Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2020 | Feb. 02, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Entity File Number | 001-37399 | |
Entity Tax Identification Number | 30-0870244 | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | KRNY | |
Security Exchange Name | NASDAQ | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Entity Registrant Name | KEARNY FINANCIAL CORP. | |
Entity Central Index Key | 0001617242 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 84,200,261 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Address, Address Line One | 120 Passaic Ave. | |
Entity Address, City or Town | Fairfield | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07004 | |
Entity Incorporation, State or Country Code | MD | |
City Area Code | 973 | |
Local Phone Number | 244-4500 | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Assets | ||
Cash and amounts due from depository institutions | $ 23,968 | $ 20,391 |
Interest-bearing deposits in other banks | 105,726 | 160,576 |
Cash and cash equivalents | 129,694 | 180,967 |
Investment securities available for sale, at fair value (amortized cost $1,671,935), net of allowance for credit losses of $0 at December 31, 2020 | 1,695,893 | 1,385,703 |
Investment securities held to maturity (fair value $31,063 and $34,069), respectively, net of allowance for credit losses of $0 at December 31, 2020 | 29,549 | 32,556 |
Loans held-for-sale | 12,601 | 20,789 |
Loans receivable | 4,828,634 | 4,498,397 |
Less: allowance for credit losses on loans | (63,386) | (37,327) |
Net loans receivable | 4,765,248 | 4,461,070 |
Premises and equipment | 61,181 | 57,389 |
Federal Home Loan Bank ("FHLB") of New York stock | 45,578 | 58,654 |
Accrued interest receivable | 19,826 | 17,373 |
Goodwill | 210,895 | 210,895 |
Core deposit intangibles | 4,151 | 3,995 |
Bank owned life insurance | 280,235 | 262,380 |
Deferred income tax assets, net | 30,846 | 25,480 |
Other real estate owned | 178 | 178 |
Other assets | 49,278 | 40,746 |
Total Assets | 7,335,153 | 6,758,175 |
Liabilities | ||
Deposits: Non-interest-bearing | 518,828 | 419,138 |
Deposits: Interest-bearing | 4,793,785 | 4,011,144 |
Total deposits | 5,312,613 | 4,430,282 |
Borrowings | 865,651 | 1,173,165 |
Advance payments by borrowers for taxes | 16,100 | 16,569 |
Other liabilities | 48,448 | 53,982 |
Total Liabilities | 6,242,812 | 5,673,998 |
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; 84,938,272 shares and 83,663,192 shares issued and outstanding, respectively | 849 | 837 |
Paid-in capital | 724,389 | 722,871 |
Retained earnings | 388,376 | 387,911 |
Unearned employee stock ownership plan shares; 2,859,940 shares and 2,960,289 shares, respectively | (27,726) | (28,699) |
Accumulated other comprehensive income | 6,453 | 1,257 |
Total Stockholders' Equity | 1,092,341 | 1,084,177 |
Total Liabilities and Stockholders' Equity | $ 7,335,153 | $ 6,758,175 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($) | Dec. 31, 2020 | Jun. 30, 2020 |
Securities available for sale, estimated fair value | $ 1,671,935,000 | $ 1,363,221,000 |
Net of allowance for credit losses | 0 | |
Securities held to maturity, estimated fair value | $ 31,063,000 | $ 34,069,000 |
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 | 84,938,272 | 83,663,192 |
Common stock, shares outstanding | 84,938,272 | 83,663,192 |
Employee Stock Ownership Plan (ESOP), Number of Suspense Shares | 2,859,940 | 2,960,289 |
Available-for-sale Securities [Member] | ||
Securities available for sale, estimated fair value | $ 1,671,935,000 | |
Net of allowance for credit losses | 0 | |
Held-to-maturity Securities [Member] | ||
Net of allowance for credit losses | 0 | |
Securities held to maturity, estimated fair value | $ 31,063,000 | $ 34,069,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Interest Income | |||||
Loans | $ 49,466 | $ 45,608 | $ 101,646 | $ 94,208 | |
Taxable investment securities | 7,707 | 9,698 | 15,043 | 19,026 | |
Tax-exempt investment securities | 433 | 666 | 887 | 1,359 | |
Other interest-earning assets | 787 | 1,210 | 1,701 | 2,488 | |
Total Interest Income | 58,393 | 57,182 | 119,277 | 117,081 | |
Interest Expense | |||||
Deposits | 8,647 | 15,590 | 19,709 | 31,645 | |
Borrowings | 5,193 | 6,985 | 10,853 | 14,142 | |
Total Interest Expense | 13,840 | 22,575 | 30,562 | 45,787 | |
Net Interest Income | 44,553 | 34,607 | 88,715 | 71,294 | |
(Reversal of) provision for credit losses | (1,365) | (1,465) | 2,694 | (2,247) | |
Net Interest Income after (Reversal of) Provision for Credit Losses | 45,918 | 36,072 | 86,021 | 73,541 | |
Non-Interest Income | |||||
Gain (loss) on sale and call of securities | [1] | 813 | 11 | 436 | (3) |
Gain on sale of loans | [1] | 2,378 | 668 | 4,268 | 1,273 |
Loss on sale and write down of other real estate owned | (28) | (28) | |||
Income from bank owned life insurance | [1] | 1,596 | 1,576 | 3,192 | 3,156 |
Bargain purchase gain | 3,053 | ||||
Other income | [1] | 67 | (111) | 157 | (106) |
Total Non-Interest Income | 7,154 | 4,554 | 14,887 | 8,516 | |
Non-Interest Expense | |||||
Salaries and employee benefits | 17,081 | 15,174 | 34,058 | 30,951 | |
Net occupancy expense of premises | 3,120 | 3,082 | 6,242 | 6,051 | |
Equipment and systems | 3,902 | 3,046 | 7,472 | 6,135 | |
Advertising and marketing | 513 | 890 | 1,013 | 1,425 | |
Federal deposit insurance premium | 490 | 962 | |||
Directors' compensation | 748 | 769 | 1,496 | 1,539 | |
Merger-related expenses | 219 | 4,349 | 219 | ||
Debt extinguishment expenses | 796 | 796 | |||
Other expense | 3,860 | 3,247 | 7,695 | 6,351 | |
Total Non-Interest Expense | 30,510 | 26,427 | 64,083 | 52,671 | |
Income before Income Taxes | 22,562 | 14,199 | 36,825 | 29,386 | |
Income tax expense | 5,614 | 3,547 | 8,498 | 7,364 | |
Net Income | $ 16,948 | $ 10,652 | $ 28,327 | $ 22,022 | |
Net Income per Common Share (EPS) | |||||
Basic | $ 0.20 | $ 0.13 | $ 0.33 | $ 0.26 | |
Diluted | $ 0.20 | $ 0.13 | $ 0.33 | $ 0.26 | |
Weighted Average Number of Common Shares Outstanding | |||||
Basic | 85,120 | 82,831 | 85,564 | 83,794 | |
Diluted | 85,123 | 82,876 | 85,566 | 83,835 | |
Financial Service [Member] | |||||
Non-Interest Income | |||||
Fees and service charges | $ 1,896 | $ 2,145 | $ 2,972 | $ 3,613 | |
Credit and Debit Card [Member] | |||||
Non-Interest Income | |||||
Fees and service charges | $ 404 | $ 293 | $ 809 | $ 611 | |
[1] | Not within the scope of ASC 606. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net Income | $ 16,948 | $ 10,652 | $ 28,327 | $ 22,022 |
Other Comprehensive Income (Loss), net of tax: | ||||
Net unrealized gain (loss) on securities available for sale | 504 | (2,030) | 1,292 | 5,263 |
Amortization of net unrealized loss on securities available for sale transferred to held to maturity | 421 | |||
Net realized (gain) loss on sale and call of securities available for sale | (571) | (8) | (306) | 1 |
Fair value adjustments on derivatives | 2,531 | 1,300 | 4,176 | (907) |
Benefit plan adjustments | 15 | 3 | 34 | 338 |
Total Other Comprehensive Income (Loss) | 2,479 | (735) | 5,196 | 5,116 |
Total Comprehensive Income | $ 19,427 | $ 9,917 | $ 33,523 | $ 27,138 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | MSB Financial Corporation [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | Common Stock [Member] | Common Stock [Member]MSB Financial Corporation [Member] | Paid-in Capital [Member] | Paid-in Capital [Member]MSB Financial Corporation [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect Period Of Adoption Adjustment [Member] | Unearned ESOP Shares [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance (in value) at Jun. 30, 2019 | $ 1,127,159 | $ 891 | $ 787,394 | $ 366,679 | $ (30,644) | $ 2,839 | |||||
Balance (in shares) at Jun. 30, 2019 | 89,126,000 | ||||||||||
Net Income | 22,022 | 22,022 | |||||||||
Other comprehensive income (loss), net of income tax | 5,116 | 5,116 | |||||||||
ESOP shares committed to be released | 1,353 | 380 | 973 | ||||||||
Stock option expense | 917 | 917 | |||||||||
Share repurchases (in value) | (52,254) | $ (39) | (52,215) | ||||||||
Stock repurchases (in shares) | (3,900,000) | ||||||||||
Restricted stock plan shares earned (in value) | 1,999 | 1,999 | |||||||||
Cancellation of shares issued for restricted stock awards (in value) | (937) | $ (1) | (936) | ||||||||
Cancellation of shares issued for restricted stock awards (in shares) | (76,000) | ||||||||||
Cash dividends declared | (10,805) | (10,805) | |||||||||
Balance (in value) at Dec. 31, 2019 | 1,094,570 | $ 851 | 737,539 | 377,896 | (29,671) | 7,955 | |||||
Balance (in shares) at Dec. 31, 2019 | 85,150,000 | ||||||||||
Balance (in value) at Sep. 30, 2019 | 1,110,789 | $ 868 | 758,385 | 373,004 | (30,158) | 8,690 | |||||
Balance (in shares) at Sep. 30, 2019 | 86,786,000 | ||||||||||
Net Income | 10,652 | 10,652 | |||||||||
Other comprehensive income (loss), net of income tax | (735) | (735) | |||||||||
ESOP shares committed to be released | 694 | 207 | 487 | ||||||||
Stock option expense | 466 | 466 | |||||||||
Share repurchases (in value) | (21,672) | $ (16) | (21,656) | ||||||||
Stock repurchases (in shares) | (1,574,000) | ||||||||||
Restricted stock plan shares earned (in value) | 1,014 | 1,014 | |||||||||
Cancellation of shares issued for restricted stock awards (in value) | (878) | $ (1) | (877) | ||||||||
Cancellation of shares issued for restricted stock awards (in shares) | (62,000) | ||||||||||
Cash dividends declared | (5,760) | (5,760) | |||||||||
Balance (in value) at Dec. 31, 2019 | 1,094,570 | $ 851 | 737,539 | 377,896 | (29,671) | 7,955 | |||||
Balance (in shares) at Dec. 31, 2019 | 85,150,000 | ||||||||||
Balance (in value) at Jun. 30, 2020 | $ 1,084,177 | $ 837 | 722,871 | 387,911 | (28,699) | 1,257 | |||||
Balance (in shares) at Jun. 30, 2020 | 83,663,192 | 83,663,000 | |||||||||
Cumulative effect of change in accounting principle for the adoption of ASU 2017-08 at Jun. 30, 2020 | $ (14,239) | $ (14,239) | |||||||||
Balance - July 1, 2020 as adjusted for change in accounting principle at Jun. 30, 2020 | $ 1,069,938 | $ 837 | 722,871 | 373,672 | (28,699) | 1,257 | |||||
Net Income | 28,327 | 28,327 | |||||||||
Other comprehensive income (loss), net of income tax | 5,196 | 5,196 | |||||||||
ESOP shares committed to be released | 861 | (112) | 973 | ||||||||
Stock option expense | 911 | 911 | |||||||||
Share repurchases (in value) | (45,704) | $ (45) | (45,659) | ||||||||
Stock repurchases (in shares) | (4,509,000) | ||||||||||
Restricted stock plan shares earned (in value) | 1,991 | 1,991 | |||||||||
Cancellation of shares issued for restricted stock awards (in value) | (689) | $ (1) | (688) | ||||||||
Cancellation of shares issued for restricted stock awards (in shares) | (70,000) | ||||||||||
Acquisition of MSB Financial Corp (in value) | $ 45,133 | $ 58 | $ 45,075 | ||||||||
Acquisition of MSB Financial Corp (in shares) | 5,854,000 | ||||||||||
Cash dividends declared | (13,623) | (13,623) | |||||||||
Balance (in value) at Dec. 31, 2020 | $ 1,092,341 | $ 849 | 724,389 | 388,376 | (27,726) | 6,453 | |||||
Balance (in shares) at Dec. 31, 2020 | 84,938,272 | 84,938,000 | |||||||||
Balance (in value) at Sep. 30, 2020 | $ 1,124,060 | $ 895 | 769,269 | 378,134 | (28,212) | 3,974 | |||||
Balance (in shares) at Sep. 30, 2020 | 89,510,000 | ||||||||||
Net Income | 16,948 | 16,948 | |||||||||
Other comprehensive income (loss), net of income tax | 2,479 | 2,479 | |||||||||
ESOP shares committed to be released | 474 | (12) | 486 | ||||||||
Stock option expense | 455 | 455 | |||||||||
Share repurchases (in value) | (45,704) | $ (45) | (45,659) | ||||||||
Stock repurchases (in shares) | (4,509) | ||||||||||
Restricted stock plan shares earned (in value) | 975 | 975 | |||||||||
Cancellation of shares issued for restricted stock awards (in value) | (640) | $ (1) | (639) | ||||||||
Cancellation of shares issued for restricted stock awards (in shares) | (63,000) | ||||||||||
Cash dividends declared | (6,706) | (6,706) | |||||||||
Balance (in value) at Dec. 31, 2020 | $ 1,092,341 | $ 849 | $ 724,389 | $ 388,376 | $ (27,726) | $ 6,453 | |||||
Balance (in shares) at Dec. 31, 2020 | 84,938,272 | 84,938,000 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Stockholders Equity [Abstract] | ||||
ESOP shares committed to be released, shares | 50 | 50 | 100 | 100 |
Restricted stock plan shares earned, shares | 69 | 70 | 138 | 138 |
Dividends declared per common share | $ 0.08 | $ 0.07 | $ 0.16 | $ 0.13 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 28,327 | $ 22,022 |
Adjustment to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of premises and equipment | 2,883 | 2,263 |
Net accretion of premiums, discounts and loan fees and costs | (7,620) | (4,575) |
Deferred income taxes and valuation allowance | 2,262 | 2,940 |
Realized gain on bargain purchase | (3,053) | |
Amortization of intangible assets | 534 | 615 |
Amortization of benefit plans’ unrecognized net gain | 42 | 480 |
(Reversal of) provision for credit losses | 2,694 | (2,247) |
Loss on write-down and sales of other real estate owned | 28 | |
Loans originated for sale | (212,037) | (120,091) |
Proceeds from sale of mortgage loans held-for-sale | 224,141 | 127,678 |
Gain on sale of mortgage loans held-for-sale, net | (3,916) | (1,273) |
Realized (gain) loss on sale and call of investment securities available for sale | (436) | 3 |
Debt extinguishment expenses | 796 | |
Realized gain on sale of loans receivable | (352) | |
Realized loss on disposition of premises and equipment | 26 | 342 |
Increase in cash surrender value of bank owned life insurance | (3,192) | (3,156) |
ESOP, stock option plan and restricted stock plan expenses | 3,763 | 4,269 |
(Increase) decrease in interest receivable | (752) | 1,099 |
Increase in other assets | (3,225) | (20,227) |
Decrease in interest payable | (237) | (3,094) |
Increase in other liabilities | 172 | 17,663 |
Net Cash Provided by Operating Activities | 30,820 | 24,739 |
Purchases of: | ||
Investment securities available for sale | (604,971) | (216,015) |
Proceeds from: | ||
Repayments/calls/maturities of investment securities available for sale | 253,802 | 70,213 |
Repayments/calls/maturities of investment securities held to maturity | 2,930 | 2,745 |
Sales of investment securities available for sale | 44,842 | 3,646 |
Purchase of loans | (23,508) | (34,249) |
Net decrease in loans receivable | 192,081 | 224,895 |
Proceeds from sale of loans receivable | 43,931 | |
Purchase of interest rate caps | (1,476) | |
Additions to premises and equipment | (2,224) | (2,688) |
Proceeds from cash settlement of premises and equipment | 395 | |
Redemption of FHLB stock | 16,421 | 1,352 |
Net cash acquired in acquisition | 4,296 | |
Net Cash (Used in) Provided by Investing Activities | (72,400) | 48,818 |
Cash Flows from Financing Activities: | ||
Net increase in deposits | 423,187 | 41,832 |
Repayment of term FHLB advances | (1,667,796) | (1,680,059) |
Proceeds from term FHLB advances | 1,365,000 | 1,650,000 |
Net decrease in other short-term borrowings | (68,635) | (17,680) |
Net decrease in advance payments by borrowers for taxes | (1,263) | (302) |
Repurchase and cancellation of common stock of Kearny Financial Corp. | (45,704) | (52,254) |
Cancellation of shares repurchased on vesting to pay taxes | (689) | (937) |
Dividends paid | (13,793) | (11,296) |
Net Cash Used in Financing Activities | (9,693) | (70,696) |
Net (Decrease) Increase in Cash and Cash Equivalents | (51,273) | 2,861 |
Cash and Cash Equivalents - Beginning | 180,967 | 38,935 |
Cash and Cash Equivalents - Ending | 129,694 | 41,796 |
Cash paid during the period for: | ||
Income taxes, net of refunds | 9,189 | 6,379 |
Interest | 30,798 | 48,881 |
Non-cash investing and financing activities: | ||
Transfers from loans receivable to loans receivable held-for-sale | 43,579 | |
Acquisition of other real estate owned in settlement of loans | 206 | |
Fair value of assets acquired, net of cash and cash equivalents acquired | 567,816 | |
Fair value of liabilities assumed | $ 523,926 | |
ASU 2019-04 [Member] | ||
Non-cash investing and financing activities: | ||
Debt securities transferred from held to maturity to available for sale | 537,732 | |
ASU 2016-02 [Member] | ||
Non-cash investing and financing activities: | ||
Operating lease right-of-use assets | 17,243 | |
Operating lease liabilities | $ 17,758 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The unaudited consolidated financial statements include the accounts of Kearny Financial Corp. (the “Company”), its wholly-owned subsidiary, Kearny Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries, CJB Investment Corp., KFS Insurance Services, Inc. and Millington Savings Service Corp. The Company conducts its business principally through the Bank. Management prepared the unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), including the elimination of all significant inter-company accounts and transactions during consolidation. Basis of Presentation The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include information or footnotes necessary for a complete presentation of financial condition, income, comprehensive (loss) income, changes in stockholders’ equity and cash flows in conformity with GAAP. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the unaudited consolidated financial statements have been included. The results of operations for the three-month and six-month periods ended December 31, 2020 are not necessarily indicative of the results that may be expected for the entire fiscal year or any other period. The data in the consolidated statement of financial condition for June 30, 2020 was derived from the Company’s 2020 Annual Report on Form 10-K. That data, along with the interim unaudited financial information presented in the consolidated statements of financial condition, income, comprehensive income, changes in stockholders’ equity and cash flows should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in the Company’s 2020 Annual Report on Form 10-K. Risks and Uncertainties As previously disclosed, on March 11, 2020, the World Health Organization declared the outbreak of COVID-19 a global pandemic. The COVID-19 pandemic has adversely affected, and may continue to adversely affect, local, national and global economic activity. The spread of the outbreak has caused significant disruptions to the U.S. economy, significant reductions in the targeted federal funds rate and has disrupted banking and other financial activity in the areas in which the Company operates. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted to, among other provisions, provide emergency assistance for individuals, families and businesses affected by the COVID-19 pandemic. On December 27, 2020 the 2021 Consolidated Appropriations Act, was enacted as part of an omnibus spending bill for the 2021 federal fiscal year, included provisions intended to provide additional aid to those impacted by the pandemic. Reductions in interest rates and other effects of the COVID-19 pandemic may continue to materially and adversely affect the Company's financial condition and results of operations in future periods. It is unknown how long the adverse conditions associated with the COVID-19 pandemic will last and what the complete financial effect will be to the Company. It is possible that estimates made in the financial statements could be materially and adversely impacted as a result of these conditions, including estimates regarding expected credit losses on loans receivable, impairment of investment securities and impairment of goodwill. Although the Company continues to operate while taking steps to ensure the safety of employees and clients, COVID-19 could also potentially create widespread business continuity issues for the Company. The extent to which the COVID-19 pandemic will continue to impact the Company’s business, financial condition and results of operations in future periods will depend on future developments, including the scope and duration of the pandemic, the efficacy and adoption of COVID-19 vaccines and actions taken by governmental authorities and other third parties in response to the pandemic, as well as further actions the Company may take as may be required by government authorities or that the Company determines is in the best interests of its employees and clients. There is no certainty that such measures will be sufficient to mitigate the risks posed by the pandemic. Adoption of New Accounting Standards On July 1, 2020, the Company adopted ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The Company adopted ASU 2016-13 using a modified retrospective approach. Results for reporting periods beginning after July 1, 2020 are presented under Topic 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP. At adoption, the Company increased its allowance for credit losses by $20.2 million, comprised of $19.6 million for loans receivable and $536,000 for unfunded commitments. Upon adoption the Company recorded a cumulative effect adjustment that reduced stockholders’ equity by $14.2 million, net of tax. Allowance for Credit Losses The allowance for credit losses represents the estimated amount considered necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date. The measurement of expected credit losses is applicable to loans receivable and securities measured at amortized cost. It also applies to off-balance sheet credit exposures such as loan commitments and unused lines of credit. The allowance is established through a provision for credit losses that is charged against income. The methodology for determining the allowance for credit losses is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded allowance for credit losses. The allowance for credit losses is reported separately as a contra-asset on the consolidated statement of financial condition. The expected credit loss for unfunded lending commitments and unfunded loan commitments is reported on the Consolidated Statement of Financial Condition in other liabilities while the provision for credit losses related to unfunded commitments is reported in other non-interest expense. Allowance for Credit Losses on Loans Receivable The allowance for credit losses on loans is deducted from the amortized cost basis of the loan to present the net amount expected to be collected. Expected losses are evaluated and calculated on a collective, or pooled, basis for those loans which share similar risk characteristics. At each reporting period, the Company evaluates whether loans within a pool continue to exhibit similar risk characteristics. If the risk characteristics of a loan change, such that they are no longer similar to other loans in the pool, the Company will evaluate the loan with a different pool of loans that share similar risk characteristics. If the loan does not share risk characteristics with other loans, the Company will evaluate the loan on an individual basis. The Company evaluates the pooling methodology at least annually. Loans are charged off against the allowance for credit losses when the Company believes the balances to be uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged off or expected to be charged off. The Company has chosen to segment its portfolio consistent with the manner in which it manages credit risk. Such segments include multi-family, nonresidential mortgage, commercial business, construction, one- to four-family residential, home equity and consumer. For most segments the Company calculates estimated credit losses using a probability of default and loss given default methodology, the results of which are applied to the aggregated discounted cash flow of each individual loan within the segment. The point in time probability of default and loss given default are then conditioned by macroeconomic scenarios to incorporate reasonable and supportable forecasts that affect the collectability of the reported amount. The Company estimates the allowance for credit losses on loans via a quantitative analysis which considers relevant available information from internal and external sources related to past events and current conditions, as well as the incorporation of reasonable and supportable forecasts. The Company evaluates a variety of factors including third party economic forecasts, industry trends and other available published economic information in arriving at its forecasts. After the reasonable and supportable forecast period, the Company reverts, on a straight-line basis, to average historical losses. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or the renewal option is included in the original or modified contract at the reporting date and are not unconditionally cancelable by the Company. Also included in the allowance for credit losses on loans are qualitative reserves to cover losses that are expected but, in the Company’s assessment, may not be adequately represented in the quantitative analysis or the forecasts described above. Factors that the Company considers include changes in lending policies and procedures, business conditions, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and non-accrual loans, the effect of external factors such as competition, legal and regulatory requirements, among others. Furthermore, the Company considers the inherent uncertainty in quantitative models that are built upon historical data. Individually Evaluated Loans On a case-by-case basis, the Company may conclude that a loan should be evaluated on an individual basis based on its disparate risk characteristics. When the Company determines that a loan no longer shares similar risk characteristics with other loans in the portfolio, the allowance will be determined on an individual basis using the present value of expected cash flows or, for collateral-dependent loans, the fair value of the collateral as of the reporting date, less estimated selling costs, as applicable. If the fair value of the collateral is less than the amortized cost basis of the loan, the Company will charge off the difference between the fair value of the collateral, less costs to sell at the reporting date and the amortized cost basis of the loan. Acquired Loans Acquired loans are included in the Company's calculation of the allowance for credit losses. How the allowance on an acquired loan is recorded depends on whether or not it has been classified as a Purchased Credit Deteriorated (“PCD”) loan. PCD loans are loans acquired at a discount that is due, in part, to credit quality. PCD loans are accounted for in accordance with ASC Subtopic 326-20 and are initially recorded at fair value as determined by the sum of the present value of expected future cash flows and an allowance for credit losses at acquisition. The allowance for PCD loans is recorded through a gross-up effect, while the allowance for acquired non-PCD loans is recorded through provision expense, consistent with originated loans. Thus, the determination of which loans are PCD and non-PCD can have a significant impact on the accounting for these loans. Subsequent to acquisition, the allowance for PCD loans will generally follow the same estimation, provision and charge-off process as non-PCD acquired and originated loans. Allowance for Credit Losses on Off-Balance Sheet Commitments The Company is required to include unfunded commitments that are expected to be funded in the future within the allowance calculation, other than those that are unconditionally cancelable. To arrive at that reserve, the reserve percentage for each applicable segment is applied to the unused portion of the expected commitment balance and is multiplied by the expected funding rate. To determine the expected funding rate, the Company uses a historical utilization rate for each segment. As noted above, the allowance for credit losses on unfunded loan commitments is included in other liabilities on the consolidated statement of financial condition and the related credit expense is recorded in other non-interest expense in the consolidated statements of income. Allowance for Credit Losses on Held to Maturity Securities The Company’s entire portfolio of held to maturity securities consists of municipal bonds which are highly rated by major rating agencies and have a long history of no credit losses. In estimating the net amount expected to be collected for held to maturity securities in an unrealized loss position, a historical loss based method is utilized. Allowance for Credit Losses on Available for Sale Securities For available for sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more than likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities available for sale that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating by a rating agency, and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of tax. The Company elected the practical expedient of zero loss estimates for securities issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rate by major agencies and have a long history of no credit losses. Changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available for sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued Interest Receivable The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of loans, available for sale securities, and held to maturity securities. Accrued interest receivable on loans is reported as a component of accrued interest receivable on the Consolidated Statement of Financial Condition, totaled $15.5 million at December 31, 2020 and is excluded from the estimate of credit losses. |
Net Income Per Common Share ("E
Net Income Per Common Share ("EPS") | 6 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share (EPS) | 2. NET INCOME PER COMMON SHARE (“EPS”) Basic EPS is based on the weighted average number of common shares actually outstanding, including both vested and unvested restricted stock awards, adjusted for Employee Stock Ownership Plan (“ESOP”) shares not yet committed to be released. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as outstanding stock options, were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Diluted EPS is calculated by adjusting the weighted average number of shares of common stock outstanding to include the effect of contracts or securities exercisable or which could be converted into common stock, if dilutive, using the treasury stock method. Shares issued and reacquired during any period are weighted for the portion of the period they were outstanding. The following schedule shows the Company’s earnings per share calculations for the periods presented: Three Months Ended December 31, Six Months Ended December 31, 2020 2019 2020 2019 Net income $ 16,948 $ 10,652 $ 28,327 $ 22,022 Weighted average number of common shares outstanding - basic 85,120 82,831 85,564 83,794 Effect of dilutive securities 3 45 2 41 Weighted average number of common shares outstanding - diluted 85,123 82,876 85,566 83,835 Basic earnings per share $ 0.20 $ 0.13 $ 0.33 $ 0.26 Diluted earnings per share $ 0.20 $ 0.13 $ 0.33 $ 0.26 Stock options for 3,280,648 and 3,115,000 shares of common stock were not considered in computing diluted earnings per share at December 31, 2020 and December 31, 2019, respectively, because they were considered anti-dilutive. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 3. SUBSEQUENT EVENTS The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of December 31, 2020, for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date this document was filed. |
Acquisition of MSB Financial Co
Acquisition of MSB Financial Corp. | 6 Months Ended |
Dec. 31, 2020 | |
MSB Financial Corporation [Member] | |
Acquisition of MSB Financial Corp. | 4. ACQUISITION OF MSB FINANCIAL CORP. O n July 10, 2020, the Company completed its acquisition of MSB Financial Corp. (“MSB”), and its subsidiary Millington Bank. In accordance with the merger agreement, approximately $9.8 million in cash and 5,853,811 shares of Company common stock were distributed to former MSB shareholders in exchange for their shares of MSB common stock. 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 July 10, 2020 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 bargain purchase gain of $3.1 million and a core deposit intangible of $690,000. During the quarter ended December 31, 2020 the Company completed all MSB tax returns and determined that there were no material adjustments to the balance of deferred income tax assets or bargain purchase gain associated with the MSB acquisition. The Company recorded the assets acquired and liabilities assumed through the merger at fair value as summarized in the following table: As Recorded by MSB Fair Value Adjustments As Recorded at Acquisition (In Thousands) Cash paid for acquisition $ 9,830 Value of stock issued 45,133 Total purchase price $ 54,963 Cash and cash equivalents $ 14,126 $ - $ 14,126 Investment securities 4,000 (510 ) (a) 3,490 Loans receivable 537,589 (7,345 ) (b) 530,244 Allowance for loan losses (6,037 ) 6,037 (c) - Premises and equipment 7,698 (3,221 ) (d) 4,477 FHLB stock 3,345 - 3,345 Accrued interest receivable 1,701 - 1,701 Core deposit intangibles - 690 (e) 690 Bank owned life insurance 14,663 - 14,663 Deferred income taxes, net 1,729 2,152 (f) 3,881 Other assets 4,830 495 (g) 5,325 Total assets acquired $ 583,644 $ (1,702 ) $ 581,942 Deposits $ 458,392 $ 1,786 (h) $ 460,178 FHLB borrowings 62,900 - 62,900 Advance payments by borrowers for taxes 794 - 794 Other liabilities 810 (756 ) (i) 54 Total liabilities assumed $ 522,896 $ 1,030 $ 523,926 Net assets acquired $ 58,016 Bargain purchase gain $ (3,053 ) 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 reversal of deferred fees/costs and premiums. (c) Represents the elimination of MSB’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 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. (f) 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. (g) Represents an adjustment to other assets acquired. (h) 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. (i) Represents an adjustment to other liabilities assumed. The fair value of loans acquired from MSB was 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 MSB’s allowance for loan losses associated with the loans that were acquired. For information regarding purchased loans which have been determined to be PCD, refer to Note 8, Loans Receivable. 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. 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. |
Merger Related Expenses
Merger Related Expenses | 6 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Merger Related Expenses | 5. MERGER RELATED EXPENSES Merger-related expenses were recorded in the Consolidated Statements of Income as a component of non-interest expense and include costs relating to the Company’s acquisition of MSB, as described above. These charges represent one-time costs associated with acquisition activities and do not represent ongoing costs of the fully integrated combined organization. Accounting guidance requires that acquisition-related transactional and restructuring costs incurred by the Company be charged to expense as incurred. Direct acquisition and other charges incurred in connection with the MSB merger totaled $4.3 million for the three months ended September 30, 2020 and $951,000 for the fiscal year ended June 30, 2020. Direct acquisition and other charges were recorded in merger-related expense on the consolidated statements of income. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Dec. 31, 2020 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 6. RECENT ACCOUNTING PRONOUNCEMENTS In December 2019, the Financial Accounting Standards Board (the “FASB”) issued ASU 2019-12, “Income taxes (Topic 740); Simplifying the Accounting for Income Taxes”. Adoption of New Accounting Standards On July 1, 2020 the Company adopted ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Upon adoption the Company recorded a cumulative effect adjustment that reduced stockholders’ equity by $14.2 million, net of tax. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment |
Securities
Securities | 6 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | 7. SECURITIES At December 31, 2020, there was no allowance for credit losses on available for sale securities. The following tables present the amortized cost, gross unrealized gains and losses and estimated fair values for available for sale securities and the amortized cost, gross unrecognized gains and losses and estimated fair values for held to maturity securities as of the dates indicated: December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Available for sale: Debt securities: Obligations of state and political subdivisions $ 46,665 $ 1,098 $ - $ 47,763 Asset-backed securities 254,920 1,454 967 255,407 Collateralized loan obligations 197,515 79 909 196,685 Corporate bonds 166,097 1,547 476 167,168 Trust preferred securities 2,967 - 101 2,866 Total debt securities 668,164 4,178 2,453 669,889 Mortgage-backed securities: Collateralized mortgage obligations (1) 20,021 489 - 20,510 Residential pass-through securities (1) 693,655 12,336 - 705,991 Commercial pass-through securities (1) 290,095 9,597 189 299,503 Total mortgage-backed securities 1,003,771 22,422 189 1,026,004 Total securities available for sale $ 1,671,935 $ 26,600 $ 2,642 $ 1,695,893 (1) Government-sponsored enterprises. June 30, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Available for sale: Debt securities: Obligations of state and political subdivisions $ 52,843 $ 1,211 $ - 54,054 Asset-backed securities 177,413 - 4,966 172,447 Collateralized loan obligations 198,619 - 4,831 193,788 Corporate bonds 142,942 1,267 570 143,639 Trust preferred securities 2,967 - 340 2,627 Total debt securities 574,784 2,478 10,707 566,555 Mortgage-backed securities: Collateralized mortgage obligations (1) 30,043 860 - 30,903 Residential pass-through securities (1) 543,819 18,135 - 561,954 Commercial pass-through securities (1) 214,575 11,716 - 226,291 Total mortgage-backed securities 788,437 30,711 - 819,148 Total securities available for sale $ 1,363,221 $ 33,189 $ 10,707 $ 1,385,703 (1) Government-sponsored enterprises. December 31, 2020 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value (In Thousands) Held to maturity: Debt securities: Obligations of state and political subdivisions $ 29,549 $ 1,514 $ - $ 31,063 Total debt securities 29,549 1,514 - 31,063 Total securities held to maturity $ 29,549 $ 1,514 $ - $ 31,063 June 30, 2020 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value (In Thousands) Held to maturity: Debt securities: Obligations of state and political subdivisions $ 32,556 $ 1,513 $ - $ 34,069 Total debt securities 32,556 1,513 - 34,069 Total securities held to maturity $ 32,556 $ 1,513 $ - $ 34,069 Excluding the balances of mortgage-backed securities, the following table presents the amortized cost and estimated fair values of debt securities available for sale and held to maturity, by contractual maturity, at December 31, 2020: December 31, 2020 Amortized Cost Fair Value (In Thousands) Debt securities: Due in one year or less $ 5,163 $ 5,180 Due after one year through five years 88,106 89,216 Due after five years through ten years 341,569 343,661 Due after ten years 262,875 262,895 Total $ 697,713 $ 700,952 Sales of securities available for sale were as follows for the periods presented below: Three Months Ended Six Months Ended December 31, December 31, 2020 2019 2020 2019 (In Thousands) (In Thousands) Available for sale securities sold: Proceeds from sales of securities $ 25,242 $ - $ 44,842 $ 3,646 Gross realized gains $ 800 $ - $ 800 $ 12 Gross realized losses - - (385 ) (28 ) Net gain (loss) on sales of securities $ 800 $ - $ 415 $ (16 ) Calls of securities available for sale during the three months ended December 31, 2020 and December 31, 2019 resulted in gross gains of $13,000 and $11,000, respectively. Calls of securities available for sale during the six months ended December 31, 2020 and December 31, 2019 resulted in gross gains of $21,000 and $13,000, respectively. During the three and six months ended December 31, 2020 and December 31, 2019, there were no gains or losses recorded on sales and calls of securities held to maturity. The carrying value of securities pledged for borrowings at the FHLB and other institutions, and securities pledged for public funds and other purposes, were as follows as of the dates presented below: December 31, June 30, 2020 2020 (In Thousands) Securities pledged: Pledged for borrowings at the FHLB of New York $ 155,620 $ 155,288 Pledged to secure public funds on deposit 104,434 19,944 Pledged for potential borrowings at the Federal Reserve Bank of New York 338,152 366,482 Pledged as collateral for depositor sweep accounts - 7,830 Total carrying value of securities pledged $ 598,206 $ 549,544 The following tables present the gross unrealized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that securities have been in a continuous unrealized loss position within the available for sale portfolio at December 31, 2020 and June 30, 2020: December 31, 2020 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses (Dollars in Thousands) Securities Available for Sale: Asset-backed securities $ 46,989 $ 529 $ 44,103 $ 438 10 $ 91,092 $ 967 Collateralized loan obligations 61,440 110 126,755 799 18 188,195 909 Corporate bonds 41,548 401 19,925 75 7 61,473 476 Trust preferred securities - - 2,866 101 2 2,866 101 Commercial pass-through securities 81,056 189 - - 4 81,056 189 Total $ 231,033 $ 1,229 $ 193,649 $ 1,413 41 $ 424,682 $ 2,642 June 30, 2020 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses (Dollars in Thousands) Securities Available for Sale: Asset-backed securities $ 146,494 $ 3,962 $ 25,954 $ 1,004 16 $ 172,448 $ 4,966 Collateralized loan obligations 71,282 1,245 122,506 3,586 19 193,788 4,831 Corporate bonds 24,764 236 39,651 334 8 64,415 570 Trust preferred securities - - 2,626 340 2 2,626 340 Total $ 242,540 $ 5,443 $ 190,737 $ 5,264 45 $ 433,277 $ 10,707 At December 31, 2020 and June 30, 2020, there were no held to maturity securities with unrecognized losses. Available for sale securities are evaluated to determine if a decline in fair value below the amortized cost basis has resulted from a credit loss or other factors. An impairment related to credit factors would be recorded through an allowance for credit losses. The allowance is limited to the amount by which the security’s amortized cost basis exceeds the fair value. An impairment that has not been recorded through an allowance for credit losses shall be recorded through other comprehensive income, net of applicable taxes. Investment securities will be written down to fair value through the consolidated statement of income when management intends to sell, or may be required to sell, the securities before they recover in value. The issuers of these securities continue to make timely principal and interest payments and none of these securities were past due or were placed in nonaccrual status at December 31, 2020. Management believes that the unrealized losses on these securities are a function of changes in market interest rates and credit spreads, not changes in credit quality. Therefore, no allowance for credit losses was recorded at December 31, 2020. At December 31, 2020, the Company’s entire portfolio of held to maturity securities consists of municipal bonds which are highly rated by major rating agencies and have a long history of no credit losses. None of the securities in the Company’s portfolio of held to maturity municipal bonds were in an unrealized loss position. The Company continually monitors the municipal bond sector of the market and reviews collectability including such factors as the financial condition of the issuers including credit ratings in effect as of the reporting period. |
Loans Receivable
Loans Receivable | 6 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Loans Receivable | 8. LOANS RECEIVABLE The following table sets forth the composition of the Company’s loan portfolio at December 31, 2020 and June 30, 2020: December 31, June 30, 2020 2020 (In Thousands) Commercial loans: Multi-family mortgage $ 2,076,483 $ 2,059,568 Nonresidential mortgage 1,123,695 960,853 Commercial business (1) 202,010 138,788 Construction 90,398 20,961 Total commercial loans 3,492,586 3,180,170 One- to four-family residential mortgage 1,305,351 1,273,022 Consumer loans: Home equity loans 65,298 82,920 Other consumer 4,123 3,991 Total consumer loans 69,421 86,911 Total loans 4,867,358 4,540,103 Unaccreted yield adjustments (38,724 ) (41,706 ) Total loans receivable, net of yield adjustments $ 4,828,634 $ 4,498,397 (1) Includes Paycheck Protection Program (“PPP”) loans of $39.2 million and $69.0 million as of December 31, 2020 and June 30, 2020, respectively. The balance of PPP loans at December 31, 2020 includes loans acquired in conjunction with the Company’s acquisition of MSB on July 10, 2020. Past Due Loans Past due status is based on the contractual payment terms of the loans. The following tables present the payment status of past due loans as of December 31, 2020 and June 30, 2020, by loan segment: December 31, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Current $ 2,060,012 $ 1,083,879 $ 201,527 $ 90,398 $ 1,297,164 $ 65,182 $ 4,110 $ 4,802,272 Past due: 30-59 days 2,971 2,713 183 - 2,718 - 2 8,587 60-89 days 3,274 14,529 - - 271 - 6 18,080 90 days and over 10,226 22,574 300 - 5,198 116 5 38,419 Total past due 16,471 39,816 483 - 8,187 116 13 65,086 Total loans $ 2,076,483 $ 1,123,695 $ 202,010 $ 90,398 $ 1,305,351 $ 65,298 $ 4,123 $ 4,867,358 June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Current $ 2,059,568 $ 941,714 $ 138,439 $ 20,961 $ 1,264,267 $ 82,358 $ 3,981 $ 4,511,288 Past due: 30-59 days - - - - 3,211 169 - 3,380 60-89 days - 14,478 - - 1,038 13 5 15,534 90 days and over - 4,661 349 - 4,506 380 5 9,901 Total past due - 19,139 349 - 8,755 562 10 28,815 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 Nonperforming Loans Loans are generally placed on nonaccrual status when contractual payments become 90 or more days past due or when the Company does not expect to receive all principal and interest payments (“P&I”) owed substantially in accordance with the terms of the loan agreement, regardless of past due status. Loans that become 90 days past due, but are well secured and in the process of collection, may remain on accrual status. Nonaccrual loans are generally returned to accrual status when all payments due are brought current and we expect to receive all remaining P&I payments owed substantially in accordance with the terms of the loan agreement. Payments received in cash on nonaccrual loans, including both the principal and interest portions of those payments, are generally applied to reduce the carrying value of the loan. The Company did not recognize interest income on non-accrual loans during the three and six months ended December 31, 2020 and December 31, 2019. The following tables present information relating to the Company’s nonperforming loans as of December 31, 2020 and June 30, 2020: December 31, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Performing $ 2,060,087 $ 1,084,413 $ 201,483 $ 87,884 $ 1,292,826 $ 65,075 $ 4,118 $ 4,795,886 Nonperforming: 90 days and over past due accruing - - - - - - - - Nonaccrual loans with allowance for credit losses - 1,635 121 - 2,770 - 5 4,531 Nonaccrual loans with no allowance for credit losses 16,396 37,647 406 2,514 9,755 223 - 66,941 Total nonperforming 16,396 39,282 527 2,514 12,525 223 5 71,472 Total loans $ 2,076,483 $ 1,123,695 $ 202,010 $ 90,398 $ 1,305,351 $ 65,298 $ 4,123 $ 4,867,358 June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Performing $ 2,056,606 $ 936,917 $ 138,196 $ 20,961 $ 1,264,663 $ 82,078 $ 3,986 $ 4,503,407 Nonperforming: 90 days and over past due accruing - - - - - - 5 5 Nonaccrual 2,962 23,936 592 - 8,359 842 - 36,691 Total nonperforming 2,962 23,936 592 - 8,359 842 5 36,696 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 Troubled Debt Restructurings (“TDRs”) On a case-by-case basis, the Company may agree to modify the contractual terms of a loan to assist a borrower who may be experiencing financial difficulty, as well as to preserve the Company’s position in the loan. If the borrower is experiencing financial difficulties and a concession has been made at the time of such modification, the loan is classified as a TDR. At December 31, 2020, the Company had TDRs totaling $19.6 million. The allowance for credit losses associated with the TDRs presented in the tables below totaled $209,000 and $8,000 as of December 31, 2020 and June 30, 2020, respectively. As of December 31, 2020, there were no significant commitments to lend additional funds to borrowers whose loans had been restructured in a TDR. The following tables present total TDR loans at December 31, 2020 and June 30, 2020: December 31, 2020 Accrual Non-accrual Total # of Loans Amount # of Loans Amount # of Loans Amount (Dollars In Thousands) Commercial loans: Multi-family mortgage loans - $ - 1 $ 2,896 1 $ 2,896 Nonresidential mortgage 1 108 7 2,505 8 2,613 Commercial business 5 5,083 5 422 10 5,505 Construction - - 1 2,514 1 2,514 Total commercial loans 6 5,191 14 8,337 20 13,528 One- to four-family residential mortgage 16 2,400 17 3,091 33 5,491 Consumer loans: Home equity loans 8 528 1 95 9 623 Total 30 $ 8,119 32 $ 11,523 62 $ 19,642 June 30, 2020 Accrual Non-accrual Total # of Loans Amount # of Loans Amount # of Loans Amount (Dollars In Thousands) Commercial loans: Multi-family mortgage loans - $ - 1 $ 2,962 1 $ 2,962 Nonresidential mortgage 1 112 9 5,442 10 5,554 Commercial business 5 5,179 6 446 11 5,625 Total commercial loans 6 5,291 16 8,850 22 14,141 One- to four-family residential mortgage 14 2,407 20 3,811 34 6,218 Consumer loans: Home equity loans 12 715 2 448 14 1,163 Total 32 $ 8,413 38 $ 13,109 70 $ 21,522 The following tables present information regarding the restructuring of the Company’s troubled debts during the three and six months ended December 31, 2020 and December 31, 2019: Three Months Ended December 31, 2020 Six Months Ended December 31, 2020 # of Loans Pre-modification Recorded Investment Post-modification Recorded Investment # of Loans Pre-modification Recorded Investment Post-modification Recorded Investment (Dollars In Thousands) One- to four-family residential mortgage - $ - $ - 1 $ 309 $ 308 Total - $ - $ - 1 $ 309 $ 308 Three Months Ended December 31, 2019 Six Months Ended December 31, 2019 # of Loans Pre-modification Recorded Investment Post-modification Recorded Investment # of Loans Pre-modification Recorded Investment Post-modification Recorded Investment (Dollars In Thousands) Commercial business 1 $ 92 $ 92 4 $ 1,867 $ 1,921 One- to four-family residential mortgage 1 44 44 3 1,046 982 Home equity loans - - - 1 82 81 Total 2 $ 136 $ 136 8 $ 2,995 $ 2,984 During the three and six months ended December 31, 2020 and December 31 2019, there were no charge-offs related to TDRs. During the three months ended December 31, 2020 there was one troubled debt restructuring default totaling $488,000. During the three and six months ended December 31, 2019, there were no troubled debt restructuring defaults. Loan modifications generally involve a reduction in interest rates and/or extension of maturity dates and also may include step up interest rates in their modified terms which will impact their weighted average yield in the future. The residential mortgage loan which qualified as a TDR during the six months ended December 31, 2020, capitalized prior past due amounts and modified the loan’s repayment terms. In March 2020, various regulatory agencies, including the Board of Governors of the Federal Reserve System (the “FRB”) and the Federal Deposit Insurance Corporation (the “FDIC”) , issued an interagency statement on loan modifications and reporting for financial institutions working with c ustomers affected by COVID-19. The interagency statement was effective immediately and impacted accounting for loan modifications. The agencies confirmed with the staff of the FASB that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief, are not to be consider ed TDRs. This includes short-term modifications such as payment deferrals, fee waivers, extension of repayment terms, or other delays in payment that are insignificant. Provisions of the CARES Act largely mirrored the provisions of the interagency statement, providing that modified loans were not to be considered TDRs if they were performing at December 31, 2019 and other consideration s set forth in the in teragency statements were met. Borrowers considered current are those that are less than 30 days past due at the time a modification program is implemented or at Decembe r 31, 2019. On December 27, 2020, the 2021 Consolidated Appropriations Act was signed into law. The $900 billion relief package includes legislation that extends certain relief provisions of the CARES Act that were set to expire on December 31, 2020. The CARES Act permitted financial institutions to suspend TDR assessment and reporting requirements under GAAP for loan modifications. This new legislation extends this relief to the earlier of 60 days after the national emergency declared by the President is terminated or January 1, 2022. As of December 31, 2020, the Company had 37 non-TDR modified loans totaling approximately $33.2 million. The following table sets forth the composition of these loans by loan segments as of December 31, 2020: December 31, 2020 # of Loans (1) Balance (1) (Dollars In Thousands) Commercial loans: Multi-family mortgage loans 9 $ 18,247 Nonresidential mortgage 2 5,913 Commercial business 5 1,314 Total commercial loans 16 25,474 One- to four-family residential mortgage 20 7,664 Consumer loans: Home equity loans 1 39 Total 37 $ 33,177 (1) Includes loans acquired in conjunction with the Company’s acquisition of MSB on July 10, 2020. Individually Analyzed Loans Effective July 1, 2020, individually analyzed loans include loans which do not share similar risk characteristics with other loans. TDR’s will generally be evaluated for individual impairment, however, after a period of sustained repayment performance which permits the credit to be returned to accrual status, a TDR would generally be removed from individual impairment analysis and returned to its corresponding pool. As of December 31, 2020, the carrying value of individually analyzed loans totaled $71.5 million, of which $58.7 million were considered collateral dependent. For collateral dependent loans where management has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and repayment of the loan is to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral, less costs to sell, and the amortized cost basis of the loan as of the measurement date. See Note 15 for additional disclosure regarding fair value of individually analyzed collateral dependent loans. The following table presents the carrying value of collateral dependent individually analyzed loans: December 31, 2020 Carrying Value Related Allowance (In Thousands) Commercial loans: Multi-family mortgage $ 13,500 $ - Nonresidential mortgage (1) 38,249 518 Commercial business (2) 195 - Construction - - Total commercial loans 51,944 518 One- to four-family residential mortgage (3) 6,598 206 Consumer loans: Home equity loans (3) 116 - Total $ 58,658 $ 724 (1) Secured by income-producing property. (2) Secured by business assets. (3) Secured by one- to four-family properties. The following table presents, under previously applicable GAAP, loans individually evaluated for impairment by portfolio segment as of June 30, 2020: June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Carrying value of impaired loans: Non-impaired loans $ 2,056,606 $ 936,805 $ 132,999 $ 20,961 $ 1,262,256 $ 81,363 $ 3,991 $ 4,494,981 Impaired loans: Impaired loans with no allowance for impairment 2,962 22,516 5,622 - 10,659 1,557 - 43,316 Impaired loans with allowance for impairment: Recorded investment - 1,532 167 - 107 - - 1,806 Allowance for impairment - (41 ) (47 ) - (1 ) - - (89 ) Balance of impaired loans net of allowance for impairment - 1,491 120 - 106 - - 1,717 Total impaired loans, excluding allowance for impairment: 2,962 24,048 5,789 - 10,766 1,557 - 45,122 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 Unpaid principal balance of impaired loans: Total impaired loans $ 3,544 $ 25,898 $ 8,778 $ 73 $ 12,908 $ 1,950 $ - $ 53,151 Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually to classify the loans as to credit risk. The Company uses the following definitions for risk ratings: Pass – Loans that are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral in a timely manner. Special Mention – Loans which do not currently expose the Company to a sufficient degree of risk to warrant an adverse classification but have some credit deficiencies or other potential weaknesses. Substandard – Loans which are inadequately protected by the paying capacity and net worth of the obligor or the collateral pledged, if any. Substandard assets include those characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful – Loans which have all of the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values. Loss – Loans which considered uncollectible or of so little value that their continuance as assets is not warranted. The following table presents the risk category of loans as of December 31, 2020 by loan segment and vintage year: Term Loans by Origination Year for Fiscal Years ended June 30, 2021 2020 2019 2018 2017 Prior Revolving Loans Total (In Thousands) Multi-family mortgage: Pass $ 129,953 $ 260,622 $ 412,587 $ 402,970 $ 383,315 $ 458,752 $ - $ 2,048,199 Special Mention - - - - 1,851 1,070 - 2,921 Substandard - - - 6,170 10,226 8,967 - 25,363 Doubtful - - - - - - - - Total multi-family mortgage 129,953 260,622 412,587 409,140 395,392 468,789 - 2,076,483 Non-residential mortgage: Pass 41,110 86,629 56,444 69,847 276,965 512,294 6,238 1,049,527 Special Mention - - 23,520 - 980 4,524 - 29,024 Substandard - - - 9,165 24,903 11,076 - 45,144 Doubtful - - - - - - - - Total non-residential mortgage 41,110 86,629 79,964 79,012 302,848 527,894 6,238 1,123,695 Commercial business: Pass 29,506 47,411 4,466 20,468 7,093 14,342 68,640 191,926 Special Mention 1,115 1,640 267 2,370 978 15 166 6,551 Substandard - 124 216 1,597 105 1,334 157 3,533 Doubtful - - - - - - - - Total commercial business 30,621 49,175 4,949 24,435 8,176 15,691 68,963 202,010 Construction loans: Pass 6,534 20,680 17,702 21,449 14,239 1,523 5,735 87,862 Special Mention - - - - - - - - Substandard - - - - - 2,536 - 2,536 Doubtful - - - - - - - - Total construction loans 6,534 20,680 17,702 21,449 14,239 4,059 5,735 90,398 Residential mortgage: Pass 154,973 181,649 98,598 98,970 157,949 591,450 375 1,283,964 Special Mention - - 1,246 - - 708 - 1,954 Substandard 952 1,408 683 - 570 15,820 - 19,433 Doubtful - - - - - - - - Total residential mortgage 155,925 183,057 100,527 98,970 158,519 607,978 375 1,305,351 Home equity loans: Pass 356 3,754 6,516 3,805 3,189 19,166 27,556 64,342 Special Mention - - - - - 166 - 166 Substandard - - - - 66 724 - 790 Doubtful - - - - - - - - Total home equity loans 356 3,754 6,516 3,805 3,255 20,056 27,556 65,298 Other consumer loans Pass 504 536 775 266 145 1,717 72 4,015 Special Mention - - - - - - - - Substandard - - - - - - 1 1 Doubtful - - - - - 5 102 107 Other consumer loans 504 536 775 266 145 1,722 175 4,123 Total loans $ 365,003 $ 604,453 $ 623,020 $ 637,077 $ 882,574 $ 1,646,189 $ 109,042 $ 4,867,358 The following table presents, under previously applicable GAAP, the risk category of loans as of June 30, 2020 by loan segment: June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Pass $ 2,055,520 $ 932,202 $ 132,818 $ 20,961 $ 1,258,246 $ 81,120 $ 3,979 $ 4,484,846 Special Mention 1,086 4,373 2,585 - 981 157 5 9,187 Substandard 2,962 24,278 3,385 - 13,795 1,643 6 46,069 Doubtful - - - - - - 1 1 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 Purchased Credit Deteriorated Loans Loans acquired in a business combination after July 1, 2020 are recorded in accordance with ASC Topic 326, after which acquired loans are separated into two types. PCD loans are acquired loans that, as of the acquisition date, have experienced a more-than-insignificant deterioration in credit quality since origination. Non-PCD loans are acquired loans that have experienced no or insignificant deterioration in credit quality since origination. To distinguish between the two types of acquired loans, the Company evaluates risk characteristics that have been determined to be indicators of deteriorated credit quality. The determining criteria may involve loan specific characteristics such as payment status, debt service coverage or other changes in creditworthiness since the loan was originated, while others are relevant to recent economic conditions, such as borrowers in industries impacted by the pandemic. As part of the acquisition of MSB, the Company purchased loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of those loans is as follows: At July 10, 2020 (In Thousands) Purchase price of PCD loans at acquisition $ 69,415 Allowance for credit losses at acquisition (3,901 ) Non-credit discount at acquisition (167 ) Amortized cost of acquired PCD loans at acquisition $ 65,347 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 December 31, 2020, we held one single-family property in other real estate owned with an aggregate carrying value of $178,000 that was acquired through a foreclosure on a residential mortgage loan. As of that same date, we held nine residential mortgage loans with aggregate carrying values totaling $1.7 million which were in the process of foreclosure. As of June 30, 2020, we held one single-family property in other real estate owned with an aggregate carrying value of $178,000 that was acquired through a foreclosure on a residential mortgage loan. As of that same date, we held nine residential mortgage loans with aggregate carrying values totaling $1.9 million which were in the process of foreclosure. The States of New Jersey and New York have issued executive orders and enacted legislation declaring moratoriums on removing individuals from a residential property as a result of an eviction or foreclosure proceeding. The New Jersey order will be in effect until two months after the Governor has declared an end to the COVID-19 health crisis. The New York law, which places a moratorium on evictions for tenants who have endured COVID-related hardship and on foreclosures, will be in effect until at least May 1, 2021. As a result, since March 28, 2020, the Company has temporarily suspended residential property foreclosure sales and evictions. On September 4, 2020, the Centers for Disease Control and Prevention (“CDC”) imposed a nationwide temporary federal moratorium on residential evictions due to nonpayment of rent, for qualified tenants. The national eviction moratorium took effect after the expiration of eviction protections established by the CARES Act and was scheduled to extend through December 31, 2020, but was extended legislatively through January 31, 2021. On January 20, 2021, the CDC announced its intent to extend the existing eviction moratorium order through March 31, 2021. |
Allowance for Loan Losses
Allowance for Loan Losses | 6 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Allowance for Credit Losses | 9. ALLOWANCE FOR CREDIT LOSSES Adoption of Topic 326 On July 1, 2020, the Company adopted ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which replaces the incurred loss methodology with an expected loss methodology, referred to as the “CECL” methodology. See Note 1, Summary of Significant Accounting Policies for additional information on the adoption of Topic 326. Allowance for Credit Losses on Loans Receivable The following tables present the balance of the allowance for credit losses at December 31, 2020 and June 30, 2020. For the three months and six months ended December 31, 2020, the balance of the allowance for credit losses is based on the CECL methodology, as noted above. For the year ended June 30, 2020, the allowance for loan losses is based upon the calculation methodology as described in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2020. The tables identify the valuation allowances attributable to specifically identified impairments on individually evaluated loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans evaluated collectively. The tables include the underlying balance of loans receivable applicable to each category as of those dates. Allowance for Credit Losses December 31, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Balance of allowance for credit losses: Loans acquired with deteriorated credit quality individually analyzed $ - $ 518 $ - $ - $ 206 $ - $ - $ 724 Loans acquired with deteriorated credit quality collectively analyzed 187 994 72 109 221 19 - 1,602 Loans individually evaluated for impairment - 1 683 - 68 - - 752 Loans collectively evaluated for impairment 29,313 14,420 2,593 1,096 12,130 706 50 60,308 Total allowance for credit losses $ 29,500 $ 15,933 $ 3,348 $ 1,205 $ 12,625 $ 725 $ 50 $ 63,386 Balance of Loans Receivable December 31, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Balance of loans receivable: Loans acquired with deteriorated credit quality individually evaluated $ - $ 1,635 $ 195 $ - $ 3,853 $ - $ - $ 5,683 Loans acquired with deteriorated credit quality collectively evaluated 5,660 31,593 4,081 11,493 4,850 362 5 58,044 Loans individually evaluated for impairment 16,396 37,647 332 2,514 8,672 223 - 65,784 Loans collectively evaluated for impairment 2,054,427 1,052,820 197,402 76,391 1,287,976 64,713 4,118 4,737,847 Total loans $ 2,076,483 $ 1,123,695 $ 202,010 $ 90,398 $ 1,305,351 $ 65,298 $ 4,123 $ 4,867,358 Unaccreted yield adjustments (38,724 ) Loans receivable, net of yield adjustments $ 4,828,634 Allowance for Loan Losses June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage 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 - 41 47 - 1 - - 89 Loans collectively evaluated for impairment 20,916 8,722 1,879 236 4,859 568 58 37,238 Total allowance for loan losses $ 20,916 $ 8,763 $ 1,926 $ 236 $ 4,860 $ 568 $ 58 $ 37,327 Balance of Loans Receivable June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Balance of loans receivable: Loans acquired with deteriorated credit quality $ - $ - $ 222 $ - $ 77 $ - $ - 299 Loans individually evaluated for impairment 2,962 24,048 5,567 - 10,689 1,557 - 44,823 Loans collectively evaluated for impairment 2,056,606 936,805 132,999 20,961 1,262,256 81,363 3,991 4,494,981 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 Unaccreted yield adjustments (41,706 ) Loans receivable, net of yield adjustments $ 4,498,397 The following tables present the activity in the ACL on loans for the three and six months ended December 31, 2020: Three Months Ended December 31, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Changes in the allowance for credit losses for the three months ended December 31, 2020: At September 30, 2020: $ 28,566 $ 15,094 $ 4,355 $ 1,105 $ 14,835 $ 858 $ 47 $ 64,860 Charge offs - (66 ) - - (13 ) (32 ) (4 ) (115 ) Recoveries - - 3 - - - 3 6 Provision for (reversal of) credit losses 934 905 (1,010 ) 100 (2,197 ) (101 ) 4 (1,365 ) Total allowance for credit losses $ 29,500 $ 15,933 $ 3,348 $ 1,205 $ 12,625 $ 725 $ 50 $ 63,386 Six Months Ended December 31, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Changes in the allowance for credit losses for the six months ended December 31, 2020: At June 30, 2020 (prior to adoption of ASC 326): $ 20,916 $ 8,763 $ 1,926 $ 236 $ 4,860 $ 568 $ 58 $ 37,327 Impact of adopting Topic 326 8,408 2,390 (421 ) 80 9,106 92 (15 ) 19,640 Charge offs - (66 ) (64 ) - (13 ) (32 ) (13 ) (188 ) Recoveries - - 5 - - - 7 12 Initial allowance on PCD loans 250 1,720 1,007 99 720 105 - 3,901 (Reversal of) provision for credit losses (74 ) 3,126 895 790 (2,048 ) (8 ) 13 2,694 Total allowance for credit losses $ 29,500 $ 15,933 $ 3,348 $ 1,205 $ 12,625 $ 725 $ 50 $ 63,386 For the accounting policy on the allowance for loan losses that was in effect prior to the adoption of Topic 326, see Note 1 to our Annual Report on Form 10-K for the fiscal year ended June 30, 2020. The following tables present the activity in the allowance for loan losses for the three and six months ended December 31, 2019: Three Months Ended December 31, 2019 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Changes in the allowance for loan losses for the three months ended December 31, 2019: At September 30, 2019: $ 16,702 $ 9,371 $ 2,293 $ 140 $ 3,307 $ 478 $ 141 $ 32,432 Total charge offs - - - - - - (44 ) (44 ) Total recoveries - - - - - - 14 14 (Reversal of) provision for loan losses (642 ) (687 ) (285 ) 2 171 (22 ) (2 ) (1,465 ) Total allowance for loan losses $ 16,060 $ 8,684 $ 2,008 $ 142 $ 3,478 $ 456 $ 109 $ 30,937 Six Months Ended December 31, 2019 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Changes in the allowance for loan losses for the six months ended December 31, 2019: At June 30, 2019: $ 16,959 $ 9,672 $ 2,467 $ 136 $ 3,377 $ 491 $ 172 $ 33,274 Total charge offs - - - - - - (108 ) (108 ) Total recoveries - - - - - - 18 18 (Reversal of) provision for loan losses (899 ) (988 ) (459 ) 6 101 (35 ) 27 (2,247 ) Total allowance for loan losses $ 16,060 $ 8,684 $ 2,008 $ 142 $ 3,478 $ 456 $ 109 $ 30,937 Allowance for Credit Losses on Off Balance Sheet Commitments The following tables present the activity in the ACL on off balance sheet commitments for the three and six months ended December 31, 2020: Three Months Ended December 31, 2020 (In Thousands) Changes in the allowance for credit losses for the three months ended December 31, 2020: At September 30, 2020: $ 1,004 Provision recorded in other non-interest expense 54 Total allowance for credit losses on off balance sheet commitments $ 1,058 Six Months Ended December 31, 2020 (In Thousands) Changes in the allowance for credit losses for the six months ended December 31, 2020: At June 30, 2020: $ - Impact of adopting Topic 326 (1) 536 Provision recorded in other non-interest expense 522 Total allowance for credit losses on off balance sheet commitments $ 1,058 (1) Adoption of CECL accounting standard effective July 1, 2020. |
Deposits
Deposits | 6 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Deposits | 10. DEPOSITS Deposits are summarized as follows: December 31, June 30, 2020 2020 (In Thousands) Non-interest-bearing demand $ 518,828 $ 419,138 Interest-bearing demand 1,752,699 1,264,151 Savings 1,075,122 906,597 Certificates of deposits 1,965,964 1,840,396 Total deposits $ 5,312,613 $ 4,430,282 |
Borrowings
Borrowings | 6 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Borrowings | 11. BORROWINGS Fixed rate advances from the FHLB of New York mature as follows: December 31, 2020 June 30, 2020 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) By remaining period to maturity: Less than one year $ 590,000 0.35 % $ 865,000 0.45 % One to two years - - 27,000 2.85 Two to three years 145,000 3.04 145,000 3.04 Three to four years 103,500 2.65 22,500 2.63 Four to five years 29,000 2.77 103,500 2.68 Greater than five years - - 6,500 2.82 Total advances 867,500 1.15 % 1,169,500 1.08 % Unamortized fair value adjustments (1,849 ) (2,071 ) Total advances, net of fair value adjustments $ 865,651 $ 1,167,429 At December 31, 2020, FHLB advances were collateralized by the FHLB capital stock owned by the Bank and mortgage loans and securities with carrying values totaling approximately $3.09 billion and $155.6 million, respectively. At June 30, 2020, FHLB advances were collateralized by the FHLB capital stock owned by the Bank and mortgage loans and securities with carrying values totaling approximately $3.21 billion and $155.3 million, respectively. Borrowings at June 30, 2020 also included overnight borrowings in the form of depositor sweep accounts totaling $5.7 million, while there were no such borrowings at December 31, 2020. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 12. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives The Company uses various financial instruments, including derivatives, to manage its exposure to interest rate risk. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to specific wholesale funding positions. Fair Values of Derivative Instruments on the Statement of Financial Condition The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Statement of Financial Condition as of December 31, 2020 and June 30, 2020: December 31, 2020 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (In Thousands) Derivatives designated as hedging instruments: Interest rate contracts Other assets $ 216 Other liabilities $ 12,293 Total $ 216 $ 12,293 June 30, 2020 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (In Thousands) Derivatives designated as hedging instruments: Interest rate contracts Other assets $ 235 Other liabilities $ 18,177 Total $ 235 $ 18,177 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 December 31, 2020, the Company had a total of 13 interest rate swaps and caps with a total notional amount of $1.19 billion hedging specific wholesale funding positions. For derivatives designated as cash flow hedges, the gain or loss on the derivative is recorded in other comprehensive income, net of tax, and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable rate wholesale funding positions. During the three and six months ended December 31, 2020, the Company had $2.2 million and $4.6 million, respectively, of reclassifications to interest expense. During the next twelve months, the Company estimates that $6.6 million will be reclassified as an increase in interest expense. The tables below present the pre-tax effects of the Company’s derivative instruments on the Consolidated Statements of Income for the three and six months ended December 31, 2020 and 2019: Three Months Ended December 31, 2020 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 contracts $ 1,389 Interest expense $ (2,217 ) Total $ 1,389 $ (2,217 ) Six Months Ended December 31, 2020 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 contracts $ 1,278 Interest expense $ (4,589 ) Total $ 1,278 $ (4,589 ) Three Months Ended December 31, 2019 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 contracts $ 2,679 Interest expense $ 836 Total $ 2,679 $ 836 Six Months Ended December 31, 2019 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 contracts $ 920 Interest expense $ 2,207 Total $ 920 $ 2,207 Offsetting Derivatives The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives in the Consolidated Statements of Financial Condition as of December 31, 2020 and June 30, 2020, respectively. The net amounts presented for derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Consolidated Statements of Financial Condition. December 31, 2020 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received Net Amount (In Thousands) Assets: Interest rate contracts $ 1,003 $ (787 ) $ 216 $ - $ - $ 216 Total $ 1,003 $ (787 ) $ 216 $ - $ - $ 216 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Posted Net Amount (In Thousands) Liabilities: Interest rate contracts $ 13,080 $ (787 ) $ 12,293 $ - $ (12,293 ) $ - Total $ 13,080 $ (787 ) $ 12,293 $ - $ (12,293 ) $ - June 30, 2020 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received Net Amount (In Thousands) Assets: Interest rate contracts $ 592 $ (357 ) $ 235 $ - $ - $ 235 Total $ 592 $ (357 ) $ 235 $ - $ - $ 235 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Posted Net Amount (In Thousands) Liabilities: Interest rate contracts $ 18,534 $ (357 ) $ 18,177 $ - $ (18,177 ) $ - Total $ 18,534 $ (357 ) $ 18,177 $ - $ (18,177 ) $ - 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 December 31, 2020, 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 $13.0 million. As required under the enforceable master netting arrangement with its derivatives counterparties, at December 31, 2020, the Company posted financial collateral of $12.3 million that was not included as offsetting amount. In addition to the derivative instruments noted above, the Company’s pipeline of loans held for sale at December 31, 2020 and June 30, 2020, included $62.3 million and $127.2 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 | 6 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Benefit Plans | 13. BENEFIT PLANS Components of Net Periodic Expense The following table sets forth the aggregate net periodic benefit expense for the Bank’s Benefit Equalization Plan, Postretirement Welfare Plan, Directors’ Consultation and Retirement Plan and Atlas Bank Retirement Income Plan: Three Months Ended Six Months Ended Affected Line Item in the Consolidated December 31, December 31, Statements of Income 2020 2019 2020 2019 (In Thousands) (In Thousands) Service cost $ 27 $ 19 $ 53 $ 39 Salaries and employee benefits Interest cost 65 82 131 163 Miscellaneous non-interest expense Amortization of unrecognized loss 21 5 42 10 Miscellaneous non-interest expense Expected return on assets (29 ) (28 ) (57 ) (56 ) Miscellaneous non-interest expense Net periodic benefit cost $ 84 $ 78 $ 169 $ 156 |
Income Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. INCOME TAXES The following table presents a reconciliation between the reported income taxes for the periods presented and the income taxes which would be computed by applying the federal income tax rate of 21% to income for the three and six months ended December 31, 2020 and December 31, 2019: Three Months Ended Six Months Ended December 31, December 31, 2020 2019 2020 2019 (Dollars in Thousands) (Dollars in Thousands) Income before income taxes $ 22,562 $ 14,199 $ 36,825 $ 29,386 Statutory federal tax rate 21 % 21 % 21 % 21 % Federal income tax expense at statutory rate $ 4,738 $ 2,982 $ 7,733 $ 6,171 (Reduction) increase in income taxes resulting from: Tax exempt interest (91 ) (138 ) (185 ) (282 ) State tax, net of federal tax effect 1,456 809 2,240 2,050 Incentive stock option compensation expense 20 20 40 37 Income from bank-owned life insurance (338 ) (333 ) (665 ) (666 ) Non-deductible merger-related expenses - 20 49 20 Bargain purchase gain - - (641 ) - Utilization of capital loss carryforward (375 ) - (375 ) - Other items, net 727 187 825 34 6,137 3,547 9,021 7,364 Reversal of valuation allowance (523 ) - (523 ) - Total income tax expense $ 5,614 $ 3,547 $ 8,498 $ 7,364 Effective income tax rate 24.88 % 24.98 % 23.08 % 25.06 % |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 15. FAIR VALUE OF FINANCIAL INSTRUMENTS In January 2016, the FASB issued ASU 2016-01, “Financial Instruments”. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability or inputs that are derived principally from, or corroborated by, market data by correlation or other means. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Assets Measured on a Recurring Basis: The following methods and significant assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a recurring basis at December 31, 2020 and June 30, 2020: Investment Securities Available for Sale The Company’s available for sale investment securities are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the securities’ terms and conditions, among other things. From time to time, the Company validates prices supplied by the independent pricing service by comparison to prices obtained from third-party sources or derived using internal models. Derivatives The Company has contracted with a third party vendor to provide periodic valuations for its interest rate derivatives to determine the fair value of its interest rate caps and swaps. The vendor utilizes standard valuation methodologies applicable to interest rate derivatives such as discounted cash flow analysis and extensions of the Black-Scholes model. Such valuations are based upon readily observable market data and are therefore considered Level 2 valuations by the Company. Those assets measured at fair value on a recurring basis are summarized below: December 31, 2020 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: Obligations of state and political subdivisions - 47,763 - 47,763 Asset-backed securities - 255,407 - 255,407 Collateralized loan obligations - 196,685 - 196,685 Corporate bonds - 167,168 - 167,168 Trust preferred securities - 2,866 - 2,866 Total debt securities - 669,889 - 669,889 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 20,510 - 20,510 Residential pass-through securities - 705,991 - 705,991 Commercial pass-through securities - 299,503 - 299,503 Total mortgage-backed securities - 1,026,004 - 1,026,004 Total securities available for sale $ - $ 1,695,893 $ - $ 1,695,893 Interest rate contracts - 216 - 216 Total assets $ - $ 1,696,109 $ - $ 1,696,109 Liabilities: Interest rate contracts $ - $ 12,293 $ - $ 12,293 Total liabilities $ - $ 12,293 $ - $ 12,293 June 30, 2020 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: Obligations of state and political subdivisions - 54,054 - 54,054 Asset-backed securities - 172,447 - 172,447 Collateralized loan obligations - 193,788 - 193,788 Corporate bonds - 143,639 - 143,639 Trust preferred securities - 2,627 - 2,627 Total debt securities - 566,555 - 566,555 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 30,903 - 30,903 Residential pass-through securities - 561,954 - 561,954 Commercial pass-through securities - 226,291 - 226,291 Total mortgage-backed securities - 819,148 - 819,148 Total securities available for sale - 1,385,703 - 1,385,703 Interest rate contracts - 235 - 235 Total assets $ - $ 1,385,938 $ - $ 1,385,938 Liabilities: Interest rate contracts $ - $ 18,177 $ - $ 18,177 Total liabilities $ - $ 18,177 $ - $ 18,177 Assets Measured on a Non-Recurring Basis: The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a non-recurring basis at December 31, 2020 and June 30, 2020: Collateral Dependent Individually Analyzed / Impaired Loans: The fair value of collateral dependent loans that are individually analyzed or were previously deemed impaired is determined based upon the appraised fair value of the underlying collateral, less costs to sell. Such collateral primarily consists of real estate and, to a lesser extent, other business assets. Management may also adjust appraised values to reflect estimated market value declines or apply other discounts to appraised values resulting from its knowledge of the collateral. Internal valuations may be utilized to determine the fair value of other business assets. For non-collateral-dependent loans, management estimates fair value using discounted cash flows based on inputs that are largely unobservable and instead reflect management’s own estimates of the assumptions as a market participant would in pricing such loans. Collateral dependent individually analyzed / impaired loans are considered a Level 3 valuation by the Company. Other Real Estate Owned Other real estate owned is recorded at estimated fair value, less estimated selling costs when acquired, thus establishing a new cost basis. Fair value is generally based on independent appraisals. These appraisals include adjustments to comparable assets based on the appraisers’ market knowledge and experience. When an asset is acquired, the excess of the loan balance over fair value, less estimated selling costs, is charged to the allowance for credit losses. If further declines in the estimated fair value of the asset occur, a write-down is recorded through expense. The valuation of foreclosed assets is subjective in nature and may be adjusted in the future because of changes in economic conditions. Those assets measured at fair value on a non-recurring basis are summarized below: December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Collateral dependent loans: Residential mortgage $ - $ - $ 1,900 $ 1,900 Non-residential mortgage - - 3,375 3,375 Total $ - $ - $ 5,275 $ 5,275 Other real estate owned, net: Residential mortgage $ - $ - $ 178 $ 178 Total $ - $ - $ 178 $ 178 June 30, 2020 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 $ - $ - $ 2,339 $ 2,339 Non-residential mortgage - - 2,282 2,282 Commercial business - - 129 129 Total $ - $ - $ 4,750 $ 4,750 Other real estate owned, net: Residential mortgage - - 178 178 Total $ - $ - $ 178 $ 178 The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value: December 31, 2020 Fair Value Valuation Techniques Unobservable Input Range Weighted Average (In Thousands) Collateral dependent loans: Residential mortgage $ 1,900 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 7% - 11% 8.50 % Non-residential mortgage 3,375 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 9% - 11% 9.93 % Total $ 5,275 Other real estate owned, net: Residential mortgage $ 178 Market valuation of underlying collateral (3) Adjustments to reflect current conditions/selling costs (2) 6.00% 6.00 % Total $ 178 June 30, 2020 Fair Value Valuation Techniques Unobservable Input Range Weighted Average (In Thousands) Impaired loans: Residential mortgage $ 2,339 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 7% - 9% 8.17 % Non-residential mortgage 2,282 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 9% - 12% 10.27 % Commercial business 129 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 0% - 0% 0.00 % Total $ 4,750 Other real estate owned, net: Residential mortgage 178 Market valuation of underlying collateral (3) Adjustments to reflect current conditions/selling costs (2) 6.00% 6.00 % Total $ 178 (1) The fair value of impaired loans is generally determined based on an independent appraisal of the fair value of a loan’s underlying collateral. (2) The fair value basis of impaired loans and other real estate owned is adjusted to reflect management’s estimates of selling costs including, but not necessarily limited to, real estate brokerage commissions and title transfer fees. (3) The fair value basis of other real estate owned is generally determined based upon the lower of an independent appraisal of the property’s fair value or the applicable listing price or contracted sales price. At December 31, 2020, collateral dependent loans valued using Level 3 inputs comprised loans with principal balances totaling $6.0 million and valuation allowances of $725,000 reflecting fair values of $5.3 million. By comparison, at June 30, 2020, under previously applicable GAAP, impaired loans valued using Level 3 inputs comprised loans with principal balances totaling $4.8 million and valuation allowances of $89,000 reflecting fair values of $4.8 million. Once a loan is foreclosed, the fair value of the other real estate owned continues to be evaluated based upon the fair value of the repossessed real estate originally securing the loan. At December 31, 2020 and June 30, 2020, the Company held other real estate owned totaling $178,000 whose carrying value was written down utilizing Level 3 inputs. The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of December 31, 2020 and June 30, 2020: December 31, 2020 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 $ 129,694 $ 129,694 $ 129,694 $ - $ - Investment securities available for sale 1,695,893 1,695,893 - 1,695,893 - Investment securities held to maturity 29,549 31,063 - 31,063 - Loans held-for-sale 12,601 13,129 - 13,129 - Net loans receivable 4,765,248 4,808,589 - - 4,808,589 FHLB Stock 45,578 - - - - Interest receivable 19,826 19,826 - 4,301 15,525 Interest rate contracts 216 216 - 216 - Financial liabilities: Deposits 5,312,613 5,325,183 3,346,649 - 1,978,534 Borrowings 865,651 899,960 - - 899,960 Interest payable on deposits 327 327 190 - 137 Interest payable on borrowings 1,554 1,554 - - 1,554 Interest rate contracts 12,293 12,293 - 12,293 - June 30, 2020 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 $ 180,967 $ 180,967 $ 180,967 $ - $ - Investment securities available for sale 1,385,703 1,385,703 - 1,385,703 - Investment securities held to maturity 32,556 34,069 - 34,069 - Loans held-for-sale 20,789 21,550 - 21,550 - Net loans receivable 4,461,070 4,462,232 - - 4,462,232 FHLB Stock 58,654 - - - - Interest receivable 17,373 17,373 4 4,154 13,215 Interest rate contracts 235 235 - 235 - Financial liabilities: Deposits 4,430,282 4,449,877 2,589,886 - 1,859,991 Borrowings 1,173,165 1,215,529 - - 1,215,529 Interest payable on deposits 395 395 295 - 100 Interest payable on borrowings 1,723 1,723 - - 1,723 Interest rate contracts 18,177 18,177 - 18,177 - Commitments. The fair value of commitments to fund credit lines and originate or participate in loans held in portfolio or loans held for sale is estimated using fees currently charged to enter into similar agreements taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, including those relating to loans held for sale that are considered derivative instruments for financial statement reporting purposes, the fair value also considers the difference between current levels of interest and the committed rates. The carrying value, represented by the net deferred fee arising from the unrecognized commitment, and the fair value, determined by discounting the remaining contractual fee over the term of the commitment using fees currently charged to enter into similar agreements with similar credit risk, is not considered material for disclosure. Limitations. Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instruments. These estimates do not reflect any premium or discount that could result from offering for sale at one time the entire holdings of a particular financial instrument. Because no fair value exists for a significant portion of the financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature, involve uncertainties and matters of judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. The fair value estimates are based on existing on-and-off balance sheet financial instruments without attempting to value anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets and liabilities that are not considered financial assets and liabilities include premises and equipment, and advances from borrowers for taxes and insurance. In addition, the ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates. Finally, reasonable comparability between financial institutions may not be likely due to the wide range of permitted valuation techniques and numerous estimates which must be made given the absence of active secondary markets for many of the financial instruments. This lack of uniform valuation methodologies introduces a greater degree of subjectivity to these estimated fair values. |
Comprehensive (Loss) Income
Comprehensive (Loss) Income | 6 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Comprehensive (Loss) Income | 16. COMPREHENSIVE INCOME The components of accumulated other comprehensive income included in stockholders’ equity at December 31, 2020 and June 30, 2020 are as follows: December 31, June 30, 2020 2020 (In Thousands) Net unrealized gain on securities available for sale $ 23,958 $ 22,482 Tax effect (7,031 ) (6,541 ) Net of tax amount 16,927 15,941 Fair value adjustments on derivatives (13,551 ) (19,418 ) Tax effect 4,039 5,730 Net of tax amount (9,512 ) (13,688 ) Benefit plan adjustments (1,370 ) (1,412 ) Tax effect 408 416 Net of tax amount (962 ) (996 ) Total accumulated other comprehensive income $ 6,453 $ 1,257 Other comprehensive income and related tax effects for the three and six months ended December 31, 2020 and December 31, 2019 are presented in the following table: Three Months Ended Six Months Ended December 31, December 31, 2020 2019 2020 2019 (In Thousands) (In Thousands) Net unrealized holding gain (loss) on securities available for sale $ 730 $ (2,844 ) $ 1,912 $ 7,313 Amortization of net unrealized holding loss on securities available for sale transferred to held to maturity (1) - - - 596 Net realized (gain) loss on sale and call of securities available for sale (2) (813 ) (11 ) (436 ) 2 Fair value adjustments on derivatives 3,606 1,844 5,867 (1,286 ) Benefit plans: Amortization of actuarial loss 21 5 42 10 Net actuarial gain (3) - - - 470 Net change in benefit plan accrued expense 21 5 42 480 Other comprehensive income (loss) before taxes 3,544 (1,006 ) 7,385 7,105 Tax effect (1,065 ) 271 (2,189 ) (1,989 ) Total other comprehensive income (loss) $ 2,479 $ (735 ) $ 5,196 $ 5,116 (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 13 – Benefit Plans for additional information. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 17. REVENUE RECOGNITION Effective July 1, 2018, the Company adopted ASU 2014-09 Revenue from Contracts with Customers The Company, using a modified retrospective transition approach, determined that there was no cumulative effect adjustment to retained earnings as a result of adopting the new standard, nor did the standard have a material impact on our consolidated financial statements including the timing or amounts of revenue recognized. All of the Company’s revenue from contracts with customers within the scope of ASC 606 is recognized within non-interest income. The following table presents the Company’s sources of non-interest income for the three and six months ended December 31, 2020 and 2019. Sources of revenue outside the scope of ASC 606 are noted as such. Three Months Ended Six Months Ended December 31, December 31, 2020 2019 2020 2019 (In Thousands) (In Thousands) Non-interest income: Deposit-related fees and charges $ 385 $ 463 $ 734 $ 939 Loan-related fees and charges (1) 1,511 1,682 2,238 2,674 Gain (loss) on sale and call of securities (1) 813 11 436 (3 ) Gain on sale of loans (1) 2,378 668 4,268 1,273 Loss on sale and write down of other real estate owned - (28 ) - (28 ) Income from bank owned life insurance (1) 1,596 1,576 3,192 3,156 Electronic banking fees and charges (interchange income) 404 293 809 611 Bargain purchase gain (1) - - 3,053 - Other income (1) 67 (111 ) 157 (106 ) Total non-interest income $ 7,154 $ 4,554 $ 14,887 $ 8,516 (1) Not within the scope of ASC 606. A description of the Company’s revenue streams accounted for under ASC 606 is as follows: Service Charges on Deposit Accounts The Company earns fees from deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed at the point in the time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Gains/Losses on Sales of OREO The Company records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. Gain/Losses on the sales of OREO falls within the scope of ASC 606, if the Company finances the transaction. Under ASC 606, if the Company finances the sale of OREO to the buyer, the Company is required to assess whether the buyer is committed to perform their obligations under the contract and whether the collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction price and related gain (loss) on sale if a significant financing component is present. Generally, the Company does not finance the sale of OREO properties. Interchange Income The Company earns interchange fees from debit and credit card holder transactions conducted through various payment networks. Interchange fees from cardholder transactions are recognized daily, concurrently with the transaction processing services provided by an outsourced technology solution. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The unaudited consolidated financial statements include the accounts of Kearny Financial Corp. (the “Company”), its wholly-owned subsidiary, Kearny Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries, CJB Investment Corp., KFS Insurance Services, Inc. and Millington Savings Service Corp. The Company conducts its business principally through the Bank. Management prepared the unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), including the elimination of all significant inter-company accounts and transactions during consolidation. |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include information or footnotes necessary for a complete presentation of financial condition, income, comprehensive (loss) income, changes in stockholders’ equity and cash flows in conformity with GAAP. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the unaudited consolidated financial statements have been included. The results of operations for the three-month and six-month periods ended December 31, 2020 are not necessarily indicative of the results that may be expected for the entire fiscal year or any other period. The data in the consolidated statement of financial condition for June 30, 2020 was derived from the Company’s 2020 Annual Report on Form 10-K. That data, along with the interim unaudited financial information presented in the consolidated statements of financial condition, income, comprehensive income, changes in stockholders’ equity and cash flows should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in the Company’s 2020 Annual Report on Form 10-K. |
Risk and Uncertainties | Risks and Uncertainties As previously disclosed, on March 11, 2020, the World Health Organization declared the outbreak of COVID-19 a global pandemic. The COVID-19 pandemic has adversely affected, and may continue to adversely affect, local, national and global economic activity. The spread of the outbreak has caused significant disruptions to the U.S. economy, significant reductions in the targeted federal funds rate and has disrupted banking and other financial activity in the areas in which the Company operates. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted to, among other provisions, provide emergency assistance for individuals, families and businesses affected by the COVID-19 pandemic. On December 27, 2020 the 2021 Consolidated Appropriations Act, was enacted as part of an omnibus spending bill for the 2021 federal fiscal year, included provisions intended to provide additional aid to those impacted by the pandemic. Reductions in interest rates and other effects of the COVID-19 pandemic may continue to materially and adversely affect the Company's financial condition and results of operations in future periods. It is unknown how long the adverse conditions associated with the COVID-19 pandemic will last and what the complete financial effect will be to the Company. It is possible that estimates made in the financial statements could be materially and adversely impacted as a result of these conditions, including estimates regarding expected credit losses on loans receivable, impairment of investment securities and impairment of goodwill. Although the Company continues to operate while taking steps to ensure the safety of employees and clients, COVID-19 could also potentially create widespread business continuity issues for the Company. The extent to which the COVID-19 pandemic will continue to impact the Company’s business, financial condition and results of operations in future periods will depend on future developments, including the scope and duration of the pandemic, the efficacy and adoption of COVID-19 vaccines and actions taken by governmental authorities and other third parties in response to the pandemic, as well as further actions the Company may take as may be required by government authorities or that the Company determines is in the best interests of its employees and clients. There is no certainty that such measures will be sufficient to mitigate the risks posed by the pandemic. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards On July 1, 2020, the Company adopted ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The Company adopted ASU 2016-13 using a modified retrospective approach. Results for reporting periods beginning after July 1, 2020 are presented under Topic 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP. At adoption, the Company increased its allowance for credit losses by $20.2 million, comprised of $19.6 million for loans receivable and $536,000 for unfunded commitments. Upon adoption the Company recorded a cumulative effect adjustment that reduced stockholders’ equity by $14.2 million, net of tax. |
Allowance for Credit Losses | Allowance for Credit Losses The allowance for credit losses represents the estimated amount considered necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date. The measurement of expected credit losses is applicable to loans receivable and securities measured at amortized cost. It also applies to off-balance sheet credit exposures such as loan commitments and unused lines of credit. The allowance is established through a provision for credit losses that is charged against income. The methodology for determining the allowance for credit losses is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded allowance for credit losses. The allowance for credit losses is reported separately as a contra-asset on the consolidated statement of financial condition. The expected credit loss for unfunded lending commitments and unfunded loan commitments is reported on the Consolidated Statement of Financial Condition in other liabilities while the provision for credit losses related to unfunded commitments is reported in other non-interest expense. Allowance for Credit Losses on Loans Receivable The allowance for credit losses on loans is deducted from the amortized cost basis of the loan to present the net amount expected to be collected. Expected losses are evaluated and calculated on a collective, or pooled, basis for those loans which share similar risk characteristics. At each reporting period, the Company evaluates whether loans within a pool continue to exhibit similar risk characteristics. If the risk characteristics of a loan change, such that they are no longer similar to other loans in the pool, the Company will evaluate the loan with a different pool of loans that share similar risk characteristics. If the loan does not share risk characteristics with other loans, the Company will evaluate the loan on an individual basis. The Company evaluates the pooling methodology at least annually. Loans are charged off against the allowance for credit losses when the Company believes the balances to be uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged off or expected to be charged off. The Company has chosen to segment its portfolio consistent with the manner in which it manages credit risk. Such segments include multi-family, nonresidential mortgage, commercial business, construction, one- to four-family residential, home equity and consumer. For most segments the Company calculates estimated credit losses using a probability of default and loss given default methodology, the results of which are applied to the aggregated discounted cash flow of each individual loan within the segment. The point in time probability of default and loss given default are then conditioned by macroeconomic scenarios to incorporate reasonable and supportable forecasts that affect the collectability of the reported amount. The Company estimates the allowance for credit losses on loans via a quantitative analysis which considers relevant available information from internal and external sources related to past events and current conditions, as well as the incorporation of reasonable and supportable forecasts. The Company evaluates a variety of factors including third party economic forecasts, industry trends and other available published economic information in arriving at its forecasts. After the reasonable and supportable forecast period, the Company reverts, on a straight-line basis, to average historical losses. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or the renewal option is included in the original or modified contract at the reporting date and are not unconditionally cancelable by the Company. Also included in the allowance for credit losses on loans are qualitative reserves to cover losses that are expected but, in the Company’s assessment, may not be adequately represented in the quantitative analysis or the forecasts described above. Factors that the Company considers include changes in lending policies and procedures, business conditions, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and non-accrual loans, the effect of external factors such as competition, legal and regulatory requirements, among others. Furthermore, the Company considers the inherent uncertainty in quantitative models that are built upon historical data. Individually Evaluated Loans On a case-by-case basis, the Company may conclude that a loan should be evaluated on an individual basis based on its disparate risk characteristics. When the Company determines that a loan no longer shares similar risk characteristics with other loans in the portfolio, the allowance will be determined on an individual basis using the present value of expected cash flows or, for collateral-dependent loans, the fair value of the collateral as of the reporting date, less estimated selling costs, as applicable. If the fair value of the collateral is less than the amortized cost basis of the loan, the Company will charge off the difference between the fair value of the collateral, less costs to sell at the reporting date and the amortized cost basis of the loan. Acquired Loans Acquired loans are included in the Company's calculation of the allowance for credit losses. How the allowance on an acquired loan is recorded depends on whether or not it has been classified as a Purchased Credit Deteriorated (“PCD”) loan. PCD loans are loans acquired at a discount that is due, in part, to credit quality. PCD loans are accounted for in accordance with ASC Subtopic 326-20 and are initially recorded at fair value as determined by the sum of the present value of expected future cash flows and an allowance for credit losses at acquisition. The allowance for PCD loans is recorded through a gross-up effect, while the allowance for acquired non-PCD loans is recorded through provision expense, consistent with originated loans. Thus, the determination of which loans are PCD and non-PCD can have a significant impact on the accounting for these loans. Subsequent to acquisition, the allowance for PCD loans will generally follow the same estimation, provision and charge-off process as non-PCD acquired and originated loans. Allowance for Credit Losses on Off-Balance Sheet Commitments The Company is required to include unfunded commitments that are expected to be funded in the future within the allowance calculation, other than those that are unconditionally cancelable. To arrive at that reserve, the reserve percentage for each applicable segment is applied to the unused portion of the expected commitment balance and is multiplied by the expected funding rate. To determine the expected funding rate, the Company uses a historical utilization rate for each segment. As noted above, the allowance for credit losses on unfunded loan commitments is included in other liabilities on the consolidated statement of financial condition and the related credit expense is recorded in other non-interest expense in the consolidated statements of income. Allowance for Credit Losses on Held to Maturity Securities The Company’s entire portfolio of held to maturity securities consists of municipal bonds which are highly rated by major rating agencies and have a long history of no credit losses. In estimating the net amount expected to be collected for held to maturity securities in an unrealized loss position, a historical loss based method is utilized. Allowance for Credit Losses on Available for Sale Securities For available for sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more than likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities available for sale that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating by a rating agency, and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of tax. The Company elected the practical expedient of zero loss estimates for securities issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rate by major agencies and have a long history of no credit losses. Changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available for sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued Interest Receivable The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of loans, available for sale securities, and held to maturity securities. Accrued interest receivable on loans is reported as a component of accrued interest receivable on the Consolidated Statement of Financial Condition, totaled $15.5 million at December 31, 2020 and is excluded from the estimate of credit losses. |
Net Income Per Common Share (_2
Net Income Per Common Share ("EPS") (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Calculations | The following schedule shows the Company’s earnings per share calculations for the periods presented: Three Months Ended December 31, Six Months Ended December 31, 2020 2019 2020 2019 Net income $ 16,948 $ 10,652 $ 28,327 $ 22,022 Weighted average number of common shares outstanding - basic 85,120 82,831 85,564 83,794 Effect of dilutive securities 3 45 2 41 Weighted average number of common shares outstanding - diluted 85,123 82,876 85,566 83,835 Basic earnings per share $ 0.20 $ 0.13 $ 0.33 $ 0.26 Diluted earnings per share $ 0.20 $ 0.13 $ 0.33 $ 0.26 |
Acquisition of MSB Financial _2
Acquisition of MSB Financial Corp. (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
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 MSB Fair Value Adjustments As Recorded at Acquisition (In Thousands) Cash paid for acquisition $ 9,830 Value of stock issued 45,133 Total purchase price $ 54,963 Cash and cash equivalents $ 14,126 $ - $ 14,126 Investment securities 4,000 (510 ) (a) 3,490 Loans receivable 537,589 (7,345 ) (b) 530,244 Allowance for loan losses (6,037 ) 6,037 (c) - Premises and equipment 7,698 (3,221 ) (d) 4,477 FHLB stock 3,345 - 3,345 Accrued interest receivable 1,701 - 1,701 Core deposit intangibles - 690 (e) 690 Bank owned life insurance 14,663 - 14,663 Deferred income taxes, net 1,729 2,152 (f) 3,881 Other assets 4,830 495 (g) 5,325 Total assets acquired $ 583,644 $ (1,702 ) $ 581,942 Deposits $ 458,392 $ 1,786 (h) $ 460,178 FHLB borrowings 62,900 - 62,900 Advance payments by borrowers for taxes 794 - 794 Other liabilities 810 (756 ) (i) 54 Total liabilities assumed $ 522,896 $ 1,030 $ 523,926 Net assets acquired $ 58,016 Bargain purchase gain $ (3,053 ) 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 reversal of deferred fees/costs and premiums. (c) Represents the elimination of MSB’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 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. (f) 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. (g) Represents an adjustment to other assets acquired. (h) 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. (i) Represents an adjustment to other liabilities assumed. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities | At December 31, 2020, there was no allowance for credit losses on available for sale securities. The following tables present the amortized cost, gross unrealized gains and losses and estimated fair values for available for sale securities and the amortized cost, gross unrecognized gains and losses and estimated fair values for held to maturity securities as of the dates indicated: December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Available for sale: Debt securities: Obligations of state and political subdivisions $ 46,665 $ 1,098 $ - $ 47,763 Asset-backed securities 254,920 1,454 967 255,407 Collateralized loan obligations 197,515 79 909 196,685 Corporate bonds 166,097 1,547 476 167,168 Trust preferred securities 2,967 - 101 2,866 Total debt securities 668,164 4,178 2,453 669,889 Mortgage-backed securities: Collateralized mortgage obligations (1) 20,021 489 - 20,510 Residential pass-through securities (1) 693,655 12,336 - 705,991 Commercial pass-through securities (1) 290,095 9,597 189 299,503 Total mortgage-backed securities 1,003,771 22,422 189 1,026,004 Total securities available for sale $ 1,671,935 $ 26,600 $ 2,642 $ 1,695,893 (1) Government-sponsored enterprises. June 30, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Available for sale: Debt securities: Obligations of state and political subdivisions $ 52,843 $ 1,211 $ - 54,054 Asset-backed securities 177,413 - 4,966 172,447 Collateralized loan obligations 198,619 - 4,831 193,788 Corporate bonds 142,942 1,267 570 143,639 Trust preferred securities 2,967 - 340 2,627 Total debt securities 574,784 2,478 10,707 566,555 Mortgage-backed securities: Collateralized mortgage obligations (1) 30,043 860 - 30,903 Residential pass-through securities (1) 543,819 18,135 - 561,954 Commercial pass-through securities (1) 214,575 11,716 - 226,291 Total mortgage-backed securities 788,437 30,711 - 819,148 Total securities available for sale $ 1,363,221 $ 33,189 $ 10,707 $ 1,385,703 (1) Government-sponsored enterprises. |
Amortized Cost, Gross Unrecognized Gains and Losses and Fair Values of Securities | December 31, 2020 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value (In Thousands) Held to maturity: Debt securities: Obligations of state and political subdivisions $ 29,549 $ 1,514 $ - $ 31,063 Total debt securities 29,549 1,514 - 31,063 Total securities held to maturity $ 29,549 $ 1,514 $ - $ 31,063 June 30, 2020 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value (In Thousands) Held to maturity: Debt securities: Obligations of state and political subdivisions $ 32,556 $ 1,513 $ - $ 34,069 Total debt securities 32,556 1,513 - 34,069 Total securities held to maturity $ 32,556 $ 1,513 $ - $ 34,069 |
Sales of Securities Available for Sale | Sales of securities available for sale were as follows for the periods presented below: Three Months Ended Six Months Ended December 31, December 31, 2020 2019 2020 2019 (In Thousands) (In Thousands) Available for sale securities sold: Proceeds from sales of securities $ 25,242 $ - $ 44,842 $ 3,646 Gross realized gains $ 800 $ - $ 800 $ 12 Gross realized losses - - (385 ) (28 ) Net gain (loss) on sales of securities $ 800 $ - $ 415 $ (16 ) |
Schedule Of Available For Sale Securities Pledged | The carrying value of securities pledged for borrowings at the FHLB and other institutions, and securities pledged for public funds and other purposes, were as follows as of the dates presented below: December 31, June 30, 2020 2020 (In Thousands) Securities pledged: Pledged for borrowings at the FHLB of New York $ 155,620 $ 155,288 Pledged to secure public funds on deposit 104,434 19,944 Pledged for potential borrowings at the Federal Reserve Bank of New York 338,152 366,482 Pledged as collateral for depositor sweep accounts - 7,830 Total carrying value of securities pledged $ 598,206 $ 549,544 |
Securities Held to Maturity [Member] | |
Stratification by Contractual Maturity of Securities | Excluding the balances of mortgage-backed securities, the following table presents the amortized cost and estimated fair values of debt securities available for sale and held to maturity, by contractual maturity, at December 31, 2020: December 31, 2020 Amortized Cost Fair Value (In Thousands) Debt securities: Due in one year or less $ 5,163 $ 5,180 Due after one year through five years 88,106 89,216 Due after five years through ten years 341,569 343,661 Due after ten years 262,875 262,895 Total $ 697,713 $ 700,952 |
Securities Available for Sale [Member] | |
Schedule of Fair Values and Gross Unrealized and Unrecognized Losses on Investments | The following tables present the gross unrealized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that securities have been in a continuous unrealized loss position within the available for sale portfolio at December 31, 2020 and June 30, 2020: December 31, 2020 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses (Dollars in Thousands) Securities Available for Sale: Asset-backed securities $ 46,989 $ 529 $ 44,103 $ 438 10 $ 91,092 $ 967 Collateralized loan obligations 61,440 110 126,755 799 18 188,195 909 Corporate bonds 41,548 401 19,925 75 7 61,473 476 Trust preferred securities - - 2,866 101 2 2,866 101 Commercial pass-through securities 81,056 189 - - 4 81,056 189 Total $ 231,033 $ 1,229 $ 193,649 $ 1,413 41 $ 424,682 $ 2,642 June 30, 2020 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses (Dollars in Thousands) Securities Available for Sale: Asset-backed securities $ 146,494 $ 3,962 $ 25,954 $ 1,004 16 $ 172,448 $ 4,966 Collateralized loan obligations 71,282 1,245 122,506 3,586 19 193,788 4,831 Corporate bonds 24,764 236 39,651 334 8 64,415 570 Trust preferred securities - - 2,626 340 2 2,626 340 Total $ 242,540 $ 5,443 $ 190,737 $ 5,264 45 $ 433,277 $ 10,707 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | The following table sets forth the composition of the Company’s loan portfolio at December 31, 2020 and June 30, 2020: December 31, June 30, 2020 2020 (In Thousands) Commercial loans: Multi-family mortgage $ 2,076,483 $ 2,059,568 Nonresidential mortgage 1,123,695 960,853 Commercial business (1) 202,010 138,788 Construction 90,398 20,961 Total commercial loans 3,492,586 3,180,170 One- to four-family residential mortgage 1,305,351 1,273,022 Consumer loans: Home equity loans 65,298 82,920 Other consumer 4,123 3,991 Total consumer loans 69,421 86,911 Total loans 4,867,358 4,540,103 Unaccreted yield adjustments (38,724 ) (41,706 ) Total loans receivable, net of yield adjustments $ 4,828,634 $ 4,498,397 (1) Includes Paycheck Protection Program (“PPP”) loans of $39.2 million and $69.0 million as of December 31, 2020 and June 30, 2020, respectively. The balance of PPP loans at December 31, 2020 includes loans acquired in conjunction with the Company’s acquisition of MSB on July 10, 2020. |
Contractual Payment Status of Past Loans Receivable | The following tables present the payment status of past due loans as of December 31, 2020 and June 30, 2020, by loan segment: December 31, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Current $ 2,060,012 $ 1,083,879 $ 201,527 $ 90,398 $ 1,297,164 $ 65,182 $ 4,110 $ 4,802,272 Past due: 30-59 days 2,971 2,713 183 - 2,718 - 2 8,587 60-89 days 3,274 14,529 - - 271 - 6 18,080 90 days and over 10,226 22,574 300 - 5,198 116 5 38,419 Total past due 16,471 39,816 483 - 8,187 116 13 65,086 Total loans $ 2,076,483 $ 1,123,695 $ 202,010 $ 90,398 $ 1,305,351 $ 65,298 $ 4,123 $ 4,867,358 June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Current $ 2,059,568 $ 941,714 $ 138,439 $ 20,961 $ 1,264,267 $ 82,358 $ 3,981 $ 4,511,288 Past due: 30-59 days - - - - 3,211 169 - 3,380 60-89 days - 14,478 - - 1,038 13 5 15,534 90 days and over - 4,661 349 - 4,506 380 5 9,901 Total past due - 19,139 349 - 8,755 562 10 28,815 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 |
Performance Status of Loans Receivable | The following tables present information relating to the Company’s nonperforming loans as of December 31, 2020 and June 30, 2020: December 31, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Performing $ 2,060,087 $ 1,084,413 $ 201,483 $ 87,884 $ 1,292,826 $ 65,075 $ 4,118 $ 4,795,886 Nonperforming: 90 days and over past due accruing - - - - - - - - Nonaccrual loans with allowance for credit losses - 1,635 121 - 2,770 - 5 4,531 Nonaccrual loans with no allowance for credit losses 16,396 37,647 406 2,514 9,755 223 - 66,941 Total nonperforming 16,396 39,282 527 2,514 12,525 223 5 71,472 Total loans $ 2,076,483 $ 1,123,695 $ 202,010 $ 90,398 $ 1,305,351 $ 65,298 $ 4,123 $ 4,867,358 June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Performing $ 2,056,606 $ 936,917 $ 138,196 $ 20,961 $ 1,264,663 $ 82,078 $ 3,986 $ 4,503,407 Nonperforming: 90 days and over past due accruing - - - - - - 5 5 Nonaccrual 2,962 23,936 592 - 8,359 842 - 36,691 Total nonperforming 2,962 23,936 592 - 8,359 842 5 36,696 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 |
Troubled Debt Restructurings of Loans Receivable | The following tables present total TDR loans at December 31, 2020 and June 30, 2020: December 31, 2020 Accrual Non-accrual Total # of Loans Amount # of Loans Amount # of Loans Amount (Dollars In Thousands) Commercial loans: Multi-family mortgage loans - $ - 1 $ 2,896 1 $ 2,896 Nonresidential mortgage 1 108 7 2,505 8 2,613 Commercial business 5 5,083 5 422 10 5,505 Construction - - 1 2,514 1 2,514 Total commercial loans 6 5,191 14 8,337 20 13,528 One- to four-family residential mortgage 16 2,400 17 3,091 33 5,491 Consumer loans: Home equity loans 8 528 1 95 9 623 Total 30 $ 8,119 32 $ 11,523 62 $ 19,642 June 30, 2020 Accrual Non-accrual Total # of Loans Amount # of Loans Amount # of Loans Amount (Dollars In Thousands) Commercial loans: Multi-family mortgage loans - $ - 1 $ 2,962 1 $ 2,962 Nonresidential mortgage 1 112 9 5,442 10 5,554 Commercial business 5 5,179 6 446 11 5,625 Total commercial loans 6 5,291 16 8,850 22 14,141 One- to four-family residential mortgage 14 2,407 20 3,811 34 6,218 Consumer loans: Home equity loans 12 715 2 448 14 1,163 Total 32 $ 8,413 38 $ 13,109 70 $ 21,522 The following tables present information regarding the restructuring of the Company’s troubled debts during the three and six months ended December 31, 2020 and December 31, 2019: Three Months Ended December 31, 2020 Six Months Ended December 31, 2020 # of Loans Pre-modification Recorded Investment Post-modification Recorded Investment # of Loans Pre-modification Recorded Investment Post-modification Recorded Investment (Dollars In Thousands) One- to four-family residential mortgage - $ - $ - 1 $ 309 $ 308 Total - $ - $ - 1 $ 309 $ 308 Three Months Ended December 31, 2019 Six Months Ended December 31, 2019 # of Loans Pre-modification Recorded Investment Post-modification Recorded Investment # of Loans Pre-modification Recorded Investment Post-modification Recorded Investment (Dollars In Thousands) Commercial business 1 $ 92 $ 92 4 $ 1,867 $ 1,921 One- to four-family residential mortgage 1 44 44 3 1,046 982 Home equity loans - - - 1 82 81 Total 2 $ 136 $ 136 8 $ 2,995 $ 2,984 |
Schedule of Modified Non-TDR Loans by Loan Segments | The following table sets forth the composition of these loans by loan segments as of December 31, 2020: December 31, 2020 # of Loans (1) Balance (1) (Dollars In Thousands) Commercial loans: Multi-family mortgage loans 9 $ 18,247 Nonresidential mortgage 2 5,913 Commercial business 5 1,314 Total commercial loans 16 25,474 One- to four-family residential mortgage 20 7,664 Consumer loans: Home equity loans 1 39 Total 37 $ 33,177 (1) Includes loans acquired in conjunction with the Company’s acquisition of MSB on July 10, 2020. |
Carrying Value of Collateral Dependent Individually Analyzed Loans | The following table presents the carrying value of collateral dependent individually analyzed loans: December 31, 2020 Carrying Value Related Allowance (In Thousands) Commercial loans: Multi-family mortgage $ 13,500 $ - Nonresidential mortgage (1) 38,249 518 Commercial business (2) 195 - Construction - - Total commercial loans 51,944 518 One- to four-family residential mortgage (3) 6,598 206 Consumer loans: Home equity loans (3) 116 - Total $ 58,658 $ 724 (1) Secured by income-producing property. (2) Secured by business assets. (3) Secured by one- to four-family properties. |
Impairment Status of Loans Receivable | The following table presents, under previously applicable GAAP, loans individually evaluated for impairment by portfolio segment as of June 30, 2020: June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Carrying value of impaired loans: Non-impaired loans $ 2,056,606 $ 936,805 $ 132,999 $ 20,961 $ 1,262,256 $ 81,363 $ 3,991 $ 4,494,981 Impaired loans: Impaired loans with no allowance for impairment 2,962 22,516 5,622 - 10,659 1,557 - 43,316 Impaired loans with allowance for impairment: Recorded investment - 1,532 167 - 107 - - 1,806 Allowance for impairment - (41 ) (47 ) - (1 ) - - (89 ) Balance of impaired loans net of allowance for impairment - 1,491 120 - 106 - - 1,717 Total impaired loans, excluding allowance for impairment: 2,962 24,048 5,789 - 10,766 1,557 - 45,122 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 Unpaid principal balance of impaired loans: Total impaired loans $ 3,544 $ 25,898 $ 8,778 $ 73 $ 12,908 $ 1,950 $ - $ 53,151 |
Credit-Rating Classification of Loans Receivable | The following table presents the risk category of loans as of December 31, 2020 by loan segment and vintage year: Term Loans by Origination Year for Fiscal Years ended June 30, 2021 2020 2019 2018 2017 Prior Revolving Loans Total (In Thousands) Multi-family mortgage: Pass $ 129,953 $ 260,622 $ 412,587 $ 402,970 $ 383,315 $ 458,752 $ - $ 2,048,199 Special Mention - - - - 1,851 1,070 - 2,921 Substandard - - - 6,170 10,226 8,967 - 25,363 Doubtful - - - - - - - - Total multi-family mortgage 129,953 260,622 412,587 409,140 395,392 468,789 - 2,076,483 Non-residential mortgage: Pass 41,110 86,629 56,444 69,847 276,965 512,294 6,238 1,049,527 Special Mention - - 23,520 - 980 4,524 - 29,024 Substandard - - - 9,165 24,903 11,076 - 45,144 Doubtful - - - - - - - - Total non-residential mortgage 41,110 86,629 79,964 79,012 302,848 527,894 6,238 1,123,695 Commercial business: Pass 29,506 47,411 4,466 20,468 7,093 14,342 68,640 191,926 Special Mention 1,115 1,640 267 2,370 978 15 166 6,551 Substandard - 124 216 1,597 105 1,334 157 3,533 Doubtful - - - - - - - - Total commercial business 30,621 49,175 4,949 24,435 8,176 15,691 68,963 202,010 Construction loans: Pass 6,534 20,680 17,702 21,449 14,239 1,523 5,735 87,862 Special Mention - - - - - - - - Substandard - - - - - 2,536 - 2,536 Doubtful - - - - - - - - Total construction loans 6,534 20,680 17,702 21,449 14,239 4,059 5,735 90,398 Residential mortgage: Pass 154,973 181,649 98,598 98,970 157,949 591,450 375 1,283,964 Special Mention - - 1,246 - - 708 - 1,954 Substandard 952 1,408 683 - 570 15,820 - 19,433 Doubtful - - - - - - - - Total residential mortgage 155,925 183,057 100,527 98,970 158,519 607,978 375 1,305,351 Home equity loans: Pass 356 3,754 6,516 3,805 3,189 19,166 27,556 64,342 Special Mention - - - - - 166 - 166 Substandard - - - - 66 724 - 790 Doubtful - - - - - - - - Total home equity loans 356 3,754 6,516 3,805 3,255 20,056 27,556 65,298 Other consumer loans Pass 504 536 775 266 145 1,717 72 4,015 Special Mention - - - - - - - - Substandard - - - - - - 1 1 Doubtful - - - - - 5 102 107 Other consumer loans 504 536 775 266 145 1,722 175 4,123 Total loans $ 365,003 $ 604,453 $ 623,020 $ 637,077 $ 882,574 $ 1,646,189 $ 109,042 $ 4,867,358 The following table presents, under previously applicable GAAP, the risk category of loans as of June 30, 2020 by loan segment: June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Pass $ 2,055,520 $ 932,202 $ 132,818 $ 20,961 $ 1,258,246 $ 81,120 $ 3,979 $ 4,484,846 Special Mention 1,086 4,373 2,585 - 981 157 5 9,187 Substandard 2,962 24,278 3,385 - 13,795 1,643 6 46,069 Doubtful - - - - - - 1 1 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 |
Acquisition Amount of MSB Purchased Loans | The carrying amount of those loans is as follows: At July 10, 2020 (In Thousands) Purchase price of PCD loans at acquisition $ 69,415 Allowance for credit losses at acquisition (3,901 ) Non-credit discount at acquisition (167 ) Amortized cost of acquired PCD loans at acquisition $ 65,347 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Allowance for Credit Losses and Balance of Loans Receivable | The following tables present the balance of the allowance for credit losses at December 31, 2020 and June 30, 2020. For the three months and six months ended December 31, 2020, the balance of the allowance for credit losses is based on the CECL methodology, as noted above. For the year ended June 30, 2020, the allowance for loan losses is based upon the calculation methodology as described in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2020. The tables identify the valuation allowances attributable to specifically identified impairments on individually evaluated loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans evaluated collectively. The tables include the underlying balance of loans receivable applicable to each category as of those dates. Allowance for Credit Losses December 31, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Balance of allowance for credit losses: Loans acquired with deteriorated credit quality individually analyzed $ - $ 518 $ - $ - $ 206 $ - $ - $ 724 Loans acquired with deteriorated credit quality collectively analyzed 187 994 72 109 221 19 - 1,602 Loans individually evaluated for impairment - 1 683 - 68 - - 752 Loans collectively evaluated for impairment 29,313 14,420 2,593 1,096 12,130 706 50 60,308 Total allowance for credit losses $ 29,500 $ 15,933 $ 3,348 $ 1,205 $ 12,625 $ 725 $ 50 $ 63,386 Balance of Loans Receivable December 31, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Balance of loans receivable: Loans acquired with deteriorated credit quality individually evaluated $ - $ 1,635 $ 195 $ - $ 3,853 $ - $ - $ 5,683 Loans acquired with deteriorated credit quality collectively evaluated 5,660 31,593 4,081 11,493 4,850 362 5 58,044 Loans individually evaluated for impairment 16,396 37,647 332 2,514 8,672 223 - 65,784 Loans collectively evaluated for impairment 2,054,427 1,052,820 197,402 76,391 1,287,976 64,713 4,118 4,737,847 Total loans $ 2,076,483 $ 1,123,695 $ 202,010 $ 90,398 $ 1,305,351 $ 65,298 $ 4,123 $ 4,867,358 Unaccreted yield adjustments (38,724 ) Loans receivable, net of yield adjustments $ 4,828,634 Allowance for Loan Losses June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage 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 - 41 47 - 1 - - 89 Loans collectively evaluated for impairment 20,916 8,722 1,879 236 4,859 568 58 37,238 Total allowance for loan losses $ 20,916 $ 8,763 $ 1,926 $ 236 $ 4,860 $ 568 $ 58 $ 37,327 Balance of Loans Receivable June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Balance of loans receivable: Loans acquired with deteriorated credit quality $ - $ - $ 222 $ - $ 77 $ - $ - 299 Loans individually evaluated for impairment 2,962 24,048 5,567 - 10,689 1,557 - 44,823 Loans collectively evaluated for impairment 2,056,606 936,805 132,999 20,961 1,262,256 81,363 3,991 4,494,981 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 Unaccreted yield adjustments (41,706 ) Loans receivable, net of yield adjustments $ 4,498,397 The following tables present the activity in the ACL on loans for the three and six months ended December 31, 2020: Three Months Ended December 31, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Changes in the allowance for credit losses for the three months ended December 31, 2020: At September 30, 2020: $ 28,566 $ 15,094 $ 4,355 $ 1,105 $ 14,835 $ 858 $ 47 $ 64,860 Charge offs - (66 ) - - (13 ) (32 ) (4 ) (115 ) Recoveries - - 3 - - - 3 6 Provision for (reversal of) credit losses 934 905 (1,010 ) 100 (2,197 ) (101 ) 4 (1,365 ) Total allowance for credit losses $ 29,500 $ 15,933 $ 3,348 $ 1,205 $ 12,625 $ 725 $ 50 $ 63,386 Six Months Ended December 31, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Changes in the allowance for credit losses for the six months ended December 31, 2020: At June 30, 2020 (prior to adoption of ASC 326): $ 20,916 $ 8,763 $ 1,926 $ 236 $ 4,860 $ 568 $ 58 $ 37,327 Impact of adopting Topic 326 8,408 2,390 (421 ) 80 9,106 92 (15 ) 19,640 Charge offs - (66 ) (64 ) - (13 ) (32 ) (13 ) (188 ) Recoveries - - 5 - - - 7 12 Initial allowance on PCD loans 250 1,720 1,007 99 720 105 - 3,901 (Reversal of) provision for credit losses (74 ) 3,126 895 790 (2,048 ) (8 ) 13 2,694 Total allowance for credit losses $ 29,500 $ 15,933 $ 3,348 $ 1,205 $ 12,625 $ 725 $ 50 $ 63,386 For the accounting policy on the allowance for loan losses that was in effect prior to the adoption of Topic 326, see Note 1 to our Annual Report on Form 10-K for the fiscal year ended June 30, 2020. The following tables present the activity in the allowance for loan losses for the three and six months ended December 31, 2019: Three Months Ended December 31, 2019 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Changes in the allowance for loan losses for the three months ended December 31, 2019: At September 30, 2019: $ 16,702 $ 9,371 $ 2,293 $ 140 $ 3,307 $ 478 $ 141 $ 32,432 Total charge offs - - - - - - (44 ) (44 ) Total recoveries - - - - - - 14 14 (Reversal of) provision for loan losses (642 ) (687 ) (285 ) 2 171 (22 ) (2 ) (1,465 ) Total allowance for loan losses $ 16,060 $ 8,684 $ 2,008 $ 142 $ 3,478 $ 456 $ 109 $ 30,937 Six Months Ended December 31, 2019 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Changes in the allowance for loan losses for the six months ended December 31, 2019: At June 30, 2019: $ 16,959 $ 9,672 $ 2,467 $ 136 $ 3,377 $ 491 $ 172 $ 33,274 Total charge offs - - - - - - (108 ) (108 ) Total recoveries - - - - - - 18 18 (Reversal of) provision for loan losses (899 ) (988 ) (459 ) 6 101 (35 ) 27 (2,247 ) Total allowance for loan losses $ 16,060 $ 8,684 $ 2,008 $ 142 $ 3,478 $ 456 $ 109 $ 30,937 |
Allowance for Credit Losses on Financing Receivables Off Balance Sheet Commitments | The following tables present the activity in the ACL on off balance sheet commitments for the three and six months ended December 31, 2020: Three Months Ended December 31, 2020 (In Thousands) Changes in the allowance for credit losses for the three months ended December 31, 2020: At September 30, 2020: $ 1,004 Provision recorded in other non-interest expense 54 Total allowance for credit losses on off balance sheet commitments $ 1,058 Six Months Ended December 31, 2020 (In Thousands) Changes in the allowance for credit losses for the six months ended December 31, 2020: At June 30, 2020: $ - Impact of adopting Topic 326 (1) 536 Provision recorded in other non-interest expense 522 Total allowance for credit losses on off balance sheet commitments $ 1,058 (1) Adoption of CECL accounting standard effective July 1, 2020. |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Schedule of Deposits | Deposits are summarized as follows: December 31, June 30, 2020 2020 (In Thousands) Non-interest-bearing demand $ 518,828 $ 419,138 Interest-bearing demand 1,752,699 1,264,151 Savings 1,075,122 906,597 Certificates of deposits 1,965,964 1,840,396 Total deposits $ 5,312,613 $ 4,430,282 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Fixed Rate Advances from FHLB | Fixed rate advances from the FHLB of New York mature as follows: December 31, 2020 June 30, 2020 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) By remaining period to maturity: Less than one year $ 590,000 0.35 % $ 865,000 0.45 % One to two years - - 27,000 2.85 Two to three years 145,000 3.04 145,000 3.04 Three to four years 103,500 2.65 22,500 2.63 Four to five years 29,000 2.77 103,500 2.68 Greater than five years - - 6,500 2.82 Total advances 867,500 1.15 % 1,169,500 1.08 % Unamortized fair value adjustments (1,849 ) (2,071 ) Total advances, net of fair value adjustments $ 865,651 $ 1,167,429 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Financial Instruments as well as Their Classification on Statement of Financial Condition | The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Statement of Financial Condition as of December 31, 2020 and June 30, 2020: December 31, 2020 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (In Thousands) Derivatives designated as hedging instruments: Interest rate contracts Other assets $ 216 Other liabilities $ 12,293 Total $ 216 $ 12,293 June 30, 2020 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (In Thousands) Derivatives designated as hedging instruments: Interest rate contracts Other assets $ 235 Other liabilities $ 18,177 Total $ 235 $ 18,177 |
Pre-tax Effects of Derivative Instruments on Consolidated Statements of Income and Comprehensive Income | The tables below present the pre-tax effects of the Company’s derivative instruments on the Consolidated Statements of Income for the three and six months ended December 31, 2020 and 2019: Three Months Ended December 31, 2020 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 contracts $ 1,389 Interest expense $ (2,217 ) Total $ 1,389 $ (2,217 ) Six Months Ended December 31, 2020 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 contracts $ 1,278 Interest expense $ (4,589 ) Total $ 1,278 $ (4,589 ) Three Months Ended December 31, 2019 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 contracts $ 2,679 Interest expense $ 836 Total $ 2,679 $ 836 Six Months Ended December 31, 2019 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 contracts $ 920 Interest expense $ 2,207 Total $ 920 $ 2,207 |
Offsetting Derivatives | The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives in the Consolidated Statements of Financial Condition as of December 31, 2020 and June 30, 2020, respectively. The net amounts presented for derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Consolidated Statements of Financial Condition. December 31, 2020 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received Net Amount (In Thousands) Assets: Interest rate contracts $ 1,003 $ (787 ) $ 216 $ - $ - $ 216 Total $ 1,003 $ (787 ) $ 216 $ - $ - $ 216 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Posted Net Amount (In Thousands) Liabilities: Interest rate contracts $ 13,080 $ (787 ) $ 12,293 $ - $ (12,293 ) $ - Total $ 13,080 $ (787 ) $ 12,293 $ - $ (12,293 ) $ - June 30, 2020 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received Net Amount (In Thousands) Assets: Interest rate contracts $ 592 $ (357 ) $ 235 $ - $ - $ 235 Total $ 592 $ (357 ) $ 235 $ - $ - $ 235 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Posted Net Amount (In Thousands) Liabilities: Interest rate contracts $ 18,534 $ (357 ) $ 18,177 $ - $ (18,177 ) $ - Total $ 18,534 $ (357 ) $ 18,177 $ - $ (18,177 ) $ - |
Benefit Plans (Tables)
Benefit Plans (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Net Periodic Benefit Expense | The following table sets forth the aggregate net periodic benefit expense for the Bank’s Benefit Equalization Plan, Postretirement Welfare Plan, Directors’ Consultation and Retirement Plan and Atlas Bank Retirement Income Plan: Three Months Ended Six Months Ended Affected Line Item in the Consolidated December 31, December 31, Statements of Income 2020 2019 2020 2019 (In Thousands) (In Thousands) Service cost $ 27 $ 19 $ 53 $ 39 Salaries and employee benefits Interest cost 65 82 131 163 Miscellaneous non-interest expense Amortization of unrecognized loss 21 5 42 10 Miscellaneous non-interest expense Expected return on assets (29 ) (28 ) (57 ) (56 ) Miscellaneous non-interest expense Net periodic benefit cost $ 84 $ 78 $ 169 $ 156 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | The following table presents a reconciliation between the reported income taxes for the periods presented and the income taxes which would be computed by applying the federal income tax rate of 21% to income for the three and six months ended December 31, 2020 and December 31, 2019: Three Months Ended Six Months Ended December 31, December 31, 2020 2019 2020 2019 (Dollars in Thousands) (Dollars in Thousands) Income before income taxes $ 22,562 $ 14,199 $ 36,825 $ 29,386 Statutory federal tax rate 21 % 21 % 21 % 21 % Federal income tax expense at statutory rate $ 4,738 $ 2,982 $ 7,733 $ 6,171 (Reduction) increase in income taxes resulting from: Tax exempt interest (91 ) (138 ) (185 ) (282 ) State tax, net of federal tax effect 1,456 809 2,240 2,050 Incentive stock option compensation expense 20 20 40 37 Income from bank-owned life insurance (338 ) (333 ) (665 ) (666 ) Non-deductible merger-related expenses - 20 49 20 Bargain purchase gain - - (641 ) - Utilization of capital loss carryforward (375 ) - (375 ) - Other items, net 727 187 825 34 6,137 3,547 9,021 7,364 Reversal of valuation allowance (523 ) - (523 ) - Total income tax expense $ 5,614 $ 3,547 $ 8,498 $ 7,364 Effective income tax rate 24.88 % 24.98 % 23.08 % 25.06 % |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured At Fair Value on a Recurring Basis | Those assets measured at fair value on a recurring basis are summarized below: December 31, 2020 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: Obligations of state and political subdivisions - 47,763 - 47,763 Asset-backed securities - 255,407 - 255,407 Collateralized loan obligations - 196,685 - 196,685 Corporate bonds - 167,168 - 167,168 Trust preferred securities - 2,866 - 2,866 Total debt securities - 669,889 - 669,889 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 20,510 - 20,510 Residential pass-through securities - 705,991 - 705,991 Commercial pass-through securities - 299,503 - 299,503 Total mortgage-backed securities - 1,026,004 - 1,026,004 Total securities available for sale $ - $ 1,695,893 $ - $ 1,695,893 Interest rate contracts - 216 - 216 Total assets $ - $ 1,696,109 $ - $ 1,696,109 Liabilities: Interest rate contracts $ - $ 12,293 $ - $ 12,293 Total liabilities $ - $ 12,293 $ - $ 12,293 June 30, 2020 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: Obligations of state and political subdivisions - 54,054 - 54,054 Asset-backed securities - 172,447 - 172,447 Collateralized loan obligations - 193,788 - 193,788 Corporate bonds - 143,639 - 143,639 Trust preferred securities - 2,627 - 2,627 Total debt securities - 566,555 - 566,555 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 30,903 - 30,903 Residential pass-through securities - 561,954 - 561,954 Commercial pass-through securities - 226,291 - 226,291 Total mortgage-backed securities - 819,148 - 819,148 Total securities available for sale - 1,385,703 - 1,385,703 Interest rate contracts - 235 - 235 Total assets $ - $ 1,385,938 $ - $ 1,385,938 Liabilities: Interest rate contracts $ - $ 18,177 $ - $ 18,177 Total liabilities $ - $ 18,177 $ - $ 18,177 |
Schedule of Assets Measured At Fair Value on a Non-recurring Basis | Those assets measured at fair value on a non-recurring basis are summarized below: December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Collateral dependent loans: Residential mortgage $ - $ - $ 1,900 $ 1,900 Non-residential mortgage - - 3,375 3,375 Total $ - $ - $ 5,275 $ 5,275 Other real estate owned, net: Residential mortgage $ - $ - $ 178 $ 178 Total $ - $ - $ 178 $ 178 June 30, 2020 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 $ - $ - $ 2,339 $ 2,339 Non-residential mortgage - - 2,282 2,282 Commercial business - - 129 129 Total $ - $ - $ 4,750 $ 4,750 Other real estate owned, net: Residential mortgage - - 178 178 Total $ - $ - $ 178 $ 178 |
Schedule of Quantitative Information about Level 3 Fair Value Measurements | The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value: December 31, 2020 Fair Value Valuation Techniques Unobservable Input Range Weighted Average (In Thousands) Collateral dependent loans: Residential mortgage $ 1,900 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 7% - 11% 8.50 % Non-residential mortgage 3,375 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 9% - 11% 9.93 % Total $ 5,275 Other real estate owned, net: Residential mortgage $ 178 Market valuation of underlying collateral (3) Adjustments to reflect current conditions/selling costs (2) 6.00% 6.00 % Total $ 178 June 30, 2020 Fair Value Valuation Techniques Unobservable Input Range Weighted Average (In Thousands) Impaired loans: Residential mortgage $ 2,339 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 7% - 9% 8.17 % Non-residential mortgage 2,282 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 9% - 12% 10.27 % Commercial business 129 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 0% - 0% 0.00 % Total $ 4,750 Other real estate owned, net: Residential mortgage 178 Market valuation of underlying collateral (3) Adjustments to reflect current conditions/selling costs (2) 6.00% 6.00 % Total $ 178 (1) The fair value of impaired loans is generally determined based on an independent appraisal of the fair value of a loan’s underlying collateral. (2) The fair value basis of impaired loans and other real estate owned is adjusted to reflect management’s estimates of selling costs including, but not necessarily limited to, real estate brokerage commissions and title transfer fees. (3) The fair value basis of other real estate owned is generally determined based upon the lower of an independent appraisal of the property’s fair value or the applicable listing price or contracted sales price. |
Schedule of Carrying Amounts and Fair Values of Financial Instruments | The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of December 31, 2020 and June 30, 2020: December 31, 2020 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 $ 129,694 $ 129,694 $ 129,694 $ - $ - Investment securities available for sale 1,695,893 1,695,893 - 1,695,893 - Investment securities held to maturity 29,549 31,063 - 31,063 - Loans held-for-sale 12,601 13,129 - 13,129 - Net loans receivable 4,765,248 4,808,589 - - 4,808,589 FHLB Stock 45,578 - - - - Interest receivable 19,826 19,826 - 4,301 15,525 Interest rate contracts 216 216 - 216 - Financial liabilities: Deposits 5,312,613 5,325,183 3,346,649 - 1,978,534 Borrowings 865,651 899,960 - - 899,960 Interest payable on deposits 327 327 190 - 137 Interest payable on borrowings 1,554 1,554 - - 1,554 Interest rate contracts 12,293 12,293 - 12,293 - June 30, 2020 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 $ 180,967 $ 180,967 $ 180,967 $ - $ - Investment securities available for sale 1,385,703 1,385,703 - 1,385,703 - Investment securities held to maturity 32,556 34,069 - 34,069 - Loans held-for-sale 20,789 21,550 - 21,550 - Net loans receivable 4,461,070 4,462,232 - - 4,462,232 FHLB Stock 58,654 - - - - Interest receivable 17,373 17,373 4 4,154 13,215 Interest rate contracts 235 235 - 235 - Financial liabilities: Deposits 4,430,282 4,449,877 2,589,886 - 1,859,991 Borrowings 1,173,165 1,215,529 - - 1,215,529 Interest payable on deposits 395 395 295 - 100 Interest payable on borrowings 1,723 1,723 - - 1,723 Interest rate contracts 18,177 18,177 - 18,177 - |
Comprehensive (Loss) Income (Ta
Comprehensive (Loss) Income (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive (Loss) Income | The components of accumulated other comprehensive income included in stockholders’ equity at December 31, 2020 and June 30, 2020 are as follows: December 31, June 30, 2020 2020 (In Thousands) Net unrealized gain on securities available for sale $ 23,958 $ 22,482 Tax effect (7,031 ) (6,541 ) Net of tax amount 16,927 15,941 Fair value adjustments on derivatives (13,551 ) (19,418 ) Tax effect 4,039 5,730 Net of tax amount (9,512 ) (13,688 ) Benefit plan adjustments (1,370 ) (1,412 ) Tax effect 408 416 Net of tax amount (962 ) (996 ) Total accumulated other comprehensive income $ 6,453 $ 1,257 |
Schedule of Comprehensive (Loss) Income | Other comprehensive income and related tax effects for the three and six months ended December 31, 2020 and December 31, 2019 are presented in the following table: Three Months Ended Six Months Ended December 31, December 31, 2020 2019 2020 2019 (In Thousands) (In Thousands) Net unrealized holding gain (loss) on securities available for sale $ 730 $ (2,844 ) $ 1,912 $ 7,313 Amortization of net unrealized holding loss on securities available for sale transferred to held to maturity (1) - - - 596 Net realized (gain) loss on sale and call of securities available for sale (2) (813 ) (11 ) (436 ) 2 Fair value adjustments on derivatives 3,606 1,844 5,867 (1,286 ) Benefit plans: Amortization of actuarial loss 21 5 42 10 Net actuarial gain (3) - - - 470 Net change in benefit plan accrued expense 21 5 42 480 Other comprehensive income (loss) before taxes 3,544 (1,006 ) 7,385 7,105 Tax effect (1,065 ) 271 (2,189 ) (1,989 ) Total other comprehensive income (loss) $ 2,479 $ (735 ) $ 5,196 $ 5,116 (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 13 – Benefit Plans for additional information. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Non Interest Income | The following table presents the Company’s sources of non-interest income for the three and six months ended December 31, 2020 and 2019. Three Months Ended Six Months Ended December 31, December 31, 2020 2019 2020 2019 (In Thousands) (In Thousands) Non-interest income: Deposit-related fees and charges $ 385 $ 463 $ 734 $ 939 Loan-related fees and charges (1) 1,511 1,682 2,238 2,674 Gain (loss) on sale and call of securities (1) 813 11 436 (3 ) Gain on sale of loans (1) 2,378 668 4,268 1,273 Loss on sale and write down of other real estate owned - (28 ) - (28 ) Income from bank owned life insurance (1) 1,596 1,576 3,192 3,156 Electronic banking fees and charges (interchange income) 404 293 809 611 Bargain purchase gain (1) - - 3,053 - Other income (1) 67 (111 ) 157 (106 ) Total non-interest income $ 7,154 $ 4,554 $ 14,887 $ 8,516 (1) Not within the scope of ASC 606. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | Jul. 01, 2020 | Dec. 31, 2020 | Jun. 30, 2020 |
Summary Of Significant Accounting Policies [Line Items] | |||
Loans receivable allowance for credit loss | $ 63,386,000 | ||
Accrued interest receivable, writeoff | 15,500,000 | ||
Available-for-sale securities accrued interest writeoff | 4,100,000 | ||
Held-to-maturity securities accrued Interest writeoff | 202,000 | ||
Accrued interest receivable | 19,826,000 | $ 17,373,000 | |
Paycheck Protection Program (PPP) Loans [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Accrued interest receivable | $ 0 | ||
ASU 2016-13 [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Increase in allowance for credit loss | $ 20,200,000 | ||
Loans receivable allowance for credit loss | 19,600,000 | ||
Unfunded commitments allowance for credit loss | 536,000 | ||
Cumulative Effect Period Of Adoption Adjustment [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Cumulative effect of change in accounting principle for the adoption of ASU 2017-08 | $ (14,239,000) | ||
Cumulative Effect Period Of Adoption Adjustment [Member] | ASU 2016-13 [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Cumulative effect of change in accounting principle for the adoption of ASU 2017-08 | $ (14,200,000) |
Net Income Per Common Share (EP
Net Income Per Common Share (EPS) - Schedule of Earnings Per Share Calculations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | ||||
Net Income | $ 16,948 | $ 10,652 | $ 28,327 | $ 22,022 |
Weighted average number of common shares outstanding - basic | 85,120 | 82,831 | 85,564 | 83,794 |
Effect of dilutive securities | 3 | 45 | 2 | 41 |
Weighted average number of common shares outstanding - diluted | 85,123 | 82,876 | 85,566 | 83,835 |
Basic earnings per share | $ 0.20 | $ 0.13 | $ 0.33 | $ 0.26 |
Diluted earnings per share | $ 0.20 | $ 0.13 | $ 0.33 | $ 0.26 |
Net Income Per Common Share (_3
Net Income Per Common Share (EPS) - Additional Information (Detail) - shares | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Number of stock options anti-dilutive | 3,280,648 | 3,115,000 |
Acquisition of MSB Financial _3
Acquisition of MSB Financial Corp. - Additional Information (Detail) - USD ($) | Jul. 10, 2020 | Dec. 31, 2020 | Dec. 31, 2020 |
Business Acquisition [Line Items] | |||
Bargain purchase gain | $ 3,053,000 | ||
MSB Financial Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Closing date | Jul. 10, 2020 | ||
Cash paid for acquisition | $ 9,830,000 | ||
Issuance of shares of common stock to MSB stockholders in conjunction with merger | 5,853,811 | ||
Bargain purchase gain | $ 3,053,000 | ||
Core deposit intangible | $ 690,000 | ||
Business combination provisional adjustments | $ 0 | ||
MSB Financial Corporation [Member] | Core Deposit [Member] | |||
Business Acquisition [Line Items] | |||
Intangible asset, estimated useful life | 10 years |
Acquisition of MSB Financial _4
Acquisition of MSB Financial Corp. - Summary of Assets Acquired and Liabilities Assumed Through Merger at Fair Value (Detail) - USD ($) $ in Thousands | Jul. 10, 2020 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | |||
Bargain purchase gain | $ (3,053) | ||
MSB Financial Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Cash paid for acquisition | $ 9,830 | ||
Value of stock issued | 45,133 | ||
Total purchase price | 54,963 | ||
Cash and cash equivalents | 14,126 | ||
Investment securities | 3,490 | ||
Loans receivable | 530,244 | ||
Premises and equipment | 4,477 | ||
FHLB stock | 3,345 | ||
Accrued interest receivable | 1,701 | ||
Core deposit intangibles | 690 | ||
Bank owned life insurance | 14,663 | ||
Deferred income taxes, net | 3,881 | ||
Other assets | 5,325 | ||
Total assets acquired | 581,942 | ||
Deposits | 460,178 | ||
FHLB borrowings | 62,900 | ||
Advance payments by borrowers for taxes | 794 | ||
Other liabilities | 54 | ||
Total liabilities assumed | 523,926 | ||
Net assets acquired | 58,016 | ||
Bargain purchase gain | (3,053) | ||
MSB Financial Corporation [Member] | As Recorded by MSB [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 14,126 | ||
Investment securities | 4,000 | ||
Loans receivable | 537,589 | ||
Allowance for loan losses | (6,037) | ||
Premises and equipment | 7,698 | ||
FHLB stock | 3,345 | ||
Accrued interest receivable | 1,701 | ||
Bank owned life insurance | 14,663 | ||
Deferred income taxes, net | 1,729 | ||
Other assets | 4,830 | ||
Total assets acquired | 583,644 | ||
Deposits | 458,392 | ||
FHLB borrowings | 62,900 | ||
Advance payments by borrowers for taxes | 794 | ||
Other liabilities | 810 | ||
Total liabilities assumed | 522,896 | ||
MSB Financial Corporation [Member] | Fair Value Adjustments [Member] | |||
Business Acquisition [Line Items] | |||
Investment securities | [1] | (510) | |
Loans receivable | [2] | (7,345) | |
Allowance for loan losses | [3] | 6,037 | |
Premises and equipment | [4] | (3,221) | |
Core deposit intangibles | [5] | 690 | |
Deferred income taxes, net | [6] | 2,152 | |
Other assets | [7] | 495 | |
Total assets acquired | (1,702) | ||
Deposits | [8] | 1,786 | |
Other liabilities | [9] | (756) | |
Total liabilities assumed | $ 1,030 | ||
[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 reversal of deferred fees/costs and premiums. | ||
[3] | Represents the elimination of MSB’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 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. | ||
[6] | 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. | ||
[7] | Represents an adjustment to other assets acquired. | ||
[8] | 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. | ||
[9] | Represents an adjustment to other liabilities assumed. |
Merger Related Expenses - Addit
Merger Related Expenses - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | |
Business Acquisition [Line Items] | |||||
Merger-related expenses | $ 219,000 | $ 4,349,000 | $ 219,000 | ||
MSB Financial Corporation [Member] | |||||
Business Acquisition [Line Items] | |||||
Merger-related expenses | $ 4,300,000 | $ 951,000 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - Additional Information (Details) - Cumulative Effect Period Of Adoption Adjustment [Member] - USD ($) $ in Thousands | Jul. 01, 2020 | Jun. 30, 2020 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Cumulative effect of change in accounting principle for the adoption of ASU 2017-08 | $ (14,239) | |
ASU 2016-13 [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Cumulative effect of change in accounting principle for the adoption of ASU 2017-08 | $ (14,200) |
Securities - Amortized Cost, Gr
Securities - Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 | |
Schedule Of Available For Sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | $ 697,713 | ||
Securities available for sale, Fair value | 700,952 | ||
Securities available for sale, Amortized Cost | 1,671,935 | $ 1,363,221 | |
Mortgage-backed securities, Gross Unrealized Gains | 26,600 | 33,189 | |
Mortgage-backed securities, Gross Unrealized Losses | 2,642 | 10,707 | |
Investment securities available for sale, at fair value | 1,695,893 | 1,385,703 | |
Debt Securities [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 668,164 | 574,784 | |
Securities available for sale, Gross Unrealized Gains | 4,178 | 2,478 | |
Securities available for sale, Gross Unrealized Losses | 2,453 | 10,707 | |
Securities available for sale, Fair value | 669,889 | 566,555 | |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 46,665 | 52,843 | |
Securities available for sale, Gross Unrealized Gains | 1,098 | 1,211 | |
Securities available for sale, Fair value | 47,763 | 54,054 | |
Debt Securities [Member] | Asset-backed Securities [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 254,920 | 177,413 | |
Securities available for sale, Gross Unrealized Gains | 1,454 | ||
Securities available for sale, Gross Unrealized Losses | 967 | 4,966 | |
Securities available for sale, Fair value | 255,407 | 172,447 | |
Debt Securities [Member] | Collateralized Loan Obligations [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 197,515 | 198,619 | |
Securities available for sale, Gross Unrealized Gains | 79 | ||
Securities available for sale, Gross Unrealized Losses | 909 | 4,831 | |
Securities available for sale, Fair value | 196,685 | 193,788 | |
Debt Securities [Member] | Corporate Bonds [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 166,097 | 142,942 | |
Securities available for sale, Gross Unrealized Gains | 1,547 | 1,267 | |
Securities available for sale, Gross Unrealized Losses | 476 | 570 | |
Securities available for sale, Fair value | 167,168 | 143,639 | |
Debt Securities [Member] | Trust Preferred Securities [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 2,967 | 2,967 | |
Securities available for sale, Gross Unrealized Losses | 101 | 340 | |
Securities available for sale, Fair value | 2,866 | 2,627 | |
Mortgage-Backed Securities [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 1,003,771 | 788,437 | |
Mortgage-backed securities, Gross Unrealized Gains | 22,422 | 30,711 | |
Mortgage-backed securities, Gross Unrealized Losses | 189 | ||
Investment securities available for sale, at fair value | 1,026,004 | 819,148 | |
Mortgage-Backed Securities [Member] | Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | [1] | 20,021 | 30,043 |
Mortgage-backed securities, Gross Unrealized Gains | [1] | 489 | 860 |
Investment securities available for sale, at fair value | [1] | 20,510 | 30,903 |
Mortgage-Backed Securities [Member] | Residential Pass-Through Securities [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | [1] | 693,655 | 543,819 |
Mortgage-backed securities, Gross Unrealized Gains | [1] | 12,336 | 18,135 |
Investment securities available for sale, at fair value | [1] | 705,991 | 561,954 |
Mortgage-Backed Securities [Member] | Commercial Pass-Through Securities [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | [1] | 290,095 | 214,575 |
Mortgage-backed securities, Gross Unrealized Gains | [1] | 9,597 | 11,716 |
Mortgage-backed securities, Gross Unrealized Losses | [1] | 189 | |
Investment securities available for sale, at fair value | [1] | $ 299,503 | $ 226,291 |
[1] | Government-sponsored enterprises. |
Securities - Amortized Cost, _2
Securities - Amortized Cost, Gross Unrecognized Gains and Losses and Fair Values of Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | $ 697,713 | |
Gross Unrecognized Gains | 1,514 | $ 1,513 |
Fair Value | 700,952 | |
Amortized Cost | 29,549 | 32,556 |
Securities held to maturity, estimated fair value | 31,063 | 34,069 |
Debt Securities [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | 29,549 | 32,556 |
Gross Unrecognized Gains | 1,514 | 1,513 |
Fair Value | 31,063 | 34,069 |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | 29,549 | 32,556 |
Gross Unrecognized Gains | 1,514 | 1,513 |
Fair Value | $ 31,063 | $ 34,069 |
Securities - Stratification by
Securities - Stratification by Contractual Maturity of Securities (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Securities, Available-for-sale, Maturity, Marurity Date, Amortized Cost [Abstract] | |
Due in one year or less, Amortized Cost | $ 5,163 |
Due after one year through five years, Amortized Cost | 88,106 |
Due after five years through ten years, Amortized Cost | 341,569 |
Due after ten years, Amortized Cost | 262,875 |
Securities available for sale, Amortized Cost | 697,713 |
Debt Securities, Available-for-sale, Maturity, Maturity Date, Fair Value [Abstract] | |
Due in one year or less, Fair Value | 5,180 |
Due after one year through five years, Fair Value | 89,216 |
Due after five years through ten years, Fair Value | 343,661 |
Due after ten years, Fair Value | 262,895 |
Securities available for sale, Fair Value Total | 700,952 |
Debt Securities, Held-to-maturity, Maturity Date, Amortized Cost [Abstract] | |
Due in one year or less, Amortized Cost | 5,163 |
Due after one year through five years, Amortized Cost | 88,106 |
Due after five years through ten years, Amortized Cost | 341,569 |
Due after ten years, Amortized Cost | 262,875 |
Amortized Cost | 697,713 |
Debt Securities, Held-to-maturity, Maturity Date, Fair Value [Abstract] | |
Due in one year or less, Fair Value | 5,180 |
Due after one year through five years, Fair Value | 89,216 |
Due after five years through ten years, Fair Value | 343,661 |
Due after ten years, Fair Value | 262,895 |
Securities available for sale, Fair Value Total | $ 700,952 |
Securities - Sales of Securitie
Securities - Sales of Securities Available for Sale (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |||
Proceeds from sales of securities | $ 25,242 | $ 44,842 | $ 3,646 |
Gross realized gains | 800 | 800 | 12 |
Gross realized losses | (385) | (28) | |
Net gain (loss) on sales of securities | $ 800 | $ 415 | $ (16) |
Securities - Additional Informa
Securities - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2020USD ($)Security | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($)Security | Dec. 31, 2019USD ($) | Jun. 30, 2020Security | |
Investments Debt And Equity Securities [Abstract] | |||||
Gross gains recognized on calls of securities available for sale | $ 13,000,000 | $ 11,000,000 | $ 21,000,000 | $ 13,000,000 | |
Held to maturity gains (losses) recognized on calls of securities | $ 0 | $ 0 | $ 0 | $ 0 | |
Held-to-maturity, securities with unrealized losses, Number of positions | Security | 0 | 0 | 0 | ||
Allowance for credit losses related to available for sale debt securities | $ 0 | $ 0 |
Securities - Schedule of Availa
Securities - Schedule of Available for Sale Securities Pledged (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Carrying value of securities pledged | $ 598,206 | $ 549,544 |
FHLB of New York [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Carrying value of securities pledged | 155,620 | 155,288 |
Secure Public Funds On Deposit [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Carrying value of securities pledged | 104,434 | 19,944 |
Federal Reserve ("FRB") [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Carrying value of securities pledged | $ 338,152 | 366,482 |
Depositor Sweep Accounts [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Carrying value of securities pledged | $ 7,830 |
Securities - Schedule of Fair V
Securities - Schedule of Fair Values and Gross Unrealized and Unrecognized Losses on Investments (Detail) $ in Thousands | Dec. 31, 2020USD ($)Security | Jun. 30, 2020USD ($)Security |
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | $ 231,033 | $ 242,540 |
Less than 12 Months: Unrealized Losses | 1,229 | 5,443 |
12 Months or More: Fair Value | 193,649 | 190,737 |
12 Months or More: Unrealized Losses | $ 1,413 | $ 5,264 |
Number of Securities | Security | 41 | 45 |
Total: Fair Value | $ 424,682 | $ 433,277 |
Total: Unrealized Losses | 2,642 | 10,707 |
Debt Securities [Member] | Trust Preferred Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
12 Months or More: Fair Value | 2,866 | 2,626 |
12 Months or More: Unrealized Losses | $ 101 | $ 340 |
Number of Securities | Security | 2 | 2 |
Total: Fair Value | $ 2,866 | $ 2,626 |
Total: Unrealized Losses | 101 | 340 |
Debt Securities [Member] | Asset-backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 46,989 | 146,494 |
Less than 12 Months: Unrealized Losses | 529 | 3,962 |
12 Months or More: Fair Value | 44,103 | 25,954 |
12 Months or More: Unrealized Losses | $ 438 | $ 1,004 |
Number of Securities | Security | 10 | 16 |
Total: Fair Value | $ 91,092 | $ 172,448 |
Total: Unrealized Losses | 967 | 4,966 |
Debt Securities [Member] | Collateralized Loan Obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 61,440 | 71,282 |
Less than 12 Months: Unrealized Losses | 110 | 1,245 |
12 Months or More: Fair Value | 126,755 | 122,506 |
12 Months or More: Unrealized Losses | $ 799 | $ 3,586 |
Number of Securities | Security | 18 | 19 |
Total: Fair Value | $ 188,195 | $ 193,788 |
Total: Unrealized Losses | 909 | 4,831 |
Debt Securities [Member] | Corporate Bonds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 41,548 | 24,764 |
Less than 12 Months: Unrealized Losses | 401 | 236 |
12 Months or More: Fair Value | 19,925 | 39,651 |
12 Months or More: Unrealized Losses | $ 75 | $ 334 |
Number of Securities | Security | 7 | 8 |
Total: Fair Value | $ 61,473 | $ 64,415 |
Total: Unrealized Losses | 476 | $ 570 |
Debt Securities [Member] | Commercial Pass-Through Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 81,056 | |
Less than 12 Months: Unrealized Losses | $ 189 | |
Number of Securities | Security | 4 | |
Total: Fair Value | $ 81,056 | |
Total: Unrealized Losses | $ 189 |
Loans Receivable - Schedule of
Loans Receivable - Schedule of Loans Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | $ 4,867,358 | $ 4,540,103 | |
Unaccreted yield adjustments | (38,724) | (41,706) | |
Total loans receivable, net of yield adjustments | 4,828,634 | 4,498,397 | |
Nonresidential Mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 1,123,695 | 960,853 | |
One-to Four-Family Residential Mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 1,305,351 | 1,273,022 | |
Home Equity Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 65,298 | 82,920 | |
Other Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 4,123 | 3,991 | |
Consumer Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 69,421 | 86,911 | |
Multi-Family Mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 2,076,483 | 2,059,568 | |
Commercial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 3,492,586 | 3,180,170 | |
Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 90,398 | 20,961 | |
Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | [1] | $ 202,010 | $ 138,788 |
[1] | Includes Paycheck Protection Program (“PPP”) loans of $39.2 million and $69.0 million as of December 31, 2020 and June 30, 2020, respectively. The balance of PPP loans at December 31, 2020 includes loans acquired in conjunction with the Company’s acquisition of MSB on July 10, 2020. |
Loans Receivable - Schedule o_2
Loans Receivable - Schedule of Loans Receivable (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 4,867,358 | $ 4,540,103 |
Paycheck Protection Program (PPP) Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 39,200 | $ 69,000 |
Loans Receivable - Contractual
Loans Receivable - Contractual Payment Status of Loans Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | $ 4,867,358 | $ 4,540,103 | |
Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 65,298 | 82,920 | |
Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | [1] | 202,010 | 138,788 |
Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 90,398 | 20,961 | |
Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 1,305,351 | 1,273,022 | |
Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 4,123 | 3,991 | |
Non-Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 1,123,695 | 960,853 | |
Multi-Family Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 2,076,483 | 2,059,568 | |
Past Due Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 4,802,272 | 4,511,288 | |
Total past due | 65,086 | 28,815 | |
Loans and Leases Receivable, Gross | 4,867,358 | 4,540,103 | |
Past Due Loans [Member] | Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 65,182 | 82,358 | |
Total past due | 116 | 562 | |
Loans and Leases Receivable, Gross | 65,298 | 82,920 | |
Past Due Loans [Member] | Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 201,527 | 138,439 | |
Total past due | 483 | 349 | |
Loans and Leases Receivable, Gross | 202,010 | 138,788 | |
Past Due Loans [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 90,398 | 20,961 | |
Loans and Leases Receivable, Gross | 90,398 | 20,961 | |
Past Due Loans [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 1,297,164 | 1,264,267 | |
Total past due | 8,187 | 8,755 | |
Loans and Leases Receivable, Gross | 1,305,351 | 1,273,022 | |
Past Due Loans [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 4,110 | 3,981 | |
Total past due | 13 | 10 | |
Loans and Leases Receivable, Gross | 4,123 | 3,991 | |
Past Due Loans [Member] | Non-Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 1,083,879 | 941,714 | |
Total past due | 39,816 | 19,139 | |
Loans and Leases Receivable, Gross | 1,123,695 | 960,853 | |
Past Due Loans [Member] | Past due: 30-59 days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 8,587 | 3,380 | |
Past Due Loans [Member] | Past due: 30-59 days [Member] | Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 169 | ||
Past Due Loans [Member] | Past due: 30-59 days [Member] | Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 183 | ||
Past Due Loans [Member] | Past due: 30-59 days [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 2,718 | 3,211 | |
Past Due Loans [Member] | Past due: 30-59 days [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 2 | ||
Past Due Loans [Member] | Past due: 30-59 days [Member] | Non-Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 2,713 | ||
Past Due Loans [Member] | Past due: 60-89 days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 18,080 | 15,534 | |
Past Due Loans [Member] | Past due: 60-89 days [Member] | Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 13 | ||
Past Due Loans [Member] | Past due: 60-89 days [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 271 | 1,038 | |
Past Due Loans [Member] | Past due: 60-89 days [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 6 | 5 | |
Past Due Loans [Member] | Past due: 60-89 days [Member] | Non-Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 14,529 | 14,478 | |
Past Due Loans [Member] | Past due: 90 days and over [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 38,419 | 9,901 | |
Past Due Loans [Member] | Past due: 90 days and over [Member] | Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 116 | 380 | |
Past Due Loans [Member] | Past due: 90 days and over [Member] | Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 300 | 349 | |
Past Due Loans [Member] | Past due: 90 days and over [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 5,198 | 4,506 | |
Past Due Loans [Member] | Past due: 90 days and over [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 5 | 5 | |
Past Due Loans [Member] | Past due: 90 days and over [Member] | Non-Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 22,574 | 4,661 | |
Past Due Loans [Member] | Multi-Family Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 2,060,012 | 2,059,568 | |
Total past due | 16,471 | ||
Loans and Leases Receivable, Gross | 2,076,483 | $ 2,059,568 | |
Past Due Loans [Member] | Multi-Family Mortgage [Member] | Past due: 30-59 days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 2,971 | ||
Past Due Loans [Member] | Multi-Family Mortgage [Member] | Past due: 60-89 days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 3,274 | ||
Past Due Loans [Member] | Multi-Family Mortgage [Member] | Past due: 90 days and over [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | $ 10,226 | ||
[1] | Includes Paycheck Protection Program (“PPP”) loans of $39.2 million and $69.0 million as of December 31, 2020 and June 30, 2020, respectively. The balance of PPP loans at December 31, 2020 includes loans acquired in conjunction with the Company’s acquisition of MSB on July 10, 2020. |
Loans Receivable - Performance
Loans Receivable - Performance Status of Loans Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | $ 4,867,358 | $ 4,540,103 | |
Non-Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 1,123,695 | 960,853 | |
Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | [1] | 202,010 | 138,788 |
Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 90,398 | 20,961 | |
Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 1,305,351 | 1,273,022 | |
Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 4,123 | 3,991 | |
Multi-Family Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 2,076,483 | 2,059,568 | |
Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 65,298 | 82,920 | |
Nonperforming Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 4,867,358 | 4,540,103 | |
Nonperforming Loans [Member] | Non-Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 1,123,695 | 960,853 | |
Nonperforming Loans [Member] | Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 202,010 | 138,788 | |
Nonperforming Loans [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 90,398 | 20,961 | |
Nonperforming Loans [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 1,305,351 | 1,273,022 | |
Nonperforming Loans [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 4,123 | 3,991 | |
Nonperforming Loans [Member] | Multi-Family Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 2,076,483 | 2,059,568 | |
Nonperforming Loans [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 4,795,886 | 4,503,407 | |
Nonperforming Loans [Member] | Performing Financing Receivable [Member] | Non-Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 1,084,413 | 936,917 | |
Nonperforming Loans [Member] | Performing Financing Receivable [Member] | Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 201,483 | 138,196 | |
Nonperforming Loans [Member] | Performing Financing Receivable [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 87,884 | 20,961 | |
Nonperforming Loans [Member] | Performing Financing Receivable [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 1,292,826 | 1,264,663 | |
Nonperforming Loans [Member] | Performing Financing Receivable [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 4,118 | 3,986 | |
Nonperforming Loans [Member] | Performing Financing Receivable [Member] | Multi-Family Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 2,060,087 | 2,056,606 | |
Nonperforming Loans [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
90 days and over past due accruing | 5 | ||
Nonaccrual | 4,531 | 36,691 | |
Nonaccrual loans with no allowance for credit losses | 66,941 | ||
Total nonperforming | 71,472 | 36,696 | |
Nonperforming Loans [Member] | Nonperforming Financing Receivable [Member] | Non-Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 1,635 | 23,936 | |
Nonaccrual loans with no allowance for credit losses | 37,647 | ||
Total nonperforming | 39,282 | 23,936 | |
Nonperforming Loans [Member] | Nonperforming Financing Receivable [Member] | Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 121 | 592 | |
Nonaccrual loans with no allowance for credit losses | 406 | ||
Total nonperforming | 527 | 592 | |
Nonperforming Loans [Member] | Nonperforming Financing Receivable [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual loans with no allowance for credit losses | 2,514 | ||
Total nonperforming | 2,514 | ||
Nonperforming Loans [Member] | Nonperforming Financing Receivable [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 2,770 | 8,359 | |
Nonaccrual loans with no allowance for credit losses | 9,755 | ||
Total nonperforming | 12,525 | 8,359 | |
Nonperforming Loans [Member] | Nonperforming Financing Receivable [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
90 days and over past due accruing | 5 | ||
Nonaccrual | 5 | ||
Total nonperforming | 5 | 5 | |
Nonperforming Loans [Member] | Nonperforming Financing Receivable [Member] | Multi-Family Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 2,962 | ||
Nonaccrual loans with no allowance for credit losses | 16,396 | ||
Total nonperforming | 16,396 | 2,962 | |
Nonperforming Loans [Member] | Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 65,298 | 82,920 | |
Nonperforming Loans [Member] | Home Equity Loans [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 65,075 | 82,078 | |
Nonperforming Loans [Member] | Home Equity Loans [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 842 | ||
Nonaccrual loans with no allowance for credit losses | 223 | ||
Total nonperforming | $ 223 | $ 842 | |
[1] | Includes Paycheck Protection Program (“PPP”) loans of $39.2 million and $69.0 million as of December 31, 2020 and June 30, 2020, respectively. The balance of PPP loans at December 31, 2020 includes loans acquired in conjunction with the Company’s acquisition of MSB on July 10, 2020. |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) | Dec. 27, 2020USD ($) | Dec. 31, 2020USD ($)LoanProperty | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($)LoanProperty | Dec. 31, 2019USD ($) | Jun. 30, 2020USD ($)LoanProperty |
Financing Receivable Recorded Investment [Line Items] | ||||||
Financing receivable TDR modified principal balance | $ 19,600,000 | |||||
Loans receivable allowance for credit loss | $ 63,386,000 | 63,386,000 | ||||
TDR charge-offs | 0 | $ 0 | $ 0 | $ 0 | ||
TDR defaults | 488,000 | $ 0 | $ 0 | |||
Number of deferred non-TDR loans | Loan | 37 | |||||
Aggregate principal balance of deferred loans non-TDR loans | $ 33,200,000 | |||||
Financing receivables individually analyzed loans carrying value | 71,500,000 | 71,500,000 | ||||
Financing receivables individually analyzed loans collateral dependent | 58,700,000 | 58,700,000 | ||||
Residential Mortgage [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans receivable allowance for credit loss | $ 12,625,000 | $ 12,625,000 | ||||
Number of loans in process of foreclosure | Loan | 9 | 9 | 9 | |||
Mortgage loans in process of foreclosure, carrying value | $ 1,700,000 | $ 1,700,000 | $ 1,900,000 | |||
Residential Mortgage [Member] | Single-family Property [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Aggregate carrying value of real estate owned | $ 178,000 | $ 178,000 | $ 178,000 | |||
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 | 1 | 1 | 1 | |||
CARES Act [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Relief provisions | $ 900,000,000,000 | |||||
Relief provision expiration date | Dec. 31, 2020 | |||||
Troubled Debt Restructurings [Member] | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans receivable allowance for credit loss | $ 209,000 | $ 209,000 | $ 8,000 |
Loans Receivable - Troubled Deb
Loans Receivable - Troubled Debt Restructurings of Loans Receivable (Details) - Troubled Debt Restructurings [Member] $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2019USD ($)Loan | Dec. 31, 2020USD ($)Loan | Dec. 31, 2019USD ($)Loan | Jun. 30, 2020USD ($) | |
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | 2 | 1 | 8 | 70 |
Amount | $ 19,642 | $ 21,522 | ||
Pre-modification outstanding recorded investment | $ 136 | 309 | $ 2,995 | |
Post-modification outstanding recorded investment | $ 136 | $ 308 | $ 2,984 | |
One-to Four-Family Residential Mortgage [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | 1 | 1 | 3 | 34 |
Amount | $ 5,491 | $ 6,218 | ||
Pre-modification outstanding recorded investment | $ 44 | 309 | $ 1,046 | |
Post-modification outstanding recorded investment | $ 44 | $ 308 | $ 982 | |
Home Equity Loans [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | 9 | 1 | 14 | |
Amount | $ 623 | $ 1,163 | ||
Pre-modification outstanding recorded investment | $ 82 | |||
Post-modification outstanding recorded investment | $ 81 | |||
Commercial Loan [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | 20 | 22 | ||
Amount | $ 13,528 | $ 14,141 | ||
Accrual [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | 30 | 32 | ||
Amount | $ 8,119 | $ 8,413 | ||
Accrual [Member] | One-to Four-Family Residential Mortgage [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | 16 | 14 | ||
Amount | $ 2,400 | $ 2,407 | ||
Accrual [Member] | Home Equity Loans [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | 8 | 12 | ||
Amount | $ 528 | $ 715 | ||
Accrual [Member] | Commercial Loan [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | 6 | 6 | ||
Amount | $ 5,191 | $ 5,291 | ||
Non-accrual [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | 32 | 38 | ||
Amount | $ 11,523 | $ 13,109 | ||
Non-accrual [Member] | One-to Four-Family Residential Mortgage [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | 17 | 20 | ||
Amount | $ 3,091 | $ 3,811 | ||
Non-accrual [Member] | Home Equity Loans [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | 1 | 2 | ||
Amount | $ 95 | $ 448 | ||
Non-accrual [Member] | Commercial Loan [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | 14 | 16 | ||
Amount | $ 8,337 | $ 8,850 | ||
Non-Residential Mortgage [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | 8 | 10 | ||
Amount | $ 2,613 | $ 5,554 | ||
Non-Residential Mortgage [Member] | Accrual [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | 1 | 1 | ||
Amount | $ 108 | $ 112 | ||
Non-Residential Mortgage [Member] | Non-accrual [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | 7 | 9 | ||
Amount | $ 2,505 | $ 5,442 | ||
Commercial Business [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | 1 | 10 | 4 | 11 |
Amount | $ 5,505 | $ 5,625 | ||
Pre-modification outstanding recorded investment | $ 92 | $ 1,867 | ||
Post-modification outstanding recorded investment | $ 92 | $ 1,921 | ||
Commercial Business [Member] | Accrual [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | 5 | 5 | ||
Amount | $ 5,083 | $ 5,179 | ||
Commercial Business [Member] | Non-accrual [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | 5 | 6 | ||
Amount | $ 422 | $ 446 | ||
Construction [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | 1 | |||
Amount | $ 2,514 | |||
Construction [Member] | Non-accrual [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | 1 | |||
Amount | $ 2,514 | |||
Multi-Family Mortgage [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | 1 | 1 | ||
Amount | $ 2,896 | $ 2,962 | ||
Multi-Family Mortgage [Member] | Non-accrual [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Loans | 1 | 1 | ||
Amount | $ 2,896 | $ 2,962 |
Loans Receivable - Schedule o_3
Loans Receivable - Schedule of Modified Non-TDR Loans by Loan Segments (Detail) $ in Thousands | 6 Months Ended | |
Dec. 31, 2020USD ($)Loan | [1] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | Loan | 37 | |
Balance | $ | $ 33,177 | |
Home Equity Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | Loan | 1 | |
Balance | $ | $ 39 | |
Commercial Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | Loan | 16 | |
Balance | $ | $ 25,474 | |
Non-Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | Loan | 2 | |
Balance | $ | $ 5,913 | |
Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | Loan | 5 | |
Balance | $ | $ 1,314 | |
One-to Four-Family Residential Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | Loan | 20 | |
Balance | $ | $ 7,664 | |
Multi-Family Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | Loan | 9 | |
Balance | $ | $ 18,247 | |
[1] | Includes loans acquired in conjunction with the Company’s acquisition of MSB on July 10, 2020. |
Loans Receivable - Schedule O_4
Loans Receivable - Schedule Of Carrying Value Of Collateral Dependent Individually Analyzed Loans (Detail) - USD ($) $ in Thousands | Jul. 10, 2020 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance | $ (3,901) | ||
Individually Analyzed Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | $ 58,658 | ||
Balance | 724 | ||
Individually Analyzed Loans [Member] | One-to Four-Family Residential Mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | [1] | 6,598 | |
Balance | [1] | 206 | |
Individually Analyzed Loans [Member] | Home Equity Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | [1] | 116 | |
Individually Analyzed Loans [Member] | Commercial Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | 51,944 | ||
Balance | 518 | ||
Individually Analyzed Loans [Member] | Commercial Loan [Member] | Non-Residential Mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | [2] | 38,249 | |
Balance | [2] | 518 | |
Individually Analyzed Loans [Member] | Commercial Loan [Member] | Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | [3] | 195 | |
Individually Analyzed Loans [Member] | Multi-Family Mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | $ 13,500 | ||
[1] | Secured by one- to four-family properties. | ||
[2] | Secured by income-producing property. | ||
[3] | Secured by business assets. |
Loans Receivable - Impairment S
Loans Receivable - Impairment Status of Loans Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | $ 4,737,847 | $ 4,494,981 | |
Impaired loans with no allowance for impairment | 43,316 | ||
Recorded investment | 1,806 | ||
Allowance for impairment | (89) | ||
Balance of impaired loans net of allowance for impairment | 1,717 | ||
Total impaired loans, excluding allowance for impairment: | 45,122 | ||
Unpaid principal balance of impaired loans | 53,151 | ||
Loans and Leases Receivable, Gross | 4,867,358 | 4,540,103 | |
Unpaid principal balance of impaired loans: | 45,122 | ||
Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 64,713 | 81,363 | |
Impaired loans with no allowance for impairment | 1,557 | ||
Total impaired loans, excluding allowance for impairment: | 1,557 | ||
Unpaid principal balance of impaired loans | 1,950 | ||
Loans and Leases Receivable, Gross | 65,298 | 82,920 | |
Unpaid principal balance of impaired loans: | 1,557 | ||
Multi-Family Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 2,054,427 | 2,056,606 | |
Impaired loans with no allowance for impairment | 2,962 | ||
Total impaired loans, excluding allowance for impairment: | 2,962 | ||
Unpaid principal balance of impaired loans | 3,544 | ||
Loans and Leases Receivable, Gross | 2,076,483 | 2,059,568 | |
Unpaid principal balance of impaired loans: | 2,962 | ||
Non-Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 1,052,820 | 936,805 | |
Impaired loans with no allowance for impairment | 22,516 | ||
Recorded investment | 1,532 | ||
Allowance for impairment | (41) | ||
Balance of impaired loans net of allowance for impairment | 1,491 | ||
Total impaired loans, excluding allowance for impairment: | 24,048 | ||
Unpaid principal balance of impaired loans | 25,898 | ||
Loans and Leases Receivable, Gross | 1,123,695 | 960,853 | |
Unpaid principal balance of impaired loans: | 24,048 | ||
Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 197,402 | 132,999 | |
Impaired loans with no allowance for impairment | 5,622 | ||
Recorded investment | 167 | ||
Allowance for impairment | (47) | ||
Balance of impaired loans net of allowance for impairment | 120 | ||
Total impaired loans, excluding allowance for impairment: | 5,789 | ||
Unpaid principal balance of impaired loans | 8,778 | ||
Loans and Leases Receivable, Gross | [1] | 202,010 | 138,788 |
Unpaid principal balance of impaired loans: | 5,789 | ||
Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 76,391 | 20,961 | |
Unpaid principal balance of impaired loans | 73 | ||
Loans and Leases Receivable, Gross | 90,398 | 20,961 | |
Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 1,287,976 | 1,262,256 | |
Impaired loans with no allowance for impairment | 10,659 | ||
Recorded investment | 107 | ||
Allowance for impairment | (1) | ||
Balance of impaired loans net of allowance for impairment | 106 | ||
Total impaired loans, excluding allowance for impairment: | 10,766 | ||
Unpaid principal balance of impaired loans | 12,908 | ||
Loans and Leases Receivable, Gross | 1,305,351 | 1,273,022 | |
Unpaid principal balance of impaired loans: | 10,766 | ||
Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 4,118 | 3,991 | |
Loans and Leases Receivable, Gross | $ 4,123 | $ 3,991 | |
[1] | Includes Paycheck Protection Program (“PPP”) loans of $39.2 million and $69.0 million as of December 31, 2020 and June 30, 2020, respectively. The balance of PPP loans at December 31, 2020 includes loans acquired in conjunction with the Company’s acquisition of MSB on July 10, 2020. |
Loans Receivable - Credit-Ratin
Loans Receivable - Credit-Rating Classification of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | $ 4,867,358 | $ 4,540,103 | ||||||
Home Equity Loans [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 65,298 | 82,920 | ||||||
Non-Residential Mortgage [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 1,123,695 | 960,853 | ||||||
Commercial Business [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | [1] | 202,010 | 138,788 | |||||
Construction [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 90,398 | 20,961 | ||||||
Residential Mortgage [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 1,305,351 | 1,273,022 | ||||||
Other Consumer [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 4,123 | 3,991 | ||||||
Pass [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 4,484,846 | |||||||
Pass [Member] | Home Equity Loans [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 81,120 | |||||||
Pass [Member] | Non-Residential Mortgage [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 932,202 | |||||||
Pass [Member] | Commercial Business [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 132,818 | |||||||
Pass [Member] | Construction [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 20,961 | |||||||
Pass [Member] | Residential Mortgage [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 1,258,246 | |||||||
Pass [Member] | Other Consumer [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 3,979 | |||||||
Special Mention | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 9,187 | |||||||
Special Mention | Home Equity Loans [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 157 | |||||||
Special Mention | Non-Residential Mortgage [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 4,373 | |||||||
Special Mention | Commercial Business [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 2,585 | |||||||
Special Mention | Residential Mortgage [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 981 | |||||||
Special Mention | Other Consumer [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 5 | |||||||
Substandard | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 46,069 | |||||||
Substandard | Home Equity Loans [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 1,643 | |||||||
Substandard | Non-Residential Mortgage [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 24,278 | |||||||
Substandard | Commercial Business [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 3,385 | |||||||
Substandard | Residential Mortgage [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 13,795 | |||||||
Substandard | Other Consumer [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 6 | |||||||
Doubtful | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 1 | |||||||
Doubtful | Other Consumer [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 1 | |||||||
Multi-Family Mortgage [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 2,076,483 | 2,059,568 | ||||||
Multi-Family Mortgage [Member] | Pass [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 2,055,520 | |||||||
Multi-Family Mortgage [Member] | Special Mention | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 1,086 | |||||||
Multi-Family Mortgage [Member] | Substandard | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 2,962 | |||||||
Term Loan Amortized Cost [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 4,867,358 | 604,453 | $ 623,020 | $ 637,077 | $ 882,574 | $ 1,646,189 | ||
Term Loan Amortized Cost [Member] | Home Equity Loans [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 65,298 | 3,754 | 6,516 | 3,805 | 3,255 | 20,056 | ||
Term Loan Amortized Cost [Member] | Non-Residential Mortgage [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 1,123,695 | 86,629 | 79,964 | 79,012 | 302,848 | 527,894 | ||
Term Loan Amortized Cost [Member] | Commercial Business [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 202,010 | 49,175 | 4,949 | 24,435 | 8,176 | 15,691 | ||
Term Loan Amortized Cost [Member] | Construction [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 90,398 | 20,680 | 17,702 | 21,449 | 14,239 | 4,059 | ||
Term Loan Amortized Cost [Member] | Residential Mortgage [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 1,305,351 | 183,057 | 100,527 | 98,970 | 158,519 | 607,978 | ||
Term Loan Amortized Cost [Member] | Other Consumer [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 4,123 | 536 | 775 | 266 | 145 | 1,722 | ||
Term Loan Amortized Cost [Member] | Scenario Forecast [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | $ 365,003 | |||||||
Term Loan Amortized Cost [Member] | Scenario Forecast [Member] | Home Equity Loans [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 356 | |||||||
Term Loan Amortized Cost [Member] | Scenario Forecast [Member] | Non-Residential Mortgage [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 41,110 | |||||||
Term Loan Amortized Cost [Member] | Scenario Forecast [Member] | Commercial Business [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 30,621 | |||||||
Term Loan Amortized Cost [Member] | Scenario Forecast [Member] | Construction [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 6,534 | |||||||
Term Loan Amortized Cost [Member] | Scenario Forecast [Member] | Residential Mortgage [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 155,925 | |||||||
Term Loan Amortized Cost [Member] | Scenario Forecast [Member] | Other Consumer [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 504 | |||||||
Term Loan Amortized Cost [Member] | Pass [Member] | Home Equity Loans [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 64,342 | 3,754 | 6,516 | 3,805 | 3,189 | 19,166 | ||
Term Loan Amortized Cost [Member] | Pass [Member] | Non-Residential Mortgage [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 1,049,527 | 86,629 | 56,444 | 69,847 | 276,965 | 512,294 | ||
Term Loan Amortized Cost [Member] | Pass [Member] | Commercial Business [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 191,926 | 47,411 | 4,466 | 20,468 | 7,093 | 14,342 | ||
Term Loan Amortized Cost [Member] | Pass [Member] | Construction [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 87,862 | 20,680 | 17,702 | 21,449 | 14,239 | 1,523 | ||
Term Loan Amortized Cost [Member] | Pass [Member] | Residential Mortgage [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 1,283,964 | 181,649 | 98,598 | 98,970 | 157,949 | 591,450 | ||
Term Loan Amortized Cost [Member] | Pass [Member] | Other Consumer [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 4,015 | 536 | 775 | 266 | 145 | 1,717 | ||
Term Loan Amortized Cost [Member] | Pass [Member] | Scenario Forecast [Member] | Home Equity Loans [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 356 | |||||||
Term Loan Amortized Cost [Member] | Pass [Member] | Scenario Forecast [Member] | Non-Residential Mortgage [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 41,110 | |||||||
Term Loan Amortized Cost [Member] | Pass [Member] | Scenario Forecast [Member] | Commercial Business [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 29,506 | |||||||
Term Loan Amortized Cost [Member] | Pass [Member] | Scenario Forecast [Member] | Construction [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 6,534 | |||||||
Term Loan Amortized Cost [Member] | Pass [Member] | Scenario Forecast [Member] | Residential Mortgage [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 154,973 | |||||||
Term Loan Amortized Cost [Member] | Pass [Member] | Scenario Forecast [Member] | Other Consumer [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 504 | |||||||
Term Loan Amortized Cost [Member] | Special Mention | Home Equity Loans [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 166 | 166 | ||||||
Term Loan Amortized Cost [Member] | Special Mention | Non-Residential Mortgage [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 29,024 | 23,520 | 980 | 4,524 | ||||
Term Loan Amortized Cost [Member] | Special Mention | Commercial Business [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 6,551 | 1,640 | 267 | 2,370 | 978 | 15 | ||
Term Loan Amortized Cost [Member] | Special Mention | Residential Mortgage [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 1,954 | 1,246 | 708 | |||||
Term Loan Amortized Cost [Member] | Special Mention | Scenario Forecast [Member] | Commercial Business [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 1,115 | |||||||
Term Loan Amortized Cost [Member] | Substandard | Home Equity Loans [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 790 | 66 | 724 | |||||
Term Loan Amortized Cost [Member] | Substandard | Non-Residential Mortgage [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 45,144 | 9,165 | 24,903 | 11,076 | ||||
Term Loan Amortized Cost [Member] | Substandard | Commercial Business [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 3,533 | 124 | 216 | 1,597 | 105 | 1,334 | ||
Term Loan Amortized Cost [Member] | Substandard | Construction [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 2,536 | 2,536 | ||||||
Term Loan Amortized Cost [Member] | Substandard | Residential Mortgage [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 19,433 | 1,408 | 683 | 570 | 15,820 | |||
Term Loan Amortized Cost [Member] | Substandard | Other Consumer [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 1 | |||||||
Term Loan Amortized Cost [Member] | Substandard | Scenario Forecast [Member] | Residential Mortgage [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 952 | |||||||
Term Loan Amortized Cost [Member] | Doubtful | Other Consumer [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 107 | 5 | ||||||
Term Loan Amortized Cost [Member] | Revolving Credit Facility | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 109,042 | |||||||
Term Loan Amortized Cost [Member] | Revolving Credit Facility | Home Equity Loans [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 27,556 | |||||||
Term Loan Amortized Cost [Member] | Revolving Credit Facility | Non-Residential Mortgage [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 6,238 | |||||||
Term Loan Amortized Cost [Member] | Revolving Credit Facility | Commercial Business [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 68,963 | |||||||
Term Loan Amortized Cost [Member] | Revolving Credit Facility | Construction [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 5,735 | |||||||
Term Loan Amortized Cost [Member] | Revolving Credit Facility | Residential Mortgage [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 375 | |||||||
Term Loan Amortized Cost [Member] | Revolving Credit Facility | Other Consumer [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 175 | |||||||
Term Loan Amortized Cost [Member] | Revolving Credit Facility | Pass [Member] | Home Equity Loans [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 27,556 | |||||||
Term Loan Amortized Cost [Member] | Revolving Credit Facility | Pass [Member] | Non-Residential Mortgage [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 6,238 | |||||||
Term Loan Amortized Cost [Member] | Revolving Credit Facility | Pass [Member] | Commercial Business [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 68,640 | |||||||
Term Loan Amortized Cost [Member] | Revolving Credit Facility | Pass [Member] | Construction [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 5,735 | |||||||
Term Loan Amortized Cost [Member] | Revolving Credit Facility | Pass [Member] | Residential Mortgage [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 375 | |||||||
Term Loan Amortized Cost [Member] | Revolving Credit Facility | Pass [Member] | Other Consumer [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 72 | |||||||
Term Loan Amortized Cost [Member] | Revolving Credit Facility | Special Mention | Commercial Business [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 166 | |||||||
Term Loan Amortized Cost [Member] | Revolving Credit Facility | Substandard | Commercial Business [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 157 | |||||||
Term Loan Amortized Cost [Member] | Revolving Credit Facility | Substandard | Other Consumer [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 1 | |||||||
Term Loan Amortized Cost [Member] | Revolving Credit Facility | Doubtful | Other Consumer [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 102 | |||||||
Term Loan Amortized Cost [Member] | Multi-Family Mortgage [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 2,076,483 | 260,622 | 412,587 | 409,140 | 395,392 | 468,789 | ||
Term Loan Amortized Cost [Member] | Multi-Family Mortgage [Member] | Scenario Forecast [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 129,953 | |||||||
Term Loan Amortized Cost [Member] | Multi-Family Mortgage [Member] | Pass [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 2,048,199 | $ 260,622 | $ 412,587 | 402,970 | 383,315 | 458,752 | ||
Term Loan Amortized Cost [Member] | Multi-Family Mortgage [Member] | Pass [Member] | Scenario Forecast [Member] | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | $ 129,953 | |||||||
Term Loan Amortized Cost [Member] | Multi-Family Mortgage [Member] | Special Mention | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | 2,921 | 1,851 | 1,070 | |||||
Term Loan Amortized Cost [Member] | Multi-Family Mortgage [Member] | Substandard | ||||||||
Multi-family mortgage: | ||||||||
Loans and Leases Receivable, Gross | $ 25,363 | $ 6,170 | $ 10,226 | $ 8,967 | ||||
[1] | Includes Paycheck Protection Program (“PPP”) loans of $39.2 million and $69.0 million as of December 31, 2020 and June 30, 2020, respectively. The balance of PPP loans at December 31, 2020 includes loans acquired in conjunction with the Company’s acquisition of MSB on July 10, 2020. |
Loans Receivable - Acquisition
Loans Receivable - Acquisition Amount of MSB Purchased Loans (Detail) $ in Thousands | Jul. 10, 2020USD ($) |
Receivables [Abstract] | |
Purchase price of PCD loans at acquisition | $ 69,415 |
Allowance for credit losses at acquisition | (3,901) |
Non-credit discount at acquisition | (167) |
Amortized cost of acquired PCD loans at acquisition | $ 65,347 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Allowance for Credit Losses and Balance of Loans Receivable (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Jun. 30, 2020 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Loans receivable allowance for credit loss | $ 63,386 | $ 63,386 | $ 63,386 | ||||
Allowance | 64,860 | $ 32,432 | 37,327 | $ 33,274 | |||
Allowance, Loans individually evaluated for impairment | 752 | $ 89 | |||||
Allowance, Loans collectively evaluated for impairment | 60,308 | 37,238 | |||||
Total allowance for credit losses | 63,386 | 63,386 | |||||
Loans individually evaluated for impairment | 65,784 | 44,823 | |||||
Loans collectively evaluated for impairment | 4,737,847 | 4,494,981 | |||||
Loans and Leases Receivable, Gross | 4,867,358 | 4,540,103 | |||||
Loans receivable, Unaccreted yield adjustments | (38,724) | (41,706) | |||||
Loans receivable | 4,828,634 | 4,498,397 | |||||
Allowance | 63,386 | 30,937 | 63,386 | 30,937 | |||
Total charge offs | (115) | (44) | (188) | (108) | |||
Total recoveries | 6 | 14 | 12 | 18 | |||
Provision for (reversal of) credit losses | (1,365) | (1,465) | 2,694 | (2,247) | |||
Impact of adopting Topic 326 | 19,640 | ||||||
Initial allowance on PCD loans | 3,901 | ||||||
Non-Residential Mortgage [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Loans receivable allowance for credit loss | 15,933 | 15,933 | 15,933 | ||||
Allowance | 15,094 | 9,371 | 8,763 | 9,672 | |||
Allowance, Loans individually evaluated for impairment | 1 | 41 | |||||
Allowance, Loans collectively evaluated for impairment | 14,420 | 8,722 | |||||
Total allowance for credit losses | 15,933 | 15,933 | |||||
Loans individually evaluated for impairment | 37,647 | 24,048 | |||||
Loans collectively evaluated for impairment | 1,052,820 | 936,805 | |||||
Loans and Leases Receivable, Gross | 1,123,695 | 960,853 | |||||
Allowance | 15,933 | 8,684 | 15,933 | 8,684 | |||
Total charge offs | (66) | (66) | |||||
Provision for (reversal of) credit losses | 905 | (687) | 3,126 | (988) | |||
Impact of adopting Topic 326 | 2,390 | ||||||
Initial allowance on PCD loans | 1,720 | ||||||
Commercial Business [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Loans receivable allowance for credit loss | 3,348 | 3,348 | 3,348 | ||||
Allowance | 4,355 | 2,293 | 1,926 | 2,467 | |||
Allowance, Loans individually evaluated for impairment | 683 | 47 | |||||
Allowance, Loans collectively evaluated for impairment | 2,593 | 1,879 | |||||
Total allowance for credit losses | 3,348 | 3,348 | |||||
Loans individually evaluated for impairment | 332 | 5,567 | |||||
Loans collectively evaluated for impairment | 197,402 | 132,999 | |||||
Loans and Leases Receivable, Gross | [1] | 202,010 | 138,788 | ||||
Allowance | 3,348 | 2,008 | 3,348 | 2,008 | |||
Total charge offs | (64) | ||||||
Total recoveries | 3 | 5 | |||||
Provision for (reversal of) credit losses | (1,010) | (285) | 895 | (459) | |||
Impact of adopting Topic 326 | (421) | ||||||
Initial allowance on PCD loans | 1,007 | ||||||
Construction [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Loans receivable allowance for credit loss | 1,205 | 1,205 | 1,205 | ||||
Allowance | 1,105 | 140 | 236 | 136 | |||
Allowance, Loans collectively evaluated for impairment | 1,096 | 236 | |||||
Total allowance for credit losses | 1,205 | 1,205 | |||||
Loans individually evaluated for impairment | 2,514 | ||||||
Loans collectively evaluated for impairment | 76,391 | 20,961 | |||||
Loans and Leases Receivable, Gross | 90,398 | 20,961 | |||||
Allowance | 1,205 | 142 | 1,205 | 142 | |||
Provision for (reversal of) credit losses | 100 | 2 | 790 | 6 | |||
Impact of adopting Topic 326 | 80 | ||||||
Initial allowance on PCD loans | 99 | ||||||
Residential Mortgage [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Loans receivable allowance for credit loss | 12,625 | 12,625 | 12,625 | ||||
Allowance | 14,835 | 3,307 | 4,860 | 3,377 | |||
Allowance, Loans individually evaluated for impairment | 68 | 1 | |||||
Allowance, Loans collectively evaluated for impairment | 12,130 | 4,859 | |||||
Total allowance for credit losses | 12,625 | 12,625 | |||||
Loans individually evaluated for impairment | 8,672 | 10,689 | |||||
Loans collectively evaluated for impairment | 1,287,976 | 1,262,256 | |||||
Loans and Leases Receivable, Gross | 1,305,351 | 1,273,022 | |||||
Allowance | 12,625 | 3,478 | 12,625 | 3,478 | |||
Total charge offs | (13) | (13) | |||||
Provision for (reversal of) credit losses | (2,197) | 171 | (2,048) | 101 | |||
Impact of adopting Topic 326 | 9,106 | ||||||
Initial allowance on PCD loans | 720 | ||||||
Other Consumer [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Loans receivable allowance for credit loss | 50 | 50 | 50 | ||||
Allowance | 47 | 141 | 58 | 172 | |||
Allowance, Loans collectively evaluated for impairment | 50 | 58 | |||||
Total allowance for credit losses | 50 | 50 | |||||
Loans collectively evaluated for impairment | 4,118 | 3,991 | |||||
Loans and Leases Receivable, Gross | 4,123 | 3,991 | |||||
Allowance | 50 | 109 | 50 | 109 | |||
Total charge offs | (4) | (44) | (13) | (108) | |||
Total recoveries | 3 | 14 | 7 | 18 | |||
Provision for (reversal of) credit losses | 4 | (2) | 13 | 27 | |||
Impact of adopting Topic 326 | (15) | ||||||
Multi-Family Mortgage [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Loans receivable allowance for credit loss | 29,500 | 29,500 | 29,500 | ||||
Allowance | 28,566 | 16,702 | 20,916 | 16,959 | |||
Allowance, Loans collectively evaluated for impairment | 29,313 | 20,916 | |||||
Total allowance for credit losses | 29,500 | 29,500 | |||||
Loans individually evaluated for impairment | 16,396 | 2,962 | |||||
Loans collectively evaluated for impairment | 2,054,427 | 2,056,606 | |||||
Loans and Leases Receivable, Gross | 2,076,483 | 2,059,568 | |||||
Allowance | 29,500 | 16,060 | 29,500 | 16,060 | |||
Provision for (reversal of) credit losses | 934 | (642) | (74) | (899) | |||
Impact of adopting Topic 326 | 8,408 | ||||||
Initial allowance on PCD loans | 250 | ||||||
Home Equity Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Loans receivable allowance for credit loss | 725 | 725 | 725 | ||||
Allowance | 858 | 478 | 568 | 491 | |||
Allowance, Loans collectively evaluated for impairment | 706 | 568 | |||||
Total allowance for credit losses | 725 | 725 | |||||
Loans individually evaluated for impairment | 223 | 1,557 | |||||
Loans collectively evaluated for impairment | 64,713 | 81,363 | |||||
Loans and Leases Receivable, Gross | 65,298 | 82,920 | |||||
Allowance | 725 | 456 | 725 | 456 | |||
Total charge offs | (32) | (32) | |||||
Provision for (reversal of) credit losses | (101) | $ (22) | (8) | $ (35) | |||
Impact of adopting Topic 326 | 92 | ||||||
Initial allowance on PCD loans | 105 | ||||||
Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Loans receivable allowance for credit loss | 724 | 724 | 724 | ||||
Loans acquired with deteriorated credit quality collectively analyzed | 1,602 | ||||||
Total allowance for credit losses | 724 | 724 | |||||
Loans acquired with deteriorated credit quality individually evaluated | 5,683 | 299 | |||||
Loans acquired with deteriorated credit quality collectively evaluated | 58,044 | ||||||
Receivables Acquired with Deteriorated Credit Quality [Member] | Non-Residential Mortgage [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Loans receivable allowance for credit loss | 518 | 518 | 518 | ||||
Loans acquired with deteriorated credit quality collectively analyzed | 994 | ||||||
Total allowance for credit losses | 518 | 518 | |||||
Loans acquired with deteriorated credit quality individually evaluated | 1,635 | ||||||
Loans acquired with deteriorated credit quality collectively evaluated | 31,593 | ||||||
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Business [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Loans acquired with deteriorated credit quality collectively analyzed | 72 | ||||||
Loans acquired with deteriorated credit quality individually evaluated | 195 | 222 | |||||
Loans acquired with deteriorated credit quality collectively evaluated | 4,081 | ||||||
Receivables Acquired with Deteriorated Credit Quality [Member] | Construction [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Loans acquired with deteriorated credit quality collectively analyzed | 109 | ||||||
Loans acquired with deteriorated credit quality collectively evaluated | 11,493 | ||||||
Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Loans receivable allowance for credit loss | 206 | 206 | 206 | ||||
Loans acquired with deteriorated credit quality collectively analyzed | 221 | ||||||
Total allowance for credit losses | $ 206 | $ 206 | |||||
Loans acquired with deteriorated credit quality individually evaluated | 3,853 | $ 77 | |||||
Loans acquired with deteriorated credit quality collectively evaluated | 4,850 | ||||||
Receivables Acquired with Deteriorated Credit Quality [Member] | Other Consumer [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Loans acquired with deteriorated credit quality collectively evaluated | 5 | ||||||
Receivables Acquired with Deteriorated Credit Quality [Member] | Multi-Family Mortgage [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Loans acquired with deteriorated credit quality collectively analyzed | 187 | ||||||
Loans acquired with deteriorated credit quality collectively evaluated | 5,660 | ||||||
Receivables Acquired with Deteriorated Credit Quality [Member] | Home Equity Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Loans acquired with deteriorated credit quality collectively analyzed | 19 | ||||||
Loans acquired with deteriorated credit quality collectively evaluated | $ 362 | ||||||
[1] | Includes Paycheck Protection Program (“PPP”) loans of $39.2 million and $69.0 million as of December 31, 2020 and June 30, 2020, respectively. The balance of PPP loans at December 31, 2020 includes loans acquired in conjunction with the Company’s acquisition of MSB on July 10, 2020. |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Allowance for Credit Losses on Financing Receivables Off Balance Sheet Commitments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2020 | ||
Receivables [Abstract] | |||
Beginning balance | $ 1,004 | ||
Provision recorded in other non-interest expense | 54 | $ 522 | |
Total allowance for credit losses on off balance sheet commitments | $ 1,058 | 1,058 | |
Impact of adopting Topic 326 | [1] | $ 536 | |
[1] | Adoption of CECL accounting standard effective July 1, 2020. |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Deposits [Abstract] | ||
Non-interest-bearing demand | $ 518,828 | $ 419,138 |
Interest-bearing demand | 1,752,699 | 1,264,151 |
Savings | 1,075,122 | 906,597 |
Certificates of deposits | 1,965,964 | 1,840,396 |
Total deposits | $ 5,312,613 | $ 4,430,282 |
Borrowings - Schedule of Fixed
Borrowings - Schedule of Fixed Rate Advances from FHLB (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, Advances, Balance, Less than one year | $ 590,000 | $ 865,000 |
Federal Home Loan Bank, Advances, Balance Due in One to two years | 27,000 | |
Federal Home Loan Bank, Advances, Balance Due in two to three years | 145,000 | 145,000 |
Federal Home Loan Bank, Advances, Balance Due in three to four years | 103,500 | 22,500 |
Federal Home Loan Bank, Advances, Balance Due in four to five years | 29,000 | 103,500 |
Federal Home Loan Bank, Advances, Balance greater than five years | 6,500 | |
Federal Home Loan Bank, Advances, Total | 867,500 | 1,169,500 |
Federal Home Loan Bank, Advances, Unamortized Fair Value Adjustments | (1,849) | (2,071) |
Total Federal Home Loan Bank, Advances, After Fair Value Adjustments | $ 865,651 | $ 1,167,429 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in less than one year | 0.35% | 0.45% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in one to two years | 2.85% | |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in two to three years | 3.04% | 3.04% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in three to four years | 2.65% | 2.63% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in four to five years | 2.77% | 2.68% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in greater than five years | 2.82% | |
Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Weighted Average Interest Rate | 1.15% | 1.08% |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Jun. 30, 2020 |
Debt Instrument [Line Items] | ||
Other borrowings, sweep accounts | $ 0 | $ 5.7 |
Mortgage-Backed Securities [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, advances, general debt obligations, disclosures, collateral pledged | 155.6 | 155.3 |
Investment in Federal Home Loan Bank Stock [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, advances, general debt obligations, disclosures, collateral pledged | $ 3,090 | $ 3,210 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Fair Values of Derivative Financial Instruments as well as Their Classification on Statement of Financial Condition (Detail) - Derivatives Designated as Hedging Instruments [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Other Assets [Member] | ||
Derivative [Line Items] | ||
Fair Value | $ 216 | $ 235 |
Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair Value | 12,293 | 18,177 |
Interest Rate Contract [Member] | Other Assets [Member] | ||
Derivative [Line Items] | ||
Fair Value | 216 | 235 |
Interest Rate Contract [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair Value | $ 12,293 | $ 18,177 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2020USD ($)Instrument | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($)Instrument | Dec. 31, 2019USD ($) | Jun. 30, 2020USD ($) | |
Loan Origination Commitments [Member] | |||||
Derivative [Line Items] | |||||
Pipeline of loans held-for-sale | $ 62,300 | $ 62,300 | $ 127,200 | ||
Counter Party [Member] | |||||
Derivative [Line Items] | |||||
Termination value of derivatives | 13,000 | 13,000 | |||
Financial collateral not included as offsetting amounts | 12,300 | 12,300 | |||
Interest Expense [Member] | |||||
Derivative [Line Items] | |||||
Estimated cash flow hedge gain (loss) to be reclassified in next twelve months | 6,600 | ||||
Cash Flow Hedges [Member] | |||||
Derivative [Line Items] | |||||
Reclassifications to interest expense | $ 2,217 | $ (836) | $ 4,589 | $ (2,207) | |
Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | |||||
Derivative [Line Items] | |||||
Number of interest rate derivative instruments held | Instrument | 13 | 13 | |||
Derivative, notional amount | $ 1,190,000 | $ 1,190,000 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Pre-tax Effects of Derivative Instruments on Consolidated Statements of Income and Comprehensive Income (Detail) - Derivatives in Cash Flow Hedging Relationships [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivatives | $ 1,389 | $ 2,679 | $ 1,278 | $ 920 |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | (2,217) | 836 | (4,589) | 2,207 |
Interest Rate Contract [Member] | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivatives | 1,389 | 2,679 | 1,278 | 920 |
Interest Rate Contract [Member] | Interest Expense [Member] | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | $ (2,217) | $ 836 | $ (4,589) | $ 2,207 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Offsetting Derivatives (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Derivative [Line Items] | ||
Gross Amount Recognized, Assets | $ 1,003 | $ 592 |
Gross Amounts Offset, Assets | (787) | (357) |
Net Amounts Presented, Assets | 216 | 235 |
Net Amount, Assets | 216 | 235 |
Gross Amount Recognized, Liabilities | 13,080 | 18,534 |
Gross Amounts Offset, Liabilities | (787) | (357) |
Net Amounts Presented, Liabilities | 12,293 | 18,177 |
Gross Amounts Not Offset, Cash Collateral Posted, Liabilities | (12,293) | (18,177) |
Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Gross Amount Recognized, Assets | 1,003 | 592 |
Gross Amounts Offset, Assets | (787) | (357) |
Net Amounts Presented, Assets | 216 | 235 |
Net Amount, Assets | 216 | 235 |
Gross Amount Recognized, Liabilities | 13,080 | 18,534 |
Gross Amounts Offset, Liabilities | (787) | (357) |
Net Amounts Presented, Liabilities | 12,293 | 18,177 |
Gross Amounts Not Offset, Cash Collateral Posted, Liabilities | $ (12,293) | $ (18,177) |
Benefit Plans - Schedule of Net
Benefit Plans - Schedule of Net Periodic Benefit Expense (Detail) - Benefit Equalization Plan, Postretirement Welfare Plan, Directors Consultation and Retirement Plan and Atlas Bank Retirement Income Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Salaries and Employee Benefits [Member] | ||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 27 | $ 19 | $ 53 | $ 39 |
Miscellaneous Non Interest Expense [Member] | ||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Interest cost | 65 | 82 | 131 | 163 |
Amortization of unrecognized loss | 21 | 5 | 42 | 10 |
Expected return on assets | (29) | (28) | (57) | (56) |
Net periodic benefit cost | $ 84 | $ 78 | $ 169 | $ 156 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Federal income tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Income before income taxes | $ 22,562 | $ 14,199 | $ 36,825 | $ 29,386 |
Federal income tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Federal income tax expense at statutory rate | $ 4,738 | $ 2,982 | $ 7,733 | $ 6,171 |
(Reduction) increases in income taxes resulting from: Tax exempt interest | (91) | (138) | (185) | (282) |
(Reduction) increases in income taxes resulting from: State tax, net of federal tax effect | 1,456 | 809 | 2,240 | 2,050 |
(Reduction) increases in income taxes resulting from: Incentive stock option compensation expense | 20 | 20 | 40 | 37 |
(Reduction) increases in income taxes resulting from: Income from bank-owned life insurance | (338) | (333) | (665) | (666) |
(Reduction) increases in income taxes resulting from: Non-deductible merger-related expenses | 20 | 49 | 20 | |
(Reductions) increases in income taxes resulting from: Bargain purchase gain | (641) | |||
Income Tax Reconciliation Utilization Of Capital Loss Carryforward | (375) | (375) | ||
(Reductions) increases in income taxes resulting from: Other items, net | 727 | 187 | 825 | 34 |
Income Tax Expense Benefit Before Valuation Allowance | 6,137 | 3,547 | 9,021 | 7,364 |
Reversal of valuation allowance | (523) | (523) | ||
Total income tax expense | $ 5,614 | $ 3,547 | $ 8,498 | $ 7,364 |
Effective income tax rate | 24.88% | 24.98% | 23.08% | 25.06% |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Assets Measured At Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Assets: | ||
Securities available for sale, Fair value | $ 700,952 | |
Mortgage-backed securities available for sale | 1,026,004 | $ 819,148 |
Securities available for sale | 1,695,893 | 1,385,703 |
Interest rate contracts | 216 | 235 |
Total assets | 1,696,109 | 1,385,938 |
Liabilities: | ||
Interest rate contracts | 12,293 | 18,177 |
Total liabilities | 12,293 | 18,177 |
Interest Rate Contract [Member] | ||
Assets: | ||
Interest rate contracts | 216 | 235 |
Liabilities: | ||
Interest rate contracts | 12,293 | 18,177 |
Debt Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 669,889 | 566,555 |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 47,763 | 54,054 |
Debt Securities [Member] | Asset-backed Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 255,407 | 172,447 |
Debt Securities [Member] | Collateralized Loan Obligations [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 196,685 | 193,788 |
Debt Securities [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 167,168 | 143,639 |
Debt Securities [Member] | Trust Preferred Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 2,866 | 2,627 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | 20,510 | 30,903 |
Residential Pass-Through Securities [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | 705,991 | 561,954 |
Commercial Pass-Through Securities [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | 299,503 | 226,291 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | 1,026,004 | 819,148 |
Securities available for sale | 1,695,893 | 1,385,703 |
Total assets | 1,696,109 | 1,385,938 |
Liabilities: | ||
Total liabilities | 12,293 | 18,177 |
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Contract [Member] | ||
Assets: | ||
Interest rate contracts | 216 | 235 |
Liabilities: | ||
Interest rate contracts | 12,293 | 18,177 |
Significant Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 669,889 | 566,555 |
Significant Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 47,763 | 54,054 |
Significant Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | Asset-backed Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 255,407 | 172,447 |
Significant Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | Collateralized Loan Obligations [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 196,685 | 193,788 |
Significant Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 167,168 | 143,639 |
Significant Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | Trust Preferred Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 2,866 | 2,627 |
Significant Other Observable Inputs (Level 2) [Member] | Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | 20,510 | 30,903 |
Significant Other Observable Inputs (Level 2) [Member] | Residential Pass-Through Securities [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | 705,991 | 561,954 |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Pass-Through Securities [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | $ 299,503 | $ 226,291 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Schedule of Assets Measured At Fair Value on a Non-recurring Basis (Detail) - USD ($) | Dec. 31, 2020 | Jun. 30, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 1,696,109,000 | $ 1,385,938,000 |
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 5,275,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 1,900,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Non-Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 3,375,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 178,000 | 178,000 |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 178,000 | 178,000 |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 4,750,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 2,339,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Non-Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 2,282,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Commercial Business [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 129,000 | |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 1,696,109,000 | 1,385,938,000 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 5,275,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 1,900,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Non-Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 3,375,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 178,000 | 178,000 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 178,000 | 178,000 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 4,750,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 2,339,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Non-Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 2,282,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Commercial Business [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 129,000 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Schedule of Quantitative Information about Level 3 Fair Value Measurements (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Jun. 30, 2020 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | $ 1,696,109 | $ 1,385,938 | ||
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | 5,275 | |||
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Residential Mortgage [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | 1,900 | |||
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Non-Residential Mortgage [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | 3,375 | |||
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Residential Mortgage [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | $ 1,900 | |||
Valuation Techniques | [1] | Market valuation of underlying collateral | ||
Unobservable Input | [2] | Adjustments to reflect current conditions/selling costs | ||
Weighted Average | 8.50% | |||
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Non-Residential Mortgage [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | $ 3,375 | |||
Valuation Techniques | [1] | Market valuation of underlying collateral | ||
Unobservable Input | [2] | Adjustments to reflect current conditions/selling costs | ||
Weighted Average | 9.93% | |||
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Minimum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Residential Mortgage [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range | 7.00% | |||
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Minimum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Non-Residential Mortgage [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range | 9.00% | |||
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Maximum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Residential Mortgage [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range | 11.00% | |||
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Maximum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Non-Residential Mortgage [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range | 11.00% | |||
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | $ 178 | 178 | ||
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Residential Mortgage [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | 178 | 178 | ||
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Market Valuation of Underlying Collateral [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | 178 | 178 | ||
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [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 | $ 178 | $ 178 | ||
Valuation Techniques | [3] | Market valuation of underlying collateral | Market valuation of underlying collateral | [1] |
Unobservable Input | [2] | Adjustments to reflect current conditions/selling costs | Adjustments to reflect current conditions/selling costs | |
Range | 6.00% | |||
Weighted Average | 6.00% | 6.00% | ||
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [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% | |||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | $ 4,750 | |||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Residential Mortgage [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | 2,339 | |||
Fair Value, Measurements, Nonrecurring [Member] | 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 | 2,282 | |||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Commercial Business [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | 129 | |||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | 4,750 | |||
Fair Value, Measurements, Nonrecurring [Member] | 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 | $ 2,339 | |||
Valuation Techniques | [1] | Market valuation of underlying collateral | ||
Unobservable Input | [2] | Adjustments to reflect current conditions/selling costs | ||
Weighted Average | 8.17% | |||
Fair Value, Measurements, Nonrecurring [Member] | 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 | $ 2,282 | |||
Valuation Techniques | [1] | Market valuation of underlying collateral | ||
Unobservable Input | [2] | Adjustments to reflect current conditions/selling costs | ||
Weighted Average | 10.27% | |||
Fair Value, Measurements, Nonrecurring [Member] | 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 | $ 129 | |||
Valuation Techniques | [1] | Market valuation of underlying collateral | ||
Unobservable Input | [2] | Adjustments to reflect current conditions/selling costs | ||
Weighted Average | 0.00% | |||
Fair Value, Measurements, Nonrecurring [Member] | 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 | 7.00% | |||
Fair Value, Measurements, Nonrecurring [Member] | 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 | 9.00% | |||
Fair Value, Measurements, Nonrecurring [Member] | 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 | 0.00% | |||
Fair Value, Measurements, Nonrecurring [Member] | 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 | 9.00% | |||
Fair Value, Measurements, Nonrecurring [Member] | 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 | 12.00% | |||
Fair Value, Measurements, Nonrecurring [Member] | 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 | 0.00% | |||
[1] | The fair value of impaired loans is generally determined based on an independent appraisal of the fair value of a loan’s underlying collateral. | |||
[2] | The fair value basis of impaired loans and other real estate owned is adjusted to reflect management’s estimates of selling costs including, but not necessarily limited to, real estate brokerage commissions and title transfer fees | |||
[3] | The fair value basis of other real estate owned is generally determined based upon the lower of an independent appraisal of the property’s fair value or the applicable listing price or contracted sales price. |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | Dec. 31, 2020 | Jun. 30, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 1,696,109,000 | $ 1,385,938,000 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 752,000 | 89,000 |
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 5,275,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 4,750,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 178,000 | 178,000 |
Significant Unobservable Inputs (Level 3) [Member] | Collateral Dependent 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 | 725,000 | |
Loans and Leases Receivable, Gross | 6,000,000 | |
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 | 89,000 | |
Loans and Leases Receivable, Gross | 4,800,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 5,275,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 4,750,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 178,000 | $ 178,000 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value (amortized cost $1,671,935), net of allowance for credit losses of $0 at December 31, 2020 | $ 1,695,893 | $ 1,385,703 |
Investment securities held to maturity, amortized cost | 29,549 | 32,556 |
Investment securities held to maturity | 31,063 | 34,069 |
Interest rate contracts,assets | 216 | 235 |
Interest rate contracts,liabilities | 12,293 | 18,177 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value (amortized cost $1,671,935), net of allowance for credit losses of $0 at December 31, 2020 | 1,695,893 | 1,385,703 |
Carrying Amount [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 129,694 | 180,967 |
Investment securities available for sale, at fair value (amortized cost $1,671,935), net of allowance for credit losses of $0 at December 31, 2020 | 1,695,893 | 1,385,703 |
Investment securities held to maturity, amortized cost | 29,549 | 32,556 |
Loans held-for-sale | 12,601 | 20,789 |
Net loans receivable | 4,765,248 | 4,461,070 |
FHLB Stock | 45,578 | 58,654 |
Interest receivable | 19,826 | 17,373 |
Interest rate contracts,assets | 216 | 235 |
Deposits | 5,312,613 | 4,430,282 |
Borrowings | 865,651 | 1,173,165 |
Interest payable on deposits | 327 | 395 |
Interest payable on borrowings | 1,554 | 1,723 |
Interest rate contracts,liabilities | 12,293 | 18,177 |
Fair Value [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 129,694 | 180,967 |
Investment securities available for sale, at fair value (amortized cost $1,671,935), net of allowance for credit losses of $0 at December 31, 2020 | 1,695,893 | 1,385,703 |
Investment securities held to maturity | 31,063 | 34,069 |
Loans held-for-sale | 13,129 | 21,550 |
Net loans receivable | 4,808,589 | 4,462,232 |
Interest receivable | 19,826 | 17,373 |
Interest rate contracts,assets | 216 | 235 |
Deposits | 5,325,183 | 4,449,877 |
Borrowings | 899,960 | 1,215,529 |
Interest payable on deposits | 327 | 395 |
Interest payable on borrowings | 1,554 | 1,723 |
Interest rate contracts,liabilities | 12,293 | 18,177 |
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 | 129,694 | 180,967 |
Interest receivable | 4 | |
Deposits | 3,346,649 | 2,589,886 |
Interest payable on deposits | 190 | 295 |
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 available for sale, at fair value (amortized cost $1,671,935), net of allowance for credit losses of $0 at December 31, 2020 | 1,695,893 | 1,385,703 |
Investment securities held to maturity | 31,063 | 34,069 |
Loans held-for-sale | 13,129 | 21,550 |
Interest receivable | 4,301 | 4,154 |
Interest rate contracts,assets | 216 | 235 |
Interest rate contracts,liabilities | 12,293 | 18,177 |
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 | 4,808,589 | 4,462,232 |
Interest receivable | 15,525 | 13,215 |
Deposits | 1,978,534 | 1,859,991 |
Borrowings | 899,960 | 1,215,529 |
Interest payable on deposits | 137 | 100 |
Interest payable on borrowings | $ 1,554 | $ 1,723 |
Comprehensive (Loss) Income - S
Comprehensive (Loss) Income - Schedule of Accumulated Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Total Stockholders' Equity | $ 1,092,341 | $ 1,124,060 | $ 1,084,177 | $ 1,094,570 | $ 1,110,789 | $ 1,127,159 |
Net Unrealized Gain on Securities Available for Sale [Member] | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Net unrealized gain on securities available for sale | 23,958 | 22,482 | ||||
Tax effect | (7,031) | (6,541) | ||||
Total Stockholders' Equity | 16,927 | 15,941 | ||||
Fair Value Adjustments on Derivatives [Member] | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Net unrealized gain on securities available for sale | (13,551) | (19,418) | ||||
Tax effect | 4,039 | 5,730 | ||||
Total Stockholders' Equity | (9,512) | (13,688) | ||||
Benefit Plan Adjustments [Member] | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Net unrealized gain on securities available for sale | (1,370) | (1,412) | ||||
Tax effect | 408 | 416 | ||||
Total Stockholders' Equity | (962) | (996) | ||||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Total Stockholders' Equity | $ 6,453 | $ 3,974 | $ 1,257 | $ 7,955 | $ 8,690 | $ 2,839 |
Comprehensive (Loss) Income -_2
Comprehensive (Loss) Income - Schedule of Comprehensive (Loss) Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Comprehensive Income Net Of Tax [Abstract] | |||||
Net unrealized holding gain (loss) on securities available for sale | $ 730 | $ (2,844) | $ 1,912 | $ 7,313 | |
Amortization of net unrealized holding loss on securities available for sale transferred to held to maturity | [1] | 596 | |||
Net realized (gain) loss on sale and call of securities available for sale | [2] | (813) | (11) | (436) | 2 |
Fair value adjustments on derivatives | 3,606 | 1,844 | 5,867 | (1,286) | |
Amortization of actuarial loss | 21 | 5 | 42 | 10 | |
Net actuarial gain | [3] | 470 | |||
Net change in benefit plan accrued expense | 21 | 5 | 42 | 480 | |
Other comprehensive income (loss) before taxes | 3,544 | (1,006) | 7,385 | 7,105 | |
Tax effect | (1,065) | 271 | (2,189) | (1,989) | |
Total Other Comprehensive Income (Loss) | $ 2,479 | $ (735) | $ 5,196 | $ 5,116 | |
[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 13 – Benefit Plans for additional information. |
Revenue Recognition - Non Inter
Revenue Recognition - Non Interest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Non-Interest Income | |||||
Loan-related fees and charges | [1] | $ 1,511 | $ 1,682 | $ 2,238 | $ 2,674 |
Gain (loss) on sale and call of securities | [1] | 813 | 11 | 436 | (3) |
Gain on sale of loans | [1] | 2,378 | 668 | 4,268 | 1,273 |
Loss on sale and write down of other real estate owned | (28) | (28) | |||
Income from bank owned life insurance | [1] | 1,596 | 1,576 | 3,192 | 3,156 |
Bargain purchase gain | [1] | 3,053 | |||
Other income | [1] | 67 | (111) | 157 | (106) |
Total Non-Interest Income | 7,154 | 4,554 | 14,887 | 8,516 | |
Deposit Related Fees and Charges | |||||
Non-Interest Income | |||||
Fees and service charges | 385 | 463 | 734 | 939 | |
Electronic Banking Fees and Charges (Interchange Income) | |||||
Non-Interest Income | |||||
Fees and service charges | $ 404 | $ 293 | $ 809 | $ 611 | |
[1] | Not within the scope of ASC 606. |