Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2017 | Nov. 02, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | KRNY | |
Entity Registrant Name | Kearny Financial Corp. | |
Entity Central Index Key | 1,617,242 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 81,017,848 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Assets | ||
Cash and amounts due from depository institutions | $ 17,972 | $ 18,889 |
Interest-bearing deposits in other banks | 20,851 | 59,348 |
Cash and cash equivalents | 38,823 | 78,237 |
Debt securities available for sale, at fair value | 475,819 | 444,497 |
Mortgage-backed securities available for sale, at fair value | 160,781 | 169,263 |
Securities available for sale | 636,600 | 613,760 |
Debt securities held to maturity (fair value $146,782 and $145,505) | 145,954 | 144,713 |
Mortgage-backed securities held to maturity (fair value $338,654 and $350,289) | 336,972 | 348,608 |
Securities held to maturity | 482,926 | 493,321 |
Loans held-for-sale | 3,808 | 4,692 |
Loans receivable, including unamortized yield adjustments of $2,382 and $2,808 | 3,260,328 | 3,245,261 |
Less allowance for loan losses | (29,445) | (29,286) |
Net loans receivable | 3,230,883 | 3,215,975 |
Premises and equipment | 40,132 | 39,585 |
Federal Home Loan Bank of New York ("FHLB") stock | 39,115 | 39,958 |
Accrued interest receivable | 13,268 | 12,493 |
Goodwill | 108,591 | 108,591 |
Bank owned life insurance | 182,489 | 181,223 |
Deferred income tax assets, net | 13,230 | 15,454 |
Other assets | 18,285 | 14,838 |
Total Assets | 4,808,150 | 4,818,127 |
Liabilities | ||
Deposits: Non-interest-bearing | 279,263 | 267,412 |
Deposits: Interest-bearing | 2,674,005 | 2,662,715 |
Total deposits | 2,953,268 | 2,930,127 |
Borrowings | 808,554 | 806,228 |
Advance payments by borrowers for taxes | 9,787 | 8,711 |
Other liabilities | 22,308 | 15,880 |
Total Liabilities | 3,793,917 | 3,760,946 |
Stockholders' Equity | ||
Preferred stock, $0.01 par value, 100,000,000 shares authorized; none issued and outstanding | ||
Common stock, $0.01 par value; 800,000,000 shares authorized; 81,547,848 shares and 84,350,848 shares issued and outstanding, respectively | 815 | 844 |
Paid-in capital | 690,204 | 728,790 |
Retained earnings | 354,123 | 361,039 |
Unearned employee stock ownership plan shares; 3,512,207 shares and 3,562,382 shares, respectively | (34,049) | (34,536) |
Accumulated other comprehensive income, net | 3,140 | 1,044 |
Total Stockholders' Equity | 1,014,233 | 1,057,181 |
Total Liabilities and Stockholders' Equity | $ 4,808,150 | $ 4,818,127 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Statement Of Financial Position [Abstract] | ||
Securities held to maturity, estimated fair value | $ 146,782 | $ 145,505 |
Mortgage-backed securities held to maturity, fair value disclosure | 338,654 | 350,289 |
Loans receivable, unamortized yield adjustments | $ 2,382 | $ 2,808 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 800,000,000 | 800,000,000 |
Common stock, shares issued | 81,547,848 | 84,350,848 |
Common stock, shares outstanding | 81,547,848 | 84,350,848 |
Employee Stock Ownership Plan (ESOP), Number of Suspense Shares | 3,512,207 | 3,562,382 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Interest Income | ||
Loans | $ 30,473 | $ 25,697 |
Mortgage-backed securities | 2,896 | 3,937 |
Debt securities: | ||
Taxable | 2,960 | 2,040 |
Tax-exempt | 621 | 551 |
Other interest-earning assets | 642 | 581 |
Total Interest Income | 37,592 | 32,806 |
Interest Expense | ||
Deposits | 6,219 | 5,361 |
Borrowings | 4,563 | 3,424 |
Total Interest Expense | 10,782 | 8,785 |
Net Interest Income | 26,810 | 24,021 |
Provision for Loan Losses | 630 | 1,129 |
Net Interest Income after Provision for Loan Losses | 26,180 | 22,892 |
Non-Interest Income | ||
Fees and service charges | 1,261 | 663 |
Gain on sale of loans | 331 | 300 |
Loss on sale and write down of real estate owned | (109) | (15) |
Income from bank owned life insurance | 1,267 | 1,319 |
Electronic banking fees and charges | 278 | 283 |
Miscellaneous | 66 | 79 |
Total Non-Interest Income | 3,094 | 2,629 |
Non-Interest Expense | ||
Salaries and employee benefits | 12,867 | 10,909 |
Net occupancy expense of premises | 1,981 | 1,941 |
Equipment and systems | 2,190 | 2,048 |
Advertising and marketing | 710 | 549 |
Federal deposit insurance premium | 360 | 305 |
Directors' compensation | 689 | 225 |
Miscellaneous | 2,489 | 2,683 |
Total Non-Interest Expense | 21,286 | 18,660 |
Income before Income Taxes | 7,988 | 6,861 |
Income taxes | 2,756 | 2,194 |
Net Income | $ 5,232 | $ 4,667 |
Net Income per Common Share (EPS) | ||
Basic | $ 0.07 | $ 0.05 |
Diluted | $ 0.07 | $ 0.05 |
Weighted Average Number of Common Shares Outstanding | ||
Basic | 79,649 | 86,246 |
Diluted | 79,708 | 86,304 |
Dividends Declared Per Common Share | $ 0.15 | $ 0.02 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net Income | $ 5,232 | $ 4,667 |
Other Comprehensive Income, net of tax: | ||
Unrealized gain on securities available for sale | 1,148 | 1,073 |
Gain on securities transferred from available for sale to held to maturity | 17 | 4 |
Fair value adjustments on derivatives | 974 | 3,161 |
Benefit plan adjustments | (43) | (224) |
Total Other Comprehensive Income | 2,096 | 4,014 |
Total Comprehensive Income | $ 7,328 | $ 8,681 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Paid-in Capital [Member] | Retained Earnings [Member] | Unearned ESOP Shares [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance (in value) at Jun. 30, 2016 | $ 1,147,629 | $ 918 | $ 849,173 | $ 350,806 | $ (36,481) | $ (16,787) |
Balance (in shares) at Jun. 30, 2016 | 91,822,000 | |||||
Net Income | 4,667 | 4,667 | ||||
Other comprehensive income, net of income tax expense | 4,014 | 4,014 | ||||
ESOP shares committed to be released | 669 | 183 | 486 | |||
Stock option expense | 34 | 34 | ||||
Share repurchases (in value) | (35,805) | $ (27) | (35,778) | |||
Stock repurchases (in shares) | (2,746,000) | |||||
Restricted stock plan shares earned (in value) | 36 | 36 | ||||
Cash dividends declared | (1,710) | (1,710) | ||||
Balance (in value) at Sep. 30, 2016 | 1,119,534 | $ 891 | 813,648 | 353,763 | (35,995) | (12,773) |
Balance (in shares) at Sep. 30, 2016 | 89,076,000 | |||||
Balance (in value) at Jun. 30, 2017 | $ 1,057,181 | $ 844 | 728,790 | 361,039 | (34,536) | 1,044 |
Balance (in shares) at Jun. 30, 2017 | 84,350,848 | 84,351,000 | ||||
Net Income | $ 5,232 | 5,232 | ||||
Other comprehensive income, net of income tax expense | 2,096 | 2,096 | ||||
ESOP shares committed to be released | 732 | 245 | 487 | |||
Stock option expense | 522 | 522 | ||||
Share repurchases (in value) | (40,482) | $ (29) | (40,453) | |||
Stock repurchases (in shares) | (2,803,000) | |||||
Restricted stock plan shares earned (in value) | 1,100 | 1,100 | ||||
Cash dividends declared | (12,148) | (12,148) | ||||
Balance (in value) at Sep. 30, 2017 | $ 1,014,233 | $ 815 | $ 690,204 | $ 354,123 | $ (34,049) | $ 3,140 |
Balance (in shares) at Sep. 30, 2017 | 81,547,848 | 81,548,000 |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares shares in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Statement Of Stockholders Equity [Abstract] | ||
ESOP shares committed to be released, shares | 50 | 50 |
Restricted stock plan shares earned, shares | 73 | 3 |
Dividends Declared Per Common Share | $ 0.15 | $ 0.02 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 5,232 | $ 4,667 |
Adjustment to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of premises and equipment | 726 | 748 |
Net amortization of premiums, discounts and loan fees and costs | 1,201 | 1,354 |
Deferred income taxes | 785 | 285 |
Amortization of intangible assets | 31 | 36 |
Amortization of benefit plans’ unrecognized net (gain) loss | (72) | 17 |
Provision for loan losses | 630 | 1,129 |
Loss on write-down and sales of real estate owned | 109 | 15 |
Loans originated for sale | (21,902) | (18,817) |
Proceeds from sale of loans held-for-sale | 22,999 | 17,756 |
Realized gain on sale of loans held-for-sale, net | (213) | (113) |
Realized gain on sale of loans | (118) | (187) |
Realized loss on disposition of premises and equipment | 8 | |
Increase in cash surrender value of bank owned life insurance | (1,267) | (1,319) |
ESOP, stock option plan and restricted stock plan expenses | 2,354 | 739 |
Increase in interest receivable | (775) | (454) |
Increase in other assets | (1,338) | (1,228) |
Increase in interest payable | 69 | 32 |
Decrease in other liabilities | (3,436) | (1,735) |
Net Cash Provided by Operating Activities | 5,023 | 2,925 |
Purchases of: | ||
Debt securities available for sale | (39,999) | |
Debt securities held to maturity | (1,628) | (315) |
Mortgage-backed securities available for sale | (30,663) | |
Proceeds from: | ||
Repayments/calls/maturities of debt securities available for sale | 10,247 | 237 |
Repayments/calls/maturities of debt securities held to maturity | 315 | 25,350 |
Repayments/maturities of mortgage-backed securities available for sale | 8,696 | 16,375 |
Repayments/maturities of mortgage-backed securities held to maturity | 11,294 | 13,357 |
Purchase of loans | (13,795) | (129,270) |
Proceeds from sale of loans | 1,264 | 2,124 |
Net increase in loans receivable | (4,120) | (45,849) |
Proceeds from sale of real estate owned | 344 | |
Additions to premises and equipment | (1,281) | (488) |
Purchase of FHLB stock | (2,070) | (1,125) |
Redemption of FHLB stock | 2,913 | 136 |
Net Cash Used in Investing Activities | (28,164) | (149,787) |
Cash Flows from Financing Activities: | ||
Net increase in deposits | 23,141 | 39,115 |
Repayment of term FHLB advances | (625,027) | (428,025) |
Proceeds from term FHLB advances | 625,000 | 425,000 |
Net change in overnight borrowings | 25,000 | |
Net increase (decrease) in other short-term borrowings | 2,349 | (3,011) |
Net increase (decrease) in advance payments by borrowers for taxes | 1,076 | (309) |
Repurchase and cancellation of common stock of Kearny Financial Corp. | (40,482) | (35,805) |
Dividends paid | (2,330) | (1,710) |
Net Cash (Used in) Provided by Financing Activities | (16,273) | 20,255 |
Net Decrease in Cash and Cash Equivalents | (39,414) | (126,607) |
Cash and Cash Equivalents - Beginning | 78,237 | 199,200 |
Cash and Cash Equivalents - Ending | 38,823 | 72,593 |
Cash paid during the period for: | ||
Income taxes, net of refunds | 4,468 | 1,854 |
Interest | 10,713 | 8,754 |
Non-cash investing and financing activities: | ||
Acquisition of real estate owned in settlement of loans | $ 901 | $ 889 |
Principles of Consolidation
Principles of Consolidation | 3 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | 1. PRINCIPLES OF CONSOLIDATION The unaudited consolidated financial statements include the accounts of Kearny Financial Corp. (the “Company”), its wholly-owned subsidiary, Kearny Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries, CJB Investment Corp. and KFS Financial Services, Inc. and its wholly-owned subsidiary, KFS Insurance Services, Inc. The Company conducts its business principally through the Bank. Management prepared the unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), including the elimination of all significant inter-company accounts and transactions during consolidation. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 2. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include information or footnotes necessary for a complete presentation of financial condition, income, comprehensive income, changes in stockholders’ equity and cash flows in conformity with GAAP. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the unaudited consolidated financial statements have been included. The results of operations for the three-month period ended September 30, 2017 are not necessarily indicative of the results that may be expected for the entire fiscal year or any other period. The data in the consolidated statement of financial condition for June 30, 2017 was derived from the Company’s 2017 annual report on Form 10-K. That data, along with the interim unaudited financial information presented in the consolidated statements of financial condition, income, comprehensive income, changes in stockholders’ equity and cash flows should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in the Company’s 2017 annual report on Form 10-K. |
Net Income Per Common Share ("E
Net Income Per Common Share ("EPS") | 3 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share (EPS) | 3. NET INCOME PER COMMON SHARE (“EPS”) Basic EPS is based on the weighted average number of common shares actually outstanding including restricted stock awards adjusted for Employee Stock Ownership Plan (“ESOP”) shares not yet committed to be released. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as outstanding stock options, were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Diluted EPS is calculated by adjusting the weighted average number of shares of common stock outstanding to include the effect of contracts or securities exercisable or which could be converted into common stock, if dilutive, using the treasury stock method. Shares issued and reacquired during any period are weighted for the portion of the period they were outstanding. The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations: Three Months Ended September 30, 2017 Income (Numerator) Shares (Denominator) Per Share Amount (In Thousands, Except Per Share Data) Net income $ 5,232 Basic earnings per share, income available to common stockholders $ 5,232 79,649 $ 0.07 Effect of dilutive securities: Stock options 59 $ 5,232 79,708 $ 0.07 Three Months Ended September 30, 2016 Income (Numerator) Shares (Denominator) Per Share Amount (In Thousands, Except Per Share Data) Net income $ 4,667 Basic earnings per share, income available to common stockholders $ 4,667 86,246 $ 0.05 Effect of dilutive securities: Stock options 58 $ 4,667 86,304 $ 0.05 During the three months ended September 30, 2017, the average number of options which were considered anti-dilutive totaled approximately 3,290,000. During the three months ended September 30, 2016, there were no options which were considered anti-dilutive. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 4. SUBSEQUENT EVENTS The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of September 30, 2017 and has identified the following items that should be disclosed in these consolidated financial statements. The evaluation was conducted through the date this document was filed. On November 1, 2017, Kearny Financial Corp. (Nasdaq: KRNY), the holding company for Kearny Bank (“Kearny”), and Clifton Bancorp Inc. (Nasdaq: CSBK), the holding company for Clifton Savings Bank (“Clifton”), announced that the companies have entered into a definitive agreement pursuant to which KRNY will acquire CSBK in an all-stock transaction. Under the terms of the agreement, Clifton will merge with and into Kearny and each outstanding share of CSBK common stock will be exchanged for 1.191 shares of KRNY common stock. The transaction is valued at an estimated $408 million, or approximately $18.25 per CSBK share, based upon the 10 day volume-weighted average common stock price of $15.32 for KRNY as of October 31, 2017 and is subject to stockholder and regulatory approvals. As of September 30, 2017, CSBK had approximately $1.6 billion of assets, $1.1 billion of loans, and $915 million of deposits held across a network of 12 branches throughout Bergen, Passaic, Hudson, and Essex counties. Upon closing, KRNY stockholders and CSBK stockholders will own approximately 76% and 24% of the combined company, respectively. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Sep. 30, 2017 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 5. RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) The new leases standard requires a lessor to classify leases as either sales-type, direct financing or operating, similar to existing U.S. GAAP. Classification depends on the same five criteria used by lessees plus certain additional factors. The subsequent accounting treatment for all three lease types is substantially equivalent to existing U.S. GAAP for sales-type leases, direct financing leases, and operating leases. However, the new standard updates certain aspects of the lessor accounting model to align it with the new lessee accounting model, as well as with the new revenue standard under Topic 606. Lessees and lessors are required to provide certain qualitative and quantitative disclosures to enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The new leases standard addresses other considerations including identification of a lease, separating lease and non-lease components of a contract, sale and leaseback transactions, modifications, combining contracts, reassessment of the lease term, and re-measurement of lease payments. It also contains comprehensive implementation guidance with practical examples. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective approach must be applied for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company continues to evaluate the impact of the guidance, including determining whether other contracts exist that may be deemed to be in scope. As such, no conclusions have yet been reached regarding the potential impact on adoption on the Company’s consolidated financial statements and regulatory capital and risk-weighted assets; however, the Company does not expect the amendment to have a material impact on its results of operations. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instrument The ASU also replaces the current accounting model for purchased credit impaired loans and debt securities. The allowance for credit losses for purchased financial assets with a more-than insignificant amount of credit deterioration since origination (“PCD assets”), should be determined in a similar manner to other financial assets measured on an amortized cost basis. However, upon initial recognition, the allowance for credit losses is added to the purchase price (“gross up approach”) to determine the initial amortized cost basis. The subsequent accounting for PCD financial assets is the same expected loss model described above. Further, the ASU made certain targeted amendments to the existing impairment model for available-for-sale (AFS) debt securities. For an AFS debt security for which there is neither the intent nor a more-likely-than-not requirement to sell, an entity will record credit losses as an allowance rather than a write-down of the amortized cost basis. For public business entities that are SEC filers, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e. modified retrospective approach). The Company has begun its evaluation of this ASU including the potential impact on its Consolidated Financial Statements. The extent of change is indeterminable at this time as it will be dependent upon portfolio composition and credit quality at the adoption date, as well as economic conditions and forecasts at that time. Upon adoption, any impact to the allowance for credit losses, currently allowance for loan and lease losses, will have an offsetting impact on retained earnings. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In March 2017, ASU 2017-07, Compensation-Retirement Benefits (Topic715), In March 2017, ASU 2017-08 Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20), In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting, In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down-Round Features and II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception. For freestanding equity-classified financial instruments, ASU 2017-11 requires entities that present earnings per share (EPS) to recognize the effect of the down-round feature when it is triggered, i.e., when the exercise price of the related equity-linked financial instrument is adjusted downward because of the down-round feature. The amount of the EPS adjustment is determined as the difference between the fair value of the instrument immediately before and after the strike price is adjusted. That amount is recorded as a dividend and as a reduction of income available to common stockholders in basic EPS. An entity may also be required to adjust its diluted EPS calculation. Convertible instruments with embedded conversion options that have down-round features will be accounted for under existing guidance. ASU 2017-11 does not change the accounting for liability-classified financial instruments where classification resulted from a term or feature other than a down-round feature. Part ll of this ASU changes the indefinite deferral available to private companies with mandatorily redeemable financial instruments and certain non-controlling interests to a scope exception, which does not have an accounting effect. For public entities, Part 1 of ASU 2017-11 becomes effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The amendments in Part ll have no accounting impact and therefore do not have an associated effective date. The company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities, |
Securities Available for Sale
Securities Available for Sale | 3 Months Ended |
Sep. 30, 2017 | |
Securities Available for Sale [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Securities | 6. SECURITIES AVAILABLE FOR SALE The amortized cost, gross unrealized gains and losses and fair values of debt and mortgage-backed securities available for sale at September 30, 2017 and June 30, 2017 and stratification by contractual maturity of debt securities available for sale at September 30, 2017 are presented below: September 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Securities available for sale: Debt securities: U.S. agency securities $ 5,054 $ 30 $ 21 $ 5,063 Obligations of state and political subdivisions 27,458 291 24 27,725 Asset-backed securities 163,174 795 354 163,615 Collateralized loan obligations 128,052 391 60 128,383 Corporate bonds 143,014 766 1,291 142,489 Trust preferred securities 8,914 - 370 8,544 Total debt securities 475,666 2,273 2,120 475,819 Mortgage-backed securities: Collateralized mortgage obligations: Federal Home Loan Mortgage Corporation 9,300 38 56 9,282 Federal National Mortgage Association 20,051 - 543 19,508 Total collateralized mortgage obligations 29,351 38 599 28,790 Mortgage pass-through securities: Residential pass-through securities: Federal Home Loan Mortgage Corporation 90,838 385 764 90,459 Federal National Mortgage Association 33,129 409 129 33,409 Total residential pass-through securities 123,967 794 893 123,868 Commercial pass-through securities: Federal National Mortgage Association 8,069 58 4 8,123 Total commercial pass-through securities 8,069 58 4 8,123 Total mortgage-backed securities 161,387 890 1,496 160,781 Total securities available for sale $ 637,053 $ 3,163 $ 3,616 $ 636,600 September 30, 2017 Amortized Cost Fair Value (In Thousands) Debt securities available for sale: Due in one year or less $ - $ - Due after one year through five years 53,620 53,719 Due after five years through ten years 160,665 160,248 Due after ten years 261,381 261,852 Total $ 475,666 $ 475,819 June 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Securities available for sale: Debt securities: U.S. agency securities $ 5,304 $ 35 $ 23 $ 5,316 Obligations of state and political subdivisions 27,465 305 30 27,740 Asset-backed securities 163,120 316 1,007 162,429 Collateralized loan obligations 98,078 185 109 98,154 Corporate bonds 143,017 826 1,525 142,318 Trust preferred securities 8,912 - 372 8,540 Total debt securities 445,896 1,667 3,066 444,497 Mortgage-backed securities: Collateralized mortgage obligations: Federal Home Loan Mortgage Corporation 9,902 38 66 9,874 Federal National Mortgage Association 21,222 - 560 20,662 Total collateralized mortgage obligations 31,124 38 626 30,536 Mortgage pass-through securities: Residential pass-through securities: Federal Home Loan Mortgage Corporation 95,501 352 999 94,854 Federal National Mortgage Association 35,516 425 245 35,696 Total residential pass-through securities 131,017 777 1,244 130,550 Commercial pass-through securities: Federal National Mortgage Association 8,108 69 - 8,177 Total commercial pass-through securities 8,108 69 - 8,177 Total mortgage-backed securities 170,249 884 1,870 169,263 Total securities available for sale $ 616,145 $ 2,551 $ 4,936 $ 613,760 There were no sales of securities available for sale during the three months ended September 30, 2017 and September 30, 2016. At September 30, 2017 and June 30, 2017, securities available for sale with carrying values of approximately $39.5 million and $41.8 million, respectively, were utilized as collateral for borrowings through the FHLB of New York. At September 30, 2017 and June 30, 2017, securities available for sale with carrying values of approximately $41.6 million and $41.5 million, respectively, were utilized as collateral for potential borrowings through the Federal Reserve Bank of New York. As of those same dates, securities available for sale with total carrying values of approximately $7.9 million and $8.2 million, respectively, were utilized as collateral for depositor sweep accounts. |
Securities Held to Maturity
Securities Held to Maturity | 3 Months Ended |
Sep. 30, 2017 | |
Securities Held to Maturity [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Securities | 7. SECURITIES HELD TO MATURITY The amortized cost, gross unrecognized gains and losses and fair values of debt and mortgage-backed securities held to maturity at September 30, 2017 and June 30, 2017 and stratification by contractual maturity of debt securities held to maturity at September 30, 2017 are presented below: September 30, 2017 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value (In Thousands) Securities held to maturity: Debt securities: U.S. agency securities $ 35,000 $ - $ 16 $ 34,984 Obligations of state and political subdivisions 95,954 972 128 96,798 Subordinated debt 15,000 - - 15,000 Total debt securities 145,954 972 144 146,782 Mortgage-backed securities: Collateralized mortgage obligations: Government National Mortgage Association 2,051 - 43 2,008 Federal Home Loan Mortgage Corporation 14,425 - 349 14,076 Federal National Mortgage Association 104 9 - 113 Non-agency securities 20 - - 20 Total collateralized mortgage obligations 16,600 9 392 16,217 Mortgage pass-through securities: Residential pass-through securities: Federal Home Loan Mortgage Corporation 33,288 1 381 32,908 Federal National Mortgage Association 135,969 612 491 136,090 Total residential pass-through securities 169,257 613 872 168,998 Commercial pass-through securities: Government National Mortgage Association 1,934 - 5 1,929 Federal National Mortgage Association 149,181 2,336 7 151,510 Total commercial pass-through securities 151,115 2,336 12 153,439 Total mortgage-backed securities 336,972 2,958 1,276 338,654 Total securities held to maturity $ 482,926 $ 3,930 $ 1,420 $ 485,436 September 30, 2017 Amortized Cost Fair Value (In Thousands) Debt securities held to maturity: Due in one year or less $ 39,253 $ 39,236 Due after one year through five years 25,057 25,130 Due after five years through ten years 69,846 70,532 Due after ten years 11,798 11,884 Total $ 145,954 $ 146,782 June 30, 2017 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value (In Thousands) Securities held to maturity: Debt securities: U.S. agency securities $ 35,000 $ - $ 48 $ 34,952 Obligations of state and political subdivisions 94,713 996 156 95,553 Subordinated debt 15,000 - - 15,000 Total debt securities 144,713 996 204 145,505 Mortgage-backed securities: Collateralized mortgage obligations: Government National Mortgage Association 2,199 - 46 2,153 Federal Home Loan Mortgage Corporation 15,522 - 357 15,165 Federal National Mortgage Association 111 10 - 121 Non-agency securities 22 - - 22 Total collateralized mortgage obligations 17,854 10 403 17,461 Mortgage pass-through securities: Residential pass-through securities: Federal Home Loan Mortgage Corporation 35,289 1 338 34,952 Federal National Mortgage Association 143,524 428 597 143,355 Total residential pass-through securities 178,813 429 935 178,307 Commercial pass-through securities: Government National Mortgage Association 1,989 - 11 1,978 Federal National Mortgage Association 149,952 2,622 31 152,543 Total commercial pass-through securities 151,941 2,622 42 154,521 Total mortgage-backed securities 348,608 3,061 1,380 350,289 Total securities held to maturity $ 493,321 $ 4,057 $ 1,584 $ 495,794 There were no sales of securities held to maturity during the three months ended September 30, 2017 and September 30, 2016. At September 30, 2017 and June 30, 2017, securities held to maturity with carrying values of approximately $120.5 million and $117.5 million, respectively, were utilized as collateral for borrowings from the FHLB of New York. As of those same dates, securities held to maturity with total carrying values of approximately $6.9 million and $6.9 million, respectively, were pledged to secure public funds on deposit. At September 30, 2017 and June 30, 2017, securities held to maturity with carrying values of approximately $91.7 million and $88.8 million, respectively, were utilized as collateral for potential borrowings from the Federal Reserve Bank of New York. As of those same dates, securities held to maturity with carrying values of approximately $28.6 million and $32.7 million, respectively, were utilized as collateral for depositor sweep accounts. |
Impairment of Securities
Impairment of Securities | 3 Months Ended |
Sep. 30, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Impairment of Securities | 8. IMPAIRMENT OF SECURITIES The following two tables summarize the fair values and gross unrealized losses within the available for sale and held to maturity portfolios at September 30, 2017 and June 30, 2017. The gross unrealized and unrecognized 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 impairments, where applicable, 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. September 30, 2017 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 $ 382 $ 1 $ 1,657 $ 20 $ 2,039 $ 21 Obligations of state and political subdivisions 3,312 14 567 10 3,879 24 Asset-backed securities - - 38,664 354 38,664 354 Collateralized loan obligations 30,784 60 - - 30,784 60 Corporate bonds - - 68,731 1,291 68,731 1,291 Trust preferred securities - - 7,545 370 7,545 370 Collateralized mortgage obligations 7,629 96 17,030 503 24,659 599 Residential pass-through securities 43,534 183 31,090 710 74,624 893 Commercial pass-through securities 4,054 4 - - 4,054 4 Total $ 89,695 $ 358 $ 165,284 $ 3,258 $ 254,979 $ 3,616 June 30, 2017 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 $ 440 $ - $ 1,746 $ 23 $ 2,186 $ 23 Obligations of state and political subdivisions $ 3,872 $ 30 $ - $ - 3,872 30 Asset-backed securities 16,860 84 86,975 923 103,835 1,007 Collateralized loan obligations 46,016 108 6,000 1 52,016 109 Corporate bonds - - 73,500 1,525 73,500 1,525 Trust preferred securities - - 7,540 372 7,540 372 Collateralized mortgage obligations 26,090 626 - - 26,090 626 Residential pass-through securities 77,301 1,244 - - 77,301 1,244 Total $ 170,579 $ 2,092 $ 175,761 $ 2,844 $ 346,340 $ 4,936 The number of available for sale securities with unrealized losses at September 30, 2017 totaled 51 and included seven U.S. agency securities, nine municipal obligations, six asset-backed securities, four collateralized loan obligations, six corporate obligations, four trust preferred securities, five collateralized mortgage obligations and nine residential pass-through securities and one commercial pass-through security. The number of available for sale securities with unrealized losses at June 30, 2017 totaled 57 and included seven U.S. agency securities, nine municipal obligations, nine asset-backed securities, eight collateralized loan obligations, seven corporate obligations, four trust preferred securities and five collateralized mortgage obligations and eight residential pass-through securities. September 30, 2017 Less than 12 Months 12 Months or More Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses (In Thousands) Securities Held to Maturity: U.S. agency securities $ 24,990 $ 10 $ 9,994 $ 6 $ 34,984 $ 16 Obligations of state and political subdivisions 15,831 109 2,913 19 18,744 128 Collateralized mortgage obligations - - 16,096 392 16,096 392 Residential pass-through securities 95,789 731 5,943 141 101,732 872 Commercial pass-through securities 9,097 7 1,929 5 11,026 12 Total $ 145,707 $ 857 $ 36,875 $ 563 $ 182,582 $ 1,420 June 30, 2017 Less than 12 Months 12 Months or More Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses (In Thousands) Securities Held to Maturity: U.S. agency securities $ 24,969 $ 31 $ 9,983 $ 17 $ 34,952 $ 48 Obligations of state and political subdivisions 19,232 150 409 6 19,641 156 Collateralized mortgage obligations 17,317 403 22 - 17,339 403 Residential pass-through securities 119,538 887 1,750 48 121,288 935 Commercial pass-through securities 11,110 42 - - 11,110 42 Total $ 192,166 $ 1,513 $ 12,164 $ 71 $ 204,330 $ 1,584 The number of held to maturity securities with unrecognized losses at September 30, 2017 totaled 74 and included two U.S. agency securities, 39 municipal obligations, six collateralized mortgage obligations, 24 residential pass-through securities and three commercial pass-through securities. The number of held to maturity securities with unrecognized losses at June 30, 2017 totaled 90 and included two U.S. agency securities, 44 municipal obligations, seven collateralized mortgage obligations, 34 residential pass-through securities and three commercial pass-through securities. 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 September 30, 2017 and June 30, 2017, the Company held no securities for which credit-related OTTI had been recognized in earnings based on the Company’s analysis and determination that the impairment reported in the tables above was “temporary” in nature as of both dates. The rationale for making that determination is based on several factors which are generally shared among the various sectors represented in the Company’s available for sale and held to maturity portfolios. The most significant of these is the general mitigation of credit risk arising from the U.S. government, agency and GSE guarantees supporting the Company’s mortgage-backed securities, U.S. agency debt securities and asset-backed securities. While not supported by such guarantees, the Company’s collateralized loan obligations represent tranches within a larger investment vehicle that reallocate cash flows and credit risk among the individual tranches comprised within that vehicle. Through this structure, the Company is afforded significant protection against the risk that the securities within this sector will be adversely impacted by borrowers defaulting on the underlying loans. In the absence of the guarantor or structural protections noted above, the securities within the other sectors of the Company’s securities portfolio, including its municipal obligations, corporate bonds and single-issuer trust preferred securities are generally issued by credit-worthy entities with the ability and resources to fully meet their financial obligations. The Company regularly monitors the historical cash flows and financial strength of all issuers and/or guarantors to confirm that security impairment, where applicable, is not due to an actual or expected adverse change in security cash flows that would result in the recognition of credit-related OTTI. With credit risk being mitigated in the manner outlined above, the unrealized and unrecognized losses on the Company’s securities are due largely to the combined effects of several market-related factors including, most notably, changes in market interest rates and changing market conditions which affect the supply and demand for such securities. Those market conditions may fluctuate over time resulting in certain securities being impaired for periods in excess of 12 months. However, the longevity of such impairment is not necessarily reflective of an expectation for an adverse change in cash flows signifying a credit loss. Consequently, the impairments of value resulting directly from these changing market conditions are considered “noncredit-related” and “temporary” in nature. The Company has the stated ability and intent to “hold until forecasted recovery” those securities so designated at September 30, 2017 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 above, the Company does not consider its balance of securities with unrealized and unrecognized losses at September 30, 2017 and June 30, 2017, to be “other-than-temporarily” impaired as of those dates. |
Loan Quality and Allowance for
Loan Quality and Allowance for Loan Losses | 3 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Loan Quality and Allowance for Loan Losses | 9. LOAN QUALITY AND ALLOWANCE FOR LOAN LOSSES Acquired Credit-Impaired Loans. At September 30, 2017, the remaining outstanding principal balance and carrying amount of acquired credit-impaired loans totaled approximately $584,000 and $386,000, respectively. By comparison, at June 30, 2017, the remaining outstanding principal balance and carrying amount of acquired credit-impaired loans totaled approximately $839,000 and $594,000, 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 $363,000 and $371,000 at September 30, 2017 and June 30, 2017, respectively. There were no valuation allowances for specifically identified impairment attributable to acquired credit-impaired loans at September 30, 2017 and June 30, 2017, respectively. The following table presents the changes in the accretable yield relating to the acquired credit-impaired loans for the three months ended September 30, 2017 and September 30, 2016. Three Months Ended September 30, 2017 2016 (In Thousands) Beginning balance $ 215 $ 335 Accretion to interest income (9 ) (2 ) Disposals - (19 ) Reclassifications from nonaccretable difference - - Ending balance $ 206 $ 314 Residential Mortgage Loans in Foreclosure. We may obtain physical possession of one- to four-family real estate collateralizing a residential mortgage loan via foreclosure or through an in-substance repossession. As of September 30, 2017, we held five single-family properties in real estate owned with an aggregate carrying value of $1.9 million that were acquired through foreclosures on residential mortgage loans. As of that same date, we held 13 residential mortgage loans with aggregate carrying values totaling $2.6 million which were in the process of foreclosure. By comparison, as of June 30, 2017, we held two single-family properties in real estate owned with an aggregate carrying value of $981,000 that were acquired through foreclosures on residential mortgage loans. As of that same date, we held 18 residential mortgage loans with aggregate carrying values totaling $3.7 million which were in the process of foreclosure. Loan Quality. The following tables present the balance of the allowance for loan losses at September 30, 2017 and June 30, 2017 based upon the calculation methodology as described in the Company’s Form 10-K for the fiscal year ended June 30, 2017. The tables identify the valuation allowances attributable to specifically identified impairments on individually evaluated loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans evaluated collectively. The tables include the underlying balance of loans receivable applicable to each category as of those dates as well as the activity in the allowance for loan losses for the three months ended September 30, 2017 and September 30, 2016. 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 September 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Balance of allowance for loan losses: Loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - Loans individually evaluated for impairment 72 - 6 - - - - 78 Loans collectively evaluated for impairment 2,429 13,807 9,887 89 1,948 470 737 29,367 Total allowance for loan losses $ 2,501 $ 13,807 $ 9,893 $ 89 $ 1,948 $ 470 $ 737 $ 29,445 Allowance for Loan Losses and Loans Receivable At September 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Balance of loans receivable: Loans acquired with deteriorated credit quality $ 97 $ - $ - $ - $ 289 $ - $ - $ 386 Loans individually evaluated for impairment 9,177 146 7,307 253 2,590 1,726 - 21,199 Loans collectively evaluated for impairment 550,319 1,427,694 1,078,676 8,067 78,797 79,020 13,788 3,236,361 Total loans $ 559,593 $ 1,427,840 $ 1,085,983 $ 8,320 $ 81,676 $ 80,746 $ 13,788 $ 3,257,946 Unamortized yield adjustments 2,382 Loans receivable, net of yield adjustments $ 3,260,328 Allowance for Loan Losses and Loans Receivable Period Ended September 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Changes in the allowance for loan losses for the three months ended September 30, 2017: At June 30, 2017: $ 2,384 $ 13,941 $ 9,939 $ 35 $ 1,709 $ 501 $ 777 $ 29,286 Total charge offs (267 ) - (38 ) - (6 ) - (297 ) (608 ) Total recoveries 20 - - - 34 65 18 137 Total provisions 364 (134 ) (8 ) 54 211 (96 ) 239 630 Total allowance for loan losses $ 2,501 $ 13,807 $ 9,893 $ 89 $ 1,948 $ 470 $ 737 $ 29,445 Allowance for Loan Losses and Loans Receivable Period Ended September 30, 2016 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Changes in the allowance for loan losses for the three months ended September 30, 2016: At June 30, 2016: $ 2,370 $ 9,995 $ 7,846 $ 24 $ 2,784 $ 432 $ 778 $ 24,229 Total charge offs (23 ) - (41 ) - (194 ) (21 ) (95 ) (374 ) Total recoveries - - - - 15 - 4 19 Total provisions 459 274 511 15 (286 ) 123 33 1,129 Total allowance for loan losses $ 2,806 $ 10,269 $ 8,316 $ 39 $ 2,319 $ 534 $ 720 $ 25,003 Allowance for Loan Losses and Loans Receivable At June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Balance of allowance for loan losses: Loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - Loans individually evaluated for impairment 154 - 39 - 6 - 199 Loans collectively evaluated for impairment 2,230 13,941 9,900 35 1,703 501 777 29,087 Total allowance for loan losses $ 2,384 $ 13,941 $ 9,939 $ 35 $ 1,709 $ 501 $ 777 $ 29,286 Allowance for Loan Losses and Loans Receivable At June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Balance of loans receivable: Loans acquired with deteriorated credit quality $ 97 $ - $ - $ - $ 497 $ - $ - 594 Loans individually evaluated for impairment 10,546 158 5,877 612 2,365 1,894 - 21,452 Loans collectively evaluated for impairment 556,680 1,412,417 1,079,187 3,203 71,609 80,928 16,383 3,220,407 Total loans $ 567,323 $ 1,412,575 $ 1,085,064 $ 3,815 $ 74,471 $ 82,822 $ 16,383 $ 3,242,453 Unamortized yield adjustments 2,808 Loans receivable, net of yield adjustments $ 3,245,261 The following tables present key indicators of credit quality regarding the Company’s loan portfolio based upon loan classification and contractual payment status at September 30, 2017 and June 30, 2017 based upon the methodology for identifying and reporting such loans as described in the Company’s Form 10-K for the fiscal year ended June 30, 2017. Credit-Rating Classification of Loans Receivable At September 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Non-classified $ 546,574 $ 1,427,694 $ 1,074,962 $ 7,761 $ 74,095 $ 78,472 $ 13,578 $ 3,223,136 Classified: Special Mention 817 - - 306 1,082 120 103 2,428 Substandard 12,202 146 11,021 253 6,499 2,154 105 32,380 Doubtful - - - - - - 2 2 Loss - - - - - - - - Total classified loans 13,019 146 11,021 559 7,581 2,274 210 34,810 Total loans $ 559,593 $ 1,427,840 $ 1,085,983 $ 8,320 $ 81,676 $ 80,746 $ 13,788 $ 3,257,946 Credit-Rating Classification of Loans Receivable At June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Non-classified $ 552,961 $ 1,412,417 $ 1,078,711 $ 2,894 $ 66,886 $ 80,393 $ 16,166 $ 3,210,428 Classified: Special Mention 928 - - 309 1,098 120 139 2,594 Substandard 13,434 158 6,353 612 6,487 2,309 75 29,428 Doubtful - - - - - - 3 3 Loss - - - - - - - - Total classified loans 14,362 158 6,353 921 7,585 2,429 217 32,025 Total loans $ 567,323 $ 1,412,575 $ 1,085,064 $ 3,815 $ 74,471 $ 82,822 $ 16,383 $ 3,242,453 Contractual Payment Status of Loans Receivable At September 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Current $ 554,765 $ 1,427,840 $ 1,082,128 $ 8,067 $ 79,782 $ 80,207 $ 13,525 $ 3,246,314 Past due: 30-59 days 151 - 51 253 - 113 60 628 60-89 days 349 - - - 37 - 98 484 90+ days 4,328 - 3,804 - 1,857 426 105 10,520 Total past due 4,828 - 3,855 253 1,894 539 263 11,632 Total loans $ 559,593 $ 1,427,840 $ 1,085,983 $ 8,320 $ 81,676 $ 80,746 $ 13,788 $ 3,257,946 Contractual Payment Status of Loans Receivable At June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Current $ 560,054 $ 1,412,575 $ 1,083,736 $ 3,560 $ 72,826 $ 81,946 $ 16,083 $ 3,230,780 Past due: 30-59 days 1,749 - 60 255 29 187 91 2,371 60-89 days 403 - 318 - - 141 135 997 90+ days 5,117 - 950 - 1,616 548 74 8,305 Total past due 7,269 - 1,328 255 1,645 876 300 11,673 Total loans $ 567,323 $ 1,412,575 $ 1,085,064 $ 3,815 $ 74,471 $ 82,822 $ 16,383 $ 3,242,453 The following tables present information relating to the Company’s nonperforming and impaired loans at September 30, 2017 and June 30, 2017 based upon the methodology for identifying and reporting such loans as described in the Company’s Form 10-K for the fiscal year ended June 30, 2017. Loans reported as “90+ days past due accruing” in the table immediately below are also reported in the preceding contractual payment status table under the heading “90+ days past due”. Performance Status of Loans Receivable At September 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Performing $ 553,078 $ 1,427,694 $ 1,078,829 $ 8,067 $ 78,823 $ 79,661 $ 13,683 $ 3,239,835 Nonperforming: 90+ days past due accruing - - - - - - 105 105 Nonaccrual 6,515 146 7,154 253 2,853 1,085 - 18,006 Total nonperforming 6,515 146 7,154 253 2,853 1,085 105 18,111 Total loans $ 559,593 $ 1,427,840 $ 1,085,983 $ 8,320 $ 81,676 $ 80,746 $ 13,788 $ 3,257,946 Performance Status of Loans Receivable At June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Performing $ 558,533 $ 1,412,417 $ 1,079,344 $ 3,560 $ 71,837 $ 81,581 $ 16,309 $ 3,223,581 Nonperforming: 90+ days past due accruing - - - - - - 74 74 Nonaccrual 8,790 158 5,720 255 2,634 1,241 - 18,798 Total nonperforming 8,790 158 5,720 255 2,634 1,241 74 18,872 Total loans $ 567,323 $ 1,412,575 $ 1,085,064 $ 3,815 $ 74,471 $ 82,822 $ 16,383 $ 3,242,453 Impairment Status of Loans Receivable At September 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Carrying value of impaired loans: Non-impaired loans $ 550,319 $ 1,427,694 $ 1,078,676 $ 8,067 $ 78,797 $ 79,020 $ 13,788 $ 3,236,361 Impaired loans: Impaired loans with no allowance for impairment 7,869 146 6,960 253 2,878 1,726 - 19,832 Impaired loans with allowance for impairment: Recorded investment 1,405 - 347 - 1 - - 1,753 Allowance for impairment (72 ) - (6 ) - - - - (78 ) Balance of impaired loans net of allowance for impairment 1,333 - 341 - 1 - - 1,675 Total impaired loans, excluding allowance for impairment: 9,274 146 7,307 253 2,879 1,726 - 21,585 Total loans $ 559,593 $ 1,427,840 $ 1,085,983 $ 8,320 $ 81,676 $ 80,746 $ 13,788 $ 3,257,946 Unpaid principal balance of impaired loans: Total impaired loans $ 14,112 $ 930 $ 10,549 $ 691 $ 6,777 $ 2,828 $ - $ 35,887 Impairment Status of Loans Receivable At June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Carrying value of impaired loans: Non-impaired loans $ 556,680 $ 1,412,417 $ 1,079,187 $ 3,203 $ 71,609 $ 80,928 $ 16,383 $ 3,220,407 Impaired loans: Impaired loans with no allowance for impairment 8,971 158 4,521 612 2,755 1,894 - 18,911 Impaired loans with allowance for impairment: Recorded investment 1,672 - 1,356 - 107 - - 3,135 Allowance for impairment (154 ) - (39 ) - (6 ) - - (199 ) Balance of impaired loans net of allowance for impairment 1,518 - 1,317 - 101 - - 2,936 Total impaired loans, excluding allowance for impairment: 10,643 158 5,877 612 2,862 1,894 - 22,046 Total loans $ 567,323 $ 1,412,575 $ 1,085,064 $ 3,815 $ 74,471 $ 82,822 $ 16,383 $ 3,242,453 Unpaid principal balance of impaired loans: Total impaired loans $ 16,479 $ 930 $ 10,002 $ 691 $ 6,682 $ 2,961 $ - $ 37,745 Impairment Status of Loans Receivable Periods Ended September 30, 2017 and 2016 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) For the three months ended September 30, 2017: Average balance of impaired loans $ 9,981 $ 152 $ 6,395 $ 343 $ 2,818 $ 1,911 $ - $ 21,600 Interest earned on impaired loans $ 35 $ - $ 2 $ - $ 1 $ 8 $ - $ 46 For the three months ended September 30, 2016: Average balance of impaired loans $ 13,058 $ 199 $ 6,752 $ 354 $ 3,131 $ 2,156 $ - $ 25,650 Interest earned on impaired loans $ 31 $ - $ 12 $ - $ 4 $ 15 $ - $ 62 The following table presents information regarding the restructuring of the Company’s troubled debts during the three months ended September 30, 2017 and 2016 and any defaults during those periods of TDRs that were restructured within 12 months of the date of default. Troubled Debt Restructurings of Loans Receivable Period Ended September 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Troubled debt restructuring activity for the three months ended September 30, 2017: Number of loans 1 - - - - - - 1 Pre-modification outstanding recorded investment $ 425 $ - $ - $ - $ - $ - $ - $ 425 Post-modification outstanding recorded investment 367 - - - - - - 367 Charge offs against the allowance for loan loss recognized at modification - - - - - - - - Troubled debt restructuring defaults for the three months ended September 30, 2017: Number of loans - - - - - - - - Outstanding recorded investment $ - $ - $ - $ - $ - $ - $ - $ - Troubled Debt Restructurings of Loans Receivable Period Ended September 30, 2016 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Troubled debt restructuring activity for the three months ended September 30, 2016: Number of loans - - - - 1 1 - 2 Pre-modification outstanding recorded investment $ - $ - $ - $ - $ 244 $ 184 $ - $ 428 Post-modification outstanding recorded investment - - - - 223 184 - 407 Charge offs against the allowance for loan loss recognized at modification - - - - 27 3 - 30 Troubled debt restructuring defaults for the three months ended September 30, 2016: Number of loans - - - - - - - - Outstanding recorded investment $ - $ - $ - $ - $ - $ - $ - $ - The manner in which the terms of a loan are modified through a troubled debt restructuring generally includes one or more of the following changes to the loan’s repayment terms: • Interest Rate Reduction • Capitalization of Prior Past Dues • Extension of Maturity or Balloon Date • Deferral of Principal Payments: • Payment Recalculation and Re-amortization |
Deposits
Deposits | 3 Months Ended |
Sep. 30, 2017 | |
Banking And Thrift [Abstract] | |
Deposits | 10. DEPOSITS Deposits are summarized as follows: September 30, June 30, 2017 2017 (Dollars in Thousands) Non-interest-bearing demand $ 279,263 $ 267,412 Interest-bearing demand 856,122 847,663 Savings and club 519,040 523,984 Certificates of deposits 1,298,843 1,291,068 Total deposits $ 2,953,268 $ 2,930,127 |
Borrowings
Borrowings | 3 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Borrowings | 11. BORROWINGS Fixed rate advances from the FHLB of New York mature as follows: September 30, 2017 June 30, 2017 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) Maturing in years ending June 30: 2018 630,225 1.35 630,225 1.29 2021 442 4.94 469 4.94 2023 145,000 3.04 145,000 3.04 Total advances 775,667 1.67 % 775,694 1.62 % Fair value adjustments 5 2 Total advances, net of fair value adjustments $ 775,672 $ 775,696 At September 30, 2017, $630.2 million in advances are due within one year while the remaining $145.5 million in advances are due after one year of which $145.0 million are callable in April 2018. At September 30, 2017, FHLB advances were collateralized by the FHLB capital stock owned by the Bank and mortgage loans and securities with carrying values totaling approximately $2.0 billion and $160.0 million, respectively. At June 30, 2017, FHLB advances were collateralized by the FHLB capital stock owned by the Bank and mortgage loans and securities with carrying values totaling approximately $1.9 billion and $159.3 million, respectively. Borrowings at September 30, 2017 and June 30, 2017 also included overnight borrowings in the form of depositor sweep accounts totaling $32.9 million and $30.5 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 | 3 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 12. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives The Company uses various financial instruments, including derivatives, to manage its exposure to interest rate risk. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to specific wholesale funding positons. Fair Values of Derivative Instruments on the Statement of Financial Condition The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Statement of Financial Condition as of September 30, 2017 and June 30, 2017: September 30, 2017 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (Dollars in Thousands) Derivatives designated as hedging instruments: Interest rate swaps Other assets $ 8,758 Other liabilities $ - Interest rate caps Other assets 121 Other liabilities - Total $ 8,879 $ - June 30, 2017 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (Dollars in Thousands) Derivatives designated as hedging instruments: Interest rate swaps Other assets $ 7,670 Other liabilities $ 298 Interest rate caps Other assets 140 Other liabilities - Total $ 7,810 $ 298 Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using derivatives are primarily to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company has entered into interest rate swaps and caps as part of its interest rate risk management strategy. These interest rate products are designated as cash flow hedges. As of September 30, 2017, the Company had fifteen interest rate swaps with a notional of $1.2 billion and two interest rate caps with a notional of $75.0 million hedging certain FHLB advances and brokered deposits. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income, net of tax, and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in cash flows of the derivative hedging instrument with the changes in cash flows of the designated hedged transactions. The Company did not recognize any hedge ineffectiveness in earnings during the three months ended September 30, 2017 and 2016. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable rate wholesale funding positions. During the three months ended September 30, 2017, the Company had $1.4 million of reclassifications to interest expense. During the next twelve months, the Company estimates that $3.1 million The table below presents the pre-tax effects of the Company’s derivative instruments on the Consolidated Statements of Income for the three months ended September 30, 2017 and 2016: Three Months Ended September 30, 2017 Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Location of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) (Dollars in Thousands) Derivatives in cash flow hedging relationships: Interest rate swaps $ 260 Interest expense $ (1,126 ) Not applicable $ - Interest rate caps (13 ) Interest expense (274 ) Not applicable - Total $ 247 $ (1,400 ) $ - Three Months Ended September 30, 2016 Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Location of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) (Dollars in Thousands) Derivatives in cash flow hedging relationships: Interest rate swaps $ 3,453 Interest expense $ (1,719 ) Not applicable $ - Interest rate caps 10 Interest expense (161 ) Not applicable - Total $ 3,463 $ (1,880 ) $ - Offsetting Derivatives The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives in the Consolidated Statement of Condition as of September 30, 2017 and June 30, 2017, respectively. The net amounts presented for derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Consolidated Statement of Condition. September 30, 2017 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received Net Amount (Dollars in Thousands) Assets: Interest rate swaps $ 12,814 $ (4,056 ) $ 8,758 $ - $ (7,440 ) $ 1,318 Interest rate caps 121 - 121 - - 121 Total $ 12,935 $ (4,056 ) $ 8,879 $ - $ (7,440 ) $ 1,439 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Posted Net Amount (Dollars in Thousands) Liabilities: Interest rate swaps $ 4,056 $ (4,056 ) $ - $ - $ - $ - Interest rate caps - - - - - - Total $ 4,056 $ (4,056 ) $ - $ - $ - $ - June 30, 2017 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received Net Amount (Dollars in Thousands) Assets: Interest rate swaps $ 12,839 $ (5,169 ) $ 7,670 $ - $ (5,770 ) $ 1,900 Interest rate caps 140 - 140 - - 140 Total $ 12,979 $ (5,169 ) $ 7,810 $ - $ (5,770 ) $ 2,040 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Posted Net Amount Liabilities: Interest rate swaps $ 5,467 $ (5,169 ) $ 298 $ - $ (298 ) $ - Interest rate caps - - - - - - Total $ 5,467 $ (5,169 ) $ 298 $ - $ (298 ) $ - Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, then the Company could also be declared in default on its derivative obligations and could be required to terminate its derivative positions with the counterparty. The Company also has agreements with its derivative counterparties that contain a provision where if the Company fails to maintain its status as a well-capitalized institution, then the Company could be required to terminate its derivative positions with the counterparty. As of September 30, 2017 and June 30, 2017, the termination value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to those agreements was $0 and $302,000, respectively. As required under the enforceable master netting arrangement with its derivatives counterparties, at September 30, 2017, the Company received financial collateral of $7.4 million and posted financial collateral in the amount of $300,000 that were not included as offsetting amounts. By comparison, at June 30, 2017, the Company received financial collateral of $5.8 million and posted financial collateral in the amount of $1.0 million that were not included as offsetting amounts. In addition to the derivative instruments noted above, the Company has outstanding commitments to originate loans held for sale totaling $11.3 million and $18.4 million at September 30, 2017 and June 30, 2017, respectively, which are considered free-standing derivative instruments whose fair values are not material to our financial condition or results of operations. |
Benefit Plans
Benefit Plans | 3 Months Ended |
Sep. 30, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Benefit Plans | 13. BENEFIT PLANS Components of Net Periodic Expense The following table sets forth the aggregate net periodic benefit expense for the Bank’s Benefit Equalization Plan, Postretirement Welfare Plan, Directors’ Consultation and Retirement Plan and Atlas Bank Retirement Income Plan: Three Months Ended September 30, 2017 2016 (In Thousands) Service cost $ 12 $ 8 Interest cost $ 93 95 Amortization of unrecognized past service liability - - Amortization of unrecognized loss $ 11 16 Expected return on assets (30 ) (62 ) Net periodic benefit cost $ 86 $ 57 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 14. 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: September 30, 2017 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 $ - $ 5,063 $ - $ 5,063 Obligations of state and political subdivisions - 27,725 - 27,725 Asset-backed securities - 163,615 - 163,615 Collateralized loan obligations - 128,383 - 128,383 Corporate bonds - 142,489 - 142,489 Trust preferred securities - 7,544 1,000 8,544 Total debt securities - 474,819 1,000 475,819 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 28,790 - 28,790 Residential pass-through securities - 123,868 - 123,868 Commercial pass-through securities - 8,123 - 8,123 Total mortgage-backed securities - 160,781 - 160,781 Total securities available for sale $ - $ 635,600 $ 1,000 $ 636,600 Derivative instruments Interest rate swaps $ - $ 8,758 $ - $ 8,758 Interest rate caps - 121 - 121 Total derivatives $ - $ 8,879 $ - $ 8,879 June 30, 2017 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 $ - $ 5,316 $ - $ 5,316 Obligations of state and political subdivisions - 27,740 - 27,740 Asset-backed securities - 162,429 - 162,429 Collateralized loan obligations - 98,154 - 98,154 Corporate bonds - 142,318 - 142,318 Trust preferred securities - 7,540 1,000 8,540 Total debt securities - 443,497 1,000 444,497 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 30,536 - 30,536 Residential pass-through securities - 130,550 - 130,550 Commercial pass-through securities - 8,177 - 8,177 Total mortgage-backed securities - 169,263 - 169,263 Total securities available for sale $ - $ 612,760 $ 1,000 $ 613,760 Derivative instruments Interest rate swaps $ - $ 7,372 $ - $ 7,372 Interest rate caps - 140 - 140 Total derivatives $ - $ 7,512 $ - $ 7,512 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 held one trust preferred security whose fair value of $1.0 million at September 30, 2017 was determined using Level 3 inputs. For the periods ended September 30, 2017 and June 30, 2017, management has been unable to obtain a market quote for this security. Consequently, the security’s fair value as reported at September 30, 2017 and June 30, 2017, is based upon the present value of expected future cash flows assuming the security continues to meet all of its payment obligations and utilizing a discount rate based upon the security’s contractual interest rate. 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. In addition to the financial instruments noted above, the Company had outstanding commitments to fund loans held-for sale totaling $11.3 million and $18.4 million at September 30, 2017 and June 30, 2017, respectively, which are considered derivative instruments for financial statement reporting purposes. Given the short-term nature of the commitments and their immateriality to the statements of condition and operations, the Company assumes no change in the fair value of these derivative instruments during their outstanding period. Those assets and liabilities measured at fair value on a non-recurring basis are summarized below: September 30, 2017 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: Residential mortgage $ - $ - $ 4,843 $ 4,843 Non-residential mortgage - - 1,145 1,145 Commercial business - - 117 117 Total $ - $ - $ 6,105 $ 6,105 Real estate owned, net: - Residential mortgage - - 751 751 Non-residential mortgage - - 131 131 Total $ - $ - $ 882 $ 882 June 30, 2017 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: Residential mortgage $ - $ - $ 5,711 $ 5,711 Non-residential mortgage - - 2,126 2,126 Commercial business - - 119 119 Total $ - $ - $ 7,956 $ 7,956 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: September 30, 2017 Fair Value Valuation Techniques Unobservable Input Range Weighted Average (In Thousands) Impaired loans: Residential mortgage $ 4,843 Market valuation of collateral (1) Selling costs (3) 6% - 23% 9.10 % Non-residential mortgage 1,145 Market valuation of collateral (1) Selling costs (3) 8% - 12% 11.43 % Commercial business 117 Market valuation of collateral (1) Selling costs (3) 10% - 20% 13.37 % Total $ 6,105 Real estate owned, net: Residential mortgage 751 Market valuation of property (2) Selling costs (3) 5% 5.00 % Non-residential mortgage 131 Market valuation of property (2) Selling costs (3) 6% 6.00 % Total $ 882 June 30, 2017 Fair Value Valuation Techniques Unobservable Input Range Weighted Average (In Thousands) Impaired loans: Residential mortgage $ 5,711 Market valuation of collateral (1) Selling costs (3) 6% - 21% 8.12 % Non-residential mortgage 2,126 Market valuation of collateral (1) Selling costs (3) 0% - 12% 6.93 % Commercial business 119 Market valuation of collateral (1) Selling costs (3) 9% - 20% 12.79 % Total $ 7,956 (1) The fair value of impaired loans is generally determined based on an independent appraisal of the market value of a loan’s underlying collateral. (2) The fair value basis of impaired loans and real estate owned is adjusted to reflect management estimates of selling costs including, but not necessarily limited to, real estate brokerage commissions and title transfer fees. (3) 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. 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 September 30, 2017, impaired loans valued using Level 3 inputs comprised loans with principal balances totaling $6.2 million and valuation allowances of $78,000 reflecting fair values of $6.1 million. By comparison, at June 30, 2017, impaired loans valued using Level 3 inputs comprised loans with principal balances totaling $8.2 million and valuation allowances of $199,000 reflecting fair values of $8.0 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 September 30, 2017, the Company held real estate owned totaling $882,000 whose carrying value was written down utilizing Level 3 inputs. At June 30, 2017, the Company held no real estate owned whose carrying value was written down utilizing Level 3 inputs. The following methods and assumptions were used to estimate the fair value of each class of financial instruments at September 30, 2017 and June 30, 2017: 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 carrying amounts and fair values of financial instruments are as follows: September 30, 2017 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 $ 38,823 $ 38,823 $ 38,823 $ - $ - Debt securities available for sale 475,819 475,819 - 474,819 1,000 Mortgage-backed securities available for sale 160,781 160,781 - 160,781 - Debt securities held to maturity 145,954 146,782 - 146,782 - Mortgage-backed securities held to maturity 336,972 338,654 - 338,654 - Loans held-for-sale 3,808 3,808 - 3,808 - Net loans receivable 3,230,883 3,158,748 - - 3,158,748 FHLB Stock 39,115 N/A N/A N/A N/A Interest receivable 13,268 13,268 1 3,670 9,597 Financial liabilities: Deposits (1) 2,953,268 2,967,953 1,654,425 - 1,313,528 Borrowings 808,554 825,110 - - 825,110 Interest payable on borrowings 1,461 1,461 - - 1,461 (1) Includes accrued interest payable on deposits of $381,000 at September 30, 2017. June 30, 2017 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 $ 78,237 $ 78,237 $ 78,237 $ - $ - Debt securities available for sale 444,497 444,497 - 443,497 1,000 Mortgage-backed securities available for sale 169,263 169,263 - 169,263 - Debt securities held to maturity 144,713 145,505 - 145,505 - Mortgage-backed securities held to maturity 348,608 350,289 - 350,289 - Loans held-for-sale 4,692 4,692 - 4,692 - Net loans receivable 3,215,975 3,137,304 - - 3,137,304 FHLB Stock 39,958 N/A N/A N/A N/A Interest receivable 12,493 12,493 6 3,169 9,318 Financial liabilities: Deposits (1) 2,930,127 2,943,908 1,639,059 - 1,304,849 Borrowings 806,228 823,435 - - 823,435 Interest payable on borrowings 1,391 1,391 - - 1,391 (1) Includes accrued interest payable on deposits of $382,000 at June 30, 2017. 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. 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 | 3 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Comprehensive Income | 15. COMPREHENSIVE INCOME The components of accumulated other comprehensive income included in stockholders’ equity at September 30, 2017 and June 30, 2017 are as follows: September 30, June 30, 2017 2017 (In Thousands) Net unrealized loss on securities available for sale $ (453 ) $ (2,385 ) Tax effect 191 975 Net of tax amount (262 ) (1,410 ) Net unrealized loss on securities available for sale transferred to held to maturity (1,080 ) (1,109 ) Tax effect 441 453 Net of tax amount (639 ) (656 ) Fair value adjustments on derivatives 7,965 6,319 Tax effect (3,254 ) (2,582 ) Net of tax amount 4,711 3,737 Benefit plan adjustments (1,133 ) (1,061 ) Tax effect 463 434 Net of tax amount (670 ) (627 ) Total accumulated other comprehensive income $ 3,140 $ 1,044 Other comprehensive income and related tax effects for the three months ended September 30, 2017 and September 30, 2016 are presented in the following table: Three Months Ended September 30, 2017 2016 (In Thousands) Net unrealized holding gain on securities available for sale $ 1,932 $ 1,815 Amortization of net unrealized holding gain on securities available for sale transferred to held to maturity (3) 29 7 Net realized gain on securities available for sale - - Net unrealized gain on derivatives 1,646 5,343 Benefit plans: Amortization of: Actuarial loss (1) 11 16 Past service cost (1) - - Net actuarial loss (83 ) (394 ) Net change in benefit plan accrued expense (72 ) (378 ) Other comprehensive income before taxes 3,535 6,787 Tax effect (2) (1,439 ) (2,773 ) Total other comprehensive income $ 2,096 $ 4,014 (1) Represents amounts reclassified out of accumulated other comprehensive income and included in the computation of net periodic pension expense. See Note 13 – Benefit Plans for additional information. (2) The amounts included in income taxes for items reclassified out of accumulated other comprehensive income totaled $(29) for the three months ended September 30, 2017 and $(154) for the three months ended September 30, 2016, respectively. (3) Represents amounts reclassified out of accumulated other comprehensive income and included in interest income on taxable securities. |
Net Income Per Common Share (24
Net Income Per Common Share ("EPS") (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
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: Three Months Ended September 30, 2017 Income (Numerator) Shares (Denominator) Per Share Amount (In Thousands, Except Per Share Data) Net income $ 5,232 Basic earnings per share, income available to common stockholders $ 5,232 79,649 $ 0.07 Effect of dilutive securities: Stock options 59 $ 5,232 79,708 $ 0.07 Three Months Ended September 30, 2016 Income (Numerator) Shares (Denominator) Per Share Amount (In Thousands, Except Per Share Data) Net income $ 4,667 Basic earnings per share, income available to common stockholders $ 4,667 86,246 $ 0.05 Effect of dilutive securities: Stock options 58 $ 4,667 86,304 $ 0.05 |
Securities Available for Sale (
Securities Available for Sale (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities | September 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Securities available for sale: Debt securities: U.S. agency securities $ 5,054 $ 30 $ 21 $ 5,063 Obligations of state and political subdivisions 27,458 291 24 27,725 Asset-backed securities 163,174 795 354 163,615 Collateralized loan obligations 128,052 391 60 128,383 Corporate bonds 143,014 766 1,291 142,489 Trust preferred securities 8,914 - 370 8,544 Total debt securities 475,666 2,273 2,120 475,819 Mortgage-backed securities: Collateralized mortgage obligations: Federal Home Loan Mortgage Corporation 9,300 38 56 9,282 Federal National Mortgage Association 20,051 - 543 19,508 Total collateralized mortgage obligations 29,351 38 599 28,790 Mortgage pass-through securities: Residential pass-through securities: Federal Home Loan Mortgage Corporation 90,838 385 764 90,459 Federal National Mortgage Association 33,129 409 129 33,409 Total residential pass-through securities 123,967 794 893 123,868 Commercial pass-through securities: Federal National Mortgage Association 8,069 58 4 8,123 Total commercial pass-through securities 8,069 58 4 8,123 Total mortgage-backed securities 161,387 890 1,496 160,781 Total securities available for sale $ 637,053 $ 3,163 $ 3,616 $ 636,600 June 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Securities available for sale: Debt securities: U.S. agency securities $ 5,304 $ 35 $ 23 $ 5,316 Obligations of state and political subdivisions 27,465 305 30 27,740 Asset-backed securities 163,120 316 1,007 162,429 Collateralized loan obligations 98,078 185 109 98,154 Corporate bonds 143,017 826 1,525 142,318 Trust preferred securities 8,912 - 372 8,540 Total debt securities 445,896 1,667 3,066 444,497 Mortgage-backed securities: Collateralized mortgage obligations: Federal Home Loan Mortgage Corporation 9,902 38 66 9,874 Federal National Mortgage Association 21,222 - 560 20,662 Total collateralized mortgage obligations 31,124 38 626 30,536 Mortgage pass-through securities: Residential pass-through securities: Federal Home Loan Mortgage Corporation 95,501 352 999 94,854 Federal National Mortgage Association 35,516 425 245 35,696 Total residential pass-through securities 131,017 777 1,244 130,550 Commercial pass-through securities: Federal National Mortgage Association 8,108 69 - 8,177 Total commercial pass-through securities 8,108 69 - 8,177 Total mortgage-backed securities 170,249 884 1,870 169,263 Total securities available for sale $ 616,145 $ 2,551 $ 4,936 $ 613,760 |
Securities Available for Sale [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Stratification by Contractual Maturity of Securities | September 30, 2017 Amortized Cost Fair Value (In Thousands) Debt securities available for sale: Due in one year or less $ - $ - Due after one year through five years 53,620 53,719 Due after five years through ten years 160,665 160,248 Due after ten years 261,381 261,852 Total $ 475,666 $ 475,819 |
Securities Held to Maturity (Ta
Securities Held to Maturity (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Schedule of Held-to-maturity Securities [Line Items] | |
Amortized Cost, Gross Unrecognized Gains and Losses and Fair Values of Securities | September 30, 2017 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value (In Thousands) Securities held to maturity: Debt securities: U.S. agency securities $ 35,000 $ - $ 16 $ 34,984 Obligations of state and political subdivisions 95,954 972 128 96,798 Subordinated debt 15,000 - - 15,000 Total debt securities 145,954 972 144 146,782 Mortgage-backed securities: Collateralized mortgage obligations: Government National Mortgage Association 2,051 - 43 2,008 Federal Home Loan Mortgage Corporation 14,425 - 349 14,076 Federal National Mortgage Association 104 9 - 113 Non-agency securities 20 - - 20 Total collateralized mortgage obligations 16,600 9 392 16,217 Mortgage pass-through securities: Residential pass-through securities: Federal Home Loan Mortgage Corporation 33,288 1 381 32,908 Federal National Mortgage Association 135,969 612 491 136,090 Total residential pass-through securities 169,257 613 872 168,998 Commercial pass-through securities: Government National Mortgage Association 1,934 - 5 1,929 Federal National Mortgage Association 149,181 2,336 7 151,510 Total commercial pass-through securities 151,115 2,336 12 153,439 Total mortgage-backed securities 336,972 2,958 1,276 338,654 Total securities held to maturity $ 482,926 $ 3,930 $ 1,420 $ 485,436 June 30, 2017 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value (In Thousands) Securities held to maturity: Debt securities: U.S. agency securities $ 35,000 $ - $ 48 $ 34,952 Obligations of state and political subdivisions 94,713 996 156 95,553 Subordinated debt 15,000 - - 15,000 Total debt securities 144,713 996 204 145,505 Mortgage-backed securities: Collateralized mortgage obligations: Government National Mortgage Association 2,199 - 46 2,153 Federal Home Loan Mortgage Corporation 15,522 - 357 15,165 Federal National Mortgage Association 111 10 - 121 Non-agency securities 22 - - 22 Total collateralized mortgage obligations 17,854 10 403 17,461 Mortgage pass-through securities: Residential pass-through securities: Federal Home Loan Mortgage Corporation 35,289 1 338 34,952 Federal National Mortgage Association 143,524 428 597 143,355 Total residential pass-through securities 178,813 429 935 178,307 Commercial pass-through securities: Government National Mortgage Association 1,989 - 11 1,978 Federal National Mortgage Association 149,952 2,622 31 152,543 Total commercial pass-through securities 151,941 2,622 42 154,521 Total mortgage-backed securities 348,608 3,061 1,380 350,289 Total securities held to maturity $ 493,321 $ 4,057 $ 1,584 $ 495,794 |
Securities Held to Maturity [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Stratification by Contractual Maturity of Securities | September 30, 2017 Amortized Cost Fair Value (In Thousands) Debt securities held to maturity: Due in one year or less $ 39,253 $ 39,236 Due after one year through five years 25,057 25,130 Due after five years through ten years 69,846 70,532 Due after ten years 11,798 11,884 Total $ 145,954 $ 146,782 |
Impairment of Securities (Table
Impairment of Securities (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
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 September 30, 2017 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 $ 382 $ 1 $ 1,657 $ 20 $ 2,039 $ 21 Obligations of state and political subdivisions 3,312 14 567 10 3,879 24 Asset-backed securities - - 38,664 354 38,664 354 Collateralized loan obligations 30,784 60 - - 30,784 60 Corporate bonds - - 68,731 1,291 68,731 1,291 Trust preferred securities - - 7,545 370 7,545 370 Collateralized mortgage obligations 7,629 96 17,030 503 24,659 599 Residential pass-through securities 43,534 183 31,090 710 74,624 893 Commercial pass-through securities 4,054 4 - - 4,054 4 Total $ 89,695 $ 358 $ 165,284 $ 3,258 $ 254,979 $ 3,616 June 30, 2017 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 $ 440 $ - $ 1,746 $ 23 $ 2,186 $ 23 Obligations of state and political subdivisions $ 3,872 $ 30 $ - $ - 3,872 30 Asset-backed securities 16,860 84 86,975 923 103,835 1,007 Collateralized loan obligations 46,016 108 6,000 1 52,016 109 Corporate bonds - - 73,500 1,525 73,500 1,525 Trust preferred securities - - 7,540 372 7,540 372 Collateralized mortgage obligations 26,090 626 - - 26,090 626 Residential pass-through securities 77,301 1,244 - - 77,301 1,244 Total $ 170,579 $ 2,092 $ 175,761 $ 2,844 $ 346,340 $ 4,936 |
Securities Held to Maturity [Member] | |
Schedule of Fair Values and Gross Unrealized Losses on Investments | September 30, 2017 Less than 12 Months 12 Months or More Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses (In Thousands) Securities Held to Maturity: U.S. agency securities $ 24,990 $ 10 $ 9,994 $ 6 $ 34,984 $ 16 Obligations of state and political subdivisions 15,831 109 2,913 19 18,744 128 Collateralized mortgage obligations - - 16,096 392 16,096 392 Residential pass-through securities 95,789 731 5,943 141 101,732 872 Commercial pass-through securities 9,097 7 1,929 5 11,026 12 Total $ 145,707 $ 857 $ 36,875 $ 563 $ 182,582 $ 1,420 June 30, 2017 Less than 12 Months 12 Months or More Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses (In Thousands) Securities Held to Maturity: U.S. agency securities $ 24,969 $ 31 $ 9,983 $ 17 $ 34,952 $ 48 Obligations of state and political subdivisions 19,232 150 409 6 19,641 156 Collateralized mortgage obligations 17,317 403 22 - 17,339 403 Residential pass-through securities 119,538 887 1,750 48 121,288 935 Commercial pass-through securities 11,110 42 - - 11,110 42 Total $ 192,166 $ 1,513 $ 12,164 $ 71 $ 204,330 $ 1,584 |
Loan Quality and Allowance fo28
Loan Quality and Allowance for Loan Losses (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Impaired Loans Acquired Accretable Yield Change | The following table presents the changes in the accretable yield relating to the acquired credit-impaired loans for the three months ended September 30, 2017 and September 30, 2016. Three Months Ended September 30, 2017 2016 (In Thousands) Beginning balance $ 215 $ 335 Accretion to interest income (9 ) (2 ) Disposals - (19 ) Reclassifications from nonaccretable difference - - Ending balance $ 206 $ 314 |
Allowance for Loan Losses and Loans Receivable | The following tables present the balance of the allowance for loan losses at September 30, 2017 and June 30, 2017 based upon the calculation methodology as described in the Company’s Form 10-K for the fiscal year ended June 30, 2017. The tables identify the valuation allowances attributable to specifically identified impairments on individually evaluated loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans evaluated collectively. The tables include the underlying balance of loans receivable applicable to each category as of those dates as well as the activity in the allowance for loan losses for the three months ended September 30, 2017 and September 30, 2016. 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 September 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Balance of allowance for loan losses: Loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - Loans individually evaluated for impairment 72 - 6 - - - - 78 Loans collectively evaluated for impairment 2,429 13,807 9,887 89 1,948 470 737 29,367 Total allowance for loan losses $ 2,501 $ 13,807 $ 9,893 $ 89 $ 1,948 $ 470 $ 737 $ 29,445 Allowance for Loan Losses and Loans Receivable At September 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Balance of loans receivable: Loans acquired with deteriorated credit quality $ 97 $ - $ - $ - $ 289 $ - $ - $ 386 Loans individually evaluated for impairment 9,177 146 7,307 253 2,590 1,726 - 21,199 Loans collectively evaluated for impairment 550,319 1,427,694 1,078,676 8,067 78,797 79,020 13,788 3,236,361 Total loans $ 559,593 $ 1,427,840 $ 1,085,983 $ 8,320 $ 81,676 $ 80,746 $ 13,788 $ 3,257,946 Unamortized yield adjustments 2,382 Loans receivable, net of yield adjustments $ 3,260,328 Allowance for Loan Losses and Loans Receivable Period Ended September 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Changes in the allowance for loan losses for the three months ended September 30, 2017: At June 30, 2017: $ 2,384 $ 13,941 $ 9,939 $ 35 $ 1,709 $ 501 $ 777 $ 29,286 Total charge offs (267 ) - (38 ) - (6 ) - (297 ) (608 ) Total recoveries 20 - - - 34 65 18 137 Total provisions 364 (134 ) (8 ) 54 211 (96 ) 239 630 Total allowance for loan losses $ 2,501 $ 13,807 $ 9,893 $ 89 $ 1,948 $ 470 $ 737 $ 29,445 Allowance for Loan Losses and Loans Receivable Period Ended September 30, 2016 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Changes in the allowance for loan losses for the three months ended September 30, 2016: At June 30, 2016: $ 2,370 $ 9,995 $ 7,846 $ 24 $ 2,784 $ 432 $ 778 $ 24,229 Total charge offs (23 ) - (41 ) - (194 ) (21 ) (95 ) (374 ) Total recoveries - - - - 15 - 4 19 Total provisions 459 274 511 15 (286 ) 123 33 1,129 Total allowance for loan losses $ 2,806 $ 10,269 $ 8,316 $ 39 $ 2,319 $ 534 $ 720 $ 25,003 Allowance for Loan Losses and Loans Receivable At June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Balance of allowance for loan losses: Loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - Loans individually evaluated for impairment 154 - 39 - 6 - 199 Loans collectively evaluated for impairment 2,230 13,941 9,900 35 1,703 501 777 29,087 Total allowance for loan losses $ 2,384 $ 13,941 $ 9,939 $ 35 $ 1,709 $ 501 $ 777 $ 29,286 Allowance for Loan Losses and Loans Receivable At June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Balance of loans receivable: Loans acquired with deteriorated credit quality $ 97 $ - $ - $ - $ 497 $ - $ - 594 Loans individually evaluated for impairment 10,546 158 5,877 612 2,365 1,894 - 21,452 Loans collectively evaluated for impairment 556,680 1,412,417 1,079,187 3,203 71,609 80,928 16,383 3,220,407 Total loans $ 567,323 $ 1,412,575 $ 1,085,064 $ 3,815 $ 74,471 $ 82,822 $ 16,383 $ 3,242,453 Unamortized yield adjustments 2,808 Loans receivable, net of yield adjustments $ 3,245,261 |
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 September 30, 2017 and June 30, 2017 based upon the methodology for identifying and reporting such loans as described in the Company’s Form 10-K for the fiscal year ended June 30, 2017. Credit-Rating Classification of Loans Receivable At September 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Non-classified $ 546,574 $ 1,427,694 $ 1,074,962 $ 7,761 $ 74,095 $ 78,472 $ 13,578 $ 3,223,136 Classified: Special Mention 817 - - 306 1,082 120 103 2,428 Substandard 12,202 146 11,021 253 6,499 2,154 105 32,380 Doubtful - - - - - - 2 2 Loss - - - - - - - - Total classified loans 13,019 146 11,021 559 7,581 2,274 210 34,810 Total loans $ 559,593 $ 1,427,840 $ 1,085,983 $ 8,320 $ 81,676 $ 80,746 $ 13,788 $ 3,257,946 Credit-Rating Classification of Loans Receivable At June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Non-classified $ 552,961 $ 1,412,417 $ 1,078,711 $ 2,894 $ 66,886 $ 80,393 $ 16,166 $ 3,210,428 Classified: Special Mention 928 - - 309 1,098 120 139 2,594 Substandard 13,434 158 6,353 612 6,487 2,309 75 29,428 Doubtful - - - - - - 3 3 Loss - - - - - - - - Total classified loans 14,362 158 6,353 921 7,585 2,429 217 32,025 Total loans $ 567,323 $ 1,412,575 $ 1,085,064 $ 3,815 $ 74,471 $ 82,822 $ 16,383 $ 3,242,453 |
Contractual Payment Status of Loans Receivable | Contractual Payment Status of Loans Receivable At September 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Current $ 554,765 $ 1,427,840 $ 1,082,128 $ 8,067 $ 79,782 $ 80,207 $ 13,525 $ 3,246,314 Past due: 30-59 days 151 - 51 253 - 113 60 628 60-89 days 349 - - - 37 - 98 484 90+ days 4,328 - 3,804 - 1,857 426 105 10,520 Total past due 4,828 - 3,855 253 1,894 539 263 11,632 Total loans $ 559,593 $ 1,427,840 $ 1,085,983 $ 8,320 $ 81,676 $ 80,746 $ 13,788 $ 3,257,946 Contractual Payment Status of Loans Receivable At June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Current $ 560,054 $ 1,412,575 $ 1,083,736 $ 3,560 $ 72,826 $ 81,946 $ 16,083 $ 3,230,780 Past due: 30-59 days 1,749 - 60 255 29 187 91 2,371 60-89 days 403 - 318 - - 141 135 997 90+ days 5,117 - 950 - 1,616 548 74 8,305 Total past due 7,269 - 1,328 255 1,645 876 300 11,673 Total loans $ 567,323 $ 1,412,575 $ 1,085,064 $ 3,815 $ 74,471 $ 82,822 $ 16,383 $ 3,242,453 |
Performance Status of Loans Receivable | The following tables present information relating to the Company’s nonperforming and impaired loans at September 30, 2017 and June 30, 2017 based upon the methodology for identifying and reporting such loans as described in the Company’s Form 10-K for the fiscal year ended June 30, 2017. Loans reported as “90+ days past due accruing” in the table immediately below are also reported in the preceding contractual payment status table under the heading “90+ days past due”. Performance Status of Loans Receivable At September 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Performing $ 553,078 $ 1,427,694 $ 1,078,829 $ 8,067 $ 78,823 $ 79,661 $ 13,683 $ 3,239,835 Nonperforming: 90+ days past due accruing - - - - - - 105 105 Nonaccrual 6,515 146 7,154 253 2,853 1,085 - 18,006 Total nonperforming 6,515 146 7,154 253 2,853 1,085 105 18,111 Total loans $ 559,593 $ 1,427,840 $ 1,085,983 $ 8,320 $ 81,676 $ 80,746 $ 13,788 $ 3,257,946 Performance Status of Loans Receivable At June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Performing $ 558,533 $ 1,412,417 $ 1,079,344 $ 3,560 $ 71,837 $ 81,581 $ 16,309 $ 3,223,581 Nonperforming: 90+ days past due accruing - - - - - - 74 74 Nonaccrual 8,790 158 5,720 255 2,634 1,241 - 18,798 Total nonperforming 8,790 158 5,720 255 2,634 1,241 74 18,872 Total loans $ 567,323 $ 1,412,575 $ 1,085,064 $ 3,815 $ 74,471 $ 82,822 $ 16,383 $ 3,242,453 |
Impairment Status of Loans Receivable | Impairment Status of Loans Receivable At September 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Carrying value of impaired loans: Non-impaired loans $ 550,319 $ 1,427,694 $ 1,078,676 $ 8,067 $ 78,797 $ 79,020 $ 13,788 $ 3,236,361 Impaired loans: Impaired loans with no allowance for impairment 7,869 146 6,960 253 2,878 1,726 - 19,832 Impaired loans with allowance for impairment: Recorded investment 1,405 - 347 - 1 - - 1,753 Allowance for impairment (72 ) - (6 ) - - - - (78 ) Balance of impaired loans net of allowance for impairment 1,333 - 341 - 1 - - 1,675 Total impaired loans, excluding allowance for impairment: 9,274 146 7,307 253 2,879 1,726 - 21,585 Total loans $ 559,593 $ 1,427,840 $ 1,085,983 $ 8,320 $ 81,676 $ 80,746 $ 13,788 $ 3,257,946 Unpaid principal balance of impaired loans: Total impaired loans $ 14,112 $ 930 $ 10,549 $ 691 $ 6,777 $ 2,828 $ - $ 35,887 Impairment Status of Loans Receivable At June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Carrying value of impaired loans: Non-impaired loans $ 556,680 $ 1,412,417 $ 1,079,187 $ 3,203 $ 71,609 $ 80,928 $ 16,383 $ 3,220,407 Impaired loans: Impaired loans with no allowance for impairment 8,971 158 4,521 612 2,755 1,894 - 18,911 Impaired loans with allowance for impairment: Recorded investment 1,672 - 1,356 - 107 - - 3,135 Allowance for impairment (154 ) - (39 ) - (6 ) - - (199 ) Balance of impaired loans net of allowance for impairment 1,518 - 1,317 - 101 - - 2,936 Total impaired loans, excluding allowance for impairment: 10,643 158 5,877 612 2,862 1,894 - 22,046 Total loans $ 567,323 $ 1,412,575 $ 1,085,064 $ 3,815 $ 74,471 $ 82,822 $ 16,383 $ 3,242,453 Unpaid principal balance of impaired loans: Total impaired loans $ 16,479 $ 930 $ 10,002 $ 691 $ 6,682 $ 2,961 $ - $ 37,745 Impairment Status of Loans Receivable Periods Ended September 30, 2017 and 2016 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) For the three months ended September 30, 2017: Average balance of impaired loans $ 9,981 $ 152 $ 6,395 $ 343 $ 2,818 $ 1,911 $ - $ 21,600 Interest earned on impaired loans $ 35 $ - $ 2 $ - $ 1 $ 8 $ - $ 46 For the three months ended September 30, 2016: Average balance of impaired loans $ 13,058 $ 199 $ 6,752 $ 354 $ 3,131 $ 2,156 $ - $ 25,650 Interest earned on impaired loans $ 31 $ - $ 12 $ - $ 4 $ 15 $ - $ 62 |
Troubled Debt Restructurings of Loans Receivable | The following table presents information regarding the restructuring of the Company’s troubled debts during the three months ended September 30, 2017 and 2016 and any defaults during those periods of TDRs that were restructured within 12 months of the date of default. Troubled Debt Restructurings of Loans Receivable Period Ended September 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Troubled debt restructuring activity for the three months ended September 30, 2017: Number of loans 1 - - - - - - 1 Pre-modification outstanding recorded investment $ 425 $ - $ - $ - $ - $ - $ - $ 425 Post-modification outstanding recorded investment 367 - - - - - - 367 Charge offs against the allowance for loan loss recognized at modification - - - - - - - - Troubled debt restructuring defaults for the three months ended September 30, 2017: Number of loans - - - - - - - - Outstanding recorded investment $ - $ - $ - $ - $ - $ - $ - $ - Troubled Debt Restructurings of Loans Receivable Period Ended September 30, 2016 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Troubled debt restructuring activity for the three months ended September 30, 2016: Number of loans - - - - 1 1 - 2 Pre-modification outstanding recorded investment $ - $ - $ - $ - $ 244 $ 184 $ - $ 428 Post-modification outstanding recorded investment - - - - 223 184 - 407 Charge offs against the allowance for loan loss recognized at modification - - - - 27 3 - 30 Troubled debt restructuring defaults for the three months ended September 30, 2016: Number of loans - - - - - - - - Outstanding recorded investment $ - $ - $ - $ - $ - $ - $ - $ - |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Banking And Thrift [Abstract] | |
Summary of Deposits | Deposits are summarized as follows: September 30, June 30, 2017 2017 (Dollars in Thousands) Non-interest-bearing demand $ 279,263 $ 267,412 Interest-bearing demand 856,122 847,663 Savings and club 519,040 523,984 Certificates of deposits 1,298,843 1,291,068 Total deposits $ 2,953,268 $ 2,930,127 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Fixed Rate Advances from FHLB | Fixed rate advances from the FHLB of New York mature as follows: September 30, 2017 June 30, 2017 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) Maturing in years ending June 30: 2018 630,225 1.35 630,225 1.29 2021 442 4.94 469 4.94 2023 145,000 3.04 145,000 3.04 Total advances 775,667 1.67 % 775,694 1.62 % Fair value adjustments 5 2 Total advances, net of fair value adjustments $ 775,672 $ 775,696 |
Derivative Instruments and He31
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Financial Instruments as well as Their Classification on Statement of Financial Condition | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Statement of Financial Condition as of September 30, 2017 and June 30, 2017: September 30, 2017 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (Dollars in Thousands) Derivatives designated as hedging instruments: Interest rate swaps Other assets $ 8,758 Other liabilities $ - Interest rate caps Other assets 121 Other liabilities - Total $ 8,879 $ - June 30, 2017 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (Dollars in Thousands) Derivatives designated as hedging instruments: Interest rate swaps Other assets $ 7,670 Other liabilities $ 298 Interest rate caps Other assets 140 Other liabilities - Total $ 7,810 $ 298 |
Pre-tax Effects of Derivative Instruments on Consolidated Statements of Income | The table below presents the pre-tax effects of the Company’s derivative instruments on the Consolidated Statements of Income for the three months ended September 30, 2017 and 2016: Three Months Ended September 30, 2017 Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Location of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) (Dollars in Thousands) Derivatives in cash flow hedging relationships: Interest rate swaps $ 260 Interest expense $ (1,126 ) Not applicable $ - Interest rate caps (13 ) Interest expense (274 ) Not applicable - Total $ 247 $ (1,400 ) $ - Three Months Ended September 30, 2016 Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Location of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) (Dollars in Thousands) Derivatives in cash flow hedging relationships: Interest rate swaps $ 3,453 Interest expense $ (1,719 ) Not applicable $ - Interest rate caps 10 Interest expense (161 ) Not applicable - Total $ 3,463 $ (1,880 ) $ - |
Offsetting Derivatives | The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives in the Consolidated Statement of Condition as of September 30, 2017 and June 30, 2017, respectively. The net amounts presented for derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Consolidated Statement of Condition. September 30, 2017 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received Net Amount (Dollars in Thousands) Assets: Interest rate swaps $ 12,814 $ (4,056 ) $ 8,758 $ - $ (7,440 ) $ 1,318 Interest rate caps 121 - 121 - - 121 Total $ 12,935 $ (4,056 ) $ 8,879 $ - $ (7,440 ) $ 1,439 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Posted Net Amount (Dollars in Thousands) Liabilities: Interest rate swaps $ 4,056 $ (4,056 ) $ - $ - $ - $ - Interest rate caps - - - - - - Total $ 4,056 $ (4,056 ) $ - $ - $ - $ - June 30, 2017 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received Net Amount (Dollars in Thousands) Assets: Interest rate swaps $ 12,839 $ (5,169 ) $ 7,670 $ - $ (5,770 ) $ 1,900 Interest rate caps 140 - 140 - - 140 Total $ 12,979 $ (5,169 ) $ 7,810 $ - $ (5,770 ) $ 2,040 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Posted Net Amount Liabilities: Interest rate swaps $ 5,467 $ (5,169 ) $ 298 $ - $ (298 ) $ - Interest rate caps - - - - - - Total $ 5,467 $ (5,169 ) $ 298 $ - $ (298 ) $ - |
Benefit Plans (Tables)
Benefit Plans (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Net Periodic Benefit Expense | The following table sets forth the aggregate net periodic benefit expense for the Bank’s Benefit Equalization Plan, Postretirement Welfare Plan, Directors’ Consultation and Retirement Plan and Atlas Bank Retirement Income Plan: Three Months Ended September 30, 2017 2016 (In Thousands) Service cost $ 12 $ 8 Interest cost $ 93 95 Amortization of unrecognized past service liability - - Amortization of unrecognized loss $ 11 16 Expected return on assets (30 ) (62 ) Net periodic benefit cost $ 86 $ 57 |
Fair Value of Financial Instr33
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
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: September 30, 2017 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 $ - $ 5,063 $ - $ 5,063 Obligations of state and political subdivisions - 27,725 - 27,725 Asset-backed securities - 163,615 - 163,615 Collateralized loan obligations - 128,383 - 128,383 Corporate bonds - 142,489 - 142,489 Trust preferred securities - 7,544 1,000 8,544 Total debt securities - 474,819 1,000 475,819 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 28,790 - 28,790 Residential pass-through securities - 123,868 - 123,868 Commercial pass-through securities - 8,123 - 8,123 Total mortgage-backed securities - 160,781 - 160,781 Total securities available for sale $ - $ 635,600 $ 1,000 $ 636,600 Derivative instruments Interest rate swaps $ - $ 8,758 $ - $ 8,758 Interest rate caps - 121 - 121 Total derivatives $ - $ 8,879 $ - $ 8,879 June 30, 2017 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 $ - $ 5,316 $ - $ 5,316 Obligations of state and political subdivisions - 27,740 - 27,740 Asset-backed securities - 162,429 - 162,429 Collateralized loan obligations - 98,154 - 98,154 Corporate bonds - 142,318 - 142,318 Trust preferred securities - 7,540 1,000 8,540 Total debt securities - 443,497 1,000 444,497 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 30,536 - 30,536 Residential pass-through securities - 130,550 - 130,550 Commercial pass-through securities - 8,177 - 8,177 Total mortgage-backed securities - 169,263 - 169,263 Total securities available for sale $ - $ 612,760 $ 1,000 $ 613,760 Derivative instruments Interest rate swaps $ - $ 7,372 $ - $ 7,372 Interest rate caps - 140 - 140 Total derivatives $ - $ 7,512 $ - $ 7,512 |
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: September 30, 2017 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: Residential mortgage $ - $ - $ 4,843 $ 4,843 Non-residential mortgage - - 1,145 1,145 Commercial business - - 117 117 Total $ - $ - $ 6,105 $ 6,105 Real estate owned, net: - Residential mortgage - - 751 751 Non-residential mortgage - - 131 131 Total $ - $ - $ 882 $ 882 June 30, 2017 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: Residential mortgage $ - $ - $ 5,711 $ 5,711 Non-residential mortgage - - 2,126 2,126 Commercial business - - 119 119 Total $ - $ - $ 7,956 $ 7,956 |
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: September 30, 2017 Fair Value Valuation Techniques Unobservable Input Range Weighted Average (In Thousands) Impaired loans: Residential mortgage $ 4,843 Market valuation of collateral (1) Selling costs (3) 6% - 23% 9.10 % Non-residential mortgage 1,145 Market valuation of collateral (1) Selling costs (3) 8% - 12% 11.43 % Commercial business 117 Market valuation of collateral (1) Selling costs (3) 10% - 20% 13.37 % Total $ 6,105 Real estate owned, net: Residential mortgage 751 Market valuation of property (2) Selling costs (3) 5% 5.00 % Non-residential mortgage 131 Market valuation of property (2) Selling costs (3) 6% 6.00 % Total $ 882 June 30, 2017 Fair Value Valuation Techniques Unobservable Input Range Weighted Average (In Thousands) Impaired loans: Residential mortgage $ 5,711 Market valuation of collateral (1) Selling costs (3) 6% - 21% 8.12 % Non-residential mortgage 2,126 Market valuation of collateral (1) Selling costs (3) 0% - 12% 6.93 % Commercial business 119 Market valuation of collateral (1) Selling costs (3) 9% - 20% 12.79 % Total $ 7,956 (1) The fair value of impaired loans is generally determined based on an independent appraisal of the market value of a loan’s underlying collateral. (2) The fair value basis of impaired loans and real estate owned is adjusted to reflect management estimates of selling costs including, but not necessarily limited to, real estate brokerage commissions and title transfer fees. (3) 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. |
Schedule of Carrying Amounts and Fair Values of Financial Instruments | The carrying amounts and fair values of financial instruments are as follows: September 30, 2017 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 $ 38,823 $ 38,823 $ 38,823 $ - $ - Debt securities available for sale 475,819 475,819 - 474,819 1,000 Mortgage-backed securities available for sale 160,781 160,781 - 160,781 - Debt securities held to maturity 145,954 146,782 - 146,782 - Mortgage-backed securities held to maturity 336,972 338,654 - 338,654 - Loans held-for-sale 3,808 3,808 - 3,808 - Net loans receivable 3,230,883 3,158,748 - - 3,158,748 FHLB Stock 39,115 N/A N/A N/A N/A Interest receivable 13,268 13,268 1 3,670 9,597 Financial liabilities: Deposits (1) 2,953,268 2,967,953 1,654,425 - 1,313,528 Borrowings 808,554 825,110 - - 825,110 Interest payable on borrowings 1,461 1,461 - - 1,461 (1) Includes accrued interest payable on deposits of $381,000 at September 30, 2017. June 30, 2017 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 $ 78,237 $ 78,237 $ 78,237 $ - $ - Debt securities available for sale 444,497 444,497 - 443,497 1,000 Mortgage-backed securities available for sale 169,263 169,263 - 169,263 - Debt securities held to maturity 144,713 145,505 - 145,505 - Mortgage-backed securities held to maturity 348,608 350,289 - 350,289 - Loans held-for-sale 4,692 4,692 - 4,692 - Net loans receivable 3,215,975 3,137,304 - - 3,137,304 FHLB Stock 39,958 N/A N/A N/A N/A Interest receivable 12,493 12,493 6 3,169 9,318 Financial liabilities: Deposits (1) 2,930,127 2,943,908 1,639,059 - 1,304,849 Borrowings 806,228 823,435 - - 823,435 Interest payable on borrowings 1,391 1,391 - - 1,391 (1) Includes accrued interest payable on deposits of $382,000 at June 30, 2017. |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income included in stockholders’ equity at September 30, 2017 and June 30, 2017 are as follows: September 30, June 30, 2017 2017 (In Thousands) Net unrealized loss on securities available for sale $ (453 ) $ (2,385 ) Tax effect 191 975 Net of tax amount (262 ) (1,410 ) Net unrealized loss on securities available for sale transferred to held to maturity (1,080 ) (1,109 ) Tax effect 441 453 Net of tax amount (639 ) (656 ) Fair value adjustments on derivatives 7,965 6,319 Tax effect (3,254 ) (2,582 ) Net of tax amount 4,711 3,737 Benefit plan adjustments (1,133 ) (1,061 ) Tax effect 463 434 Net of tax amount (670 ) (627 ) Total accumulated other comprehensive income $ 3,140 $ 1,044 |
Schedule of Comprehensive Income | Other comprehensive income and related tax effects for the three months ended September 30, 2017 and September 30, 2016 are presented in the following table: Three Months Ended September 30, 2017 2016 (In Thousands) Net unrealized holding gain on securities available for sale $ 1,932 $ 1,815 Amortization of net unrealized holding gain on securities available for sale transferred to held to maturity (3) 29 7 Net realized gain on securities available for sale - - Net unrealized gain on derivatives 1,646 5,343 Benefit plans: Amortization of: Actuarial loss (1) 11 16 Past service cost (1) - - Net actuarial loss (83 ) (394 ) Net change in benefit plan accrued expense (72 ) (378 ) Other comprehensive income before taxes 3,535 6,787 Tax effect (2) (1,439 ) (2,773 ) Total other comprehensive income $ 2,096 $ 4,014 (1) Represents amounts reclassified out of accumulated other comprehensive income and included in the computation of net periodic pension expense. See Note 13 – Benefit Plans for additional information. (2) The amounts included in income taxes for items reclassified out of accumulated other comprehensive income totaled $(29) for the three months ended September 30, 2017 and $(154) for the three months ended September 30, 2016, respectively. (3) Represents amounts reclassified out of accumulated other comprehensive income and included in interest income on taxable securities. |
Net Income Per Common Share (EP
Net Income Per Common Share (EPS) - Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share Computations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||
Income (Numerator): Net income | $ 5,232 | $ 4,667 |
Income (Numerator): Basic earnings per share, income available to common stockholders | 5,232 | 4,667 |
Income (Numerator): Diluted earnings per share | $ 5,232 | $ 4,667 |
Shares (Denominator): Basic earnings per share, income available to common stockholders | 79,649 | 86,246 |
Shares (Denominator): Stock options | 59 | 58 |
Shares (Denominator): Diluted earnings per share | 79,708 | 86,304 |
Per Share Amount: Basic earnings per share, income available to common stockholders | $ 0.07 | $ 0.05 |
Per Share Amount: Diluted earnings per share | $ 0.07 | $ 0.05 |
Net Income Per Common Share (36
Net Income Per Common Share (EPS) - Additional Information (Detail) - shares | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Stock Options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Average number of options anti-dilutive | 3,290,000 | 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Thousands | Nov. 01, 2017USD ($)$ / sharesshares | Oct. 31, 2017$ / shares | Sep. 30, 2017USD ($)Branch | Jun. 30, 2017USD ($) |
Subsequent Event [Line Items] | ||||
Assets | $ 4,808,150 | $ 4,818,127 | ||
Loans | 808,554 | 806,228 | ||
Deposits held | 2,953,268 | $ 2,930,127 | ||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of days considered in volume weighted average common stock price | 10 days | |||
Business acquisition, weighted average common stock price | $ / shares | $ 15.32 | |||
Percentage of ownership interest in combined company by KRNY stockholders upon closing of merger | 76.00% | |||
Percentage of ownership interest in combined company by CSBK stockholders upon closing of merger | 24.00% | |||
Clifton Bancorp Inc. [Member] | ||||
Subsequent Event [Line Items] | ||||
Assets | 1,600,000 | |||
Loans | 1,100,000 | |||
Deposits held | $ 915,000 | |||
Number of branches in which deposits held | Branch | 12 | |||
Clifton Bancorp Inc. [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Business acquisition, date of definitive agreement | Nov. 1, 2017 | |||
Outstanding shares of CSBK common stock exchanged for shares of KRNY common stock | shares | 1.191 | |||
Business acquisition, estimated transaction value | $ 408,000 | |||
Business acquisition, share price | $ / shares | $ 18.25 |
Securities Available for Sale -
Securities Available for Sale - Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | $ 475,666 | |
Securities available for sale, Fair value | 475,819 | $ 444,497 |
Securities available for sale, Amortized Cost | 637,053 | 616,145 |
Mortgage-backed securities, Gross Unrealized Gains | 3,163 | 2,551 |
Mortgage-backed securities, Gross Unrealized Losses | 3,616 | 4,936 |
Securities available for sale, Fair value | 636,600 | 613,760 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 161,387 | 170,249 |
Mortgage-backed securities, Gross Unrealized Gains | 890 | 884 |
Mortgage-backed securities, Gross Unrealized Losses | 1,496 | 1,870 |
Securities available for sale, Fair value | 160,781 | 169,263 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 475,666 | 445,896 |
Securities available for sale, Gross Unrealized Gains | 2,273 | 1,667 |
Securities available for sale, Gross Unrealized Losses | 2,120 | 3,066 |
Securities available for sale, Fair value | 475,819 | 444,497 |
Debt Securities [Member] | U.S. Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 5,054 | 5,304 |
Securities available for sale, Gross Unrealized Gains | 30 | 35 |
Securities available for sale, Gross Unrealized Losses | 21 | 23 |
Securities available for sale, Fair value | 5,063 | 5,316 |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 27,458 | 27,465 |
Securities available for sale, Gross Unrealized Gains | 291 | 305 |
Securities available for sale, Gross Unrealized Losses | 24 | 30 |
Securities available for sale, Fair value | 27,725 | 27,740 |
Debt Securities [Member] | Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 163,174 | 163,120 |
Securities available for sale, Gross Unrealized Gains | 795 | 316 |
Securities available for sale, Gross Unrealized Losses | 354 | 1,007 |
Securities available for sale, Fair value | 163,615 | 162,429 |
Debt Securities [Member] | Collateralized Loan Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 128,052 | 98,078 |
Securities available for sale, Gross Unrealized Gains | 391 | 185 |
Securities available for sale, Gross Unrealized Losses | 60 | 109 |
Securities available for sale, Fair value | 128,383 | 98,154 |
Debt Securities [Member] | Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 143,014 | 143,017 |
Securities available for sale, Gross Unrealized Gains | 766 | 826 |
Securities available for sale, Gross Unrealized Losses | 1,291 | 1,525 |
Securities available for sale, Fair value | 142,489 | 142,318 |
Debt Securities [Member] | Trust Preferred Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 8,914 | 8,912 |
Securities available for sale, Gross Unrealized Losses | 370 | 372 |
Securities available for sale, Fair value | 8,544 | 8,540 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 29,351 | 31,124 |
Mortgage-backed securities, Gross Unrealized Gains | 38 | 38 |
Mortgage-backed securities, Gross Unrealized Losses | 599 | 626 |
Securities available for sale, Fair value | 28,790 | 30,536 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 9,300 | 9,902 |
Mortgage-backed securities, Gross Unrealized Gains | 38 | 38 |
Mortgage-backed securities, Gross Unrealized Losses | 56 | 66 |
Securities available for sale, Fair value | 9,282 | 9,874 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | Federal National Mortgage Association [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 20,051 | 21,222 |
Mortgage-backed securities, Gross Unrealized Losses | 543 | 560 |
Securities available for sale, Fair value | 19,508 | 20,662 |
Residential Pass-Through Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 123,967 | 131,017 |
Mortgage-backed securities, Gross Unrealized Gains | 794 | 777 |
Mortgage-backed securities, Gross Unrealized Losses | 893 | 1,244 |
Securities available for sale, Fair value | 123,868 | 130,550 |
Residential Pass-Through Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 90,838 | 95,501 |
Mortgage-backed securities, Gross Unrealized Gains | 385 | 352 |
Mortgage-backed securities, Gross Unrealized Losses | 764 | 999 |
Securities available for sale, Fair value | 90,459 | 94,854 |
Residential Pass-Through Securities [Member] | Federal National Mortgage Association [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 33,129 | 35,516 |
Mortgage-backed securities, Gross Unrealized Gains | 409 | 425 |
Mortgage-backed securities, Gross Unrealized Losses | 129 | 245 |
Securities available for sale, Fair value | 33,409 | 35,696 |
Commercial Pass-Through Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 8,069 | 8,108 |
Mortgage-backed securities, Gross Unrealized Gains | 58 | 69 |
Mortgage-backed securities, Gross Unrealized Losses | 4 | |
Securities available for sale, Fair value | 8,123 | 8,177 |
Commercial Pass-Through Securities [Member] | Federal National Mortgage Association [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 8,069 | 8,108 |
Mortgage-backed securities, Gross Unrealized Gains | 58 | 69 |
Mortgage-backed securities, Gross Unrealized Losses | 4 | |
Securities available for sale, Fair value | $ 8,123 | $ 8,177 |
Securities Available for Sale39
Securities Available for Sale - Stratification by Contractual Maturity of Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Investments Debt And Equity Securities [Abstract] | ||
Due after one year through five years, Amortized Cost | $ 53,620 | |
Due after five years through ten years, Amortized Cost | 160,665 | |
Due after ten years, Amortized Cost | 261,381 | |
Securities available for sale, Amortized Cost | 475,666 | |
Due after one year through five years, Fair Value | 53,719 | |
Due after five years through ten years, Fair Value | 160,248 | |
Due after ten years, Fair Value | 261,852 | |
Fair Value | $ 475,819 | $ 444,497 |
Securities Available for Sale40
Securities Available for Sale - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of debt securities available for sale | $ 0 | $ 0 | |
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 | 39,500,000 | $ 41,800,000 | |
Securities Available for Sale [Member] | Federal Reserve Bank of NewYork [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale utilized as collateral for potential borrowings | 41,600,000 | 41,500,000 | |
Securities Available for Sale [Member] | Federal Reserve Bank of NewYork [Member] | Depositor Sweep Accounts [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale securities utilized as collateral | $ 7,900,000 | $ 8,200,000 |
Securities Held to Maturity - A
Securities Held to Maturity - Amortized Cost, Gross Unrecognized Gains and Losses and Fair Values of Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 145,954 | $ 144,713 |
Securities held to maturity | 482,926 | 493,321 |
Gross Unrecognized Gains | 3,930 | 4,057 |
Gross Unrecognized Losses | 1,420 | 1,584 |
Fair Value | 146,782 | 145,505 |
Fair Value | 485,436 | 495,794 |
Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 336,972 | 348,608 |
Gross Unrecognized Gains | 2,958 | 3,061 |
Gross Unrecognized Losses | 1,276 | 1,380 |
Fair Value | 338,654 | 350,289 |
Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 145,954 | 144,713 |
Gross Unrecognized Gains | 972 | 996 |
Gross Unrecognized Losses | 144 | 204 |
Fair Value | 146,782 | 145,505 |
Debt Securities [Member] | U.S. Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 35,000 | 35,000 |
Gross Unrecognized Losses | 16 | 48 |
Fair Value | 34,984 | 34,952 |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 95,954 | 94,713 |
Gross Unrecognized Gains | 972 | 996 |
Gross Unrecognized Losses | 128 | 156 |
Fair Value | 96,798 | 95,553 |
Debt Securities [Member] | Subordinated Debt [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 15,000 | 15,000 |
Fair Value | 15,000 | 15,000 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 16,600 | 17,854 |
Gross Unrecognized Gains | 9 | 10 |
Gross Unrecognized Losses | 392 | 403 |
Fair Value | 16,217 | 17,461 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | Government National Mortgage Association [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 2,051 | 2,199 |
Gross Unrecognized Losses | 43 | 46 |
Fair Value | 2,008 | 2,153 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 14,425 | 15,522 |
Gross Unrecognized Losses | 349 | 357 |
Fair Value | 14,076 | 15,165 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | Federal National Mortgage Association [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 104 | 111 |
Gross Unrecognized Gains | 9 | 10 |
Fair Value | 113 | 121 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | Non-Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 20 | 22 |
Fair Value | 20 | 22 |
Residential Pass-Through Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 169,257 | 178,813 |
Gross Unrecognized Gains | 613 | 429 |
Gross Unrecognized Losses | 872 | 935 |
Fair Value | 168,998 | 178,307 |
Residential Pass-Through Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 33,288 | 35,289 |
Gross Unrecognized Gains | 1 | 1 |
Gross Unrecognized Losses | 381 | 338 |
Fair Value | 32,908 | 34,952 |
Residential Pass-Through Securities [Member] | Federal National Mortgage Association [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 135,969 | 143,524 |
Gross Unrecognized Gains | 612 | 428 |
Gross Unrecognized Losses | 491 | 597 |
Fair Value | 136,090 | 143,355 |
Commercial Pass-Through Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 151,115 | 151,941 |
Gross Unrecognized Gains | 2,336 | 2,622 |
Gross Unrecognized Losses | 12 | 42 |
Fair Value | 153,439 | 154,521 |
Commercial Pass-Through Securities [Member] | Government National Mortgage Association [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 1,934 | 1,989 |
Gross Unrecognized Losses | 5 | 11 |
Fair Value | 1,929 | 1,978 |
Commercial Pass-Through Securities [Member] | Commercial Pass-Through Securities: Federal National Mortgage Association [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 149,181 | 149,952 |
Gross Unrecognized Gains | 2,336 | 2,622 |
Gross Unrecognized Losses | 7 | 31 |
Fair Value | $ 151,510 | $ 152,543 |
Securities Held to Maturity - S
Securities Held to Maturity - Stratification by Contractual Maturity of Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 145,954 | $ 144,713 |
Held-to-maturity Securities, Fair Value Total | 146,782 | 145,505 |
Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Due in one year or less, Amortized Cost | 39,253 | |
Due after one year through five years, Amortized Cost | 25,057 | |
Due after five years through ten years, Amortized Cost | 69,846 | |
Due after ten years, Amortized Cost | 11,798 | |
Amortized Cost | 145,954 | 144,713 |
Due in one year or less, Fair Value | 39,236 | |
Due after one year through five years, Fair Value | 25,130 | |
Due after five years through ten years, Fair Value | 70,532 | |
Due after ten years, Fair Value | 11,884 | |
Held-to-maturity Securities, Fair Value Total | $ 146,782 | $ 145,505 |
Securities Held to Maturity -43
Securities Held to Maturity - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Proceeds from sales of securities held to maturity | $ 0 | $ 0 | |
Securities Held to Maturity [Member] | Public Funds [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held to maturity securities pledged to secure public funds on deposit | 6,900,000 | $ 6,900,000 | |
Securities Held to Maturity [Member] | Depositor Sweep Accounts [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held to maturity securities utilized as collateral for accounts | 28,600,000 | 32,700,000 | |
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 | 120,500,000 | 117,500,000 | |
Securities Held to Maturity [Member] | Federal Reserve Bank of NewYork [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held to maturity securities pledged as collateral | $ 91,700,000 | $ 88,800,000 |
Impairment of Securities - Sche
Impairment of Securities - Schedule of Fair Values and Gross Unrealized Losses on Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | $ 89,695 | $ 170,579 |
Less than 12 Months: Unrealized Losses | 358 | 2,092 |
12 Months or More: Fair Value | 165,284 | 175,761 |
12 Months or More: Unrealized Losses | 3,258 | 2,844 |
Total: Fair Value | 254,979 | 346,340 |
Total: Unrealized Losses | 3,616 | 4,936 |
Debt Securities [Member] | Trust Preferred Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
12 Months or More: Fair Value | 7,545 | 7,540 |
12 Months or More: Unrealized Losses | 370 | 372 |
Total: Fair Value | 7,545 | 7,540 |
Total: Unrealized Losses | 370 | 372 |
Debt Securities [Member] | U.S. Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 382 | 440 |
Less than 12 Months: Unrealized Losses | 1 | |
12 Months or More: Fair Value | 1,657 | 1,746 |
12 Months or More: Unrealized Losses | 20 | 23 |
Total: Fair Value | 2,039 | 2,186 |
Total: Unrealized Losses | 21 | 23 |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 3,312 | 3,872 |
Less than 12 Months: Unrealized Losses | 14 | 30 |
12 Months or More: Fair Value | 567 | |
12 Months or More: Unrealized Losses | 10 | |
Total: Fair Value | 3,879 | 3,872 |
Total: Unrealized Losses | 24 | 30 |
Debt Securities [Member] | Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 16,860 | |
Less than 12 Months: Unrealized Losses | 84 | |
12 Months or More: Fair Value | 38,664 | 86,975 |
12 Months or More: Unrealized Losses | 354 | 923 |
Total: Fair Value | 38,664 | 103,835 |
Total: Unrealized Losses | 354 | 1,007 |
Debt Securities [Member] | Collateralized Loan Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 30,784 | 46,016 |
Less than 12 Months: Unrealized Losses | 60 | 108 |
12 Months or More: Fair Value | 6,000 | |
12 Months or More: Unrealized Losses | 1 | |
Total: Fair Value | 30,784 | 52,016 |
Total: Unrealized Losses | 60 | 109 |
Debt Securities [Member] | Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
12 Months or More: Fair Value | 68,731 | 73,500 |
12 Months or More: Unrealized Losses | 1,291 | 1,525 |
Total: Fair Value | 68,731 | 73,500 |
Total: Unrealized Losses | 1,291 | 1,525 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 7,629 | 26,090 |
Less than 12 Months: Unrealized Losses | 96 | 626 |
12 Months or More: Fair Value | 17,030 | |
12 Months or More: Unrealized Losses | 503 | |
Total: Fair Value | 24,659 | 26,090 |
Total: Unrealized Losses | 599 | 626 |
Residential Pass-Through Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 43,534 | 77,301 |
Less than 12 Months: Unrealized Losses | 183 | 1,244 |
12 Months or More: Fair Value | 31,090 | |
12 Months or More: Unrealized Losses | 710 | |
Total: Fair Value | 74,624 | 77,301 |
Total: Unrealized Losses | 893 | $ 1,244 |
Commercial Pass-Through Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 4,054 | |
Less than 12 Months: Unrealized Losses | 4 | |
Total: Fair Value | 4,054 | |
Total: Unrealized Losses | $ 4 |
Impairment of Securities - Addi
Impairment of Securities - Additional Information (Detail) | Sep. 30, 2017USD ($)Security | Jun. 30, 2017USD ($)Security |
Schedule Of Investments [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 51 | 57 |
Held-to-maturity, securities in unrecognized loss positions, qualitative disclosure, number of positions | 74 | 90 |
Credit-related OTTI securities | $ | $ 0 | $ 0 |
Collateralized Loan Obligations [Member] | ||
Schedule Of Investments [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 4 | 8 |
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 |
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 | 6 | 9 |
Debt Securities [Member] | Corporate Bonds [Member] | ||
Schedule Of Investments [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 6 | 7 |
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 | 7 | 7 |
Held-to-maturity, securities in unrecognized loss positions, qualitative disclosure, number of positions | 2 | 2 |
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 | 9 | 9 |
Held-to-maturity, securities in unrecognized loss positions, qualitative disclosure, number of positions | 39 | 44 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | ||
Schedule Of Investments [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 5 | 5 |
Held-to-maturity, securities in unrecognized loss positions, qualitative disclosure, number of positions | 6 | 7 |
Residential Pass-Through Securities [Member] | ||
Schedule Of Investments [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 9 | 8 |
Held-to-maturity, securities in unrecognized loss positions, qualitative disclosure, number of positions | 24 | 34 |
Commercial Pass-Through Securities [Member] | ||
Schedule Of Investments [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 1 | |
Held-to-maturity, securities in unrecognized loss positions, qualitative disclosure, number of positions | 3 | 3 |
Impairment of Securities - Sc46
Impairment of Securities - Schedule of Temporary Impairment Losses, Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months: Fair Value | $ 145,707 | $ 192,166 |
Less than 12 Months: Unrecognized Losses | 857 | 1,513 |
12 Months or More: Fair Value | 36,875 | 12,164 |
12 Months or More: Unrecognized Losses | 563 | 71 |
Total: Fair Value | 182,582 | 204,330 |
Total: Unrecognized Losses | 1,420 | 1,584 |
Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total: Unrecognized Losses | 144 | 204 |
Debt Securities [Member] | U.S. Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months: Fair Value | 24,990 | 24,969 |
Less than 12 Months: Unrecognized Losses | 10 | 31 |
12 Months or More: Fair Value | 9,994 | 9,983 |
12 Months or More: Unrecognized Losses | 6 | 17 |
Total: Fair Value | 34,984 | 34,952 |
Total: Unrecognized Losses | 16 | 48 |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months: Fair Value | 15,831 | 19,232 |
Less than 12 Months: Unrecognized Losses | 109 | 150 |
12 Months or More: Fair Value | 2,913 | 409 |
12 Months or More: Unrecognized Losses | 19 | 6 |
Total: Fair Value | 18,744 | 19,641 |
Total: Unrecognized Losses | 128 | 156 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months: Fair Value | 17,317 | |
Less than 12 Months: Unrecognized Losses | 403 | |
12 Months or More: Fair Value | 16,096 | 22 |
12 Months or More: Unrecognized Losses | 392 | |
Total: Fair Value | 16,096 | 17,339 |
Total: Unrecognized Losses | 392 | 403 |
Residential Pass-Through Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months: Fair Value | 95,789 | 119,538 |
Less than 12 Months: Unrecognized Losses | 731 | 887 |
12 Months or More: Fair Value | 5,943 | 1,750 |
12 Months or More: Unrecognized Losses | 141 | 48 |
Total: Fair Value | 101,732 | 121,288 |
Total: Unrecognized Losses | 872 | 935 |
Commercial Pass-Through Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months: Fair Value | 9,097 | 11,110 |
Less than 12 Months: Unrecognized Losses | 7 | 42 |
12 Months or More: Fair Value | 1,929 | |
12 Months or More: Unrecognized Losses | 5 | |
Total: Fair Value | 11,026 | 11,110 |
Total: Unrecognized Losses | $ 12 | $ 42 |
Loan Quality and Allowance fo47
Loan Quality and Allowance for Loan Losses - Additional Information (Detail) | Sep. 30, 2017USD ($)PropertyLoan | Jun. 30, 2017USD ($)PropertyLoan |
Financing Receivable, Recorded Investment [Line Items] | ||
Unpaid principal balance of impaired loans | $ 35,887,000 | $ 37,745,000 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 78,000 | 199,000 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Unpaid principal balance of impaired loans | 14,112,000 | 16,479,000 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | $ 72,000 | $ 154,000 |
Number of loans in process of foreclosure | Loan | 13 | 18 |
Mortgage loans in process of foreclosure, carrying value | $ 2,600,000 | $ 3,700,000 |
Residential Mortgage [Member] | Single-family Property [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Aggregate carrying value of real estate | $ 1,900,000 | $ 981,000 |
Residential Mortgage [Member] | Real Estate Acquired in Satisfaction of Debt [Member] | Single-family Property [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of properties held | Property | 5 | 2 |
Loans Acquired at Fair Value [Member] | Uncertain Cash Flow [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | $ 363,000 | $ 371,000 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans acquired with deteriorated credit quality | 386,000 | 594,000 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans acquired with deteriorated credit quality | 97,000 | 97,000 |
Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 18,006,000 | 18,798,000 |
Nonperforming Financing Receivable [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 6,515,000 | 8,790,000 |
Nonperforming Financing Receivable [Member] | Loans Acquired at Fair Value [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Unpaid principal balance of impaired loans | 386,000 | 594,000 |
Nonperforming Financing Receivable [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Loans Acquired at Fair Value [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans acquired with deteriorated credit quality | $ 584,000 | $ 839,000 |
Loan Quality and Allowance fo48
Loan Quality and Allowance for Loan Losses - Impaired Loans Acquired Accretable Yield Change (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Receivables [Abstract] | ||
Beginning balance | $ 215 | $ 335 |
Accretion to interest income | (9) | (2) |
Disposals | (19) | |
Ending balance | $ 206 | $ 314 |
Loan Quality and Allowance fo49
Loan Quality and Allowance for Loan Losses - Allowance for Loan Losses and Loans Receivable (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | $ 29,286 | $ 24,229 | |
Allowance, Loans individually evaluated for impairment | 78 | $ 199 | |
Allowance, Loans collectively evaluated for impairment | 29,367 | 29,087 | |
Allowance | 29,445 | 25,003 | |
Loans individually evaluated for impairment | 21,199 | 21,452 | |
Loans collectively evaluated for impairment | 3,236,361 | 3,220,407 | |
Loans and Leases Receivable, Gross | 3,257,946 | 3,242,453 | |
Loans receivable, unamortized yield adjustments | 2,382 | 2,808 | |
Loans receivable | 3,260,328 | 3,245,261 | |
Total charge offs | (608) | (374) | |
Total recoveries | 137 | 19 | |
Total provision (reversal) for Loan Losses | 630 | 1,129 | |
Residential Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 2,384 | 2,370 | |
Allowance, Loans individually evaluated for impairment | 72 | 154 | |
Allowance, Loans collectively evaluated for impairment | 2,429 | 2,230 | |
Allowance | 2,501 | 2,806 | |
Loans individually evaluated for impairment | 9,177 | 10,546 | |
Loans collectively evaluated for impairment | 550,319 | 556,680 | |
Loans and Leases Receivable, Gross | 559,593 | 567,323 | |
Total charge offs | (267) | (23) | |
Total recoveries | 20 | ||
Total provision (reversal) for Loan Losses | 364 | 459 | |
Non-Residential Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 9,939 | 7,846 | |
Allowance, Loans individually evaluated for impairment | 6 | 39 | |
Allowance, Loans collectively evaluated for impairment | 9,887 | 9,900 | |
Allowance | 9,893 | 8,316 | |
Loans individually evaluated for impairment | 7,307 | 5,877 | |
Loans collectively evaluated for impairment | 1,078,676 | 1,079,187 | |
Loans and Leases Receivable, Gross | 1,085,983 | 1,085,064 | |
Total charge offs | (38) | (41) | |
Total provision (reversal) for Loan Losses | (8) | 511 | |
Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 35 | 24 | |
Allowance, Loans collectively evaluated for impairment | 89 | 35 | |
Allowance | 89 | 39 | |
Loans individually evaluated for impairment | 253 | 612 | |
Loans collectively evaluated for impairment | 8,067 | 3,203 | |
Loans and Leases Receivable, Gross | 8,320 | 3,815 | |
Total provision (reversal) for Loan Losses | 54 | 15 | |
Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 1,709 | 2,784 | |
Allowance, Loans individually evaluated for impairment | 6 | ||
Allowance, Loans collectively evaluated for impairment | 1,948 | 1,703 | |
Allowance | 1,948 | 2,319 | |
Loans individually evaluated for impairment | 2,590 | 2,365 | |
Loans collectively evaluated for impairment | 78,797 | 71,609 | |
Loans and Leases Receivable, Gross | 81,676 | 74,471 | |
Total charge offs | (6) | (194) | |
Total recoveries | 34 | 15 | |
Total provision (reversal) for Loan Losses | 211 | (286) | |
Other Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 777 | 778 | |
Allowance, Loans collectively evaluated for impairment | 737 | 777 | |
Allowance | 737 | 720 | |
Loans collectively evaluated for impairment | 13,788 | 16,383 | |
Loans and Leases Receivable, Gross | 13,788 | 16,383 | |
Total charge offs | (297) | (95) | |
Total recoveries | 18 | 4 | |
Total provision (reversal) for Loan Losses | 239 | 33 | |
Multi-Family Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 13,941 | 9,995 | |
Allowance, Loans collectively evaluated for impairment | 13,807 | 13,941 | |
Allowance | 13,807 | 10,269 | |
Loans individually evaluated for impairment | 146 | 158 | |
Loans collectively evaluated for impairment | 1,427,694 | 1,412,417 | |
Loans and Leases Receivable, Gross | 1,427,840 | 1,412,575 | |
Total provision (reversal) for Loan Losses | (134) | 274 | |
Home Equity Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 501 | 432 | |
Allowance, Loans collectively evaluated for impairment | 470 | 501 | |
Allowance | 470 | 534 | |
Loans individually evaluated for impairment | 1,726 | 1,894 | |
Loans collectively evaluated for impairment | 79,020 | 80,928 | |
Loans and Leases Receivable, Gross | 80,746 | 82,822 | |
Total charge offs | (21) | ||
Total recoveries | 65 | ||
Total provision (reversal) for Loan Losses | (96) | $ 123 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans acquired with deteriorated credit quality | 386 | 594 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans acquired with deteriorated credit quality | 97 | 97 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans acquired with deteriorated credit quality | $ 289 | $ 497 |
Loan Quality and Allowance fo50
Loan Quality and Allowance for Loan Losses - Credit-Rating Classification of Loans Receivable (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 3,257,946 | $ 3,242,453 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 559,593 | 567,323 |
Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,085,983 | 1,085,064 |
Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 8,320 | 3,815 |
Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 81,676 | 74,471 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 13,788 | 16,383 |
Multi-Family Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,427,840 | 1,412,575 |
Non-Classified [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 3,223,136 | 3,210,428 |
Non-Classified [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 546,574 | 552,961 |
Non-Classified [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,074,962 | 1,078,711 |
Non-Classified [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 7,761 | 2,894 |
Non-Classified [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 74,095 | 66,886 |
Non-Classified [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 13,578 | 16,166 |
Non-Classified [Member] | Multi-Family Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,427,694 | 1,412,417 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 2,428 | 2,594 |
Special Mention [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 817 | 928 |
Special Mention [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 306 | 309 |
Special Mention [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,082 | 1,098 |
Special Mention [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 103 | 139 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 32,380 | 29,428 |
Substandard [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 12,202 | 13,434 |
Substandard [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 11,021 | 6,353 |
Substandard [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 253 | 612 |
Substandard [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 6,499 | 6,487 |
Substandard [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 105 | 75 |
Substandard [Member] | Multi-Family Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 146 | 158 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 2 | 3 |
Doubtful [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 2 | 3 |
Total Classified Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 34,810 | 32,025 |
Total Classified Loans [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 13,019 | 14,362 |
Total Classified Loans [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 11,021 | 6,353 |
Total Classified Loans [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 559 | 921 |
Total Classified Loans [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 7,581 | 7,585 |
Total Classified Loans [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 210 | 217 |
Total Classified Loans [Member] | Multi-Family Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 146 | 158 |
Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 80,746 | 82,822 |
Home Equity Loans [Member] | Non-Classified [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 78,472 | 80,393 |
Home Equity Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 120 | 120 |
Home Equity Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 2,154 | 2,309 |
Home Equity Loans [Member] | Total Classified Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 2,274 | $ 2,429 |
Loan Quality and Allowance fo51
Loan Quality and Allowance for Loan Losses - Contractual Payment Status of Loans Receivable (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 3,246,314 | $ 3,230,780 |
Total past due | 11,632 | 11,673 |
Loans and Leases Receivable, Gross | 3,257,946 | 3,242,453 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 554,765 | 560,054 |
Total past due | 4,828 | 7,269 |
Loans and Leases Receivable, Gross | 559,593 | 567,323 |
Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,082,128 | 1,083,736 |
Total past due | 3,855 | 1,328 |
Loans and Leases Receivable, Gross | 1,085,983 | 1,085,064 |
Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 8,067 | 3,560 |
Total past due | 253 | 255 |
Loans and Leases Receivable, Gross | 8,320 | 3,815 |
Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 79,782 | 72,826 |
Total past due | 1,894 | 1,645 |
Loans and Leases Receivable, Gross | 81,676 | 74,471 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 13,525 | 16,083 |
Total past due | 263 | 300 |
Loans and Leases Receivable, Gross | 13,788 | 16,383 |
Multi-Family Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,427,840 | 1,412,575 |
Loans and Leases Receivable, Gross | 1,427,840 | 1,412,575 |
Past due: 30-59 days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 628 | 2,371 |
Past due: 30-59 days [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 151 | 1,749 |
Past due: 30-59 days [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 51 | 60 |
Past due: 30-59 days [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 253 | 255 |
Past due: 30-59 days [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 29 | |
Past due: 30-59 days [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 60 | 91 |
Past due: 60-89 days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 484 | 997 |
Past due: 60-89 days [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 349 | 403 |
Past due: 60-89 days [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 318 | |
Past due: 60-89 days [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 37 | |
Past due: 60-89 days [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 98 | 135 |
Past due: 90+ days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 10,520 | 8,305 |
Past due: 90+ days [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 4,328 | 5,117 |
Past due: 90+ days [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 3,804 | 950 |
Past due: 90+ days [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1,857 | 1,616 |
Past due: 90+ days [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 105 | 74 |
Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 80,207 | 81,946 |
Total past due | 539 | 876 |
Loans and Leases Receivable, Gross | 80,746 | 82,822 |
Home Equity Loans [Member] | Past due: 30-59 days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 113 | 187 |
Home Equity Loans [Member] | Past due: 60-89 days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 141 | |
Home Equity Loans [Member] | Past due: 90+ days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | $ 426 | $ 548 |
Loan Quality and Allowance fo52
Loan Quality and Allowance for Loan Losses - Performance Status of Loans Receivable (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | $ 3,257,946 | $ 3,242,453 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 559,593 | 567,323 |
Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 1,085,983 | 1,085,064 |
Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 8,320 | 3,815 |
Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 81,676 | 74,471 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 13,788 | 16,383 |
Multi-Family Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 1,427,840 | 1,412,575 |
Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 80,746 | 82,822 |
Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 3,239,835 | 3,223,581 |
Performing Financing Receivable [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 553,078 | 558,533 |
Performing Financing Receivable [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 1,078,829 | 1,079,344 |
Performing Financing Receivable [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 8,067 | 3,560 |
Performing Financing Receivable [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 78,823 | 71,837 |
Performing Financing Receivable [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 13,683 | 16,309 |
Performing Financing Receivable [Member] | Multi-Family Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 1,427,694 | 1,412,417 |
Performing Financing Receivable [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 79,661 | 81,581 |
Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90+ days past due accruing | 105 | 74 |
Nonaccrual | 18,006 | 18,798 |
Total nonperforming | 18,111 | 18,872 |
Nonperforming Financing Receivable [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 6,515 | 8,790 |
Total nonperforming | 6,515 | 8,790 |
Nonperforming Financing Receivable [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 7,154 | 5,720 |
Total nonperforming | 7,154 | 5,720 |
Nonperforming Financing Receivable [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 253 | 255 |
Total nonperforming | 253 | 255 |
Nonperforming Financing Receivable [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 2,853 | 2,634 |
Total nonperforming | 2,853 | 2,634 |
Nonperforming Financing Receivable [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90+ days past due accruing | 105 | 74 |
Total nonperforming | 105 | 74 |
Nonperforming Financing Receivable [Member] | Multi-Family Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 146 | 158 |
Total nonperforming | 146 | 158 |
Nonperforming Financing Receivable [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 1,085 | 1,241 |
Total nonperforming | $ 1,085 | $ 1,241 |
Loan Quality and Allowance fo53
Loan Quality and Allowance for Loan Losses - Impairment Status of Loans Receivable (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | $ 3,236,361 | $ 3,220,407 | |
Impaired loans with no allowance for impairment | 19,832 | 18,911 | |
Recorded investment | 1,753 | 3,135 | |
Allowance for impairment | (78) | (199) | |
Balance of impaired loans net of allowance for impairment | 1,675 | 2,936 | |
Total impaired loans, excluding allowance for impairment: | 21,585 | 22,046 | |
Loans and Leases Receivable, Gross | 3,257,946 | 3,242,453 | |
Unpaid principal balance of impaired loans | 35,887 | 37,745 | |
Average balance of impaired loans | 21,600 | $ 25,650 | |
Interest earned on impaired loans | 46 | 62 | |
Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 550,319 | 556,680 | |
Impaired loans with no allowance for impairment | 7,869 | 8,971 | |
Recorded investment | 1,405 | 1,672 | |
Allowance for impairment | (72) | (154) | |
Balance of impaired loans net of allowance for impairment | 1,333 | 1,518 | |
Total impaired loans, excluding allowance for impairment: | 9,274 | 10,643 | |
Loans and Leases Receivable, Gross | 559,593 | 567,323 | |
Unpaid principal balance of impaired loans | 14,112 | 16,479 | |
Average balance of impaired loans | 9,981 | 13,058 | |
Interest earned on impaired loans | 35 | 31 | |
Non-Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 1,078,676 | 1,079,187 | |
Impaired loans with no allowance for impairment | 6,960 | 4,521 | |
Recorded investment | 347 | 1,356 | |
Allowance for impairment | (6) | (39) | |
Balance of impaired loans net of allowance for impairment | 341 | 1,317 | |
Total impaired loans, excluding allowance for impairment: | 7,307 | 5,877 | |
Loans and Leases Receivable, Gross | 1,085,983 | 1,085,064 | |
Unpaid principal balance of impaired loans | 10,549 | 10,002 | |
Average balance of impaired loans | 6,395 | 6,752 | |
Interest earned on impaired loans | 2 | 12 | |
Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 8,067 | 3,203 | |
Impaired loans with no allowance for impairment | 253 | 612 | |
Total impaired loans, excluding allowance for impairment: | 253 | 612 | |
Loans and Leases Receivable, Gross | 8,320 | 3,815 | |
Unpaid principal balance of impaired loans | 691 | 691 | |
Average balance of impaired loans | 343 | 354 | |
Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 78,797 | 71,609 | |
Impaired loans with no allowance for impairment | 2,878 | 2,755 | |
Recorded investment | 1 | 107 | |
Allowance for impairment | (6) | ||
Balance of impaired loans net of allowance for impairment | 1 | 101 | |
Total impaired loans, excluding allowance for impairment: | 2,879 | 2,862 | |
Loans and Leases Receivable, Gross | 81,676 | 74,471 | |
Unpaid principal balance of impaired loans | 6,777 | 6,682 | |
Average balance of impaired loans | 2,818 | 3,131 | |
Interest earned on impaired loans | 1 | 4 | |
Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 13,788 | 16,383 | |
Loans and Leases Receivable, Gross | 13,788 | 16,383 | |
Multi-Family Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 1,427,694 | 1,412,417 | |
Impaired loans with no allowance for impairment | 146 | 158 | |
Total impaired loans, excluding allowance for impairment: | 146 | 158 | |
Loans and Leases Receivable, Gross | 1,427,840 | 1,412,575 | |
Unpaid principal balance of impaired loans | 930 | 930 | |
Average balance of impaired loans | 152 | 199 | |
Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 79,020 | 80,928 | |
Impaired loans with no allowance for impairment | 1,726 | 1,894 | |
Total impaired loans, excluding allowance for impairment: | 1,726 | 1,894 | |
Loans and Leases Receivable, Gross | 80,746 | 82,822 | |
Unpaid principal balance of impaired loans | 2,828 | $ 2,961 | |
Average balance of impaired loans | 1,911 | 2,156 | |
Interest earned on impaired loans | $ 8 | $ 15 |
Loan Quality and Allowance fo54
Loan Quality and Allowance for Loan Losses - Troubled Debt Restructurings of Loans Receivable (Detail) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017USD ($)Loan | Sep. 30, 2016USD ($)Loan | |
Financing Receivable, Modifications [Line Items] | ||
Number of loans | Loan | 1 | 2 |
Pre-modification outstanding recorded investment | $ 425 | $ 428 |
Post-modification outstanding recorded investment | $ 367 | 407 |
Charge offs against the allowance for loan loss recognized at modification | $ 30 | |
Residential Mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | Loan | 1 | |
Pre-modification outstanding recorded investment | $ 425 | |
Post-modification outstanding recorded investment | $ 367 | |
Commercial Business [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | Loan | 1 | |
Pre-modification outstanding recorded investment | $ 244 | |
Post-modification outstanding recorded investment | 223 | |
Charge offs against the allowance for loan loss recognized at modification | $ 27 | |
Home Equity Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans | Loan | 1 | |
Pre-modification outstanding recorded investment | $ 184 | |
Post-modification outstanding recorded investment | 184 | |
Charge offs against the allowance for loan loss recognized at modification | $ 3 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Deposits [Abstract] | ||
Non-interest-bearing demand | $ 279,263 | $ 267,412 |
Interest-bearing demand | 856,122 | 847,663 |
Savings and club | 519,040 | 523,984 |
Certificates of deposits | 1,298,843 | 1,291,068 |
Total deposits | $ 2,953,268 | $ 2,930,127 |
Borrowings - Schedule of Fixed
Borrowings - Schedule of Fixed Rate Advances from FHLB (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank Advances Maturities Summary Due In Remainder Of Fiscal Year | $ 630,225 | $ 630,225 |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Four | 442 | 469 |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Six | 145,000 | 145,000 |
Federal Home Loan Bank, Advances, Total | 775,667 | 775,694 |
Federal Home Loan Bank, Advances, Fair Value Adjustments | 5 | 2 |
Total Federal Home Loan Bank, Advances, After Fair Value Adjustments | $ 775,672 | $ 775,696 |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate of Amounts Due within One Year of Balance Sheet Date | 1.35% | 1.29% |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate, Three to Four Years from Balance Sheet Date | 4.94% | 4.94% |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate, Five to Six Years from Balance Sheet Date | 3.04% | 3.04% |
Weighted Average Interest Rate [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Weighted Average Interest Rate | 1.67% | 1.62% |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2017 | Jun. 30, 2017 |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, advances, maturities summary, due in next twelve months | $ 630.2 | |
Federal Home Loan Bank, advances, maturities summary, due from after one year of balance sheet date | 145.5 | |
Federal Home Loan Bank, advances, callable in April 2018 | 145 | |
Other borrowings, sweep accounts | 32.9 | $ 30.5 |
Mortgage-Backed Securities [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, advances, general debt obligations, disclosures, collateral pledged | 160 | 159.3 |
Investment in Federal Home Loan Bank Stock [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, advances, general debt obligations, disclosures, collateral pledged | $ 2,000 | $ 1,900 |
Derivative Instruments and He58
Derivative Instruments and Hedging Activities - Fair Values of Derivative Financial Instruments as well as Their Classification on Statement of Financial Condition (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Derivative [Line Items] | ||
Fair Value | $ 8,879 | $ 7,512 |
Derivatives Designated as Hedging Instruments [Member] | Other Assets [Member] | ||
Derivative [Line Items] | ||
Fair Value | 8,879 | 7,810 |
Derivatives Designated as Hedging Instruments [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair Value | 298 | |
Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Fair Value | 8,758 | 7,372 |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Other Assets [Member] | ||
Derivative [Line Items] | ||
Fair Value | 8,758 | 7,670 |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair Value | 298 | |
Interest Rate Caps [Member] | ||
Derivative [Line Items] | ||
Fair Value | 121 | 140 |
Interest Rate Caps [Member] | Derivatives Designated as Hedging Instruments [Member] | Other Assets [Member] | ||
Derivative [Line Items] | ||
Fair Value | $ 121 | $ 140 |
Derivative Instruments and He59
Derivative Instruments and Hedging Activities - Additional Information (Detail) | 3 Months Ended | ||
Sep. 30, 2017USD ($)Instruments | Sep. 30, 2016USD ($) | Jun. 30, 2017USD ($) | |
Derivative [Line Items] | |||
Cash flow hedge ineffectiveness recognized in earnings | $ 0 | $ 0 | |
Termination value of derivatives in net liability position | 0 | $ 302,000 | |
Loan Origination Commitments [Member] | |||
Derivative [Line Items] | |||
Outstanding commitments to originate loans held-for-sale | 11,300,000 | 18,400,000 | |
Counter Party [Member] | |||
Derivative [Line Items] | |||
Financial collateral received under the enforceable master netting arrangement | 7,400,000 | 5,800,000 | |
Financial collateral posted under the enforceable master netting arrangement | 300,000 | $ 1,000,000 | |
Interest Expense [Member] | |||
Derivative [Line Items] | |||
Estimated cash flow hedge gain (loss) to be reclassified in next twelve months | (3,100,000) | ||
Cash Flow Hedges [Member] | |||
Derivative [Line Items] | |||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income (effective portion) | (1,400,000) | (1,880,000) | |
Cash Flow Hedges [Member] | Interest Expense [Member] | |||
Derivative [Line Items] | |||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income (effective portion) | $ (1,400,000) | ||
Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | |||
Derivative [Line Items] | |||
Number of interest rate derivative instruments held | Instruments | 15 | ||
Derivative, notional amount | $ 1,200,000,000 | ||
Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | Interest Expense [Member] | |||
Derivative [Line Items] | |||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income (effective portion) | $ (1,126,000) | (1,719,000) | |
Cash Flow Hedges [Member] | Interest Rate Caps [Member] | |||
Derivative [Line Items] | |||
Number of interest rate derivative instruments held | Instruments | 2 | ||
Derivative, notional amount | $ 75,000,000 | ||
Cash Flow Hedges [Member] | Interest Rate Caps [Member] | Interest Expense [Member] | |||
Derivative [Line Items] | |||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income (effective portion) | $ (274,000) | $ (161,000) |
Derivative Instruments and He60
Derivative Instruments and Hedging Activities - Pre-tax Effects of Derivative Instruments on Consolidated Statements of Income (Detail) - Derivatives in Cash Flow Hedging Relationships [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | $ 247 | $ 3,463 |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (1,400) | (1,880) |
Interest Expense [Member] | ||
Derivative [Line Items] | ||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (1,400) | |
Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | 260 | 3,453 |
Interest Rate Swaps [Member] | Interest Expense [Member] | ||
Derivative [Line Items] | ||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (1,126) | (1,719) |
Interest Rate Caps [Member] | ||
Derivative [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | (13) | 10 |
Interest Rate Caps [Member] | Interest Expense [Member] | ||
Derivative [Line Items] | ||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | $ (274) | $ (161) |
Derivative Instruments and He61
Derivative Instruments and Hedging Activities - Offsetting Derivatives (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Derivative [Line Items] | ||
Gross Amount Recognized, Assets | $ 12,935 | $ 12,979 |
Gross Amounts Offset, Assets | (4,056) | (5,169) |
Net Amounts Presented, Assets | 8,879 | 7,810 |
Gross Amounts Not Offset, Cash Collateral Received, Assets | (7,440) | (5,770) |
Net Amount, Assets | 1,439 | 2,040 |
Gross Amount Recognized, Liabilities | 4,056 | 5,467 |
Gross Amounts Offset, Liabilities | (4,056) | (5,169) |
Net Amounts Presented, Liabilities | 298 | |
Gross Amounts Not Offset, Cash Collateral Posted, Liabilities | (298) | |
Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Gross Amount Recognized, Assets | 12,814 | 12,839 |
Gross Amounts Offset, Assets | (4,056) | (5,169) |
Net Amounts Presented, Assets | 8,758 | 7,670 |
Gross Amounts Not Offset, Cash Collateral Received, Assets | (7,440) | (5,770) |
Net Amount, Assets | 1,318 | 1,900 |
Gross Amount Recognized, Liabilities | 4,056 | 5,467 |
Gross Amounts Offset, Liabilities | (4,056) | (5,169) |
Net Amounts Presented, Liabilities | 298 | |
Gross Amounts Not Offset, Cash Collateral Posted, Liabilities | (298) | |
Interest Rate Caps [Member] | ||
Derivative [Line Items] | ||
Gross Amount Recognized, Assets | 121 | 140 |
Net Amounts Presented, Assets | 121 | 140 |
Net Amount, Assets | $ 121 | $ 140 |
Benefit Plans - Schedule of Net
Benefit Plans - Schedule of Net Periodic Benefit Expense (Detail) - Benefit Equalization Plan, Postretirement Welfare Plan, Directors Consultation and Retirement Plan and Atlas Bank Retirement Income Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | $ 12 | $ 8 |
Interest cost | 93 | 95 |
Amortization of unrecognized loss | 11 | 16 |
Expected return on assets | (30) | (62) |
Net periodic benefit cost | $ 86 | $ 57 |
Fair Value of Financial Instr63
Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured At Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | $ 475,819 | $ 444,497 |
Mortgage-backed securities available for sale | 160,781 | 169,263 |
Securities available for sale | 636,600 | 613,760 |
Derivative instruments, Fair Value, Net | 8,879 | 7,512 |
Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 475,819 | 444,497 |
Debt Securities [Member] | U.S. Agency Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 5,063 | 5,316 |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 27,725 | 27,740 |
Debt Securities [Member] | Asset-backed Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 163,615 | 162,429 |
Debt Securities [Member] | Collateralized Loan Obligations [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 128,383 | 98,154 |
Debt Securities [Member] | Corporate Bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 142,489 | 142,318 |
Debt Securities [Member] | Trust Preferred Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 8,544 | 8,540 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities available for sale | 28,790 | 30,536 |
Securities available for sale | 28,790 | 30,536 |
Residential Pass-Through Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities available for sale | 123,868 | 130,550 |
Securities available for sale | 123,868 | 130,550 |
Commercial Pass-Through Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities available for sale | 8,123 | 8,177 |
Securities available for sale | 8,123 | 8,177 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 474,819 | 443,497 |
Mortgage-backed securities available for sale | 160,781 | 169,263 |
Securities available for sale | 635,600 | 612,760 |
Derivative instruments, Fair Value, Net | 8,879 | 7,512 |
Significant Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | U.S. Agency Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 5,063 | 5,316 |
Significant Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 27,725 | 27,740 |
Significant Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | Asset-backed Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 163,615 | 162,429 |
Significant Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | Collateralized Loan Obligations [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 128,383 | 98,154 |
Significant Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | Corporate Bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 142,489 | 142,318 |
Significant Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | Trust Preferred Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 7,544 | 7,540 |
Significant Other Observable Inputs (Level 2) [Member] | Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities available for sale | 28,790 | 30,536 |
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 | 123,868 | 130,550 |
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 | 8,123 | 8,177 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 1,000 | 1,000 |
Securities available for sale | 1,000 | 1,000 |
Significant Unobservable Inputs (Level 3) [Member] | Debt Securities [Member] | Trust Preferred Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 1,000 | 1,000 |
Interest Rate Swaps [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative instruments, Fair Value, Net | 8,758 | 7,372 |
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 | 8,758 | 7,372 |
Interest Rate Caps [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative instruments, Fair Value, Net | 121 | 140 |
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 | $ 121 | $ 140 |
Fair Value of Financial Instr64
Fair Value of Financial Instruments - Additional Information (Detail) | 3 Months Ended | |
Sep. 30, 2017USD ($)Security | Jun. 30, 2017USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | $ 475,819,000 | $ 444,497,000 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 78,000 | 199,000 |
Loans and Leases Receivable, Gross | 3,158,748,000 | 3,137,304,000 |
Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 6,105,000 | 7,956,000 |
Loan Origination Commitments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Outstanding commitments to originate loans held-for-sale | 11,300,000 | 18,400,000 |
Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 475,819,000 | 444,497,000 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 1,000,000 | 1,000,000 |
Loans and Leases Receivable, Gross | 3,158,748,000 | 3,137,304,000 |
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 6,105,000 | 7,956,000 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 78,000 | 199,000 |
Loans and Leases Receivable, Gross | 6,200,000 | 8,200,000 |
Significant Unobservable Inputs (Level 3) [Member] | Real Estate Owned [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | $ 882,000 | $ 0 |
Significant Unobservable Inputs (Level 3) [Member] | Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Number of trust preferred securities | Security | 1 | |
Significant Unobservable Inputs (Level 3) [Member] | Debt Securities [Member] | One Trust Preferred Security [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | $ 1,000,000 |
Fair Value of Financial Instr65
Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured At Fair Value on a Non-recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | $ 6,105 | $ 7,956 |
Impaired Loans [Member] | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 4,843 | 5,711 |
Impaired Loans [Member] | Non-Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 1,145 | 2,126 |
Impaired Loans [Member] | Commercial Business [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 117 | 119 |
Impaired Loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 6,105 | 7,956 |
Impaired Loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 4,843 | 5,711 |
Impaired Loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | Non-Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 1,145 | 2,126 |
Impaired Loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commercial Business [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 117 | $ 119 |
Real Estate Owned, Net [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 882 | |
Real Estate Owned, Net [Member] | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 751 | |
Real Estate Owned, Net [Member] | Non-Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 131 | |
Real Estate Owned, Net [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 882 | |
Real Estate Owned, Net [Member] | Significant Unobservable Inputs (Level 3) [Member] | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 751 | |
Real Estate Owned, Net [Member] | Significant Unobservable Inputs (Level 3) [Member] | Non-Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | $ 131 |
Fair Value of Financial Instr66
Fair Value of Financial Instruments - Schedule of Quantitative Information about Level 3 Fair Value Measurements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Jun. 30, 2017 | |
Impaired Loans [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | $ 6,105 | $ 7,956 |
Impaired Loans [Member] | Residential Mortgage [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 4,843 | 5,711 |
Impaired Loans [Member] | Non-Residential Mortgage [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 1,145 | 2,126 |
Impaired Loans [Member] | Commercial Business [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 117 | 119 |
Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 6,105 | 7,956 |
Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Selling Costs [Member] | Residential Mortgage [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | $ 4,843 | $ 5,711 |
Valuation Techniques | Market valuation of collateral | Market valuation of collateral |
Unobservable Input | Selling costs | Selling costs |
Weighted Average | 9.10% | 8.12% |
Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Selling Costs [Member] | Non-Residential Mortgage [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | $ 1,145 | $ 2,126 |
Valuation Techniques | Market valuation of collateral | Market valuation of collateral |
Unobservable Input | Selling costs | Selling costs |
Weighted Average | 11.43% | 6.93% |
Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Selling Costs [Member] | Commercial Business [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | $ 117 | $ 119 |
Valuation Techniques | Market valuation of collateral | Market valuation of collateral |
Unobservable Input | Selling costs | Selling costs |
Weighted Average | 13.37% | 12.79% |
Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Selling Costs [Member] | Minimum [Member] | Residential Mortgage [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range | 6.00% | 6.00% |
Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Selling Costs [Member] | Minimum [Member] | Non-Residential Mortgage [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range | 8.00% | 0.00% |
Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Selling Costs [Member] | Minimum [Member] | Commercial Business [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range | 10.00% | 9.00% |
Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Selling Costs [Member] | Maximum [Member] | Residential Mortgage [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range | 23.00% | 21.00% |
Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Selling Costs [Member] | Maximum [Member] | Non-Residential Mortgage [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range | 12.00% | 12.00% |
Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Selling Costs [Member] | Maximum [Member] | Commercial Business [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range | 20.00% | 20.00% |
Real Estate Owned, Net [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | $ 882 | |
Real Estate Owned, Net [Member] | Residential Mortgage [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 751 | |
Real Estate Owned, Net [Member] | Non-Residential Mortgage [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 131 | |
Real Estate Owned, Net [Member] | Market Valuation of Property [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 882 | |
Real Estate Owned, Net [Member] | Market Valuation of Property [Member] | Selling Costs [Member] | Residential Mortgage [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | $ 751 | |
Valuation Techniques | Market valuation of property | |
Unobservable Input | Selling costs | |
Range | 5.00% | |
Weighted Average | 5.00% | |
Real Estate Owned, Net [Member] | Market Valuation of Property [Member] | Selling Costs [Member] | Non-Residential Mortgage [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | $ 131 | |
Valuation Techniques | Market valuation of property | |
Unobservable Input | Selling costs | |
Range | 6.00% | |
Weighted Average | 6.00% |
Fair Value of Financial Instr67
Fair Value of Financial Instruments - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 38,823 | $ 78,237 |
Securities available for sale, Fair value | 475,819 | 444,497 |
Mortgage-backed securities available for sale | 160,781 | 169,263 |
Debt securities held to maturity | 145,954 | 144,713 |
Mortgage-backed securities held to maturity, fair value disclosure | 338,654 | 350,289 |
Loans held-for-sale | 3,808 | 4,692 |
Net loans receivable | 3,158,748 | 3,137,304 |
Interest receivable | 13,268 | 12,493 |
Deposits | 2,967,953 | 2,943,908 |
Borrowings | 825,110 | 823,435 |
Interest payable on borrowings | 1,461 | 1,391 |
Securities held to maturity, estimated fair value | 146,782 | 145,505 |
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 | 38,823 | 78,237 |
Interest receivable | 1 | 6 |
Deposits | 1,654,425 | 1,639,059 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 474,819 | 443,497 |
Mortgage-backed securities available for sale | 160,781 | 169,263 |
Mortgage-backed securities held to maturity, fair value disclosure | 338,654 | 350,289 |
Loans held-for-sale | 3,808 | 4,692 |
Interest receivable | 3,670 | 3,169 |
Securities held to maturity, estimated fair value | 146,782 | 145,505 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 1,000 | 1,000 |
Net loans receivable | 3,158,748 | 3,137,304 |
Interest receivable | 9,597 | 9,318 |
Deposits | 1,313,528 | 1,304,849 |
Borrowings | 825,110 | 823,435 |
Interest payable on borrowings | 1,461 | 1,391 |
Carrying Amount [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 38,823 | 78,237 |
Securities available for sale, Fair value | 475,819 | 444,497 |
Mortgage-backed securities available for sale | 160,781 | 169,263 |
Debt securities held to maturity | 145,954 | 144,713 |
Mortgage-backed securities held to maturity, fair value disclosure | 336,972 | 348,608 |
Loans held-for-sale | 3,808 | 4,692 |
Net loans receivable | 3,230,883 | 3,215,975 |
FHLB Stock | 39,115 | 39,958 |
Interest receivable | 13,268 | 12,493 |
Deposits | 2,953,268 | 2,930,127 |
Borrowings | 808,554 | 806,228 |
Interest payable on borrowings | $ 1,461 | $ 1,391 |
Fair Value of Financial Instr68
Fair Value of Financial Instruments - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Fair Value Disclosures [Abstract] | ||
Accrued interest payable on deposits | $ 381,000 | $ 382,000 |
Comprehensive Income - Schedule
Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2016 |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Total accumulated other comprehensive income | $ 1,014,233 | $ 1,057,181 | $ 1,119,534 | $ 1,147,629 |
Net Unrealized Loss on Securities Available for Sale [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive income, before tax | (453) | (2,385) | ||
Tax effect | 191 | 975 | ||
Total accumulated other comprehensive income | (262) | (1,410) | ||
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, before tax | (1,080) | (1,109) | ||
Tax effect | 441 | 453 | ||
Total accumulated other comprehensive income | (639) | (656) | ||
Fair Value Adjustments on Derivatives [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive income, before tax | 7,965 | 6,319 | ||
Tax effect | (3,254) | (2,582) | ||
Total accumulated other comprehensive income | 4,711 | 3,737 | ||
Benefit Plan Adjustments [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive income, before tax | (1,133) | (1,061) | ||
Tax effect | 463 | 434 | ||
Total accumulated other comprehensive income | (670) | (627) | ||
Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Total accumulated other comprehensive income | $ 3,140 | $ 1,044 | $ (12,773) | $ (16,787) |
Comprehensive Income - Schedu70
Comprehensive Income - Schedule of Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | ||
Comprehensive Income Net Of Tax [Abstract] | |||
Net unrealized holding gain on securities available for sale | $ 1,932 | $ 1,815 | |
Amortization of net unrealized holding gain on securities available for sale transferred to held to maturity | [1] | 29 | 7 |
Net unrealized gain on derivatives | 1,646 | 5,343 | |
Benefit plans, Amortization of Actuarial loss | [2] | 11 | 16 |
Benefit plans, Amortization of Net actuarial (loss) | (83) | (394) | |
Net change in benefit plan accrued expense | (72) | (378) | |
Other comprehensive income before taxes | 3,535 | 6,787 | |
Tax effect | [3] | (1,439) | (2,773) |
Total Other Comprehensive Income | $ 2,096 | $ 4,014 | |
[1] | Represents amounts reclassified out of accumulated other comprehensive income and included in interest income on taxable securities. | ||
[2] | Represents amounts reclassified out of accumulated other comprehensive income and included in the computation of net periodic pension expense. See Note 13 – Benefit Plans for additional information. | ||
[3] | The amounts included in income taxes for items reclassified out of accumulated other comprehensive income totaled $(29) for the three months ended September 30, 2017 and $(154) for the three months ended September 30, 2016, respectively. |
Comprehensive Income - Schedu71
Comprehensive Income - Schedule of Comprehensive Income (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Tax effect | [1] | $ 1,439 | $ 2,773 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Tax effect | $ (29) | $ (154) | |
[1] | The amounts included in income taxes for items reclassified out of accumulated other comprehensive income totaled $(29) for the three months ended September 30, 2017 and $(154) for the three months ended September 30, 2016, respectively. |