Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Sep. 04, 2015 | Dec. 31, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | KRNY | ||
Entity Registrant Name | Kearny Financial Corp. | ||
Entity Central Index Key | 1,617,242 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 93,528,092 | ||
Entity Public Float | $ 187.3 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Assets | ||
Cash and amounts due from depository institutions | $ 15,529 | $ 14,403 |
Interest-bearing deposits in other banks | 324,607 | 120,631 |
Cash and cash equivalents | 340,136 | 135,034 |
Debt securities available for sale (amortized cost $422,903 and $411,228) | 420,660 | 407,898 |
Mortgage-backed securities available for sale (amortized cost $344,523 and $432,802) | 346,619 | 437,223 |
Securities available for sale | 767,279 | 845,121 |
Debt securities held to maturity (fair value $218,366 and $213,472) | 219,862 | 216,414 |
Mortgage-backed securities held to maturity (fair value $445,501 and $293,781) | 443,479 | 295,658 |
Securities held to maturity | 663,341 | 512,072 |
Loans receivable, including unamortized yield adjustments of $316 and $(1,397) | 2,102,864 | 1,741,471 |
Less allowance for loan losses | (15,606) | (12,387) |
Net loans receivable | 2,087,258 | 1,729,084 |
Premises and equipment | 39,180 | 40,105 |
Federal Home Loan Bank of New York ("FHLB") stock | 27,468 | 25,990 |
Accrued interest receivable | 9,873 | 9,013 |
Goodwill | 108,591 | 108,591 |
Bank owned life insurance | 170,452 | 88,820 |
Deferred income tax assets, net | 17,827 | 10,314 |
Other assets | 5,782 | 5,865 |
Total Assets | 4,237,187 | 3,510,009 |
Liabilities | ||
Deposits: Non-interest-bearing | 218,533 | 224,054 |
Deposits: Interest-bearing | 2,247,117 | 2,255,887 |
Total deposits | 2,465,650 | 2,479,941 |
Borrowings | 571,499 | 512,257 |
Advance payments by borrowers for taxes | 9,043 | 9,001 |
Other liabilities | 23,620 | 14,134 |
Total Liabilities | $ 3,069,812 | $ 3,015,333 |
Stockholders' Equity | ||
Preferred stock, $0.01 and $0.10 par value, 100,000,000 shares and 25,000,000 shares authorized; none issued and outstanding, respectively | ||
Common stock, $0.01 and $0.10 par value; 800,000,000 shares and 103,530,000 shares authorized; 93,528,092 shares and 101,848,103 shares issued; 93,528,092 shares and 92,856,561 shares outstanding, respectively | $ 935 | $ 7,378 |
Paid-in capital | 870,480 | 231,870 |
Retained earnings | 342,148 | 336,355 |
Unearned employee stock ownership plan shares; 3,963,776 shares and 535,490 shares, respectively | (38,427) | (3,879) |
Treasury stock, at cost; 0 shares and 8,991,542 shares, respectively | (74,768) | |
Accumulated other comprehensive loss | (7,761) | (2,280) |
Total Stockholders' Equity | 1,167,375 | 494,676 |
Total Liabilities and Stockholders' Equity | $ 4,237,187 | $ 3,510,009 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Securities available for sale, Amortized cost | $ 422,903 | $ 411,228 |
Mortgage-backed securities available for sale, amortized cost | 344,523 | 432,802 |
Securities held to maturity, estimated fair value | 218,366 | 213,472 |
Mortgage-backed securities held to maturity, fair value disclosure | 445,501 | 293,781 |
Loans receivable, unamortized yield adjustments | $ 316 | $ (1,397) |
Preferred stock, par value | $ 0.01 | $ 0.10 |
Preferred stock, shares authorized | 100,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.10 |
Common stock, shares authorized | 800,000,000 | 103,530,000 |
Common stock, shares issued | 93,528,092 | 101,848,103 |
Common stock, shares outstanding | 93,528,092 | 92,856,561 |
Employee Stock Ownership Plan (ESOP), Number of Suspense Shares | 3,963,776 | 535,490 |
Treasury stock, shares | 0 | 8,991,542 |
Other Investment Securities | ||
Securities held to maturity, estimated fair value | $ 218,366 | $ 213,472 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Interest Income | |||
Loans | $ 76,614 | $ 66,794 | $ 61,500 |
Mortgage-backed securities | 18,634 | 20,827 | 23,688 |
Debt securities: | |||
Taxable | 7,215 | 5,341 | 1,884 |
Tax-exempt | 1,978 | 1,839 | 411 |
Other interest-earning assets | 1,598 | 1,018 | 775 |
Total Interest Income | 106,039 | 95,819 | 88,258 |
Interest Expense | |||
Deposits | 15,939 | 14,538 | 14,711 |
Borrowings | 9,492 | 7,460 | 7,290 |
Total Interest Expense | 25,431 | 21,998 | 22,001 |
Net Interest Income | 80,608 | 73,821 | 66,257 |
Provision for Loan Loses | 6,108 | 3,381 | 4,464 |
Net Interest Income after Provision for Loan Losses | 74,500 | 70,440 | 61,793 |
Non-Interest Income | |||
Fees and service charges | 2,914 | 2,452 | 2,541 |
Gain on sale of securities | 7 | 1,517 | 10,427 |
Gain on sale of loans | 111 | 80 | 557 |
Loss on sale and write down of real estate owned | (793) | (441) | (775) |
Income from bank owned life insurance | 3,999 | 2,735 | 1,966 |
Electronic banking fees and charges | 1,037 | 1,160 | 1,145 |
Miscellaneous | 666 | 620 | 527 |
Total Non-Interest Income | 7,941 | 8,123 | 16,388 |
Non-Interest Expense | |||
Salaries and employee benefits | 39,242 | 35,774 | 35,406 |
Net occupancy expense of premises | 7,537 | 7,031 | 6,625 |
Equipment and systems | 7,875 | 8,982 | 7,596 |
Advertising and marketing | 1,208 | 1,262 | 1,002 |
Federal deposit insurance premium | 2,534 | 2,288 | 2,166 |
Directors' compensation | 709 | 690 | 698 |
Merger-related expenses | 391 | ||
Debt extinguishment expenses | 8,688 | ||
Contribution to charitable foundation | 10,000 | ||
Miscellaneous | 8,976 | 7,740 | 7,244 |
Total Non-Interest Expense | 78,081 | 64,158 | 69,425 |
Income before Income Taxes | 4,360 | 14,405 | 8,756 |
Income tax (benefit) expense | (1,269) | 4,217 | 2,250 |
Net Income | $ 5,629 | $ 10,188 | $ 6,506 |
Net Income per Common Share (EPS) | |||
Basic | $ 0.06 | $ 0.11 | $ 0.07 |
Diluted | $ 0.06 | $ 0.11 | $ 0.07 |
Weighted Average Number of Common Shares Outstanding | |||
Basic | 91,717 | 90,825 | 91,316 |
Diluted | 91,841 | 90,880 | 91,316 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net Income | $ 5,629 | $ 10,188 | $ 6,506 |
Other Comprehensive (Loss) Income: | |||
Net unrealized (loss) gain on securities available for sale, net of deferred income tax (benefit) expense of: 2015 $(481); 2014 $3,235; 2013 $(13,886) | (750) | 6,754 | (22,776) |
Net loss on securities transferred from available for sale to held to maturity, net of deferred income tax benefit of: 2015 $(31); 2014 $(404); 2013 $0 | (44) | (586) | |
Net realized gain on securities available for sale, net of income tax expense of: 2015 $(3); 2014 $(622); 2013 $(4,277) | (4) | (901) | (6,156) |
Fair value adjustments on derivatives, net of deferred income tax (benefit) expense of: 2015 $(3,117); 2014 $(2,699); 2013 $1,269 | (4,512) | (3,909) | 1,838 |
Benefit plan adjustments, net of deferred income tax (benefit) expense of: 2015 $(117); 2014 $346; 2013 $(443) | (171) | 501 | (641) |
Total Other Comprehensive (Loss) Income | (5,481) | 1,859 | (27,735) |
Total Comprehensive Income (Loss) | $ 148 | $ 12,047 | $ (21,229) |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Deferred income tax (benefit) expense, Unrealized (loss) gain on securities available for sale arising during the period | $ (481) | $ 3,235 | $ (13,886) |
Deferred income tax expense, Net gain on securities transferred from available for sale held to maturity | (31) | (404) | 0 |
Income tax expense, Realized gain on securities available for sale | (3) | (622) | (4,277) |
Deferred income tax (benefit) expense, Fair value adjustments on derivatives | (3,117) | (2,699) | 1,269 |
Deferred tax (benefit) expense, Benefit plans | $ (117) | $ 346 | $ (443) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock Outstanding [Member] | Paid-in Capital [Member] | Retained Earnings [Member] | Unearned ESOP Shares [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance (in value) at Jun. 30, 2012 | $ 491,617 | $ 7,274 | $ 215,539 | $ 319,661 | $ (6,789) | $ (67,664) | $ 23,596 |
Balance (in shares) at Jun. 30, 2012 | 92,398,000 | ||||||
Net Income | 6,506 | 6,506 | |||||
Other comprehensive income (loss), net of income tax | (27,735) | (27,735) | |||||
ESOP shares committed to be released | 1,431 | (24) | 1,455 | ||||
Dividends contributed for payment of ESOP loan | (2) | (2) | |||||
Stock option expense | 41 | 41 | |||||
Treasury stock purchases (in value) | (4,319) | (4,319) | |||||
Treasury stock purchases (in shares) | (600,000) | ||||||
Restricted stock plan shares earned (in value) | 168 | 168 | |||||
Balance (in value) at Jun. 30, 2013 | 467,707 | $ 7,274 | 215,722 | 326,167 | (5,334) | (71,983) | (4,139) |
Balance (in shares) at Jun. 30, 2013 | 91,798,000 | ||||||
Net Income | 10,188 | 10,188 | |||||
Other comprehensive income (loss), net of income tax | 1,859 | 1,859 | |||||
ESOP shares committed to be released | 1,742 | 287 | 1,455 | ||||
Stock option expense | 81 | 81 | |||||
Treasury stock purchases (in value) | (4,135) | (4,135) | |||||
Treasury stock purchases (in shares) | (545,000) | ||||||
Treasury stock reissued for stock option exercises (in value) | 1,495 | 145 | 1,350 | ||||
Treasury stock reissued for stock option exercises (in shares) | 162,000 | ||||||
Restricted stock plan shares earned (in value) | 239 | 239 | |||||
Issuance of stock to MHC for acquisition (in value) | 15,500 | $ 104 | 15,396 | ||||
Issuance of stock to MHC for acquisition (in shares) | 1,441,000 | ||||||
Balance (in value) at Jun. 30, 2014 | $ 494,676 | $ 7,378 | 231,870 | 336,355 | (3,879) | (74,768) | (2,280) |
Balance (in shares) at Jun. 30, 2014 | 92,856,561 | 92,856,000 | |||||
Net Income | $ 5,629 | 5,629 | |||||
Other comprehensive income (loss), net of income tax | (5,481) | (5,481) | |||||
Conversion of Kearny MHC (in value) | 670,660 | $ (5,843) | 676,503 | ||||
Conversion of Kearny MHC (in shares) | (3,589,000) | ||||||
Issuance of shares to charitable foundation (in value) | 5,000 | $ 5 | 4,995 | ||||
Issuance of shares to charitable foundation (in shares) | 500,000 | ||||||
Purchase of shares by ESOP (in value) | $ 36 | 36,089 | (36,125) | ||||
Purchase of shares by ESOP (in shares) | 3,613,000 | ||||||
Retirement of treasury stock | $ (641) | (72,894) | 73,535 | ||||
Contribution of MHC | 164 | 164 | |||||
ESOP shares committed to be released | 2,067 | 490 | 1,577 | ||||
Stock option expense | 177 | 177 | |||||
Treasury stock reissued for stock option exercises (in value) | $ 1,365 | 132 | $ 1,233 | ||||
Treasury stock reissued for stock option exercises (in shares) | 148,230 | 148,000 | |||||
Restricted stock plan shares earned (in value) | $ 306 | 306 | |||||
Settlement of stock options with cash in lieu of shares, value | (7,188) | (7,188) | |||||
Balance (in value) at Jun. 30, 2015 | $ 1,167,375 | $ 935 | $ 870,480 | $ 342,148 | $ (38,427) | $ (7,761) | |
Balance (in shares) at Jun. 30, 2015 | 93,528,092 | 93,528,000 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - shares shares in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Statement Of Stockholders Equity [Abstract] | |||
ESOP shares committed to be released, shares | 201 | 200 | 200 |
Restricted stock plan shares earned, shares | 32 | 26 | 22 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Cash Flows from Operating Activities: | |||
Net Income | $ 5,629,000 | $ 10,188,000 | $ 6,506,000 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of premises and equipment | 2,942,000 | 2,645,000 | 2,610,000 |
Net amortization of premiums, discounts and loan fees and costs | 2,536,000 | 2,667,000 | 9,163,000 |
Deferred income taxes | (3,388,000) | 83,000 | 278,000 |
Realized gain on bargain purchase | (370,000) | (226,000) | |
Amortization of intangible assets | 193,000 | 122,000 | 138,000 |
Amortization of benefit plans’ unrecognized net loss | 75,000 | 43,000 | 100,000 |
Provision for Loan Loses | 6,108,000 | 3,381,000 | 4,464,000 |
Loss on write-down and sales of real estate owned | 793,000 | 441,000 | 775,000 |
Realized gain on sale of loans | (111,000) | (80,000) | (557,000) |
Proceeds from sale of loans | 1,343,000 | 6,092,000 | 5,332,000 |
Realized loss on sale of debt securities available for sale | 594,000 | 1,294,000 | |
Realized gain on sale of mortgage-backed securities available for sale | (601,000) | (2,817,000) | (10,433,000) |
Realized loss on sale of mortgage-backed securities held to maturity | 6,000 | 6,000 | |
Debt extinguishment expenses | 8,688,000 | ||
Realized gain on disposition of premises and equipment | (14,000) | (105,000) | |
Increase in cash surrender value of bank owned life insurance | (2,565,000) | (2,735,000) | (1,966,000) |
ESOP, stock option plan and restricted stock plan expenses | 2,550,000 | 2,062,000 | 1,640,000 |
Contribution of stock to charitable foundation | 5,000,000 | ||
(Increase) decrease in interest receivable | (860,000) | (611,000) | 367,000 |
(Increase) decrease in other assets | (8,533,000) | 367,000 | 2,882,000 |
Increase (decrease) in interest payable | 39,000 | 71,000 | (41,000) |
Increase in other liabilities | 9,142,000 | 3,014,000 | 76,000 |
Net Cash Provided by Operating Activities | 20,502,000 | 26,007,000 | 29,923,000 |
Cash Flows from Investing Activities: | |||
Purchase of debt securities available for sale | (52,528,000) | (158,909,000) | (291,418,000) |
Proceeds from sale of debt securities available for sale | 39,444,000 | 54,075,000 | |
Proceeds from repayments of debt securities available for sale | 868,000 | 737,000 | 732,000 |
Purchases of mortgage-backed securities available for sale | (10,384,000) | (50,155,000) | (373,003,000) |
Principal repayments on mortgage-backed securities available for sale | 79,825,000 | 114,107,000 | 335,914,000 |
Proceeds from sale of mortgage-backed securities available for sale | 17,780,000 | 116,838,000 | 442,806,000 |
Purchase of debt securities held to maturity | (10,015,000) | (9,056,000) | (208,610,000) |
Proceeds from repayments of debt securities held to maturity | 6,353,000 | 2,481,000 | 33,220,000 |
Purchases of mortgage-backed securities held to maturity | (186,029,000) | (5,094,000) | (100,357,000) |
Principal repayments on mortgage-backed securities held to maturity | 37,257,000 | 2,299,000 | 312,000 |
Proceeds from sale of mortgage-backed securities held to maturity | 0 | 28,000 | 18,000 |
Purchase of loans | (233,104,000) | (114,343,000) | (17,773,000) |
Net increase in loans receivable | (134,222,000) | (196,468,000) | (69,663,000) |
Proceeds from sale of real estate owned | 1,748,000 | 1,484,000 | 3,847,000 |
Purchase of cash flow hedges | (2,538,000) | ||
Additions to premises and equipment | (2,052,000) | (3,560,000) | (1,042,000) |
Proceeds from cash settlement of premises and equipment | 50,000 | 220,000 | |
Purchase of bank owned life insurance | (80,000,000) | (35,503,000) | |
Proceeds from repayment of BOLI cash surrender value | 933,000 | ||
Purchase of FHLB stock | (11,518,000) | (28,170,000) | (18,675,000) |
Redemption of FHLB stock | 10,040,000 | 18,883,000 | 17,151,000 |
Cash received from MHC in merger | 162,000 | ||
Cash acquired in merger | 9,133,000 | ||
Net Cash Used in Investing Activities | (525,392,000) | (245,690,000) | (284,362,000) |
Cash Flows from Financing Activities: | |||
Net (decrease) increase in deposits | (14,149,000) | 23,326,000 | 198,899,000 |
Repayment of term FHLB advances | (1,600,094,000) | (800,088,000) | (218,774,000) |
Proceeds from term FHLB advances | 1,672,000,000 | 1,000,000,000 | 145,000,000 |
Net change in overnight borrowings | (17,000,000) | 12,000,000 | 105,000,000 |
Net increase (decrease) in other short-term borrowings | 4,356,000 | (6,026,000) | (1,781,000) |
Net increase in advance payments by borrowers for taxes | 42,000 | 1,111,000 | 1,866,000 |
Purchase of common stock of Kearny Financial Corp. for treasury | (4,135,000) | (4,319,000) | |
Issuance of common stock of Kearny Financial Corp. from treasury | 1,365,000 | 1,495,000 | |
Dividends contributed for payment of ESOP loan | (2,000) | ||
Net proceeds from sale of common stock | 706,785,000 | ||
Loan to ESOP for purchase of common stock | (36,125,000) | ||
Payment of cash for exercise of stock options | (7,188,000) | ||
Net Cash Provided by Financing Activities | 709,992,000 | 227,683,000 | 225,889,000 |
Net Increase (Decrease) in Cash and Cash Equivalents | 205,102,000 | 8,000,000 | (28,550,000) |
Cash and Cash Equivalents - Beginning | 135,034,000 | 127,034,000 | 155,584,000 |
Cash and Cash Equivalents - Ending | 340,136,000 | 135,034,000 | 127,034,000 |
Cash paid during the year for: | |||
Income taxes, net of refunds | 1,905,000 | 3,503,000 | 1,687,000 |
Interest | 25,341,000 | 21,919,000 | 22,042,000 |
Non-cash investing activities: | |||
Acquisition of real estate owned in settlement of loans | 1,860,000 | 1,489,000 | $ 2,873,000 |
Fair value of assets acquired, net of cash and cash equivalents acquired | $ 319,000 | 111,806,000 | |
Fair value of liabilities assumed | 105,213,000 | ||
Transfer of securities available for sale to securities held to maturity | 191,890,000 | ||
Non-cash financing activities: | |||
Issuance of common stock of mutual holding company | $ 15,500,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2015 | |
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 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 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, 2015, 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 three-year period ended June 30, 2015. 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, 2015. Note 1 - Summary of Significant Accounting Policies (continued) 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. Note 1 - Summary of Significant Accounting Policies (continued) 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, 2015, the Company had cash and cash equivalents of $340.1 million comprising funds on deposit at other institutions totaling $328.8 million and other cash-related items, consisting primarily of vault cash, totaling $11.3 million. Cash and equivalents on deposit at other institutions at June 30, 2015 was comprised of $15.5 million held by the Federal Home Loan Bank of New York (“FHLB”), $300.4 million held by the Federal Reserve Bank of New York (“FRB”) and a total of $12.6 million held at two U.S. domestic money center banks representing funds on deposit totaling $9.1 million and $3.5 million, respectively, at June 30, 2015. Such balances also included a total of $282,000 of cash held at Atlantic Community Bankers Bank (“ACBB”). By comparison, 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. Note 1 - Summary of Significant Accounting Policies (continued) 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”. Note 1 - Summary of Significant Accounting Policies (continued) 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. Note 1 - Summary of Significant Accounting Policies (continued) 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. Note 1 - Summary of Significant Accounting Policies (continued) 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 defin |
Acquisition of Atlas Bank
Acquisition of Atlas Bank | 12 Months Ended |
Jun. 30, 2015 | |
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 881 Core deposit intangible 398 Other assets 1,671 Fair value of assets acquired 121,309 Deposits 86,099 Federal Home Loan Bank advances 18,693 Other liabilities 421 Fair value of liabilities assumed 105,213 Total identified net assets 16,096 Gain on bargain purchase (596 ) Total $ 15,500 The amounts included in the table above reflect adjustments to the fair value of deferred income tax assets, net that resulted in a $370,000 increase to gain on bargain purchase recorded during the year ended June 30, 2015. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Jun. 30, 2015 | |
Accounting Changes And Error Corrections [Abstract] | |
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 May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The ASU’s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this objective, the standard requires five basic steps: i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. For public entities, the guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. 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 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. |
Plan of Conversion and Stock Of
Plan of Conversion and Stock Offering | 12 Months Ended |
Jun. 30, 2015 | |
Plan Of Reorganization [Abstract] | |
Plan of Conversion and Stock Offering | Note 4 – Plan of Conversion and Stock Offering On September 4, 2014, the Boards of Directors of Kearny MHC, our prior holding company (also named Kearny Financial Corp.) and the Bank adopted a Plan of Conversion and Reorganization (the “Plan”). Pursuant to the Plan, Kearny MHC would convert from the mutual holding company form of organization to the fully public form. Kearny MHC would be merged into the prior holding company, and Kearny MHC would no longer exist. The prior holding company would then merge into a new Maryland corporation, also named Kearny Financial Corp., which would become the holding company for the Bank. As part of the conversion, Kearny MHC’s ownership interest in the prior holding company would be offered for sale in a public offering. The existing publicly held shares of the Company, which represented the remaining ownership interest in the Company, would be exchanged for new shares of common stock of the new Maryland corporation. The exchange ratio would ensure that immediately after the conversion and public offering, the public shareholders of the Company would 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). Upon completion of the conversion and public offering, all of the capital stock of the Bank would be owned by the new Maryland corporation. The Plan provided 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 relating to the stock offering 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 would no longer 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 would be reduced annually to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases would not restore an eligible account holder’s interest in the liquidation accounts. Direct costs of the conversion and public offering would be deferred and reduce the proceeds from the shares sold in the public offering. On May 5, 2015, the stockholders of the prior holding company and members of Kearny MHC approved the plan of conversion and reorganization. Additionally, on May 5, 2015, the Company’s stockholders and Kearny MHC’s members each approved the establishment and funding of the KearnyBank Foundation with a contribution of 500,000 shares of New Kearny common stock and $5.0 million in cash. The transactions contemplated by the Plan were also subject to approval by the Board of Governors of the Federal Reserve System, which was received in March 2015. On May 18, 2015, the Company completed its second-step conversion and stock offering as outlined in the Plan described above. In conjunction with that transaction, the Company sold 71,750,000 shares of its common stock at $10.00 per share, resulting in gross proceeds of $717.5 million. The new shares issued included 3,612,500 shares sold to the Bank’s Employee Stock Ownership Plan (“ESOP”) with an aggregate value of $36.1 million based on the sales price of $10.00 per share. Concurrent with the closing of the transaction, the Company also issued an additional 500,000 shares of its common stock with an aggregate value of $5.0 million and contributed these shares with an additional $5.0 million in cash to the KearnyBank Foundation. The Company recognized direct stock offering costs of approximately $10.7 million in conjunction with the transaction which reduced the net proceeds credited to capital. After adjusting for transaction costs and the value of the shares issued to the Bank’s ESOP, the Company recognized a net increase in equity capital of approximately $670.7 million, of which approximately $353.4 million was contributed to the Bank by the Company as an additional investment in the Bank’s common equity. The outstanding shares held by the Company’s public stockholders immediately prior to the closing of the conversion and stock offering were “exchanged” or converted into 1.3804 shares of the Company’s new common stock. All shares previously held by Kearny MHC, the former mutual holding company, as well as the remaining shares previously repurchased by the Company and held in treasury were cancelled concurrent with the closing of the transaction. At June 30, 2015, the Company had 93,528,092 shares outstanding, comprising 71,750,000 new shares sold in the stock offering, 500,000 new shares issued to the KearnyBank Foundation and 21,278,092 exchanged shares, as adjusted for the cash settlement of fractional shares. As a result of the completion of the second-step conversion and stock offering, all historical share and per share information has been revised to reflect the 1.3804-to-one exchange ratio to support the comparability of information between periods. |
Securities Available for Sale
Securities Available for Sale | 12 Months Ended |
Jun. 30, 2015 | |
Investments Debt And Equity Securities [Abstract] | |
Securities Available for Sale | Note 5 - Securities Available for Sale Amortized cost, gross unrealized gains and losses and fair value of debt securities and mortgage-backed securities at June 30, 2015 and 2014 and stratification by contractual maturity of debt securities at June 30, 2015 are presented below: June 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Securities available for sale: Debt securities: U.S. agency securities $ 7,208 $ 66 $ 11 $ 7,263 Obligations of state and political subdivisions 27,513 26 704 26,835 Asset-backed securities 87,614 879 461 88,032 Collateralized loan obligations 128,624 175 628 128,171 Corporate bonds 163,049 433 874 162,608 Trust preferred securities 8,895 16 1,160 7,751 Total debt securities 422,903 1,595 3,838 420,660 Mortgage-backed securities: Collateralized mortgage obligations: Federal Home Loan Mortgage Corporation 27,392 10 324 27,078 Federal National Mortgage Association 45,522 12 900 44,634 Non-agency securities 167 - 2 165 Total collateralized mortgage obligations 73,081 22 1,226 71,877 Mortgage pass-through securities: Residential pass-through securities: Government National Mortgage Association 2,430 225 - 2,655 Federal Home Loan Mortgage Corporation 155,522 2,286 1,358 156,450 Federal National Mortgage Association 102,424 2,749 665 104,508 Total residential pass-through securities 260,376 5,260 2,023 263,613 Commercial pass-through securities: Federal National Mortgage Association 11,066 63 - 11,129 Total commercial pass-through securities 11,066 63 - 11,129 Total mortgage-backed securities 344,523 5,345 3,249 346,619 Total securities available for sale $ 767,426 $ 6,940 $ 7,087 $ 767,279 June 30, 2015 Amortized Cost Fair Value (In Thousands) Debt securities available for sale: Due in one year or less $ 20,011 $ 20,088 Due after one year through five years 45,697 45,526 Due after five years through ten years 149,915 149,089 Due after ten years 207,280 205,957 Total $ 422,903 $ 420,660 Note 5 - Securities Available for Sale (continued) June 30, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Securities available for sale: 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 Collateralized loan obligations 120,089 - 517 119,572 Corporate bonds 163,076 617 1,459 162,234 Trust preferred securities 8,887 32 1,121 7,798 Total debt securities 411,228 1,369 4,699 407,898 Mortgage-backed securities: Collateralized mortgage obligations: Federal Home Loan Mortgage Corporation 33,505 - 485 33,020 Federal National Mortgage Association 51,277 12 1,249 50,040 Non-agency securities 210 - - 210 Total collateralized mortgage obligations 84,992 12 1,734 83,270 Mortgage pass-through securities: Residential pass-through securities: 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 residential pass-through securities 347,810 8,908 2,765 353,953 Total mortgage-backed securities 432,802 8,920 4,499 437,223 Total securities available for sale $ 844,030 $ 10,289 $ 9,198 $ 845,121 During the years ended June 30, 2015, 2014 and 2013, proceeds from sales of securities available for sale totaled $57.2 million, $170.9 million and $442.8 million and resulted in gross gains of $601,000, $3.6 million and $10.6 million and gross losses of $594,000, $2.1 million and $135,000, respectively. At June 30, 2015 and 2014, securities available for sale with carrying value of approximately $58.3 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 $1.4 million and $1.8 million, respectively, were pledged to secure public funds on deposit. |
Securities Held to Maturity
Securities Held to Maturity | 12 Months Ended |
Jun. 30, 2015 | |
Investments Debt And Equity Securities [Abstract] | |
Securities Held to Maturity | Note 6 – Securities Held to Maturity Amortized cost, gross unrealized gains and losses and fair value of debt securities and mortgage-backed securities at June 30, 2015 and 2014 and stratification by contractual maturity of debt securities at June 30, 2015 are presented below: June 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Securities held to maturity: Debt securities: U.S. agency securities $ 143,334 $ - $ 332 $ 143,002 Obligations of state and political subdivisions 76,528 26 1,190 75,364 Total debt securities 219,862 26 1,522 218,366 Mortgage-backed securities: Collateralized mortgage obligations: Federal Home Loan Mortgage Corporation 15,121 5 - 15,126 Federal National Mortgage Association 221 24 - 245 Non-agency securities 42 - 1 41 Total collateralized mortgage obligations 15,384 29 1 15,412 Mortgage pass-through securities: Residential pass-through securities: Government National Mortgage Association 8 1 - 9 Federal Home Loan Mortgage Corporation 44,905 16 218 44,703 Federal National Mortgage Association 214,150 1,090 338 214,902 Total residential pass-through securities 259,063 1,107 556 259,614 Commercial pass-through securities: Government National Mortgage Association 10,111 32 - 10,143 Federal National Mortgage Association 158,921 1,639 228 160,332 Total commercial pass-through securities 169,032 1,671 228 170,475 Total mortgage-backed securities 443,479 2,807 785 445,501 Total securities held to maturity $ 663,341 $ 2,833 $ 2,307 $ 663,867 June 30, 2015 Amortized Cost Fair Value (In Thousands) Debt securities held to maturity: Due in one year or less $ 6,359 $ 6,362 Due after one year through five years 154,345 153,927 Due after five years through ten years 36,240 35,733 Due after ten years 22,918 22,344 Total $ 219,862 $ 218,366 Note 6 – Securities Held to Maturity (continued) June 30, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (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 Total debt securities 216,414 21 2,963 213,472 Mortgage-backed securities: Collateralized mortgage obligations: Federal Home Loan Mortgage Corporation 20 2 - 22 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: Residential pass-through securities: Government National Mortgage Association 9 - - 9 Federal Home Loan Mortgage Corporation 283 4 - 287 Federal National Mortgage Association 114,276 140 83 114,333 Total residential pass-through securities 114,568 144 83 114,629 Commercial pass-through securities: Federal National Mortgage Association 180,752 73 2,042 178,783 Total commercial pass-through securities 180,752 73 2,042 178,783 Total mortgage-backed securities 295,658 249 2,126 293,781 Total securities held to maturity $ 512,072 $ 270 $ 5,089 $ 507,253 There were no sales of securities held to maturity during the year ended June 30, 2015. During the years ended June 30, 2014 and 2013, proceeds from sales of securities held to maturity totaled $28,000 and $18,000, respectively, resulting in gross losses of $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, 2015 and 2014, securities held to maturity with carrying value of approximately $126.9 million and $128.1 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 $7.9 million and $4.5 million, respectively, were pledged to secure public funds on deposit. |
Impairment of Securities
Impairment of Securities | 12 Months Ended |
Jun. 30, 2015 | |
Investments Debt And Equity Securities [Abstract] | |
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. 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. June 30, 2015 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In Thousands) Securities Available for Sale: U.S. agency securities $ 1,533 $ 7 $ 695 $ 4 $ 2,228 $ 11 Obligations of state and political subdivisions 20,575 515 2,943 189 23,518 704 Asset-backed securities 23,855 293 20,067 168 43,922 461 Collateralized loan obligations 49,694 117 59,551 511 109,245 628 Corporate bonds 19,880 120 74,295 754 94,175 874 Trust preferred securities - - 6,734 1,160 6,734 1,160 Collateralized mortgage obligations 5,479 29 52,105 1,197 57,584 1,226 Residential pass-through securities 61,896 1,140 50,513 883 112,409 2,023 Total $ 182,912 $ 2,221 $ 266,903 $ 4,866 $ 449,815 $ 7,087 June 30, 2014 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In Thousands) Securities Available for Sale: U.S. agency securities $ 826 $ 1 $ 84 $ 1 $ 910 $ 2 Obligations of state and political subdivisions 946 3 23,140 770 24,086 773 Asset-backed securities 28,404 630 25,169 197 53,573 827 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 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 $ 156,477 $ 1,333 $ 307,493 $ 7,865 $ 463,970 $ 9,198 The number of available for sale securities with unrealized losses at June 30, 2015 totaled 119 and included five U.S. agency securities, 62 municipal obligations, four asset-backed securities, 16 collateralized loan obligations, seven corporate obligations, four trust preferred securities, eight collateralized mortgage obligations and 13 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, six collateralized mortgage obligations and seven residential pass-through securities. Note 7 – Impairment of Securities (continued) June 30, 2015 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In Thousands) Securities Held to Maturity: U.S. agency securities $ - $ - $ 143,002 $ 332 $ 143,002 $ 332 Obligations of state and political subdivisions 56,190 840 7,965 350 64,155 1,190 Collateralized mortgage obligations - - 41 1 41 1 Residential pass-through securities 142,789 556 142,789 556 Commercial pass-through securities 18,792 228 - - 18,792 228 Total $ 217,771 $ 1,624 $ 151,008 $ 683 $ 368,779 $ 2,307 June 30, 2014 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In Thousands) 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 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 The number of held to maturity securities with unrealized losses at June 30, 2015 totaled 166 and included seven U.S. agency securities, 136 municipal obligations, four collateralized mortgage obligations, 15 residential pass-through securities and four 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, three collateralized mortgage obligations, 26 residential pass-through securities and 25 commercial pass-through securities. Note 7 – Impairment of Securities (continued) 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: · When the Company intends to sell the impaired debt security; · 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 · 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 Company considers a variety of factors when determining whether a credit loss exists for an impaired security including, but not limited to: · The length of time and the extent (a percentage) to which the fair value has been less than the amortized cost basis; · 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); · The historical and implied volatility of the fair value of the security; · The payment structure of the debt security; · Actual or expected failure of the issuer of the security to make scheduled interest or principal payments; · Changes to the rating of the security by external rating agencies; and · Recoveries or additional declines in fair value subsequent to the balance sheet date. At June 30, 2015 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. The carrying value of the Company’s mortgage-backed securities totaled $790.1 million at June 30, 2015 and comprised 55.2% of total investments and 18.6% 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 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. Note 7 – Impairment of Securities (continued) 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. 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. 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. 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 June 30, 2015 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, 2015 to be “other-than-temporarily” impaired as of that date. 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, 2015. 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 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. Note 7 – Impairment of Securities (continued) 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, 2015 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, 2015 to be “other-than-temporarily” impaired as of that date. U.S. Agency Debt Securities. The carrying value of the Company’s U.S. agency debt securities totaled $150.6 million at June 30, 2015 and comprised 10.5% of total investments and 3.6% of total assets as of that date. Such securities included $143.3 million of fixed-rate U.S. agency debentures and $7.3 million of securities representing securitized pools of loans issued and fully guaranteed by the Small Business Administration (“SBA”), a U.S. government agency. 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. 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. 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 June 30, 2015 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, 2015 to be “other-than-temporarily” impaired as of that date. Obligations of State and Political Subdivisions. The carrying value of the Company’s securities representing obligations of state and political subdivisions totaled $103.4 million at June 30, 2015 and comprised 7.2% of total investments and 2.4% of total assets as of that date. Such securities primarily included 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 balance of municipal obligations at June 30, 2015 included $6.4 million of non-rated bond anticipation and special emergency notes (“BANs”) comprising ten short-term obligations issued by a total of seven New Jersey municipalities. 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”. Note 7 – Impairment of Securities (continued) 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. At June 30, 2015, 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. 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. 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. Finally, the Company has the stated ability and intent to “hold to maturity” those securities so designated at June 30, 2015 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, 2015 to be “other-than-temporarily” impaired as of that date. Asset-backed Securities. The carrying value of the Company’s asset-backed securities totaled $88.0 million at June 30, 2015 and comprised 6.2% of total investments and 2.1% 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, 2015. 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. Note 7 – Impairment of Securities (continued) 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. 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, 2015. In light of the factors noted, the Company does not consider its balance of asset-backed securities with unrealized losses at June 30, 2015 to be “other-than-temporarily” impaired as of that date. Collateralized Loan Obligations. The outstanding balance of the Company’s collateralized loan obligations totaled $128.2 million at June 30, 2015 and comprised 9.0% of total investments and 3.0% 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. 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”. 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. At June 30, 2015, 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. 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. 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. Note 7 – Impairment of Securities (continued) 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. 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. The Company has also 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 first half of fiscal 2015. At June 30, 2015, the Company’s entire portfolio of collateralized loan obligations remains compliant with the Volcker Rule. As such, the Company concluded that the possibility of being required to sell its collateralized loan obligations prior to their anticipated recovery is cu |
Loans Receivable
Loans Receivable | 12 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Loans Receivable | Note 8 – Loans Receivable June 30, 2015 2014 (In Thousands) Real estate mortgage: One-to-four family residential $ 592,321 $ 580,612 Commercial mortgage: Multi-family 728,379 431,007 Nonresidential 580,724 552,748 Total commercial mortgage 1,309,103 983,755 Total real estate mortgage 1,901,424 1,564,367 Construction 5,711 7,281 Commercial business 99,451 67,261 Consumer: Home equity loans 70,257 75,611 Home equity lines of credit 21,414 24,010 Passbook or certificate 3,999 3,965 Other 292 373 Total consumer 95,962 103,959 Total loans 2,102,548 1,742,868 Unamortized yield adjustments including net premiums and discounts on purchased and acquired loans and net deferred fees and costs on loans originated 316 (1,397 ) Total loans receivable, net of yield adjustments $ 2,102,864 $ 1,741,471 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, 2015 and 2014 such loans totaled approximately $4.1 million and $4.7 million, respectively. During the year ended June 30, 2015, the Bank granted five new loans to related parties totaling $868,000. |
Loan Quality and Allowance for
Loan Quality and Allowance for Loan Losses | 12 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Loan Quality and Allowance for Loan Losses | Note 9 – Loan Quality and the Allowance for Loan Losses The following tables present the balance of the allowance for loan losses at June 30, 2015, 2014 and 2013 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, 2015, 2014 and 2013. Unless otherwise noted, the balance of loans reported in the tables below excludes yield adjustments and the allowance for loan loss. Allowance for Loan Losses and Loans Receivable at June 30, 2015 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Balance of allowance for loan losses: Originated and purchased loans: Loans individually evaluated for impairment $ 116 $ 415 $ - $ 30 $ 12 $ - $ - $ 573 Loans collectively evaluated for impairment 2,031 10,162 29 989 184 33 15 13,443 Allowance for loan losses on originated and purchased loans 2,147 10,577 29 1,019 196 33 15 14,016 Loans acquired at fair value: Loans acquired with deteriorated credit quality - - - 81 - - - 81 Other acquired loans individually evaluated for impairment - 114 - 259 - 24 - 397 Acquired loans collectively evaluated for impairment 63 429 5 501 64 49 1 1,112 Allowance for loan losses on loans acquired at fair value 63 543 5 841 64 73 1 1,590 Total allowance for loan losses $ 2,210 $ 11,120 $ 34 $ 1,860 $ 260 $ 106 $ 16 $ 15,606 Note 9 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses and Loans Receivable Year Ended June 30, 2015 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Changes in the allowance for loan losses for the year ended June 30, 2015: At June 30, 2014: Allocated $ 2,729 $ 7,737 $ 67 $ 1,284 $ 460 $ 88 $ 22 $ 12,387 Unallocated - - - - - - - - Total allowance for loan losses 2,729 7,737 67 1,284 460 88 22 12,387 Total charge offs (1,985 ) (650 ) - (491 ) (77 ) - (1 ) (3,204 ) Total recoveries 297 - - 18 - - - 315 Total allocated provisions 1,169 4,033 (33 ) 1,049 (123 ) 18 (5 ) 6,108 Total unallocated provisions - - - - - - - - At June 30, 2015: Allocated 2,210 11,120 34 1,860 260 106 16 15,606 Unallocated - - - - - - - - Total allowance for loan losses $ 2,210 $ 11,120 $ 34 $ 1,860 $ 260 $ 106 $ 16 $ 15,606 Note 9 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses and Loans Receivable at June 30, 2015 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Balance of loans receivable: Originated and purchased loans: Loans individually evaluated for impairment $ 10,240 $ 3,439 $ - $ 1,861 $ 991 $ 26 $ - $ 16,557 Loans collectively evaluated for impairment 520,070 1,214,586 3,328 69,797 63,034 10,854 4,204 1,885,873 Total originated and purchased loans 530,310 1,218,025 3,328 71,658 64,025 10,880 4,204 1,902,430 Loans acquired at fair value: Loans acquired with deteriorated credit quality 116 318 - 7,929 - - - 8,363 Other acquired loans individually evaluated for impairment - 4,196 2,037 927 534 945 - 8,639 Acquired loans collectively evaluated for impairment 61,895 86,564 346 18,937 5,698 9,589 87 183,116 Total loans acquired at fair value 62,011 91,078 2,383 27,793 6,232 10,534 87 200,118 Total loans $ 592,321 $ 1,309,103 $ 5,711 $ 99,451 $ 70,257 $ 21,414 $ 4,291 2,102,548 Unamortized yield adjustments 316 Loans receivable, net of yield adjustments $ 2,102,864 Note 9 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses and Loans Receivable at June 30, 2014 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Balance of allowance for loan losses: 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 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: Loans acquired with deteriorated credit quality - - - 98 - - - 98 Other acquired loans individually evaluated for impairment - 165 - 346 57 - - 568 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 Total allowance for loan losses $ 2,729 $ 7,737 $ 67 $ 1,284 $ 460 $ 88 $ 22 $ 12,387 Note 9 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses and Loans Receivable Year Ended June 30, 2014 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Changes in the allowance for loan losses for the year ended June 30, 2014: At June 30, 2013: Allocated $ 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 Total charge offs (1,202 ) (44 ) - (1,170 ) (47 ) - (30 ) (2,493 ) Total recoveries 67 525 - 9 2 - - 603 Total allocated provisions 204 1,897 (14 ) 1,227 15 12 40 3,381 Total unallocated provisions - - - - - - - - At June 30, 2014: Allocated 2,729 7,737 67 1,284 460 88 22 12,387 Unallocated - - - - - - - - Total allowance for loan losses $ 2,729 $ 7,737 $ 67 $ 1,284 $ 460 $ 88 $ 22 $ 12,387 Note 9 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses and Loans Receivable at June 30, 2014 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Balance of loans receivable: Originated and purchased 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 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 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 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 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 Unamortized yield adjustments (1,397 ) Loans receivable, net of yield adjustments $ 1,741,471 Note 9 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses Year Ended June 30, 2013 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Changes in the allowance for loan losses for the year ended June 30, 2013: At June 30, 2012: Allocated $ 4,572 $ 3,443 $ 277 $ 1,310 $ 447 $ 54 $ 14 $ 10,117 Unallocated - - - - - - - - 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 ) Total recoveries 15 - - 18 10 - - 43 Total allocated provisions 1,345 2,958 (187 ) 72 254 22 - 4,464 Total unallocated provisions - - - - - - - - At June 30, 2013: Allocated 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 Note 9 – Loan Quality and the Allowance for Loan Losses (continued) 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, 2015 and 2014. Credit-Rating Classification of Loans Receivable at June 30, 2015 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Originated and purchased loans: Non-classified $ 518,592 $ 1,213,307 $ 3,328 $ 69,662 $ 62,902 $ 10,780 $ 4,201 $ 1,882,772 Classified: Special Mention 955 256 - 58 56 74 - 1,399 Substandard 10,763 4,195 - 1,938 1,067 26 3 17,992 Doubtful - 267 - - - - - 267 Loss - - - - - - - - Total classified loans 11,718 4,718 - 1,996 1,123 100 3 19,658 Total originated and purchased loans 530,310 1,218,025 3,328 71,658 64,025 10,880 4,204 1,902,430 Loans acquired at fair value: Non-classified 60,593 82,068 - 13,749 5,588 9,196 60 171,254 Classified: Special Mention 372 3,425 346 7,617 76 242 24 12,102 Substandard 1,046 5,585 2,037 6,421 568 1,096 3 16,756 Doubtful - - - 6 - - - 6 Loss - - - - - - - - Total classified loans 1,418 9,010 2,383 14,044 644 1,338 27 28,864 Total loans acquired at fair value 62,011 91,078 2,383 27,793 6,232 10,534 87 200,118 Total loans $ 592,321 $ 1,309,103 $ 5,711 $ 99,451 $ 70,257 $ 21,414 $ 4,291 $ 2,102,548 Note 9 – Loan Quality and the Allowance for Loan Losses (continued) Credit-Rating Classification of Loans Receivable at June 30, 2014 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Originated and purchased loans: Non-classified $ 492,531 $ 872,063 $ 3,461 $ 31,301 $ 66,016 $ 10,352 $ 4,247 $ 1,479,971 Classified: Special Mention 1,626 357 158 25 146 84 1 2,397 Substandard 12,288 6,039 - 1,263 1,011 110 - 20,711 Doubtful - 284 - - - - - 284 Loss - - - - - - - - Total classified loans 13,914 6,680 158 1,288 1,157 194 1 23,392 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 73,425 96,758 - 18,946 7,582 12,003 71 208,785 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 Doubtful - - - 6 - - - 6 Loss - - - - - - - - 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 Total loans $ 580,612 $ 983,755 $ 7,281 $ 67,261 $ 75,611 $ 24,010 $ 4,338 $ 1,742,868 Note 9 – Loan Quality and the Allowance for Loan Losses (continued) Contractual Payment Status of Loans Receivable at June 30, 2015 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Originated and purchased loans: Current $ 524,780 $ 1,216,644 $ 3,328 $ 70,529 $ 63,457 $ 10,828 $ 4,199 $ 1,893,765 Past due: 30-59 days 420 256 - 23 114 - 4 817 60-89 days 685 - - - - 26 - 711 90+ days 4,425 1,125 - 1,106 454 26 1 7,137 Total past due 5,530 1,381 - 1,129 568 52 5 8,665 Total originated and purchased loans 530,310 1,218,025 3,328 71,658 64,025 10,880 4,204 1,902,430 Loans acquired at fair value: Current 61,895 89,796 1,610 25,721 5,993 9,577 85 194,677 Past due: 30-59 days 116 - - - 134 12 - 262 60-89 days - 468 - - - - 1 469 90+ days - 814 773 2,072 105 945 1 4,710 Total past due 116 1,282 773 2,072 239 957 2 5,441 Total loans acquired at fair value 62,011 91,078 2,383 27,793 6,232 10,534 87 200,118 Total loans $ 592,321 $ 1,309,103 $ 5,711 $ 99,451 $ 70,257 $ 21,414 $ 4,291 $ 2,102,548 Note 9 – Loan Quality and the Allowance for Loan Losses (continued) Contractual Payment Status of Loans Receivable at June 30, 2014 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Originated and purchased loans: Current $ 495,330 $ 875,887 $ 3,619 $ 31,081 $ 66,548 $ 10,499 $ 4,034 $ 1,486,998 Past due: 30-59 days 1,385 - - 245 183 - 60 1,873 60-89 days 1,163 - - - 3 30 28 1,224 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 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 72,736 102,881 2,810 32,346 7,731 12,390 88 230,982 Past due: 30-59 days 689 561 - - 152 - - 1,402 60-89 days - 427 - - 95 110 1 633 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 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 Note 9 – Loan Quality and the Allowance for Loan Losses (continued) The following tables present information relating to the Company’s nonperforming and impaired loans at June 30, 2015 and 2014. 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 at June 30, 2015 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Originated and purchased loans: Performing $ 522,474 $ 1,214,653 $ 3,328 $ 69,819 $ 63,563 $ 10,854 $ 4,203 $ 1,888,894 Nonperforming: 90+ days past due accruing - - - - - - - - Nonaccrual 7,836 3,372 - 1,839 462 26 1 13,536 Total nonperforming 7,836 3,372 - 1,839 462 26 1 13,536 Total originated and purchased loans 530,310 1,218,025 3,328 71,658 64,025 10,880 4,204 1,902,430 Loans acquired at fair value: Performing 61,895 87,273 346 25,688 5,882 9,589 86 190,759 Nonperforming: 90+ days past due accruing - - - - - - - - Nonaccrual 116 3,805 2,037 2,105 350 945 1 9,359 Total nonperforming 116 3,805 2,037 2,105 350 945 1 9,359 Total loans acquired at fair value 62,011 91,078 2,383 27,793 6,232 10,534 87 200,118 Total loans $ 592,321 $ 1,309,103 $ 5,711 $ 99,451 $ 70,257 $ 21,414 $ 4,291 $ 2,102,548 Note 9 – Loan Quality and the Allowance for Loan Losses (continued) Performance Status of Loans Receivable at June 30, 2014 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Originated and purchased loans: Performing $ 497,243 $ 873,421 $ 3,619 $ 31,326 $ 66,734 $ 10,529 $ 4,122 $ 1,486,994 Nonperforming: 90+ days past due accruing - - - - - - 125 125 Nonaccrual 9,202 5,322 - 1,263 439 17 1 16,244 Total nonperforming 9,202 5,322 - 1,263 439 17 126 16,369 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 73,425 103,399 2,214 31,016 7,928 12,500 89 230,571 Nonperforming: 90+ days past due accruing - - - - - - - - Nonaccrual 742 1,613 1,448 3,656 510 964 1 8,934 Total nonperforming 742 1,613 1,448 3,656 510 964 1 8,934 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 Note 9 – Loan Quality and the Allowance for Loan Losses (continued) Impairment Status of Loans Receivable at or Year Ended June 30, 2015 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Carrying value of impaired loans: Originated and purchased loans: Non-impaired loans $ 520,070 $ 1,214,586 $ 3,328 $ 69,797 $ 63,034 $ 10,854 $ 4,204 $ 1,885,873 Impaired loans: Impaired loans with no allowance for impairment 8,387 1,777 - 1,418 905 26 - 12,513 Impaired loans with allowance for impairment: Recorded investment 1,853 1,662 - 443 86 - - 4,044 Allowance for impairment (116 ) (415 ) - (30 ) (12 ) - - (573 ) Balance of impaired loans net of allowance for impairment 1,737 1,247 - 413 74 - - 3,471 Total impaired loans, excluding allowance for impairment: 10,240 3,439 - 1,861 991 26 - 16,557 Total originated and purchased loans 530,310 1,218,025 3,328 71,658 64,025 10,880 4,204 1,902,430 Loans acquired at fair value: Non-impaired loans 61,895 86,564 346 18,937 5,698 9,589 87 183,116 Impaired loans: Impaired loans with no allowance for impairment 116 4,072 2,037 8,214 534 488 - 15,461 Impaired loans with allowance for impairment: Recorded investment - 442 - 642 - 457 - 1,541 Allowance for impairment - (114 ) - (340 ) - (24 ) - (478 ) Balance of impaired loans net of allowance for impairment - 328 - 302 - 433 - 1,063 Total impaired loans, excluding allowance for impairment: 116 4,514 2,037 8,856 534 945 - 17,002 Total loans acquired at fair value 62,011 91,078 2,383 27,793 6,232 10,534 87 200,118 Total loans $ 592,321 $ 1,309,103 $ 5,711 $ 99,451 $ 70,257 $ 21,414 $ 4,291 $ 2,102,548 Unpaid principal balance of impaired loans: Originated and purchased loans $ 16,985 $ 4,103 $ - $ 2,036 $ 1,014 $ 26 $ - $ 24,164 Loans acquired at fair value 147 4,759 2,118 10,506 561 975 - 19,066 Total impaired loans $ 17,132 $ 8,862 $ 2,118 $ 12,542 $ 1,575 $ 1,001 $ - $ 43,230 For the year ended June 30, 2015: Average balance of impaired loans $ 12,433 $ 7,902 $ 1,912 $ 11,693 $ 1,618 $ 1,005 $ - $ 36,563 Interest earned on impaired loans $ 139 $ 63 $ 5 $ 886 $ 42 $ - $ - $ 1,135 Note 9 – Loan Quality and the Allowance for Loan Losses (continued) Impairment Status of Loans Receivable at or Year Ended June 30, 2014 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Carrying value of impaired loans: 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 9,800 5,037 - 1,263 911 17 - 17,028 Impaired loans with allowance for impairment: Recorded investment 2,123 366 - - 99 - - 2,588 Allowance for impairment (528 ) (404 ) - - (75 ) - - (1,007 ) Balance of impaired loans net of allowance for impairment 1,595 (38 ) - - 24 - - 1,581 Total impaired loans, excluding allowance for impairment: 11,923 5,403 - 1,263 1,010 17 - 19,616 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-impaired loans 73,425 102,046 2,214 23,891 7,746 12,500 90 221,912 Impaired loans: Impaired loans with no allowance for impairment 742 1,690 1,448 10,141 617 964 - 15,602 Impaired loans with allowance for impairment: Recorded investment - 1,276 - 640 75 - - 1,991 Allowance for impairment - (165 ) - (444 ) (57 ) - - (666 ) Balance of impaired loans net of allowance for impairment - 1,111 - 196 18 - - 1,325 Total impaired loans, excluding allowance for impairment: 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 Total loans $ 580,612 $ 983,755 $ 7,281 $ 67,261 $ 75,611 $ 24,010 $ 4,338 $ 1,742,868 Unpaid principal balance of impaired loans: 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 Total impaired loans $ 18,397 $ 9,183 $ 1,547 $ 13,902 $ 1,753 $ 992 $ - $ 45,774 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 Interest earned on impaired loans $ 138 $ 186 $ - $ 732 $ 69 $ 7 $ - $ 1,132 Note 9 – Loan Quality and the Allowance for Loan Losses (continued) Impairment Status of Loans Receivable Year Ended June 30, 2013 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) 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 Note 9 – Loan Quality and the Allowance for Loan Losses (continued) The following tables present information regarding the restructuring of the Company’s troubled debts during the year ended June 30, 2015 and 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 Year Ended June 30, 2015 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Troubled debt restructuring activity for the year ended June 30, 2015 Originated and purchased loans Number of loans 5 1 - 2 - - - 8 Pre-modification outstanding recorded investment $ 1,955 $ 369 $ - $ 348 $ - $ - $ - $ 2,672 Post-modification outstanding recorded investment 1,823 376 - 322 - - - $ 2,521 Charge offs against the allowance for loan loss recognized at modification 261 14 - 27 - - - $ 302 Loans acquired at fair value Number of loans - 1 - 1 - - - 2 Pre-modification outstanding recorded investment $ - $ 479 $ - $ 32 $ - $ - $ - $ 511 Post-modification outstanding recorded investment - 537 - 32 - - - $ 569 Charge offs against the allowance for loan loss recognized at modification - 24 - 1 - - - $ 25 Troubled debt restructuring defaults for the year ended June 30, 2015 Originated and purchased loans Number of loans 1 - - - - - - 1 Outstanding recorded investment $ 416 $ - $ - $ - $ - $ - $ - $ 416 Loans acquired at fair value Number of loans - - - - - - - - Outstanding recorded investment $ - $ - $ - $ - $ - $ - $ - $ - Note 9 – Loan Quality and the Allowance for Loan Losses (continued) Troubled Debt Restructurings of Loans Receivable Year Ended June 30, 2013 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Troubled debt restructuring activity for the year ended June 30, 2013 Originated and purchased loans Number of loans 5 1 - - 2 - - 8 Pre-modification outstanding recorded investment $ 967 $ 265 $ - $ - $ 176 $ - $ - $ 1,408 Post-modification outstanding recorded investment 852 245 - - 164 - - $ 1,261 Charge offs against the allowance for loan loss for impairment recognized at modification 146 20 - - 14 - - $ 180 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 year ended June 30, 2013 Originated and purchased loans Number of loans - - - - - - - - Outstanding recorded investment $ - $ - $ - $ - $ - $ - $ - $ - Loans acquired at fair value Number of loans - - - - - - - - Outstanding recorded investment $ - $ - $ - $ - $ - $ - $ - $ - Note 9 – Loan Quality and the Allowance for Loan Losses (continued) 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 · Capitalization of Prior Past Dues · Extension of Maturity or Balloon Date · Deferral of Principal Payments · Payment Recalculation and Re-amortization At June 30, 2015, the remaining outstanding principal balance and carrying amount of acquired credit-impaired loans totaled approximately $9,900,000 and $8,363,000 respectively. By comparison, at June 30, 2014, the remaining outstanding principal balance and carrying amount of such loans totaled approximately $11,778,000 and $10,138,000, respectively. 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 $1,322,000 and $2,374,000 at June 30, 2015 and June 30, 2014, respectively. The balance of the allowance for loan losses at June 30, 2015 and June 30, 2014 included approximately $81,000 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. The following table presents the changes in the accretable yield relating to the acquired credit-impaired loans for the years ended June 30, 2015 and 2014. Year Ended June 30, 2015 2014 (In Thousands) Beginning balance $ 1,891 $ 741 Accretion to interest income (702 ) (326 ) Disposals - (38 ) Reclassifications from nonaccretable difference - 1,514 Ending balance $ 1,189 $ 1,891 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Jun. 30, 2015 | |
Property Plant And Equipment [Abstract] | |
Premises and Equipment | Note 10 – Premises and Equipment June 30, 2015 2014 (In Thousands) Land $ 9,931 $ 9,931 Buildings and improvements 36,811 35,080 Leasehold Improvements 4,297 4,253 Furnishing and equipment 19,012 18,151 Construction in progress 589 1,959 70,640 69,374 Less accumulated depreciation and amortization 31,460 29,269 Total premises and equipment $ 39,180 $ 40,105 Land included properties held for future branch expansion totaling $2,419,000 at June 30, 2015 and 2014. |
Interest Receivable
Interest Receivable | 12 Months Ended |
Jun. 30, 2015 | |
Other Income And Expenses [Abstract] | |
Interest Receivable | Note 11 – Interest Receivable June 30, 2015 2014 (In Thousands) Loans $ 6,324 $ 5,525 Mortgage-backed securities 1,855 1,796 Debt securities 1,694 1,692 Total interest receivable $ 9,873 $ 9,013 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Jun. 30, 2015 | |
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, 2012 $ 108,591 $ 652 Amortization - (138 ) Balance at June 30, 2013 108,591 514 Amortization - (122 ) Acquisition of Atlas Bank - 398 Balance at June 30, 2014 108,591 790 Amortization - (193 ) Balance at June 30, 2015 108,591 597 Scheduled amortization of core deposit intangibles for each of the next five years and thereafter is as follows: Year Ending June 30, Core Deposit Intangible Amortization (In Thousands) 2016 $ 166 2017 139 2018 111 2019 84 2020 57 Thereafter 40 |
Deposits
Deposits | 12 Months Ended |
Jun. 30, 2015 | |
Banking And Thrift [Abstract] | |
Deposits | Note 13 – Deposits June 30, 2015 2014 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) Non-interest-bearing demand $ 218,533 0.00 % $ 224,054 0.00 % Interest-bearing demand 724,484 0.25 700,248 0.24 Savings and club 520,957 0.16 518,421 0.16 Certificates of deposits 1,001,676 1.17 1,037,218 1.09 Total deposits $ 2,465,650 0.58 % $ 2,479,941 0.56 % (1) Interest-bearing demand deposits at June 30, 2015 and June 30, 2014 include $226.2 million and $213.5 million, respectively, of brokered deposits at a weighted average interest rate of 0.18% and 0.15%, excluding cost of interest rate derivatives used to hedge interest expense. (2) Certificates of deposit at June 30, 2014 and June 30, 2014 include $18.4 million and $18.5 million, respectively, of brokered deposits at a weighted average interest rate of 3.49% and 3.49%. Certificates of deposit with balances of $100,000 or more at June 30, 2015 and 2014, totaled approximately $489.2 million and $476.6 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, 2015 2014 (In Thousands) One year or less $ 526,457 $ 581,543 After one year to two years 169,105 187,401 After two years to three years 122,937 90,078 After three years to four years 95,040 90,921 After four years to five years 81,819 80,811 After five years 6,318 6,464 Total certificates of deposit $ 1,001,676 $ 1,037,218 Interest expense on deposits consists of the following: June 30, 2015 2014 2013 (In Thousands) Demand $ 3,961 $ 3,790 $ 1,847 Savings and club 819 739 878 Certificates of deposit 11,159 10,009 11,986 Total interest on deposits $ 15,939 $ 14,538 $ 14,711 |
Borrowings
Borrowings | 12 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 14 – Borrowings Fixed-rate advances from FHLB of New York mature as follows: June 30, 2015 2014 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) Maturing in years ending June 30: 2015 $ - 0.00 % $ 320,000 0.38 % 2016 382,500 0.41 7,500 1.09 2017 3,000 1.05 3,000 1.05 2018 5,225 1.18 5,225 1.18 2021 671 4.94 765 4.94 2023 145,000 3.04 145,000 3.04 Total borrowings 536,396 1.13 % 481,490 1.21 % Fair value adjustments 9 29 Total borrowings, net of fair value adjustments $ 536,405 $ 481,519 At June 30, 2015, $382.5 million in advances are due within one year while the remaining $153.9 million in advances are due after one year of which $145.0 million are callable in April 2018. At June 30, 2015, FHLB advances were collateralized by the FHLB capital stock owned by the Bank and mortgage loans and securities with carrying values totaling approximately $894.6 million and $185.2 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. Borrowings at June 30, 2015 and 2014 also included overnight borrowings in the form of depositor sweep accounts totaling $35.1 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. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Note 15 – Derivative Instruments and Hedging Activities 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. The effects of derivative instruments on the Consolidated Financial Statements for June 30, 2015 are as follows: June 30, 2015 Notional/ Contract Amount Fair Value Balance Sheet Location Expiration Date (Dollars in Thousands) Derivatives designated as hedging instruments Interest rate swaps by effective date: July 1, 2013 $ 165,000 $ (768 ) Other liabilities July 1, 2018 August 19, 2013 75,000 (1,149 ) Other liabilities August 20, 2018 October 9, 2013 50,000 (400 ) Other liabilities October 9, 2018 March 28, 2014 75,000 (1,372 ) Other liabilities March 28, 2019 June 5, 2015 60,000 (1,717 ) Other liabilities June 5, 2020 July 28, 2015 50,000 (1,697 ) Other liabilities July 28, 2020 September 28, 2015 40,000 (1,289 ) Other liabilities September 28, 2020 December 28, 2015 35,000 (1,119 ) Other liabilities December 28, 2020 550,000 (9,511 ) Interest rate caps by effective date: June 5, 2013 40,000 428 Other liabilities June 5, 2018 July 1, 2013 35,000 366 Other liabilities July 1, 2018 75,000 794 Total $ 625,000 $ (8,717 ) Note 15 – Derivative Instruments and Hedging Activities (continued) Year Ended June 30, 2015 Amount of Loss Recognized in OCI on Derivatives, net of Tax (Effective Portion) Location of Gain (Loss) Recognized in Income of Derivatives (Ineffective Portion) Amount of Gain (Loss) Recognized in Income of Derivatives (Ineffective Portion) (Dollars in Thousands) Derivatives in cash flow hedges Interest rate swaps by effective date: July 1, 2013 $ (515 ) Not applicable $ - August 19, 2013 (24 ) Not applicable - October 9, 2013 (98 ) Not applicable - March 28, 2014 (100 ) Not applicable - June 5, 2015 (855 ) Not applicable - July 28, 2015 (1,004 ) Not applicable - September 28, 2015 (762 ) Not applicable - December 28, 2015 (662 ) Not applicable - (4,020 ) - Interest rate caps by effective date: June 5, 2013 (247 ) Not applicable - July 1, 2013 (245 ) Not applicable - (492 ) - Total $ (4,512 ) $ - Note 15 – Derivative Instruments and Hedging Activities (continued) The effects of derivative instruments on the Consolidated Financial Statements for June 30, 2014 are as follows: June 30, 2014 Notional/ Contract Amount Fair Value Balance Sheet Location Expiration Date (Dollars in Thousands) Derivatives designated as hedging instruments Interest rate swaps by effective date: July 1, 2013 $ 165,000 $ 103 Other liabilities July 1, 2018 August 19, 2013 75,000 (1,109 ) Other liabilities August 20, 2018 October 9, 2013 50,000 (234 ) Other liabilities October 9, 2018 March 28, 2014 75,000 (1,203 ) Other liabilities March 28, 2019 June 5, 2015 60,000 (271 ) Other liabilities June 5, 2020 425,000 (2,714 ) Interest rate caps by effective date: June 5, 2013 40,000 913 Other liabilities June 5, 2018 July 1, 2013 35,000 826 Other liabilities July 1, 2018 75,000 1,739 Total $ 500,000 $ (975 ) Year Ended June 30, 2014 Amount of Loss Recognized in OCI on Derivatives, net of Tax (Effective Portion) Location of Gain (Loss) Recognized in Income of Derivatives (Ineffective Portion) Amount of Gain (Loss) Recognized in Income of Derivatives (Ineffective Portion) (Dollars in Thousands) Derivatives in cash flow hedges Interest rate swaps by effective date: July 1, 2013 $ (896 ) Not applicable $ - August 19, 2013 (656 ) Not applicable - October 9, 2013 (138 ) Not applicable - March 28, 2014 (711 ) Not applicable - June 5, 2015 (883 ) Not applicable - (3,284 ) - Interest rate caps by effective date: June 5, 2013 (333 ) Not applicable - July 1, 2013 (292 ) Not applicable - (625 ) - Total $ (3,909 ) $ - Note 15 – Derivative Instruments and Hedging Activities (continued) The effects of derivative instruments on the Consolidated Financial Statements for June 30, 2013 are as follows: Year Ended June 30, 2013 Amount of Gain Recognized in OCI on Derivatives, net of Tax (Effective Portion) Location of Gain (Loss) Recognized in Income of Derivatives (Ineffective Portion) Amount of Gain (Loss) Recognized in Income of Derivatives (Ineffective Portion) (Dollars in Thousands) Derivatives in cash flow hedges Interest rate swaps by effective date: July 1, 2013 $ 957 Not applicable $ - June 5, 2015 722 Not applicable - 1,679 - Interest rate caps by effective date: June 5, 2013 128 Not applicable - July 1, 2013 31 Not applicable - 159 - Total $ 1,838 $ - 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. At June 30, 2015, two of the Company’s derivatives were in an asset position totaling $794,000 while the remaining eight derivatives were in a liability position totaling $9.5 million. In total, the Company’s derivatives were in a net liability position of $8.7 million at June 30, 2015 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 $8.7 million at June 30, 2015 that was not included as an offsetting amount. 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 | 12 Months Ended |
Jun. 30, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
Benefit Plans | Note 16 – Benefit Plans Employee Stock Ownership Plan As a result of the closing of the Company’s second-step conversion and stock offering on May 18, 2015, share data presented in this note was adjusted to reflect the 1.3804 exchange ratio for the shares converted into the Company’s new common stock. In conjunction with the closing of Company’s first-step conversion and stock 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 2,409,764 shares of Company common stock. Principal on the term loan was originally payable in equal installments through the maturity date of March 31, 2017 with the loan carrying an interest rate of 5.50%. The Bank made discretionary contributions to the ESOP that provided the funding it needed to pay the scheduled principal and loan payments to the Company under the terms of the original ESOP loan agreement. Such discretionary contributions were typically reduced by the amount of dividends paid on shares of the Company’s common stock held by the ESOP. In conjunction with the closing of the Company’s second step conversion and stock offering in May 2015, the Bank augmented its ESOP by using $36,125,000 in proceeds from a new term loan obtained from the Company to the ESOP to purchase an additional 3,612,500 additional shares of Company common stock. The proceeds from the new term loan included an additional $3,788,000 to refinance the remaining outstanding balance and accrued interest owed under the original ESOP term loan. The original principal balance of the Company’s consolidated term loan to the ESOP totaled $39,913,000 with equal quarterly installments of principal and interest payable over 20 years at an annual interest rate of 3.25%. As with the original term loan, the Bank expects to make discretionary contributions to the ESOP equaling the principal and interest payments owed on the ESOP’s loan to the Company. As above, such payments may be reduced by the amount of dividends paid on shares of the Company’s common stock held by the ESOP. 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 are initially recorded as unearned ESOP shares in the consolidated statements of financial condition. On a monthly basis, 16,725 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 $2,067,000, $1,742,000 and $1,431,000 for the years ended June 30, 2015, 2014 and 2013, respectively. At June 30, 2015 and 2014, the ESOP shares were as follows: June 30, 2015 2014 (In Thousands) Allocated shares 1,629 1,537 Total shares distributed due to employment termination 329 220 Shares committed to be released 100 117 Unearned shares 3,964 535 Total ESOP shares 6,022 2,409 Fair value of unearned ESOP shares $ 44,236 $ 5,873 Note 16 – Benefit Plans (continued) Employee Stock Ownership Plan Benefit Equalization Plan ("ESOP BEP") 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 $28,000, $36,000 and $6,000 for the years ended June 30, 2015, 2014 and 2013, respectively. The liability totaled approximately $18,000 and $15,000 at June 30, 2015 and 2014, respectively. Thrift Plan 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 $591,000, $543,000 and $527,000 for the years ended June 30, 2015, 2014 and 2013, respectively. Multi-Employer Retirement Plan 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. 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. 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, 2014 and 2013 was 108.85% and 101.13%, respectively. Total contributions, made to the Pentegra DB Plan, which include contributions from all participating employers and not just the Company, as reported on Form 5500, were $190.8 million and $136.5 million for the plan years ended June 30, 2014 and June 30, 2013, 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, 2015, 2014 and 2013, the total expense recorded for the Pentegra DB Plan was approximately $246,000, $303,000 and $1,254,000, respectively. Note 16 – Benefit Plans (continued) Atlas Bank Retirement Income Plan (“ABRIP”) 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 tables set forth the ABRIP’s funded status and net periodic benefit cost: June 30, 2015 2014 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 2,646 $ - Interest cost 115 - Benefit payments (192 ) - Acquisition - 2,646 Projected benefit obligation - ending $ 2,569 $ 2,646 Change in plan assets: Fair value of assets - beginning $ 3,885 $ - Expected return on assets 265 - Benefit payments (192 ) - Acquistion - 3,885 Fair value of assets - ending $ 3,958 $ 3,885 Funded status included in other assets $ 1,389 $ 1,239 Accumulated benefit obligation $ 2,569 $ 2,646 Valuation assumptions Discount rate 4.50 % N/A Salary increase rate N/A N/A Years Ended June 30, 2015 2014 (In Thousands) Net periodic benefit cost: Interest cost $ 115 $ - Expected return on assets (265 ) - Total benefit $ (150 ) $ - Valuation assumptions Discount rate 4.50 % N/A Long term rate of return on plan assets 7.00 % N/A Note 16 – Benefit Plans (continued) 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, 2016. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2016 $ 198 2017 201 2018 203 2019 200 2020 197 2021-2025 951 For the fiscal year ending June 30, 2016, $10,000 of unrecognized net loss is expected to be recognized as a component of net periodic pension expense. 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 in the plan document. 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 Note 16 – Benefit Plans (continued) 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, 2015 and 2014, by asset category (see Note 20 for the definitions of levels), are as follows: June 30, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Prudential Guaranteed Deposit Fund $ - $ 3,958 $ - $ 3,958 June 30, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Prudential Guaranteed Deposit Fund $ - $ 3,885 $ - $ 3,885 Note 16 – Benefit Plans (continued) 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 $227,000, $265,000 and $221,000 in contributions made to and benefits paid under the BEP during each of the years ended June 30, 2015, 2014 and 2013, respectively. The following tables set forth the BEP’s funded status and components of net periodic benefit cost: June 30, 2015 2014 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 3,101 $ 3,430 Interest cost 142 154 Actuarial loss (gain) 165 (218 ) Benefit payments (227 ) (265 ) Projected benefit obligation - ending $ 3,181 $ 3,101 Change in plan assets: Fair value of assets - beginning $ - $ - Contributions 227 265 Benefit payments (227 ) (265 ) Fair value of assets - ending $ - $ - Reconciliation of funded status: Accumulated benefit obligation $ (3,181 ) $ (3,101 ) Projected benefit obligation $ (3,181 ) $ (3,101 ) Fair value of assets - - Accrued pension included in other liabilities $ (3,181 ) $ (3,101 ) Valuation assumptions Discount rate 4.50 % 4.50 % Salary increase rate N/A N/A Years Ended June 30, 2015 2014 2013 (In Thousands) Net periodic benefit cost: Interest cost $ 142 $ 154 $ 143 Amortization of net actuarial loss 47 37 50 Total expense $ 189 $ 191 $ 193 Valuation assumptions Discount rate 4.50 % 5.00 % 4.25 % Salary increase rate N/A N/A N/A Note 16 – Benefit Plans (continued) It is estimated that contributions of approximately $227,000 will be made during the year ending June 30, 2016. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2016 $ 227 2017 229 2018 231 2019 233 2020 235 2021-2025 1,185 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, 2015 and 2014, unrecognized net loss of $896,000 and $777,000, respectively, was included in accumulated other comprehensive income. For the fiscal year ending June 30, 2016, $58,000 of the unrecognized net loss is expected to be recognized as a component of net periodic benefit cost. Note 16 – Benefit Plans (continued) 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, 2015, 2014 and 2013, contributions and benefits paid totaled $6,000, $6,000 and $5,000, respectively. The following tables set forth the accrued accumulated postretirement benefit obligation and the net periodic benefit cost: June 30, 2015 2014 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 992 $ 1,043 Service cost 66 54 Interest cost 46 45 Actuarial loss (gain) 41 (144 ) Premiums/claims paid (6 ) (6 ) Projected benefit obligation - ending $ 1,139 $ 992 Change in plan assets: Fair value of assets - beginning $ - $ - Contributions 6 6 Premiums/claims paid (6 ) (6 ) Fair value of assets - ending $ - $ - Reconciliation of funded status: Accumulated benefit obligation $ (1,139 ) $ (992 ) Fair value of assets - - Accrued postretirement benefit included in other liabilities $ (1,139 ) $ (992 ) Valuation assumptions Discount rate 4.50 % 4.50 % Salary increase rate 3.25 % 3.25 % Years Ended June 30, 2015 2014 2013 (In Thousands) Net periodic benefit cost: Service cost $ 66 $ 54 $ 62 Interest cost 46 45 40 Amortization of net actuarial loss - - 4 Total expense $ 112 $ 99 $ 106 Valuation assumptions Discount rate 4.50 % 5.00 % 4.25 % Salary increase rate 3.25 % 3.25 % 3.25 % Note 16 – Benefit Plans (continued) It is estimated that contributions of approximately $7,000 will be made during the year ending June 30, 2016. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2016 $ 7 2017 7 2018 9 2019 10 2020 11 2021-2025 66 At June 30, 2015 and 2014, unrecognized net (loss) gain of $(23,000) and $18,000, respectively, were included in accumulated other comprehensive income. For the fiscal year ending June 30, 2016, $29,000 of unrecognized net gain is expected to be recognized as a component of net periodic benefit cost. Note 16 – Benefit Plans (continued) 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, 2015, 2014 and 2013, contributions and benefits paid totaled $60,000, $60,000 and $98,000, respectively. The following table sets forth the DCRP’s funded status and components of net periodic cost: June 30, 2015 2014 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 2,983 $ 3,201 Service cost 162 147 Interest cost 139 136 Actuarial loss (gain) 157 (441 ) Benefit payments (60 ) (60 ) Projected benefit obligation - ending $ 3,381 $ 2,983 Change in plan assets: Fair value of assets - beginning $ - $ - Contributions 60 60 Benefit payments (60 ) (60 ) Fair value of assets - ending $ - $ - Reconciliation of funded status: Accumulated benefit obligation $ (3,018 ) $ (2,524 ) Projected benefit obligation $ (3,381 ) $ (2,983 ) Fair value of assets - - Accrued pension included in other liabilities $ (3,381 ) $ (2,983 ) Valuation assumptions Discount rate 4.50 % 4.50 % Salary increase rate 3.25 % 3.25 % Years Ended June 30, 2015 2014 2013 (In Thousands) Net periodic benefit cost: Service cost $ 162 $ 147 $ 168 Interest cost 139 136 125 Amortization of unrecognized gain (18 ) (39 ) - Amortization of past service liability 46 46 48 Total expense $ 329 $ 290 $ 341 Valuation assumptions Discount rate 4.50 % 5.00 % 4.25 % Salary increase rate 3.25 % 3.25 % 3.25 % Note 16 – Benefit Plans (continued) It is estimated that contributions of approximately $81,000 will be made during the year ending June 30, 2016. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2016 $ 81 2017 103 2018 126 2019 150 2020 175 2021-2025 1,230 At June 30, 2015 and 2014, unrecognized net gain of $487,000 and $661,000, respectively, and unrecognized past service cost of $62,000 and $108,000, respectively, were included in accumulated other comprehensive income. For the fiscal year ending June 30, 2016, $36,000 of unrecognized past service cost are expected to be recognized as a component of net periodic benefit cost. Note 16 – Benefit Plans (continued) Stock Compensation Plans As a result of the closing of the Company’s second-step conversion and stock offering on May 18, 2015, share data presented in this note was adjusted to reflect the 1.3804 exchange ratio for the shares converted into the Company’s new common stock. The Company’s stock compensation plan provides for the grant of stock options and restricted stock awards. The plan authorized up to 4,919,934 shares as stock option grants and 1,967,974 shares as restricted stock awards. At June 30, 2015, there were 521,649 shares remaining available for future stock option grants and 24,100 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 62,118 and 255,373 options during the years ended June 30, 2015 and June 30, 2014, respectively. No options were granted during the year ended June 30, 2013. Management used the following assumptions to estimate the fair value of the options granted during the year ended June 30, 2015: Weighted average risk-free interest rate 1.57% Expected dividend yield 0.80% Weighted average volatility factor of the expected market price of the Company's stock 32.01% 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, 2015 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 16,564 and 75,228 shares of restricted stock during the year ended June 30, 2015 and June 30, 2014. There were no restricted stock awards granted during the year ended June 30, 2013. During the years ended June 30, 2015, 2014 and 2013, the Company recorded $469,000, $289,000 and $209,000, respectively, of share-based compensation expense, comprised of stock option expense of $179,000, $81,000 and $41,000, respectively, and restricted stock expense of $290,000, $208,000 and $168,000, respectively. During the years ended June 30, 2015, 2014 and 2013, the income tax benefit attributed to non-qualified stock options expense was approximately $2,000, $-1,000- and $-0-, respectively, and attributed to restricted stock expense was approximately $119,000, $85,000 and $68,000, respectively. Note 16 – Benefit Plans (continued) 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, 2015: Options Weighted Average Exercise Price Range of prices Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (In Thousands) (In Thousands) Outstanding at June 30, 2014 4,189 $ 8.96 $ 7.36 - $10.71 2.0 years $ 9,034 Granted 62 $ 9.82 $ 9.82 Exercised (3,844 ) $ 8.88 $ 8.36 - $9.20 Forefeited (41 ) $ 10.71 $ 10.71 Outstanding at June 30, 2015 366 $ 9.75 $ 7.36 - $10.71 8.2 years $ 520 Exercisable at June 30, 2015 115 $ 8.61 $ 7.36 - $10.71 6.9 years $ 292 The Company generally utilizes treasury stock to issue shares upon the exercise of vested options. A total of 3,844,582 vested options with an aggregate intrinsic value of $7.4 million were exercised during the year ended June 30, 2015. In fulfillment of a portion of these exercises, the Company issued 148,230 shares from treasury stock carrying an average cost of $8.32 per share during the period. The Company elected to settle the exercise of the remaining 3,696,352 stock options exercised during the year ended June 30, 2015 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 total of 162,360 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 $8.32 per share. There were no vested options exercised during the years ended June 30, 2013. All shares of treasury stock held by the Company immediately prior to the second-step conversion and stock offering were cancelled in conjunction with the closing of the transaction. As such, the Company held no shares of treasury stock at June 30, 2015. The cash proceeds from stock options exercises during the years ended June 30, 2015 and June 30, 2014 totaled approximately $1.4 million and $1.5 million, respectively. A portion of exercises during each period represented disqualifying dispositions of incentive stock options for which the Company recognized $416,000 and $98,000 in income tax benefit for each period, respectively. Expected future compensation expense relating to the 251,232 non-exercisable options outstanding as of June 30, 2015 is $767,000 over a weighted average period of 3.84 years. The following is a summary of the status of the Company's non-vested restricted share awards as of June 30, 2015 and changes during the year ended June 30, 2015: Restricted Shares Weighted Average Grant Date Fair Value (In Thousands) Non-vested at June 30, 2014 120 $ 9.44 Awarded 17 $ 9.82 Vested (34 ) $ 8.65 Forefeited (14 ) $ 7.07 Non-vested at June 30, 2015 89 $ 10.19 During the years ended June 30, 2015, 2014 and 2013, the total fair value of vested restricted shares were $331,000, $244,000 and $166,000, respectively. Expected future compensation expense relating to the 89,168 non-vested restricted shares at June 30, 2015 is $871,000 over a weighted average period of 3.42 years. |
Stockholders' Equity and Regula
Stockholders' Equity and Regulatory Capital | 12 Months Ended |
Jun. 30, 2015 | |
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 year ended June 30, 2014, an application for a capital distribution from the Bank to the Company was approved by federal banking regulators in the amounts of $5,000,000 which was paid by the Bank to the Company in September 2013. No capital distributions from the Bank to the Company were initiated during the fiscal years ended June 30, 2015 and 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 and consolidated Company are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory - and possibly additional discretionary – actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank and consolidated Company must meet specific capital guidelines that involve quantitative measures of their respective assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s and consolidated Company’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weighting, and other factors. The federal banking agencies have substantially amended the regulatory risk-based capital rules applicable to the Bank and consolidated Company. The amendments implemented the “Basel III” regulatory capital reforms and changes required by the Dodd-Frank Act. The new rules apply regulatory capital requirements to both the Bank and the consolidated Company. The amended rules included new minimum risk-based capital and leverage ratios, which became effective in January 2015, with certain requirements to be phased in beginning in 2016, and refined the definition of what constitutes “capital” for purposes of calculating those ratios. The new minimum capital level requirements applicable to both the Bank and the consolidated Company include: (i) a new common equity Tier 1 capital ratio of 4.5%; (ii) a Tier 1 capital ratio of 6% (increased from 4%); (iii) a total capital ratio of 8% (unchanged from current rules); and (iv) a Tier 1 leverage ratio of 4% for all institutions. The amended rules also establish a “capital conservation buffer” of 2.5% above the new regulatory minimum capital ratios, and would result in the following minimum ratios: (i) a common equity Tier 1 capital ratio of 7.0%; (ii) a Tier 1 capital ratio of 8.5%; and (iii) a total capital ratio of 10.5%. The new capital conservation buffer requirement will be phased in beginning in January 2016 at 0.625% of risk-weighted assets and will increase each year until fully implemented in January 2019. An institution will be subject to limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses if its capital level falls below the buffer amount. These limitations will establish a maximum percentage of eligible retained income that could be utilized for such actions. Note 17 – Stockholders’ Equity and Regulatory Capital (continued) The following tables present information regarding the Bank’s regulatory capital levels at June 30, 2015 and 2014. At June 30, 2015 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 695,002 30.42 % $ 182,764 8.00 % $ 228,455 10.00 % Tier 1 capital (to risk-weighted assets) 679,396 29.74 % 137,073 6.00 % 182,764 8.00 % Common equity tier 1 capital (to risk-weighted assets) 679,396 29.74 % 102,805 4.50 % 148,496 6.50 % Tier 1 capital (to adjusted total assets) 679,396 16.47 % 165,045 4.00 % 206,306 5.00 % At June 30, 2014 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 376,343 20.45 % $ 147,232 8.00 % $ 184,040 10.00 % Tier 1 capital (to risk-weighted assets) 363,956 19.78 % 73,616 4.00 % 110,424 6.00 % Tier 1 capital (to adjusted total assets) 363,956 10.75 % 135,420 4.00 % 169,275 5.00 % The following table presents information regarding the consolidated Company’s regulatory capital levels at June 30, 2015. The Company was not subject to regulatory capital requirements at June 30, 2014. At June 30, 2015 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 1,077,938 47.16 % $ 182,857 8.00 % $ 228,571 10.00 % Tier 1 capital (to risk-weighted assets) 1,062,332 46.48 % 137,143 6.00 % 182,857 8.00 % Common equity tier 1 capital (to risk-weighted assets) 1,062,332 46.48 % 102,857 4.50 % 148,571 6.50 % Tier 1 capital (to adjusted total assets) 1,062,332 25.82 % 164,587 4.00 % 205,734 5.00 % Based upon most recent notification from federal banking regulators dated October 6, 2014 the Bank was categorized as well capitalized as of June 30, 2014, 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, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 18 – Income Taxes Retained earnings at June 30, 2015, 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 Ending June 30, 2015 2014 2013 (In Thousands) Current income tax expense: Federal $ 1,438 $ 3,196 $ 1,629 State 704 938 343 2,142 4,134 1,972 Deferred income tax (benefit) expense: Federal (2,722 ) 49 411 State (824 ) 122 102 (3,546 ) 171 513 Valuation allowance 135 (88 ) (235 ) Total income tax (benefit) expense $ (1,269 ) $ 4,217 $ 2,250 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, 2015, 2014 and 2013: Years Ending June 30, 2015 2014 2013 (In Thousands) Federal income tax expense at statutory rate $ 1,526 $ 5,042 $ 3,065 (Reduction) increases in income taxes resulting from: Tax exempt interest (679 ) (635 ) (142 ) New Jersey state tax, net of federal tax effect 10 632 284 Incentive stock options compensation expense 61 28 15 Income from bank-owned life insurance (1,405 ) (959 ) (680 ) Disqualifying disposition on incentive stock options (491 ) - - Net operating loss utilized from mututal holding company dissolution (354 ) - - Other items, net (72 ) 197 (66 ) (1,404 ) 4,305 2,476 Valuation allowance 135 (88 ) (226 ) Total income tax expense $ (1,269 ) $ 4,217 $ 2,250 Effective income tax rate -29.11 % 29.27 % 25.70 % The effective income tax rate represents total income tax expense divided by income before income taxes. Note 18 – Income Taxes (continued) During the years ended June 30, 2015, 2014 and 2013, the Company maintained a 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 since it was deemed more likely than not that the deferred tax asset would not be realized through offsetting capital gains. The Company maintained an additional valuation allowance during the year ended June 30, 2015 against a portion of the deferred tax asset arising from the carryover associated with its charitable contribution to the KearnyBank Foundation made in conjunction with the Company’s second step conversion and stock offering. The valuation allowance is attributable to a portion of the New Jersey state charitable contribution carryover which has been deemed more likely than not to not be realizable due to a difference in the taxable net income basis between the Company’s tax filing entities at the federal and state levels. The tax effects of existing temporary differences that give rise to deferred income tax assets and liabilities are as follows: June 30, 2015 2014 (In Thousands) Deferred income tax assets: Purchase accounting $ 1,188 $ 615 Accumulated other comprehensive income Defined benefit plans 201 84 Unrealized loss on securities available for sale 46 - Unrealized loss on securities available for sale transferred to held to maturity 435 404 Derivatives 4,547 1,430 Allowance for loan losses 6,375 5,060 Benefit plans 2,955 2,816 Compensation 658 239 Stock-based compensation 564 3,255 Uncollected interest 2,775 2,431 Depreciation 970 928 Charitable contribution carryover 3,906 - Other items 775 809 25,395 18,071 Valuation allowance (289 ) (134 ) 25,106 17,937 Deferred income tax liabilities: Deferred costs 1,059 815 Goodwill 6,188 6,198 Accumulated other comprehensive income Unrealized gain on securities available for sale - 458 Other items 32 152 7,279 7,623 Net deferred income tax asset $ 17,827 $ 10,314 |
Commitments
Commitments | 12 Months Ended |
Jun. 30, 2015 | |
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, 2015: Operating Lease Payments (In Thousands) Years ending June 30: 2016 $ 1,838 2017 1,661 2018 1,329 2019 998 2020 733 Thereafter 2,662 Total minimum payments required $ 9,221 The following schedule shows the composition of total rental expense for all operating leases: June 30, 2015 2014 2013 (In Thousands) Minimum rentals $ 1,807 $ 1,716 $ 1,629 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, 2015 2014 (In Thousands) Loan commitments: Mortgage loans $ 62,895 $ 27,452 Home equity loans 2,902 1,374 Business loans 1,374 350 Construction loans in process 775 6,385 Consumer home equity and overdraft lines of credit 32,499 35,765 Commercial lines of credit 25,728 24,070 Total loan commitments $ 126,173 $ 95,396 Note 19 – Commitments (continued) At June 30, 2015, the outstanding mortgage loan commitments included $13.8 million for fixed-rate loans with interest rates ranging from 2.875% to 4.00% and $40.0 million for adjustable-rate loans with initial rates ranging from 3.125% to 4.75%. The remaining $9.1 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 $2.9 million for fixed-rate loans with interest rates ranging from 3.25% to 4.125%. Business loan commitments total $1.4 million representing funding commitments on floating rate loans with initial rates of 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 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, 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. 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, 2015 and 2014 were approximately $159,000 and $519,000, 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. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
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: 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 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. Those assets and liabilities measured at fair value on a recurring basis are summarized below: June 30, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Debt securities available for sale: U.S. agency securities $ - $ 7,263 $ - $ 7,263 Obligations of state and political subdivisions - 26,835 - 26,835 Asset-backed securities - 88,032 - 88,032 Collateralized loan obligations - 128,171 - 128,171 Corporate bonds - 162,608 - 162,608 Trust preferred securities - 7,751 - 7,751 Total debt securities - 420,660 - 420,660 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 71,877 - 71,877 Residential pass-through securities - 263,613 - 263,613 Commercial pass-through securities - 11,129 - 11,129 Total mortgage-backed securities - 346,619 - 346,619 Total securities available for sale $ - $ 767,279 $ - $ 767,279 Derivative instruments Interest rate swaps $ - $ (9,511 ) $ - $ (9,511 ) Interest rate caps - 794 - 794 Total derivatives $ - $ (8,717 ) $ - $ (8,717 ) Note 20 – Fair Value of Financial Instruments (continued) June 30, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Debt securities available for sale: U.S. agency securities $ - $ 4,205 $ - $ 4,205 Obligations of state and political subdivisions - 26,773 - 26,773 Asset-backed securities - 87,316 - 87,316 Collateralized loan obligations - 119,572 - 119,572 Corporate bonds - 162,234 - 162,234 Trust preferred securities - 7,798 - 7,798 Total debt securities - 407,898 - 407,898 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 83,270 - 83,270 Residential pass-through securities - 353,953 - 353,953 Total mortgage-backed securities - 437,223 - 437,223 Total securities available for sale $ - $ 845,121 $ - $ 845,121 Derivative instruments Interest rate swaps $ - $ (2,714 ) $ - $ (2,714 ) Interest rate caps - 1,739 - 1,739 Total derivatives $ - $ (975 ) $ - $ (975 ) 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. Note 20 – Fair Value of Financial Instruments (continued) Those assets and liabilities measured at fair value on a non-recurring basis are summarized below: June 30, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Impaired loans $ - $ - $ 9,742 $ 9,742 Real estate owned $ - $ - $ 547 $ 547 June 30, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) 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: June 30, 2015 Fair Value Valuation Techniques Unobservable Input Range Weighted Average (In Thousands) Impaired loans $ 9,742 Market valuation of underlying collateral (1) Direct disposal costs (2) 6% - 10% 9.45 % Real estate owned $ 547 Market valuation of property (3) Direct disposal costs (2) 8% 8.00 % June 30, 2014 Fair Value Valuation Techniques Unobservable Input Range Weighted Average (In Thousands) Impaired loans $ 10,387 Market valuation of underlying collateral (1) Direct disposal costs (2) 6% - 10% 7.10 % (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. Note 20 – Fair Value of Financial Instruments (continued) 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. At June 30, 2015, impaired loans valued using Level 3 inputs comprised loans with principal balances totaling $10.8 million and valuation allowances of $1.1 million reflecting fair values of $9.7 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. 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, 2015, real estate owned whose carrying value was written down utilizing Level 3 inputs during the year ended June 30, 2015 comprised one property with a fair value totaling $547,000. By comparison, at June 30, 2014, the Company held no real estate owned whose carrying value was written down utilizing Level 3 inputs during fiscal 2014. The following methods and assumptions were used to estimate the fair value of each class of financial instruments at June 30, 2015 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. Securities. See the discussion presented above concerning assets measured at fair value on a recurring basis. 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. 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. 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. Advances from FHLB. Fair value is estimated using rates currently offered for advances of similar remaining maturities. 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 Note 19. Note 20 – Fair Value of Financial Instruments (continued) The carrying amounts and fair values of financial instruments are as follows: June 30, 2015 Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In Thousands) Financial assets: Cash and cash equivalents $ 340,136 $ 340,136 $ 340,136 $ - $ - Debt securities available for sale 420,660 420,660 - 420,660 - Mortgage-backed securities available for sale 346,619 346,619 - 346,619 - Debt securities held to maturity 219,862 218,366 - 218,366 - Mortgage-backed securities held to maturity 443,479 445,501 - 445,501 - Loans receivable 2,087,258 2,069,209 - - 2,069,209 FHLB Stock 27,468 27,468 - - 27,468 Interest receivable 9,873 9,873 9,873 - - Financial liabilities: Deposits (1) 2,465,650 2,476,425 1,463,974 - 1,012,451 Borrowings 571,499 585,209 - - 585,209 Interest payable on borrowings 1,020 1,020 1,020 - - Derivative instruments: Interest rate swaps (9,511 ) (9,511 ) - (9,511 ) - Interest rate caps 794 794 - 794 - (1) Includes accrued interest payable on deposits of $80,000 at June 30, 2015. Note 20 – Fair Value of Financial Instruments (continued) June 30, 2014 Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In Thousands) Financial assets: Cash and cash equivalents $ 135,034 $ 135,034 $ 135,034 $ - $ - Debt securities available for sale 407,898 407,898 - 407,898 - Mortgage-backed securities available for sale 437,223 437,223 - 437,223 - Debt securities held to maturity 216,414 213,472 - 213,472 - Mortgage-backed securities held to maturity 295,658 293,781 - 293,781 - Loans receivable 1,729,084 1,711,972 - - 1,711,972 FHLB Stock 25,990 25,990 - - 25,990 Interest receivable 9,013 9,013 9,013 - - Financial liabilities: Deposits (1) 2,479,941 2,490,933 1,442,723 - 1,048,210 Borrowings 512,257 521,839 - - 521,539 Interest payable on borrowings 1,001 1,001 1,001 - - Derivative instruments: 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 $69,000 at June 30, 2014. 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 | 12 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Comprehensive Income | Note 21 – Comprehensive Income The components of accumulated other comprehensive income (loss) included in stockholders’ equity are as follows: June 30, 2015 2014 (In Thousands) Net unrealized (loss) gain on securities available for sale $ (147 ) $ 1,091 Tax effect (108 ) (592 ) Net of tax amount (255 ) 499 Net unrealized loss on securities available for sale transferred to held to maturity (1,065 ) (990 ) Tax effect 435 404 Net of tax amount (630 ) (586 ) Fair value adjustments on derivatives (11,130 ) (3,501 ) Tax effect 4,547 1,430 Net of tax amount (6,583 ) (2,071 ) Benefit plan adjustments (494 ) (206 ) Tax effect 201 84 Net of tax amount (293 ) (122 ) Total accumulated other comprehensive loss $ (7,761 ) $ (2,280 ) Note 21 – Comprehensive Income (continued) Other comprehensive income (loss) and related tax effects are presented in the following table: Years Ended June 30, 2015 2014 2013 (In Thousands) Net unrealized holding gain (loss) on securities available for sale $ (1,231 ) $ 9,989 $ (36,662 ) 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 (3) (75 ) 19 - Net realized gain on securities available for sale (7 ) (1,523 ) (10,433 ) Fair value adjustments on derivatives (7,629 ) (6,608 ) 3,107 Benefit plans: Amortization of: Actuarial loss (gain) (1) 29 (2 ) 54 Past service cost (1) 46 46 48 New actuarial (loss) gain (363 ) 803 (1,186 ) Net change in benefit plan accrued expense (288 ) 847 (1,084 ) Other comprehensive (loss) income before taxes (9,230 ) 1,715 (45,072 ) Tax effect (2) 3,749 144 17,337 Total comprehensive (loss) income $ (5,481 ) $ 1,859 $ (27,735 ) (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. |
Parent Only Financial Informati
Parent Only Financial Information | 12 Months Ended |
Jun. 30, 2015 | |
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 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, 2015 and 2014, and for each of the years in the three-year period ended June 30, 2015. Condensed Statements of Financial Condition June 30, 2015 June 30, 2014 (In Thousands) Assets Cash and amounts due from depository institutions $ 343,026 $ 17,413 Loans receivable 39,388 5,065 Investment in subsidiary 784,439 472,110 Other assets 610 154 Total Assets $ 1,167,463 $ 494,742 Liabilities and Stockholders' Equity Other liabilities 88 66 Stockholders' equity 1,167,375 494,676 Total Liabilities and Stockholders' Equity $ 1,167,463 $ 494,742 Condensed Statements of Income and Comprehensive Income (Loss) Years Ended June 30, 2015 2014 2013 (In Thousands) Dividends from subsidiary $ - $ 5,000 $ - Interest income 444 341 450 Equity in undistributed earnings (loss) of subsidiaries 5,467 5,398 6,550 Gain on sale of securities - - 38 Total income 5,911 10,739 7,038 Interest expense 120 - - Directors' compensation 143 123 117 Other expenses 468 539 436 Total expense 731 662 553 Income before income taxes 5,180 10,077 6,485 Income tax benefit (449 ) (111 ) (21 ) Net income $ 5,629 $ 10,188 $ 6,506 Comprehensive income (loss) $ 148 $ 12,047 $ (21,229 ) Note 22 – Parent Only Financial Information (continued) Condensed Statements of Cash Flows Years Ended June 30, 2015 2014 2013 (In Thousands) Cash Flows from Operating Activities: Net income $ 5,629 $ 10,188 $ 6,506 Adjustment to reconcile net income to net cash provided by operating activities: Equity in undistributed (earnings) loss of subsidiaries (5,467 ) (5,398 ) (6,550 ) Amortization of premiums - - 8 Contribution of stock to charitable foundation 5,000 - - Realized gain on sale of mortgage-backed securities available for sale - - (38 ) Increase in interest receivable - - 5 Payments received in intercompany liabilities (281 ) 231 174 (Increase) decrease in other assets 84 (116 ) 52 (Decrease) increase in other liabilities 24 (37 ) 22 Net Cash Provided by Operating Activities 4,989 4,868 179 Cash Flows from Investing Activities: Repayment of loan to ESOP 1,832 1,661 1,573 Principal repayments on mortgage-backed securities available for sale - - 424 Proceeds from sale of mortgage-backed securities available for sale - - 667 Cash received from MHC in merger 162 - - Net Cash Provided by Investing Activities 1,994 1,661 2,664 Cash Flows from Financing Activities: Net proceeds of sale of common stock 706,785 - - Loan to ESOP for purchase of common stock (36,125 ) - - Infusion of capital to subsidiary (353,395 ) - - Purchase of common stock of Kearny Financial Corp. for treasury - (4,135 ) (4,319 ) Issuance of common stock of Kearny Financial Corp. from treasury 1,365 1,495 - Dividends contributed for payment of ESOP loan - - (2 ) Net Cash Provided by (Used In) Financing Activities 318,630 (2,640 ) (4,321 ) Net (Decrease) Increase in Cash and Cash Equivalents 325,613 3,889 (1,478 ) Cash and Cash Equivalents - Beginning 17,413 13,524 15,002 Cash and Cash Equivalents - Ending $ 343,026 $ 17,413 $ 13,524 |
Net Income per Common Share (EP
Net Income per Common Share (EPS) | 12 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net Income per Common Share (EPS) | Note 23 – Net Income per Common Share (EPS) As a result of the completion of the Company’s second-step conversion and stock offering on May 18, 2015, the weighted average number of basic and diluted common shares outstanding for all periods were retroactively adjusted to reflect the 1.3804 exchange rate to convert the Company’s outstanding shares to its new common stock. The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations: Year Ended June 30, 2015 Income (Numerator) Shares (Denominator) Per Share Amount (In Thousands, Except Per Share Data) Net income $ 5,629 Basic earnings per share, income available to common stockholders $ 5,629 91,717 $ 0.06 Effect of dilutive securities: Stock options - 124 $ 5,629 91,841 $ 0.06 Year Ended June 30, 2014 Income (Numerator) Shares (Denominator) Per Share Amount (In Thousands, Except Per Share Data) Net income $ 10,188 Basic earnings per share, income available to common stockholders $ 10,188 90,825 $ 0.11 Effect of dilutive securities: Stock options - 55 $ 10,188 90,880 $ 0.11 Year Ended June 30, 2013 Income (Numerator) Shares (Denominator) Per Share Amount (In Thousands, Except Per Share Data) Net income $ 6,506 Basic earnings per share, income available to common stockholders $ 6,506 91,316 $ 0.07 Effect of dilutive securities: Stock options - - $ 6,506 91,316 $ 0.07 During the years ended June 30, 2015, 2014 and 2013, the average number of options which were anti-dilutive totaled approximately 253,000, 2,637,000 and 4,408,000, respectively. |
Quarterly Results of Operations
Quarterly Results of Operations | 12 Months Ended |
Jun. 30, 2015 | |
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, 2015 and 2014: Year Ended June 30, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter (In Thousands, Except Per Share Data) Interest income $ 25,698 $ 25,912 $ 26,869 $ 27,560 Interest expense 6,173 6,339 6,304 6,615 Net interest income 19,525 19,573 20,565 20,945 Provision for loan losses 858 1,732 1,761 1,757 Net interest income after provision for loan losses 18,667 17,841 18,804 19,188 Non-interest income 1,580 1,718 3,126 1,517 Non-interest expense 16,771 16,520 17,392 27,398 Income before Income Taxes 3,476 3,039 4,538 (6,693 ) Income taxes 553 870 660 (3,352 ) Net Income $ 2,923 $ 2,169 $ 3,878 $ (3,341 ) Net income per common share: Basic $ 0.03 $ 0.02 $ 0.04 $ (0.04 ) Diluted $ 0.03 $ 0.02 $ 0.04 $ (0.04 ) Weighted average number of common shares outstanding Basic 92,452 92,544 92,594 89,269 Diluted 92,999 92,562 92,614 89,292 Dividends declared per common share $ - $ - $ - $ - Note 24 – Quarterly Results of Operations (Unaudited) (continued) Year Ended June 30, 2014 First Quarter Second Quarter Third Quarter Fourth 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 expense 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 $ 0.03 $ 0.03 $ 0.02 $ 0.03 Diluted $ 0.03 $ 0.03 $ 0.02 $ 0.03 Weighted average number of common shares outstanding Basic 91,018 90,784 90,670 90,824 Diluted 91,018 90,784 90,805 91,421 Dividends declared per common share $ - $ - $ - $ - |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2015 | |
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 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 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, 2015, 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 three-year period ended June 30, 2015. 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, 2015. |
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, 2015, the Company had cash and cash equivalents of $340.1 million comprising funds on deposit at other institutions totaling $328.8 million and other cash-related items, consisting primarily of vault cash, totaling $11.3 million. Cash and equivalents on deposit at other institutions at June 30, 2015 was comprised of $15.5 million held by the Federal Home Loan Bank of New York (“FHLB”), $300.4 million held by the Federal Reserve Bank of New York (“FRB”) and a total of $12.6 million held at two U.S. domestic money center banks representing funds on deposit totaling $9.1 million and $3.5 million, respectively, at June 30, 2015. Such balances also included a total of $282,000 of cash held at Atlantic Community Bankers Bank (“ACBB”). By comparison, 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”. Note 1 - Summary of Significant Accounting Policies (continued) 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. Note 1 - Summary of Significant Accounting Policies (continued) 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. Note 1 - Summary of Significant Accounting Policies (continued) 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; changes in the nature, volume and terms of loans; changes in the quality of loan review systems and resources; changes in local and regional real estate values as well as 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. 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. Note 1 - Summary of Significant Accounting Policies (continued) 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 3 - 20 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, 2015, 2014 or 2013. 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, 2015 and 2014 totaled $597,000 and $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 | Note 1 - Summary of Significant Accounting Policies (continued) 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 $(16,000), $(9,000) and $14,000 for the years ended June 30, 2015, 2014 and 2013, 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, 2015 and 2014. 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, 2015, 2014 and 2013. The tax years subject to examination by the taxing authorities are the years ended June 30, 2014, 2013 and 2012. |
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 | Note 1 - Summary of Significant Accounting Policies (continued) 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. Note 1 - Summary of Significant Accounting Policies (continued) 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 The Company expenses 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. |
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. |
Subsequent Events | Subsequent Events The Company has evaluated events and transactions occurring subsequent to the consolidated statement of condition date of June 30, 2015, 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. |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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 3 - 20 Leasehold improvements Shorter of useful lives or lease term |
Acquisition of Atlas Bank (Tabl
Acquisition of Atlas Bank (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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 881 Core deposit intangible 398 Other assets 1,671 Fair value of assets acquired 121,309 Deposits 86,099 Federal Home Loan Bank advances 18,693 Other liabilities 421 Fair value of liabilities assumed 105,213 Total identified net assets 16,096 Gain on bargain purchase (596 ) Total $ 15,500 |
Securities Available for Sale (
Securities Available for Sale (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities | Amortized cost, gross unrealized gains and losses and fair value of debt securities and mortgage-backed securities at June 30, 2015 and 2014 and stratification by contractual maturity of debt securities at June 30, 2015 are presented below: June 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Securities available for sale: Debt securities: U.S. agency securities $ 7,208 $ 66 $ 11 $ 7,263 Obligations of state and political subdivisions 27,513 26 704 26,835 Asset-backed securities 87,614 879 461 88,032 Collateralized loan obligations 128,624 175 628 128,171 Corporate bonds 163,049 433 874 162,608 Trust preferred securities 8,895 16 1,160 7,751 Total debt securities 422,903 1,595 3,838 420,660 Mortgage-backed securities: Collateralized mortgage obligations: Federal Home Loan Mortgage Corporation 27,392 10 324 27,078 Federal National Mortgage Association 45,522 12 900 44,634 Non-agency securities 167 - 2 165 Total collateralized mortgage obligations 73,081 22 1,226 71,877 Mortgage pass-through securities: Residential pass-through securities: Government National Mortgage Association 2,430 225 - 2,655 Federal Home Loan Mortgage Corporation 155,522 2,286 1,358 156,450 Federal National Mortgage Association 102,424 2,749 665 104,508 Total residential pass-through securities 260,376 5,260 2,023 263,613 Commercial pass-through securities: Federal National Mortgage Association 11,066 63 - 11,129 Total commercial pass-through securities 11,066 63 - 11,129 Total mortgage-backed securities 344,523 5,345 3,249 346,619 Total securities available for sale $ 767,426 $ 6,940 $ 7,087 $ 767,279 June 30, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Securities available for sale: 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 Collateralized loan obligations 120,089 - 517 119,572 Corporate bonds 163,076 617 1,459 162,234 Trust preferred securities 8,887 32 1,121 7,798 Total debt securities 411,228 1,369 4,699 407,898 Mortgage-backed securities: Collateralized mortgage obligations: Federal Home Loan Mortgage Corporation 33,505 - 485 33,020 Federal National Mortgage Association 51,277 12 1,249 50,040 Non-agency securities 210 - - 210 Total collateralized mortgage obligations 84,992 12 1,734 83,270 Mortgage pass-through securities: Residential pass-through securities: 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 residential pass-through securities 347,810 8,908 2,765 353,953 Total mortgage-backed securities 432,802 8,920 4,499 437,223 Total securities available for sale $ 844,030 $ 10,289 $ 9,198 $ 845,121 |
Stratification by Contractual Maturity of Securities | stratification by contractual maturity of debt securities at June 30, 2015 are presented below: June 30, 2015 Amortized Cost Fair Value (In Thousands) Debt securities held to maturity: Due in one year or less $ 6,359 $ 6,362 Due after one year through five years 154,345 153,927 Due after five years through ten years 36,240 35,733 Due after ten years 22,918 22,344 Total $ 219,862 $ 218,366 |
Securities Available for Sale [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Stratification by Contractual Maturity of Securities | June 30, 2015 Amortized Cost Fair Value (In Thousands) Debt securities available for sale: Due in one year or less $ 20,011 $ 20,088 Due after one year through five years 45,697 45,526 Due after five years through ten years 149,915 149,089 Due after ten years 207,280 205,957 Total $ 422,903 $ 420,660 |
Securities Held to Maturity (Ta
Securities Held to Maturity (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities | Amortized cost, gross unrealized gains and losses and fair value of debt securities and mortgage-backed securities at June 30, 2015 and 2014 and stratification by contractual maturity of debt securities at June 30, 2015 are presented below: June 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Securities held to maturity: Debt securities: U.S. agency securities $ 143,334 $ - $ 332 $ 143,002 Obligations of state and political subdivisions 76,528 26 1,190 75,364 Total debt securities 219,862 26 1,522 218,366 Mortgage-backed securities: Collateralized mortgage obligations: Federal Home Loan Mortgage Corporation 15,121 5 - 15,126 Federal National Mortgage Association 221 24 - 245 Non-agency securities 42 - 1 41 Total collateralized mortgage obligations 15,384 29 1 15,412 Mortgage pass-through securities: Residential pass-through securities: Government National Mortgage Association 8 1 - 9 Federal Home Loan Mortgage Corporation 44,905 16 218 44,703 Federal National Mortgage Association 214,150 1,090 338 214,902 Total residential pass-through securities 259,063 1,107 556 259,614 Commercial pass-through securities: Government National Mortgage Association 10,111 32 - 10,143 Federal National Mortgage Association 158,921 1,639 228 160,332 Total commercial pass-through securities 169,032 1,671 228 170,475 Total mortgage-backed securities 443,479 2,807 785 445,501 Total securities held to maturity $ 663,341 $ 2,833 $ 2,307 $ 663,867 June 30, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (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 Total debt securities 216,414 21 2,963 213,472 Mortgage-backed securities: Collateralized mortgage obligations: Federal Home Loan Mortgage Corporation 20 2 - 22 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: Residential pass-through securities: Government National Mortgage Association 9 - - 9 Federal Home Loan Mortgage Corporation 283 4 - 287 Federal National Mortgage Association 114,276 140 83 114,333 Total residential pass-through securities 114,568 144 83 114,629 Commercial pass-through securities: Federal National Mortgage Association 180,752 73 2,042 178,783 Total commercial pass-through securities 180,752 73 2,042 178,783 Total mortgage-backed securities 295,658 249 2,126 293,781 Total securities held to maturity $ 512,072 $ 270 $ 5,089 $ 507,253 |
Stratification by Contractual Maturity of Securities | stratification by contractual maturity of debt securities at June 30, 2015 are presented below: June 30, 2015 Amortized Cost Fair Value (In Thousands) Debt securities held to maturity: Due in one year or less $ 6,359 $ 6,362 Due after one year through five years 154,345 153,927 Due after five years through ten years 36,240 35,733 Due after ten years 22,918 22,344 Total $ 219,862 $ 218,366 |
Impairment of Securities (Table
Impairment of Securities (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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. June 30, 2015 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In Thousands) Securities Available for Sale: U.S. agency securities $ 1,533 $ 7 $ 695 $ 4 $ 2,228 $ 11 Obligations of state and political subdivisions 20,575 515 2,943 189 23,518 704 Asset-backed securities 23,855 293 20,067 168 43,922 461 Collateralized loan obligations 49,694 117 59,551 511 109,245 628 Corporate bonds 19,880 120 74,295 754 94,175 874 Trust preferred securities - - 6,734 1,160 6,734 1,160 Collateralized mortgage obligations 5,479 29 52,105 1,197 57,584 1,226 Residential pass-through securities 61,896 1,140 50,513 883 112,409 2,023 Total $ 182,912 $ 2,221 $ 266,903 $ 4,866 $ 449,815 $ 7,087 June 30, 2014 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In Thousands) Securities Available for Sale: U.S. agency securities $ 826 $ 1 $ 84 $ 1 $ 910 $ 2 Obligations of state and political subdivisions 946 3 23,140 770 24,086 773 Asset-backed securities 28,404 630 25,169 197 53,573 827 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 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 $ 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 | June 30, 2015 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In Thousands) Securities Held to Maturity: U.S. agency securities $ - $ - $ 143,002 $ 332 $ 143,002 $ 332 Obligations of state and political subdivisions 56,190 840 7,965 350 64,155 1,190 Collateralized mortgage obligations - - 41 1 41 1 Residential pass-through securities 142,789 556 142,789 556 Commercial pass-through securities 18,792 228 - - 18,792 228 Total $ 217,771 $ 1,624 $ 151,008 $ 683 $ 368,779 $ 2,307 June 30, 2014 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In Thousands) 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 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 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | June 30, 2015 2014 (In Thousands) Real estate mortgage: One-to-four family residential $ 592,321 $ 580,612 Commercial mortgage: Multi-family 728,379 431,007 Nonresidential 580,724 552,748 Total commercial mortgage 1,309,103 983,755 Total real estate mortgage 1,901,424 1,564,367 Construction 5,711 7,281 Commercial business 99,451 67,261 Consumer: Home equity loans 70,257 75,611 Home equity lines of credit 21,414 24,010 Passbook or certificate 3,999 3,965 Other 292 373 Total consumer 95,962 103,959 Total loans 2,102,548 1,742,868 Unamortized yield adjustments including net premiums and discounts on purchased and acquired loans and net deferred fees and costs on loans originated 316 (1,397 ) Total loans receivable, net of yield adjustments $ 2,102,864 $ 1,741,471 |
Loan Quality and Allowance fo41
Loan Quality and Allowance for Loan Losses (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Allowance for Loan Losses and Loans Receivable | The following tables present the balance of the allowance for loan losses at June 30, 2015, 2014 and 2013 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, 2015, 2014 and 2013. Unless otherwise noted, the balance of loans reported in the tables below excludes yield adjustments and the allowance for loan loss. Allowance for Loan Losses and Loans Receivable at June 30, 2015 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Balance of allowance for loan losses: Originated and purchased loans: Loans individually evaluated for impairment $ 116 $ 415 $ - $ 30 $ 12 $ - $ - $ 573 Loans collectively evaluated for impairment 2,031 10,162 29 989 184 33 15 13,443 Allowance for loan losses on originated and purchased loans 2,147 10,577 29 1,019 196 33 15 14,016 Loans acquired at fair value: Loans acquired with deteriorated credit quality - - - 81 - - - 81 Other acquired loans individually evaluated for impairment - 114 - 259 - 24 - 397 Acquired loans collectively evaluated for impairment 63 429 5 501 64 49 1 1,112 Allowance for loan losses on loans acquired at fair value 63 543 5 841 64 73 1 1,590 Total allowance for loan losses $ 2,210 $ 11,120 $ 34 $ 1,860 $ 260 $ 106 $ 16 $ 15,606 Note 9 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses and Loans Receivable Year Ended June 30, 2015 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Changes in the allowance for loan losses for the year ended June 30, 2015: At June 30, 2014: Allocated $ 2,729 $ 7,737 $ 67 $ 1,284 $ 460 $ 88 $ 22 $ 12,387 Unallocated - - - - - - - - Total allowance for loan losses 2,729 7,737 67 1,284 460 88 22 12,387 Total charge offs (1,985 ) (650 ) - (491 ) (77 ) - (1 ) (3,204 ) Total recoveries 297 - - 18 - - - 315 Total allocated provisions 1,169 4,033 (33 ) 1,049 (123 ) 18 (5 ) 6,108 Total unallocated provisions - - - - - - - - At June 30, 2015: Allocated 2,210 11,120 34 1,860 260 106 16 15,606 Unallocated - - - - - - - - Total allowance for loan losses $ 2,210 $ 11,120 $ 34 $ 1,860 $ 260 $ 106 $ 16 $ 15,606 Note 9 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses and Loans Receivable at June 30, 2015 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Balance of loans receivable: Originated and purchased loans: Loans individually evaluated for impairment $ 10,240 $ 3,439 $ - $ 1,861 $ 991 $ 26 $ - $ 16,557 Loans collectively evaluated for impairment 520,070 1,214,586 3,328 69,797 63,034 10,854 4,204 1,885,873 Total originated and purchased loans 530,310 1,218,025 3,328 71,658 64,025 10,880 4,204 1,902,430 Loans acquired at fair value: Loans acquired with deteriorated credit quality 116 318 - 7,929 - - - 8,363 Other acquired loans individually evaluated for impairment - 4,196 2,037 927 534 945 - 8,639 Acquired loans collectively evaluated for impairment 61,895 86,564 346 18,937 5,698 9,589 87 183,116 Total loans acquired at fair value 62,011 91,078 2,383 27,793 6,232 10,534 87 200,118 Total loans $ 592,321 $ 1,309,103 $ 5,711 $ 99,451 $ 70,257 $ 21,414 $ 4,291 2,102,548 Unamortized yield adjustments 316 Loans receivable, net of yield adjustments $ 2,102,864 Note 9 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses and Loans Receivable at June 30, 2014 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Balance of allowance for loan losses: 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 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: Loans acquired with deteriorated credit quality - - - 98 - - - 98 Other acquired loans individually evaluated for impairment - 165 - 346 57 - - 568 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 Total allowance for loan losses $ 2,729 $ 7,737 $ 67 $ 1,284 $ 460 $ 88 $ 22 $ 12,387 Note 9 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses and Loans Receivable Year Ended June 30, 2014 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Changes in the allowance for loan losses for the year ended June 30, 2014: At June 30, 2013: Allocated $ 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 Total charge offs (1,202 ) (44 ) - (1,170 ) (47 ) - (30 ) (2,493 ) Total recoveries 67 525 - 9 2 - - 603 Total allocated provisions 204 1,897 (14 ) 1,227 15 12 40 3,381 Total unallocated provisions - - - - - - - - At June 30, 2014: Allocated 2,729 7,737 67 1,284 460 88 22 12,387 Unallocated - - - - - - - - Total allowance for loan losses $ 2,729 $ 7,737 $ 67 $ 1,284 $ 460 $ 88 $ 22 $ 12,387 Note 9 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses and Loans Receivable at June 30, 2014 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Balance of loans receivable: Originated and purchased 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 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 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 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 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 Unamortized yield adjustments (1,397 ) Loans receivable, net of yield adjustments $ 1,741,471 Note 9 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses Year Ended June 30, 2013 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Changes in the allowance for loan losses for the year ended June 30, 2013: At June 30, 2012: Allocated $ 4,572 $ 3,443 $ 277 $ 1,310 $ 447 $ 54 $ 14 $ 10,117 Unallocated - - - - - - - - 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 ) Total recoveries 15 - - 18 10 - - 43 Total allocated provisions 1,345 2,958 (187 ) 72 254 22 - 4,464 Total unallocated provisions - - - - - - - - At June 30, 2013: Allocated 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 |
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 June 30, 2015 and 2014. Credit-Rating Classification of Loans Receivable at June 30, 2015 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Originated and purchased loans: Non-classified $ 518,592 $ 1,213,307 $ 3,328 $ 69,662 $ 62,902 $ 10,780 $ 4,201 $ 1,882,772 Classified: Special Mention 955 256 - 58 56 74 - 1,399 Substandard 10,763 4,195 - 1,938 1,067 26 3 17,992 Doubtful - 267 - - - - - 267 Loss - - - - - - - - Total classified loans 11,718 4,718 - 1,996 1,123 100 3 19,658 Total originated and purchased loans 530,310 1,218,025 3,328 71,658 64,025 10,880 4,204 1,902,430 Loans acquired at fair value: Non-classified 60,593 82,068 - 13,749 5,588 9,196 60 171,254 Classified: Special Mention 372 3,425 346 7,617 76 242 24 12,102 Substandard 1,046 5,585 2,037 6,421 568 1,096 3 16,756 Doubtful - - - 6 - - - 6 Loss - - - - - - - - Total classified loans 1,418 9,010 2,383 14,044 644 1,338 27 28,864 Total loans acquired at fair value 62,011 91,078 2,383 27,793 6,232 10,534 87 200,118 Total loans $ 592,321 $ 1,309,103 $ 5,711 $ 99,451 $ 70,257 $ 21,414 $ 4,291 $ 2,102,548 Note 9 – Loan Quality and the Allowance for Loan Losses (continued) Credit-Rating Classification of Loans Receivable at June 30, 2014 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Originated and purchased loans: Non-classified $ 492,531 $ 872,063 $ 3,461 $ 31,301 $ 66,016 $ 10,352 $ 4,247 $ 1,479,971 Classified: Special Mention 1,626 357 158 25 146 84 1 2,397 Substandard 12,288 6,039 - 1,263 1,011 110 - 20,711 Doubtful - 284 - - - - - 284 Loss - - - - - - - - Total classified loans 13,914 6,680 158 1,288 1,157 194 1 23,392 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 73,425 96,758 - 18,946 7,582 12,003 71 208,785 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 Doubtful - - - 6 - - - 6 Loss - - - - - - - - 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 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 | Contractual Payment Status of Loans Receivable at June 30, 2015 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Originated and purchased loans: Current $ 524,780 $ 1,216,644 $ 3,328 $ 70,529 $ 63,457 $ 10,828 $ 4,199 $ 1,893,765 Past due: 30-59 days 420 256 - 23 114 - 4 817 60-89 days 685 - - - - 26 - 711 90+ days 4,425 1,125 - 1,106 454 26 1 7,137 Total past due 5,530 1,381 - 1,129 568 52 5 8,665 Total originated and purchased loans 530,310 1,218,025 3,328 71,658 64,025 10,880 4,204 1,902,430 Loans acquired at fair value: Current 61,895 89,796 1,610 25,721 5,993 9,577 85 194,677 Past due: 30-59 days 116 - - - 134 12 - 262 60-89 days - 468 - - - - 1 469 90+ days - 814 773 2,072 105 945 1 4,710 Total past due 116 1,282 773 2,072 239 957 2 5,441 Total loans acquired at fair value 62,011 91,078 2,383 27,793 6,232 10,534 87 200,118 Total loans $ 592,321 $ 1,309,103 $ 5,711 $ 99,451 $ 70,257 $ 21,414 $ 4,291 $ 2,102,548 Note 9 – Loan Quality and the Allowance for Loan Losses (continued) Contractual Payment Status of Loans Receivable at June 30, 2014 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Originated and purchased loans: Current $ 495,330 $ 875,887 $ 3,619 $ 31,081 $ 66,548 $ 10,499 $ 4,034 $ 1,486,998 Past due: 30-59 days 1,385 - - 245 183 - 60 1,873 60-89 days 1,163 - - - 3 30 28 1,224 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 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 72,736 102,881 2,810 32,346 7,731 12,390 88 230,982 Past due: 30-59 days 689 561 - - 152 - - 1,402 60-89 days - 427 - - 95 110 1 633 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 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 |
Performance Status of Loans Receivable | The following tables present information relating to the Company’s nonperforming and impaired loans at June 30, 2015 and 2014. 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 at June 30, 2015 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Originated and purchased loans: Performing $ 522,474 $ 1,214,653 $ 3,328 $ 69,819 $ 63,563 $ 10,854 $ 4,203 $ 1,888,894 Nonperforming: 90+ days past due accruing - - - - - - - - Nonaccrual 7,836 3,372 - 1,839 462 26 1 13,536 Total nonperforming 7,836 3,372 - 1,839 462 26 1 13,536 Total originated and purchased loans 530,310 1,218,025 3,328 71,658 64,025 10,880 4,204 1,902,430 Loans acquired at fair value: Performing 61,895 87,273 346 25,688 5,882 9,589 86 190,759 Nonperforming: 90+ days past due accruing - - - - - - - - Nonaccrual 116 3,805 2,037 2,105 350 945 1 9,359 Total nonperforming 116 3,805 2,037 2,105 350 945 1 9,359 Total loans acquired at fair value 62,011 91,078 2,383 27,793 6,232 10,534 87 200,118 Total loans $ 592,321 $ 1,309,103 $ 5,711 $ 99,451 $ 70,257 $ 21,414 $ 4,291 $ 2,102,548 Note 9 – Loan Quality and the Allowance for Loan Losses (continued) Performance Status of Loans Receivable at June 30, 2014 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Originated and purchased loans: Performing $ 497,243 $ 873,421 $ 3,619 $ 31,326 $ 66,734 $ 10,529 $ 4,122 $ 1,486,994 Nonperforming: 90+ days past due accruing - - - - - - 125 125 Nonaccrual 9,202 5,322 - 1,263 439 17 1 16,244 Total nonperforming 9,202 5,322 - 1,263 439 17 126 16,369 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 73,425 103,399 2,214 31,016 7,928 12,500 89 230,571 Nonperforming: 90+ days past due accruing - - - - - - - - Nonaccrual 742 1,613 1,448 3,656 510 964 1 8,934 Total nonperforming 742 1,613 1,448 3,656 510 964 1 8,934 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 |
Impairment Status of Loans Receivable | Impairment Status of Loans Receivable at or Year Ended June 30, 2015 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Carrying value of impaired loans: Originated and purchased loans: Non-impaired loans $ 520,070 $ 1,214,586 $ 3,328 $ 69,797 $ 63,034 $ 10,854 $ 4,204 $ 1,885,873 Impaired loans: Impaired loans with no allowance for impairment 8,387 1,777 - 1,418 905 26 - 12,513 Impaired loans with allowance for impairment: Recorded investment 1,853 1,662 - 443 86 - - 4,044 Allowance for impairment (116 ) (415 ) - (30 ) (12 ) - - (573 ) Balance of impaired loans net of allowance for impairment 1,737 1,247 - 413 74 - - 3,471 Total impaired loans, excluding allowance for impairment: 10,240 3,439 - 1,861 991 26 - 16,557 Total originated and purchased loans 530,310 1,218,025 3,328 71,658 64,025 10,880 4,204 1,902,430 Loans acquired at fair value: Non-impaired loans 61,895 86,564 346 18,937 5,698 9,589 87 183,116 Impaired loans: Impaired loans with no allowance for impairment 116 4,072 2,037 8,214 534 488 - 15,461 Impaired loans with allowance for impairment: Recorded investment - 442 - 642 - 457 - 1,541 Allowance for impairment - (114 ) - (340 ) - (24 ) - (478 ) Balance of impaired loans net of allowance for impairment - 328 - 302 - 433 - 1,063 Total impaired loans, excluding allowance for impairment: 116 4,514 2,037 8,856 534 945 - 17,002 Total loans acquired at fair value 62,011 91,078 2,383 27,793 6,232 10,534 87 200,118 Total loans $ 592,321 $ 1,309,103 $ 5,711 $ 99,451 $ 70,257 $ 21,414 $ 4,291 $ 2,102,548 Unpaid principal balance of impaired loans: Originated and purchased loans $ 16,985 $ 4,103 $ - $ 2,036 $ 1,014 $ 26 $ - $ 24,164 Loans acquired at fair value 147 4,759 2,118 10,506 561 975 - 19,066 Total impaired loans $ 17,132 $ 8,862 $ 2,118 $ 12,542 $ 1,575 $ 1,001 $ - $ 43,230 For the year ended June 30, 2015: Average balance of impaired loans $ 12,433 $ 7,902 $ 1,912 $ 11,693 $ 1,618 $ 1,005 $ - $ 36,563 Interest earned on impaired loans $ 139 $ 63 $ 5 $ 886 $ 42 $ - $ - $ 1,135 Note 9 – Loan Quality and the Allowance for Loan Losses (continued) Impairment Status of Loans Receivable at or Year Ended June 30, 2014 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Carrying value of impaired loans: 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 9,800 5,037 - 1,263 911 17 - 17,028 Impaired loans with allowance for impairment: Recorded investment 2,123 366 - - 99 - - 2,588 Allowance for impairment (528 ) (404 ) - - (75 ) - - (1,007 ) Balance of impaired loans net of allowance for impairment 1,595 (38 ) - - 24 - - 1,581 Total impaired loans, excluding allowance for impairment: 11,923 5,403 - 1,263 1,010 17 - 19,616 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-impaired loans 73,425 102,046 2,214 23,891 7,746 12,500 90 221,912 Impaired loans: Impaired loans with no allowance for impairment 742 1,690 1,448 10,141 617 964 - 15,602 Impaired loans with allowance for impairment: Recorded investment - 1,276 - 640 75 - - 1,991 Allowance for impairment - (165 ) - (444 ) (57 ) - - (666 ) Balance of impaired loans net of allowance for impairment - 1,111 - 196 18 - - 1,325 Total impaired loans, excluding allowance for impairment: 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 Total loans $ 580,612 $ 983,755 $ 7,281 $ 67,261 $ 75,611 $ 24,010 $ 4,338 $ 1,742,868 Unpaid principal balance of impaired loans: 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 Total impaired loans $ 18,397 $ 9,183 $ 1,547 $ 13,902 $ 1,753 $ 992 $ - $ 45,774 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 Interest earned on impaired loans $ 138 $ 186 $ - $ 732 $ 69 $ 7 $ - $ 1,132 Note 9 – Loan Quality and the Allowance for Loan Losses (continued) Impairment Status of Loans Receivable Year Ended June 30, 2013 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) 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 |
Troubled Debt Restructurings of Loans Receivable | The following tables present information regarding the restructuring of the Company’s troubled debts during the year ended June 30, 2015 and 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 Year Ended June 30, 2015 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Troubled debt restructuring activity for the year ended June 30, 2015 Originated and purchased loans Number of loans 5 1 - 2 - - - 8 Pre-modification outstanding recorded investment $ 1,955 $ 369 $ - $ 348 $ - $ - $ - $ 2,672 Post-modification outstanding recorded investment 1,823 376 - 322 - - - $ 2,521 Charge offs against the allowance for loan loss recognized at modification 261 14 - 27 - - - $ 302 Loans acquired at fair value Number of loans - 1 - 1 - - - 2 Pre-modification outstanding recorded investment $ - $ 479 $ - $ 32 $ - $ - $ - $ 511 Post-modification outstanding recorded investment - 537 - 32 - - - $ 569 Charge offs against the allowance for loan loss recognized at modification - 24 - 1 - - - $ 25 Troubled debt restructuring defaults for the year ended June 30, 2015 Originated and purchased loans Number of loans 1 - - - - - - 1 Outstanding recorded investment $ 416 $ - $ - $ - $ - $ - $ - $ 416 Loans acquired at fair value Number of loans - - - - - - - - Outstanding recorded investment $ - $ - $ - $ - $ - $ - $ - $ - Note 9 – Loan Quality and the Allowance for Loan Losses (continued) Troubled Debt Restructurings of Loans Receivable Year Ended June 30, 2013 Residential Mortgage Commercial Mortgage Construction Commercial Business Home Equity Loans Home Equity Lines of Credit Other Consumer Total (In Thousands) Troubled debt restructuring activity for the year ended June 30, 2013 Originated and purchased loans Number of loans 5 1 - - 2 - - 8 Pre-modification outstanding recorded investment $ 967 $ 265 $ - $ - $ 176 $ - $ - $ 1,408 Post-modification outstanding recorded investment 852 245 - - 164 - - $ 1,261 Charge offs against the allowance for loan loss for impairment recognized at modification 146 20 - - 14 - - $ 180 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 year ended June 30, 2013 Originated and purchased loans Number of loans - - - - - - - - Outstanding recorded investment $ - $ - $ - $ - $ - $ - $ - $ - Loans acquired at fair value Number of loans - - - - - - - - Outstanding recorded investment $ - $ - $ - $ - $ - $ - $ - $ - |
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 years ended June 30, 2015 and 2014. Year Ended June 30, 2015 2014 (In Thousands) Beginning balance $ 1,891 $ 741 Accretion to interest income (702 ) (326 ) Disposals - (38 ) Reclassifications from nonaccretable difference - 1,514 Ending balance $ 1,189 $ 1,891 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | June 30, 2015 2014 (In Thousands) Land $ 9,931 $ 9,931 Buildings and improvements 36,811 35,080 Leasehold Improvements 4,297 4,253 Furnishing and equipment 19,012 18,151 Construction in progress 589 1,959 70,640 69,374 Less accumulated depreciation and amortization 31,460 29,269 Total premises and equipment $ 39,180 $ 40,105 |
Interest Receivable (Tables)
Interest Receivable (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Other Income And Expenses [Abstract] | |
Interest Receivable | June 30, 2015 2014 (In Thousands) Loans $ 6,324 $ 5,525 Mortgage-backed securities 1,855 1,796 Debt securities 1,694 1,692 Total interest receivable $ 9,873 $ 9,013 |
Goodwill and Other Intangible44
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | Goodwill Core Deposit Intangibles (In Thousands) Balance at June 30, 2012 $ 108,591 $ 652 Amortization - (138 ) Balance at June 30, 2013 108,591 514 Amortization - (122 ) Acquisition of Atlas Bank - 398 Balance at June 30, 2014 108,591 790 Amortization - (193 ) Balance at June 30, 2015 108,591 597 |
Scheduled Amortization of Core Deposit Intangibles | Scheduled amortization of core deposit intangibles for each of the next five years and thereafter is as follows: Year Ending June 30, Core Deposit Intangible Amortization (In Thousands) 2016 $ 166 2017 139 2018 111 2019 84 2020 57 Thereafter 40 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Banking And Thrift [Abstract] | |
Schedule of Deposits | June 30, 2015 2014 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) Non-interest-bearing demand $ 218,533 0.00 % $ 224,054 0.00 % Interest-bearing demand 724,484 0.25 700,248 0.24 Savings and club 520,957 0.16 518,421 0.16 Certificates of deposits 1,001,676 1.17 1,037,218 1.09 Total deposits $ 2,465,650 0.58 % $ 2,479,941 0.56 % (1) Interest-bearing demand deposits at June 30, 2015 and June 30, 2014 include $226.2 million and $213.5 million, respectively, of brokered deposits at a weighted average interest rate of 0.18% and 0.15%, excluding cost of interest rate derivatives used to hedge interest expense. (2) Certificates of deposit at June 30, 2014 and June 30, 2014 include $18.4 million and $18.5 million, respectively, of brokered deposits at a weighted average interest rate of 3.49% and 3.49%. |
Certificates of Deposit by Maturity | A summary of certificates of deposit by maturity follows: June 30, 2015 2014 (In Thousands) One year or less $ 526,457 $ 581,543 After one year to two years 169,105 187,401 After two years to three years 122,937 90,078 After three years to four years 95,040 90,921 After four years to five years 81,819 80,811 After five years 6,318 6,464 Total certificates of deposit $ 1,001,676 $ 1,037,218 |
Interest Expense | Interest expense on deposits consists of the following: June 30, 2015 2014 2013 (In Thousands) Demand $ 3,961 $ 3,790 $ 1,847 Savings and club 819 739 878 Certificates of deposit 11,159 10,009 11,986 Total interest on deposits $ 15,939 $ 14,538 $ 14,711 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Fixed Rate Advances from FHLB | Fixed-rate advances from FHLB of New York mature as follows: June 30, 2015 2014 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) Maturing in years ending June 30: 2015 $ - 0.00 % $ 320,000 0.38 % 2016 382,500 0.41 7,500 1.09 2017 3,000 1.05 3,000 1.05 2018 5,225 1.18 5,225 1.18 2021 671 4.94 765 4.94 2023 145,000 3.04 145,000 3.04 Total borrowings 536,396 1.13 % 481,490 1.21 % Fair value adjustments 9 29 Total borrowings, net of fair value adjustments $ 536,405 $ 481,519 |
Derivative Instruments and He47
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives | The effects of derivative instruments on the Consolidated Financial Statements for June 30, 2015 are as follows: June 30, 2015 Notional/ Contract Amount Fair Value Balance Sheet Location Expiration Date (Dollars in Thousands) Derivatives designated as hedging instruments Interest rate swaps by effective date: July 1, 2013 $ 165,000 $ (768 ) Other liabilities July 1, 2018 August 19, 2013 75,000 (1,149 ) Other liabilities August 20, 2018 October 9, 2013 50,000 (400 ) Other liabilities October 9, 2018 March 28, 2014 75,000 (1,372 ) Other liabilities March 28, 2019 June 5, 2015 60,000 (1,717 ) Other liabilities June 5, 2020 July 28, 2015 50,000 (1,697 ) Other liabilities July 28, 2020 September 28, 2015 40,000 (1,289 ) Other liabilities September 28, 2020 December 28, 2015 35,000 (1,119 ) Other liabilities December 28, 2020 550,000 (9,511 ) Interest rate caps by effective date: June 5, 2013 40,000 428 Other liabilities June 5, 2018 July 1, 2013 35,000 366 Other liabilities July 1, 2018 75,000 794 Total $ 625,000 $ (8,717 ) Note 15 – Derivative Instruments and Hedging Activities (continued) Year Ended June 30, 2015 Amount of Loss Recognized in OCI on Derivatives, net of Tax (Effective Portion) Location of Gain (Loss) Recognized in Income of Derivatives (Ineffective Portion) Amount of Gain (Loss) Recognized in Income of Derivatives (Ineffective Portion) (Dollars in Thousands) Derivatives in cash flow hedges Interest rate swaps by effective date: July 1, 2013 $ (515 ) Not applicable $ - August 19, 2013 (24 ) Not applicable - October 9, 2013 (98 ) Not applicable - March 28, 2014 (100 ) Not applicable - June 5, 2015 (855 ) Not applicable - July 28, 2015 (1,004 ) Not applicable - September 28, 2015 (762 ) Not applicable - December 28, 2015 (662 ) Not applicable - (4,020 ) - Interest rate caps by effective date: June 5, 2013 (247 ) Not applicable - July 1, 2013 (245 ) Not applicable - (492 ) - Total $ (4,512 ) $ - The effects of derivative instruments on the Consolidated Financial Statements for June 30, 2014 are as follows: June 30, 2014 Notional/ Contract Amount Fair Value Balance Sheet Location Expiration Date (Dollars in Thousands) Derivatives designated as hedging instruments Interest rate swaps by effective date: July 1, 2013 $ 165,000 $ 103 Other liabilities July 1, 2018 August 19, 2013 75,000 (1,109 ) Other liabilities August 20, 2018 October 9, 2013 50,000 (234 ) Other liabilities October 9, 2018 March 28, 2014 75,000 (1,203 ) Other liabilities March 28, 2019 June 5, 2015 60,000 (271 ) Other liabilities June 5, 2020 425,000 (2,714 ) Interest rate caps by effective date: June 5, 2013 40,000 913 Other liabilities June 5, 2018 July 1, 2013 35,000 826 Other liabilities July 1, 2018 75,000 1,739 Total $ 500,000 $ (975 ) Year Ended June 30, 2014 Amount of Loss Recognized in OCI on Derivatives, net of Tax (Effective Portion) Location of Gain (Loss) Recognized in Income of Derivatives (Ineffective Portion) Amount of Gain (Loss) Recognized in Income of Derivatives (Ineffective Portion) (Dollars in Thousands) Derivatives in cash flow hedges Interest rate swaps by effective date: July 1, 2013 $ (896 ) Not applicable $ - August 19, 2013 (656 ) Not applicable - October 9, 2013 (138 ) Not applicable - March 28, 2014 (711 ) Not applicable - June 5, 2015 (883 ) Not applicable - (3,284 ) - Interest rate caps by effective date: June 5, 2013 (333 ) Not applicable - July 1, 2013 (292 ) Not applicable - (625 ) - Total $ (3,909 ) $ - The effects of derivative instruments on the Consolidated Financial Statements for June 30, 2013 are as follows: Year Ended June 30, 2013 Amount of Gain Recognized in OCI on Derivatives, net of Tax (Effective Portion) Location of Gain (Loss) Recognized in Income of Derivatives (Ineffective Portion) Amount of Gain (Loss) Recognized in Income of Derivatives (Ineffective Portion) (Dollars in Thousands) Derivatives in cash flow hedges Interest rate swaps by effective date: July 1, 2013 $ 957 Not applicable $ - June 5, 2015 722 Not applicable - 1,679 - Interest rate caps by effective date: June 5, 2013 128 Not applicable - July 1, 2013 31 Not applicable - 159 - Total $ 1,838 $ - |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Employee Stock Ownership Plan (ESOP) Disclosures | At June 30, 2015 and 2014, the ESOP shares were as follows: June 30, 2015 2014 (In Thousands) Allocated shares 1,629 1,537 Total shares distributed due to employment termination 329 220 Shares committed to be released 100 117 Unearned shares 3,964 535 Total ESOP shares 6,022 2,409 Fair value of unearned ESOP shares $ 44,236 $ 5,873 |
Schedule of Fair Value of ABRIP's Assets | The fair values of the ABRIP’s assets at June 30, 2015 and 2014, by asset category (see Note 20 for the definitions of levels), are as follows: June 30, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Prudential Guaranteed Deposit Fund $ - $ 3,958 $ - $ 3,958 June 30, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Prudential Guaranteed Deposit Fund $ - $ 3,885 $ - $ 3,885 |
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, 2015: Weighted average risk-free interest rate 1.57% Expected dividend yield 0.80% Weighted average volatility factor of the expected market price of the Company's stock 32.01% Weighted average expected life of the options 6.5 years |
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 year ended June 30, 2015: Options Weighted Average Exercise Price Range of prices Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (In Thousands) (In Thousands) Outstanding at June 30, 2014 4,189 $ 8.96 $ 7.36 - $10.71 2.0 years $ 9,034 Granted 62 $ 9.82 $ 9.82 Exercised (3,844 ) $ 8.88 $ 8.36 - $9.20 Forefeited (41 ) $ 10.71 $ 10.71 Outstanding at June 30, 2015 366 $ 9.75 $ 7.36 - $10.71 8.2 years $ 520 Exercisable at June 30, 2015 115 $ 8.61 $ 7.36 - $10.71 6.9 years $ 292 |
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, 2015 and changes during the year ended June 30, 2015: Restricted Shares Weighted Average Grant Date Fair Value (In Thousands) Non-vested at June 30, 2014 120 $ 9.44 Awarded 17 $ 9.82 Vested (34 ) $ 8.65 Forefeited (14 ) $ 7.07 Non-vested at June 30, 2015 89 $ 10.19 |
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | |
Schedule of Net Funded Status | The following tables set forth the ABRIP’s funded status and net periodic benefit cost: June 30, 2015 2014 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 2,646 $ - Interest cost 115 - Benefit payments (192 ) - Acquisition - 2,646 Projected benefit obligation - ending $ 2,569 $ 2,646 Change in plan assets: Fair value of assets - beginning $ 3,885 $ - Expected return on assets 265 - Benefit payments (192 ) - Acquistion - 3,885 Fair value of assets - ending $ 3,958 $ 3,885 Funded status included in other assets $ 1,389 $ 1,239 Accumulated benefit obligation $ 2,569 $ 2,646 Valuation assumptions Discount rate 4.50 % N/A Salary increase rate N/A N/A |
Schedule of Net Benefit Costs | Years Ended June 30, 2015 2014 (In Thousands) Net periodic benefit cost: Interest cost $ 115 $ - Expected return on assets (265 ) - Total benefit $ (150 ) $ - Valuation assumptions Discount rate 4.50 % N/A Long term rate of return on plan assets 7.00 % N/A |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2016 $ 198 2017 201 2018 203 2019 200 2020 197 2021-2025 951 |
Benefit Equalization Plan ("BEP") [Member] | |
Schedule of Net Funded Status | The following tables set forth the BEP’s funded status and components of net periodic benefit cost: June 30, 2015 2014 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 3,101 $ 3,430 Interest cost 142 154 Actuarial loss (gain) 165 (218 ) Benefit payments (227 ) (265 ) Projected benefit obligation - ending $ 3,181 $ 3,101 Change in plan assets: Fair value of assets - beginning $ - $ - Contributions 227 265 Benefit payments (227 ) (265 ) Fair value of assets - ending $ - $ - Reconciliation of funded status: Accumulated benefit obligation $ (3,181 ) $ (3,101 ) Projected benefit obligation $ (3,181 ) $ (3,101 ) Fair value of assets - - Accrued pension included in other liabilities $ (3,181 ) $ (3,101 ) Valuation assumptions Discount rate 4.50 % 4.50 % Salary increase rate N/A N/A |
Schedule of Net Benefit Costs | Years Ended June 30, 2015 2014 2013 (In Thousands) Net periodic benefit cost: Interest cost $ 142 $ 154 $ 143 Amortization of net actuarial loss 47 37 50 Total expense $ 189 $ 191 $ 193 Valuation assumptions Discount rate 4.50 % 5.00 % 4.25 % Salary increase rate N/A 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: Benefit Payments (In Thousands) Years ending June 30: 2016 $ 227 2017 229 2018 231 2019 233 2020 235 2021-2025 1,185 |
Postretirement Welfare Plan [Member] | |
Schedule of Net Funded Status | The following tables set forth the accrued accumulated postretirement benefit obligation and the net periodic benefit cost: June 30, 2015 2014 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 992 $ 1,043 Service cost 66 54 Interest cost 46 45 Actuarial loss (gain) 41 (144 ) Premiums/claims paid (6 ) (6 ) Projected benefit obligation - ending $ 1,139 $ 992 Change in plan assets: Fair value of assets - beginning $ - $ - Contributions 6 6 Premiums/claims paid (6 ) (6 ) Fair value of assets - ending $ - $ - Reconciliation of funded status: Accumulated benefit obligation $ (1,139 ) $ (992 ) Fair value of assets - - Accrued postretirement benefit included in other liabilities $ (1,139 ) $ (992 ) Valuation assumptions Discount rate 4.50 % 4.50 % Salary increase rate 3.25 % 3.25 % |
Schedule of Net Benefit Costs | Years Ended June 30, 2015 2014 2013 (In Thousands) Net periodic benefit cost: Service cost $ 66 $ 54 $ 62 Interest cost 46 45 40 Amortization of net actuarial loss - - 4 Total expense $ 112 $ 99 $ 106 Valuation assumptions Discount rate 4.50 % 5.00 % 4.25 % Salary increase rate 3.25 % 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: Benefit Payments (In Thousands) Years ending June 30: 2016 $ 7 2017 7 2018 9 2019 10 2020 11 2021-2025 66 |
Directors' Consultation and Retirement Plan ("DCRP") [Member] | |
Schedule of Net Funded Status | The following table sets forth the DCRP’s funded status and components of net periodic cost: June 30, 2015 2014 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 2,983 $ 3,201 Service cost 162 147 Interest cost 139 136 Actuarial loss (gain) 157 (441 ) Benefit payments (60 ) (60 ) Projected benefit obligation - ending $ 3,381 $ 2,983 Change in plan assets: Fair value of assets - beginning $ - $ - Contributions 60 60 Benefit payments (60 ) (60 ) Fair value of assets - ending $ - $ - Reconciliation of funded status: Accumulated benefit obligation $ (3,018 ) $ (2,524 ) Projected benefit obligation $ (3,381 ) $ (2,983 ) Fair value of assets - - Accrued pension included in other liabilities $ (3,381 ) $ (2,983 ) Valuation assumptions Discount rate 4.50 % 4.50 % Salary increase rate 3.25 % 3.25 % |
Schedule of Net Benefit Costs | Years Ended June 30, 2015 2014 2013 (In Thousands) Net periodic benefit cost: Service cost $ 162 $ 147 $ 168 Interest cost 139 136 125 Amortization of unrecognized gain (18 ) (39 ) - Amortization of past service liability 46 46 48 Total expense $ 329 $ 290 $ 341 Valuation assumptions Discount rate 4.50 % 5.00 % 4.25 % Salary increase rate 3.25 % 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: Benefit Payments (In Thousands) Years ending June 30: 2016 $ 81 2017 103 2018 126 2019 150 2020 175 2021-2025 1,230 |
Stockholders' Equity and Regu49
Stockholders' Equity and Regulatory Capital (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Summary of Regulatory Capital Levels | The following table presents information regarding the consolidated Company’s regulatory capital levels at June 30, 2015. The Company was not subject to regulatory capital requirements at June 30, 2014. At June 30, 2015 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 1,077,938 47.16 % $ 182,857 8.00 % $ 228,571 10.00 % Tier 1 capital (to risk-weighted assets) 1,062,332 46.48 % 137,143 6.00 % 182,857 8.00 % Common equity tier 1 capital (to risk-weighted assets) 1,062,332 46.48 % 102,857 4.50 % 148,571 6.50 % Tier 1 capital (to adjusted total assets) 1,062,332 25.82 % 164,587 4.00 % 205,734 5.00 % |
Kearny Federal Savings Bank [Member] | |
Summary of Regulatory Capital Levels | The following tables present information regarding the Bank’s regulatory capital levels at June 30, 2015 and 2014. At June 30, 2015 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 695,002 30.42 % $ 182,764 8.00 % $ 228,455 10.00 % Tier 1 capital (to risk-weighted assets) 679,396 29.74 % 137,073 6.00 % 182,764 8.00 % Common equity tier 1 capital (to risk-weighted assets) 679,396 29.74 % 102,805 4.50 % 148,496 6.50 % Tier 1 capital (to adjusted total assets) 679,396 16.47 % 165,045 4.00 % 206,306 5.00 % At June 30, 2014 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 376,343 20.45 % $ 147,232 8.00 % $ 184,040 10.00 % Tier 1 capital (to risk-weighted assets) 363,956 19.78 % 73,616 4.00 % 110,424 6.00 % Tier 1 capital (to adjusted total assets) 363,956 10.75 % 135,420 4.00 % 169,275 5.00 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Taxes | The components of income taxes are as follows: Years Ending June 30, 2015 2014 2013 (In Thousands) Current income tax expense: Federal $ 1,438 $ 3,196 $ 1,629 State 704 938 343 2,142 4,134 1,972 Deferred income tax (benefit) expense: Federal (2,722 ) 49 411 State (824 ) 122 102 (3,546 ) 171 513 Valuation allowance 135 (88 ) (235 ) Total income tax (benefit) expense $ (1,269 ) $ 4,217 $ 2,250 |
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, 2015, 2014 and 2013: Years Ending June 30, 2015 2014 2013 (In Thousands) Federal income tax expense at statutory rate $ 1,526 $ 5,042 $ 3,065 (Reduction) increases in income taxes resulting from: Tax exempt interest (679 ) (635 ) (142 ) New Jersey state tax, net of federal tax effect 10 632 284 Incentive stock options compensation expense 61 28 15 Income from bank-owned life insurance (1,405 ) (959 ) (680 ) Disqualifying disposition on incentive stock options (491 ) - - Net operating loss utilized from mututal holding company dissolution (354 ) - - Other items, net (72 ) 197 (66 ) (1,404 ) 4,305 2,476 Valuation allowance 135 (88 ) (226 ) Total income tax expense $ (1,269 ) $ 4,217 $ 2,250 Effective income tax rate -29.11 % 29.27 % 25.70 % |
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, 2015 2014 (In Thousands) Deferred income tax assets: Purchase accounting $ 1,188 $ 615 Accumulated other comprehensive income Defined benefit plans 201 84 Unrealized loss on securities available for sale 46 - Unrealized loss on securities available for sale transferred to held to maturity 435 404 Derivatives 4,547 1,430 Allowance for loan losses 6,375 5,060 Benefit plans 2,955 2,816 Compensation 658 239 Stock-based compensation 564 3,255 Uncollected interest 2,775 2,431 Depreciation 970 928 Charitable contribution carryover 3,906 - Other items 775 809 25,395 18,071 Valuation allowance (289 ) (134 ) 25,106 17,937 Deferred income tax liabilities: Deferred costs 1,059 815 Goodwill 6,188 6,198 Accumulated other comprehensive income Unrealized gain on securities available for sale - 458 Other items 32 152 7,279 7,623 Net deferred income tax asset $ 17,827 $ 10,314 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments under Operating Leases | 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, 2015: Operating Lease Payments (In Thousands) Years ending June 30: 2016 $ 1,838 2017 1,661 2018 1,329 2019 998 2020 733 Thereafter 2,662 Total minimum payments required $ 9,221 |
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, 2015 2014 2013 (In Thousands) Minimum rentals $ 1,807 $ 1,716 $ 1,629 |
Schedule of Outstanding Loan Commitments | The outstanding loan commitments are as follows: June 30, 2015 2014 (In Thousands) Loan commitments: Mortgage loans $ 62,895 $ 27,452 Home equity loans 2,902 1,374 Business loans 1,374 350 Construction loans in process 775 6,385 Consumer home equity and overdraft lines of credit 32,499 35,765 Commercial lines of credit 25,728 24,070 Total loan commitments $ 126,173 $ 95,396 |
Fair Value of Financial Instr52
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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: June 30, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Debt securities available for sale: U.S. agency securities $ - $ 7,263 $ - $ 7,263 Obligations of state and political subdivisions - 26,835 - 26,835 Asset-backed securities - 88,032 - 88,032 Collateralized loan obligations - 128,171 - 128,171 Corporate bonds - 162,608 - 162,608 Trust preferred securities - 7,751 - 7,751 Total debt securities - 420,660 - 420,660 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 71,877 - 71,877 Residential pass-through securities - 263,613 - 263,613 Commercial pass-through securities - 11,129 - 11,129 Total mortgage-backed securities - 346,619 - 346,619 Total securities available for sale $ - $ 767,279 $ - $ 767,279 Derivative instruments Interest rate swaps $ - $ (9,511 ) $ - $ (9,511 ) Interest rate caps - 794 - 794 Total derivatives $ - $ (8,717 ) $ - $ (8,717 ) Note 20 – Fair Value of Financial Instruments (continued) June 30, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Debt securities available for sale: U.S. agency securities $ - $ 4,205 $ - $ 4,205 Obligations of state and political subdivisions - 26,773 - 26,773 Asset-backed securities - 87,316 - 87,316 Collateralized loan obligations - 119,572 - 119,572 Corporate bonds - 162,234 - 162,234 Trust preferred securities - 7,798 - 7,798 Total debt securities - 407,898 - 407,898 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 83,270 - 83,270 Residential pass-through securities - 353,953 - 353,953 Total mortgage-backed securities - 437,223 - 437,223 Total securities available for sale $ - $ 845,121 $ - $ 845,121 Derivative instruments Interest rate swaps $ - $ (2,714 ) $ - $ (2,714 ) Interest rate caps - 1,739 - 1,739 Total derivatives $ - $ (975 ) $ - $ (975 ) |
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: June 30, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Impaired loans $ - $ - $ 9,742 $ 9,742 Real estate owned $ - $ - $ 547 $ 547 June 30, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (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: June 30, 2015 Fair Value Valuation Techniques Unobservable Input Range Weighted Average (In Thousands) Impaired loans $ 9,742 Market valuation of underlying collateral (1) Direct disposal costs (2) 6% - 10% 9.45 % Real estate owned $ 547 Market valuation of property (3) Direct disposal costs (2) 8% 8.00 % June 30, 2014 Fair Value Valuation Techniques Unobservable Input Range Weighted Average (In Thousands) Impaired loans $ 10,387 Market valuation of underlying collateral (1) Direct disposal costs (2) 6% - 10% 7.10 % (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: June 30, 2015 Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In Thousands) Financial assets: Cash and cash equivalents $ 340,136 $ 340,136 $ 340,136 $ - $ - Debt securities available for sale 420,660 420,660 - 420,660 - Mortgage-backed securities available for sale 346,619 346,619 - 346,619 - Debt securities held to maturity 219,862 218,366 - 218,366 - Mortgage-backed securities held to maturity 443,479 445,501 - 445,501 - Loans receivable 2,087,258 2,069,209 - - 2,069,209 FHLB Stock 27,468 27,468 - - 27,468 Interest receivable 9,873 9,873 9,873 - - Financial liabilities: Deposits (1) 2,465,650 2,476,425 1,463,974 - 1,012,451 Borrowings 571,499 585,209 - - 585,209 Interest payable on borrowings 1,020 1,020 1,020 - - Derivative instruments: Interest rate swaps (9,511 ) (9,511 ) - (9,511 ) - Interest rate caps 794 794 - 794 - (1) Includes accrued interest payable on deposits of $80,000 at June 30, 2015. Note 20 – Fair Value of Financial Instruments (continued) June 30, 2014 Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In Thousands) Financial assets: Cash and cash equivalents $ 135,034 $ 135,034 $ 135,034 $ - $ - Debt securities available for sale 407,898 407,898 - 407,898 - Mortgage-backed securities available for sale 437,223 437,223 - 437,223 - Debt securities held to maturity 216,414 213,472 - 213,472 - Mortgage-backed securities held to maturity 295,658 293,781 - 293,781 - Loans receivable 1,729,084 1,711,972 - - 1,711,972 FHLB Stock 25,990 25,990 - - 25,990 Interest receivable 9,013 9,013 9,013 - - Financial liabilities: Deposits (1) 2,479,941 2,490,933 1,442,723 - 1,048,210 Borrowings 512,257 521,839 - - 521,539 Interest payable on borrowings 1,001 1,001 1,001 - - Derivative instruments: 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 $69,000 at June 30, 2014. |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) included in stockholders’ equity are as follows: June 30, 2015 2014 (In Thousands) Net unrealized (loss) gain on securities available for sale $ (147 ) $ 1,091 Tax effect (108 ) (592 ) Net of tax amount (255 ) 499 Net unrealized loss on securities available for sale transferred to held to maturity (1,065 ) (990 ) Tax effect 435 404 Net of tax amount (630 ) (586 ) Fair value adjustments on derivatives (11,130 ) (3,501 ) Tax effect 4,547 1,430 Net of tax amount (6,583 ) (2,071 ) Benefit plan adjustments (494 ) (206 ) Tax effect 201 84 Net of tax amount (293 ) (122 ) Total accumulated other comprehensive loss $ (7,761 ) $ (2,280 ) |
Schedule of Comprehensive Income (Loss) | Other comprehensive income (loss) and related tax effects are presented in the following table: Years Ended June 30, 2015 2014 2013 (In Thousands) Net unrealized holding gain (loss) on securities available for sale $ (1,231 ) $ 9,989 $ (36,662 ) 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 (3) (75 ) 19 - Net realized gain on securities available for sale (7 ) (1,523 ) (10,433 ) Fair value adjustments on derivatives (7,629 ) (6,608 ) 3,107 Benefit plans: Amortization of: Actuarial loss (gain) (1) 29 (2 ) 54 Past service cost (1) 46 46 48 New actuarial (loss) gain (363 ) 803 (1,186 ) Net change in benefit plan accrued expense (288 ) 847 (1,084 ) Other comprehensive (loss) income before taxes (9,230 ) 1,715 (45,072 ) Tax effect (2) 3,749 144 17,337 Total comprehensive (loss) income $ (5,481 ) $ 1,859 $ (27,735 ) (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. |
Parent Only Financial Informa54
Parent Only Financial Information (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Statements of Financial Condition | Condensed Statements of Financial Condition June 30, 2015 June 30, 2014 (In Thousands) Assets Cash and amounts due from depository institutions $ 343,026 $ 17,413 Loans receivable 39,388 5,065 Investment in subsidiary 784,439 472,110 Other assets 610 154 Total Assets $ 1,167,463 $ 494,742 Liabilities and Stockholders' Equity Other liabilities 88 66 Stockholders' equity 1,167,375 494,676 Total Liabilities and Stockholders' Equity $ 1,167,463 $ 494,742 |
Condensed Statements of Income and Comprehensive Income (Loss) | Condensed Statements of Income and Comprehensive Income (Loss) Years Ended June 30, 2015 2014 2013 (In Thousands) Dividends from subsidiary $ - $ 5,000 $ - Interest income 444 341 450 Equity in undistributed earnings (loss) of subsidiaries 5,467 5,398 6,550 Gain on sale of securities - - 38 Total income 5,911 10,739 7,038 Interest expense 120 - - Directors' compensation 143 123 117 Other expenses 468 539 436 Total expense 731 662 553 Income before income taxes 5,180 10,077 6,485 Income tax benefit (449 ) (111 ) (21 ) Net income $ 5,629 $ 10,188 $ 6,506 Comprehensive income (loss) $ 148 $ 12,047 $ (21,229 ) |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years Ended June 30, 2015 2014 2013 (In Thousands) Cash Flows from Operating Activities: Net income $ 5,629 $ 10,188 $ 6,506 Adjustment to reconcile net income to net cash provided by operating activities: Equity in undistributed (earnings) loss of subsidiaries (5,467 ) (5,398 ) (6,550 ) Amortization of premiums - - 8 Contribution of stock to charitable foundation 5,000 - - Realized gain on sale of mortgage-backed securities available for sale - - (38 ) Increase in interest receivable - - 5 Payments received in intercompany liabilities (281 ) 231 174 (Increase) decrease in other assets 84 (116 ) 52 (Decrease) increase in other liabilities 24 (37 ) 22 Net Cash Provided by Operating Activities 4,989 4,868 179 Cash Flows from Investing Activities: Repayment of loan to ESOP 1,832 1,661 1,573 Principal repayments on mortgage-backed securities available for sale - - 424 Proceeds from sale of mortgage-backed securities available for sale - - 667 Cash received from MHC in merger 162 - - Net Cash Provided by Investing Activities 1,994 1,661 2,664 Cash Flows from Financing Activities: Net proceeds of sale of common stock 706,785 - - Loan to ESOP for purchase of common stock (36,125 ) - - Infusion of capital to subsidiary (353,395 ) - - Purchase of common stock of Kearny Financial Corp. for treasury - (4,135 ) (4,319 ) Issuance of common stock of Kearny Financial Corp. from treasury 1,365 1,495 - Dividends contributed for payment of ESOP loan - - (2 ) Net Cash Provided by (Used In) Financing Activities 318,630 (2,640 ) (4,321 ) Net (Decrease) Increase in Cash and Cash Equivalents 325,613 3,889 (1,478 ) Cash and Cash Equivalents - Beginning 17,413 13,524 15,002 Cash and Cash Equivalents - Ending $ 343,026 $ 17,413 $ 13,524 |
Net Income Per Common Share (55
Net Income Per Common Share (EPS) (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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: Year Ended June 30, 2015 Income (Numerator) Shares (Denominator) Per Share Amount (In Thousands, Except Per Share Data) Net income $ 5,629 Basic earnings per share, income available to common stockholders $ 5,629 91,717 $ 0.06 Effect of dilutive securities: Stock options - 124 $ 5,629 91,841 $ 0.06 Year Ended June 30, 2014 Income (Numerator) Shares (Denominator) Per Share Amount (In Thousands, Except Per Share Data) Net income $ 10,188 Basic earnings per share, income available to common stockholders $ 10,188 90,825 $ 0.11 Effect of dilutive securities: Stock options - 55 $ 10,188 90,880 $ 0.11 Year Ended June 30, 2013 Income (Numerator) Shares (Denominator) Per Share Amount (In Thousands, Except Per Share Data) Net income $ 6,506 Basic earnings per share, income available to common stockholders $ 6,506 91,316 $ 0.07 Effect of dilutive securities: Stock options - - $ 6,506 91,316 $ 0.07 |
Quarterly Results of Operatio56
Quarterly Results of Operations (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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, 2015 and 2014: Year Ended June 30, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter (In Thousands, Except Per Share Data) Interest income $ 25,698 $ 25,912 $ 26,869 $ 27,560 Interest expense 6,173 6,339 6,304 6,615 Net interest income 19,525 19,573 20,565 20,945 Provision for loan losses 858 1,732 1,761 1,757 Net interest income after provision for loan losses 18,667 17,841 18,804 19,188 Non-interest income 1,580 1,718 3,126 1,517 Non-interest expense 16,771 16,520 17,392 27,398 Income before Income Taxes 3,476 3,039 4,538 (6,693 ) Income taxes 553 870 660 (3,352 ) Net Income $ 2,923 $ 2,169 $ 3,878 $ (3,341 ) Net income per common share: Basic $ 0.03 $ 0.02 $ 0.04 $ (0.04 ) Diluted $ 0.03 $ 0.02 $ 0.04 $ (0.04 ) Weighted average number of common shares outstanding Basic 92,452 92,544 92,594 89,269 Diluted 92,999 92,562 92,614 89,292 Dividends declared per common share $ - $ - $ - $ - Year Ended June 30, 2014 First Quarter Second Quarter Third Quarter Fourth 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 expense 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 $ 0.03 $ 0.03 $ 0.02 $ 0.03 Diluted $ 0.03 $ 0.03 $ 0.02 $ 0.03 Weighted average number of common shares outstanding Basic 91,018 90,784 90,670 90,824 Diluted 91,018 90,784 90,805 91,421 Dividends declared per common share $ - $ - $ - $ - |
Summary of Significant Accoun57
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |||
Jun. 30, 2015USD ($)BankLocationSubsidiarySegment | Jun. 30, 2014USD ($) | Jun. 30, 2013USD ($) | Jun. 30, 2012USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of community banks acquired | Bank | 4 | |||
Number of banking locations | Location | 42 | |||
Number of wholly owned bank subsidiaries | Subsidiary | 2 | |||
Cash and cash equivalents | $ 340,136,000 | $ 135,034,000 | $ 127,034,000 | $ 155,584,000 |
Due from banks | 328,800,000 | 124,700,000 | ||
Vault cash | 11,300,000 | 10,300,000 | ||
Cash and amounts due from depository institutions | $ 15,529,000 | 14,403,000 | ||
Number of loan portfolio segments | Segment | 7 | |||
Moving average period | 2 years | |||
Goodwill, impairment loss | $ 0 | 0 | 0 | |
Finite-lived intangible assets, net | 597,000 | 790,000 | 514,000 | $ 652,000 |
(Gain) expense attributable to deferred liability | (16,000) | (9,000) | 14,000 | |
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 | |||
FHLB of New York [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash and amounts due from depository institutions | 15,500,000 | 64,600,000 | ||
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 | 282,000 | 230,000 | ||
Federal funds sold | 8,500,000 | |||
Atlas Bank [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Business combination, integration related costs | 391,000 | |||
Federal Reserve ("FRB") [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash and amounts due from depository institutions | 300,400,000 | 47,500,000 | ||
U.S. Domestic Money Center Banks [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash and amounts due from depository institutions | 12,600,000 | 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 | 9,100,000 | 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 | $ 3,500,000 | $ 283,000 | ||
Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash and cash equivalents, maturity period | 3 months |
Summary of Significant Accoun58
Summary of Significant Accounting Policies - Property, Plant and Equipment Useful Lives (Detail) | 12 Months Ended |
Jun. 30, 2015 | |
Buildings and Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of Premises and Equipment | 10 years |
Buildings and Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of Premises and Equipment | 50 years |
Furnishings and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of Premises and Equipment | 3 years |
Furnishings and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of Premises and Equipment | 20 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of Premises and Equipment | Shorter of useful lives or lease term |
Acquisition of Atlas Bank - Add
Acquisition of Atlas Bank - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Business Acquisition [Line Items] | ||
Common stock value issued for acquisition | $ 15,500,000 | |
Payment for merger-related expenses | 391,000 | |
Increase to gain on bargain purchase | $ 370,000 | $ 226,000 |
Atlas Bank [Member] | ||
Business Acquisition [Line Items] | ||
Date of acquisition | Jun. 30, 2014 | |
Common stock shares issued for acquisition | 1,044,087 | |
Common stock value issued for acquisition | $ 15,500,000 | |
Payment for merger-related expenses | 391,000 | |
Increase to gain on bargain purchase | $ 370,000 | $ 596,000 |
Acquisition of Atlas Bank - Sum
Acquisition of Atlas Bank - Summary of Assets Acquired and Liabilities Assumed through Merger at Fair Value (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Consideration paid: | ||
Shares of capital stock issued to mutual holding company | $ 15,500,000 | |
Recognized amounts of identifiable assets acquired and liabilities assumed, at fair value: | ||
Deferred income tax assets, net | $ 1,188,000 | 615,000 |
Gain on bargain purchase | (370,000) | (226,000) |
Atlas Bank [Member] | ||
Consideration paid: | ||
Shares of capital stock issued to mutual holding company | 15,500,000 | |
Total consideration paid | 15,500,000 | |
Recognized amounts of identifiable assets acquired and liabilities assumed, at fair value: | ||
Cash and cash equivalents | 9,133,000 | |
Debt securities | 2,998,000 | |
Net loans receivable | 78,725,000 | |
Mortgage-backed securities | 23,896,000 | |
Premises and equipment | 2,196,000 | |
Federal Home Loan Bank stock | 1,037,000 | |
Interest receivable | 374,000 | |
Deferred income tax assets, net | 881,000 | |
Core deposit intangible | 398,000 | |
Other assets | 1,671,000 | |
Fair value of assets acquired | 121,309,000 | |
Deposits | 86,099,000 | |
Federal Home Loan Bank advances | 18,693,000 | |
Other liabilities | 421,000 | |
Fair value of liabilities assumed | 105,213,000 | |
Total identified net assets | 16,096,000 | |
Gain on bargain purchase | $ (370,000) | (596,000) |
Total | $ 15,500,000 |
Plan of Conversion and Stock 61
Plan of Conversion and Stock Offering - Additional Information (Detail) $ / shares in Units, $ in Thousands | May. 18, 2015USD ($)$ / sharesshares | May. 05, 2015USD ($)shares | Jun. 30, 2015USD ($)shares | Jun. 30, 2014shares |
Plan Of Reorganization [Abstract] | ||||
Number of common stock issued for funding of KeamyBank Foundation | shares | 500,000 | 500,000 | ||
Cash contribution to KeamyBank Foundation | $ 5,000 | $ 5,000 | ||
Number of common stock shares sold | shares | 71,750,000 | |||
Common stock price | $ / shares | $ 10 | |||
Proceeds from common stock shares sold | $ 717,500 | |||
Stock issued during period, value, Employee Stock Ownership Plan | shares | 3,612,500 | |||
Stock issued during period, shares, Employee Stock Ownership Plan | $ 36,100 | |||
Value of the additional common stock shares issued | $ 5,000 | $ 670,660 | ||
Conversion and public offering costs | 10,700 | |||
Increase in equity capital | 670,700 | |||
Additional investment in bank's common equity | $ 353,400 | |||
Common stock, shares outstanding | shares | 93,528,092 | 92,856,561 | ||
Share exchange shares exchanged | shares | 21,278,092 | |||
Stock exchange ratio | 1.3804 | 1.3804 |
Securities Available for Sale -
Securities Available for Sale - Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | $ 422,903 | $ 411,228 |
Securities available for sale, Fair value | 420,660 | 407,898 |
Securities available for sale, Amortized Cost | 767,426 | 844,030 |
Securities available for sale, Fair value | 767,279 | 845,121 |
Securities available for sale, Gross Unrealized Gains | 6,940 | 10,289 |
Securities available for sale, Gross Unrealized Losses | 7,087 | 9,198 |
Residential Pass-Through Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 260,376 | 347,810 |
Mortgage-backed securities, Gross Unrealized Gains | 5,260 | 8,908 |
Mortgage-backed securities, Gross Unrealized Losses | 2,023 | 2,765 |
Securities available for sale, Fair value | 263,613 | 353,953 |
Commercial Pass-Through Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 11,066 | |
Mortgage-backed securities, Gross Unrealized Gains | 63 | |
Securities available for sale, Fair value | 11,129 | |
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 | 2,430 | 3,055 |
Mortgage-backed securities, Gross Unrealized Gains | 225 | 221 |
Securities available for sale, Fair value | 2,655 | 3,276 |
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 | 155,522 | 196,882 |
Mortgage-backed securities, Gross Unrealized Gains | 2,286 | 3,937 |
Mortgage-backed securities, Gross Unrealized Losses | 1,358 | 1,929 |
Securities available for sale, Fair value | 156,450 | 198,890 |
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 | 102,424 | 147,873 |
Mortgage-backed securities, Gross Unrealized Gains | 2,749 | 4,750 |
Mortgage-backed securities, Gross Unrealized Losses | 665 | 836 |
Securities available for sale, Fair value | 104,508 | 151,787 |
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 | 11,066 | |
Mortgage-backed securities, Gross Unrealized Gains | 63 | |
Securities available for sale, Fair value | 11,129 | |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 344,523 | 432,802 |
Mortgage-backed securities, Gross Unrealized Gains | 5,345 | 8,920 |
Mortgage-backed securities, Gross Unrealized Losses | 3,249 | 4,499 |
Securities available for sale, Fair value | 346,619 | 437,223 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 422,903 | 411,228 |
Securities available for sale, Gross Unrealized Gains | 1,595 | 1,369 |
Securities available for sale, Gross Unrealized Losses | 3,838 | 4,699 |
Securities available for sale, Fair value | 420,660 | 407,898 |
Debt Securities [Member] | U.S. Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 7,208 | 4,159 |
Securities available for sale, Gross Unrealized Gains | 66 | 48 |
Securities available for sale, Gross Unrealized Losses | 11 | 2 |
Securities available for sale, Fair value | 7,263 | 4,205 |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 27,513 | 27,537 |
Securities available for sale, Gross Unrealized Gains | 26 | 9 |
Securities available for sale, Gross Unrealized Losses | 704 | 773 |
Securities available for sale, Fair value | 26,835 | 26,773 |
Debt Securities [Member] | Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 87,614 | 87,480 |
Securities available for sale, Gross Unrealized Gains | 879 | 663 |
Securities available for sale, Gross Unrealized Losses | 461 | 827 |
Securities available for sale, Fair value | 88,032 | 87,316 |
Debt Securities [Member] | Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 163,049 | 163,076 |
Securities available for sale, Gross Unrealized Gains | 433 | 617 |
Securities available for sale, Gross Unrealized Losses | 874 | 1,459 |
Securities available for sale, Fair value | 162,608 | 162,234 |
Debt Securities [Member] | Trust Preferred Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 8,895 | 8,887 |
Securities available for sale, Gross Unrealized Gains | 16 | 32 |
Securities available for sale, Gross Unrealized Losses | 1,160 | 1,121 |
Securities available for sale, Fair value | 7,751 | 7,798 |
Debt Securities [Member] | Collateralized Loan Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 128,624 | 120,089 |
Securities available for sale, Gross Unrealized Gains | 175 | |
Securities available for sale, Gross Unrealized Losses | 628 | 517 |
Securities available for sale, Fair value | 128,171 | 119,572 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 73,081 | 84,992 |
Mortgage-backed securities, Gross Unrealized Gains | 22 | 12 |
Mortgage-backed securities, Gross Unrealized Losses | 1,226 | 1,734 |
Securities available for sale, Fair value | 71,877 | 83,270 |
Collateralized Mortgage Obligations [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 27,392 | 33,505 |
Mortgage-backed securities, Gross Unrealized Gains | 10 | |
Mortgage-backed securities, Gross Unrealized Losses | 324 | 485 |
Securities available for sale, Fair value | 27,078 | 33,020 |
Collateralized Mortgage Obligations [Member] | Federal National Mortgage Association [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 45,522 | 51,277 |
Mortgage-backed securities, Gross Unrealized Gains | 12 | 12 |
Mortgage-backed securities, Gross Unrealized Losses | 900 | 1,249 |
Securities available for sale, Fair value | 44,634 | 50,040 |
Collateralized Mortgage Obligations [Member] | Non-Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 167 | 210 |
Mortgage-backed securities, Gross Unrealized Losses | 2 | |
Securities available for sale, Fair value | $ 165 | $ 210 |
Securities Available for Sale63
Securities Available for Sale - Stratification by Contractual Maturity of Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Investments Debt And Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 20,011 | |
Due after one year through five years, Amortized Cost | 45,697 | |
Due after five years through ten years, Amortized Cost | 149,915 | |
Due after ten years, Amortized Cost | 207,280 | |
Securities available for sale, Amortized Cost | 422,903 | $ 411,228 |
Due in one year or less, Fair Value | 20,088 | |
Due after one year through five years, Fair Value | 45,526 | |
Due after five years through ten years, Fair Value | 149,089 | |
Due after ten years, Fair Value | 205,957 | |
Fair Value | $ 420,660 | $ 407,898 |
Securities Available for Sale64
Securities Available for Sale - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of debt securities available for sale | $ 57,200 | $ 170,900 | $ 442,800 |
Available-for-sale securities, gross realized gains | 601 | 3,600 | 10,600 |
Available-for-sale securities, gross realized losses | 594 | 2,100 | $ 135 |
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 | 58,300 | 76,100 | |
Available for sale securities pledged to secure public funds on deposit | $ 1,400 | $ 1,800 |
Securities Held to Maturity - A
Securities Held to Maturity - Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 219,862 | $ 216,414 |
Gross Unrealized Gains | 2,833 | 270 |
Gross Unrealized Losses | 2,307 | 5,089 |
Fair Value | 218,366 | 213,472 |
Securities held to maturity | 663,341 | 512,072 |
Fair Value | 663,867 | 507,253 |
Residential Pass-Through Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 259,063 | 114,568 |
Gross Unrealized Gains | 1,107 | 144 |
Gross Unrealized Losses | 556 | 83 |
Fair Value | 259,614 | 114,629 |
Commercial Pass-Through Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 169,032 | 180,752 |
Gross Unrealized Gains | 1,671 | 73 |
Gross Unrealized Losses | 228 | 2,042 |
Fair Value | 170,475 | 178,783 |
Residential Pass-Through Securities: Government National Mortgage Association [Member] | Residential Pass-Through Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 8 | 9 |
Gross Unrealized Gains | 1 | |
Fair Value | 9 | 9 |
Residential Pass-Through Securities: Federal Home Loan Mortgage Corporation [Member] | Residential Pass-Through Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 44,905 | 283 |
Gross Unrealized Gains | 16 | 4 |
Gross Unrealized Losses | 218 | |
Fair Value | 44,703 | 287 |
Residential Pass-Through Securities: Federal National Mortgage Association [Member] | Residential Pass-Through Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 214,150 | 114,276 |
Gross Unrealized Gains | 1,090 | 140 |
Gross Unrealized Losses | 338 | 83 |
Fair Value | 214,902 | 114,333 |
Commercial Pass-Through Securities: Government National Mortgage Association [Member] | Commercial Pass-Through Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 10,111 | |
Gross Unrealized Gains | 32 | |
Fair Value | 10,143 | |
Commercial Pass-Through Securities: Federal National Mortgage Association [Member] | Commercial Pass-Through Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 158,921 | 180,752 |
Gross Unrealized Gains | 1,639 | 73 |
Gross Unrealized Losses | 228 | 2,042 |
Fair Value | 160,332 | 178,783 |
Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 443,479 | 295,658 |
Gross Unrealized Gains | 2,807 | 249 |
Gross Unrealized Losses | 785 | 2,126 |
Fair Value | 445,501 | 293,781 |
Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 219,862 | 216,414 |
Gross Unrealized Gains | 26 | 21 |
Gross Unrealized Losses | 1,522 | 2,963 |
Fair Value | 218,366 | 213,472 |
Debt Securities [Member] | U.S. Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 143,334 | 144,349 |
Gross Unrealized Gains | 6 | |
Gross Unrealized Losses | 332 | 1,408 |
Fair Value | 143,002 | 142,947 |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 76,528 | 72,065 |
Gross Unrealized Gains | 26 | 15 |
Gross Unrealized Losses | 1,190 | 1,555 |
Fair Value | 75,364 | 70,525 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 15,384 | 338 |
Gross Unrealized Gains | 29 | 32 |
Gross Unrealized Losses | 1 | 1 |
Fair Value | 15,412 | 369 |
Collateralized Mortgage Obligations [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 15,121 | 20 |
Gross Unrealized Gains | 5 | 2 |
Fair Value | 15,126 | 22 |
Collateralized Mortgage Obligations [Member] | Federal National Mortgage Association [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 221 | 264 |
Gross Unrealized Gains | 24 | 30 |
Fair Value | 245 | 294 |
Collateralized Mortgage Obligations [Member] | Non-Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 42 | 54 |
Gross Unrealized Losses | 1 | 1 |
Fair Value | $ 41 | $ 53 |
Securities Held to Maturity - S
Securities Held to Maturity - Stratification by Contractual Maturity of Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 219,862 | $ 216,414 |
Held-to-maturity Securities, Fair Value Total | 218,366 | 213,472 |
Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Due in one year or less, Amortized Cost | 6,359 | |
Due after one year through five years, Amortized Cost | 154,345 | |
Due after five years through ten years, Amortized Cost | 36,240 | |
Due after ten years, Amortized Cost | 22,918 | |
Amortized Cost | 219,862 | 216,414 |
Due in one year or less, Fair Value | 6,362 | |
Due after one year through five years, Fair Value | 153,927 | |
Due after five years through ten years, Fair Value | 35,733 | |
Due after ten years, Fair Value | 22,344 | |
Held-to-maturity Securities, Fair Value Total | $ 218,366 | $ 213,472 |
Securities Held to Maturity -67
Securities Held to Maturity - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Proceeds from sales of securities held to maturity | $ 0 | $ 28,000 | $ 18,000 |
Held to maturity securities sold security gross losses | 6,000 | $ 6,000 | |
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 | 7,900,000 | 4,500,000 | |
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 | $ 126,900,000 | $ 128,100,000 |
Impairment of Securities - Sche
Impairment of Securities - Schedule of Fair Values and Gross Unrealized Losses on Investments (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | $ 182,912 | $ 156,477 |
Less than 12 Months: Unrealized Losses | 2,221 | 1,333 |
12 Months or More: Fair Value | 266,903 | 307,493 |
12 Months or More: Unrealized Losses | 4,866 | 7,865 |
Total: Fair Value | 449,815 | 463,970 |
Total: Unrealized Losses | 7,087 | 9,198 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 5,479 | 21,806 |
Less than 12 Months: Unrealized Losses | 29 | 219 |
12 Months or More: Fair Value | 52,105 | 50,028 |
12 Months or More: Unrealized Losses | 1,197 | 1,515 |
Total: Fair Value | 57,584 | 71,834 |
Total: Unrealized Losses | 1,226 | 1,734 |
Residential Pass-Through Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 61,896 | |
Less than 12 Months: Unrealized Losses | 1,140 | |
12 Months or More: Fair Value | 50,513 | 123,666 |
12 Months or More: Unrealized Losses | 883 | 2,765 |
Total: Fair Value | 112,409 | 123,666 |
Total: Unrealized Losses | 2,023 | 2,765 |
Debt Securities [Member] | U.S. Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 1,533 | 826 |
Less than 12 Months: Unrealized Losses | 7 | 1 |
12 Months or More: Fair Value | 695 | 84 |
12 Months or More: Unrealized Losses | 4 | 1 |
Total: Fair Value | 2,228 | 910 |
Total: Unrealized Losses | 11 | 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 | 20,575 | 946 |
Less than 12 Months: Unrealized Losses | 515 | 3 |
12 Months or More: Fair Value | 2,943 | 23,140 |
12 Months or More: Unrealized Losses | 189 | 770 |
Total: Fair Value | 23,518 | 24,086 |
Total: Unrealized Losses | 704 | 773 |
Debt Securities [Member] | Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 23,855 | 28,404 |
Less than 12 Months: Unrealized Losses | 293 | 630 |
12 Months or More: Fair Value | 20,067 | 25,169 |
12 Months or More: Unrealized Losses | 168 | 197 |
Total: Fair Value | 43,922 | 53,573 |
Total: Unrealized Losses | 461 | 827 |
Debt Securities [Member] | Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 19,880 | 19,790 |
Less than 12 Months: Unrealized Losses | 120 | 210 |
12 Months or More: Fair Value | 74,295 | 53,811 |
12 Months or More: Unrealized Losses | 754 | 1,249 |
Total: Fair Value | 94,175 | 73,601 |
Total: Unrealized Losses | 874 | 1,459 |
Debt Securities [Member] | Trust Preferred Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
12 Months or More: Fair Value | 6,734 | 6,766 |
12 Months or More: Unrealized Losses | 1,160 | 1,121 |
Total: Fair Value | 6,734 | 6,766 |
Total: Unrealized Losses | 1,160 | 1,121 |
Debt Securities [Member] | Collateralized Loan Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 49,694 | 84,705 |
Less than 12 Months: Unrealized Losses | 117 | 270 |
12 Months or More: Fair Value | 59,551 | 24,829 |
12 Months or More: Unrealized Losses | 511 | 247 |
Total: Fair Value | 109,245 | 109,534 |
Total: Unrealized Losses | $ 628 | $ 517 |
Impairment of Securities - Addi
Impairment of Securities - Additional Information (Detail) | Jun. 30, 2015USD ($)SecuritySecuritiesFinancial_Institution | Jun. 30, 2014USD ($)SecuritySecurities |
Schedule Of Investments [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 119 | 111 |
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 166 | 198 |
Credit-related OTTI securities | $ | $ 0 | $ 0 |
Number of additional trust preferred securities | Securities | 2 | |
Collateralized Loan Obligations [Member] | ||
Schedule Of Investments [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 16 | 16 |
Marketable securities | $ | $ 128,200,000 | |
Investments percent of total investments | 9.00% | |
Investments percent of total assets | 3.00% | |
Trust Preferred Securities [Member] | Chase Capital II [Member] | ||
Schedule Of Investments [Line Items] | ||
Securities amortized cost | $ | $ 3,000,000 | |
Number of securities | 2 | |
Collateralized Mortgage Obligations [Member] | ||
Schedule Of Investments [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 8 | 6 |
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 4 | 3 |
Residential Pass-Through Securities [Member] | ||
Schedule Of Investments [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 13 | 7 |
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 15 | 26 |
Commercial Pass-Through Securities [Member] | ||
Schedule Of Investments [Line Items] | ||
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 4 | 25 |
Mortgage-Backed Securities [Member] | ||
Schedule Of Investments [Line Items] | ||
Marketable securities | $ | $ 790,100,000 | |
Investments percent of total investments | 55.20% | |
Investments percent of total assets | 18.60% | |
Debt Securities [Member] | Trust Preferred Securities [Member] | ||
Schedule Of Investments [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 4 | 4 |
Marketable securities | $ | $ 7,800,000 | |
Number of securities held | Securities | 5 | |
Debt Securities [Member] | Trust Preferred Securities [Member] | BankBoston Capital Trust IV and MBNA Capital Trust B [Member] | ||
Schedule Of Investments [Line Items] | ||
Securities amortized cost | $ | $ 4,900,000 | |
Debt Securities [Member] | Trust Preferred Securities [Member] | Maximum [Member] | ||
Schedule Of Investments [Line Items] | ||
Investments percent of total investments | 1.00% | |
Debt Securities [Member] | Trust Preferred Securities [Member] | Impaired Securities that Maintained Credit Rating [Member] | ||
Schedule Of Investments [Line Items] | ||
Number of securities held | Securities | 4 | |
Number of issuing financial institutions | Financial_Institution | 3 | |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Schedule Of Investments [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 62 | 63 |
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 136 | 137 |
Marketable securities | $ | $ 103,400,000 | |
Investments percent of total investments | 7.20% | |
Investments percent of total assets | 2.40% | |
Bond anticipation notices received | 10 | |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | New Jersey Municipalities [Member] | ||
Schedule Of Investments [Line Items] | ||
Bond anticipation notices received | 7 | |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | External Credit Rating, Non Investment Grade [Member] | ||
Schedule Of Investments [Line Items] | ||
Marketable securities | $ | $ 6,400,000 | |
Debt Securities [Member] | Asset-backed Securities [Member] | ||
Schedule Of Investments [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 4 | 5 |
Marketable securities | $ | $ 88,000,000 | |
Investments percent of total investments | 6.20% | |
Investments percent of total assets | 2.10% | |
Government guarantees | 97.00% | |
Debt Securities [Member] | Corporate Bonds [Member] | ||
Schedule Of Investments [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 7 | 6 |
Marketable securities | $ | $ 162,600,000 | |
Investments percent of total investments | 11.40% | |
Investments percent of total assets | 3.80% | |
Debt Securities [Member] | U.S. Agency 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 |
Marketable securities | $ | $ 150,600,000 | |
Investments percent of total investments | 10.50% | |
Investments percent of total assets | 3.60% | |
Debt Securities [Member] | U.S. Agency Securities [Member] | Impaired Securities that Maintained Credit Rating [Member] | ||
Schedule Of Investments [Line Items] | ||
Marketable securities | $ | $ 143,300,000 | |
Debt Securities [Member] | U.S. Agency Securities [Member] | Non-impaired Securities [Member] | ||
Schedule Of Investments [Line Items] | ||
Marketable securities | $ | $ 7,300,000 |
Impairment of Securities - Sc70
Impairment of Securities - Schedule of Temporary Impairment Losses, Investments (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months: Fair Value | $ 217,771 | $ 122,065 |
Less than 12 Months: Unrealized Losses | 1,624 | 350 |
12 Months or More: Fair Value | 151,008 | 295,912 |
12 Months or More: Unrealized Losses | 683 | 4,739 |
Total: Fair Value | 368,779 | 417,977 |
Total: Unrealized Losses | 2,307 | 5,089 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months: Fair Value | 30 | |
Less than 12 Months: Unrealized Losses | 1 | |
12 Months or More: Fair Value | 41 | |
12 Months or More: Unrealized Losses | 1 | |
Total: Fair Value | 41 | 30 |
Total: Unrealized Losses | 1 | 1 |
Residential Pass-Through Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months: Fair Value | 142,789 | 59,993 |
Less than 12 Months: Unrealized Losses | 556 | 83 |
Total: Fair Value | 142,789 | 59,993 |
Total: Unrealized Losses | 556 | 83 |
Commercial Pass-Through Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months: Fair Value | 18,792 | 56,234 |
Less than 12 Months: Unrealized Losses | 228 | 230 |
12 Months or More: Fair Value | 96,937 | |
12 Months or More: Unrealized Losses | 1,812 | |
Total: Fair Value | 18,792 | 153,171 |
Total: Unrealized Losses | 228 | 2,042 |
Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total: Unrealized Losses | 1,522 | 2,963 |
Debt Securities [Member] | U.S. Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
12 Months or More: Fair Value | 143,002 | 141,919 |
12 Months or More: Unrealized Losses | 332 | 1,408 |
Total: Fair Value | 143,002 | 141,919 |
Total: Unrealized Losses | 332 | 1,408 |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months: Fair Value | 56,190 | 5,808 |
Less than 12 Months: Unrealized Losses | 840 | 36 |
12 Months or More: Fair Value | 7,965 | 57,056 |
12 Months or More: Unrealized Losses | 350 | 1,519 |
Total: Fair Value | 64,155 | 62,864 |
Total: Unrealized Losses | $ 1,190 | $ 1,555 |
Loans Receivable - Schedule of
Loans Receivable - Schedule of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 2,102,548 | $ 1,742,868 |
Loans receivable, unamortized yield adjustments | 316 | (1,397) |
Total loans receivable, net of yield adjustments | 2,102,864 | 1,741,471 |
One-to-Four Family Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 592,321 | 580,612 |
Multi-family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 728,379 | 431,007 |
Nonresidential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 580,724 | 552,748 |
Commercial Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 1,309,103 | 983,755 |
Real Estate Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 1,901,424 | 1,564,367 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 5,711 | 7,281 |
Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 99,451 | 67,261 |
Home Equity Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 70,257 | 75,611 |
Home Equity Lines of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 21,414 | 24,010 |
Consumer: Passbook or Certificate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 3,999 | 3,965 |
Consumer: Other Consumer Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 292 | 373 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 95,962 | $ 103,959 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) | 12 Months Ended | |
Jun. 30, 2015USD ($)Loan | Jun. 30, 2014USD ($) | |
Loans And Leases Receivable Disclosure [Abstract] | ||
Loans and leases receivable, related parties | $ 4,100,000 | $ 4,700,000 |
Number of new loans | Loan | 5 | |
Loans and leases receivable, related parties, additions | $ 868,000 |
Loan Quality and Allowance fo73
Loan Quality and Allowance for Loan Losses - Allowance for Loan Losses and Loans Receivable (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | $ 15,606 | $ 12,387 | $ 10,896 |
Allowance | 12,387 | 10,896 | 10,117 |
Total charge offs | (3,204) | (2,493) | (3,728) |
Total recoveries | 315 | 603 | 43 |
Loans and Leases Receivable, Gross | 2,102,548 | 1,742,868 | |
Unamortized yield adjustments including net premiums on purchased loans and net deferred loan costs and fees | 316 | (1,397) | |
Loans receivable | 2,102,864 | 1,741,471 | |
Allocated [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 15,606 | 12,387 | 10,896 |
Allowance | 12,387 | 10,896 | 10,117 |
Provision (reversal) for Loan Losses | 6,108 | 3,381 | 4,464 |
Originated and Purchased Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance, Loans individually evaluated for impairment | 573 | 1,007 | |
Allowance, Loans collectively evaluated for impairment | 13,443 | 9,641 | |
Allowance | 14,016 | 10,648 | |
Allowance | 10,648 | ||
Loans individually evaluated for impairment | 16,557 | 19,616 | |
Loans collectively evaluated for impairment | 1,885,873 | 1,483,747 | |
Loans and Leases Receivable, Gross | 1,902,430 | 1,503,363 | |
Loans Acquired at Fair Value [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance, Loans individually evaluated for impairment | 397 | 568 | |
Allowance, Loans collectively evaluated for impairment | 1,112 | 1,073 | |
Allowance | 1,590 | 1,739 | |
Loans acquired with deteriorated credit quality | 81 | 98 | |
Allowance | 1,739 | ||
Loans individually evaluated for impairment | 8,639 | 7,455 | |
Loans collectively evaluated for impairment | 183,116 | 221,912 | |
Loans and Leases Receivable, Gross | 200,118 | 239,505 | |
Loans acquired with deteriorated credit quality | 8,363 | 10,138 | |
Residential Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 2,210 | 2,729 | 3,660 |
Allowance | 2,729 | 3,660 | 4,572 |
Total charge offs | (1,985) | (1,202) | (2,272) |
Total recoveries | 297 | 67 | 15 |
Loans and Leases Receivable, Gross | 592,321 | 580,612 | |
Residential Mortgage [Member] | Allocated [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 2,210 | 2,729 | 3,660 |
Allowance | 2,729 | 3,660 | 4,572 |
Provision (reversal) for Loan Losses | 1,169 | 204 | 1,345 |
Residential Mortgage [Member] | Originated and Purchased Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance, Loans individually evaluated for impairment | 116 | 528 | |
Allowance, Loans collectively evaluated for impairment | 2,031 | 2,172 | |
Allowance | 2,147 | 2,700 | |
Allowance | 2,700 | ||
Loans individually evaluated for impairment | 10,240 | 11,923 | |
Loans collectively evaluated for impairment | 520,070 | 494,522 | |
Loans and Leases Receivable, Gross | 530,310 | 506,445 | |
Residential Mortgage [Member] | Loans Acquired at Fair Value [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance, Loans collectively evaluated for impairment | 63 | 29 | |
Allowance | 63 | 29 | |
Allowance | 29 | ||
Loans collectively evaluated for impairment | 61,895 | 73,425 | |
Loans and Leases Receivable, Gross | 62,011 | 74,167 | |
Loans acquired with deteriorated credit quality | 116 | 742 | |
Commercial Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 11,120 | 7,737 | 5,359 |
Allowance | 7,737 | 5,359 | 3,443 |
Total charge offs | (650) | (44) | (1,042) |
Total recoveries | 525 | ||
Loans and Leases Receivable, Gross | 1,309,103 | 983,755 | |
Commercial Mortgage [Member] | Allocated [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 11,120 | 7,737 | 5,359 |
Allowance | 7,737 | 5,359 | 3,443 |
Provision (reversal) for Loan Losses | 4,033 | 1,897 | 2,958 |
Commercial Mortgage [Member] | Originated and Purchased Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance, Loans individually evaluated for impairment | 415 | 404 | |
Allowance, Loans collectively evaluated for impairment | 10,162 | 6,760 | |
Allowance | 10,577 | 7,164 | |
Allowance | 7,164 | ||
Loans individually evaluated for impairment | 3,439 | 5,403 | |
Loans collectively evaluated for impairment | 1,214,586 | 873,340 | |
Loans and Leases Receivable, Gross | 1,218,025 | 878,743 | |
Commercial Mortgage [Member] | Loans Acquired at Fair Value [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance, Loans individually evaluated for impairment | 114 | 165 | |
Allowance, Loans collectively evaluated for impairment | 429 | 408 | |
Allowance | 543 | 573 | |
Allowance | 573 | ||
Loans individually evaluated for impairment | 4,196 | 1,895 | |
Loans collectively evaluated for impairment | 86,564 | 102,046 | |
Loans and Leases Receivable, Gross | 91,078 | 105,012 | |
Loans acquired with deteriorated credit quality | 318 | 1,071 | |
Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 34 | 67 | 81 |
Allowance | 67 | 81 | 277 |
Total charge offs | (9) | ||
Loans and Leases Receivable, Gross | 5,711 | 7,281 | |
Construction [Member] | Allocated [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 34 | 67 | 81 |
Allowance | 67 | 81 | 277 |
Provision (reversal) for Loan Losses | (33) | (14) | (187) |
Construction [Member] | Originated and Purchased Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance, Loans collectively evaluated for impairment | 29 | 29 | |
Allowance | 29 | 29 | |
Allowance | 29 | ||
Loans collectively evaluated for impairment | 3,328 | 3,619 | |
Loans and Leases Receivable, Gross | 3,328 | 3,619 | |
Construction [Member] | Loans Acquired at Fair Value [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance, Loans collectively evaluated for impairment | 5 | 38 | |
Allowance | 5 | 38 | |
Allowance | 38 | ||
Loans individually evaluated for impairment | 2,037 | 1,448 | |
Loans collectively evaluated for impairment | 346 | 2,214 | |
Loans and Leases Receivable, Gross | 2,383 | 3,662 | |
Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 1,860 | 1,284 | 1,218 |
Allowance | 1,284 | 1,218 | 1,310 |
Total charge offs | (491) | (1,170) | (182) |
Total recoveries | 18 | 9 | 18 |
Loans and Leases Receivable, Gross | 99,451 | 67,261 | |
Commercial Business [Member] | Allocated [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 1,860 | 1,284 | 1,218 |
Allowance | 1,284 | 1,218 | 1,310 |
Provision (reversal) for Loan Losses | 1,049 | 1,227 | 72 |
Commercial Business [Member] | Originated and Purchased Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance, Loans individually evaluated for impairment | 30 | ||
Allowance, Loans collectively evaluated for impairment | 989 | 352 | |
Allowance | 1,019 | 352 | |
Allowance | 352 | ||
Loans individually evaluated for impairment | 1,861 | 1,263 | |
Loans collectively evaluated for impairment | 69,797 | 31,326 | |
Loans and Leases Receivable, Gross | 71,658 | 32,589 | |
Commercial Business [Member] | Loans Acquired at Fair Value [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance, Loans individually evaluated for impairment | 259 | 346 | |
Allowance, Loans collectively evaluated for impairment | 501 | 488 | |
Allowance | 841 | 932 | |
Loans acquired with deteriorated credit quality | 81 | 98 | |
Allowance | 932 | ||
Loans individually evaluated for impairment | 927 | 2,456 | |
Loans collectively evaluated for impairment | 18,937 | 23,891 | |
Loans and Leases Receivable, Gross | 27,793 | 34,672 | |
Loans acquired with deteriorated credit quality | 7,929 | 8,325 | |
Home Equity Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 260 | 460 | 490 |
Allowance | 460 | 490 | 447 |
Total charge offs | (77) | (47) | (221) |
Total recoveries | 2 | 10 | |
Loans and Leases Receivable, Gross | 70,257 | 75,611 | |
Home Equity Loans [Member] | Allocated [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 260 | 460 | 490 |
Allowance | 460 | 490 | 447 |
Provision (reversal) for Loan Losses | (123) | 15 | 254 |
Home Equity Loans [Member] | Originated and Purchased Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance, Loans individually evaluated for impairment | 12 | 75 | |
Allowance, Loans collectively evaluated for impairment | 184 | 272 | |
Allowance | 196 | 347 | |
Allowance | 347 | ||
Loans individually evaluated for impairment | 991 | 1,010 | |
Loans collectively evaluated for impairment | 63,034 | 66,163 | |
Loans and Leases Receivable, Gross | 64,025 | 67,173 | |
Home Equity Loans [Member] | Loans Acquired at Fair Value [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance, Loans individually evaluated for impairment | 57 | ||
Allowance, Loans collectively evaluated for impairment | 64 | 56 | |
Allowance | 64 | 113 | |
Allowance | 113 | ||
Loans individually evaluated for impairment | 534 | 692 | |
Loans collectively evaluated for impairment | 5,698 | 7,746 | |
Loans and Leases Receivable, Gross | 6,232 | 8,438 | |
Home Equity Lines of Credit [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 106 | 88 | 76 |
Allowance | 88 | 76 | 54 |
Loans and Leases Receivable, Gross | 21,414 | 24,010 | |
Home Equity Lines of Credit [Member] | Allocated [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 106 | 88 | 76 |
Allowance | 88 | 76 | 54 |
Provision (reversal) for Loan Losses | 18 | 12 | 22 |
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 | 33 | 35 | |
Allowance | 33 | 35 | |
Allowance | 35 | ||
Loans individually evaluated for impairment | 26 | 17 | |
Loans collectively evaluated for impairment | 10,854 | 10,529 | |
Loans and Leases Receivable, Gross | 10,880 | 10,546 | |
Home Equity Lines of Credit [Member] | Loans Acquired at Fair Value [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance, Loans individually evaluated for impairment | 24 | ||
Allowance, Loans collectively evaluated for impairment | 49 | 53 | |
Allowance | 73 | 53 | |
Allowance | 53 | ||
Loans individually evaluated for impairment | 945 | 964 | |
Loans collectively evaluated for impairment | 9,589 | 12,500 | |
Loans and Leases Receivable, Gross | 10,534 | 13,464 | |
Other Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 16 | 22 | 12 |
Allowance | 22 | 12 | 14 |
Total charge offs | (1) | (30) | (2) |
Loans and Leases Receivable, Gross | 4,291 | 4,338 | |
Other Consumer [Member] | Allocated [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 16 | 22 | 12 |
Allowance | 22 | 12 | $ 14 |
Provision (reversal) for Loan Losses | (5) | 40 | |
Other Consumer [Member] | Originated and Purchased Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance, Loans collectively evaluated for impairment | 15 | 21 | |
Allowance | 15 | 21 | |
Allowance | 21 | ||
Loans collectively evaluated for impairment | 4,204 | 4,248 | |
Loans and Leases Receivable, Gross | 4,204 | 4,248 | |
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 | |
Allowance | 1 | 1 | |
Allowance | 1 | ||
Loans collectively evaluated for impairment | 87 | 90 | |
Loans and Leases Receivable, Gross | $ 87 | $ 90 |
Loan Quality and Allowance fo74
Loan Quality and Allowance for Loan Losses - Credit-Rating Classification of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 2,102,548 | $ 1,742,868 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 592,321 | 580,612 |
Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,309,103 | 983,755 |
Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 5,711 | 7,281 |
Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 99,451 | 67,261 |
Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 70,257 | 75,611 |
Home Equity Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 21,414 | 24,010 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,291 | 4,338 |
Originated and Purchased Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,902,430 | 1,503,363 |
Originated and Purchased Loans [Member] | Non-Classified [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,882,772 | 1,479,971 |
Originated and Purchased Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,399 | 2,397 |
Originated and Purchased Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 17,992 | 20,711 |
Originated and Purchased Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 267 | 284 |
Originated and Purchased Loans [Member] | Total Classified Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 19,658 | 23,392 |
Originated and Purchased Loans [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 530,310 | 506,445 |
Originated and Purchased Loans [Member] | Residential Mortgage [Member] | Non-Classified [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 518,592 | 492,531 |
Originated and Purchased Loans [Member] | Residential Mortgage [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 955 | 1,626 |
Originated and Purchased Loans [Member] | Residential Mortgage [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 10,763 | 12,288 |
Originated and Purchased Loans [Member] | Residential Mortgage [Member] | Total Classified Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 11,718 | 13,914 |
Originated and Purchased Loans [Member] | Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,218,025 | 878,743 |
Originated and Purchased Loans [Member] | Commercial Mortgage [Member] | Non-Classified [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,213,307 | 872,063 |
Originated and Purchased Loans [Member] | Commercial Mortgage [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 256 | 357 |
Originated and Purchased Loans [Member] | Commercial Mortgage [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,195 | 6,039 |
Originated and Purchased Loans [Member] | Commercial Mortgage [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 267 | 284 |
Originated and Purchased Loans [Member] | Commercial Mortgage [Member] | Total Classified Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,718 | 6,680 |
Originated and Purchased Loans [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 3,328 | 3,619 |
Originated and Purchased Loans [Member] | Construction [Member] | Non-Classified [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 3,328 | 3,461 |
Originated and Purchased Loans [Member] | Construction [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 158 | |
Originated and Purchased Loans [Member] | Construction [Member] | Total Classified Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 158 | |
Originated and Purchased Loans [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 71,658 | 32,589 |
Originated and Purchased Loans [Member] | Commercial Business [Member] | Non-Classified [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 69,662 | 31,301 |
Originated and Purchased Loans [Member] | Commercial Business [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 58 | 25 |
Originated and Purchased Loans [Member] | Commercial Business [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,938 | 1,263 |
Originated and Purchased Loans [Member] | Commercial Business [Member] | Total Classified Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,996 | 1,288 |
Originated and Purchased Loans [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 64,025 | 67,173 |
Originated and Purchased Loans [Member] | Home Equity Loans [Member] | Non-Classified [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 62,902 | 66,016 |
Originated and Purchased Loans [Member] | Home Equity Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 56 | 146 |
Originated and Purchased Loans [Member] | Home Equity Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,067 | 1,011 |
Originated and Purchased Loans [Member] | Home Equity Loans [Member] | Total Classified Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,123 | 1,157 |
Originated and Purchased Loans [Member] | Home Equity Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 10,880 | 10,546 |
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 | 10,780 | 10,352 |
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 | 74 | 84 |
Originated and Purchased Loans [Member] | Home Equity Lines of Credit [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 26 | 110 |
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 | 100 | 194 |
Originated and Purchased Loans [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,204 | 4,248 |
Originated and Purchased Loans [Member] | Other Consumer [Member] | Non-Classified [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,201 | 4,247 |
Originated and Purchased Loans [Member] | Other Consumer [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1 | |
Originated and Purchased Loans [Member] | Other Consumer [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 3 | |
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 |
Loans Acquired at Fair Value [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 200,118 | 239,505 |
Loans Acquired at Fair Value [Member] | Non-Classified [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 171,254 | 208,785 |
Loans Acquired at Fair Value [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 12,102 | 9,861 |
Loans Acquired at Fair Value [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 16,756 | 20,853 |
Loans Acquired at Fair Value [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 6 | 6 |
Loans Acquired at Fair Value [Member] | Total Classified Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 28,864 | 30,720 |
Loans Acquired at Fair Value [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 62,011 | 74,167 |
Loans Acquired at Fair Value [Member] | Residential Mortgage [Member] | Non-Classified [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 60,593 | 73,425 |
Loans Acquired at Fair Value [Member] | Residential Mortgage [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 372 | |
Loans Acquired at Fair Value [Member] | Residential Mortgage [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,046 | 742 |
Loans Acquired at Fair Value [Member] | Residential Mortgage [Member] | Total Classified Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,418 | 742 |
Loans Acquired at Fair Value [Member] | Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 91,078 | 105,012 |
Loans Acquired at Fair Value [Member] | Commercial Mortgage [Member] | Non-Classified [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 82,068 | 96,758 |
Loans Acquired at Fair Value [Member] | Commercial Mortgage [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 3,425 | 4,600 |
Loans Acquired at Fair Value [Member] | Commercial Mortgage [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 5,585 | 3,654 |
Loans Acquired at Fair Value [Member] | Commercial Mortgage [Member] | Total Classified Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 9,010 | 8,254 |
Loans Acquired at Fair Value [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 2,383 | 3,662 |
Loans Acquired at Fair Value [Member] | Construction [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 346 | 353 |
Loans Acquired at Fair Value [Member] | Construction [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 2,037 | 3,309 |
Loans Acquired at Fair Value [Member] | Construction [Member] | Total Classified Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 2,383 | 3,662 |
Loans Acquired at Fair Value [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 27,793 | 34,672 |
Loans Acquired at Fair Value [Member] | Commercial Business [Member] | Non-Classified [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 13,749 | 18,946 |
Loans Acquired at Fair Value [Member] | Commercial Business [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 7,617 | 4,602 |
Loans Acquired at Fair Value [Member] | Commercial Business [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 6,421 | 11,118 |
Loans Acquired at Fair Value [Member] | Commercial Business [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 6 | 6 |
Loans Acquired at Fair Value [Member] | Commercial Business [Member] | Total Classified Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 14,044 | 15,726 |
Loans Acquired at Fair Value [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 6,232 | 8,438 |
Loans Acquired at Fair Value [Member] | Home Equity Loans [Member] | Non-Classified [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 5,588 | 7,582 |
Loans Acquired at Fair Value [Member] | Home Equity Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 76 | 45 |
Loans Acquired at Fair Value [Member] | Home Equity Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 568 | 811 |
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 | 644 | 856 |
Loans Acquired at Fair Value [Member] | Home Equity Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 10,534 | 13,464 |
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 | 9,196 | 12,003 |
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 | 242 | 245 |
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 | 1,096 | 1,216 |
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 | 1,338 | 1,461 |
Loans Acquired at Fair Value [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 87 | 90 |
Loans Acquired at Fair Value [Member] | Other Consumer [Member] | Non-Classified [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 60 | 71 |
Loans Acquired at Fair Value [Member] | Other Consumer [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 24 | 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 |
Loans Acquired at Fair Value [Member] | Other Consumer [Member] | Total Classified Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 27 | $ 19 |
Loan Quality and Allowance fo75
Loan Quality and Allowance for Loan Losses - Contractual Payment Status of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | $ 2,102,548 | $ 1,742,868 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 592,321 | 580,612 |
Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 1,309,103 | 983,755 |
Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 5,711 | 7,281 |
Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 99,451 | 67,261 |
Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 70,257 | 75,611 |
Home Equity Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 21,414 | 24,010 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 4,291 | 4,338 |
Originated and Purchased Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,893,765 | 1,486,998 |
Past due: 30-59 days | 817 | 1,873 |
Past due: 60-89 days | 711 | 1,224 |
Past due: 90+ days | 7,137 | 13,268 |
Total past due | 8,665 | 16,365 |
Loans and Leases Receivable, Gross | 1,902,430 | 1,503,363 |
Originated and Purchased Loans [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 524,780 | 495,330 |
Past due: 30-59 days | 420 | 1,385 |
Past due: 60-89 days | 685 | 1,163 |
Past due: 90+ days | 4,425 | 8,567 |
Total past due | 5,530 | 11,115 |
Loans and Leases Receivable, Gross | 530,310 | 506,445 |
Originated and Purchased Loans [Member] | Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,216,644 | 875,887 |
Past due: 30-59 days | 256 | |
Past due: 90+ days | 1,125 | 2,856 |
Total past due | 1,381 | 2,856 |
Loans and Leases Receivable, Gross | 1,218,025 | 878,743 |
Originated and Purchased Loans [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 3,328 | 3,619 |
Loans and Leases Receivable, Gross | 3,328 | 3,619 |
Originated and Purchased Loans [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 70,529 | 31,081 |
Past due: 30-59 days | 23 | 245 |
Past due: 90+ days | 1,106 | 1,263 |
Total past due | 1,129 | 1,508 |
Loans and Leases Receivable, Gross | 71,658 | 32,589 |
Originated and Purchased Loans [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 63,457 | 66,548 |
Past due: 30-59 days | 114 | 183 |
Past due: 60-89 days | 3 | |
Past due: 90+ days | 454 | 439 |
Total past due | 568 | 625 |
Loans and Leases Receivable, Gross | 64,025 | 67,173 |
Originated and Purchased Loans [Member] | Home Equity Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 10,828 | 10,499 |
Past due: 60-89 days | 26 | 30 |
Past due: 90+ days | 26 | 17 |
Total past due | 52 | 47 |
Loans and Leases Receivable, Gross | 10,880 | 10,546 |
Originated and Purchased Loans [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 4,199 | 4,034 |
Past due: 30-59 days | 4 | 60 |
Past due: 60-89 days | 28 | |
Past due: 90+ days | 1 | 126 |
Total past due | 5 | 214 |
Loans and Leases Receivable, Gross | 4,204 | 4,248 |
Loans Acquired at Fair Value [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 194,677 | 230,982 |
Past due: 30-59 days | 262 | 1,402 |
Past due: 60-89 days | 469 | 633 |
Past due: 90+ days | 4,710 | 6,488 |
Total past due | 5,441 | 8,523 |
Loans and Leases Receivable, Gross | 200,118 | 239,505 |
Loans Acquired at Fair Value [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 61,895 | 72,736 |
Past due: 30-59 days | 116 | 689 |
Past due: 90+ days | 742 | |
Total past due | 116 | 1,431 |
Loans and Leases Receivable, Gross | 62,011 | 74,167 |
Loans Acquired at Fair Value [Member] | Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 89,796 | 102,881 |
Past due: 30-59 days | 561 | |
Past due: 60-89 days | 468 | 427 |
Past due: 90+ days | 814 | 1,143 |
Total past due | 1,282 | 2,131 |
Loans and Leases Receivable, Gross | 91,078 | 105,012 |
Loans Acquired at Fair Value [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,610 | 2,810 |
Past due: 90+ days | 773 | 852 |
Total past due | 773 | 852 |
Loans and Leases Receivable, Gross | 2,383 | 3,662 |
Loans Acquired at Fair Value [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 25,721 | 32,346 |
Past due: 90+ days | 2,072 | 2,326 |
Total past due | 2,072 | 2,326 |
Loans and Leases Receivable, Gross | 27,793 | 34,672 |
Loans Acquired at Fair Value [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 5,993 | 7,731 |
Past due: 30-59 days | 134 | 152 |
Past due: 60-89 days | 95 | |
Past due: 90+ days | 105 | 460 |
Total past due | 239 | 707 |
Loans and Leases Receivable, Gross | 6,232 | 8,438 |
Loans Acquired at Fair Value [Member] | Home Equity Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 9,577 | 12,390 |
Past due: 30-59 days | 12 | |
Past due: 60-89 days | 110 | |
Past due: 90+ days | 945 | 964 |
Total past due | 957 | 1,074 |
Loans and Leases Receivable, Gross | 10,534 | 13,464 |
Loans Acquired at Fair Value [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 85 | 88 |
Past due: 60-89 days | 1 | 1 |
Past due: 90+ days | 1 | 1 |
Total past due | 2 | 2 |
Loans and Leases Receivable, Gross | $ 87 | $ 90 |
Loan Quality and Allowance fo76
Loan Quality and Allowance for Loan Losses - Performance Status of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | $ 2,102,548 | $ 1,742,868 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 592,321 | 580,612 |
Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 1,309,103 | 983,755 |
Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 5,711 | 7,281 |
Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 99,451 | 67,261 |
Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 70,257 | 75,611 |
Home Equity Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 21,414 | 24,010 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 4,291 | 4,338 |
Originated and Purchased Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 1,902,430 | 1,503,363 |
Originated and Purchased Loans [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 1,888,894 | 1,486,994 |
Originated and Purchased Loans [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90+ days past due accruing | 125 | |
Nonaccrual | 13,536 | 16,244 |
Total nonperforming | 13,536 | 16,369 |
Originated and Purchased Loans [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 530,310 | 506,445 |
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 | 522,474 | 497,243 |
Originated and Purchased Loans [Member] | Residential Mortgage [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 7,836 | 9,202 |
Total nonperforming | 7,836 | 9,202 |
Originated and Purchased Loans [Member] | Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 1,218,025 | 878,743 |
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 | 1,214,653 | 873,421 |
Originated and Purchased Loans [Member] | Commercial Mortgage [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 3,372 | 5,322 |
Total nonperforming | 3,372 | 5,322 |
Originated and Purchased Loans [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 3,328 | 3,619 |
Originated and Purchased Loans [Member] | Construction [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 3,328 | 3,619 |
Originated and Purchased Loans [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 71,658 | 32,589 |
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 | 69,819 | 31,326 |
Originated and Purchased Loans [Member] | Commercial Business [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 1,839 | 1,263 |
Total nonperforming | 1,839 | 1,263 |
Originated and Purchased Loans [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 64,025 | 67,173 |
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 | 63,563 | 66,734 |
Originated and Purchased Loans [Member] | Home Equity Loans [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 462 | 439 |
Total nonperforming | 462 | 439 |
Originated and Purchased Loans [Member] | Home Equity Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 10,880 | 10,546 |
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 | 10,854 | 10,529 |
Originated and Purchased Loans [Member] | Home Equity Lines of Credit [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 26 | 17 |
Total nonperforming | 26 | 17 |
Originated and Purchased Loans [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 4,204 | 4,248 |
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 | 4,203 | 4,122 |
Originated and Purchased Loans [Member] | Other Consumer [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90+ days past due accruing | 125 | |
Nonaccrual | 1 | 1 |
Total nonperforming | 1 | 126 |
Loans Acquired at Fair Value [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 200,118 | 239,505 |
Loans Acquired at Fair Value [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 190,759 | 230,571 |
Loans Acquired at Fair Value [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 9,359 | 8,934 |
Total nonperforming | 9,359 | 8,934 |
Loans Acquired at Fair Value [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 62,011 | 74,167 |
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 | 61,895 | 73,425 |
Loans Acquired at Fair Value [Member] | Residential Mortgage [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 116 | 742 |
Total nonperforming | 116 | 742 |
Loans Acquired at Fair Value [Member] | Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 91,078 | 105,012 |
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 | 87,273 | 103,399 |
Loans Acquired at Fair Value [Member] | Commercial Mortgage [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 3,805 | 1,613 |
Total nonperforming | 3,805 | 1,613 |
Loans Acquired at Fair Value [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 2,383 | 3,662 |
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 | 346 | 2,214 |
Loans Acquired at Fair Value [Member] | Construction [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 2,037 | 1,448 |
Total nonperforming | 2,037 | 1,448 |
Loans Acquired at Fair Value [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 27,793 | 34,672 |
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 | 25,688 | 31,016 |
Loans Acquired at Fair Value [Member] | Commercial Business [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 2,105 | 3,656 |
Total nonperforming | 2,105 | 3,656 |
Loans Acquired at Fair Value [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 6,232 | 8,438 |
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 | 5,882 | 7,928 |
Loans Acquired at Fair Value [Member] | Home Equity Loans [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 350 | 510 |
Total nonperforming | 350 | 510 |
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 | 10,534 | 13,464 |
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 | 9,589 | 12,500 |
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 | 945 | 964 |
Total nonperforming | 945 | 964 |
Loans Acquired at Fair Value [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 87 | 90 |
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 | 86 | 89 |
Loans Acquired at Fair Value [Member] | Other Consumer [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 1 | 1 |
Total nonperforming | $ 1 | $ 1 |
Loan Quality and Allowance fo77
Loan Quality and Allowance for Loan Losses - Impairment Status of Loans Receivable (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | $ 2,102,548 | $ 1,742,868 | |
Unpaid principal balance of impaired loans | 43,230 | 45,774 | |
Average balance of impaired loans | 36,563 | 39,075 | $ 40,704 |
Interest earned on impaired loans | 1,135 | 1,132 | 850 |
Originated and Purchased Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 1,885,873 | 1,483,747 | |
Impaired loans with no allowance for impairment | 12,513 | 17,028 | |
Recorded investment | 4,044 | 2,588 | |
Allowance for impairment | (573) | (1,007) | |
Balance of impaired loans net of allowance for impairment | 3,471 | 1,581 | |
Total impaired loans, excluding allowance for impairment: | 16,557 | 19,616 | |
Loans and Leases Receivable, Gross | 1,902,430 | 1,503,363 | |
Unpaid principal balance of impaired loans | 24,164 | 26,025 | |
Loans Acquired at Fair Value [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 183,116 | 221,912 | |
Impaired loans with no allowance for impairment | 15,461 | 15,602 | |
Recorded investment | 1,541 | 1,991 | |
Allowance for impairment | (478) | (666) | |
Balance of impaired loans net of allowance for impairment | 1,063 | 1,325 | |
Total impaired loans, excluding allowance for impairment: | 17,002 | 17,593 | |
Loans and Leases Receivable, Gross | 200,118 | 239,505 | |
Unpaid principal balance of impaired loans | 19,066 | 19,749 | |
Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 592,321 | 580,612 | |
Unpaid principal balance of impaired loans | 17,132 | 18,397 | |
Average balance of impaired loans | 12,433 | 13,754 | 15,890 |
Interest earned on impaired loans | 139 | 138 | 181 |
Residential Mortgage [Member] | Originated and Purchased Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 520,070 | 494,522 | |
Impaired loans with no allowance for impairment | 8,387 | 9,800 | |
Recorded investment | 1,853 | 2,123 | |
Allowance for impairment | (116) | (528) | |
Balance of impaired loans net of allowance for impairment | 1,737 | 1,595 | |
Total impaired loans, excluding allowance for impairment: | 10,240 | 11,923 | |
Loans and Leases Receivable, Gross | 530,310 | 506,445 | |
Unpaid principal balance of impaired loans | 16,985 | 17,655 | |
Residential Mortgage [Member] | Loans Acquired at Fair Value [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 61,895 | 73,425 | |
Impaired loans with no allowance for impairment | 116 | 742 | |
Total impaired loans, excluding allowance for impairment: | 116 | 742 | |
Loans and Leases Receivable, Gross | 62,011 | 74,167 | |
Unpaid principal balance of impaired loans | 147 | 742 | |
Commercial Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 1,309,103 | 983,755 | |
Unpaid principal balance of impaired loans | 8,862 | 9,183 | |
Average balance of impaired loans | 7,902 | 9,971 | 11,885 |
Interest earned on impaired loans | 63 | 186 | 108 |
Commercial Mortgage [Member] | Originated and Purchased Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 1,214,586 | 873,340 | |
Impaired loans with no allowance for impairment | 1,777 | 5,037 | |
Recorded investment | 1,662 | 366 | |
Allowance for impairment | (415) | (404) | |
Balance of impaired loans net of allowance for impairment | 1,247 | (38) | |
Total impaired loans, excluding allowance for impairment: | 3,439 | 5,403 | |
Loans and Leases Receivable, Gross | 1,218,025 | 878,743 | |
Unpaid principal balance of impaired loans | 4,103 | 5,919 | |
Commercial Mortgage [Member] | Loans Acquired at Fair Value [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 86,564 | 102,046 | |
Impaired loans with no allowance for impairment | 4,072 | 1,690 | |
Recorded investment | 442 | 1,276 | |
Allowance for impairment | (114) | (165) | |
Balance of impaired loans net of allowance for impairment | 328 | 1,111 | |
Total impaired loans, excluding allowance for impairment: | 4,514 | 2,966 | |
Loans and Leases Receivable, Gross | 91,078 | 105,012 | |
Unpaid principal balance of impaired loans | 4,759 | 3,264 | |
Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 5,711 | 7,281 | |
Unpaid principal balance of impaired loans | 2,118 | 1,547 | |
Average balance of impaired loans | 1,912 | 2,514 | 2,120 |
Interest earned on impaired loans | 5 | 20 | |
Construction [Member] | Originated and Purchased Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 3,328 | 3,619 | |
Loans and Leases Receivable, Gross | 3,328 | 3,619 | |
Construction [Member] | Loans Acquired at Fair Value [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 346 | 2,214 | |
Impaired loans with no allowance for impairment | 2,037 | 1,448 | |
Total impaired loans, excluding allowance for impairment: | 2,037 | 1,448 | |
Loans and Leases Receivable, Gross | 2,383 | 3,662 | |
Unpaid principal balance of impaired loans | 2,118 | 1,547 | |
Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 99,451 | 67,261 | |
Unpaid principal balance of impaired loans | 12,542 | 13,902 | |
Average balance of impaired loans | 11,693 | 10,669 | 8,853 |
Interest earned on impaired loans | 886 | 732 | 478 |
Commercial Business [Member] | Originated and Purchased Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 69,797 | 31,326 | |
Impaired loans with no allowance for impairment | 1,418 | 1,263 | |
Recorded investment | 443 | ||
Allowance for impairment | (30) | ||
Balance of impaired loans net of allowance for impairment | 413 | ||
Total impaired loans, excluding allowance for impairment: | 1,861 | 1,263 | |
Loans and Leases Receivable, Gross | 71,658 | 32,589 | |
Unpaid principal balance of impaired loans | 2,036 | 1,407 | |
Commercial Business [Member] | Loans Acquired at Fair Value [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 18,937 | 23,891 | |
Impaired loans with no allowance for impairment | 8,214 | 10,141 | |
Recorded investment | 642 | 640 | |
Allowance for impairment | (340) | (444) | |
Balance of impaired loans net of allowance for impairment | 302 | 196 | |
Total impaired loans, excluding allowance for impairment: | 8,856 | 10,781 | |
Loans and Leases Receivable, Gross | 27,793 | 34,672 | |
Unpaid principal balance of impaired loans | 10,506 | 12,495 | |
Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 70,257 | 75,611 | |
Unpaid principal balance of impaired loans | 1,575 | 1,753 | |
Average balance of impaired loans | 1,618 | 1,526 | 1,767 |
Interest earned on impaired loans | 42 | 69 | 61 |
Home Equity Loans [Member] | Originated and Purchased Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 63,034 | 66,163 | |
Impaired loans with no allowance for impairment | 905 | 911 | |
Recorded investment | 86 | 99 | |
Allowance for impairment | (12) | (75) | |
Balance of impaired loans net of allowance for impairment | 74 | 24 | |
Total impaired loans, excluding allowance for impairment: | 991 | 1,010 | |
Loans and Leases Receivable, Gross | 64,025 | 67,173 | |
Unpaid principal balance of impaired loans | 1,014 | 1,027 | |
Home Equity Loans [Member] | Loans Acquired at Fair Value [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 5,698 | 7,746 | |
Impaired loans with no allowance for impairment | 534 | 617 | |
Recorded investment | 75 | ||
Allowance for impairment | (57) | ||
Balance of impaired loans net of allowance for impairment | 18 | ||
Total impaired loans, excluding allowance for impairment: | 534 | 692 | |
Loans and Leases Receivable, Gross | 6,232 | 8,438 | |
Unpaid principal balance of impaired loans | 561 | 726 | |
Home Equity Lines of Credit [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 21,414 | 24,010 | |
Unpaid principal balance of impaired loans | 1,001 | 992 | |
Average balance of impaired loans | 1,005 | 641 | 189 |
Interest earned on impaired loans | 7 | $ 2 | |
Home Equity Lines of Credit [Member] | Originated and Purchased Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 10,854 | 10,529 | |
Impaired loans with no allowance for impairment | 26 | 17 | |
Total impaired loans, excluding allowance for impairment: | 26 | 17 | |
Loans and Leases Receivable, Gross | 10,880 | 10,546 | |
Unpaid principal balance of impaired loans | 26 | 17 | |
Home Equity Lines of Credit [Member] | Loans Acquired at Fair Value [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 9,589 | 12,500 | |
Impaired loans with no allowance for impairment | 488 | 964 | |
Recorded investment | 457 | ||
Allowance for impairment | (24) | ||
Balance of impaired loans net of allowance for impairment | 433 | ||
Total impaired loans, excluding allowance for impairment: | 945 | 964 | |
Loans and Leases Receivable, Gross | 10,534 | 13,464 | |
Unpaid principal balance of impaired loans | 975 | 975 | |
Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 4,291 | 4,338 | |
Other Consumer [Member] | Originated and Purchased Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 4,204 | 4,248 | |
Loans and Leases Receivable, Gross | 4,204 | 4,248 | |
Other Consumer [Member] | Loans Acquired at Fair Value [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 87 | 90 | |
Loans and Leases Receivable, Gross | $ 87 | $ 90 |
Loan Quality and Allowance fo78
Loan Quality and Allowance for Loan Losses - Troubled Debt Restructurings of Loans Receivable (Detail) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015USD ($)Loan | Jun. 30, 2013USD ($)Loan | |
Originated and Purchased Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | Loan | 8 | 8 |
Pre-modification outstanding recorded investment | $ 2,672 | $ 1,408 |
Post-modification outstanding recorded investment | 2,521 | 1,261 |
Charge offs against the allowance for loan loss for impairment recognized at modification | $ 302 | $ 180 |
Number of loans | Loan | 1 | |
Outstanding recorded investment | $ 416 | |
Originated and Purchased Loans [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | Loan | 5 | 5 |
Pre-modification outstanding recorded investment | $ 1,955 | $ 967 |
Post-modification outstanding recorded investment | 1,823 | 852 |
Charge offs against the allowance for loan loss for impairment recognized at modification | $ 261 | $ 146 |
Number of loans | Loan | 1 | |
Outstanding recorded investment | $ 416 | |
Originated and Purchased Loans [Member] | Commercial Mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | Loan | 1 | 1 |
Pre-modification outstanding recorded investment | $ 369 | $ 265 |
Post-modification outstanding recorded investment | 376 | 245 |
Charge offs against the allowance for loan loss for impairment recognized at modification | $ 14 | $ 20 |
Originated and Purchased Loans [Member] | Commercial Business [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | Loan | 2 | |
Pre-modification outstanding recorded investment | $ 348 | |
Post-modification outstanding recorded investment | 322 | |
Charge offs against the allowance for loan loss for impairment recognized at modification | $ 27 | |
Originated and Purchased Loans [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | Loan | 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 | |
Loans Acquired at Fair Value [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | Loan | 2 | |
Pre-modification outstanding recorded investment | $ 511 | |
Post-modification outstanding recorded investment | 569 | |
Charge offs against the allowance for loan loss for impairment recognized at modification | $ 25 | |
Loans Acquired at Fair Value [Member] | Commercial Mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | Loan | 1 | |
Pre-modification outstanding recorded investment | $ 479 | |
Post-modification outstanding recorded investment | 537 | |
Charge offs against the allowance for loan loss for impairment recognized at modification | $ 24 | |
Loans Acquired at Fair Value [Member] | Commercial Business [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | Loan | 1 | |
Pre-modification outstanding recorded investment | $ 32 | |
Post-modification outstanding recorded investment | 32 | |
Charge offs against the allowance for loan loss for impairment recognized at modification | $ 1 |
Loan Quality and Allowance fo79
Loan Quality and Allowance for Loan Losses - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Unpaid principal balance of impaired loans | $ 43,230 | $ 45,774 |
Loans Acquired at Fair Value [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans acquired with deteriorated credit quality | 8,363 | 10,138 |
Unpaid principal balance of impaired loans | 19,066 | 19,749 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 397 | 568 |
Nonperforming Financing Receivable [Member] | Loans Acquired at Fair Value [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans acquired with deteriorated credit quality | 9,900 | 11,778 |
Unpaid principal balance of impaired loans | 8,363 | 10,138 |
Financing receivable, recorded investment, nonaccrual status | 9,359 | 8,934 |
Uncertain Cash Flow [Member] | Loans Acquired at Fair Value [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 1,322 | 2,374 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | $ 81 | $ 98 |
Loan Quality and Allowance fo80
Loan Quality and Allowance for Loan Losses - Impaired Loans Acquired Accretable Yield Change (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Receivables [Abstract] | ||
Beginning balance | $ 1,891 | $ 741 |
Accretion to interest income | (702) | (326) |
Disposals | (38) | |
Reclassifications from nonaccretable difference | 1,514 | |
Ending balance | $ 1,189 | $ 1,891 |
Premises and Equipment - Proper
Premises and Equipment - Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 70,640 | $ 69,374 |
Less accumulated depreciation and amortization | 31,460 | 29,269 |
Total premises and equipment | 39,180 | 40,105 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 9,931 | 9,931 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 36,811 | 35,080 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 4,297 | 4,253 |
Furnishings and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 19,012 | 18,151 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 589 | $ 1,959 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 70,640 | $ 69,374 |
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
Interest Receivable - Interest Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Financing Receivable, Impaired [Line Items] | ||
Interest receivable | $ 9,873 | $ 9,013 |
Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Interest receivable | 6,324 | 5,525 |
Mortgage-Backed Securities [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Interest receivable | 1,855 | 1,796 |
Debt Securities [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Interest receivable | $ 1,694 | $ 1,692 |
Goodwill and Other Intangible84
Goodwill and Other Intangible Assets - Schedule of Intangible Assets and Goodwill (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 108,591,000 | $ 108,591,000 | $ 108,591,000 |
Goodwill | 108,591,000 | 108,591,000 | 108,591,000 |
Core Deposit Intangibles, Balance | 790,000 | 514,000 | 652,000 |
Amortization | (193,000) | (122,000) | (138,000) |
Acquisition of Atlas Bank | 398,000 | ||
Core Deposit Intangibles, Balance | $ 597,000 | $ 790,000 | $ 514,000 |
Goodwill and Other Intangible85
Goodwill and Other Intangible Assets - Scheduled Amortization of Core Deposit Intangibles (Detail) - Core Deposits [Member] $ in Thousands | Jun. 30, 2015USD ($) |
Goodwill [Line Items] | |
2,016 | $ 166 |
2,017 | 139 |
2,018 | 111 |
2,019 | 84 |
2,020 | 57 |
Thereafter | $ 40 |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Deposits [Abstract] | ||
Non-interest bearing demand: Amount | $ 218,533 | $ 224,054 |
Interest-bearing demand: Amount | 724,484 | 700,248 |
Savings and club: Amount | 520,957 | 518,421 |
Certificates of deposit: Amount | 1,001,676 | 1,037,218 |
Total deposits | $ 2,465,650 | $ 2,479,941 |
Non-interest-bearing demand, Weighted Average Interest Rate | 0.00% | 0.00% |
Interest-bearing demand, Weighted Average Interest Rate | 0.25% | 0.24% |
Savings and club, Weighted Average Interest Rate | 0.16% | 0.16% |
Certificates of deposit, Weighted Average Interest Rate | 1.17% | 1.09% |
Total deposits, Weighted Average Interest Rate | 0.58% | 0.56% |
Deposits - Schedule of Deposi87
Deposits - Schedule of Deposits (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 |
Deposits [Abstract] | ||
Deposits, Brokered Deposits | $ 226.2 | $ 213.5 |
Weighted Average Rate Domestic Deposit, Brokered, excluding cost of interest rate derivatives used to hedge interest expense | 0.18% | 0.15% |
Brokered certificates of deposit | $ 18.4 | $ 18.5 |
Brokered certificates of deposits, weighted average interest rate | 3.49% | 3.49% |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2014 |
Deposits [Abstract] | ||
Time Deposits, $100,000 or More | $ 489.2 | $ 476.6 |
Deposits - Certificates of Depo
Deposits - Certificates of Deposit By Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Deposits [Abstract] | ||
One year or less | $ 526,457 | $ 581,543 |
After one year to two years | 169,105 | 187,401 |
After two years to three years | 122,937 | 90,078 |
After three years to four years | 95,040 | 90,921 |
After four years to five years | 81,819 | 80,811 |
After five years | 6,318 | 6,464 |
Total certificates of deposit | $ 1,001,676 | $ 1,037,218 |
Deposits - Interest Expense (De
Deposits - Interest Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Deposits [Line Items] | |||
Interest Expense on Deposits | $ 15,939 | $ 14,538 | $ 14,711 |
Demand [Member] | |||
Deposits [Line Items] | |||
Interest Expense on Deposits | 3,961 | 3,790 | 1,847 |
Savings and club [Member] | |||
Deposits [Line Items] | |||
Interest Expense on Deposits | 819 | 739 | 878 |
Certificates of deposit [Member] | |||
Deposits [Line Items] | |||
Interest Expense on Deposits | $ 11,159 | $ 10,009 | $ 11,986 |
Borrowings - Schedule of Fixed
Borrowings - Schedule of Fixed Rate Advances from FHLB (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Debt Disclosure [Abstract] | ||
Federal Home Loan Bank, Advances, Maturities Summary, Due in Next Twelve Months | $ 382,500 | $ 320,000 |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Two | 382,500 | 7,500 |
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 Four | 5,225 | 5,225 |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Seven | 671 | 765 |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Nine | 145,000 | 145,000 |
Federal Home Loan Bank, Advances, Total | 536,396 | 481,490 |
Federal Home Loan Bank, Advances, Fair Value Adjustments | 9 | 29 |
Total Federal Home Loan Bank, Advances, After Fair Value Adjustments | $ 536,405 | $ 481,519 |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate of Amounts Due within One Year of Balance Sheet Date | 0.00% | 0.38% |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate, One to Two Years from Balance Sheet Date | 0.41% | 1.09% |
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, 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 | 1.13% | 1.21% |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, Advances, Maturities Summary, Due in Next Twelve Months | $ 382,500 | $ 320,000 |
Federal Home Loan Bank, advances, maturities summary, due from after one year of balance sheet date | 153,900 | |
Federal Home Loan Bank, advances, callable summary, due within one year of balance sheet date | 145,000 | |
Other borrowings, sweep accounts | 35,100 | 30,700 |
Mortgage-Backed Securities [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, advances, general debt obligations, disclosures, collateral pledged | 185,200 | 204,200 |
Investment in Federal Home Loan Bank Stock [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, advances, general debt obligations, disclosures, collateral pledged | $ 894,600 | $ 739,400 |
Derivative Instruments and He93
Derivative Instruments and Hedging Activities - Additional Information (Detail) | Jun. 30, 2015USD ($)InstrumentsDerivative | Jun. 30, 2014USD ($)Derivative |
Derivative [Line Items] | ||
Estimated net fair value of derivatives | $ (8,717,000) | $ (975,000) |
Asset position | 794,000 | 1,800,000 |
Liability position | 9,500,000 | 2,800,000 |
Counter Party [Member] | ||
Derivative [Line Items] | ||
Derivative asset, collateral, Obligation to return cash, offset | $ 8,700,000 | $ 1,090,000 |
Other Assets [Member] | ||
Derivative [Line Items] | ||
Number of interest rate derivative instruments held | Derivative | 2 | 3 |
Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Number of interest rate derivative instruments held | Derivative | 8 | 4 |
Estimated net fair value of derivatives | $ (8,717,000) | $ (975,000) |
Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Number of interest rate derivative instruments held | Instruments | 8 | |
Estimated net fair value of derivatives | $ (9,511,000) | (2,714,000) |
Interest Rate Swaps [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Estimated net fair value of derivatives | $ (9,511,000) | (2,714,000) |
Interest Rate Caps [Member] | ||
Derivative [Line Items] | ||
Number of interest rate derivative instruments held | Instruments | 2 | |
Estimated net fair value of derivatives | $ 794,000 | 1,739,000 |
Interest Rate Caps [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Estimated net fair value of derivatives | $ 794,000 | $ 1,739,000 |
Derivative Instruments and He94
Derivative Instruments and Hedging Activities - Schedule of Interest Rate Derivatives (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Derivative [Line Items] | |||
Fair Value | $ (8,717,000) | $ (975,000) | |
Amount of Gain (Loss) Recognized in OCI on Derivatives, net of Tax (Effective Portion) | (4,512,000) | (3,909,000) | $ 1,838,000 |
Other Liabilities [Member] | |||
Derivative [Line Items] | |||
Notional/Contract Amount | 625,000,000 | 500,000,000 | |
Fair Value | (8,717,000) | (975,000) | |
Interest Rate Swaps [Member] | |||
Derivative [Line Items] | |||
Fair Value | (9,511,000) | (2,714,000) | |
Amount of Gain (Loss) Recognized in OCI on Derivatives, net of Tax (Effective Portion) | $ (4,020,000) | $ (3,284,000) | 1,679,000 |
Interest Rate Swaps [Member] | Effective July 1, 2013 [Member] | |||
Derivative [Line Items] | |||
Expiration Date | Jul. 1, 2018 | Jul. 1, 2018 | |
Amount of Gain (Loss) Recognized in OCI on Derivatives, net of Tax (Effective Portion) | $ (515,000) | $ (896,000) | 957,000 |
Interest Rate Swaps [Member] | Effective August 19, 2013 [Member] | |||
Derivative [Line Items] | |||
Expiration Date | Aug. 20, 2018 | Aug. 20, 2018 | |
Amount of Gain (Loss) Recognized in OCI on Derivatives, net of Tax (Effective Portion) | $ (24,000) | $ (656,000) | |
Interest Rate Swaps [Member] | Effective October 9, 2013 [Member] | |||
Derivative [Line Items] | |||
Expiration Date | Oct. 9, 2018 | Oct. 9, 2018 | |
Amount of Gain (Loss) Recognized in OCI on Derivatives, net of Tax (Effective Portion) | $ (98,000) | $ (138,000) | |
Interest Rate Swaps [Member] | Effective March 28, 2014 [Member] | |||
Derivative [Line Items] | |||
Expiration Date | Mar. 28, 2019 | Mar. 28, 2019 | |
Amount of Gain (Loss) Recognized in OCI on Derivatives, net of Tax (Effective Portion) | $ (100,000) | $ (711,000) | |
Interest Rate Swaps [Member] | Effective June 5, 2015 [Member] | |||
Derivative [Line Items] | |||
Expiration Date | Jun. 5, 2020 | Jun. 5, 2020 | |
Amount of Gain (Loss) Recognized in OCI on Derivatives, net of Tax (Effective Portion) | $ (855,000) | $ (883,000) | 722,000 |
Interest Rate Swaps [Member] | Effective July 28, 2015 [Member] | |||
Derivative [Line Items] | |||
Expiration Date | Jul. 28, 2020 | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives, net of Tax (Effective Portion) | $ (1,004,000) | ||
Interest Rate Swaps [Member] | Effective September 28, 2015 [Member] | |||
Derivative [Line Items] | |||
Expiration Date | Sep. 28, 2020 | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives, net of Tax (Effective Portion) | $ (762,000) | ||
Interest Rate Swaps [Member] | Effective December 28, 2015 [Member] | |||
Derivative [Line Items] | |||
Expiration Date | Dec. 28, 2020 | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives, net of Tax (Effective Portion) | $ (662,000) | ||
Interest Rate Swaps [Member] | Other Liabilities [Member] | |||
Derivative [Line Items] | |||
Notional/Contract Amount | 550,000,000 | 425,000,000 | |
Fair Value | (9,511,000) | (2,714,000) | |
Interest Rate Swaps [Member] | Other Liabilities [Member] | Effective July 1, 2013 [Member] | |||
Derivative [Line Items] | |||
Notional/Contract Amount | 165,000,000 | 165,000,000 | |
Fair Value | (768,000) | 103,000 | |
Interest Rate Swaps [Member] | Other Liabilities [Member] | Effective August 19, 2013 [Member] | |||
Derivative [Line Items] | |||
Notional/Contract Amount | 75,000,000 | 75,000,000 | |
Fair Value | (1,149,000) | (1,109,000) | |
Interest Rate Swaps [Member] | Other Liabilities [Member] | Effective October 9, 2013 [Member] | |||
Derivative [Line Items] | |||
Notional/Contract Amount | 50,000,000 | 50,000,000 | |
Fair Value | (400,000) | (234,000) | |
Interest Rate Swaps [Member] | Other Liabilities [Member] | Effective March 28, 2014 [Member] | |||
Derivative [Line Items] | |||
Notional/Contract Amount | 75,000,000 | 75,000,000 | |
Fair Value | (1,372,000) | (1,203,000) | |
Interest Rate Swaps [Member] | Other Liabilities [Member] | Effective June 5, 2015 [Member] | |||
Derivative [Line Items] | |||
Notional/Contract Amount | 60,000,000 | 60,000,000 | |
Fair Value | (1,717,000) | (271,000) | |
Interest Rate Swaps [Member] | Other Liabilities [Member] | Effective July 28, 2015 [Member] | |||
Derivative [Line Items] | |||
Notional/Contract Amount | 50,000,000 | ||
Fair Value | (1,697,000) | ||
Interest Rate Swaps [Member] | Other Liabilities [Member] | Effective September 28, 2015 [Member] | |||
Derivative [Line Items] | |||
Notional/Contract Amount | 40,000,000 | ||
Fair Value | (1,289,000) | ||
Interest Rate Swaps [Member] | Other Liabilities [Member] | Effective December 28, 2015 [Member] | |||
Derivative [Line Items] | |||
Notional/Contract Amount | 35,000,000 | ||
Fair Value | (1,119,000) | ||
Interest Rate Caps [Member] | |||
Derivative [Line Items] | |||
Fair Value | 794,000 | 1,739,000 | |
Amount of Gain (Loss) Recognized in OCI on Derivatives, net of Tax (Effective Portion) | $ (492,000) | $ (625,000) | 159,000 |
Interest Rate Caps [Member] | Effective July 1, 2013 [Member] | |||
Derivative [Line Items] | |||
Expiration Date | Jul. 1, 2018 | Jul. 1, 2018 | |
Amount of Gain (Loss) Recognized in OCI on Derivatives, net of Tax (Effective Portion) | $ (245,000) | $ (292,000) | 31,000 |
Interest Rate Caps [Member] | Effective June 5, 2013 [Member] | |||
Derivative [Line Items] | |||
Expiration Date | Jun. 5, 2018 | Jun. 5, 2018 | |
Amount of Gain (Loss) Recognized in OCI on Derivatives, net of Tax (Effective Portion) | $ (247,000) | $ (333,000) | $ 128,000 |
Interest Rate Caps [Member] | Other Liabilities [Member] | |||
Derivative [Line Items] | |||
Notional/Contract Amount | 75,000,000 | 75,000,000 | |
Fair Value | 794,000 | 1,739,000 | |
Interest Rate Caps [Member] | Other Liabilities [Member] | Effective July 1, 2013 [Member] | |||
Derivative [Line Items] | |||
Notional/Contract Amount | 35,000,000 | 35,000,000 | |
Fair Value | 366,000 | 826,000 | |
Interest Rate Caps [Member] | Other Liabilities [Member] | Effective June 5, 2013 [Member] | |||
Derivative [Line Items] | |||
Notional/Contract Amount | 40,000,000 | 40,000,000 | |
Fair Value | $ 428,000 | $ 913,000 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) | May. 18, 2015 | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($)$ / sharesshares | Jun. 30, 2014USD ($)$ / sharesshares | Jun. 30, 2013USD ($)shares |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Exchange ratio for shares converted into new common stock | 1.3804 | 1.3804 | |||
Unearned Employee Stock Ownership Plan shares | shares | 6,022,000 | 2,409,000 | |||
ESOP Shares Released on a Monthly Basis | shares | 16,725 | ||||
ESOP Compensation Expense | $ 2,067,000 | $ 1,742,000 | $ 1,431,000 | ||
ESOP Liability | $ 18,000 | 15,000 | |||
Maximum Annual Contribution Per Employee | 20.00% | ||||
Employer Matching Contribution | 3.00% | ||||
Defined Contribution Plan, Cost Recognized | $ 591,000 | $ 543,000 | $ 527,000 | ||
Share-based Payment Award, Options, Grants in Period | shares | 62,118 | 255,373 | 0 | ||
Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 4.30 | ||||
Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 16,564 | 75,228 | 0 | ||
Vested options exercised | shares | 3,844,582 | 162,360 | 0 | ||
Vested options, aggregate intrinsic value | $ 7,400,000 | $ 256,000 | |||
Treasury stock reissued for stock option exercises (in shares) | shares | 148,230 | ||||
Treasury stock, average cost per share | $ / shares | $ 8.32 | $ 8.32 | |||
Net cash proceeds resulted in stockholders' equity | $ 7,200,000 | ||||
Treasury stock, shares | shares | 0 | 8,991,542 | |||
Cash proceeds from stock options | $ 1,400,000 | $ 1,500,000 | |||
Income tax benefit | $ 416,000 | $ 98,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | shares | 251,232 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 767,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 10 months 2 days | ||||
Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares | 89,000 | 120,000 | |||
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 | shares | 4,919,934 | ||||
Share-based Payment Award, Number of Shares Available for Grant | shares | 521,649 | ||||
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 | $ 179,000 | $ 81,000 | $ 41,000 | ||
Tax Benefit from Compensation Expense | $ 2,000 | 1,000 | 0 | ||
Restricted Stock [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Share-based Payment Award, Number of Shares Authorized | shares | 1,967,974 | ||||
Share-based Payment Award, Number of Shares Available for Grant | shares | 24,100 | ||||
Share-based Payment Award, Award Vesting Period | 5 years | ||||
Share-based Payment Award, requisite service period | 5 years | ||||
Share-based Compensation Expense | $ 290,000 | 208,000 | 168,000 | ||
Tax Benefit from Compensation Expense | 119,000 | 85,000 | 68,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 871,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 5 months 1 day | ||||
Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 331,000 | 244,000 | 166,000 | ||
Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares | 89,168 | ||||
Stock Compensation Plan [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Share-based Compensation Expense | $ 469,000 | $ 289,000 | $ 209,000 | ||
Remaining Stock Option Plan [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Vested options exercised | shares | 3,696,352 | ||||
Net cash proceeds resulted in stockholders' equity | $ 0 | ||||
Additional shares issued | shares | 0 | ||||
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 | 108.85% | 101.13% | |||
Multiemployer Plans, Plan Contributions | $ 190,800,000 | $ 136,500,000 | |||
Multiemployer Plans, Plan Expenses | $ 246,000 | 303,000 | 1,254,000 | ||
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% | ||||
Benefit Equalization Plan ("BEP") [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
ESOP Compensation Expense | $ 28,000 | 36,000 | 6,000 | ||
Defined Benefit Plan Net Periodic Benefit Cost | 189,000 | 191,000 | 193,000 | ||
Defined benefit plan, future amortization of gain (loss) | 58,000 | ||||
Defined Benefit Plan, Benefits Paid | 227,000 | 265,000 | 221,000 | ||
Defined Benefit Plan, Contributions by Employer | 227,000 | 265,000 | 221,000 | ||
Defined benefit plan, expected future benefit payments, next twelve months | 227,000 | ||||
Defined Benefit Plan, Accumulated Other Comprehensive Income Net (Losses) Gains, after Tax | 896,000 | 777,000 | |||
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan Net Periodic Benefit Cost | $ (150,000) | 0 | |||
Date of acquisition | Jun. 30, 2014 | ||||
Defined benefit plan, future amortization of gain (loss) | $ 10,000 | ||||
Long term rate of return on plan assets | 7.00% | ||||
Defined Benefit Plan, Benefits Paid | $ 192,000 | ||||
Defined benefit plan, expected future benefit payments, next twelve months | $ 198,000 | ||||
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] | Scenario, Forecast [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan Expected Future Contribution Next Twelve Months | $ 0 | ||||
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | Maximum [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Long term rate of return on plan assets | 11.00% | ||||
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | Maximum [Member] | Equity Securities [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Long term rate of return on plan assets | 9.00% | ||||
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | Maximum [Member] | Fixed Income Securities [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Long term rate of return on plan assets | 6.00% | ||||
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | Minimum [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Long term rate of return on plan assets | 7.00% | ||||
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | Minimum [Member] | Equity Securities [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Long term rate of return on plan assets | 5.00% | ||||
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | Minimum [Member] | Fixed Income Securities [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Long term rate of return on plan assets | 2.00% | ||||
Postretirement Welfare Plan [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan Net Periodic Benefit Cost | $ 112,000 | 99,000 | 106,000 | ||
Defined benefit plan, future amortization of gain (loss) | 29,000 | ||||
Defined Benefit Plan, Benefits Paid | 6,000 | 6,000 | 5,000 | ||
Defined Benefit Plan, Contributions by Employer | 6,000 | 6,000 | 5,000 | ||
Defined benefit plan, expected future benefit payments, next twelve months | 7,000 | ||||
Defined Benefit Plan, Accumulated Other Comprehensive Income Net (Losses) Gains, after Tax | (23,000) | 18,000 | |||
Directors' Consultation and Retirement Plan ("DCRP") [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan Net Periodic Benefit Cost | 329,000 | 290,000 | 341,000 | ||
Defined Benefit Plan, Benefits Paid | 60,000 | 60,000 | 98,000 | ||
Defined Benefit Plan, Contributions by Employer | 60,000 | 60,000 | $ 98,000 | ||
Defined benefit plan, expected future benefit payments, next twelve months | 81,000 | ||||
Defined Benefit Plan, Accumulated Other Comprehensive Income Net (Losses) Gains, after Tax | 487,000 | 661,000 | |||
Defined Benefit Plan, Accumulated Other Comprehensive Income Net Prior Service Cost (Credit), after Tax | 62,000 | $ 108,000 | |||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | 36,000 | ||||
First Step Conversion and Stock Offering [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Employer Loan to ESOP | $ 17,457,000 | ||||
Unearned Employee Stock Ownership Plan shares | shares | 2,409,764 | ||||
ESOP Loan - Maturity Date | Mar. 31, 2017 | ||||
ESOP Loan - Interest Rate | 5.50% | ||||
Second Step Conversion and Stock Offering [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Employer Loan to ESOP | $ 36,125,000 | ||||
Unearned Employee Stock Ownership Plan shares | shares | 3,612,500 | ||||
ESOP Loan - Interest Rate | 3.25% | ||||
Employer Additional Loan to ESOP | $ 3,788,000 | ||||
ESOP Loan - Principal Balance | $ 39,913,000 | ||||
ESOP Loan - Maturity Period | 20 years |
Benefit Plans - Schedule of Emp
Benefit Plans - Schedule of Employee Stock Ownership Plan (ESOP) Disclosures (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Compensation And Retirement Disclosure [Abstract] | ||
Allocated shares | 1,629,000 | 1,537,000 |
Total shares distributed due to employment termination | 329,000 | 220,000 |
Shares committed to be released | 100,000 | 117,000 |
Unearned shares | 3,963,776 | 535,490 |
Total ESOP shares | 6,022,000 | 2,409,000 |
Fair value of unearned ESOP shares | $ 44,236 | $ 5,873 |
Benefit Plans - Schedule of Net
Benefit Plans - Schedule of Net Funded Status (Detail) - USD ($) | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2015 | |
Change in plan assets: | ||||
Fair value of assets - beginning | $ 3,885,000 | |||
Fair value of assets - ending | $ 3,885,000 | |||
Reconciliation of funded status: | ||||
Fair value of assets - ending | 3,885,000 | |||
Prudential Guaranteed Deposit Fund | 3,885,000 | 3,885,000 | ||
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | ||||
Change in benefit obligation: | ||||
Projected benefit obligation - beginning | 2,646,000 | |||
Interest cost | 115,000 | |||
Benefit payments | (192,000) | |||
Acquisition | 2,646,000 | |||
Projected benefit obligation - ending | 2,569,000 | 2,646,000 | ||
Change in plan assets: | ||||
Fair value of assets - beginning | 3,885,000 | |||
Expected return on assets | 265,000 | |||
Benefit payments | (192,000) | |||
Acquistion | 3,885,000 | |||
Fair value of assets - ending | 3,958,000 | 3,885,000 | ||
Funded status/accrued pension/postretirement benefit cost included in other liabilities | 1,239,000 | $ 1,389,000 | ||
Accumulated benefit obligation | 2,646,000 | $ 2,569,000 | ||
Discount rate | 4.50% | |||
Reconciliation of funded status: | ||||
Accumulated benefit obligation | (2,646,000) | $ (2,569,000) | ||
Projected benefit obligation | 2,646,000 | 2,646,000 | 2,569,000 | |
Fair value of assets - ending | 3,958,000 | 3,885,000 | ||
Funded status/accrued pension/postretirement benefit cost included in other liabilities | 1,239,000 | 1,389,000 | ||
Prudential Guaranteed Deposit Fund | 3,885,000 | 3,885,000 | 3,958,000 | |
Benefit Equalization Plan ("BEP") [Member] | ||||
Change in benefit obligation: | ||||
Projected benefit obligation - beginning | 3,101,000 | 3,430,000 | ||
Interest cost | 142,000 | 154,000 | $ 143,000 | |
Actuarial (gain) loss | 165,000 | (218,000) | ||
Benefit payments | (227,000) | (265,000) | (221,000) | |
Projected benefit obligation - ending | 3,181,000 | 3,101,000 | 3,430,000 | |
Change in plan assets: | ||||
Benefit payments | (227,000) | (265,000) | (221,000) | |
Contributions | 227,000 | 265,000 | 221,000 | |
Funded status/accrued pension/postretirement benefit cost included in other liabilities | (3,101,000) | (3,181,000) | ||
Accumulated benefit obligation | $ 3,101,000 | $ 3,181,000 | ||
Discount rate | 4.50% | 4.50% | ||
Reconciliation of funded status: | ||||
Accumulated benefit obligation | $ (3,101,000) | $ (3,181,000) | ||
Projected benefit obligation | 3,101,000 | 3,101,000 | 3,430,000 | 3,181,000 |
Funded status/accrued pension/postretirement benefit cost included in other liabilities | (3,101,000) | (3,181,000) | ||
Postretirement Welfare Plan [Member] | ||||
Change in benefit obligation: | ||||
Projected benefit obligation - beginning | 992,000 | 1,043,000 | ||
Service cost | 66,000 | 54,000 | 62,000 | |
Interest cost | 46,000 | 45,000 | 40,000 | |
Actuarial (gain) loss | 41,000 | (144,000) | ||
Benefit payments | (6,000) | (6,000) | (5,000) | |
Projected benefit obligation - ending | 1,139,000 | 992,000 | 1,043,000 | |
Change in plan assets: | ||||
Benefit payments | (6,000) | (6,000) | (5,000) | |
Contributions | 6,000 | 6,000 | 5,000 | |
Funded status/accrued pension/postretirement benefit cost included in other liabilities | (992,000) | (1,139,000) | ||
Accumulated benefit obligation | $ 992,000 | $ 1,139,000 | ||
Discount rate | 4.50% | 4.50% | ||
Salary increase rate | 3.25% | 3.25% | ||
Reconciliation of funded status: | ||||
Accumulated benefit obligation | $ (992,000) | $ (1,139,000) | ||
Projected benefit obligation | 992,000 | 992,000 | 1,043,000 | 1,139,000 |
Funded status/accrued pension/postretirement benefit cost included in other liabilities | (992,000) | (1,139,000) | ||
Directors' Consultation and Retirement Plan ("DCRP") [Member] | ||||
Change in benefit obligation: | ||||
Projected benefit obligation - beginning | 2,983,000 | 3,201,000 | ||
Service cost | 162,000 | 147,000 | 168,000 | |
Interest cost | 139,000 | 136,000 | 125,000 | |
Actuarial (gain) loss | 157,000 | (441,000) | ||
Benefit payments | (60,000) | (60,000) | (98,000) | |
Projected benefit obligation - ending | 3,381,000 | 2,983,000 | 3,201,000 | |
Change in plan assets: | ||||
Benefit payments | (60,000) | (60,000) | (98,000) | |
Contributions | 60,000 | 60,000 | 98,000 | |
Funded status/accrued pension/postretirement benefit cost included in other liabilities | (2,983,000) | (3,381,000) | ||
Accumulated benefit obligation | $ 2,524,000 | $ 3,018,000 | ||
Discount rate | 4.50% | 4.50% | ||
Salary increase rate | 3.25% | 3.25% | ||
Reconciliation of funded status: | ||||
Accumulated benefit obligation | $ (2,524,000) | $ (3,018,000) | ||
Projected benefit obligation | $ 2,983,000 | 2,983,000 | $ 3,201,000 | 3,381,000 |
Funded status/accrued pension/postretirement benefit cost included in other liabilities | $ (2,983,000) | $ (3,381,000) |
Benefit Plans - Schedule of N98
Benefit Plans - Schedule of Net Benefit Costs (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Interest cost | $ 115,000 | ||
Expected return on assets | (265,000) | ||
Total benefit | $ (150,000) | $ 0 | |
Discount rate | 4.50% | ||
Long term rate of return on plan assets | 7.00% | ||
Benefit Equalization Plan ("BEP") [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Interest cost | $ 142,000 | 154,000 | $ 143,000 |
Amortization of net actuarial loss | 47,000 | 37,000 | 50,000 |
Total benefit | $ 189,000 | $ 191,000 | $ 193,000 |
Discount rate | 4.50% | 5.00% | 4.25% |
Postretirement Welfare Plan [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 66,000 | $ 54,000 | $ 62,000 |
Interest cost | 46,000 | 45,000 | 40,000 |
Amortization of net actuarial loss | 4,000 | ||
Total benefit | $ 112,000 | $ 99,000 | $ 106,000 |
Discount rate | 4.50% | 5.00% | 4.25% |
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 | $ 162,000 | $ 147,000 | $ 168,000 |
Interest cost | 139,000 | 136,000 | 125,000 |
Amortization of past service liability | 46,000 | 46,000 | 48,000 |
Amortization of net actuarial loss | (18,000) | (39,000) | |
Total benefit | $ 329,000 | $ 290,000 | $ 341,000 |
Discount rate | 4.50% | 5.00% | 4.25% |
Salary increase rate | 3.25% | 3.25% | 3.25% |
Benefit Plans - Schedule of Exp
Benefit Plans - Schedule of Expected Benefit Payments (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,016 | $ 198 |
2,017 | 201 |
2,018 | 203 |
2,019 | 200 |
2,020 | 197 |
2021-2025 | 951 |
Benefit Equalization Plan ("BEP") [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,016 | 227 |
2,017 | 229 |
2,018 | 231 |
2,019 | 233 |
2,020 | 235 |
2021-2025 | 1,185 |
Postretirement Welfare Plan [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,016 | 7 |
2,017 | 7 |
2,018 | 9 |
2,019 | 10 |
2,020 | 11 |
2021-2025 | 66 |
Directors' Consultation and Retirement Plan ("DCRP") [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,016 | 81 |
2,017 | 103 |
2,018 | 126 |
2,019 | 150 |
2,020 | 175 |
2021-2025 | $ 1,230 |
Benefit Plans - Schedule of Fai
Benefit Plans - Schedule of Fair Value Measurements of ABRIP's Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Prudential Guaranteed Deposit Fund | $ 3,885 | |
Fair Value, Inputs, Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prudential Guaranteed Deposit Fund | 3,885 | |
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prudential Guaranteed Deposit Fund | $ 3,958 | $ 3,885 |
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | Prudential Guaranteed Deposit Fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prudential Guaranteed Deposit Fund | 3,958 | |
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | Prudential Guaranteed Deposit Fund | Fair Value, Inputs, Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prudential Guaranteed Deposit Fund | $ 3,958 |
Benefit Plans - Schedule of Ass
Benefit Plans - Schedule of Assumptions to Estimate the Fair Value of the Options Granted (Detail) - 12 months ended Jun. 30, 2015 | Total |
Compensation And Retirement Disclosure [Abstract] | |
Weighted average risk-free interest rate | 1.57% |
Expected dividend yield | 0.80% |
Weighted average volatility factor of the expected market price of the Company's stock | 32.01% |
Weighted average expected life of the options | 6 years 6 months |
Benefit Plans - Summary of the
Benefit Plans - Summary of the Company's Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Beginning - Options Outstanding | 4,189,000 | ||
Granted - Options | 62,118 | 255,373 | 0 |
Exercised - Options | (3,844,000) | ||
Forefeited - Options | (41,000) | ||
Ending - Options Outstanding | 366,000 | 4,189,000 | |
Exercisable - Options | 115,000 | ||
Beginning - Weighted Average Exercise Price | $ 8.96 | ||
Granted - Weighted Average Exercise Price | 9.82 | ||
Exercised - Weighted Average Exercise Price | 8.88 | ||
Forefeited - Weighted Average Exercise Price | 10.71 | ||
Ending - Weighted Average Exercise Price | 9.75 | $ 8.96 | |
Exercisable - Weighted Average Exercise Price | $ 8.61 | ||
Weighted Average Remaining Contractual Term | 8 years 2 months 12 days | 2 years | |
Exercisable - Weighted Average Remaining Contractual Term | 6 years 10 months 24 days | ||
Beginning - Options Outstanding - Aggregate Intrinsic Value | $ 9,034 | ||
Ending - Options Outstanding - Aggregate Intrinsic Value | 520 | $ 9,034 | |
Exercisable - Aggregate Intrinsic Value | $ 292 | ||
Minimum [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Beginning - Weighted Average Exercise Price | $ 7.36 | ||
Exercised - Weighted Average Exercise Price | 8.36 | ||
Ending - Weighted Average Exercise Price | 7.36 | $ 7.36 | |
Exercisable - Weighted Average Exercise Price | 7.36 | ||
Maximum [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Beginning - Weighted Average Exercise Price | 10.71 | ||
Exercised - Weighted Average Exercise Price | 9.20 | ||
Ending - Weighted Average Exercise Price | 10.71 | $ 10.71 | |
Exercisable - Weighted Average Exercise Price | $ 10.71 |
Benefit Plans - Summary of t103
Benefit Plans - Summary of the Status of the Company's Non-vested Restricted Share Awards (Detail) - $ / shares | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Compensation And Retirement Disclosure [Abstract] | |||
Beginning - Non-vested Restricted Shares | 120,000 | ||
Awarded - Non-vested Restricted Shares | 16,564 | 75,228 | 0 |
Vested - Non-vested Restricted Shares | (34,000) | ||
Forefeited - Non-vested Restricted Shares | (14,000) | ||
Ending - Non-vested Restricted Shares | 89,000 | 120,000 | |
Beginning - Non-vested Weighted Average Grant Date Fair Value | $ 9.44 | ||
Awarded - Non-vested Weighted Average Grant Date Fair Value | 9.82 | ||
Vested - Non-vested Weighted Average Grant Date Fair Value | 8.65 | ||
Forefeited - Non-vested Weighted Average Grant Date Fair Value | 7.07 | ||
Ending - Non-vested Weighted Average Grant Date Fair Value | $ 10.19 | $ 9.44 |
Stockholders' Equity and Reg104
Stockholders' Equity and Regulatory Capital - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
Payments of Capital Distribution | $ 0 | $ 5,000,000 | $ 0 |
New common equity Tier 1 capital ratio | 4.50% | ||
Tier 1 capital ratio | 6.00% | ||
Total capital ratio | 8.00% | ||
Tier 1 leverage ratio | 4.00% | ||
Capital to risk weighted assets | 47.16% | ||
Capital Conservation Buffer [Member] | |||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
New common equity Tier 1 capital ratio | 7.00% | ||
Tier 1 capital ratio | 8.50% | ||
Total capital ratio | 10.50% | ||
New regulatory minimum capital ratios | 2.50% | ||
Capital to risk weighted assets | 0.625% | ||
Maximum [Member] | |||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
Tier 1 capital ratio | 6.00% | ||
Minimum [Member] | |||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
Tier 1 capital ratio | 4.00% |
Stockholders' Equity and Reg105
Stockholders' Equity and Regulatory Capital - Summary of Bank's Regulatory Capital Levels (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 1,077,938 | |
Tier 1 capital (to risk-weighted assets), Actual, Amount | 1,062,332 | |
Core (Tier 1) capital (to adjusted total assets), Actual, Amount | 1,062,332 | |
Tangible capital (to adjusted total assets), Actual, Amount | $ 1,062,332 | |
Total capital (to risk-weighted assets), Actual, Ratio | 47.16% | |
Tier 1 capital (to risk-weighted assets), Actual, Ratio | 46.48% | |
Core (Tier 1) capital (to adjusted total assets), Actual, Ratio | 46.48% | |
Tangible capital (to adjusted total assets), Actual, Ratio | 25.82% | |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | $ 182,857 | |
Tier 1 capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | 137,143 | |
Core (Tier 1) capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | 102,857 | |
Tangible capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | $ 164,587 | |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes, Ratio | 8.00% | |
Tier 1 capital (to risk-weighted assets), For Capital Adequacy Purposes, Ratio | 6.00% | |
Core (Tier 1) capital (to adjusted total assets), For Capital Adequacy Purposes, Ratio | 4.50% | |
Tangible capital (to adjusted total assets), For Capital Adequacy Purposes, Ratio | 4.00% | |
Total capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | $ 228,571 | |
Tier 1 capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | 182,857 | |
Core (Tier 1) capital (to adjusted total assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | 148,571 | |
Tangible capital (to adjusted total assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | $ 205,734 | |
Total capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 10.00% | |
Tier 1 capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 8.00% | |
Core (Tier 1) capital (to adjusted total assets), To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 6.50% | |
Tangible capital (to adjusted total assets), To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 5.00% | |
Kearny Federal Savings Bank [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 695,002 | $ 376,343 |
Tier 1 capital (to risk-weighted assets), Actual, Amount | 679,396 | 363,956 |
Core (Tier 1) capital (to adjusted total assets), Actual, Amount | 679,396 | $ 363,956 |
Tangible capital (to adjusted total assets), Actual, Amount | $ 679,396 | |
Total capital (to risk-weighted assets), Actual, Ratio | 30.42% | 20.45% |
Tier 1 capital (to risk-weighted assets), Actual, Ratio | 29.74% | 19.78% |
Core (Tier 1) capital (to adjusted total assets), Actual, Ratio | 29.74% | 10.75% |
Tangible capital (to adjusted total assets), Actual, Ratio | 16.47% | |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | $ 182,764 | $ 147,232 |
Tier 1 capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | 137,073 | 73,616 |
Core (Tier 1) capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | 102,805 | $ 135,420 |
Tangible capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | $ 165,045 | |
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 | 6.00% | 4.00% |
Core (Tier 1) capital (to adjusted total assets), For Capital Adequacy Purposes, Ratio | 4.50% | 4.00% |
Tangible capital (to adjusted total assets), For Capital Adequacy Purposes, Ratio | 4.00% | |
Total capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | $ 228,455 | $ 184,040 |
Tier 1 capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | 182,764 | 110,424 |
Core (Tier 1) capital (to adjusted total assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | 148,496 | $ 169,275 |
Tangible capital (to adjusted total assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | $ 206,306 | |
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 | 8.00% | 6.00% |
Core (Tier 1) capital (to adjusted total assets), To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 6.50% | 5.00% |
Tangible capital (to adjusted total assets), To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 5.00% |
Stockholders' Equity and Reg106
Stockholders' Equity and Regulatory Capital - Summary of Company's Regulatory Capital Levels (Detail) - Jun. 30, 2015 - USD ($) $ in Thousands | Total |
Stockholders Equity Note [Abstract] | |
Total capital (to risk-weighted assets), Actual, Amount | $ 1,077,938 |
Tier 1 capital (to risk-weighted assets), Actual, Amount | 1,062,332 |
Core (Tier 1) capital (to adjusted total assets), Actual, Amount | 1,062,332 |
Tangible capital (to adjusted total assets), Actual, Amount | $ 1,062,332 |
Total capital (to risk-weighted assets), Actual, Ratio | 47.16% |
Tier 1 capital (to risk-weighted assets), Actual, Ratio | 46.48% |
Core (Tier 1) capital (to adjusted total assets), Actual, Ratio | 46.48% |
Tangible capital (to adjusted total assets), Actual, Ratio | 25.82% |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | $ 182,857 |
Tier 1 capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | 137,143 |
Core (Tier 1) capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | 102,857 |
Tangible capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | $ 164,587 |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes, Ratio | 8.00% |
Tier 1 capital (to risk-weighted assets), For Capital Adequacy Purposes, Ratio | 6.00% |
Core (Tier 1) capital (to adjusted total assets), For Capital Adequacy Purposes, Ratio | 4.50% |
Tangible capital (to adjusted total assets), For Capital Adequacy Purposes, Ratio | 4.00% |
Total capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | $ 228,571 |
Tier 1 capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | 182,857 |
Core (Tier 1) capital (to adjusted total assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | 148,571 |
Tangible capital (to adjusted total assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | $ 205,734 |
Total capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 10.00% |
Tier 1 capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 8.00% |
Core (Tier 1) capital (to adjusted total assets), To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 6.50% |
Tangible capital (to adjusted total assets), To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 5.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||
Bad debt reserve for tax purposes of qualified lender | $ 30.5 | ||
Federal income tax rate | 35.00% | 35.00% | 35.00% |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||||||||||
Current tax expense: Federal | $ 1,438 | $ 3,196 | $ 1,629 | ||||||||
Current tax expense: State | 704 | 938 | 343 | ||||||||
Current tax expense: Total | 2,142 | 4,134 | 1,972 | ||||||||
Deferred tax expense (benefit): Federal | (2,722) | 49 | 411 | ||||||||
Deferred tax expense (benefit): State | (824) | 122 | 102 | ||||||||
Deferred tax expense (benefit): Total | (3,546) | 171 | 513 | ||||||||
Valuation allowance | 135 | (88) | (235) | ||||||||
Total income tax (benefit) expense | $ (3,352) | $ 660 | $ 870 | $ 553 | $ 1,210 | $ 685 | $ 1,301 | $ 1,021 | $ (1,269) | $ 4,217 | $ 2,250 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||||||||||
Federal income tax expense at statutory rate | $ 1,526 | $ 5,042 | $ 3,065 | ||||||||
(Reduction) increases in income taxes resulting from: Tax exempt interest | (679) | (635) | (142) | ||||||||
(Reduction) increases in income taxes resulting from: New Jersey state tax, net of federal tax effect | 10 | 632 | 284 | ||||||||
(Reduction) increases in income taxes resulting from: Qualified stock options compensation expense | 61 | 28 | 15 | ||||||||
(Reduction) increases in income taxes resulting from: Income from bank-owned life insurance | (1,405) | (959) | (680) | ||||||||
(Reduction) increases in income taxes resulting from: Disqualifying disposition on incentive stock options | (491) | ||||||||||
(Reduction) increases in income taxes resulting from: Net operating loss utilized from mututal holding company dissolution | (354) | ||||||||||
(Reductions) increases in income taxes resulting from: Other items, net | (72) | 197 | (66) | ||||||||
Income Tax Expense Benefit Before Valuation Allowance | (1,404) | 4,305 | 2,476 | ||||||||
Valuation allowance | 135 | (88) | (226) | ||||||||
Total income tax (benefit) expense | $ (3,352) | $ 660 | $ 870 | $ 553 | $ 1,210 | $ 685 | $ 1,301 | $ 1,021 | $ (1,269) | $ 4,217 | $ 2,250 |
Effective income tax rate | (29.11%) | 29.27% | 25.70% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Income Tax Disclosure [Abstract] | ||
Deferred income tax assets: Purchase accounting | $ 1,188 | $ 615 |
Deferred income tax assets: Accumulated other comprehensive income - Defined benefit plans | 201 | 84 |
Deferred income tax assets: Accumulated other comprehensive income - Unrealized loss on securities available for sale | 46 | |
Deferred income tax assets: Accumulated other comprehensive income - Unrealized loss on securities available for sale transferred to held to maturity | 435 | 404 |
Deferred income tax assets: Accumulated other comprehensive income - Derivatives | 4,547 | 1,430 |
Deferred income tax assets: Allowance for loan losses | 6,375 | 5,060 |
Deferred income tax assets: Benefit plans | 2,955 | 2,816 |
Deferred income tax assets: Compensation | 658 | 239 |
Deferred income tax assets: Stock based compensation | 564 | 3,255 |
Deferred income tax assets: Uncollected interest | 2,775 | 2,431 |
Deferred income tax assets: Depreciation | 970 | 928 |
Charitable contribution carryover | 3,906 | |
Deferred income tax assets: Other items | 775 | 809 |
Deferred Tax Assets, Gross, Total | 25,395 | 18,071 |
Valuation allowance | (289) | (134) |
Deferred Tax Assets, Net of Valuation Allowance, Total | 25,106 | 17,937 |
Deferred income tax liabilities: Deferred costs | 1,059 | 815 |
Deferred income tax liabilities: Goodwill | 6,188 | 6,198 |
Deferred income tax liabilities: Accumulated other comprehensive income - Unrealized gain on securities available for sale | 458 | |
Deferred income tax liabilities: Other items | 32 | 152 |
Deferred Tax Liabilities, Gross, Total | 7,279 | 7,623 |
Net deferred income tax asset | $ 17,827 | $ 10,314 |
Commitments - Schedule of Futur
Commitments - Schedule of Future Minimum Rental Payments under Operating Leases (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,016 | $ 1,838 |
2,017 | 1,661 |
2,018 | 1,329 |
2,019 | 998 |
2,020 | 733 |
Thereafter | 2,662 |
Total minimum payments required | $ 9,221 |
Commitments - Schedule of Compo
Commitments - Schedule of Composition of Total Rental Expense for Operating Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | |||
Minimum rentals | $ 1,807 | $ 1,716 | $ 1,629 |
Commitments - Schedule of Outst
Commitments - Schedule of Outstanding Loan Commitments (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Commitments [Line Items] | ||
Total loan commitments | $ 126,173 | $ 95,396 |
Commercial Lines of Credit [Member] | ||
Commitments [Line Items] | ||
Total loan commitments | 25,728 | 24,070 |
Residential Mortgage [Member] | ||
Commitments [Line Items] | ||
Total loan commitments | 62,895 | 27,452 |
Home Equity Loans [Member] | ||
Commitments [Line Items] | ||
Total loan commitments | 2,902 | 1,374 |
Commercial Business [Member] | ||
Commitments [Line Items] | ||
Total loan commitments | 1,374 | 350 |
Construction Loans in Process [Member] | ||
Commitments [Line Items] | ||
Total loan commitments | 775 | 6,385 |
Home Equity Lines of Credit [Member] | ||
Commitments [Line Items] | ||
Total loan commitments | $ 32,499 | $ 35,765 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Commitments [Line Items] | ||
Other Commitment | $ 126,173,000 | $ 95,396,000 |
Standby Letters of Credit [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 159,000 | 519,000 |
Commercial Lines of Credit [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 25,728,000 | 24,070,000 |
Residential Mortgage [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 62,895,000 | 27,452,000 |
Home Equity Loans [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 2,902,000 | 1,374,000 |
Commercial Business [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 1,374,000 | 350,000 |
Home Equity Lines of Credit [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 32,499,000 | 35,765,000 |
Fixed Rate Loans [Member] | Residential Mortgage [Member] | ||
Commitments [Line Items] | ||
Other Commitment | $ 13,800,000 | $ 20,000,000 |
Interest rate range, minimum | 2.875% | 3.00% |
Interest rate range, maximum | 4.00% | 6.00% |
Fixed Rate Loans [Member] | Home Equity Loans [Member] | ||
Commitments [Line Items] | ||
Other Commitment | $ 2,900,000 | $ 1,400,000 |
Interest rate range, minimum | 3.25% | 3.125% |
Interest rate range, maximum | 4.125% | 6.00% |
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% | 4.00% |
Adjustable Rate Loans [Member] | Residential Mortgage [Member] | ||
Commitments [Line Items] | ||
Other Commitment | $ 40,000,000 | $ 935,000 |
Interest rate range, minimum | 3.125% | |
Interest rate range, maximum | 4.75% | |
Interest rate | 6.00% | |
Adjustable Rate Loans [Member] | Commercial Business [Member] | ||
Commitments [Line Items] | ||
Other Commitment | $ 1,400,000 | $ 350,000 |
Interest rate range, minimum | 3.75% | |
Interest rate range, maximum | 5.50% | |
Interest rate | 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% | 5.00% |
Third Party Loan [Member] | Residential Mortgage [Member] | ||
Commitments [Line Items] | ||
Other Commitment | $ 9,100,000 | $ 6,500,000 |
Fair Value of Financial Inst115
Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured At Fair Value on a Recurring Basis (Detail) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | $ 420,660,000 | $ 407,898,000 |
Mortgage-backed securities available for sale | 346,619,000 | 437,223,000 |
Securities available for sale | 767,279,000 | 845,121,000 |
Derivative instruments, Fair Value, Net | (8,717,000) | (975,000) |
Interest Rate Swaps [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative instruments, Fair Value, Net | (9,511,000) | (2,714,000) |
Interest Rate Caps [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative instruments, Fair Value, Net | 794,000 | 1,739,000 |
Collateralized Mortgage Obligations [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities available for sale | 71,877,000 | 83,270,000 |
Residential Pass-Through Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities available for sale | 263,613,000 | 353,953,000 |
Commercial Pass-Through Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities available for sale | 11,129,000 | |
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 | 420,660,000 | 407,898,000 |
Mortgage-backed securities available for sale | 346,619,000 | 437,223,000 |
Securities available for sale | 767,279,000 | 845,121,000 |
Derivative instruments, Fair Value, Net | (8,717,000) | (975,000) |
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Swaps [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative instruments, Fair Value, Net | (9,511,000) | (2,714,000) |
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Caps [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative instruments, Fair Value, Net | 794,000 | 1,739,000 |
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 | 71,877,000 | 83,270,000 |
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 | 263,613,000 | 353,953,000 |
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 | 11,129,000 | |
Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 420,660,000 | 407,898,000 |
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 | 7,263,000 | 4,205,000 |
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 | 26,835,000 | 26,773,000 |
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 | 88,032,000 | 87,316,000 |
Debt Securities [Member] | Corporate Bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | 162,608,000 | 162,234,000 |
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 | 7,751,000 | 7,798,000 |
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 | 128,171,000 | 119,572,000 |
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 | 7,263,000 | 4,205,000 |
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 | 26,835,000 | 26,773,000 |
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 | 88,032,000 | 87,316,000 |
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 | 162,608,000 | 162,234,000 |
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 | 7,751,000 | 7,798,000 |
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 | $ 128,171,000 | $ 119,572,000 |
Fair Value of Financial Inst116
Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured At Fair Value on a Non-recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | $ 9,742 | $ 10,387 |
Real Estate Owned [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 547 | |
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, Non-recurring | 9,742 | $ 10,387 |
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, Non-recurring | $ 547 |
Fair Value of Financial Inst117
Fair Value of Financial Instruments - Schedule of Quantitative Information about Level 3 Fair Value Measurements (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Impaired Loans [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | $ 9,742 | $ 10,387 |
Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Direct Disposal Costs [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | $ 9,742 | $ 10,387 |
Valuation Techniques | Market valuation of underlying collateral | |
Unobservable Input | Direct disposal costs | |
Weighted Average | 9.45% | 7.10% |
Impaired Loans [Member] | Minimum [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range | 6.00% | 6.00% |
Impaired Loans [Member] | Minimum [Member] | Market Valuation of Underlying Collateral [Member] | Direct Disposal Costs [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range | 6.00% | 6.00% |
Impaired Loans [Member] | Maximum [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range | 10.00% | 10.00% |
Impaired Loans [Member] | Maximum [Member] | Market Valuation of Underlying Collateral [Member] | Direct Disposal Costs [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range | 10.00% | 10.00% |
Real Estate Owned [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | $ 547 | |
Real Estate Owned [Member] | Market Valuation of Property [Member] | Direct Disposal Costs [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | $ 547 | |
Valuation Techniques | Market valuation of property | |
Unobservable Input | Direct disposal costs | |
Range | 8.00% | |
Weighted Average | 8.00% |
Fair Value of Financial Inst118
Fair Value of Financial Instruments - Schedule of Quantitative Information about Level 3 Fair Value Measurements (Parenthetical) (Detail) - Impaired Loans [Member] | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Minimum [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range | 6.00% | 6.00% |
Maximum [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range | 10.00% | 10.00% |
Fair Value of Financial Inst119
Fair Value of Financial Instruments - Additional Information (Detail) $ in Thousands | Jun. 30, 2015USD ($)Property | Jun. 30, 2014USD ($)Property |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Loans and Leases Receivable, Gross | $ 2,069,209 | $ 1,711,972 |
Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 9,742 | 10,387 |
Real Estate Owned [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 547 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Loans and Leases Receivable, Gross | 2,069,209 | 1,711,972 |
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Loans and Leases Receivable, Gross | 10,800 | 12,100 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 1,100 | 1,700 |
Assets, Fair Value Disclosure, Non-recurring | 9,742 | $ 10,387 |
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, Non-recurring | $ 547 | |
Properties written down | Property | 1 | 0 |
Fair Value of Financial Inst120
Fair Value of Financial Instruments - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents, Carrying Amount | $ 340,136,000 | $ 135,034,000 | $ 127,034,000 | $ 155,584,000 |
Debt securities available for sale, Carrying Amount | 420,660,000 | 407,898,000 | ||
Mortgage-backed securities available for sale, Carrying Amount | 346,619,000 | 437,223,000 | ||
Debt securities held to maturity, Carrying Amount | 219,862,000 | 216,414,000 | ||
Mortgage-backed securities held to maturity, Carrying Amount | 443,479,000 | 295,658,000 | ||
Loans receivable, Carrying Amount | 2,087,258,000 | 1,729,084,000 | ||
FHLB stock, Carrying Amount | 27,468,000 | 25,990,000 | ||
Interest receivable, Carrying Amount | 9,873,000 | 9,013,000 | ||
Deposits, Carrying Amount | 2,465,650,000 | 2,479,941,000 | ||
Borrowings, Carrying Amount | 571,499,000 | 512,257,000 | ||
Interest payable on borrowings, Carrying Amount | 1,020,000 | 1,001,000 | ||
Cash and cash equivalents, Fair Value | 340,136,000 | 135,034,000 | ||
Debt securities available for sale | 420,660,000 | 407,898,000 | ||
Mortgage-backed securities available for sale, Fair Value | 346,619,000 | 437,223,000 | ||
Debt securities held to maturity, Fair Value | 218,366,000 | 213,472,000 | ||
Mortgage-backed securities held to maturity, Fair Value | 445,501,000 | 293,781,000 | ||
Loans receivable, Fair Value | 2,069,209,000 | 1,711,972,000 | ||
FHLB stock, Fair Value | 27,468,000 | 25,990,000 | ||
Interest receivable, Fair Value | 9,873,000 | 9,013,000 | ||
Deposits, Fair Value | 2,476,425,000 | 2,490,933,000 | ||
Borrowings, Fair Value | 585,209,000 | 521,839,000 | ||
Interest payable on borrowings, Fair Value | 1,020,000 | 1,001,000 | ||
Derivative instruments, Fair Value, Net | (8,717,000) | (975,000) | ||
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 | 340,136,000 | 135,034,000 | ||
Interest receivable, Fair Value | 9,873,000 | 9,013,000 | ||
Deposits, Fair Value | 1,463,974,000 | 1,442,723,000 | ||
Interest payable on borrowings, Fair Value | 1,020,000 | 1,001,000 | ||
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 | 420,660,000 | 407,898,000 | ||
Mortgage-backed securities available for sale, Fair Value | 346,619,000 | 437,223,000 | ||
Debt securities held to maturity, Fair Value | 218,366,000 | 213,472,000 | ||
Mortgage-backed securities held to maturity, Fair Value | 445,501,000 | 293,781,000 | ||
Derivative instruments, Fair Value, Net | (8,717,000) | (975,000) | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Loans receivable, Fair Value | 2,069,209,000 | 1,711,972,000 | ||
FHLB stock, Fair Value | 27,468,000 | 25,990,000 | ||
Deposits, Fair Value | 1,012,451,000 | 1,048,210,000 | ||
Borrowings, Fair Value | 585,209,000 | 521,539,000 | ||
Interest Rate Swaps [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Derivative instruments, Carrying Amount | (9,511,000) | (2,714,000) | ||
Derivative instruments, Fair Value, Net | (9,511,000) | (2,714,000) | ||
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, Net | (9,511,000) | (2,714,000) | ||
Interest Rate Caps [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Derivative instruments, Carrying Amount | 794,000 | 1,739,000 | ||
Derivative instruments, Fair Value, Net | 794,000 | 1,739,000 | ||
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, Net | $ 794,000 | $ 1,739,000 |
Fair Value of Financial Inst121
Fair Value of Financial Instruments - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Fair Value Disclosures [Abstract] | ||
Accrued interest payable on deposits | $ 80,000 | $ 69,000 |
Comprehensive Income - Schedule
Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive income (loss) | $ (7,761) | $ (2,280) |
Net Unrealized Gain on Securities Available for Sale [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive income (loss), before tax | (147) | 1,091 |
Tax effect | (108) | (592) |
Accumulated other comprehensive income (loss) | (255) | 499 |
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 income (loss), before tax | (1,065) | (990) |
Tax effect | 435 | 404 |
Accumulated other comprehensive income (loss) | (630) | (586) |
Fair Value Adjustments on Derivatives [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive income (loss), before tax | (11,130) | (3,501) |
Tax effect | 4,547 | 1,430 |
Accumulated other comprehensive income (loss) | (6,583) | (2,071) |
Benefit Plan Adjustments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive income (loss), before tax | (494) | (206) |
Tax effect | 201 | 84 |
Accumulated other comprehensive income (loss) | $ (293) | $ (122) |
Comprehensive Income - Sched123
Comprehensive Income - Schedule of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Comprehensive Income Net Of Tax [Abstract] | ||||
Net unrealized holding gain (loss) on securities available for sale | $ (1,231) | $ 9,989 | $ (36,662) | |
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 | [1] | (75) | 19 | |
Net realized gain on securities available for sale | (7) | (1,523) | (10,433) | |
Fair value adjustments on derivatives | (7,629) | (6,608) | 3,107 | |
Benefit plans, Amortization of Actuarial loss (gain) | [2] | 29 | (2) | 54 |
Benefit plans, Amortization of Past service cost | [2] | 46 | 46 | 48 |
Benefit plans, Amortization of New actuarial (loss) gain | (363) | 803 | (1,186) | |
Net change in benefit plan accrued expense | (288) | 847 | (1,084) | |
Other comprehensive (loss) income before taxes | (9,230) | 1,715 | (45,072) | |
Tax effect | [3] | 3,749 | 144 | 17,337 |
Total Other Comprehensive (Loss) Income | $ (5,481) | $ 1,859 | $ (27,735) | |
[1] | 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. | |||
[2] | Represents amount reclassified out of accumulated other comprehensive income and included in gain on sale of securities on the consolidated statements of income. | |||
[3] | Represents amounts reclassified out of accumulated other comprehensive income and included in interest income on taxable securities. |
Parent Only Financial Inform124
Parent Only Financial Information - Condensed Statements of Financial Condition (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and amounts due from depository institutions | $ 15,529 | $ 14,403 | ||
Loans receivable | 2,102,864 | 1,741,471 | ||
Other assets | 5,782 | 5,865 | ||
Total Assets | 4,237,187 | 3,510,009 | ||
Other liabilities | 23,620 | 14,134 | ||
Stockholders' equity | 1,167,375 | 494,676 | $ 467,707 | $ 491,617 |
Total Liabilities and Stockholders' Equity | 4,237,187 | 3,510,009 | ||
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and amounts due from depository institutions | 343,026 | 17,413 | ||
Loans receivable | 39,388 | 5,065 | ||
Investment in subsidiary | 784,439 | 472,110 | ||
Other assets | 610 | 154 | ||
Total Assets | 1,167,463 | 494,742 | ||
Other liabilities | 88 | 66 | ||
Stockholders' equity | 1,167,375 | 494,676 | ||
Total Liabilities and Stockholders' Equity | $ 1,167,463 | $ 494,742 |
Parent Only Financial Inform125
Parent Only Financial Information - Condensed Statements of Income and Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Interest income | $ 27,560 | $ 26,869 | $ 25,912 | $ 25,698 | $ 24,630 | $ 23,956 | $ 23,933 | $ 23,300 | $ 106,039 | $ 95,819 | $ 88,258 |
Gain on sale of securities | 7 | 1,517 | 10,427 | ||||||||
Interest expense | 6,615 | 6,304 | 6,339 | 6,173 | 5,961 | 5,475 | 5,458 | 5,104 | 25,431 | 21,998 | 22,001 |
Directors' compensation | 709 | 690 | 698 | ||||||||
Income tax benefit | (3,352) | 660 | 870 | 553 | 1,210 | 685 | 1,301 | 1,021 | (1,269) | 4,217 | 2,250 |
Net Income | $ (3,341) | $ 3,878 | $ 2,169 | $ 2,923 | $ 2,829 | $ 1,786 | $ 2,987 | $ 2,586 | 5,629 | 10,188 | 6,506 |
Comprehensive income (loss) | 148 | 12,047 | (21,229) | ||||||||
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Dividends from subsidiary | 5,000 | ||||||||||
Interest income | 444 | 341 | 450 | ||||||||
Equity in undistributed earnings (loss) of subsidiaries | 5,467 | 5,398 | 6,550 | ||||||||
Gain on sale of securities | 38 | ||||||||||
Total income | 5,911 | 10,739 | 7,038 | ||||||||
Interest expense | 120 | ||||||||||
Directors' compensation | 143 | 123 | 117 | ||||||||
Other expenses | 468 | 539 | 436 | ||||||||
Total expense | 731 | 662 | 553 | ||||||||
Income before income taxes | 5,180 | 10,077 | 6,485 | ||||||||
Income tax benefit | (449) | (111) | (21) | ||||||||
Net Income | 5,629 | 10,188 | 6,506 | ||||||||
Comprehensive income (loss) | $ 148 | $ 12,047 | $ (21,229) |
Parent Only Financial Inform126
Parent Only Financial Information - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Cash Flows from Operating Activities: | |||||||||||
Net Income | $ (3,341) | $ 3,878 | $ 2,169 | $ 2,923 | $ 2,829 | $ 1,786 | $ 2,987 | $ 2,586 | $ 5,629 | $ 10,188 | $ 6,506 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||||||||||
Contribution of stock to charitable foundation | 5,000 | ||||||||||
Realized gain on sale of mortgage-backed securities available for sale | (601) | (2,817) | (10,433) | ||||||||
Increase in interest receivable | (860) | (611) | 367 | ||||||||
(Increase) decrease in other assets | (8,533) | 367 | 2,882 | ||||||||
(Decrease) increase in other liabilities | 9,142 | 3,014 | 76 | ||||||||
Net Cash Provided by Operating Activities | 20,502 | 26,007 | 29,923 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Principal repayments on mortgage-backed securities available for sale | 79,825 | 114,107 | 335,914 | ||||||||
Proceeds from sale of mortgage-backed securities available for sale | 17,780 | 116,838 | 442,806 | ||||||||
Cash received from MHC in merger | 162 | ||||||||||
Net Cash Used in Investing Activities | (525,392) | (245,690) | (284,362) | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Net proceeds from sale of common stock | 706,785 | ||||||||||
Purchase of common stock of Kearny Financial Corp. for treasury | (4,135) | (4,319) | |||||||||
Issuance of common stock of Kearny Financial Corp. from treasury | 1,365 | 1,495 | |||||||||
Dividends contributed for payment of ESOP loan | 2 | ||||||||||
Net Cash Provided by Financing Activities | 709,992 | 227,683 | 225,889 | ||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 205,102 | 8,000 | (28,550) | ||||||||
Cash and Cash Equivalents - Beginning | 135,034 | 127,034 | 135,034 | 127,034 | 155,584 | ||||||
Cash and Cash Equivalents - Ending | 340,136 | 135,034 | 340,136 | 135,034 | 127,034 | ||||||
Parent Company [Member] | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net Income | 5,629 | 10,188 | 6,506 | ||||||||
Adjustment to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in undistributed (earnings) loss of subsidiaries | (5,467) | (5,398) | (6,550) | ||||||||
Amortization of premiums | 8 | ||||||||||
Contribution of stock to charitable foundation | 5,000 | ||||||||||
Realized gain on sale of mortgage-backed securities available for sale | (38) | ||||||||||
Increase in interest receivable | 5 | ||||||||||
Payments received in intercompany liabilities | (281) | 231 | 174 | ||||||||
(Increase) decrease in other assets | 84 | (116) | 52 | ||||||||
(Decrease) increase in other liabilities | 24 | (37) | 22 | ||||||||
Net Cash Provided by Operating Activities | 4,989 | 4,868 | 179 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Repayment of loan to ESOP | 1,832 | 1,661 | 1,573 | ||||||||
Principal repayments on mortgage-backed securities available for sale | 424 | ||||||||||
Proceeds from sale of mortgage-backed securities available for sale | 667 | ||||||||||
Cash received from MHC in merger | 162 | ||||||||||
Net Cash Used in Investing Activities | 1,994 | 1,661 | 2,664 | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Net proceeds from sale of common stock | 706,785 | ||||||||||
Loan to ESOP for purchase of common stock | (36,125) | ||||||||||
Infusion of capital to subsidiary | (353,395) | ||||||||||
Purchase of common stock of Kearny Financial Corp. for treasury | (4,135) | (4,319) | |||||||||
Issuance of common stock of Kearny Financial Corp. from treasury | 1,365 | 1,495 | |||||||||
Dividends contributed for payment of ESOP loan | (2) | ||||||||||
Net Cash Provided by Financing Activities | 318,630 | (2,640) | (4,321) | ||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 325,613 | 3,889 | (1,478) | ||||||||
Cash and Cash Equivalents - Beginning | $ 17,413 | $ 13,524 | 17,413 | 13,524 | 15,002 | ||||||
Cash and Cash Equivalents - Ending | $ 343,026 | $ 17,413 | $ 343,026 | $ 17,413 | $ 13,524 |
Net Income Per Common Share 127
Net Income Per Common Share (EPS) - Additional Information (Detail) | May. 18, 2015 | Jun. 30, 2015shares | Jun. 30, 2014shares | Jun. 30, 2013shares |
Earnings Per Share [Abstract] | ||||
Exchange ratio for shares converted into new common stock | 1.3804 | 1.3804 | ||
Stock Options [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Average number of options anti-dilutive | 253,000 | 2,637,000 | 4,408,000 |
Net Income per Common Share 128
Net Income per Common Share (EPS) - Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share Computations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Income (Numerator): Net income | $ (3,341) | $ 3,878 | $ 2,169 | $ 2,923 | $ 2,829 | $ 1,786 | $ 2,987 | $ 2,586 | $ 5,629 | $ 10,188 | $ 6,506 |
Income (Numerator): Basic earnings per share, income available to common stockholders | 5,629 | 10,188 | 6,506 | ||||||||
Income (Numerator): Diluted earnings per share | $ 5,629 | $ 10,188 | $ 6,506 | ||||||||
Shares (Denominator): Basic earnings per share, income available to common stockholders | 89,269 | 92,594 | 92,544 | 92,452 | 90,824 | 90,670 | 90,784 | 91,018 | 91,717 | 90,825 | 91,316 |
Shares (Denominator): Stock options | 124 | 55 | |||||||||
Shares (Denominator): Diluted earnings per share | 89,292 | 92,614 | 92,562 | 92,999 | 91,421 | 90,805 | 90,784 | 91,018 | 91,841 | 90,880 | 91,316 |
Per Share Amount: Basic earnings per share, income available to common stockholders | $ (0.04) | $ 0.04 | $ 0.02 | $ 0.03 | $ 0.03 | $ 0.02 | $ 0.03 | $ 0.03 | $ 0.06 | $ 0.11 | $ 0.07 |
Per Share Amount: Diluted earnings per share | $ (0.04) | $ 0.04 | $ 0.02 | $ 0.03 | $ 0.03 | $ 0.02 | $ 0.03 | $ 0.03 | $ 0.06 | $ 0.11 | $ 0.07 |
Quarterly Results of Operati129
Quarterly Results of Operations - Summary of Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Statement [Abstract] | |||||||||||
Interest income | $ 27,560 | $ 26,869 | $ 25,912 | $ 25,698 | $ 24,630 | $ 23,956 | $ 23,933 | $ 23,300 | $ 106,039 | $ 95,819 | $ 88,258 |
Interest expense | 6,615 | 6,304 | 6,339 | 6,173 | 5,961 | 5,475 | 5,458 | 5,104 | 25,431 | 21,998 | 22,001 |
Net Interest Income | 20,945 | 20,565 | 19,573 | 19,525 | 18,669 | 18,481 | 18,475 | 18,196 | 80,608 | 73,821 | 66,257 |
Provision for loan losses | 1,757 | 1,761 | 1,732 | 858 | 774 | 880 | 559 | 1,168 | 6,108 | 3,381 | 4,464 |
Net Interest Income after Provision for Loan Losses | 19,188 | 18,804 | 17,841 | 18,667 | 17,895 | 17,601 | 17,916 | 17,028 | 74,500 | 70,440 | 61,793 |
Non-interest income | 1,517 | 3,126 | 1,718 | 1,580 | 1,948 | 2,385 | 1,929 | 1,861 | 7,941 | 8,123 | 16,388 |
Non-interest expense | 27,398 | 17,392 | 16,520 | 16,771 | 15,804 | 17,515 | 15,557 | 15,282 | 78,081 | 64,158 | 69,425 |
Income before Income Taxes | (6,693) | 4,538 | 3,039 | 3,476 | 4,039 | 2,471 | 4,288 | 3,607 | 4,360 | 14,405 | 8,756 |
Income tax benefit | (3,352) | 660 | 870 | 553 | 1,210 | 685 | 1,301 | 1,021 | (1,269) | 4,217 | 2,250 |
Net Income | $ (3,341) | $ 3,878 | $ 2,169 | $ 2,923 | $ 2,829 | $ 1,786 | $ 2,987 | $ 2,586 | $ 5,629 | $ 10,188 | $ 6,506 |
Net income per common share: | |||||||||||
Basic | $ (0.04) | $ 0.04 | $ 0.02 | $ 0.03 | $ 0.03 | $ 0.02 | $ 0.03 | $ 0.03 | $ 0.06 | $ 0.11 | $ 0.07 |
Diluted | $ (0.04) | $ 0.04 | $ 0.02 | $ 0.03 | $ 0.03 | $ 0.02 | $ 0.03 | $ 0.03 | $ 0.06 | $ 0.11 | $ 0.07 |
Weighted average number of common shares outstanding | |||||||||||
Basic | 89,269 | 92,594 | 92,544 | 92,452 | 90,824 | 90,670 | 90,784 | 91,018 | 91,717 | 90,825 | 91,316 |
Diluted | 89,292 | 92,614 | 92,562 | 92,999 | 91,421 | 90,805 | 90,784 | 91,018 | 91,841 | 90,880 | 91,316 |