative contracts held with a single counterparty on a net basis, and to offset the net derivative position with the related collateral when recognizing derivative assets and liabilities. As a result, the Company’s Statements of Financial Condition could reflect derivative contracts with negative fair values included in derivative assets, and contracts with positive fair values included in derivative liabilities. | |||
The Company’s interest rate derivatives are comprised entirely of interest rate swaps and caps hedging floating-rate and forecasted issuances of fixed-rate liabilities and accounted for as cash flow hedges. The carrying value of interest rate derivatives is included in the balance of other assets or other liabilities and comprises the remaining unamortized cost of interest rate caps and the cumulative changes in the fair value of interest rate derivatives. Such changes in fair value are offset against accumulated other comprehensive income, net of deferred income tax. | |||
In general, the cash flows received and/or exchanged with counterparties for those derivatives qualifying as interest rate hedges, and the amortization of the original cost of qualifying caps, are generally classified in the financial statements in the same category as the cash flows of the items being hedged. | |||
Interest differentials paid or received under the swap and cap agreements are reflected as adjustments to interest expense. The notional amounts of the interest rate swaps are not exchanged and do not represent exposure to credit loss. In the event of default by a counter party, the risk in these transactions is the cost of replacing the agreements at current market rates. | |||
Net Income per Common Share (“EPS”) | |||
Basic EPS is based on the weighted average number of common shares actually outstanding adjusted for the Employee Stock Ownership Plan (“the ESOP”) shares not yet committed to be released. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as outstanding stock options, were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Diluted EPS is calculated by adjusting the weighted average number of shares of common stock outstanding to include the effect of contracts or securities exercisable or which could be converted into common stock, if dilutive, using the treasury stock method. Shares issued and reacquired during any period are weighted for the portion of the period they were outstanding. | |||
Stock Compensation Plans | |||
Upon approval of the Kearny Financial Corp. 2005 Stock Compensation and Incentive Plan on October 24, 2005, the Company adopted applicable accounting standards requiring the expensing of the fair value of all options granted over their vesting periods and the fair value of all share-based compensation granted over the requisite service periods. | |||
Advertising and Marketing Expenses | |||
The Company expenses advertising and marketing costs as incurred. | |||
Subsequent Events | |||
The Company has evaluated events and transactions occurring subsequent to the consolidated statement of condition date of June 30, 2014, for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date these consolidated financial statements were issued and resulted in the identification and disclosure of the subsequent event discussed below. | |||
On September 4, 2014, the Boards of Directors of Kearny MHC (the majority stockholder of the Company), the Company and the Bank adopted a Plan of Conversion and Reorganization (the “Plan”). Pursuant to the Plan, Kearny MHC will convert from the mutual holding company form of organization to the fully public form. Kearny MHC will be merged into the Company, and Kearny MHC will no longer exist. The Company will then merge into a new Maryland corporation also named Kearny Financial Corp. | |||
As part of the conversion, Kearny MHC’s ownership interest of the Company will be offered for sale in a public offering. The existing publicly held shares of the Company, which represent the remaining ownership interest in the Company, will be exchanged for new shares of common stock of the new Maryland corporation. The exchange ratio will ensure that immediately after the conversion and public offering, the public shareholders of the Company will own the same aggregate percentage of common stock of the new Maryland corporation that they owned immediately prior to the completion of the conversion and public offering (excluding shares purchased in the stock offering and cash received in lieu of fractional shares). | |||
When the conversion and public offering are completed, all of the capital stock of the Company will be owned by the new Maryland corporation. The Plan provides for the establishment, upon the completion of the conversion, of special “liquidation accounts” for the benefit of certain depositors of the Company in an amount equal to the greater of Kearny MHC’s ownership interest in the retained earnings of the Company as of the date of the latest balance sheet contained in the prospectus plus the value of the net assets of Kearny MHC as of the date of the latest statement of financial condition of Kearny MHC prior to the consummation of the conversion (excluding its ownership of the Company). | |||
Following the completion of the conversion, under the rules of the FRB, the Bank will not be permitted to pay dividends on its capital stock to the Company, its sole shareholder, if the Company’s shareholder’s equity would be reduced below the amount of the liquidation accounts. The liquidation accounts will be reduced annually to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holder’s interest in the liquidation accounts. Direct costs of the conversion and public offering will be deferred and reduce the proceeds from the shares sold in the public offering. No costs have been incurred as of June 30, 2014 related to the conversion. | |||
Merger-related Expenses | |||
Merger-related expenses are recorded in the consolidated statements of income and include $391,000 of direct costs relating to the Bank’s acquisition of Atlas Bank on June 30, 2014. Acquisition-related transaction and restructuring costs incurred by the Company are charged to expense as incurred. |
Acquisition_of_Atlas_Bank
Acquisition of Atlas Bank | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Acquisition of Atlas Bank | Note 2 – Acquisition of Atlas Bank | ||||||||
On June 30, 2014, the Company completed its acquisition of Atlas Bank (“Atlas”), a federally chartered mutual savings bank headquartered in Brooklyn, New York. The transaction qualified as a tax-free reorganization for federal income tax purposes. Based upon an independent appraised valuation of Atlas, the Company issued 1,044,087 shares of its common stock with an aggregate value of $15.5 million to Kearny MHC as consideration for the acquisition of Atlas. | |||||||||
The Company accounted for the transaction using applicable accounting guidance regarding business combinations resulting in the recognition of pre-tax merger-related expenses totaling $391,000 during the year ended June 30, 2014. Additionally, the Company recorded the assets acquired and liabilities assumed through the merger at fair value as summarized in the following table (in thousands). | |||||||||
Consideration Paid: | |||||||||
Shares of capital stock issued to mutual holding company | $ | 15,500 | |||||||
Total consideration paid | $ | 15,500 | |||||||
Recognized amounts of identifiable assets acquired and liabilities assumed, at fair value: | |||||||||
Cash and cash equivalents | $ | 9,133 | |||||||
Debt securities | 2,998 | ||||||||
Net loans receivable | 78,725 | ||||||||
Mortgage-backed securities | 23,896 | ||||||||
Premises and equipment | 2,196 | ||||||||
Federal Home Loan Bank stock | 1,037 | ||||||||
Interest receivable | 374 | ||||||||
Deferred income tax assets, net | 511 | ||||||||
Core deposit intangible | 398 | ||||||||
Other assets | 1,671 | ||||||||
Fair value of assets acquired | 120,939 | ||||||||
Deposits | 86,099 | ||||||||
Federal Home Loan Bank advances | 18,693 | ||||||||
Other liabilities | 421 | ||||||||
Fair value of liabilities assumed | 105,213 | ||||||||
Total identifiable net assets | 15,726 | ||||||||
Gain on bargain purchase | (226 | ) | |||||||
Total | $ | 15,500 | |||||||
The fair value amounts included in the table above, including those relating to income taxes, are preliminary estimates and are subject to adjustment but are not expected to be materially different than those shown. | |||||||||
The Company estimated the fair value of non-impaired loans acquired from Atlas by utilizing a methodology wherein loans with comparable characteristics were aggregated by type of collateral, remaining maturity, and repricing terms. Cash flows for each pool were projected using an estimate of future credit losses and rate of prepayments. Projected monthly cash flows were then discounted to present value using a risk-adjusted market rate for similar loans. The portion of the fair valuation attributable to expected future credit losses on non-impaired loans totaled approximately $1.2 million or 1.50% of their outstanding balances. | |||||||||
Included in the loans acquired from Atlas were four impaired residential mortgage loans whose aggregate carrying values at the time of acquisition totaled $742,000. To estimate the fair value of these impaired loans, the Company analyzed the value of the underlying collateral of the loans, assuming the fair values of the loans are derived from the eventual sale of the collateral. The value of the collateral was generally based on recently completed appraisals. The Company discounted these values using market derived rates of return, with consideration given to the period of time and cost associated with the foreclosure and disposition of the collateral. Based on this analysis, the Company recognized no expectation for future credit losses in its valuation of the four impaired loans acquired from Atlas. | |||||||||
At June 30, 2014, the remaining outstanding principal balance and carrying amount of the loans acquired from Atlas totaled approximately $79,088,000 and $78,725,000, respectively. | |||||||||
The fair values of investment securities, including mortgage-backed and non-mortgage-backed securities, were primarily determined by obtaining matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities. | |||||||||
The fair value of savings and transaction deposit accounts acquired from Atlas was assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. The fair valuation of these deposits included a core deposit analysis which considered several factors in estimating the value of the intangible associated with such accounts. Such factors included an assumption for an initial run off rate of five percent coupled with an annual attrition rate thereafter based upon the weighted average age of the products by deposit category. Other factors considered included assumptions for the ongoing non-interest income and non-interest expenses relating to the applicable accounts which were based upon historical information. Based upon these factors, the Company projected cash flows which were present valued using applicable market interest rates for discounting. These cash flows were then compared to those applicable to alternative funding sources assumed to be brokered certificates of deposit. Based upon this analysis, a core deposit intangible totaling approximately $398,000 or 0.82% of applicable core deposit balances at acquisition was ascribed to the value of non-maturity deposits. | |||||||||
Certificates of deposit accounts were valued utilizing a discounted cash flow analysis based upon the underlying accounts’ contractual maturities and interest rates. The present value of the projected cash flows was then determined using discount rates based upon certificate of deposit interest rates available in the marketplace for accounts with similar terms. | |||||||||
The acquired borrowings were valued utilizing a discounted cash flow analysis based upon the underlying contractual maturities, interest rates and, where applicable, repricing and amortization terms applicable to each borrowing. The present value of the projected cash flow for each borrowing was then determined using discount rates based upon interest rates available in the marketplace for borrowings with similar terms. | |||||||||
Direct costs related to the merger were expensed as incurred. During the year ended June 30, 2014, the Company incurred $391,000 in merger-related expenses attributable to the acquisition of Atlas. Such costs included legal expenses of $198,000, investment banking fees totaling $175,000 and other professional service fees totaling $18,000. | |||||||||
The following table presents unaudited pro forma information as if the acquisition of Atlas had occurred on July 1, 2012. This pro forma information does not adjust for the effects of purchase accounting or the recognition of merger-related expenses due to their immateriality. The pro forma information does not necessarily reflect the results of operations that would have occurred had the Company merged with Atlas at the beginning of fiscal 2013. In particular, expected cost savings and acquisition integration costs are not fully reflected in the unaudited pro forma amounts. | |||||||||
Pro Forma Year Ended | |||||||||
30-Jun-14 | 30-Jun-13 | ||||||||
(In Thousands, | (In Thousands, | ||||||||
Except Per Share Data) | Except Per Share Data) | ||||||||
Net interest income | $ | 77,077 | $ | 68,867 | |||||
Non-interest income | 8,255 | 16,340 | |||||||
Non-interest expense | 68,508 | 73,361 | |||||||
Net income | 9,535 | 5,567 | |||||||
Net income per common shares (EPS) | |||||||||
Basic and diluted | 0.14 | 0.08 |
Loans_Receivable
Loans Receivable | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Receivables [Abstract] | |||||||||
Loans Receivable | Note 8 – Loans Receivable | ||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
(In Thousands) | |||||||||
Real estate mortgage: | |||||||||
One-to-four family residential | $ | 580,612 | $ | 500,647 | |||||
Commercial mortgage: | |||||||||
Multi-family | 431,007 | 211,817 | |||||||
Nonresidential | 552,748 | 455,011 | |||||||
983,755 | 666,828 | ||||||||
1,564,367 | 1,167,475 | ||||||||
Construction | 7,281 | 11,851 | |||||||
Commercial business | 67,261 | 70,688 | |||||||
Consumer: | |||||||||
Home equity loans | 75,611 | 80,813 | |||||||
Home equity lines of credit | 24,010 | 26,613 | |||||||
Passbook or certificate | 3,965 | 3,887 | |||||||
Other | 373 | 391 | |||||||
103,959 | 111,704 | ||||||||
Total Loans | 1,742,868 | 1,361,718 | |||||||
Unamortized yield adjustments including net premiums on purchased loans and net deferred loan costs and fees | (1,397 | ) | (847 | ) | |||||
$ | 1,741,471 | $ | 1,360,871 | ||||||
The Bank has granted loans to officers and directors of the Company and its subsidiaries and to their associates. Related party loans are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and do not involve more than normal risk of collectability. As of June 30, 2014 and 2013 such loans totaled approximately $4.7 million and $3.7 million, respectively. During the year ended June 30, 2014, the Bank granted three new loans to related parties totaling $1.1 million. |
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Premises and Equipment | Note 10 – Premises and Equipment | ||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
(In Thousands) | |||||||||
Land | $ | 9,931 | $ | 9,924 | |||||
Buildings and improvements | 35,080 | 32,920 | |||||||
Leasehold improvements | 4,253 | 4,021 | |||||||
Furnishings and equipment | 18,151 | 15,285 | |||||||
Construction in progress | 1,959 | 1,530 | |||||||
69,374 | 63,680 | ||||||||
Less accumulated depreciation and amortization | 29,269 | 26,686 | |||||||
$ | 40,105 | $ | 36,994 | ||||||
Land included properties held for future branch expansion totaling $2,419,000 at June 30, 2014 and 2013. |
Interest_Receivable
Interest Receivable | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Other Income and Expenses [Abstract] | |||||||||
Interest Receivable | Note 11 – Interest Receivable | ||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
(In Thousands) | |||||||||
Loans | $ | 5,525 | $ | 4,632 | |||||
Mortgage-backed securities | 1,796 | 2,326 | |||||||
Debt securities | 1,692 | 1,070 | |||||||
$ | 9,013 | $ | 8,028 | ||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Goodwill and Other Intangible Assets | Note 12 – Goodwill and Other Intangible Assets | ||||||||
Goodwill | Core Deposit | ||||||||
Intangibles | |||||||||
(In Thousands) | |||||||||
Balance at June 30, 2011 | 108,591 | 807 | |||||||
Amortization | — | (155 | ) | ||||||
Balance at June 30, 2012 | 108,591 | 652 | |||||||
Amortization | — | (138 | ) | ||||||
Balance at June 30, 2013 | 108,591 | 514 | |||||||
Acquisition of Atlas Bank | — | 398 | |||||||
Amortization | — | (122 | ) | ||||||
Balance at June 30, 2014 | $ | 108,591 | $ | 790 | |||||
Scheduled amortization of core deposit intangibles for each of the next five years and thereafter is as follows: | |||||||||
Years Ending June 30: | (In Thousands) | ||||||||
2015 | $ | 194 | |||||||
2016 | 166 | ||||||||
2017 | 139 | ||||||||
2018 | 111 | ||||||||
2019 | 84 | ||||||||
Thereafter | 96 |
Deposits
Deposits | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||
Deposits | Note 13 – Deposits | ||||||||||||||||
June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Amount | Weighted | Amount | Weighted | ||||||||||||||
Average | Average | ||||||||||||||||
Interest | Interest | ||||||||||||||||
Rate | Rate | ||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||
Non-interest bearing demand | $ | 224,054 | — | % | $ | 190,964 | — | % | |||||||||
Interest-bearing demand (1) | 700,248 | 0.24 | 731,521 | 0.29 | |||||||||||||
Savings and club | 518,421 | 0.16 | 466,559 | 0.16 | |||||||||||||
Certificates of deposit (2) | 1,037,218 | 1.09 | 981,464 | 1.05 | |||||||||||||
$ | 2,479,941 | 0.56 | % | $ | 2,370,508 | 0.55 | % | ||||||||||
(1) | Interest-bearing demand deposits at June 30, 2014 and June 30, 2013 include $213.5 million and $229.6 million, respectively, of brokered deposits at a weighted average interest rate of 0.15% and 0.19%, excluding cost of interest rate derivatives used to hedge interest expense. | ||||||||||||||||
(2) | Certificates of deposit at June 30, 2014 include $18.5 million of brokered deposits at a weighted average interest rate of 3.49%. The Company held no brokered certificates of deposit at June 30, 2013. | ||||||||||||||||
Certificates of deposit with balances of $100,000 or more at June 30, 2014 and 2013, totaled approximately $476.6 million and $389.1 million, respectively. The Bank’s deposits are insurable to applicable limits by the Federal Deposit Insurance Corporation. | |||||||||||||||||
A summary of certificates of deposit by maturity follows: | |||||||||||||||||
June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
One year or less | $ | 581,543 | $ | 646,590 | |||||||||||||
After one to two years | 187,401 | 174,223 | |||||||||||||||
After two to three years | 90,078 | 68,155 | |||||||||||||||
After three to four years | 90,921 | 48,211 | |||||||||||||||
After four to five years | 80,811 | 44,285 | |||||||||||||||
After five years | 6,464 | — | |||||||||||||||
$ | 1,037,218 | $ | 981,464 | ||||||||||||||
Interest expense on deposits consists of the following: | |||||||||||||||||
Years Ended June 30, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(In Thousands) | |||||||||||||||||
Demand | $ | 3,790 | $ | 1,847 | $ | 2,690 | |||||||||||
Savings and club | 739 | 878 | 1,376 | ||||||||||||||
Certificates of deposit | 10,009 | 11,986 | 16,206 | ||||||||||||||
$ | 14,538 | $ | 14,711 | $ | 20,272 | ||||||||||||
Stockholders_Equity_and_Regula
Stockholders' Equity and Regulatory Capital | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||
Stockholders' Equity and Regulatory Capital | Note 17 – Stockholders’ Equity and Regulatory Capital | ||||||||||||||||||||||||
Federal banking regulators impose various restrictions or requirements on the ability of savings institutions to make capital distributions, including cash dividends. A savings institution that is a subsidiary of a savings and loan holding company, such as the Bank, must file an application or a notice with federal banking regulators at least thirty days before making a capital distribution. A savings institution must file an application for prior approval of a capital distribution if: (i) it is not eligible for expedited treatment under the applications processing rules of federal banking regulators; (ii) the total amount of all capital distributions, including the proposed capital distribution, for the applicable calendar year would exceed an amount equal to the savings institution’s net income for that year to date plus the institution’s retained net income for the preceding two years; (iii) it would not adequately be capitalized after the capital distribution; or (iv) the distribution would violate an agreement with federal banking regulators or applicable regulations. | |||||||||||||||||||||||||
During the fiscal years ended June 30, 2014 and 2012, applications for capital distributions from the Bank to the Company were approved by federal banking regulators in the amounts of $5,000,000 and $6,000,000, respectively, which were paid by the Bank to the Company in September 2013 and May 2013, respectively. No capital distributions from the Bank to the Company were initiated during the fiscal year ended June 30, 2013. | |||||||||||||||||||||||||
Federal banking regulators may disapprove a notice or deny an application for a capital distribution if: (i) the savings institution would be undercapitalized following the capital distribution; (ii) the proposed capital distribution raises safety and soundness concerns; or (iii) the capital distribution would violate a prohibition contained in any statute, regulation or agreement. | |||||||||||||||||||||||||
The Bank is subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory—and possibly additional discretionary—actions by regulators that, if undertaken, could have a direct material effect on the Bank’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weighting, and other factors. | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios of Total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital to adjusted total assets (as defined). The following tables present information regarding the Bank’s regulatory capital levels at the dates presented. | |||||||||||||||||||||||||
Actual | For Capital Adequacy | To be Well Capitalized | |||||||||||||||||||||||
Purposes | under Prompt | ||||||||||||||||||||||||
Corrective Action | |||||||||||||||||||||||||
Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
As of June 30, 2014: | |||||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 376,343 | 20.45 | % | ³ | $147,232 | ³ | 8.00 | % | ³ | $184,040 | ³ | 10.00 | % | |||||||||||
Tier 1 capital (to risk-weighted assets) | 363,956 | 19.78 | ³ | 73,616 | ³ | 4 | ³ | 110,424 | ³ | 6 | |||||||||||||||
Core (Tier 1) capital (to adjusted total assets) | 363,956 | 10.75 | ³ | 135,420 | ³ | 4 | ³ | 169,275 | ³ | 5 | |||||||||||||||
Tangible capital (to adjusted total assets) | 363,956 | 10.75 | ³ | 50,783 | ³ | 1.5 | ³ | — | ³ | — | |||||||||||||||
As of June 30, 2013: | |||||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 353,386 | 21.77 | % | ³ | $129,850 | ³ | 8.00 | % | ³ | $162,313 | ³ | 10.00 | % | |||||||||||
Tier 1 capital (to risk-weighted assets) | 342,490 | 21.1 | ³ | 64,925 | ³ | 4 | ³ | 97,388 | ³ | 6 | |||||||||||||||
Core (Tier 1) capital (to adjusted total assets) | 342,490 | 11.32 | ³ | 121,054 | ³ | 4 | ³ | 151,317 | ³ | 5 | |||||||||||||||
Tangible capital (to adjusted total assets) | 342,490 | 11.32 | ³ | 45,395 | ³ | 1.5 | ³ | — | ³ | — | |||||||||||||||
Based upon most recent notification from federal banking regulators dated November 12, 2013 the Bank was categorized as well capitalized as of September 30, 2013, under the regulatory framework for prompt corrective action. There are no conditions existing or events which have occurred since notification that management believes have changed the Bank’s category. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | Note 18 – Income Taxes | ||||||||||||
Retained earnings at June 30, 2014, includes approximately $30.5 million of bad debt allowance, pursuant to the IRC, for which income taxes have not been provided. If such amount is used for purposes other than to absorb bad debts, including distributions in liquidation, it will be subject to income tax at the then current rate. | |||||||||||||
The components of income taxes are as follows: | |||||||||||||
Years Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In Thousands) | |||||||||||||
Current income tax expense: | |||||||||||||
Federal income | $ | 3,196 | $ | 1,629 | $ | 2,210 | |||||||
State income | 938 | 343 | 470 | ||||||||||
4,134 | 1,972 | 2,680 | |||||||||||
Deferred income tax expense: | |||||||||||||
Federal | 49 | 411 | (24 | ) | |||||||||
State | 122 | 102 | 120 | ||||||||||
171 | 513 | 96 | |||||||||||
Valuation allowance | (88 | ) | (235 | ) | — | ||||||||
$ | 4,217 | $ | 2,250 | $ | 2,776 | ||||||||
The following table presents a reconciliation between the reported income taxes and the income taxes which would be computed by applying the normal federal income tax rate of 35% to income before income taxes for the years ended June 30, 2014, 2013 and 2012: | |||||||||||||
Years Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollar in Thousands) | |||||||||||||
Federal income tax expense at statutory rate | $ | 5,042 | $ | 3,065 | $ | 2,749 | |||||||
(Reductions) increases in income taxes resulting from: | |||||||||||||
Tax exempt interest | (635 | ) | (142 | ) | (21 | ) | |||||||
New Jersey state tax, net of federal income tax effect | 632 | 284 | 389 | ||||||||||
Incentive stock options compensation expense | 28 | 15 | 15 | ||||||||||
Income from BOLI | (959 | ) | (680 | ) | (250 | ) | |||||||
Other items, net | 197 | (66 | ) | (106 | ) | ||||||||
4,305 | 2,476 | 2,776 | |||||||||||
Valuation allowance | (88 | ) | (226 | ) | — | ||||||||
Total income tax expense | $ | 4,217 | $ | 2,250 | $ | 2,776 | |||||||
Effective income tax rate | 29.27 | % | 25.7 | % | 35.35 | % | |||||||
The effective income tax rate represents total income tax expense divided by income before income taxes. | |||||||||||||
As a result of a redemption-in-kind transaction during the year ended June 30, 2009, the Company incurred a realized capital loss which was partially utilized as a capital loss carry back against capital gains in the three preceding years. As of June 30, 2010, the Company established a deferred tax asset for the remaining capital loss carry forward. Since it was not currently more likely than not that the deferred tax asset related to incurred capital losses would be realized, the Company established a valuation allowance thereon during the year ended June 30, 2010. The Company utilized a portion of the federal capital loss carryover with a capital gain for the year ended June 30, 2013 which decreased the related valuation allowance. As of June 30, 2014, the capital loss carryover had expired resulting in the write-off of the associated deferred tax asset against the remaining valuation allowance. | |||||||||||||
During the years ended June 30, 2014 and 2013, the Company maintained an additional valuation allowance against the deferred tax asset arising from the portion of the unrealized losses on securities available for sale that would represent capital losses if such losses were to be realized. | |||||||||||||
The tax effects of existing temporary differences that give rise to deferred income tax assets and liabilities are as follows: | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
(In Thousands) | |||||||||||||
Deferred income tax assets: | |||||||||||||
Purchase accounting | $ | 615 | $ | 920 | |||||||||
Accumulated other comprehensive income | |||||||||||||
Defined benefit plans | 84 | 430 | |||||||||||
Unrealized loss on securities available for sale | — | 2,928 | |||||||||||
Unrealized loss on securities available for sale transferred to held to maturity | 404 | — | |||||||||||
Derivatives | 1,430 | — | |||||||||||
Allowance for loan losses | 5,060 | 4,451 | |||||||||||
Benefit plans | 2,816 | 2,709 | |||||||||||
Compensation | 239 | — | |||||||||||
Stock based compensation | 3,255 | 3,320 | |||||||||||
Capital loss carryover | — | 88 | |||||||||||
Uncollected interest | 2,431 | 2,290 | |||||||||||
Depreciation | 928 | 747 | |||||||||||
Other | 809 | 705 | |||||||||||
18,071 | 18,588 | ||||||||||||
Valuation allowance | (134 | ) | (995 | ) | |||||||||
17,937 | 17,593 | ||||||||||||
Deferred income tax liabilities: | |||||||||||||
Deferred costs | 815 | 617 | |||||||||||
Goodwill | 6,198 | 5,716 | |||||||||||
Accumulated other comprehensive income | |||||||||||||
Unrealized gain on securities available for sale | 458 | — | |||||||||||
Derivatives | — | 1,269 | |||||||||||
Other | 152 | 209 | |||||||||||
7,623 | 7,811 | ||||||||||||
Net deferred income tax asset | $ | 10,314 | $ | 9,782 | |||||||||
Commitments
Commitments | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||
Commitments | Note 19 – Commitments | ||||||||||||
The Bank has non-cancelable operating leases for branch offices. The following is a schedule by years of future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of June 30, 2014: | |||||||||||||
Years Ending June 30: | (In Thousands) | ||||||||||||
2015 | $ | 1,761 | |||||||||||
2016 | 1,629 | ||||||||||||
2017 | 1,455 | ||||||||||||
2018 | 1,126 | ||||||||||||
2019 | 806 | ||||||||||||
Thereafter | 3,261 | ||||||||||||
Total Minimum Payments Required | $ | 10,038 | |||||||||||
The following schedule shows the composition of total rental expense for all operating leases: | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In Thousands) | |||||||||||||
Minimum rentals | $ | 1,716 | $ | 1,629 | $ | 1,520 | |||||||
The Bank is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual notional amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. | |||||||||||||
The outstanding loan commitments are as follows: | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
(In Thousands) | |||||||||||||
Mortgage loans | $ | 27,452 | $ | 58,448 | |||||||||
Home equity loans | 1,374 | 1,692 | |||||||||||
Business loans | 350 | 500 | |||||||||||
Construction loans in process | 6,385 | 11,100 | |||||||||||
Consumer home equity and overdraft lines of credit | 35,765 | 37,972 | |||||||||||
Commercial lines of credit | 24,070 | 31,434 | |||||||||||
$ | 95,396 | $ | 141,146 | ||||||||||
At June 30, 2014, the outstanding mortgage loan commitments included $20.0 million for fixed-rate loans with interest rates ranging from 3.00% to 6.00% and $935,000 for adjustable-rate loans with initial rates of 6.00%. The remaining $6.5 million of mortgage loan commitments represent the remaining balance of an outstanding blanket commitment with a third party loan originator to purchase newly originated residential mortgage loans whose rates may either be fixed or adjustable-rate. Home equity loan commitments include $1.4 million for fixed-rate loans with interest rates ranging from 3.125% to 6.00%. Business loan commitments total $350,000 representing funding commitments on floating rate loans with initial rates ranging from 3.75% to 5.50%. Undisbursed funds from home equity and business lines of credit are adjustable-rate loans with interest rates ranging from 1.25% below to 5.00% above the prime rate published in the Wall Street Journal. Lines of credit providing overdraft protection for checking accounts are adjustable-rate loans with interest rates ranging from 3.50% to 4.00% above prime. | |||||||||||||
At June 30, 2013, the outstanding mortgage loan commitments included $57.2 million for fixed-rate loans with interest rates ranging from 2.75% to 5.50% and $1.0 million for adjustable-rate loans with initial rates ranging from 4.25% to 6.0%. The remaining $185,000 of mortgage loan commitments represent the remaining balance of an outstanding blanket commitment with a third party loan originator to purchase newly originated residential mortgage loans whose rates may either be fixed or adjustable-rate. Home equity loan commitments include $1.7 million for fixed rate loans with interest rates ranging from 3.25% to 6.00%. Business loan commitments total $500,000 representing funding commitments on floating rate loans with initial rates ranging from 4.25% to 6.00%. Undisbursed funds from home equity and business lines of credit are adjustable-rate loans with interest rates ranging from 1.25% below to 3.00% above the prime rate published in the Wall Street Journal. Lines of credit providing overdraft protection for checking accounts are adjustable-rate loans with interest rates ranging from 3.5% to 5.00% above prime. | |||||||||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained if deemed necessary by the Bank upon extension of credit is based on management’s credit evaluation of the counterparty. | |||||||||||||
In addition to the commitments noted above, the Bank is party to standby letters of credit through which it guarantees certain specific business obligations of its commercial customers. The balance of standby letters of credit at June 30, 2014 and 2013 were approximately $519,000 and $1,791,000, respectively. | |||||||||||||
The Company and subsidiaries are also party to litigation which arises primarily in the ordinary course of business. In the opinion of management, the ultimate disposition of such litigation should not have a material adverse effect on the consolidated financial position of the Company. |
Parent_Only_Financial_Informat
Parent Only Financial Information | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Parent Only Financial Information | Note 22 – Parent Only Financial Information | ||||||||||||
Kearny Financial Corp. operates its wholly owned subsidiary Kearny Federal Savings Bank and the Bank’s wholly-owned subsidiaries. The consolidated earnings of the subsidiaries are recognized by the Company using the equity method of accounting. Accordingly, the consolidated earnings of the subsidiaries are recorded as increases in the Company’s investment in the subsidiaries. The following are the condensed financial statements for Kearny Financial Corp. (Parent Company only) as June 30, 2014 and 2013, and for each of the years in the three-year period ended June 30, 2014. | |||||||||||||
CONDENSED STATEMENTS OF FINANCIAL CONDITION | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
(In Thousands) | |||||||||||||
Assets | |||||||||||||
Cash and amounts due from depository institutions | $ | 17,413 | $ | 13,524 | |||||||||
Loans receivable | 5,065 | 6,726 | |||||||||||
Investment in subsidiaries | 472,110 | 447,498 | |||||||||||
Other assets | 154 | 62 | |||||||||||
$ | 494,742 | $ | 467,810 | ||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||
Other liabilities | $ | 66 | $ | 103 | |||||||||
Stockholders’ equity | 494,676 | 467,707 | |||||||||||
$ | 494,742 | $ | 467,810 | ||||||||||
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||
Years Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In Thousands) | |||||||||||||
Dividends from subsidiary | $ | 5,000 | $ | — | $ | 6,000 | |||||||
Interest income | 341 | 450 | 566 | ||||||||||
Equity in undistributed earnings (loss) of subsidiaries | 5,398 | 6,550 | (864 | ) | |||||||||
Gain on sale of securities | — | 38 | — | ||||||||||
10,739 | 7,038 | 5,702 | |||||||||||
Directors’ compensation | 123 | 117 | 124 | ||||||||||
Other expenses | 539 | 436 | 526 | ||||||||||
662 | 553 | 650 | |||||||||||
Income before Income Taxes | 10,077 | 6,485 | 5,052 | ||||||||||
Income tax benefit | (111 | ) | (21 | ) | (26 | ) | |||||||
Net income | $ | 10,188 | $ | 6,506 | $ | 5,078 | |||||||
Comprehensive income (loss) | $ | 12,047 | $ | (21,229 | ) | $ | 13,242 | ||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
Years Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In Thousands) | |||||||||||||
Cash Flows from Operating Activities | |||||||||||||
Net income | $ | 10,188 | $ | 6,506 | $ | 5,078 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in undistributed (earnings) loss of subsidiaries | (5,398 | ) | (6,550 | ) | 864 | ||||||||
Amortization of premiums | — | 8 | 14 | ||||||||||
Realized gain on sale of mortgage-backed securities available for sale | — | (38 | ) | — | |||||||||
Decrease in interest receivable | — | 5 | 2 | ||||||||||
Payments received on intercompany liabilities | 231 | 174 | 12,469 | ||||||||||
(Increase) decrease in other assets | (116 | ) | 52 | 41 | |||||||||
(Decrease) increase in other liabilities | (37 | ) | 22 | 1 | |||||||||
Net Cash Provided by Operating Activities | $ | 4,868 | $ | 179 | $ | 18,469 | |||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
Years Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In Thousands) | |||||||||||||
Cash Flows from Investing Activities | |||||||||||||
Repayment of loan to ESOP | $ | 1,661 | $ | 1,573 | $ | 1,489 | |||||||
Principal repayments on mortgage-backed securities available for sale | — | 424 | 697 | ||||||||||
Proceeds from sale of mortgage-backed securities available for sale | — | 667 | — | ||||||||||
Return of subsidiary investment | — | — | 9 | ||||||||||
Net Cash Provided by Investing Activities | 1,661 | 2,664 | 2,195 | ||||||||||
Cash Flows from Financing Activities | |||||||||||||
Dividends paid to minority stockholders of Kearny Financial Corp. | — | — | (3,617 | ) | |||||||||
Purchase of common stock of Kearny Financial Corp. for treasury | (4,135 | ) | (4,319 | ) | (8,464 | ) | |||||||
Treasury stock reissued | 1,495 | — | — | ||||||||||
Dividends contributed for payment of ESOP loan | — | (2 | ) | 160 | |||||||||
Dividends paid on vested ESOP distribution | — | — | (1 | ) | |||||||||
Net Cash Used in Financing Activities | (2,640 | ) | (4,321 | ) | (11,922 | ) | |||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 3,889 | (1,478 | ) | 8,742 | |||||||||
Cash and Cash Equivalents - Beginning | 13,524 | 15,002 | 6,260 | ||||||||||
Cash and Cash Equivalents - Ending | $ | 17,413 | $ | 13,524 | $ | 15,002 | |||||||
Quarterly_Results_of_Operation
Quarterly Results of Operations | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Results of Operations | Note 24 – Quarterly Results of Operations (Unaudited) | ||||||||||||||||
The following is a condensed summary of quarterly results of operations for the years ended June 30, 2014 and 2013: | |||||||||||||||||
Year Ended June 30, 2014 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(In Thousands, Except Per Share Data) | |||||||||||||||||
Interest income | $ | 23,300 | $ | 23,933 | $ | 23,956 | $ | 24,630 | |||||||||
Interest expense | 5,104 | 5,458 | 5,475 | 5,961 | |||||||||||||
Net Interest Income | 18,196 | 18,475 | 18,481 | 18,669 | |||||||||||||
Provision for loan losses | 1,168 | 559 | 880 | 774 | |||||||||||||
Net Interest Income after Provision for Loan Losses | 17,028 | 17,916 | 17,601 | 17,895 | |||||||||||||
Non-interest income | 1,861 | 1,929 | 2,385 | 1,948 | |||||||||||||
Non-interest expenses | 15,282 | 15,557 | 17,515 | 15,804 | |||||||||||||
Income before Income Taxes | 3,607 | 4,288 | 2,471 | 4,039 | |||||||||||||
Income taxes | 1,021 | 1,301 | 685 | 1,210 | |||||||||||||
Net Income | $ | 2,586 | $ | 2,987 | $ | 1,786 | $ | 2,829 | |||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.04 | $ | 0.05 | $ | 0.03 | $ | 0.04 | |||||||||
Diluted | $ | 0.04 | $ | 0.05 | $ | 0.03 | $ | 0.04 | |||||||||
Weighted Average Number of Common Shares Outstanding: | |||||||||||||||||
Basic | 65,936 | 65,767 | 65,684 | 65,796 | |||||||||||||
Diluted | 65,936 | 65,767 | 65,782 | 66,228 | |||||||||||||
Dividends declared per common share | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
Year Ended June 30, 2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(In Thousands, Except Per Share Data) | |||||||||||||||||
Interest income | $ | 23,206 | $ | 21,802 | $ | 21,644 | $ | 21,606 | |||||||||
Interest expense | 6,331 | 5,808 | 5,298 | 4,564 | |||||||||||||
Net Interest Income | 16,875 | 15,994 | 16,346 | 17,042 | |||||||||||||
Provision for loan losses | 339 | 1,393 | 1,407 | 1,325 | |||||||||||||
Net Interest Income after Provision for Loan Losses | 16,536 | 14,601 | 14,939 | 15,717 | |||||||||||||
Non-interest income | 1,200 | 2,285 | 11,070 | 1,833 | |||||||||||||
Non-interest expenses | 15,273 | 15,191 | 23,942 | 15,019 | |||||||||||||
Income before Income Taxes | 2,463 | 1,695 | 2,067 | 2,531 | |||||||||||||
Income taxes | 803 | 518 | 323 | 606 | |||||||||||||
Net Income | $ | 1,660 | $ | 1,177 | $ | 1,744 | $ | 1,925 | |||||||||
Net income per common share: | |||||||||||||||||
Basic and diluted | $ | 0.03 | $ | 0.02 | $ | 0.03 | $ | 0.03 | |||||||||
Weighted Average Number of Common Shares Outstanding: | |||||||||||||||||
Basic and diluted | 66,256 | 66,188 | 66,141 | 66,019 | |||||||||||||
Dividends declared per common share | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Jun. 30, 2014 | |||
Accounting Policies [Abstract] | |||
Basis of Consolidated Financial Statement Presentation | Basis of Consolidated Financial Statement Presentation | ||
The consolidated financial statements include the accounts of Kearny Financial Corp. (the “Company”), its wholly-owned subsidiary, Kearny Federal Savings Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries, KFS Investment Corp., CJB Investment Corp. and KFS Financial Services, Inc. and its wholly-owned subsidiary, KFS Insurance Services, Inc. The Company conducts its business principally through the Bank. Management prepared the 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. | |||
In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of financial condition and revenues and expenses for the periods then ended. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, the evaluation of goodwill for impairment, identification of other-than-temporary impairment of securities and the determination of the amount of deferred tax assets which are more likely than not to be realized. The allowance for loan losses represents management’s best estimate of losses known and inherent in the loan portfolio that are both probable and reasonable to estimate, impairment testing of goodwill and evaluation for other-than-temporary impairment of securities are done in accordance with GAAP; and deferred tax assets are properly recognized. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses may be necessary based on changes in economic conditions in the market area. Moreover, various regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses. Such agencies may require the recognition of additions to the allowance based on their judgments about information available to them at the time of their examination. Additionally, subsequent evaluations of the Company’s goodwill that originated from the application of purchase accounting associated with the Company’s prior acquisition of four community banks could identify impairments to the intangible asset that would result in future charges to earnings. Finally, the determination of the amount of deferred tax assets more likely than not to be realized is dependent on projections of future earnings, which are subject to frequent change. | |||
Business of the Company and Subsidiaries | Business of the Company and Subsidiaries | ||
The Company’s primary business is the ownership and operation of the Bank. The Bank is principally engaged in the business of attracting deposits from the general public at its 42 locations in New Jersey and New York and using these deposits, together with other funds, to originate or purchase loans for its portfolio and invest in securities. Loans originated or purchased by the Bank generally include loans collateralized by residential and commercial real estate augmented by secured and unsecured loans to businesses and consumers. The investment securities purchased by the Bank generally include U.S. agency mortgage-backed securities, U.S. government and agency debentures, bank-qualified municipal obligations, corporate bonds, asset-backed securities and collateralized loan obligations. The Bank maintains a small balance of single issuer trust preferred securities and non-agency mortgage-backed securities which were acquired through the Company’s purchase of other institutions and does not actively purchase such securities. | |||
At June 30, 2014, the Bank had two wholly owned subsidiaries: KFS Financial Services, Inc., and CJB Investment Corp. KFS Financial Services, Inc., incorporated as a New Jersey corporation in 1994 under the name of South Bergen Financial Services, Inc., was acquired in Kearny’s merger with South Bergen Savings Bank in 1999 and was renamed KFS Financial Services, Inc. in 2000. It is a service corporation subsidiary originally organized for selling insurance products to Bank customers and the general public through a third party networking arrangement. | |||
During the year ended June 30, 2014, KFS Insurance Services, Inc. was created as a wholly owned subsidiary of KFS Financial Services, Inc. for the primary purpose of acquiring insurance agencies. Both KFS Financial Services Inc. and KFS Insurance Services Inc. were considered inactive during the year ended June 30, 2014. | |||
CJB Investment Corp. was acquired by the Bank through the Company’s acquisition of Central Jersey Bancorp in November 2010. CJB Investment Corp was organized under New Jersey law as a New Jersey Investment Company and remained active through the three-year period ended June 30, 2014. | |||
In addition to the subsidiaries noted above, the Bank dissolved its wholly owned subsidiary KFS Investment Corp. during fiscal 2014 which had remained inactive during the two years ended June 30, 2012 and 2013 and through the date of its dissolution during the year ended June 30, 2014. | |||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||
Cash and cash equivalents include cash and amounts due from depository institutions and interest-bearing deposits in other banks, all with original maturities of three months or less. | |||
Securities | Securities | ||
In accordance with applicable accounting standards, the Company classifies its investment securities into one of three portfolios: held to maturity, available for sale or trading. Investments in debt securities that we have the positive intent and ability to hold to maturity are classified as held to maturity securities and reported at amortized cost. Debt and equity securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and reported at fair value, with unrealized holding gains and losses included in earnings. Debt and equity securities not classified as trading securities or as held to maturity securities are classified as available for sale securities and reported at fair value, with unrealized holding gains or losses, net of deferred income taxes, reported in the accumulated other comprehensive income (“OCI”) component of stockholders’ equity. | |||
If the fair value of a security is less than its amortized cost, the security is deemed to be impaired. Management evaluates all securities with unrealized losses quarterly to determine if such impairments are “temporary” or “other-than-temporary”. | |||
The Company accounts for temporary impairments based upon their classification as either available for sale, held to maturity or managed within a trading portfolio. Temporary impairments on “available for sale” securities are recognized, on a tax-effected basis, through OCI with offsetting entries adjusting the carrying value of the security and the balance of deferred taxes. Conversely, the Company does not adjust the carrying value of “held to maturity” securities for temporary impairments, although information concerning the amount and duration of impairments on held to maturity securities is disclosed in periodic financial statements. The carrying value of securities held in a trading portfolio is adjusted to their fair value through earnings on a daily basis. However, the Company did not maintain any securities in trading portfolios at or during the periods presented in these financial statements. | |||
The Company accounts for other-than-temporary impairments based upon several considerations. First, other-than-temporary impairments on securities that the Company has decided to sell as of the close of a fiscal period, or will, more likely than not, be required to sell prior to the full recovery of their fair value to a level equal to or exceeding their amortized cost, are recognized in earnings. If neither of these conditions regarding the likelihood of the securities’ sale are applicable, then, for debt securities, the other-than-temporary impairment is bifurcated into credit-related and noncredit-related components. A credit-related impairment generally represents the amount by which the present value of the cash flows that are expected to be collected on a debt security fall below its amortized cost. The noncredit-related component represents the remaining portion of the impairment not otherwise designated as credit-related. The Company recognizes credit-related, other-than-temporary impairments in earnings. However, noncredit-related, other-than-temporary impairments on debt securities are recognized in OCI. | |||
Premiums and discounts on all securities are generally amortized/accreted to maturity by use of the level-yield method considering the impact of principal amortization and prepayments on mortgage-backed securities. Premiums on callable securities are generally amortized to the call date whereas discounts on such securities are accreted to the maturity date. Gain or loss on sales of securities is based on the specific identification method. | |||
Concentration of Risk | Concentration of Risk | ||
Financial instruments which potentially subject the Company and its subsidiaries to concentrations of credit risk consist of cash and cash equivalents, mortgage-backed and non-mortgage-backed securities and loans receivable. Cash and cash equivalents include deposits placed in other financial institutions. At June 30, 2014, the Company had cash and cash equivalents of $135.0 million comprising funds on deposit at other institutions totaling $124.7 million and other cash-related items, consisting primarily of vault cash, totaling $10.3 million. Cash and equivalents on deposit at other institutions at June 30, 2014 was comprised of $64.6 million held by the Federal Home Loan Bank of New York (“FHLB”), $47.5 million held by the Federal Reserve Bank of New York (“FRB”) and a total of $3.9 million held at two U.S. domestic money center banks representing funds on deposit totaling $3.6 million and $283,000, respectively, at June 30, 2014. Such balances also included a total of $8.7 million of cash held at or invested through Atlantic Community Bankers Bank (“ACBB”) including cash on deposit of $230,000 and federal funds sold of $8.5 million. | |||
Securities include concentrations of investments backed by U.S. government agencies and U.S. government sponsored enterprises (“GSEs”), including the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”), the Government National Mortgage Association (“Ginnie Mae”) and the Small Business Administration (“SBA”). Additional concentration risk exists in the Company’s municipal and corporate obligations, asset-backed securities and collateralized loan obligations. Lesser concentration risk exists in the Company’s non-agency mortgage-backed securities and single issuer trust preferred securities due to comparatively lower total balances of such securities held by the Company and the variety of issuers represented. | |||
The Company’s lending activity is primarily concentrated in loans collateralized by real estate in the states of New Jersey and New York. As a result, credit risk is broadly dependent on the real estate market and general economic conditions in these states. Additionally, the Company’s lending policies limit the amount of credit extended to any single borrower and their related interests thereby limiting the concentration of credit risk to any single borrower. | |||
Loans Receivable | Loans Receivable | ||
Loans receivable, net are stated at unpaid principal balances, net of deferred loan origination fees and costs, purchased discounts and premiums and the allowance for loan losses. Certain direct loan origination costs net of loan origination fees, are deferred and amortized, using the level-yield method, as an adjustment of yield over the contractual lives of the related loans. Unearned premiums and discounts are amortized or accreted by use of the level-yield method over the contractual lives of the related loans. | |||
Past Due Loans | Past Due Loans | ||
A loan’s “past due” status is generally determined based upon its “P&I delinquency” status in conjunction with its “past maturity” status, where applicable. A loan’s “P&I delinquency” status is based upon the number of calendar days between the date of the earliest P&I payment due and the “as of” measurement date. A loan’s “past maturity” status, where applicable, is based upon the number of calendar days between a loan’s contractual maturity date and the “as of” measurement date. Based upon the larger of these criteria, loans are categorized into the following “past due” tiers for financial statement reporting and disclosure purposes: Current (including 1-29 days past due), 30-59 days, 60-89 days and 90 or more days. | |||
Nonaccrual Loans | Nonaccrual Loans | ||
Loans are generally placed on nonaccrual status when contractual payments become 90 days or more past due, and are otherwise placed on nonaccrual when the Company does not expect to receive all P&I payments owed substantially in accordance with the terms of the loan agreement. Loans that become 90 days past maturity, but remain non-delinquent with regard to ongoing P&I payments, may remain on accrual status if: (1) the Company expects to receive all P&I payments owed substantially in accordance with the terms of the loan agreement, past maturity status notwithstanding, and (2) the borrower is working actively and cooperatively with the Company to remedy the past maturity status through an expected refinance, payoff or modification of the loan agreement that is not expected to result in a troubled debt restructuring (“TDR”) classification. All TDRs are placed on nonaccrual status for a period of no less than six months after restructuring, irrespective of past due status. The sum of nonaccrual loans plus accruing loans that are 90 days or more past due are generally defined collectively as “nonperforming loans”. | |||
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 for financial statement purposes. When a loan is returned to accrual status, any accumulated interest payments previously applied to the carrying value of the loan during its nonaccrual period are recognized as interest income as an adjustment to the loan’s yield over its remaining term. | |||
Loans that are not considered to be TDRs are generally returned to accrual status when payments due are brought current and the Company expects to receive all remaining P&I payments owed substantially in accordance with the terms of the loan agreement. Non-TDR loans may also be returned to accrual status when a loan’s payment status falls below 90 days past due and the Company: (1) expects receipt of the remaining past due amounts within a reasonable timeframe, and (2) expects to receive all remaining P&I payments owed substantially in accordance with the terms of the loan agreement. | |||
Acquired Loans | Acquired Loans | ||
Loans that we acquire through acquisitions are recorded at fair value with no carryover of the related allowance for credit losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. | |||
The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable yield and is recognized into interest income over the remaining life of the loan. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable yield. The nonaccretable yield represents estimated future credit losses expected to be incurred over the life of the loan. Subsequent decreases to the expected cash flows require us to evaluate the need for an allowance for credit losses. Subsequent improvements in expected cash flows result in the reversal of a corresponding amount of the nonaccretable yield which we then reclassify as accretable yield that is recognized into interest income over the remaining life of the loan using the interest method. Our evaluation of the amount of future cash flows that we expect to collect is performed in a similar manner as that used to determine our allowance for credit losses. Charge-offs of the principal amount on acquired loans would be first applied to the nonaccretable yield portion of the fair value adjustment. | |||
Acquired loans that met the criteria for nonaccrual of interest prior to the acquisition may be considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if we can reasonably estimate the timing and amount of the expected cash flows on such loans and if we expect to fully collect the new carrying value of the loans. As such, we may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable yield. | |||
Classification of Assets | Classification of Assets | ||
In compliance with the regulatory guidelines, the Company’s loan review system includes an evaluation process through which certain loans exhibiting adverse credit quality characteristics are classified “Special Mention”, “Substandard”, “Doubtful” or “Loss”. | |||
An asset is classified as “Substandard” if it is 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 insured institution will sustain some loss if the deficiencies are not corrected. Assets classified as “Doubtful” 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. Assets, or portions thereof, classified as “Loss” are considered uncollectible or of so little value that their continuance as assets is not warranted. | |||
Management evaluates loans classified as substandard or doubtful for impairment in accordance with applicable accounting requirements. As discussed in greater detail below, a valuation allowance is established through the provision for loan losses for any impairment identified through such evaluations. | |||
To the extent that impairment identified on a loan is classified as “Loss”, that portion of the loan is charged off against the allowance for loan losses. The classification of loan impairment as “Loss” is based upon a confirmed expectation for loss. For loans primarily secured by real estate, the expectation for loss is generally confirmed when: (a) impairment is identified on a loan individually evaluated in the manner described below, and (b) the loan is presumed to be collateral-dependent such that the source of loan repayment is expected to arise solely from sale of the collateral securing the applicable loan. Impairment identified on non-collateral-dependent loans may or may not be eligible for a “Loss” classification depending upon the other salient facts and circumstances that effect the manner and likelihood of loan repayment. However, loan impairment that is classified as “Loss” is charged off against the allowance for loan losses concurrent with that classification. | |||
The timeframe between when loan impairment is first identified by the Company and when such impairment may ultimately be charged off varies by loan type. For example, unsecured consumer and commercial loans are generally classified as “Loss” at 120 days past due, resulting in their outstanding balances being charged off at that time. For the Company’s secured loans, the condition of collateral dependency generally serves as the basis upon which a “Loss” classification is ascribed to a loan’s impairment thereby confirming an expected loss and triggering charge off of that impairment. While the facts and circumstances that effect the manner and likelihood of repayment vary from loan to loan, the Company generally considers the referral of a loan to foreclosure, coupled with the absence of other viable sources of loan repayment, to be demonstrable evidence of collateral dependency. Depending upon the nature of the collections process applicable to a particular loan, an early determination of collateral dependency could result in a nearly concurrent charge off of a newly identified impairment. By contrast, a presumption of collateral dependency may only be determined after the completion of lengthy loan collection and/or workout efforts, including bankruptcy proceedings, which may extend several months or more after a loan’s impairment is first identified. | |||
In a limited number of cases, the entire net carrying value of a loan may be determined to be impaired based upon a collateral-dependent impairment analysis. However, the borrower’s adherence to contractual repayment terms precludes the recognition of a “Loss” classification and charge off. In these limited cases, a valuation allowance equal to 100% of the impaired loan’s carrying value may be maintained against the net carrying value of the asset. | |||
Assets 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 are designated as “Special Mention” by management. Adversely classified assets, together with those rated as “Special Mention”, are generally referred to as “Classified Assets”. Non-classified assets are internally rated within one of four “Pass” categories or as “Watch” with the latter denoting a potential deficiency or concern that warrants increased oversight or tracking by management until remediated. | |||
Management performs a classification of assets review, including the regulatory classification of assets, generally on a monthly basis. The results of the classification of assets review are validated by the Company’s third party loan review firm during their quarterly independent review. In the event of a difference in rating or classification between those assigned by the internal and external resources, the Company will generally utilize the more critical or conservative rating or classification. Final loan ratings and regulatory classifications are presented monthly to the Board of Directors and are reviewed by regulators during the examination process. | |||
Allowance for Loan Losses | Allowance for Loan Losses | ||
The allowance for loan losses is a valuation account that reflects the Company’s estimation of the losses in its loan portfolio to the extent they are both probable and reasonable to estimate. The balance of the allowance is generally maintained through provisions for loan losses that are charged to income in the period that estimated losses on loans are identified by the Company’s loan review system. The Company charges confirmed losses on loans against the allowance as such losses are identified. Recoveries on loans previously charged-off are added back to the allowance. | |||
The Company’s allowance for loan loss calculation methodology utilizes a “two-tier” loss measurement process that is generally performed monthly. Based upon the results of the classification of assets and credit file review processes described earlier, the Company first identifies the loans that must be reviewed individually for impairment. Factors considered in identifying individual loans to be reviewed include, but may not be limited to, loan type, classification status, contractual payment status, performance/accrual status and impaired status. | |||
The loans considered by the Company to be eligible for individual impairment review include its commercial mortgage loans, comprising multi-family and nonresidential real estate loans, construction loans, commercial business loans as well as its one-to-four family mortgage loans, home equity loans and home equity lines of credit. | |||
A reviewed loan is deemed to be impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. Once a loan is determined to be impaired, management performs an analysis to determine the amount of impairment associated with that loan. | |||
In measuring the impairment associated with collateral-dependent loans, the fair value of the collateral securing the loan is generally used as a measurement proxy for that of the impaired loan itself as a practical expedient. In the case of real estate collateral, such values are generally determined based upon a discounted market value obtained through an automated valuation module or prepared by a qualified, independent real estate appraiser. The value of non-real estate collateral is similarly determined based upon an independent assessment of fair market value by a qualified resource. | |||
The Company generally obtains independent appraisals on properties securing mortgage loans when such loans are initially placed on nonperforming or impaired status with such values updated approximately every six to twelve months thereafter throughout the collections, bankruptcy and/or foreclosure processes. Appraised values are typically updated at the point of foreclosure, where applicable, and approximately every six to twelve months thereafter while the repossessed property is held as real estate owned. | |||
As supported by accounting and regulatory guidance, the Company reduces the fair value of the collateral by estimated selling costs, such as real estate brokerage commissions, to measure impairment when such costs are expected to reduce the cash flows available to repay the loan. | |||
The Company establishes valuation allowances in the fiscal period during which the loan impairments are identified. The results of management’s individual loan impairment evaluations are validated by the Company’s third party loan review firm during their quarterly independent review. Such valuation allowances are adjusted in subsequent fiscal periods, where appropriate, to reflect any changes in carrying value or fair value identified during subsequent impairment evaluations which are generally updated monthly by management. | |||
The second tier of the loss measurement process involves estimating the probable and estimable losses which addresses loans not otherwise reviewed individually for impairment as well as those individually reviewed loans that are determined to be non-impaired. Such loans include groups of smaller-balance homogeneous loans that may generally be excluded from individual impairment analysis, and therefore collectively evaluated for impairment, as well as the non-impaired loans within categories that are otherwise eligible for individual impairment review. | |||
Valuation allowances established through the second tier of the loss measurement process utilize historical and environmental loss factors to collectively estimate the level of probable losses within defined segments of the Company’s loan portfolio. These segments aggregate homogeneous subsets of loans with similar risk characteristics based upon loan type. For allowance for loan loss calculation and reporting purposes, the Company currently stratifies its loan portfolio into seven primary segments: residential mortgage loans, commercial mortgage loans, construction loans, commercial business loans, home equity loans, home equity lines of credit and other consumer loans. | |||
The risks presented by residential mortgage loans are primarily related to adverse changes in the borrower’s financial condition that threaten repayment of the loan in accordance with its contractual terms. Such risk to repayment can arise from job loss, divorce, illness and the personal bankruptcy of the borrower. For collateral dependent residential mortgage loans, additional risk of loss is presented by potential declines in the fair value of the collateral securing the loan. | |||
Home equity loans and home equity lines of credit generally share the same risks as those applicable to residential mortgage loans. However, to the extent that such loans represent junior liens, they are comparatively more susceptible to such risks given their subordinate position behind senior liens. | |||
In addition to sharing similar risks as those presented by residential mortgage loans, risks relating to commercial mortgage also arise from comparatively larger loan balances to single borrowers or groups of related borrowers. Moreover, the repayment of such loans is typically dependent on the successful operation of an underlying real estate project and may be further threatened by adverse changes to demand and supply of commercial real estate as well as changes generally impacting overall business or economic conditions. | |||
The risks presented by construction loans are generally considered to be greater than those attributable to residential and commercial mortgage loans. Risks from construction lending arise, in part, from the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions on developers and builders. Moreover, a construction loan can involve additional risks because of the inherent difficulty in estimating both a property’s value at completion of the project and the estimated cost, including interest, of the project. The nature of these loans is such that they are comparatively more difficult to evaluate and monitor than permanent mortgage loans. | |||
Commercial business loans are also considered to present a comparatively greater risk of loss due to the concentration of principal in a limited number of loans and/or borrowers and the effects of general economic conditions on the business. Commercial business loans may be secured by varying forms of collateral including, but not limited to, business equipment, receivables, inventory and other business assets which may not provide an adequate source of repayment of the outstanding loan balance in the event of borrower default. Moreover, the repayment of commercial business loans is primarily dependent on the successful operation of the underlying business which may be threatened by adverse changes to the demand for the business’ products and/or services as well as the overall efficiency and effectiveness of the business’ operations and infrastructure. | |||
Finally, our unsecured consumer loans generally have shorter terms and higher interest rates than other forms of lending but generally involve more credit risk due to the lack of collateral to secure the loan in the event of borrower default. Consumer loan repayment is dependent on the borrower’s continuing financial stability, and therefore is more likely to be adversely affected by job loss, divorce, illness and personal bankruptcy. By contrast, our consumer loans also include account loans that are fully secured by the borrower’s deposit accounts and generally present nominal risk to the Bank. | |||
Each primary segment is further stratified to distinguish between loans originated and purchased through third parties from loans acquired through business combinations. Commercial business loans include secured and unsecured loans as well as loans originated through SBA programs. Additional criteria may be used to further group loans with common risk characteristics. For example, such criteria may distinguish between loans secured by different collateral types or separately identify loans supported by government guarantees such as those issued by the SBA. | |||
In regard to historical loss factors, the Company’s allowance for loan loss calculation calls for an analysis of historical charge-offs and recoveries for each of the defined segments within the loan portfolio. The Company utilizes a two-year moving average of annual net charge-off rates (charge-offs net of recoveries) by loan segment, where available, to calculate its actual, historical loss experience. The outstanding principal balance of the non-impaired portion of each loan segment is multiplied by the applicable historical loss factor to estimate the level of probable losses based upon the Company’s historical loss experience. | |||
As noted, the second tier of the Company’s allowance for loan loss calculation also utilizes environmental loss factors to estimate the probable losses within the loan portfolio. Environmental loss factors are based upon specific qualitative criteria representing key sources of risk within the loan portfolio. Such risk criteria includes the level of and trends in nonperforming loans; the effects of changes in credit policy; the experience, ability and depth of the lending function’s management and staff; national and local economic trends and conditions; credit risk concentrations and changes in local and regional real estate values. During fiscal 2014, the environmental factors utilized by the Company in its allowance for loan loss calculation were expanded to include changes in the nature, volume and terms of loans, changes in the quality of loan review systems and resources and the effects of regulatory, legal and other external factors. | |||
For each category of the loan portfolio, a level of risk, developed from a number of internal and external resources, is assigned to each of the qualitative criteria utilizing a scale ranging from zero (negligible risk) to 15 (high risk), with higher values potentially ascribed to exceptional levels of risk that exceed the standard range, as appropriate. The sum of the risk values, expressed as a whole number, is multiplied by .01% to arrive at an overall environmental loss factor, expressed in basis points, for each loan category. | |||
The Company incorporates its credit-rating classification system into the calculation of environmental loss factors by loan type by including risk-rating classification “weights” in its calculation of those factors. The Company’s risk-rating classification system ascribes a numerical rating of “1” through “9” to each loan within the portfolio. The ratings “5” through “9” represent the numerical equivalents of the traditional loan classifications “Watch”, “Special Mention”, “Substandard”, “Doubtful” and “Loss”, respectively, while lower ratings, “1” through “4”, represent risk-ratings within the least risky “Pass” category. The environmental loss factor applicable to each non-impaired loan within a category, as described above, is “weighted” by a multiplier based upon the loan’s risk-rating classification. Within any single loan category, a “higher” environmental loss factor is ascribed to those loans with comparatively higher risk-rating classifications resulting in a proportionately greater ALLL requirement attributable to such loans compared to the comparatively lower risk-rated loans within that category. | |||
In evaluating the impact of the level and trends in nonperforming loans on environmental loss factors, the Company first broadly considers the occurrence and overall magnitude of prior losses recognized on such loans over an extended period of time. For this purpose, losses are considered to include both charge offs as well as loan impairments for which valuation allowances have been recognized through provisions to the allowance for loan losses, but have not yet been charged off. To the extent that prior losses have generally been recognized on nonperforming loans within a category, a basis is established to recognize existing losses on loans collectively evaluated for impairment based upon the current levels of nonperforming loans within that category. Conversely, the absence of material prior losses attributable to delinquent or nonperforming loans within a category may significantly diminish, or even preclude, the consideration of the level of nonperforming loans in the calculation of the environmental loss factors attributable to that category of loans. | |||
Once the basis for considering the level of nonperforming loans on environmental loss factors is established, the Company then considers the current dollar amount of nonperforming loans by loan type in relation to the total outstanding balance of loans within the category. A greater portion of nonperforming loans within a category in relation to the total suggests a comparatively greater level of risk and expected loss within that loan category and vice-versa. | |||
In addition to considering the current level of nonperforming loans in relation to the total outstanding balance for each category, the Company also considers the degree to which those levels have changed from period to period. A significant and sustained increase in nonperforming loans over a 12-24 month period suggests a growing level of expected loss within that loan category and vice-versa. | |||
As noted above, the Company considers these factors in a qualitative, rather than quantitative fashion when ascribing the risk value, as described above, to the level and trends of nonperforming loans that is applicable to a particular loan category. As with all environmental loss factors, the risk value assigned ultimately reflects the Company’s best judgment as to the level of expected losses on loans collectively evaluated for impairment. | |||
The sum of the probable and estimable loan losses calculated through the first and second tiers of the loss measurement processes as described above, represents the total targeted balance for the Company’s allowance for loan losses at the end of a fiscal period. As noted earlier, the Company establishes all additional valuation allowances in the fiscal period during which additional individually identified loan impairments and additional estimated losses on loans collectively evaluated for impairment are identified. The Company adjusts its balance of valuation allowances through the provision for loan losses as required to ensure that the balance of the allowance for loan losses reflects all probable and estimable loans losses at the close of the fiscal period. Notwithstanding calculation methodology and the noted distinction between valuation allowances established on loans collectively versus individually evaluated for impairment, the Company’s entire allowance for loan losses is available to cover all charge-offs that arise from the loan portfolio. | |||
Although the Company’s allowance for loans losses is established in accordance with management’s best estimate, actual losses are dependent upon future events and, as such, further additions to the level of loan loss allowances may be necessary. | |||
Troubled Debt Restructurings | Troubled Debt Restructurings | ||
A modification to the terms of a loan is generally considered a TDR if the Company grants a concession to the borrower, that it would not otherwise consider for economic or legal reasons, related to the debtor’s financial difficulties. In granting the concession, the Company’s general objective is to make the best of a difficult situation by obtaining more cash or other value from the borrower or otherwise increase the probability of repayment. | |||
A TDR may include, but is not necessarily limited to, the modification of loan terms such as a temporary or permanent reduction of the loan’s stated interest rate, extension of the maturity date and/or reduction or deferral of amounts owed under the terms of the loan agreement. In measuring the impairment associated with restructured loans that qualify as TDRs, the Company compares the cash flows under the loan’s existing terms with those that are expected to be received in accordance with its modified terms. The difference between the comparative cash flows is discounted at the loan’s effective interest rate prior to modification to measure the associated impairment. The impairment is charged off directly against the allowance for loan loss at the time of restructuring resulting in a reduction in carrying value of the modified loan that is accreted into interest income as a yield adjustment over the remaining term of the modified cash flows. | |||
All restructured loans that qualify as TDRs are placed on nonaccrual status for a period of no less than six months after restructuring, irrespective of the borrower’s adherence to a TDR’s modified repayment terms during which time TDRs continue to be adversely classified and reported as impaired. TDRs may be returned to accrual status if (1) the borrower has paid timely P&I payments in accordance with the terms of the restructured loan agreement for no less than six consecutive months after restructuring, and (2) the Company expects to receive all P&I payments owed substantially in accordance with the terms of the restructured loan agreement at which time the loan may also be returned to a non-adverse classification while retaining its impaired status. | |||
Premises and Equipment | Premises and Equipment | ||
Land is carried at cost. Buildings and improvements, furnishings and equipment and leasehold improvements are carried at cost, less accumulated depreciation and amortization computed on the straight-line method over the following estimated useful lives: | |||
Years | |||
Building and improvements | 10 - 50 | ||
Furnishings and equipment | 20-Mar | ||
Leasehold improvements | Shorter of useful | ||
lives or lease term | |||
Construction in progress primarily represents facilities under construction for future use in our business and includes all costs to acquire land and construct buildings, as well as capitalized interest during the construction period. Interest is capitalized at the Company’s average cost of interest-bearing liabilities. | |||
Significant renewals and betterments are charged to the premises and equipment account. Maintenance and repairs are charged to operations in the year incurred. Rental income is netted against occupancy costs in the consolidated statements of income. | |||
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock | ||
Federal law requires a member institution of the FHLB system to hold restricted stock of its district FHLB according to a predetermined formula. The restricted stock is carried at cost, less any applicable impairment. | |||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | ||
Goodwill and other intangible assets principally represent the excess cost over the fair value of the net assets of the institutions acquired in purchase transactions. Goodwill is evaluated annually by reporting unit and an impairment loss recorded if indicated. The impairment test is performed in two phases. The first step of the goodwill impairment test compares the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired; however, if the carrying amount of the reporting unit exceeds its fair value, an additional impairment evaluation must be performed. That additional evaluation compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. An impairment loss is recorded to the extent that the carrying amount of goodwill exceeds its implied fair value. No impairment charges were required to be recorded in the years ended June 30, 2014, 2013 or 2012. If an impairment loss is determined to exist in the future, such loss will be reflected as an expense in the consolidated statements of income in the period in which the impairment loss is determined. The balance of other intangible assets at June 30, 2014 totaled $790,000 representing the remaining unamortized balance of the core deposit intangibles ascribed to the value of deposits acquired by the Bank through the acquisition of Central Jersey Bancorp in November 2010 and Atlas Bank in June 2014. | |||
Bank Owned Life Insurance | Bank Owned Life Insurance | ||
Bank owned life insurance is accounted for using the cash surrender value method and is recorded at its net realizable value. The change in the net asset value is recorded as a component of non-interest income. A deferred liability has been recorded for the estimated cost of postretirement life insurance benefits accruing to applicable employees and directors covered by an endorsement split-dollar life insurance arrangement. The Company recorded additional (gain) expense of approximately $(9,000), $14,000 and $25,000 for the years ended June 30, 2014, 2013 and 2012, respectively, attributable to this deferred liability. | |||
Transfers of Financial Assets | Transfers of Financial Assets | ||
Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company—put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. | |||
Income Taxes | Income Taxes | ||
The Company and its subsidiaries file consolidated federal income tax returns. Federal income taxes are allocated to each entity based on their respective contributions to the taxable income of the consolidated income tax returns. Separate state income tax returns are filed for the Company and each of its subsidiaries on an unconsolidated basis. | |||
Federal and state income taxes have been provided on the basis of the Company’s income or loss as reported in accordance with GAAP. The amounts reflected on the Company’s state and federal income tax returns differ from these provisions due principally to temporary differences in the reporting of certain items for financial statement reporting and income tax reporting purposes. The tax effect of these temporary differences is accounted for as deferred taxes applicable to future periods. Deferred income tax expense or benefit is determined by recognizing deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. The realization of deferred tax assets is assessed and a valuation allowance provided for the full amount which is not more likely than not to be realized. | |||
The Company identified no significant income tax uncertainties through the evaluation of its income tax positions as of June 30, 2014 and June 30, 2013. Therefore, the Company has no unrecognized income tax benefits as of those dates. Our policy is to recognize interest and penalties on unrecognized tax benefits in income tax expense in the consolidated statements of income. The Company recognized no interest and penalties during the years ended June 30, 2014, 2013 and 2012. The tax years subject to examination by the taxing authorities are the years ended June 30, 2013, 2012 and 2011. | |||
Other Comprehensive Income | Other Comprehensive Income | ||
The Company records unrealized gains and losses, net of deferred income taxes, on available for sale mortgage-backed and non-mortgage-backed securities in accumulated other comprehensive income. Unrealized losses on available for sale securities recorded through OCI are generally considered “temporary” security impairments. Realized gains and losses, if any, are reclassified to non-interest income upon sale of the related securities. | |||
The Company also records changes in the fair value of interest rate derivatives used in its cash flow hedging activities, net of deferred income tax, in accumulated other comprehensive income. | |||
OCI also includes benefit plan amounts recognized in accordance with applicable accounting standards. This adjustment to OCI reflects, net of deferred income tax, transition obligations, prior service costs and unrealized net losses that had not been recognized in the consolidated financial statements prior to the implementation of those standards. | |||
Derivatives and Hedging | Derivatives and Hedging | ||
The Company utilizes derivative instruments in the form of interest rate swaps and caps to hedge its exposure to interest rate risk in conjunction with its overall asset/liability management process. In accordance with accounting requirements, the Company formally designates all of its hedging relationships as either fair value hedges, intended to offset the changes in the value of certain financial instruments due to movements in interest rates, or cash flow hedges, intended to offset changes in the cash flows of certain financial instruments due to movement in interest rates, and documents the strategy for undertaking the hedge transactions and its method of assessing ongoing effectiveness. The Company does not use derivative instruments for speculative purposes. | |||
All derivatives are recognized as either assets or liabilities in the Consolidated Financial Statements at their fair values. For a derivative designated as a cash flow hedge, the ineffective portion of changes in fair value (i.e. gain or loss) is reported in current period earnings. The effective portion of the change in fair value is initially recorded as a component of other comprehensive income (loss) and subsequently reclassified into earnings when the hedged transaction effects earnings. For a derivative designated as a fair value hedge, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current earnings. | |||
Derivative instruments qualify for hedge accounting treatment only if they are designated as such on the date on which the derivative contracted is entered and are expected to be, and are, effective in substantially reducing interest rate risk arising from the assets and liabilities identified as exposing the Company to risk. Those derivative financial instruments that do not meet the hedging criteria discussed below would be classified as undesignated derivatives and would be recorded at fair value with changes in fair value recorded in income. | |||
Derivative hedge contracts must meet specific effectiveness tests (i.e., over time the change in their fair values due to the designated hedge risk must be within 80 to 125 percent of the opposite change in the fair values of the hedged assets or liabilities). Changes in fair value of the derivative financial instruments must be effective at offsetting changes in the fair value of the hedged items due to the designated hedge risk during the term of the hedge. | |||
The Company formally assesses, both at the hedges’ inception, and on an on-going basis, whether derivatives used in hedging transactions have been highly effective in offsetting changes in cash flows of hedged items and whether those derivatives are expected to remain highly effective in subsequent periods. The Company discontinues hedge accounting when (a) it determines that a derivative is no longer effective in offsetting changes in cash flows of a hedged item; (b) the derivative expires or is sold, terminated or exercised; (c) probability exists that the forecasted transaction will no longer occur; or (d) management determines that designating the derivative as a hedging instrument is no longer appropriate. In all cases in which hedge accounting is discontinued and a derivative remains outstanding, the Company will carry the derivative at fair value in the Consolidated Financial Statements, recognizing changes in fair value in current period income in the consolidated statement of income. | |||
In accordance with the applicable accounting guidance, the Company takes into account the impact of collateral and master netting agreements that allow it to settle all derivative contracts held with a single counterparty on a net basis, and to offset the net derivative position with the related collateral when recognizing derivative assets and liabilities. As a result, the Company’s Statements of Financial Condition could reflect derivative contracts with negative fair values included in derivative assets, and contracts with positive fair values included in derivative liabilities. | |||
The Company’s interest rate derivatives are comprised entirely of interest rate swaps and caps hedging floating-rate and forecasted issuances of fixed-rate liabilities and accounted for as cash flow hedges. The carrying value of interest rate derivatives is included in the balance of other assets or other liabilities and comprises the remaining unamortized cost of interest rate caps and the cumulative changes in the fair value of interest rate derivatives. Such changes in fair value are offset against accumulated other comprehensive income, net of deferred income tax. | |||
In general, the cash flows received and/or exchanged with counterparties for those derivatives qualifying as interest rate hedges, and the amortization of the original cost of qualifying caps, are generally classified in the financial statements in the same category as the cash flows of the items being hedged. | |||
Interest differentials paid or received under the swap and cap agreements are reflected as adjustments to interest expense. The notional amounts of the interest rate swaps are not exchanged and do not represent exposure to credit loss. In the event of default by a counter party, the risk in these transactions is the cost of replacing the agreements at current market rates. | |||
Net Income per Common Share ("EPS") | Net Income per Common Share (“EPS”) | ||
Basic EPS is based on the weighted average number of common shares actually outstanding adjusted for the Employee Stock Ownership Plan (“the ESOP”) shares not yet committed to be released. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as outstanding stock options, were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Diluted EPS is calculated by adjusting the weighted average number of shares of common stock outstanding to include the effect of contracts or securities exercisable or which could be converted into common stock, if dilutive, using the treasury stock method. Shares issued and reacquired during any period are weighted for the portion of the period they were outstanding. | |||
Stock Compensation Plans | Stock Compensation Plans | ||
Upon approval of the Kearny Financial Corp. 2005 Stock Compensation and Incentive Plan on October 24, 2005, the Company adopted applicable accounting standards requiring the expensing of the fair value of all options granted over their vesting periods and the fair value of all share-based compensation granted over the requisite service periods. | |||
Advertising and Marketing Expenses | Advertising and Marketing Expenses | ||
The Company expenses advertising and marketing costs as incurred. | |||
Subsequent Events | Subsequent Events | ||
The Company has evaluated events and transactions occurring subsequent to the consolidated statement of condition date of June 30, 2014, for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date these consolidated financial statements were issued and resulted in the identification and disclosure of the subsequent event discussed below. | |||
On September 4, 2014, the Boards of Directors of Kearny MHC (the majority stockholder of the Company), the Company and the Bank adopted a Plan of Conversion and Reorganization (the “Plan”). Pursuant to the Plan, Kearny MHC will convert from the mutual holding company form of organization to the fully public form. Kearny MHC will be merged into the Company, and Kearny MHC will no longer exist. The Company will then merge into a new Maryland corporation also named Kearny Financial Corp. | |||
As part of the conversion, Kearny MHC’s ownership interest of the Company will be offered for sale in a public offering. The existing publicly held shares of the Company, which represent the remaining ownership interest in the Company, will be exchanged for new shares of common stock of the new Maryland corporation. The exchange ratio will ensure that immediately after the conversion and public offering, the public shareholders of the Company will own the same aggregate percentage of common stock of the new Maryland corporation that they owned immediately prior to the completion of the conversion and public offering (excluding shares purchased in the stock offering and cash received in lieu of fractional shares). | |||
When the conversion and public offering are completed, all of the capital stock of the Company will be owned by the new Maryland corporation. The Plan provides for the establishment, upon the completion of the conversion, of special “liquidation accounts” for the benefit of certain depositors of the Company in an amount equal to the greater of Kearny MHC’s ownership interest in the retained earnings of the Company as of the date of the latest balance sheet contained in the prospectus plus the value of the net assets of Kearny MHC as of the date of the latest statement of financial condition of Kearny MHC prior to the consummation of the conversion (excluding its ownership of the Company). | |||
Following the completion of the conversion, under the rules of the FRB, the Bank will not be permitted to pay dividends on its capital stock to the Company, its sole shareholder, if the Company’s shareholder’s equity would be reduced below the amount of the liquidation accounts. The liquidation accounts will be reduced annually to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holder’s interest in the liquidation accounts. Direct costs of the conversion and public offering will be deferred and reduce the proceeds from the shares sold in the public offering. No costs have been incurred as of June 30, 2014 related to the conversion. | |||
Merger-related Expenses | Merger-related Expenses | ||
Merger-related expenses are recorded in the consolidated statements of income and include $391,000 of direct costs relating to the Bank’s acquisition of Atlas Bank on June 30, 2014. Acquisition-related transaction and restructuring costs incurred by the Company are charged to expense as incurred. |
Net_Income_Per_Common_Share_EP1
Net Income Per Common Share ("EPS") (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||
Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share Computations | The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations: | The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations: | ||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | Year Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2014 | Income | Shares | Per Share | ||||||||||||||||||||||||||||||||||
Income | Shares | Per | Income | Shares | Per | (Numerator) | (Denominator) | Amount | ||||||||||||||||||||||||||||||
(Numerator) | (Denominator) | Share | (Numerator) | (Denominator) | Share | (In Thousands, Except Per Share Data) | ||||||||||||||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||||||||||||||||
(In Thousands, Except Per Share Data) | (In Thousands, Except Per Share Data) | Net income | $ | 10,188 | ||||||||||||||||||||||||||||||||||
Net income | $ | 2,169 | $ | 5,092 | ||||||||||||||||||||||||||||||||||
Basic earnings per share, income available to common stockholders | $ | 10,188 | 65,796 | $ | 0.16 | |||||||||||||||||||||||||||||||||
Basic earnings per share, income available to common stockholders | $ | 2,169 | 67,042 | $ | 0.03 | $ | 5,092 | 67,009 | $ | 0.08 | ||||||||||||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||||||||||||||||
Effect of dilutive securities: | Stock options | — | 40 | |||||||||||||||||||||||||||||||||||
Stock options | — | 13 | — | 176 | ||||||||||||||||||||||||||||||||||
$ | 2,169 | 67,055 | $ | 0.03 | $ | 5,092 | 67,185 | $ | 0.08 | Diluted earnings per share | $ | 10,188 | 65,836 | $ | 0.16 | |||||||||||||||||||||||
Three Months Ended | Six Months Ended | Year Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2013 | Income | Shares | Per Share | ||||||||||||||||||||||||||||||||||
Income | Shares | Per | Income | Shares | Per | (Numerator) | (Denominator) | Amount | ||||||||||||||||||||||||||||||
(Numerator) | (Denominator) | Share | (Numerator) | (Denominator) | Share | (In Thousands, Except Per Share Data) | ||||||||||||||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||||||||||||||||
(In Thousands, Except Per Share Data) | (In Thousands, Except Per Share Data) | Net income | $ | 6,506 | ||||||||||||||||||||||||||||||||||
Net income | $ | 2,987 | $ | 5,573 | ||||||||||||||||||||||||||||||||||
Basic earnings per share, income available to common stockholders | $ | 6,506 | 66,152 | $ | 0.1 | |||||||||||||||||||||||||||||||||
Basic earnings per share, income available to common stockholders | $ | 2,987 | 65,767 | $ | 0.05 | $ | 5,573 | 65,851 | $ | 0.08 | ||||||||||||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||||||||||||||||
Effect of dilutive securities: | Stock options | — | — | |||||||||||||||||||||||||||||||||||
Stock options | — | — | — | — | ||||||||||||||||||||||||||||||||||
$ | 2,987 | 65,767 | $ | 0.05 | $ | 5,573 | 65,851 | $ | 0.08 | Diluted earnings per share | $ | 6,506 | 66,152 | $ | 0.1 | |||||||||||||||||||||||
Year Ended June 30, 2012 | ||||||||||||||||||||||||||||||||||||||
Income | Shares | Per Share | ||||||||||||||||||||||||||||||||||||
(Numerator) | (Denominator) | Amount | ||||||||||||||||||||||||||||||||||||
(In Thousands, Except Per Share Data) | ||||||||||||||||||||||||||||||||||||||
Net income | $ | 5,078 | ||||||||||||||||||||||||||||||||||||
Basic earnings per share, income available to common stockholders | $ | 5,078 | 66,495 | $ | 0.08 | |||||||||||||||||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||||||||||||||||
Stock options | — | — | ||||||||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 5,078 | 66,495 | $ | 0.08 | |||||||||||||||||||||||||||||||||
Securities_Available_for_Sale_
Securities Available for Sale (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||||||||||||||||||
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Securities | The amortized cost, gross unrealized gains and losses and fair values of debt and mortgage-backed securities available for sale at December 31, 2014 and June 30, 2014 and stratification by contractual maturity of debt securities available for sale at December 31, 2014 are presented below: | Amortized cost, gross unrealized gains and losses and fair value of debt securities and mortgage-backed securities at June 30, 2014 and 2013 and stratification by contractual maturity of debt securities at June 30, 2014 are presented below: | ||||||||||||||||||||||||||||||||
December 31, 2014 | June 30, 2014 | |||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | Amortized | Gross | Gross | Carrying | |||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||||||||
Gains | Losses | Gains | Losses | |||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||
Securities available for sale: | Securities available for sale: | |||||||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||||||
U.S. agency securities | $ | 7,814 | $ | 63 | $ | 13 | $ | 7,864 | Debt securities: | |||||||||||||||||||||||||
Obligations of state and political subdivisions | 27,525 | 137 | 219 | 27,443 | ||||||||||||||||||||||||||||||
Asset-backed securities | 87,550 | 1,259 | 202 | 88,607 | U.S. agency securities | $ | 4,159 | $ | 48 | $ | 2 | $ | 4,205 | |||||||||||||||||||||
Collateralized loan obligations | 128,607 | — | 2,299 | 126,308 | Obligations of state and political subdivisions | 27,537 | 9 | 773 | 26,773 | |||||||||||||||||||||||||
Corporate bonds | 163,064 | 431 | 1,079 | 162,416 | Asset-backed securities | 87,480 | 663 | 827 | 87,316 | |||||||||||||||||||||||||
Trust preferred securities | 8,891 | 20 | 1,091 | 7,820 | Collateralized loan obligations | 120,089 | — | 517 | 119,572 | |||||||||||||||||||||||||
Corporate bonds | 163,076 | 617 | 1,459 | 162,234 | ||||||||||||||||||||||||||||||
Total debt securities | 423,451 | 1,910 | 4,903 | 420,458 | Trust preferred securities | 8,887 | 32 | 1,121 | 7,798 | |||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 31,637 | — | 470 | 31,167 | Total debt securities | 411,228 | 1,369 | 4,699 | 407,898 | |||||||||||||||||||||||||
Federal National Mortgage Association | 49,017 | 16 | 1,206 | 47,827 | ||||||||||||||||||||||||||||||
Non-agency securities | 184 | — | 2 | 182 | ||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||
Total collateralized mortgage obligations | 80,838 | 16 | 1,678 | 79,176 | ||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||||||||||||||||||||
Mortgage pass-through securities: | ||||||||||||||||||||||||||||||||||
Residential pass-through securities: | Federal Home Loan Mortgage Corporation | 33,505 | — | 485 | 33,020 | |||||||||||||||||||||||||||||
Government National Mortgage Association | 2,748 | 261 | 1 | 3,008 | Federal National Mortgage Association | 51,277 | 12 | 1,249 | 50,040 | |||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 171,495 | 2,908 | 772 | 173,631 | Non-agency securities | 210 | — | — | 210 | |||||||||||||||||||||||||
Federal National Mortgage Association | 116,052 | 3,604 | 373 | 119,283 | ||||||||||||||||||||||||||||||
Total residential pass-through securities | 290,295 | 6,773 | 1,146 | 295,922 | Total collateralized mortgage obligations | 84,992 | 12 | 1,734 | 83,270 | |||||||||||||||||||||||||
Commercial pass-through securities: | ||||||||||||||||||||||||||||||||||
Federal National Mortgage Association | 16,375 | 75 | — | 16,450 | Mortgage pass-through securities: | |||||||||||||||||||||||||||||
Total commercial pass-through securities | 16,375 | 75 | — | 16,450 | Residential pass-through securities: | |||||||||||||||||||||||||||||
Government National Mortgage Association | 3,055 | 221 | — | 3,276 | ||||||||||||||||||||||||||||||
Total mortgage-backed securities | 387,508 | 6,864 | 2,824 | 391,548 | Federal Home Loan Mortgage Corporation | 196,882 | 3,937 | 1,929 | 198,890 | |||||||||||||||||||||||||
Federal National Mortgage Association | 147,873 | 4,750 | 836 | 151,787 | ||||||||||||||||||||||||||||||
Total securities available for sale | $ | 810,959 | $ | 8,774 | $ | 7,727 | $ | 812,006 | ||||||||||||||||||||||||||
Total residential pass-through securities | 347,810 | 8,908 | 2,765 | 353,953 | ||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||
Total mortgage-backed securities | 432,802 | 8,920 | 4,499 | 437,223 | ||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||
Gains | Losses | Total securities available for sale | $ | 844,030 | $ | 10,289 | $ | 9,198 | $ | 845,121 | ||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||
Securities held to maturity: | ||||||||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||||||
U.S. agency securities | $ | 144,349 | $ | 6 | $ | 1,408 | $ | 142,947 | ||||||||||||||||||||||||||
Obligations of state and political subdivisions | 72,065 | 15 | 1,555 | 70,525 | ||||||||||||||||||||||||||||||
June 30, 2013 | ||||||||||||||||||||||||||||||||||
Total debt securities | 216,414 | 21 | 2,963 | 213,472 | Amortized | Gross | Gross | Carrying | ||||||||||||||||||||||||||
Mortgage-backed securities: | Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | Gains | Losses | ||||||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 20 | 2 | — | 22 | (In Thousands) | |||||||||||||||||||||||||||||
Federal National Mortgage Association | 264 | 30 | — | 294 | ||||||||||||||||||||||||||||||
Non-agency securities | 54 | — | 1 | 53 | Securities available for sale: | |||||||||||||||||||||||||||||
Total collateralized mortgage obligations | 338 | 32 | 1 | 369 | Debt securities: | |||||||||||||||||||||||||||||
Mortgage pass-through securities: | U.S. agency securities | $ | 4,955 | $ | 60 | $ | — | $ | 5,015 | |||||||||||||||||||||||||
Residential pass-through securities: | Obligations of state and political subdivisions | 27,560 | — | 2,253 | 25,307 | |||||||||||||||||||||||||||||
Government National Mortgage Association | 9 | — | — | 9 | Asset-backed securities | 25,417 | 1 | 620 | 24,798 | |||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 283 | 4 | — | 287 | Collateralized loan obligations | 78,366 | 190 | 70 | 78,486 | |||||||||||||||||||||||||
Federal National Mortgage Association | 114,276 | 140 | 83 | 114,333 | Corporate bonds | 160,107 | 34 | 949 | 159,192 | |||||||||||||||||||||||||
Trust preferred securities | 8,878 | — | 1,554 | 7,324 | ||||||||||||||||||||||||||||||
Total residential pass-through securities | 114,568 | 144 | 83 | 114,629 | ||||||||||||||||||||||||||||||
Commercial pass-through securities: | Total debt securities | 305,283 | 285 | 5,446 | 300,122 | |||||||||||||||||||||||||||||
Federal National Mortgage Association | 180,752 | 73 | 2,042 | 178,783 | ||||||||||||||||||||||||||||||
Total commercial pass-through securities | 180,752 | 73 | 2,042 | 178,783 | Mortgage-backed securities: | |||||||||||||||||||||||||||||
Total mortgage-backed securities | 295,658 | 249 | 2,126 | 293,781 | Collateralized mortgage obligations: | |||||||||||||||||||||||||||||
Total securities held to maturity | $ | 512,072 | $ | 270 | $ | 5,089 | $ | 507,253 | Federal Home Loan Mortgage Corporation | 9,825 | — | 470 | 9,355 | |||||||||||||||||||||
Federal National Mortgage Association | 56,158 | 24 | 3,055 | 53,127 | ||||||||||||||||||||||||||||||
Total collateralized mortgage obligations | 65,983 | 24 | 3,525 | 62,482 | ||||||||||||||||||||||||||||||
Mortgage pass-through securities: | ||||||||||||||||||||||||||||||||||
Residential pass-through securities: | ||||||||||||||||||||||||||||||||||
Government National Mortgage Association | 5,889 | 444 | — | 6,333 | ||||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 290,133 | 4,827 | 4,600 | 290,360 | ||||||||||||||||||||||||||||||
Federal National Mortgage Association | 326,356 | 9,050 | 3,945 | 331,461 | ||||||||||||||||||||||||||||||
Total residential pass-through securities | 622,378 | 14,321 | 8,545 | 628,154 | ||||||||||||||||||||||||||||||
Commercial pass-through securities: | ||||||||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 116 | 2 | — | 118 | ||||||||||||||||||||||||||||||
Federal National Mortgage Association | 94,389 | 3 | 4,494 | 89,898 | ||||||||||||||||||||||||||||||
Total commercial pass-through securities | 94,505 | 5 | 4,494 | 90,016 | ||||||||||||||||||||||||||||||
Total mortgage-backed securities | 782,866 | 14,350 | 16,564 | 780,652 | ||||||||||||||||||||||||||||||
Total securities available for sale | $ | 1,088,149 | $ | 14,635 | $ | 22,010 | $ | 1,080,774 | ||||||||||||||||||||||||||
Securities_Held_to_Maturity_Ta
Securities Held to Maturity (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Securities | The amortized cost, gross unrealized gains and losses and fair values of debt and mortgage-backed securities held to maturity at December 31, 2014 and June 30, 2014 and stratification by contractual maturity of debt securities held to maturity at December 31, 2014 are presented below: | Amortized cost, gross unrealized gains and losses and fair value of debt securities and mortgage-backed securities at June 30, 2014 and 2013 and stratification by contractual maturity of debt securities at June 30, 2014 are presented below: | ||||||||||||||||||||||||||||||||
December 31, 2014 | June 30, 2014 | |||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | Carrying | Gross | Gross | Fair Value | |||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | Value | Unrealized | Unrealized | ||||||||||||||||||||||||||||
Gains | Losses | Gains | Losses | |||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||
Securities held to maturity: | ||||||||||||||||||||||||||||||||||
Debt securities: | Securities held to maturity: | |||||||||||||||||||||||||||||||||
U.S. agency securities | $ | 144,236 | $ | 5 | $ | 1,394 | $ | 142,847 | ||||||||||||||||||||||||||
Obligations of state and political subdivisions | 75,670 | 271 | 724 | 75,217 | Debt securities: | |||||||||||||||||||||||||||||
Total debt securities | 219,906 | 276 | 2,118 | 218,064 | U.S. agency securities | $ | 144,349 | $ | 6 | $ | 1,408 | $ | 142,947 | |||||||||||||||||||||
Mortgage-backed securities: | Obligations of state and political subdivisions | 72,065 | 15 | 1,555 | 70,525 | |||||||||||||||||||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 19 | 2 | — | 21 | ||||||||||||||||||||||||||||||
Federal National Mortgage Association | 241 | 26 | — | 267 | Total debt securities | 216,414 | 21 | 2,963 | 213,472 | |||||||||||||||||||||||||
Non-agency securities | 46 | — | 2 | 44 | ||||||||||||||||||||||||||||||
Total collateralized mortgage obligations | 306 | 28 | 2 | 332 | Mortgage-backed securities: | |||||||||||||||||||||||||||||
Mortgage pass-through securities: | Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||
Residential pass-through securities: | ||||||||||||||||||||||||||||||||||
Government National Mortgage Association | 9 | 1 | — | 10 | Federal Home Loan Mortgage Corporation | 20 | 2 | — | 22 | |||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 258 | 15 | — | 273 | Federal National Mortgage Association | 264 | 30 | — | 294 | |||||||||||||||||||||||||
Federal National Mortgage Association | 129,223 | 1,943 | — | 131,166 | Non-agency securities | 54 | — | 1 | 53 | |||||||||||||||||||||||||
Total residential pass-through securities | 129,490 | 1,959 | — | 131,449 | ||||||||||||||||||||||||||||||
Total collateralized mortgage obligations | 338 | 32 | 1 | 369 | ||||||||||||||||||||||||||||||
Commercial pass-through securities: | ||||||||||||||||||||||||||||||||||
Government National Mortgage Association | 10,305 | — | 188 | 10,117 | ||||||||||||||||||||||||||||||
Federal National Mortgage Association | 182,428 | 1,812 | 429 | 183,811 | Mortgage pass-through securities: | |||||||||||||||||||||||||||||
Total commercial pass-through securities | 192,733 | 1,812 | 617 | 193,928 | Residential pass-through securities: | |||||||||||||||||||||||||||||
Government National Mortgage Association | 9 | — | — | 9 | ||||||||||||||||||||||||||||||
Total mortgage-backed securities | 322,529 | 3,799 | 619 | 325,709 | Federal Home Loan Mortgage Corporation | 283 | 4 | — | 287 | |||||||||||||||||||||||||
Federal National Mortgage Association | 114,276 | 140 | 83 | 114,333 | ||||||||||||||||||||||||||||||
Total securities held to maturity | $ | 542,435 | $ | 4,075 | $ | 2,737 | $ | 543,773 | ||||||||||||||||||||||||||
June 30, 2014 | Total residential pass-through securities | 114,568 | 144 | 83 | 114,629 | |||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||
Gains | Losses | Commercial pass-through securities: | ||||||||||||||||||||||||||||||||
(In Thousands) | Federal National Mortgage Association | 180,752 | 73 | 2,042 | 178,783 | |||||||||||||||||||||||||||||
Securities held to maturity: | ||||||||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||||||
U.S. agency securities | $ | 144,349 | $ | 6 | $ | 1,408 | $ | 142,947 | Total commercial pass-through securities | 180,752 | 73 | 2,042 | 178,783 | |||||||||||||||||||||
Obligations of state and political subdivisions | 72,065 | 15 | 1,555 | 70,525 | ||||||||||||||||||||||||||||||
Total debt securities | 216,414 | 21 | 2,963 | 213,472 | Total mortgage-backed securities | 295,658 | 249 | 2,126 | 293,781 | |||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 20 | 2 | — | 22 | Total securities held to maturity | $ | 512,072 | $ | 270 | $ | 5,089 | $ | 507,253 | |||||||||||||||||||||
Federal National Mortgage Association | 264 | 30 | — | 294 | ||||||||||||||||||||||||||||||
Non-agency securities | 54 | — | 1 | 53 | ||||||||||||||||||||||||||||||
Total collateralized mortgage obligations | 338 | 32 | 1 | 369 | ||||||||||||||||||||||||||||||
Mortgage pass-through securities: | June 30, 2013 | |||||||||||||||||||||||||||||||||
Residential pass-through securities: | Carrying | Gross | Gross | Fair Value | ||||||||||||||||||||||||||||||
Government National Mortgage Association | 9 | — | — | 9 | Value | Unrealized | Unrealized | |||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 283 | 4 | — | 287 | Gains | Losses | ||||||||||||||||||||||||||||
Federal National Mortgage Association | 114,276 | 140 | 83 | 114,333 | (In Thousands) | |||||||||||||||||||||||||||||
Total residential pass-through securities | 114,568 | 144 | 83 | 114,629 | Securities held to maturity: | |||||||||||||||||||||||||||||
Commercial pass-through securities: | Debt securities: | |||||||||||||||||||||||||||||||||
Federal National Mortgage Association | 180,752 | 73 | 2,042 | 178,783 | ||||||||||||||||||||||||||||||
U.S. agency securities | $ | 144,747 | $ | 14 | $ | 3,622 | $ | 141,139 | ||||||||||||||||||||||||||
Total commercial pass-through securities | 180,752 | 73 | 2,042 | 178,783 | Obligations of state and political subdivisions | 65,268 | 4 | 4,083 | 61,189 | |||||||||||||||||||||||||
Total mortgage-backed securities | 295,658 | 249 | 2,126 | 293,781 | ||||||||||||||||||||||||||||||
Total debt securities | 210,015 | 18 | 7,705 | 202,328 | ||||||||||||||||||||||||||||||
Total securities held to maturity | $ | 512,072 | $ | 270 | $ | 5,089 | $ | 507,253 | ||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 22 | 3 | — | 25 | ||||||||||||||||||||||||||||||
Federal National Mortgage Association | 350 | 32 | — | 382 | ||||||||||||||||||||||||||||||
Non-agency securities | 105 | 3 | 2 | 106 | ||||||||||||||||||||||||||||||
Total collateralized mortgage obligations | 477 | 38 | 2 | 513 | ||||||||||||||||||||||||||||||
Mortgage pass-through securities: | ||||||||||||||||||||||||||||||||||
Residential pass-through securities: | ||||||||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | 98 | 4 | — | 102 | ||||||||||||||||||||||||||||||
Federal National Mortgage Association | 231 | 9 | — | 240 | ||||||||||||||||||||||||||||||
Total residential pass-through securities | 329 | 13 | — | 342 | ||||||||||||||||||||||||||||||
Commercial pass-through securities: | ||||||||||||||||||||||||||||||||||
Federal National Mortgage Association | 100,308 | — | 4,716 | 95,592 | ||||||||||||||||||||||||||||||
Total commercial pass-through securities | 100,308 | — | 4,716 | 95,592 | ||||||||||||||||||||||||||||||
Total mortgage-backed securities | 101,114 | 51 | 4,718 | 96,447 | ||||||||||||||||||||||||||||||
Total securities held to maturity | $ | 311,129 | $ | 69 | $ | 12,423 | $ | 298,775 | ||||||||||||||||||||||||||
Securities Available for Sale [Member] | ||||||||||||||||||||||||||||||||||
Stratification by Contractual Maturity of Securities | stratification by contractual maturity of debt securities at June 30, 2014 are presented below: | |||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||
Debt securities available for sale: | ||||||||||||||||||||||||||||||||||
Due in one year or less | $ | — | $ | — | June 30, 2014 | |||||||||||||||||||||||||||||
Due after one year through five years | 20,048 | 20,175 | Amortized | Fair | ||||||||||||||||||||||||||||||
Due after five years through ten years | 152,413 | 151,661 | Cost | Value | ||||||||||||||||||||||||||||||
Due after ten years | 250,990 | 248,622 | (In Thousands) | |||||||||||||||||||||||||||||||
Debt securities available for sale: | ||||||||||||||||||||||||||||||||||
Total | $ | 423,451 | $ | 420,458 | Due in one year or less | $ | — | $ | — | |||||||||||||||||||||||||
Due after one year through five years | 20,059 | 20,221 | ||||||||||||||||||||||||||||||||
Due after five years through ten years | 172,269 | 171,118 | ||||||||||||||||||||||||||||||||
Due after ten years | 218,900 | 216,559 | ||||||||||||||||||||||||||||||||
$ | 411,228 | $ | 407,898 | |||||||||||||||||||||||||||||||
Securities Held to Maturity [Member] | ||||||||||||||||||||||||||||||||||
Stratification by Contractual Maturity of Securities | Stratification by contractual maturity of securities at June 30, 2014 are presented below: | |||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||
Debt securities available for sale: | ||||||||||||||||||||||||||||||||||
Due in one year or less | $ | 6,302 | $ | 6,312 | June 30, 2014 | |||||||||||||||||||||||||||||
Due after one year through five years | 149,359 | 147,917 | Amortized | Fair | ||||||||||||||||||||||||||||||
Due after five years through ten years | 39,395 | 39,164 | Cost | Value | ||||||||||||||||||||||||||||||
Due after ten years | 24,850 | 24,671 | (In Thousands) | |||||||||||||||||||||||||||||||
Debt securities held to maturity: | ||||||||||||||||||||||||||||||||||
Total | $ | 219,906 | $ | 218,064 | Due in one year or less | $ | 5,809 | $ | 5,825 | |||||||||||||||||||||||||
Due after one year through five years | 146,079 | 144,664 | ||||||||||||||||||||||||||||||||
Due after five years through ten years | 37,107 | 36,442 | ||||||||||||||||||||||||||||||||
Due after ten years | 27,419 | 26,541 | ||||||||||||||||||||||||||||||||
$ | 216,414 | $ | 213,472 | |||||||||||||||||||||||||||||||
Impairment_of_Securities_Table
Impairment of Securities (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||
Securities Available for Sale [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Values and Gross Unrealized Losses on Investments | The following two tables summarize the fair values and gross unrealized losses within the available for sale and held to maturity portfolios. | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Securities Available for Sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. agency securities | $ | 1,570 | $ | 8 | $ | 856 | $ | 5 | $ | 2,426 | $ | 13 | Securities available for sale: | |||||||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | 656 | 2 | 11,952 | 217 | 12,608 | 219 | June 30, 2014: | |||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | — | — | 30,121 | 202 | 30,121 | 202 | U.S. agency securities | $ | 826 | $ | 1 | $ | 84 | $ | 1 | $ | 910 | $ | 2 | |||||||||||||||||||||||||||||||
Collateralized loan obligations | 126,309 | 2,299 | — | — | 126,309 | 2,299 | Obligations of state and political subdivisions | 946 | 3 | 23,140 | 770 | 24,086 | 773 | |||||||||||||||||||||||||||||||||||||
Corporate bonds | 43,814 | 203 | 54,178 | 876 | 97,992 | 1,079 | Asset-backed securities | 28,404 | 630 | 25,169 | 197 | 53,573 | 827 | |||||||||||||||||||||||||||||||||||||
Trust preferred securities | — | — | 6,800 | 1,091 | 6,800 | 1,091 | Collateralized loan obligations | 84,705 | 270 | 24,829 | 247 | 109,534 | 517 | |||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 26,739 | 222 | 47,010 | 1,456 | 73,749 | 1,678 | Corporate bonds | 19,790 | 210 | 53,811 | 1,249 | 73,601 | 1,459 | |||||||||||||||||||||||||||||||||||||
Residential pass-through securities | 43,435 | 306 | 75,149 | 840 | 118,584 | 1,146 | Trust preferred securities | — | — | 6,766 | 1,121 | 6,766 | 1,121 | |||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 21,806 | 219 | 50,028 | 1,515 | 71,834 | 1,734 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 242,523 | $ | 3,040 | $ | 226,066 | $ | 4,687 | $ | 468,589 | $ | 7,727 | Residential pass-through securities | — | — | 123,666 | 2,765 | 123,666 | 2,765 | |||||||||||||||||||||||||||||||
Total | $ | 156,477 | $ | 1,333 | $ | 307,493 | $ | 7,865 | $ | 463,970 | $ | 9,198 | ||||||||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | June 30, 2013: | ||||||||||||||||||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | Obligations of state and political subdivisions | $ | 25,307 | $ | 2,253 | $ | — | $ | — | $ | 25,307 | $ | 2,253 | ||||||||||||||||||||||||||||||||
(In Thousands) | Asset-backed securities | 19,675 | 620 | — | — | 19,675 | 620 | |||||||||||||||||||||||||||||||||||||||||||
Securities Available for Sale: | Collateralized loan obligations | 27,930 | 70 | — | — | 27,930 | 70 | |||||||||||||||||||||||||||||||||||||||||||
U.S. agency securities | $ | 826 | $ | 1 | $ | 84 | $ | 1 | $ | 910 | $ | 2 | Corporate bonds | 149,190 | 949 | — | — | 149,190 | 949 | |||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | 946 | 3 | 23,140 | 770 | 24,086 | 773 | Trust preferred securities | — | — | 6,324 | 1,554 | 6,324 | 1,554 | |||||||||||||||||||||||||||||||||||||
Asset-backed securities | 28,404 | 630 | 25,169 | 197 | 53,573 | 827 | Collateralized mortgage obligations | 60,740 | 3,525 | — | — | 60,740 | 3,525 | |||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 84,705 | 270 | 24,829 | 247 | 109,534 | 517 | Residential pass-through securities | 244,429 | 8,545 | — | — | 244,429 | 8,545 | |||||||||||||||||||||||||||||||||||||
Corporate bonds | 19,790 | 210 | 53,811 | 1,249 | 73,601 | 1,459 | Commercial pass-through securities | 89,695 | 4,494 | — | — | 89,695 | 4,494 | |||||||||||||||||||||||||||||||||||||
Trust preferred securities | — | — | 6,766 | 1,121 | 6,766 | 1,121 | ||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 21,806 | 219 | 50,028 | 1,515 | 71,834 | 1,734 | ||||||||||||||||||||||||||||||||||||||||||||
Residential pass-through securities | — | — | 123,666 | 2,765 | 123,666 | 2,765 | Total | $ | 616,966 | $ | 20,456 | $ | 6,324 | $ | 1,554 | $ | 623,290 | $ | 22,010 | |||||||||||||||||||||||||||||||
Total | $ | 156,477 | $ | 1,333 | $ | 307,493 | $ | 7,865 | $ | 463,970 | $ | 9,198 | ||||||||||||||||||||||||||||||||||||||
Securities Held to Maturity [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Values and Gross Unrealized Losses on Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | (In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Securities held to maturity: | |||||||||||||||||||||||||||||||||||||||||||||||||
Securities Held to Maturity: | June 30, 2014: | |||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2014 | U.S. agency securities | $ | — | $ | — | $ | 141,919 | $ | 1,408 | $ | 141,919 | $ | 1,408 | |||||||||||||||||||||||||||||||||||||
U.S. agency securities | $ | — | $ | — | $ | 141,936 | $ | 1,394 | $ | 141,936 | $ | 1,394 | Obligations of state and political subdivisions | 5,808 | 36 | 57,056 | 1,519 | 62,864 | 1,555 | |||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | 13,964 | 66 | 30,580 | 658 | 44,544 | 724 | Collateralized mortgage obligations | 30 | 1 | — | — | 30 | 1 | |||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 41 | 1 | 5 | 1 | 46 | 2 | Residential pass-through securities | 59,993 | 83 | — | — | 59,993 | 83 | |||||||||||||||||||||||||||||||||||||
Commercial pass-through securities | 13,077 | 203 | 24,105 | 414 | 37,182 | 617 | Commercial pass-through securities | 56,234 | 230 | 96,937 | 1,812 | 153,171 | 2,042 | |||||||||||||||||||||||||||||||||||||
Total | $ | 27,082 | $ | 270 | $ | 196,626 | $ | 2,467 | $ | 223,708 | $ | 2,737 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 122,065 | $ | 350 | $ | 295,912 | $ | 4,739 | $ | 417,977 | $ | 5,089 | ||||||||||||||||||||||||||||||||||||||
June 30, 2014 | June 30, 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | U.S. agency securities | $ | 139,699 | $ | 3,622 | $ | — | $ | — | $ | 139,699 | $ | 3,622 | |||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Obligations of state and political subdivisions | 59,109 | 4,083 | — | — | 59,109 | 4,083 | ||||||||||||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | Collateralized mortgage obligations | 4 | 1 | 44 | 1 | 48 | 2 | ||||||||||||||||||||||||||||||||||||||
(In Thousands) | Commercial pass-through securities | 90,935 | 4,716 | — | — | 90,935 | 4,716 | |||||||||||||||||||||||||||||||||||||||||||
Securities Held to Maturity: | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. agency securities | $ | — | $ | — | $ | 141,919 | $ | 1,408 | $ | 141,919 | $ | 1,408 | ||||||||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | 5,808 | 36 | 57,056 | 1,519 | 62,864 | 1,555 | Total | $ | 289,747 | $ | 12,422 | $ | 44 | $ | 1 | $ | 289,791 | $ | 12,423 | |||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 30 | 1 | — | — | 30 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
Residential pass-through securities | 59,993 | 83 | — | — | 59,993 | 83 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial pass-through securities | 56,234 | 230 | 96,937 | 1,812 | 153,171 | 2,042 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 122,065 | $ | 350 | $ | 295,912 | $ | 4,739 | $ | 417,977 | $ | 5,089 | ||||||||||||||||||||||||||||||||||||||
Loan_Quality_and_Allowance_for1
Loan Quality and Allowance for Loan Losses (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired Loans Acquired Accretable Yield Change | The following table presents the changes in the accretable yield relating to the acquired credit-impaired loans for the three and six months ended December 31, 2014 and December 31, 2013. | The following table presents the changes in the accretable yield relating to the acquired credit-impaired loans for the years ended June 30, 2014 and 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2014 | June 30, 2014 | June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | (In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,827 | $ | 1,891 | Beginning balance | $ | 741 | $ | 1,461 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion to interest income | (143 | ) | (207 | ) | Accretion to interest income | (326 | ) | (567 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposals | — | — | Disposals | (38 | ) | (153 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications from nonaccretable difference | — | — | Reclassifications from nonaccretable difference | 1,514 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 1,684 | $ | 1,684 | Ending balance | $ | 1,891 | $ | 741 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 2,180 | $ | 741 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion to interest income | (57 | ) | (112 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposals | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications from nonaccretable difference | — | 1,494 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 2,123 | $ | 2,123 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Loans Receivable | Allowance for Loan Losses and Loans Receivable | The following tables present the balance of the allowance for loan losses at June 30, 2014, 2013 and 2012 based upon the calculation methodology described in Note 1. 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 as well as the activity in the allowance for loan losses for the years ended June 30, 2014, 2013 and 2012. Unless otherwise noted, the balance of loans reported in the tables below excludes yield adjustments and the allowance for loan loss. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance of allowance for loan losses: | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans: | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 151 | $ | 388 | $ | — | $ | — | $ | 19 | $ | — | $ | — | $ | 558 | Balance of allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 2,137 | 7,528 | 55 | 556 | 220 | 34 | 21 | 10,551 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses on originated and purchased loans | 2,288 | 7,916 | 55 | 556 | 239 | 34 | 21 | 11,109 | Loans individually evaluated for impairment | $ | 528 | $ | 404 | $ | — | $ | — | $ | 75 | $ | — | $ | — | $ | 1,007 | |||||||||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 2,172 | 6,760 | 29 | 352 | 272 | 35 | 21 | 9,641 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | — | — | — | 91 | — | — | — | 91 | Allowance for loan losses on originated and purchased loans | 2,700 | 7,164 | 29 | 352 | 347 | 35 | 21 | 10,648 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other acquired loans individually evaluated for impairment | — | 64 | — | 125 | 18 | — | — | 207 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired loans collectively evaluated for impairment | 22 | 412 | 4 | 635 | 57 | 46 | 1 | 1,177 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses on loans acquired at fair value | 22 | 476 | 4 | 851 | 75 | 46 | 1 | 1,475 | Loans acquired with deteriorated credit quality | — | — | — | 98 | — | — | — | 98 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other acquired loans individually evaluated for impairment | — | 165 | — | 346 | 57 | — | — | 568 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 2,310 | $ | 8,392 | $ | 59 | $ | 1,407 | $ | 314 | $ | 80 | $ | 22 | $ | 12,584 | Loans collectively evaluated for impairment | 29 | 408 | 38 | 488 | 56 | 53 | 1 | 1,073 | |||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Loans Receivable | Allowance for loan losses on loans acquired at fair value | 29 | 573 | 38 | 932 | 113 | 53 | 1 | 1,739 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 2,729 | $ | 7,737 | $ | 67 | $ | 1,284 | $ | 460 | $ | 88 | $ | 22 | $ | 12,387 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the allowance for loan losses for the three months ended December 31, 2014: | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At September 30, 2014: | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocated | $ | 2,575 | $ | 7,942 | $ | 58 | $ | 1,362 | $ | 362 | $ | 84 | $ | 23 | $ | 12,406 | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | — | — | — | — | — | — | — | — | Changes in the allowance for loan losses for the year ended June 30, 2014: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | 2,575 | 7,942 | 58 | 1,362 | 362 | 84 | 23 | 12,406 | At June 30, 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocated | $ | 3,660 | $ | 5,359 | $ | 81 | $ | 1,218 | $ | 490 | $ | 76 | $ | 12 | $ | 10,896 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total charge offs | (1,134 | ) | (266 | ) | — | (259 | ) | (39 | ) | — | — | (1,698 | ) | Unallocated | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total recoveries | 141 | — | — | 3 | — | — | — | 144 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allocated provisions | 728 | 716 | 1 | 301 | (9 | ) | (4 | ) | (1 | ) | 1,732 | Total allowance for loan losses | 3,660 | 5,359 | 81 | 1,218 | 490 | 76 | 12 | 10,896 | ||||||||||||||||||||||||||||||||||||||||||||||
Total unallocated provisions | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total charge offs | (1,202 | ) | (44 | ) | — | (1,170 | ) | (47 | ) | — | (30 | ) | (2,493 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2014: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocated | 2,310 | 8,392 | 59 | 1,407 | 314 | 80 | 22 | $ | 12,584 | Total recoveries | 67 | 525 | — | 9 | 2 | — | — | 603 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allocated provisions | 204 | 1,897 | (14 | ) | 1,227 | 15 | 12 | 40 | 3,381 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 2,310 | $ | 8,392 | $ | 59 | $ | 1,407 | $ | 314 | $ | 80 | $ | 22 | $ | 12,584 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total unallocated provisions | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended December 31, 2014 (continuned) | At June 30, 2014: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocated | 2,729 | 7,737 | 67 | 1,284 | 460 | 88 | 22 | 12,387 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | Total allowance for loan losses | $ | 2,729 | $ | 7,737 | $ | 67 | $ | 1,284 | $ | 460 | $ | 88 | $ | 22 | $ | 12,387 | ||||||||||||||||||||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the allowance for loan losses for the six months ended December 31, 2014: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2014: | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocated | $ | 2,729 | $ | 7,737 | $ | 67 | $ | 1,284 | $ | 460 | $ | 88 | $ | 22 | $ | 12,387 | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | ||||||||||||||||||||||||||||||||||||||||||||
Unallocated | — | — | — | — | — | — | — | — | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | 2,729 | 7,737 | 67 | 1,284 | 460 | 88 | 22 | 12,387 | Balance of loans receivable: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total charge offs | (1,437 | ) | (612 | ) | — | (451 | ) | (39 | ) | — | — | (2,539 | ) | Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total recoveries | 141 | — | — | 5 | — | — | — | 146 | Loans individually evaluated for impairment | $ | 11,923 | $ | 5,403 | $ | — | $ | 1,263 | $ | 1,010 | $ | 17 | $ | — | $ | 19,616 | |||||||||||||||||||||||||||||||||||||||||
Total allocated provisions | 877 | 1,267 | (8 | ) | 569 | (107 | ) | (8 | ) | — | 2,590 | Loans collectively evaluated for impairment | 494,522 | 873,340 | 3,619 | 31,326 | 66,163 | 10,529 | 4,248 | 1,483,747 | ||||||||||||||||||||||||||||||||||||||||||||||
Total unallocated provisions | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total originated and purchased loans | 506,445 | 878,743 | 3,619 | 32,589 | 67,173 | 10,546 | 4,248 | 1,503,363 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2014: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocated | 2,310 | 8,392 | 59 | 1,407 | 314 | 80 | 22 | $ | 12,584 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | — | — | — | — | — | — | — | — | Loans acquired at fair value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 742 | 1,071 | — | 8,325 | — | — | — | 10,138 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 2,310 | $ | 8,392 | $ | 59 | $ | 1,407 | $ | 314 | $ | 80 | $ | 22 | $ | 12,584 | Other acquired loans individually evaluated for impairment | — | 1,895 | 1,448 | 2,456 | 692 | 964 | — | 7,455 | |||||||||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 73,425 | 102,046 | 2,214 | 23,891 | 7,746 | 12,500 | 90 | 221,912 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Loans Receivable | Total loans acquired at fair value | 74,167 | 105,012 | 3,662 | 34,672 | 8,438 | 13,464 | 90 | 239,505 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 580,612 | $ | 983,755 | $ | 7,281 | $ | 67,261 | $ | 75,611 | $ | 24,010 | $ | 4,338 | 1,742,868 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | Unamortized yield adjustments | (1,397 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the allowance for loan losses for the three months ended December 31, 2013: | Loans receivable | $ | 1,741,471 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At September 30, 2013: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocated | $ | 3,547 | $ | 6,220 | $ | 103 | $ | 980 | $ | 469 | $ | 76 | $ | 11 | $ | 11,406 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | — | — | — | — | — | — | — | — | Allowance for Loan Losses and Loans Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | 3,547 | 6,220 | 103 | 980 | 469 | 76 | 11 | 11,406 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total charge offs | (278 | ) | — | — | (672 | ) | (1 | ) | — | (28 | ) | (979 | ) | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||
Total recoveries | 7 | 497 | — | 3 | — | — | — | 507 | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allocated provisions | (2 | ) | (143 | ) | (32 | ) | 731 | (33 | ) | (2 | ) | 40 | 559 | Loans | Credit | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total unallocated provisions | — | — | — | — | — | — | — | — | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance of allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocated | 3,274 | 6,574 | 71 | 1,042 | 435 | 74 | 23 | $ | 11,493 | Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | — | — | — | — | — | — | — | — | Loans individually evaluated for impairment | $ | 697 | $ | 430 | $ | — | $ | — | $ | 110 | $ | — | $ | — | $ | 1,237 | |||||||||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 2,939 | 4,356 | 50 | 252 | 300 | 35 | 12 | 7,944 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 3,274 | $ | 6,574 | $ | 71 | $ | 1,042 | $ | 435 | $ | 74 | $ | 23 | $ | 11,493 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses on originated and purchased loans | 3,636 | 4,786 | 50 | 252 | 410 | 35 | 12 | 9,181 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended December 31, 2013 (continuned) | Loans acquired at fair value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | — | — | — | 17 | — | — | — | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other acquired loans individually evaluated for impairment | — | 84 | — | 740 | — | — | — | 824 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | Loans collectively evaluated for impairment | 24 | 489 | 31 | 209 | 80 | 41 | — | 874 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Allowance for loan losses on loans acquired at fair value | 24 | 573 | 31 | 966 | 80 | 41 | — | 1,715 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the allowance for loan losses for the six months ended December 31, 2013: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At June 30, 2013: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocated | $ | 3,660 | $ | 5,359 | $ | 81 | $ | 1,218 | $ | 490 | $ | 76 | $ | 12 | $ | 10,896 | Total allowance for loan losses | $ | 3,660 | $ | 5,359 | $ | 81 | $ | 1,218 | $ | 490 | $ | 76 | $ | 12 | $ | 10,896 | |||||||||||||||||||||||||||||||||
Unallocated | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | 3,660 | 5,359 | 81 | 1,218 | 490 | 76 | 12 | 10,896 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total charge offs | (508 | ) | (34 | ) | — | (1,080 | ) | (34 | ) | — | (29 | ) | (1,685 | ) | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||
Total recoveries | 25 | 525 | — | 5 | — | — | — | 555 | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allocated provisions | 97 | 724 | (10 | ) | 899 | (21 | ) | (2 | ) | 40 | 1,727 | (In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total unallocated provisions | — | — | — | — | — | — | — | — | Changes in the allowance for loan losses for the year ended June 30, 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2013: | At June 30, 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocated | 3,274 | 6,574 | 71 | 1,042 | 435 | 74 | 23 | $ | 11,493 | Allocated | $ | 4,572 | $ | 3,443 | $ | 277 | $ | 1,310 | $ | 447 | $ | 54 | $ | 14 | $ | 10,117 | ||||||||||||||||||||||||||||||||||||||||
Unallocated | — | — | — | — | — | — | — | — | Unallocated | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 3,274 | $ | 6,574 | $ | 71 | $ | 1,042 | $ | 435 | $ | 74 | $ | 23 | $ | 11,493 | Total allowance for loan losses | 4,572 | 3,443 | 277 | 1,310 | 447 | 54 | 14 | 10,117 | |||||||||||||||||||||||||||||||||||||||||
Total charge offs | (2,272 | ) | (1,042 | ) | (9 | ) | (182 | ) | (221 | ) | — | (2 | ) | (3,728 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at December 31, 2014 | Total recoveries | 15 | — | — | 18 | 10 | — | — | 43 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allocated provisions | 1,345 | 2,958 | (187 | ) | 72 | 254 | 22 | — | 4,464 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | Total unallocated provisions | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance of loans receivable: | At June 30, 2013: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans: | Allocated | 3,660 | 5,359 | 81 | 1,218 | 490 | 76 | 12 | 10,896 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 11,693 | $ | 3,546 | $ | — | $ | 1,453 | $ | 1,095 | $ | 17 | $ | — | $ | 17,804 | Unallocated | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 493,311 | 947,350 | 5,700 | 43,148 | 63,901 | 10,771 | 4,758 | 1,568,939 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 3,660 | $ | 5,359 | $ | 81 | $ | 1,218 | $ | 490 | $ | 76 | $ | 12 | $ | 10,896 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total originated and purchased loans | 505,004 | 950,896 | 5,700 | 44,601 | 64,996 | 10,788 | 4,758 | 1,586,743 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 730 | 1,039 | — | 8,201 | — | — | — | 9,970 | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other acquired loans individually evaluated for impairment | 259 | 1,976 | 2,656 | 2,194 | 596 | 965 | — | 8,646 | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired loans collectively evaluated for impairment | 64,607 | 103,377 | 352 | 23,452 | 6,603 | 11,658 | 102 | 210,151 | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 65,596 | 106,392 | 3,008 | 33,847 | 7,199 | 12,623 | 102 | 228,767 | Balance of loans receivable: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 570,600 | $ | 1,057,288 | $ | 8,708 | $ | 78,448 | $ | 72,195 | $ | 23,411 | $ | 4,860 | 1,815,510 | Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 14,412 | $ | 7,865 | $ | — | $ | 1,076 | $ | 1,145 | $ | — | $ | — | $ | 24,498 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized yield adjustments | (1,439 | ) | Loans collectively evaluated for impairment | 484,575 | 540,491 | 5,717 | 25,975 | 65,581 | 10,461 | 4,145 | 1,136,945 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, including unamortized yield adjustments | $ | 1,814,071 | Total originated and purchased loans | 498,987 | 548,356 | 5,717 | 27,051 | 66,726 | 10,461 | 4,145 | 1,161,443 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Loans Receivable | Loans acquired at fair value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at June 30, 2014 | Loans acquired with deteriorated credit quality | — | 1,230 | 316 | 4,504 | — | — | — | 6,050 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other acquired loans individually evaluated for impairment | 359 | 2,079 | 2,570 | 2,746 | 606 | 626 | — | 8,986 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 1,301 | 115,163 | 3,248 | 36,387 | 13,481 | 15,526 | 133 | 185,239 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | Total loans acquired at fair value | 1,660 | 118,472 | 6,134 | 43,637 | 14,087 | 16,152 | 133 | 200,275 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance of allowance for loan losses: | Total loans | $ | 500,647 | $ | 666,828 | $ | 11,851 | $ | 70,688 | $ | 80,813 | $ | 26,613 | $ | 4,278 | 1,361,718 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 528 | $ | 404 | $ | — | $ | — | $ | 75 | $ | — | $ | — | $ | 1,007 | Unamortized yield adjustments | (847 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 2,172 | 6,760 | 29 | 352 | 272 | 35 | 21 | 9,641 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses on originated and purchased loans | 2,700 | 7,164 | 29 | 352 | 347 | 35 | 21 | 10,648 | Loans receivable | $ | 1,360,871 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | — | — | — | 98 | — | — | — | 98 | Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other acquired loans individually evaluated for impairment | — | 165 | — | 346 | 57 | — | — | 568 | at June 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired loans collectively evaluated for impairment | 29 | 408 | 38 | 488 | 56 | 53 | 1 | 1,073 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses on loans acquired at fair value | 29 | 573 | 38 | 932 | 113 | 53 | 1 | 1,739 | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Equity | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 2,729 | $ | 7,737 | $ | 67 | $ | 1,284 | $ | 460 | $ | 88 | $ | 22 | $ | 12,387 | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the allowance for loan losses for the year ended June 30, 2012: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at June 30, 2014 (continued) | At June 30, 2011: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocated | $ | 6,644 | $ | 3,336 | $ | 289 | $ | 880 | $ | 322 | $ | 49 | $ | 14 | $ | 11,534 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated | — | — | — | — | — | — | — | 233 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | Total allowance for loan losses | 6,644 | 3,336 | 289 | 880 | 322 | 49 | 14 | 11,767 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Total charge offs | (6,398 | ) | (483 | ) | (106 | ) | (349 | ) | (135 | ) | — | (9 | ) | (7,480 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance of loans receivable: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans: | Total recoveries | 6 | 37 | 33 | — | 2 | — | 2 | 80 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 11,923 | $ | 5,403 | $ | — | $ | 1,263 | $ | 1,010 | $ | 17 | $ | — | $ | 19,616 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 494,522 | 873,340 | 3,619 | 31,326 | 66,163 | 10,529 | 4,248 | 1,483,747 | Total allocated provisions | 4,320 | 553 | 61 | 779 | 258 | 5 | 7 | 5,983 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total originated and purchased loans | 506,445 | 878,743 | 3,619 | 32,589 | 67,173 | 10,546 | 4,248 | 1,503,363 | Total unallocated provisions | — | — | — | — | — | — | — | (233 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 742 | 1,071 | — | 8,325 | — | — | — | 10,138 | At June 30, 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other acquired loans individually evaluated for impairment | — | 1,895 | 1,448 | 2,456 | 692 | 964 | — | 7,455 | Allocated | 4,572 | 3,443 | 277 | 1,310 | 447 | 54 | 14 | 10,117 | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquired loans collectively evaluated for impairment | 73,425 | 102,046 | 2,214 | 23,891 | 7,746 | 12,500 | 90 | 221,912 | Unallocated | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 74,167 | 105,012 | 3,662 | 34,672 | 8,438 | 13,464 | 90 | 239,505 | Total allowance for loan losses | $ | 4,572 | $ | 3,443 | $ | 277 | $ | 1,310 | $ | 447 | $ | 54 | $ | 14 | $ | 10,117 | |||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 580,612 | $ | 983,755 | $ | 7,281 | $ | 67,261 | $ | 75,611 | $ | 24,010 | $ | 4,338 | 1,742,868 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized yield adjustments | (1,397 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable, including unamortized yield adjustments | $ | 1,741,471 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit-Rating Classification of Loans Receivable | The following tables present key indicators of credit quality regarding the Company’s loan portfolio based upon loan classification and contractual payment status at December 31, 2014 and June 30, 2014. | The following tables present key indicators of credit quality regarding the Company’s loan portfolio based upon loan classification and contractual payment status at June 30, 2014 and 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit-Rating Classification of Loans Receivable | Credit-Rating Classification of Loans Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at December 31, 2014 | at June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans: | Originated and purchased loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-classified | $ | 492,370 | $ | 945,958 | $ | 5,332 | $ | 43,061 | $ | 63,736 | $ | 10,600 | $ | 4,755 | $ | 1,565,812 | Non-classified | $ | 492,531 | $ | 872,063 | $ | 3,461 | $ | 31,301 | $ | 66,016 | $ | 10,352 | $ | 4,247 | $ | 1,479,971 | |||||||||||||||||||||||||||||||||
Classified: | Classified: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 844 | 342 | 368 | — | 59 | 171 | 2 | 1,786 | Special mention | 1,626 | 357 | 158 | 25 | 146 | 84 | 1 | 2,397 | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 11,790 | 4,321 | — | 1,540 | 1,201 | 17 | 1 | 18,870 | Substandard | 12,288 | 6,039 | — | 1,263 | 1,011 | 110 | — | 20,711 | |||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | 275 | — | — | — | — | — | 275 | Doubtful | — | 284 | — | — | — | — | — | 284 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | Loss | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total classified loans | 12,634 | 4,938 | 368 | 1,540 | 1,260 | 188 | 3 | 20,931 | Total classified loans | 13,914 | 6,680 | 158 | 1,288 | 1,157 | 194 | 1 | 23,392 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total originated and purchased loans | 505,004 | 950,896 | 5,700 | 44,601 | 64,996 | 10,788 | 4,758 | 1,586,743 | Total originated and purchased loans | 506,445 | 878,743 | 3,619 | 32,589 | 67,173 | 10,546 | 4,248 | 1,503,363 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-classified | 63,870 | 98,800 | — | 18,858 | 6,453 | 11,184 | 78 | 199,243 | Loans acquired at fair value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-classified | 73,425 | 96,758 | — | 18,946 | 7,582 | 12,003 | 71 | 208,785 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classified: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 376 | 4,396 | 352 | 7,248 | 77 | 244 | 21 | 12,714 | Classified: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 1,350 | 3,196 | 2,656 | 7,735 | 669 | 1,195 | 3 | 16,804 | Special mention | — | 4,600 | 353 | 4,602 | 45 | 245 | 16 | 9,861 | |||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | 6 | — | — | — | 6 | Substandard | 742 | 3,654 | 3,309 | 11,118 | 811 | 1,216 | 3 | 20,853 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | Doubtful | — | — | — | 6 | — | — | — | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total classified loans | 1,726 | 7,592 | 3,008 | 14,989 | 746 | 1,439 | 24 | 29,524 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total classified loans | 742 | 8,254 | 3,662 | 15,726 | 856 | 1,461 | 19 | 30,720 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 65,596 | 106,392 | 3,008 | 33,847 | 7,199 | 12,623 | 102 | 228,767 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 74,167 | 105,012 | 3,662 | 34,672 | 8,438 | 13,464 | 90 | 239,505 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 570,600 | $ | 1,057,288 | $ | 8,708 | $ | 78,448 | $ | 72,195 | $ | 23,411 | $ | 4,860 | $ | 1,815,510 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 580,612 | $ | 983,755 | $ | 7,281 | $ | 67,261 | $ | 75,611 | $ | 24,010 | $ | 4,338 | $ | 1,742,868 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Credit-Rating Classification of Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit-Rating Classification of Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans: | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-classified | $ | 492,531 | $ | 872,063 | $ | 3,461 | $ | 31,301 | $ | 66,016 | $ | 10,352 | $ | 4,247 | $ | 1,479,971 | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classified: | Non-classified | $ | 482,462 | $ | 538,544 | $ | 5,717 | $ | 25,630 | $ | 65,353 | $ | 10,339 | $ | 4,118 | $ | 1,132,163 | |||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 1,626 | 357 | 158 | 25 | 146 | 84 | 1 | 2,397 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 12,288 | 6,039 | — | 1,263 | 1,011 | 110 | — | 20,711 | Classified: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | 284 | — | — | — | — | — | 284 | Special mention | 1,843 | 983 | — | 50 | 228 | 28 | — | 3,132 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | Substandard | 14,682 | 8,527 | — | 1,371 | 1,145 | 94 | 27 | 25,846 | |||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | 302 | — | — | — | — | — | 302 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total classified loans | 13,914 | 6,680 | 158 | 1,288 | 1,157 | 194 | 1 | 23,392 | Loss | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total originated and purchased loans | 506,445 | 878,743 | 3,619 | 32,589 | 67,173 | 10,546 | 4,248 | 1,503,363 | Total classified loans | 16,525 | 9,812 | — | 1,421 | 1,373 | 122 | 27 | 29,280 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value: | Total originated and purchased loans | 498,987 | 548,356 | 5,717 | 27,051 | 66,726 | 10,461 | 4,145 | 1,161,443 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-classified | 73,425 | 96,758 | — | 18,946 | 7,582 | 12,003 | 71 | 208,785 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classified: | Loans acquired at fair value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | 4,600 | 353 | 4,602 | 45 | 245 | 16 | 9,861 | Non-classified | 1,301 | 109,559 | 820 | 31,062 | 13,419 | 15,450 | 132 | 171,743 | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 742 | 3,654 | 3,309 | 11,118 | 811 | 1,216 | 3 | 20,853 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | 6 | — | — | — | 6 | Classified: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | Special mention | — | 4,548 | 1,300 | 4,932 | 62 | 76 | — | 10,918 | |||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 359 | 4,365 | 4,014 | 7,554 | 606 | 626 | 1 | 17,525 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total classified loans | 742 | 8,254 | 3,662 | 15,726 | 856 | 1,461 | 19 | 30,720 | Doubtful | — | — | — | 89 | — | — | — | 89 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 74,167 | 105,012 | 3,662 | 34,672 | 8,438 | 13,464 | 90 | 239,505 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total classified loans | 359 | 8,913 | 5,314 | 12,575 | 668 | 702 | 1 | 28,532 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 580,612 | $ | 983,755 | $ | 7,281 | $ | 67,261 | $ | 75,611 | $ | 24,010 | $ | 4,338 | $ | 1,742,868 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 1,660 | 118,472 | 6,134 | 43,637 | 14,087 | 16,152 | 133 | 200,275 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 500,647 | $ | 666,828 | $ | 11,851 | $ | 70,688 | $ | 80,813 | $ | 26,613 | $ | 4,278 | $ | 1,361,718 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual Payment Status of Loans Receivable | Contractual Payment Status of Loans Receivable | Contractual Payment Status of Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at December 31, 2014 | at June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans: | Originated and purchased loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | 497,282 | $ | 949,456 | $ | 5,700 | $ | 43,383 | $ | 64,316 | $ | 10,648 | $ | 4,690 | $ | 1,575,475 | Current | $ | 495,330 | $ | 875,887 | $ | 3,619 | $ | 31,081 | $ | 66,548 | $ | 10,499 | $ | 4,034 | $ | 1,486,998 | |||||||||||||||||||||||||||||||||
Past due: | Past due: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 days | 1,400 | 76 | — | 87 | 44 | 123 | 65 | 1,795 | 30-59 days | 1,385 | — | — | 245 | 183 | — | 60 | 1,873 | |||||||||||||||||||||||||||||||||||||||||||||||||
60-89 days | 764 | — | — | — | — | — | 2 | 766 | 60-89 days | 1,163 | — | — | — | 3 | 30 | 28 | 1,224 | |||||||||||||||||||||||||||||||||||||||||||||||||
90+ days | 5,558 | 1,364 | — | 1,131 | 636 | 17 | 1 | 8,707 | 90+ days | 8,567 | 2,856 | — | 1,263 | 439 | 17 | 126 | 13,268 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total past due | 7,722 | 1,440 | — | 1,218 | 680 | 140 | 68 | 11,268 | Total past due | 11,115 | 2,856 | — | 1,508 | 625 | 47 | 214 | 16,365 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total originated and purchased loans | 505,004 | 950,896 | 5,700 | 44,601 | 64,996 | 10,788 | 4,758 | 1,586,743 | Total originated and purchased loans | 506,445 | 878,743 | 3,619 | 32,589 | 67,173 | 10,546 | 4,248 | 1,503,363 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 64,657 | 103,322 | 2,224 | 30,227 | 6,858 | 11,465 | 99 | 218,852 | Loans acquired at fair value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 72,736 | 102,881 | 2,810 | 32,346 | 7,731 | 12,390 | 88 | 230,982 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Past due: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 days | 330 | 953 | — | 542 | 44 | 193 | — | 2,062 | Past due: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60-89 days | — | 779 | — | 548 | 20 | — | 2 | 1,349 | 30-59 days | 689 | 561 | — | — | 152 | — | — | 1,402 | |||||||||||||||||||||||||||||||||||||||||||||||||
90+ days | 609 | 1,338 | 784 | 2,530 | 277 | 965 | 1 | 6,504 | 60-89 days | — | 427 | — | — | 95 | 110 | 1 | 633 | |||||||||||||||||||||||||||||||||||||||||||||||||
90+ days | 742 | 1,143 | 852 | 2,326 | 460 | 964 | 1 | 6,488 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total past due | 939 | 3,070 | 784 | 3,620 | 341 | 1,158 | 3 | 9,915 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total past due | 1,431 | 2,131 | 852 | 2,326 | 707 | 1,074 | 2 | 8,523 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 65,596 | 106,392 | 3,008 | 33,847 | 7,199 | 12,623 | 102 | 228,767 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 74,167 | 105,012 | 3,662 | 34,672 | 8,438 | 13,464 | 90 | 239,505 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 570,600 | $ | 1,057,288 | $ | 8,708 | $ | 78,448 | $ | 72,195 | $ | 23,411 | $ | 4,860 | $ | 1,815,510 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 580,612 | $ | 983,755 | $ | 7,281 | $ | 67,261 | $ | 75,611 | $ | 24,010 | $ | 4,338 | $ | 1,742,868 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual Payment Status of Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual Payment Status of Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans: | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | 495,330 | $ | 875,887 | $ | 3,619 | $ | 31,081 | $ | 66,548 | $ | 10,499 | $ | 4,034 | $ | 1,486,998 | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Past due: | Current | $ | 484,836 | $ | 542,504 | $ | 5,717 | $ | 26,141 | $ | 66,186 | $ | 10,346 | $ | 3,925 | $ | 1,139,655 | |||||||||||||||||||||||||||||||||||||||||||||||||
30-59 days | 1,385 | — | — | 245 | 183 | — | 60 | 1,873 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60-89 days | 1,163 | — | — | — | 3 | 30 | 28 | 1,224 | Past due: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
90+ days | 8,567 | 2,856 | — | 1,263 | 439 | 17 | 126 | 13,268 | 30-59 days | 2,297 | 836 | — | — | 21 | 115 | 166 | 3,435 | |||||||||||||||||||||||||||||||||||||||||||||||||
60-89 days | 1,515 | — | — | — | 186 | — | 27 | 1,728 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total past due | 11,115 | 2,856 | — | 1,508 | 625 | 47 | 214 | 16,365 | 90+ days | 10,339 | 5,016 | — | 910 | 333 | — | 27 | 16,625 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total originated and purchased loans | 506,445 | 878,743 | 3,619 | 32,589 | 67,173 | 10,546 | 4,248 | 1,503,363 | Total past due | 14,151 | 5,852 | — | 910 | 540 | 115 | 220 | 21,788 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value: | Total originated and purchased loans | 498,987 | 548,356 | 5,717 | 27,051 | 66,726 | 10,461 | 4,145 | 1,161,443 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 72,736 | 102,881 | 2,810 | 32,346 | 7,731 | 12,390 | 88 | 230,982 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Past due: | Loans acquired at fair value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 days | 689 | 561 | — | — | 152 | — | — | 1,402 | Current | 1,301 | 116,150 | 4,448 | 39,819 | 13,295 | 15,477 | 124 | 190,614 | |||||||||||||||||||||||||||||||||||||||||||||||||
60-89 days | — | 427 | — | — | 95 | 110 | 1 | 633 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
90+ days | 742 | 1,143 | 852 | 2,326 | 460 | 964 | 1 | 6,488 | Past due: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 days | — | 258 | — | 45 | 433 | — | 8 | 744 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total past due | 1,431 | 2,131 | 852 | 2,326 | 707 | 1,074 | 2 | 8,523 | 60-89 days | — | 186 | — | 284 | 62 | 49 | — | 581 | |||||||||||||||||||||||||||||||||||||||||||||||||
90+ days | 359 | 1,878 | 1,686 | 3,489 | 297 | 626 | 1 | 8,336 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 74,167 | 105,012 | 3,662 | 34,672 | 8,438 | 13,464 | 90 | 239,505 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total past due | 359 | 2,322 | 1,686 | 3,818 | 792 | 675 | 9 | 9,661 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 580,612 | $ | 983,755 | $ | 7,281 | $ | 67,261 | $ | 75,611 | $ | 24,010 | $ | 4,338 | $ | 1,742,868 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 1,660 | 118,472 | 6,134 | 43,637 | 14,087 | 16,152 | 133 | 200,275 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 500,647 | $ | 666,828 | $ | 11,851 | $ | 70,688 | $ | 80,813 | $ | 26,613 | $ | 4,278 | $ | 1,361,718 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Status of Loans Receivable | The following tables present information relating to the Company’s nonperforming and impaired loans at December 31, 2014 and June 30, 2014. Loans reported as “90+ days past due accruing” in the table immediately below are also reported in the preceding contractual payment status table under the heading “90+ days past due”. | The following tables present information relating to the Company’s nonperforming and impaired loans at June 30, 2014 and 2013. Loans reported as “90+ days past due and accruing” in the table immediately below are also reported in the preceding contractual payment status table under the heading “90+ days past due”. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Status of Loans Receivable | Performance Status of Loans Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at December 31, 2014 | at June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans: | Originated and purchased loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 495,818 | $ | 947,426 | $ | 5,700 | $ | 43,148 | $ | 64,360 | $ | 10,771 | $ | 4,757 | $ | 1,571,980 | Performing | $ | 497,243 | $ | 873,421 | $ | 3,619 | $ | 31,326 | $ | 66,734 | $ | 10,529 | $ | 4,122 | $ | 1,486,994 | |||||||||||||||||||||||||||||||||
Nonperforming: | Nonperforming: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
90+ days past due accruing | — | — | — | — | — | — | — | — | 90+ days past due accruing | — | — | — | — | — | — | 125 | 125 | |||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual | 9,186 | 3,470 | — | 1,453 | 636 | 17 | 1 | 14,763 | Nonaccrual | 9,202 | 5,322 | — | 1,263 | 439 | 17 | 1 | 16,244 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total nonperforming | 9,186 | 3,470 | — | 1,453 | 636 | 17 | 1 | 14,763 | Total nonperforming | 9,202 | 5,322 | — | 1,263 | 439 | 17 | 126 | 16,369 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total originated and purchased loans | 505,004 | 950,896 | 5,700 | 44,601 | 64,996 | 10,788 | 4,758 | 1,586,743 | Total originated and purchased loans | 506,445 | 878,743 | 3,619 | 32,589 | 67,173 | 10,546 | 4,248 | 1,503,363 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | 64,608 | 104,587 | 352 | 30,452 | 6,788 | 11,657 | 101 | 218,545 | Loans acquired at fair value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | 73,425 | 103,399 | 2,214 | 31,016 | 7,928 | 12,500 | 89 | 230,571 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
90+ days past due accruing | — | — | — | — | — | — | — | — | Nonperforming: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual | 988 | 1,805 | 2,656 | 3,395 | 411 | 966 | 1 | 10,222 | 90+ days past due accruing | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual | 742 | 1,613 | 1,448 | 3,656 | 510 | 964 | 1 | 8,934 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total nonperforming | 988 | 1,805 | 2,656 | 3,395 | 411 | 966 | 1 | 10,222 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total nonperforming | 742 | 1,613 | 1,448 | 3,656 | 510 | 964 | 1 | 8,934 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 65,596 | 106,392 | 3,008 | 33,847 | 7,199 | 12,623 | 102 | 228,767 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 74,167 | 105,012 | 3,662 | 34,672 | 8,438 | 13,464 | 90 | 239,505 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 570,600 | $ | 1,057,288 | $ | 8,708 | $ | 78,448 | $ | 72,195 | $ | 23,411 | $ | 4,860 | $ | 1,815,510 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 580,612 | $ | 983,755 | $ | 7,281 | $ | 67,261 | $ | 75,611 | $ | 24,010 | $ | 4,338 | $ | 1,742,868 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Status of Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Status of Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans: | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 497,243 | $ | 873,421 | $ | 3,619 | $ | 31,326 | $ | 66,734 | $ | 10,529 | $ | 4,122 | $ | 1,486,994 | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming: | Performing | $ | 487,671 | $ | 540,585 | $ | 5,717 | $ | 25,975 | $ | 66,320 | $ | 10,461 | $ | 4,118 | $ | 1,140,847 | |||||||||||||||||||||||||||||||||||||||||||||||||
90+ days past due accruing | — | — | — | — | — | — | 125 | 125 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual | 9,202 | 5,322 | — | 1,263 | 439 | 17 | 1 | 16,244 | Nonperforming: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
90+ days past due accruing | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total nonperforming | 9,202 | 5,322 | — | 1,263 | 439 | 17 | 126 | 16,369 | Nonaccrual | 11,316 | 7,771 | — | 1,076 | 406 | — | 27 | 20,596 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total originated and purchased loans | 506,445 | 878,743 | 3,619 | 32,589 | 67,173 | 10,546 | 4,248 | 1,503,363 | Total nonperforming | 11,316 | 7,771 | — | 1,076 | 406 | — | 27 | 20,596 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value: | Total originated and purchased loans | 498,987 | 548,356 | 5,717 | 27,051 | 66,726 | 10,461 | 4,145 | 1,161,443 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | 73,425 | 103,399 | 2,214 | 31,016 | 7,928 | 12,500 | 89 | 230,571 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming: | Loans acquired at fair value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
90+ days past due accruing | — | — | — | — | — | — | — | — | Performing | 1,301 | 116,080 | 3,248 | 39,877 | 13,790 | 15,526 | 132 | 189,954 | |||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual | 742 | 1,613 | 1,448 | 3,656 | 510 | 964 | 1 | 8,934 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total nonperforming | 742 | 1,613 | 1,448 | 3,656 | 510 | 964 | 1 | 8,934 | 90+ days past due accruing | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual | 359 | 2,392 | 2,886 | 3,760 | 297 | 626 | 1 | 10,321 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 74,167 | 105,012 | 3,662 | 34,672 | 8,438 | 13,464 | 90 | 239,505 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total nonperforming | 359 | 2,392 | 2,886 | 3,760 | 297 | 626 | 1 | 10,321 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 580,612 | $ | 983,755 | $ | 7,281 | $ | 67,261 | $ | 75,611 | $ | 24,010 | $ | 4,338 | $ | 1,742,868 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 1,660 | 118,472 | 6,134 | 43,637 | 14,087 | 16,152 | 133 | 200,275 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 500,647 | $ | 666,828 | $ | 11,851 | $ | 70,688 | $ | 80,813 | $ | 26,613 | $ | 4,278 | $ | 1,361,718 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment Status of Loans Receivable | Impairment Status of Loans Receivable | Impairment Status of Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at December 31, 2014 | at June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying value of impaired loans: | Carrying value of impaired loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-impaired loans | $ | 493,311 | $ | 947,350 | $ | 5,700 | $ | 43,148 | $ | 63,901 | $ | 10,771 | $ | 4,758 | $ | 1,568,939 | Originated and purchased loans | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-impaired loans | $ | 494,522 | $ | 873,340 | $ | 3,619 | $ | 31,326 | $ | 66,163 | $ | 10,529 | $ | 4,248 | $ | 1,483,747 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans with no allowance for impairment | 10,081 | 3,195 | — | 1,453 | 1,001 | 17 | — | 15,747 | Impaired loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans with allowance for impairment: | Impaired loans with no allowance for impairment | 9,800 | 5,037 | — | 1,263 | 911 | 17 | — | 17,028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded investment | 1,612 | 351 | — | — | 94 | — | — | 2,057 | Impaired loans with allowance for impairment: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for impairment | (151 | ) | (388 | ) | — | — | (19 | ) | — | — | (558 | ) | Unpaid principal balance | 2,123 | 366 | — | — | 99 | — | — | 2,588 | |||||||||||||||||||||||||||||||||||||||||||||
Balance of impaired loans net of allowance for impairment | 1,461 | (37 | ) | — | — | 75 | — | — | 1,499 | Allowance for impairment | (528 | ) | (404 | ) | — | — | (75 | ) | — | — | (1,007 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Total impaired loans, excluding allowance for impairment: | 11,693 | 3,546 | — | 1,453 | 1,095 | 17 | — | 17,804 | Balance of impaired loans net of allowance for impairment | 1,595 | (38 | ) | — | — | 24 | — | — | 1,581 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total originated and purchased loans | 505,004 | 950,896 | 5,700 | 44,601 | 64,996 | 10,788 | 4,758 | 1,586,743 | Total impaired loans, excluding allowance | 11,923 | 5,403 | — | 1,263 | 1,010 | 17 | — | 19,616 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value: | Total originated and purchased loans | 506,445 | 878,743 | 3,619 | 32,589 | 67,173 | 10,546 | 4,248 | 1,503,363 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-impaired loans | 64,607 | 103,377 | 352 | 23,452 | 6,603 | 11,658 | 102 | 210,151 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans: | Loans acquired at fair value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans with no allowance for impairment | 989 | 2,199 | 2,656 | 9,950 | 578 | 965 | — | 17,337 | Non-impaired loans | 73,425 | 102,046 | 2,214 | 23,891 | 7,746 | 12,500 | 90 | 221,912 | |||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans with allowance for impairment: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded investment | — | 816 | — | 445 | 18 | — | — | 1,279 | Impaired loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for impairment | — | (64 | ) | — | (216 | ) | (18 | ) | — | — | (298 | ) | Impaired loans with no allowance for impairment | 742 | 1,690 | 1,448 | 10,141 | 617 | 964 | — | 15,602 | |||||||||||||||||||||||||||||||||||||||||||||
Impaired loans with allowance for impairment: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance of impaired loans net of allowance for impairment | — | 752 | — | 229 | — | — | — | 981 | Unpaid principal balance | — | 1,276 | — | 640 | 75 | — | — | 1,991 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total impaired loans, excluding allowance for impairment: | 989 | 3,015 | 2,656 | 10,395 | 596 | 965 | — | 18,616 | Allowance for impairment | — | (165 | ) | — | (444 | ) | (57 | ) | — | — | (666 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 65,596 | 106,392 | 3,008 | 33,847 | 7,199 | 12,623 | 102 | 228,767 | Balance of impaired loans net of allowance for impairment | — | 1,111 | — | 196 | 18 | — | — | 1,325 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 570,600 | $ | 1,057,288 | $ | 8,708 | $ | 78,448 | $ | 72,195 | $ | 23,411 | $ | 4,860 | $ | 1,815,510 | Total impaired loans, excluding allowance | 742 | 2,966 | 1,448 | 10,781 | 692 | 964 | — | 17,593 | |||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 74,167 | 105,012 | 3,662 | 34,672 | 8,438 | 13,464 | 90 | 239,505 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment Status of Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at December 31, 2014 (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 580,612 | $ | 983,755 | $ | 7,281 | $ | 67,261 | $ | 75,611 | $ | 24,010 | $ | 4,338 | $ | 1,742,868 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unpaid principal balance of impaired loans: | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | $ | 18,299 | $ | 4,132 | $ | — | $ | 1,608 | $ | 1,116 | $ | 17 | $ | — | $ | 25,172 | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value | 1,072 | 3,291 | 2,783 | 12,211 | 651 | 988 | — | 20,996 | Unpaid principal balance of impaired loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | 19,371 | $ | 7,423 | $ | 2,783 | $ | 13,819 | $ | 1,767 | $ | 1,005 | $ | — | $ | 46,168 | Originated and purchased loans | $ | 17,655 | $ | 5,919 | $ | — | $ | 1,407 | $ | 1,027 | $ | 17 | $ | — | $ | 26,025 | |||||||||||||||||||||||||||||||||
For the three months ended December 31, 2014: | Loans acquired at fair value | 742 | 3,264 | 1,547 | 12,495 | 726 | 975 | — | 19,749 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average balance of impaired loans | $ | 13,057 | $ | 7,246 | $ | 1,711 | $ | 11,655 | $ | 1,631 | $ | 1,007 | $ | — | $ | 36,307 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest earned on impaired loans | $ | 36 | $ | 46 | $ | — | $ | 190 | $ | 11 | $ | — | $ | — | $ | 283 | ||||||||||||||||||||||||||||||||||||||||||||||||||
For the six months ended December 31, 2014: | Total impaired loans | $ | 18,397 | $ | 9,183 | $ | 1,547 | $ | 13,902 | $ | 1,753 | $ | 992 | $ | — | $ | 45,774 | |||||||||||||||||||||||||||||||||||||||||||||||||
Average balance of impaired loans | $ | 13,072 | $ | 7,775 | $ | 1,593 | $ | 11,804 | $ | 1,644 | $ | 1,034 | $ | — | $ | 36,922 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest earned on impaired loans | $ | 80 | $ | 289 | $ | — | $ | 419 | $ | 23 | $ | — | $ | — | $ | 811 | ||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended December 31, 2013: | For the year ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average balance of impaired loans | $ | 13,781 | $ | 10,312 | $ | 2,431 | $ | 11,638 | $ | 1,336 | $ | 577 | $ | — | $ | 40,075 | Average balance of impaired loans | $ | 13,754 | $ | 9,971 | $ | 2,514 | $ | 10,669 | $ | 1,526 | $ | 641 | $ | — | $ | 39,075 | |||||||||||||||||||||||||||||||||
Interest earned on impaired loans | $ | 54 | $ | 40 | $ | — | $ | 188 | $ | 25 | $ | 6 | $ | — | $ | 313 | Interest earned on impaired loans | $ | 138 | $ | 186 | $ | — | $ | 732 | $ | 69 | $ | 7 | $ | — | $ | 1,132 | |||||||||||||||||||||||||||||||||
For the six months ended December 31, 2013: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average balance of impaired loans | $ | 14,124 | $ | 10,733 | $ | 2,620 | $ | 10,056 | $ | 1,474 | $ | 620 | $ | — | $ | 39,627 | Impairment Status of Loans Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest earned on impaired loans | $ | 86 | $ | 86 | $ | — | $ | 371 | $ | 39 | $ | 6 | $ | — | $ | 588 | at June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Impairment Status of Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at June 30, 2014 | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Equity | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Credit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | (In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | Carrying value of impaired loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Originated and purchased loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying value of impaired loans: | Non-impaired loans | $ | 484,575 | $ | 540,491 | $ | 5,717 | $ | 25,975 | $ | 65,581 | $ | 10,461 | $ | 4,145 | $ | 1,136,945 | |||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-impaired loans | $ | 494,522 | $ | 873,340 | $ | 3,619 | $ | 31,326 | $ | 66,163 | $ | 10,529 | $ | 4,248 | $ | 1,483,747 | Impaired loans: | |||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans with no allowance for impairment | 11,758 | 7,470 | — | 1,076 | 1,026 | — | — | 21,330 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans: | Impaired loans with allowance for impairment: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans with no allowance for impairment | 9,800 | 5,037 | — | 1,263 | 911 | 17 | — | 17,028 | Unpaid principal balance | 2,654 | 395 | — | — | 119 | — | — | 3,168 | |||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans with allowance for impairment: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded investment | 2,123 | 366 | — | — | 99 | — | — | 2,588 | Allowance for impairment | (697 | ) | (430 | ) | — | — | (110 | ) | — | — | (1,237 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Allowance for impairment | (528 | ) | (404 | ) | — | — | (75 | ) | — | — | (1,007 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance of impaired loans net of allowance for impairment | 1,957 | (35 | ) | — | — | 9 | — | — | 1,931 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance of impaired loans net of allowance for impairment | 1,595 | (38 | ) | — | — | 24 | — | — | 1,581 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total impaired loans, excluding allowance | 14,412 | 7,865 | — | 1,076 | 1,145 | — | — | 24,498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total impaired loans, excluding allowance for impairment: | 11,923 | 5,403 | — | 1,263 | 1,010 | 17 | — | 19,616 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total originated and purchased loans | 498,987 | 548,356 | 5,717 | 27,051 | 66,726 | 10,461 | 4,145 | 1,161,443 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total originated and purchased loans | 506,445 | 878,743 | 3,619 | 32,589 | 67,173 | 10,546 | 4,248 | 1,503,363 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value: | Loans acquired at fair value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-impaired loans | 73,425 | 102,046 | 2,214 | 23,891 | 7,746 | 12,500 | 90 | 221,912 | Non-impaired loans | 1,301 | 115,163 | 3,248 | 36,387 | 13,481 | 15,526 | 133 | 185,239 | |||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans: | Impaired loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans with no allowance for impairment | 742 | 1,690 | 1,448 | 10,141 | 617 | 964 | — | 15,602 | Impaired loans with no allowance for impairment | 359 | 2,795 | 2,886 | 6,251 | 606 | 626 | — | 13,523 | |||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans with allowance for impairment: | Impaired loans with allowance for impairment: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded investment | — | 1,276 | — | 640 | 75 | — | — | 1,991 | Unpaid principal balance | — | 514 | — | 999 | — | — | — | 1,513 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for impairment | — | (165 | ) | — | (444 | ) | (57 | ) | — | — | (666 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for impairment | — | (84 | ) | — | (757 | ) | — | — | — | (841 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance of impaired loans net of allowance for impairment | — | 1,111 | — | 196 | 18 | — | — | 1,325 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance of impaired loans net of allowance for impairment | — | 430 | — | 242 | — | — | — | 672 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total impaired loans, excluding allowance for impairment: | 742 | 2,966 | 1,448 | 10,781 | 692 | 964 | — | 17,593 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total impaired loans, excluding allowance | 359 | 3,309 | 2,886 | 7,250 | 606 | 626 | — | 15,036 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 74,167 | 105,012 | 3,662 | 34,672 | 8,438 | 13,464 | 90 | 239,505 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans acquired at fair value | 1,660 | 118,472 | 6,134 | 43,637 | 14,087 | 16,152 | 133 | 200,275 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 580,612 | $ | 983,755 | $ | 7,281 | $ | 67,261 | $ | 75,611 | $ | 24,010 | $ | 4,338 | $ | 1,742,868 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 500,647 | $ | 666,828 | $ | 11,851 | $ | 70,688 | $ | 80,813 | $ | 26,613 | $ | 4,278 | $ | 1,361,718 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment Status of Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at June 30, 2014 (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | Loans | Credit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Unpaid principal balance of impaired loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unpaid principal balance of impaired loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | $ | 17,655 | $ | 5,919 | $ | — | $ | 1,407 | $ | 1,027 | $ | 17 | $ | — | $ | 26,025 | Originated and purchased loans | $ | 20,682 | $ | 8,956 | $ | — | $ | 1,120 | $ | 1,169 | $ | — | $ | — | $ | 31,927 | |||||||||||||||||||||||||||||||||
Loans acquired at fair value | 742 | 3,264 | 1,547 | 12,495 | 726 | 975 | — | 19,749 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value | 417 | 4,077 | 3,419 | 10,168 | 614 | 626 | — | 19,321 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | 18,397 | $ | 9,183 | $ | 1,547 | $ | 13,902 | $ | 1,753 | $ | 992 | $ | — | $ | 45,774 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total impaired loans | $ | 21,099 | $ | 13,033 | $ | 3,419 | $ | 11,288 | $ | 1,783 | $ | 626 | $ | — | $ | 51,248 | ||||||||||||||||||||||||||||||||||||||||||||||||||
For the year ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average balance of impaired loans | $ | 15,890 | $ | 11,885 | $ | 2,120 | $ | 8,853 | $ | 1,767 | $ | 189 | $ | — | $ | 40,704 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest earned on impaired loans | $ | 181 | $ | 108 | $ | 20 | $ | 478 | $ | 61 | $ | 2 | $ | — | $ | 850 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment Status of Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at June 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Equity | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Credit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the year ended June 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average balance of impaired loans | $ | 17,633 | $ | 11,228 | $ | 1,944 | $ | 10,358 | $ | 1,322 | $ | 161 | $ | — | $ | 42,646 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest earned on impaired loans | $ | 484 | $ | 58 | $ | 52 | $ | 283 | $ | 20 | $ | — | $ | — | $ | 897 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings of Loans Receivable | The following table presents information regarding the restructuring of the Company’s troubled debts during the three and six months ended December 31, 2014 and any defaults during those periods of TDRs that were restructured within 12 months of the date of default. There were no restructurings or applicable defaults of the Company’s troubled debt during the three and six months ended December 31, 2013. | The following tables present information regarding the restructuring of the Company’s troubled debts during the year ended June 30, 2013 and any defaults of TDRs during that year that were restructured within 12 months of the date of default. During the year ended June 30, 2014, the Company did not restructure any troubled debts and there were no defaults of TDRs that were restructured within 12 months of the date of default. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings of Loans Receivable | Troubled Debt Restructurings of Loans Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at December 31, 2014 | at June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | Residential | Commercial | Construction | Commercial | Home | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | Mortgage | Mortgage | Business | Equity | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | Loans | Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructuring activity for the three months ended December 31, 2014 | Troubled debt restructuring activity for the year ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | 3 | — | — | 2 | — | — | — | 5 | Originated and purchased loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-modification outstanding recorded investment | $ | 1,291 | $ | — | $ | — | $ | 348 | $ | — | $ | — | $ | — | $ | 1,639 | Number of loans | 5 | 1 | — | — | 2 | — | — | 8 | |||||||||||||||||||||||||||||||||||||||||
Post-modification outstanding recorded investment | 1,150 | — | — | 322 | — | — | — | $ | 1,472 | Pre-modification outstanding recorded investment | $ | 967 | $ | 265 | $ | — | $ | — | $ | 176 | $ | — | $ | — | $ | 1,408 | ||||||||||||||||||||||||||||||||||||||||
Charge offs against the allowance for loan loss recognized at modification | 228 | — | — | 27 | — | — | — | $ | 255 | Post-modification outstanding recorded investment | 852 | 245 | — | — | 164 | — | — | 1,261 | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value | Charge offs against the allowance for loan loss for impairment recognized at modification | 146 | 20 | — | — | 14 | — | — | 180 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-modification outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Loans acquired at fair value | |||||||||||||||||||||||||||||||||||||||||||||||||
Post-modification outstanding recorded investment | — | — | — | — | — | — | — | $ | — | Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Charge offs against the allowance for loan loss recognized at modification | — | — | — | — | — | — | — | $ | — | Pre-modification outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||
Troubled debt restructuring defaults for the three months ended December 31, 2014 | Post-modification outstanding recorded investment | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | Charge offs against the allowance for loan loss for impairment recognized at modification | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Troubled debt restructuring defaults | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | Originated and purchased loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | Number of loans | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings of Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at December 31, 2014 | Loans acquired at fair value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructuring activity for the six months ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | 5 | — | — | 2 | — | — | — | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-modification outstanding recorded investment | $ | 1,955 | $ | — | $ | — | $ | 348 | $ | — | $ | — | $ | — | $ | 2,303 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Post-modification outstanding recorded investment | 1,823 | — | — | 322 | — | — | — | $ | 2,145 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge offs against the allowance for loan loss recognized at modification | 261 | — | — | 27 | — | — | — | $ | 288 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-modification outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Post-modification outstanding recorded investment | — | — | — | — | — | — | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge offs against the allowance for loan loss recognized at modification | — | — | — | — | — | — | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructuring defaults for the three months ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings of Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructuring activity for the three months ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-modification outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Post-modification outstanding recorded investment | — | — | — | — | — | — | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge offs against the allowance for loan loss recognized at modification | — | — | — | — | — | — | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-modification outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Post-modification outstanding recorded investment | — | — | — | — | — | — | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge offs against the allowance for loan loss recognized at modification | — | — | — | — | — | — | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructuring defaults for the three months ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings of Loans Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | Commercial | Construction | Commercial | Home Equity | Home Equity | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage | Mortgage | Business | Loans | Lines of | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructuring activity for the six months ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-modification outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Post-modification outstanding recorded investment | — | — | — | — | — | — | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge offs against the allowance for loan loss for impairment recognized at modification | — | — | — | — | — | — | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-modification outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Post-modification outstanding recorded investment | — | — | — | — | — | — | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge offs against the allowance for loan loss for impairment recognized at modification | — | — | — | — | — | — | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructuring defaults for the six months ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originated and purchased loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans acquired at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding recorded investment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
Borrowings_Tables
Borrowings (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||
Schedule of Fixed Rate Advances from FHLB | Fixed rate advances from the FHLB of New York mature as follows: | Fixed-rate advances from FHLB of New York mature as follows: | ||||||||||||||||||||||||||||||||
December 31, 2014 | June 30, 2014 | June 30, | ||||||||||||||||||||||||||||||||
Amount | Weighted | Amount | Weighted | 2014 | 2013 | |||||||||||||||||||||||||||||
Average | Average | Amount | Weighted | Amount | Weighted | |||||||||||||||||||||||||||||
Interest Rate | Interest Rate | Average | Average | |||||||||||||||||||||||||||||||
Maturing in years ending June 30: | Interest | Interest | ||||||||||||||||||||||||||||||||
2015 | $ | 375,000 | 0.41 | % | $ | 320,000 | 0.38 | % | Rate | Rate | ||||||||||||||||||||||||
2016 | 7,500 | 1.09 | 7,500 | 1.09 | (Dollars in Thousands) | |||||||||||||||||||||||||||||
2017 | 3,000 | 1.05 | 3,000 | 1.05 | ||||||||||||||||||||||||||||||
2018 | 5,225 | 1.18 | 5,225 | 1.18 | Maturing in years ending June 30: | |||||||||||||||||||||||||||||
2021 | 718 | 4.94 | 765 | 4.94 | 2014 | $ | — | — | % | $ | 105,000 | 0.39 | % | |||||||||||||||||||||
2023 | 145,000 | 3.04 | 145,000 | 3.04 | 2015 | 320,000 | 0.38 | — | — | |||||||||||||||||||||||||
2016 | 7,500 | 1.09 | — | — | ||||||||||||||||||||||||||||||
536,443 | 1.15 | % | 481,490 | 1.21 | % | 2017 | 3,000 | 1.05 | — | — | ||||||||||||||||||||||||
Fair value adjustments | 19 | 29 | 2018 | 5,225 | 1.18 | — | — | |||||||||||||||||||||||||||
2021 | 765 | 4.94 | 854 | 4.94 | ||||||||||||||||||||||||||||||
$ | 536,462 | $ | 481,519 | 2023 | 145,000 | 3.04 | 145,000 | 3.04 | ||||||||||||||||||||||||||
481,490 | 1.21 | % | 250,854 | 1.94 | % | |||||||||||||||||||||||||||||
Fair value adjustments | 29 | 77 | ||||||||||||||||||||||||||||||||
$ | 481,519 | $ | 250,931 | |||||||||||||||||||||||||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | Jun. 30, 2014 | |||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||
Schedule of Interest Rate Derivatives | The effects of derivative instruments on the statements of condition included in the Consolidated Financial Statements at December 31, 2014 and June 30, 2014 and for the three and six months ended December 31, 2014 and 2013 are as follows: | The effects of derivative instruments on the Consolidated Financial Statements for June 30, 2014 are as follows: | ||||||||||||||||||||||||||
December 31, 2014 | June 30, 2014 | |||||||||||||||||||||||||||
Notional/ | Fair | Balance | Expiration | Notional/ | Fair Value | Balance Sheet | Expiration | |||||||||||||||||||||
Contract | Value | Sheet | Date | Contract | Location | Date | ||||||||||||||||||||||
Amount | Location | Amount | ||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||
Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | |||||||||||||||||||||||||||
Interest rate swaps by effective date: | ||||||||||||||||||||||||||||
July 1, 2013 | $ | 165,000 | $ | 182 | Other liabilities | July 1, 2018 | Interest rate swaps: | |||||||||||||||||||||
August 19, 2013 | 75,000 | (870 | ) | Other liabilities | August 20, 2018 | Effective July 1, 2013 | $ | 165,000 | $ | 103 | Other liabilities | July 1, 2018 | ||||||||||||||||
October 9, 2013 | 50,000 | (143 | ) | Other liabilities | 9-Oct-18 | Effective August 19, 2013 | 75,000 | (1,109 | ) | Other liabilities | August 20, 2018 | |||||||||||||||||
March 28, 2014 | 75,000 | (1,069 | ) | Other liabilities | 28-Mar-19 | Effective October 9, 2013 | 50,000 | (234 | ) | Other liabilities | 9-Oct-18 | |||||||||||||||||
June 5, 2015 | 60,000 | (1,102 | ) | Other liabilities | 5-Jun-20 | Effective March 28, 2014 | 75,000 | (1,203 | ) | Other liabilities | 28-Mar-19 | |||||||||||||||||
July 28, 2015 | 50,000 | (1,127 | ) | Other liabilities | 28-Jul-20 | Effective June 5, 2015 | 60,000 | (271 | ) | Other liabilities | 5-Jun-20 | |||||||||||||||||
September 28, 2015 | 40,000 | (851 | ) | Other liabilities | September 28, 2020 | |||||||||||||||||||||||
December 28, 2015 | 35,000 | (769 | ) | Other liabilities | 28-Dec-20 | Interest rate caps: | ||||||||||||||||||||||
Effective June 5, 2013 | 40,000 | 913 | Other liabilities | 5-Jun-18 | ||||||||||||||||||||||||
550,000 | (5,749 | ) | Effective July 1, 2013 | 35,000 | 826 | Other liabilities | 1-Jul-18 | |||||||||||||||||||||
Interest rate caps by effective date: | ||||||||||||||||||||||||||||
June 5, 2013 | 40,000 | 751 | Other liabilities | 5-Jun-18 | Total | $ | 500,000 | $ | (975 | ) | ||||||||||||||||||
July 1, 2013 | 35,000 | 652 | Other liabilities | 1-Jul-18 | ||||||||||||||||||||||||
75,000 | 1,403 | |||||||||||||||||||||||||||
Year Ended June 30, 2014 | ||||||||||||||||||||||||||||
Total | $ | 625,000 | $ | (4,346 | ) | Amount of | Location of Gain | Amount of | ||||||||||||||||||||
Gain (Loss) | (Loss) Recognized | Gain (Loss) | ||||||||||||||||||||||||||
Recognized in | in Income on | Recognized in | ||||||||||||||||||||||||||
June 30, 2014 | OCI on | Derivatives | Income on | |||||||||||||||||||||||||
Notional/ | Fair | Balance | Expiration | Derivatives, net | (Ineffective | Derivatives | ||||||||||||||||||||||
Contract | Value | Sheet | Date | of tax (Effective | Portion) | (Ineffective | ||||||||||||||||||||||
Amount | Location | Portion) | Portion) | |||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||
Derivatives designated as hedging instruments | Derivatives in cash flow hedges | |||||||||||||||||||||||||||
Interest rate swaps by effective date: | ||||||||||||||||||||||||||||
July 1, 2013 | $ | 165,000 | $ | 103 | Other liabilities | July 1, 2018 | Interest rate swaps: | |||||||||||||||||||||
August 19, 2013 | 75,000 | (1,109 | ) | Other liabilities | August 20, 2018 | Effective July 1, 2013 | $ | (896 | ) | Not Applicable | $ | — | ||||||||||||||||
October 9, 2013 | 50,000 | (234 | ) | Other liabilities | October 9, 2018 | Effective August 19, 2013 | (656 | ) | Not Applicable | — | ||||||||||||||||||
March 28, 2014 | 75,000 | (1,203 | ) | Other liabilities | 28-Mar-19 | Effective October 9, 2013 | (138 | ) | Not Applicable | — | ||||||||||||||||||
June 5, 2015 | 60,000 | (271 | ) | Other liabilities | 5-Jun-20 | Effective March 28, 2014 | (711 | ) | Not Applicable | — | ||||||||||||||||||
Effective June 5, 2015 | (883 | ) | Not Applicable | — | ||||||||||||||||||||||||
425,000 | (2,714 | ) | ||||||||||||||||||||||||||
Interest rate caps: | ||||||||||||||||||||||||||||
Interest rate caps by effective date: | Effective June 5, 2013 | (333 | ) | Not Applicable | — | |||||||||||||||||||||||
June 5, 2013 | 40,000 | 913 | Other liabilities | 5-Jun-18 | Effective July 1, 2013 | (292 | ) | Not Applicable | — | |||||||||||||||||||
July 1, 2013 | 35,000 | 826 | Other liabilities | 1-Jul-18 | ||||||||||||||||||||||||
75,000 | 1,739 | Total | $ | (3,909 | ) | $ | — | |||||||||||||||||||||
Total | $ | 500,000 | $ | (975 | ) | The effects of derivative instruments on the Consolidated Financial Statements for June 30, 2013 are as follows: | ||||||||||||||||||||||
June 30, 2013 | ||||||||||||||||||||||||||||
Three Months Ended December 31, 2014 | Notional/ | Fair Value | Balance Sheet | Expiration | ||||||||||||||||||||||||
Amount of Gain (Loss) | Location of Gain (Loss) | Amount of Gain (Loss) | Contract | Location | Date | |||||||||||||||||||||||
Recognized in OCI on | Recognized in Income of | Recognized in Income of | Amount | |||||||||||||||||||||||||
Derivatives, net of Tax | Derivatives | Derivatives | (Dollars in Thousands) | |||||||||||||||||||||||||
(Effective Portion) | (Ineffective Portion) | (Ineffective Portion) | Derivatives designated as hedging instruments | |||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||
Derivatives in cash flow hedges | Interest rate swaps: | |||||||||||||||||||||||||||
Interest rate swaps by effective date: | Effective July 1, 2013 | $ | 165,000 | $ | 1,617 | Other assets | July 1, 2018 | |||||||||||||||||||||
July 1, 2013 | $ | (599 | ) | Not applicable | $ | — | Effective June 5, 2015 | 60,000 | 1,220 | Other assets | June 5, 2020 | |||||||||||||||||
August 19, 2013 | (263 | ) | Not applicable | — | ||||||||||||||||||||||||
October 9, 2013 | (211 | ) | Not applicable | — | Interest rate caps: | |||||||||||||||||||||||
March 28, 2014 | (342 | ) | Not applicable | — | Effective June 5, 2013 | 40,000 | 1,485 | Other assets | 5-Jun-18 | |||||||||||||||||||
June 5, 2015 | (625 | ) | Not applicable | — | Effective July 1, 2013 | 35,000 | 1,323 | Other assets | 1-Jul-18 | |||||||||||||||||||
July 28, 2015 | (540 | ) | Not applicable | — | ||||||||||||||||||||||||
September 28, 2015 | (450 | ) | Not applicable | — | ||||||||||||||||||||||||
December 28, 2015 | (403 | ) | Not applicable | — | Total | $ | 300,000 | $ | 5,645 | |||||||||||||||||||
(3,433 | ) | — | ||||||||||||||||||||||||||
Interest rate caps by effective date: | June 30, 2013 | |||||||||||||||||||||||||||
June 5, 2013 | (136 | ) | Not applicable | — | Amount of | Location of Gain | Amount of | |||||||||||||||||||||
July 1, 2013 | (125 | ) | Not applicable | — | Gain (Loss) | (Loss) Recognized | Gain (Loss) | |||||||||||||||||||||
Recognized in | in Income on | Recognized in | ||||||||||||||||||||||||||
(261 | ) | — | OCI on | Derivatives | Income on | |||||||||||||||||||||||
Derivatives, net | (Ineffective | Derivatives | ||||||||||||||||||||||||||
Total | $ | (3,694 | ) | $ | — | of tax (Effective | Portion) | (Ineffective | ||||||||||||||||||||
Portion) | Portion) | |||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||
Derivatives in cash flow hedges | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2014 | ||||||||||||||||||||||||||||
Amount of Gain (Loss) | Location of Gain (Loss) | Amount of Gain (Loss) | Interest rate swaps: | |||||||||||||||||||||||||
Recognized in OCI on | Recognized in Income of | Recognized in Income of | Effective July 1, 2013 | $ | 957 | Not Applicable | $ | — | ||||||||||||||||||||
Derivatives, net of Tax | Derivatives | Derivatives | Effective June 5, 2015 | 722 | Not Applicable | — | ||||||||||||||||||||||
(Effective Portion) | (Ineffective Portion) | (Ineffective Portion) | ||||||||||||||||||||||||||
(Dollars in Thousands) | Interest rate caps: | |||||||||||||||||||||||||||
Derivatives in cash flow hedges | Effective June 5, 2013 | 128 | Not Applicable | — | ||||||||||||||||||||||||
Interest rate swaps by effective date: | Effective July 1, 2013 | 31 | Not Applicable | — | ||||||||||||||||||||||||
July 1, 2013 | $ | 47 | Not applicable | $ | — | |||||||||||||||||||||||
August 19, 2013 | 141 | Not applicable | — | |||||||||||||||||||||||||
October 9, 2013 | 54 | Not applicable | — | Total | $ | 1,838 | $ | — | ||||||||||||||||||||
March 28, 2014 | 79 | Not applicable | — | |||||||||||||||||||||||||
June 5, 2015 | (491 | ) | Not applicable | — | ||||||||||||||||||||||||
July 28, 2015 | (667 | ) | Not applicable | — | ||||||||||||||||||||||||
September 28, 2015 | (503 | ) | Not applicable | — | ||||||||||||||||||||||||
December 28, 2015 | (455 | ) | Not applicable | — | ||||||||||||||||||||||||
(1,795 | ) | — | ||||||||||||||||||||||||||
Interest rate caps by effective date: | ||||||||||||||||||||||||||||
June 5, 2013 | (83 | ) | Not applicable | — | ||||||||||||||||||||||||
July 1, 2013 | (94 | ) | Not applicable | — | ||||||||||||||||||||||||
(177 | ) | — | ||||||||||||||||||||||||||
Total | $ | (1,972 | ) | $ | — | |||||||||||||||||||||||
Three Months Ended December 31, 2013 | ||||||||||||||||||||||||||||
Amount of Gain (Loss) | Location of Gain (Loss) | Amount of Gain (Loss) | ||||||||||||||||||||||||||
Recognized in OCI on | Recognized in Income of | Recognized in Income of | ||||||||||||||||||||||||||
Derivatives, net of Tax | Derivatives | Derivatives | ||||||||||||||||||||||||||
(Effective Portion) | (Ineffective Portion) | (Ineffective Portion) | ||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||
Derivatives in cash flow hedges | ||||||||||||||||||||||||||||
Interest rate swaps by effective date: | ||||||||||||||||||||||||||||
July 1, 2013 | $ | 571 | Not applicable | $ | — | |||||||||||||||||||||||
August 19, 2013 | 293 | Not applicable | — | |||||||||||||||||||||||||
October 9, 2013 | 144 | Not applicable | — | |||||||||||||||||||||||||
June 5, 2015 | 372 | Not applicable | — | |||||||||||||||||||||||||
1,380 | — | |||||||||||||||||||||||||||
Interest rate caps by effective date: | ||||||||||||||||||||||||||||
June 5, 2013 | 75 | Not applicable | — | |||||||||||||||||||||||||
July 1, 2013 | 78 | Not applicable | — | |||||||||||||||||||||||||
153 | — | |||||||||||||||||||||||||||
Total | $ | 1,533 | $ | — | ||||||||||||||||||||||||
Six Months Ended December 31, 2013 | ||||||||||||||||||||||||||||
Amount of Gain (Loss) | Location of Gain (Loss) | Amount of Gain (Loss) | ||||||||||||||||||||||||||
Recognized in OCI on | Recognized in Income of | Recognized in Income of | ||||||||||||||||||||||||||
Derivatives, net of Tax | Derivatives | Derivatives | ||||||||||||||||||||||||||
(Effective Portion) | (Ineffective Portion) | (Ineffective Portion) | ||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||
Derivatives in cash flow hedges | ||||||||||||||||||||||||||||
Interest rate swaps by effective date: | ||||||||||||||||||||||||||||
July 1, 2013 | (4 | ) | Not applicable | — | ||||||||||||||||||||||||
August 19, 2013 | (333 | ) | Not applicable | — | ||||||||||||||||||||||||
October 9, 2013 | 144 | Not applicable | — | |||||||||||||||||||||||||
June 5, 2015 | 160 | Not applicable | — | |||||||||||||||||||||||||
(33 | ) | — | ||||||||||||||||||||||||||
Interest rate caps by effective date: | ||||||||||||||||||||||||||||
June 5, 2013 | (64 | ) | Not applicable | — | ||||||||||||||||||||||||
July 1, 2013 | (43 | ) | Not applicable | — | ||||||||||||||||||||||||
(107 | ) | — | ||||||||||||||||||||||||||
Total | $ | (140 | ) | $ | — | |||||||||||||||||||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | The following table sets forth the aggregate net periodic benefit expense for the Bank’s Benefit Equalization Plan, Postretirement Welfare Plan and Directors’ Consultation and Retirement Plan: | |||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||
Service cost | $ | 56 | $ | 50 | $ | 113 | $ | 100 | ||||||||||||||||||||||||||||||
Interest cost | 82 | 84 | 164 | 168 | ||||||||||||||||||||||||||||||||||
Amortization of unrecognized past service liability | 12 | 12 | 24 | 24 | ||||||||||||||||||||||||||||||||||
Amortization of unrecognized net actuarial loss (gain) | 7 | (1 | ) | 14 | (2 | ) | ||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 157 | $ | 145 | $ | 315 | $ | 290 | ||||||||||||||||||||||||||||||
Summary of the Company's Stock Option Activity | The following is a summary of the Company’s stock option activity and related information for its option plans for the six months ended December 31, 2014: | The following is a summary of the Company’s stock option activity and related information for its option plans for the year ended June 30, 2014: | ||||||||||||||||||||||||||||||||||||
Options | Weighted | Range | Weighted | Aggregate | Options | Weighted | Range of Prices | Weighted | Aggregate | |||||||||||||||||||||||||||||
Average | of prices | Average | Intrinsic | Average | Average | Intrinsic | ||||||||||||||||||||||||||||||||
Exercise | Remaining | Value | Exercise | Remaining | Value | |||||||||||||||||||||||||||||||||
Price | Contractual | Price | Contractual | |||||||||||||||||||||||||||||||||||
Term | Term | |||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | (In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||
Outstanding at June 30, 2014 | 3,035 | $ | 12.37 | $ | 10.16 - $14.79 | 2.0 years | ||||||||||||||||||||||||||||||||
Granted | — | $ | — | — | — | Outstanding at June 30, 2013 | 3,133 | $ | 12.26 | $10.16 - $12.71 | 2.5 years | |||||||||||||||||||||||||||
Exercised | (2,785 | ) | $ | 12.26 | $ | 11.55 - $12.71 | 1.2 Years | Granted | 185 | 14.79 | 14.79 | |||||||||||||||||||||||||||
Forefeited | — | $ | — | — | — | Exercised | (118 | ) | 12.71 | 12.71 | ||||||||||||||||||||||||||||
Forfeited | (165 | ) | 12.71 | 12.71 | ||||||||||||||||||||||||||||||||||
Outstanding at December 31, 2014 | 250 | $ | 13.59 | $ | 10.16 - $14.79 | 8.5 Years | $ | 233 | ||||||||||||||||||||||||||||||
Outstanding at June 30, 2014 | 3,035 | $ | 12.37 | $10.16 - $14.79 | 2.0 years | $ | 9,034 | |||||||||||||||||||||||||||||||
Exercisable at December 31, 2014 | 39 | $ | 10.16 | $ | 10.16 | 6.5 Years | $ | 140 | ||||||||||||||||||||||||||||||
Exercisable at June 30, 2014 | 2,824 | $ | 12.24 | $10.16 - $12.71 | 1.5 years | $ | 8,795 | |||||||||||||||||||||||||||||||
Employee Stock Ownership Plan (ESOP) Disclosures | At June 30, 2014 and 2013, the ESOP shares were as follows: | |||||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||
Allocated shares | 1,113,602 | 989,049 | ||||||||||||||||||||||||||||||||||||
Total shares distributed due to employee resignations/terminations | 159,514 | 138,657 | ||||||||||||||||||||||||||||||||||||
Shares committed to be released | 84,660 | 84,594 | ||||||||||||||||||||||||||||||||||||
Unearned shares | 387,924 | 533,400 | ||||||||||||||||||||||||||||||||||||
Total ESOP Shares | 1,745,700 | 1,745,700 | ||||||||||||||||||||||||||||||||||||
Fair value of unearned shares | $ | 5,873,169 | $ | 5,595,366 | ||||||||||||||||||||||||||||||||||
Schedule of Assumptions to Estimate the Fair Value of the Options Granted | Management used the following assumptions to estimate the fair value of the options granted during the year ended June 30, 2014: | |||||||||||||||||||||||||||||||||||||
Weighted average risk-free interest rate | 2.17 | % | ||||||||||||||||||||||||||||||||||||
Expected dividend yield | 2 | % | ||||||||||||||||||||||||||||||||||||
Weighted average volatility factors of the expected market price of the Company’s stock | 33.14 | % | ||||||||||||||||||||||||||||||||||||
Weighted average expected life of the options | 6.5 years | |||||||||||||||||||||||||||||||||||||
Summary of the Status of the Company's Non-vested Restricted Share Awards | The following is a summary of the status of the Company’s non-vested restricted share awards as of June 30, 2014 and changes during the year ended June 30, 2014: | |||||||||||||||||||||||||||||||||||||
Restricted | Weighted | |||||||||||||||||||||||||||||||||||||
Shares | Average | |||||||||||||||||||||||||||||||||||||
Grant Date | ||||||||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||
Non-vested at June 30, 2013 | 49 | $ | 10.16 | |||||||||||||||||||||||||||||||||||
Awarded | 54 | $ | 14.79 | |||||||||||||||||||||||||||||||||||
Vested | (16 | ) | $ | 10.16 | ||||||||||||||||||||||||||||||||||
Non-vested at June 30, 2014 | 87 | $ | 13.04 | |||||||||||||||||||||||||||||||||||
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Net Funded Status | The following table sets forth the ABRIP’s funded status at June 30, 2014: | |||||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||
Reconciliation of funded status: | ||||||||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 2,646 | ||||||||||||||||||||||||||||||||||||
Fair value of assets | 3,885 | |||||||||||||||||||||||||||||||||||||
Funded status, included in other assets | $ | 1,239 | ||||||||||||||||||||||||||||||||||||
Valuation assumptions: | ||||||||||||||||||||||||||||||||||||||
Discount rate | 4.5 | % | ||||||||||||||||||||||||||||||||||||
Salary increase rate | N/A | |||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of ABRIP's Assets | The fair values of the ABRIP’s assets at June 30, 2014, by asset category (see Note 20 for the definitions of levels), are as follows: | |||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Balance | |||||||||||||||||||||||||||||||||||
Active Markets | Observable Inputs | Unobservable | ||||||||||||||||||||||||||||||||||||
for Identical | (Level 2) | Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||
Assets (Level 1) | ||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||
At June 30, 2014: | ||||||||||||||||||||||||||||||||||||||
Prudential Guaranteed Deposit Fund | $ | — | $ | 3,885 | $ | — | $ | 3,885 | ||||||||||||||||||||||||||||||
Benefit Equalization Plan ("BEP") [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | ||||||||||||||||||||||||||||||||||||||
Years Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||
Net periodic pension expense: | ||||||||||||||||||||||||||||||||||||||
Interest cost | $ | 154 | $ | 143 | $ | 162 | ||||||||||||||||||||||||||||||||
Amortization of net actuarial loss | 37 | 50 | 10 | |||||||||||||||||||||||||||||||||||
$ | 191 | $ | 193 | $ | 172 | |||||||||||||||||||||||||||||||||
Valuation assumptions: | ||||||||||||||||||||||||||||||||||||||
Discount rate | 5 | % | 4.25 | % | 5.75 | % | ||||||||||||||||||||||||||||||||
Salary increase rate | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||
Schedule of Net Funded Status | The following tables set forth the BEP’s funded status and components of net periodic pension cost: | |||||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||||||||||
Benefit obligation - beginning | $ | 3,430 | $ | 2,859 | ||||||||||||||||||||||||||||||||||
Interest cost | 154 | 143 | ||||||||||||||||||||||||||||||||||||
Actuarial (gain) loss | (218 | ) | 649 | |||||||||||||||||||||||||||||||||||
Benefit payments | (265 | ) | (221 | ) | ||||||||||||||||||||||||||||||||||
Benefit obligation - ending | $ | 3,101 | $ | 3,430 | ||||||||||||||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||||||||||||||
Fair value of assets - beginning | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Contributions | 265 | 221 | ||||||||||||||||||||||||||||||||||||
Benefit payments | (265 | ) | (221 | ) | ||||||||||||||||||||||||||||||||||
Fair value of assets - ending | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||
Reconciliation of funded status: | ||||||||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | (3,101 | ) | $ | (3,430 | ) | ||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | (3,101 | ) | $ | (3,430 | ) | ||||||||||||||||||||||||||||||||
Fair value of assets | — | — | ||||||||||||||||||||||||||||||||||||
Accrued pension cost included in other liabilities | $ | (3,101 | ) | $ | (3,430 | ) | ||||||||||||||||||||||||||||||||
Valuation assumptions: | ||||||||||||||||||||||||||||||||||||||
Discount rate | 4.5 | % | 5 | % | ||||||||||||||||||||||||||||||||||
Salary increase rate | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||||||||||||||||||||||||||
Years Ending June 30: | (In Thousands) | |||||||||||||||||||||||||||||||||||||
2015 | 225 | |||||||||||||||||||||||||||||||||||||
2016 | 227 | |||||||||||||||||||||||||||||||||||||
2017 | 229 | |||||||||||||||||||||||||||||||||||||
2018 | 230 | |||||||||||||||||||||||||||||||||||||
2019 | 232 | |||||||||||||||||||||||||||||||||||||
2020-2024 | 1,157 | |||||||||||||||||||||||||||||||||||||
Postretirement Welfare Plan [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | ||||||||||||||||||||||||||||||||||||||
Years Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||
Net periodic postretirement benefit cost: | ||||||||||||||||||||||||||||||||||||||
Service cost | $ | 54 | $ | 62 | $ | 23 | ||||||||||||||||||||||||||||||||
Interest cost | 45 | 40 | 34 | |||||||||||||||||||||||||||||||||||
Amortization of past service liability | — | — | 3 | |||||||||||||||||||||||||||||||||||
Amortization of unrecognized loss (gain) | — | 4 | (12 | ) | ||||||||||||||||||||||||||||||||||
$ | 99 | $ | 106 | $ | 48 | |||||||||||||||||||||||||||||||||
Valuation assumptions: | ||||||||||||||||||||||||||||||||||||||
Discount rate | 5 | % | 4.25 | % | 5.75 | % | ||||||||||||||||||||||||||||||||
Salary increase rate | 3.25 | % | 3.25 | % | 3.25 | % | ||||||||||||||||||||||||||||||||
Schedule of Net Funded Status | The following tables set forth the accrued accumulated postretirement benefit obligation and the net periodic postretirement benefit cost: | |||||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||||||||||
Benefit obligation - beginning | $ | 1,043 | $ | 655 | ||||||||||||||||||||||||||||||||||
Service cost | 54 | 62 | ||||||||||||||||||||||||||||||||||||
Interest cost | 45 | 40 | ||||||||||||||||||||||||||||||||||||
Actuarial (gain) loss | (144 | ) | 291 | |||||||||||||||||||||||||||||||||||
Premiums/claims paid | (6 | ) | (5 | ) | ||||||||||||||||||||||||||||||||||
Benefit obligation - ending | $ | 992 | $ | 1,043 | ||||||||||||||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||||||||||||||
Fair value of assets - beginning | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Contributions | 6 | 5 | ||||||||||||||||||||||||||||||||||||
Premiums/claims paid | (6 | ) | (5 | ) | ||||||||||||||||||||||||||||||||||
Fair value of assets - ending | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Reconciliation of funded status: | ||||||||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | (992 | ) | $ | (1,043 | ) | ||||||||||||||||||||||||||||||||
Fair value of assets | — | — | ||||||||||||||||||||||||||||||||||||
Accrued postretirement benefit cost included in other liabilities | $ | (992 | ) | $ | (1,043 | ) | ||||||||||||||||||||||||||||||||
Valuation assumptions: | ||||||||||||||||||||||||||||||||||||||
Discount rate | 4.5 | % | 5 | % | ||||||||||||||||||||||||||||||||||
Salary increase rate | 3.25 | % | 3.25 | % | ||||||||||||||||||||||||||||||||||
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||||||||||||||||||||||||||
Years Ending June 30: | (In Thousands) | |||||||||||||||||||||||||||||||||||||
2015 | 9 | |||||||||||||||||||||||||||||||||||||
2016 | 11 | |||||||||||||||||||||||||||||||||||||
2017 | 12 | |||||||||||||||||||||||||||||||||||||
2018 | 14 | |||||||||||||||||||||||||||||||||||||
2019 | 16 | |||||||||||||||||||||||||||||||||||||
2020-2024 | 106 | |||||||||||||||||||||||||||||||||||||
Directors' Consultation and Retirement Plan ("DCRP") [Member] | ||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | ||||||||||||||||||||||||||||||||||||||
Years Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||
Net periodic plan cost: | ||||||||||||||||||||||||||||||||||||||
Service cost | $ | 147 | $ | 168 | $ | 131 | ||||||||||||||||||||||||||||||||
Interest cost | 136 | 125 | 146 | |||||||||||||||||||||||||||||||||||
Amortization of unrecognized gain | (39 | ) | — | (23 | ) | |||||||||||||||||||||||||||||||||
Amortization of past service liability | 46 | 48 | 61 | |||||||||||||||||||||||||||||||||||
$ | 290 | $ | 341 | $ | 315 | |||||||||||||||||||||||||||||||||
Valuation assumptions: | ||||||||||||||||||||||||||||||||||||||
Discount rate | 5 | % | 4.25 | % | 5.75 | % | ||||||||||||||||||||||||||||||||
Fee increase rate | 3.25 | % | 3.25 | % | 3.25 | % | ||||||||||||||||||||||||||||||||
Schedule of Net Funded Status | The following table sets forth the DCRP’s funded status and components of net periodic cost: | |||||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||||||||||
Projected benefit obligation - beginning | $ | 3,201 | $ | 2,761 | ||||||||||||||||||||||||||||||||||
Service cost | 147 | 168 | ||||||||||||||||||||||||||||||||||||
Interest cost | 136 | 125 | ||||||||||||||||||||||||||||||||||||
Actuarial (gain) loss | (441 | ) | 245 | |||||||||||||||||||||||||||||||||||
Benefit payments | (60 | ) | (98 | ) | ||||||||||||||||||||||||||||||||||
Projected benefit obligation - ending | $ | 2,983 | $ | 3,201 | ||||||||||||||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||||||||||||||
Fair value of assets - beginning | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Contributions | 60 | 98 | ||||||||||||||||||||||||||||||||||||
Benefit payments | (60 | ) | (98 | ) | ||||||||||||||||||||||||||||||||||
Fair value of assets - ending | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Reconciliation of funded status: | ||||||||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | (2,524 | ) | $ | (2,278 | ) | ||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | (2,983 | ) | $ | (3,201 | ) | ||||||||||||||||||||||||||||||||
Fair value of assets | — | — | ||||||||||||||||||||||||||||||||||||
Accrued cost included in other liabilities | $ | (2,983 | ) | $ | (3,201 | ) | ||||||||||||||||||||||||||||||||
Valuation assumptions: | ||||||||||||||||||||||||||||||||||||||
Discount rate | 4.5 | % | 5 | % | ||||||||||||||||||||||||||||||||||
Fee increase rate | 3.25 | % | 3.25 | % | ||||||||||||||||||||||||||||||||||
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||||||||||||||||||||||||||
Years Ending June 30: | (In Thousands) | |||||||||||||||||||||||||||||||||||||
2015 | 80 | |||||||||||||||||||||||||||||||||||||
2016 | 101 | |||||||||||||||||||||||||||||||||||||
2017 | 123 | |||||||||||||||||||||||||||||||||||||
2018 | 146 | |||||||||||||||||||||||||||||||||||||
2019 | 169 | |||||||||||||||||||||||||||||||||||||
2020-2024 | 1,137 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | Those assets and liabilities measured at fair value on a recurring basis are summarized below: | Those assets and liabilities measured at fair value on a recurring basis are summarized below: | ||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | Fair Value Measurements Using | |||||||||||||||||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | Total | Quoted Prices in | Significant Other | Significant | Balance | |||||||||||||||||||||||||||||||||||
in Active | Other | Unobservable | Active Markets | Observable Inputs | Unobservable | |||||||||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | for Identical | (Level 2) | Inputs (Level 3) | |||||||||||||||||||||||||||||||||||||
Identical | Inputs | (Level 3) | Assets (Level 1) | |||||||||||||||||||||||||||||||||||||||
Assets | (Level 2) | (In Thousands) | ||||||||||||||||||||||||||||||||||||||||
(Level 1) | At June 30, 2014: | |||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||
Debt securites available for sale: | Debt securities available for sale: | |||||||||||||||||||||||||||||||||||||||||
U.S. agency securities | $ | — | $ | 7,864 | $ | — | $ | 7,864 | ||||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | — | 27,443 | — | 27,443 | U.S. agency securities | $ | — | $ | 4,205 | $ | — | $ | 4,205 | |||||||||||||||||||||||||||||
Asset-backed securities | — | 88,607 | — | 88,607 | Obligations of state and political subdivisions | — | 26,773 | — | 26,773 | |||||||||||||||||||||||||||||||||
Collateralized loan obligations | — | 126,308 | — | 126,308 | Asset-backed securities | — | 87,316 | — | 87,316 | |||||||||||||||||||||||||||||||||
Corporate bonds | — | 162,416 | — | 162,416 | Collateralized loan obligations | — | 119,572 | — | 119,572 | |||||||||||||||||||||||||||||||||
Trust preferred securities | — | 7,820 | — | 7,820 | Corporate bonds | — | 162,234 | — | 162,234 | |||||||||||||||||||||||||||||||||
Trust preferred securities | — | 7,798 | — | 7,798 | ||||||||||||||||||||||||||||||||||||||
Total debt securities | — | 420,458 | — | 420,458 | ||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | — | 79,176 | — | 79,176 | Total debt securities | — | 407,898 | — | 407,898 | |||||||||||||||||||||||||||||||||
Residential pass-through securities | — | 295,922 | — | 295,922 | ||||||||||||||||||||||||||||||||||||||
Commercial pass-through securities | — | 16,450 | — | 16,450 | ||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||
Total mortgage-backed securities | — | 391,548 | — | 391,548 | ||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | — | 83,270 | — | 83,270 | ||||||||||||||||||||||||||||||||||||||
Total securities available for sale | $ | — | $ | 812,006 | $ | — | $ | 812,006 | Residential pass-through securities | — | 353,953 | — | 353,953 | |||||||||||||||||||||||||||||
Derivative instruments | Total mortgage-backed securities | — | 437,223 | — | 437,223 | |||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | (5,749 | ) | $ | — | $ | (5,749 | ) | ||||||||||||||||||||||||||||||||
Interest rate caps | — | 1,403 | — | 1,403 | Total securities available for sale | $ | — | $ | 845,121 | $ | — | $ | 845,121 | |||||||||||||||||||||||||||||
Total mortgage-backed securities | $ | — | $ | (4,346 | ) | $ | — | $ | (4,346 | ) | ||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | (2,714 | ) | $ | — | $ | (2,714 | ) | ||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | Total | Interest rate caps | — | 1,739 | — | 1,739 | ||||||||||||||||||||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||||||||||||
Identical | Inputs | (Level 3) | Total derivatives | $ | — | $ | (975 | ) | $ | — | $ | (975 | ) | |||||||||||||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||
Debt securites available for sale: | Fair Value Measurements Using | |||||||||||||||||||||||||||||||||||||||||
U.S. agency securities | $ | — | $ | 4,205 | $ | — | $ | 4,205 | Quoted Prices in | Significant Other | Significant | Balance | ||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | — | 26,773 | — | 26,773 | Active Markets | Observable Inputs | Unobservable | |||||||||||||||||||||||||||||||||||
Asset-backed securities | — | 87,316 | — | 87,316 | for Identical | (Level 2) | Inputs (Level 3) | |||||||||||||||||||||||||||||||||||
Collateralized loan obligations | — | 119,572 | — | 119,572 | Assets (Level 1) | |||||||||||||||||||||||||||||||||||||
Corporate bonds | — | 162,234 | — | 162,234 | (In Thousands) | |||||||||||||||||||||||||||||||||||||
Trust preferred securities | — | 7,798 | — | 7,798 | At June 30, 2013: | |||||||||||||||||||||||||||||||||||||
Total debt securities | — | 407,898 | — | 407,898 | Debt securities available for sale: | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | — | 83,270 | — | 83,270 | U.S. agency securities | $ | — | $ | 5,015 | $ | — | $ | 5,015 | |||||||||||||||||||||||||||||
Residential pass-through securities | — | 353,953 | — | 353,953 | Obligations of state and political subdivisions | — | 25,307 | — | 25,307 | |||||||||||||||||||||||||||||||||
Asset-backed securities | — | 24,798 | — | 24,798 | ||||||||||||||||||||||||||||||||||||||
Total mortgage-backed securities | — | 437,223 | — | 437,223 | Collateralized loan obligations | — | 78,486 | — | 78,486 | |||||||||||||||||||||||||||||||||
Corporate bonds | — | 159,192 | — | 159,192 | ||||||||||||||||||||||||||||||||||||||
Total securities available for sale | $ | — | $ | 845,121 | $ | — | $ | 845,121 | Trust preferred securities | — | 6,324 | 1,000 | 7,324 | |||||||||||||||||||||||||||||
Derivative instruments | ||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | (2,714 | ) | $ | — | $ | (2,714 | ) | Total debt securities | — | 299,122 | 1,000 | 300,122 | |||||||||||||||||||||||||||
Interest rate caps | — | 1,739 | — | 1,739 | ||||||||||||||||||||||||||||||||||||||
Total mortgage-backed securities | $ | — | $ | (975 | ) | $ | — | $ | (975 | ) | Mortgage-backed securities available for sale: | |||||||||||||||||||||||||||||||
Collateralized mortgage obligations | — | 62,482 | — | 62,482 | ||||||||||||||||||||||||||||||||||||||
Residential pass-through securities | — | 628,154 | — | 628,154 | ||||||||||||||||||||||||||||||||||||||
Commercial pass-through securities | — | 90,016 | — | 90,016 | ||||||||||||||||||||||||||||||||||||||
Total mortgage-backed securities | — | 780,652 | — | 780,652 | ||||||||||||||||||||||||||||||||||||||
Total securities available for sale | $ | — | $ | 1,079,774 | $ | 1,000 | $ | 1,080,774 | ||||||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | 2,837 | $ | — | $ | 2,837 | ||||||||||||||||||||||||||||||||||
Interest rate caps | — | 2,808 | — | 2,808 | ||||||||||||||||||||||||||||||||||||||
Total derivatives | $ | — | $ | 5,645 | $ | — | $ | 5,645 | ||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured At Fair Value on a Non-recurring Basis | Those assets and liabilities measured at fair value on a non-recurring basis are summarized below: | Those assets and liabilities measured at fair value on a non-recurring basis are summarized below: | ||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | Fair Value Measurements Using | |||||||||||||||||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | Total | Quoted Prices in | Significant Other | Significant | Balance | |||||||||||||||||||||||||||||||||||
in Active | Other | Unobservable | Active Markets | Observable Inputs | Unobservable | |||||||||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | for Identical | (Level 2) | Inputs (Level 3) | |||||||||||||||||||||||||||||||||||||
Identical | Inputs | (Level 3) | Assets (Level 1) | |||||||||||||||||||||||||||||||||||||||
Assets | (Level 2) | (In Thousands) | ||||||||||||||||||||||||||||||||||||||||
(Level 1) | At June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
(In Thousands) | Impaired loans | $ | — | $ | — | $ | 10,387 | $ | 10,387 | |||||||||||||||||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 9,931 | $ | 9,931 | ||||||||||||||||||||||||||||||||||
At June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 14,603 | $ | 14,603 | ||||||||||||||||||||||||||||||||||
June 30, 2014 | Real estate owned | — | — | 229 | 229 | |||||||||||||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | Total | |||||||||||||||||||||||||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||||||||||||||||||||
Identical | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||||
Assets | (Level 2) | |||||||||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 10,387 | $ | 10,387 | ||||||||||||||||||||||||||||||||||
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: | 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: | ||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||
Fair Value | Valuation Techniques | Unobservable Input | Range | Weighted | Fair | Valuation | Unobservable | Range | Weighted | |||||||||||||||||||||||||||||||||
Estimate | Average | Value | Techniques | Input | Average | |||||||||||||||||||||||||||||||||||||
(In Thousands) | Estimate | |||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | 9,931 | Market valuation of underlying collateral | -1 | Direct disposal costs | -2 | 6% - 10% | 7.44 | % | (In | ||||||||||||||||||||||||||||||||
Thousands) | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | At June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Fair Value | Valuation Techniques | Unobservable Input | Range | Weighted | Impaired loans | $ | 10,387 | Market valuation of underlying collateral (1) | Direct disposal | 6% - 10% | 7.1 | % | ||||||||||||||||||||||||||||||
Estimate | Average | costs (3) | ||||||||||||||||||||||||||||||||||||||||
(In Thousands) | At June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||
Impaired loans | $ | 10,387 | Market valuation of underlying collateral | -1 | Direct disposal costs | -2 | 6% - 10% | 7.1 | % | Impaired loans | $ | 14,603 | Market valuation of underlying collateral (1) | Direct disposal | 6% - 10% | 7.21 | % | |||||||||||||||||||||||||
costs (3) | ||||||||||||||||||||||||||||||||||||||||||
-1 | The fair value of impaired loans is generally determined based on an independent appraisal of the market value of a loan’s underlying collateral. | |||||||||||||||||||||||||||||||||||||||||
-2 | The fair value basis of impaired loans and real estate owned is adjusted to reflect management estimates of disposal costs including, but not necessarily limited to, real estate brokerage commissions and title transfer fees, with such cost estimates generally ranging from 6% to 10% of collateral or property market value. | Real estate owned | $ | 229 | Market valuation property (2) | Direct disposal | 6% - 10% | 8.51 | % | |||||||||||||||||||||||||||||||||
costs (3) | ||||||||||||||||||||||||||||||||||||||||||
(1) | The fair value basis of impaired loans is generally determined based on an independent appraisal of the market value of a loan’s underlying collateral. | |||||||||||||||||||||||||||||||||||||||||
(2) | The fair value basis of real estate owned is generally determined based upon the lower of an independent appraisal of the property’s market value or the applicable listing price or contracted sales price. | |||||||||||||||||||||||||||||||||||||||||
(3) | The fair value basis of impaired loans and real estate owned is adjusted to reflect management estimates of disposal costs including, but not necessarily limited to, real estate brokerage commissions and title transfer fees, with such cost estimates generally ranging from 6% to 10% of collateral or property market value. | |||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Amounts and Fair Values of Financial Instruments | The carrying amounts and fair values of financial instruments are as follows: | The carrying amounts and fair values of financial instruments are as follows: | ||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | Carrying Amount and Fair Value Measurements at | |||||||||||||||||||||||||||||||||||||||||
Carrying | Fair | Quoted Prices | Significant | Significant | June 30, 2014 | |||||||||||||||||||||||||||||||||||||
Amount | Value | in Active | Other | Unobservable | Carrying | Fair Value | Quoted Prices | Significant | Significant | |||||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | Amount | in Active | Other | Unobservable | ||||||||||||||||||||||||||||||||||||
Identical | Inputs | (Level 3) | Markets for | Observable | Inputs | |||||||||||||||||||||||||||||||||||||
Assets | (Level 2) | Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||||||||||||||||||
(Level 1) | (Level 1) | (Level 2) | ||||||||||||||||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 96,436 | $ | 96,436 | $ | 96,436 | $ | — | $ | — | Cash and cash equivalents | $ | 135,034 | $ | 135,034 | $ | 135,034 | $ | — | $ | — | |||||||||||||||||||||
Debt securities available for sale | 420,458 | 420,458 | — | 420,458 | — | Debt securities available for sale | 407,898 | 407,898 | — | 407,898 | — | |||||||||||||||||||||||||||||||
Debt securities held to maturity | 219,906 | 218,064 | — | 218,064 | — | Debt securities held to maturity | 216,414 | 213,472 | — | 213,472 | — | |||||||||||||||||||||||||||||||
Loans receivable | 1,801,487 | 1,805,949 | — | — | 1,805,949 | Loans receivable | 1,729,084 | 1,711,972 | — | — | 1,711,972 | |||||||||||||||||||||||||||||||
Mortgage-backed securities available for sale | 391,548 | 391,548 | — | 391,548 | — | Mortgage-backed securities available for sale | 437,223 | 437,223 | — | 437,223 | — | |||||||||||||||||||||||||||||||
Mortgage-backed securities | 322,529 | 325,709 | — | 325,709 | — | Mortgage-backed securities held to maturity | 295,658 | 293,781 | — | 293,781 | — | |||||||||||||||||||||||||||||||
held to maturity | FHLB stock | 25,990 | 25,990 | — | — | 25,990 | ||||||||||||||||||||||||||||||||||||
FHLB Stock | 27,382 | 27,382 | — | — | 27,382 | Interest receivable | 9,013 | 9,013 | 9,013 | — | — | |||||||||||||||||||||||||||||||
Interest receivable | 9,059 | 9,059 | 9,059 | — | — | |||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | |||||||||||||||||||||||||||||||||||||||||
Deposits (1) | 2,464,845 | 2,475,832 | 1,443,931 | — | 1,031,901 | Deposits (A) | 2,479,941 | 2,490,933 | 1,442,723 | — | 1,048,210 | |||||||||||||||||||||||||||||||
Borrowings | 563,002 | 575,243 | — | — | 575,243 | Borrowings | 512,257 | 521,839 | — | — | 521,839 | |||||||||||||||||||||||||||||||
Interest payable on borrowings | 1,032 | 1,032 | 1,032 | — | — | Interest payable on borrowings | 1,001 | 1,001 | 1,001 | — | — | |||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | (5,749 | ) | (5,749 | ) | — | (5,749 | ) | — | Derivative instruments: | |||||||||||||||||||||||||||||||||
Interest rate caps | 1,403 | 1,403 | — | 1,403 | — | Interest rate swaps | (2,714 | ) | (2,714 | ) | — | (2,714 | ) | — | ||||||||||||||||||||||||||||
Interest rate caps | 1,739 | 1,739 | — | 1,739 | — | |||||||||||||||||||||||||||||||||||||
-1 | Includes accrued interest payable on deposits of $65,000 at December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||
(A) | Includes accrued interest payable on deposits of $69,000 at June 30, 2014. | |||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||
Carrying | Fair | Quoted Prices | Significant | Significant | Carrying Amount and Fair Value Measurements at | |||||||||||||||||||||||||||||||||||||
Amount | Value | in Active | Other | Unobservable | June 30, 2013 | |||||||||||||||||||||||||||||||||||||
Markets for | Observable | Inputs | Carrying | Fair | Quoted Prices in | Significant | Significant | |||||||||||||||||||||||||||||||||||
Identical | Inputs | (Level 3) | Amount | Value | Active Markets | Other | Unobservable | |||||||||||||||||||||||||||||||||||
Assets | (Level 2) | for Identical | Observable | Inputs | ||||||||||||||||||||||||||||||||||||||
(Level 1) | Assets | Inputs | (Level 3) | |||||||||||||||||||||||||||||||||||||||
(In Thousands) | (Level 1) | (Level 2) | ||||||||||||||||||||||||||||||||||||||||
Financial assets: | (In Thousands) | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 135,034 | $ | 135,034 | $ | 135,034 | $ | — | $ | — | Financial assets: | |||||||||||||||||||||||||||||||
Debt securities available for sale | 407,898 | 407,898 | — | 407,898 | — | Cash and cash equivalents | $ | 127,034 | $ | 127,034 | $ | 127,034 | $ | — | $ | — | ||||||||||||||||||||||||||
Debt securities held to maturity | 216,414 | 213,472 | — | 213,472 | — | Debt securities available for sale | 300,122 | 300,122 | — | 299,122 | 1,000 | |||||||||||||||||||||||||||||||
Loans receivable | 1,729,084 | 1,711,972 | — | — | 1,711,972 | Debt securities held to maturity | 210,015 | 202,328 | — | 202,328 | — | |||||||||||||||||||||||||||||||
Mortgage-backed securities | 437,223 | 437,223 | — | 437,223 | — | Loans receivable | 1,349,975 | 1,359,799 | — | — | 1,359,799 | |||||||||||||||||||||||||||||||
available for sale | Mortgage-backed securities available for sale | 780,652 | 780,652 | — | 780,652 | — | ||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 295,658 | 293,781 | — | 293,781 | — | Mortgage-backed securities held to maturity | 101,114 | 96,447 | — | 96,447 | — | |||||||||||||||||||||||||||||||
held to maturity | FHLB stock | 15,666 | 15,666 | — | — | 15,666 | ||||||||||||||||||||||||||||||||||||
FHLB Stock | 25,990 | 25,990 | — | — | 25,990 | Interest receivable | 8,028 | 8,028 | 8,028 | — | — | |||||||||||||||||||||||||||||||
Interest receivable | 9,013 | 9,013 | 9,013 | — | — | |||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | |||||||||||||||||||||||||||||||||||||||||
Deposits (1) | 2,479,941 | 2,490,933 | 1,442,723 | — | 1,048,210 | Deposits (A) | 2,370,508 | 2,376,290 | 1,389,044 | — | 987,246 | |||||||||||||||||||||||||||||||
Borrowings | 512,257 | 521,839 | — | — | 521,539 | Borrowings | 287,695 | 295,914 | — | — | 295,914 | |||||||||||||||||||||||||||||||
Interest payable on borrowings | 1,001 | 1,001 | 1,001 | — | — | Interest payable on borrowings | 938 | 938 | 938 | — | — | |||||||||||||||||||||||||||||||
Derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | (2,714 | ) | (2,714 | ) | — | (2,714 | ) | — | Derivative instruments: | |||||||||||||||||||||||||||||||||
Interest rate caps | 1,739 | 1,739 | — | 1,739 | — | Interest rate swaps | 2,837 | 2,837 | — | 2,837 | — | |||||||||||||||||||||||||||||||
Interest rate caps | 2,808 | 2,808 | — | 2,808 | — | |||||||||||||||||||||||||||||||||||||
-1 | Includes accrued interest payable on deposits of $69,000 at June 30, 2014. | |||||||||||||||||||||||||||||||||||||||||
(A) | Includes accrued interest payable on deposits of $47,000 at June 30, 2013. |
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | Jun. 30, 2014 | |||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive loss included in stockholders’ equity at December 31, 2014 and June 30, 2014 are as follows: | The components of accumulated other comprehensive income (loss) included in stockholders’ equity are as follows: | ||||||||||||||||||||||||||||
December 31, | June 30, | June 30, | ||||||||||||||||||||||||||||
2014 | 2014 | 2014 | 2013 | |||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||
Net unrealized loss on securities available for sale | $ | 1,047 | $ | 1,091 | ||||||||||||||||||||||||||
Tax effect | (416 | ) | (592 | ) | Net unrealized loss on securities available for sale | $ | 1,091 | $ | (7,375 | ) | ||||||||||||||||||||
Tax effect | (592 | ) | 2,021 | |||||||||||||||||||||||||||
Net of tax amount | 631 | 499 | ||||||||||||||||||||||||||||
Net of tax amount | 499 | (5,354 | ) | |||||||||||||||||||||||||||
Net unrealized loss on securities available for sale transferred to held to maturity | (987 | ) | (990 | ) | ||||||||||||||||||||||||||
Tax effect | 404 | 404 | ||||||||||||||||||||||||||||
Net unrealized loss on securities available for sale transferred to held to maturity | (990 | ) | — | |||||||||||||||||||||||||||
Net of tax amount | (583 | ) | (586 | ) | Tax effect | 404 | — | |||||||||||||||||||||||
Fair value adjustments on derivatives | (6,834 | ) | (3,501 | ) | Net of tax amount | (586 | ) | — | ||||||||||||||||||||||
Tax effect | 2,792 | 1,430 | ||||||||||||||||||||||||||||
Net of tax amount | (4,042 | ) | (2,071 | ) | Fair value adjustments on derivatives | (3,501 | ) | 3,107 | ||||||||||||||||||||||
Tax effect | 1,430 | (1,269 | ) | |||||||||||||||||||||||||||
Benefit plan adjustments | (531 | ) | (206 | ) | ||||||||||||||||||||||||||
Tax effect | 217 | 84 | Net of tax amount | (2,071 | ) | 1,838 | ||||||||||||||||||||||||
Net of tax amount | (314 | ) | (122 | ) | ||||||||||||||||||||||||||
Benefit plan adjustments | (206 | ) | (1,053 | ) | ||||||||||||||||||||||||||
Accumulated other comprehensive loss | $ | (4,308 | ) | $ | (2,280 | ) | Tax effect | 84 | 430 | |||||||||||||||||||||
Net of tax amount | (122 | ) | (623 | ) | ||||||||||||||||||||||||||
Accumulated other comprehensive loss | $ | (2,280 | ) | $ | (4,139 | ) | ||||||||||||||||||||||||
Schedule of Comprehensive Income (Loss) | Other comprehensive loss and related tax effects for the three and six months ended December 31, 2014 and December 31, 2013 are presented in the following table: | Other comprehensive income (loss) and related tax effects are presented in the following table: | ||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | Years Ended June 30, | ||||||||||||||||||||||||||||
December 31, | December 31, | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | (In Thousands) | ||||||||||||||||||||||||||
(In Thousands) | (In Thousands) | |||||||||||||||||||||||||||||
Net unrealized holding gain (loss) on securities available for sale | $ | 3,035 | $ | (11,329 | ) | $ | (36 | ) | $ | (9,852 | ) | Realized gain on sale of securities available for sale (1) | $ | (1,523 | ) | $ | (10,433 | ) | $ | (53 | ) | |||||||||
Amortization of unrealized holding loss on securities | — | — | 2 | — | Unrealized holding gain (loss) on securities available for sale arising during the period | 9,989 | (36,662 | ) | 13,405 | |||||||||||||||||||||
available for sale transferred to held to maturity (3) | ||||||||||||||||||||||||||||||
Unrealized holding loss on securities available for sale transferred to held to maturity | (1,009 | ) | — | — | ||||||||||||||||||||||||||
Net realized gain on securities available for sale | (7 | ) | (226 | ) | (7 | ) | (226 | ) | ||||||||||||||||||||||
Amortization of unrealized holding loss on securities available for sale transferred to held to maturity (2) | 19 | — | — | |||||||||||||||||||||||||||
Net unrealized (loss) gain on derivatives | (6,245 | ) | 2,591 | (3,334 | ) | (236 | ) | |||||||||||||||||||||||
Benefit plans: | Fair value adjustments on derivatives | (6,608 | ) | 3,107 | — | |||||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||
Actuarial loss (gain) (1) | 7 | (1 | ) | 14 | (2 | ) | ||||||||||||||||||||||||
Past service cost (1) | 12 | 12 | 24 | 24 | Benefit plans: | |||||||||||||||||||||||||
New actuarial (loss) gain | — | — | (363 | ) | 803 | Amortization of: | ||||||||||||||||||||||||
Actuarial (gain) loss (3) | (2 | ) | 54 | (25 | ) | |||||||||||||||||||||||||
Net change in benefit plan accrued expense | 19 | 11 | (325 | ) | 825 | Past service cost (3) | 46 | 48 | 64 | |||||||||||||||||||||
New actuarial gain (loss) | 803 | (1,186 | ) | 284 | ||||||||||||||||||||||||||
Other comprehensive loss before taxes | (3,198 | ) | (8,953 | ) | (3,700 | ) | (9,489 | ) | ||||||||||||||||||||||
Tax effect (2) | 1,680 | 3,366 | 1,672 | 3,654 | Net change in benefit plans accrued expense | 847 | (1,084 | ) | 323 | |||||||||||||||||||||
Total comprehensive loss | $ | (1,518 | ) | $ | (5,587 | ) | $ | (2,028 | ) | $ | (5,835 | ) | ||||||||||||||||||
Other comprehensive income (loss) before taxes | 1,715 | (45,072 | ) | 13,675 | ||||||||||||||||||||||||||
-1 | Represents amounts reclassified out of accumulated other comprehensive income and included in the computation of net periodic pension expense. See Note 14 – Benefit Plans for additional information. | Tax effect | 144 | 17,337 | (5,511 | ) | ||||||||||||||||||||||||
-2 | The amounts included in income taxes for items reclassified out of accumulated other comprehensive income totaled $5 and $(135) for the three and six months ended December 31, 2014, respectively, and $(89) and $244 for the three and six months ended December 31, 2013, respectively. | |||||||||||||||||||||||||||||
-3 | Represents amounts reclassified out of accumulated other comprehensive income and included in interest income on taxable securities. | |||||||||||||||||||||||||||||
Other comprehensive income (loss) | $ | 1,859 | $ | (27,735 | ) | $ | 8,164 | |||||||||||||||||||||||
-1 | Represents amount reclassified out of accumulated other comprehensive income and included in gain on sale of securities on the consolidated statements of income. | |||||||||||||||||||||||||||||
-2 | Represents amounts reclassified out of accumulated other comprehensive income and included in interest income on taxable securities. | |||||||||||||||||||||||||||||
-3 | Represents amounts reclassified out of accumulated other comprehensive income and included in the computation of net periodic pension expense. See Note 16 – Benefit Plans for additional information. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||
Jun. 30, 2014 | |||
Accounting Policies [Abstract] | |||
Estimated Useful Lives of Premises and Equipment | Buildings and improvements, furnishings and equipment and leasehold improvements are carried at cost, less accumulated depreciation and amortization computed on the straight-line method over the following estimated useful lives: | ||
Years | |||
Building and improvements | 10 - 50 | ||
Furnishings and equipment | 20-Mar | ||
Leasehold improvements | Shorter of useful | ||
lives or lease term |
Acquisition_of_Atlas_Bank_Tabl
Acquisition of Atlas Bank (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Summary of Assets Acquired and Liabilities Assumed through Merger at Fair Value | Additionally, the Company recorded the assets acquired and liabilities assumed through the merger at fair value as summarized in the following table (in thousands). | ||||||||
Consideration Paid: | |||||||||
Shares of capital stock issued to mutual holding company | $ | 15,500 | |||||||
Total consideration paid | $ | 15,500 | |||||||
Recognized amounts of identifiable assets acquired and liabilities assumed, at fair value: | |||||||||
Cash and cash equivalents | $ | 9,133 | |||||||
Debt securities | 2,998 | ||||||||
Net loans receivable | 78,725 | ||||||||
Mortgage-backed securities | 23,896 | ||||||||
Premises and equipment | 2,196 | ||||||||
Federal Home Loan Bank stock | 1,037 | ||||||||
Interest receivable | 374 | ||||||||
Deferred income tax assets, net | 511 | ||||||||
Core deposit intangible | 398 | ||||||||
Other assets | 1,671 | ||||||||
Fair value of assets acquired | 120,939 | ||||||||
Deposits | 86,099 | ||||||||
Federal Home Loan Bank advances | 18,693 | ||||||||
Other liabilities | 421 | ||||||||
Fair value of liabilities assumed | 105,213 | ||||||||
Total identifiable net assets | 15,726 | ||||||||
Gain on bargain purchase | (226 | ) | |||||||
Total | $ | 15,500 | |||||||
Business Acquisition, Pro Forma Information | The following table presents unaudited pro forma information as if the acquisition of Atlas had occurred on July 1, 2012. This pro forma information does not adjust for the effects of purchase accounting or the recognition of merger-related expenses due to their immateriality. The pro forma information does not necessarily reflect the results of operations that would have occurred had the Company merged with Atlas at the beginning of fiscal 2013. In particular, expected cost savings and acquisition integration costs are not fully reflected in the unaudited pro forma amounts. | ||||||||
Pro Forma Year Ended | |||||||||
30-Jun-14 | 30-Jun-13 | ||||||||
(In Thousands, | (In Thousands, | ||||||||
Except Per Share Data) | Except Per Share Data) | ||||||||
Net interest income | $ | 77,077 | $ | 68,867 | |||||
Non-interest income | 8,255 | 16,340 | |||||||
Non-interest expense | 68,508 | 73,361 | |||||||
Net income | 9,535 | 5,567 | |||||||
Net income per common shares (EPS) | |||||||||
Basic and diluted | 0.14 | 0.08 |
Loans_Receivable_Tables
Loans Receivable (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Receivables [Abstract] | |||||||||
Schedule of Loans Receivable | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
(In Thousands) | |||||||||
Real estate mortgage: | |||||||||
One-to-four family residential | $ | 580,612 | $ | 500,647 | |||||
Commercial mortgage: | |||||||||
Multi-family | 431,007 | 211,817 | |||||||
Nonresidential | 552,748 | 455,011 | |||||||
983,755 | 666,828 | ||||||||
1,564,367 | 1,167,475 | ||||||||
Construction | 7,281 | 11,851 | |||||||
Commercial business | 67,261 | 70,688 | |||||||
Consumer: | |||||||||
Home equity loans | 75,611 | 80,813 | |||||||
Home equity lines of credit | 24,010 | 26,613 | |||||||
Passbook or certificate | 3,965 | 3,887 | |||||||
Other | 373 | 391 | |||||||
103,959 | 111,704 | ||||||||
Total Loans | 1,742,868 | 1,361,718 | |||||||
Unamortized yield adjustments including net premiums on purchased loans and net deferred loan costs and fees | (1,397 | ) | (847 | ) | |||||
$ | 1,741,471 | $ | 1,360,871 | ||||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
(In Thousands) | |||||||||
Land | $ | 9,931 | $ | 9,924 | |||||
Buildings and improvements | 35,080 | 32,920 | |||||||
Leasehold improvements | 4,253 | 4,021 | |||||||
Furnishings and equipment | 18,151 | 15,285 | |||||||
Construction in progress | 1,959 | 1,530 | |||||||
69,374 | 63,680 | ||||||||
Less accumulated depreciation and amortization | 29,269 | 26,686 | |||||||
$ | 40,105 | $ | 36,994 | ||||||
Interest_Receivable_Tables
Interest Receivable (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Other Income and Expenses [Abstract] | |||||||||
Interest Receivable | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
(In Thousands) | |||||||||
Loans | $ | 5,525 | $ | 4,632 | |||||
Mortgage-backed securities | 1,796 | 2,326 | |||||||
Debt securities | 1,692 | 1,070 | |||||||
$ | 9,013 | $ | 8,028 | ||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Schedule of Intangible Assets and Goodwill | |||||||||
Goodwill | Core Deposit | ||||||||
Intangibles | |||||||||
(In Thousands) | |||||||||
Balance at June 30, 2011 | 108,591 | 807 | |||||||
Amortization | — | (155 | ) | ||||||
Balance at June 30, 2012 | 108,591 | 652 | |||||||
Amortization | — | (138 | ) | ||||||
Balance at June 30, 2013 | 108,591 | 514 | |||||||
Acquisition of Atlas Bank | — | 398 | |||||||
Amortization | — | (122 | ) | ||||||
Balance at June 30, 2014 | $ | 108,591 | $ | 790 | |||||
Scheduled Amortization of Core Deposit Intangibles | Scheduled amortization of core deposit intangibles for each of the next five years and thereafter is as follows: | ||||||||
Years Ending June 30: | (In Thousands) | ||||||||
2015 | $ | 194 | |||||||
2016 | 166 | ||||||||
2017 | 139 | ||||||||
2018 | 111 | ||||||||
2019 | 84 | ||||||||
Thereafter | 96 |
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||
Schedule of Deposits | |||||||||||||||||
June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Amount | Weighted | Amount | Weighted | ||||||||||||||
Average | Average | ||||||||||||||||
Interest | Interest | ||||||||||||||||
Rate | Rate | ||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||
Non-interest bearing demand | $ | 224,054 | — | % | $ | 190,964 | — | % | |||||||||
Interest-bearing demand (1) | 700,248 | 0.24 | 731,521 | 0.29 | |||||||||||||
Savings and club | 518,421 | 0.16 | 466,559 | 0.16 | |||||||||||||
Certificates of deposit (2) | 1,037,218 | 1.09 | 981,464 | 1.05 | |||||||||||||
$ | 2,479,941 | 0.56 | % | $ | 2,370,508 | 0.55 | % | ||||||||||
(1) | Interest-bearing demand deposits at June 30, 2014 and June 30, 2013 include $213.5 million and $229.6 million, respectively, of brokered deposits at a weighted average interest rate of 0.15% and 0.19%, excluding cost of interest rate derivatives used to hedge interest expense. | ||||||||||||||||
(2) | Certificates of deposit at June 30, 2014 include $18.5 million of brokered deposits at a weighted average interest rate of 3.49%. The Company held no brokered certificates of deposit at June 30, 2013. | ||||||||||||||||
Certificates of Deposit by Maturity | A summary of certificates of deposit by maturity follows: | ||||||||||||||||
June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
One year or less | $ | 581,543 | $ | 646,590 | |||||||||||||
After one to two years | 187,401 | 174,223 | |||||||||||||||
After two to three years | 90,078 | 68,155 | |||||||||||||||
After three to four years | 90,921 | 48,211 | |||||||||||||||
After four to five years | 80,811 | 44,285 | |||||||||||||||
After five years | 6,464 | — | |||||||||||||||
$ | 1,037,218 | $ | 981,464 | ||||||||||||||
Interest Expense | Interest expense on deposits consists of the following: | ||||||||||||||||
Years Ended June 30, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(In Thousands) | |||||||||||||||||
Demand | $ | 3,790 | $ | 1,847 | $ | 2,690 | |||||||||||
Savings and club | 739 | 878 | 1,376 | ||||||||||||||
Certificates of deposit | 10,009 | 11,986 | 16,206 | ||||||||||||||
$ | 14,538 | $ | 14,711 | $ | 20,272 | ||||||||||||
Stockholders_Equity_and_Regula1
Stockholders' Equity and Regulatory Capital (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||
Summary of Bank's Regulatory Capital Levels | The following tables present information regarding the Bank’s regulatory capital levels at the dates presented. | ||||||||||||||||||||||||
Actual | For Capital Adequacy | To be Well Capitalized | |||||||||||||||||||||||
Purposes | under Prompt | ||||||||||||||||||||||||
Corrective Action | |||||||||||||||||||||||||
Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||
As of June 30, 2014: | |||||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 376,343 | 20.45 | % | ³ | $147,232 | ³ | 8.00 | % | ³ | $184,040 | ³ | 10.00 | % | |||||||||||
Tier 1 capital (to risk-weighted assets) | 363,956 | 19.78 | ³ | 73,616 | ³ | 4 | ³ | 110,424 | ³ | 6 | |||||||||||||||
Core (Tier 1) capital (to adjusted total assets) | 363,956 | 10.75 | ³ | 135,420 | ³ | 4 | ³ | 169,275 | ³ | 5 | |||||||||||||||
Tangible capital (to adjusted total assets) | 363,956 | 10.75 | ³ | 50,783 | ³ | 1.5 | ³ | — | ³ | — | |||||||||||||||
As of June 30, 2013: | |||||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 353,386 | 21.77 | % | ³ | $129,850 | ³ | 8.00 | % | ³ | $162,313 | ³ | 10.00 | % | |||||||||||
Tier 1 capital (to risk-weighted assets) | 342,490 | 21.1 | ³ | 64,925 | ³ | 4 | ³ | 97,388 | ³ | 6 | |||||||||||||||
Core (Tier 1) capital (to adjusted total assets) | 342,490 | 11.32 | ³ | 121,054 | ³ | 4 | ³ | 151,317 | ³ | 5 | |||||||||||||||
Tangible capital (to adjusted total assets) | 342,490 | 11.32 | ³ | 45,395 | ³ | 1.5 | ³ | — | ³ | — |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Components of Income Taxes | The components of income taxes are as follows: | ||||||||||||
Years Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In Thousands) | |||||||||||||
Current income tax expense: | |||||||||||||
Federal income | $ | 3,196 | $ | 1,629 | $ | 2,210 | |||||||
State income | 938 | 343 | 470 | ||||||||||
4,134 | 1,972 | 2,680 | |||||||||||
Deferred income tax expense: | |||||||||||||
Federal | 49 | 411 | (24 | ) | |||||||||
State | 122 | 102 | 120 | ||||||||||
171 | 513 | 96 | |||||||||||
Valuation allowance | (88 | ) | (235 | ) | — | ||||||||
$ | 4,217 | $ | 2,250 | $ | 2,776 | ||||||||
Schedule of Effective Income Tax Rate Reconciliation | The following table presents a reconciliation between the reported income taxes and the income taxes which would be computed by applying the normal federal income tax rate of 35% to income before income taxes for the years ended June 30, 2014, 2013 and 2012: | ||||||||||||
Years Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollar in Thousands) | |||||||||||||
Federal income tax expense at statutory rate | $ | 5,042 | $ | 3,065 | $ | 2,749 | |||||||
(Reductions) increases in income taxes resulting from: | |||||||||||||
Tax exempt interest | (635 | ) | (142 | ) | (21 | ) | |||||||
New Jersey state tax, net of federal income tax effect | 632 | 284 | 389 | ||||||||||
Incentive stock options compensation expense | 28 | 15 | 15 | ||||||||||
Income from BOLI | (959 | ) | (680 | ) | (250 | ) | |||||||
Other items, net | 197 | (66 | ) | (106 | ) | ||||||||
4,305 | 2,476 | 2,776 | |||||||||||
Valuation allowance | (88 | ) | (226 | ) | — | ||||||||
Total income tax expense | $ | 4,217 | $ | 2,250 | $ | 2,776 | |||||||
Effective income tax rate | 29.27 | % | 25.7 | % | 35.35 | % | |||||||
Schedule of Deferred Income Tax Assets and Liabilities | The tax effects of existing temporary differences that give rise to deferred income tax assets and liabilities are as follows: | ||||||||||||
June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
(In Thousands) | |||||||||||||
Deferred income tax assets: | |||||||||||||
Purchase accounting | $ | 615 | $ | 920 | |||||||||
Accumulated other comprehensive income | |||||||||||||
Defined benefit plans | 84 | 430 | |||||||||||
Unrealized loss on securities available for sale | — | 2,928 | |||||||||||
Unrealized loss on securities available for sale transferred to held to maturity | 404 | — | |||||||||||
Derivatives | 1,430 | — | |||||||||||
Allowance for loan losses | 5,060 | 4,451 | |||||||||||
Benefit plans | 2,816 | 2,709 | |||||||||||
Compensation | 239 | — | |||||||||||
Stock based compensation | 3,255 | 3,320 | |||||||||||
Capital loss carryover | — | 88 | |||||||||||
Uncollected interest | 2,431 | 2,290 | |||||||||||
Depreciation | 928 | 747 | |||||||||||
Other | 809 | 705 | |||||||||||
18,071 | 18,588 | ||||||||||||
Valuation allowance | (134 | ) | (995 | ) | |||||||||
17,937 | 17,593 | ||||||||||||
Deferred income tax liabilities: | |||||||||||||
Deferred costs | 815 | 617 | |||||||||||
Goodwill | 6,198 | 5,716 | |||||||||||
Accumulated other comprehensive income | |||||||||||||
Unrealized gain on securities available for sale | 458 | — | |||||||||||
Derivatives | — | 1,269 | |||||||||||
Other | 152 | 209 | |||||||||||
7,623 | 7,811 | ||||||||||||
Net deferred income tax asset | $ | 10,314 | $ | 9,782 | |||||||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||
Schedule of Future Minimum Rental Payments under Operating Leases | The Bank has non-cancelable operating leases for branch offices. The following is a schedule by years of future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of June 30, 2014: | ||||||||||||
Years Ending June 30: | (In Thousands) | ||||||||||||
2015 | $ | 1,761 | |||||||||||
2016 | 1,629 | ||||||||||||
2017 | 1,455 | ||||||||||||
2018 | 1,126 | ||||||||||||
2019 | 806 | ||||||||||||
Thereafter | 3,261 | ||||||||||||
Total Minimum Payments Required | $ | 10,038 | |||||||||||
Schedule of Composition of Total Rental Expense for Operating Leases | The following schedule shows the composition of total rental expense for all operating leases: | ||||||||||||
June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In Thousands) | |||||||||||||
Minimum rentals | $ | 1,716 | $ | 1,629 | $ | 1,520 | |||||||
Schedule of Outstanding Loan Commitments | The outstanding loan commitments are as follows: | ||||||||||||
June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
(In Thousands) | |||||||||||||
Mortgage loans | $ | 27,452 | $ | 58,448 | |||||||||
Home equity loans | 1,374 | 1,692 | |||||||||||
Business loans | 350 | 500 | |||||||||||
Construction loans in process | 6,385 | 11,100 | |||||||||||
Consumer home equity and overdraft lines of credit | 35,765 | 37,972 | |||||||||||
Commercial lines of credit | 24,070 | 31,434 | |||||||||||
$ | 95,396 | $ | 141,146 | ||||||||||
Parent_Only_Financial_Informat1
Parent Only Financial Information (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Condensed Statements of Financial Condition | CONDENSED STATEMENTS OF FINANCIAL CONDITION | ||||||||||||
June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
(In Thousands) | |||||||||||||
Assets | |||||||||||||
Cash and amounts due from depository institutions | $ | 17,413 | $ | 13,524 | |||||||||
Loans receivable | 5,065 | 6,726 | |||||||||||
Investment in subsidiaries | 472,110 | 447,498 | |||||||||||
Other assets | 154 | 62 | |||||||||||
$ | 494,742 | $ | 467,810 | ||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||
Other liabilities | $ | 66 | $ | 103 | |||||||||
Stockholders’ equity | 494,676 | 467,707 | |||||||||||
$ | 494,742 | $ | 467,810 | ||||||||||
Condensed Statements of Income and Comprehensive Income | CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||
Years Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In Thousands) | |||||||||||||
Dividends from subsidiary | $ | 5,000 | $ | — | $ | 6,000 | |||||||
Interest income | 341 | 450 | 566 | ||||||||||
Equity in undistributed earnings (loss) of subsidiaries | 5,398 | 6,550 | (864 | ) | |||||||||
Gain on sale of securities | — | 38 | — | ||||||||||
10,739 | 7,038 | 5,702 | |||||||||||
Directors’ compensation | 123 | 117 | 124 | ||||||||||
Other expenses | 539 | 436 | 526 | ||||||||||
662 | 553 | 650 | |||||||||||
Income before Income Taxes | 10,077 | 6,485 | 5,052 | ||||||||||
Income tax benefit | (111 | ) | (21 | ) | (26 | ) | |||||||
Net income | $ | 10,188 | $ | 6,506 | $ | 5,078 | |||||||
Comprehensive income (loss) | $ | 12,047 | $ | (21,229 | ) | $ | 13,242 | ||||||
Condensed Statements of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||||
Years Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In Thousands) | |||||||||||||
Cash Flows from Operating Activities | |||||||||||||
Net income | $ | 10,188 | $ | 6,506 | $ | 5,078 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in undistributed (earnings) loss of subsidiaries | (5,398 | ) | (6,550 | ) | 864 | ||||||||
Amortization of premiums | — | 8 | 14 | ||||||||||
Realized gain on sale of mortgage-backed securities available for sale | — | (38 | ) | — | |||||||||
Decrease in interest receivable | — | 5 | 2 | ||||||||||
Payments received on intercompany liabilities | 231 | 174 | 12,469 | ||||||||||
(Increase) decrease in other assets | (116 | ) | 52 | 41 | |||||||||
(Decrease) increase in other liabilities | (37 | ) | 22 | 1 | |||||||||
Net Cash Provided by Operating Activities | $ | 4,868 | $ | 179 | $ | 18,469 | |||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
Years Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In Thousands) | |||||||||||||
Cash Flows from Investing Activities | |||||||||||||
Repayment of loan to ESOP | $ | 1,661 | $ | 1,573 | $ | 1,489 | |||||||
Principal repayments on mortgage-backed securities available for sale | — | 424 | 697 | ||||||||||
Proceeds from sale of mortgage-backed securities available for sale | — | 667 | — | ||||||||||
Return of subsidiary investment | — | — | 9 | ||||||||||
Net Cash Provided by Investing Activities | 1,661 | 2,664 | 2,195 | ||||||||||
Cash Flows from Financing Activities | |||||||||||||
Dividends paid to minority stockholders of Kearny Financial Corp. | — | — | (3,617 | ) | |||||||||
Purchase of common stock of Kearny Financial Corp. for treasury | (4,135 | ) | (4,319 | ) | (8,464 | ) | |||||||
Treasury stock reissued | 1,495 | — | — | ||||||||||
Dividends contributed for payment of ESOP loan | — | (2 | ) | 160 | |||||||||
Dividends paid on vested ESOP distribution | — | — | (1 | ) | |||||||||
Net Cash Used in Financing Activities | (2,640 | ) | (4,321 | ) | (11,922 | ) | |||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 3,889 | (1,478 | ) | 8,742 | |||||||||
Cash and Cash Equivalents - Beginning | 13,524 | 15,002 | 6,260 | ||||||||||
Cash and Cash Equivalents - Ending | $ | 17,413 | $ | 13,524 | $ | 15,002 | |||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Summary of Quarterly Results of Operations | The following is a condensed summary of quarterly results of operations for the years ended June 30, 2014 and 2013: | ||||||||||||||||
Year Ended June 30, 2014 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(In Thousands, Except Per Share Data) | |||||||||||||||||
Interest income | $ | 23,300 | $ | 23,933 | $ | 23,956 | $ | 24,630 | |||||||||
Interest expense | 5,104 | 5,458 | 5,475 | 5,961 | |||||||||||||
Net Interest Income | 18,196 | 18,475 | 18,481 | 18,669 | |||||||||||||
Provision for loan losses | 1,168 | 559 | 880 | 774 | |||||||||||||
Net Interest Income after Provision for Loan Losses | 17,028 | 17,916 | 17,601 | 17,895 | |||||||||||||
Non-interest income | 1,861 | 1,929 | 2,385 | 1,948 | |||||||||||||
Non-interest expenses | 15,282 | 15,557 | 17,515 | 15,804 | |||||||||||||
Income before Income Taxes | 3,607 | 4,288 | 2,471 | 4,039 | |||||||||||||
Income taxes | 1,021 | 1,301 | 685 | 1,210 | |||||||||||||
Net Income | $ | 2,586 | $ | 2,987 | $ | 1,786 | $ | 2,829 | |||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.04 | $ | 0.05 | $ | 0.03 | $ | 0.04 | |||||||||
Diluted | $ | 0.04 | $ | 0.05 | $ | 0.03 | $ | 0.04 | |||||||||
Weighted Average Number of Common Shares Outstanding: | |||||||||||||||||
Basic | 65,936 | 65,767 | 65,684 | 65,796 | |||||||||||||
Diluted | 65,936 | 65,767 | 65,782 | 66,228 | |||||||||||||
Dividends declared per common share | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
Year Ended June 30, 2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(In Thousands, Except Per Share Data) | |||||||||||||||||
Interest income | $ | 23,206 | $ | 21,802 | $ | 21,644 | $ | 21,606 | |||||||||
Interest expense | 6,331 | 5,808 | 5,298 | 4,564 | |||||||||||||
Net Interest Income | 16,875 | 15,994 | 16,346 | 17,042 | |||||||||||||
Provision for loan losses | 339 | 1,393 | 1,407 | 1,325 | |||||||||||||
Net Interest Income after Provision for Loan Losses | 16,536 | 14,601 | 14,939 | 15,717 | |||||||||||||
Non-interest income | 1,200 | 2,285 | 11,070 | 1,833 | |||||||||||||
Non-interest expenses | 15,273 | 15,191 | 23,942 | 15,019 | |||||||||||||
Income before Income Taxes | 2,463 | 1,695 | 2,067 | 2,531 | |||||||||||||
Income taxes | 803 | 518 | 323 | 606 | |||||||||||||
Net Income | $ | 1,660 | $ | 1,177 | $ | 1,744 | $ | 1,925 | |||||||||
Net income per common share: | |||||||||||||||||
Basic and diluted | $ | 0.03 | $ | 0.02 | $ | 0.03 | $ | 0.03 | |||||||||
Weighted Average Number of Common Shares Outstanding: | |||||||||||||||||
Basic and diluted | 66,256 | 66,188 | 66,141 | 66,019 | |||||||||||||
Dividends declared per common share | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
Net_Income_Per_Common_Share_EP2
Net Income Per Common Share ("EPS") - Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share Computations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Earnings Per Share [Abstract] | ||||||||||||||
Income (Numerator): Net income | $2,169 | $2,829 | $1,786 | $2,987 | $2,586 | $1,925 | $1,744 | $1,177 | $1,660 | $5,092 | $5,573 | $10,188 | $6,506 | $5,078 |
Income (Numerator): Basic earnings per share, income available to common stockholders | 2,169 | 2,987 | 5,092 | 5,573 | 10,188 | 6,506 | 5,078 | |||||||
Income (Numerator): Diluted earnings per share | $2,169 | $2,987 | $5,092 | $5,573 | $10,188 | $6,506 | $5,078 | |||||||
Shares (Denominator): Basic earnings per share, income available to common stockholders | 67,042 | 65,796 | 65,684 | 65,767 | 65,936 | 67,009 | 65,851 | 65,796 | 66,152 | 66,495 | ||||
Shares (Denominator): Stock options | 13 | 176 | 40 | |||||||||||
Shares (Denominator): Diluted earnings per share | 67,055 | 66,228 | 65,782 | 65,767 | 65,936 | 67,185 | 65,851 | 65,836 | 66,152 | 66,495 | ||||
Per Share Amount: Basic earnings per share, income available to common stockholders | $0.03 | $0.04 | $0.03 | $0.05 | $0.04 | $0.08 | $0.08 | $0.16 | $0.10 | $0.08 | ||||
Per Share Amount: Diluted earnings per share | $0.03 | $0.04 | $0.03 | $0.05 | $0.04 | $0.08 | $0.08 | $0.16 | $0.10 | $0.08 |
Net_Income_Per_Common_Share_EP3
Net Income Per Common Share ("EPS") - Additional Information (Detail) (Stock Options [Member]) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Stock Options [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Average number of options anti-dilutive | 185,000 | 3,053,000 | 185,000 | 3,122,000 | 1,910,000 | 3,193,000 | 3,221,000 |
Plan_of_Conversion_and_Reorgan1
Plan of Conversion and Reorganization - Additional Information (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Plan of Reorganization [Abstract] | |
Conversion and public offering costs | $1.50 |
Stock_Offering_and_Stock_Repur1
Stock Offering and Stock Repurchase Plans - Additional Information (Detail) (USD $) | 6 Months Ended | 7 Months Ended | 12 Months Ended | 13 Months Ended | 15 Months Ended | 27 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 02, 2013 | Mar. 23, 2012 | |
Schedule Of Share Repurchase Plan [Line Items] | |||||||||||
Stock Repurchase Program, number of shares authorized to be repurchased | 762,640 | 802,780 | |||||||||
Stock Repurchase Program, percentage of shares authorized to be repurchased | 5.00% | 5.00% | |||||||||
Stock Repurchase Program, total cost to repurchase | $3,792,000 | $700,000 | $4,135,000 | $4,319,000 | $8,464,000 | $700,000 | $4,654,000 | $8,088,000 | |||
Stock Repurchase Program, shares repurchased, average cost per share | $11.48 | $11.13 | $10.35 | $11.13 | $9.88 | $10.07 | |||||
Stock Repurchase Program, number of shares repurchased | 62,900 | 331,680 | 62,900 | 471,100 | 802,780 | ||||||
Common Stock held in Trust | 50,916,250 | 50,916,250 | 50,916,250 | ||||||||
Common Stock held In Trust, percent | 70.00% | 70.00% | 70.00% | ||||||||
Dividends, cash, waived | 7,187,000 | ||||||||||
Dividends, cash | 0 | 0 | 450,000 | ||||||||
Stock Repurchase Program, 2012 [Member] | |||||||||||
Schedule Of Share Repurchase Plan [Line Items] | |||||||||||
Stock Repurchase Program, total cost to repurchase | $3,434,000 |
Securities_Available_for_Sale_1
Securities Available for Sale - Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | $810,959 | $844,030 | $1,088,149 |
Securities available for sale, amortized cost | 423,451 | 411,228 | 305,283 |
Securities available for sale, Gross Unrealized Gains | 8,774 | 10,289 | 14,635 |
Securities available for sale, Gross Unrealized Losses | 7,727 | 9,198 | 22,010 |
Securities available for sale, Fair value | 420,458 | 407,898 | 300,122 |
Securities available for sale, Fair value | 812,006 | 845,121 | 1,080,774 |
Residential Pass-Through Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 290,295 | 347,810 | 622,378 |
Mortgage-backed securities, Gross Unrealized Gains | 6,773 | 8,908 | 14,321 |
Mortgage-backed securities, Gross Unrealized Losses | 1,146 | 2,765 | 8,545 |
Securities available for sale, Fair value | 295,922 | 353,953 | 628,154 |
Commercial Pass-Through Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 16,375 | 94,505 | |
Mortgage-backed securities, Gross Unrealized Gains | 75 | 5 | |
Mortgage-backed securities, Gross Unrealized Losses | 4,494 | ||
Securities available for sale, Fair value | 16,450 | 90,016 | |
Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, amortized cost | 423,451 | 411,228 | 305,283 |
Securities available for sale, Gross Unrealized Gains | 1,910 | 1,369 | 285 |
Securities available for sale, Gross Unrealized Losses | 4,903 | 4,699 | 5,446 |
Securities available for sale, Fair value | 420,458 | 407,898 | 300,122 |
Debt Securities [Member] | Trust Preferred Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, amortized cost | 8,891 | 8,887 | 8,878 |
Securities available for sale, Gross Unrealized Gains | 20 | 32 | |
Securities available for sale, Gross Unrealized Losses | 1,091 | 1,121 | 1,554 |
Securities available for sale, Fair value | 7,820 | 7,798 | 7,324 |
Debt Securities [Member] | Collateralized Loan Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, amortized cost | 128,607 | 120,089 | 78,366 |
Securities available for sale, Gross Unrealized Gains | 190 | ||
Securities available for sale, Gross Unrealized Losses | 2,299 | 517 | 70 |
Securities available for sale, Fair value | 126,308 | 119,572 | 78,486 |
Collateralized Mortgage Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 80,838 | 84,992 | 65,983 |
Mortgage-backed securities, Gross Unrealized Gains | 16 | 12 | 24 |
Mortgage-backed securities, Gross Unrealized Losses | 1,678 | 1,734 | 3,525 |
Securities available for sale, Fair value | 79,176 | 83,270 | 62,482 |
Collateralized Mortgage Obligations [Member] | Federal Home Loan Mortgage Corporation [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 31,637 | 33,505 | 9,825 |
Mortgage-backed securities, Gross Unrealized Losses | 470 | 485 | 470 |
Securities available for sale, Fair value | 31,167 | 33,020 | 9,355 |
Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 387,508 | 432,802 | 782,866 |
Mortgage-backed securities, Gross Unrealized Gains | 6,864 | 8,920 | 14,350 |
Mortgage-backed securities, Gross Unrealized Losses | 2,824 | 4,499 | 16,564 |
Securities available for sale, Fair value | 391,548 | 437,223 | 780,652 |
U.S. Agency Securities [Member] | Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, amortized cost | 7,814 | 4,159 | 4,955 |
Securities available for sale, Gross Unrealized Gains | 63 | 48 | 60 |
Securities available for sale, Gross Unrealized Losses | 13 | 2 | |
Securities available for sale, Fair value | 7,864 | 4,205 | 5,015 |
Obligations of State and Political Subdivisions [Member] | Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, amortized cost | 27,525 | 27,537 | 27,560 |
Securities available for sale, Gross Unrealized Gains | 137 | 9 | |
Securities available for sale, Gross Unrealized Losses | 219 | 773 | 2,253 |
Securities available for sale, Fair value | 27,443 | 26,773 | 25,307 |
Asset-backed Securities [Member] | Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, amortized cost | 87,550 | 87,480 | 25,417 |
Securities available for sale, Gross Unrealized Gains | 1,259 | 663 | 1 |
Securities available for sale, Gross Unrealized Losses | 202 | 827 | 620 |
Securities available for sale, Fair value | 88,607 | 87,316 | 24,798 |
Corporate Bonds [Member] | Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, amortized cost | 163,064 | 163,076 | 160,107 |
Securities available for sale, Gross Unrealized Gains | 431 | 617 | 34 |
Securities available for sale, Gross Unrealized Losses | 1,079 | 1,459 | 949 |
Securities available for sale, Fair value | 162,416 | 162,234 | 159,192 |
Federal National Mortgage Association [Member] | Collateralized Mortgage Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 49,017 | 51,277 | 56,158 |
Mortgage-backed securities, Gross Unrealized Gains | 16 | 12 | 24 |
Mortgage-backed securities, Gross Unrealized Losses | 1,206 | 1,249 | 3,055 |
Securities available for sale, Fair value | 47,827 | 50,040 | 53,127 |
Non-Agency Securities [Member] | Collateralized Mortgage Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 184 | 210 | |
Mortgage-backed securities, Gross Unrealized Losses | 2 | ||
Securities available for sale, Fair value | 182 | 210 | |
Residential Pass-Through Securities: Government National Mortgage Association [Member] | Residential Pass-Through Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 2,748 | 3,055 | 5,889 |
Mortgage-backed securities, Gross Unrealized Gains | 261 | 221 | 444 |
Mortgage-backed securities, Gross Unrealized Losses | 1 | ||
Securities available for sale, Fair value | 3,008 | 3,276 | 6,333 |
Residential Pass-Through Securities: Federal Home Loan Mortgage Corporation [Member] | Residential Pass-Through Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 171,495 | 196,882 | 290,133 |
Mortgage-backed securities, Gross Unrealized Gains | 2,908 | 3,937 | 4,827 |
Mortgage-backed securities, Gross Unrealized Losses | 772 | 1,929 | 4,600 |
Securities available for sale, Fair value | 173,631 | 198,890 | 290,360 |
Residential Pass-Through Securities: Federal Home Loan Mortgage Corporation [Member] | Commercial Pass-Through Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 116 | ||
Mortgage-backed securities, Gross Unrealized Gains | 2 | ||
Securities available for sale, Fair value | 118 | ||
Residential Pass-Through Securities: Federal National Mortgage Association [Member] | Residential Pass-Through Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 116,052 | 147,873 | 326,356 |
Mortgage-backed securities, Gross Unrealized Gains | 3,604 | 4,750 | 9,050 |
Mortgage-backed securities, Gross Unrealized Losses | 373 | 836 | 3,945 |
Securities available for sale, Fair value | 119,283 | 151,787 | 331,461 |
Commercial Pass-Through Securities: Federal National Mortgage Association [Member] | Commercial Pass-Through Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 16,375 | 94,389 | |
Mortgage-backed securities, Gross Unrealized Gains | 75 | 3 | |
Mortgage-backed securities, Gross Unrealized Losses | 4,494 | ||
Securities available for sale, Fair value | $16,450 | $89,898 |
Securities_Available_for_Sale_2
Securities Available for Sale - Stratification by Contractual Maturity of Securities (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Investments Debt And Equity Securities [Abstract] | |||
Due in one year or less, Amortized Cost | $0 | $0 | |
Due after one year through five years, Amortized Cost | 20,048 | 20,059 | |
Due after five years through ten years, Amortized Cost | 152,413 | 172,269 | |
Due after ten years, Amortized Cost | 250,990 | 218,900 | |
Amortized Cost | 423,451 | 411,228 | 305,283 |
Due in one year or less, Fair Value | 0 | 0 | |
Due after one year through five years, Fair Value | 20,175 | 20,221 | |
Due after five years through ten years, Fair Value | 151,661 | 171,118 | |
Due after ten years, Fair Value | 248,622 | 216,559 | |
Securities available for sale, Fair value | $420,458 | $407,898 | $300,122 |
Securities_Available_for_Sale_3
Securities Available for Sale - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Proceeds from sales of debt securities available for sale | $57,200,000 | $107,700,000 | $170,900,000 | $442,800,000 | $51,300,000 |
Available for sale securities, Gross realized gains | 601,000 | 2,060,000 | 3,600,000 | 10,600,000 | 53,000 |
Available for sale Securities, Gross realized losses | 594,000 | 1,834,000 | 2,100,000 | 135,000 | 0 |
Available for sale securities, Debt maturities, Basis of allocation | At December 31, 2014, the Companybs available for sale mortgage-backed securities were secured by residential and commercial mortgage loans with original contractual maturities of ten to thirty years. At June 30, 2014, the Companybs available for sale mortgage-backed securities were secured by residential mortgage loans only with original contractual maturities of ten to thirty years. The effective lives of mortgage-backed securities are generally shorter than their contractual maturities due to principal amortization and prepayment of the mortgage loans comprised within those securities. | At June 30, 2014, the Companybs available for sale mortgage-backed securities were secured by residential mortgage loans with original contractual maturities of ten to thirty years. At June 30, 2013, such securities had similar contractual maturities but were secured by both residential and commercial mortgage loans. The effective lives of mortgage-backed securities are generally shorter than their contractual maturities due to principal amortization and prepayment of the mortgage loans comprised within those securities. | |||
Residential and Commercial Mortgage Loans [Member] | Minimum [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Contractual maturities, term | 10 years | ||||
Residential and Commercial Mortgage Loans [Member] | Maximum [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Contractual maturities, term | 30 years | ||||
Residential Mortgage Loans [Member] | Minimum [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Contractual maturities, term | 10 years | ||||
Residential Mortgage Loans [Member] | Maximum [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Contractual maturities, term | 30 years | ||||
Securities Available for Sale [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Securities available for sale pledged as collateral for borrowings Federal Home Loan Bank | 66,900,000 | 76,100,000 | 99,400,000 | ||
Available for sale securities pledged to secure public funds on deposit | $1,600,000 | $1,800,000 | $4,400,000 |
Securities_Held_to_Maturity_Am
Securities Held to Maturity - Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | $542,435 | $512,072 | $311,129 |
Amortized Cost | 219,906 | 216,414 | 210,015 |
Gross Unrealized Gains | 4,075 | 270 | 69 |
Gross Unrealized Losses | 2,737 | 5,089 | 12,423 |
Fair Value | 218,064 | 213,472 | 202,328 |
Fair Value | 543,773 | 507,253 | 298,775 |
Residential Pass-Through Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 129,490 | 114,568 | 329 |
Gross Unrealized Gains | 1,959 | 144 | 13 |
Gross Unrealized Losses | 83 | ||
Fair Value | 131,449 | 114,629 | 342 |
Commercial Pass-Through Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 192,733 | 180,752 | 100,308 |
Gross Unrealized Gains | 1,812 | 73 | |
Gross Unrealized Losses | 617 | 2,042 | 4,716 |
Fair Value | 193,928 | 178,783 | 95,592 |
Residential Pass-Through Securities: Government National Mortgage Association [Member] | Residential Pass-Through Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 9 | 9 | |
Gross Unrealized Gains | 1 | ||
Fair Value | 10 | 9 | |
Residential Pass-Through Securities: Federal Home Loan Mortgage Corporation [Member] | Residential Pass-Through Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 258 | 283 | 98 |
Gross Unrealized Gains | 15 | 4 | 4 |
Fair Value | 273 | 287 | 102 |
Residential Pass-Through Securities: Federal National Mortgage Association [Member] | Residential Pass-Through Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 129,223 | 114,276 | 231 |
Gross Unrealized Gains | 1,943 | 140 | 9 |
Gross Unrealized Losses | 83 | ||
Fair Value | 131,166 | 114,333 | 240 |
Commercial Pass-Through Securities: Federal National Mortgage Association [Member] | Commercial Pass-Through Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 182,428 | 180,752 | 100,308 |
Gross Unrealized Gains | 1,812 | 73 | |
Gross Unrealized Losses | 429 | 2,042 | 4,716 |
Fair Value | 183,811 | 178,783 | 95,592 |
Mortgage-Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 322,529 | 295,658 | 101,114 |
Gross Unrealized Gains | 3,799 | 249 | 51 |
Gross Unrealized Losses | 619 | 2,126 | 4,718 |
Fair Value | 325,709 | 293,781 | 96,447 |
Commercial Pass-Through Securities: Government National Mortgage Association [Member] | Commercial Pass-Through Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 10,305 | ||
Gross Unrealized Losses | 188 | ||
Fair Value | 10,117 | ||
Collateralized Mortgage Obligations [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 306 | 338 | 477 |
Gross Unrealized Gains | 28 | 32 | 38 |
Gross Unrealized Losses | 2 | 1 | 2 |
Fair Value | 332 | 369 | 513 |
Collateralized Mortgage Obligations [Member] | Federal Home Loan Mortgage Corporation [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 19 | 20 | 22 |
Gross Unrealized Gains | 2 | 2 | 3 |
Fair Value | 21 | 22 | 25 |
Collateralized Mortgage Obligations [Member] | Federal National Mortgage Association [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 241 | 264 | 350 |
Gross Unrealized Gains | 26 | 30 | 32 |
Fair Value | 267 | 294 | 382 |
Collateralized Mortgage Obligations [Member] | Non-Agency Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 46 | 54 | 105 |
Gross Unrealized Gains | 3 | ||
Gross Unrealized Losses | 2 | 1 | 2 |
Fair Value | 44 | 53 | 106 |
Debt Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 219,906 | 216,414 | 210,015 |
Gross Unrealized Gains | 276 | 21 | 18 |
Gross Unrealized Losses | 2,118 | 2,963 | 7,705 |
Fair Value | 218,064 | 213,472 | 202,328 |
Debt Securities [Member] | U.S. Agency Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 144,236 | 144,349 | 144,747 |
Gross Unrealized Gains | 5 | 6 | 14 |
Gross Unrealized Losses | 1,394 | 1,408 | 3,622 |
Fair Value | 142,847 | 142,947 | 141,139 |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 75,670 | 72,065 | 65,268 |
Gross Unrealized Gains | 271 | 15 | 4 |
Gross Unrealized Losses | 724 | 1,555 | 4,083 |
Fair Value | $75,217 | $70,525 | $61,189 |
Securities_Held_to_Maturity_St
Securities Held to Maturity - Stratification by Contractual Maturity of Securities (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity Securities, Amortized Cost Total | $219,906 | $216,414 | $210,015 |
Fair Value | 218,064 | 213,472 | 202,328 |
Debt Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Due in one year or less, Amortized Cost | 6,302 | 5,809 | |
Due after one year through five years, Amortized Cost | 149,359 | 146,079 | |
Due after five years through ten years, Amortized Cost | 39,395 | 37,107 | |
Due after ten years, Amortized Cost | 24,850 | 27,419 | |
Held-to-maturity Securities, Amortized Cost Total | 219,906 | 216,414 | 210,015 |
Due in one year or less, Fair Value | 6,312 | 5,825 | |
Due after one year through five years, Fair Value | 147,917 | 144,664 | |
Due after five years through ten years, Fair Value | 39,164 | 36,442 | |
Due after ten years, Fair Value | 24,671 | 26,541 | |
Fair Value | $218,064 | $213,472 | $202,328 |
Securities_Held_to_Maturity_Ad
Securities Held to Maturity - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Schedule of Held-to-maturity Securities [Line Items] | |||||
Proceeds from sales of securities held to maturity | $0 | $0 | $28,000 | $18,000 | $32,000 |
Held to maturity securities sold security gross losses | 6,000 | 6,000 | 6,000 | ||
Securities Held to Maturity [Member] | FHLB of New York [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Held to maturity securities pledged as collateral | 127,800,000 | 128,100,000 | 123,300,000 | ||
Securities Held to Maturity [Member] | Public Funds [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Available for sale securities pledged to secure public funds on deposit | $8,000,000 | $4,500,000 | $0 |
Impairment_of_Securities_Sched
Impairment of Securities - Schedule of Fair Values and Gross Unrealized Losses on Investments (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Less than 12 Months: Fair Value | $242,523 | $156,477 | $616,966 |
Less than 12 Months: Unrealized Losses | 3,040 | 1,333 | 20,456 |
12 Months or More: Fair Value | 226,066 | 307,493 | 6,324 |
12 Months or More: Unrealized Losses | 4,687 | 7,865 | 1,554 |
Total: Fair Value | 468,589 | 463,970 | 623,290 |
Total: Unrealized Losses | 7,727 | 9,198 | 22,010 |
Collateralized Mortgage Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Less than 12 Months: Fair Value | 26,739 | 21,806 | |
Less than 12 Months: Unrealized Losses | 222 | 219 | |
12 Months or More: Fair Value | 47,010 | 50,028 | |
12 Months or More: Unrealized Losses | 1,456 | 1,515 | |
Total: Fair Value | 73,749 | 71,834 | |
Total: Unrealized Losses | 1,678 | 1,734 | |
Residential Pass-Through Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Less than 12 Months: Fair Value | 43,435 | 244,429 | |
Less than 12 Months: Unrealized Losses | 306 | 8,545 | |
12 Months or More: Fair Value | 75,149 | 123,666 | |
12 Months or More: Unrealized Losses | 840 | 2,765 | |
Total: Fair Value | 118,584 | 123,666 | 244,429 |
Total: Unrealized Losses | 1,146 | 2,765 | 8,545 |
Commercial Pass-Through Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Less than 12 Months: Fair Value | 89,695 | ||
Less than 12 Months: Unrealized Losses | 4,494 | ||
Total: Fair Value | 89,695 | ||
Total: Unrealized Losses | 4,494 | ||
Debt Securities [Member] | Collateralized Loan Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Less than 12 Months: Fair Value | 126,309 | 84,705 | 27,930 |
Less than 12 Months: Unrealized Losses | 2,299 | 270 | 70 |
12 Months or More: Fair Value | 24,829 | ||
12 Months or More: Unrealized Losses | 247 | ||
Total: Fair Value | 126,309 | 109,534 | 27,930 |
Total: Unrealized Losses | 2,299 | 517 | 70 |
Debt Securities [Member] | U.S. Agency Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Less than 12 Months: Fair Value | 1,570 | 826 | |
Less than 12 Months: Unrealized Losses | 8 | 1 | |
12 Months or More: Fair Value | 856 | 84 | |
12 Months or More: Unrealized Losses | 5 | 1 | |
Total: Fair Value | 2,426 | 910 | |
Total: Unrealized Losses | 13 | 2 | |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Less than 12 Months: Fair Value | 656 | 946 | 25,307 |
Less than 12 Months: Unrealized Losses | 2 | 3 | 2,253 |
12 Months or More: Fair Value | 11,952 | 23,140 | |
12 Months or More: Unrealized Losses | 217 | 770 | |
Total: Fair Value | 12,608 | 24,086 | 25,307 |
Total: Unrealized Losses | 219 | 773 | 2,253 |
Debt Securities [Member] | Asset-backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Less than 12 Months: Fair Value | 28,404 | 19,675 | |
Less than 12 Months: Unrealized Losses | 630 | 620 | |
12 Months or More: Fair Value | 30,121 | 25,169 | |
12 Months or More: Unrealized Losses | 202 | 197 | |
Total: Fair Value | 30,121 | 53,573 | 19,675 |
Total: Unrealized Losses | 202 | 827 | 620 |
Debt Securities [Member] | Corporate Bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Less than 12 Months: Fair Value | 43,814 | 19,790 | 149,190 |
Less than 12 Months: Unrealized Losses | 203 | 210 | 949 |
12 Months or More: Fair Value | 54,178 | 53,811 | |
12 Months or More: Unrealized Losses | 876 | 1,249 | |
Total: Fair Value | 97,992 | 73,601 | 149,190 |
Total: Unrealized Losses | 1,079 | 1,459 | 949 |
Debt Securities [Member] | Trust Preferred Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
12 Months or More: Fair Value | 6,800 | 6,766 | 6,324 |
12 Months or More: Unrealized Losses | 1,091 | 1,121 | 1,554 |
Total: Fair Value | 6,800 | 6,766 | 6,324 |
Total: Unrealized Losses | 1,091 | 1,121 | 1,554 |
Debt Securities [Member] | Collateralized Mortgage Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Less than 12 Months: Fair Value | 60,740 | ||
Less than 12 Months: Unrealized Losses | 3,525 | ||
Total: Fair Value | 60,740 | ||
Total: Unrealized Losses | $3,525 |
Impairment_of_Securities_Addit
Impairment of Securities - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | |
Security | Security | Security | |
Schedule of Investments [Line Items] | |||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 95 | 111 | 153 |
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 109 | 198 | 162 |
Credit-related OTTI securities | $0 | $0 | |
Number of additional trust preferred securities | 2 | ||
Interest rate, description | Three-month LIBOR plus | ||
Collateralized Loan Obligations [Member] | |||
Schedule of Investments [Line Items] | |||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 20 | 16 | 5 |
Investments percent of total investments | 9.30% | 8.80% | |
Investments percent of total assets | 3.60% | 3.40% | |
Marketable securities | 126,300,000 | 119,600,000 | |
Mortgage-Backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 18 | 13 | 55 |
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 11 | 54 | 23 |
Investments percent of total investments | 52.70% | 54.00% | |
Investments percent of total assets | 20.10% | 20.90% | |
Marketable securities | 714,100,000 | 732,900,000 | |
Number of securities | 2 | 2 | |
Securities amortized cost | 3,000,000 | 3,000,000 | |
Obligations of State and Political Subdivisions [Member] | Debt Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 35 | 63 | 70 |
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 91 | 137 | 132 |
Investments percent of total investments | 7.60% | 7.30% | |
Investments percent of total assets | 2.90% | 2.80% | |
Marketable securities | 103,100,000 | 98,800,000 | |
Bond anticipation notices received | 5 | 7 | |
Impairment on securities | 0 | 0 | |
Obligations of State and Political Subdivisions [Member] | Debt Securities [Member] | New Jersey Municipalities [Member] | |||
Schedule of Investments [Line Items] | |||
Bond anticipation notices received | 3 | 4 | |
Obligations of State and Political Subdivisions [Member] | Debt Securities [Member] | External Credit Rating, Investment Grade [Member] | |||
Schedule of Investments [Line Items] | |||
Marketable securities | 101,500,000 | 95,700,000 | |
Obligations of State and Political Subdivisions [Member] | Debt Securities [Member] | External Credit Rating, Non Investment Grade [Member] | |||
Schedule of Investments [Line Items] | |||
Marketable securities | 1,600,000 | 3,100,000 | |
Asset-backed Securities [Member] | Debt Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 4 | 5 | 2 |
Investments percent of total investments | 6.50% | 6.40% | |
Investments percent of total assets | 2.50% | 2.50% | |
Marketable securities | 88,600,000 | 87,300,000 | |
Government guarantees | 97.00% | 97.00% | |
Corporate Bonds [Member] | Debt Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 9 | 6 | 13 |
Investments percent of total investments | 12.00% | 12.00% | |
Investments percent of total assets | 4.60% | 4.60% | |
Marketable securities | 162,400,000 | 162,200,000 | |
Trust Preferred Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Securities amortized cost | 4,900,000 | ||
Trust Preferred Securities [Member] | Debt Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 4 | 4 | 4 |
Marketable securities | 7,800,000 | 7,800,000 | |
Number of securities held | 5 | 4 | |
Trust Preferred Securities [Member] | Debt Securities [Member] | Bank Boston Capital Trust Four And Mbna Capital TrustB | |||
Schedule of Investments [Line Items] | |||
Securities amortized cost | 4,900,000 | ||
Trust Preferred Securities [Member] | Debt Securities [Member] | Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Investments percent of total investments | 1.00% | 1.00% | |
Trust Preferred Securities [Member] | Debt Securities [Member] | Impaired Securities that Maintained Credit Rating [Member] | |||
Schedule of Investments [Line Items] | |||
Number of securities held | 4 | 5 | |
Number of issuing financial institutions | 3 | 3 | |
U.S. Agency Securities [Member] | Debt Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 5 | 4 | |
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 7 | 7 | 7 |
Investments percent of total investments | 11.20% | 10.90% | |
Investments percent of total assets | 4.30% | 4.20% | |
Marketable securities | 152,100,000 | 148,600,000 | |
U.S. Agency Securities [Member] | Debt Securities [Member] | Impaired Securities that Maintained Credit Rating [Member] | |||
Schedule of Investments [Line Items] | |||
Marketable securities | 144,300,000 | ||
U.S. Agency Securities [Member] | Debt Securities [Member] | Non-impaired Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Marketable securities | $4,200,000 | ||
Collateralized Mortgage Obligations [Member] | |||
Schedule of Investments [Line Items] | |||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 9 | 6 | 4 |
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 4 | 3 | 4 |
Residential Pass-Through Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 9 | 7 | 38 |
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 26 | ||
Commercial Pass-Through Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 17 | ||
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 7 | 25 | 19 |
Impairment_of_Securities_Sched1
Impairment of Securities - Schedule of Temporary Impairment Losses, Investments (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Less than 12 Months: Fair Value | $27,082 | $122,065 | $289,747 |
Less than 12 Months: Unrealized Losses | 270 | 350 | 12,422 |
12 Months or More: Fair Value | 196,626 | 295,912 | 44 |
12 Months or More: Unrealized Losses | 2,467 | 4,739 | 1 |
Total: Fair Value | 223,708 | 417,977 | 289,791 |
Total: Unrealized Losses | 2,737 | 5,089 | 12,423 |
Collateralized Mortgage Obligations [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Less than 12 Months: Fair Value | 41 | 30 | 4 |
Less than 12 Months: Unrealized Losses | 1 | 1 | 1 |
12 Months or More: Fair Value | 5 | 44 | |
12 Months or More: Unrealized Losses | 1 | 1 | |
Total: Fair Value | 46 | 30 | 48 |
Total: Unrealized Losses | 2 | 1 | 2 |
Residential Pass-Through Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Less than 12 Months: Fair Value | 59,993 | ||
Less than 12 Months: Unrealized Losses | 83 | ||
Total: Fair Value | 59,993 | ||
Total: Unrealized Losses | 83 | ||
Commercial Pass-Through Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Less than 12 Months: Fair Value | 13,077 | 56,234 | 90,935 |
Less than 12 Months: Unrealized Losses | 203 | 230 | 4,716 |
12 Months or More: Fair Value | 24,105 | 96,937 | |
12 Months or More: Unrealized Losses | 414 | 1,812 | |
Total: Fair Value | 37,182 | 153,171 | 90,935 |
Total: Unrealized Losses | 617 | 2,042 | 4,716 |
Debt Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Total: Unrealized Losses | 2,118 | 2,963 | 7,705 |
Debt Securities [Member] | U.S. Agency Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Less than 12 Months: Fair Value | 139,699 | ||
Less than 12 Months: Unrealized Losses | 3,622 | ||
12 Months or More: Fair Value | 141,936 | 141,919 | |
12 Months or More: Unrealized Losses | 1,394 | 1,408 | |
Total: Fair Value | 141,936 | 141,919 | 139,699 |
Total: Unrealized Losses | 1,394 | 1,408 | 3,622 |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Less than 12 Months: Fair Value | 13,964 | 5,808 | 59,109 |
Less than 12 Months: Unrealized Losses | 66 | 36 | 4,083 |
12 Months or More: Fair Value | 30,580 | 57,056 | |
12 Months or More: Unrealized Losses | 658 | 1,519 | |
Total: Fair Value | 44,544 | 62,864 | 59,109 |
Total: Unrealized Losses | $724 | $1,555 | $4,083 |
Loan_Quality_and_Allowance_for2
Loan Quality and Allowance for Loan Losses - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment | Segment | ||
Financing Receivable, Recorded Investment [Line Items] | |||
Impaired financing receivable, unpaid principal balance | $46,168 | $45,774 | $51,248 |
Unsecured consumer and commercial loans loss, days past due | 120 days | ||
Percentage of valuation allowance | 100.00% | ||
Number of loan portfolio segments | 7 | 7 | |
Annual net charge-off rates | 2 years | ||
Qualitative and environmental adjustment for allowance for loan loss calculation | For each category of the loan portfolio, a level of risk, developed from a number of internal and external resources, is assigned to each of the qualitative criteria utilizing a scale ranging from zero (negligible risk) to 15 (high risk), with higher values potentially ascribed to exceptional levels of risk that exceed the standard range, as appropriate. The sum of the risk values, expressed as a whole number, is multiplied by .01% to arrive at an overall environmental loss factor, expressed in basis points, for each loan category. | ||
Loans Acquired at Fair Value [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable, acquired with deteriorated credit quality | 9,970 | 10,138 | 6,050 |
Impaired financing receivable, unpaid principal balance | 20,996 | 19,749 | 19,321 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 207 | 568 | 824 |
Nonperforming Financing Receivable [Member] | Loans Acquired at Fair Value [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable, acquired with deteriorated credit quality | 11,691 | 11,778 | 9,874 |
Impaired financing receivable, unpaid principal balance | 9,971 | 10,138 | 6,050 |
Financing receivable, recorded investment, nonaccrual status | 10,222 | 8,934 | 10,321 |
Uncertain Cash Flow [Member] | Loans Acquired at Fair Value [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing receivable, recorded investment, nonaccrual status | 1,969 | 2,374 | 1,952 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | $91 | $98 | $17 |
Loan_Quality_and_Allowance_for3
Loan Quality and Allowance for Loan Losses - Impaired Loans Acquired Accretable Yield Change (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Receivables [Abstract] | ||||||
Beginning balance | $1,827 | $2,180 | $1,891 | $741 | $741 | $1,461 |
Accretion to interest income | -143 | -57 | -207 | -112 | -326 | -567 |
Disposals | -38 | -153 | ||||
Reclassifications from nonaccretable difference | 1,494 | 1,514 | ||||
Ending balance | $1,684 | $2,123 | $1,684 | $2,123 | $1,891 | $741 |
Loan_Quality_and_Allowance_for4
Loan Quality and Allowance for Loan Losses - Allowance for Loan Losses and Loans Receivable (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2014 | Jun. 30, 2011 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance | $12,584 | $12,387 | $11,493 | $11,406 | $10,896 | $12,584 | $11,493 | $12,387 | $10,896 | $10,117 | ||||||
Allowance | 12,406 | 11,493 | 11,406 | 10,896 | 10,117 | 12,387 | 10,896 | 10,896 | 10,117 | 11,767 | ||||||
Total charge offs | -1,698 | -979 | -2,539 | -1,685 | -2,493 | -3,728 | -7,480 | |||||||||
Provision for Loan Loses | -1,732 | -774 | -880 | -559 | -1,168 | -1,325 | -1,407 | -1,393 | -339 | -2,590 | -1,727 | -3,381 | -4,464 | -5,750 | ||
Total recoveries | 144 | 507 | 146 | 555 | 603 | 43 | 80 | |||||||||
Loans and Leases Receivable, Gross | 1,815,510 | 1,742,868 | 1,361,718 | 1,815,510 | 1,742,868 | 1,361,718 | ||||||||||
Loans receivable, unamortized yield adjustments | -1,439 | -1,397 | -847 | -1,439 | -1,397 | -847 | ||||||||||
Loans receivable | 1,814,071 | 1,741,471 | 1,360,871 | 1,814,071 | 1,741,471 | 1,360,871 | ||||||||||
Allocated [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance | 12,584 | 12,387 | 11,493 | 10,896 | 12,584 | 11,493 | 12,387 | 10,896 | 10,117 | |||||||
Allowance | 12,406 | 11,406 | 10,896 | 10,117 | 12,387 | 10,896 | 10,896 | 10,117 | 11,534 | |||||||
Provision for Loan Loses | 1,732 | 559 | 2,590 | 1,727 | 3,381 | 4,464 | 5,983 | |||||||||
Unallocated Allowance For Loan Losses [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance | 233 | |||||||||||||||
Provision for Loan Loses | -233 | |||||||||||||||
Originated and Purchased Loans [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance, Loans individually evaluated for impairment | 558 | 1,007 | 1,237 | 558 | 1,007 | 1,237 | ||||||||||
Allowance, Loans collectively evaluated for impairment | 10,551 | 9,641 | 7,944 | 10,551 | 9,641 | 7,944 | ||||||||||
Allowance | 11,109 | 10,648 | 9,181 | 11,109 | 10,648 | 9,181 | ||||||||||
Loans individually evaluated for impairment | 17,804 | 19,616 | 24,498 | 17,804 | 19,616 | 24,498 | ||||||||||
Loans collectively evaluated for impairment | 1,568,939 | 1,483,747 | 1,136,945 | 1,568,939 | 1,483,747 | 1,136,945 | ||||||||||
Loans and Leases Receivable, Gross | 1,586,743 | 1,503,363 | 1,161,443 | 1,586,743 | 1,503,363 | 1,161,443 | ||||||||||
Loans Acquired at Fair Value [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Loans acquired with deteriorated credit quality | 91 | 98 | 17 | 91 | 98 | 17 | ||||||||||
Allowance, Loans individually evaluated for impairment | 207 | 568 | 824 | 207 | 568 | 824 | ||||||||||
Allowance, Loans collectively evaluated for impairment | 1,177 | 1,073 | 874 | 1,177 | 1,073 | 874 | ||||||||||
Allowance | 1,475 | 1,739 | 1,715 | 1,475 | 1,739 | 1,715 | ||||||||||
Loans acquired with deteriorated credit quality | 9,970 | 10,138 | 6,050 | 9,970 | 10,138 | 6,050 | ||||||||||
Loans individually evaluated for impairment | 8,646 | 7,455 | 8,986 | 8,646 | 7,455 | 8,986 | ||||||||||
Loans collectively evaluated for impairment | 210,151 | 221,912 | 185,239 | 210,151 | 221,912 | 185,239 | ||||||||||
Loans and Leases Receivable, Gross | 228,767 | 239,505 | 200,275 | 228,767 | 239,505 | 200,275 | ||||||||||
Residential Mortgage [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance | 2,310 | 2,729 | 3,274 | 3,660 | 2,310 | 3,274 | 2,729 | 3,660 | 4,572 | |||||||
Allowance | 2,575 | 3,547 | 3,660 | 4,572 | 2,729 | 3,660 | 3,660 | 4,572 | 6,644 | |||||||
Total charge offs | -1,134 | -278 | -1,437 | -508 | -1,202 | -2,272 | -6,398 | |||||||||
Total recoveries | 141 | 7 | 141 | 25 | 67 | 15 | 6 | |||||||||
Loans and Leases Receivable, Gross | 570,600 | 580,612 | 500,647 | 570,600 | 580,612 | 500,647 | ||||||||||
Residential Mortgage [Member] | Allocated [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance | 2,310 | 2,729 | 3,274 | 3,660 | 2,310 | 3,274 | 2,729 | 3,660 | 4,572 | |||||||
Allowance | 2,575 | 3,547 | 3,660 | 4,572 | 2,729 | 3,660 | 3,660 | 4,572 | 6,644 | |||||||
Provision for Loan Loses | 728 | -2 | 877 | 97 | 204 | 1,345 | 4,320 | |||||||||
Residential Mortgage [Member] | Originated and Purchased Loans [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance, Loans individually evaluated for impairment | 151 | 528 | 697 | 151 | 528 | 697 | ||||||||||
Allowance, Loans collectively evaluated for impairment | 2,137 | 2,172 | 2,939 | 2,137 | 2,172 | 2,939 | ||||||||||
Allowance | 2,288 | 2,700 | 3,636 | 2,288 | 2,700 | 3,636 | ||||||||||
Loans individually evaluated for impairment | 11,693 | 11,923 | 14,412 | 11,693 | 11,923 | 14,412 | ||||||||||
Loans collectively evaluated for impairment | 493,311 | 494,522 | 484,575 | 493,311 | 494,522 | 484,575 | ||||||||||
Loans and Leases Receivable, Gross | 505,004 | 506,445 | 498,987 | 505,004 | 506,445 | 498,987 | ||||||||||
Residential Mortgage [Member] | Loans Acquired at Fair Value [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance, Loans collectively evaluated for impairment | 22 | 29 | 24 | 22 | 29 | 24 | ||||||||||
Allowance | 22 | 29 | 24 | 22 | 29 | 24 | ||||||||||
Loans acquired with deteriorated credit quality | 730 | 742 | 730 | 742 | ||||||||||||
Loans individually evaluated for impairment | 259 | 359 | 259 | 359 | ||||||||||||
Loans collectively evaluated for impairment | 64,607 | 73,425 | 1,301 | 64,607 | 73,425 | 1,301 | ||||||||||
Loans and Leases Receivable, Gross | 65,596 | 74,167 | 1,660 | 65,596 | 74,167 | 1,660 | ||||||||||
Commercial Mortgage [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance | 8,392 | 7,737 | 6,574 | 5,359 | 8,392 | 6,574 | 7,737 | 5,359 | 3,443 | |||||||
Allowance | 7,942 | 6,220 | 5,359 | 3,443 | 7,737 | 5,359 | 5,359 | 3,443 | 3,336 | |||||||
Total charge offs | -266 | -612 | -34 | -44 | -1,042 | -483 | ||||||||||
Total recoveries | 497 | 525 | 525 | 37 | ||||||||||||
Loans and Leases Receivable, Gross | 1,057,288 | 983,755 | 666,828 | 1,057,288 | 983,755 | 666,828 | ||||||||||
Commercial Mortgage [Member] | Allocated [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance | 8,392 | 7,737 | 6,574 | 5,359 | 8,392 | 6,574 | 7,737 | 5,359 | 3,443 | |||||||
Allowance | 7,942 | 6,220 | 5,359 | 3,443 | 7,737 | 5,359 | 5,359 | 3,443 | 3,336 | |||||||
Provision for Loan Loses | 716 | -143 | 1,267 | 724 | 1,897 | 2,958 | 553 | |||||||||
Commercial Mortgage [Member] | Originated and Purchased Loans [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance, Loans individually evaluated for impairment | 388 | 404 | 430 | 388 | 404 | 430 | ||||||||||
Allowance, Loans collectively evaluated for impairment | 7,528 | 6,760 | 4,356 | 7,528 | 6,760 | 4,356 | ||||||||||
Allowance | 7,916 | 7,164 | 4,786 | 7,916 | 7,164 | 4,786 | ||||||||||
Loans individually evaluated for impairment | 3,546 | 5,403 | 7,865 | 3,546 | 5,403 | 7,865 | ||||||||||
Loans collectively evaluated for impairment | 947,350 | 873,340 | 540,491 | 947,350 | 873,340 | 540,491 | ||||||||||
Loans and Leases Receivable, Gross | 950,896 | 878,743 | 548,356 | 950,896 | 878,743 | 548,356 | ||||||||||
Commercial Mortgage [Member] | Loans Acquired at Fair Value [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance, Loans individually evaluated for impairment | 64 | 165 | 84 | 64 | 165 | 84 | ||||||||||
Allowance, Loans collectively evaluated for impairment | 412 | 408 | 489 | 412 | 408 | 489 | ||||||||||
Allowance | 476 | 573 | 573 | 476 | 573 | 573 | ||||||||||
Loans acquired with deteriorated credit quality | 1,039 | 1,071 | 1,230 | 1,039 | 1,071 | 1,230 | ||||||||||
Loans individually evaluated for impairment | 1,976 | 1,895 | 2,079 | 1,976 | 1,895 | 2,079 | ||||||||||
Loans collectively evaluated for impairment | 103,377 | 102,046 | 115,163 | 103,377 | 102,046 | 115,163 | ||||||||||
Loans and Leases Receivable, Gross | 106,392 | 105,012 | 118,472 | 106,392 | 105,012 | 118,472 | ||||||||||
Construction [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance | 59 | 67 | 71 | 103 | 81 | 59 | 71 | 67 | 81 | 277 | 58 | |||||
Allowance | 277 | 277 | 289 | 58 | ||||||||||||
Total charge offs | -9 | -106 | ||||||||||||||
Total recoveries | 33 | |||||||||||||||
Loans and Leases Receivable, Gross | 8,708 | 7,281 | 11,851 | 8,708 | 7,281 | 11,851 | ||||||||||
Construction [Member] | Allocated [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance | 59 | 67 | 71 | 81 | 59 | 71 | 67 | 81 | 277 | |||||||
Allowance | 58 | 103 | 81 | 277 | 67 | 81 | 81 | 277 | 289 | |||||||
Provision for Loan Loses | 1 | -32 | -8 | -10 | -14 | -187 | 61 | |||||||||
Construction [Member] | Originated and Purchased Loans [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance, Loans collectively evaluated for impairment | 55 | 29 | 50 | 55 | 29 | 50 | ||||||||||
Allowance | 55 | 29 | 50 | 55 | 29 | 50 | ||||||||||
Loans collectively evaluated for impairment | 5,700 | 3,619 | 5,717 | 5,700 | 3,619 | 5,717 | ||||||||||
Loans and Leases Receivable, Gross | 5,700 | 3,619 | 5,717 | 5,700 | 3,619 | 5,717 | ||||||||||
Construction [Member] | Loans Acquired at Fair Value [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance, Loans collectively evaluated for impairment | 4 | 38 | 31 | 4 | 38 | 31 | ||||||||||
Allowance | 4 | 38 | 31 | 4 | 38 | 31 | ||||||||||
Loans acquired with deteriorated credit quality | 316 | 316 | ||||||||||||||
Loans individually evaluated for impairment | 2,656 | 1,448 | 2,570 | 2,656 | 1,448 | 2,570 | ||||||||||
Loans collectively evaluated for impairment | 352 | 2,214 | 3,248 | 352 | 2,214 | 3,248 | ||||||||||
Loans and Leases Receivable, Gross | 3,008 | 3,662 | 6,134 | 3,008 | 3,662 | 6,134 | ||||||||||
Commercial Business [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance | 1,407 | 1,284 | 1,042 | 1,218 | 1,407 | 1,042 | 1,284 | 1,218 | 1,310 | |||||||
Allowance | 1,362 | 980 | 1,218 | 1,310 | 1,284 | 1,218 | 1,218 | 1,310 | 880 | |||||||
Total charge offs | -259 | -672 | -451 | -1,080 | -1,170 | -182 | -349 | |||||||||
Total recoveries | 3 | 3 | 5 | 5 | 9 | 18 | ||||||||||
Loans and Leases Receivable, Gross | 78,448 | 67,261 | 70,688 | 78,448 | 67,261 | 70,688 | ||||||||||
Commercial Business [Member] | Allocated [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance | 1,407 | 1,284 | 1,042 | 1,218 | 1,407 | 1,042 | 1,284 | 1,218 | 1,310 | |||||||
Allowance | 1,362 | 980 | 1,218 | 1,310 | 1,284 | 1,218 | 1,218 | 1,310 | 880 | |||||||
Provision for Loan Loses | 301 | 731 | 569 | 899 | 1,227 | 72 | 779 | |||||||||
Commercial Business [Member] | Originated and Purchased Loans [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance, Loans collectively evaluated for impairment | 556 | 352 | 252 | 556 | 352 | 252 | ||||||||||
Allowance | 556 | 352 | 252 | 556 | 352 | 252 | ||||||||||
Loans individually evaluated for impairment | 1,453 | 1,263 | 1,076 | 1,453 | 1,263 | 1,076 | ||||||||||
Loans collectively evaluated for impairment | 43,148 | 31,326 | 25,975 | 43,148 | 31,326 | 25,975 | ||||||||||
Loans and Leases Receivable, Gross | 44,601 | 32,589 | 27,051 | 44,601 | 32,589 | 27,051 | ||||||||||
Commercial Business [Member] | Loans Acquired at Fair Value [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Loans acquired with deteriorated credit quality | 91 | 98 | 17 | 91 | 98 | 17 | ||||||||||
Allowance, Loans individually evaluated for impairment | 125 | 346 | 740 | 125 | 346 | 740 | ||||||||||
Allowance, Loans collectively evaluated for impairment | 635 | 488 | 209 | 635 | 488 | 209 | ||||||||||
Allowance | 851 | 932 | 966 | 851 | 932 | 966 | ||||||||||
Loans acquired with deteriorated credit quality | 8,201 | 8,325 | 4,504 | 8,201 | 8,325 | 4,504 | ||||||||||
Loans individually evaluated for impairment | 2,194 | 2,456 | 2,746 | 2,194 | 2,456 | 2,746 | ||||||||||
Loans collectively evaluated for impairment | 23,452 | 23,891 | 36,387 | 23,452 | 23,891 | 36,387 | ||||||||||
Loans and Leases Receivable, Gross | 33,847 | 34,672 | 43,637 | 33,847 | 34,672 | 43,637 | ||||||||||
Home Equity Loans [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance | 314 | 460 | 435 | 490 | 314 | 435 | 460 | 490 | 447 | |||||||
Allowance | 362 | 469 | 490 | 447 | 460 | 490 | 490 | 447 | 322 | |||||||
Total charge offs | -39 | -1 | -39 | -34 | -47 | -221 | -135 | |||||||||
Total recoveries | 2 | 10 | 2 | |||||||||||||
Loans and Leases Receivable, Gross | 72,195 | 75,611 | 80,813 | 72,195 | 75,611 | 80,813 | ||||||||||
Home Equity Loans [Member] | Allocated [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance | 314 | 460 | 435 | 490 | 314 | 435 | 460 | 490 | 447 | |||||||
Allowance | 362 | 469 | 490 | 447 | 460 | 490 | 490 | 447 | 322 | |||||||
Provision for Loan Loses | -9 | -33 | -107 | -21 | 15 | 254 | 258 | |||||||||
Home Equity Loans [Member] | Originated and Purchased Loans [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance, Loans individually evaluated for impairment | 19 | 75 | 110 | 19 | 75 | 110 | ||||||||||
Allowance, Loans collectively evaluated for impairment | 220 | 272 | 300 | 220 | 272 | 300 | ||||||||||
Allowance | 239 | 347 | 410 | 239 | 347 | 410 | ||||||||||
Loans individually evaluated for impairment | 1,095 | 1,010 | 1,145 | 1,095 | 1,010 | 1,145 | ||||||||||
Loans collectively evaluated for impairment | 63,901 | 66,163 | 65,581 | 63,901 | 66,163 | 65,581 | ||||||||||
Loans and Leases Receivable, Gross | 64,996 | 67,173 | 66,726 | 64,996 | 67,173 | 66,726 | ||||||||||
Home Equity Loans [Member] | Loans Acquired at Fair Value [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance, Loans individually evaluated for impairment | 18 | 57 | 18 | 57 | ||||||||||||
Allowance, Loans collectively evaluated for impairment | 57 | 56 | 80 | 57 | 56 | 80 | ||||||||||
Allowance | 75 | 113 | 80 | 75 | 113 | 80 | ||||||||||
Loans individually evaluated for impairment | 596 | 692 | 606 | 596 | 692 | 606 | ||||||||||
Loans collectively evaluated for impairment | 6,603 | 7,746 | 13,481 | 6,603 | 7,746 | 13,481 | ||||||||||
Loans and Leases Receivable, Gross | 7,199 | 8,438 | 14,087 | 7,199 | 8,438 | 14,087 | ||||||||||
Other Consumer [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance | 22 | 22 | 23 | 12 | 22 | 23 | 22 | 12 | 14 | 23 | ||||||
Allowance | 11 | 12 | 14 | 12 | 12 | 14 | 14 | 23 | ||||||||
Total charge offs | -28 | -29 | -30 | -2 | -9 | |||||||||||
Total recoveries | 2 | |||||||||||||||
Loans and Leases Receivable, Gross | 4,860 | 4,338 | 4,278 | 4,860 | 4,338 | 4,278 | ||||||||||
Other Consumer [Member] | Allocated [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance | 22 | 22 | 23 | 22 | 23 | 22 | 14 | |||||||||
Allowance | 23 | 11 | 12 | 12 | 12 | 14 | ||||||||||
Provision for Loan Loses | -1 | 40 | 40 | 40 | 7 | |||||||||||
Other Consumer [Member] | Originated and Purchased Loans [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance, Loans collectively evaluated for impairment | 21 | 21 | 12 | 21 | 21 | 12 | ||||||||||
Allowance | 21 | 21 | 12 | 21 | 21 | 12 | ||||||||||
Loans collectively evaluated for impairment | 4,758 | 4,248 | 4,145 | 4,758 | 4,248 | 4,145 | ||||||||||
Loans and Leases Receivable, Gross | 4,758 | 4,248 | 4,145 | 4,758 | 4,248 | 4,145 | ||||||||||
Other Consumer [Member] | Loans Acquired at Fair Value [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance, Loans collectively evaluated for impairment | 1 | 1 | 1 | 1 | ||||||||||||
Allowance | 1 | 1 | 1 | 1 | ||||||||||||
Loans collectively evaluated for impairment | 102 | 90 | 133 | 102 | 90 | 133 | ||||||||||
Loans and Leases Receivable, Gross | 102 | 90 | 133 | 102 | 90 | 133 | ||||||||||
Home Equity Lines of Credit [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance | 80 | 88 | 74 | 76 | 76 | 80 | 74 | 88 | 76 | 54 | 84 | 49 | ||||
Allowance | 84 | 49 | ||||||||||||||
Loans and Leases Receivable, Gross | 23,411 | 24,010 | 26,613 | 23,411 | 24,010 | 26,613 | ||||||||||
Home Equity Lines of Credit [Member] | Allocated [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance | 80 | 88 | 74 | 76 | 80 | 74 | 88 | 76 | 54 | |||||||
Allowance | 84 | 76 | 76 | 54 | 88 | 76 | 76 | 54 | 49 | |||||||
Provision for Loan Loses | -4 | -2 | -8 | -2 | 12 | 22 | 5 | |||||||||
Home Equity Lines of Credit [Member] | Originated and Purchased Loans [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance, Loans collectively evaluated for impairment | 34 | 35 | 35 | 34 | 35 | 35 | ||||||||||
Allowance | 34 | 35 | 35 | 34 | 35 | 35 | ||||||||||
Loans individually evaluated for impairment | 17 | 17 | 17 | 17 | ||||||||||||
Loans collectively evaluated for impairment | 10,771 | 10,529 | 10,461 | 10,771 | 10,529 | 10,461 | ||||||||||
Loans and Leases Receivable, Gross | 10,788 | 10,546 | 10,461 | 10,788 | 10,546 | 10,461 | ||||||||||
Home Equity Lines of Credit [Member] | Loans Acquired at Fair Value [Member] | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||||
Allowance, Loans collectively evaluated for impairment | 46 | 53 | 41 | 46 | 53 | 41 | ||||||||||
Allowance | 46 | 53 | 41 | 46 | 53 | 41 | ||||||||||
Loans individually evaluated for impairment | 965 | 964 | 626 | 965 | 964 | 626 | ||||||||||
Loans collectively evaluated for impairment | 11,658 | 12,500 | 15,526 | 11,658 | 12,500 | 15,526 | ||||||||||
Loans and Leases Receivable, Gross | $12,623 | $13,464 | $16,152 | $12,623 | $13,464 | $16,152 |
Loan_Quality_and_Allowance_for5
Loan Quality and Allowance for Loan Losses - Credit-Rating Classification of Loans Receivable (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | $1,815,510 | $1,742,868 | $1,361,718 |
Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 570,600 | 580,612 | 500,647 |
Commercial Mortgage [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,057,288 | 983,755 | 666,828 |
Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 8,708 | 7,281 | 11,851 |
Commercial Business [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 78,448 | 67,261 | 70,688 |
Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 72,195 | 75,611 | 80,813 |
Home Equity Lines of Credit [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 23,411 | 24,010 | 26,613 |
Other Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 4,860 | 4,338 | 4,278 |
Originated and Purchased Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,586,743 | 1,503,363 | 1,161,443 |
Originated and Purchased Loans [Member] | Non-Classified [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,565,812 | 1,479,971 | 1,132,163 |
Originated and Purchased Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,786 | 2,397 | 3,132 |
Originated and Purchased Loans [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 18,870 | 20,711 | 25,846 |
Originated and Purchased Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 275 | 284 | 302 |
Originated and Purchased Loans [Member] | Total Classified Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 20,931 | 23,392 | 29,280 |
Originated and Purchased Loans [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 505,004 | 506,445 | 498,987 |
Originated and Purchased Loans [Member] | Residential Mortgage [Member] | Non-Classified [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 492,370 | 492,531 | 482,462 |
Originated and Purchased Loans [Member] | Residential Mortgage [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 844 | 1,626 | 1,843 |
Originated and Purchased Loans [Member] | Residential Mortgage [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 11,790 | 12,288 | 14,682 |
Originated and Purchased Loans [Member] | Residential Mortgage [Member] | Total Classified Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 12,634 | 13,914 | 16,525 |
Originated and Purchased Loans [Member] | Commercial Mortgage [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 950,896 | 878,743 | 548,356 |
Originated and Purchased Loans [Member] | Commercial Mortgage [Member] | Non-Classified [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 945,958 | 872,063 | 538,544 |
Originated and Purchased Loans [Member] | Commercial Mortgage [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 342 | 357 | 983 |
Originated and Purchased Loans [Member] | Commercial Mortgage [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 4,321 | 6,039 | 8,527 |
Originated and Purchased Loans [Member] | Commercial Mortgage [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 275 | 284 | 302 |
Originated and Purchased Loans [Member] | Commercial Mortgage [Member] | Total Classified Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 4,938 | 6,680 | 9,812 |
Originated and Purchased Loans [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 5,700 | 3,619 | 5,717 |
Originated and Purchased Loans [Member] | Construction [Member] | Non-Classified [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 5,332 | 3,461 | 5,717 |
Originated and Purchased Loans [Member] | Construction [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 368 | 158 | |
Originated and Purchased Loans [Member] | Construction [Member] | Total Classified Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 368 | 158 | |
Originated and Purchased Loans [Member] | Commercial Business [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 44,601 | 32,589 | 27,051 |
Originated and Purchased Loans [Member] | Commercial Business [Member] | Non-Classified [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 43,061 | 31,301 | 25,630 |
Originated and Purchased Loans [Member] | Commercial Business [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 25 | 50 | |
Originated and Purchased Loans [Member] | Commercial Business [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,540 | 1,263 | 1,371 |
Originated and Purchased Loans [Member] | Commercial Business [Member] | Total Classified Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,540 | 1,288 | 1,421 |
Originated and Purchased Loans [Member] | Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 64,996 | 67,173 | 66,726 |
Originated and Purchased Loans [Member] | Home Equity Loans [Member] | Non-Classified [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 63,736 | 66,016 | 65,353 |
Originated and Purchased Loans [Member] | Home Equity Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 59 | 146 | 228 |
Originated and Purchased Loans [Member] | Home Equity Loans [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,201 | 1,011 | 1,145 |
Originated and Purchased Loans [Member] | Home Equity Loans [Member] | Total Classified Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,260 | 1,157 | 1,373 |
Originated and Purchased Loans [Member] | Home Equity Lines of Credit [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 10,788 | 10,546 | 10,461 |
Originated and Purchased Loans [Member] | Home Equity Lines of Credit [Member] | Non-Classified [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 10,600 | 10,352 | 10,339 |
Originated and Purchased Loans [Member] | Home Equity Lines of Credit [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 171 | 84 | 28 |
Originated and Purchased Loans [Member] | Home Equity Lines of Credit [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 17 | 110 | 94 |
Originated and Purchased Loans [Member] | Home Equity Lines of Credit [Member] | Total Classified Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 188 | 194 | 122 |
Originated and Purchased Loans [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 4,758 | 4,248 | 4,145 |
Originated and Purchased Loans [Member] | Other Consumer [Member] | Non-Classified [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 4,755 | 4,247 | 4,118 |
Originated and Purchased Loans [Member] | Other Consumer [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 2 | 1 | |
Originated and Purchased Loans [Member] | Other Consumer [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1 | 27 | |
Originated and Purchased Loans [Member] | Other Consumer [Member] | Total Classified Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 3 | 1 | 27 |
Loans Acquired at Fair Value [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 228,767 | 239,505 | 200,275 |
Loans Acquired at Fair Value [Member] | Non-Classified [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 199,243 | 208,785 | 171,743 |
Loans Acquired at Fair Value [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 12,714 | 9,861 | 10,918 |
Loans Acquired at Fair Value [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 16,804 | 20,853 | 17,525 |
Loans Acquired at Fair Value [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 6 | 6 | 89 |
Loans Acquired at Fair Value [Member] | Total Classified Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 29,524 | 30,720 | 28,532 |
Loans Acquired at Fair Value [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 65,596 | 74,167 | 1,660 |
Loans Acquired at Fair Value [Member] | Residential Mortgage [Member] | Non-Classified [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 63,870 | 73,425 | 1,301 |
Loans Acquired at Fair Value [Member] | Residential Mortgage [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 376 | ||
Loans Acquired at Fair Value [Member] | Residential Mortgage [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,350 | 742 | 359 |
Loans Acquired at Fair Value [Member] | Residential Mortgage [Member] | Total Classified Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,726 | 742 | 359 |
Loans Acquired at Fair Value [Member] | Commercial Mortgage [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 106,392 | 105,012 | 118,472 |
Loans Acquired at Fair Value [Member] | Commercial Mortgage [Member] | Non-Classified [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 98,800 | 96,758 | 109,559 |
Loans Acquired at Fair Value [Member] | Commercial Mortgage [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 4,396 | 4,600 | 4,548 |
Loans Acquired at Fair Value [Member] | Commercial Mortgage [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 3,196 | 3,654 | 4,365 |
Loans Acquired at Fair Value [Member] | Commercial Mortgage [Member] | Total Classified Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 7,592 | 8,254 | 8,913 |
Loans Acquired at Fair Value [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 3,008 | 3,662 | 6,134 |
Loans Acquired at Fair Value [Member] | Construction [Member] | Non-Classified [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 820 | ||
Loans Acquired at Fair Value [Member] | Construction [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 352 | 353 | 1,300 |
Loans Acquired at Fair Value [Member] | Construction [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 2,656 | 3,309 | 4,014 |
Loans Acquired at Fair Value [Member] | Construction [Member] | Total Classified Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 3,008 | 3,662 | 5,314 |
Loans Acquired at Fair Value [Member] | Commercial Business [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 33,847 | 34,672 | 43,637 |
Loans Acquired at Fair Value [Member] | Commercial Business [Member] | Non-Classified [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 18,858 | 18,946 | 31,062 |
Loans Acquired at Fair Value [Member] | Commercial Business [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 7,248 | 4,602 | 4,932 |
Loans Acquired at Fair Value [Member] | Commercial Business [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 7,735 | 11,118 | 7,554 |
Loans Acquired at Fair Value [Member] | Commercial Business [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 6 | 6 | 89 |
Loans Acquired at Fair Value [Member] | Commercial Business [Member] | Total Classified Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 14,989 | 15,726 | 12,575 |
Loans Acquired at Fair Value [Member] | Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 7,199 | 8,438 | 14,087 |
Loans Acquired at Fair Value [Member] | Home Equity Loans [Member] | Non-Classified [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 6,453 | 7,582 | 13,419 |
Loans Acquired at Fair Value [Member] | Home Equity Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 77 | 45 | 62 |
Loans Acquired at Fair Value [Member] | Home Equity Loans [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 669 | 811 | 606 |
Loans Acquired at Fair Value [Member] | Home Equity Loans [Member] | Total Classified Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 746 | 856 | 668 |
Loans Acquired at Fair Value [Member] | Home Equity Lines of Credit [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 12,623 | 13,464 | 16,152 |
Loans Acquired at Fair Value [Member] | Home Equity Lines of Credit [Member] | Non-Classified [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 11,184 | 12,003 | 15,450 |
Loans Acquired at Fair Value [Member] | Home Equity Lines of Credit [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 244 | 245 | 76 |
Loans Acquired at Fair Value [Member] | Home Equity Lines of Credit [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,195 | 1,216 | 626 |
Loans Acquired at Fair Value [Member] | Home Equity Lines of Credit [Member] | Total Classified Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,439 | 1,461 | 702 |
Loans Acquired at Fair Value [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 102 | 90 | 133 |
Loans Acquired at Fair Value [Member] | Other Consumer [Member] | Non-Classified [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 78 | 71 | 132 |
Loans Acquired at Fair Value [Member] | Other Consumer [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 21 | 16 | |
Loans Acquired at Fair Value [Member] | Other Consumer [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 3 | 3 | 1 |
Loans Acquired at Fair Value [Member] | Other Consumer [Member] | Total Classified Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | $24 | $19 | $1 |
Loan_Quality_and_Allowance_for6
Loan Quality and Allowance for Loan Losses - Contractual Payment Status of Loans Receivable (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | $1,815,510 | $1,742,868 | $1,361,718 |
Originated and Purchased Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 1,575,475 | 1,486,998 | 1,139,655 |
Past due: 30-59 days | 1,795 | 1,873 | 3,435 |
Past due: 60-89 days | 766 | 1,224 | 1,728 |
Past due: 90+ days | 8,707 | 13,268 | 16,625 |
Total past due | 11,268 | 16,365 | 21,788 |
Loans and Leases Receivable, Gross | 1,586,743 | 1,503,363 | 1,161,443 |
Loans Acquired at Fair Value [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 218,852 | 230,982 | 190,614 |
Past due: 30-59 days | 2,062 | 1,402 | 744 |
Past due: 60-89 days | 1,349 | 633 | 581 |
Past due: 90+ days | 6,504 | 6,488 | 8,336 |
Total past due | 9,915 | 8,523 | 9,661 |
Loans and Leases Receivable, Gross | 228,767 | 239,505 | 200,275 |
Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 570,600 | 580,612 | 500,647 |
Residential Mortgage [Member] | Originated and Purchased Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 497,282 | 495,330 | 484,836 |
Past due: 30-59 days | 1,400 | 1,385 | 2,297 |
Past due: 60-89 days | 764 | 1,163 | 1,515 |
Past due: 90+ days | 5,558 | 8,567 | 10,339 |
Total past due | 7,722 | 11,115 | 14,151 |
Loans and Leases Receivable, Gross | 505,004 | 506,445 | 498,987 |
Residential Mortgage [Member] | Loans Acquired at Fair Value [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 64,657 | 72,736 | 1,301 |
Past due: 30-59 days | 330 | 689 | |
Past due: 90+ days | 609 | 742 | 359 |
Total past due | 939 | 1,431 | 359 |
Loans and Leases Receivable, Gross | 65,596 | 74,167 | 1,660 |
Commercial Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 1,057,288 | 983,755 | 666,828 |
Commercial Mortgage [Member] | Originated and Purchased Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 949,456 | 875,887 | 542,504 |
Past due: 30-59 days | 76 | 836 | |
Past due: 90+ days | 1,364 | 2,856 | 5,016 |
Total past due | 1,440 | 2,856 | 5,852 |
Loans and Leases Receivable, Gross | 950,896 | 878,743 | 548,356 |
Commercial Mortgage [Member] | Loans Acquired at Fair Value [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 103,322 | 102,881 | 116,150 |
Past due: 30-59 days | 953 | 561 | 258 |
Past due: 60-89 days | 779 | 427 | 186 |
Past due: 90+ days | 1,338 | 1,143 | 1,878 |
Total past due | 3,070 | 2,131 | 2,322 |
Loans and Leases Receivable, Gross | 106,392 | 105,012 | 118,472 |
Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 8,708 | 7,281 | 11,851 |
Construction [Member] | Originated and Purchased Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 5,700 | 3,619 | 5,717 |
Loans and Leases Receivable, Gross | 5,700 | 3,619 | 5,717 |
Construction [Member] | Loans Acquired at Fair Value [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 2,224 | 2,810 | 4,448 |
Past due: 90+ days | 784 | 852 | 1,686 |
Total past due | 784 | 852 | 1,686 |
Loans and Leases Receivable, Gross | 3,008 | 3,662 | 6,134 |
Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 78,448 | 67,261 | 70,688 |
Commercial Business [Member] | Originated and Purchased Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 43,383 | 31,081 | 26,141 |
Past due: 30-59 days | 87 | 245 | |
Past due: 90+ days | 1,131 | 1,263 | 910 |
Total past due | 1,218 | 1,508 | 910 |
Loans and Leases Receivable, Gross | 44,601 | 32,589 | 27,051 |
Commercial Business [Member] | Loans Acquired at Fair Value [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 30,227 | 32,346 | 39,819 |
Past due: 30-59 days | 542 | 45 | |
Past due: 60-89 days | 548 | 284 | |
Past due: 90+ days | 2,530 | 2,326 | 3,489 |
Total past due | 3,620 | 2,326 | 3,818 |
Loans and Leases Receivable, Gross | 33,847 | 34,672 | 43,637 |
Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 72,195 | 75,611 | 80,813 |
Home Equity Loans [Member] | Originated and Purchased Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 64,316 | 66,548 | 66,186 |
Past due: 30-59 days | 44 | 183 | 21 |
Past due: 60-89 days | 3 | 186 | |
Past due: 90+ days | 636 | 439 | 333 |
Total past due | 680 | 625 | 540 |
Loans and Leases Receivable, Gross | 64,996 | 67,173 | 66,726 |
Home Equity Loans [Member] | Loans Acquired at Fair Value [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 6,858 | 7,731 | 13,295 |
Past due: 30-59 days | 44 | 152 | 433 |
Past due: 60-89 days | 20 | 95 | 62 |
Past due: 90+ days | 277 | 460 | 297 |
Total past due | 341 | 707 | 792 |
Loans and Leases Receivable, Gross | 7,199 | 8,438 | 14,087 |
Home Equity Lines of Credit [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 23,411 | 24,010 | 26,613 |
Home Equity Lines of Credit [Member] | Originated and Purchased Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 10,648 | 10,499 | 10,346 |
Past due: 30-59 days | 123 | 115 | |
Past due: 60-89 days | 30 | ||
Past due: 90+ days | 17 | 17 | |
Total past due | 140 | 47 | 115 |
Loans and Leases Receivable, Gross | 10,788 | 10,546 | 10,461 |
Home Equity Lines of Credit [Member] | Loans Acquired at Fair Value [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 11,465 | 12,390 | 15,477 |
Past due: 30-59 days | 193 | ||
Past due: 60-89 days | 110 | 49 | |
Past due: 90+ days | 965 | 964 | 626 |
Total past due | 1,158 | 1,074 | 675 |
Loans and Leases Receivable, Gross | 12,623 | 13,464 | 16,152 |
Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 4,860 | 4,338 | 4,278 |
Other Consumer [Member] | Originated and Purchased Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 4,690 | 4,034 | 3,925 |
Past due: 30-59 days | 65 | 60 | 166 |
Past due: 60-89 days | 2 | 28 | 27 |
Past due: 90+ days | 1 | 126 | 27 |
Total past due | 68 | 214 | 220 |
Loans and Leases Receivable, Gross | 4,758 | 4,248 | 4,145 |
Other Consumer [Member] | Loans Acquired at Fair Value [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 99 | 88 | 124 |
Past due: 30-59 days | 8 | ||
Past due: 60-89 days | 2 | 1 | |
Past due: 90+ days | 1 | 1 | 1 |
Total past due | 3 | 2 | 9 |
Loans and Leases Receivable, Gross | $102 | $90 | $133 |
Loan_Quality_and_Allowance_for7
Loan Quality and Allowance for Loan Losses - Performance Status of Loans Receivable (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | $1,815,510 | $1,742,868 | $1,361,718 |
Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 570,600 | 580,612 | 500,647 |
Commercial Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 1,057,288 | 983,755 | 666,828 |
Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 8,708 | 7,281 | 11,851 |
Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 78,448 | 67,261 | 70,688 |
Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 72,195 | 75,611 | 80,813 |
Home Equity Lines of Credit [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 23,411 | 24,010 | 26,613 |
Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 4,860 | 4,338 | 4,278 |
Originated and Purchased Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 1,586,743 | 1,503,363 | 1,161,443 |
Originated and Purchased Loans [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 1,571,980 | 1,486,994 | 1,140,847 |
Originated and Purchased Loans [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
90+ days past due and accruing | 125 | ||
Nonaccrual | 14,763 | 16,244 | 20,596 |
Total nonperforming | 14,763 | 16,369 | 20,596 |
Originated and Purchased Loans [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 505,004 | 506,445 | 498,987 |
Originated and Purchased Loans [Member] | Residential Mortgage [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 495,818 | 497,243 | 487,671 |
Originated and Purchased Loans [Member] | Residential Mortgage [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 9,186 | 9,202 | 11,316 |
Total nonperforming | 9,186 | 9,202 | 11,316 |
Originated and Purchased Loans [Member] | Commercial Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 950,896 | 878,743 | 548,356 |
Originated and Purchased Loans [Member] | Commercial Mortgage [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 947,426 | 873,421 | 540,585 |
Originated and Purchased Loans [Member] | Commercial Mortgage [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 3,470 | 5,322 | 7,771 |
Total nonperforming | 3,470 | 5,322 | 7,771 |
Originated and Purchased Loans [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 5,700 | 3,619 | 5,717 |
Originated and Purchased Loans [Member] | Construction [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 5,700 | 3,619 | 5,717 |
Originated and Purchased Loans [Member] | Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 44,601 | 32,589 | 27,051 |
Originated and Purchased Loans [Member] | Commercial Business [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 43,148 | 31,326 | 25,975 |
Originated and Purchased Loans [Member] | Commercial Business [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 1,453 | 1,263 | 1,076 |
Total nonperforming | 1,453 | 1,263 | 1,076 |
Originated and Purchased Loans [Member] | Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 64,996 | 67,173 | 66,726 |
Originated and Purchased Loans [Member] | Home Equity Loans [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 64,360 | 66,734 | 66,320 |
Originated and Purchased Loans [Member] | Home Equity Loans [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 636 | 439 | 406 |
Total nonperforming | 636 | 439 | 406 |
Originated and Purchased Loans [Member] | Home Equity Lines of Credit [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 10,788 | 10,546 | 10,461 |
Originated and Purchased Loans [Member] | Home Equity Lines of Credit [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 10,771 | 10,529 | 10,461 |
Originated and Purchased Loans [Member] | Home Equity Lines of Credit [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 17 | 17 | |
Total nonperforming | 17 | 17 | |
Originated and Purchased Loans [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 4,758 | 4,248 | 4,145 |
Originated and Purchased Loans [Member] | Other Consumer [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 4,757 | 4,122 | 4,118 |
Originated and Purchased Loans [Member] | Other Consumer [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
90+ days past due and accruing | 125 | ||
Nonaccrual | 1 | 1 | 27 |
Total nonperforming | 1 | 126 | 27 |
Loans Acquired at Fair Value [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 228,767 | 239,505 | 200,275 |
Loans Acquired at Fair Value [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 218,545 | 230,571 | 189,954 |
Loans Acquired at Fair Value [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 10,222 | 8,934 | 10,321 |
Total nonperforming | 10,222 | 8,934 | 10,321 |
Loans Acquired at Fair Value [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 65,596 | 74,167 | 1,660 |
Loans Acquired at Fair Value [Member] | Residential Mortgage [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 64,608 | 73,425 | 1,301 |
Loans Acquired at Fair Value [Member] | Residential Mortgage [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 988 | 742 | 359 |
Total nonperforming | 988 | 742 | 359 |
Loans Acquired at Fair Value [Member] | Commercial Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 106,392 | 105,012 | 118,472 |
Loans Acquired at Fair Value [Member] | Commercial Mortgage [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 104,587 | 103,399 | 116,080 |
Loans Acquired at Fair Value [Member] | Commercial Mortgage [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 1,805 | 1,613 | 2,392 |
Total nonperforming | 1,805 | 1,613 | 2,392 |
Loans Acquired at Fair Value [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 3,008 | 3,662 | 6,134 |
Loans Acquired at Fair Value [Member] | Construction [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 352 | 2,214 | 3,248 |
Loans Acquired at Fair Value [Member] | Construction [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 2,656 | 1,448 | 2,886 |
Total nonperforming | 2,656 | 1,448 | 2,886 |
Loans Acquired at Fair Value [Member] | Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 33,847 | 34,672 | 43,637 |
Loans Acquired at Fair Value [Member] | Commercial Business [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 30,452 | 31,016 | 39,877 |
Loans Acquired at Fair Value [Member] | Commercial Business [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 3,395 | 3,656 | 3,760 |
Total nonperforming | 3,395 | 3,656 | 3,760 |
Loans Acquired at Fair Value [Member] | Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 7,199 | 8,438 | 14,087 |
Loans Acquired at Fair Value [Member] | Home Equity Loans [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 6,788 | 7,928 | 13,790 |
Loans Acquired at Fair Value [Member] | Home Equity Loans [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 411 | 510 | 297 |
Total nonperforming | 411 | 510 | 297 |
Loans Acquired at Fair Value [Member] | Home Equity Lines of Credit [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 12,623 | 13,464 | 16,152 |
Loans Acquired at Fair Value [Member] | Home Equity Lines of Credit [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 11,657 | 12,500 | 15,526 |
Loans Acquired at Fair Value [Member] | Home Equity Lines of Credit [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 966 | 964 | 626 |
Total nonperforming | 966 | 964 | 626 |
Loans Acquired at Fair Value [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 102 | 90 | 133 |
Loans Acquired at Fair Value [Member] | Other Consumer [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 101 | 89 | 132 |
Loans Acquired at Fair Value [Member] | Other Consumer [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 1 | 1 | 1 |
Total nonperforming | $1 | $1 | $1 |
Loan_Quality_and_Allowance_for8
Loan Quality and Allowance for Loan Losses - Impairment Status of Loans Receivable (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Loans and Leases Receivable, Gross | $1,815,510 | $1,815,510 | $1,742,868 | $1,361,718 | |||
Unpaid principal balance of impaired loans | 46,168 | 46,168 | 45,774 | 51,248 | |||
Average balance of impaired loans | 36,307 | 40,075 | 36,922 | 39,627 | 39,075 | 40,704 | 42,646 |
Interest earned on impaired loans | 283 | 313 | 811 | 588 | 1,132 | 850 | 897 |
Residential Mortgage [Member] | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Loans and Leases Receivable, Gross | 570,600 | 570,600 | 580,612 | 500,647 | |||
Unpaid principal balance of impaired loans | 19,371 | 19,371 | 18,397 | 21,099 | |||
Average balance of impaired loans | 13,057 | 13,781 | 13,072 | 14,124 | 13,754 | 15,890 | 17,633 |
Interest earned on impaired loans | 36 | 54 | 80 | 86 | 138 | 181 | 484 |
Commercial Mortgage [Member] | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Loans and Leases Receivable, Gross | 1,057,288 | 1,057,288 | 983,755 | 666,828 | |||
Unpaid principal balance of impaired loans | 7,423 | 7,423 | 9,183 | 13,033 | |||
Average balance of impaired loans | 7,246 | 10,312 | 7,775 | 10,733 | 9,971 | 11,885 | 11,228 |
Interest earned on impaired loans | 46 | 40 | 289 | 86 | 186 | 108 | 58 |
Construction [Member] | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Loans and Leases Receivable, Gross | 8,708 | 8,708 | 7,281 | 11,851 | |||
Unpaid principal balance of impaired loans | 2,783 | 2,783 | 1,547 | 3,419 | |||
Average balance of impaired loans | 1,711 | 2,431 | 1,593 | 2,620 | 2,514 | 2,120 | 1,944 |
Interest earned on impaired loans | 20 | 52 | |||||
Commercial Business [Member] | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Loans and Leases Receivable, Gross | 78,448 | 78,448 | 67,261 | 70,688 | |||
Unpaid principal balance of impaired loans | 13,819 | 13,819 | 13,902 | 11,288 | |||
Average balance of impaired loans | 11,655 | 11,638 | 11,804 | 10,056 | 10,669 | 8,853 | 10,358 |
Interest earned on impaired loans | 190 | 188 | 419 | 371 | 732 | 478 | 283 |
Home Equity Loans [Member] | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Loans and Leases Receivable, Gross | 72,195 | 72,195 | 75,611 | 80,813 | |||
Unpaid principal balance of impaired loans | 1,767 | 1,767 | 1,753 | 1,783 | |||
Average balance of impaired loans | 1,631 | 1,336 | 1,644 | 1,474 | 1,526 | 1,767 | 1,322 |
Interest earned on impaired loans | 11 | 25 | 23 | 39 | 69 | 61 | 20 |
Home Equity Lines of Credit [Member] | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Loans and Leases Receivable, Gross | 23,411 | 23,411 | 24,010 | 26,613 | |||
Unpaid principal balance of impaired loans | 1,005 | 1,005 | 992 | 626 | |||
Average balance of impaired loans | 1,007 | 577 | 1,034 | 620 | 641 | 189 | 161 |
Interest earned on impaired loans | 6 | 6 | 7 | 2 | |||
Other Consumer [Member] | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Loans and Leases Receivable, Gross | 4,860 | 4,860 | 4,338 | 4,278 | |||
Originated and Purchased Loans [Member] | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Non-impaired loans | 1,568,939 | 1,568,939 | 1,483,747 | 1,136,945 | |||
Impaired loans with no allowance for impairment | 15,747 | 15,747 | 17,028 | 21,330 | |||
Impaired loans with allowance for impairment: Recorded investment | 2,057 | 2,057 | 2,588 | ||||
Impaired loans with impairment: Unpaid principal balance | 2,588 | 3,168 | |||||
Impaired loans with allowance impairment: Specific allowance for impairment | -558 | -558 | -1,007 | -1,237 | |||
Balance of impaired loans net of allowance for impairment | 1,499 | 1,499 | 1,581 | 1,931 | |||
Total impaired loans, excluding allowance | 17,804 | 17,804 | 19,616 | 24,498 | |||
Loans and Leases Receivable, Gross | 1,586,743 | 1,586,743 | 1,503,363 | 1,161,443 | |||
Unpaid principal balance of impaired loans | 25,172 | 25,172 | 26,025 | 31,927 | |||
Originated and Purchased Loans [Member] | Residential Mortgage [Member] | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Non-impaired loans | 493,311 | 493,311 | 494,522 | 484,575 | |||
Impaired loans with no allowance for impairment | 10,081 | 10,081 | 9,800 | 11,758 | |||
Impaired loans with allowance for impairment: Recorded investment | 1,612 | 1,612 | 2,123 | ||||
Impaired loans with impairment: Unpaid principal balance | 2,123 | 2,654 | |||||
Impaired loans with allowance impairment: Specific allowance for impairment | -151 | -151 | -528 | -697 | |||
Balance of impaired loans net of allowance for impairment | 1,461 | 1,461 | 1,595 | 1,957 | |||
Total impaired loans, excluding allowance | 11,693 | 11,693 | 11,923 | 14,412 | |||
Loans and Leases Receivable, Gross | 505,004 | 505,004 | 506,445 | 498,987 | |||
Unpaid principal balance of impaired loans | 18,299 | 18,299 | 17,655 | 20,682 | |||
Originated and Purchased Loans [Member] | Commercial Mortgage [Member] | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Non-impaired loans | 947,350 | 947,350 | 873,340 | 540,491 | |||
Impaired loans with no allowance for impairment | 3,195 | 3,195 | 5,037 | 7,470 | |||
Impaired loans with allowance for impairment: Recorded investment | 351 | 351 | 366 | ||||
Impaired loans with impairment: Unpaid principal balance | 366 | 395 | |||||
Impaired loans with allowance impairment: Specific allowance for impairment | -388 | -388 | -404 | -430 | |||
Balance of impaired loans net of allowance for impairment | -37 | -37 | -38 | -35 | |||
Total impaired loans, excluding allowance | 3,546 | 3,546 | 5,403 | 7,865 | |||
Loans and Leases Receivable, Gross | 950,896 | 950,896 | 878,743 | 548,356 | |||
Unpaid principal balance of impaired loans | 4,132 | 4,132 | 5,919 | 8,956 | |||
Originated and Purchased Loans [Member] | Construction [Member] | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Non-impaired loans | 5,700 | 5,700 | 3,619 | 5,717 | |||
Loans and Leases Receivable, Gross | 5,700 | 5,700 | 3,619 | 5,717 | |||
Originated and Purchased Loans [Member] | Commercial Business [Member] | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Non-impaired loans | 43,148 | 43,148 | 31,326 | 25,975 | |||
Impaired loans with no allowance for impairment | 1,453 | 1,453 | 1,263 | 1,076 | |||
Total impaired loans, excluding allowance | 1,453 | 1,453 | 1,263 | 1,076 | |||
Loans and Leases Receivable, Gross | 44,601 | 44,601 | 32,589 | 27,051 | |||
Unpaid principal balance of impaired loans | 1,608 | 1,608 | 1,407 | 1,120 | |||
Originated and Purchased Loans [Member] | Home Equity Loans [Member] | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Non-impaired loans | 63,901 | 63,901 | 66,163 | 65,581 | |||
Impaired loans with no allowance for impairment | 1,001 | 1,001 | 911 | 1,026 | |||
Impaired loans with allowance for impairment: Recorded investment | 94 | 94 | 99 | ||||
Impaired loans with impairment: Unpaid principal balance | 99 | 119 | |||||
Impaired loans with allowance impairment: Specific allowance for impairment | -19 | -19 | -75 | -110 | |||
Balance of impaired loans net of allowance for impairment | 75 | 75 | 24 | 9 | |||
Total impaired loans, excluding allowance | 1,095 | 1,095 | 1,010 | 1,145 | |||
Loans and Leases Receivable, Gross | 64,996 | 64,996 | 67,173 | 66,726 | |||
Unpaid principal balance of impaired loans | 1,116 | 1,116 | 1,027 | 1,169 | |||
Originated and Purchased Loans [Member] | Home Equity Lines of Credit [Member] | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Non-impaired loans | 10,771 | 10,771 | 10,529 | 10,461 | |||
Impaired loans with no allowance for impairment | 17 | 17 | 17 | ||||
Total impaired loans, excluding allowance | 17 | 17 | 17 | ||||
Loans and Leases Receivable, Gross | 10,788 | 10,788 | 10,546 | 10,461 | |||
Unpaid principal balance of impaired loans | 17 | 17 | 17 | ||||
Originated and Purchased Loans [Member] | Other Consumer [Member] | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Non-impaired loans | 4,758 | 4,758 | 4,248 | 4,145 | |||
Loans and Leases Receivable, Gross | 4,758 | 4,758 | 4,248 | 4,145 | |||
Loans Acquired at Fair Value [Member] | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Non-impaired loans | 210,151 | 210,151 | 221,912 | 185,239 | |||
Impaired loans with no allowance for impairment | 17,337 | 17,337 | 15,602 | 13,523 | |||
Impaired loans with allowance for impairment: Recorded investment | 1,279 | 1,279 | 1,991 | ||||
Impaired loans with impairment: Unpaid principal balance | 1,991 | 1,513 | |||||
Impaired loans with allowance impairment: Specific allowance for impairment | -298 | -298 | -666 | -841 | |||
Balance of impaired loans net of allowance for impairment | 981 | 981 | 1,325 | 672 | |||
Total impaired loans, excluding allowance | 18,616 | 18,616 | 17,593 | 15,036 | |||
Loans and Leases Receivable, Gross | 228,767 | 228,767 | 239,505 | 200,275 | |||
Unpaid principal balance of impaired loans | 20,996 | 20,996 | 19,749 | 19,321 | |||
Loans Acquired at Fair Value [Member] | Residential Mortgage [Member] | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Non-impaired loans | 64,607 | 64,607 | 73,425 | 1,301 | |||
Impaired loans with no allowance for impairment | 989 | 989 | 742 | 359 | |||
Total impaired loans, excluding allowance | 989 | 989 | 742 | 359 | |||
Loans and Leases Receivable, Gross | 65,596 | 65,596 | 74,167 | 1,660 | |||
Unpaid principal balance of impaired loans | 1,072 | 1,072 | 742 | 417 | |||
Loans Acquired at Fair Value [Member] | Commercial Mortgage [Member] | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Non-impaired loans | 103,377 | 103,377 | 102,046 | 115,163 | |||
Impaired loans with no allowance for impairment | 2,199 | 2,199 | 1,690 | 2,795 | |||
Impaired loans with allowance for impairment: Recorded investment | 816 | 816 | 1,276 | ||||
Impaired loans with impairment: Unpaid principal balance | 1,276 | 514 | |||||
Impaired loans with allowance impairment: Specific allowance for impairment | -64 | -64 | -165 | -84 | |||
Balance of impaired loans net of allowance for impairment | 752 | 752 | 1,111 | 430 | |||
Total impaired loans, excluding allowance | 3,015 | 3,015 | 2,966 | 3,309 | |||
Loans and Leases Receivable, Gross | 106,392 | 106,392 | 105,012 | 118,472 | |||
Unpaid principal balance of impaired loans | 3,291 | 3,291 | 3,264 | 4,077 | |||
Loans Acquired at Fair Value [Member] | Construction [Member] | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Non-impaired loans | 352 | 352 | 2,214 | 3,248 | |||
Impaired loans with no allowance for impairment | 2,656 | 2,656 | 1,448 | 2,886 | |||
Total impaired loans, excluding allowance | 2,656 | 2,656 | 1,448 | 2,886 | |||
Loans and Leases Receivable, Gross | 3,008 | 3,008 | 3,662 | 6,134 | |||
Unpaid principal balance of impaired loans | 2,783 | 2,783 | 1,547 | 3,419 | |||
Loans Acquired at Fair Value [Member] | Commercial Business [Member] | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Non-impaired loans | 23,452 | 23,452 | 23,891 | 36,387 | |||
Impaired loans with no allowance for impairment | 9,950 | 9,950 | 10,141 | 6,251 | |||
Impaired loans with allowance for impairment: Recorded investment | 445 | 445 | 640 | ||||
Impaired loans with impairment: Unpaid principal balance | 640 | 999 | |||||
Impaired loans with allowance impairment: Specific allowance for impairment | -216 | -216 | -444 | -757 | |||
Balance of impaired loans net of allowance for impairment | 229 | 229 | 196 | 242 | |||
Total impaired loans, excluding allowance | 10,395 | 10,395 | 10,781 | 7,250 | |||
Loans and Leases Receivable, Gross | 33,847 | 33,847 | 34,672 | 43,637 | |||
Unpaid principal balance of impaired loans | 12,211 | 12,211 | 12,495 | 10,168 | |||
Loans Acquired at Fair Value [Member] | Home Equity Loans [Member] | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Non-impaired loans | 6,603 | 6,603 | 7,746 | 13,481 | |||
Impaired loans with no allowance for impairment | 578 | 578 | 617 | 606 | |||
Impaired loans with allowance for impairment: Recorded investment | 18 | 18 | 75 | ||||
Impaired loans with impairment: Unpaid principal balance | 75 | ||||||
Impaired loans with allowance impairment: Specific allowance for impairment | -18 | -18 | -57 | ||||
Balance of impaired loans net of allowance for impairment | 18 | ||||||
Total impaired loans, excluding allowance | 596 | 596 | 692 | 606 | |||
Loans and Leases Receivable, Gross | 7,199 | 7,199 | 8,438 | 14,087 | |||
Unpaid principal balance of impaired loans | 651 | 651 | 726 | 614 | |||
Loans Acquired at Fair Value [Member] | Home Equity Lines of Credit [Member] | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Non-impaired loans | 11,658 | 11,658 | 12,500 | 15,526 | |||
Impaired loans with no allowance for impairment | 965 | 965 | 964 | 626 | |||
Total impaired loans, excluding allowance | 965 | 965 | 964 | 626 | |||
Loans and Leases Receivable, Gross | 12,623 | 12,623 | 13,464 | 16,152 | |||
Unpaid principal balance of impaired loans | 988 | 988 | 975 | 626 | |||
Loans Acquired at Fair Value [Member] | Other Consumer [Member] | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Non-impaired loans | 102 | 102 | 90 | 133 | |||
Loans and Leases Receivable, Gross | $102 | $102 | $90 | $133 |
Loan_Quality_and_Allowance_for9
Loan Quality and Allowance for Loan Losses - Troubled Debt Restructurings of Loans Receivable (Detail) (Originated and Purchased Loans [Member], USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Jun. 30, 2013 |
Loan | Loan | Loan | |
Financing Receivable, Modifications [Line Items] | |||
Number of loans | 5 | 7 | 8 |
Pre-modification outstanding recorded investment | $1,639 | $2,303 | $1,408 |
Post-modification outstanding recorded investment | 1,472 | 2,145 | 1,261 |
Charge offs against the allowance for loan loss for impairment recognized at modification | 255 | 288 | 180 |
Residential Mortgage [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans | 3 | 5 | 5 |
Pre-modification outstanding recorded investment | 1,291 | 1,955 | 967 |
Post-modification outstanding recorded investment | 1,150 | 1,823 | 852 |
Charge offs against the allowance for loan loss for impairment recognized at modification | 228 | 261 | 146 |
Commercial Mortgage [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans | 1 | ||
Pre-modification outstanding recorded investment | 265 | ||
Post-modification outstanding recorded investment | 245 | ||
Charge offs against the allowance for loan loss for impairment recognized at modification | 20 | ||
Commercial Business [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans | 2 | 2 | |
Pre-modification outstanding recorded investment | 348 | 348 | |
Post-modification outstanding recorded investment | 322 | 322 | |
Charge offs against the allowance for loan loss for impairment recognized at modification | 27 | 27 | |
Home Equity Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans | 2 | ||
Pre-modification outstanding recorded investment | 176 | ||
Post-modification outstanding recorded investment | 164 | ||
Charge offs against the allowance for loan loss for impairment recognized at modification | $14 |
Borrowings_Schedule_of_Fixed_R
Borrowings - Schedule of Fixed Rate Advances from FHLB (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Debt Disclosure [Abstract] | |||
Federal Home Loan Bank, Advances, Maturities Summary, Due in Next Twelve Months | $375,000 | $320,000 | $105,000 |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Two | 7,500 | 7,500 | |
Federal Home Loan Bank, Advances, Maturities Summary Due From Seven To Eight Years Of Balance Sheet Date | 854 | ||
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Three | 3,000 | 3,000 | |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Ten | 145,000 | ||
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Four | 5,225 | 5,225 | |
Federal Home Loan Bank, Advances, Maturities Summary, Due From Six to Seven Years of Balance Sheet Date | 718 | 765 | |
Federal Home Loan Bank, Advances, Maturities Summary, Due From Eight to Nine Years of Balance Sheet Date | 145,000 | 145,000 | |
Federal Home Loan Bank, Advances, Total | 536,443 | 481,490 | 250,854 |
Federal Home Loan Bank, Advances, Fair Value Adjustments | 19 | 29 | 77 |
Total Federal Home Loan Bank, Advances, After Fair Value Adjustments | $536,462 | $481,519 | $250,931 |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate of Amounts Due within One Year of Balance Sheet Date | 0.41% | 0.38% | 0.39% |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate, One to Two Years from Balance Sheet Date | 1.09% | 1.09% | |
Federal Home Loan Bank, Advances, Maturities Summary Average Interest Rate Seven To Eight Years From Balance Sheet Date | 4.94% | ||
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate, Two to Three Years from Balance Sheet Date | 1.05% | 1.05% | |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate, Nine to Ten Years from Balance Sheet Date | 3.04% | ||
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate, Three to Four Years from Balance Sheet Date | 1.18% | 1.18% | |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate, Six to Seven Years from Balance Sheet Date | 4.94% | 4.94% | |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate, Eight to Nine Years From Balance Sheet Date | 3.04% | 3.04% | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Weighted Average Interest Rate | 1.15% | 1.21% | 1.94% |
Borrowings_Additional_Informat
Borrowings - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
Debt Instrument [Line Items] | |||
Federal Home Loan Bank, Advances, Maturities Summary, Due in Next Twelve Months | $375,000,000 | $320,000,000 | $105,000,000 |
Federal Home Loan Bank, advances, maturities summary, due from after one year of balance sheet date | 161,500,000 | 161,500,000 | |
Federal Home Loan Bank, advances, callable summary, due within one year of balance sheet date | 145,000,000 | 145,000,000 | |
Other borrowings, sweep accounts | 26,500,000 | 30,700,000 | 36,800,000 |
Mortgage-Backed Securities [Member] | |||
Debt Instrument [Line Items] | |||
Federal Home Loan Bank, advances, general debt obligations, disclosures, collateral pledged | 194,600,000 | 204,200,000 | 222,700,000 |
Investment in Federal Home Loan Bank Stock [Member] | |||
Debt Instrument [Line Items] | |||
Federal Home Loan Bank, advances, general debt obligations, disclosures, collateral pledged | $796,400,000 | $739,400,000 | $433,200,000 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative [Line Items] | |||
Asset position | $1,600,000 | $1,800,000 | $5,645,000 |
Estimated net fair value of derivatives | -4,346,000 | -975,000 | 5,645,000 |
Liability position | 5,900,000 | 2,800,000 | |
Derivative asset, collateral, Obligation to return cash, offset | 1,090,000 | 5,500,000 | |
Counter Party [Member] | |||
Derivative [Line Items] | |||
Derivative asset, collateral, Obligation to return cash, offset | 3,900,000 | ||
Other Assets [Member] | |||
Derivative [Line Items] | |||
Number of interest rate derivative instruments held | 3 | 3 | |
Estimated net fair value of derivatives | 5,645,000 | ||
Other Liabilities [Member] | |||
Derivative [Line Items] | |||
Number of interest rate derivative instruments held | 7 | 4 | |
Estimated net fair value of derivatives | -4,346,000 | -975,000 | |
Interest Rate Swaps [Member] | |||
Derivative [Line Items] | |||
Number of interest rate derivative instruments held | 8 | ||
Estimated net fair value of derivatives | -5,749,000 | -2,714,000 | 2,837,000 |
Interest Rate Swaps [Member] | Other Liabilities [Member] | |||
Derivative [Line Items] | |||
Estimated net fair value of derivatives | -5,749,000 | -2,714,000 | |
Interest Rate Caps [Member] | |||
Derivative [Line Items] | |||
Number of interest rate derivative instruments held | 2 | ||
Estimated net fair value of derivatives | 1,403,000 | 1,739,000 | 2,808,000 |
Interest Rate Caps [Member] | Other Liabilities [Member] | |||
Derivative [Line Items] | |||
Estimated net fair value of derivatives | $1,403,000 | $1,739,000 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Schedule of Interest Rate Derivatives (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative [Line Items] | ||||||
Fair Value | ($4,346) | ($4,346) | ($975) | $5,645 | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives, net of tax (Effective Portion) | -3,694 | 1,533 | -1,972 | -140 | -3,909 | 1,838 |
Other Liabilities [Member] | ||||||
Derivative [Line Items] | ||||||
Notional/ Contract Amount | 625,000 | 625,000 | 500,000 | |||
Fair Value | -4,346 | -4,346 | -975 | |||
Other Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Notional/Contract Amount | 300,000 | |||||
Fair Value | 5,645 | |||||
Interest Rate Swaps [Member] | ||||||
Derivative [Line Items] | ||||||
Fair Value | -5,749 | -5,749 | -2,714 | 2,837 | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives, net of tax (Effective Portion) | -3,433 | 1,380 | -1,795 | -33 | ||
Interest Rate Swaps [Member] | Other Liabilities [Member] | ||||||
Derivative [Line Items] | ||||||
Notional/ Contract Amount | 550,000 | 550,000 | 425,000 | |||
Fair Value | -5,749 | -5,749 | -2,714 | |||
Interest Rate Swaps [Member] | Effective July 1, 2013 [Member] | ||||||
Derivative [Line Items] | ||||||
Expiration Date | 1-Jul-18 | 1-Jul-18 | ||||
Expiration Date | 1-Jul-18 | |||||
Amount of Gain (Loss) Recognized in OCI on Derivatives, net of tax (Effective Portion) | -599 | 571 | 47 | -4 | -896 | 957 |
Interest Rate Swaps [Member] | Effective July 1, 2013 [Member] | Other Liabilities [Member] | ||||||
Derivative [Line Items] | ||||||
Notional/ Contract Amount | 165,000 | 165,000 | 165,000 | |||
Fair Value | 182 | 182 | 103 | |||
Interest Rate Swaps [Member] | Effective July 1, 2013 [Member] | Other Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Notional/Contract Amount | 165,000 | |||||
Fair Value | 1,617 | |||||
Interest Rate Swaps [Member] | Effective August 19, 2013 [Member] | ||||||
Derivative [Line Items] | ||||||
Expiration Date | 20-Aug-18 | 20-Aug-18 | ||||
Expiration Date | 20-Aug-18 | |||||
Amount of Gain (Loss) Recognized in OCI on Derivatives, net of tax (Effective Portion) | -263 | 293 | 141 | -333 | -656 | |
Interest Rate Swaps [Member] | Effective August 19, 2013 [Member] | Other Liabilities [Member] | ||||||
Derivative [Line Items] | ||||||
Notional/ Contract Amount | 75,000 | 75,000 | 75,000 | |||
Fair Value | -870 | -870 | -1,109 | |||
Interest Rate Swaps [Member] | Effective October 9, 2013 [Member] | ||||||
Derivative [Line Items] | ||||||
Expiration Date | 9-Oct-18 | 9-Oct-18 | ||||
Expiration Date | 9-Oct-18 | |||||
Amount of Gain (Loss) Recognized in OCI on Derivatives, net of tax (Effective Portion) | -211 | 144 | 54 | 144 | -138 | |
Interest Rate Swaps [Member] | Effective October 9, 2013 [Member] | Other Liabilities [Member] | ||||||
Derivative [Line Items] | ||||||
Notional/ Contract Amount | 50,000 | 50,000 | 50,000 | |||
Fair Value | -143 | -143 | -234 | |||
Interest Rate Swaps [Member] | Effective March 28, 2014 [Member] | ||||||
Derivative [Line Items] | ||||||
Expiration Date | 28-Mar-19 | 28-Mar-19 | ||||
Expiration Date | 28-Mar-19 | |||||
Amount of Gain (Loss) Recognized in OCI on Derivatives, net of tax (Effective Portion) | -342 | 79 | -711 | |||
Interest Rate Swaps [Member] | Effective March 28, 2014 [Member] | Other Liabilities [Member] | ||||||
Derivative [Line Items] | ||||||
Notional/ Contract Amount | 75,000 | 75,000 | 75,000 | |||
Fair Value | -1,069 | -1,069 | -1,203 | |||
Interest Rate Swaps [Member] | Effective June 5, 2015 [Member] | ||||||
Derivative [Line Items] | ||||||
Expiration Date | 5-Jun-20 | 5-Jun-20 | ||||
Expiration Date | 5-Jun-20 | |||||
Amount of Gain (Loss) Recognized in OCI on Derivatives, net of tax (Effective Portion) | -625 | 372 | -491 | 160 | -883 | 722 |
Interest Rate Swaps [Member] | Effective June 5, 2015 [Member] | Other Liabilities [Member] | ||||||
Derivative [Line Items] | ||||||
Notional/ Contract Amount | 60,000 | 60,000 | 60,000 | |||
Fair Value | -1,102 | -1,102 | -271 | |||
Interest Rate Swaps [Member] | Effective June 5, 2015 [Member] | Other Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Notional/Contract Amount | 60,000 | |||||
Fair Value | 1,220 | |||||
Interest Rate Swaps [Member] | Effective July 28, 2015 [Member] | ||||||
Derivative [Line Items] | ||||||
Expiration Date | 28-Jul-20 | |||||
Amount of Gain (Loss) Recognized in OCI on Derivatives, net of tax (Effective Portion) | -540 | -667 | ||||
Interest Rate Swaps [Member] | Effective July 28, 2015 [Member] | Other Liabilities [Member] | ||||||
Derivative [Line Items] | ||||||
Notional/ Contract Amount | 50,000 | 50,000 | ||||
Fair Value | -1,127 | -1,127 | ||||
Interest Rate Swaps [Member] | Effective September 28, 2015 [Member] | ||||||
Derivative [Line Items] | ||||||
Expiration Date | 28-Sep-20 | |||||
Amount of Gain (Loss) Recognized in OCI on Derivatives, net of tax (Effective Portion) | -450 | -503 | ||||
Interest Rate Swaps [Member] | Effective September 28, 2015 [Member] | Other Liabilities [Member] | ||||||
Derivative [Line Items] | ||||||
Notional/ Contract Amount | 40,000 | 40,000 | ||||
Fair Value | -851 | -851 | ||||
Interest Rate Swaps [Member] | Effective December 28, 2015 [Member] | ||||||
Derivative [Line Items] | ||||||
Expiration Date | 28-Dec-20 | |||||
Amount of Gain (Loss) Recognized in OCI on Derivatives, net of tax (Effective Portion) | -403 | -455 | ||||
Interest Rate Swaps [Member] | Effective December 28, 2015 [Member] | Other Liabilities [Member] | ||||||
Derivative [Line Items] | ||||||
Notional/ Contract Amount | 35,000 | 35,000 | ||||
Fair Value | -769 | -769 | ||||
Interest Rate Caps [Member] | ||||||
Derivative [Line Items] | ||||||
Fair Value | 1,403 | 1,403 | 1,739 | 2,808 | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives, net of tax (Effective Portion) | -261 | 153 | -177 | -107 | ||
Interest Rate Caps [Member] | Other Liabilities [Member] | ||||||
Derivative [Line Items] | ||||||
Notional/ Contract Amount | 75,000 | 75,000 | 75,000 | |||
Fair Value | 1,403 | 1,403 | 1,739 | |||
Interest Rate Caps [Member] | Effective July 1, 2013 [Member] | ||||||
Derivative [Line Items] | ||||||
Expiration Date | 1-Jul-18 | 1-Jul-18 | ||||
Expiration Date | 1-Jul-18 | |||||
Amount of Gain (Loss) Recognized in OCI on Derivatives, net of tax (Effective Portion) | -125 | 78 | -94 | -43 | -292 | 31 |
Interest Rate Caps [Member] | Effective July 1, 2013 [Member] | Other Liabilities [Member] | ||||||
Derivative [Line Items] | ||||||
Notional/ Contract Amount | 35,000 | 35,000 | 35,000 | |||
Fair Value | 652 | 652 | 826 | |||
Interest Rate Caps [Member] | Effective July 1, 2013 [Member] | Other Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Notional/Contract Amount | 35,000 | |||||
Fair Value | 1,323 | |||||
Interest Rate Caps [Member] | Effective June 5, 2013 [Member] | ||||||
Derivative [Line Items] | ||||||
Expiration Date | 5-Jun-18 | 5-Jun-18 | ||||
Expiration Date | 5-Jun-18 | |||||
Amount of Gain (Loss) Recognized in OCI on Derivatives, net of tax (Effective Portion) | -136 | 75 | -83 | -64 | -333 | 128 |
Interest Rate Caps [Member] | Effective June 5, 2013 [Member] | Other Liabilities [Member] | ||||||
Derivative [Line Items] | ||||||
Notional/ Contract Amount | 40,000 | 40,000 | 40,000 | |||
Fair Value | 751 | 751 | 913 | |||
Interest Rate Caps [Member] | Effective June 5, 2013 [Member] | Other Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Notional/Contract Amount | 40,000 | |||||
Fair Value | $1,485 |
Benefit_Plans_Schedule_of_Net_
Benefit Plans - Schedule of Net Periodic Benefit Expense (Detail) (USD $) | 6 Months Ended | 12 Months Ended | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Amortization of unrecognized net actuarial loss (gain) | $39 | $22 | $43 | $100 | $40 | ||
Benefit Equalization Plan ("BEP") [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Interest cost | 154 | 143 | 162 | ||||
Amortization of unrecognized net actuarial loss (gain) | 37 | 50 | 10 | ||||
Net periodic benefit cost | 191 | 193 | 172 | ||||
Discount rate | 5.00% | 4.25% | 5.75% | ||||
Postretirement Welfare Plan [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Service cost | 54 | 62 | 23 | ||||
Interest cost | 45 | 40 | 34 | ||||
Amortization of unrecognized past service liability | 3 | ||||||
Amortization of unrecognized net actuarial loss (gain) | 4 | -12 | |||||
Net periodic benefit cost | 99 | 106 | 48 | ||||
Discount rate | 5.00% | 4.25% | 5.75% | ||||
Salary increase rate | 3.25% | 3.25% | 3.25% | ||||
Directors' Consultation and Retirement Plan ("DCRP") [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Service cost | 147 | 168 | 131 | ||||
Interest cost | 136 | 125 | 146 | ||||
Amortization of unrecognized past service liability | 46 | 48 | 61 | ||||
Amortization of unrecognized net actuarial loss (gain) | -39 | -23 | |||||
Net periodic benefit cost | 290 | 341 | 315 | ||||
Discount rate | 5.00% | 4.25% | 5.75% | ||||
Salary increase rate | 3.25% | 3.25% | 3.25% | ||||
Benefit Equalization Plan, Postretirement Welfare Plan and Directors' Consultation and Retirement Plan [Member] | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Service cost | 113 | 100 | 56 | 50 | |||
Interest cost | 164 | 168 | 82 | 84 | |||
Amortization of unrecognized past service liability | 24 | 24 | 12 | 12 | |||
Amortization of unrecognized net actuarial loss (gain) | 14 | -2 | 7 | -1 | |||
Net periodic benefit cost | $315 | $290 | $157 | $145 |
Benefit_Plans_Summary_of_the_C
Benefit Plans - Summary of the Company's Stock Option Activity (Detail) (USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Beginning - Options Outstanding | 3,035 | 3,133 | ||
Granted - Options | 185 | 0 | 0 | |
Exercised - Options | -2,785 | -118 | ||
Forfeited - Options | -165 | |||
Ending - Options Outstanding | 250 | 3,035 | 3,133 | |
Exercisable - Options | 39 | 2,824 | ||
Beginning - Weighted Average Exercise Price | $12.37 | $12.26 | ||
Granted - Weighted Average Exercise Price | $14.79 | |||
Exercised - Weighted Average Exercise Price | $12.26 | $12.71 | ||
Forfeited - Weighted Average Exercise Price | $12.71 | |||
Ending - Weighted Average Exercise Price | $13.59 | $12.37 | $12.26 | |
Exercisable - Weighted Average Exercise Price | $10.16 | $12.24 | ||
Exercised - Weighted Average Remaining Contractual Term | 1 year 2 months 12 days | |||
Weighted Average Remaining Contractual Term | 8 years 6 months | 2 years | 2 years 6 months | |
Exercisable - Weighted Average Remaining Contractual Term | 6 years 6 months | 1 year 6 months | ||
Options Outstanding - Aggregate Intrinsic Value | $233 | $9,034 | ||
Exercisable - Aggregate Intrinsic Value | $140 | $8,795 | ||
Minimum [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Beginning - Weighted Average Exercise Price | $10.16 | |||
Exercised - Weighted Average Exercise Price | $11.55 | |||
Ending - Weighted Average Exercise Price | $10.16 | $10.16 | ||
Exercisable - Weighted Average Exercise Price | $10.16 | |||
Maximum [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Beginning - Weighted Average Exercise Price | $14.79 | |||
Exercised - Weighted Average Exercise Price | $12.71 | |||
Ending - Weighted Average Exercise Price | $14.79 | $12.71 | ||
Exercisable - Weighted Average Exercise Price | $12.71 |
Benefit_Plans_Additional_Infor
Benefit Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | 13 Months Ended | 15 Months Ended | 27 Months Ended | |||||||||||
Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | |
Installment | ||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||
Vested options exercised | 2,785,122 | 0 | 117,618 | 0 | 0 | |||||||||||||
Vested options, aggregate intrinsic value | $7,400,000 | $256,000 | $7,400,000 | $256,000 | $256,000 | $7,400,000 | $256,000 | |||||||||||
Treasury stock, shares issued | 107,382 | |||||||||||||||||
Treasury stock, average cost per share | $11.48 | $11.13 | $10.35 | $11.13 | $9.88 | $10.07 | ||||||||||||
Cash proceeds from stock options | 1,400,000 | 1,500,000 | ||||||||||||||||
Net cash proceeds resulted in stockholders' equity | 7,188,000 | |||||||||||||||||
Income tax benefit | 416,000 | |||||||||||||||||
Employer Loan to ESOP | 17,457,000 | 17,457,000 | 17,457,000 | 17,457,000 | ||||||||||||||
Unearned Employee Stock Ownership Plan shares | 1,745,700 | 1,745,700 | 1,745,700 | 1,745,700 | 1,745,700 | 1,745,700 | 1,745,700 | |||||||||||
ESOP Loan - Interest Rate | 5.50% | |||||||||||||||||
Number of installments | 42 | |||||||||||||||||
ESOP Shares Released on a Monthly Basis | 12,123 | 12,123 | 12,123 | 12,123 | ||||||||||||||
ESOP Compensation Expense | 1,742,000 | 1,431,000 | 1,367,000 | |||||||||||||||
ESOP Liability | 15,000 | 6,000 | 15,000 | 15,000 | 6,000 | 6,000 | 15,000 | |||||||||||
Maximum Annual Contribution Per Employee | 20.00% | |||||||||||||||||
Employer Matching Contribution | 3.00% | |||||||||||||||||
Defined Contribution Plan, Cost Recognized | 543,000 | 527,000 | 510,000 | |||||||||||||||
Share-based Payment Award, Options, Grants in Period | 185,000 | 0 | 0 | |||||||||||||||
Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $4.30 | |||||||||||||||||
Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 54,500 | 0 | 0 | |||||||||||||||
Treasury stock, shares | 6,406,340 | 6,513,722 | 6,236,760 | 6,406,340 | 6,513,722 | 6,513,722 | 6,236,760 | 6,406,340 | 6,236,760 | 6,513,722 | ||||||||
Income tax benefit | 870,000 | 1,210,000 | 685,000 | 1,301,000 | 1,021,000 | 606,000 | 323,000 | 518,000 | 803,000 | 1,423,000 | 2,322,000 | 4,217,000 | 2,250,000 | 2,776,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 211,000 | 211,000 | 211,000 | 211,000 | ||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 829,000 | 829,000 | 829,000 | 829,000 | ||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years 4 months 21 days | |||||||||||||||||
Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 87,000 | 49,000 | 87,000 | 87,000 | 49,000 | 49,000 | 87,000 | |||||||||||
Benefit Equalization Plan ("BEP") [Member] | ||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||
ESOP Compensation Expense | 36,000 | 6,000 | 0 | |||||||||||||||
Net periodic pension expense | 191,000 | 193,000 | 172,000 | |||||||||||||||
Defined benefit plan, expected future benefit payments, next twelve months | 225,000 | 225,000 | 225,000 | 225,000 | ||||||||||||||
Defined Benefit Plan, Benefits Paid | 265,000 | 221,000 | 257,000 | |||||||||||||||
Defined Benefit Plan, Contributions by Employer | 265,000 | 221,000 | 257,000 | |||||||||||||||
Defined Benefit Plan, Accumulated Other Comprehensive Income Net Gains (Losses), after Tax | 777,000 | 1,032,000 | 777,000 | 777,000 | 1,032,000 | 1,032,000 | 777,000 | |||||||||||
Defined Benefit Plan, Future Amortization of Gain (Loss) | 47,000 | |||||||||||||||||
Postretirement Welfare Plan [Member] | ||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||
Net periodic pension expense | 99,000 | 106,000 | 48,000 | |||||||||||||||
Defined benefit plan, expected future benefit payments, next twelve months | 9,000 | 9,000 | 9,000 | 9,000 | ||||||||||||||
Defined Benefit Plan, Benefits Paid | 6,000 | 5,000 | 5,000 | |||||||||||||||
Defined Benefit Plan, Contributions by Employer | 6,000 | 5,000 | 5,000 | |||||||||||||||
Defined Benefit Plan, Accumulated Other Comprehensive Income Net Gains (Losses), after Tax | 18,000 | -126,000 | 18,000 | 18,000 | -126,000 | -126,000 | 18,000 | |||||||||||
Defined Benefit Plan, Future Amortization of Gain (Loss) | 0 | |||||||||||||||||
Directors' Consultation and Retirement Plan ("DCRP") [Member] | ||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||
Net periodic pension expense | 290,000 | 341,000 | 315,000 | |||||||||||||||
Defined benefit plan, expected future benefit payments, next twelve months | 80,000 | 80,000 | 80,000 | 80,000 | ||||||||||||||
Defined Benefit Plan, Benefits Paid | 60,000 | 98,000 | 117,000 | |||||||||||||||
Defined Benefit Plan, Contributions by Employer | 60,000 | 98,000 | 117,000 | |||||||||||||||
Defined Benefit Plan, Accumulated Other Comprehensive Income Net Gains (Losses), after Tax | 661,000 | 259,000 | 661,000 | 661,000 | 259,000 | 259,000 | 661,000 | |||||||||||
Defined Benefit Plan, Future Amortization of Gain (Loss) | 18,000 | |||||||||||||||||
Defined Benefit Plan, Accumulated Other Comprehensive Income Net Prior Service Cost (Credit), after Tax | 108,000 | 154,000 | 108,000 | 108,000 | 154,000 | 154,000 | 108,000 | |||||||||||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | 46,000 | |||||||||||||||||
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | ||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||
Net periodic pension expense | 0 | |||||||||||||||||
Date of acquisition | 30-Jun-14 | |||||||||||||||||
Defined benefit plan, expected future benefit payments, next twelve months | 0 | 0 | 0 | 0 | ||||||||||||||
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | Maximum [Member] | ||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||
Expected rate of return | 11.00% | |||||||||||||||||
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | Minimum [Member] | ||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||
Expected rate of return | 7.00% | |||||||||||||||||
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | Equity Securities [Member] | Maximum [Member] | ||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||
Expected rate of return | 9.00% | |||||||||||||||||
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | Equity Securities [Member] | Minimum [Member] | ||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||
Expected rate of return | 5.00% | |||||||||||||||||
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | Fixed Income Securities [Member] | ||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||
Long-term inflation rate | 3.00% | |||||||||||||||||
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | Fixed Income Securities [Member] | Maximum [Member] | ||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||
Expected rate of return | 6.00% | |||||||||||||||||
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | Fixed Income Securities [Member] | Minimum [Member] | ||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||
Expected rate of return | 2.00% | |||||||||||||||||
Multiemployer Plans, Postretirement Benefit [Member] | ||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||
Multiemployer Plan Number | 333 | |||||||||||||||||
Defined Benefit Plan, Funded Percentage | 101.13% | 101.13% | 104.56% | 101.13% | ||||||||||||||
Multiemployer Plans, Plan Contributions | 136,500,000 | 196,500,000 | ||||||||||||||||
Multiemployer Plans, Plan Expenses | 303,000 | 1,254,000 | 1,238,000 | |||||||||||||||
Multiemployer Plans, Postretirement Benefit [Member] | Maximum [Member] | ||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||
Percent of Total Plan Contributions | 5.00% | |||||||||||||||||
Employee Stock Option [Member] | ||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||
Share-based Payment Award, Number of Shares Authorized | 3,564,137 | 3,564,137 | 3,564,137 | 3,564,137 | ||||||||||||||
Share-based Payment Award, Number of Shares Available for Grant | 392,897 | 392,897 | 392,897 | 392,897 | ||||||||||||||
Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||||||||||||
Share-based Compensation Expense | 81,000 | 41,000 | 41,000 | |||||||||||||||
Tax Benefit from Compensation Expense | 1,000 | 0 | 0 | |||||||||||||||
Income tax benefit | 98,000 | |||||||||||||||||
Restricted Stock [Member] | ||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||
Share-based Payment Award, Number of Shares Authorized | 1,425,655 | 1,425,655 | 1,425,655 | 1,425,655 | ||||||||||||||
Share-based Payment Award, Number of Shares Available for Grant | 18,959 | 18,959 | 18,959 | 18,959 | ||||||||||||||
Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||||||||
Share-based Payment Award, requisite service period | 5 years | |||||||||||||||||
Share-based Compensation Expense | 208,000 | 168,000 | 168,000 | |||||||||||||||
Tax Benefit from Compensation Expense | 85,000 | 68,000 | 68,000 | |||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 1,059,000 | 1,059,000 | 1,059,000 | 1,059,000 | ||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 7 months 13 days | |||||||||||||||||
Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | 244,000 | 166,000 | 160,000 | |||||||||||||||
Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 87,500 | 87,500 | 87,500 | 87,500 | ||||||||||||||
Stock Compensation Plan [Member] | ||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||
Share-based Compensation Expense | 289,000 | 209,000 | 209,000 | |||||||||||||||
Remaining Stock Option Plan [Member] | ||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||
Vested options exercised | 2,677,740 | |||||||||||||||||
Net cash proceeds resulted in stockholders' equity | $0 | |||||||||||||||||
Additional shares issued | 0 | 0 | 0 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | $420,458 | $407,898 | $300,122 |
Mortgage-backed securities available for sale | 391,548 | 437,223 | 780,652 |
Securities available for sale, Fair value | 812,006 | 845,121 | 1,080,774 |
Fair Value | -4,346 | -975 | 5,645 |
Interest Rate Swaps [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | -5,749 | -2,714 | 2,837 |
Interest Rate Caps [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 1,403 | 1,739 | 2,808 |
Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage-backed securities available for sale | 79,176 | 83,270 | 62,482 |
Residential Pass-Through Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage-backed securities available for sale | 295,922 | 353,953 | 628,154 |
Commercial Pass-Through Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage-backed securities available for sale | 16,450 | 90,016 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 420,458 | 407,898 | 299,122 |
Mortgage-backed securities available for sale | 391,548 | 437,223 | 780,652 |
Securities available for sale, Fair value | 812,006 | 845,121 | 1,079,774 |
Fair Value | -4,346 | -975 | 5,645 |
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Swaps [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | -5,749 | -2,714 | 2,837 |
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Caps [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 1,403 | 1,739 | 2,808 |
Significant Other Observable Inputs (Level 2) [Member] | Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage-backed securities available for sale | 79,176 | 83,270 | 62,482 |
Significant Other Observable Inputs (Level 2) [Member] | Residential Pass-Through Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage-backed securities available for sale | 295,922 | 353,953 | 628,154 |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Pass-Through Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage-backed securities available for sale | 16,450 | 90,016 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 1,000 | ||
Securities available for sale, Fair value | 1,000 | ||
Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 420,458 | 407,898 | 300,122 |
Debt Securities [Member] | U.S. Agency Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 7,864 | 4,205 | 5,015 |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 27,443 | 26,773 | 25,307 |
Debt Securities [Member] | Asset-backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 88,607 | 87,316 | 24,798 |
Debt Securities [Member] | Corporate Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 162,416 | 162,234 | 159,192 |
Debt Securities [Member] | Trust Preferred Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 7,820 | 7,798 | 7,324 |
Debt Securities [Member] | Collateralized Loan Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 126,308 | 119,572 | 78,486 |
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 420,458 | 407,898 | 299,122 |
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Agency Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 7,864 | 4,205 | 5,015 |
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Obligations of State and Political Subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 27,443 | 26,773 | 25,307 |
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Asset-backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 88,607 | 87,316 | 24,798 |
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 162,416 | 162,234 | 159,192 |
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Trust Preferred Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 7,820 | 7,798 | 6,324 |
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Collateralized Loan Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 126,308 | 119,572 | 78,486 |
Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | 1,000 | ||
Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Trust Preferred Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt securities available for sale | $1,000 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Transfers between Level 1 and Level 2 | $0 | $0 | $0 | |
Loans and Leases Receivable, Gross | 1,805,949,000 | 1,805,949,000 | 1,711,972,000 | 1,359,799,000 |
Value of private placement | 40,000,000 | |||
Private placement coupon rate | 8.90% | |||
Private placement coupon rate maturing year | 2028 | |||
Impaired Loans [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure, Nonrecurring | 9,931,000 | 9,931,000 | 10,387,000 | 14,603,000 |
Real Estate Owned [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure, Nonrecurring | 229,000 | |||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Purchases, sales, issuances, or settlements of assets or liabilities | 0 | 0 | 0 | |
Loans and Leases Receivable, Gross | 1,805,949,000 | 1,805,949,000 | 1,711,972,000 | 1,359,799,000 |
Trust preferred security par value | 1,000,000 | |||
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 Disclosure, Nonrecurring | 9,931,000 | 9,931,000 | 10,387,000 | 14,603,000 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 856,000 | 856,000 | 1,700,000 | 2,100,000 |
Loans and Leases Receivable, Gross | 10,800,000 | 10,800,000 | 12,100,000 | 16,700,000 |
Significant Unobservable Inputs (Level 3) [Member] | Real Estate Owned [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure, Nonrecurring | $0 | $229,000 | ||
Properties written down | 0 | 0 | 0 | 1 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on a Non-recurring Basis (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Impaired Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | $9,931 | $10,387 | $14,603 |
Impaired Loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 9,931 | 10,387 | 14,603 |
Real Estate Owned [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 229 | ||
Real Estate Owned [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | $0 | $229 |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments - Schedule of Quantitative Information about Level 3 Fair Value Measurements (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
Impaired Loans [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | $9,931 | $10,387 | $14,603 |
Valuation Techniques | Market valuation of underlying collateral | Market valuation of underlying collateral | Market valuation of underlying collateral |
Unobservable Input | Direct disposal costs | Direct disposal costs | Direct disposal costs |
Weighted Average | 7.44% | 7.10% | 7.21% |
Impaired Loans [Member] | Minimum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range | 6.00% | 6.00% | 6.00% |
Impaired Loans [Member] | Maximum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range | 10.00% | 10.00% | 10.00% |
Real Estate Owned [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | $229 | ||
Valuation Techniques | Market valuation property | ||
Unobservable Input | Direct disposal costs | ||
Weighted Average | 8.51% | ||
Real Estate Owned [Member] | Minimum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range | 6.00% | 6.00% | 6.00% |
Real Estate Owned [Member] | Maximum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range | 10.00% | 10.00% | 10.00% |
Fair_Value_of_Financial_Instru6
Fair Value of Financial Instruments - Schedule of Quantitative Information about Level 3 Fair Value Measurements (Parenthetical) (Detail) | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | |
Minimum [Member] | Impaired Loans [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range | 6.00% | 6.00% | 6.00% |
Minimum [Member] | Real Estate Owned [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range | 6.00% | 6.00% | 6.00% |
Maximum [Member] | Impaired Loans [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range | 10.00% | 10.00% | 10.00% |
Maximum [Member] | Real Estate Owned [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Range | 10.00% | 10.00% | 10.00% |
Fair_Value_of_Financial_Instru7
Fair Value of Financial Instruments - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
In Thousands, unless otherwise specified | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash and cash equivalents, Carrying Amount | $96,436 | $135,034 | $153,292 | $127,034 | $155,584 | $222,580 |
Debt securities available for sale, Carrying Amount | 420,458 | 407,898 | ||||
Debt securities held to maturity, Carrying Amount | 219,906 | 216,414 | 210,015 | |||
Loans receivable, Carrying Amount | 1,801,487 | 1,729,084 | 1,349,975 | |||
Mortgage-backed securities available for sale, Carrying Amount | 391,548 | 437,223 | 780,652 | |||
Mortgage-backed securities held to maturity, Carrying Amount | 322,529 | 295,658 | 101,114 | |||
FHLB stock, Carrying Amount | 27,382 | 25,990 | 15,666 | |||
Interest receivable, Carrying Amount | 9,059 | 9,013 | 8,028 | |||
Deposits, Carrying Amount | 2,464,845 | 2,479,941 | 2,370,508 | |||
Borrowings, Carrying Amount | 563,002 | 512,257 | 287,695 | |||
Interest payable on borrowings, Carrying Amount | 1,032 | 1,001 | 938 | |||
Cash and cash equivalents, Fair Value | 96,436 | 135,034 | 127,034 | |||
Debt securities available for sale, Carrying Amount | 420,458 | 407,898 | 300,122 | |||
Debt securities held to maturity, Fair value | 218,064 | 213,472 | 202,328 | |||
Loans receivable, Fair Value | 1,805,949 | 1,711,972 | 1,359,799 | |||
Mortgage-backed securities available for sale, Fair Value | 391,548 | 437,223 | 780,652 | |||
Mortgage-backed securities held to maturity, Fair Value | 325,709 | 293,781 | 96,447 | |||
FHLB stock, Fair Value | 27,382 | 25,990 | 15,666 | |||
Interest receivable, Fair Value | 9,059 | 9,013 | 8,028 | |||
Deposits, Fair Value | 2,475,832 | 2,490,933 | 2,376,290 | |||
Borrowings, Fair Value | 575,243 | 521,839 | 295,914 | |||
Interest payable on borrowings, Fair Value | 1,032 | 1,001 | 938 | |||
Derivative instruments, Fair Value | -4,346 | -975 | 5,645 | |||
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, Fair Value | 96,436 | 135,034 | 127,034 | |||
Interest receivable, Fair Value | 9,059 | 9,013 | 8,028 | |||
Deposits, Fair Value | 1,443,931 | 1,442,723 | 1,389,044 | |||
Interest payable on borrowings, Fair Value | 1,032 | 1,001 | 938 | |||
Significant Other Observable Inputs (Level 2) [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt securities available for sale, Carrying Amount | 420,458 | 407,898 | 299,122 | |||
Debt securities held to maturity, Fair value | 218,064 | 213,472 | 202,328 | |||
Mortgage-backed securities available for sale, Fair Value | 391,548 | 437,223 | 780,652 | |||
Mortgage-backed securities held to maturity, Fair Value | 325,709 | 293,781 | 96,447 | |||
Derivative instruments, Fair Value | -4,346 | -975 | 5,645 | |||
Significant Unobservable Inputs (Level 3) [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Debt securities available for sale, Carrying Amount | 1,000 | |||||
Loans receivable, Fair Value | 1,805,949 | 1,711,972 | 1,359,799 | |||
FHLB stock, Fair Value | 27,382 | 25,990 | 15,666 | |||
Deposits, Fair Value | 1,031,901 | 1,048,210 | 987,246 | |||
Borrowings, Fair Value | 575,243 | 521,839 | 295,914 | |||
Interest Rate Swaps [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative instruments, Carrying Amount | -5,749 | -2,714 | 2,837 | |||
Derivative instruments, Fair Value | -5,749 | -2,714 | 2,837 | |||
Interest Rate Swaps [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative instruments, Fair Value | -5,749 | -2,714 | 2,837 | |||
Interest Rate Caps [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative instruments, Carrying Amount | 1,403 | 1,739 | 2,808 | |||
Derivative instruments, Fair Value | 1,403 | 1,739 | 2,808 | |||
Interest Rate Caps [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative instruments, Fair Value | $1,403 | $1,739 | $2,808 |
Fair_Value_of_Financial_Instru8
Fair Value of Financial Instruments - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Fair Value Disclosures [Abstract] | |||
Accrued interest payable on deposits | $65,000 | $69,000 | $47,000 |
Comprehensive_Loss_Schedule_of
Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive (loss) income | ($4,308) | ($2,280) | ($4,139) |
Net Unrealized Loss on Securities Available for Sale [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive (loss) income, before tax | 1,047 | 1,091 | -7,375 |
Tax effect | -416 | -592 | 2,021 |
Accumulated other comprehensive (loss) income | 631 | 499 | -5,354 |
Net Unrealized Loss on Securities Transferred from Available for Sale to Held to Maturity [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive (loss) income, before tax | -987 | -990 | |
Tax effect | 404 | 404 | |
Accumulated other comprehensive (loss) income | -583 | -586 | |
Fair Value Adjustments on Derivatives [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive (loss) income, before tax | -6,834 | -3,501 | 3,107 |
Tax effect | 2,792 | 1,430 | -1,269 |
Accumulated other comprehensive (loss) income | -4,042 | -2,071 | 1,838 |
Benefit Plan Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive (loss) income, before tax | -531 | -206 | -1,053 |
Tax effect | 217 | 84 | 430 |
Accumulated other comprehensive (loss) income | ($314) | ($122) | ($623) |
Comprehensive_Income_Schedule_
Comprehensive Income - Schedule of Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||||
Equity [Abstract] | |||||||||||
Net realized gain on securities available for sale | ($7) | ($226) | ($7) | ($226) | ($1,523) | ($10,433) | ($53) | ||||
Net unrealized holding gain (loss) on securities available for sale | 3,035 | -11,329 | -36 | -9,852 | 9,989 | -36,662 | 13,405 | ||||
Unrealized holding loss on securities available for sale transferred to held to maturity | -1,009 | ||||||||||
Amortization of unrealized holding loss on securities available for sale transferred to held to maturity | 2 | [1] | 19 | ||||||||
Net unrealized (loss) gain on derivatives | -6,245 | 2,591 | -3,334 | -236 | -6,608 | 3,107 | |||||
Benefit plans, Amortization of Actuarial (gain) loss | 7 | [2] | -1 | [2] | 14 | [2] | -2 | [2] | -2 | 54 | -25 |
Benefit plans, Amortization of Past service cost | 12 | [2] | 12 | [2] | 24 | [2] | 24 | [2] | 46 | 48 | 64 |
Benefit plans, Amortization of New actuarial (loss) gain | -363 | 803 | 803 | -1,186 | 284 | ||||||
Net change in benefit plan accrued expense | 19 | 11 | -325 | 825 | 847 | -1,084 | 323 | ||||
Other comprehensive income (loss) before taxes | -3,198 | -8,953 | -3,700 | -9,489 | 1,715 | -45,072 | 13,675 | ||||
Tax effect | 1,680 | [3] | 3,366 | [3] | 1,672 | [3] | 3,654 | [3] | 144 | 17,337 | -5,511 |
Total comprehensive loss | ($1,518) | ($5,587) | ($2,028) | ($5,835) | $1,859 | ($27,735) | $8,164 | ||||
[1] | Represents amounts reclassified out of accumulated other comprehensive income and included in interest income on taxable securities. | ||||||||||
[2] | Represents amounts reclassified out of accumulated other comprehensive income and included in the computation of net periodic pension expense. See Note 14 - Benefit Plans for additional information. | ||||||||||
[3] | The amounts included in income taxes for items reclassified out of accumulated other comprehensive income totaled $5 and $(135) for the three and six months ended December 31, 2014, respectively, and $(89) and $244 for the three and six months ended December 31, 2013, respectively. |
Comprehensive_Income_Schedule_1
Comprehensive Income - Schedule of Comprehensive Income (Loss) (Parenthetical) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Tax effect | ($1,680) | [1] | ($3,366) | [1] | ($1,672) | [1] | ($3,654) | [1] | ($144) | ($17,337) | $5,511 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Tax effect | $5 | ($89) | ($135) | $244 | |||||||
[1] | The amounts included in income taxes for items reclassified out of accumulated other comprehensive income totaled $5 and $(135) for the three and six months ended December 31, 2014, respectively, and $(89) and $244 for the three and six months ended December 31, 2013, respectively. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Jun. 30, 2011 | |
Segment | Segment | |||||
Subsidiary | ||||||
Bank | ||||||
Location | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of community banks acquired | 4 | |||||
Number of banking locations | 42 | |||||
Number of wholly owned bank subsidiaries | 2 | |||||
Cash and cash equivalents | $96,436,000 | $135,034,000 | $127,034,000 | $155,584,000 | $153,292,000 | $222,580,000 |
Due from banks | 124,700,000 | |||||
Vault cash | 10,300,000 | |||||
Cash and amounts due from depository institutions | 14,133,000 | 14,403,000 | 13,102,000 | |||
Number of loan portfolio segments | 7 | 7 | ||||
Moving average period | 2 years | |||||
Goodwill, impairment loss | 0 | 0 | 0 | |||
Finite-lived intangible assets, net | 790,000 | 514,000 | 652,000 | 807,000 | ||
(Gain) expense attributable to deferred liability | -9,000 | 14,000 | 25,000 | |||
Income tax uncertainties | 0 | 0 | ||||
Unrecognized income tax benefits | 0 | 0 | ||||
Income tax interest and penalties | 0 | 0 | 0 | |||
Business combination, integration related costs | 391,000 | |||||
Maximum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Cash and cash equivalents, maturity period | 3 months | |||||
Atlantic Community Bankers Bank ("ACBB") [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Cash and amounts due from depository institutions | 8,700,000 | |||||
Cash on deposit | 230,000 | |||||
Federal funds sold | 8,500,000 | |||||
Business combination, integration related costs | 391,000 | |||||
Federal Home Loan Bank ( "the FHLB") of New York [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Cash and amounts due from depository institutions | 64,600,000 | |||||
Federal Reserve ("FRB") [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Cash and amounts due from depository institutions | 47,500,000 | |||||
U.S. Domestic Money Center Banks [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Cash and amounts due from depository institutions | 3,900,000 | |||||
U.S. Domestic Money Center Bank 1 [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Cash and amounts due from depository institutions | 3,600,000 | |||||
U.S. Domestic Money Center Bank 2 [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Cash and amounts due from depository institutions | $283,000 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Property, Plant and Equipment Useful Lives (Detail) | 12 Months Ended |
Jun. 30, 2014 | |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of Premises and Equipment | Shorter of useful lives or lease term |
Minimum [Member] | Buildings and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of Premises and Equipment | 10 years |
Minimum [Member] | Furnishings and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of Premises and Equipment | 3 years |
Maximum [Member] | Buildings and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of Premises and Equipment | 50 years |
Maximum [Member] | Furnishings and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of Premises and Equipment | 20 years |
Acquisition_of_Atlas_Bank_Addi
Acquisition of Atlas Bank - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Jun. 30, 2014 | |
Business Acquisition [Line Items] | ||
Common stock value issued for acquisition | $15,500,000 | |
Payment for merger-related expenses | 391,000 | |
Atlas Bank [Member] | ||
Business Acquisition [Line Items] | ||
Date of acquisition | 30-Jun-14 | |
Common stock shares issued for acquisition | 1,044,087 | |
Common stock value issued for acquisition | 15,500,000 | 15,500,000 |
Payment for merger-related expenses | 391,000 | |
Credit losses on non-impaired loans | 1,200,000 | |
Credit losses on non-impaired loans, percentage | 1.50% | |
Outstanding principal balance of acquired loans | 79,088,000 | 79,088,000 |
Outstanding carrying amount of acquired loans | 78,725,000 | 78,725,000 |
Annual attrition rate | 5.00% | |
Core deposit intangible assets | 398,000 | 398,000 |
Core deposit intangible assets, percentage | 0.82% | |
Legal expenses | 198,000 | |
Investment banking fees | 175,000 | |
Other professional service fees | 18,000 | |
Atlas Bank [Member] | Residential Mortgage [Member] | ||
Business Acquisition [Line Items] | ||
Number of loans | 4 | |
Aggregate carrying values of residential mortgage loans | $742,000 | $742,000 |
Acquisition_of_Atlas_Bank_Summ
Acquisition of Atlas Bank - Summary of Assets Acquired and Liabilities Assumed through Merger at Fair Value (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
Consideration Paid: | |||
Shares of capital stock issued to mutual holding company | $15,500 | ||
Recognized amounts of identifiable assets acquired and liabilities assumed, at fair value: | |||
Deferred income tax assets, net | 615 | 615 | 920 |
Gain on bargain purchase | -226 | ||
Atlas Bank [Member] | |||
Consideration Paid: | |||
Shares of capital stock issued to mutual holding company | 15,500 | 15,500 | |
Total consideration paid | 15,500 | ||
Recognized amounts of identifiable assets acquired and liabilities assumed, at fair value: | |||
Cash and cash equivalents | 9,133 | 9,133 | |
Debt securities | 2,998 | 2,998 | |
Net loans receivable | 78,725 | 78,725 | |
Mortgage-backed securities | 23,896 | 23,896 | |
Premises and equipment | 2,196 | 2,196 | |
Federal Home Loan Bank stock | 1,037 | 1,037 | |
Interest receivable | 374 | 374 | |
Deferred income tax assets, net | 511 | 511 | |
Core deposit intangible | 398 | 398 | |
Other assets | 1,671 | 1,671 | |
Fair value of assets acquired | 120,939 | 120,939 | |
Deposits | 86,099 | 86,099 | |
Federal Home Loan Bank advances | 18,693 | 18,693 | |
Other liabilities | 421 | 421 | |
Fair value of liabilities assumed | 105,213 | 105,213 | |
Total identifiable net assets | 15,726 | 15,726 | |
Gain on bargain purchase | -226 | ||
Total | $15,500 | $15,500 |
Acquisition_of_Atlas_Bank_Busi
Acquisition of Atlas Bank - Business Acquisition, Pro Forma Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Net Interest Income | $19,573 | $18,669 | $18,481 | $18,475 | $18,196 | $17,042 | $16,346 | $15,994 | $16,875 | $39,098 | $36,671 | $73,821 | $66,257 | $70,180 |
Non-interest income | 1,718 | 1,948 | 2,385 | 1,929 | 1,861 | 1,833 | 11,070 | 2,285 | 1,200 | 3,298 | 3,790 | 8,123 | 16,388 | 2,145 |
Non-interest expense | 16,520 | 15,804 | 17,515 | 15,557 | 15,282 | 15,019 | 23,942 | 15,191 | 15,273 | 33,291 | 30,839 | 64,158 | 69,425 | 58,721 |
Net Income | 2,169 | 2,829 | 1,786 | 2,987 | 2,586 | 1,925 | 1,744 | 1,177 | 1,660 | 5,092 | 5,573 | 10,188 | 6,506 | 5,078 |
Net income per common shares (EPS) | ||||||||||||||
Basic and diluted | $0.03 | $0.03 | $0.02 | $0.03 | ||||||||||
Pro Forma [Member] | ||||||||||||||
Net Interest Income | 77,077 | 68,867 | ||||||||||||
Non-interest income | 8,255 | 16,340 | ||||||||||||
Non-interest expense | 68,508 | 73,361 | ||||||||||||
Net Income | $9,535 | $5,567 | ||||||||||||
Net income per common shares (EPS) | ||||||||||||||
Basic and diluted | $0.14 | $0.08 |
Loans_Receivable_Schedule_of_L
Loans Receivable - Schedule of Loans Receivable (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | $1,815,510 | $1,742,868 | $1,361,718 |
Unamortized yield adjustments including net premiums on purchased loans and net deferred loan costs and fees | -1,439 | -1,397 | -847 |
Loans Receivable, Net of Yield Adjustments, Total | 1,814,071 | 1,741,471 | 1,360,871 |
One-to-Four Family Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 580,612 | 500,647 | |
Multi-family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 431,007 | 211,817 | |
Nonresidential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 552,748 | 455,011 | |
Commercial Mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 1,057,288 | 983,755 | 666,828 |
Real Estate Mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 1,564,367 | 1,167,475 | |
Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 8,708 | 7,281 | 11,851 |
Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 78,448 | 67,261 | 70,688 |
Home Equity Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 72,195 | 75,611 | 80,813 |
Home Equity Lines of Credit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 23,411 | 24,010 | 26,613 |
Consumer: Passbook or Certificate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 3,965 | 3,887 | |
Consumer: Other Consumer Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 373 | 391 | |
Consumer Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | $103,959 | $111,704 |
Loans_Receivable_Additional_In
Loans Receivable - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Loans and Leases Receivable Disclosure [Abstract] | ||
Loans and leases receivable, related parties | $4.70 | $3.70 |
Loans and leases receivable, related parties, additions | $1.10 |
Premises_and_Equipment_Propert
Premises and Equipment - Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $69,374 | $63,680 | |
Less accumulated depreciation and amortization | 29,269 | 26,686 | |
Premises and equipment | 39,584 | 40,105 | 36,994 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 9,931 | 9,924 | |
Buildings and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 35,080 | 32,920 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 4,253 | 4,021 | |
Furnishings and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 18,151 | 15,285 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $1,959 | $1,530 |
Premises_and_Equipment_Additio
Premises and Equipment - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $69,374 | $63,680 |
Land Held For Future Branch Expansion [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $2,419 | $2,419 |
Interest_Receivable_Interest_R
Interest Receivable - Interest Receivable (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Impaired [Line Items] | |||
Interest receivable | $9,059 | $9,013 | $8,028 |
Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Interest receivable | 5,525 | 4,632 | |
Mortgage-Backed Securities [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Interest receivable | 1,796 | 2,326 | |
Debt Securities [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Interest receivable | $1,692 | $1,070 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Schedule of Intangible Assets and Goodwill (Detail) (USD $) | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||
Goodwill | $108,591,000 | $108,591,000 | $108,591,000 | $108,591,000 | $108,591,000 | |
Acquisition of Atlas Bank | 398,000 | |||||
Amortization | -78,000 | -64,000 | -122,000 | -138,000 | -155,000 | |
Core Deposit Intangibles, Balance | $790,000 | $514,000 | $652,000 | $807,000 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Scheduled Amortization of Core Deposit Intangibles (Detail) (Core Deposits [Member], USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Core Deposits [Member] | |
Goodwill [Line Items] | |
2015 | $194 |
2016 | 166 |
2017 | 139 |
2018 | 111 |
2019 | 84 |
Thereafter | $96 |
Deposits_Schedule_of_Deposits_
Deposits - Schedule of Deposits (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Deposits [Abstract] | |||
Non-interest bearing demand: Amount | $208,457 | $224,054 | $190,964 |
Interest-bearing demand: Amount | 700,248 | 731,521 | |
Savings and club: Amount | 518,421 | 466,559 | |
Certificates of deposit: Amount | 1,037,218 | 981,464 | |
Total deposits | $2,464,845 | $2,479,941 | $2,370,508 |
Non-interest-bearing demand, Weighted Average Interest Rate | 0.00% | 0.00% | |
Interest-bearing demand, Weighted Average Interest Rate | 0.24% | 0.29% | |
Savings and club, Weighted Average Interest Rate | 0.16% | 0.16% | |
Certificates of deposit, Weighted Average Interest Rate | 1.09% | 1.05% | |
Total deposits, Weighted Average Interest Rate | 0.56% | 0.55% |
Deposits_Schedule_of_Deposits_1
Deposits - Schedule of Deposits (Parenthetical) (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||
Deposits [Abstract] | ||
Deposits, Brokered Deposits | $213.50 | $229.60 |
Weighted Average Rate Domestic Deposit, Brokered, excluding cost of interest rate derivatives used to hedge interest expense | 0.15% | 0.19% |
Brokered certificates of deposit | $18.50 | $0 |
Brokered certificates of deposits, weighted average interest rate | 3.49% |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||
Deposits [Abstract] | ||
Time Deposits, $100,000 or More | $476.60 | $389.10 |
Deposits_Certificates_of_Depos
Deposits - Certificates of Deposit By Maturity (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ||
One year or less | $581,543 | $646,590 |
After one to two years | 187,401 | 174,223 |
After two to three years | 90,078 | 68,155 |
After three to four years | 90,921 | 48,211 |
After four to five years | 80,811 | 44,285 |
After five years | 6,464 | |
Total certificates of deposits | $1,037,218 | $981,464 |
Deposits_Interest_Expense_Deta
Deposits - Interest Expense (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Deposits [Line Items] | |||||||
Interest Expense on Deposits | $3,972 | $3,594 | $7,818 | $7,226 | $14,538 | $14,711 | $20,272 |
Demand [Member] | |||||||
Deposits [Line Items] | |||||||
Interest Expense on Deposits | 3,790 | 1,847 | 2,690 | ||||
Savings and club [Member] | |||||||
Deposits [Line Items] | |||||||
Interest Expense on Deposits | 739 | 878 | 1,376 | ||||
Certificates of deposit [Member] | |||||||
Deposits [Line Items] | |||||||
Interest Expense on Deposits | $10,009 | $11,986 | $16,206 |
Benefit_Plans_Schedule_of_Empl
Benefit Plans - Schedule of Employee Stock Ownership Plan (ESOP) Disclosures (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
Compensation and Retirement Disclosure [Abstract] | |||
Allocated shares | 1,113,602 | 989,049 | |
Total shares distributed due to employee resignations/terminations | 159,514 | 138,657 | |
Shares committed to be released | 84,660 | 84,594 | |
Unearned shares | 315,195 | 387,924 | 533,400 |
Total ESOP Shares | 1,745,700 | 1,745,700 | |
Fair value of unearned shares | $5,873,169 | $5,595,366 |
Benefit_Plans_Schedule_of_Net_1
Benefit Plans - Schedule of Net Funded Status (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligation - ending | $2,646 | ||
Fair value of assets - ending | 3,885 | ||
Projected benefit obligation | 2,646 | ||
Fair value of assets | 3,885 | ||
Funded status/accrued pension/postretirement benefit cost included in other liabilities | 1,239 | ||
Discount rate | 4.50% | ||
Benefit Equalization Plan ("BEP") [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligation - beginning | 3,430 | 2,859 | |
Interest cost | 154 | 143 | 162 |
Actuarial (gain) loss | -218 | 649 | |
Benefit payments | -265 | -221 | -257 |
Benefit obligation - ending | 3,101 | 3,430 | 2,859 |
Contributions | 265 | 221 | 257 |
Benefit payments | -265 | -221 | -257 |
Accumulated benefit obligation | -3,101 | -3,430 | |
Projected benefit obligation | 3,101 | 3,430 | 2,859 |
Funded status/accrued pension/postretirement benefit cost included in other liabilities | -3,101 | -3,430 | |
Discount rate | 4.50% | 5.00% | |
Postretirement Welfare Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligation - beginning | 1,043 | 655 | |
Service cost | 54 | 62 | 23 |
Interest cost | 45 | 40 | 34 |
Actuarial (gain) loss | -144 | 291 | |
Benefit payments | -6 | -5 | -5 |
Benefit obligation - ending | 992 | 1,043 | 655 |
Contributions | 6 | 5 | 5 |
Benefit payments | -6 | -5 | -5 |
Accumulated benefit obligation | -992 | -1,043 | |
Projected benefit obligation | 992 | 1,043 | 655 |
Funded status/accrued pension/postretirement benefit cost included in other liabilities | -992 | -1,043 | |
Discount rate | 4.50% | 5.00% | |
Salary increase rate | 3.25% | 3.25% | |
Directors' Consultation and Retirement Plan ("DCRP") [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligation - beginning | 3,201 | 2,761 | |
Service cost | 147 | 168 | 131 |
Interest cost | 136 | 125 | 146 |
Actuarial (gain) loss | -441 | 245 | |
Benefit payments | -60 | -98 | -117 |
Benefit obligation - ending | 2,983 | 3,201 | 2,761 |
Contributions | 60 | 98 | 117 |
Benefit payments | -60 | -98 | -117 |
Accumulated benefit obligation | -2,524 | -2,278 | |
Projected benefit obligation | 2,983 | 3,201 | 2,761 |
Funded status/accrued pension/postretirement benefit cost included in other liabilities | ($2,983) | ($3,201) | |
Discount rate | 4.50% | 5.00% | |
Salary increase rate | 3.25% | 3.25% |
Benefit_Plans_Schedule_of_Fair
Benefit Plans - Schedule of Fair Value Measurements of ABRIP's Assets (Detail) (Atlas Bank Retirement Income Plan ("ABRIP") [Member], USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair value of assets | $3,885 |
Prudential Guaranteed Deposit Fund [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair value of assets | 3,885 |
Significant Other Observable Inputs (Level 2) [Member] | Prudential Guaranteed Deposit Fund [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair value of assets | $3,885 |
Benefit_Plans_Schedule_of_Expe
Benefit Plans - Schedule of Expected Benefit Payments (Detail) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Benefit Equalization Plan ("BEP") [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2015 | $225 |
2016 | 227 |
2017 | 229 |
2018 | 230 |
2019 | 232 |
2020-2024 | 1,157 |
Postretirement Welfare Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2015 | 9 |
2016 | 11 |
2017 | 12 |
2018 | 14 |
2019 | 16 |
2020-2024 | 106 |
Directors' Consultation and Retirement Plan ("DCRP") [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2015 | 80 |
2016 | 101 |
2017 | 123 |
2018 | 146 |
2019 | 169 |
2020-2024 | $1,137 |
Benefit_Plans_Schedule_of_Assu
Benefit Plans - Schedule of Assumptions to Estimate the Fair Value of the Options Granted (Detail) | 12 Months Ended |
Jun. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Weighted average risk-free interest rate | 2.17% |
Expected dividend yield | 2.00% |
Weighted average volatility factors of the expected market price of the Company's stock | 33.14% |
Weighted average expected life of the options | 6 years 6 months |
Benefit_Plans_Summary_of_the_S
Benefit Plans - Summary of the Status of the Company's Non-vested Restricted Share Awards (Detail) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Compensation and Retirement Disclosure [Abstract] | |||
Beginning - Non-vested Restricted Shares | 49,000 | ||
Awarded - Non-vested Restricted Shares | 54,500 | 0 | 0 |
Vested - Non-vested Restricted Shares | -16,000 | ||
Ending - Non-vested Restricted Shares | 87,000 | 49,000 | |
Beginning - Non-vested Weighted Average Grant Date Fair Value | $10.16 | ||
Awarded - Non-vested Weighted Average Grant Date Fair Value | $14.79 | ||
Vested - Non-vested Weighted Average Grant Date Fair Value | $10.16 | ||
Ending - Non-vested Weighted Average Grant Date Fair Value | $13.04 | $10.16 |
Stockholders_Equity_and_Regula2
Stockholders' Equity and Regulatory Capital - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Stockholders' Equity Note [Abstract] | |||
Payments of Capital Distribution | $5,000,000 | $0 | $6,000,000 |
Stockholders_Equity_and_Regula3
Stockholders' Equity and Regulatory Capital - Summary of Bank's Regulatory Capital Levels (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Stockholders' Equity Note [Abstract] | ||
Total capital (to risk-weighted assets), Actual, Amount | $376,343 | $353,386 |
Tier 1 capital (to risk-weighted assets), Actual, Amount | 363,956 | 342,490 |
Core (Tier 1) capital (to adjusted total assets), Actual, Amount | 363,956 | 342,490 |
Tangible capital (to adjusted total assets), Actual, Amount | 363,956 | 342,490 |
Total capital (to risk-weighted assets), Actual, Ratio | 20.45% | 21.77% |
Tier 1 capital (to risk-weighted assets), Actual, Ratio | 19.78% | 21.10% |
Core (Tier 1) capital (to adjusted total assets), Actual, Ratio | 10.75% | 11.32% |
Tangible capital (to adjusted total assets), Actual, Ratio | 10.75% | 11.32% |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | 147,232 | 129,850 |
Tier 1 capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | 73,616 | 64,925 |
Core (Tier 1) capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | 135,420 | 121,054 |
Tangible capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | 50,783 | 45,395 |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tier 1 capital (to risk-weighted assets), For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Core (Tier 1) capital (to adjusted total assets), For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tangible capital (to adjusted total assets), For Capital Adequacy Purposes, Ratio | 1.50% | 1.50% |
Total capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | 184,040 | 162,313 |
Tier 1 capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | 110,424 | 97,388 |
Core (Tier 1) capital (to adjusted total assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | 169,275 | 151,317 |
Tangible capital (to adjusted total assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | $0 | $0 |
Total capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier 1 capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 6.00% | 6.00% |
Core (Tier 1) capital (to adjusted total assets), To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Tangible capital (to adjusted total assets), To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 0.00% | 0.00% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2014 |
Income Tax Disclosure [Abstract] | ||||
Bad debt reserve for tax purposes of qualified lender | $30.50 | |||
Federal income tax rate | 35.00% | 35.00% | 35.00% |
Income_Taxes_Schedule_of_Compo
Income Taxes - Schedule of Components of Income Taxes (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Disclosure [Abstract] | ||||||||||||||
Current tax expense (benefit): Federal income | $3,196 | $1,629 | $2,210 | |||||||||||
Current tax expense (benefit): State income | 938 | 343 | 470 | |||||||||||
Current tax expense (benefit): Total | 4,134 | 1,972 | 2,680 | |||||||||||
Deferred tax (benefit) expense: Federal income | 49 | 411 | -24 | |||||||||||
Deferred tax (benefit) expense: State income | 122 | 102 | 120 | |||||||||||
Deferred tax (benefit) expense: Total | 171 | 513 | 96 | |||||||||||
Valuation allowance | -88 | -235 | ||||||||||||
Income Taxes | $870 | $1,210 | $685 | $1,301 | $1,021 | $606 | $323 | $518 | $803 | $1,423 | $2,322 | $4,217 | $2,250 | $2,776 |
Income_Taxes_Schedule_of_Effec
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Disclosure [Abstract] | ||||||||||||||
Federal income tax expense | $5,042 | $3,065 | $2,749 | |||||||||||
(Reductions) increases in income taxes resulting from: Tax exempt interest | -635 | -142 | -21 | |||||||||||
(Reductions) increases in income taxes resulting from: New Jersey state tax, net of federal income tax effect | 632 | 284 | 389 | |||||||||||
(Reductions) increases in income taxes resulting from: Qualified stock options compensation expense | 28 | 15 | 15 | |||||||||||
(Reductions) increases in income taxes resulting from: Income from BOLI | -959 | -680 | -250 | |||||||||||
(Reductions) increases in income taxes resulting from: Other items, net | 197 | -66 | -106 | |||||||||||
Income Tax Expense Benefit Before Valuation Allowance | 4,305 | 2,476 | 2,776 | |||||||||||
Valuation allowance | -88 | -226 | ||||||||||||
Income Taxes | $870 | $1,210 | $685 | $1,301 | $1,021 | $606 | $323 | $518 | $803 | $1,423 | $2,322 | $4,217 | $2,250 | $2,776 |
Effective income tax rate | 29.27% | 25.70% | 35.35% |
Income_Taxes_Schedule_of_Defer
Income Taxes - Schedule of Deferred Income Tax Assets and Liabilities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2014 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | |||
Deferred income tax assets: Purchase accounting | $615 | $920 | |
Deferred income tax assets: Accumulated other comprehensive income - Defined benefit plans | 84 | 430 | |
Deferred income tax assets: Accumulated other comprehensive income - Unrealized loss on securities available for sale | 2,928 | ||
Deferred income tax assets: Accumulated other comprehensive income - Unrealized loss on securities available for sale transferred to held to maturity | 404 | ||
Deferred income tax assets: Accumulated other comprehensive income - Derivatives | 1,430 | ||
Deferred income tax assets: Allowance for loan losses | 5,060 | 4,451 | |
Deferred income tax assets: Benefit plans | 2,816 | 2,709 | |
Deferred income tax assets: Compensation | 239 | ||
Deferred income tax assets: Stock based compensation | 3,255 | 3,320 | |
Deferred income tax assets: Capital loss carryover | 88 | ||
Deferred income tax assets: Uncollected interest | 2,431 | 2,290 | |
Deferred income tax assets: Depreciation | 928 | 747 | |
Deferred income tax assets: Other | 809 | 705 | |
Deferred Tax Assets, Gross, Total | 18,071 | 18,588 | |
Valuation allowance | -134 | -995 | |
Deferred Tax Assets, Net of Valuation Allowance, Total | 17,937 | 17,593 | |
Deferred income tax liabilities: Deferred costs | 815 | 617 | |
Deferred income tax liabilities: Goodwill | 6,198 | 5,716 | |
Deferred income tax liabilities: Accumulated other comprehensive income - Unrealized gain on securities available for sale | 458 | ||
Deferred income tax liabilities: Accumulated other comprehensive income - Derivatives | 1,269 | ||
Deferred income tax liabilities: Other | 152 | 209 | |
Deferred Tax Liabilities, Gross, Total | 7,623 | 7,811 | |
Net deferred income tax asset | $10,314 | $9,998 | $9,782 |
Commitments_Schedule_of_Future
Commitments - Schedule of Future Minimum Rental Payments under Operating Leases (Detail) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $1,761 |
2016 | 1,629 |
2017 | 1,455 |
2018 | 1,126 |
2019 | 806 |
Thereafter | 3,261 |
Total Minimum Payments Required | $10,038 |
Commitments_Schedule_of_Compos
Commitments - Schedule of Composition of Total Rental Expense for Operating Leases (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Commitments and Contingencies Disclosure [Abstract] | |||
Minimum rentals | $1,716 | $1,629 | $1,520 |
Commitments_Schedule_of_Outsta
Commitments - Schedule of Outstanding Loan Commitments (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Commitments [Line Items] | ||
Other Commitment | $95,396 | $141,146 |
Residential Mortgage [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 27,452 | 58,448 |
Home Equity Loans [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 1,374 | 1,692 |
Commercial Business [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 350 | 500 |
Construction Loans in Process [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 6,385 | 11,100 |
Home Equity Lines of Credit [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 35,765 | 37,972 |
Commercial Lines of Credit [Member] | ||
Commitments [Line Items] | ||
Other Commitment | $24,070 | $31,434 |
Commitments_Additional_Informa
Commitments - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Commitments [Line Items] | ||
Other Commitment | $95,396 | $141,146 |
Other Commitments, Description | At June 30, 2014, the outstanding mortgage loan commitments included $20.0 million for fixed-rate loans with interest rates ranging from 3.00% to 6.00% and $935,000 for adjustable-rate loans with initial rates of 6.00%. The remaining $6.5 million of mortgage loan commitments represent the remaining balance of an outstanding blanket commitment with a third party loan originator to purchase newly originated residential mortgage loans whose rates may either be fixed or adjustable-rate. | |
Residential Mortgage [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 27,452 | 58,448 |
Home Equity Loans [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 1,374 | 1,692 |
Commercial Business [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 350 | 500 |
Home Equity Lines of Credit [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 35,765 | 37,972 |
Commercial Lines of Credit [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 24,070 | 31,434 |
Fixed Rate Loans [Member] | Residential Mortgage [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 20,000 | 57,200 |
Interest rate range, minimum | 3.00% | 2.75% |
Interest rate range, maximum | 6.00% | 5.50% |
Fixed Rate Loans [Member] | Home Equity Loans [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 1,400 | 1,700 |
Interest rate range, minimum | 3.13% | 3.25% |
Interest rate range, maximum | 6.00% | 6.00% |
Adjustable Rate Loans [Member] | Residential Mortgage [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 935,000 | 1,000 |
Interest rate range, minimum | 4.25% | |
Interest rate range, maximum | 6.00% | |
Interest rate | 6.00% | |
Adjustable Rate Loans [Member] | Commercial Business [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 350,000 | 500 |
Interest rate range, minimum | 3.75% | 4.25% |
Interest rate range, maximum | 5.50% | 6.00% |
Adjustable Rate Loans [Member] | Home Equity Lines of Credit [Member] | ||
Commitments [Line Items] | ||
Interest rate range, minimum | 1.25% | 1.25% |
Interest rate range, maximum | 5.00% | 3.00% |
Adjustable Rate Loans [Member] | Commercial Lines of Credit [Member] | ||
Commitments [Line Items] | ||
Interest rate range, minimum | 3.50% | 3.50% |
Interest rate range, maximum | 4.00% | 5.00% |
Third Party Loan [Member] | Residential Mortgage [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 6,500 | 185,000 |
Standby Letters of Credit [Member] | ||
Commitments [Line Items] | ||
Other Commitment | $519 | $1,791 |
Parent_Only_Financial_Informat2
Parent Only Financial Information - Condensed Statements of Financial Condition (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
In Thousands, unless otherwise specified | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash and amounts due from depository institutions | $14,133 | $14,403 | $13,102 | |||
Loans receivable | 1,814,071 | 1,741,471 | 1,360,871 | |||
Other assets | 10,765 | 5,865 | 11,303 | |||
Total Assets | 3,547,869 | 3,510,009 | 3,145,360 | |||
Other liabilities | 18,152 | 14,134 | 11,610 | |||
Stockholders' equity | 493,234 | 494,676 | 464,515 | 467,707 | 491,617 | 487,874 |
Total Liabilities and Stockholders' Equity | 3,547,869 | 3,510,009 | 3,145,360 | |||
Parent Company [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash and amounts due from depository institutions | 17,413 | 13,524 | ||||
Loans receivable | 5,065 | 6,726 | ||||
Investment in subsidiaries | 472,110 | 447,498 | ||||
Other assets | 154 | 62 | ||||
Total Assets | 494,742 | 467,810 | ||||
Other liabilities | 66 | 103 | ||||
Stockholders' equity | 494,676 | 467,707 | ||||
Total Liabilities and Stockholders' Equity | $494,742 | $467,810 |
Parent_Only_Financial_Informat3
Parent Only Financial Information - Condensed Statements of Income and Comprehensive Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Interest income | $25,912,000 | $24,630,000 | $23,956,000 | $23,933,000 | $23,300,000 | $21,606,000 | $21,644,000 | $21,802,000 | $23,206,000 | $51,610,000 | $47,233,000 | $95,819,000 | $88,258,000 | $98,549,000 |
Gain on sale of securities | 7,000 | 226,000 | 7,000 | 226,000 | 1,517,000 | 10,427,000 | 47,000 | |||||||
Directors' compensation | 165,000 | 172,000 | 361,000 | 344,000 | 690,000 | 698,000 | 678,000 | |||||||
Income tax benefit | 870,000 | 1,210,000 | 685,000 | 1,301,000 | 1,021,000 | 606,000 | 323,000 | 518,000 | 803,000 | 1,423,000 | 2,322,000 | 4,217,000 | 2,250,000 | 2,776,000 |
Net Income | 2,169,000 | 2,829,000 | 1,786,000 | 2,987,000 | 2,586,000 | 1,925,000 | 1,744,000 | 1,177,000 | 1,660,000 | 5,092,000 | 5,573,000 | 10,188,000 | 6,506,000 | 5,078,000 |
Comprehensive income (loss) | 651,000 | -2,600,000 | 3,064,000 | -262,000 | 12,047,000 | -21,229,000 | 13,242,000 | |||||||
Parent Company [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Dividends from subsidiary | 5,000,000 | 6,000,000 | ||||||||||||
Interest income | 341,000 | 450,000 | 566,000 | |||||||||||
Equity in undistributed earnings (loss) of subsidiaries | 5,398,000 | 6,550,000 | -864,000 | |||||||||||
Gain on sale of securities | 38,000 | |||||||||||||
Total Revenues | 10,739,000 | 7,038,000 | 5,702,000 | |||||||||||
Directors' compensation | 123,000 | 117,000 | 124,000 | |||||||||||
Other expenses | 539,000 | 436,000 | 526,000 | |||||||||||
Total Expenses | 662,000 | 553,000 | 650,000 | |||||||||||
Income before Income Taxes | 10,077,000 | 6,485,000 | 5,052,000 | |||||||||||
Income tax benefit | -111,000 | -21,000 | -26,000 | |||||||||||
Net Income | 10,188,000 | 6,506,000 | 5,078,000 | |||||||||||
Comprehensive income (loss) | $12,047,000 | ($21,229,000) | $13,242,000 |
Parent_Only_Financial_Informat4
Parent Only Financial Information - Condensed Statements of Cash Flows (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||||
Net Income | $5,092 | $5,573 | $10,188 | $6,506 | $5,078 |
Realized gain on sale of mortgage-backed securities available for sale | -601 | -1,520 | -2,817 | -10,433 | |
Decrease in interest receivable | -46 | 103 | -611 | 367 | 1,345 |
(Increase) decrease in other assets | -8,077 | -1,361 | 367 | 2,882 | 2,655 |
(Decrease) increase in other liabilities | 3,654 | 991 | 3,014 | 76 | 157 |
Net Cash Provided by Operating Activities | 8,292 | 10,012 | 26,007 | 29,923 | 37,357 |
Principal repayments on mortgage-backed securities available for sale | 37,613 | 70,719 | 114,107 | 335,914 | 305,665 |
Proceeds from sale of mortgage-backed securities available for sale | 17,780 | 53,613 | 116,838 | 442,806 | 51,306 |
Net Cash Provided by Investing Activities | -76,462 | -96,591 | -245,690 | -284,362 | -117,874 |
Dividends paid to minority stockholders of Kearny Financial Corp. | -3,617 | ||||
Purchase of common stock of Kearny Financial Corp. for treasury | -3,792 | -4,135 | -4,319 | -8,464 | |
Treasury stock reissued | 1,365 | 1,495 | |||
Dividends contributed for payment of ESOP loan | -2 | 160 | |||
Net Cash Provided by Financing Activities | 29,572 | 112,837 | 227,683 | 225,889 | 13,521 |
Net Increase (Decrease) in Cash and Cash Equivalents | -38,598 | 26,258 | 8,000 | -28,550 | -66,996 |
Cash and Cash Equivalents - Beginning | 135,034 | 127,034 | 127,034 | 155,584 | 222,580 |
Cash and Cash Equivalents - Ending | 96,436 | 153,292 | 135,034 | 127,034 | 155,584 |
Parent Company [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net Income | 10,188 | 6,506 | 5,078 | ||
Equity in undistributed (earnings) loss of subsidiaries | -5,398 | -6,550 | 864 | ||
Amortization of premiums | 8 | 14 | |||
Realized gain on sale of mortgage-backed securities available for sale | -38 | ||||
Decrease in interest receivable | 5 | 2 | |||
Payments received on intercompany liabilities | 231 | 174 | 12,469 | ||
(Increase) decrease in other assets | -116 | 52 | 41 | ||
(Decrease) increase in other liabilities | -37 | 22 | 1 | ||
Net Cash Provided by Operating Activities | 4,868 | 179 | 18,469 | ||
Repayment of loan to ESOP | 1,661 | 1,573 | 1,489 | ||
Principal repayments on mortgage-backed securities available for sale | 424 | 697 | |||
Proceeds from sale of mortgage-backed securities available for sale | 667 | ||||
Return of subsidiary investment | 9 | ||||
Net Cash Provided by Investing Activities | 1,661 | 2,664 | 2,195 | ||
Dividends paid to minority stockholders of Kearny Financial Corp. | -3,617 | ||||
Purchase of common stock of Kearny Financial Corp. for treasury | -4,135 | -4,319 | -8,464 | ||
Treasury stock reissued | 1,495 | ||||
Dividends contributed for payment of ESOP loan | -2 | 160 | |||
Dividends paid on vested ESOP distribution | -1 | ||||
Net Cash Provided by Financing Activities | -2,640 | -4,321 | -11,922 | ||
Net Increase (Decrease) in Cash and Cash Equivalents | 3,889 | -1,478 | 8,742 | ||
Cash and Cash Equivalents - Beginning | 13,524 | 13,524 | 15,002 | 6,260 | |
Cash and Cash Equivalents - Ending | $17,413 | $13,524 | $15,002 |
Quarterly_Results_of_Operation2
Quarterly Results of Operations - Summary of Quarterly Results of Operations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Statement [Abstract] | ||||||||||||||
Interest income | $25,912 | $24,630 | $23,956 | $23,933 | $23,300 | $21,606 | $21,644 | $21,802 | $23,206 | $51,610 | $47,233 | $95,819 | $88,258 | $98,549 |
Interest expense | 6,339 | 5,961 | 5,475 | 5,458 | 5,104 | 4,564 | 5,298 | 5,808 | 6,331 | 12,512 | 10,562 | 21,998 | 22,001 | 28,369 |
Net Interest Income | 19,573 | 18,669 | 18,481 | 18,475 | 18,196 | 17,042 | 16,346 | 15,994 | 16,875 | 39,098 | 36,671 | 73,821 | 66,257 | 70,180 |
Provision for loan losses | 1,732 | 774 | 880 | 559 | 1,168 | 1,325 | 1,407 | 1,393 | 339 | 2,590 | 1,727 | 3,381 | 4,464 | 5,750 |
Net Interest Income after Provision for Loan Losses | 17,841 | 17,895 | 17,601 | 17,916 | 17,028 | 15,717 | 14,939 | 14,601 | 16,536 | 36,508 | 34,944 | 70,440 | 61,793 | 64,430 |
Non-interest income | 1,718 | 1,948 | 2,385 | 1,929 | 1,861 | 1,833 | 11,070 | 2,285 | 1,200 | 3,298 | 3,790 | 8,123 | 16,388 | 2,145 |
Non-interest expenses | 16,520 | 15,804 | 17,515 | 15,557 | 15,282 | 15,019 | 23,942 | 15,191 | 15,273 | 33,291 | 30,839 | 64,158 | 69,425 | 58,721 |
Income before Income Taxes | 3,039 | 4,039 | 2,471 | 4,288 | 3,607 | 2,531 | 2,067 | 1,695 | 2,463 | 6,515 | 7,895 | 14,405 | 8,756 | 7,854 |
Income Taxes | 870 | 1,210 | 685 | 1,301 | 1,021 | 606 | 323 | 518 | 803 | 1,423 | 2,322 | 4,217 | 2,250 | 2,776 |
Net Income | $2,169 | $2,829 | $1,786 | $2,987 | $2,586 | $1,925 | $1,744 | $1,177 | $1,660 | $5,092 | $5,573 | $10,188 | $6,506 | $5,078 |
Basic | $0.03 | $0.04 | $0.03 | $0.05 | $0.04 | $0.08 | $0.08 | $0.16 | $0.10 | $0.08 | ||||
Net income per common share: Basic and diluted | $0.03 | $0.03 | $0.02 | $0.03 | ||||||||||
Diluted | $0.03 | $0.04 | $0.03 | $0.05 | $0.04 | $0.08 | $0.08 | $0.16 | $0.10 | $0.08 | ||||
Weighted Average Number of Common Shares Outstanding: Basic and diluted | 66,019 | 66,141 | 66,188 | 66,256 | ||||||||||
Basic | 67,042 | 65,796 | 65,684 | 65,767 | 65,936 | 67,009 | 65,851 | 65,796 | 66,152 | 66,495 | ||||
Diluted | 67,055 | 66,228 | 65,782 | 65,767 | 65,936 | 67,185 | 65,851 | 65,836 | 66,152 | 66,495 | ||||
Dividends Declared Per Common Share | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0.15 |