Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Aug. 20, 2018 | Dec. 31, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | KRNY | ||
Entity Registrant Name | Kearny Financial Corp. | ||
Entity Central Index Key | 1,617,242 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 98,243,200 | ||
Entity Public Float | $ 1,020 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Assets | ||
Cash and amounts due from depository institutions | $ 26,199 | $ 18,889 |
Interest-bearing deposits in other banks | 102,665 | 59,348 |
Cash and cash equivalents | 128,864 | 78,237 |
Investment securities available for sale, at fair value | 725,085 | 613,760 |
Investment securities held to maturity (fair value $579,499 and $495,794) | 589,730 | 493,321 |
Loans held-for-sale | 863 | 4,692 |
Loans receivable, including (unaccreted) unamortized yield adjustments of $(66,567) and $2,808 | 4,501,348 | 3,245,261 |
Less allowance for loan losses | (30,865) | (29,286) |
Net loans receivable | 4,470,483 | 3,215,975 |
Premises and equipment | 56,240 | 39,585 |
Federal Home Loan Bank of New York stock | 59,004 | 39,958 |
Accrued interest receivable | 18,510 | 12,493 |
Goodwill | 210,895 | 108,591 |
Core deposit intangible | 6,295 | 292 |
Bank owned life insurance | 249,816 | 181,223 |
Deferred income tax assets, net | 23,754 | 15,454 |
Other real estate owned | 725 | 1,632 |
Other assets | 39,610 | 12,914 |
Total Assets | 6,579,874 | 4,818,127 |
Liabilities | ||
Deposits: Non-interest-bearing | 311,938 | 267,412 |
Deposits: Interest-bearing | 3,761,666 | 2,662,333 |
Total deposits | 4,073,604 | 2,929,745 |
Borrowings | 1,198,646 | 806,228 |
Advance payments by borrowers for taxes | 18,088 | 8,711 |
Other liabilities | 20,788 | 16,262 |
Total Liabilities | 5,311,126 | 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; 99,626,400 shares and 84,350,848 shares issued and outstanding, respectively | 996 | 844 |
Paid-in capital | 922,711 | 728,790 |
Retained earnings | 359,096 | 361,039 |
Unearned employee stock ownership plan shares; 3,361,684 shares and 3,562,382 shares, respectively | (32,590) | (34,536) |
Accumulated other comprehensive income | 18,535 | 1,044 |
Total Stockholders' Equity | 1,268,748 | 1,057,181 |
Total Liabilities and Stockholders' Equity | $ 6,579,874 | $ 4,818,127 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Statement Of Financial Position [Abstract] | ||
Securities held to maturity, estimated fair value | $ 579,499 | $ 495,794 |
Loans receivable, unamortized yield adjustments | $ (66,567) | $ 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 | 99,626,400 | 84,350,848 |
Common stock, shares outstanding | 99,626,400 | 84,350,848 |
Employee Stock Ownership Plan (ESOP), Number of Suspense Shares | 3,361,684 | 3,562,382 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest Income | |||
Loans | $ 138,426 | $ 111,181 | $ 97,956 |
Taxable investment securities | 27,053 | 23,543 | 24,970 |
Tax-exempt investment securities | 2,616 | 2,300 | 2,191 |
Other interest-earning assets | 3,336 | 2,069 | 1,771 |
Total Interest Income | 171,431 | 139,093 | 126,888 |
Interest Expense | |||
Deposits | 29,649 | 22,100 | 18,673 |
Borrowings | 20,489 | 14,419 | 13,230 |
Total Interest Expense | 50,138 | 36,519 | 31,903 |
Net Interest Income | 121,293 | 102,574 | 94,985 |
Provision for Loan Losses | 2,706 | 5,381 | 10,690 |
Net Interest Income after Provision for Loan Losses | 118,587 | 97,193 | 84,295 |
Non-Interest Income | |||
Fees and service charges | 5,412 | 3,289 | 3,516 |
Gain (loss) on sale and call of securities | 8 | (1) | 2 |
Gain on sale of loans | 1,004 | 1,535 | 436 |
Loss on sale and write down of real estate owned | (19) | (106) | (137) |
Income from bank owned life insurance | 5,362 | 5,207 | 5,563 |
Electronic banking fees and charges | 1,101 | 1,080 | 1,091 |
Miscellaneous | 395 | 344 | 256 |
Total Non-Interest Income | 13,263 | 11,348 | 10,727 |
Non-Interest Expense | |||
Salaries and employee benefits | 54,034 | 47,818 | 42,105 |
Net occupancy expense of premises | 9,178 | 8,018 | 7,487 |
Equipment and systems | 9,482 | 8,350 | 7,729 |
Advertising and marketing | 2,960 | 2,626 | 2,020 |
Federal deposit insurance premium | 1,516 | 1,334 | 2,708 |
Directors' compensation | 2,820 | 1,982 | 812 |
Merger-related expenses | 6,743 | ||
Miscellaneous | 11,117 | 10,990 | 9,556 |
Total Non-Interest Expense | 97,850 | 81,118 | 72,417 |
Income before Income Taxes | 34,000 | 27,423 | 22,605 |
Income tax expense | 14,404 | 8,820 | 6,783 |
Net Income | $ 19,596 | $ 18,603 | $ 15,822 |
Net Income per Common Share (EPS) | |||
Basic | $ 0.24 | $ 0.22 | $ 0.18 |
Diluted | $ 0.24 | $ 0.22 | $ 0.18 |
Weighted Average Number of Common Shares Outstanding | |||
Basic | 82,587 | 84,590 | 89,591 |
Diluted | 82,643 | 84,661 | 89,625 |
Dividends Declared Per Common Share | $ 0.25 | $ 0.10 | $ 0.08 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net Income | $ 19,596 | $ 18,603 | $ 15,822 |
Other Comprehensive Income (Loss), net of tax: | |||
Net unrealized (loss) gain on securities available for sale | (1,423) | 1,108 | (2,502) |
Change in net unrealized gain (loss) on securities transferred to held to maturity | 146 | (31) | 5 |
Net realized (gain) loss on securities available for sale | (12) | 238 | |
Fair value adjustments on derivatives | 17,212 | 16,347 | (6,026) |
Benefit plan adjustments | 187 | 169 | (503) |
Total Other Comprehensive Income (Loss) | 16,110 | 17,831 | (9,026) |
Total Comprehensive Income | $ 35,706 | $ 36,434 | $ 6,796 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Clifton Bancorp Incorporation [Member] | Common Stock [Member] | Common Stock [Member]Clifton Bancorp Incorporation [Member] | Paid-in Capital [Member] | Paid-in Capital [Member]Clifton Bancorp Incorporation [Member] | Retained Earnings [Member] | Unearned ESOP Shares [Member] | Accumulated Other Comprehensive (Loss) Income [Member] |
Balance (in value) at Jun. 30, 2015 | $ 1,167,375 | $ 935 | $ 870,480 | $ 342,148 | $ (38,427) | $ (7,761) | |||
Balance (in shares) at Jun. 30, 2015 | 93,528,000 | ||||||||
Net Income | 15,822 | 15,822 | |||||||
Other comprehensive income (loss), net of income tax expense (benefit) | (9,026) | (9,026) | |||||||
ESOP shares committed to be released | $ 2,438 | 492 | 1,946 | ||||||
Stock option exercise (in shares) | 0 | ||||||||
Stock option expense | $ 160 | 160 | |||||||
Share repurchases (in value) | (22,286) | $ (17) | (22,269) | ||||||
Stock repurchases (in shares) | (1,706,000) | ||||||||
Restricted stock plan shares earned (in value) | 310 | 310 | |||||||
Cash dividends declared | (7,164) | (7,164) | |||||||
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 | 18,603 | 18,603 | |||||||
Other comprehensive income (loss), net of income tax expense (benefit) | 17,831 | 17,831 | |||||||
ESOP shares committed to be released | 2,917 | 972 | 1,945 | ||||||
Stock option exercise (in value) | $ 482 | $ 1 | 481 | ||||||
Stock option exercise (in shares) | 62,216 | 62,000 | |||||||
Stock option expense | $ 1,275 | 1,275 | |||||||
Share repurchases (in value) | $ (126,002) | $ (89) | (125,913) | ||||||
Stock repurchases (in shares) | (8,886,627) | (8,886,000) | |||||||
Issuance of shares for stock benefit plan (in value) | $ 14 | (14) | |||||||
Issuance of shares for stock benefit plan (in shares) | 1,387,000 | ||||||||
Cancellation of expired, ungranted shares issued for stock benefit plan (in value) | $ 183 | 183 | |||||||
Cancellation of expired, ungranted shares issued for stock benefit plan (in shares) | (34,000) | ||||||||
Restricted stock plan shares earned (in value) | 2,633 | 2,633 | |||||||
Cash dividends declared | (8,370) | (8,370) | |||||||
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 | $ 19,596 | 19,596 | |||||||
Other comprehensive income (loss), net of income tax expense (benefit) | 16,110 | 16,110 | |||||||
ESOP shares committed to be released | 2,849 | 903 | 1,946 | ||||||
Stock option exercise (in value) | $ 102 | 102 | |||||||
Stock option exercise (in shares) | 9,565 | 10,000 | |||||||
Stock option expense | $ 2,016 | 2,016 | |||||||
Share repurchases (in value) | $ (142,602) | $ (100) | (142,502) | ||||||
Stock repurchases (in shares) | (10,014,544) | (10,015,000) | |||||||
Restricted stock plan shares earned (in value) | $ 4,330 | 4,330 | |||||||
Cancellation of shares issued for restricted stock awards (in value) | (1,370) | $ (2) | (1,368) | ||||||
Cancellation of shares issued for restricted stock awards (in shares) | (158,000) | ||||||||
Reclassification of stranded tax effects from Accumulated Other Comprehensive Income | (1,381) | 1,381 | |||||||
Acquisition of Clifton Bancorp | $ 330,694 | $ 254 | $ 330,440 | ||||||
Acquisition of Clifton Bancorp, Shares | 25,438,000 | ||||||||
Cash dividends declared | (20,158) | (20,158) | |||||||
Balance (in value) at Jun. 30, 2018 | $ 1,268,748 | $ 996 | $ 922,711 | $ 359,096 | $ (32,590) | $ 18,535 | |||
Balance (in shares) at Jun. 30, 2018 | 99,626,400 | 99,626,000 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares shares in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement Of Stockholders Equity [Abstract] | |||
ESOP shares committed to be released, shares | 201 | 201 | 201 |
Restricted stock plan shares earned, shares | 288 | 176 | 35 |
Dividends Declared Per Common Share | $ 0.25 | $ 0.10 | $ 0.08 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Flows from Operating Activities: | |||
Net Income | $ 19,596,000 | $ 18,603,000 | $ 15,822,000 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of premises and equipment | 3,224,000 | 2,843,000 | 2,988,000 |
Net amortization of premiums, discounts and loan fees and costs | 986,000 | 4,935,000 | 4,739,000 |
Deferred income taxes and valuation allowance | 6,700,000 | (1,843,000) | (1,578,000) |
Amortization of intangible assets | 364,000 | 138,000 | 167,000 |
Amortization of benefit plans’ unrecognized net (gain) loss | (39,000) | 65,000 | 59,000 |
Provision for loan losses | 2,706,000 | 5,381,000 | 10,690,000 |
Loss on write-down and sales of real estate owned | 19,000 | 106,000 | 137,000 |
Loans originated for sale | (74,937,000) | (85,806,000) | (9,215,000) |
Proceeds from sale of mortgage loans held-for-sale | 79,509,000 | 85,144,000 | 5,981,000 |
Gain on sale of mortgage loans held-for-sale, net | (742,000) | (713,000) | (82,000) |
Proceeds from sale of SBA loans | 3,064,000 | 10,411,000 | 14,224,000 |
Realized gain on sale of SBA loans | (262,000) | (822,000) | (354,000) |
Realized (gain) loss on sale/call of securities available for sale | (16,000) | 401,000 | |
Realized loss (gain) on sale/call of securities held to maturity | 8,000 | (400,000) | (2,000) |
Realized loss (gain) on disposition of premises and equipment | 10,000 | (9,000) | (14,000) |
Increase in cash surrender value of bank owned life insurance | (5,362,000) | (5,207,000) | (5,563,000) |
ESOP, stock option plan and restricted stock plan expenses | 9,195,000 | 6,825,000 | 2,908,000 |
Increase in interest receivable | (1,875,000) | (1,281,000) | (1,339,000) |
Decrease (increase) in other assets | 138,000 | 59,000 | (1,145,000) |
Increase in interest payable | 558,000 | 468,000 | 205,000 |
Increase (decrease) in other liabilities | 2,251,000 | (768,000) | 549,000 |
Net Cash Provided by Operating Activities | 45,095,000 | 38,530,000 | 39,177,000 |
Purchases of: | |||
Investment securities available for sale | (189,255,000) | (169,051,000) | |
Investment securities held to maturity | (122,512,000) | (34,429,000) | (29,783,000) |
Proceeds from: | |||
Repayments/calls/maturities of investment securities available for sale | 79,853,000 | 147,133,000 | 88,075,000 |
Repayments/calls/maturities of investment securities held to maturity | 92,437,000 | 111,324,000 | 113,508,000 |
Sale of investment securities available for sale | 254,606,000 | 83,008,000 | 0 |
Sale of investment securities held to maturity | 211,000 | 5,300,000 | |
Purchase of loans | (54,590,000) | (143,633,000) | (356,421,000) |
Net increase in loans receivable | (87,831,000) | (440,845,000) | (233,913,000) |
Proceeds from sale of real estate owned | 2,492,000 | 1,026,000 | 2,225,000 |
Additions to premises and equipment | (8,268,000) | (4,035,000) | (2,193,000) |
Proceeds from cash settlement of premises and equipment | 14,000 | ||
Purchase of FHLB stock | (7,646,000) | (26,765,000) | (3,711,000) |
Redemption of FHLB stock | 8,957,000 | 17,419,000 | 567,000 |
Net cash acquired in acquisition | 30,099,000 | ||
Net Cash Used in Investing Activities | (1,447,000) | (453,548,000) | (421,632,000) |
Cash Flows from Financing Activities: | |||
Net increase in deposits | 194,174,000 | 235,079,000 | 229,164,000 |
Repayment of term FHLB advances | (2,520,334,000) | (2,103,103,000) | (1,657,599,000) |
Proceeds from term FHLB advances | 2,500,000,000 | 2,300,000,000 | 1,700,000,000 |
Net (decrease) increase in other short-term borrowings | (2,030,000) | (5,103,000) | 541,000 |
Net (decrease) increase in advance payments by borrowers for taxes | (400,000) | 805,000 | (1,137,000) |
Repurchase and cancellation of common stock of Kearny Financial Corp. | (142,602,000) | (126,002,000) | (22,286,000) |
Cancellation of expired, ungranted shares issued for stock benefit plan | 183,000 | ||
Cancellation of shares repurchased on vesting to pay taxes | (1,370,000) | ||
Exercise of stock options | 102,000 | 482,000 | 0 |
Dividends paid | (20,561,000) | (8,286,000) | (7,164,000) |
Net Cash Provided by Financing Activities | 6,979,000 | 294,055,000 | 241,519,000 |
Net Increase (decrease) in Cash and Cash Equivalents | 50,627,000 | (120,963,000) | (140,936,000) |
Cash and Cash Equivalents - Beginning | 78,237,000 | 199,200,000 | 340,136,000 |
Cash and Cash Equivalents - Ending | 128,864,000 | 78,237,000 | 199,200,000 |
Cash paid during the year for: | |||
Income taxes, net of refunds | 9,333,000 | 9,483,000 | 9,177,000 |
Interest | 49,581,000 | 36,051,000 | 31,698,000 |
Non-cash investing activities: | |||
Acquisition of real estate owned in settlement of loans | 1,463,000 | $ 1,939,000 | $ 2,247,000 |
Fair value of assets acquired, net of cash and cash equivalents acquired | 1,607,496,000 | ||
Fair value of liabilites assumed | $ 1,375,859,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 - Summary of Significant Accounting Policies Basis of Consolidated Financial Statement Presentation The consolidated financial statements include the accounts of Kearny Financial Corp. (the “Company”), its wholly-owned subsidiary, Kearny Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries, CJB Investment Corp. and KFS Financial Services, Inc. and its wholly-owned subsidiary, KFS Insurance Services, Inc. The Company conducts its business principally through the Bank. Management prepared the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), including the elimination of all significant inter-company accounts and transactions during consolidation. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of financial condition and revenues and expenses for the periods then ended. Actual results could differ significantly from those estimates. Business of the Company and Subsidiaries The Company’s primary business is the ownership and operation of the Bank. The Bank is principally engaged in the business of attracting deposits from the general public at its 54 retail branches in New Jersey and New York and using these deposits, together with other funds, to originate or purchase loans for its portfolio and invest in securities. Loans originated or purchased by the Bank generally include loans collateralized by residential and commercial real estate augmented by secured and unsecured loans to businesses and consumers. The investment securities purchased by the Bank generally include U.S. agency mortgage-backed securities, U.S. government and agency debentures, bank-qualified municipal obligations, corporate bonds, asset-backed securities, collateralized loan obligations and subordinated debt. The Company maintains a small balance of single issuer trust preferred securities and non-agency mortgage-backed securities that were acquired through its purchase of other institutions. At June 30, 2018, the Bank had two wholly owned subsidiaries: KFS Financial Services, Inc. and CJB Investment Corp. KFS Financial Services, Inc., incorporated as a New Jersey corporation in 1994 under the name of South Bergen Financial Services, Inc., was acquired in Kearny’s merger with South Bergen Savings Bank in 1999 and was renamed KFS Financial Services, Inc. in 2000. It is a service corporation subsidiary originally organized for selling insurance products to Bank customers and the general public through a third party networking arrangement. KFS Insurance Services, Inc. is a wholly owned subsidiary of KFS Financial Services, Inc. for the primary purpose of acquiring insurance agencies. Both KFS Financial Services Inc. and KFS Insurance Services Inc. were considered inactive during the three-year period ended June 30, 2018. CJB Investment Corp was organized under New Jersey law as a New Jersey Investment Company and remained active through the three-year period ended June 30, 2018. Note 1 - Summary of Significant Accounting Policies (continued) Cash and Cash Equivalents Cash and cash equivalents include cash, deposits with other financial institutions with maturities fewer than 90 days, and federal funds sold. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions, borrowings with original maturities fewer than 90 days. Securities The Company classifies its investment securities among two categories: held to maturity and available for sale. The Company does not use or maintain a trading account. Investments in debt and equity securities that we have the positive intent and ability to hold to maturity are classified as held to maturity securities and reported at amortized cost. Debt and equity securities not classified as held to maturity securities are classified as available for sale securities and reported at fair value, with unrealized holding gains or losses, net of deferred income taxes, reported in the accumulated other comprehensive income (“OCI”) component of stockholders’ equity. If the fair value of a security is less than its amortized cost, the security is deemed to be impaired. Management evaluates all securities with unrealized losses quarterly to determine if such impairments are “temporary” or “other-than-temporary”. The Company accounts for temporary impairments based upon their classification as either available for sale or held to maturity. Temporary impairments on “available for sale” securities are recognized, on a tax-effected basis, through OCI with offsetting entries adjusting the carrying value of the security and the balance of deferred taxes. Conversely, the Company does not adjust the carrying value of “held to maturity” securities for temporary impairments, although information concerning the amount and duration of impairments on held to maturity securities is disclosed in periodic financial statements. The Company accounts for other-than-temporary impairments based upon several considerations. First, other-than-temporary impairments on securities that the Company has decided to sell as of the close of a fiscal period, or will, more likely than not, be required to sell prior to the full recovery of their fair value to a level equal to or exceeding their amortized cost, are recognized in earnings. If neither of these conditions regarding the likelihood of the securities’ sale are applicable, then, for debt securities, the other-than-temporary impairment is bifurcated into credit-related and noncredit-related components. A credit-related impairment generally represents the amount by which the present value of the cash flows that are expected to be collected on a debt security fall below its amortized cost. The noncredit-related component represents the remaining portion of the impairment not otherwise designated as credit-related. The Company recognizes credit-related, other-than-temporary impairments in earnings. However, noncredit-related, other-than-temporary impairments on debt securities are recognized in OCI. Premiums and discounts on all securities are generally amortized/accreted to maturity by use of the level-yield method considering the impact of principal amortization and prepayments on mortgage-backed securities. Premiums on callable securities are generally amortized to the call date whereas discounts on such securities are accreted to the maturity date. Gain or loss on sales of securities is based on the specific identification method. Note 1 - Summary of Significant Accounting Policies (continued) Concentration of Risk Financial instruments which potentially subject the Company and its subsidiaries to concentrations of credit risk consist of cash and cash equivalents, investment securities and loans receivable. Cash and cash equivalents include deposits placed in other financial institutions. At June 30, 2018, the Company had cash and cash equivalents of $128.9 million comprising funds on deposit at other institutions totaling $110.6 million and other cash-related items, consisting primarily of vault cash and cash held by, or in transit to/from, our cash repository service provider, totaling $18.3 million. Cash and equivalents on deposit at other institutions at June 30, 2018 included $19.4 million held by the Federal Home Loan Bank of New York (“FHLB”), $83.3 million held by the Federal Reserve Bank of New York (“FRB”) as well as $7.9 million held at two U.S. domestic commercial banks representing funds on deposit totaling $5.5 million and $2.4 million, respectively, at June 30, 2018. By comparison, at June 30, 2017, the Company had cash and cash equivalents of $78.2 million comprising funds on deposit at other institutions totaling $62.5 million and other cash-related items, consisting primarily of vault cash and cash held by, or in transit to/from, our cash repository service provider, totaling $15.7 million. Cash and equivalents on deposit at other institutions at June 30, 2017 was comprised of $4.8 million held by the FHLB, $53.6 million held by the FRB and a total of $4.2 million held at two U.S. domestic commercial banks representing funds on deposit totaling $3.2 million and $1.0 million, respectively, at June 30, 2017. Securities include concentrations of investments backed by U.S. government agencies and U.S. government sponsored enterprises (“GSEs”), including the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”), the Government National Mortgage Association (“Ginnie Mae”) and the Small Business Administration (“SBA”). Additional concentration risk exists in the Company’s municipal and corporate obligations, asset-backed securities and collateralized loan obligations. Lesser concentration risk exists in the Company’s non-agency mortgage-backed securities and single issuer trust preferred securities due to comparatively lower total balances of such securities held by the Company and the variety of issuers represented. The Company’s lending activity is primarily concentrated in loans collateralized by real estate in the states of New Jersey and New York. As a result, credit risk is broadly dependent on the real estate market and general economic conditions in these states. Additionally, the Company’s lending policies limit the amount of credit extended to any single borrower and their related interests thereby limiting the concentration of credit risk to any single borrower. Loans Receivable Loans receivable, net are stated at unpaid principal balances, net of deferred loan origination fees and costs, purchased discounts and premiums, purchase accounting fair value adjustments and the allowance for loan losses. Certain direct loan origination costs net of loan origination fees, are deferred and amortized, using the level-yield method, as an adjustment of yield over the contractual lives of the related loans. Unearned premiums and discounts are amortized or accreted by use of the level-yield method over the contractual lives of the related loans. Loans Held-for-Sale Loans held-for-sale are carried at the lower of cost or estimated fair value, as determined on an aggregate basis. Net unrealized losses, if any, are recognized in a valuation allowance through charges to earnings. Premiums and discounts and origination fees and costs on loans held-for-sale are deferred and recognized as a component of the gain or loss on sale. Gains and losses on sales of loans held-for-sale are recognized on settlement dates and are determined by the difference between the sale proceeds and the carrying value of the loans. These transactions are accounted for as sales based on our satisfaction of the criteria for such accounting which provide that, as transferor, we have surrendered control over the loans. Note 1 - Summary of Significant Accounting Policies (continued) Past Due Loans A loan’s “past due” status is generally determined based upon its principal and interest payment (“P&I”) delinquency status in conjunction with its “past maturity” status, where applicable. A loan’s “P&I delinquency” status is based upon the number of calendar days between the date of the earliest P&I payment due and the “as of” measurement date. A loan’s “past maturity” status, where applicable, is based upon the number of calendar days between a loan’s contractual maturity date and the “as of” measurement date. Based upon the larger of these criteria, loans are categorized into the following “past due” tiers for financial statement reporting and disclosure purposes: Current (including 1-29 days past due), 30-59 days, 60-89 days and 90 or more days. Nonaccrual Loans Loans are generally placed on nonaccrual status when contractual payments become 90 days or more past due, and are otherwise placed on nonaccrual when the Company does not expect to receive all P&I payments owed substantially in accordance with the terms of the loan agreement. Loans that become 90 days past maturity, but remain non-delinquent with regard to ongoing P&I payments, may remain on accrual status if: (1) the Company expects to receive all P&I payments owed substantially in accordance with the terms of the loan agreement, past maturity status notwithstanding, and (2) the borrower is working actively and cooperatively with the Company to remedy the past maturity status through an expected refinance, payoff or modification of the loan agreement that is not expected to result in a troubled debt restructuring (“TDR”) classification. All TDRs are placed on nonaccrual status for a period of no less than six months after restructuring, irrespective of past due status. The sum of nonaccrual loans plus accruing loans that are 90 days or more past due are generally defined collectively as “nonperforming loans”. Payments received in cash on nonaccrual loans, including both the principal and interest portions of those payments, are generally applied to reduce the carrying value of the loan. When a loan is returned to accrual status, any accumulated interest payments previously applied to the carrying value of the loan during its nonaccrual period are recognized as interest income as an adjustment to the loan’s yield over its remaining term. Loans that are not considered to be TDRs are generally returned to accrual status when payments due are brought current and the Company expects to receive all remaining P&I payments owed substantially in accordance with the terms of the loan agreement. Non-TDR loans may also be returned to accrual status when a loan’s payment status falls below 90 days past due and the Company: (1) expects receipt of the remaining past due amounts within a reasonable timeframe, and (2) expects to receive all remaining P&I payments owed substantially in accordance with the terms of the loan agreement. Acquired Loans Loans that we acquire through acquisitions are recorded at fair value with no carryover of the related allowance for credit losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable yield and is recognized into interest income over the remaining life of the loan. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable yield. The nonaccretable yield represents estimated future credit losses expected to be incurred over the life of the loan. Subsequent decreases to the expected cash flows require us to evaluate the need for an allowance for credit losses. Subsequent improvements in expected cash flows result in the reversal of a corresponding amount of the nonaccretable yield which we then reclassify as accretable yield that is recognized into interest income over the remaining life of the loan using the interest method. Our evaluation of the amount of future cash flows that we expect to collect is performed in a similar manner as that used to determine our allowance for credit losses. Charge-offs of the principal amount on acquired loans would be first applied to the nonaccretable yield portion of the fair value adjustment. Note 1 - Summary of Significant Accounting Policies (continued) Classification of Assets In compliance with the regulatory guidelines, the Company’s loan review system includes an evaluation process through which certain loans exhibiting adverse credit quality characteristics are classified “Special Mention”, “Substandard”, “Doubtful” or “Loss”. An asset is classified as “Substandard” if it is inadequately protected by the paying capacity and net worth of the obligor or the collateral pledged, if any. Substandard assets include those characterized by the distinct possibility that the insured institution will sustain some loss if the deficiencies are not corrected. Assets classified as “Doubtful” have all of the weaknesses inherent in those classified as “Substandard”, with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values. Assets, or portions thereof, classified as “Loss” are considered uncollectible or of so little value that their continuance as assets is not warranted. Assets which do not currently expose the Company to a sufficient degree of risk to warrant an adverse classification but have some credit deficiencies or other potential weaknesses are designated as “Special Mention” by management. Adversely classified assets, together with those rated as “Special Mention”, are generally referred to as “Classified Assets”. Non-classified assets are internally rated within one of four “Pass” categories or as “Watch” with the latter denoting a potential deficiency or concern that warrants increased oversight or tracking by management until remediated. Management performs a classification of assets review, including the regulatory classification of assets, generally on an ongoing basis. The results of the classification of assets review are validated by the Company’s third party loan review firm during their quarterly independent review. In the event of a difference in rating or classification between those assigned by the internal and external resources, the Company will generally utilize the more critical or conservative rating or classification. Final loan ratings and regulatory classifications are presented monthly to the Board of Directors and are reviewed by regulators during the examination process. Management evaluates loans classified as substandard or doubtful for impairment in accordance with applicable accounting requirements. As discussed in greater detail below, a valuation allowance is established through the provision for loan losses for any impairment identified through such evaluations. To the extent that impairment identified on a loan is classified as “Loss”, that portion of the loan is charged off against the allowance for loan losses. The classification of loan impairment as “Loss” is based upon a confirmed expectation for loss. For loans primarily secured by real estate, the expectation for loss is generally confirmed when: (a) impairment is identified on a loan individually evaluated in the manner described below, and (b) the loan is presumed to be collateral-dependent such that the source of loan repayment is expected to arise solely from sale of the collateral securing the applicable loan. Impairment identified on non-collateral-dependent loans may or may not be eligible for a “Loss” classification depending upon the other salient facts and circumstances that effect the manner and likelihood of loan repayment. However, loan impairment that is classified as “Loss” is charged off against the allowance for loan losses concurrent with that classification. The timeframe between when loan impairment is first identified by the Company and when such impairment may ultimately be charged off varies by loan type. For example, unsecured consumer and commercial loans are generally classified as “Loss” at 120 days past due, resulting in their outstanding balances being charged off at that time. For the Company’s secured loans, the condition of collateral dependency generally serves as the basis upon which a “Loss” classification is ascribed to a loan’s impairment thereby confirming an expected loss and triggering charge off of that impairment. While the facts and circumstances that effect the manner and likelihood of repayment vary from loan to loan, the Company generally considers the referral of a loan to foreclosure, coupled with the absence of other viable sources of loan repayment, to be demonstrable evidence of collateral dependency. Depending upon the nature of the collections process applicable to a particular loan, an early determination of collateral dependency could result in a nearly concurrent charge off of a newly identified impairment. By contrast, a presumption of collateral dependency may only be determined after the completion of lengthy loan collection and/or workout efforts, including bankruptcy proceedings, which may extend several months or more after a loan’s impairment is first identified. In a limited number of cases, the entire net carrying value of a loan may be determined to be impaired based upon a collateral-dependent impairment analysis. However, the borrower’s adherence to contractual repayment terms precludes the recognition of a “Loss” classification and charge off. In these limited cases, a valuation allowance equal to 100% of the impaired loan’s carrying value may be maintained against the net carrying value of the asset. Note 1 - Summary of Significant Accounting Policies (continued) Allowance for Loan Losses The allowance for loan losses is a valuation account that reflects the Company’s estimation of the losses in its loan portfolio to the extent they are both probable and reasonable to estimate. The balance of the allowance is generally maintained through provisions for loan losses that are charged to income in the period that estimated losses on loans are identified by the Company’s loan review system. The Company charges confirmed losses on loans against the allowance as such losses are identified. Recoveries on loans previously charged-off are added back to the allowance. The Company’s allowance for loan loss calculation methodology utilizes a “two-tier” loss measurement process that is generally performed monthly. Based upon the results of the classification of assets and credit file review processes described earlier, the Company first identifies the loans that must be reviewed individually for impairment. Factors considered in identifying individual loans to be reviewed include, but may not be limited to, loan type, classification status, contractual payment status, performance/accrual status and impaired status. The loans considered by the Company to be eligible for individual impairment review include its commercial mortgage loans, comprising multi-family and nonresidential real estate loans, construction loans, commercial business loans as well as its one- to four-family mortgage loans, home equity loans and home equity lines of credit. A reviewed loan is deemed to be impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. Once a loan is determined to be impaired, management performs an analysis to determine the amount of impairment associated with that loan. In measuring the impairment associated with collateral-dependent loans, the fair value of the collateral securing the loan is generally used as a measurement proxy for that of the impaired loan itself as a practical expedient. In the case of real estate collateral, such values are generally determined based upon a discounted market value obtained through an automated valuation module or prepared by a qualified, independent real estate appraiser. The value of non-real estate collateral is similarly determined based upon an independent assessment of fair market value by a qualified resource. The Company generally obtains independent appraisals on properties securing mortgage loans when such loans are initially placed on nonperforming or impaired status with such values updated approximately every six to 12 months thereafter throughout the collections, bankruptcy and/or foreclosure processes. Appraised values are typically updated at the point of foreclosure, where applicable, and approximately every six to 12 months thereafter while the repossessed property is held as real estate owned. As supported by accounting and regulatory guidance, the Company reduces the fair value of the collateral by estimated selling costs, such as real estate brokerage commissions, to measure impairment when such costs are expected to reduce the cash flows available to repay the loan. The Company establishes valuation allowances in the fiscal period during which the loan impairments are identified. The results of management’s individual loan impairment evaluations are validated by the Company’s third party loan review firm during their quarterly independent review. Such valuation allowances are adjusted in subsequent fiscal periods, where appropriate, to reflect any changes in carrying value or fair value identified during subsequent impairment evaluations which are generally updated monthly by management. The second tier of the loss measurement process involves estimating the probable and estimable losses which addresses loans not otherwise reviewed individually for impairment as well as those individually reviewed loans that are determined to be non-impaired. Such loans include groups of smaller-balance homogeneous loans that may generally be excluded from individual impairment analysis, and therefore collectively evaluated for impairment, as well as the non-impaired loans within categories that are otherwise eligible for individual impairment review. Note 1 - Summary of Significant Accounting Policies (continued) Valuation allowances established through the second tier of the loss measurement process utilize historical and environmental loss factors to collectively estimate the level of probable losses within defined segments of the Company’s loan portfolio. These segments aggregate homogeneous subsets of loans with similar risk characteristics based upon loan type. For allowance for loan loss calculation and reporting purposes, the Company currently stratifies its loan portfolio into seven primary categories: residential mortgage loans, multi-family mortgage loans, non-residential mortgage loans, construction loans, commercial business loans, home equity loans, and other consumer loans. The risks presented by residential mortgage loans are primarily related to adverse changes in the borrower’s financial condition that threaten repayment of the loan in accordance with its contractual terms. Such risk to repayment can arise from job loss, divorce, illness and the personal bankruptcy of the borrower. For collateral dependent residential mortgage loans, additional risk of loss is presented by potential declines in the fair value of the collateral securing the loan. Home equity loans generally share the same risks as those applicable to residential mortgage loans. However, to the extent that such loans represent junior liens, they are comparatively more susceptible to such risks given their subordinate position behind senior liens. In addition to sharing similar risks as those presented by residential mortgage loans, risks relating to multi-family and non-residential mortgage loans also arise from comparatively larger loan balances to single borrowers or groups of related borrowers. Moreover, the repayment of such loans is typically dependent on the successful operation of an underlying real estate project and may be further threatened by adverse changes to demand and supply of commercial real estate as well as changes generally impacting overall business or economic conditions. The risks presented by construction loans are generally considered to be greater than those attributable to residential and commercial mortgage loans. Risks from construction lending arise, in part, from the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions on developers and builders. Moreover, a construction loan can involve additional risks because of the inherent difficulty in estimating both a property's value at completion of the project and the estimated cost, including interest, of the project. The nature of these loans is such that they are comparatively more difficult to evaluate and monitor than permanent mortgage loans. Commercial business loans are also considered to present a comparatively greater risk of loss due to the concentration of principal in a limited number of loans and/or borrowers and the effects of general economic conditions on the business. Commercial business loans may be secured by varying forms of collateral including, but not limited to, business equipment, receivables, inventory and other business assets which may not provide an adequate source of repayment of the outstanding loan balance in the event of borrower default. Moreover, the repayment of commercial business loans is primarily dependent on the successful operation of the underlying business which may be threatened by adverse changes to the demand for the business’ products and/or services as well as the overall efficiency and effectiveness of the business’ operations and infrastructure. Finally, our unsecured consumer loans generally have shorter terms and higher interest rates than other forms of lending but generally involve more credit risk due to the lack of collateral to secure the loan in the event of borrower default. Consumer loan repayment is dependent on the borrower's continuing financial stability, and therefore is more likely to be adversely affected by job loss, divorce, illness and personal bankruptcy. By contrast, our consumer loans also include account loans that are fully secured by the borrower’s deposit accounts and generally present nominal risk to the Company. Each primary category is further stratified to distinguish between loans originated and purchased directly from third party lenders, from loans acquired through wholesale channels or through business combinations. Where applicable, such primary categories separately identify loans that are supported by government guarantees, such as those issued by the SBA. Within these primary categories, loans are grouped into more granular segments based on common risk characteristics. For example, loans secured by real estate, such as residential and commercial mortgage loans, are generally grouped into segments by underlying property type while commercial business loans are grouped into segments based on business or industry type. Note 1 - Summary of Significant Accounting Policies (continued) In regard to historical loss factors, the Company’s allowance for loan loss calculation calls for an analysis of historical charge-offs and recoveries for each of the defined segments within the loan portfolio. The Company generally utilizes a two-year moving average of annualized net charge-off rates (charge-offs net of recoveries) by loan segment, where available, to calculate its actual, historical loss experience. The outstanding principal balance of the non-impaired portion of each loan segment is multiplied by the applicable historical loss factor, which is updated quarterly, to estimate the level of probable losses based upon the Company’s historical loss experience. As noted, the second tier of the Company’s allowance for loan loss calculation also utilizes environmental loss factors to estimate the probable losses within the loan portfolio. Environmental loss factors are based on specific quantitative and qualitative criteria that are used to assess the level of loss exposure arising from key sources of risk within the loan portfolio. Such sources of risk include those relating to the level of and trends in nonperforming loans; the level of and trends in credit risk management effectiveness, the levels and trends in lending resource capability; levels and trends in economic and market conditions; levels and trends in loan concentrations; levels and trends in loan composition and terms, levels and trends in independent loan review effectiveness, levels and trends in collateral values and the effects of other external factors. The Company utilizes a set of seven risk tranches, ranging from “negligible risk” to “severe risk”, that establishes a pre-defined range of potential risk ratings to be ascribed each criteria component supporting an environmental loss factor. Risk ratings of zero and 30 are ascribed to the “negligible risk” and “severe risk” tranches, respectively, which generally serve as the upper and lower thresholds for the potential range of risk rating values across all risk tranches. The remaining five risk tranches, ranging from “low risk” to “high risk”, utilize progressively higher ranges of potential risk ratings reflecting the increased level of risk associated with each tranche. As noted earlier, the Company |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 2 – Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Subsequently, the FASB issued the following standards related to ASU 2014-09: ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations”; ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing”; ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting”; ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients”; and ASU 2017-05, “Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets.” These amendments are intended to improve and clarify the implementation guidance of ASU 2014-09 and have the same effective date as the original standard. The Company’s main source of revenue is comprised of net interest income on interest earning assets and liabilities and non-interest income. The scope of this ASU explicitly excludes net interest income as well as other revenues associated with financial assets and liabilities, including loans, leases, securities, certain insurance revenues and derivatives. Upon adoption on July 1, 2018, there were no material changes related to the timing or amount of revenue recognition and therefore, the Company did not record a cumulative effective adjustment for the adoption. The Company will continue to evaluate the need for additional disclosures. In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities Note 2 – Recent Accounting Pronouncements (continued) In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 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 Note 2 – Recent Accounting Pronouncements (continued) 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, Adoption of New Accounting Standards In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities, Note 2 – Recent Accounting Pronouncements (continued) In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. ASU 2018-02 is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years with early adoption permitted, including adoption in any interim period, for (i) public business entities for reporting periods for which financial statements have not yet been issued and (ii) all other entities for reporting periods for which financial statements have not yet been made available for issuance. The changes are required to be applied retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act is recognized. The Company early adopted ASU 2018-02, which resulted in the reclassification from accumulated other comprehensive income to retained earnings totaling $1.4 million, which is reflected in the Consolidated Statements of Changes in Stockholders’ Equity. |
Acquisition of Clifton Bancorp
Acquisition of Clifton Bancorp Inc | 12 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisition of Clifton Bancorp Inc | Note 3 – Acquisition of Clifton Bancorp Inc. O n April 2, 2018, the Company completed its acquisition of Clifton Bancorp Inc. (“Clifton”), the parent company of Clifton Savings Bank, a federally chartered stock savings bank. At the time of closing, Clifton had $1.7 billion in total assets, including $1.2 billion in net loans receivable and $332.2 million in securities, and $1.4 billion in total liabilities, including $945.0 million in deposits and $421.4 million in borrowings. The deposits acquired from Clifton were held across a network of 12 branches located in New Jersey throughout Bergen, Passaic, Hudson, and Essex counties. Clifton’s stockholders’ equity totaled approximately $272.0 million at the time of closing. Under the terms of the merger agreement, each outstanding share of Clifton common stock was exchanged for 1.191 shares of the Company’s common stock, resulting in the Company issuing 25.4 million shares of common stock to Clifton stockholders in conjunction with the merger’s closing. The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible were recorded at their fair values as of April 2, 2018 based on management’s best estimate using the information available as of the merger date. The application of the acquisition method of accounting resulted in the recognition of goodwill of $102.3 million and a core deposit intangible of $6.4 million. Accounting guidance provides that an acquirer must recognize adjustments to provisional amounts that are identified during the measurement period, which runs through April 2, 2019, in the measurement period in which the adjustment amounts are determined. The acquirer must record in the financial statements, the effect on earnings of changes in depreciation, amortization or other income effects, if any, as a result of the changes to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The Company is preparing tax returns related to the operation of the combined entities through June 30, 2018 and, due to state apportionment factors, believes certain adjustments to income tax balances and goodwill may result upon completion of these returns. Note 3 – Acquisition of Clifton Bancorp Inc. (continued) The Company recorded the assets acquired and liabilities assumed through the merger at fair value as summarized in the following table: As Recorded by Clifton Fair Value Adjustments As Recorded at Acquisition (In Thousands) Cash and cash equivalents $ 36,585 $ - $ 36,585 Investment securities 332,183 (5,270 ) (a) 326,913 Loans receivable 1,191,748 (74,927 ) (b) 1,116,821 Allowance for loan losses (8,025 ) 8,025 (c) - Premises and equipment 8,066 3,556 (d) 11,622 FHLB stock 20,357 - 20,357 Accrued interest receivable 4,142 - 4,142 Bank owned life insurance 63,231 - 63,231 Deferred income taxes, net 6,837 16,149 (e) 22,986 Core deposit and other intangibles - 6,367 (f) 6,367 Other real estate owned 163 (23 ) (g) 140 Other assets 1,438 133 (h) 1,571 Total assets acquired $ 1,656,725 $ (45,990 ) $ 1,610,735 Deposits $ 944,988 $ 4,801 (i) $ 949,789 FHLB borrowings 421,400 (7,268 ) (j) 414,132 Advance payments by borrowers for taxes 9,777 - 9,777 Other liabilities 5,288 112 (k) 5,400 Total liabilities assumed $ 1,381,453 $ (2,355 ) $ 1,379,098 Net assets acquired $ 231,637 Purchase price 333,941 Goodwill recorded in Merger $ 102,304 Explanation of certain fair value related adjustments: (a) Represents the fair value adjustments on investment securities. (b) Represents the fair value adjustments on the net book value of loans, which includes an interest rate mark and credit mark adjustment and the write-off of deferred fees/costs and premiums. (c) Represents the elimination of Clifton’s allowance for loan losses. (d) Represents the fair value adjustments to reflect the fair value of land and buildings and premises and equipment, which will be amortized on a straight-line basis over the estimated useful lives of the individual assets. (e) Represents an adjustment to net deferred tax assets resulting from the fair value adjustments related to the acquired assets, liabilities assumed and identifiable intangible assets recorded. (f) Represents the intangible assets recorded to reflect the fair value of core deposits. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. (g) Represents an adjustment to reduce the carrying value of other real estate owned to fair value, less costs to sell. (h) Represents an adjustment to other assets acquired. (i) Represents fair value adjustments on time deposits, which will be treated as a reduction of interest expense over the remaining term of the time deposits. (j) Represents the fair value adjustments on FHLB borrowings, which will be treated as an increase to interest expense over the life of the borrowings. (k) Represents an adjustment to other liabilities assumed. Note 3 – Acquisition of Clifton Bancorp Inc. (continued) The fair value of loans acquired from Clifton were estimated using cash flow projections based on the remaining maturity and repricing terms. Cash flows were adjusted by estimating future credit losses and the rate of prepayments. Projected monthly cash flows were then discounted to present value using a risk-adjusted market rate for similar loans. There was no carryover of Clifton’s allowance for loan losses associated with the loans that were acquired, as the loans were initially recorded at fair value on the date of the Clifton merger. Management has determined that there were no material purchased credit-impaired loans in the Clifton merger. The core deposit intangible asset recognized is being amortized over its estimated useful life of approximately 10 years utilizing the sum-of-the-years digits method. Goodwill is not amortized for book purposes; however, it is reviewed at least annually for impairment and is not deductible for tax purposes. The fair value of land and buildings was estimated using appraisals. Acquired equipment was not material. Buildings are amortized over their estimated useful lives of approximately 35 to 46 years. Improvements and equipment are amortized or depreciated over their estimated useful lives ranging from one to 10 years. The fair value of retail demand and interest bearing deposit accounts was assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. The fair value of time deposits was estimated by discounting the contractual future cash flows using market rates offered for time deposits of similar remaining maturities. Direct acquisition and other charges incurred in connection with the Clifton merger were expensed as incurred and totaled $6.7 million for the year ended June 30, 2018. These expenses were recorded in merger-related expense on the consolidated statements of income. The following table presents selected unaudited pro forma financial information reflecting the Clifton merger assuming it was completed as of July 1, 2016. The unaudited pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the financial results of the combined companies had the Clifton merger actually been completed at the beginning of the periods presented, nor does it indicate future results for any other interim or full year period. Pro forma basic and diluted EPS were calculated using the Company’s actual weighted average shares outstanding for the periods presented, plus the incremental shares issued, assuming the Clifton merger occurred at the beginning of the periods presented. The unaudited pro forma information is based on the actual financial statements of the Company for the periods presented, and on the actual financial statements of Clifton for the years ended March 31, 2018 and 2017 until the date of the Clifton merger, at which time Clifton’s results of operations were included in the Company’s financial statements. The unaudited supplemental pro forma information for years ended June 30, 2018 and 2017 set forth below reflects adjustments related to (a) purchase accounting fair value adjustments; (b) amortization of core deposit and other intangibles; and (c) adjustments to interest income and expense due to amortization of premiums and accretion of discounts. Direct merger-related expenses incurred in the year ended June 30, 2018 are assumed to have occurred prior to July 1, 2017. Furthermore, the unaudited supplemental pro forma information does not reflect management’s estimate of any revenue enhancement opportunities or anticipated potential cost savings for periods that include data as of April 2, 2018 or earlier. Unaudited Supplemental Pro Forma Information Years Ended June 30, 2018 2017 (In Thousands, Except Per Share Data) Net interest income $ 169,094 $ 146,426 Non-interest income 15,683 13,262 Non-interest expense 113,816 103,957 Net income available to common stockholders 40,216 31,631 Pro forma earnings per common share from continuing operations: Basic $ 0.37 0.29 Diluted $ 0.37 0.29 |
Securities Available for Sale
Securities Available for Sale | 12 Months Ended |
Jun. 30, 2018 | |
Securities Available for Sale [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Securities | Note 4 - Securities Available for Sale Amortized cost, gross unrealized gains and losses and fair value of debt securities and mortgage-backed securities at June 30, 2018 and 2017 and stratification by contractual maturity of debt securities at June 30, 2018 are presented below: June 30, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Securities available for sale: Debt securities: U.S. agency securities $ 4,474 $ - $ 63 $ 4,411 Obligations of state and political subdivisions 26,793 4 709 26,088 Asset-backed securities 179,959 2,795 134 182,620 Collateralized loan obligations 226,881 99 914 226,066 Corporate bonds 147,925 463 794 147,594 Trust preferred securities 3,967 - 184 3,783 Total debt securities 589,999 3,361 2,798 590,562 Mortgage-backed securities: Collateralized mortgage obligations: Federal Home Loan Mortgage Corporation 8,032 - 347 7,685 Federal National Mortgage Association 17,619 - 1,012 16,607 Total collateralized mortgage obligations 25,651 - 1,359 24,292 Mortgage pass-through securities: Residential pass-through securities: Federal Home Loan Mortgage Corporation 78,639 19 2,868 75,790 Federal National Mortgage Association 27,171 24 626 26,569 Total residential pass-through securities 105,810 43 3,494 102,359 Commercial pass-through securities: Federal National Mortgage Association 7,946 - 74 7,872 Total commercial pass-through securities 7,946 - 74 7,872 Total mortgage-backed securities 139,407 43 4,927 134,523 Total securities available for sale $ 729,406 $ 3,404 $ 7,725 $ 725,085 June 30, 2018 Amortized Cost Fair Value (In Thousands) Debt securities available for sale: Due in one year or less $ 2 $ 2 Due after one year through five years 148,699 148,247 Due after five years through ten years 49,092 48,306 Due after ten years 392,206 394,007 Total $ 589,999 $ 590,562 Note 4 - Securities Available for Sale (continued) 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 During the year ended June 30, 2018, proceeds from sales of securities available for sale totaled $254.6 million and resulted in gross losses of $31,000. During the year ended June 30, 2017, proceeds from sales of securities available for sale totaled $83.0 million and resulted in gross gains of $1.3 million and gross losses of $1.7 million. There were no sales of securities available for sale during year ended June 30, 2016. At June 30, 2018 and 2017, securities available for sale with carrying values of approximately $42.6 million and $41.8 million, respectively, were utilized as collateral for borrowings through the FHLB of New York. As of those same dates, securities available for sale with total carrying values of approximately $6.2 million and $0, respectively, were pledged to secure public funds on deposit. At June 30, 2018 and 2017, securities available for sale with carrying values of approximately $43.0 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 $12.8 and $8.2 million, respectively, were utilized as collateral for depositor sweep accounts. |
Securities Held to Maturity
Securities Held to Maturity | 12 Months Ended |
Jun. 30, 2018 | |
Securities Held to Maturity [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Securities | Note 5 – Securities Held to Maturity Amortized cost, gross unrecognized gains and losses and fair value of debt securities and mortgage-backed securities at June 30, 2018 and 2017 and stratification by contractual maturity of debt securities at June 30, 2018 are presented below: June 30, 2018 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value (In Thousands) Securities held to maturity: Debt securities: Obligations of state and political subdivisions $ 109,483 $ 79 $ 1,865 $ 107,697 Subordinated debt 46,294 37 284 46,047 Total debt securities 155,777 116 2,149 153,744 Mortgage-backed securities: Collateralized mortgage obligations: Government National Mortgage Association 21,045 - 671 20,374 Federal Home Loan Mortgage Corporation 11,563 - 503 11,060 Federal National Mortgage Association 24,263 6 174 24,095 Non-agency securities 15 - - 15 Total collateralized mortgage obligations 56,886 6 1,348 55,544 Mortgage pass-through securities: Residential pass-through securities: Government National Mortgage Association 2,553 - 15 2,538 Federal Home Loan Mortgage Corporation 37,074 1 950 36,125 Federal National Mortgage Association 160,995 18 3,040 157,973 Total residential pass-through securities 200,622 19 4,005 196,636 Commercial pass-through securities: Government National Mortgage Association 32,149 - 205 31,944 Federal National Mortgage Association 144,296 - 2,665 141,631 Total commercial pass-through securities 176,445 - 2,870 173,575 Total mortgage-backed securities 433,953 25 8,223 425,755 Total securities held to maturity $ 589,730 $ 141 $ 10,372 $ 579,499 June 30, 2018 Amortized Cost Fair Value (In Thousands) Debt securities held to maturity: Due in one year or less $ 5,073 $ 5,068 Due after one year through five years 32,306 31,979 Due after five years through ten years 113,076 111,470 Due after ten years 5,322 5,227 Total $ 155,777 $ 153,744 Note 5 – Securities Held to Maturity (continued) 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 During the year ended June 30, 2018, proceeds from sales of securities held to maturity totaled $211,000 which resulted in gross losses of $8,000. The securities sold were limited to those securities where there was evidence of a deterioration of creditworthiness. During the year ended June, 30 2017, proceeds from sales of securities held to maturity totaled $5.3 million which resulted in gross gains of $370,000 and gross losses of $1,000. The securities sold were limited to those whose remaining outstanding balances had declined to the required thresholds, in relation to the original amount purchased or acquired, that allowed their sale from the held to maturity portfolio. There were no sales of securities held to maturity during the year ended June 30, 2016. At June 30, 2018 and 2017, securities held to maturity with carrying values of approximately $142.6 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 $7.6 million and $6.9 million, respectively, were pledged to secure public funds on deposit. At June 30, 2018 and 2017, securities held to maturity with carrying values of approximately $107.5 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 $26.0 million and $32.7 million, respectively, were utilized as collateral for depositor sweep accounts. |
Impairment of Securities
Impairment of Securities | 12 Months Ended |
Jun. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Impairment of Securities | Note 6 – Impairment of Securities The following two tables summarize the fair values and gross unrealized losses within the available for sale and held to maturity portfolios. The gross unrealized losses, presented by security type, represent temporary impairments of value within each portfolio as of the dates presented. Temporary impairments within the available for sale portfolio have been recognized through other comprehensive income as reductions in stockholders’ equity on a tax-effected basis. The tables are followed by a discussion that summarizes the Company’s rationale for recognizing certain impairments as “temporary” versus those, if any, are identified as “other-than-temporary”. Such rationale is presented by investment type and generally applies consistently to both the “available for sale” and “held to maturity” portfolios, except where specifically noted. June 30, 2018 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 $ 2,579 $ 43 $ 1,832 $ 20 $ 4,411 $ 63 Obligations of state and political subdivisions 24,443 672 540 37 24,983 709 Asset-backed securities - - 24,728 134 24,728 134 Collateralized loan obligations 189,258 914 - - 189,258 914 Corporate bonds 5,035 4 64,184 790 69,219 794 Trust preferred securities - - 2,783 184 2,783 184 Collateralized mortgage obligations 4,635 135 19,658 1,224 24,293 1,359 Residential pass-through securities 63,889 1,921 26,697 1,573 90,586 3,494 Commercial pass-through securities 3,890 66 3,982 8 7,872 74 Total $ 293,729 $ 3,755 $ 144,404 $ 3,970 $ 438,133 $ 7,725 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 June 30, 2018 totaled 132 and included nine U.S. agency securities, 65 municipal obligations, three asset-backed securities, 19 collateralized loan obligations, six corporate obligations, two trust preferred securities, seven collateralized mortgage obligations, 19 residential pass-through securities and two commercial pass-through securities. 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. Note 6 – Impairment of Securities (continued) June 30, 2018 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: Obligations of state and political subdivisions $ 86,678 $ 1,662 $ 3,151 $ 203 $ 89,829 $ 1,865 Subordinated debt 41,010 284 - - 41,010 284 Collateralized mortgage obligations 42,712 753 12,730 595 55,442 1,348 Residential pass-through securities 133,859 2,258 61,760 1,747 195,619 4,005 Commercial pass-through securities 172,382 2,867 1,191 3 173,573 2,870 Total $ 476,641 $ 7,824 $ 78,832 $ 2,548 $ 555,473 $ 10,372 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 unrealized losses at June 30, 2018 totaled 371 and included 190 municipal obligations, seven subordinated debt securities, eight collateralized mortgage obligations, 131 residential pass-through securities and 35 commercial pass-through securities. The number of held to maturity securities with unrealized 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. Note 6 – Impairment of Securities (continued) In the first two circumstances noted above, the amount of OTTI recognized in earnings is the entire difference between the security’s amortized cost basis and its fair value at the balance sheet date. In the third circumstance, however, the OTTI is to be separated into the amount representing the credit loss from the amount related to all other factors. The credit loss component is to be recognized in earnings while the non-credit loss component is to be recognized in other comprehensive income. In these cases, OTTI is generally predicated on an adverse change in cash flows (e.g. principal and/or interest payment deferrals or losses) versus those expected at the time of purchase. The absence of an adverse change in expected cash flows generally indicates that a security’s impairment is related to other “non-credit loss” factors and is thereby generally not recognized as OTTI. The Company considers a variety of factors when determining whether a credit loss exists for an impaired security including, but not limited to: • The length of time and the extent (a percentage) to which the fair value has been less than the amortized cost basis; • Adverse conditions specifically related to the security, an industry, or a geographic area (e.g. changes in the financial condition of the issuer of the security, or in the case of an asset backed debt security, in the financial condition of the underlying loan obligors, including changes in technology or the discontinuance of a segment of the business that may affect the future earnings potential of the issuer or underlying loan obligors of the security or changes in the quality of the credit enhancement); • The historical and implied volatility of the fair value of the security; • The payment structure of the debt security; • Actual or expected failure of the issuer of the security to make scheduled interest or principal payments; • Changes to the rating of the security by external rating agencies; and • Recoveries or additional declines in fair value subsequent to the balance sheet date. At June 30, 2018 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, subordinated debt, 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. Note 6 – Impairment of Securities (continued) The Company has the stated ability and intent to “hold until forecasted recovery” those securities so designated at June 30, 2018 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 June 30, 2018 and June 30, 2017, to be “other-than-temporarily” impaired as of those dates. |
Loans Receivable
Loans Receivable | 12 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Loans Receivable | Note 7 – Loans Receivable June 30, 2018 2017 (In Thousands) Real estate mortgage: One- to four-family residential $ 1,297,453 $ 567,323 Commercial mortgage: Multi-family 1,758,584 1,412,575 Nonresidential 1,302,961 1,085,064 Total commercial mortgage 3,061,545 2,497,639 Total real estate mortgage 4,358,998 3,064,962 Construction 23,271 3,815 Commercial business 85,825 74,471 Consumer: Home equity loans and lines of credit 90,761 82,822 Passbook or certificate 3,283 2,863 Other 5,777 13,520 Total consumer 99,821 99,205 Total loans 4,567,915 3,242,453 Unamortized yield adjustments including net premiums and discounts on purchased and acquired loans and net deferred fees and costs on loans originated (66,567 ) 2,808 Total loans receivable, net of yield adjustments $ 4,501,348 $ 3,245,261 The Bank has granted loans to officers and directors of the Company and its subsidiaries and to their associates. As of June 30, 2018 and 2017 such loans totaled approximately $3.2 million and $3.6 million, respectively. During the years ended June 30, 2018 and June 30, 2017, the Bank granted no new loans to related parties. |
Loan Quality and Allowance for
Loan Quality and Allowance for Loan Losses | 12 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Loan Quality and Allowance for Loan Losses | Note 8 – Loan Quality and the Allowance for Loan Losses Acquired Credit-Impaired Loans At June 30, 2018, the remaining outstanding principal balance and carrying amount of acquired credit-impaired loans totaled approximately $586,000 and $368,000 respectively. By comparison, at June 30, 2017, the remaining outstanding principal balance and carrying amount of such 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 $346,000 and $371,000 at June 30, 2018 and June 30, 2017, respectively. There were no valuation allowances for specifically identified impairment attributable to acquired credit-impaired loans at June 30, 2018 and June 30, 2017. The following table presents the changes in the accretable yield relating to the acquired credit-impaired loans for the years ended June 30, 2018 and 2017. Years Ended June 30, 2018 2017 (In Thousands) Beginning balance $ 215 $ 335 Accretion to interest income (9 ) (101 ) Disposals - (19 ) Reclassifications from nonaccretable difference - - Ending balance $ 206 $ 215 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 June 30, 2018, we held four single-family properties in real estate owned with an aggregate carrying value of $725,000 that were acquired through foreclosures on residential mortgage loans. As of that same date, we held 14 residential mortgage loans with aggregate carrying values totaling $2.3 million which were in the process of foreclosure. As of June 30, 2017, we held two single-family properties in real estate owned with a carrying value of $981,000 that was acquired through a foreclosure on a residential mortgage loan. 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. Note 8 – Loan Quality and the Allowance for Loan Losses (continued) The following tables present the balance of the allowance for loan losses at June 30, 2018, 2017 and 2016 based upon the calculation methodology described in Note 1. The tables identify the valuation allowances attributable to specifically identified impairments on individually evaluated loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans evaluated collectively. The tables include the underlying balance of loans receivable applicable to each category as of those dates as well as the activity in the allowance for loan losses for the years ended June 30, 2018, 2017 and 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 June 30, 2018 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 79 - - - 227 - - 306 Loans collectively evaluated for impairment 2,400 14,946 9,787 258 2,325 430 413 30,559 Total allowance for loan losses $ 2,479 $ 14,946 $ 9,787 $ 258 $ 2,552 $ 430 $ 413 $ 30,865 Allowance for Loan Losses and Loans Receivable Year Ended June 30, 2018 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 year ended June 30, 2018: At June 30, 2017: $ 2,384 $ 13,941 $ 9,939 $ 35 $ 1,709 $ 501 $ 777 $ 29,286 Total charge offs (521 ) - (45 ) - (145 ) (18 ) (829 ) (1,558 ) Total recoveries 172 - - - 90 65 104 431 Total provisions 444 1,005 (107 ) 223 898 (118 ) 361 2,706 Total allowance for loan losses $ 2,479 $ 14,946 $ 9,787 $ 258 $ 2,552 $ 430 $ 413 $ 30,865 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses and Loans Receivable At June 30, 2018 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 $ 99 $ - $ - $ - $ 269 $ - $ - $ 368 Loans individually evaluated for impairment 11,931 116 5,344 - 3,921 1,601 - 22,913 Loans collectively evaluated for impairment 1,285,423 1,758,468 1,297,617 23,271 81,635 89,160 9,060 4,544,634 Total loans $ 1,297,453 $ 1,758,584 $ 1,302,961 $ 23,271 $ 85,825 $ 90,761 $ 9,060 $ 4,567,915 Unamortized yield adjustments (66,567 ) Loans receivable, net of yield adjustments $ 4,501,348 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 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses and Loans Receivable Year Ended June 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 year ended June 30, 2017: At June 30, 2016: $ 2,370 $ 9,995 $ 7,846 $ 24 $ 2,784 $ 432 $ 778 $ 24,229 Total charge offs (76 ) - (149 ) - (221 ) (96 ) (849 ) (1,391 ) Total recoveries 256 - - - 727 16 68 1,067 Total provisions (166 ) 3,946 2,242 11 (1,581 ) 149 780 5,381 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 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses Year Ended June 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 year ended June 30, 2016: At June 30, 2015: $ 2,210 $ 6,354 $ 4,766 $ 34 $ 1,860 $ 366 $ 16 $ 15,606 Total charge offs (1,213 ) - (133 ) - (1,464 ) (93 ) (55 ) (2,958 ) Total recoveries 88 - - - 760 41 2 891 Total provisions 1,285 3,641 3,213 (10 ) 1,628 118 815 10,690 Total allowance for loan losses $ 2,370 $ 9,995 $ 7,846 $ 24 $ 2,784 $ 432 $ 778 $ 24,229 The following tables present key indicators of credit quality regarding the Company’s loan portfolio based upon loan classification and contractual payment status at June 30, 2018 and 2017. Credit-Rating Classification of Loans Receivable At June 30, 2018 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Non-classified $ 1,283,040 $ 1,758,468 $ 1,295,076 $ 23,271 $ 80,947 $ 88,831 $ 8,937 $ 4,538,570 Classified: Special Mention 493 - - - 13 25 61 592 Substandard 13,920 116 7,885 - 4,865 1,905 61 28,752 Doubtful - - - - - - 1 1 Loss - - - - - - - - Total classified loans 14,413 116 7,885 - 4,878 1,930 123 29,345 Total loans $ 1,297,453 $ 1,758,584 $ 1,302,961 $ 23,271 $ 85,825 $ 90,761 $ 9,060 $ 4,567,915 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 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Contractual Payment Status of Loans Receivable At June 30, 2018 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Current $ 1,290,428 $ 1,758,584 $ 1,300,570 $ 23,271 $ 85,065 $ 90,375 $ 8,917 $ 4,557,210 Past due: 30-59 days 1,457 - 1,015 - 247 104 24 2,847 60-89 days 475 - - - - 44 59 578 90+ days 5,093 - 1,376 - 513 238 60 7,280 Total past due 7,025 - 2,391 - 760 386 143 10,705 Total loans $ 1,297,453 $ 1,758,584 $ 1,302,961 $ 23,271 $ 85,825 $ 90,761 $ 9,060 $ 4,567,915 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 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) The following tables present information relating to the Company’s nonperforming and impaired loans at June 30, 2018 and 2017. Loans reported as “90+ days past due and accruing” in the table immediately below are also reported in the preceding contractual payment status table under the heading “90+ days past due”. Performance Status of Loans Receivable At June 30, 2018 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Performing $ 1,288,261 $ 1,758,468 $ 1,297,621 $ 23,271 $ 84,587 $ 89,848 $ 9,000 $ 4,551,056 Nonperforming: 90+ days past due accruing - - - - - - 60 60 Nonaccrual 9,192 116 5,340 - 1,238 913 - 16,799 Total nonperforming 9,192 116 5,340 - 1,238 913 60 16,859 Total loans $ 1,297,453 $ 1,758,584 $ 1,302,961 $ 23,271 $ 85,825 $ 90,761 $ 9,060 $ 4,567,915 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 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Impairment Status of Loans Receivable At or Year Ended June 30, 2018 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 $ 1,285,423 $ 1,758,468 $ 1,297,617 $ 23,271 $ 81,635 $ 89,160 $ 9,060 $ 4,544,634 Impaired loans: Impaired loans with no allowance for impairment 11,255 116 5,344 - 3,963 1,601 - 22,279 Impaired loans with allowance for impairment: Recorded investment 775 - - - 227 - - 1,002 Allowance for impairment (79 ) - - - (227 ) - - (306 ) Balance of impaired loans net of allowance for impairment 696 - - - - - - 696 Total impaired loans, excluding allowance for impairment: 12,030 116 5,344 - 4,190 1,601 - 23,281 Total loans $ 1,297,453 $ 1,758,584 $ 1,302,961 $ 23,271 $ 85,825 $ 90,761 $ 9,060 $ 4,567,915 Unpaid principal balance of impaired loans: Total impaired loans $ 16,263 $ 930 $ 10,033 $ 106 $ 7,671 $ 2,702 $ - $ 37,705 For the year ended June 30, 2018: Average balance of impaired loans $ 9,465 $ 136 $ 6,484 $ 106 $ 2,690 $ 1,667 $ - $ 20,548 Interest earned on impaired loans $ 131 $ - $ 5 $ - $ 44 $ 32 $ - $ 212 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Impairment Status of Loans Receivable At or Year Ended 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 For the year ended June 30, 2017: Average balance of impaired loans $ 12,536 $ 182 $ 6,242 $ 448 $ 3,114 $ 2,075 $ - $ 24,597 Interest earned on impaired loans $ 107 $ - $ - $ 7 $ 15 $ 36 $ - $ 165 Impairment Status of Loans Receivable Year Ended June 30, 2016 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) For the year ended June 30, 2016: Average balance of impaired loans $ 12,218 $ 319 $ 7,538 $ 888 $ 8,278 $ 2,368 $ - $ 31,609 Interest earned on impaired loans $ 176 $ - $ 40 $ - $ 161 $ 50 $ - $ 427 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) The following tables present information regarding the restructuring of the Company’s troubled debts during the years ended June 30, 2018, June 30, 2017 and June 30, 2016 and any defaults of TDRs during that year that were restructured within 12 months of the date of default. Troubled Debt Restructurings of Loans Receivable Year Ended June 30, 2018 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (Dollars in Thousands) Troubled debt restructuring activity for the year ended June 30, 2018: Number of loans 6 - 2 - - 2 - 10 Pre-modification outstanding recorded investment $ 1,635 $ - $ 315 $ - $ - $ 90 $ - $ 2,040 Post-modification outstanding recorded investment 1,981 - 330 - - 88 - 2,399 Charge offs against the allowance for loan loss recognized at modification 145 - 7 - - 2 - 154 Troubled debt restructuring defaults for the year ended June 30, 2018: Number of loans - - - - - - - - Outstanding recorded investment $ - $ - $ - $ - $ - $ - $ - $ - Troubled Debt Restructurings of Loans Receivable Year Ended June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (Dollars in Thousands) Troubled debt restructuring activity for the year ended June 30, 2017: Number of loans 2 - 4 - - 1 - 7 Pre-modification outstanding recorded investment $ 708 $ - $ 2,791 $ - $ - $ 87 $ - $ 3,586 Post-modification outstanding recorded investment 767 - 2,699 - - 95 - 3,561 Charge offs against the allowance for loan loss recognized at modification 14 - 99 - - 9 - 122 Troubled debt restructuring defaults for the year ended June 30, 2017: Number of loans - - - - - - - - Outstanding recorded investment $ - $ - $ - $ - $ - $ - $ - $ - Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Troubled Debt Restructurings of Loans Receivable Year Ended June 30, 2016 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (Dollars in Thousands) Troubled debt restructuring activity for the year ended June 30, 2016: Number of loans 5 - 3 - 1 5 - 14 Pre-modification outstanding recorded investment $ 1,770 $ - $ 2,285 $ - $ 348 $ 758 $ - $ 5,161 Post-modification outstanding recorded investment 1,472 - 2,290 - 316 769 - 4,847 Charge offs against the allowance for loan loss recognized at modification 300 - - - 47 57 - 404 Troubled debt restructuring defaults for the year ended June 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 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Jun. 30, 2018 | |
Property Plant And Equipment [Abstract] | |
Premises and Equipment | Note 9 – Premises and Equipment June 30, 2018 2017 (In Thousands) Land $ 13,118 $ 10,820 Buildings and improvements 46,953 36,816 Leasehold improvements 5,860 4,487 Furnishings and equipment 20,026 17,764 Construction in progress 5,613 2,513 91,570 72,400 Less accumulated depreciation and amortization 35,330 32,815 Total premises and equipment $ 56,240 $ 39,585 Note 9 – Premises and Equipment (continued) Depreciation expense on premises and equipment for the fiscal years ended June 30, 2018, 2017 and 2016 totaled $3.2 million, $2.8 million and $3.0 million, respectively. Land included properties held for future expansion totaling $2,419,000 at June 30, 2018 and 2017. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 10 – Goodwill and Other Intangible Assets Goodwill Core Deposit Intangibles (In Thousands) Balance at June 30, 2015 $ 108,591 $ 597 Amortization - (167 ) Balance at June 30, 2016 108,591 430 Amortization - (138 ) Balance at June 30, 2017 108,591 292 Acquisition of Clifton Bancorp Inc. 102,304 6,367 Amortization - (364 ) Balance at June 30, 2018 $ 210,895 $ 6,295 Scheduled amortization of core deposit intangibles for each of the next five years and thereafter is as follows: Year Ending June 30, Core Deposit Intangible Amortization (In Thousands) 2019 $ 1,135 2020 1,164 2021 883 2022 596 2023 484 Thereafter 2,033 |
Deposits
Deposits | 12 Months Ended |
Jun. 30, 2018 | |
Banking And Thrift [Abstract] | |
Deposits | Note 11 – Deposits June 30, 2018 2017 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) Non-interest-bearing demand $ 311,938 0.00 % $ 267,412 0.00 % Interest-bearing demand (1) 1,000,989 0.92 847,400 0.54 Savings and club 744,039 0.36 523,981 0.12 Certificates of deposits (2) 2,016,638 1.62 1,290,952 1.35 Total deposits $ 4,073,604 1.09 % $ 2,929,745 0.77 % (1) Interest-bearing demand deposits at June 30, 2018 and June 30, 2017 include $210.8 million and $222.6 million, respectively, of brokered deposits at a weighted average interest rate of 2.09% and 1.06%, excluding cost of interest rate derivatives used to hedge interest expense. (2) Certificates of deposit at June 30, 2018 and June 30, 2017 include $84.3 million and $21.6 million, respectively, of brokered deposits at a weighted average interest rate of 1.95% and 2.15%. Note 11 – Deposits (continued) Certificates of deposit with balances of $250,000 or more at June 30, 2018 and 2017, totaled approximately $375.9 million and $224.0 million, respectively. The Bank’s deposits are insurable to applicable limits by the Federal Deposit Insurance Corporation. A summary of certificates of deposit by maturity follows: June 30, 2018 2017 (In Thousands) One year or less $ 1,123,977 $ 610,647 After one year to two years 493,166 354,743 After two years to three years 199,289 137,240 After three years to four years 101,276 99,974 After four years to five years 81,355 81,882 After five years 17,575 6,466 Total certificates of deposit $ 2,016,638 $ 1,290,952 |
Borrowings
Borrowings | 12 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 12 – Borrowings Fixed-rate advances from FHLB of New York mature as follows: June 30, 2018 June 30, 2017 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) Maturing in years ending June 30: 2018 $ - 0.00 % $ 630,225 1.29 % 2019 741,000 2.09 - 0.00 2020 48,400 1.66 - 0.00 2021 64,160 1.88 469 4.94 2022 35,700 2.17 - 0.00 2023 155,000 3.00 145,000 3.04 2024 22,500 2.63 - 0.00 2025 103,500 2.68 - 0.00 2026 6,500 2.82 - 0.00 Total advances 1,176,760 2.25 % 775,694 1.62 % Unamortized fair value adjustments (6,616 ) 2 Total advances, net of fair value adjustments $ 1,170,144 $ 775,696 At June 30, 2018, $741.0 million in advances are due within one year while the remaining $435.8 million in advances are due after one year of which $145.0 million became callable in April 2018. At June 30, 2018, FHLB advances were collateralized by the FHLB capital stock owned by the Bank and mortgage loans and securities with carrying values totaling approximately $2.72 billion and $185.2 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 $159.4 million, respectively. Borrowings at June 30, 2018 and 2017 also included overnight borrowings in the form of depositor sweep accounts totaling $28.5 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 | 12 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Note 13 – 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 June 30, 2018 and June 30, 2017: June 30, 2018 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (In Thousands) Derivatives designated as hedging instruments: Interest rate swaps Other assets $ 31,881 Other liabilities $ - Interest rate caps Other assets - Other liabilities - Total $ 31,881 $ - June 30, 2017 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (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 June 30, 2018, the Company had 15 interest rate swaps with a notional of $1.2 billion and one interest rate cap with a notional of $35.0 million hedging certain FHLB advances and brokered deposits. For derivatives designated as cash flow hedges, the gain or loss on the derivatives is recorded in other comprehensive income, net of tax, and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable rate wholesale funding positions. During the year ended June 30, 2018, the Company had $2.8 million of reclassifications to interest expense. During the next 12 months, the Company estimates that $7.0 million Note 13 – Derivative Instruments and Hedging Activities (continued) The table below presents the pre-tax effects of the Company’s derivative instruments on the Consolidated Statements of Income as of June 30, 2018, June 30, 2017 and June 30, 2016: Year Ended June 30, 2018 Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (In Thousands) Derivatives in cash flow hedging relationships: Interest rate swaps $ 22,656 Interest expense $ (1,853 ) Interest rate caps 78 Interest expense (973 ) Total $ 22,734 $ (2,826 ) Year Ended June 30, 2017 Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (In Thousands) Derivatives in cash flow hedging relationships: Interest rate swaps $ 20,826 Interest expense $ (5,914 ) Interest rate caps 79 Interest expense (820 ) Total $ 20,905 $ (6,734 ) Note 13 – Derivative Instruments and Hedging Activities (continued) Year Ended June 30, 2016 Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (In Thousands) Derivatives in cash flow hedging relationships: Interest rate swaps $ (17,116 ) Interest expense $ (7,311 ) Interest rate caps (734 ) Interest expense (352 ) Total $ (17,850 ) $ (7,663 ) 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 June 30, 2018 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. June 30, 2018 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received Net Amount (In Thousands) Assets: Interest rate swaps $ 31,881 $ - $ 31,881 $ - $ (31,620 ) $ 261 Interest rate caps - - - - - - Total $ 31,881 $ - $ 31,881 $ - $ (31,620 ) $ 261 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Posted Net Amount (In Thousands) Liabilities: Interest rate swaps $ - $ - $ - $ - $ - $ - Interest rate caps - - - - - - Total $ - $ - $ - $ - $ - $ - Note 13 – Derivative Instruments and Hedging Activities (continued) June 30, 2017 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received Net Amount (In Thousands) Assets: Interest rate 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 (In Thousands) 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 June 30, 2018 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 June 30, 2018 the Company received financial collateral of $31.6 million that was not included as an offsetting amount. 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’s pipeline of loans held for sale at June 30, 2018 and June 30, 2017, included $10.8 million and $18.4 million, respectively, of “in process” loans whose terms included interest rate locks to borrowers, which are considered free-standing derivative instruments whose fair values are not material to our financial condition or results of operations. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Jun. 30, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Benefit Plans | Note 14 – Benefit Plans Employee Stock Ownership Plan In conjunction with the closing of Company’s first-step conversion and stock offering in February 2005, the Bank established an Employee Stock Ownership Plan (“ESOP”) for all eligible employees who complete a twelve-month period of employment with the Bank. Eligible employees may enter the plan on January 1 st st In conjunction with the closing of the Company’s second step conversion and stock offering in May 2015, the Bank augmented its ESOP by using $36,125,000 in proceeds from a new term loan obtained from the Company to the ESOP to purchase an additional 3,612,500 shares of Company common stock. The proceeds from the new term loan included an additional $3,788,000 to refinance the remaining outstanding balance and accrued interest owed under the original ESOP term loan. The original principal balance of the Company’s consolidated term loan to the ESOP totaled $39,913,000 with equal quarterly installments of principal and interest payable over 20 years at an annual interest rate of 3.25%. As with the original term loan, the Bank expects to make discretionary contributions to the ESOP equaling the principal and interest payments owed on the ESOP’s loan to the Company. As above, such payments may be reduced by the amount of dividends paid on shares of the Company’s common stock held by the ESOP. Shares purchased with the loan proceeds provide collateral for the term loan and are held in a suspense account for future allocations among participants. Contributions to the ESOP and shares released from the suspense account are to be allocated among the participants on the basis of compensation, as described by the ESOP, in the year of allocation. ESOP shares pledged as collateral are initially recorded as unearned ESOP shares in the consolidated statements of financial condition. On a monthly basis, 16,725 shares are committed to be released, compensation expense is recorded equal to the number of shares committed to be released times the monthly average market price of the shares, and the committed shares become outstanding for basic net income per common share computations. ESOP compensation expense was approximately $2,641,000, $2,784,000 and $2,377,000 for the years ended June 30, 2018, 2017 and 2016, respectively. At June 30, 2018 and 2017, the ESOP shares were as follows: June 30, 2018 2017 (In Thousands) Allocated shares 1,806 1,790 Total shares distributed to employees 754 570 Shares committed to be released 100 100 Unearned shares 3,362 3,562 Total ESOP shares 6,022 6,022 Fair value of unearned ESOP shares $ 45,219 $ 52,901 Note 14 – Benefit Plans (continued) Employee Stock Ownership Plan Benefit Equalization Plan ("ESOP BEP") The Bank has a non-qualified plan to compensate its executive officers who participate in the Bank's ESOP for certain benefits lost under such plan by reason of benefit limitations imposed by the Internal Revenue Code (“IRC”). The ESOP BEP expense was approximately $24,000, $34,000 and $24,000 for the years ended June 30, 2018, 2017 and 2016, respectively. The liability totaled approximately $18,000 and $18,000 at June 30, 2018 and 2017, respectively. Employees’ Savings and Profit Sharing Plan The Bank sponsors the Employees' Savings and Profit Sharing Plan and Trust (the “Plan”), pursuant to Section 401(k) of the Internal Revenue Code, for all eligible employees. Employees may elect to save up to 75% of their compensation. The Bank will contribute a matching contribution up to 3.5% of an eligible employee’s annual compensation, provided the eligible employee has contributed 6%. The Plan expense amounted to approximately $872,000, $762,000 and $662,000 for the years ended June 30, 2018, 2017 and 2016, respectively. Multi-Employer Retirement Plan The Bank participates in the Pentegra Defined Benefit Plan for Financial Institutions (“The Pentegra DB Plan”), a tax-qualified defined-benefit pension plan. The Pentegra DB Plan’s Employer Identification Number is 13-5645888 and the Plan Number is 333. The Pentegra DB Plan operates as a multi-employer plan for accounting purposes and as a multiple-employer plan under the Employee Retirement Income Security Act of 1974 and the IRC. There are no collective bargaining agreements in place that require contributions to the Pentegra DB Plan. The Pentegra DB Plan is a single plan under Internal Revenue Code Section 413(c) and, as a result, all of the assets stand behind all of the liabilities. Accordingly, under the Pentegra DB Plan contributions made by a participating employer may be used to provide benefits to participants of other participating employers. The Pentegra DB Plan is non-contributory and covers all eligible employees. In April 2007, the Board of Directors of the Bank approved, effective July 1, 2007, “freezing” all future benefit accruals under the Pentegra DB Plan. Funded status (market value of plan assets divided by funding target) of the Pentegra DB Plan based on valuation reports as of July 1, 2017 and 2016 was 104.23% and 102.23%, respectively. Total contributions, made to the Pentegra DB Plan, which include contributions from all participating employers and not just the Company, as reported on Form 5500, were $367.1 million and $153.2 million for the plan years ended June 30, 2017 and June 30, 2016, respectively. The Bank’s contributions to the Pentegra DB Plan were not more than 5% of the total contributions to the Pentegra DB Plan. During the years ended June 30, 2018, 2017 and 2016, the total expense recorded for the Pentegra DB Plan was approximately $1,115,000, $1,235,000 and $309,000, respectively. Note 14 – Benefit Plans (continued) Atlas Bank Retirement Income Plan (“ABRIP”) Through the merger with Atlas Bank, the Company acquired a non-contributory defined benefit pension plan covering all eligible employees of Atlas Bank. Effective January 31, 2013, the ABRIP was frozen by Atlas Bank. All benefits for eligible participants accrued in the ABRIP to the freeze date have been retained. The benefits are based on years of service and employee’s compensation. The ABRIP is funded in conformity with funding requirements of applicable government regulations. The following tables set forth the ABRIP’s funded status and net periodic benefit cost: June 30, 2018 2017 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 2,896 $ 2,799 Interest cost 109 108 Actuarial (gain) loss (85 ) 192 Benefit payments (204 ) (203 ) Projected benefit obligation - ending $ 2,716 $ 2,896 Change in plan assets: Fair value of assets - beginning $ 3,692 $ 3,845 Actual return on assets (48 ) 50 Benefit payments (204 ) (203 ) Fair value of assets - ending $ 3,440 $ 3,692 Reconciliation of funded status: Projected benefit obligation $ (2,716 ) $ (2,896 ) Fair value of assets 3,440 3,692 Funded status included in other assets $ 724 $ 796 Accumulated benefit obligation $ (2,716 ) $ (2,896 ) Valuation assumptions Discount rate 4.25 % 4.00 % Salary increase rate N/A N/A Years Ended June 30, 2018 2017 2016 (In Thousands) Net periodic benefit cost/(credit): Interest cost $ 109 $ 108 $ 125 Expected return on assets (120 ) (248 ) (258 ) Amortization of net loss 52 53 9 Total benefit cost (credit) $ 41 $ (87 ) $ (124 ) Valuation assumptions Discount rate 4.00 % 3.75 % 4.50 % Long term rate of return on plan assets 3.50 % 7.00 % 7.00 % Note 14 – Benefit Plans (continued) The Bank does not expect to contribute to the ABRIP in the year ending June 30, 2019. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2019 $ 210 2020 206 2021 202 2022 202 2023 198 2024-2028 928 At June 30, 2018 and 2017, unrecognized net loss of $836,000 and $805,000, respectively, was included in accumulated other comprehensive income. For the fiscal year ending June 30, 2019, $837,000 of unrecognized net loss is expected to be recognized as a component of net periodic benefit cost. The assets of the ABRIP are invested in a Guaranteed Deposit Fund (“GDF”) with Prudential Financial, Inc. The GDF is a group annuity fund invested in public and private-issue debt securities through various sub-accounts. The underlying assets are valued based on quoted prices for similar assets with similar terms and other observable market data and have no redemption restrictions. The investments in the plan were monitored to ensure that they complied with the investment policies set forth in the plan document. The plan’s assets were reviewed periodically by management, which included an analysis of the asset allocation and the performance of the GDF prepared by Prudential Financial, Inc. The overall investment objective of the ABRIP is to ensure safety of principal and seek an attractive rate of return. The GDF utilizes a full spectrum of fixed income asset classes to provide the opportunity to maximize portfolio returns and diversification. Such asset classes are as follows: • Private Placement Bonds • Commercial Mortgage Loans • Public Corporate Bonds • Residential Mortgage Securities • Public Asset Backed Securities • Commercial Mortgage-backed Securities • Private Securitized Investments Note 14 – Benefit Plans (continued) The fair values of the ABRIP’s assets at June 30, 2018 and 2017 by asset category (see Note 18 for the definitions of levels), are as follows: June 30, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Prudential Guaranteed Deposit Fund $ - $ 3,440 $ - $ 3,440 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) Prudential Guaranteed Deposit Fund $ - $ 3,692 $ - $ 3,692 Note 14 – Benefit Plans (continued) Benefit Equalization Plan (“BEP”) The Bank has an unfunded non-qualified plan to compensate executive officers of the Bank who participate in the Bank’s qualified defined benefit plan for certain benefits lost under such plans by reason of benefit limitations imposed by Sections 415 and 401 of the IRC. There were approximately $233,000, $231,000 and $229,000 in contributions made to and benefits paid under the BEP during each of the years ended June 30, 2018, 2017 and 2016, respectively. The following tables set forth the BEP’s funded status and components of net periodic benefit cost: June 30, 2018 2017 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 3,223 $ 3,482 Interest cost 124 134 Actuarial gain (61 ) (162 ) Benefit payments (233 ) (231 ) Projected benefit obligation - ending $ 3,053 $ 3,223 Change in plan assets: Fair value of assets - beginning $ - $ - Contributions 233 231 Benefit payments (233 ) (231 ) Fair value of assets - ending $ - $ - Reconciliation of funded status: Accumulated benefit obligation $ (3,053 ) $ (3,223 ) Projected benefit obligation $ (3,053 ) $ (3,223 ) Fair value of assets - - Funded status included in other liabilities $ (3,053 ) $ (3,223 ) Valuation assumptions Discount rate 4.25 % 4.00 % Salary increase rate N/A N/A Years Ended June 30, 2018 2017 2016 (In Thousands) Net periodic benefit cost: Interest cost $ 124 $ 134 $ 155 Amortization of net actuarial loss 48 72 58 Total expense $ 172 $ 206 $ 213 Valuation assumptions Discount rate 4.00 % 3.75 % 4.50 % Salary increase rate N/A N/A N/A Note 14 – Benefit Plans (continued) It is estimated that contributions of approximately $232,000 will be made during the year ending June 30, 2019. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2019 $ 232 2020 231 2021 230 2022 228 2023 226 2024-2028 1,080 In April 2007, the Board of Directors of the Bank approved, effective July 1, 2007, “freezing” all future benefit accruals under the BEP related to the Bank’s defined benefit pension plan. At June 30, 2018 and 2017, unrecognized net loss of $868,000 and $977,000, respectively, was included in accumulated other comprehensive income. For the fiscal year ending June 30, 2019, $824,000 of unrecognized net loss is expected to be recognized as a component of net periodic benefit cost. Note 14 – Benefit Plans (continued) Postretirement Welfare Plan The Bank has an unfunded postretirement group term life insurance plan covering all eligible employees. The benefits are based on age and years of service. During the years ended June 30, 2018, 2017 and 2016, contributions and benefits paid totaled $7,000, $7,000 and $7,000, respectively. The following tables set forth the accrued accumulated postretirement benefit obligation and the net periodic benefit cost: June 30, 2018 2017 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 586 $ 837 Service cost 48 31 Interest cost 23 21 Actuarial gain (33 ) (296 ) Premiums/claims paid (7 ) (7 ) Projected benefit obligation - ending $ 617 $ 586 Change in plan assets: Fair value of assets - beginning $ - $ - Contributions 7 7 Premiums/claims paid (7 ) (7 ) Fair value of assets - ending $ - $ - Reconciliation of funded status: Projected benefit obligation $ (617 ) $ (586 ) Fair value of assets - - Funded status included in other liabilities $ (617 ) $ (586 ) Valuation assumptions Discount rate 4.25 % 4.00 % Salary increase rate 3.25 % 3.25 % Years Ended June 30, 2018 2017 2016 (In Thousands) Net periodic benefit cost: Service cost $ 48 $ 31 $ 42 Interest cost 23 21 34 Amortization of net actuarial gain (55 ) (59 ) (29 ) Total expense (benefit) $ 16 $ (7 ) $ 47 Valuation assumptions Discount rate 4.00 % 3.75 % 4.50 % Salary increase rate 3.25 % 3.25 % 3.25 % Note 14 – Benefit Plans (continued) It is estimated that contributions of approximately $25,000 will be made during the year ending June 30, 2019. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2019 $ 25 2020 30 2021 32 2022 40 2023 47 2024-2028 286 At June 30, 2018 and 2017, unrecognized net gain of $536,000 and $558,000, respectively, were included in accumulated other comprehensive income. For the fiscal year ending June 30, 2019, $488,000 of unrecognized net gain is expected to be recognized as a component of net periodic benefit cost. Note 14 – Benefit Plans (continued) Directors’ Consultation and Retirement Plan (“DCRP”) The Bank has an unfunded retirement plan for non-employee directors. The benefits are payable based on term of service as a director. During each of the years ended June 30, 2018, 2017 and 2016, contributions and benefits paid totaled $60,000, $60,000 and $60,000, respectively. The following table sets forth the DCRP’s funded status and components of net periodic cost: June 30, 2018 2017 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 2,978 $ 3,029 Interest cost 118 116 Actuarial gain (193 ) (107 ) Benefit payments (60 ) (60 ) Projected benefit obligation - ending $ 2,843 $ 2,978 Change in plan assets: Fair value of assets - beginning $ - $ - Contributions 60 60 Benefit payments (60 ) (60 ) Fair value of assets - ending $ - $ - Reconciliation of funded status: Accumulated benefit obligation $ (2,843 ) $ (2,978 ) Projected benefit obligation $ (2,843 ) $ (2,978 ) Fair value of assets - - Funded status included in other liabilities $ (2,843 ) $ (2,978 ) Valuation assumptions Discount rate 4.25 % 4.00 % Salary increase rate N/A N/A Note 14 – Benefit Plans (continued) Years Ended June 30, 2018 2017 2016 (In Thousands) Net periodic benefit cost: Service cost $ - $ - $ 97 Interest cost 118 116 151 Amortization of past service liability - - 22 Curtailment credit - - (931 ) Total expense (benefit) $ 118 $ 116 $ (661 ) Valuation assumptions Discount rate 4.00 % 3.75 % 4.50 % Salary increase rate N/A N/A N/A It is estimated that contributions of approximately $83,000 will be made during the year ending June 30, 2019. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2019 $ 83 2020 105 2021 67 2022 92 2023 143 2024-2028 1,008 In December 2015, the Board of Directors of the Bank approved “freezing” all future benefit accruals under the DCRP effective December 31, 2015. At June 30, 2018 and 2017, unrecognized net gain of $355,000 and $162,000, respectively, was included in accumulated other comprehensive income. For the fiscal year ending June 30, 2019, $346,000 of unrecognized net gain is expected to be recognized as a component of net periodic benefit cost. Note 14 – Benefit Plans (continued) Stock Compensation Plans At the Company’s 2016 Annual Meeting of Stockholder’s held on October 27, 2016, the stockholders approved the Kearny Financial Corp. 2016 Equity Incentive Plan (“2016 Plan”) which provides for the grant of stock options and restricted stock awards. The 2016 Plan authorized up to 3,687,628 shares as stock option grants and 1,523,696 shares as restricted stock awards. On December 1, 2016, the Company granted directors and certain officers a total of 3,290,000 stock options and awarded 1,387,390 shares of restricted stock comprising 899,390 of service-based stock awards and 488,000 of performance-based stock awards. At June 30, 2018, there were 517,628 shares remaining available for future stock option grants and 195,806 shares remaining available for future restricted stock awards under the 2016 Plan. Stock options granted under the 2016 Plan vest in equal installments over a five-year service period. Stock options were granted at an exercise price equal to the fair value of the Company's common stock on the grant date based on the closing market price and have an expiration period of 10 years. The fair value of stock options granted on December 1, 2016 of $2.98 per option was estimated utilizing the Black-Scholes option pricing model using the following assumptions: Weighted average risk-free interest rate 2.16% Expected dividend yield 0.75% Weighted average volatility factor of the expected market price of the Company's stock 16.08% Weighted average expected life of the options 6.5 years The weighted average expected life of the stock option represents the period of time that stock options are expected to be outstanding and is estimated using historical data of stock option exercises and forfeitures. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected volatility is based on the historical market price volatility of the Company's stock. The expected dividend yield reflects the expected level of regular cash dividends declared and paid to shareholders, based on the Company's dividend payout ratio of approximately 50% of net income, in relation to the market price of the Company's capital stock at the time of grant. The Company recognizes compensation expense for the fair values of these awards, which have graded vesting, on a straight-line basis over the requisite service period of the awards. The Company applied ASC 718 “Compensation- Stock Compensation," ("ASC 718") and began to expense the fair value of all share-based compensation granted over the requisite service periods. There were no restricted stock awards granted during the year ended June 30, 2018. The Company awarded 1,387,390 shares of restricted stock during the year ended June 30, 2017. There were no restricted stock awards granted during the year ended June 30, 2016. During the years ended June 30, 2018, 2017 and 2016, the Company recorded $6.3 million, $3.9 million and $411,000, respectively, of share-based compensation expense, comprised of stock option expense of $2.0 million, $1.3 million and $160,000, respectively, and restricted stock expense of $4.3 million, $2.6 million and $252,000, respectively. During the years ended June 30, 2018, 2017 and 2016, the income tax benefit attributed to non-qualified stock options expense was approximately $520,000, $235,000 and -0-, respectively, and attributed to restricted stock expense was approximately $1.5 million, $1.1 million and $103,000, respectively. Note 14 – Benefit Plans (continued) The following is a summary of the Company's stock option activity and related information for its option plans for the year ended June 30, 2018: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (In Thousands) (In Thousands) Outstanding at June 30, 2017 3,539 $ 14.98 9.3 years $ 1,199 Granted - - 0.0 years Exercised (10 ) 10.71 5.8 years Forfeited (131 ) 14.96 Outstanding at June 30, 2018 3,398 $ 14.99 8.2 years $ 795 Exercisable at June 30, 2018 835 $ 14.19 7.8 years $ 633 The Company generally issues shares from authorized but unissued shares upon the exercise of vested options. A total of 9,565 vested options, with an aggregate intrinsic value of $38,000, were exercised during the year ended June 30, 2018. In fulfillment of these exercises, the Company issued 9,565 shares from authorized but unissued shares. A total of 62,216 vested options, with an aggregate intrinsic value of $470,000, were exercised during the year ended June 30, 2017. There were no vested options exercised during the year ended June 30, 2016. The cash proceeds from stock option exercises during the year ended June 30, 2018 totaled approximately $102,000. A portion of such exercises represented disqualifying dispositions of incentive stock options for which the Company recognized $13,000 in income tax benefit. The cash proceeds from stock option exercises during the year ended June 30, 2017 totaled approximately $482,000. A portion of such exercises represented disqualifying dispositions of incentive stock options for which the Company recognized $192,000 in income tax benefit. There were no exercises of stock options during the year ended June 30, 2016. Expected future compensation expense relating to the 2,563,074 non-vested options outstanding as of June 30, 2018 is $6.5 million over a weighted average period of 3.4 years. Restricted shares awarded under the 2016 Plan generally vest in equal installments over a five-year service period. In addition to the requisite service period, the vesting of certain restricted shares awarded to management are also conditioned upon the achievement of one or more objective performance factors established by the Compensation Committee of the Company's Board of Directors. In accordance with the terms of the 2016 Plan, such factors may be based on the performance of the Company as a whole or on any one or more business units of the Company or its subsidiaries. Performance factors may be measured relative to a peer group, an index or certain financial targets established in the Company's strategic business plan and budget. The vesting of the applicable performance-based restricted shares over the second year of the five-year service period was conditioned upon the achievement of the Company's earning-based performance targets for the fiscal year ended June 30, 2018. Such performance targets were established by the Board of Directors in the Company's strategic business plan and budget for that period. The Company fully achieved the applicable performance targets for fiscal 2018 and therefore expects that all eligible performance-based restricted shares will successfully vest over the second year of the five-year service period. For the fiscal year ended June 30, 2017, the Company fully achieved the applicable performance targets and all eligible performance-based restricted shares successfully vested in the first year of the five-year service period. The performance factors and underlying cost basis of the performance-based restricted shares that are scheduled to vest over each of the latter three years of the service period are generally expected to be determined annually concurrent with the anniversary date of the original grants. Note 14 – Benefit Plans (continued) For service based awards management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period. For performance vesting awards management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period; however, if the corporate performance goals to which the vesting of such shares are tied are not achieved, recognized compensation expense is adjusted accordingly. The following is a summary of the status of the Company's non-vested restricted share awards as of June 30, 2018 and changes during the year ended June 30, 2018: Vesting Contingent on Service Conditions Vesting Contingent on Performance and Service Conditions Restricted Shares Weighted Average Grant Date Fair Value Restricted Shares Weighted Average Grant Date Fair Value (In Thousands) (In Thousands) Non-vested at June 30, 2017 930 $ 15.19 488 $ 15.35 Granted - - - - Vested (201 ) 15.05 (98 ) 15.35 Forfeited (28 ) 14.90 (34 ) 15.35 Non-vested at June 30, 2018 701 $ 15.24 356 $ 15.35 During the years ended June 30, 2018, 2017 and 2016, the total fair value of vested restricted shares were $4,354,754, $208,000 and $433,000, respectively. Expected future compensation expense relating to the 2,563,074 non-vested restricted shares at June 30, 2018 is $13.6 million over a weighted average period of 3.4 years. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jun. 30, 2018 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity | Note 15 – Stockholders’ Equity Regulatory Capital Federal banking regulators impose various restrictions or requirements on the ability of savings institutions to make capital distributions, including cash dividends. A savings institution that is a subsidiary of a savings and loan holding company, such as the Bank, must file an application or a notice with federal banking regulators at least 30 days before making a capital distribution. A savings institution must file an application for prior approval of a capital distribution if: (i) it is not eligible for expedited treatment under the applications processing rules of federal banking regulators; (ii) the total amount of all capital distributions, including the proposed capital distribution, for the applicable calendar year would exceed an amount equal to the savings institution’s net income for that year to date plus the institution’s retained net income for the preceding two years; (iii) it would not adequately be capitalized after the capital distribution; or (iv) the distribution would violate an agreement with federal banking regulators or applicable regulations. Federal banking regulators may disapprove a notice or deny an application for a capital distribution if: (i) the savings institution would be undercapitalized following the capital distribution; (ii) the proposed capital distribution raises safety and soundness concerns; or (iii) the capital distribution would violate a prohibition contained in any statute, regulation or agreement. No capital distributions from the Bank to the Company were initiated during the fiscal years ended June 30, 2016, June 30, 2017 and June 30, 2018. The Bank and consolidated Company are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory - and possibly additional discretionary – actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank and consolidated Company must meet specific capital guidelines that involve quantitative measures of their respective assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s and consolidated Company’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weighting, and other factors. The federal banking agencies have substantially amended the regulatory risk-based capital rules applicable to the Bank and consolidated Company. The amendments implemented the “Basel III” regulatory capital reforms and changes required by the Dodd-Frank Act. The new rules apply regulatory capital requirements to both the Bank and the consolidated Company. The amended rules included new minimum risk-based capital and leverage ratios, which became effective in January 2015, with certain requirements to be phased in beginning in 2016, and refined the definition of what constitutes “capital” for purposes of calculating those ratios. The minimum capital level requirements applicable to both the Bank and the consolidated Company include: (i) a common equity Tier 1 capital ratio of 4.5%; (ii) a Tier 1 capital ratio of 6%; (iii) a total capital ratio of 8%; and (iv) a Tier 1 leverage ratio of 4% for all institutions. The previously amended rules also established a “capital conservation buffer” of 2.5% above the new regulatory minimum capital ratios, and when fully phased in, would result in the following minimum ratios: (i) a common equity Tier 1 capital ratio of 7.0%; (ii) a Tier 1 capital ratio of 8.5%; and (iii) a total capital ratio of 10.5%. The capital conservation buffer requirement began phasing in at January 1, 2016 at 0.625% of risk-weighted assets and will increase each calendar year until fully implemented in at 2.5% on January 1, 2019. The capital conservation buffer effective for calendar 2018 is 1.25%. An institution will be subject to limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses if its capital level falls below the buffer amount. These limitations will establish a maximum percentage of eligible retained income that could be utilized for such actions. Note 15 – Stockholders’ Equity (continued) The following tables present information regarding the Bank’s regulatory capital levels at June 30, 2018 and 2017. At June 30, 2018 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 987,251 24.07 % $ 328,174 8.00 % $ 410,217 10.00 % Tier 1 capital (to risk-weighted assets) 956,386 23.31 % 246,130 6.00 % 328,174 8.00 % Common equity tier 1 capital (to risk-weighted assets) 956,386 23.31 % 184,598 4.50 % 266,641 6.50 % Tier 1 capital (to adjusted total assets) 956,386 15.10 % 253,300 4.00 % 316,625 5.00 % At June 30, 2017 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 753,790 23.30 % $ 258,809 8.00 % $ 323,512 10.00 % Tier 1 capital (to risk-weighted assets) 724,504 22.39 % 194,107 6.00 % 258,809 8.00 % Common equity tier 1 capital (to risk-weighted assets) 724,504 22.39 % 145,580 4.50 % 210,283 6.50 % Tier 1 capital (to adjusted total assets) 724,504 15.47 % 187,308 4.00 % 234,136 5.00 % The following table presents information regarding the consolidated Company’s regulatory capital levels at June 30, 2018 and June 30, 2017. At June 30, 2018 Actual For Capital Adequacy Purposes Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 1,062,398 25.80 % $ 329,409 8.00 % Tier 1 capital (to risk-weighted assets) 1,031,533 25.05 % 247,057 6.00 % Common equity tier 1 capital (to risk-weighted assets) 1,031,533 25.05 % 185,293 4.50 % Tier 1 capital (to adjusted total assets) 1,031,533 16.24 % 254,015 4.00 % At June 30, 2017 Actual For Capital Adequacy Purposes Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 974,545 29.98 % $ 260,065 8.00 % Tier 1 capital (to risk-weighted assets) 945,259 29.08 % 195,049 6.00 % Common equity tier 1 capital (to risk-weighted assets) 945,259 29.08 % 146,287 4.50 % Tier 1 capital (to adjusted total assets) 945,259 20.11 % 188,012 4.00 % Note 15 – Stockholders’ Equity (continued) Based upon most recent notification from federal banking regulators dated July 16, 2018 the Bank was categorized as well capitalized as of September 30, 2017, under the regulatory framework for prompt corrective action. There are no conditions existing or events which have occurred since notification that management believes have changed the Bank’s category. Stock Repurchase Plans During the year ended June 30, 2018, the company repurchased 10,014,544 shares of its capital stock. Of these shares repurchased, 7,319,084 shares were acquired and cancelled in conjunction with the Company’s second repurchase plan announced in May 2017 through which it originally authorized the repurchase of 8,559,084 shares, or 10% of the Company’s outstanding shares. Coupled with the 1,240,000 shares previously repurchased during the fiscal year ended June 30, 2017, the shares associated with the second program were repurchased at a total cost of $122.0 million and at an average cost of $14.25 per share. The remaining 2,695,460 shares repurchased during fiscal 2018 were acquired and cancelled in conjunction with the Company’s third share repurchase program announced in April 2018 through which it authorized the repurchase of 10,238,557 shares, or 10% of the Company’s outstanding shares. Such shares were repurchased at a total cost of $38.4 million and at an average cost of $14.23 per share. During the year ended June 30, 2017, the Company repurchased 8,886,627 shares of its capital stock. Of these shares repurchased, 7,646,627 shares were acquired and cancelled in conjunction with the Company’s first share repurchase plan announced in May 2016 through which it originally authorized the repurchase of 9,352,809 shares, or 10%, of the Company’s outstanding shares. Coupled with the 1,706,182 shares previously repurchased during the fiscal year ended June 30, 2016, the shares associated with this first program were repurchased at a total cost of $130.6 million and at an average cost of $13.96 per share. The remaining 1,240,000 shares repurchased during fiscal 2017 were acquired and cancelled in conjunction with the Company’s second share repurchase program announced in May 2017 through which it authorized the repurchase of 8,559,084 shares, or 10%, of the Company’s outstanding shares. Such shares were repurchased at a total cost of $17.7 million and at an average cost of $14.30 per share. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 16 – Income Taxes Retained earnings at June 30, 2018, includes approximately $36.9 million of bad debt allowance , The components of income taxes are as follows: Years Ended June 30, 2018 2017 2016 (In Thousands) Current income tax expense: Federal $ 5,121 $ 7,790 $ 6,440 State 2,516 2,873 1,921 7,637 10,663 8,361 Deferred income tax benefit: Federal 5,455 (1,363 ) (1,238 ) State 656 (480 ) (340 ) 6,111 (1,843 ) (1,578 ) Valuation allowance 656 - - Total income tax expense $ 14,404 $ 8,820 $ 6,783 The following table presents a reconciliation between the reported income taxes for the periods presented and the income taxes which would be computed by applying the federal income tax rates applicable to those periods. The income tax rate of 28%, applicable for the year ended June 30, 2018, reflects the transitional effect of a reduction in the Company’s federal income tax rate from 35%, applicable to the prior years ended June 30, 2017 and 2016, to 21%, applicable to the forthcoming year ending June 30, 2019. Years Ended June 30, 2018 2017 2016 (Dollars In Thousands) Income before income taxes $ 34,000 $ 27,423 $ 22,605 Statutory federal tax rate 28 % 35 % 35 % Federal income tax expense at statutory rate $ 9,520 $ 9,598 $ 7,912 (Reduction) increases in income taxes resulting from: Tax exempt interest (724 ) (795 ) (756 ) State tax, net of federal tax effect 2,256 1,555 1,028 Incentive stock options compensation expense 142 124 56 Income from bank-owned life insurance (1,439 ) (1,798 ) (1,956 ) Disqualifying disposition on incentive stock options (11 ) (165 ) - Non-deductible merger-related expenses 557 - - Impact of federal income tax reform 2,924 - - Other items, net 523 301 499 13,748 8,820 6,783 Valuation allowance 656 - - Total income tax expense $ 14,404 $ 8,820 $ 6,783 Effective income tax rate 42.36 % 32.16 % 30.01 % The effective income tax rate represents total income tax expense divided by income before income taxes. Note 16 – Income Taxes (continued) The Company maintained a valuation allowance during the years ended June 30, 2018 and 2017 against a portion of the deferred tax asset arising from the carryover associated with its charitable contribution to the KearnyBank Foundation made in conjunction with the Company’s second step conversion and stock offering. The valuation allowance is attributable to a portion of the New Jersey state charitable contribution carryover which has been deemed more likely than not to not be realizable due to a difference in the taxable net income basis between the Company’s tax filing entities at the federal and state levels. The tax effects of existing temporary differences that give rise to deferred income tax assets and liabilities are as follows: June 30, 2018 2017 (In Thousands) Deferred income tax assets: Purchase accounting $ 17,772 $ 466 Accumulated other comprehensive income Defined benefit plans 228 434 Unrealized loss on securities available for sale 1,159 975 Unrealized loss on securities available for sale transferred to held to maturity 249 453 Allowance for loan losses 8,676 11,963 Benefit plans 1,842 2,675 Compensation 1,751 1,146 Stock-based compensation 2,050 2,278 Uncollected interest 1,018 2,700 Depreciation 1,169 1,221 Charitable contribution carryover 899 2,139 Net operating loss carryover 2,564 384 Other items 509 258 39,886 27,092 Valuation allowance (791 ) (135 ) 39,095 26,957 Deferred income tax liabilities: Deferred costs 1,551 2,083 Accumulated other comprehensive income Derivatives 8,961 2,582 Goodwill 4,385 6,167 Other items 444 671 15,341 11,503 Net deferred income tax asset $ 23,754 $ 15,454 |
Commitments
Commitments | 12 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments | Note 17 – Commitments The Bank has non-cancelable operating leases for branch offices. The following is a schedule by years of future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of June 30, 2018: Operating Lease Payments (In Thousands) Years ending June 30: 2019 2,985 2020 2,749 2021 2,593 2022 2,342 2023 1,868 Thereafter 9,893 Total minimum payments required $ 22,430 The following schedule shows the composition of total rental expense for all operating leases: June 30, 2018 2017 2016 (In Thousands) Minimum rentals $ 2,397 $ 1,989 $ 1,843 The Bank is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. The Bank's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual notional amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. The outstanding loan commitments are as follows: June 30, 2018 2017 (In Thousands) Loan commitments: Real estate mortgage loans $ 139,440 $ 87,666 Home equity loans 1,723 2,768 Commercial business loans 1,582 4,737 Construction loans in process 9,935 8,088 Consumer home equity and overdraft lines of credit 42,674 33,408 Commercial business lines of credit 28,898 27,264 Total loan commitments $ 224,252 $ 163,931 In addition to the loan commitments noted above, at June 30, 2018, the Company’s pipeline of loans held for sale included $10.8 million of “in-process” loans whose terms included interest rate locks to borrowers that were paired with a “non-binding” best-efforts commitment to sell the loan to a buyer at a fixed price within a predetermined timeframe after the sale commitment is established. The Company’s pipeline of loans held for sale are considered free-standing derivative instruments whose fair values are not considered to be material for financial statement reporting purposes. Note 17 – Commitments (continued) At June 30, 2018, the outstanding mortgage loan commitments included $24.2 million for fixed-rate loans with interest rates ranging from 3.45% to 4.625% and $115.3 million for adjustable-rate loans with initial rates ranging from 3.25% to 5.75%. Home equity loan commitments include $726,000 for fixed-rate loans with interest rates ranging from 3.50% to 4.375% and $1.0 million for adjustable-rate loans with initial rates ranging from 4.25% to 6.00%. Business loan commitments total $1.6 million representing funding commitments on fixed rate loans with initial rates of 5.25% to 5.50%. Undisbursed funds from home equity lines of credit are adjustable-rate loans with interest rates ranging from 1.25% below to 1.25% above the prime rate published in the Wall Street Journal (“prime rate”) or fixed rate loans with interest rates ranging from 4.00% to 8.00%. Undisbursed funds from business lines of credit are adjustable-rate loans with interest rates ranging from 0.25% below to 5.00% above the prime rate or 1.00% to 4.50% above the 1 month London Inter-bank Offered Rate (“LIBOR”). Lines of credit providing overdraft protection for checking accounts are either adjustable-rate loans with interest rates ranging from 3.50% to 4.00% above the prime rate or fixed rate loans with interest rates ranging from 5.00% to 18.00%. At June 30, 2017, the outstanding mortgage loan commitments included $17.8 million for fixed-rate loans with interest rates ranging from 3.975% to 4.125% and $69.9 million for adjustable-rate loans with initial rates ranging from 2.875% to 4.75%. Home equity loan commitments include $1.6 million for fixed-rate loans with interest rates ranging from 3.50% to 4.375% and $1.2 million for adjustable-rate loans with initial rates ranging from 3.50% to 6.00%. Business loan commitments total $4.7 million representing funding commitments on fixed rate loans with initial rates of 4.125% to 6.750%. Undisbursed funds from home equity and business lines of credit are adjustable-rate loans with interest rates ranging from 1.00% below to 5.25% above the prime rate. Lines of credit providing overdraft protection for checking accounts are either adjustable-rate loans with interest rates ranging from 3.50% to 4.00% above the prime rate or fixed rate loans with interest rates ranging from 5.00% to 18.00%. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained if deemed necessary by the Bank upon extension of credit is based on management’s credit evaluation of the counterparty. In addition to the commitments noted above, the Bank is party to standby letters of credit through which it guarantees certain specific business obligations of its commercial customers. The balance of standby letters of credit at June 30, 2018 and 2017 were approximately $912,000 and $715,000, respectively. The Company and subsidiaries are also party to litigation which arises primarily in the ordinary course of business. In the opinion of management, the ultimate disposition of such litigation should not have a material adverse effect on the consolidated financial position of the Company. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 18 – Fair Value of Financial Instruments The guidance on fair value measurement establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy describes three levels of inputs that may be used to measure fair value: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Observable inputs other than Level 1 prices, such as quoted for similar assets or liabilities; quoted prices in markets that are not active; or inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. In addition, the guidance requires the Company to disclose the fair value for assets and liabilities on both a recurring and non-recurring basis. Those assets and liabilities measured at fair value on a recurring basis are summarized below: June 30, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Assets: Debt securities available for sale: U.S. agency securities $ - $ 4,411 $ - $ 4,411 Obligations of state and political subdivisions - 26,088 - 26,088 Asset-backed securities - 182,620 - 182,620 Collateralized loan obligations - 226,066 - 226,066 Corporate bonds - 147,594 - 147,594 Trust preferred securities - 2,783 1,000 3,783 Total debt securities - 589,562 1,000 590,562 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 24,292 - 24,292 Residential pass-through securities - 102,359 - 102,359 Commercial pass-through securities - 7,872 - 7,872 Total mortgage-backed securities - 134,523 - 134,523 Total securities available for sale $ - $ 724,085 $ 1,000 $ 725,085 Interest rate swaps and caps - 31,881 - 31,881 Total assets $ - $ 755,966 $ 1,000 $ 756,966 Liabilities: Interest rate swaps $ - $ - $ - $ - Total liabilities $ - $ - $ - $ - Note 18 – Fair Value of Financial Instruments (continued) 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) Assets: 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 Interest rate swaps and caps - 7,810 - 7,810 Total assets $ - $ 620,570 $ 1,000 $ 621,570 Liabilities: Interest rate swaps $ - $ 298 $ - $ 298 Total liabilities $ - $ 298 $ - $ 298 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 for the periods ended June 30, 2018 and June 30, 2017 was determined using Level 3 inputs. For those periods, management has been unable to obtain a market quote for this security. Consequently, the security’s fair value as reported at June 30, 2018 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, at June 30, 2018 and June 30, 2017, the Company’s pipeline of loans held for sale included $10.8 million and $18.4 million, respectively, of “in process” loans whose terms included interest rate locks to borrowers which are considered free-standing derivative instruments whose fair values are not material to our financial condition or results of operations. 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. Note 18 – Fair Value of Financial Instruments (continued) Those assets and liabilities measured at fair value on a non-recurring basis are summarized below: June 30, 2018 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 $ - $ - $ 3,562 $ 3,562 Non-residential mortgage - - 794 794 Commercial business - - 113 113 Total $ - $ - $ 4,469 $ 4,469 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: June 30, 2018 Fair Value Valuation Techniques Unobservable Input Range Weighted Average (In Thousands) Impaired loans: Residential mortgage $ 3,562 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 6% - 26% 12.34 % Non-residential mortgage 794 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 14% - 15% 14.07 % Commercial business 113 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 10% - 24% 14.54 % Total $ 4,469 Note 18 – Fair Value of Financial Instruments (continued) June 30, 2017 Fair Value Valuation Techniques Unobservable Input Range Weighted Average (In Thousands) Impaired loans: Residential mortgage $ 5,711 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 6% - 21% 8.12 % Non-residential mortgage 2,126 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 0% - 12% 6.93 % Commercial business 119 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 9% - 20% 12.79 % Total $ 7,956 (1) The fair value basis of impaired loans is generally determined based on an independent appraisal of the market value of a loan’s underlying collateral. (2) The fair value basis of impaired loans is adjusted to reflect management estimates of selling costs including, but not necessarily limited to, real estate brokerage commissions and title transfer fees. An impaired loan is evaluated and valued at the time the loan is identified as impaired at the lower of cost or market value. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Market value is measured based on the value of the collateral securing the loan and is classified at a Level 3 in the fair value hierarchy. Once a loan is identified as individually impaired, management measures impairment in accordance with the FASB’s guidance on accounting by creditors for impairment of a loan with the fair value estimated using the market value of the collateral reduced by estimated disposal costs. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceeds the recorded investments in such loans. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly. At June 30, 2018, impaired loans valued using Level 3 inputs comprised loans with principal balances totaling $4.8 million and valuation allowances of $306,000 reflecting fair values of $4.5 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 June 30, 2018 and June 30 2017, the Company held no real estate owned whose carrying value was written down utilizing Level 3 inputs. Note 18 – Fair Value of Financial Instruments (continued) The following methods and assumptions were used to estimate the fair value of each class of financial instruments at June 30, 2018 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. Due to restrictions placed on transferability, it is not practical to determine the fair value of these 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 held in portfolio or loans held for sale is estimated using fees currently charged to enter into similar agreements taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, including those relating to loans held for sale that are considered derivative instruments for financial statement reporting purposes, the fair value also considers the difference between current levels of interest and the committed rates. The carrying value, represented by the net deferred fee arising from the unrecognized commitment, and the fair value, determined by discounting the remaining contractual fee over the term of the commitment using fees currently charged to enter into similar agreements with similar credit risk, is not considered material for disclosure. The contractual amounts of unfunded commitments are presented in Note 17. Note 18 – Fair Value of Financial Instruments (continued) The carrying amounts and fair values of financial instruments not measured on a recurring basis are as follows: June 30, 2018 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 $ 128,864 $ 128,864 $ 128,864 $ - $ - Investment securities held to maturity 589,730 579,499 - 579,499 - Loans held-for-sale 863 863 - 863 - Net loans receivable 4,470,483 4,367,150 - - 4,367,150 FHLB Stock 59,004 - - - - Interest receivable 18,510 18,510 32 5,252 13,226 Financial liabilities: Deposits 4,073,604 4,055,543 2,056,966 - 1,998,577 Borrowings 1,198,646 1,199,601 - - 1,199,601 Interest payable on deposits 675 675 - 675 - Interest payable on borrowings 2,427 2,427 - - 2,427 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 $ - $ - Investment securities held to maturity 493,321 495,794 - 495,794 - 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 - - - - Interest receivable 12,493 12,493 6 3,169 9,318 Financial liabilities: Deposits 2,929,745 2,943,908 1,639,059 - 1,304,849 Borrowings 806,228 823,435 - - 823,435 Interest payable on deposits 382 382 - 382 - Interest payable on borrowings 1,391 1,391 - - 1,391 Note 18 – Fair Value of Financial Instruments (continued) Limitations. Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instruments. These estimates do not reflect any premium or discount that could result from offering for sale at one time the entire holdings of a particular financial instrument. Because no market value exists for a significant portion of the financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature, involve uncertainties and matters of judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. The fair value estimates are based on existing on-and-off balance sheet financial instruments without attempting to value anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets and liabilities that are not considered financial assets and liabilities include premises and equipment, and advances from borrowers for taxes and insurance. In addition, the ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates. Finally, reasonable comparability between financial institutions may not be likely due to the wide range of permitted valuation techniques and numerous estimates which must be made given the absence of active secondary markets for many of the financial instruments. This lack of uniform valuation methodologies introduces a greater degree of subjectivity to these estimated fair values. |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Comprehensive Income | Note 19 – Comprehensive Income The components of accumulated other comprehensive income (loss) included in stockholders’ equity are as follows: June 30, 2018 2017 (In Thousands) Net unrealized loss on securities available for sale $ (4,321 ) $ (2,385 ) Tax effect 1,159 975 Net of tax amount (3,162 ) (1,410 ) Net unrealized loss on securities available for sale transferred to held to maturity (887 ) (1,109 ) Tax effect 249 453 Net of tax amount (638 ) (656 ) Fair value adjustments on derivatives 31,881 6,319 Tax effect (8,961 ) (2,582 ) Net of tax amount 22,920 3,737 Benefit plan adjustments (813 ) (1,061 ) Tax effect 228 434 Net of tax amount (585 ) (627 ) Total accumulated other comprehensive income $ 18,535 $ 1,044 Note 19 – Comprehensive Income (continued) Other comprehensive income (loss) and related tax effects are presented in the following table: Years Ended June 30, 2018 2017 2016 (In Thousands) Net unrealized holding (loss) gain on securities available for sale $ (1,919 ) $ 1,923 $ (4,564 ) Amortization of unrealized holding gain (loss) on securities available for sale transferred to held to maturity (1) 222 (53 ) 9 Net realized (gain) loss on securities available for sale (2) (17 ) 402 - Fair value adjustments on derivatives 25,560 27,637 (10,187 ) Benefit plans: Amortization of: Actuarial loss (3) 45 66 37 Past service cost (3) - - 22 New actuarial gain (loss) 205 219 (911 ) Net change in benefit plan accrued expense 250 285 (852 ) Other comprehensive income (loss) before taxes 24,096 30,194 (15,594 ) Tax effect (7,986 ) (12,363 ) 6,568 Total comprehensive income (loss) $ 16,110 $ 17,831 $ (9,026 ) (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 gain on sale of securities on the consolidated statements of income. (3) Represents amounts reclassified out of accumulated other comprehensive income and included in the computation of net periodic pension expense. See Note 14 – Benefit Plans for additional information. |
Parent Only Financial Informati
Parent Only Financial Information | 12 Months Ended |
Jun. 30, 2018 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Parent Only Financial Information | Note 20 – Parent Only Financial Information Kearny Financial Corp. operates its wholly owned subsidiary Kearny Bank and the Bank’s wholly-owned subsidiaries. The consolidated earnings of the subsidiaries are recognized by the Company using the equity method of accounting. Accordingly, the consolidated earnings of the subsidiaries are recorded as increases in the Company’s investment in the subsidiaries. The following are the condensed financial statements for Kearny Financial Corp. (Parent Company only) as of June 30, 2018 and 2017, and for each of the years in the three-year period ended June 30, 2018. Condensed Statements of Financial Condition June 30, 2018 June 30, 2017 (In Thousands) Assets Cash and amounts due from depository institutions $ 25,933 $ 169,820 Investment securities held to maturity 15,000 15,000 Loans receivable 34,903 36,448 Investment in subsidiary 1,193,601 836,426 Other assets 85 84 Total Assets $ 1,269,522 $ 1,057,778 Liabilities and Stockholders' Equity Other liabilities 774 597 Stockholders' equity 1,268,748 1,057,181 Total Liabilities and Stockholders' Equity $ 1,269,522 $ 1,057,778 Condensed Statements of Income and Comprehensive Income Years Ended June 30, 2018 2017 2016 (In Thousands) Interest income $ 2,292 $ 2,318 $ 2,413 Equity in undistributed earnings of subsidiaries 19,420 18,427 15,543 Total income 21,712 20,745 17,956 Directors' compensation 283 265 242 Other expenses 1,740 1,755 1,703 Total expense 2,023 2,020 1,945 Income before income taxes 19,689 18,725 16,011 Income tax expense 93 122 189 Net income $ 19,596 $ 18,603 $ 15,822 Comprehensive income $ 35,706 $ 36,434 $ 6,796 Note 20 – Parent Only Financial Information (continued) Condensed Statements of Cash Flows Years Ended June 30, 2018 2017 2016 (In Thousands) Cash Flows from Operating Activities: Net income $ 19,596 $ 18,603 $ 15,822 Adjustment to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (19,420 ) (18,427 ) (15,543 ) Decrease (Increase) in other assets 27 (19 ) 880 Increase in other liabilities 761 352 576 Net Cash Provided by Operating Activities 964 509 1,735 Cash Flows from Investing Activities: Repayment of loan to ESOP 1,545 1,496 1,444 Purchase of subordinated debt security - (15,000 ) - Sale of investment securities available for sale 3,738 - - Net cash acquired in acquisition 14,297 - - Net Cash Provided by (Used In) Investing Activities 19,580 (13,504 ) 1,444 Cash Flows from Financing Activities: Exercise of stock options 102 482 - Cash dividends paid (20,561 ) (8,286 ) (7,481 ) Repurchase and cancellation of common stock of Kearny Financial Corp. (142,602 ) (126,002 ) (22,286 ) Cancellation of expired, ungranted shares issued for stock benefit plan - 183 - Cancellation of shares repurchased on vesting to pay taxes (1,370 ) - - Net Cash Used In Financing Activities (164,431 ) (133,623 ) (29,767 ) Net Decrease in Cash and Cash Equivalents (143,887 ) (146,618 ) (26,588 ) Cash and Cash Equivalents - Beginning 169,820 316,438 343,026 Cash and Cash Equivalents - Ending $ 25,933 $ 169,820 $ 316,438 |
Net Income per Common Share (EP
Net Income per Common Share (EPS) | 12 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Net Income per Common Share (EPS) | Note 21 – Net Income per Common Share (EPS) The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations: Year Ended June 30, 2018 Income (Numerator) Shares (Denominator) Per Share Amount (In Thousands, Except Per Share Data) Net income $ 19,596 Basic earnings per share, income available to common stockholders $ 19,596 82,587 $ 0.24 Effect of dilutive securities: Stock options - 56 $ 19,596 82,643 $ 0.24 Year Ended June 30, 2017 Income (Numerator) Shares (Denominator) Per Share Amount (In Thousands, Except Per Share Data) Net income $ 18,603 Basic earnings per share, income available to common stockholders $ 18,603 84,590 $ 0.22 Effect of dilutive securities: Stock options - 71 $ 18,603 84,661 $ 0.22 Year Ended June 30, 2016 Income (Numerator) Shares (Denominator) Per Share Amount (In Thousands, Except Per Share Data) Net income $ 15,822 Basic earnings per share, income available to common stockholders $ 15,822 89,591 $ 0.18 Effect of dilutive securities: Stock options - 34 $ 15,822 89,625 $ 0.18 For the years ended June 30, 2018, 2017 and 2016, the number of options which were anti-dilutive totaled approximately 3,170,000, 1,919,168 and 248,000, respectively. |
Quarterly Results of Operations
Quarterly Results of Operations | 12 Months Ended |
Jun. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | Note 22 – Quarterly Results of Operations (Unaudited) The following is a condensed summary of quarterly results of operations for the years ended June 30, 2018 and 2017: Year Ended June 30, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter September 30 December 31 March 31 June 30 (In Thousands, Except Per Share Data) Interest income $ 37,592 $ 38,032 $ 38,545 $ 57,262 Interest expense 10,782 11,197 11,488 16,671 Net interest income 26,810 26,835 27,057 40,591 Provision for loan losses 630 936 423 717 Net interest income after provision for loan losses 26,180 25,899 26,634 39,874 Non-interest income 3,094 3,263 3,548 3,358 Non-interest expense 21,286 22,764 22,543 31,257 Income before Income Taxes 7,988 6,398 7,639 11,975 Income taxes 2,756 5,129 2,262 4,257 Net Income $ 5,232 $ 1,269 $ 5,377 $ 7,718 Net income per common share: Basic $ 0.07 $ 0.02 $ 0.07 $ 0.08 Diluted $ 0.07 $ 0.02 $ 0.07 $ 0.08 Weighted average number of common shares outstanding Basic 79,649 77,174 75,492 98,046 Diluted 79,708 77,239 75,539 98,100 Dividends declared per common share $ 0.15 $ 0.03 $ 0.03 $ 0.04 Note 22 – Quarterly Results of Operations (Unaudited) (continued) Year Ended June 30, 2017 First Quarter Second Quarter Third Quarter Fourth Quarter September 30 December 31 March 31 June 30 (In Thousands, Except Per Share Data) Interest income $ 32,806 $ 34,315 $ 35,008 $ 36,964 Interest expense 8,785 8,699 8,801 10,234 Net interest income 24,021 25,616 26,207 26,730 Provision for loan losses 1,129 1,255 1,809 1,188 Net interest income after provision for loan losses 22,892 24,361 24,398 25,542 Non-interest income 2,629 3,446 2,253 3,020 Non-interest expense 18,660 19,373 21,034 22,051 Income before Income Taxes 6,861 8,434 5,617 6,511 Income taxes 2,194 2,970 1,549 2,107 Net Income $ 4,667 $ 5,464 $ 4,068 $ 4,404 Net income per common share: Basic $ 0.05 $ 0.06 $ 0.05 $ 0.05 Diluted $ 0.05 $ 0.06 $ 0.05 $ 0.05 Weighted average number of common shares outstanding Basic 86,246 85,174 84,542 82,372 Diluted 86,304 85,258 84,624 82,429 Dividends declared per common share $ 0.02 $ 0.02 $ 0.03 $ 0.03 The Company’s net income decreased by $3.9 million to $1.3 million for the quarter ended December 31, 2017 from $5.2 million for the quarter ended September 30, 2017. The decrease in net income primarily reflected the impact of federal income tax reform that was codified through the passage of the Tax Act on December 22, 2017. The Tax Act permanently reduced the Company’s federal income tax rate from 35% to 21% while also including other provisions that altered the deductibility of certain recurring expenses recognized by the Company. While the provisions of the Tax Act are expected to benefit the Company’s future earnings, it resulted in a $3.5 million net reduction in the carrying value of the Company’s deferred income tax assets and liabilities with an equal and offsetting charge to income tax expense during the quarter ended December 31, 2017. The decrease in net income also reflected the recognition of certain merger-related expenses related to the Company’s acquisition of Clifton totaling $1.2 million for the quarter ended December 31, 2017, where no such costs were incurred during the quarter ended September 30, 2017. The Company’s net income increased by $2.3 million to $7.7 million for the quarter ended June 30, 2018 from $5.4 million for the quarter ended March 31, 2018. The increase in net income largely reflected a significant increase in net interest income reflecting the impact of balance sheet growth associated with the acquisition of Clifton. The increase in net interest income was partially offset by an increase to non-interest expense reflecting the recognition of certain non-recurring merger-related expenses totaling $5.1 million for the quarter ended June 30, 2018 compared to $401,000 for the quarter ended March 31, 2018. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Consolidated Financial Statement Presentation | Basis of Consolidated Financial Statement Presentation The consolidated financial statements include the accounts of Kearny Financial Corp. (the “Company”), its wholly-owned subsidiary, Kearny Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries, CJB Investment Corp. and KFS Financial Services, Inc. and its wholly-owned subsidiary, KFS Insurance Services, Inc. The Company conducts its business principally through the Bank. Management prepared the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), including the elimination of all significant inter-company accounts and transactions during consolidation. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of financial condition and revenues and expenses for the periods then ended. Actual results could differ significantly from those estimates. |
Business of the Company and Subsidiaries | Business of the Company and Subsidiaries The Company’s primary business is the ownership and operation of the Bank. The Bank is principally engaged in the business of attracting deposits from the general public at its 54 retail branches in New Jersey and New York and using these deposits, together with other funds, to originate or purchase loans for its portfolio and invest in securities. Loans originated or purchased by the Bank generally include loans collateralized by residential and commercial real estate augmented by secured and unsecured loans to businesses and consumers. The investment securities purchased by the Bank generally include U.S. agency mortgage-backed securities, U.S. government and agency debentures, bank-qualified municipal obligations, corporate bonds, asset-backed securities, collateralized loan obligations and subordinated debt. The Company maintains a small balance of single issuer trust preferred securities and non-agency mortgage-backed securities that were acquired through its purchase of other institutions. At June 30, 2018, the Bank had two wholly owned subsidiaries: KFS Financial Services, Inc. and CJB Investment Corp. KFS Financial Services, Inc., incorporated as a New Jersey corporation in 1994 under the name of South Bergen Financial Services, Inc., was acquired in Kearny’s merger with South Bergen Savings Bank in 1999 and was renamed KFS Financial Services, Inc. in 2000. It is a service corporation subsidiary originally organized for selling insurance products to Bank customers and the general public through a third party networking arrangement. KFS Insurance Services, Inc. is a wholly owned subsidiary of KFS Financial Services, Inc. for the primary purpose of acquiring insurance agencies. Both KFS Financial Services Inc. and KFS Insurance Services Inc. were considered inactive during the three-year period ended June 30, 2018. CJB Investment Corp was organized under New Jersey law as a New Jersey Investment Company and remained active through the three-year period ended June 30, 2018. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash, deposits with other financial institutions with maturities fewer than 90 days, and federal funds sold. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions, borrowings with original maturities fewer than 90 days. |
Securities | Securities The Company classifies its investment securities among two categories: held to maturity and available for sale. The Company does not use or maintain a trading account. Investments in debt and equity securities that we have the positive intent and ability to hold to maturity are classified as held to maturity securities and reported at amortized cost. Debt and equity securities not classified as held to maturity securities are classified as available for sale securities and reported at fair value, with unrealized holding gains or losses, net of deferred income taxes, reported in the accumulated other comprehensive income (“OCI”) component of stockholders’ equity. If the fair value of a security is less than its amortized cost, the security is deemed to be impaired. Management evaluates all securities with unrealized losses quarterly to determine if such impairments are “temporary” or “other-than-temporary”. The Company accounts for temporary impairments based upon their classification as either available for sale or held to maturity. Temporary impairments on “available for sale” securities are recognized, on a tax-effected basis, through OCI with offsetting entries adjusting the carrying value of the security and the balance of deferred taxes. Conversely, the Company does not adjust the carrying value of “held to maturity” securities for temporary impairments, although information concerning the amount and duration of impairments on held to maturity securities is disclosed in periodic financial statements. The Company accounts for other-than-temporary impairments based upon several considerations. First, other-than-temporary impairments on securities that the Company has decided to sell as of the close of a fiscal period, or will, more likely than not, be required to sell prior to the full recovery of their fair value to a level equal to or exceeding their amortized cost, are recognized in earnings. If neither of these conditions regarding the likelihood of the securities’ sale are applicable, then, for debt securities, the other-than-temporary impairment is bifurcated into credit-related and noncredit-related components. A credit-related impairment generally represents the amount by which the present value of the cash flows that are expected to be collected on a debt security fall below its amortized cost. The noncredit-related component represents the remaining portion of the impairment not otherwise designated as credit-related. The Company recognizes credit-related, other-than-temporary impairments in earnings. However, noncredit-related, other-than-temporary impairments on debt securities are recognized in OCI. Premiums and discounts on all securities are generally amortized/accreted to maturity by use of the level-yield method considering the impact of principal amortization and prepayments on mortgage-backed securities. Premiums on callable securities are generally amortized to the call date whereas discounts on such securities are accreted to the maturity date. Gain or loss on sales of securities is based on the specific identification method. |
Concentration of Risk | Concentration of Risk Financial instruments which potentially subject the Company and its subsidiaries to concentrations of credit risk consist of cash and cash equivalents, investment securities and loans receivable. Cash and cash equivalents include deposits placed in other financial institutions. At June 30, 2018, the Company had cash and cash equivalents of $128.9 million comprising funds on deposit at other institutions totaling $110.6 million and other cash-related items, consisting primarily of vault cash and cash held by, or in transit to/from, our cash repository service provider, totaling $18.3 million. Cash and equivalents on deposit at other institutions at June 30, 2018 included $19.4 million held by the Federal Home Loan Bank of New York (“FHLB”), $83.3 million held by the Federal Reserve Bank of New York (“FRB”) as well as $7.9 million held at two U.S. domestic commercial banks representing funds on deposit totaling $5.5 million and $2.4 million, respectively, at June 30, 2018. By comparison, at June 30, 2017, the Company had cash and cash equivalents of $78.2 million comprising funds on deposit at other institutions totaling $62.5 million and other cash-related items, consisting primarily of vault cash and cash held by, or in transit to/from, our cash repository service provider, totaling $15.7 million. Cash and equivalents on deposit at other institutions at June 30, 2017 was comprised of $4.8 million held by the FHLB, $53.6 million held by the FRB and a total of $4.2 million held at two U.S. domestic commercial banks representing funds on deposit totaling $3.2 million and $1.0 million, respectively, at June 30, 2017. Securities include concentrations of investments backed by U.S. government agencies and U.S. government sponsored enterprises (“GSEs”), including the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”), the Government National Mortgage Association (“Ginnie Mae”) and the Small Business Administration (“SBA”). Additional concentration risk exists in the Company’s municipal and corporate obligations, asset-backed securities and collateralized loan obligations. Lesser concentration risk exists in the Company’s non-agency mortgage-backed securities and single issuer trust preferred securities due to comparatively lower total balances of such securities held by the Company and the variety of issuers represented. The Company’s lending activity is primarily concentrated in loans collateralized by real estate in the states of New Jersey and New York. As a result, credit risk is broadly dependent on the real estate market and general economic conditions in these states. Additionally, the Company’s lending policies limit the amount of credit extended to any single borrower and their related interests thereby limiting the concentration of credit risk to any single borrower. |
Loans Receivable | Loans Receivable Loans receivable, net are stated at unpaid principal balances, net of deferred loan origination fees and costs, purchased discounts and premiums, purchase accounting fair value adjustments and the allowance for loan losses. Certain direct loan origination costs net of loan origination fees, are deferred and amortized, using the level-yield method, as an adjustment of yield over the contractual lives of the related loans. Unearned premiums and discounts are amortized or accreted by use of the level-yield method over the contractual lives of the related loans. |
Loans Held-for-Sale | Loans Held-for-Sale Loans held-for-sale are carried at the lower of cost or estimated fair value, as determined on an aggregate basis. Net unrealized losses, if any, are recognized in a valuation allowance through charges to earnings. Premiums and discounts and origination fees and costs on loans held-for-sale are deferred and recognized as a component of the gain or loss on sale. Gains and losses on sales of loans held-for-sale are recognized on settlement dates and are determined by the difference between the sale proceeds and the carrying value of the loans. These transactions are accounted for as sales based on our satisfaction of the criteria for such accounting which provide that, as transferor, we have surrendered control over the loans. |
Past Due Loans | Past Due Loans A loan’s “past due” status is generally determined based upon its principal and interest payment (“P&I”) delinquency status in conjunction with its “past maturity” status, where applicable. A loan’s “P&I delinquency” status is based upon the number of calendar days between the date of the earliest P&I payment due and the “as of” measurement date. A loan’s “past maturity” status, where applicable, is based upon the number of calendar days between a loan’s contractual maturity date and the “as of” measurement date. Based upon the larger of these criteria, loans are categorized into the following “past due” tiers for financial statement reporting and disclosure purposes: Current (including 1-29 days past due), 30-59 days, 60-89 days and 90 or more days. |
Nonaccrual Loans | Nonaccrual Loans Loans are generally placed on nonaccrual status when contractual payments become 90 days or more past due, and are otherwise placed on nonaccrual when the Company does not expect to receive all P&I payments owed substantially in accordance with the terms of the loan agreement. Loans that become 90 days past maturity, but remain non-delinquent with regard to ongoing P&I payments, may remain on accrual status if: (1) the Company expects to receive all P&I payments owed substantially in accordance with the terms of the loan agreement, past maturity status notwithstanding, and (2) the borrower is working actively and cooperatively with the Company to remedy the past maturity status through an expected refinance, payoff or modification of the loan agreement that is not expected to result in a troubled debt restructuring (“TDR”) classification. All TDRs are placed on nonaccrual status for a period of no less than six months after restructuring, irrespective of past due status. The sum of nonaccrual loans plus accruing loans that are 90 days or more past due are generally defined collectively as “nonperforming loans”. Payments received in cash on nonaccrual loans, including both the principal and interest portions of those payments, are generally applied to reduce the carrying value of the loan. When a loan is returned to accrual status, any accumulated interest payments previously applied to the carrying value of the loan during its nonaccrual period are recognized as interest income as an adjustment to the loan’s yield over its remaining term. Loans that are not considered to be TDRs are generally returned to accrual status when payments due are brought current and the Company expects to receive all remaining P&I payments owed substantially in accordance with the terms of the loan agreement. Non-TDR loans may also be returned to accrual status when a loan’s payment status falls below 90 days past due and the Company: (1) expects receipt of the remaining past due amounts within a reasonable timeframe, and (2) expects to receive all remaining P&I payments owed substantially in accordance with the terms of the loan agreement. |
Acquired Loans | Acquired Loans Loans that we acquire through acquisitions are recorded at fair value with no carryover of the related allowance for credit losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable yield and is recognized into interest income over the remaining life of the loan. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable yield. The nonaccretable yield represents estimated future credit losses expected to be incurred over the life of the loan. Subsequent decreases to the expected cash flows require us to evaluate the need for an allowance for credit losses. Subsequent improvements in expected cash flows result in the reversal of a corresponding amount of the nonaccretable yield which we then reclassify as accretable yield that is recognized into interest income over the remaining life of the loan using the interest method. Our evaluation of the amount of future cash flows that we expect to collect is performed in a similar manner as that used to determine our allowance for credit losses. Charge-offs of the principal amount on acquired loans would be first applied to the nonaccretable yield portion of the fair value adjustment. |
Classification of Assets | Classification of Assets In compliance with the regulatory guidelines, the Company’s loan review system includes an evaluation process through which certain loans exhibiting adverse credit quality characteristics are classified “Special Mention”, “Substandard”, “Doubtful” or “Loss”. An asset is classified as “Substandard” if it is inadequately protected by the paying capacity and net worth of the obligor or the collateral pledged, if any. Substandard assets include those characterized by the distinct possibility that the insured institution will sustain some loss if the deficiencies are not corrected. Assets classified as “Doubtful” have all of the weaknesses inherent in those classified as “Substandard”, with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values. Assets, or portions thereof, classified as “Loss” are considered uncollectible or of so little value that their continuance as assets is not warranted. Assets which do not currently expose the Company to a sufficient degree of risk to warrant an adverse classification but have some credit deficiencies or other potential weaknesses are designated as “Special Mention” by management. Adversely classified assets, together with those rated as “Special Mention”, are generally referred to as “Classified Assets”. Non-classified assets are internally rated within one of four “Pass” categories or as “Watch” with the latter denoting a potential deficiency or concern that warrants increased oversight or tracking by management until remediated. Management performs a classification of assets review, including the regulatory classification of assets, generally on an ongoing basis. The results of the classification of assets review are validated by the Company’s third party loan review firm during their quarterly independent review. In the event of a difference in rating or classification between those assigned by the internal and external resources, the Company will generally utilize the more critical or conservative rating or classification. Final loan ratings and regulatory classifications are presented monthly to the Board of Directors and are reviewed by regulators during the examination process. Management evaluates loans classified as substandard or doubtful for impairment in accordance with applicable accounting requirements. As discussed in greater detail below, a valuation allowance is established through the provision for loan losses for any impairment identified through such evaluations. To the extent that impairment identified on a loan is classified as “Loss”, that portion of the loan is charged off against the allowance for loan losses. The classification of loan impairment as “Loss” is based upon a confirmed expectation for loss. For loans primarily secured by real estate, the expectation for loss is generally confirmed when: (a) impairment is identified on a loan individually evaluated in the manner described below, and (b) the loan is presumed to be collateral-dependent such that the source of loan repayment is expected to arise solely from sale of the collateral securing the applicable loan. Impairment identified on non-collateral-dependent loans may or may not be eligible for a “Loss” classification depending upon the other salient facts and circumstances that effect the manner and likelihood of loan repayment. However, loan impairment that is classified as “Loss” is charged off against the allowance for loan losses concurrent with that classification. The timeframe between when loan impairment is first identified by the Company and when such impairment may ultimately be charged off varies by loan type. For example, unsecured consumer and commercial loans are generally classified as “Loss” at 120 days past due, resulting in their outstanding balances being charged off at that time. For the Company’s secured loans, the condition of collateral dependency generally serves as the basis upon which a “Loss” classification is ascribed to a loan’s impairment thereby confirming an expected loss and triggering charge off of that impairment. While the facts and circumstances that effect the manner and likelihood of repayment vary from loan to loan, the Company generally considers the referral of a loan to foreclosure, coupled with the absence of other viable sources of loan repayment, to be demonstrable evidence of collateral dependency. Depending upon the nature of the collections process applicable to a particular loan, an early determination of collateral dependency could result in a nearly concurrent charge off of a newly identified impairment. By contrast, a presumption of collateral dependency may only be determined after the completion of lengthy loan collection and/or workout efforts, including bankruptcy proceedings, which may extend several months or more after a loan’s impairment is first identified. In a limited number of cases, the entire net carrying value of a loan may be determined to be impaired based upon a collateral-dependent impairment analysis. However, the borrower’s adherence to contractual repayment terms precludes the recognition of a “Loss” classification and charge off. In these limited cases, a valuation allowance equal to 100% of the impaired loan’s carrying value may be maintained against the net carrying value of the asset. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is a valuation account that reflects the Company’s estimation of the losses in its loan portfolio to the extent they are both probable and reasonable to estimate. The balance of the allowance is generally maintained through provisions for loan losses that are charged to income in the period that estimated losses on loans are identified by the Company’s loan review system. The Company charges confirmed losses on loans against the allowance as such losses are identified. Recoveries on loans previously charged-off are added back to the allowance. The Company’s allowance for loan loss calculation methodology utilizes a “two-tier” loss measurement process that is generally performed monthly. Based upon the results of the classification of assets and credit file review processes described earlier, the Company first identifies the loans that must be reviewed individually for impairment. Factors considered in identifying individual loans to be reviewed include, but may not be limited to, loan type, classification status, contractual payment status, performance/accrual status and impaired status. The loans considered by the Company to be eligible for individual impairment review include its commercial mortgage loans, comprising multi-family and nonresidential real estate loans, construction loans, commercial business loans as well as its one- to four-family mortgage loans, home equity loans and home equity lines of credit. A reviewed loan is deemed to be impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. Once a loan is determined to be impaired, management performs an analysis to determine the amount of impairment associated with that loan. In measuring the impairment associated with collateral-dependent loans, the fair value of the collateral securing the loan is generally used as a measurement proxy for that of the impaired loan itself as a practical expedient. In the case of real estate collateral, such values are generally determined based upon a discounted market value obtained through an automated valuation module or prepared by a qualified, independent real estate appraiser. The value of non-real estate collateral is similarly determined based upon an independent assessment of fair market value by a qualified resource. The Company generally obtains independent appraisals on properties securing mortgage loans when such loans are initially placed on nonperforming or impaired status with such values updated approximately every six to 12 months thereafter throughout the collections, bankruptcy and/or foreclosure processes. Appraised values are typically updated at the point of foreclosure, where applicable, and approximately every six to 12 months thereafter while the repossessed property is held as real estate owned. As supported by accounting and regulatory guidance, the Company reduces the fair value of the collateral by estimated selling costs, such as real estate brokerage commissions, to measure impairment when such costs are expected to reduce the cash flows available to repay the loan. The Company establishes valuation allowances in the fiscal period during which the loan impairments are identified. The results of management’s individual loan impairment evaluations are validated by the Company’s third party loan review firm during their quarterly independent review. Such valuation allowances are adjusted in subsequent fiscal periods, where appropriate, to reflect any changes in carrying value or fair value identified during subsequent impairment evaluations which are generally updated monthly by management. The second tier of the loss measurement process involves estimating the probable and estimable losses which addresses loans not otherwise reviewed individually for impairment as well as those individually reviewed loans that are determined to be non-impaired. Such loans include groups of smaller-balance homogeneous loans that may generally be excluded from individual impairment analysis, and therefore collectively evaluated for impairment, as well as the non-impaired loans within categories that are otherwise eligible for individual impairment review. Valuation allowances established through the second tier of the loss measurement process utilize historical and environmental loss factors to collectively estimate the level of probable losses within defined segments of the Company’s loan portfolio. These segments aggregate homogeneous subsets of loans with similar risk characteristics based upon loan type. For allowance for loan loss calculation and reporting purposes, the Company currently stratifies its loan portfolio into seven primary categories: residential mortgage loans, multi-family mortgage loans, non-residential mortgage loans, construction loans, commercial business loans, home equity loans, and other consumer loans. The risks presented by residential mortgage loans are primarily related to adverse changes in the borrower’s financial condition that threaten repayment of the loan in accordance with its contractual terms. Such risk to repayment can arise from job loss, divorce, illness and the personal bankruptcy of the borrower. For collateral dependent residential mortgage loans, additional risk of loss is presented by potential declines in the fair value of the collateral securing the loan. Home equity loans generally share the same risks as those applicable to residential mortgage loans. However, to the extent that such loans represent junior liens, they are comparatively more susceptible to such risks given their subordinate position behind senior liens. In addition to sharing similar risks as those presented by residential mortgage loans, risks relating to multi-family and non-residential mortgage loans also arise from comparatively larger loan balances to single borrowers or groups of related borrowers. Moreover, the repayment of such loans is typically dependent on the successful operation of an underlying real estate project and may be further threatened by adverse changes to demand and supply of commercial real estate as well as changes generally impacting overall business or economic conditions. The risks presented by construction loans are generally considered to be greater than those attributable to residential and commercial mortgage loans. Risks from construction lending arise, in part, from the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions on developers and builders. Moreover, a construction loan can involve additional risks because of the inherent difficulty in estimating both a property's value at completion of the project and the estimated cost, including interest, of the project. The nature of these loans is such that they are comparatively more difficult to evaluate and monitor than permanent mortgage loans. Commercial business loans are also considered to present a comparatively greater risk of loss due to the concentration of principal in a limited number of loans and/or borrowers and the effects of general economic conditions on the business. Commercial business loans may be secured by varying forms of collateral including, but not limited to, business equipment, receivables, inventory and other business assets which may not provide an adequate source of repayment of the outstanding loan balance in the event of borrower default. Moreover, the repayment of commercial business loans is primarily dependent on the successful operation of the underlying business which may be threatened by adverse changes to the demand for the business’ products and/or services as well as the overall efficiency and effectiveness of the business’ operations and infrastructure. Finally, our unsecured consumer loans generally have shorter terms and higher interest rates than other forms of lending but generally involve more credit risk due to the lack of collateral to secure the loan in the event of borrower default. Consumer loan repayment is dependent on the borrower's continuing financial stability, and therefore is more likely to be adversely affected by job loss, divorce, illness and personal bankruptcy. By contrast, our consumer loans also include account loans that are fully secured by the borrower’s deposit accounts and generally present nominal risk to the Company. Each primary category is further stratified to distinguish between loans originated and purchased directly from third party lenders, from loans acquired through wholesale channels or through business combinations. Where applicable, such primary categories separately identify loans that are supported by government guarantees, such as those issued by the SBA. Within these primary categories, loans are grouped into more granular segments based on common risk characteristics. For example, loans secured by real estate, such as residential and commercial mortgage loans, are generally grouped into segments by underlying property type while commercial business loans are grouped into segments based on business or industry type. In regard to historical loss factors, the Company’s allowance for loan loss calculation calls for an analysis of historical charge-offs and recoveries for each of the defined segments within the loan portfolio. The Company generally utilizes a two-year moving average of annualized net charge-off rates (charge-offs net of recoveries) by loan segment, where available, to calculate its actual, historical loss experience. The outstanding principal balance of the non-impaired portion of each loan segment is multiplied by the applicable historical loss factor, which is updated quarterly, to estimate the level of probable losses based upon the Company’s historical loss experience. As noted, the second tier of the Company’s allowance for loan loss calculation also utilizes environmental loss factors to estimate the probable losses within the loan portfolio. Environmental loss factors are based on specific quantitative and qualitative criteria that are used to assess the level of loss exposure arising from key sources of risk within the loan portfolio. Such sources of risk include those relating to the level of and trends in nonperforming loans; the level of and trends in credit risk management effectiveness, the levels and trends in lending resource capability; levels and trends in economic and market conditions; levels and trends in loan concentrations; levels and trends in loan composition and terms, levels and trends in independent loan review effectiveness, levels and trends in collateral values and the effects of other external factors. The Company utilizes a set of seven risk tranches, ranging from “negligible risk” to “severe risk”, that establishes a pre-defined range of potential risk ratings to be ascribed each criteria component supporting an environmental loss factor. Risk ratings of zero and 30 are ascribed to the “negligible risk” and “severe risk” tranches, respectively, which generally serve as the upper and lower thresholds for the potential range of risk rating values across all risk tranches. The remaining five risk tranches, ranging from “low risk” to “high risk”, utilize progressively higher ranges of potential risk ratings reflecting the increased level of risk associated with each tranche. As noted earlier, the Company utilizes both quantitative and qualitative criteria to support its assessment of risk and associated credit loss estimates using environmental loss factors. In the case of quantitative criteria, the Company associates pre-defined ranges of potential criteria values with each of the risk tranches noted above. Through this mechanism, quantitative criteria values are correlated to specific risk tranches. For loss factor criteria that are based on wholly qualitative metrics, the Company simply ascribes a risk tranche directly to that criteria based on management judgement. In both cases, the actual risk ratings ascribed by management to criteria components are generally expected to fall within the pre-defined range of risk ratings assigned to the applicable risk tranche. Risk ratings are multiplied by .01% to calculate a loss factor value attributable to each of the criteria components supporting an environmental loss factor. The average of the loss factor values ascribed to the criteria components generally serves as the aggregate value for that loss factor. Where appropriate, the criteria components supporting a loss factor may be “weighted” in relation to one another to allow for greater emphasis on certain criteria in the calculation of an environmental loss factor. Like the historical loss factors discussed above, the Company generally utilizes a two-year moving average of criteria values, where available, to determine the risk tranche and associated set of potential risk ratings to be ascribed to the criteria components supporting an environmental loss factor. By doing so, estimated losses should be directionally consistent with the overall credit risk characteristics and performance of the loan portfolio over time while avoiding significant short-term volatility arising from incremental changes to criteria values. Where appropriate, the Company may extend or compress criteria look-back periods to properly reflect the level of credit risk and estimated losses within a specified subset of loans. The outstanding principal balance of the non-impaired portion of each loan segment is multiplied by the aggregate value of each environmental loss factor, which is updated quarterly, to estimate the level of probable losses attributable to that factor. The sum of the probable and estimable loan losses calculated through the first and second tiers of the loss measurement processes as described above, represents the total targeted balance for the Company’s allowance for loan losses at the end of a fiscal period. As noted earlier, the Company establishes all additional valuation allowances in the fiscal period during which additional individually identified loan impairments and additional estimated losses on loans collectively evaluated for impairment are identified. The Company adjusts its balance of valuation allowances through the provision for loan losses as required to ensure that the balance of the allowance for loan losses reflects all probable and estimable loans losses at the close of the fiscal period. Notwithstanding calculation methodology and the noted distinction between valuation allowances established on loans collectively versus individually evaluated for impairment, the Company’s entire allowance for loan losses is available to cover all charge-offs that arise from the loan portfolio. Although the Company’s allowance for loans losses is established in accordance with management’s best estimate, actual losses are dependent upon future events and, as such, further additions to the level of loan loss allowances may be necessary. |
Troubled Debt Restructurings | Troubled Debt Restructurings A modification to the terms of a loan is generally considered a TDR if the Company grants a concession to the borrower, that it would not otherwise consider for economic or legal reasons, related to the debtor’s financial difficulties. In granting the concession, the Company’s general objective is to make the best of a difficult situation by obtaining more cash or other value from the borrower or otherwise increase the probability of repayment. A TDR may include, but is not necessarily limited to, the modification of loan terms such as a temporary or permanent reduction of the loan’s stated interest rate, extension of the maturity date and/or reduction or deferral of amounts owed under the terms of the loan agreement. In measuring the impairment associated with restructured loans that qualify as TDRs, the Company compares the present value of the cash flows that are expected to be received in accordance with the loan’s modified terms, discounted at the loan’s original contractual interest rate, with the pre-modification carrying value to measure impairment. The impairment is charged off directly against the allowance for loan loss at the time of restructuring resulting in a reduction in carrying value of the modified loan that is accreted into interest income as a yield adjustment over the remaining term of the modified cash flows. All restructured loans that qualify as TDRs are placed on nonaccrual status for a period of no less than six months after restructuring, irrespective of the borrower’s adherence to a TDR’s modified repayment terms during which time TDRs continue to be adversely classified and reported as impaired. TDRs may be returned to accrual status if (1) the borrower has paid timely P&I payments in accordance with the terms of the restructured loan agreement for no less than six consecutive months after restructuring, and (2) the Company expects to receive all P&I payments owed substantially in accordance with the terms of the restructured loan agreement at which time the loan may also be returned to a non-adverse classification while retaining its impaired status. |
Premises and Equipment | Premises and Equipment Land is carried at cost. Buildings and improvements, furnishings and equipment and leasehold improvements are carried at cost, less accumulated depreciation and amortization computed on the straight-line method over the following estimated useful lives: Years Building and improvements 10 - 50 Furnishings and equipment 3 - 20 Leasehold improvements Shorter of useful lives or lease term Construction in progress primarily represents facilities under construction for future use in our business and includes all costs to acquire land and construct buildings, as well as capitalized interest during the construction period. Interest is capitalized at the Company’s average cost of interest-bearing liabilities. Significant renewals and betterments are charged to the premises and equipment account. Maintenance and repairs are charged to operations in the year incurred. Rental income is netted against occupancy costs in the consolidated statements of income. |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock Federal law requires a member institution of the FHLB system to hold restricted stock of its district FHLB according to a predetermined formula. The restricted stock is carried at cost, less any applicable impairment. Both cash and stock dividends are reported as income. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and other intangible assets principally represent the excess cost over the fair value of the net assets of the institutions acquired in purchase transactions. Goodwill is evaluated annually by reporting unit and an impairment loss recorded if indicated. The impairment test is performed in two phases. The first step of the goodwill impairment test compares the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired; however, if the carrying amount of the reporting unit exceeds its fair value, an additional impairment evaluation must be performed. That additional evaluation compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. An impairment loss is recorded to the extent that the carrying amount of goodwill exceeds its implied fair value. No impairment charges were required to be recorded in the years ended June 30, 2018, 2017 or 2016. If an impairment loss is determined to exist in the future, such loss will be reflected as an expense in the consolidated statements of income in the period in which the impairment loss is determined. The balance of other intangible assets at June 30, 2018 and 2017 totaled $6.3 million and $292,000, respectively, representing the remaining unamortized balance of the core deposit intangibles ascribed to the value of deposits acquired by the Bank through the acquisition of Central Jersey Bancorp in November 2010, Atlas Bank in June 2014 and Clifton Bancorp Inc. in 2018. |
Bank Owned Life Insurance | Bank Owned Life Insurance Bank owned life insurance is accounted for using the cash surrender value method and is recorded at its net realizable value. The change in the net asset value is recorded as a component of non-interest income. A deferred liability has been recorded for the estimated cost of postretirement life insurance benefits accruing to applicable employees and directors covered by an endorsement split-dollar life insurance arrangement. The Company recorded expenses (benefits) of approximately $7,000, $69,000 and $(25,000) for the years ended June 30, 2018, 2017 and 2016, respectively, attributable to this deferred liability. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company - put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. |
Income Taxes | Income Taxes The Company and its subsidiaries file consolidated federal income tax returns. Federal income taxes are allocated to each entity based on their respective contributions to the taxable income of the consolidated income tax returns. Separate state income tax returns are filed for the Company and its subsidiaries on either a consolidated or unconsolidated basis as required by the jurisdiction. For the year ended June 30, 2018, income tax expense included the impact of the enactment of the Tax Act which reduced the maximum statutory federal income tax rate from 35% to 21%, that resulted in a charge to reduce the carrying value of the Company’s net deferred income tax assets, which are included in the consolidated statements of financial condition. For the year ended June 30, 2018, the federal income tax rate applicable to the company was 28% which reflects the transitional effect of a reduction in the Company’s federal income tax rate from 35%, applicable to the prior year ended June 30, 2017, to 21%, applicable to the forthcoming year ending June 30, 2019. Federal and state income taxes have been provided on the basis of the Company’s income or loss as reported in accordance with GAAP. The amounts reflected on the Company’s state and federal income tax returns differ from these provisions due principally to temporary differences in the reporting of certain items for financial statement reporting and income tax reporting purposes. The tax effect of these temporary differences is accounted for as deferred taxes applicable to future periods. Deferred income tax expense or benefit is determined by recognizing deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. The realization of deferred tax assets is assessed and a valuation allowance provided for the full amount which is not more likely than not to be realized. The Company identified no significant income tax uncertainties through the evaluation of its income tax positions as of June 30, 2018 and 2017. Therefore, the Company has no unrecognized income tax benefits as of those dates. Our policy is to recognize interest and penalties on unrecognized tax benefits in income tax expense in the consolidated statements of income. The Company recognized no interest and penalties during the years ended June 30, 2018, 2017 and 2016. The tax years subject to examination by the taxing authorities are the years ended June 30, 2017, 2016 and 2015. |
Retirement Plans | Retirement Plans Pension expense is the net of service and interest cost, return on plan assets and amortization of gains and losses not immediately recognized. Employee 401(k) and profit sharing plan expense is the amount of matching contributions. Deferred compensation plan expense allocates the benefits over years of service. |
Employee Stock Ownership Plan | Employee Stock Ownership Plan The cost of shares issued to the ESOP, but not yet allocated to participants, is shown as a reduction of shareholders’ equity. Compensation expense is based on the market price of shares as they are committed to be released to participant accounts. Dividends on allocated and unallocated ESOP shares either reduce retained earnings or reduce debt and accrued interest as determined by the ESOP Plan Administrator. |
Other Comprehensive Income | Other Comprehensive Income Comprehensive income is divided into net income and other comprehensive income (loss). Other comprehensive income (loss) includes items recorded in equity, such as unrealized gains and losses on securities available for sale, unrealized gains and losses on derivatives, unrealized gains and losses on securities transferred from available for sale to held to maturity and amortization related to post-retirement obligations. Comprehensive income is presented in a separate Consolidated Statement of Comprehensive Income. |
Loss Contingencies | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the financial statements. |
Derivatives and Hedging | Derivatives and Hedging The Company utilizes derivative instruments in the form of interest rate swaps and caps to hedge its exposure to interest rate risk in conjunction with its overall asset/liability management process. In accordance with accounting requirements, the Company formally designates all of its hedging relationships as either fair value hedges, intended to offset the changes in the value of certain financial instruments due to movements in interest rates, or cash flow hedges, intended to offset changes in the cash flows of certain financial instruments due to movement in interest rates, and documents the strategy for undertaking the hedge transactions and its method of assessing ongoing effectiveness. The Company does not use derivative instruments for speculative purposes. All derivatives are recognized as either assets or liabilities in the Consolidated Financial Statements at their fair values. For derivatives designated cash flow hedges, the gain or loss on the derivative is recorded in other comprehensive income and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. For a derivative designated as a fair value hedge, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current earnings. Derivative instruments qualify for hedge accounting treatment only if they are designated as such on the date on which the derivative contract is entered and are expected to be, and are, effective in substantially reducing interest rate risk arising from the assets and liabilities identified as exposing the Company to risk. Those derivative financial instruments that do not meet the hedging criteria discussed below would be classified as undesignated derivatives and would be recorded at fair value with changes in fair value recorded in income. Note 1 - Summary of Significant Accounting Policies (continued) The Company discontinues hedge accounting when (a) it determines that a derivative is no longer effective in offsetting changes in cash flows of a hedged item; (b) the derivative expires or is sold, terminated or exercised; (c) probability exists that the forecasted transaction will no longer occur; or (d) management determines that designating the derivative as a hedging instrument is no longer appropriate. In all cases in which hedge accounting is discontinued and a derivative remains outstanding, the Company will carry the derivative at fair value in the Consolidated Financial Statements, recognizing changes in fair value in current period income in the consolidated statement of income. In accordance with the applicable accounting guidance, the Company takes into account the impact of collateral and master netting agreements that allow it to settle all derivative contracts held with a single counterparty on a net basis, and to offset the net derivative position with the related collateral when recognizing derivative assets and liabilities. As a result, the Company’s Statements of Financial Condition could reflect derivative contracts with negative fair values included in derivative assets, and contracts with positive fair values included in derivative liabilities. The Company’s interest rate derivatives are comprised entirely of interest rate swaps and caps hedging floating-rate and forecasted issuances of fixed-rate liabilities and accounted for as cash flow hedges. The carrying value of interest rate derivatives is included in the balance of other assets or other liabilities and comprises the remaining unamortized cost of interest rate caps and the cumulative changes in the fair value of interest rate derivatives. Such changes in fair value are offset against accumulated other comprehensive income, net of deferred income tax. In general, the cash flows received and/or exchanged with counterparties for those derivatives qualifying as interest rate hedges, and the amortization of the original cost of qualifying caps, are generally classified in the financial statements in the same category as the cash flows of the items being hedged. Interest differentials paid or received under the swap and cap agreements are reflected as adjustments to interest expense. The notional amounts of the interest rate swaps are not exchanged and do not represent exposure to credit loss. In the event of default by a counter party, the risk in these transactions is the cost of replacing the agreements at current market rates. |
Net Income per Common Share ("EPS") | Net Income per Common Share (“EPS”) Basic EPS is based on the weighted average number of common shares actually outstanding adjusted for the Employee Stock Ownership Plan (“the ESOP”) shares not yet committed to be released. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as outstanding stock options, were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Diluted EPS is calculated by adjusting the weighted average number of shares of common stock outstanding to include the effect of contracts or securities exercisable or which could be converted into common stock, if dilutive, using the treasury stock method. Shares issued and reacquired during any period are weighted for the portion of the period they were outstanding. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 18. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. |
Operating Segments | Operating Segments Public companies are required to report certain financial information about significant revenue-producing segments of the business for which such information is available and utilized by the chief operating decision makers. Substantially all of the Company’s operations occur through the Bank and involve the delivery of loan and deposit products to customers. Management makes operating decisions and assesses performance based on an ongoing review of its banking operation, which constitutes the Company’s only operating segment for financial reporting purposes . |
Stock Compensation Plans | Stock Compensation Plans Compensation expense related to stock options and non-vested stock awards is based on the fair value of the award on the measurement date with expense recognized on a straight-line basis over the service period of the award. The fair value of stock options is estimated using the Black-Scholes valuation model. The fair value of non-vested stock awards is generally the closing market price of the Company’s common stock on the date of grant. The Company accounts for forfeitures as they occur. |
Advertising and Marketing Expenses | Advertising and Marketing Expenses The Company expenses advertising and marketing costs as incurred. |
Reclassification | Reclassification Certain reclassifications have been made in the consolidated financial statements to conform with the current year presentation. Such reclassifications had no impact on net income or stockholders’ equity as previously reported. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives of Premises and Equipment | Buildings and improvements, furnishings and equipment and leasehold improvements are carried at cost, less accumulated depreciation and amortization computed on the straight-line method over the following estimated useful lives: Years Building and improvements 10 - 50 Furnishings and equipment 3 - 20 Leasehold improvements Shorter of useful lives or lease term |
Acquisition of Clifton Bancor33
Acquisition of Clifton Bancorp Inc (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Summary of Assets Acquired and Liabilities Assumed Through Merger at Fair Value | The Company recorded the assets acquired and liabilities assumed through the merger at fair value as summarized in the following table: As Recorded by Clifton Fair Value Adjustments As Recorded at Acquisition (In Thousands) Cash and cash equivalents $ 36,585 $ - $ 36,585 Investment securities 332,183 (5,270 ) (a) 326,913 Loans receivable 1,191,748 (74,927 ) (b) 1,116,821 Allowance for loan losses (8,025 ) 8,025 (c) - Premises and equipment 8,066 3,556 (d) 11,622 FHLB stock 20,357 - 20,357 Accrued interest receivable 4,142 - 4,142 Bank owned life insurance 63,231 - 63,231 Deferred income taxes, net 6,837 16,149 (e) 22,986 Core deposit and other intangibles - 6,367 (f) 6,367 Other real estate owned 163 (23 ) (g) 140 Other assets 1,438 133 (h) 1,571 Total assets acquired $ 1,656,725 $ (45,990 ) $ 1,610,735 Deposits $ 944,988 $ 4,801 (i) $ 949,789 FHLB borrowings 421,400 (7,268 ) (j) 414,132 Advance payments by borrowers for taxes 9,777 - 9,777 Other liabilities 5,288 112 (k) 5,400 Total liabilities assumed $ 1,381,453 $ (2,355 ) $ 1,379,098 Net assets acquired $ 231,637 Purchase price 333,941 Goodwill recorded in Merger $ 102,304 Explanation of certain fair value related adjustments: (a) Represents the fair value adjustments on investment securities. (b) Represents the fair value adjustments on the net book value of loans, which includes an interest rate mark and credit mark adjustment and the write-off of deferred fees/costs and premiums. (c) Represents the elimination of Clifton’s allowance for loan losses. (d) Represents the fair value adjustments to reflect the fair value of land and buildings and premises and equipment, which will be amortized on a straight-line basis over the estimated useful lives of the individual assets. (e) Represents an adjustment to net deferred tax assets resulting from the fair value adjustments related to the acquired assets, liabilities assumed and identifiable intangible assets recorded. (f) Represents the intangible assets recorded to reflect the fair value of core deposits. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. (g) Represents an adjustment to reduce the carrying value of other real estate owned to fair value, less costs to sell. (h) Represents an adjustment to other assets acquired. (i) Represents fair value adjustments on time deposits, which will be treated as a reduction of interest expense over the remaining term of the time deposits. (j) Represents the fair value adjustments on FHLB borrowings, which will be treated as an increase to interest expense over the life of the borrowings. (k) Represents an adjustment to other liabilities assumed. |
Summary of Unaudited Supplemental Pro Forma Information | The unaudited supplemental pro forma information for years ended June 30, 2018 and 2017 set forth below reflects adjustments related to (a) purchase accounting fair value adjustments; (b) amortization of core deposit and other intangibles; and (c) adjustments to interest income and expense due to amortization of premiums and accretion of discounts. Direct merger-related expenses incurred in the year ended June 30, 2018 are assumed to have occurred prior to July 1, 2017. Furthermore, the unaudited supplemental pro forma information does not reflect management’s estimate of any revenue enhancement opportunities or anticipated potential cost savings for periods that include data as of April 2, 2018 or earlier. Unaudited Supplemental Pro Forma Information Years Ended June 30, 2018 2017 (In Thousands, Except Per Share Data) Net interest income $ 169,094 $ 146,426 Non-interest income 15,683 13,262 Non-interest expense 113,816 103,957 Net income available to common stockholders 40,216 31,631 Pro forma earnings per common share from continuing operations: Basic $ 0.37 0.29 Diluted $ 0.37 0.29 |
Securities Available for Sale (
Securities Available for Sale (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities | June 30, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Securities available for sale: Debt securities: U.S. agency securities $ 4,474 $ - $ 63 $ 4,411 Obligations of state and political subdivisions 26,793 4 709 26,088 Asset-backed securities 179,959 2,795 134 182,620 Collateralized loan obligations 226,881 99 914 226,066 Corporate bonds 147,925 463 794 147,594 Trust preferred securities 3,967 - 184 3,783 Total debt securities 589,999 3,361 2,798 590,562 Mortgage-backed securities: Collateralized mortgage obligations: Federal Home Loan Mortgage Corporation 8,032 - 347 7,685 Federal National Mortgage Association 17,619 - 1,012 16,607 Total collateralized mortgage obligations 25,651 - 1,359 24,292 Mortgage pass-through securities: Residential pass-through securities: Federal Home Loan Mortgage Corporation 78,639 19 2,868 75,790 Federal National Mortgage Association 27,171 24 626 26,569 Total residential pass-through securities 105,810 43 3,494 102,359 Commercial pass-through securities: Federal National Mortgage Association 7,946 - 74 7,872 Total commercial pass-through securities 7,946 - 74 7,872 Total mortgage-backed securities 139,407 43 4,927 134,523 Total securities available for sale $ 729,406 $ 3,404 $ 7,725 $ 725,085 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 | June 30, 2018 Amortized Cost Fair Value (In Thousands) Debt securities available for sale: Due in one year or less $ 2 $ 2 Due after one year through five years 148,699 148,247 Due after five years through ten years 49,092 48,306 Due after ten years 392,206 394,007 Total $ 589,999 $ 590,562 |
Securities Held to Maturity (Ta
Securities Held to Maturity (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Schedule of Held-to-maturity Securities [Line Items] | |
Amortized Cost, Gross Unrecoginzed Gains and Losses and Fair Values of Securities | June 30, 2018 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value (In Thousands) Securities held to maturity: Debt securities: Obligations of state and political subdivisions $ 109,483 $ 79 $ 1,865 $ 107,697 Subordinated debt 46,294 37 284 46,047 Total debt securities 155,777 116 2,149 153,744 Mortgage-backed securities: Collateralized mortgage obligations: Government National Mortgage Association 21,045 - 671 20,374 Federal Home Loan Mortgage Corporation 11,563 - 503 11,060 Federal National Mortgage Association 24,263 6 174 24,095 Non-agency securities 15 - - 15 Total collateralized mortgage obligations 56,886 6 1,348 55,544 Mortgage pass-through securities: Residential pass-through securities: Government National Mortgage Association 2,553 - 15 2,538 Federal Home Loan Mortgage Corporation 37,074 1 950 36,125 Federal National Mortgage Association 160,995 18 3,040 157,973 Total residential pass-through securities 200,622 19 4,005 196,636 Commercial pass-through securities: Government National Mortgage Association 32,149 - 205 31,944 Federal National Mortgage Association 144,296 - 2,665 141,631 Total commercial pass-through securities 176,445 - 2,870 173,575 Total mortgage-backed securities 433,953 25 8,223 425,755 Total securities held to maturity $ 589,730 $ 141 $ 10,372 $ 579,499 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 | June 30, 2018 Amortized Cost Fair Value (In Thousands) Debt securities held to maturity: Due in one year or less $ 5,073 $ 5,068 Due after one year through five years 32,306 31,979 Due after five years through ten years 113,076 111,470 Due after ten years 5,322 5,227 Total $ 155,777 $ 153,744 |
Impairment of Securities (Table
Impairment of Securities (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Securities Available for Sale [Member] | |
Schedule of Fair Values and Gross Unrealized Losses on Investments | The following two tables summarize the fair values and gross unrealized losses within the available for sale and held to maturity portfolios. June 30, 2018 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 $ 2,579 $ 43 $ 1,832 $ 20 $ 4,411 $ 63 Obligations of state and political subdivisions 24,443 672 540 37 24,983 709 Asset-backed securities - - 24,728 134 24,728 134 Collateralized loan obligations 189,258 914 - - 189,258 914 Corporate bonds 5,035 4 64,184 790 69,219 794 Trust preferred securities - - 2,783 184 2,783 184 Collateralized mortgage obligations 4,635 135 19,658 1,224 24,293 1,359 Residential pass-through securities 63,889 1,921 26,697 1,573 90,586 3,494 Commercial pass-through securities 3,890 66 3,982 8 7,872 74 Total $ 293,729 $ 3,755 $ 144,404 $ 3,970 $ 438,133 $ 7,725 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 | June 30, 2018 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: Obligations of state and political subdivisions $ 86,678 $ 1,662 $ 3,151 $ 203 $ 89,829 $ 1,865 Subordinated debt 41,010 284 - - 41,010 284 Collateralized mortgage obligations 42,712 753 12,730 595 55,442 1,348 Residential pass-through securities 133,859 2,258 61,760 1,747 195,619 4,005 Commercial pass-through securities 172,382 2,867 1,191 3 173,573 2,870 Total $ 476,641 $ 7,824 $ 78,832 $ 2,548 $ 555,473 $ 10,372 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 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | June 30, 2018 2017 (In Thousands) Real estate mortgage: One- to four-family residential $ 1,297,453 $ 567,323 Commercial mortgage: Multi-family 1,758,584 1,412,575 Nonresidential 1,302,961 1,085,064 Total commercial mortgage 3,061,545 2,497,639 Total real estate mortgage 4,358,998 3,064,962 Construction 23,271 3,815 Commercial business 85,825 74,471 Consumer: Home equity loans and lines of credit 90,761 82,822 Passbook or certificate 3,283 2,863 Other 5,777 13,520 Total consumer 99,821 99,205 Total loans 4,567,915 3,242,453 Unamortized yield adjustments including net premiums and discounts on purchased and acquired loans and net deferred fees and costs on loans originated (66,567 ) 2,808 Total loans receivable, net of yield adjustments $ 4,501,348 $ 3,245,261 |
Loan Quality and Allowance fo38
Loan Quality and Allowance for Loan Losses (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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 years ended June 30, 2018 and 2017. Years Ended June 30, 2018 2017 (In Thousands) Beginning balance $ 215 $ 335 Accretion to interest income (9 ) (101 ) Disposals - (19 ) Reclassifications from nonaccretable difference - - Ending balance $ 206 $ 215 |
Allowance for Loan Losses and Loans Receivable | The following tables present the balance of the allowance for loan losses at June 30, 2018, 2017 and 2016 based upon the calculation methodology described in Note 1. The tables identify the valuation allowances attributable to specifically identified impairments on individually evaluated loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans evaluated collectively. The tables include the underlying balance of loans receivable applicable to each category as of those dates as well as the activity in the allowance for loan losses for the years ended June 30, 2018, 2017 and 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 June 30, 2018 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 79 - - - 227 - - 306 Loans collectively evaluated for impairment 2,400 14,946 9,787 258 2,325 430 413 30,559 Total allowance for loan losses $ 2,479 $ 14,946 $ 9,787 $ 258 $ 2,552 $ 430 $ 413 $ 30,865 Allowance for Loan Losses and Loans Receivable Year Ended June 30, 2018 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 year ended June 30, 2018: At June 30, 2017: $ 2,384 $ 13,941 $ 9,939 $ 35 $ 1,709 $ 501 $ 777 $ 29,286 Total charge offs (521 ) - (45 ) - (145 ) (18 ) (829 ) (1,558 ) Total recoveries 172 - - - 90 65 104 431 Total provisions 444 1,005 (107 ) 223 898 (118 ) 361 2,706 Total allowance for loan losses $ 2,479 $ 14,946 $ 9,787 $ 258 $ 2,552 $ 430 $ 413 $ 30,865 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses and Loans Receivable At June 30, 2018 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 $ 99 $ - $ - $ - $ 269 $ - $ - $ 368 Loans individually evaluated for impairment 11,931 116 5,344 - 3,921 1,601 - 22,913 Loans collectively evaluated for impairment 1,285,423 1,758,468 1,297,617 23,271 81,635 89,160 9,060 4,544,634 Total loans $ 1,297,453 $ 1,758,584 $ 1,302,961 $ 23,271 $ 85,825 $ 90,761 $ 9,060 $ 4,567,915 Unamortized yield adjustments (66,567 ) Loans receivable, net of yield adjustments $ 4,501,348 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 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses and Loans Receivable Year Ended June 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 year ended June 30, 2017: At June 30, 2016: $ 2,370 $ 9,995 $ 7,846 $ 24 $ 2,784 $ 432 $ 778 $ 24,229 Total charge offs (76 ) - (149 ) - (221 ) (96 ) (849 ) (1,391 ) Total recoveries 256 - - - 727 16 68 1,067 Total provisions (166 ) 3,946 2,242 11 (1,581 ) 149 780 5,381 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 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses Year Ended June 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 year ended June 30, 2016: At June 30, 2015: $ 2,210 $ 6,354 $ 4,766 $ 34 $ 1,860 $ 366 $ 16 $ 15,606 Total charge offs (1,213 ) - (133 ) - (1,464 ) (93 ) (55 ) (2,958 ) Total recoveries 88 - - - 760 41 2 891 Total provisions 1,285 3,641 3,213 (10 ) 1,628 118 815 10,690 Total allowance for loan losses $ 2,370 $ 9,995 $ 7,846 $ 24 $ 2,784 $ 432 $ 778 $ 24,229 |
Credit-Rating Classification of Loans Receivable | The following tables present key indicators of credit quality regarding the Company’s loan portfolio based upon loan classification and contractual payment status at June 30, 2018 and 2017. Credit-Rating Classification of Loans Receivable At June 30, 2018 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Non-classified $ 1,283,040 $ 1,758,468 $ 1,295,076 $ 23,271 $ 80,947 $ 88,831 $ 8,937 $ 4,538,570 Classified: Special Mention 493 - - - 13 25 61 592 Substandard 13,920 116 7,885 - 4,865 1,905 61 28,752 Doubtful - - - - - - 1 1 Loss - - - - - - - - Total classified loans 14,413 116 7,885 - 4,878 1,930 123 29,345 Total loans $ 1,297,453 $ 1,758,584 $ 1,302,961 $ 23,271 $ 85,825 $ 90,761 $ 9,060 $ 4,567,915 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 June 30, 2018 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Current $ 1,290,428 $ 1,758,584 $ 1,300,570 $ 23,271 $ 85,065 $ 90,375 $ 8,917 $ 4,557,210 Past due: 30-59 days 1,457 - 1,015 - 247 104 24 2,847 60-89 days 475 - - - - 44 59 578 90+ days 5,093 - 1,376 - 513 238 60 7,280 Total past due 7,025 - 2,391 - 760 386 143 10,705 Total loans $ 1,297,453 $ 1,758,584 $ 1,302,961 $ 23,271 $ 85,825 $ 90,761 $ 9,060 $ 4,567,915 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 June 30, 2018 and 2017. Loans reported as “90+ days past due and accruing” in the table immediately below are also reported in the preceding contractual payment status table under the heading “90+ days past due”. Performance Status of Loans Receivable At June 30, 2018 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Performing $ 1,288,261 $ 1,758,468 $ 1,297,621 $ 23,271 $ 84,587 $ 89,848 $ 9,000 $ 4,551,056 Nonperforming: 90+ days past due accruing - - - - - - 60 60 Nonaccrual 9,192 116 5,340 - 1,238 913 - 16,799 Total nonperforming 9,192 116 5,340 - 1,238 913 60 16,859 Total loans $ 1,297,453 $ 1,758,584 $ 1,302,961 $ 23,271 $ 85,825 $ 90,761 $ 9,060 $ 4,567,915 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 or Year Ended June 30, 2018 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 $ 1,285,423 $ 1,758,468 $ 1,297,617 $ 23,271 $ 81,635 $ 89,160 $ 9,060 $ 4,544,634 Impaired loans: Impaired loans with no allowance for impairment 11,255 116 5,344 - 3,963 1,601 - 22,279 Impaired loans with allowance for impairment: Recorded investment 775 - - - 227 - - 1,002 Allowance for impairment (79 ) - - - (227 ) - - (306 ) Balance of impaired loans net of allowance for impairment 696 - - - - - - 696 Total impaired loans, excluding allowance for impairment: 12,030 116 5,344 - 4,190 1,601 - 23,281 Total loans $ 1,297,453 $ 1,758,584 $ 1,302,961 $ 23,271 $ 85,825 $ 90,761 $ 9,060 $ 4,567,915 Unpaid principal balance of impaired loans: Total impaired loans $ 16,263 $ 930 $ 10,033 $ 106 $ 7,671 $ 2,702 $ - $ 37,705 For the year ended June 30, 2018: Average balance of impaired loans $ 9,465 $ 136 $ 6,484 $ 106 $ 2,690 $ 1,667 $ - $ 20,548 Interest earned on impaired loans $ 131 $ - $ 5 $ - $ 44 $ 32 $ - $ 212 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Impairment Status of Loans Receivable At or Year Ended 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 For the year ended June 30, 2017: Average balance of impaired loans $ 12,536 $ 182 $ 6,242 $ 448 $ 3,114 $ 2,075 $ - $ 24,597 Interest earned on impaired loans $ 107 $ - $ - $ 7 $ 15 $ 36 $ - $ 165 Impairment Status of Loans Receivable Year Ended June 30, 2016 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) For the year ended June 30, 2016: Average balance of impaired loans $ 12,218 $ 319 $ 7,538 $ 888 $ 8,278 $ 2,368 $ - $ 31,609 Interest earned on impaired loans $ 176 $ - $ 40 $ - $ 161 $ 50 $ - $ 427 |
Troubled Debt Restructurings of Loans Receivable | The following tables present information regarding the restructuring of the Company’s troubled debts during the years ended June 30, 2018, June 30, 2017 and June 30, 2016 and any defaults of TDRs during that year that were restructured within 12 months of the date of default. Troubled Debt Restructurings of Loans Receivable Year Ended June 30, 2018 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (Dollars in Thousands) Troubled debt restructuring activity for the year ended June 30, 2018: Number of loans 6 - 2 - - 2 - 10 Pre-modification outstanding recorded investment $ 1,635 $ - $ 315 $ - $ - $ 90 $ - $ 2,040 Post-modification outstanding recorded investment 1,981 - 330 - - 88 - 2,399 Charge offs against the allowance for loan loss recognized at modification 145 - 7 - - 2 - 154 Troubled debt restructuring defaults for the year ended June 30, 2018: Number of loans - - - - - - - - Outstanding recorded investment $ - $ - $ - $ - $ - $ - $ - $ - Troubled Debt Restructurings of Loans Receivable Year Ended June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (Dollars in Thousands) Troubled debt restructuring activity for the year ended June 30, 2017: Number of loans 2 - 4 - - 1 - 7 Pre-modification outstanding recorded investment $ 708 $ - $ 2,791 $ - $ - $ 87 $ - $ 3,586 Post-modification outstanding recorded investment 767 - 2,699 - - 95 - 3,561 Charge offs against the allowance for loan loss recognized at modification 14 - 99 - - 9 - 122 Troubled debt restructuring defaults for the year ended June 30, 2017: Number of loans - - - - - - - - Outstanding recorded investment $ - $ - $ - $ - $ - $ - $ - $ - Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Troubled Debt Restructurings of Loans Receivable Year Ended June 30, 2016 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (Dollars in Thousands) Troubled debt restructuring activity for the year ended June 30, 2016: Number of loans 5 - 3 - 1 5 - 14 Pre-modification outstanding recorded investment $ 1,770 $ - $ 2,285 $ - $ 348 $ 758 $ - $ 5,161 Post-modification outstanding recorded investment 1,472 - 2,290 - 316 769 - 4,847 Charge offs against the allowance for loan loss recognized at modification 300 - - - 47 57 - 404 Troubled debt restructuring defaults for the year ended June 30, 2016: Number of loans - - - - - - - - Outstanding recorded investment $ - $ - $ - $ - $ - $ - $ - $ - |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | June 30, 2018 2017 (In Thousands) Land $ 13,118 $ 10,820 Buildings and improvements 46,953 36,816 Leasehold improvements 5,860 4,487 Furnishings and equipment 20,026 17,764 Construction in progress 5,613 2,513 91,570 72,400 Less accumulated depreciation and amortization 35,330 32,815 Total premises and equipment $ 56,240 $ 39,585 |
Goodwill and Other Intangible40
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | Goodwill Core Deposit Intangibles (In Thousands) Balance at June 30, 2015 $ 108,591 $ 597 Amortization - (167 ) Balance at June 30, 2016 108,591 430 Amortization - (138 ) Balance at June 30, 2017 108,591 292 Acquisition of Clifton Bancorp Inc. 102,304 6,367 Amortization - (364 ) Balance at June 30, 2018 $ 210,895 $ 6,295 |
Scheduled Amortization of Core Deposit Intangibles | Scheduled amortization of core deposit intangibles for each of the next five years and thereafter is as follows: Year Ending June 30, Core Deposit Intangible Amortization (In Thousands) 2019 $ 1,135 2020 1,164 2021 883 2022 596 2023 484 Thereafter 2,033 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Banking And Thrift [Abstract] | |
Schedule of Deposits | June 30, 2018 2017 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) Non-interest-bearing demand $ 311,938 0.00 % $ 267,412 0.00 % Interest-bearing demand (1) 1,000,989 0.92 847,400 0.54 Savings and club 744,039 0.36 523,981 0.12 Certificates of deposits (2) 2,016,638 1.62 1,290,952 1.35 Total deposits $ 4,073,604 1.09 % $ 2,929,745 0.77 % (1) Interest-bearing demand deposits at June 30, 2018 and June 30, 2017 include $210.8 million and $222.6 million, respectively, of brokered deposits at a weighted average interest rate of 2.09% and 1.06%, excluding cost of interest rate derivatives used to hedge interest expense. (2) Certificates of deposit at June 30, 2018 and June 30, 2017 include $84.3 million and $21.6 million, respectively, of brokered deposits at a weighted average interest rate of 1.95% and 2.15%. Note 11 – Deposits (continued) |
Certificates of Deposit by Maturity | A summary of certificates of deposit by maturity follows: June 30, 2018 2017 (In Thousands) One year or less $ 1,123,977 $ 610,647 After one year to two years 493,166 354,743 After two years to three years 199,289 137,240 After three years to four years 101,276 99,974 After four years to five years 81,355 81,882 After five years 17,575 6,466 Total certificates of deposit $ 2,016,638 $ 1,290,952 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Fixed Rate Advances from FHLB | Fixed-rate advances from FHLB of New York mature as follows: June 30, 2018 June 30, 2017 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) Maturing in years ending June 30: 2018 $ - 0.00 % $ 630,225 1.29 % 2019 741,000 2.09 - 0.00 2020 48,400 1.66 - 0.00 2021 64,160 1.88 469 4.94 2022 35,700 2.17 - 0.00 2023 155,000 3.00 145,000 3.04 2024 22,500 2.63 - 0.00 2025 103,500 2.68 - 0.00 2026 6,500 2.82 - 0.00 Total advances 1,176,760 2.25 % 775,694 1.62 % Unamortized fair value adjustments (6,616 ) 2 Total advances, net of fair value adjustments $ 1,170,144 $ 775,696 |
Derivative Instruments and He43
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
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 June 30, 2018 and June 30, 2017: June 30, 2018 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (In Thousands) Derivatives designated as hedging instruments: Interest rate swaps Other assets $ 31,881 Other liabilities $ - Interest rate caps Other assets - Other liabilities - Total $ 31,881 $ - June 30, 2017 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (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 | Note 13 – Derivative Instruments and Hedging Activities (continued) The table below presents the pre-tax effects of the Company’s derivative instruments on the Consolidated Statements of Income as of June 30, 2018, June 30, 2017 and June 30, 2016: Year Ended June 30, 2018 Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (In Thousands) Derivatives in cash flow hedging relationships: Interest rate swaps $ 22,656 Interest expense $ (1,853 ) Interest rate caps 78 Interest expense (973 ) Total $ 22,734 $ (2,826 ) Year Ended June 30, 2017 Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (In Thousands) Derivatives in cash flow hedging relationships: Interest rate swaps $ 20,826 Interest expense $ (5,914 ) Interest rate caps 79 Interest expense (820 ) Total $ 20,905 $ (6,734 ) Year Ended June 30, 2016 Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (In Thousands) Derivatives in cash flow hedging relationships: Interest rate swaps $ (17,116 ) Interest expense $ (7,311 ) Interest rate caps (734 ) Interest expense (352 ) Total $ (17,850 ) $ (7,663 ) |
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 June 30, 2018 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. June 30, 2018 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received Net Amount (In Thousands) Assets: Interest rate swaps $ 31,881 $ - $ 31,881 $ - $ (31,620 ) $ 261 Interest rate caps - - - - - - Total $ 31,881 $ - $ 31,881 $ - $ (31,620 ) $ 261 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Posted Net Amount (In Thousands) Liabilities: Interest rate swaps $ - $ - $ - $ - $ - $ - Interest rate caps - - - - - - Total $ - $ - $ - $ - $ - $ - June 30, 2017 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received Net Amount (In Thousands) Assets: Interest rate 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 (In Thousands) 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) | 12 Months Ended |
Jun. 30, 2018 | |
Employee Stock Ownership Plan (ESOP) Disclosures | At June 30, 2018 and 2017, the ESOP shares were as follows: June 30, 2018 2017 (In Thousands) Allocated shares 1,806 1,790 Total shares distributed to employees 754 570 Shares committed to be released 100 100 Unearned shares 3,362 3,562 Total ESOP shares 6,022 6,022 Fair value of unearned ESOP shares $ 45,219 $ 52,901 |
Schedule of Fair Value of ABRIP's Assets | The fair values of the ABRIP’s assets at June 30, 2018 and 2017 by asset category (see Note 18 for the definitions of levels), are as follows: June 30, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Prudential Guaranteed Deposit Fund $ - $ 3,440 $ - $ 3,440 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) Prudential Guaranteed Deposit Fund $ - $ 3,692 $ - $ 3,692 |
Schedule of Assumptions to Estimate the Fair Value of the Options Granted | The fair value of stock options granted on December 1, 2016 of $2.98 per option was estimated utilizing the Black-Scholes option pricing model using the following assumptions: Weighted average risk-free interest rate 2.16% Expected dividend yield 0.75% Weighted average volatility factor of the expected market price of the Company's stock 16.08% Weighted average expected life of the options 6.5 years |
Summary of the Company's Stock Option Activity | The following is a summary of the Company's stock option activity and related information for its option plans for the year ended June 30, 2018: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (In Thousands) (In Thousands) Outstanding at June 30, 2017 3,539 $ 14.98 9.3 years $ 1,199 Granted - - 0.0 years Exercised (10 ) 10.71 5.8 years Forfeited (131 ) 14.96 Outstanding at June 30, 2018 3,398 $ 14.99 8.2 years $ 795 Exercisable at June 30, 2018 835 $ 14.19 7.8 years $ 633 |
Summary of the Status of the Company's Non-vested Restricted Share Awards | The following is a summary of the status of the Company's non-vested restricted share awards as of June 30, 2018 and changes during the year ended June 30, 2018: Vesting Contingent on Service Conditions Vesting Contingent on Performance and Service Conditions Restricted Shares Weighted Average Grant Date Fair Value Restricted Shares Weighted Average Grant Date Fair Value (In Thousands) (In Thousands) Non-vested at June 30, 2017 930 $ 15.19 488 $ 15.35 Granted - - - - Vested (201 ) 15.05 (98 ) 15.35 Forfeited (28 ) 14.90 (34 ) 15.35 Non-vested at June 30, 2018 701 $ 15.24 356 $ 15.35 |
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | |
Schedule of Net Funded Status | The following tables set forth the ABRIP’s funded status and net periodic benefit cost: June 30, 2018 2017 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 2,896 $ 2,799 Interest cost 109 108 Actuarial (gain) loss (85 ) 192 Benefit payments (204 ) (203 ) Projected benefit obligation - ending $ 2,716 $ 2,896 Change in plan assets: Fair value of assets - beginning $ 3,692 $ 3,845 Actual return on assets (48 ) 50 Benefit payments (204 ) (203 ) Fair value of assets - ending $ 3,440 $ 3,692 Reconciliation of funded status: Projected benefit obligation $ (2,716 ) $ (2,896 ) Fair value of assets 3,440 3,692 Funded status included in other assets $ 724 $ 796 Accumulated benefit obligation $ (2,716 ) $ (2,896 ) Valuation assumptions Discount rate 4.25 % 4.00 % Salary increase rate N/A N/A |
Schedule of Net Benefit Costs | Years Ended June 30, 2018 2017 2016 (In Thousands) Net periodic benefit cost/(credit): Interest cost $ 109 $ 108 $ 125 Expected return on assets (120 ) (248 ) (258 ) Amortization of net loss 52 53 9 Total benefit cost (credit) $ 41 $ (87 ) $ (124 ) Valuation assumptions Discount rate 4.00 % 3.75 % 4.50 % Long term rate of return on plan assets 3.50 % 7.00 % 7.00 % |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2019 $ 210 2020 206 2021 202 2022 202 2023 198 2024-2028 928 |
Benefit Equalization Plan ("BEP") [Member] | |
Schedule of Net Funded Status | The following tables set forth the BEP’s funded status and components of net periodic benefit cost: June 30, 2018 2017 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 3,223 $ 3,482 Interest cost 124 134 Actuarial gain (61 ) (162 ) Benefit payments (233 ) (231 ) Projected benefit obligation - ending $ 3,053 $ 3,223 Change in plan assets: Fair value of assets - beginning $ - $ - Contributions 233 231 Benefit payments (233 ) (231 ) Fair value of assets - ending $ - $ - Reconciliation of funded status: Accumulated benefit obligation $ (3,053 ) $ (3,223 ) Projected benefit obligation $ (3,053 ) $ (3,223 ) Fair value of assets - - Funded status included in other liabilities $ (3,053 ) $ (3,223 ) Valuation assumptions Discount rate 4.25 % 4.00 % Salary increase rate N/A N/A |
Schedule of Net Benefit Costs | Years Ended June 30, 2018 2017 2016 (In Thousands) Net periodic benefit cost: Interest cost $ 124 $ 134 $ 155 Amortization of net actuarial loss 48 72 58 Total expense $ 172 $ 206 $ 213 Valuation assumptions Discount rate 4.00 % 3.75 % 4.50 % Salary increase rate N/A N/A N/A |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2019 $ 232 2020 231 2021 230 2022 228 2023 226 2024-2028 1,080 |
Postretirement Welfare Plan [Member] | |
Schedule of Net Funded Status | The following tables set forth the accrued accumulated postretirement benefit obligation and the net periodic benefit cost: June 30, 2018 2017 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 586 $ 837 Service cost 48 31 Interest cost 23 21 Actuarial gain (33 ) (296 ) Premiums/claims paid (7 ) (7 ) Projected benefit obligation - ending $ 617 $ 586 Change in plan assets: Fair value of assets - beginning $ - $ - Contributions 7 7 Premiums/claims paid (7 ) (7 ) Fair value of assets - ending $ - $ - Reconciliation of funded status: Projected benefit obligation $ (617 ) $ (586 ) Fair value of assets - - Funded status included in other liabilities $ (617 ) $ (586 ) Valuation assumptions Discount rate 4.25 % 4.00 % Salary increase rate 3.25 % 3.25 % |
Schedule of Net Benefit Costs | Years Ended June 30, 2018 2017 2016 (In Thousands) Net periodic benefit cost: Service cost $ 48 $ 31 $ 42 Interest cost 23 21 34 Amortization of net actuarial gain (55 ) (59 ) (29 ) Total expense (benefit) $ 16 $ (7 ) $ 47 Valuation assumptions Discount rate 4.00 % 3.75 % 4.50 % Salary increase rate 3.25 % 3.25 % 3.25 % |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2019 $ 25 2020 30 2021 32 2022 40 2023 47 2024-2028 286 |
Directors' Consultation and Retirement Plan ("DCRP") [Member] | |
Schedule of Net Funded Status | The following table sets forth the DCRP’s funded status and components of net periodic cost: June 30, 2018 2017 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 2,978 $ 3,029 Interest cost 118 116 Actuarial gain (193 ) (107 ) Benefit payments (60 ) (60 ) Projected benefit obligation - ending $ 2,843 $ 2,978 Change in plan assets: Fair value of assets - beginning $ - $ - Contributions 60 60 Benefit payments (60 ) (60 ) Fair value of assets - ending $ - $ - Reconciliation of funded status: Accumulated benefit obligation $ (2,843 ) $ (2,978 ) Projected benefit obligation $ (2,843 ) $ (2,978 ) Fair value of assets - - Funded status included in other liabilities $ (2,843 ) $ (2,978 ) Valuation assumptions Discount rate 4.25 % 4.00 % Salary increase rate N/A N/A |
Schedule of Net Benefit Costs | Years Ended June 30, 2018 2017 2016 (In Thousands) Net periodic benefit cost: Service cost $ - $ - $ 97 Interest cost 118 116 151 Amortization of past service liability - - 22 Curtailment credit - - (931 ) Total expense (benefit) $ 118 $ 116 $ (661 ) Valuation assumptions Discount rate 4.00 % 3.75 % 4.50 % Salary increase rate N/A N/A N/A |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2019 $ 83 2020 105 2021 67 2022 92 2023 143 2024-2028 1,008 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Summary of Regulatory Capital Levels | The following table presents information regarding the consolidated Company’s regulatory capital levels at June 30, 2018 and June 30, 2017. At June 30, 2018 Actual For Capital Adequacy Purposes Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 1,062,398 25.80 % $ 329,409 8.00 % Tier 1 capital (to risk-weighted assets) 1,031,533 25.05 % 247,057 6.00 % Common equity tier 1 capital (to risk-weighted assets) 1,031,533 25.05 % 185,293 4.50 % Tier 1 capital (to adjusted total assets) 1,031,533 16.24 % 254,015 4.00 % At June 30, 2017 Actual For Capital Adequacy Purposes Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 974,545 29.98 % $ 260,065 8.00 % Tier 1 capital (to risk-weighted assets) 945,259 29.08 % 195,049 6.00 % Common equity tier 1 capital (to risk-weighted assets) 945,259 29.08 % 146,287 4.50 % Tier 1 capital (to adjusted total assets) 945,259 20.11 % 188,012 4.00 % |
Kearny Federal Savings Bank [Member] | |
Summary of Regulatory Capital Levels | The following tables present information regarding the Bank’s regulatory capital levels at June 30, 2018 and 2017. At June 30, 2018 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 987,251 24.07 % $ 328,174 8.00 % $ 410,217 10.00 % Tier 1 capital (to risk-weighted assets) 956,386 23.31 % 246,130 6.00 % 328,174 8.00 % Common equity tier 1 capital (to risk-weighted assets) 956,386 23.31 % 184,598 4.50 % 266,641 6.50 % Tier 1 capital (to adjusted total assets) 956,386 15.10 % 253,300 4.00 % 316,625 5.00 % At June 30, 2017 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 753,790 23.30 % $ 258,809 8.00 % $ 323,512 10.00 % Tier 1 capital (to risk-weighted assets) 724,504 22.39 % 194,107 6.00 % 258,809 8.00 % Common equity tier 1 capital (to risk-weighted assets) 724,504 22.39 % 145,580 4.50 % 210,283 6.50 % Tier 1 capital (to adjusted total assets) 724,504 15.47 % 187,308 4.00 % 234,136 5.00 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Taxes | The components of income taxes are as follows: Years Ended June 30, 2018 2017 2016 (In Thousands) Current income tax expense: Federal $ 5,121 $ 7,790 $ 6,440 State 2,516 2,873 1,921 7,637 10,663 8,361 Deferred income tax benefit: Federal 5,455 (1,363 ) (1,238 ) State 656 (480 ) (340 ) 6,111 (1,843 ) (1,578 ) Valuation allowance 656 - - Total income tax expense $ 14,404 $ 8,820 $ 6,783 |
Schedule of Effective Income Tax Rate Reconciliation | The following table presents a reconciliation between the reported income taxes for the periods presented and the income taxes which would be computed by applying the federal income tax rates applicable to those periods. The income tax rate of 28%, applicable for the year ended June 30, 2018, reflects the transitional effect of a reduction in the Company’s federal income tax rate from 35%, applicable to the prior years ended June 30, 2017 and 2016, to 21%, applicable to the forthcoming year ending June 30, 2019. Years Ended June 30, 2018 2017 2016 (Dollars In Thousands) Income before income taxes $ 34,000 $ 27,423 $ 22,605 Statutory federal tax rate 28 % 35 % 35 % Federal income tax expense at statutory rate $ 9,520 $ 9,598 $ 7,912 (Reduction) increases in income taxes resulting from: Tax exempt interest (724 ) (795 ) (756 ) State tax, net of federal tax effect 2,256 1,555 1,028 Incentive stock options compensation expense 142 124 56 Income from bank-owned life insurance (1,439 ) (1,798 ) (1,956 ) Disqualifying disposition on incentive stock options (11 ) (165 ) - Non-deductible merger-related expenses 557 - - Impact of federal income tax reform 2,924 - - Other items, net 523 301 499 13,748 8,820 6,783 Valuation allowance 656 - - Total income tax expense $ 14,404 $ 8,820 $ 6,783 Effective income tax rate 42.36 % 32.16 % 30.01 % |
Schedule of Deferred Income Tax Assets and Liabilities | The tax effects of existing temporary differences that give rise to deferred income tax assets and liabilities are as follows: June 30, 2018 2017 (In Thousands) Deferred income tax assets: Purchase accounting $ 17,772 $ 466 Accumulated other comprehensive income Defined benefit plans 228 434 Unrealized loss on securities available for sale 1,159 975 Unrealized loss on securities available for sale transferred to held to maturity 249 453 Allowance for loan losses 8,676 11,963 Benefit plans 1,842 2,675 Compensation 1,751 1,146 Stock-based compensation 2,050 2,278 Uncollected interest 1,018 2,700 Depreciation 1,169 1,221 Charitable contribution carryover 899 2,139 Net operating loss carryover 2,564 384 Other items 509 258 39,886 27,092 Valuation allowance (791 ) (135 ) 39,095 26,957 Deferred income tax liabilities: Deferred costs 1,551 2,083 Accumulated other comprehensive income Derivatives 8,961 2,582 Goodwill 4,385 6,167 Other items 444 671 15,341 11,503 Net deferred income tax asset $ 23,754 $ 15,454 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments under Operating Leases | The following is a schedule by years of future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of June 30, 2018: Operating Lease Payments (In Thousands) Years ending June 30: 2019 2,985 2020 2,749 2021 2,593 2022 2,342 2023 1,868 Thereafter 9,893 Total minimum payments required $ 22,430 |
Schedule of Composition of Total Rental Expense for Operating Leases | The following schedule shows the composition of total rental expense for all operating leases: June 30, 2018 2017 2016 (In Thousands) Minimum rentals $ 2,397 $ 1,989 $ 1,843 |
Schedule of Outstanding Loan Commitments | The outstanding loan commitments are as follows: June 30, 2018 2017 (In Thousands) Loan commitments: Real estate mortgage loans $ 139,440 $ 87,666 Home equity loans 1,723 2,768 Commercial business loans 1,582 4,737 Construction loans in process 9,935 8,088 Consumer home equity and overdraft lines of credit 42,674 33,408 Commercial business lines of credit 28,898 27,264 Total loan commitments $ 224,252 $ 163,931 |
Fair Value of Financial Instr48
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured At Fair Value on a Recurring Basis | Those assets and liabilities measured at fair value on a recurring basis are summarized below: June 30, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Assets: Debt securities available for sale: U.S. agency securities $ - $ 4,411 $ - $ 4,411 Obligations of state and political subdivisions - 26,088 - 26,088 Asset-backed securities - 182,620 - 182,620 Collateralized loan obligations - 226,066 - 226,066 Corporate bonds - 147,594 - 147,594 Trust preferred securities - 2,783 1,000 3,783 Total debt securities - 589,562 1,000 590,562 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 24,292 - 24,292 Residential pass-through securities - 102,359 - 102,359 Commercial pass-through securities - 7,872 - 7,872 Total mortgage-backed securities - 134,523 - 134,523 Total securities available for sale $ - $ 724,085 $ 1,000 $ 725,085 Interest rate swaps and caps - 31,881 - 31,881 Total assets $ - $ 755,966 $ 1,000 $ 756,966 Liabilities: Interest rate swaps $ - $ - $ - $ - Total liabilities $ - $ - $ - $ - 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) Assets: 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 Interest rate swaps and caps - 7,810 - 7,810 Total assets $ - $ 620,570 $ 1,000 $ 621,570 Liabilities: Interest rate swaps $ - $ 298 $ - $ 298 Total liabilities $ - $ 298 $ - $ 298 |
Schedule of Assets and Liabilities Measured At Fair Value on a Non-recurring Basis | Those assets and liabilities measured at fair value on a non-recurring basis are summarized below: June 30, 2018 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 $ - $ - $ 3,562 $ 3,562 Non-residential mortgage - - 794 794 Commercial business - - 113 113 Total $ - $ - $ 4,469 $ 4,469 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: June 30, 2018 Fair Value Valuation Techniques Unobservable Input Range Weighted Average (In Thousands) Impaired loans: Residential mortgage $ 3,562 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 6% - 26% 12.34 % Non-residential mortgage 794 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 14% - 15% 14.07 % Commercial business 113 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 10% - 24% 14.54 % Total $ 4,469 Note 18 – Fair Value of Financial Instruments (continued) June 30, 2017 Fair Value Valuation Techniques Unobservable Input Range Weighted Average (In Thousands) Impaired loans: Residential mortgage $ 5,711 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 6% - 21% 8.12 % Non-residential mortgage 2,126 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 0% - 12% 6.93 % Commercial business 119 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 9% - 20% 12.79 % Total $ 7,956 (1) The fair value basis of impaired loans is generally determined based on an independent appraisal of the market value of a loan’s underlying collateral. (2) The fair value basis of impaired loans is adjusted to reflect management estimates of selling costs including, but not necessarily limited to, real estate brokerage commissions and title transfer fees. |
Schedule of Carrying Amounts and Fair Values of Financial Instruments | The carrying amounts and fair values of financial instruments not measured on a recurring basis are as follows: June 30, 2018 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 $ 128,864 $ 128,864 $ 128,864 $ - $ - Investment securities held to maturity 589,730 579,499 - 579,499 - Loans held-for-sale 863 863 - 863 - Net loans receivable 4,470,483 4,367,150 - - 4,367,150 FHLB Stock 59,004 - - - - Interest receivable 18,510 18,510 32 5,252 13,226 Financial liabilities: Deposits 4,073,604 4,055,543 2,056,966 - 1,998,577 Borrowings 1,198,646 1,199,601 - - 1,199,601 Interest payable on deposits 675 675 - 675 - Interest payable on borrowings 2,427 2,427 - - 2,427 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 $ - $ - Investment securities held to maturity 493,321 495,794 - 495,794 - 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 - - - - Interest receivable 12,493 12,493 6 3,169 9,318 Financial liabilities: Deposits 2,929,745 2,943,908 1,639,059 - 1,304,849 Borrowings 806,228 823,435 - - 823,435 Interest payable on deposits 382 382 - 382 - Interest payable on borrowings 1,391 1,391 - - 1,391 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) included in stockholders’ equity are as follows: June 30, 2018 2017 (In Thousands) Net unrealized loss on securities available for sale $ (4,321 ) $ (2,385 ) Tax effect 1,159 975 Net of tax amount (3,162 ) (1,410 ) Net unrealized loss on securities available for sale transferred to held to maturity (887 ) (1,109 ) Tax effect 249 453 Net of tax amount (638 ) (656 ) Fair value adjustments on derivatives 31,881 6,319 Tax effect (8,961 ) (2,582 ) Net of tax amount 22,920 3,737 Benefit plan adjustments (813 ) (1,061 ) Tax effect 228 434 Net of tax amount (585 ) (627 ) Total accumulated other comprehensive income $ 18,535 $ 1,044 |
Schedule of Comprehensive Income (Loss) | Other comprehensive income (loss) and related tax effects are presented in the following table: Years Ended June 30, 2018 2017 2016 (In Thousands) Net unrealized holding (loss) gain on securities available for sale $ (1,919 ) $ 1,923 $ (4,564 ) Amortization of unrealized holding gain (loss) on securities available for sale transferred to held to maturity (1) 222 (53 ) 9 Net realized (gain) loss on securities available for sale (2) (17 ) 402 - Fair value adjustments on derivatives 25,560 27,637 (10,187 ) Benefit plans: Amortization of: Actuarial loss (3) 45 66 37 Past service cost (3) - - 22 New actuarial gain (loss) 205 219 (911 ) Net change in benefit plan accrued expense 250 285 (852 ) Other comprehensive income (loss) before taxes 24,096 30,194 (15,594 ) Tax effect (7,986 ) (12,363 ) 6,568 Total comprehensive income (loss) $ 16,110 $ 17,831 $ (9,026 ) (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 gain on sale of securities on the consolidated statements of income. (3) Represents amounts reclassified out of accumulated other comprehensive income and included in the computation of net periodic pension expense. See Note 14 – Benefit Plans for additional information. |
Parent Only Financial Informa50
Parent Only Financial Information (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Statements of Financial Condition | Condensed Statements of Financial Condition June 30, 2018 June 30, 2017 (In Thousands) Assets Cash and amounts due from depository institutions $ 25,933 $ 169,820 Investment securities held to maturity 15,000 15,000 Loans receivable 34,903 36,448 Investment in subsidiary 1,193,601 836,426 Other assets 85 84 Total Assets $ 1,269,522 $ 1,057,778 Liabilities and Stockholders' Equity Other liabilities 774 597 Stockholders' equity 1,268,748 1,057,181 Total Liabilities and Stockholders' Equity $ 1,269,522 $ 1,057,778 |
Condensed Statements of Income and Comprehensive Income | Condensed Statements of Income and Comprehensive Income Years Ended June 30, 2018 2017 2016 (In Thousands) Interest income $ 2,292 $ 2,318 $ 2,413 Equity in undistributed earnings of subsidiaries 19,420 18,427 15,543 Total income 21,712 20,745 17,956 Directors' compensation 283 265 242 Other expenses 1,740 1,755 1,703 Total expense 2,023 2,020 1,945 Income before income taxes 19,689 18,725 16,011 Income tax expense 93 122 189 Net income $ 19,596 $ 18,603 $ 15,822 Comprehensive income $ 35,706 $ 36,434 $ 6,796 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years Ended June 30, 2018 2017 2016 (In Thousands) Cash Flows from Operating Activities: Net income $ 19,596 $ 18,603 $ 15,822 Adjustment to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (19,420 ) (18,427 ) (15,543 ) Decrease (Increase) in other assets 27 (19 ) 880 Increase in other liabilities 761 352 576 Net Cash Provided by Operating Activities 964 509 1,735 Cash Flows from Investing Activities: Repayment of loan to ESOP 1,545 1,496 1,444 Purchase of subordinated debt security - (15,000 ) - Sale of investment securities available for sale 3,738 - - Net cash acquired in acquisition 14,297 - - Net Cash Provided by (Used In) Investing Activities 19,580 (13,504 ) 1,444 Cash Flows from Financing Activities: Exercise of stock options 102 482 - Cash dividends paid (20,561 ) (8,286 ) (7,481 ) Repurchase and cancellation of common stock of Kearny Financial Corp. (142,602 ) (126,002 ) (22,286 ) Cancellation of expired, ungranted shares issued for stock benefit plan - 183 - Cancellation of shares repurchased on vesting to pay taxes (1,370 ) - - Net Cash Used In Financing Activities (164,431 ) (133,623 ) (29,767 ) Net Decrease in Cash and Cash Equivalents (143,887 ) (146,618 ) (26,588 ) Cash and Cash Equivalents - Beginning 169,820 316,438 343,026 Cash and Cash Equivalents - Ending $ 25,933 $ 169,820 $ 316,438 |
Net Income Per Common Share (51
Net Income Per Common Share (EPS) (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share Computations | The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations: Year Ended June 30, 2018 Income (Numerator) Shares (Denominator) Per Share Amount (In Thousands, Except Per Share Data) Net income $ 19,596 Basic earnings per share, income available to common stockholders $ 19,596 82,587 $ 0.24 Effect of dilutive securities: Stock options - 56 $ 19,596 82,643 $ 0.24 Year Ended June 30, 2017 Income (Numerator) Shares (Denominator) Per Share Amount (In Thousands, Except Per Share Data) Net income $ 18,603 Basic earnings per share, income available to common stockholders $ 18,603 84,590 $ 0.22 Effect of dilutive securities: Stock options - 71 $ 18,603 84,661 $ 0.22 Year Ended June 30, 2016 Income (Numerator) Shares (Denominator) Per Share Amount (In Thousands, Except Per Share Data) Net income $ 15,822 Basic earnings per share, income available to common stockholders $ 15,822 89,591 $ 0.18 Effect of dilutive securities: Stock options - 34 $ 15,822 89,625 $ 0.18 |
Quarterly Results of Operatio52
Quarterly Results of Operations (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results of Operations | The following is a condensed summary of quarterly results of operations for the years ended June 30, 2018 and 2017: Year Ended June 30, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter September 30 December 31 March 31 June 30 (In Thousands, Except Per Share Data) Interest income $ 37,592 $ 38,032 $ 38,545 $ 57,262 Interest expense 10,782 11,197 11,488 16,671 Net interest income 26,810 26,835 27,057 40,591 Provision for loan losses 630 936 423 717 Net interest income after provision for loan losses 26,180 25,899 26,634 39,874 Non-interest income 3,094 3,263 3,548 3,358 Non-interest expense 21,286 22,764 22,543 31,257 Income before Income Taxes 7,988 6,398 7,639 11,975 Income taxes 2,756 5,129 2,262 4,257 Net Income $ 5,232 $ 1,269 $ 5,377 $ 7,718 Net income per common share: Basic $ 0.07 $ 0.02 $ 0.07 $ 0.08 Diluted $ 0.07 $ 0.02 $ 0.07 $ 0.08 Weighted average number of common shares outstanding Basic 79,649 77,174 75,492 98,046 Diluted 79,708 77,239 75,539 98,100 Dividends declared per common share $ 0.15 $ 0.03 $ 0.03 $ 0.04 Year Ended June 30, 2017 First Quarter Second Quarter Third Quarter Fourth Quarter September 30 December 31 March 31 June 30 (In Thousands, Except Per Share Data) Interest income $ 32,806 $ 34,315 $ 35,008 $ 36,964 Interest expense 8,785 8,699 8,801 10,234 Net interest income 24,021 25,616 26,207 26,730 Provision for loan losses 1,129 1,255 1,809 1,188 Net interest income after provision for loan losses 22,892 24,361 24,398 25,542 Non-interest income 2,629 3,446 2,253 3,020 Non-interest expense 18,660 19,373 21,034 22,051 Income before Income Taxes 6,861 8,434 5,617 6,511 Income taxes 2,194 2,970 1,549 2,107 Net Income $ 4,667 $ 5,464 $ 4,068 $ 4,404 Net income per common share: Basic $ 0.05 $ 0.06 $ 0.05 $ 0.05 Diluted $ 0.05 $ 0.06 $ 0.05 $ 0.05 Weighted average number of common shares outstanding Basic 86,246 85,174 84,542 82,372 Diluted 86,304 85,258 84,624 82,429 Dividends declared per common share $ 0.02 $ 0.02 $ 0.03 $ 0.03 |
Summary of Significant Accoun53
Summary of Significant Accounting Policies - Additional Information (Detail) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2018USD ($) | Dec. 31, 2017 | Jun. 30, 2018USD ($)Retail_BrancheSubsidiaryCategoryTrancheRisk_Rating | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of banking retail branches | Retail_Branche | 54 | |||||
Number of wholly owned bank subsidiaries | Subsidiary | 2 | |||||
Cash and cash equivalent maturity period | 90 days | |||||
Cash and cash equivalents | $ 128,864,000 | $ 128,864,000 | $ 78,237,000 | $ 199,200,000 | $ 340,136,000 | |
Due from banks | 110,600,000 | 110,600,000 | 62,500,000 | |||
Vault cash | 18,300,000 | 18,300,000 | 15,700,000 | |||
Cash and amounts due from depository institutions | 26,199,000 | $ 26,199,000 | 18,889,000 | |||
Number of loan portfolio categories | Category | 7 | |||||
Moving average period | 2 years | |||||
Risk ratings tranches description | The Company utilizes a set of seven risk tranches, ranging from “negligible risk” to “severe risk”, that establishes a pre-defined range of potential risk ratings to be ascribed each criteria component supporting an environmental loss factor. Risk ratings of zero and 30 are ascribed to the “negligible risk” and “severe risk” tranches, respectively, which generally serve as the upper and lower thresholds for the potential range of risk rating values across all risk tranches. The remaining five risk tranches, ranging from “low risk” to “high risk”, utilize progressively higher ranges of potential risk ratings reflecting the increased level of risk associated with each tranche. | |||||
Number of risk tranches | Tranche | 7 | |||||
Description of risk rating calculation on environmental loss factor | Risk ratings are multiplied by .01% to calculate a loss factor value attributable to each of the criteria components supporting an environmental loss factor. The average of the loss factor values ascribed to the criteria components generally serves as the aggregate value for that loss factor. Where appropriate, the criteria components supporting a loss factor may be “weighted” in relation to one another to allow for greater emphasis on certain criteria in the calculation of an environmental loss factor. | |||||
Goodwill, impairment loss | $ 0 | 0 | 0 | |||
Finite-lived intangible assets, net | $ 6,295,000 | 6,295,000 | 292,000 | 430,000 | $ 597,000 | |
Expenses (benefits) attributable to deferred liability | $ 7,000 | $ 69,000 | $ (25,000) | |||
Federal income tax rate | 21.00% | 35.00% | 28.00% | 35.00% | 35.00% | |
Income tax uncertainties | $ 0 | $ 0 | ||||
Unrecognized income tax benefits | $ 0 | 0 | 0 | |||
Income tax interest and penalties | $ 0 | 0 | $ 0 | |||
Low Risk to High Risk [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of risk tranches | Tranche | 5 | |||||
Negligible Risk [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Risk rating level | Risk_Rating | 0 | |||||
Severe Risk [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Risk rating level | Risk_Rating | 30 | |||||
FHLB of New York [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Cash and amounts due from depository institutions | 19,400,000 | $ 19,400,000 | 4,800,000 | |||
Federal Reserve ("FRB") [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Cash and amounts due from depository institutions | 83,300,000 | 83,300,000 | 53,600,000 | |||
U.S. Domestic Money Center Banks [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Cash and amounts due from depository institutions | 7,900,000 | 7,900,000 | 4,200,000 | |||
U.S. Domestic Money Center Bank 1 [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Cash and amounts due from depository institutions | 5,500,000 | 5,500,000 | 3,200,000 | |||
U.S. Domestic Money Center Bank 2 [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Cash and amounts due from depository institutions | $ 2,400,000 | $ 2,400,000 | $ 1,000,000 |
Summary of Significant Accoun54
Summary of Significant Accounting Policies - Property, Plant and Equipment Useful Lives (Detail) | 12 Months Ended |
Jun. 30, 2018 | |
Buildings and Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of Premises and Equipment | 10 years |
Buildings and Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of Premises and Equipment | 50 years |
Furnishings and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of Premises and Equipment | 3 years |
Furnishings and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of Premises and Equipment | 20 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of Premises and Equipment | Shorter of useful lives or lease term |
Recent Accounting Pronounceme55
Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||||
Corporate income tax rate | 21.00% | 35.00% | 28.00% | 35.00% | 35.00% | |
Accounting Standards Update 2018-02 [Member] | ||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||||
Reclassification from accumulated other comprehensive income to retained earnings | $ 1.4 | |||||
Scenario, Forecast [Member] | ||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||||
Corporate income tax rate | 21.00% |
Acquisition of Clifton Bancor56
Acquisition of Clifton Bancorp Inc - Additional Information (Detail) | Apr. 02, 2018USD ($)Branchshares | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) |
Business Acquisition [Line Items] | |||||||||
Stockholders’ equity | $ 1,268,748,000 | $ 1,268,748,000 | $ 1,057,181,000 | $ 1,147,629,000 | $ 1,167,375,000 | ||||
Goodwill | 210,895,000 | 210,895,000 | 108,591,000 | 108,591,000 | 108,591,000 | ||||
Core deposit intangible | 6,295,000 | 6,295,000 | $ 292,000 | $ 430,000 | $ 597,000 | ||||
Merger-related expenses | 6,743,000 | ||||||||
Clifton Bancorp Inc. [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Closing date | Apr. 2, 2018 | ||||||||
Total assets | $ 1,610,735,000 | ||||||||
Total liabilities | 1,379,098,000 | ||||||||
Deposits | $ 949,789,000 | ||||||||
Number of branches in which deposits held | Branch | 12 | ||||||||
Outstanding shares of Clifton common stock exchanged for shares of Company common stock | shares | 1.191 | ||||||||
Issuance of shares of common stock to Clifton stockholders in conjunction with merger | shares | 25,400,000 | ||||||||
Goodwill | $ 102,300,000 | ||||||||
Core deposit intangible | 6,400,000 | ||||||||
Merger-related expenses | $ 5,100,000 | $ 401,000 | $ 1,200,000 | $ 0 | $ 6,700,000 | ||||
Clifton Bancorp Inc. [Member] | Building [Member] | Minimum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Assets, estimated useful life | 35 years | ||||||||
Clifton Bancorp Inc. [Member] | Building [Member] | Maximum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Assets, estimated useful life | 46 years | ||||||||
Clifton Bancorp Inc. [Member] | Improvements and Equipment [Member] | Minimum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Assets, estimated useful life | 1 year | ||||||||
Clifton Bancorp Inc. [Member] | Improvements and Equipment [Member] | Maximum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Assets, estimated useful life | 10 years | ||||||||
Clifton Bancorp Inc. [Member] | Core Deposit [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Intangible asset, estimated useful life | 10 years | ||||||||
Clifton Bancorp Inc. [Member] | As Recorded by Clifton [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Total assets | 1,656,725,000 | ||||||||
Net loans receivable | 1,200,000,000 | ||||||||
Securities | 332,200,000 | ||||||||
Total liabilities | 1,381,453,000 | ||||||||
Deposits | 944,988,000 | ||||||||
Borrowings | 421,400,000 | ||||||||
Stockholders’ equity | $ 272,000,000 |
Acquisition of Clifton Bancor57
Acquisition of Clifton Bancorp Inc - Summary of Assets Acquired and Liabilities Assumed Through Merger at Fair Value (Detail) - USD ($) $ in Thousands | Apr. 02, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Business Acquisition [Line Items] | |||||
Goodwill recorded in Merger | $ 102,304 | $ 0 | $ 0 | ||
Clifton Bancorp Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | $ 36,585 | ||||
Investment securities | 326,913 | ||||
Loans receivable | 1,116,821 | ||||
Premises and equipment | 11,622 | ||||
FHLB stock | 20,357 | ||||
Accrued interest receivable | 4,142 | ||||
Bank owned life insurance | 63,231 | ||||
Deferred income taxes, net | 22,986 | ||||
Core deposit and other intangibles | 6,367 | ||||
Other real estate owned | 140 | ||||
Other assets | 1,571 | ||||
Total assets acquired | 1,610,735 | ||||
Deposits | 949,789 | ||||
FHLB borrowings | 414,132 | ||||
Advance payments by borrowers for taxes | 9,777 | ||||
Other liabilities | 5,400 | ||||
Total liabilities assumed | 1,379,098 | ||||
Net assets acquired | 231,637 | ||||
Purchase price | 333,941 | ||||
Goodwill recorded in Merger | 102,304 | ||||
Clifton Bancorp Inc. [Member] | As Recorded by Clifton [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | 36,585 | ||||
Investment securities | 332,183 | ||||
Loans receivable | 1,191,748 | ||||
Allowance for loan losses | (8,025) | ||||
Premises and equipment | 8,066 | ||||
FHLB stock | 20,357 | ||||
Accrued interest receivable | 4,142 | ||||
Bank owned life insurance | 63,231 | ||||
Deferred income taxes, net | 6,837 | ||||
Other real estate owned | 163 | ||||
Other assets | 1,438 | ||||
Total assets acquired | 1,656,725 | ||||
Deposits | 944,988 | ||||
FHLB borrowings | 421,400 | ||||
Advance payments by borrowers for taxes | 9,777 | ||||
Other liabilities | 5,288 | ||||
Total liabilities assumed | 1,381,453 | ||||
Clifton Bancorp Inc. [Member] | Fair Value Adjustments [Member] | |||||
Business Acquisition [Line Items] | |||||
Investment securities | [1] | (5,270) | |||
Loans receivable | [2] | (74,927) | |||
Allowance for loan losses | [3] | 8,025 | |||
Premises and equipment | [4] | 3,556 | |||
Deferred income taxes, net | [5] | 16,149 | |||
Core deposit and other intangibles | [6] | 6,367 | |||
Other real estate owned | [7] | (23) | |||
Other assets | [8] | 133 | |||
Total assets acquired | (45,990) | ||||
Deposits | [9] | 4,801 | |||
FHLB borrowings | [10] | (7,268) | |||
Other liabilities | [11] | 112 | |||
Total liabilities assumed | $ (2,355) | ||||
[1] | Represents the fair value adjustments on investment securities. | ||||
[2] | Represents the fair value adjustments on the net book value of loans, which includes an interest rate mark and credit mark adjustment and the write-off of deferred fees/costs and premiums. | ||||
[3] | Represents the elimination of Clifton’s allowance for loan losses. | ||||
[4] | Represents the fair value adjustments to reflect the fair value of land and buildings and premises and equipment, which will be amortized on a straight-line basis over the estimated useful lives of the individual assets. | ||||
[5] | Represents an adjustment to net deferred tax assets resulting from the fair value adjustments related to the acquired assets, liabilities assumed and identifiable intangible assets recorded. | ||||
[6] | Represents the intangible assets recorded to reflect the fair value of core deposits. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. | ||||
[7] | Represents an adjustment to reduce the carrying value of other real estate owned to fair value, less costs to sell. | ||||
[8] | Represents an adjustment to other assets acquired. | ||||
[9] | Represents fair value adjustments on time deposits, which will be treated as a reduction of interest expense over the remaining term of the time deposits. | ||||
[10] | Represents the fair value adjustments on FHLB borrowings, which will be treated as an increase to interest expense over the life of the borrowings. | ||||
[11] | Represents an adjustment to other liabilities assumed. |
Acquisition of Clifton Bancor58
Acquisition of Clifton Bancorp Inc - Summary of Unaudited Supplemental Pro Forma Information (Detail) - Clifton Bancorp Inc. [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items] | ||
Net interest income | $ 169,094 | $ 146,426 |
Non-interest income | 15,683 | 13,262 |
Non-interest expense | 113,816 | 103,957 |
Net income available to common stockholders | $ 40,216 | $ 31,631 |
Pro forma earnings per common share from continuing operations: | ||
Basic | $ 0.37 | $ 0.29 |
Diluted | $ 0.37 | $ 0.29 |
Securities Available for Sale -
Securities Available for Sale - Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | $ 589,999 | |
Securities available for sale, Fair value | 590,562 | $ 444,497 |
Securities available for sale, Amortized Cost | 729,406 | 616,145 |
Mortgage-backed securities, Gross Unrealized Gains | 3,404 | 2,551 |
Mortgage-backed securities, Gross Unrealized Losses | 7,725 | 4,936 |
Investment securities available for sale, at fair value | 725,085 | 613,760 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 139,407 | 170,249 |
Mortgage-backed securities, Gross Unrealized Gains | 43 | 884 |
Mortgage-backed securities, Gross Unrealized Losses | 4,927 | 1,870 |
Investment securities available for sale, at fair value | 134,523 | 169,263 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 589,999 | 445,896 |
Securities available for sale, Gross Unrealized Gains | 3,361 | 1,667 |
Securities available for sale, Gross Unrealized Losses | 2,798 | 3,066 |
Securities available for sale, Fair value | 590,562 | 444,497 |
Debt Securities [Member] | U.S. Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 4,474 | 5,304 |
Securities available for sale, Gross Unrealized Gains | 35 | |
Securities available for sale, Gross Unrealized Losses | 63 | 23 |
Securities available for sale, Fair value | 4,411 | 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 | 26,793 | 27,465 |
Securities available for sale, Gross Unrealized Gains | 4 | 305 |
Securities available for sale, Gross Unrealized Losses | 709 | 30 |
Securities available for sale, Fair value | 26,088 | 27,740 |
Debt Securities [Member] | Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 179,959 | 163,120 |
Securities available for sale, Gross Unrealized Gains | 2,795 | 316 |
Securities available for sale, Gross Unrealized Losses | 134 | 1,007 |
Securities available for sale, Fair value | 182,620 | 162,429 |
Debt Securities [Member] | Collateralized Loan Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 226,881 | 98,078 |
Securities available for sale, Gross Unrealized Gains | 99 | 185 |
Securities available for sale, Gross Unrealized Losses | 914 | 109 |
Securities available for sale, Fair value | 226,066 | 98,154 |
Debt Securities [Member] | Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 147,925 | 143,017 |
Securities available for sale, Gross Unrealized Gains | 463 | 826 |
Securities available for sale, Gross Unrealized Losses | 794 | 1,525 |
Securities available for sale, Fair value | 147,594 | 142,318 |
Debt Securities [Member] | Trust Preferred Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 3,967 | 8,912 |
Securities available for sale, Gross Unrealized Losses | 184 | 372 |
Securities available for sale, Fair value | 3,783 | 8,540 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 25,651 | 31,124 |
Mortgage-backed securities, Gross Unrealized Gains | 38 | |
Mortgage-backed securities, Gross Unrealized Losses | 1,359 | 626 |
Investment securities available for sale, at fair value | 24,292 | 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 | 8,032 | 9,902 |
Mortgage-backed securities, Gross Unrealized Gains | 38 | |
Mortgage-backed securities, Gross Unrealized Losses | 347 | 66 |
Investment securities available for sale, at fair value | 7,685 | 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 | 17,619 | 21,222 |
Mortgage-backed securities, Gross Unrealized Losses | 1,012 | 560 |
Investment securities available for sale, at fair value | 16,607 | 20,662 |
Residential Pass-Through Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 105,810 | 131,017 |
Mortgage-backed securities, Gross Unrealized Gains | 43 | 777 |
Mortgage-backed securities, Gross Unrealized Losses | 3,494 | 1,244 |
Investment securities available for sale, at fair value | 102,359 | 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 | 78,639 | 95,501 |
Mortgage-backed securities, Gross Unrealized Gains | 19 | 352 |
Mortgage-backed securities, Gross Unrealized Losses | 2,868 | 999 |
Investment securities available for sale, at fair value | 75,790 | 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 | 27,171 | 35,516 |
Mortgage-backed securities, Gross Unrealized Gains | 24 | 425 |
Mortgage-backed securities, Gross Unrealized Losses | 626 | 245 |
Investment securities available for sale, at fair value | 26,569 | 35,696 |
Commercial Pass-Through Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 7,946 | 8,108 |
Mortgage-backed securities, Gross Unrealized Gains | 69 | |
Mortgage-backed securities, Gross Unrealized Losses | 74 | |
Investment securities available for sale, at fair value | 7,872 | 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 | 7,946 | 8,108 |
Mortgage-backed securities, Gross Unrealized Gains | 69 | |
Mortgage-backed securities, Gross Unrealized Losses | 74 | |
Investment securities available for sale, at fair value | $ 7,872 | $ 8,177 |
Securities Available for Sale60
Securities Available for Sale - Stratification by Contractual Maturity of Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Investments Debt And Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 2 | |
Due after one year through five years, Amortized Cost | 148,699 | |
Due after five years through ten years, Amortized Cost | 49,092 | |
Due after ten years, Amortized Cost | 392,206 | |
Securities available for sale, Amortized Cost | 589,999 | |
Due in one year or less, Fair Value | 2 | |
Due after one year through five years, Fair Value | 148,247 | |
Due after five years through ten years, Fair Value | 48,306 | |
Due after ten years, Fair Value | 394,007 | |
Fair Value | $ 590,562 | $ 444,497 |
Securities Available for Sale61
Securities Available for Sale - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of debt securities available for sale | $ 254,606,000 | $ 83,008,000 | $ 0 |
Available-for-sale securities, gross realized gains | 1,300,000 | ||
Available-for-sale securities, gross realized losses | 31,000 | 1,700,000 | |
Securities Available for Sale [Member] | FHLB of New York [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale securities utilized as collateral | 42,600,000 | 41,800,000 | |
Securities Available for Sale [Member] | Federal Reserve ("FRB") [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale securities utilized as collateral | 43,000,000 | 41,500,000 | |
Securities Available for Sale [Member] | Depositor Sweep Accounts [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale securities utilized as collateral | 12,800,000 | 8,200,000 | |
Securities Available for Sale [Member] | Public Funds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale securities utilized as collateral | $ 6,200,000 | $ 0 |
Securities Held to Maturity - A
Securities Held to Maturity - Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 589,730 | $ 493,321 |
Gross Unrecognized Losses | 141 | 4,057 |
Gross Unrecognized Losses | 10,372 | 1,584 |
Securities held to maturity, estimated fair value | 579,499 | 495,794 |
Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 433,953 | 348,608 |
Gross Unrecognized Losses | 25 | 3,061 |
Gross Unrecognized Losses | 8,223 | 1,380 |
Securities held to maturity, estimated fair value | 425,755 | 350,289 |
Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 155,777 | 144,713 |
Gross Unrecognized Losses | 116 | 996 |
Gross Unrecognized Losses | 2,149 | 204 |
Fair Value | 153,744 | 145,505 |
Debt Securities [Member] | U.S. Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 35,000 | |
Gross Unrecognized Losses | 48 | |
Fair Value | 34,952 | |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 109,483 | 94,713 |
Gross Unrecognized Losses | 79 | 996 |
Gross Unrecognized Losses | 1,865 | 156 |
Fair Value | 107,697 | 95,553 |
Debt Securities [Member] | Subordinated Debt [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 46,294 | 15,000 |
Gross Unrecognized Losses | 37 | |
Gross Unrecognized Losses | 284 | |
Fair Value | 46,047 | 15,000 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 56,886 | 17,854 |
Gross Unrecognized Losses | 6 | 10 |
Gross Unrecognized Losses | 1,348 | 403 |
Securities held to maturity, estimated fair value | 55,544 | 17,461 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | Government National Mortgage Association [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 21,045 | 2,199 |
Gross Unrecognized Losses | 671 | 46 |
Securities held to maturity, estimated fair value | 20,374 | 2,153 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 11,563 | 15,522 |
Gross Unrecognized Losses | 503 | 357 |
Securities held to maturity, estimated fair value | 11,060 | 15,165 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | Federal National Mortgage Association [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 24,263 | 111 |
Gross Unrecognized Losses | 6 | 10 |
Gross Unrecognized Losses | 174 | |
Securities held to maturity, estimated fair value | 24,095 | 121 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | Non-Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 15 | 22 |
Securities held to maturity, estimated fair value | 15 | 22 |
Residential Pass-Through Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 200,622 | 178,813 |
Gross Unrecognized Losses | 19 | 429 |
Gross Unrecognized Losses | 4,005 | 935 |
Securities held to maturity, estimated fair value | 196,636 | 178,307 |
Residential Pass-Through Securities [Member] | Government National Mortgage Association [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,553 | |
Gross Unrecognized Losses | 15 | |
Securities held to maturity, estimated fair value | 2,538 | |
Residential Pass-Through Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 37,074 | 35,289 |
Gross Unrecognized Losses | 1 | 1 |
Gross Unrecognized Losses | 950 | 338 |
Securities held to maturity, estimated fair value | 36,125 | 34,952 |
Residential Pass-Through Securities [Member] | Federal National Mortgage Association [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 160,995 | 143,524 |
Gross Unrecognized Losses | 18 | 428 |
Gross Unrecognized Losses | 3,040 | 597 |
Securities held to maturity, estimated fair value | 157,973 | 143,355 |
Commercial Pass-Through Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 176,445 | 151,941 |
Gross Unrecognized Losses | 2,622 | |
Gross Unrecognized Losses | 2,870 | 42 |
Securities held to maturity, estimated fair value | 173,575 | 154,521 |
Commercial Pass-Through Securities [Member] | Government National Mortgage Association [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 32,149 | 1,989 |
Gross Unrecognized Losses | 205 | 11 |
Securities held to maturity, estimated fair value | 31,944 | 1,978 |
Commercial Pass-Through Securities [Member] | Commercial Pass-Through Securities: Federal National Mortgage Association [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 144,296 | 149,952 |
Gross Unrecognized Losses | 2,622 | |
Gross Unrecognized Losses | 2,665 | 31 |
Securities held to maturity, estimated fair value | $ 141,631 | $ 152,543 |
Securities Held to Maturity - S
Securities Held to Maturity - Stratification by Contractual Maturity of Securities (Detail) - Debt Securities [Member] $ in Thousands | Jun. 30, 2018USD ($) |
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less, Amortized Cost | $ 5,073 |
Due after one year through five years, Amortized Cost | 32,306 |
Due after five years through ten years, Amortized Cost | 113,076 |
Due after ten years, Amortized Cost | 5,322 |
Amortized Cost | 155,777 |
Due in one year or less, Fair Value | 5,068 |
Due after one year through five years, Fair Value | 31,979 |
Due after five years through ten years, Fair Value | 111,470 |
Due after ten years, Fair Value | 5,227 |
Held-to-maturity Securities, Fair Value Total | $ 153,744 |
Securities Held to Maturity -64
Securities Held to Maturity - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Proceeds from sales of securities held to maturity | $ 211,000 | $ 5,300,000 | $ 0 |
Held to maturity securities sold security gross gains | 370,000 | ||
Held to maturity securities sold security gross losses | 8,000 | 1,000 | |
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 | 7,600,000 | 6,900,000 | |
Securities Held to Maturity [Member] | Depositor Sweep Accounts [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Available for sale securities utilized as collateral | 26,000,000 | 32,700,000 | |
Securities Held to Maturity [Member] | FHLB of New York [Member] | Collateral Pledged [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held to maturity securities pledged as collateral | 142,600,000 | 117,500,000 | |
Securities Held to Maturity [Member] | Federal Reserve Bank of NewYork [Member] | Collateral Pledged [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held to maturity securities pledged as collateral | $ 107,500,000 | $ 88,800,000 |
Impairment of Securities - Sche
Impairment of Securities - Schedule of Fair Values and Gross Unrealized Losses on Investments (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | $ 293,729 | $ 170,579 |
Less than 12 Months: Unrealized Losses | 3,755 | 2,092 |
12 Months or More: Fair Value | 144,404 | 175,761 |
12 Months or More: Unrealized Losses | 3,970 | 2,844 |
Total: Fair Value | 438,133 | 346,340 |
Total: Unrealized Losses | 7,725 | 4,936 |
Debt Securities [Member] | Trust Preferred Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
12 Months or More: Fair Value | 2,783 | 7,540 |
12 Months or More: Unrealized Losses | 184 | 372 |
Total: Fair Value | 2,783 | 7,540 |
Total: Unrealized Losses | 184 | 372 |
Debt Securities [Member] | U.S. Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 2,579 | 440 |
Less than 12 Months: Unrealized Losses | 43 | |
12 Months or More: Fair Value | 1,832 | 1,746 |
12 Months or More: Unrealized Losses | 20 | 23 |
Total: Fair Value | 4,411 | 2,186 |
Total: Unrealized Losses | 63 | 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 | 24,443 | 3,872 |
Less than 12 Months: Unrealized Losses | 672 | 30 |
12 Months or More: Fair Value | 540 | |
12 Months or More: Unrealized Losses | 37 | |
Total: Fair Value | 24,983 | 3,872 |
Total: Unrealized Losses | 709 | 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 | 24,728 | 86,975 |
12 Months or More: Unrealized Losses | 134 | 923 |
Total: Fair Value | 24,728 | 103,835 |
Total: Unrealized Losses | 134 | 1,007 |
Debt Securities [Member] | Collateralized Loan Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 189,258 | 46,016 |
Less than 12 Months: Unrealized Losses | 914 | 108 |
12 Months or More: Fair Value | 6,000 | |
12 Months or More: Unrealized Losses | 1 | |
Total: Fair Value | 189,258 | 52,016 |
Total: Unrealized Losses | 914 | 109 |
Debt Securities [Member] | Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 5,035 | |
Less than 12 Months: Unrealized Losses | 4 | |
12 Months or More: Fair Value | 64,184 | 73,500 |
12 Months or More: Unrealized Losses | 790 | 1,525 |
Total: Fair Value | 69,219 | 73,500 |
Total: Unrealized Losses | 794 | 1,525 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 4,635 | 26,090 |
Less than 12 Months: Unrealized Losses | 135 | 626 |
12 Months or More: Fair Value | 19,658 | |
12 Months or More: Unrealized Losses | 1,224 | |
Total: Fair Value | 24,293 | 26,090 |
Total: Unrealized Losses | 1,359 | 626 |
Residential Pass-Through Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 63,889 | 77,301 |
Less than 12 Months: Unrealized Losses | 1,921 | 1,244 |
12 Months or More: Fair Value | 26,697 | |
12 Months or More: Unrealized Losses | 1,573 | |
Total: Fair Value | 90,586 | 77,301 |
Total: Unrealized Losses | 3,494 | $ 1,244 |
Commercial Pass-Through Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 3,890 | |
Less than 12 Months: Unrealized Losses | 66 | |
12 Months or More: Fair Value | 3,982 | |
12 Months or More: Unrealized Losses | 8 | |
Total: Fair Value | 7,872 | |
Total: Unrealized Losses | $ 74 |
Impairment of Securities - Addi
Impairment of Securities - Additional Information (Detail) | Jun. 30, 2018USD ($)SecuritySecurities | Jun. 30, 2017USD ($)SecuritySecurities |
Schedule Of Investments [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 132 | 57 |
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 371 | 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 | 19 | 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 | Securities | 2 | 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 | 3 | 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 | 9 | 7 |
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 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 | 65 | 9 |
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 190 | 44 |
Debt Securities [Member] | Subordinated Debt [Member] | ||
Schedule Of Investments [Line Items] | ||
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 7 | |
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 | 7 | 5 |
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 8 | 7 |
Residential Pass-Through Securities [Member] | ||
Schedule Of Investments [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 19 | 8 |
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 131 | 34 |
Commercial Pass-Through Securities [Member] | ||
Schedule Of Investments [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 2 | |
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 35 | 3 |
Impairment of Securities - Sc67
Impairment of Securities - Schedule of Temporary Impairment Losses, Investments (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months: Fair Value | $ 476,641 | $ 192,166 |
Less than 12 Months: Unrecognized Losses | 7,824 | 1,513 |
12 Months or More: Fair Value | 78,832 | 12,164 |
12 Months or More: Unrecognized Losses | 2,548 | 71 |
Total: Fair Value | 555,473 | 204,330 |
Total: Unrecognized Losses | 10,372 | 1,584 |
Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total: Unrecognized Losses | 2,149 | 204 |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months: Fair Value | 86,678 | 19,232 |
Less than 12 Months: Unrecognized Losses | 1,662 | 150 |
12 Months or More: Fair Value | 3,151 | 409 |
12 Months or More: Unrecognized Losses | 203 | 6 |
Total: Fair Value | 89,829 | 19,641 |
Total: Unrecognized Losses | 1,865 | 156 |
Debt Securities [Member] | Subordinated Debt [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months: Fair Value | 41,010 | |
Less than 12 Months: Unrecognized Losses | 284 | |
Total: Fair Value | 41,010 | |
Total: Unrecognized Losses | 284 | |
Debt Securities [Member] | U.S. Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months: Fair Value | 24,969 | |
Less than 12 Months: Unrecognized Losses | 31 | |
12 Months or More: Fair Value | 9,983 | |
12 Months or More: Unrecognized Losses | 17 | |
Total: Fair Value | 34,952 | |
Total: Unrecognized Losses | 48 | |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months: Fair Value | 42,712 | 17,317 |
Less than 12 Months: Unrecognized Losses | 753 | 403 |
12 Months or More: Fair Value | 12,730 | 22 |
12 Months or More: Unrecognized Losses | 595 | |
Total: Fair Value | 55,442 | 17,339 |
Total: Unrecognized Losses | 1,348 | 403 |
Residential Pass-Through Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months: Fair Value | 133,859 | 119,538 |
Less than 12 Months: Unrecognized Losses | 2,258 | 887 |
12 Months or More: Fair Value | 61,760 | 1,750 |
12 Months or More: Unrecognized Losses | 1,747 | 48 |
Total: Fair Value | 195,619 | 121,288 |
Total: Unrecognized Losses | 4,005 | 935 |
Commercial Pass-Through Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months: Fair Value | 172,382 | 11,110 |
Less than 12 Months: Unrecognized Losses | 2,867 | 42 |
12 Months or More: Fair Value | 1,191 | |
12 Months or More: Unrecognized Losses | 3 | |
Total: Fair Value | 173,573 | 11,110 |
Total: Unrecognized Losses | $ 2,870 | $ 42 |
Loans Receivable - Schedule of
Loans Receivable - Schedule of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 4,567,915 | $ 3,242,453 |
Unamortized yield adjustments including net premiums and discounts on purchased and acquired loans and net deferred fees and costs on loans originated | (66,567) | 2,808 |
Total loans receivable, net of yield adjustments | 4,501,348 | 3,245,261 |
One- to Four-Family Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 1,297,453 | 567,323 |
Nonresidential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 1,302,961 | 1,085,064 |
Real Estate Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 4,358,998 | 3,064,962 |
Consumer: Passbook or Certificate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 3,283 | 2,863 |
Consumer: Other Consumer Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 5,777 | 13,520 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 99,821 | 99,205 |
Multi-family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 1,758,584 | 1,412,575 |
Home Equity Loans and Lines of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 90,761 | 82,822 |
Commercial Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 3,061,545 | 2,497,639 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 23,271 | 3,815 |
Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 85,825 | $ 74,471 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Jun. 30, 2018USD ($)Loan | Jun. 30, 2017USD ($)Loan | |
Loans And Leases Receivable Disclosure [Abstract] | ||
Loans and leases receivable, related parties | $ | $ 3.2 | $ 3.6 |
Number of new loans to related parties | Loan | 0 | 0 |
Loan Quality and Allowance fo70
Loan Quality and Allowance for Loan Losses - Additional Information (Detail) | Jun. 30, 2018USD ($)LoanProperty | Jun. 30, 2017USD ($)LoanProperty |
Financing Receivable, Recorded Investment [Line Items] | ||
Unpaid principal balance of impaired loans | $ 37,705,000 | $ 37,745,000 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 306,000 | 199,000 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Unpaid principal balance of impaired loans | 16,263,000 | 16,479,000 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | $ 79,000 | $ 154,000 |
Number of loans in process of foreclosure | Loan | 14 | 18 |
Mortgage loans in process of foreclosure, carrying value | $ 2,300,000 | $ 3,700,000 |
Residential Mortgage [Member] | Single-family Property [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Aggregate carrying value of real estate | $ 725,000 | $ 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 | 4 | 2 |
Loans Acquired at Fair Value [Member] | Uncertain Cash Flow [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | $ 346,000 | $ 371,000 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 |
Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 16,799,000 | 18,798,000 |
Nonperforming Financing Receivable [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 9,192,000 | 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 | 368,000 | 594,000 |
Financial Asset Acquired with Credit Deterioration [Member] | Nonperforming Financing Receivable [Member] | Loans Acquired at Fair Value [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans acquired with deteriorated credit quality | $ 586,000 | $ 839,000 |
Loan Quality and Allowance fo71
Loan Quality and Allowance for Loan Losses - Impaired Loans Acquired Accretable Yield Change (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Receivables [Abstract] | ||
Beginning balance | $ 215 | $ 335 |
Accretion to interest income | (9) | (101) |
Disposals | (19) | |
Ending balance | $ 206 | $ 215 |
Loan Quality and Allowance fo72
Loan Quality and Allowance for Loan Losses - Allowance for Loan Losses and Loans Receivable (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | $ 29,286 | $ 24,229 | $ 15,606 |
Allowance, Loans individually evaluated for impairment | 306 | 199 | |
Allowance, Loans collectively evaluated for impairment | 30,559 | 29,087 | |
Allowance | 30,865 | 29,286 | 24,229 |
Total charge offs | (1,558) | (1,391) | (2,958) |
Total recoveries | 431 | 1,067 | 891 |
Total provision (reversal) for Loan Losses | 2,706 | 5,381 | 10,690 |
Loans individually evaluated for impairment | 22,913 | 21,452 | |
Loans collectively evaluated for impairment | 4,544,634 | 3,220,407 | |
Loans and Leases Receivable, Gross | 4,567,915 | 3,242,453 | |
Loans receivable, unamortized yield adjustments | (66,567) | 2,808 | |
Loans receivable | 4,501,348 | 3,245,261 | |
Residential Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 2,384 | 2,370 | 2,210 |
Allowance, Loans individually evaluated for impairment | 79 | 154 | |
Allowance, Loans collectively evaluated for impairment | 2,400 | 2,230 | |
Allowance | 2,479 | 2,384 | 2,370 |
Total charge offs | (521) | (76) | (1,213) |
Total recoveries | 172 | 256 | 88 |
Total provision (reversal) for Loan Losses | 444 | (166) | 1,285 |
Loans individually evaluated for impairment | 11,931 | 10,546 | |
Loans collectively evaluated for impairment | 1,285,423 | 556,680 | |
Loans and Leases Receivable, Gross | 1,297,453 | 567,323 | |
Non-Residential Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 9,939 | 7,846 | 4,766 |
Allowance, Loans individually evaluated for impairment | 39 | ||
Allowance, Loans collectively evaluated for impairment | 9,787 | 9,900 | |
Allowance | 9,787 | 9,939 | 7,846 |
Total charge offs | (45) | (149) | (133) |
Total provision (reversal) for Loan Losses | (107) | 2,242 | 3,213 |
Loans individually evaluated for impairment | 5,344 | 5,877 | |
Loans collectively evaluated for impairment | 1,297,617 | 1,079,187 | |
Loans and Leases Receivable, Gross | 1,302,961 | 1,085,064 | |
Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 35 | 24 | 34 |
Allowance, Loans collectively evaluated for impairment | 258 | 35 | |
Allowance | 258 | 35 | 24 |
Total provision (reversal) for Loan Losses | 223 | 11 | (10) |
Loans individually evaluated for impairment | 612 | ||
Loans collectively evaluated for impairment | 23,271 | 3,203 | |
Loans and Leases Receivable, Gross | 23,271 | 3,815 | |
Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 1,709 | 2,784 | 1,860 |
Allowance, Loans individually evaluated for impairment | 227 | 6 | |
Allowance, Loans collectively evaluated for impairment | 2,325 | 1,703 | |
Allowance | 2,552 | 1,709 | 2,784 |
Total charge offs | (145) | (221) | (1,464) |
Total recoveries | 90 | 727 | 760 |
Total provision (reversal) for Loan Losses | 898 | (1,581) | 1,628 |
Loans individually evaluated for impairment | 3,921 | 2,365 | |
Loans collectively evaluated for impairment | 81,635 | 71,609 | |
Loans and Leases Receivable, Gross | 85,825 | 74,471 | |
Other Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 777 | 778 | 16 |
Allowance, Loans collectively evaluated for impairment | 413 | 777 | |
Allowance | 413 | 777 | 778 |
Total charge offs | (829) | (849) | (55) |
Total recoveries | 104 | 68 | 2 |
Total provision (reversal) for Loan Losses | 361 | 780 | 815 |
Loans collectively evaluated for impairment | 9,060 | 16,383 | |
Loans and Leases Receivable, Gross | 9,060 | 16,383 | |
Multi-Family Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 13,941 | 9,995 | 6,354 |
Allowance, Loans collectively evaluated for impairment | 14,946 | 13,941 | |
Allowance | 14,946 | 13,941 | 9,995 |
Total provision (reversal) for Loan Losses | 1,005 | 3,946 | 3,641 |
Loans individually evaluated for impairment | 116 | 158 | |
Loans collectively evaluated for impairment | 1,758,468 | 1,412,417 | |
Loans and Leases Receivable, Gross | 1,758,584 | 1,412,575 | |
Home Equity Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 501 | 432 | 366 |
Allowance, Loans collectively evaluated for impairment | 430 | 501 | |
Allowance | 430 | 501 | 432 |
Total charge offs | (18) | (96) | (93) |
Total recoveries | 65 | 16 | 41 |
Total provision (reversal) for Loan Losses | (118) | 149 | $ 118 |
Loans individually evaluated for impairment | 1,601 | 1,894 | |
Loans collectively evaluated for impairment | 89,160 | 80,928 | |
Loans and Leases Receivable, Gross | 90,761 | 82,822 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans acquired with deteriorated credit quality | 368 | 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 | 99 | 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 | $ 269 | $ 497 |
Loan Quality and Allowance fo73
Loan Quality and Allowance for Loan Losses - Credit-Rating Classification of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 4,567,915 | $ 3,242,453 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,297,453 | 567,323 |
Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,302,961 | 1,085,064 |
Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 23,271 | 3,815 |
Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 85,825 | 74,471 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 9,060 | 16,383 |
Multi-Family Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,758,584 | 1,412,575 |
Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 90,761 | 82,822 |
Non-Classified [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,538,570 | 3,210,428 |
Non-Classified [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,283,040 | 552,961 |
Non-Classified [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,295,076 | 1,078,711 |
Non-Classified [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 23,271 | 2,894 |
Non-Classified [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 80,947 | 66,886 |
Non-Classified [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 8,937 | 16,166 |
Non-Classified [Member] | Multi-Family Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,758,468 | 1,412,417 |
Non-Classified [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 88,831 | 80,393 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 592 | 2,594 |
Special Mention [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 493 | 928 |
Special Mention [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 309 | |
Special Mention [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 13 | 1,098 |
Special Mention [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 61 | 139 |
Special Mention [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 25 | 120 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 28,752 | 29,428 |
Substandard [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 13,920 | 13,434 |
Substandard [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 7,885 | 6,353 |
Substandard [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 612 | |
Substandard [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,865 | 6,487 |
Substandard [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 61 | 75 |
Substandard [Member] | Multi-Family Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 116 | 158 |
Substandard [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,905 | 2,309 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1 | 3 |
Doubtful [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1 | 3 |
Total Classified Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 29,345 | 32,025 |
Total Classified Loans [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 14,413 | 14,362 |
Total Classified Loans [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 7,885 | 6,353 |
Total Classified Loans [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 921 | |
Total Classified Loans [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 4,878 | 7,585 |
Total Classified Loans [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 123 | 217 |
Total Classified Loans [Member] | Multi-Family Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 116 | 158 |
Total Classified Loans [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 1,930 | $ 2,429 |
Loan Quality and Allowance fo74
Loan Quality and Allowance for Loan Losses - Contractual Payment Status of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 4,557,210 | $ 3,230,780 |
Total past due | 10,705 | 11,673 |
Loans and Leases Receivable, Gross | 4,567,915 | 3,242,453 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,290,428 | 560,054 |
Total past due | 7,025 | 7,269 |
Loans and Leases Receivable, Gross | 1,297,453 | 567,323 |
Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,300,570 | 1,083,736 |
Total past due | 2,391 | 1,328 |
Loans and Leases Receivable, Gross | 1,302,961 | 1,085,064 |
Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 23,271 | 3,560 |
Total past due | 255 | |
Loans and Leases Receivable, Gross | 23,271 | 3,815 |
Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 85,065 | 72,826 |
Total past due | 760 | 1,645 |
Loans and Leases Receivable, Gross | 85,825 | 74,471 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 8,917 | 16,083 |
Total past due | 143 | 300 |
Loans and Leases Receivable, Gross | 9,060 | 16,383 |
Multi-Family Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,758,584 | 1,412,575 |
Loans and Leases Receivable, Gross | 1,758,584 | 1,412,575 |
Past due: 30-59 days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 2,847 | 2,371 |
Past due: 30-59 days [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1,457 | 1,749 |
Past due: 30-59 days [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1,015 | 60 |
Past due: 30-59 days [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 255 | |
Past due: 30-59 days [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 247 | 29 |
Past due: 30-59 days [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 24 | 91 |
Past due: 60-89 days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 578 | 997 |
Past due: 60-89 days [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 475 | 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] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 59 | 135 |
Past due: 90+ days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 7,280 | 8,305 |
Past due: 90+ days [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 5,093 | 5,117 |
Past due: 90+ days [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1,376 | 950 |
Past due: 90+ days [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 513 | 1,616 |
Past due: 90+ days [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 60 | 74 |
Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 90,375 | 81,946 |
Total past due | 386 | 876 |
Loans and Leases Receivable, Gross | 90,761 | 82,822 |
Home Equity Loans [Member] | Past due: 30-59 days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 104 | 187 |
Home Equity Loans [Member] | Past due: 60-89 days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 44 | 141 |
Home Equity Loans [Member] | Past due: 90+ days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | $ 238 | $ 548 |
Loan Quality and Allowance fo75
Loan Quality and Allowance for Loan Losses - Performance Status of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | $ 4,567,915 | $ 3,242,453 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 1,297,453 | 567,323 |
Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 1,302,961 | 1,085,064 |
Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 23,271 | 3,815 |
Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 85,825 | 74,471 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 9,060 | 16,383 |
Multi-Family Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 1,758,584 | 1,412,575 |
Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 90,761 | 82,822 |
Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 4,551,056 | 3,223,581 |
Performing Financing Receivable [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 1,288,261 | 558,533 |
Performing Financing Receivable [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 1,297,621 | 1,079,344 |
Performing Financing Receivable [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 23,271 | 3,560 |
Performing Financing Receivable [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 84,587 | 71,837 |
Performing Financing Receivable [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 9,000 | 16,309 |
Performing Financing Receivable [Member] | Multi-Family Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 1,758,468 | 1,412,417 |
Performing Financing Receivable [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 89,848 | 81,581 |
Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90+ days past due accruing | 60 | 74 |
Nonaccrual | 16,799 | 18,798 |
Total nonperforming | 16,859 | 18,872 |
Nonperforming Financing Receivable [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 9,192 | 8,790 |
Total nonperforming | 9,192 | 8,790 |
Nonperforming Financing Receivable [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 5,340 | 5,720 |
Total nonperforming | 5,340 | 5,720 |
Nonperforming Financing Receivable [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 255 | |
Total nonperforming | 255 | |
Nonperforming Financing Receivable [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 1,238 | 2,634 |
Total nonperforming | 1,238 | 2,634 |
Nonperforming Financing Receivable [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90+ days past due accruing | 60 | 74 |
Total nonperforming | 60 | 74 |
Nonperforming Financing Receivable [Member] | Multi-Family Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 116 | 158 |
Total nonperforming | 116 | 158 |
Nonperforming Financing Receivable [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 913 | 1,241 |
Total nonperforming | $ 913 | $ 1,241 |
Loan Quality and Allowance fo76
Loan Quality and Allowance for Loan Losses - Impairment Status of Loans Receivable (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | $ 4,544,634 | $ 3,220,407 | |
Impaired loans with no allowance for impairment | 22,279 | 18,911 | |
Recorded investment | 1,002 | 3,135 | |
Allowance for impairment | (306) | (199) | |
Balance of impaired loans net of allowance for impairment | 696 | 2,936 | |
Total impaired loans, excluding allowance for impairment: | 23,281 | 22,046 | |
Loans and Leases Receivable, Gross | 4,567,915 | 3,242,453 | |
Unpaid principal balance of impaired loans | 37,705 | 37,745 | |
Average balance of impaired loans | 20,548 | 24,597 | $ 31,609 |
Interest earned on impaired loans | 212 | 165 | 427 |
Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 1,285,423 | 556,680 | |
Impaired loans with no allowance for impairment | 11,255 | 8,971 | |
Recorded investment | 775 | 1,672 | |
Allowance for impairment | (79) | (154) | |
Balance of impaired loans net of allowance for impairment | 696 | 1,518 | |
Total impaired loans, excluding allowance for impairment: | 12,030 | 10,643 | |
Loans and Leases Receivable, Gross | 1,297,453 | 567,323 | |
Unpaid principal balance of impaired loans | 16,263 | 16,479 | |
Average balance of impaired loans | 9,465 | 12,536 | 12,218 |
Interest earned on impaired loans | 131 | 107 | 176 |
Non-Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 1,297,617 | 1,079,187 | |
Impaired loans with no allowance for impairment | 5,344 | 4,521 | |
Recorded investment | 1,356 | ||
Allowance for impairment | (39) | ||
Balance of impaired loans net of allowance for impairment | 1,317 | ||
Total impaired loans, excluding allowance for impairment: | 5,344 | 5,877 | |
Loans and Leases Receivable, Gross | 1,302,961 | 1,085,064 | |
Unpaid principal balance of impaired loans | 10,033 | 10,002 | |
Average balance of impaired loans | 6,484 | 6,242 | 7,538 |
Interest earned on impaired loans | 5 | 40 | |
Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 23,271 | 3,203 | |
Impaired loans with no allowance for impairment | 612 | ||
Total impaired loans, excluding allowance for impairment: | 612 | ||
Loans and Leases Receivable, Gross | 23,271 | 3,815 | |
Unpaid principal balance of impaired loans | 106 | 691 | |
Average balance of impaired loans | 106 | 448 | 888 |
Interest earned on impaired loans | 7 | ||
Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 81,635 | 71,609 | |
Impaired loans with no allowance for impairment | 3,963 | 2,755 | |
Recorded investment | 227 | 107 | |
Allowance for impairment | (227) | (6) | |
Balance of impaired loans net of allowance for impairment | 101 | ||
Total impaired loans, excluding allowance for impairment: | 4,190 | 2,862 | |
Loans and Leases Receivable, Gross | 85,825 | 74,471 | |
Unpaid principal balance of impaired loans | 7,671 | 6,682 | |
Average balance of impaired loans | 2,690 | 3,114 | 8,278 |
Interest earned on impaired loans | 44 | 15 | 161 |
Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 9,060 | 16,383 | |
Loans and Leases Receivable, Gross | 9,060 | 16,383 | |
Multi-Family Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 1,758,468 | 1,412,417 | |
Impaired loans with no allowance for impairment | 116 | 158 | |
Total impaired loans, excluding allowance for impairment: | 116 | 158 | |
Loans and Leases Receivable, Gross | 1,758,584 | 1,412,575 | |
Unpaid principal balance of impaired loans | 930 | 930 | |
Average balance of impaired loans | 136 | 182 | 319 |
Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 89,160 | 80,928 | |
Impaired loans with no allowance for impairment | 1,601 | 1,894 | |
Total impaired loans, excluding allowance for impairment: | 1,601 | 1,894 | |
Loans and Leases Receivable, Gross | 90,761 | 82,822 | |
Unpaid principal balance of impaired loans | 2,702 | 2,961 | |
Average balance of impaired loans | 1,667 | 2,075 | 2,368 |
Interest earned on impaired loans | $ 32 | $ 36 | $ 50 |
Loan Quality and Allowance fo77
Loan Quality and Allowance for Loan Losses - Troubled Debt Restructurings of Loans Receivable (Detail) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018USD ($)Loan | Jun. 30, 2017USD ($)Loan | Jun. 30, 2016USD ($)Loan | |
Financing Receivable, Modifications [Line Items] | |||
Number of loans | Loan | 10 | 7 | 14 |
Pre-modification outstanding recorded investment | $ 2,040 | $ 3,586 | $ 5,161 |
Post-modification outstanding recorded investment | 2,399 | 3,561 | 4,847 |
Charge offs against the allowance for loan loss recognized at modification | $ 154 | $ 122 | $ 404 |
Residential Mortgage [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans | Loan | 6 | 2 | 5 |
Pre-modification outstanding recorded investment | $ 1,635 | $ 708 | $ 1,770 |
Post-modification outstanding recorded investment | 1,981 | 767 | 1,472 |
Charge offs against the allowance for loan loss recognized at modification | $ 145 | $ 14 | $ 300 |
Non-Residential Mortgage [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans | Loan | 2 | 4 | 3 |
Pre-modification outstanding recorded investment | $ 315 | $ 2,791 | $ 2,285 |
Post-modification outstanding recorded investment | 330 | 2,699 | $ 2,290 |
Charge offs against the allowance for loan loss recognized at modification | $ 7 | $ 99 | |
Commercial Business [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans | Loan | 1 | ||
Pre-modification outstanding recorded investment | $ 348 | ||
Post-modification outstanding recorded investment | 316 | ||
Charge offs against the allowance for loan loss recognized at modification | $ 47 | ||
Home Equity Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans | Loan | 2 | 1 | 5 |
Pre-modification outstanding recorded investment | $ 90 | $ 87 | $ 758 |
Post-modification outstanding recorded investment | 88 | 95 | 769 |
Charge offs against the allowance for loan loss recognized at modification | $ 2 | $ 9 | $ 57 |
Premises and Equipment - Proper
Premises and Equipment - Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 91,570 | $ 72,400 |
Less accumulated depreciation and amortization | 35,330 | 32,815 |
Total premises and equipment | 56,240 | 39,585 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 13,118 | 10,820 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 46,953 | 36,816 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 5,860 | 4,487 |
Furnishings and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 20,026 | 17,764 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 5,613 | $ 2,513 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense on premises and equipment | $ 3,224,000 | $ 2,843,000 | $ 2,988,000 |
Property, Plant and Equipment, Gross | 91,570,000 | 72,400,000 | |
Land Held For Future Branch or Administrative Facility Expansion [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 2,419,000 | $ 2,419,000 |
Goodwill and Other Intangible80
Goodwill and Other Intangible Assets - Schedule of Intangible Assets and Goodwill (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 108,591,000 | $ 108,591,000 | $ 108,591,000 |
Acquisition of Clifton Bancorp Inc. | 102,304,000 | 0 | 0 |
Goodwill | 210,895,000 | 108,591,000 | 108,591,000 |
Core Deposit Intangibles, Balance | 292,000 | 430,000 | 597,000 |
Acquisition of Clifton Bancorp Inc. | 6,367,000 | ||
Amortization | (364,000) | (138,000) | (167,000) |
Core Deposit Intangibles, Balance | $ 6,295,000 | $ 292,000 | $ 430,000 |
Goodwill and Other Intangible81
Goodwill and Other Intangible Assets - Scheduled Amortization of Core Deposit Intangibles (Detail) $ in Thousands | Jun. 30, 2018USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2,019 | $ 1,135 |
2,020 | 1,164 |
2,021 | 883 |
2,022 | 596 |
2,023 | 484 |
Thereafter | $ 2,033 |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | |
Deposits [Abstract] | |||
Non-interest bearing demand: Amount | $ 311,938 | $ 267,412 | |
Interest-bearing demand: Amount | [1] | 1,000,989 | 847,400 |
Savings and club: Amount | 744,039 | 523,981 | |
Certificates of deposit: Amount | [2] | 2,016,638 | 1,290,952 |
Total deposits | $ 4,073,604 | $ 2,929,745 | |
Non-interest-bearing demand, Weighted Average Interest Rate | 0.00% | 0.00% | |
Interest-bearing demand, Weighted Average Interest Rate | [1] | 0.92% | 0.54% |
Savings and club, Weighted Average Interest Rate | 0.36% | 0.12% | |
Certificates of deposit, Weighted Average Interest Rate | [2] | 1.62% | 1.35% |
Total deposits, Weighted Average Interest Rate | 1.09% | 0.77% | |
[1] | Interest-bearing demand deposits at June 30, 2018 and June 30, 2017 include $210.8 million and $222.6 million, respectively, of brokered deposits at a weighted average interest rate of 2.09% and 1.06%, excluding cost of interest rate derivatives used to hedge interest expense. | ||
[2] | Certificates of deposit at June 30, 2018 and June 30, 2017 include $84.3 million and $21.6 million, respectively, of brokered deposits at a weighted average interest rate of 1.95% and 2.15%. |
Deposits - Schedule of Deposi83
Deposits - Schedule of Deposits (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Deposits [Abstract] | ||
Deposits, Brokered Deposits | $ 210.8 | $ 222.6 |
Weighted Average Rate Domestic Deposit, Brokered, excluding cost of interest rate derivatives used to hedge interest expense | 2.09% | 1.06% |
Brokered certificates of deposit | $ 84.3 | $ 21.6 |
Brokered certificates of deposits, weighted average interest rate | 1.95% | 2.15% |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Deposits [Abstract] | ||
Time Deposits, $250,000 or More | $ 375.9 | $ 224 |
Deposits - Certificates of Depo
Deposits - Certificates of Deposit By Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | |
Deposits [Abstract] | |||
One year or less | $ 1,123,977 | $ 610,647 | |
After one year to two years | 493,166 | 354,743 | |
After two years to three years | 199,289 | 137,240 | |
After three years to four years | 101,276 | 99,974 | |
After four years to five years | 81,355 | 81,882 | |
After five years | 17,575 | 6,466 | |
Total certificates of deposit | [1] | $ 2,016,638 | $ 1,290,952 |
[1] | Certificates of deposit at June 30, 2018 and June 30, 2017 include $84.3 million and $21.6 million, respectively, of brokered deposits at a weighted average interest rate of 1.95% and 2.15%. |
Borrowings - Schedule of Fixed
Borrowings - Schedule of Fixed Rate Advances from FHLB (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, Advances, Balance Due in Next Twelve Months | $ 741,000 | $ 630,225 |
Federal Home Loan Bank, Advances, Balance Due in Year Two | 48,400 | |
Federal Home Loan Bank, Advances, Balance Due in Year Three | 64,160 | |
Federal Home Loan Bank, Advances, Balance Due in Year Four | 35,700 | 469 |
Federal Home Loan Bank, Advances, Balance Due in Year Five | 155,000 | |
Federal Home Loan Bank, Advances, Balance Due in Year Six | 22,500 | 145,000 |
Federal Home Loan Bank, Advances, Balance Due in Year Seven | 103,500 | |
Federal Home Loan Bank, Advances, Balance Due in Year Eight | 6,500 | |
Federal Home Loan Bank, Advances, Total | 1,176,760 | 775,694 |
Federal Home Loan Bank, Advances, Unamortized Fair Value Adjustments | (6,616) | 2 |
Total Federal Home Loan Bank, Advances, After Fair Value Adjustments | $ 1,170,144 | $ 775,696 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due Next Twelve Months | 0.00% | 1.29% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in Year Two | 2.09% | 0.00% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in Year Three | 1.66% | 0.00% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in Year Four | 1.88% | 4.94% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in Year Five | 2.17% | 0.00% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in Year Six | 3.00% | 3.04% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in Year Seven | 2.63% | 0.00% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in Year Eight | 2.68% | 0.00% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in Year Nine | 2.82% | 0.00% |
Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank Advances, General Debt Obligations, Weighted Average Interest Rate | 2.25% | 1.62% |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, advances, maturities summary, due in next twelve months | $ 741,000 | $ 630,225 |
Federal Home Loan Bank, advances, maturities summary, due from after one year of balance sheet date | 435,800 | |
Federal Home Loan Bank, advances, callable in April 2018 | 145,000 | |
Other borrowings, sweep accounts | 28,500 | 30,500 |
Mortgage-Backed Securities [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, advances, general debt obligations, disclosures, collateral pledged | 185,200 | 159,400 |
Investment in Federal Home Loan Bank Stock [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, advances, general debt obligations, disclosures, collateral pledged | $ 2,720,000 | $ 1,900,000 |
Derivative Instruments and He88
Derivative Instruments and Hedging Activities - Fair Values of Derivative Financial Instruments as well as Their Classification on Statement of Financial Condition (Detail) - Derivatives Designated as Hedging Instruments [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Other Assets [Member] | ||
Derivative [Line Items] | ||
Fair Value | $ 31,881 | $ 7,810 |
Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair Value | 298 | |
Interest Rate Swaps [Member] | Other Assets [Member] | ||
Derivative [Line Items] | ||
Fair Value | $ 31,881 | 7,670 |
Interest Rate Swaps [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair Value | 298 | |
Interest Rate Caps [Member] | Other Assets [Member] | ||
Derivative [Line Items] | ||
Fair Value | $ 140 |
Derivative Instruments and He89
Derivative Instruments and Hedging Activities - Additional Information (Detail) | 12 Months Ended | ||
Jun. 30, 2018USD ($)Instruments | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | |
Derivative [Line Items] | |||
Termination value of derivatives in net liability position | $ 0 | $ 302,000 | |
Pipeline of loans held-for-sale | 10,800,000 | ||
Loan Origination Commitments [Member] | |||
Derivative [Line Items] | |||
Pipeline of loans held-for-sale | 10,800,000 | 18,400,000 | |
Counter Party [Member] | |||
Derivative [Line Items] | |||
Financial collateral received under the enforceable master netting arrangement | 31,600,000 | 5,800,000 | |
Financial collateral posted under the enforceable master netting arrangement | 1,000,000 | ||
Interest Expense [Member] | |||
Derivative [Line Items] | |||
Estimated cash flow hedge gain (loss) to be reclassified in next twelve months | (7,000,000) | ||
Cash Flow Hedges [Member] | |||
Derivative [Line Items] | |||
Reclassifications to interest expense | $ (2,826,000) | (6,734,000) | $ (7,663,000) |
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] | |||
Reclassifications to interest expense | $ (1,853,000) | (5,914,000) | (7,311,000) |
Cash Flow Hedges [Member] | Interest Rate Caps [Member] | |||
Derivative [Line Items] | |||
Number of interest rate derivative instruments held | Instruments | 1 | ||
Derivative, notional amount | $ 35,000,000 | ||
Cash Flow Hedges [Member] | Interest Rate Caps [Member] | Interest Expense [Member] | |||
Derivative [Line Items] | |||
Reclassifications to interest expense | $ (973,000) | $ (820,000) | $ (352,000) |
Derivative Instruments and He90
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 | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Derivative [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI on Derivatives | $ 22,734 | $ 20,905 | $ (17,850) |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | (2,826) | (6,734) | (7,663) |
Interest Rate Swaps [Member] | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI on Derivatives | 22,656 | 20,826 | (17,116) |
Interest Rate Swaps [Member] | Interest Expense [Member] | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | (1,853) | (5,914) | (7,311) |
Interest Rate Caps [Member] | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI on Derivatives | 78 | 79 | (734) |
Interest Rate Caps [Member] | Interest Expense [Member] | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | $ (973) | $ (820) | $ (352) |
Derivative Instruments and He91
Derivative Instruments and Hedging Activities - Offsetting Derivatives (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Derivative [Line Items] | ||
Gross Amount Recognized, Assets | $ 31,881 | $ 12,979 |
Gross Amounts Offset, Assets | (5,169) | |
Net Amounts Presented, Assets | 31,881 | 7,810 |
Gross Amounts Not Offset, Cash Collateral Received, Assets | (31,620) | (5,770) |
Net Amount, Assets | 261 | 2,040 |
Gross Amount Recognized, Liabilities | 5,467 | |
Gross Amounts Offset, Liabilities | (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 | 31,881 | 12,839 |
Gross Amounts Offset, Assets | (5,169) | |
Net Amounts Presented, Assets | 31,881 | 7,670 |
Gross Amounts Not Offset, Cash Collateral Received, Assets | (31,620) | (5,770) |
Net Amount, Assets | $ 261 | 1,900 |
Gross Amount Recognized, Liabilities | 5,467 | |
Gross Amounts Offset, Liabilities | (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 | 140 | |
Net Amounts Presented, Assets | 140 | |
Net Amount, Assets | $ 140 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) - USD ($) | Dec. 01, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Unearned Employee Stock Ownership Plan shares | 6,022,000 | 6,022,000 | |||
ESOP Shares Released on a Monthly Basis | 16,725 | ||||
ESOP Compensation Expense | $ 2,641,000 | $ 2,784,000 | $ 2,377,000 | ||
ESOP Liability | $ 18,000 | $ 18,000 | |||
Fair value of stock options granted | $ 2.98 | ||||
Percentage of net income for dividend payout ratio | 50.00% | ||||
Vested options exercised | 9,565 | 62,216 | 0 | ||
Vested options, aggregate intrinsic value | $ 38,000 | $ 470,000 | |||
Share-based payment award, number of shares issued | 9,565 | ||||
Cash proceeds from stock option | $ 102,000 | 482,000 | $ 0 | ||
Income tax benefit | $ 13,000 | 192,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 2,563,074 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 6,500,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 4 months 24 days | ||||
Employee Stock Option [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Share-based Compensation Expense | $ 2,000,000 | 1,300,000 | 160,000 | ||
Tax Benefit (Expense) from Compensation Expense | $ 520,000 | $ 235,000 | $ 0 | ||
Restricted Stock [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 1,387,390 | 0 | ||
Share-based Compensation Expense | $ 4,300,000 | $ 2,600,000 | $ 252,000 | ||
Tax Benefit from Compensation Expense | 1,500,000 | 1,100,000 | 103,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 13,600,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 4 months 24 days | ||||
Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 4,354,754 | $ 208,000 | 433,000 | ||
Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,563,074 | ||||
Restricted Stock [Member] | Vesting Contingent on Performance and Service Conditions [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 356,000 | 488,000 | |||
Stock Compensation Plan [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Share-based Compensation Expense | $ 6,300,000 | $ 3,900,000 | $ 411,000 | ||
Multiemployer Plans, Postretirement Benefit [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Multiemployer Plan Number | 333 | ||||
Defined Benefit Plan, Funded Percentage | 104.23% | 102.23% | |||
Multiemployer Plans, Plan Contributions | $ 367,100,000 | $ 153,200,000 | |||
Multiemployer Plans, Plan Expenses | $ 1,115,000 | 1,235,000 | 309,000 | ||
Multiemployer Plans, Postretirement Benefit [Member] | Maximum [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Percent of Total Plan Contributions | 5.00% | ||||
Employees’ Savings and Profit Sharing Plan [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Maximum Annual Contribution Per Employee | 75.00% | ||||
Employer Matching Contribution | 3.50% | ||||
Defined Contribution Plan, eligible employee contribution | 6.00% | ||||
Defined Contribution Plan, Cost Recognized | $ 872,000 | 762,000 | 662,000 | ||
Benefit Equalization Plan ("BEP") [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
ESOP Compensation Expense | 24,000 | 34,000 | 24,000 | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income Net (Losses) Gains, after Tax | (868,000) | (977,000) | |||
Defined benefit plan, future amortization of gain (loss) | (824,000) | ||||
Defined Benefit Plan, Benefits Paid | 233,000 | 231,000 | 229,000 | ||
Defined Benefit Plan, Contributions by Employer | 233,000 | 231,000 | 229,000 | ||
Defined benefit plan, expected future benefit payments, next twelve months | 232,000 | ||||
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan Expected Future Contribution Next Twelve Months | 0 | ||||
Defined Benefit Plan, Accumulated Other Comprehensive Income Net (Losses) Gains, after Tax | (836,000) | (805,000) | |||
Defined benefit plan, future amortization of gain (loss) | (837,000) | ||||
Defined Benefit Plan, Benefits Paid | 204,000 | 203,000 | |||
Defined benefit plan, expected future benefit payments, next twelve months | 210,000 | ||||
Postretirement Welfare Plan [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan, Accumulated Other Comprehensive Income Net (Losses) Gains, after Tax | 536,000 | 558,000 | |||
Defined benefit plan, future amortization of gain (loss) | 488,000 | ||||
Defined Benefit Plan, Benefits Paid | 7,000 | 7,000 | 7,000 | ||
Defined Benefit Plan, Contributions by Employer | 7,000 | 7,000 | 7,000 | ||
Defined benefit plan, expected future benefit payments, next twelve months | 25,000 | ||||
Directors' Consultation and Retirement Plan ("DCRP") [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan, Accumulated Other Comprehensive Income Net (Losses) Gains, after Tax | 355,000 | 162,000 | |||
Defined benefit plan, future amortization of gain (loss) | 346,000 | ||||
Defined Benefit Plan, Benefits Paid | 60,000 | 60,000 | 60,000 | ||
Defined Benefit Plan, Contributions by Employer | 60,000 | $ 60,000 | $ 60,000 | ||
Defined benefit plan, expected future benefit payments, next twelve months | $ 83,000 | ||||
2016 Equity Incentive Plan [Member] | Employee Stock Option [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Share-based Payment Award, Number of Shares Authorized | 3,687,628 | ||||
Share-based Payment Award, Number of Shares Available for Grant | 517,628 | ||||
Share-based Payment Award, Award Vesting Period | 5 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
2016 Equity Incentive Plan [Member] | Restricted Stock [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Share-based Payment Award, Number of Shares Authorized | 1,523,696 | ||||
Share-based Payment Award, Number of Shares Available for Grant | 1,387,390 | ||||
Share-based Payment Award, Number of Shares Available for Grant | 195,806 | ||||
Share-based Payment Award, Award Vesting Period | 5 years | ||||
2016 Equity Incentive Plan [Member] | Restricted Stock [Member] | Vesting Contingent on Performance and Service Conditions [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Share-based Payment Award, Award Vesting Period | 5 years | 5 years | |||
Shares vesting service period conditioned upon performance targets | 1 year | ||||
Shares vesting service period over each of latter four years expected to be determined annually | 3 years | ||||
2016 Equity Incentive Plan [Member] | Directors And Certain Officers [Member] | Employee Stock Option [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Share-based Payment Award, Number of Shares Available for Grant | 3,290,000 | ||||
2016 Equity Incentive Plan [Member] | Directors And Certain Officers [Member] | Performance Based Stock Awards [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Share-based Payment Award, Number of Shares Available for Grant | 488,000 | ||||
2016 Equity Incentive Plan [Member] | Directors And Certain Officers [Member] | Service Based Stock Awards [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Share-based Payment Award, Number of Shares Available for Grant | 899,390 | ||||
First Step Conversion and Stock Offering [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Employer Loan to ESOP | $ 17,457,000 | ||||
Unearned Employee Stock Ownership Plan shares | 2,409,764 | ||||
ESOP Loan - Maturity Date | Mar. 31, 2017 | ||||
ESOP Loan - Interest Rate | 5.50% | ||||
Second Step Conversion and Stock Offering [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Employer Loan to ESOP | $ 36,125,000 | ||||
Unearned Employee Stock Ownership Plan shares | 3,612,500 | ||||
ESOP Loan - Interest Rate | 3.25% | ||||
Employer Additional Loan to ESOP | $ 3,788,000 | ||||
ESOP Loan - Principal Balance | $ 39,913,000 | ||||
ESOP Loan - Maturity Period | 20 years |
Benefit Plans - Schedule of Emp
Benefit Plans - Schedule of Employee Stock Ownership Plan (ESOP) Disclosures (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Compensation And Retirement Disclosure [Abstract] | ||
Allocated shares | 1,806,000 | 1,790,000 |
Total shares distributed to employees | 754,000 | 570,000 |
Shares committed to be released | 100,000 | 100,000 |
Unearned shares | 3,361,684 | 3,562,382 |
Total ESOP shares | 6,022,000 | 6,022,000 |
Fair value of unearned ESOP shares | $ 45,219 | $ 52,901 |
Benefit Plans - Schedule of Net
Benefit Plans - Schedule of Net Funded Status (Detail) - USD ($) | 12 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | |
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | |||||
Change in benefit obligation: | |||||
Projected benefit obligation - beginning | $ 2,896,000 | $ 2,799,000 | |||
Interest cost | 109,000 | 108,000 | $ 125,000 | ||
Actuarial (gain) loss | (85,000) | 192,000 | |||
Benefit payments | (204,000) | (203,000) | |||
Projected benefit obligation - ending | 2,716,000 | 2,896,000 | 2,799,000 | ||
Change in plan assets: | |||||
Fair value of assets - beginning | 3,692,000 | 3,845,000 | |||
Actual return on assets | (48,000) | 50,000 | |||
Benefit payments | (204,000) | (203,000) | |||
Fair value of assets - ending | 3,440,000 | 3,692,000 | 3,845,000 | ||
Reconciliation of funded status: | |||||
Projected benefit obligation | (2,896,000) | (2,896,000) | (2,799,000) | $ (2,716,000) | $ (2,896,000) |
Fair value of assets | 3,692,000 | 3,692,000 | 3,845,000 | 3,440,000 | 3,692,000 |
Funded status included in other assets / liabilities | 724,000 | 796,000 | |||
Accumulated benefit obligation | $ (2,716,000) | $ (2,896,000) | |||
Fair value of assets - ending | 3,440,000 | 3,692,000 | 3,845,000 | ||
Discount rate | 4.25% | 4.00% | |||
Benefit Equalization Plan ("BEP") [Member] | |||||
Change in benefit obligation: | |||||
Projected benefit obligation - beginning | 3,223,000 | 3,482,000 | |||
Interest cost | 124,000 | 134,000 | 155,000 | ||
Actuarial (gain) loss | (61,000) | (162,000) | |||
Benefit payments | (233,000) | (231,000) | (229,000) | ||
Projected benefit obligation - ending | 3,053,000 | 3,223,000 | 3,482,000 | ||
Change in plan assets: | |||||
Benefit payments | (233,000) | (231,000) | |||
Contributions | 233,000 | 231,000 | 229,000 | ||
Reconciliation of funded status: | |||||
Projected benefit obligation | (3,223,000) | (3,223,000) | (3,482,000) | $ (3,053,000) | $ (3,223,000) |
Funded status included in other assets / liabilities | (3,053,000) | (3,223,000) | |||
Accumulated benefit obligation | $ (3,053,000) | $ (3,223,000) | |||
Discount rate | 4.25% | 4.00% | |||
Postretirement Welfare Plan [Member] | |||||
Change in benefit obligation: | |||||
Projected benefit obligation - beginning | 586,000 | 837,000 | |||
Service cost | 48,000 | 31,000 | 42,000 | ||
Interest cost | 23,000 | 21,000 | 34,000 | ||
Actuarial (gain) loss | (33,000) | (296,000) | |||
Benefit payments | (7,000) | (7,000) | (7,000) | ||
Projected benefit obligation - ending | 617,000 | 586,000 | 837,000 | ||
Change in plan assets: | |||||
Benefit payments | (7,000) | (7,000) | |||
Contributions | 7,000 | 7,000 | 7,000 | ||
Reconciliation of funded status: | |||||
Projected benefit obligation | (586,000) | (586,000) | (837,000) | $ (617,000) | $ (586,000) |
Funded status included in other assets / liabilities | $ (617,000) | $ (586,000) | |||
Discount rate | 4.25% | 4.00% | |||
Salary increase rate | 3.25% | 3.25% | |||
Directors' Consultation and Retirement Plan ("DCRP") [Member] | |||||
Change in benefit obligation: | |||||
Projected benefit obligation - beginning | 2,978,000 | 3,029,000 | |||
Service cost | 97,000 | ||||
Interest cost | 118,000 | 116,000 | 151,000 | ||
Actuarial (gain) loss | (193,000) | (107,000) | |||
Benefit payments | (60,000) | (60,000) | (60,000) | ||
Projected benefit obligation - ending | 2,843,000 | 2,978,000 | 3,029,000 | ||
Change in plan assets: | |||||
Benefit payments | (60,000) | (60,000) | |||
Contributions | 60,000 | 60,000 | 60,000 | ||
Reconciliation of funded status: | |||||
Projected benefit obligation | $ (2,978,000) | $ (2,978,000) | $ (3,029,000) | $ (2,843,000) | $ (2,978,000) |
Funded status included in other assets / liabilities | (2,843,000) | (2,978,000) | |||
Accumulated benefit obligation | $ (2,843,000) | $ (2,978,000) | |||
Discount rate | 4.25% | 4.00% |
Benefit Plans - Schedule of N95
Benefit Plans - Schedule of Net Benefit Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Interest cost | $ 109 | $ 108 | $ 125 |
Expected return on assets | (120) | (248) | (258) |
Amortization of net actuarial (gain) loss | 52 | 53 | 9 |
Total benefit cost (credit) | $ 41 | $ (87) | $ (124) |
Discount rate | 4.00% | 3.75% | 4.50% |
Long term rate of return on plan assets | 3.50% | 7.00% | 7.00% |
Benefit Equalization Plan ("BEP") [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Interest cost | $ 124 | $ 134 | $ 155 |
Amortization of net actuarial (gain) loss | 48 | 72 | 58 |
Total benefit cost (credit) | $ 172 | $ 206 | $ 213 |
Discount rate | 4.00% | 3.75% | 4.50% |
Postretirement Welfare Plan [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 48 | $ 31 | $ 42 |
Interest cost | 23 | 21 | 34 |
Amortization of net actuarial (gain) loss | (55) | (59) | (29) |
Total benefit cost (credit) | $ 16 | $ (7) | $ 47 |
Discount rate | 4.00% | 3.75% | 4.50% |
Salary increase rate | 3.25% | 3.25% | 3.25% |
Directors' Consultation and Retirement Plan ("DCRP") [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 97 | ||
Interest cost | $ 118 | $ 116 | 151 |
Amortization of past service liability | 22 | ||
Curtailment credit | (931) | ||
Total benefit cost (credit) | $ 118 | $ 116 | $ (661) |
Discount rate | 4.00% | 3.75% | 4.50% |
Benefit Plans - Schedule of Exp
Benefit Plans - Schedule of Expected Benefit Payments (Detail) | Jun. 30, 2018USD ($) |
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,019 | $ 210,000 |
2,020 | 206,000 |
2,021 | 202,000 |
2,022 | 202,000 |
2,023 | 198,000 |
2024-2028 | 928,000 |
Benefit Equalization Plan ("BEP") [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,019 | 232,000 |
2,020 | 231,000 |
2,021 | 230,000 |
2,022 | 228,000 |
2,023 | 226,000 |
2024-2028 | 1,080,000 |
Postretirement Welfare Plan [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,019 | 25,000 |
2,020 | 30,000 |
2,021 | 32,000 |
2,022 | 40,000 |
2,023 | 47,000 |
2024-2028 | 286,000 |
Directors' Consultation and Retirement Plan ("DCRP") [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,019 | 83,000 |
2,020 | 105,000 |
2,021 | 67,000 |
2,022 | 92,000 |
2,023 | 143,000 |
2024-2028 | $ 1,008,000 |
Benefit Plans - Schedule of Fai
Benefit Plans - Schedule of Fair Value Measurements of ABRIP's Assets (Detail) - Atlas Bank Retirement Income Plan ("ABRIP") [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Prudential Guaranteed Deposit Fund | $ 3,440 | $ 3,692 | $ 3,845 |
Prudential Guaranteed Deposit Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prudential Guaranteed Deposit Fund | 3,440 | 3,692 | |
Prudential Guaranteed Deposit Fund [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prudential Guaranteed Deposit Fund | $ 3,440 | $ 3,692 |
Benefit Plans - Schedule of Ass
Benefit Plans - Schedule of Assumptions to Estimate the Fair Value of the Options Granted (Detail) | 12 Months Ended |
Jun. 30, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Weighted average risk-free interest rate | 2.16% |
Expected dividend yield | 0.75% |
Weighted average volatility factor of the expected market price of the Company's stock | 16.08% |
Weighted average expected life of the options | 6 years 6 months |
Benefit Plans - Summary of the
Benefit Plans - Summary of the Company's Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |||
Beginning - Options Outstanding | 3,539,000 | ||
Exercised - Options | (9,565) | (62,216) | 0 |
Forfeited - Options | (131,000) | ||
Ending - Options Outstanding | 3,398,000 | 3,539,000 | |
Exercisable - Options | 835,000 | ||
Beginning - Weighted Average Exercise Price | $ 14.98 | ||
Exercised - Weighted Average Exercise Price | 10.71 | ||
Forfeited - Weighted Average Exercise Price | 14.96 | ||
Ending - Weighted Average Exercise Price | 14.99 | $ 14.98 | |
Exercisable - Weighted Average Exercise Price | $ 14.19 | ||
Weighted Average Remaining Contractual Term | 8 years 2 months 12 days | 9 years 3 months 18 days | |
Granted - Weighted Average Remaining Contractual Term | 0 years | ||
Exercised - Weighted Average Remaining Contractual Term | 5 years 9 months 18 days | ||
Exercisable - Weighted Average Remaining Contractual Term | 7 years 9 months 18 days | ||
Beginning - Options Outstanding - Aggregate Intrinsic Value | $ 1,199 | ||
Ending - Options Outstanding - Aggregate Intrinsic Value | 795 | $ 1,199 | |
Exercisable - Aggregate Intrinsic Value | $ 633 |
Benefit Plans - Summary of t100
Benefit Plans - Summary of the Status of the Company's Non-vested Restricted Share Awards (Detail) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Granted - Non-vested Restricted Shares | 0 | 1,387,390 | 0 |
Ending - Non-vested Restricted Shares | 2,563,074 | ||
Vesting Contingent on Service Conditions [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Beginning - Non-vested Restricted Shares | 930,000 | ||
Vested - Non-vested Restricted Shares | (201,000) | ||
Forfeited - Non-vested Restricted Shares | (28,000) | ||
Ending - Non-vested Restricted Shares | 701,000 | 930,000 | |
Beginning - Non-vested Weighted Average Grant Date Fair Value | $ 15.19 | ||
Vested - Non-vested Weighted Average Grant Date Fair Value | 15.05 | ||
Forfeited - Non-vested Weighted Average Grant Date Fair Value | 14.90 | ||
Ending - Non-vested Weighted Average Grant Date Fair Value | $ 15.24 | $ 15.19 | |
Vesting Contingent on Performance and Service Conditions [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Beginning - Non-vested Restricted Shares | 488,000 | ||
Vested - Non-vested Restricted Shares | (98,000) | ||
Forfeited - Non-vested Restricted Shares | (34,000) | ||
Ending - Non-vested Restricted Shares | 356,000 | 488,000 | |
Beginning - Non-vested Weighted Average Grant Date Fair Value | $ 15.35 | ||
Vested - Non-vested Weighted Average Grant Date Fair Value | 15.35 | ||
Forfeited - Non-vested Weighted Average Grant Date Fair Value | 15.35 | ||
Ending - Non-vested Weighted Average Grant Date Fair Value | $ 15.35 | $ 15.35 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 12 Months Ended | 14 Months Ended | |||||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jan. 01, 2019 | Apr. 30, 2018 | May 31, 2017 | May 31, 2016 | Jan. 01, 2016 | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||||||||
Payments of Capital Distribution | $ 0 | $ 0 | $ 0 | ||||||
New common equity Tier 1 capital ratio | 4.50% | 4.50% | 4.50% | ||||||
Tier 1 capital ratio | 6.00% | 6.00% | 6.00% | ||||||
Total capital ratio | 8.00% | 8.00% | 8.00% | ||||||
Tier 1 leverage ratio | 4.00% | 4.00% | 4.00% | ||||||
Capital to risk weighted assets | 25.80% | 29.98% | 29.98% | ||||||
Shares repurchased during period | 10,014,544 | 8,886,627 | |||||||
Shares repurchased during period, value | $ 142,602,000 | $ 126,002,000 | $ 22,286,000 | ||||||
Second Share Repurchase Plan, Announced in May 2017 [Member] | |||||||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||||||||
Shares repurchased during period | 1,240,000 | ||||||||
Shares acquired and cancelled during period | 7,319,084 | ||||||||
Share repurchase plan, number of shares authorized to repurchase | 8,559,084 | ||||||||
Share repurchase plan, shares authorized to repurchase as precentage of outstanding shares | 10.00% | ||||||||
Shares repurchased during period, value | $ 17,700,000 | $ 122,000,000 | |||||||
Shares repurchased average cost per share | $ 14.30 | $ 14.25 | |||||||
Third Share Repurchase Program, Announced in April 2018 [Member] | |||||||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||||||||
Shares acquired and cancelled during period | 2,695,460 | ||||||||
Share repurchase plan, number of shares authorized to repurchase | 10,238,557 | ||||||||
Share repurchase plan, shares authorized to repurchase as precentage of outstanding shares | 10.00% | ||||||||
Shares repurchased during period, value | $ 38,400,000 | ||||||||
Shares repurchased average cost per share | $ 14.23 | ||||||||
First Share Repurchase Plan Announced in May 2016 [Member] | |||||||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||||||||
Shares repurchased during period | 1,706,182 | ||||||||
Shares acquired and cancelled during period | 7,646,627 | ||||||||
Share repurchase plan, number of shares authorized to repurchase | 9,352,809 | ||||||||
Share repurchase plan, shares authorized to repurchase as precentage of outstanding shares | 10.00% | ||||||||
Shares repurchased during period, value | $ 130,600,000 | ||||||||
Shares repurchased average cost per share | $ 13.96 | ||||||||
Capital Conservation Buffer [Member] | |||||||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||||||||
New common equity Tier 1 capital ratio | 7.00% | ||||||||
Tier 1 capital ratio | 8.50% | ||||||||
Total capital ratio | 10.50% | ||||||||
New regulatory minimum capital ratios | 2.50% | ||||||||
Capital to risk weighted assets | 1.25% | 0.625% | |||||||
Capital Conservation Buffer [Member] | Scenario, Forecast [Member] | |||||||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||||||||
Capital to risk weighted assets | 2.50% |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Bank's Regulatory Capital Levels (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 1,062,398 | $ 974,545 |
Tier 1 capital (to risk-weighted assets), Actual, Amount | 1,031,533 | 945,259 |
Core (Tier 1) capital (to adjusted total assets), Actual, Amount | 1,031,533 | 945,259 |
Tangible capital (to adjusted total assets), Actual, Amount | $ 1,031,533 | $ 945,259 |
Total capital (to risk-weighted assets), Actual, Ratio | 25.80% | 29.98% |
Tier 1 capital (to risk-weighted assets), Actual, Ratio | 25.05% | 29.08% |
Core (Tier 1) capital (to adjusted total assets), Actual, Ratio | 25.05% | 29.08% |
Tangible capital (to adjusted total assets), Actual, Ratio | 16.24% | 20.11% |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | $ 329,409 | $ 260,065 |
Tier 1 capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | 247,057 | 195,049 |
Core (Tier 1) capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | 185,293 | 146,287 |
Tangible capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | $ 254,015 | $ 188,012 |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tier 1 capital (to risk-weighted assets), For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Core (Tier 1) capital (to adjusted total assets), For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Tangible capital (to adjusted total assets), For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Kearny Federal Savings Bank [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 987,251 | $ 753,790 |
Tier 1 capital (to risk-weighted assets), Actual, Amount | 956,386 | 724,504 |
Core (Tier 1) capital (to adjusted total assets), Actual, Amount | 956,386 | 724,504 |
Tangible capital (to adjusted total assets), Actual, Amount | $ 956,386 | $ 724,504 |
Total capital (to risk-weighted assets), Actual, Ratio | 24.07% | 23.30% |
Tier 1 capital (to risk-weighted assets), Actual, Ratio | 23.31% | 22.39% |
Core (Tier 1) capital (to adjusted total assets), Actual, Ratio | 23.31% | 22.39% |
Tangible capital (to adjusted total assets), Actual, Ratio | 15.10% | 15.47% |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | $ 328,174 | $ 258,809 |
Tier 1 capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | 246,130 | 194,107 |
Core (Tier 1) capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | 184,598 | 145,580 |
Tangible capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | $ 253,300 | $ 187,308 |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tier 1 capital (to risk-weighted assets), For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Core (Tier 1) capital (to adjusted total assets), For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Tangible capital (to adjusted total assets), For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Total capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | $ 410,217 | $ 323,512 |
Tier 1 capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | 328,174 | 258,809 |
Core (Tier 1) capital (to adjusted total assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | 266,641 | 210,283 |
Tangible capital (to adjusted total assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | $ 316,625 | $ 234,136 |
Total capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier 1 capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Core (Tier 1) capital (to adjusted total assets), To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Tangible capital (to adjusted total assets), To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Stockholders' Equity - Summa103
Stockholders' Equity - Summary of Company's Regulatory Capital Levels (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Stockholders Equity Note [Abstract] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 1,062,398 | $ 974,545 |
Tier 1 capital (to risk-weighted assets), Actual, Amount | 1,031,533 | 945,259 |
Core (Tier 1) capital (to adjusted total assets), Actual, Amount | 1,031,533 | 945,259 |
Tangible capital (to adjusted total assets), Actual, Amount | $ 1,031,533 | $ 945,259 |
Total capital (to risk-weighted assets), Actual, Ratio | 25.80% | 29.98% |
Tier 1 capital (to risk-weighted assets), Actual, Ratio | 25.05% | 29.08% |
Core (Tier 1) capital (to adjusted total assets), Actual, Ratio | 25.05% | 29.08% |
Tangible capital (to adjusted total assets), Actual, Ratio | 16.24% | 20.11% |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | $ 329,409 | $ 260,065 |
Tier 1 capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | 247,057 | 195,049 |
Core (Tier 1) capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | 185,293 | 146,287 |
Tangible capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | $ 254,015 | $ 188,012 |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tier 1 capital (to risk-weighted assets), For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Core (Tier 1) capital (to adjusted total assets), For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Tangible capital (to adjusted total assets), For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Disclosure [Line Items] | ||||||
Bad debt reserve for tax purposes of qualified lender | $ 36.9 | $ 36.9 | ||||
Federal income tax rate | 21.00% | 35.00% | 28.00% | 35.00% | 35.00% | |
Scenario, Forecast [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Federal income tax rate | 21.00% |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
Current tax expense: Federal | $ 5,121 | $ 7,790 | $ 6,440 | ||||||||
Current tax expense: State | 2,516 | 2,873 | 1,921 | ||||||||
Current tax expense: Total | 7,637 | 10,663 | 8,361 | ||||||||
Deferred tax (benefit): Federal | 5,455 | (1,363) | (1,238) | ||||||||
Deferred tax (benefit): State | 656 | (480) | (340) | ||||||||
Deferred tax (benefit): Total | 6,111 | (1,843) | (1,578) | ||||||||
Valuation allowance | 656 | ||||||||||
Total income tax expense | $ 4,257 | $ 2,262 | $ 5,129 | $ 2,756 | $ 2,107 | $ 1,549 | $ 2,970 | $ 2,194 | $ 14,404 | $ 8,820 | $ 6,783 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||||
Income before income taxes | $ 11,975 | $ 7,639 | $ 6,398 | $ 7,988 | $ 6,511 | $ 5,617 | $ 8,434 | $ 6,861 | $ 34,000 | $ 27,423 | $ 22,605 | ||
Federal income tax rate | 21.00% | 35.00% | 28.00% | 35.00% | 35.00% | ||||||||
Federal income tax expense at statutory rate | $ 9,520 | $ 9,598 | $ 7,912 | ||||||||||
(Reduction) increases in income taxes resulting from: Tax exempt interest | (724) | (795) | (756) | ||||||||||
(Reduction) increases in income taxes resulting from: State tax, net of federal tax effect | 2,256 | 1,555 | 1,028 | ||||||||||
(Reduction) increases in income taxes resulting from: Incentive stock options compensation expense | 142 | 124 | 56 | ||||||||||
(Reduction) increases in income taxes resulting from: Income from bank-owned life insurance | (1,439) | (1,798) | (1,956) | ||||||||||
(Reduction) increases in income taxes resulting from: Disqualifying disposition on incentive stock options | (11) | (165) | |||||||||||
(Reduction) increases in income taxes resulting from: Non-deductible merger-related expenses | 557 | ||||||||||||
(Reduction) increases in income taxes resulting from: Impact of federal income tax reform | 2,924 | ||||||||||||
(Reductions) increases in income taxes resulting from: Other items, net | 523 | 301 | 499 | ||||||||||
Income Tax Expense Benefit Before Valuation Allowance | 13,748 | 8,820 | 6,783 | ||||||||||
Valuation allowance | 656 | ||||||||||||
Total income tax expense | $ 4,257 | $ 2,262 | $ 5,129 | $ 2,756 | $ 2,107 | $ 1,549 | $ 2,970 | $ 2,194 | $ 14,404 | $ 8,820 | $ 6,783 | ||
Effective income tax rate | 42.36% | 32.16% | 30.01% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Income Tax Disclosure [Abstract] | ||
Deferred income tax assets: Purchase accounting | $ 17,772 | $ 466 |
Deferred income tax assets: Accumulated other comprehensive income - Defined benefit plans | 228 | 434 |
Deferred income tax assets: Accumulated other comprehensive income - Unrealized loss on securities available for sale | 1,159 | 975 |
Deferred income tax assets: Accumulated other comprehensive income - Unrealized loss on securities available for sale transferred to held to maturity | 249 | 453 |
Deferred income tax assets: Allowance for loan losses | 8,676 | 11,963 |
Deferred income tax assets: Benefit plans | 1,842 | 2,675 |
Deferred income tax assets: Compensation | 1,751 | 1,146 |
Deferred income tax assets: Stock based compensation | 2,050 | 2,278 |
Deferred income tax assets: Uncollected interest | 1,018 | 2,700 |
Deferred income tax assets: Depreciation | 1,169 | 1,221 |
Deferred income tax assets: Charitable contribution carryover | 899 | 2,139 |
Deferred income tax assets: Net operating loss carryover | 2,564 | 384 |
Deferred income tax assets: Other items | 509 | 258 |
Deferred Tax Assets, Gross, Total | 39,886 | 27,092 |
Deferred income tax assets: Valuation allowance | (791) | (135) |
Deferred Tax Assets, Net of valuation allowance, Total | 39,095 | 26,957 |
Deferred income tax liabilities: Deferred costs | 1,551 | 2,083 |
Deferred income tax liabilities: Derivatives | 8,961 | 2,582 |
Deferred income tax liabilities: Goodwill | 4,385 | 6,167 |
Deferred income tax liabilities: Other items | 444 | 671 |
Deferred Tax Liabilities, Gross, Total | 15,341 | 11,503 |
Net deferred income tax asset | $ 23,754 | $ 15,454 |
Commitments - Schedule of Futur
Commitments - Schedule of Future Minimum Rental Payments under Operating Leases (Detail) $ in Thousands | Jun. 30, 2018USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,019 | $ 2,985 |
2,020 | 2,749 |
2,021 | 2,593 |
2,022 | 2,342 |
2,023 | 1,868 |
Thereafter | 9,893 |
Total minimum payments required | $ 22,430 |
Commitments - Schedule of Compo
Commitments - Schedule of Composition of Total Rental Expense for Operating Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |||
Minimum rentals | $ 2,397 | $ 1,989 | $ 1,843 |
Commitments - Schedule of Outst
Commitments - Schedule of Outstanding Loan Commitments (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Commitments [Line Items] | ||
Total loan commitments | $ 224,252 | $ 163,931 |
Real Estate Mortgage Loans [Member] | ||
Commitments [Line Items] | ||
Total loan commitments | 139,440 | 87,666 |
Home Equity Loans [Member] | ||
Commitments [Line Items] | ||
Total loan commitments | 1,723 | 2,768 |
Construction Loans in Process [Member] | ||
Commitments [Line Items] | ||
Total loan commitments | 9,935 | 8,088 |
Home Equity Lines of Credit [Member] | ||
Commitments [Line Items] | ||
Total loan commitments | 42,674 | 33,408 |
Commercial Business Loans [Member] | ||
Commitments [Line Items] | ||
Total loan commitments | 1,582 | 4,737 |
Commercial Business Lines of Credit [Member] | ||
Commitments [Line Items] | ||
Total loan commitments | $ 28,898 | $ 27,264 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Commitments [Line Items] | ||
Pipeline of loans held-for-sale | $ 10,800,000 | |
Other Commitment | 224,252,000 | $ 163,931,000 |
Standby Letters of Credit [Member] | ||
Commitments [Line Items] | ||
Other Commitment | $ 912,000 | 715,000 |
Minimum [Member] | LIBOR [Member] | ||
Commitments [Line Items] | ||
Interest rate | 1.00% | |
Maximum [Member] | LIBOR [Member] | ||
Commitments [Line Items] | ||
Interest rate | 4.50% | |
Commercial Lines of Credit [Member] | ||
Commitments [Line Items] | ||
Other Commitment | $ 28,898,000 | 27,264,000 |
Home Equity Loans [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 1,723,000 | 2,768,000 |
Home Equity Lines of Credit [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 42,674,000 | 33,408,000 |
Commercial Business [Member] | ||
Commitments [Line Items] | ||
Other Commitment | $ 1,582,000 | $ 4,737,000 |
Fixed Rate Loans [Member] | Commercial Lines of Credit [Member] | Minimum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 5.00% | 5.00% |
Fixed Rate Loans [Member] | Commercial Lines of Credit [Member] | Maximum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 18.00% | 18.00% |
Fixed Rate Loans [Member] | Home Equity Loans [Member] | ||
Commitments [Line Items] | ||
Other Commitment | $ 726,000 | $ 1,600,000 |
Fixed Rate Loans [Member] | Home Equity Loans [Member] | Minimum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 3.50% | 3.50% |
Fixed Rate Loans [Member] | Home Equity Loans [Member] | Maximum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 4.375% | 4.375% |
Fixed Rate Loans [Member] | Home Equity Lines of Credit [Member] | Minimum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 4.00% | |
Fixed Rate Loans [Member] | Home Equity Lines of Credit [Member] | Maximum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 8.00% | |
Fixed Rate Loans [Member] | Residential Mortgage [Member] | ||
Commitments [Line Items] | ||
Other Commitment | $ 24,200,000 | $ 17,800,000 |
Fixed Rate Loans [Member] | Residential Mortgage [Member] | Minimum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 3.45% | 3.975% |
Fixed Rate Loans [Member] | Residential Mortgage [Member] | Maximum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 4.625% | 4.125% |
Adjustable Rate Loans [Member] | Minimum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 0.25% | |
Adjustable Rate Loans [Member] | Maximum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 5.00% | |
Adjustable Rate Loans [Member] | Commercial Lines of Credit [Member] | Minimum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 3.50% | 3.50% |
Adjustable Rate Loans [Member] | Commercial Lines of Credit [Member] | Maximum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 4.00% | 4.00% |
Adjustable Rate Loans [Member] | Home Equity Loans [Member] | ||
Commitments [Line Items] | ||
Other Commitment | $ 1,000,000 | $ 1,200,000 |
Adjustable Rate Loans [Member] | Home Equity Loans [Member] | Minimum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 4.25% | 3.50% |
Adjustable Rate Loans [Member] | Home Equity Loans [Member] | Maximum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 6.00% | 6.00% |
Adjustable Rate Loans [Member] | Home Equity Lines of Credit [Member] | Minimum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 1.25% | 1.00% |
Adjustable Rate Loans [Member] | Home Equity Lines of Credit [Member] | Maximum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 1.25% | 5.25% |
Adjustable Rate Loans [Member] | Residential Mortgage [Member] | ||
Commitments [Line Items] | ||
Other Commitment | $ 115,300,000 | $ 69,900,000 |
Adjustable Rate Loans [Member] | Residential Mortgage [Member] | Minimum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 3.25% | 2.875% |
Adjustable Rate Loans [Member] | Residential Mortgage [Member] | Maximum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 5.75% | 4.75% |
Adjustable Rate Loans [Member] | Commercial Business [Member] | ||
Commitments [Line Items] | ||
Other Commitment | $ 1,600,000 | $ 4,700,000 |
Adjustable Rate Loans [Member] | Commercial Business [Member] | Minimum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 5.25% | 4.125% |
Adjustable Rate Loans [Member] | Commercial Business [Member] | Maximum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 5.50% | 6.75% |
Fair Value of Financial Inst112
Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured At Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Assets: | ||
Securities available for sale, Fair value | $ 590,562 | $ 444,497 |
Mortgage-backed securities available for sale | 134,523 | 169,263 |
Securities available for sale, Fair value | 725,085 | 613,760 |
Interest rate swaps and caps | 31,881 | 7,810 |
Total assets | 756,966 | 621,570 |
Liabilities: | ||
Interest rate swaps | 298 | |
Total liabilities | 298 | |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 589,562 | 443,497 |
Mortgage-backed securities available for sale | 134,523 | 169,263 |
Securities available for sale, Fair value | 724,085 | 612,760 |
Interest rate swaps and caps | 31,881 | 7,810 |
Total assets | 755,966 | 620,570 |
Liabilities: | ||
Interest rate swaps | 298 | |
Total liabilities | 298 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 1,000 | 1,000 |
Securities available for sale, Fair value | 1,000 | 1,000 |
Total assets | 1,000 | 1,000 |
Debt Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 590,562 | 444,497 |
Debt Securities [Member] | U.S. Agency Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 4,411 | 5,316 |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 26,088 | 27,740 |
Debt Securities [Member] | Asset-backed Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 182,620 | 162,429 |
Debt Securities [Member] | Collateralized Loan Obligations [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 226,066 | 98,154 |
Debt Securities [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 147,594 | 142,318 |
Debt Securities [Member] | Trust Preferred Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 3,783 | 8,540 |
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Agency Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 4,411 | 5,316 |
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Obligations of State and Political Subdivisions [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 26,088 | 27,740 |
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Asset-backed Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 182,620 | 162,429 |
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Collateralized Loan Obligations [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 226,066 | 98,154 |
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 147,594 | 142,318 |
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Trust Preferred Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 2,783 | 7,540 |
Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Trust Preferred Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 1,000 | 1,000 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | 24,292 | 30,536 |
Securities available for sale, Fair value | 24,292 | 30,536 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | 24,292 | 30,536 |
Residential Pass-Through Securities [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | 102,359 | 130,550 |
Securities available for sale, Fair value | 102,359 | 130,550 |
Residential Pass-Through Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | 102,359 | 130,550 |
Commercial Pass-Through Securities [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | 7,872 | 8,177 |
Securities available for sale, Fair value | 7,872 | 8,177 |
Commercial Pass-Through Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | $ 7,872 | $ 8,177 |
Fair Value of Financial Inst113
Fair Value of Financial Instruments - Additional Information (Detail) | 12 Months Ended | |
Jun. 30, 2018USD ($)Security | Jun. 30, 2017USD ($)Security | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | $ 590,562,000 | $ 444,497,000 |
Pipeline of loans held-for-sale | 10,800,000 | |
Assets, Fair Value | 756,966,000 | 621,570,000 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 306,000 | 199,000 |
Fair Value, Measurements, Nonrecurring | Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 4,469,000 | 7,956,000 |
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 |
Assets, Fair Value | 1,000,000 | 1,000,000 |
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 306,000 | 199,000 |
Loans and Leases Receivable, Gross | 4,800,000 | 8,200,000 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring | Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 4,469,000 | 7,956,000 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring | Real Estate Owned [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 0 | 0 |
Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | $ 590,562,000 | $ 444,497,000 |
Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Number of trust preferred securities | Security | 1 | 1 |
Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [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 | $ 1,000,000 |
Loan Origination Commitments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Pipeline of loans held-for-sale | $ 10,800,000 | $ 18,400,000 |
Fair Value of Financial Inst114
Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured At Fair Value on a Non-recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | $ 756,966 | $ 621,570 |
Fair Value, Measurements, Nonrecurring | Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 4,469 | 7,956 |
Fair Value, Measurements, Nonrecurring | 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 | 3,562 | 5,711 |
Fair Value, Measurements, Nonrecurring | 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 | 794 | 2,126 |
Fair Value, Measurements, Nonrecurring | 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 | 113 | 119 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 755,966 | 620,570 |
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 | 1,000 | 1,000 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring | Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 4,469 | 7,956 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring | 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 | 3,562 | 5,711 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring | 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 | 794 | 2,126 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring | 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 | $ 113 | $ 119 |
Fair Value of Financial Inst115
Fair Value of Financial Instruments - Schedule of Quantitative Information about Level 3 Fair Value Measurements (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Assets, Fair Value Disclosure, Non-recurring | $ 756,966 | $ 621,570 | |
Fair Value, Measurements, Nonrecurring | Impaired Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Assets, Fair Value Disclosure, Non-recurring | 4,469 | 7,956 | |
Fair Value, Measurements, Nonrecurring | Impaired Loans [Member] | Residential Mortgage [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Assets, Fair Value Disclosure, Non-recurring | 3,562 | 5,711 | |
Fair Value, Measurements, Nonrecurring | Impaired Loans [Member] | Non-Residential Mortgage [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Assets, Fair Value Disclosure, Non-recurring | 794 | 2,126 | |
Fair Value, Measurements, Nonrecurring | Impaired Loans [Member] | Commercial Business [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Assets, Fair Value Disclosure, Non-recurring | 113 | 119 | |
Fair Value, Measurements, Nonrecurring | Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Assets, Fair Value Disclosure, Non-recurring | 4,469 | 7,956 | |
Fair Value, Measurements, Nonrecurring | Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Residential Mortgage [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Assets, Fair Value Disclosure, Non-recurring | $ 3,562 | $ 5,711 | |
Valuation Techniques | [1] | Market valuation of underlying collateral | Market valuation of underlying collateral |
Unobservable Input | [2] | Adjustments to reflect current conditions/selling costs | Adjustments to reflect current conditions/selling costs |
Weighted Average | 12.34% | 8.12% | |
Fair Value, Measurements, Nonrecurring | Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Non-Residential Mortgage [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Assets, Fair Value Disclosure, Non-recurring | $ 794 | $ 2,126 | |
Valuation Techniques | [1] | Market valuation of underlying collateral | Market valuation of underlying collateral |
Unobservable Input | [2] | Adjustments to reflect current conditions/selling costs | Adjustments to reflect current conditions/selling costs |
Weighted Average | 14.07% | 6.93% | |
Fair Value, Measurements, Nonrecurring | Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Commercial Business [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Assets, Fair Value Disclosure, Non-recurring | $ 113 | $ 119 | |
Valuation Techniques | [1] | Market valuation of underlying collateral | Market valuation of underlying collateral |
Unobservable Input | [2] | Adjustments to reflect current conditions/selling costs | Adjustments to reflect current conditions/selling costs |
Weighted Average | 14.54% | 12.79% | |
Fair Value, Measurements, Nonrecurring | Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Minimum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Residential Mortgage [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Range | 6.00% | 6.00% | |
Fair Value, Measurements, Nonrecurring | Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Minimum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Non-Residential Mortgage [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Range | 14.00% | 0.00% | |
Fair Value, Measurements, Nonrecurring | Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Minimum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Commercial Business [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Range | 10.00% | 9.00% | |
Fair Value, Measurements, Nonrecurring | Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Maximum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Residential Mortgage [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Range | 26.00% | 21.00% | |
Fair Value, Measurements, Nonrecurring | Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Maximum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Non-Residential Mortgage [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Range | 15.00% | 12.00% | |
Fair Value, Measurements, Nonrecurring | Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Maximum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Commercial Business [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Range | 24.00% | 20.00% | |
[1] | The fair value basis of impaired loans is generally determined based on an independent appraisal of the market value of a loan’s underlying collateral. | ||
[2] | The fair value basis of impaired loans is adjusted to reflect management estimates of selling costs including, but not necessarily limited to, real estate brokerage commissions and title transfer fees. |
Fair Value of Financial Inst116
Fair Value of Financial Instruments - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities held to maturity | $ 579,499 | $ 495,794 |
Carrying Amount [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 128,864 | 78,237 |
Investment securities held to maturity | 589,730 | 493,321 |
Loans held-for-sale | 863 | 4,692 |
Net loans receivable | 4,470,483 | 3,215,975 |
FHLB Stock | 59,004 | 39,958 |
Interest receivable | 18,510 | 12,493 |
Deposits | 4,073,604 | 2,929,745 |
Borrowings | 1,198,646 | 806,228 |
Interest payable on deposits | 675 | 382 |
Interest payable on borrowings | 2,427 | 1,391 |
Fair Value [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 128,864 | 78,237 |
Investment securities held to maturity | 579,499 | 495,794 |
Loans held-for-sale | 863 | 4,692 |
Net loans receivable | 4,367,150 | 3,137,304 |
Interest receivable | 18,510 | 12,493 |
Deposits | 4,055,543 | 2,943,908 |
Borrowings | 1,199,601 | 823,435 |
Interest payable on deposits | 675 | 382 |
Interest payable on borrowings | 2,427 | 1,391 |
Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 128,864 | 78,237 |
Interest receivable | 32 | 6 |
Deposits | 2,056,966 | 1,639,059 |
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities held to maturity | 579,499 | 495,794 |
Loans held-for-sale | 863 | 4,692 |
Interest receivable | 5,252 | 3,169 |
Interest payable on deposits | 675 | 382 |
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 4,367,150 | 3,137,304 |
Interest receivable | 13,226 | 9,318 |
Deposits | 1,998,577 | 1,304,849 |
Borrowings | 1,199,601 | 823,435 |
Interest payable on borrowings | $ 2,427 | $ 1,391 |
Comprehensive Income - Schedule
Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Total accumulated other comprehensive income (loss) | $ 1,268,748 | $ 1,057,181 | $ 1,147,629 | $ 1,167,375 |
Net Unrealized Loss on Securities Available for Sale [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive income (loss), before tax | (4,321) | (2,385) | ||
Tax effect | 1,159 | 975 | ||
Total accumulated other comprehensive income (loss) | (3,162) | (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 (loss), before tax | (887) | (1,109) | ||
Tax effect | 249 | 453 | ||
Total accumulated other comprehensive income (loss) | (638) | (656) | ||
Fair Value Adjustments on Derivatives [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive income (loss), before tax | 31,881 | 6,319 | ||
Tax effect | (8,961) | (2,582) | ||
Total accumulated other comprehensive income (loss) | 22,920 | 3,737 | ||
Benefit Plan Adjustments [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive income (loss), before tax | (813) | (1,061) | ||
Tax effect | 228 | 434 | ||
Total accumulated other comprehensive income (loss) | (585) | (627) | ||
Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Total accumulated other comprehensive income (loss) | $ 18,535 | $ 1,044 | $ (16,787) | $ (7,761) |
Comprehensive Income - Sched118
Comprehensive Income - Schedule of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Comprehensive Income Net Of Tax [Abstract] | ||||
Net unrealized holding (loss) gain on securities available for sale | $ (1,919) | $ 1,923 | $ (4,564) | |
Amortization of net unrealized holding gain (loss) on securities available for sale transferred to held to maturity | [1] | 222 | (53) | 9 |
Net realized (gain) loss on securities available for sale | [2] | (17) | 402 | |
Fair value adjustments on derivatives | 25,560 | 27,637 | (10,187) | |
Benefit plans, Amortization of Actuarial loss | [3] | 45 | 66 | 37 |
Benefit plans, Amortization of Past service cost | [3] | 22 | ||
Benefit plans, Amortization of New actuarial gain (loss) | 205 | 219 | (911) | |
Net change in benefit plan accrued expense | 250 | 285 | (852) | |
Other comprehensive income (loss) before taxes | 24,096 | 30,194 | (15,594) | |
Tax effect | (7,986) | (12,363) | 6,568 | |
Total Other Comprehensive Income (Loss) | $ 16,110 | $ 17,831 | $ (9,026) | |
[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 gain on sale of securities on the consolidated statements of income. | |||
[3] | Represents amounts reclassified out of accumulated other comprehensive income and included in the computation of net periodic pension expense. See Note 14 – Benefit Plans for additional information. |
Parent Only Financial Inform119
Parent Only Financial Information - Condensed Statements of Financial Condition (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and amounts due from depository institutions | $ 26,199 | $ 18,889 | ||
Loans receivable | 4,501,348 | 3,245,261 | ||
Other assets | 39,610 | 12,914 | ||
Total Assets | 6,579,874 | 4,818,127 | ||
Other liabilities | 20,788 | 16,262 | ||
Stockholders' equity | 1,268,748 | 1,057,181 | $ 1,147,629 | $ 1,167,375 |
Total Liabilities and Stockholders' Equity | 6,579,874 | 4,818,127 | ||
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and amounts due from depository institutions | 25,933 | 169,820 | ||
Investment securities held to maturity | 15,000 | 15,000 | ||
Loans receivable | 34,903 | 36,448 | ||
Investment in subsidiary | 1,193,601 | 836,426 | ||
Other assets | 85 | 84 | ||
Total Assets | 1,269,522 | 1,057,778 | ||
Other liabilities | 774 | 597 | ||
Stockholders' equity | 1,268,748 | 1,057,181 | ||
Total Liabilities and Stockholders' Equity | $ 1,269,522 | $ 1,057,778 |
Parent Only Financial Inform120
Parent Only Financial Information - Condensed Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Interest income | $ 57,262 | $ 38,545 | $ 38,032 | $ 37,592 | $ 36,964 | $ 35,008 | $ 34,315 | $ 32,806 | $ 171,431 | $ 139,093 | $ 126,888 |
Directors' compensation | 2,820 | 1,982 | 812 | ||||||||
Income before Income Taxes | 11,975 | 7,639 | 6,398 | 7,988 | 6,511 | 5,617 | 8,434 | 6,861 | 34,000 | 27,423 | 22,605 |
Income tax expense | 4,257 | 2,262 | 5,129 | 2,756 | 2,107 | 1,549 | 2,970 | 2,194 | 14,404 | 8,820 | 6,783 |
Net Income | $ 7,718 | $ 5,377 | $ 1,269 | $ 5,232 | $ 4,404 | $ 4,068 | $ 5,464 | $ 4,667 | 19,596 | 18,603 | 15,822 |
Comprehensive income | 35,706 | 36,434 | 6,796 | ||||||||
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Interest income | 2,292 | 2,318 | 2,413 | ||||||||
Equity in undistributed earnings of subsidiaries | 19,420 | 18,427 | 15,543 | ||||||||
Total income | 21,712 | 20,745 | 17,956 | ||||||||
Directors' compensation | 283 | 265 | 242 | ||||||||
Other expenses | 1,740 | 1,755 | 1,703 | ||||||||
Total expense | 2,023 | 2,020 | 1,945 | ||||||||
Income before Income Taxes | 19,689 | 18,725 | 16,011 | ||||||||
Income tax expense | 93 | 122 | 189 | ||||||||
Net Income | 19,596 | 18,603 | 15,822 | ||||||||
Comprehensive income | $ 35,706 | $ 36,434 | $ 6,796 |
Parent Only Financial Inform121
Parent Only Financial Information - Condensed Statements of Cash Flows (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Flows from Operating Activities: | |||||||||||
Net Income | $ 7,718,000 | $ 5,377,000 | $ 1,269,000 | $ 5,232,000 | $ 4,404,000 | $ 4,068,000 | $ 5,464,000 | $ 4,667,000 | $ 19,596,000 | $ 18,603,000 | $ 15,822,000 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||||||||||
Decrease (increase) in other assets | 138,000 | 59,000 | (1,145,000) | ||||||||
Increase in other liabilities | 2,251,000 | (768,000) | 549,000 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Sale of investment securities available for sale | 254,606,000 | 83,008,000 | 0 | ||||||||
Net cash acquired in acquisition | 30,099,000 | ||||||||||
Cash Flows from Financing Activities: | |||||||||||
Exercise of stock options | 102,000 | 482,000 | 0 | ||||||||
Dividends paid | (20,561,000) | (8,286,000) | (7,164,000) | ||||||||
Cancellation of expired, ungranted shares issued for stock benefit plan | 183,000 | ||||||||||
Cancellation of shares repurchased on vesting to pay taxes | (1,370,000) | ||||||||||
Net Decrease in Cash and Cash Equivalents | 50,627,000 | (120,963,000) | (140,936,000) | ||||||||
Cash and Cash Equivalents - Beginning | 78,237,000 | 199,200,000 | 78,237,000 | 199,200,000 | 340,136,000 | ||||||
Cash and Cash Equivalents - Ending | 128,864,000 | 78,237,000 | 128,864,000 | 78,237,000 | 199,200,000 | ||||||
Parent Company [Member] | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net Income | 19,596,000 | 18,603,000 | 15,822,000 | ||||||||
Adjustment to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in undistributed earnings of subsidiaries | (19,420,000) | (18,427,000) | (15,543,000) | ||||||||
Decrease (increase) in other assets | 27,000 | (19,000) | 880,000 | ||||||||
Increase in other liabilities | 761,000 | 352,000 | 576,000 | ||||||||
Net Cash Provided by Operating Activities | 964,000 | 509,000 | 1,735,000 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Repayment of loan to ESOP | 1,545,000 | 1,496,000 | 1,444,000 | ||||||||
Purchase of subordinated debt security | (15,000,000) | ||||||||||
Sale of investment securities available for sale | 3,738,000 | ||||||||||
Net cash acquired in acquisition | 14,297,000 | ||||||||||
Net Cash Provided by (Used In) Investing Activities | 19,580,000 | (13,504,000) | 1,444,000 | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Exercise of stock options | 102,000 | 482,000 | |||||||||
Dividends paid | (20,561,000) | (8,286,000) | (7,481,000) | ||||||||
Repurchase and cancellation of common stock of Kearny Financial Corp. | (142,602,000) | (126,002,000) | (22,286,000) | ||||||||
Cancellation of expired, ungranted shares issued for stock benefit plan | 183,000 | ||||||||||
Cancellation of shares repurchased on vesting to pay taxes | (1,370,000) | ||||||||||
Net Cash Used In Financing Activities | (164,431,000) | (133,623,000) | (29,767,000) | ||||||||
Net Decrease in Cash and Cash Equivalents | (143,887,000) | (146,618,000) | (26,588,000) | ||||||||
Cash and Cash Equivalents - Beginning | $ 169,820,000 | $ 316,438,000 | 169,820,000 | 316,438,000 | 343,026,000 | ||||||
Cash and Cash Equivalents - Ending | $ 25,933,000 | $ 169,820,000 | $ 25,933,000 | $ 169,820,000 | $ 316,438,000 |
Net Income per Common Share 122
Net Income per Common Share (EPS) - Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share Computations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Income (Numerator): Net income | $ 7,718 | $ 5,377 | $ 1,269 | $ 5,232 | $ 4,404 | $ 4,068 | $ 5,464 | $ 4,667 | $ 19,596 | $ 18,603 | $ 15,822 |
Income (Numerator): Basic earnings per share, income available to common stockholders | 19,596 | 18,603 | 15,822 | ||||||||
Income (Numerator): Diluted earnings per share | $ 19,596 | $ 18,603 | $ 15,822 | ||||||||
Shares (Denominator): Basic earnings per share, income available to common stockholders | 98,046 | 75,492 | 77,174 | 79,649 | 82,372 | 84,542 | 85,174 | 86,246 | 82,587 | 84,590 | 89,591 |
Shares (Denominator): Stock options | 56 | 71 | 34 | ||||||||
Shares (Denominator): Diluted earnings per share | 98,100 | 75,539 | 77,239 | 79,708 | 82,429 | 84,624 | 85,258 | 86,304 | 82,643 | 84,661 | 89,625 |
Per Share Amount: Basic earnings per share, income available to common stockholders | $ 0.08 | $ 0.07 | $ 0.02 | $ 0.07 | $ 0.05 | $ 0.05 | $ 0.06 | $ 0.05 | $ 0.24 | $ 0.22 | $ 0.18 |
Per Share Amount: Diluted earnings per share | $ 0.08 | $ 0.07 | $ 0.02 | $ 0.07 | $ 0.05 | $ 0.05 | $ 0.06 | $ 0.05 | $ 0.24 | $ 0.22 | $ 0.18 |
Net Income per Common Share 123
Net Income per Common Share (EPS) - Additional Information (Detail) - shares | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Stock Options [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Total number of options anti-dilutive | 3,170,000 | 1,919,168 | 248,000 |
Quarterly Results of Operati124
Quarterly Results of Operations - Summary of Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 57,262 | $ 38,545 | $ 38,032 | $ 37,592 | $ 36,964 | $ 35,008 | $ 34,315 | $ 32,806 | $ 171,431 | $ 139,093 | $ 126,888 |
Interest expense | 16,671 | 11,488 | 11,197 | 10,782 | 10,234 | 8,801 | 8,699 | 8,785 | 50,138 | 36,519 | 31,903 |
Net Interest Income | 40,591 | 27,057 | 26,835 | 26,810 | 26,730 | 26,207 | 25,616 | 24,021 | 121,293 | 102,574 | 94,985 |
Provision for loan losses | 717 | 423 | 936 | 630 | 1,188 | 1,809 | 1,255 | 1,129 | 2,706 | 5,381 | 10,690 |
Net Interest Income after Provision for Loan Losses | 39,874 | 26,634 | 25,899 | 26,180 | 25,542 | 24,398 | 24,361 | 22,892 | 118,587 | 97,193 | 84,295 |
Non-interest income | 3,358 | 3,548 | 3,263 | 3,094 | 3,020 | 2,253 | 3,446 | 2,629 | 13,263 | 11,348 | 10,727 |
Non-interest expense | 31,257 | 22,543 | 22,764 | 21,286 | 22,051 | 21,034 | 19,373 | 18,660 | 97,850 | 81,118 | 72,417 |
Income before Income Taxes | 11,975 | 7,639 | 6,398 | 7,988 | 6,511 | 5,617 | 8,434 | 6,861 | 34,000 | 27,423 | 22,605 |
Income taxes | 4,257 | 2,262 | 5,129 | 2,756 | 2,107 | 1,549 | 2,970 | 2,194 | 14,404 | 8,820 | 6,783 |
Net Income | $ 7,718 | $ 5,377 | $ 1,269 | $ 5,232 | $ 4,404 | $ 4,068 | $ 5,464 | $ 4,667 | $ 19,596 | $ 18,603 | $ 15,822 |
Net income per common share: | |||||||||||
Basic | $ 0.08 | $ 0.07 | $ 0.02 | $ 0.07 | $ 0.05 | $ 0.05 | $ 0.06 | $ 0.05 | $ 0.24 | $ 0.22 | $ 0.18 |
Diluted | $ 0.08 | $ 0.07 | $ 0.02 | $ 0.07 | $ 0.05 | $ 0.05 | $ 0.06 | $ 0.05 | $ 0.24 | $ 0.22 | $ 0.18 |
Weighted average number of common shares outstanding | |||||||||||
Basic | 98,046 | 75,492 | 77,174 | 79,649 | 82,372 | 84,542 | 85,174 | 86,246 | 82,587 | 84,590 | 89,591 |
Diluted | 98,100 | 75,539 | 77,239 | 79,708 | 82,429 | 84,624 | 85,258 | 86,304 | 82,643 | 84,661 | 89,625 |
Dividends Declared Per Common Share | $ 0.04 | $ 0.03 | $ 0.03 | $ 0.15 | $ 0.03 | $ 0.03 | $ 0.02 | $ 0.02 | $ 0.25 | $ 0.10 | $ 0.08 |
Quarterly Results of Operati125
Quarterly Results of Operations - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net increase (decrease) in net income | $ 2,300,000 | $ (3,900,000) | |||||||||||
Net Income | 7,718,000 | $ 5,377,000 | 1,269,000 | $ 5,232,000 | $ 4,404,000 | $ 4,068,000 | $ 5,464,000 | $ 4,667,000 | $ 19,596,000 | $ 18,603,000 | $ 15,822,000 | ||
Federal income tax rate | 21.00% | 35.00% | 28.00% | 35.00% | 35.00% | ||||||||
Reduction in carrying value of deferred income tax assets and liabilities | 3,500,000 | ||||||||||||
Merger-related expenses | $ 6,743,000 | ||||||||||||
Clifton Bancorp Inc. [Member] | |||||||||||||
Merger-related expenses | $ 5,100,000 | $ 401,000 | $ 1,200,000 | $ 0 | $ 6,700,000 |