Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2022 | Sep. 09, 2022 | Dec. 31, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PCSB | ||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Security Exchange Name | NASDAQ | ||
Entity Registrant Name | PCSB FINANCIAL CORPORATION | ||
Entity Central Index Key | 0001691337 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $ 249 | ||
Entity Common Stock, Shares Outstanding | 15,334,707 | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Incorporation, State or Country Code | MD | ||
Entity File Number | 001-38065 | ||
Entity Tax Identification Number | 81-4710738 | ||
Entity Address, Address Line One | 2651 Strang Blvd | ||
Entity Address, Address Line Two | Suite 100 | ||
Entity Address, City or Town | Yorktown Heights | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10598 | ||
City Area Code | 914 | ||
Local Phone Number | 248-7272 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE None. | ||
Auditor Name | Crowe LLP | ||
Auditor Location | New York | ||
Auditor Firm ID | 173 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
ASSETS | ||
Cash and due from banks | $ 116,522 | $ 152,070 |
Federal funds sold | 1,935 | 7,235 |
Total cash and cash equivalents | 118,457 | 159,305 |
Held to maturity debt securities, at amortized cost (fair value of $361,608 and $342,137 as of June 30, 2022 and June 30, 2021, respectively) | 412,449 | 337,584 |
Available for sale debt securities | 34,621 | 57,387 |
Total investment securities | 447,070 | 394,971 |
Loans receivable, net of allowance for loan losses of $8,927 and $7,881 as of June 30, 2022 and June 30, 2021, respectively | 1,329,372 | 1,229,451 |
Accrued interest receivable | 6,396 | 6,398 |
FHLB stock | 3,766 | 4,507 |
Premises and equipment, net | 19,358 | 21,099 |
Deferred tax asset, net | 4,132 | 2,552 |
Bank-owned life insurance | 36,322 | 35,568 |
Goodwill | 6,106 | 6,106 |
Other intangible assets | 89 | 151 |
Other assets | 18,064 | 14,827 |
Total assets | 1,989,132 | 1,874,935 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Interest bearing deposits | 1,380,953 | 1,272,610 |
Non interest-bearing deposits | 245,297 | 219,072 |
Total deposits | 1,626,250 | 1,491,682 |
Mortgage escrow funds | 11,173 | 10,536 |
Advances from FHLB | 48,323 | 65,957 |
Other liabilities | 26,224 | 32,200 |
Total liabilities | 1,711,970 | 1,600,375 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred stock ($0.01 par value, 10,000,000 shares authorized, no shares issued or outstanding as of June 30, 2022 and June 30, 2021) | ||
Common stock ($0.01 par value, 200,000,000 shares authorized, 18,703,577 shares issued as of both June 30, 2022 and June 30, 2021, and 15,334,857 and 15,770,645 shares outstanding as of June 30, 2022 and June 30, 2021, respectively) | 187 | 187 |
Additional paid in capital | 193,893 | 189,926 |
Retained earnings | 162,262 | 150,987 |
Unearned compensation - ESOP | (9,208) | (10,176) |
Accumulated other comprehensive loss, net of income taxes | (8,629) | (3,099) |
Treasury stock, at cost (3,368,720 and 2,932,932 shares as of June 30, 2022 and June 30, 2021, respectively) | (61,343) | (53,265) |
Total shareholders' equity | 277,162 | 274,560 |
Total liabilities and shareholders' equity | $ 1,989,132 | $ 1,874,935 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Statement Of Financial Position [Abstract] | ||
Held to maturity debt securities | $ 361,608 | $ 342,137 |
Allowance for loan losses | $ 8,927 | $ 7,881 |
Preferred Stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, shares, issued | 18,703,577 | 18,703,577 |
Common Stock, shares outstanding | 15,334,857 | 15,770,645 |
Treasury Stock, Shares | 3,368,720 | 2,932,932 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | ||
Interest and dividend income | |||
Loans receivable | $ 49,502,000 | $ 49,470,000 | |
Investment securities | 8,609,000 | 7,340,000 | |
Federal funds and other | 569,000 | 454,000 | |
Total interest and dividend income | 58,680,000 | 57,264,000 | |
Interest expense | |||
Deposits and escrow interest | 5,075,000 | 7,891,000 | |
FHLB advances | 1,166,000 | 2,031,000 | |
Total interest expense | 6,241,000 | 9,922,000 | |
Net interest income | 52,439,000 | 47,342,000 | |
Provision (benefit) for loan losses | 772,000 | (673,000) | |
Net interest income after provision (benefit) for loan losses | 51,667,000 | 48,015,000 | |
Noninterest income | |||
Fees and service charges | 1,640,000 | 1,428,000 | |
Bank-owned life insurance | [1] | 754,000 | 549,000 |
Gain on sale of premises | [1] | 548,000 | |
Swap income | [1] | 785,000 | 367,000 |
Gains on sales of loans receivable | [1] | 56,000 | |
Gains on sales of securities | [1] | 113,000 | |
Other | [1] | 36,000 | 40,000 |
Total noninterest income | 3,819,000 | 2,497,000 | |
Noninterest expense | |||
Salaries and employee benefits | 23,416,000 | 22,517,000 | |
Occupancy and equipment | 5,501,000 | 5,413,000 | |
Merger-related expenses | 1,252,000 | ||
Communication and data processing | 2,211,000 | 2,064,000 | |
Professional fees | 1,673,000 | 1,690,000 | |
Postage, printing, stationery and supplies | 620,000 | 589,000 | |
FDIC assessment | 496,000 | 463,000 | |
Advertising | 477,000 | 400,000 | |
Amortization of intangible assets | 62,000 | 78,000 | |
Other operating expenses | 945,000 | 1,540,000 | |
Total noninterest expense | 36,653,000 | 34,754,000 | |
Net income before income tax expense | 18,833,000 | 15,758,000 | |
Income tax expense | 3,954,000 | 3,334,000 | |
Net Income | $ 14,879,000 | $ 12,424,000 | |
Earnings per common share: | |||
Basic | $ 1.05 | $ 0.84 | |
Diluted | $ 1.04 | $ 0.84 | |
Weighted average common shares outstanding: | |||
Basic | 14,232,855 | 14,846,786 | |
Diluted | 14,289,020 | 14,847,579 | |
[1] Not within the scope of ASC 606 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Net income | $ 14,879 | $ 12,424 |
Unrealized (losses) gains on available for sale debt securities: | ||
Net change in unrealized gains/losses before reclassification adjustment | (5,302) | (316) |
Reclassification adjustment for gains realized in net income | (52) | |
Net change in unrealized gains/losses | (5,302) | (368) |
Tax effect | 1,113 | 77 |
Net of tax | (4,189) | (291) |
Defined benefit pension plan and supplemental retirement plans: | ||
Total other comprehensive (loss) income | (5,530) | 3,304 |
Comprehensive income | 9,349 | 15,728 |
Pension Benefits [Member] | ||
Defined benefit pension plan and supplemental retirement plans: | ||
Net (loss) gain arising during the period | (2,109) | 3,343 |
Reclassification adjustment for amortization of prior service cost and net gain included in net periodic pension cost | 340 | 1,151 |
Net change in unrealized gains/losses | (1,769) | 4,494 |
Tax effect | 372 | (944) |
Net of tax | (1,397) | 3,550 |
SERP Benefits [Member] | ||
Defined benefit pension plan and supplemental retirement plans: | ||
Net (loss) gain arising during the period | 5 | 2 |
Reclassification adjustment for amortization of prior service cost and net gain included in net periodic pension cost | 65 | 55 |
Net change in unrealized gains/losses | 70 | 57 |
Tax effect | (14) | (12) |
Net of tax | $ 56 | $ 45 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Unallocated Common Stock of ESOP [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock, at Cost [Member] |
Beginning Balance at Jun. 30, 2020 | $ 273,713 | $ 187 | $ 186,200 | $ 141,288 | $ (11,145) | $ (6,403) | $ (36,414) |
Beginning Balance (in shares) at Jun. 30, 2020 | 16,898,137 | ||||||
Net income | 12,424 | 12,424 | |||||
Other comprehensive loss | 3,304 | 3,304 | |||||
Common stock dividends declared | (2,725) | (2,725) | |||||
Repurchase of common stock | (16,608) | (16,608) | |||||
Repurchase of common stock (in shares) | (1,102,674) | ||||||
Restricted stock awards granted | (60) | 60 | |||||
Restricted stock awards granted (in shares) | 3,000 | ||||||
Forfeiture of restricted stock (in shares) | (8,718) | ||||||
Shares withheld related to income tax withholding | (303) | (303) | |||||
Shares withheld related to income tax withholding (in shares) | (19,100) | ||||||
Stock-based compensation | 3,269 | 3,269 | |||||
ESOP shares committed to be released | 1,486 | 517 | 969 | ||||
Ending Balance at Jun. 30, 2021 | 274,560 | $ 187 | 189,926 | 150,987 | (10,176) | (3,099) | (53,265) |
Ending Balance (in shares) at Jun. 30, 2021 | 15,770,645 | ||||||
Net income | 14,879 | 14,879 | |||||
Other comprehensive loss | (5,530) | (5,530) | |||||
Common stock dividends declared | (3,604) | (3,604) | |||||
Repurchase of common stock | (7,863) | (7,863) | |||||
Repurchase of common stock (in shares) | (424,794) | ||||||
Restricted stock awards granted | (145) | 145 | |||||
Restricted stock awards granted (in shares) | 8,000 | ||||||
Shares withheld related to income tax withholding | (360) | (360) | |||||
Shares withheld related to income tax withholding (in shares) | (18,994) | ||||||
Stock-based compensation | 3,270 | 3,270 | |||||
ESOP shares committed to be released | 1,810 | 842 | 968 | ||||
Ending Balance at Jun. 30, 2022 | $ 277,162 | $ 187 | $ 193,893 | $ 162,262 | $ (9,208) | $ (8,629) | $ (61,343) |
Ending Balance (in shares) at Jun. 30, 2022 | 15,334,857 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Statement Of Stockholders Equity [Abstract] | ||
Common stock dividends declared (per share) | $ 0.25 | $ 0.18 |
ESOP shares committed to be released (in shares) | 96,881 | 96,881 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | ||
OPERATING ACTIVITIES | |||
Net income | $ 14,879,000 | $ 12,424,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision (benefit) for loan losses | 772,000 | (673,000) | |
Depreciation and amortization | 2,969,000 | 2,974,000 | |
Amortization of net premiums on securities and net deferred loan origination costs | 285,000 | 642,000 | |
Net (increase) decrease in accrued interest receivable | 2,000 | 482,000 | |
Deferred income tax credit, net of valuation reserves | (126,000) | (333,000) | |
Gains on sales of securities | [1] | (113,000) | |
Gains on sales of loans receivable | [1] | (56,000) | |
Gain on sale of premises | (548,000) | ||
Stock-based compensation | 3,270,000 | 3,269,000 | |
ESOP compensation | 1,810,000 | 1,486,000 | |
Earnings from cash surrender value of BOLI | (754,000) | (549,000) | |
Originations of loans receivable held for sale | (3,708,000) | ||
Proceeds from loans receivable held for sale | 3,764,000 | ||
Net accretion of purchase accounting adjustments | (110,000) | (249,000) | |
Other adjustments, principally net changes in other assets and liabilities | (1,638,000) | (4,269,000) | |
Net cash provided by operating activities | 20,811,000 | 15,091,000 | |
Purchases of investment securities: | |||
Held to maturity | (143,809,000) | (158,420,000) | |
Available for sale | (41,307,000) | ||
Sale of investment securities available for sale | 3,339,000 | ||
Maturities, calls and amortization of investment securities: | |||
Held to maturity | 58,287,000 | 105,684,000 | |
Available for sale | 17,310,000 | 17,496,000 | |
Loan (originations) repayments, net | (100,029,000) | 32,928,000 | |
Net redemption of FHLB stock | 741,000 | 1,801,000 | |
Purchase of BOLI | (10,000,000) | ||
Net sale (purchase) of bank premises and equipment | 97,000 | (2,681,000) | |
Net cash used in investing activities | (167,403,000) | (51,160,000) | |
FINANCING ACTIVITIES | |||
Net increase in deposits | 134,568,000 | 118,427,000 | |
Net decrease in short-term FHLB advances | (10,000,000) | ||
Repayment of long-term FHLB advances | (17,634,000) | (30,132,000) | |
Net increase in mortgage escrow funds | 637,000 | 413,000 | |
Common stock dividends paid | (3,604,000) | (2,725,000) | |
Repurchase of shares from employees for income tax withholding purpose | (360,000) | (303,000) | |
Repurchase of common stock | (7,863,000) | (16,608,000) | |
Net cash provided by financing activities | 105,744,000 | 59,072,000 | |
Net (decrease) increase in cash and cash equivalents | (40,848,000) | 23,003,000 | |
Cash and cash equivalents at beginning of period | 159,305,000 | 136,302,000 | |
Cash and cash equivalents at end of period | 118,457,000 | 159,305,000 | |
Cash paid for: | |||
Interest | 6,293,000 | 10,023,000 | |
Income taxes | 4,536,000 | 5,839,000 | |
Establishment of right to use lease asset | 715,000 | $ 436,000 | |
Transfers from premises and equipment to other assets | $ 398,000 | ||
[1] Not within the scope of ASC 606 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation Nature of Operations : PCSB Financial Corporation (the “Holding Company” and together with its direct and indirect subsidiaries, the “Company”) is a Maryland corporation organized by PCSB Bank (the “Bank”) for the purpose of acquiring all of the capital stock of the Bank issued in the Bank's conversion to stock ownership on April 20, 2017. At June 30, 2022, the significant assets of the Holding Company were the capital stock of the Bank, investments retained by the Holding Company, and a loan to the PCSB Bank Employee Stock Ownership Plan (“ESOP”). The liabilities of the Holding Company were insignificant. The Company is subject to the financial reporting requirements of the Securities Exchange Act of 1934, as amended. The Company is subject to regulation and examination by the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”). PCSB Bank is a community-oriented financial institution that provides financial services to individuals and businesses within its market area of Putnam, Southern Dutchess, Rockland and Westchester Counties in New York. The Bank is a state-chartered commercial bank and its deposits are insured up to applicable limits by the Deposit Insurance Fund of the Federal Deposit Insurance Corporation (“FDIC”). The Bank’s primary regulators are the FDIC and the New York State Department of Financial Services. Basis of Presentation : The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, and include the accounts of the Holding Company, the Bank and the Bank's two subsidiaries – PCSB Funding Corp., and UpCounty Realty Corp. (formerly PCSB Realty Ltd.), PCSB Funding Corp. is a real estate investment trust that holds certain mortgage assets. UpCounty Realty Corp. is a corporation that holds certain properties foreclosed upon by the Bank. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates : To prepare financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. Cash Flows : Cash and cash equivalents include cash, deposits with other financial institutions, and federal funds sold. Net cash flows are reported for customer loan and deposit transactions, short-term borrowings and interest-bearing deposits in other financial institutions. Investment Securities : Certain debt securities are classified as held to maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. All other debt securities are classified as available for sale. The Company has no trading securities. Debt securities available for sale are reported at fair value. Unrealized gains and losses on debt securities available for sale are excluded from earnings and reported as accumulated other comprehensive income or loss (a separate component of equity), net of related income taxes. Discounts on debt securities are amortized to interest income on a level-yield basis over the terms of the securities, while premiums are amortized on a level-yield basis to the earlier of the call date or term of the security. Realized gains and losses on sales of debt securities are determined based on the amortized cost of the specific securities sold. Management evaluates securities for other-than-temporary impairment (OTTI) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. Loans Receivable : The Company originates and purchases mortgage loans generally secured by existing single-family residential and commercial real estate properties and, to a lesser extent, properties under construction and development. The Company also originates commercial business loans and certain types of consumer loans. A substantial portion of the Company’s loan portfolio is secured by real estate properties primarily located in the New York counties of Putnam, Westchester, and Dutchess, and to a lesser extent, New York City and the adjacent New York counties of Orange and Rockland. The ability of the Company’s borrowers to make principal and interest payments is dependent upon, among other things, the level of overall economic activity and the real estate market conditions prevailing within the Company’s concentrated lending area. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, unamortized purchase premiums and discounts, and an allowance for loan losses. Interest income is accrued on the unpaid principal balance. Interest income on loans is discontinued at the time the loan is ninety days delinquent unless the loan is well secured and in process of collection. Loan purchase premiums and discounts are amortized over the contractual term of the loans. When loans are placed on non-accrual status, previously accrued but unpaid interest is reversed from income. Interest received on non-accrual loans is applied directly against the principal balance. Loans are returned to accrual status when all the principal and interest contractually due are brought current and future payments are reasonably assured. Loan origination fees and certain direct loan origination costs are deferred and amortized to interest income as an adjustment to yield over the contractual term of the loans. Unamortized fees and costs on prepaid loans are recognized in interest income at the time of prepayment. Purchased Credit Impaired Loans : The Company purchases individual loans and groups of loans, some of which have shown evidence of credit deterioration since origination. These purchased credit impaired loans are recorded at the amount paid, such that there is no carryover of the seller’s allowance for loan losses. Such purchased credit impaired loans are accounted for individually or aggregated into pools of loans based on common risk characteristics, such as credit score, loan type, and date of origination. The Company estimates the amount and timing of expected cash flows for each loan or pool, and the expected cash flows in excess of amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan’s or pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, an allowance is recorded as a provision for loan losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. Allowance for Loan Losses : The allowance for loan losses is a valuation allowance for probable incurred loan losses. The allowance for loan losses is increased by provisions for loan losses charged to income. Losses are charged to the allowance for loan losses when all or a portion of a loan is deemed to be uncollectible. Recoveries of loans previously charged off are credited to the allowance when realized. In management’s judgment, the allowance for loan losses is adequate to absorb probable incurred losses in the existing loan portfolio. Establishing the allowance for loan losses involves significant management judgments utilizing the best information available at the time. Those judgments are subject to further examination by the Bank’s regulators. Future adjustments to the allowance for loan losses may be necessary based on changes in economic and real estate market conditions, further information obtained regarding known problem loans, the identification of additional problem loans, and other factors. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired . A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for loans evaluated under the Company’s normal loan review procedures. Loans evaluated on an individual basis for impairment may be measured by the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. If the fair value of an impaired loan is less than its recorded investment, an impairment allowance is recognized and included in the allowance for loan losses. Troubled debt restructurings are separately identified for impairment disclosures and are initially measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. The general component of the allowance covers non-impaired loans and is based on historical loss experience adjusted for qualitative factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over a thirty-six month period, with heaviest weight placed on the most recent periods. This actual loss experience is supplemented with other qualitative factors based on the risks present for each portfolio segment. These qualitative factors include consideration of the following: lending policies, underwriting, charge-off and collection procedures; national and local economic trends and conditions; trends in nature and volume of the loan portfolio; experience, ability, and depth of lending management and other relevant staff; trends in delinquencies, classified loans and restructurings; quality of the loan review system and Board oversight; value of underlying collateral for collateral dependent loans; existence and effect of concentrations and levels; and effects of external factors, such as competition, legal and regulatory factors. The following portfolio segments have been identified: residential, commercial mortgage, construction, commercial, home equity and consumer and overdrafts. The risk characteristics of each of the identified portfolio segments are as follows: Residential Loans – residential loans are generally made on the basis of the borrower’s ability to make repayment from his or her employment income or other income and are secured by real property whose value tends to be more easily ascertainable. Repayment of residential loans is subject to adverse employment conditions in the local economy leading to increased default rates and decreased market values from oversupply in a geographic area. In general, these loans depend on the borrower’s continuing financial stability and, therefore, are likely to be adversely affected by various factors, including job loss, divorce, illness, or personal bankruptcy. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans. Commercial Mortgage Loans – commercial mortgage loans, including multifamily real estate loans, are secured by multifamily and nonresidential real estate and generally have larger balances and involve a greater degree of risk than residential real estate loans. Repayment of commercial mortgage loans depend on the global cash flow analysis of the borrower and the net operating income of the property, the borrower’s expertise, credit history and profitability, and the value of the underlying property. Of primary concern in commercial real estate lending is the borrower’s creditworthiness and the cash flow generated from the property securing the loan. As a result, repayment of such loans may be subject, to a greater extent than residential real estate loans, to adverse conditions in the real estate market or the economy. Commercial real estate is also subject to adverse market conditions that cause a decrease in market value or lease rates, obsolescence in location or function and market conditions associated with over supply of units in a specific region. Construction Loans – construction financing is generally considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the property’s value at completion of construction and the estimated cost of construction. During the construction phase, a number of factors could result in delays and cost overruns. If the estimate of construction costs proves to be inaccurate, additional funds may be required to be advanced in excess of the amount originally committed to permit completion of the building. If the estimate of value proves to be inaccurate, the value of the building may be insufficient to assure full repayment if liquidation is required. If foreclosure is required on a building before or at completion due to a default, there can be no assurance that all of the unpaid balance of, and accrued interest on, the loan as well as related foreclosure and holding costs will be recovered. Commercial Loans – commercial loans are generally of higher risk than other types of loans and typically are made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business. As a result, the availability of funds for the repayment of commercial loans may depend substantially on the success of the business itself. Furthermore, any collateral securing such loans may depreciate over time, may be difficult to appraise, and may fluctuate in value. Home Equity Lines of Credit – home equity lines of credit consist of both fixed and variable interest rate products. These are primarily home equity loans to residential mortgage customers within our primary market area. These loans generally will not exceed a combined (i.e., first and second mortgage) loan-to-value ratio of 75 % percent at origination. Consumer and overdraft loans – consumer loans generally have shorter terms and higher interest rates than one-to-four family mortgage loans. In addition, consumer loans expand the products and services we offer to better meet the financial services needs of our customers. Consumer loans generally involve greater credit risk than residential mortgage loans because of the difference in the underlying collateral. Repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment of the outstanding loan balance because of the greater likelihood of damage to, loss of, or depreciation in the underlying collateral. The remaining deficiency often does not warrant further substantial collection efforts against the borrower beyond obtaining a deficiency judgment. In addition, consumer loan collections depend on the borrower’s personal financial stability. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans. Foreclosed Real Estate : Assets acquired through or in lieu of loan foreclosure are initially recorded at fair value, less estimated costs to sell, when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. Operating costs after acquisition are expensed. Federal Home Loan Bank (FHLB) Stock : The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. Premises and Equipment : Premises and equipment are reported at cost less accumulated depreciation and amortization, except for land which is carried at cost. Depreciation expense is recognized on a straight-line basis over the estimated useful lives of the related assets. Amortization of leasehold improvements is recognized on a straight-line basis over the term of the lease or the life of the improvement, whichever is shorter. Costs incurred to improve or extend the life of the existing assets are capitalized. Repairs and maintenance, as well as renewals and replacements of a routine nature, are charged to expense as incurred. Right-of-use assets represent our right to use an underlying asset for the lease term. Right-to-use assets are recognized at the lease commencement date based on the estimated present value of future lease payments and amortized over the lease term. Corresponding lease liabilities are recorded in other liabilities at the lease commencement date and represent the present value of future lease payments. Bank Owned Life Insurance (BOLI) : BOLI policies are reflected on the consolidated statements of financial condition at cash surrender value, net of other charges or amounts due that are probable at settlement. Changes in the net cash surrender value of the policies, as well as insurance proceeds received, are reflected in non-interest income on the consolidated statements of operations and are not subject to income taxes. Goodwill and Other Intangible Assets : Goodwill resulting from business combinations is determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. The Company operates as a single reporting unit. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized but tested for impairment at least annually or more frequently if events and circumstances exist that indicate that a goodwill impairment test should be performed. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on our balance sheet. The Company has selected June 30th as the date to perform the annual impairment test, with an impairment loss recorded if indicated. In assessing impairment, we have the option to perform a qualitative analysis to determine whether the existence of events or circumstances leads to a determination that it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount. If, after assessing the totality of such events or circumstances, we determine it is not more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, then we would not be required to perform a quantitative impairment test. Otherwise, the Company compares the fair value of the reporting unit with its carrying amount, including goodwill. An impairment loss is recorded in current period earnings to the extent the carrying amount of the reporting unit exceeds its fair value. Other intangible assets, consisting of a core deposit intangible asset arising from a whole bank acquisition, are amortized on an accelerated method over their estimated useful lives of 10 years. Mortgage Banking Activities and Mortgage Loans Held For Sale : The Company originates 1-4 family residential mortgages and may elect to sell these loans in the secondary market. Loans held for sale are those loans which management has the intent to sell in the foreseeable future and are carried at the lower of aggregate cost or market value. Net unrealized losses, if any, are recognized by a valuation allowance through a charge to noninterest income. Realized gains and losses on the sale of loans, as well as loan origination costs, are recorded as a component of noninterest income in the Consolidated Statements of Operations and are recognized on the trade date and are determined by the difference between the sale proceeds and the carrying value of the loans. Loans may be sold with servicing rights released or retained. At the time of the sale, management records a servicing asset for the value of any retained servicing rights, which represents the present value of the differential between the contractual servicing fee and adequate compensation, defined as the fee a sub-servicer would require to assume the role of servicer, after considering the estimated effects of prepayments. Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the transferor does not maintain effective control over the transferred assets through either (a) an agreement that both entitles and obligates the transferor to repurchase or redeem the assets before maturity or (b) the ability to unilaterally cause the holder to return specific assets, other than through a cleanup call. Assets Held For Sale : Assets held for sale are those assets which management has the intent to sell in the foreseeable future, and are carried at the lower of aggregate cost or fair value, less estimated costs to sell, in the period in which the held for sale criteria are met and every subsequent period until the asset is sold. The carrying amount of the asset is adjusted for subsequent increases or decreases in its fair value, less estimated cost to sell, except that any subsequent increase cannot exceed the cumulative loss previously recognized. Such assets are not depreciated or amortized while they are classified as held for sale. Realized gains and losses on the sale of the asset is recognized when the asset is sold and is determined by the difference between the sale proceeds and the carrying value of the asset. Assets classified as held for sale totaled $ 1.5 million as of both June 30, 2022 and June 30, 2021 and are included in other assets on the consolidated balance sheet. Loan Commitments and Related Financial Instruments : Financial instruments include off-balance-sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. Derivatives : At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company’s intentions and belief as to the likely effectiveness as a hedge. These three types are: (1) a hedge of the fair value of a recognized asset or liability or an unrecognized firm commitment (“fair value hedge”), (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), or (3) an instrument with no hedging designation (“stand-alone derivative”). For a fair value hedge, the gain or loss on the derivative, as well as the offsetting gain or loss on the hedged item, are recognized in the current earnings as fair values change. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedge transaction affects earnings. For both types of hedges, changes in fair value of the derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as non-interest income. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. The documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings. Income Taxes : Income tax expense is the total of current period income tax due or refundable and the change in net deferred tax assets. Deferred tax assets and liabilities are recognized for the estimated future tax effects attributable to “temporary differences” between the financial statement carrying amounts and tax bases of existing assets and liabilities. Deferred tax assets are reduced by a valuation allowance if, based on an analysis of available evidence, management determines that it is more likely than not that some portion or all of the deferred tax assets will not be realized. Adjustments to increase or decrease the valuation allowance are charged or credited, respectively, to income tax expense. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in future years. The effect on deferred tax assets and liabilities of a change in tax laws or rates is recognized in the period that includes the enactment date of the change. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50 % likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. Earnings Per Share : Basic earnings per share is net income divided by the weighted average number of common share outstanding during the period. ESOP shares are considered outstanding for this calculation unless unearned. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under dilutive financial instruments, which include stock options and unvested restricted stock. Earnings and dividends per share are restated for all stock splits and stock dividends through the date of the issuance of the financial statements. Stock-Based Compensation: Compensation cost is recognized for stock options and restricted stock awards issued to employees and non-employee directors based on the fair value of these awards at the grant date. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. The Company’s policy is to recognize forfeitures as they occur. Employee Benefit Plans: The Company maintains the PCSB Bank 401(k) Plan (the “401(k) Plan”) for substantially all of its employees, and the Retirement Plan of PCSB Bank (the “Employee Retirement Plan”), a defined benefit pension plan, as well as Supplemental Executive Retirement Plans (the “SERPs”), all of which are tax qualified under the Internal Revenue Code. Employee 401(k) expense is the amount of matching contributions. Pension expense is the net of service and interest cost, return on plan assets and amortization of gains and losses not immediately recognized. SERP expense is the net of interest cost and service cost, which allocates the benefits over years of service. The Holding Company and Bank maintain the PCSB Bank Employee Stock Ownership Plan (the “ESOP”). Compensation expense related to the ESOP is recorded during the period in which the shares become committed to be released to participants. The compensation expense is measured based upon the average fair market value of the stock during the period, and, to the extent that t |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | N ote 2. Recent Accounting Pronouncements The pronouncements discussed below are not intended to be an all-inclusive list, but rather only those pronouncements that could potentially have a material impact on our financial position, results of operations or disclosures. Future Application of Accounting Pronouncements Previously Issued In June 2016, the FASB issued ASU 2016-13 “Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 affects entities holding financial assets that are not accounted for at fair value through net income, including loans, debt securities, and other financial assets. The ASU requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected by recording an allowance for current expected credit losses. In October 2019, the FASB unanimously voted to delay the implementation of the standard for three years for certain companies, including small reporting companies (as defined by the SEC), non-SEC public companies and private companies. The Company currently qualifies as a small reporting company and is subject to the delayed implementation. Therefore, the amendments in this update will be effective for the Company for the fiscal year beginning on July 1, 2023, including interim periods within that fiscal year. The Company is actively working through the provisions of the Update. Management has established a steering committee which is identifying the methodologies and the additional data requirements necessary to implement the Update and has engaged a third-party software service provider to assist in the Company's implementation. Management is currently evaluating the impact that ASU 2016-13 will have on the Company’s consolidated financial position and results of operations and its disclosures. The FASB issued ASU 2020-04 “Reference Rate Reform” and ASU 2021-01 “Reference Rate Reform Scope” which collectively address accounting considerations related to the expected discontinuation of LIBOR as a reference rate for financial contracts. These Updates provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform (codified in ASC 848). They include optional expedients related to contract modifications that allow an entity to account for modifications (if certain criteria are met) as if the modifications were only minor (assets within the scope of ASC 310, Receivables), were not substantial (assets within the scope of ASC 470, Debt) and/or did not result in re-measurements or reclassifications (assets within the scope of ASC 842, Leases, and other Topics) of the existing contract. They also include optional expedients and exceptions for contract modifications and hedge accounting that apply to derivative instruments impacted by the market-wide discounting transition. The Updates also allow for a one-time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that are classified as held to maturity before January 1, 2020. The guidance in these ASUs are effective as of March 12, 2020 through December 31, 2022. The Company has not yet elected to apply the practical expedients contained in these Updates and does not expect significant impact to the consolidated financial statements upon adoption. |
Investment Securities
Investment Securities | 12 Months Ended |
Jun. 30, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | Note 3. Investment Securities The amortized cost, gross unrealized/unrecognized gains and losses and fair value of available for sale and held to maturity securities at June 30, 2022 and 2021 were as follows (in thousands) : June 30, 2022 Amortized Gross Unrealized/Unrecognized Fair Cost Gains Losses Value Available for sale debt securities U.S. Government and agency obligations $ 10,942 $ - $ ( 1,014 ) $ 9,928 Corporate 5,000 4 ( 150 ) 4,854 State and municipal 7,040 - ( 2,244 ) 4,796 Mortgage-backed securities – residential 14,351 5 ( 1,644 ) 12,712 Mortgage-backed securities – commercial 2,416 - ( 85 ) 2,331 Total available for sale debt securities $ 39,749 $ 9 $ ( 5,137 ) $ 34,621 Held to maturity debt securities U.S. Government and agency obligations $ 59,995 $ 6 $ ( 3,046 ) $ 56,955 Corporate 52,076 111 ( 2,796 ) 49,391 State and municipal 87,111 - ( 22,307 ) 64,804 Mortgage-backed securities – residential 101,525 4 ( 9,746 ) 91,783 Mortgage-backed securities – collateralized 24,198 - ( 2,124 ) 22,074 Mortgage-backed securities – commercial 87,544 - ( 10,943 ) 76,601 Total held to maturity debt securities $ 412,449 $ 121 $ ( 50,962 ) $ 361,608 June 30, 2021 Amortized Gross Unrealized/Unrecognized Fair Cost Gains Losses Value Available for sale debt securities U.S. Government and agency obligations $ 21,931 $ 6 $ ( 121 ) $ 21,816 Corporate 8,013 176 - 8,189 State and municipal 7,041 104 ( 30 ) 7,115 Mortgage-backed securities – residential 17,738 148 ( 232 ) 17,654 Mortgage-backed securities – commercial 2,490 123 - 2,613 Total available for sale debt securities $ 57,213 $ 557 $ ( 383 ) $ 57,387 Held to maturity debt securities U.S. Government and agency obligations $ 33,994 $ 202 $ ( 84 ) $ 34,112 Corporate 43,605 1,312 ( 38 ) 44,879 State and municipal 57,625 440 ( 248 ) 57,817 Mortgage-backed securities – residential 96,181 2,713 ( 107 ) 98,787 Mortgage-backed securities – collateralized 33,300 376 ( 328 ) 33,348 Mortgage-backed securities – commercial 72,879 937 ( 622 ) 73,194 Total held to maturity debt securities $ 337,584 $ 5,980 $ ( 1,427 ) $ 342,137 No securities were sold during the year ended June 30, 2022. For the year ended June 30, 2021, the Company sold $ 5.0 million of securities which resulted in $ 113,000 of net realized gains, which included the disposal of $ 1.6 million of securities classified as held to maturity, resulting in $ 61,000 of net realized gains. These held to maturity securities were comprised of seasoned mortgage-backed securities where the Company collected a substantial portion (at least 85 %) of the principal outstanding at acquisition due to prepayments or scheduled payments payable in equal installments, comparing both principal and interest over terms. The disposal of held to maturity securities is included in the maturities and calls of investment securities caption on the consolidated statements of cash flows. The following table presents the fair value and carrying amount of debt securities at June 30, 2022 by contractual maturity (in thousands). Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. Held to maturity Available for sale Carrying Fair Amortized Fair Amount Value Cost Value 1 year or less $ 5,115 $ 5,118 $ - $ - 1 to 5 years 65,970 62,620 5,000 4,778 5 to 10 years 43,801 41,130 10,942 10,004 over 10 years 80,441 58,839 7,040 4,796 Mortgage-backed securities and other 217,122 193,901 16,767 15,043 Total $ 412,449 $ 361,608 $ 39,749 $ 34,621 Securities pledged had carrying amounts of $ 202.9 million and $ 180.1 million at June 30, 2022 and 2021, respectively, and were pledged principally to secure FHLB advances and public deposits. The following tables provide information regarding investment securities with unrealized/unrecognized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position at June 30, 2022 and 2021 (in thousands): June 30, 2022 Less than 12 months 12 months or greater Total Unrealized/ Unrealized/ Unrealized/ Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Loss Value Loss Value Loss Available for sale U.S. Government and agency obligations $ 2,774 $ ( 226 ) $ 7,154 $ ( 788 ) $ 9,928 $ ( 1,014 ) Corporate 2,850 ( 150 ) - - 2,850 ( 150 ) State and municipal 2,860 ( 1,162 ) 1,936 ( 1,082 ) 4,796 ( 2,244 ) Mortgage-backed securities – residential 3,616 ( 81 ) 8,394 ( 1,563 ) 12,010 ( 1,644 ) Mortgage-backed securities – commercial 2,331 ( 85 ) - - 2,331 ( 85 ) Total available for sale $ 14,431 $ ( 1,704 ) $ 17,484 $ ( 3,433 ) $ 31,915 $ ( 5,137 ) Held to maturity U.S. Government and agency obligations $ 39,883 $ ( 2,616 ) $ 5,066 $ ( 430 ) $ 44,949 $ ( 3,046 ) Corporate 39,758 ( 2,796 ) - - 39,758 ( 2,796 ) State and municipal 61,847 ( 20,696 ) 2,957 ( 1,611 ) 64,804 ( 22,307 ) Mortgage-backed securities – residential 87,364 ( 9,063 ) 3,994 ( 683 ) 91,358 ( 9,746 ) Mortgage-backed securities – collateralized 13,611 ( 642 ) 8,390 ( 1,482 ) 22,001 ( 2,124 ) Mortgage-backed securities – commercial 50,434 ( 5,515 ) 26,166 ( 5,428 ) 76,600 ( 10,943 ) Total held to maturity $ 292,897 $ ( 41,328 ) $ 46,573 $ ( 9,634 ) $ 339,470 $ ( 50,962 ) June 30, 2021 Less than 12 months 12 months or greater Total Unrealized/ Unrealized/ Unrealized/ Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Loss Value Loss Value Loss Available for sale U.S. Government and agency obligations $ 14,811 $ ( 121 ) $ - $ - $ 14,811 $ ( 121 ) State and municipal 2,990 ( 30 ) - - 2,990 ( 30 ) Mortgage-backed securities – residential 9,615 ( 222 ) 1,339 ( 10 ) 10,954 ( 232 ) Total available for sale $ 27,416 $ ( 373 ) $ 1,339 $ ( 10 ) $ 28,755 $ ( 383 ) Held to maturity U.S. Government and agency obligations $ 19,409 $ ( 84 ) $ - $ - $ 19,409 $ ( 84 ) Corporate 2,488 ( 13 ) 4,975 ( 25 ) 7,463 ( 38 ) State and municipal 19,980 ( 248 ) - - 19,980 ( 248 ) Mortgage-backed securities – residential 30,335 ( 107 ) - - 30,335 ( 107 ) Mortgage-backed securities – collateralized 15,133 ( 328 ) - - 15,133 ( 328 ) Mortgage-backed securities – commercial 47,580 ( 622 ) - - 47,580 ( 622 ) Total held to maturity $ 134,925 $ ( 1,402 ) $ 4,975 $ ( 25 ) $ 139,900 $ ( 1,427 ) For the year ended June 30, 2022, the Company’s securities portfolio consisted of $ 447.1 million in securities, of which 301 securities with a fair value of $ 371.4 million were in an unrealized loss position. Non-U.S. government and agency obligations are internally pass rated and are subject to quarterly credit monitoring. There were no securities for which the Company believes it is not probable that it will collect all amounts due according to the contractual terms of the security as of June 30, 2022 and 2021. Management believes the unrealized losses are primarily a result of changing interest rates. The Company has determined that it does not intend to sell, or it is more likely than not that it will not be required to sell, its securities that are in an unrealized loss position prior to the recovery of its amortized cost basis. Therefore, the Company did not consider any securities to be other-than-temporarily impaired as of June 30, 2022 and 2021. |
Loans Receivable
Loans Receivable | 12 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Loans Receivable | Note 4. Loans Receivable Loans receivable are summarized as follows (in thousands): June 30, June 30, 2022 2021 Mortgage loans: Residential $ 214,167 $ 224,305 Commercial 942,130 826,624 Construction 20,896 10,151 Net deferred loan origination (fees) costs ( 100 ) 196 Total mortgage loans 1,177,093 1,061,276 Commercial and consumer loans: Commercial loans (1) 136,304 150,658 Home equity lines of credit 23,688 25,439 Consumer and overdrafts 594 345 Net deferred loan origination costs (fees) 620 ( 386 ) Total commercial and consumer loans 161,206 176,056 Total loans receivable 1,338,299 1,237,332 Allowance for loan losses ( 8,927 ) ( 7,881 ) Loans receivable, net $ 1,329,372 $ 1,229,451 (1) Includes PPP loans of $ 1.9 million and $ 37.0 million as of June 30, 2022 and 2021, respectively. No allowance for loan loss was established for these loans as they are fully guaranteed by the Small Business Administration. The following tables present the activity in the allowance for loan losses by portfolio segment (in thousands): Year Ended June 30, 2022 Beginning Provision Charge-offs Recoveries Ending Residential mortgages $ 337 $ ( 24 ) $ - $ 10 $ 323 Commercial mortgages 6,435 916 - - 7,351 Construction 102 107 - - 209 Commercial loans 948 ( 253 ) ( 122 ) 409 982 Home equity lines of credit 54 ( 11 ) - 8 51 Consumer and installment loans 5 37 ( 37 ) 6 11 Total $ 7,881 $ 772 $ ( 159 ) $ 433 $ 8,927 Year Ended June 30, 2021 Beginning Provision Charge-offs Recoveries Ending Residential mortgages $ 373 $ ( 53 ) $ - $ 17 $ 337 Commercial mortgages 6,913 ( 478 ) - - 6,435 Construction 165 ( 63 ) - - 102 Commercial loans 1,124 ( 90 ) ( 258 ) 172 948 Home equity lines of credit 60 ( 14 ) - 8 54 Consumer and installment loans 4 25 ( 27 ) 3 5 Total $ 8,639 $ ( 673 ) $ ( 285 ) $ 200 $ 7,881 The following tables present the balance in the allowance for loan losses and the recorded investment in loans, excluding net deferred fees and accrued interest, by portfolio segment, and based on impairment method (in thousands): June 30, 2022 Loans Allowance for Loan Losses Individually Collectively Acquired With Total Individually Collectively Acquired With Total Residential mortgages $ 1,613 $ 212,333 $ 221 $ 214,167 $ 110 $ 213 $ - $ 323 Commercial mortgages 4,778 936,493 859 942,130 - 7,351 - 7,351 Construction 2,792 18,104 - 20,896 - 209 - 209 Commercial loans 783 135,521 - 136,304 - 982 - 982 Home equity lines of credit 452 23,147 89 23,688 9 42 - 51 Consumer and overdrafts - 594 - 594 - 11 - 11 Total $ 10,418 $ 1,326,192 $ 1,169 $ 1,337,779 $ 119 $ 8,808 $ - $ 8,927 June 30, 2021 Loans Allowance for Loan Losses Individually Collectively Acquired With Total Individually Collectively Acquired With Total Residential mortgages $ 2,356 $ 221,229 $ 720 $ 224,305 $ 113 $ 224 $ - $ 337 Commercial mortgages 3,582 822,154 888 826,624 - 6,435 - 6,435 Construction - 10,151 - 10,151 - 102 - 102 Commercial loans 1,707 148,951 - 150,658 - 948 - 948 Home equity lines of credit 414 24,902 123 25,439 8 46 - 54 Consumer and overdrafts - 345 - 345 - 5 - 5 Total $ 8,059 $ 1,227,732 $ 1,731 $ 1,237,522 $ 121 $ 7,760 $ - $ 7,881 The following tables present information related to loans individually evaluated for impairment (excluding loans acquired with deteriorated credit quality) by class of loans (in thousands): June 30, 2022 June 30, 2021 Unpaid Recorded Investment Allowance for Loan Losses Unpaid Recorded Investment Allowance for Loan Losses With no related allowance recorded: Residential mortgages $ 1,262 $ 1,197 $ - $ 2,044 $ 1,931 $ - Commercial mortgages 4,789 4,778 - 3,582 3,582 - Construction 2,792 2,792 - - - - Commercial loans 795 783 - 1,878 1,707 - Home equity lines of credit 379 399 - 358 381 - With an allowance recorded: Residential mortgages 353 416 110 363 425 113 Home equity lines of credit 60 53 9 33 33 8 Total $ 10,430 $ 10,418 $ 119 $ 8,258 $ 8,059 $ 121 Year Ended Year Ended June 30, 2022 June 30, 2021 Average Interest Average Interest With no related allowance recorded: Residential mortgages $ 1,740 $ 111 $ 1,930 $ 38 Commercial mortgages 4,236 - 1,194 30 Construction 729 - - - Commercial loans 702 201 1,769 191 Home equity lines of credit 347 1 384 1 With an allowance recorded: Residential mortgages 421 13 430 14 Home equity lines of credit 36 1 26 - Total $ 8,211 $ 327 $ 5,733 $ 274 The following table presents the recorded investment in nonaccrual loans and in loans past due over 90 days still on accrual status, by class of loans (in thousands): Loans Past Due Over 90 Days Nonaccrual and Still Accruing June 30, June 30, June 30, June 30, 2022 2021 2022 2021 Residential mortgages $ 671 $ 1,391 $ - $ - Commercial mortgages 4,778 3,582 - 411 Construction 2,792 - - - Commercial loans 539 - - - Home equity lines of credit 416 381 - - Consumer and overdrafts - - 39 - Total $ 9,196 $ 5,354 $ 39 $ 411 Nonperforming loans include both smaller-balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. The table above excludes acquired loans that are accounted for as purchased credit impaired loans totaling $ 137,000 and $ 368,000 as of June 30, 2022 and 2021, respectively. Such loans are excluded because the loans are in pools that are considered performing. The discounts arising from recording these loans at fair value upon acquisition were due in part to credit quality and the accretable yield is being recognized as interest income over the life of the loans based on expected cash flows. The following tables present the aging of the recorded investment in past due loans by class of loans (in thousands): June 30, 2022 30-59 60-89 90 Days or Days Past Days Past More Past Total Past Due Due Due Due Current Total Residential mortgages $ - $ - $ 367 $ 367 $ 213,800 $ 214,167 Commercial mortgages - - 1,197 1,197 940,933 942,130 Construction - - 1,113 1,113 19,783 20,896 Commercial loans - 16 400 416 135,888 136,304 Home equity lines of credit - - 399 399 23,289 23,688 Consumer and overdrafts - - 39 39 555 594 Total $ - $ 16 $ 3,515 $ 3,531 $ 1,334,248 $ 1,337,779 June 30, 2021 30-59 60-89 90 Days or Days Past Days Past More Past Total Past Due Due Due Due Current (1) Total Residential mortgages $ 198 $ 126 $ 948 $ 1,272 $ 223,033 $ 224,305 Commercial mortgages 453 - 411 864 825,760 826,624 Construction - - - - 10,151 10,151 Commercial loans 69 76 - 145 150,513 150,658 Home equity lines of credit - 19 381 400 25,039 25,439 Consumer and overdrafts - - - - 345 345 Total $ 720 $ 221 $ 1,740 $ 2,681 $ 1,234,841 $ 1,237,522 (1) As of June 30, 2021 loans on COVID-19-related payment deferrals are considered current. Troubled Debt Restructurings The terms of certain loans were modified as troubled debt restructurings. The modification of the terms of such loans included one or a combination of the following: a reduction of the stated interest rate of the loan; an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; or a permanent reduction of the recorded investment in the loan. As of June 30, 2022 and 2021, the Company had 9 and 12 loans classified as troubled debt restructurings totaling $ 1.4 million and $ 3.1 million, respectively, including $ 1.2 million and $ 2.7 million, respectively, of loans still accruing. The Company has allocated $ 119,000 and $ 121,000 , respectively, of specific reserves to customers whose loan terms have been modified in troubled debt restructurings as of June 30, 2022 and 2021. As of June 30, 2022 we have no commitments to lend to customers with an outstanding loan that is classified as a troubled debt restructuring. The Company modified one residential mortgage and one home equity line of credit classified as troubled debt restructurings during the year ended June 30, 2022. These loans had a combined carrying amount of $ 206,000 as of June 30, 2022. The Company did no t modify any loans during the year ended June 30, 2021 that were classified as TDRs. The Company had no troubled debt restructurings for which there was a payment default in the years ended June 30, 2022 and 2021 that were modified in the twelve months prior to default. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law. Section 4013 of the CARES Act, “Temporary Relief From Troubled Debt Restructurings,” provides banks the option to temporarily suspend certain requirements under U.S. GAAP related to TDRs for a limited period of time to account for the effects of COVID-19. On December 27, 2020, the Consolidated Appropriations Act 2021 was signed into law. Section 541 of this legislation, “Extension of Temporary Relief From Troubled Debt Restructurings and Insurer Clarification,” extends Section 4013 of the CARES Act to the earlier of January 1, 2022 or 60 days after the termination of the national emergency declared relating to COVID-19. This extension expired as of January 1, 2022 . Additionally, on April 7, 2020, the banking agencies, including the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation, issued a statement, “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working With Customers Affected by the Coronavirus (Revised)” (“Interagency Statement”), to encourage banks to work prudently with borrowers and to describe the agencies’ interpretation of how accounting rules under ASC 310-40, “Troubled Debt Restructurings by Creditors,” apply to certain COVID-19-related modifications. During the year ended June 30, 2022, the Company granted or extended loan payment deferrals for one residential mortgage, two commercial mortgages and two commercial loans totaling $ 91,000 , $ 5.6 million and $ 205,000 , respectively. In accordance with either the CARES Act (as amended) or Interagency Statement, these modifications are not considered troubled debt restructurings. The Company had no loans on payment deferral as of June 30, 2022 and 19 loans totaling $ 27.3 million on loan payment deferral as of June 30, 2021. 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 by classifying the loans as to credit risk. This analysis includes non-homogeneous loans, such as commercial and commercial real estate loans. This analysis is performed on a monthly basis. The Company utilized the same grading process for acquired loans as it does for originated loans. The Company uses the following definitions for risk ratings: Special Mention – Loans classified as special mention have a potential weakness that deserves management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution's credit position at some future date. Substandard – Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful – Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans not meeting the criteria above that are analyzed individually as part of the above-described process and loans in groups of homogenous loans are considered to be pass rated loans. These loans are monitored based on delinquency and performance. Based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands): June 30, 2022 Pass Special Substandard Total Residential mortgages $ 212,810 $ 154 $ 1,203 $ 214,167 Commercial mortgages 931,178 1,548 9,404 942,130 Construction 18,104 1,679 1,113 20,896 Commercial loans 135,725 156 423 136,304 Home equity lines of credit 23,220 43 425 23,688 Consumer and overdrafts 594 - - 594 Total $ 1,321,631 $ 3,580 $ 12,568 $ 1,337,779 June 30, 2021 Pass Special Substandard Total Residential mortgages $ 219,901 $ 2,480 $ 1,924 $ 224,305 Commercial mortgages 809,660 1,615 15,349 826,624 Construction 9,038 1,113 - 10,151 Commercial loans 146,275 491 3,892 150,658 Home equity lines of credit 24,400 602 437 25,439 Consumer and overdrafts 345 - - 345 Total $ 1,209,619 $ 6,301 $ 21,602 $ 1,237,522 As of June 30, 2022, there were no loans in a COVID-19 related payment deferral. As of June 30, 2021, of the $ 27.3 million in loans in a COVID-19 related payment deferral, $ 9.9 million were pass-rated, with $ 3.2 million and $ 14.2 million rated special mention and substandard, respectively. Purchased Credit Impaired Loans The Company has acquired loans for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount of those loans is as follows (in thousands): June 30, June 30, 2022 2021 Residential mortgages $ 221 $ 720 Commercial mortgages 859 888 Home equity lines of credit 89 123 Carrying amount, net of allowance of $ 0 $ 1,169 $ 1,731 Accretable yield, or income expected to be collected, for acquired loans is as follows (in thousands): Year Ended June 30, 2022 2021 Beginning balance $ 130 $ 156 Accretion income ( 41 ) ( 26 ) Ending balance $ 89 $ 130 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Jun. 30, 2022 | |
Property Plant And Equipment [Abstract] | |
Premises and Equipment | Note 5. Premises and Equipment Premises and equipment are summarized as follows at June 30, (in thousands): 2022 2021 Land $ 2,190 $ 2,588 Building and Leasehold improvements 14,128 14,102 Furniture, fixtures and equipment 8,048 7,666 Construction and improvements in process 465 25 24,831 24,381 Less: accumulated depreciation and amortization ( 14,074 ) ( 12,963 ) 10,757 11,418 Right to use lease asset 8,601 9,681 Total Bank premises and equipment, net $ 19,358 $ 21,099 Refer to Note 20 of the Notes to the Consolidated Financial Statements for further details on right to use lease assets. Depreciation expense was $ 1.1 million in each of the years ended June 30, 2022 and 2021. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Jun. 30, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 6. Goodwill and Intangible Assets The change in goodwill during the years ended June 30, 2022 and 2021 is as follows (in thousands): 2022 2021 Balance at July 1 $ 6,106 $ 6,106 Impairment - - Total at June 30, $ 6,106 $ 6,106 Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. The Company tests for goodwill impairment on an annual basis as of June 30 th . No impairment charges were required to be recorded in the years ended June 30, 2022 or 2021. Acquired Intangible Assets: Acquired intangible assets were as follows at June 30, (in thousands): 2022 2021 Gross Accumulated Amortization Gross Accumulated Amortization Amortized intangible assets: Core deposit intangible $ 887 $ ( 798 ) $ 887 $ ( 736 ) Aggregate amortization expense was $ 62 ,000 and $ 78 ,000 for the years ended June 30, 2022 and 2021, respectively. Estimated amortization expense for each of the next five fiscal years ended June 30, (in thousands): 2023 $ 46 2024 30 2025 13 2026 - 2027 - |
Deposits
Deposits | 12 Months Ended |
Jun. 30, 2022 | |
Deposits [Abstract] | |
Deposits | Note 7. Deposits Deposit balances are summarized as follows at June 30, (in thousands): 2022 2021 Demand $ 245,297 $ 219,072 NOW Accounts 243,006 177,223 Money market accounts 399,026 332,843 Savings 411,332 387,529 Time deposits 327,589 375,015 Total $ 1,626,250 $ 1,491,682 Time deposits that meet or exceed the FDIC insurance limit of $250,000 were $ 83.3 million and $ 100.9 million at June 30, 2022 and 2021, respectively. Scheduled maturities of time deposits were as follows as of June 30, (in thousands): 2022 2021 Within 1 year $ 198,641 $ 226,858 1 year to 2 years 90,145 52,311 2 year to 3 years 10,991 71,811 3 year to 4 years 13,160 11,030 4 year to 5 years 14,652 13,005 Total $ 327,589 $ 375,015 Deposits of local governments held by PCSB Bank were $ 127.5 million and $ 74.4 million at June 30, 2022 and 2021, respectively. Additionally, as of June 30, 2022 and 2021, deposits included brokered time deposits of $ 20.0 million and $ 30.0 million, respectively. At June 30, 2022, brokered time deposits had remaining maturities of 20 months. |
FHLB and Other Borrowings
FHLB and Other Borrowings | 12 Months Ended |
Jun. 30, 2022 | |
Federal Home Loan Banks [Abstract] | |
FHLB and Other Borrowings | Note 8. FHLB and Other Borrowings Borrowings consist of advances from the FHLBNY. As of June 30, 2022, FHLBNY advances consisted of $ 45.0 million of short and long-term advances with original maturities ranging from 3 to 44 months, as well as a $ 3.3 million amortizing term loan with a balloon payment of $ 2.8 million in 2026. The maturity schedule of advances is summarized as follows as of June 30, (Dollars in thousands): 2022 2021 Amount Due Weighted Amount Due Weighted Within 1 year 40,138 1.79 % 17,635 2.11 % 1 year to 2 years 5,142 3.31 40,138 1.79 2 year to 3 years 146 2.62 5,142 3.31 3 year to 4 years 2,897 2.62 146 2.62 4 year to 5 years - - 2,896 2.62 Total $ 48,323 2.00 % $ 65,957 2.03 % As a member of the FHLBNY, the Bank had access to funds in the form of FHLBNY advances of approximately $ 280.9 million at June 30, 2022, of which $ 48.3 million was outstanding. Advances are secured by the Bank’s investment in FHLBNY stock and by a blanket security agreement. This agreement requires the Bank to maintain as collateral certain qualifying assets (such as investment securities or loans receivable) with a discounted fair value, as defined, at least equal to 110 % of any outstanding advances. At June 30, 2022, the Bank also had access to funds of approximately $ 96.3 million in the form of secured borrowings through the discount window of the FRBNY. Collateral for these borrowings may include qualifying assets, such as one-to-four family residential loans. The Bank had no outstanding FRBNY borrowings as of June 30, 2022 or 2021. Additionally, as of June 30, 2022, the Bank had $ 25.0 million of fed funds lines of credit available, none of which was outstanding. |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Jun. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9. Commitments and Contingencies Financial Instruments with Off-Balance-Sheet Risk : The Company is a party to commitments to originate loans, unused lines of credit and standby letters of credit (“credit-related financial instruments”) that involve, to varying degrees, elements of credit risk and interest rate risk in addition to the risks associated with loans recognized in the consolidated statements of condition. Substantially all of these credit-related financial instruments have been entered into with customers in the Company’s primary lending area described in Note 1. The contract amounts of credit-related financial instruments reflect the extent of the Company’s involvement with those classes of financial instruments. The Company’s exposure to credit loss in the event of non-performance by the counterparty is represented by the contract amount. The Company uses the same credit policies in extending commitments, lines of credit and standby letters of credit as it does for on-balance sheet instruments. The contract amounts of credit-related financial instruments at June 30, are summarized below (in thousands): 2022 2021 Commitments to originate loans $ 160,771 $ 134,818 Unused lines of credit 33,211 58,381 Standby letter of credit 2,931 3,235 Lines of credit (including undisbursed construction loans) and commitments to originate loans are agreements to lend to a customer as long as there is no violation of any condition established in the contract. These agreements generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since certain lines of credit and commitments are expected to expire without being funded, the contract amounts do not necessarily represent future cash requirements. In extending lines of credit and commitments, the Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the customer. The Company issues financial standby letters of credit that are irrevocable undertakings by the Company to guarantee payment of a specified financial obligation. Most of the Company’s financial standby letters of credit arise in connection with lending relationships and have terms of one year or less. The maximum potential future payments the Company could be required to make equals the contract amount of standby letters of credit shown in the preceding table. The Company’s recognized liability for financial standby letters of credit was insignificant at June 30, 2022 and 2021. Legal Proceedings : In the normal course of business, or in connection with the proposed merger with Brookline, the Company is involved in certain legal proceedings. Management does not believe that any pending legal proceedings would have a material adverse effect on the Company's consolidated financial condition, results of operations or cash flows. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 10. Accumulated Other Comprehensive Income (Loss) The following is a summary of the accumulated other comprehensive income (loss) balances, net of tax (in thousands): Net unrealized (1) Unrealized loss (2) Unrealized loss (2) Total Balance at July 1, 2021 $ 137 $ ( 3,055 ) $ ( 181 ) $ ( 3,099 ) Other comprehensive loss before reclassifications ( 5,302 ) ( 2,109 ) 5 ( 7,406 ) Amounts reclassified from accumulated other - 340 65 405 Tax effect 1,113 372 ( 14 ) 1,471 Net other comprehensive (loss) income ( 4,189 ) ( 1,397 ) 56 ( 5,530 ) Balance at June 30, 2022 $ ( 4,052 ) $ ( 4,452 ) $ ( 125 ) $ ( 8,629 ) Net unrealized Unrealized loss Unrealized loss Total Balance at July 1, 2020 $ 428 $ ( 6,605 ) $ ( 226 ) $ ( 6,403 ) Other comprehensive loss before reclassifications ( 316 ) 3,343 2 3,029 Amounts reclassified from accumulated other ( 52 ) 1,151 55 1,154 Tax effect 77 ( 944 ) ( 12 ) ( 879 ) Net other comprehensive (loss) income ( 291 ) 3,550 45 3,304 Balance at June 30, 2021 $ 137 $ ( 3,055 ) $ ( 181 ) $ ( 3,099 ) (1) Amounts reclassified from accumulated other comprehensive income are recorded in the Statement of Operations as part of "gains on sales of securities". (2) Amounts reclassified from accumulated other comprehensive income are recorded in the Statement of Operations as part of "other operating expense". |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 11. Earnings Per Share Basic EPS is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated in a similar matter, except that the denominator includes the number of additional common shares that would have been outstanding if potentially dilutive common shares were issued using the treasury stock method. Dilutive financial instruments include stock options and unvested restricted stock. The following table provides factors used in the earnings per share computation for the years ended June 30 th . 2022 2021 (Dollars in thousands, except share and per share data) Net income applicable to common stock $ 14,879 $ 12,424 Average number of common shares outstanding 15,201,990 15,912,702 Less: Average unallocated ESOP shares ( 969,135 ) ( 1,065,916 ) Average number of common shares outstanding used to calculate basic earnings per common share 14,232,855 14,846,786 Effect of equity-based awards 56,165 793 Average number of common shares outstanding used to calculate diluted earnings per common share 14,289,020 14,847,579 Earnings per common share: Basic $ 1.05 $ 0.84 Diluted $ 1.04 $ 0.84 Stock options for 1,312,234 and 1,324,741 shares of common stock were not considered in computing dilutive earnings per common share for the years ended June 30, 2022 and 2021, respectively, because they were antidilutive. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 12. Fair Value of 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: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as general classification of such instruments pursuant to the valuation hierarchy, is set forth below. While management believes the Company’s valuation methodologies are appropriate and consistent with other financial institutions, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Investment Securities : The fair values of securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs), matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs), or a broker's opinion of value (Level 3 inputs). Impaired Loans : The fair value of collateral-dependent impaired loans with specific allocations of the allowance for loan losses is generally based on recent real estate appraisals. Appraisals are generally obtained annually and may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in a Level 3 classification of the inputs for determining fair value. Management performs a review of all appraisals, including any such adjustments. The fair value of uncollateralized or non-collateral-dependent loans are generally based on discounted cash flows which utilize management’s assumption of discount rates and expected future cash flows, resulting in a Level 3 classification. Foreclosed Real Estate : Assets acquired through or instead of loan foreclosure are initially recorded at fair value, less estimated costs to sell, when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower cost or fair value, less estimated costs to sell. Fair value is commonly based on recent real estate appraisals which are updated no less frequently than annually. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Real estate owned properties are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Appraisals for both collateral-dependent impaired loans and real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, a member of the Credit Department, as well as a third-party specialist, where deemed appropriate, reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. Once appraisals are considered appropriate, management discounts the appraised value for estimated selling costs, such as legal, broker, and property maintenance and insurance costs. The most recent analysis performed indicated discount rates ranging between 10 % and 20 % should be applied to properties with appraisals performed. Derivatives : The Company’s derivative assets and liabilities consist of transactions as part of management’s strategy to manage interest rate risk. The valuation of the Company’s interest rate swaps is obtained from a third-party pricing service and is determined using a discounted cash flow analysis on the expected cash flows of each derivative. The pricing analysis is based on observable inputs for the contractual terms of the derivatives, including the period to maturity and interest rate curves. The Company has determined that the majority of the inputs used to value its interest rate derivatives fall within Level 2 of the fair value hierarchy. Assets and liabilities measured at fair value are summarized below (in thousands): Fair Value Measurements Level 1 Level 2 Level 3 Total June 30, 2022 Measured on a recurring basis: Available for sale debt securities: U.S. Government and agency obligations $ - $ 9,928 $ - $ 9,928 Corporate - 2,004 2,850 4,854 State and municipal - 4,796 - 4,796 Mortgage-backed securities – residential - 12,712 - 12,712 Mortgage-backed securities – commercial - 2,331 - 2,331 Derivatives – interest rate contracts - 8,223 - 8,223 Total assets at fair value $ - $ 39,994 $ 2,850 $ 42,844 Derivatives – interest rate contracts $ - $ 8,223 $ - $ 8,223 Total liabilities at fair value $ - $ 8,223 $ - $ 8,223 Measured on a non-recurring basis: Impaired loans: Residential mortgages $ - $ - $ 306 $ 306 Home equity lines of credit - - 44 44 Total assets at fair value $ - $ - $ 350 $ 350 Fair Value Measurements Level 1 Level 2 Level 3 Total June 30, 2021 Measured on a recurring basis: Available for sale debt securities: U.S. Government and agency obligations $ - $ 21,816 $ - $ 21,816 Corporate - 5,058 3,131 8,189 State and municipal - 7,115 - 7,115 Mortgage-backed securities – residential - 17,654 - 17,654 Mortgage-backed securities – commercial - 2,613 - 2,613 Derivatives – interest rate contracts - 4,232 - 4,232 Total assets at fair value $ - $ 58,488 $ 3,131 $ 61,619 Derivatives – interest rate contracts $ - $ 4,232 $ - $ 4,232 Total liabilities at fair value $ - $ 4,232 $ - $ 4,232 Measured on a non-recurring basis: Impaired loans: Residential mortgages $ - $ - $ 312 $ 312 Home equity lines of credit - - 25 25 Total assets at fair value $ - $ - $ 337 $ 337 Investment securities with a fair value of $ 3.6 million were transferred from Level 2 to Level 3 during the year ended June 30, 2022. Investment securities with a fair value of $ 4.7 million were transferred from Level 3 to Level 2 during the year ended June 30, 2022. Impaired loans in the table above had a carrying amount of $ 469,000 and a remaining valuation allowance of $ 119,000 at June 30, 2022, incurred no net charge-offs and resulted in a credit for loan losses of $ 2,000 during the year ended June 30, 2022. Impaired loans in the table above had a carrying amount of $ 458,000 and a remaining valuation allowance of $ 121,000 at June 30, 2021, incurred no net charge-offs and resulted in a credit for loan losses of $ 1,000 during the year ended June 30, 2021. The following tables present quantitative information about Level 3 fair value measurements for selected financial instruments measured at fair value on a non-recurring basis at June 30, 2022 and 2021 (Dollars in thousands): Valuation Unobservable Range or Fair Value Technique(s) Input(s) Rate Used June 30, 2022 Impaired loans - residential mortgages $ 306 Discounted cash flow Discount rate 5.4 % to 6.3 % Impaired loans - home equity lines of credit 44 Discounted cash flow Discount rate 4.8 % to 6.3 % June 30, 2021 Impaired loans - residential mortgages $ 312 Discounted cash flow Discount rate 5.4 % to 6.3 % Impaired loans - home equity lines of credit 25 Discounted cash flow Discount rate 5.4 % to 6.3 % The following is a summary of the carrying amounts and estimated fair values of the Company’s financial assets and liabilities (none of which are held for trading purposes) (in thousands): Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total June 30, 2022 Financial assets: Cash and cash equivalents $ 118,457 $ 118,457 $ - $ - $ 118,457 Held to maturity debt securities 412,449 - 331,262 30,346 361,608 Available for sale debt securities 34,621 - 31,771 2,850 34,621 Loans receivable, net 1,329,372 - - 1,261,035 1,261,035 Accrued interest receivable 6,396 - 1,751 4,645 6,396 FHLB stock 3,766 N/A N/A N/A N/A Derivative assets - interest rate contracts 8,223 - 8,223 - 8,223 Financial liabilities: Demand, NOW, money market deposits and savings accounts 1,298,661 1,298,661 - - 1,298,661 Time deposits 327,589 - 329,885 - 329,885 Mortgage escrow funds 11,173 11,173 - - 11,173 Advances from FHLB 48,323 - 48,094 - 48,094 Accrued interest payable 94 1 93 - 94 Derivative liabilities - interest rate contracts 8,223 - 8,223 - 8,223 Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total June 30, 2021 Financial assets: Cash and cash equivalents $ 159,305 $ 159,305 $ - $ - $ 159,305 Held to maturity debt securities 337,584 - 305,671 36,466 342,137 Available for sale debt securities 57,387 - 54,256 3,131 57,387 Loans receivable, net 1,229,451 - - 1,234,116 1,234,116 Accrued interest receivable 6,398 - 1,341 5,057 6,398 FHLB stock 4,507 N/A N/A N/A N/A Derivative assets - interest rate contracts 4,232 - 4,232 - 4,232 Financial liabilities: Demand, NOW, money market deposits and savings accounts 1,116,667 1,116,667 - - 1,116,667 Time deposits 375,015 - 380,948 - 380,948 Mortgage escrow funds 10,536 10,536 - - 10,536 Advances from FHLB 65,957 - 67,334 - 67,334 Accrued interest payable 146 1 145 - 146 Derivative liabilities - interest rate contracts 4,232 - 4,232 - 4,232 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 13. Income Taxes The components of income tax expense (benefit) are summarized as follows for the years ended June 30, (in thousands): 2022 2021 Current tax expense Federal $ 4,015 $ 3,661 State 49 84 4,064 3,745 Deferred tax benefit Federal ( 96 ) ( 396 ) State ( 69 ) ( 47 ) ( 165 ) ( 443 ) State tax valuation allowances, net of federal benefit 55 32 Total $ 3,954 $ 3,334 The Company utilizes a calendar year tax year. Effective tax rates differ from the federal statutory rate applied to income before income taxes due to the following (Dollars in thousands): 2022 2021 Federal statutory rate 21.00 % 21.00 % Tax at federal statutory rate $ 3,955 $ 3,309 State taxes, net of federal benefit 40 60 Tax-exempt income ( 330 ) ( 193 ) BOLI income ( 158 ) ( 115 ) Other compensation 127 155 ESOP compensation 177 108 Merger-related expenses 137 - Other, net 6 10 Total $ 3,954 $ 3,334 Effective tax rate 21.00 % 21.16 % D eferred tax assets and liabilities were due to the following as of June 30, (in thousands): 2022 2021 Deferred Tax Assets: Allowance for loan losses $ 2,361 $ 2,072 Other compensation loss (defined benefit plans) 1,217 861 Deferred compensation 1,122 1,034 Other comprehensive loss (securities) 1,077 - Stock based compensation 1,305 1,029 Depreciation of premises and equipment 405 428 Lease liabilities 2,337 2,610 Deferred loan costs and fees, net - 50 Other 503 209 Total deferred tax assets 10,327 8,293 Deferred Tax Liabilities: Prepaid pension costs 2,817 2,510 Deferred loan costs and fees, net 138 - Other comprehensive income (securities) - 37 Right to use lease asset 2,275 2,546 Other 416 154 Total deferred tax liabilities 5,646 5,247 Deferred tax asset valuation allowance ( 549 ) ( 494 ) Net deferred tax asset $ 4,132 $ 2,552 The Company has an apportioned New York State net operating loss carryforward of approximately $ 700,000 which will begin to expire in 2034 . In 2014, New York State enacted comprehensive tax reform provisions with significant impact on financial institutions. As a result of this legislation, beginning on January 1, 2015, the Company calculated its tax obligation to New York based upon the greater of a calculated income tax liability, a tax liability based upon average equity capital or a fixed minimum fee. As a result of the Company’s ability to deduct a portion of the dividends paid by its captive REIT subsidiary, PCSB Funding Corp., it is more likely than not the Company will generate New York tax losses in future years and therefore calculate its New York tax liability on the basis of average equity capital or a fixed minimum fee. Consequently, the Company maintains a valuation allowance against its net New York deferred tax asset, as it is unlikely this deferred tax asset will impact the Company's New York tax liability in future years. Management has determined that it is not required to establish a valuation allowance against any other deferred tax assets in accordance with accounting principles generally accepted in the United States of America since it is more likely than not that the deferred tax assets will be fully utilized in future periods. In assessing the need for a valuation allowance, management considers the schedule reversal of the deferred tax liabilities, the level of historical taxable income, and the projected future taxable income over the periods that the temporary differences comprising the deferred tax assets will be deductible. Retained earnings at June 30, 2022 included approximately $ 2.8 million for which deferred income taxes of approximately $ 558,000 have not been provided. The retained earnings amount represents the base year allocation of income to bad debt deductions for tax purposes only. Base year reserves are subject to recapture if the Bank makes certain non-dividend contributions, repurchases any of its stock, pays dividends in excess of tax earnings and profits, or ceases to maintain a bank charter. Under ASC 740, this amount is treated as a permanent difference and deferred taxes are not recognized unless it appears that it will be reduced and result in taxable income in the foreseeable future. Events that would result in taxation of these reserves include failure to qualify as a bank for tax purposes or distributions in complete or partial liquidation. The Company is subject to U.S. federal income tax as well as income tax of the states of New York, New Jersey and Connecticut. The Company’s federal and state income tax returns are subject to examination for years after December 31, 2018. At June 30, 2022 and 2021, the Company had no unrecognized tax benefits recorded. The Company does no t expect the total amount of unrecognized tax benefits to significantly increase or decrease in the next twelve months. |
Post-Retirement Benefits
Post-Retirement Benefits | 12 Months Ended |
Jun. 30, 2022 | |
Compensation And Retirement Disclosure [Abstract] | |
Post-Retirement Benefits | Note 14. Post-Retirement Benefits Employee Pension Plan The Company maintains a non-contributory defined benefit pension plan that covers employees meeting specific requirements as to age and length of service. The Company’s contributions to this qualified plan are determined on the basis of (i) the maximum amount that can be deducted for federal income tax purposes, and (ii) the amount determined by a consulting actuary as necessary to avoid an accumulated funding deficiency as defined by the Employee Retirement Income Security Act of 1974 (ERISA). Contributions are intended to provide not only for benefits attributed to service to date, but also those expected to be earned in the future. On February 15, 2017, the Board of Directors approved the freezing of the defined benefit pension plan effective May 1, 2017 . The following is a summary of the plan’s funded status as of June 30, (the measurement date for financial reporting purposes) (in thousands): 2022 2021 Change in benefit obligation: Beginning benefit obligation $ 23,511 $ 23,303 Interest cost 594 546 Actuarial (gain) loss ( 4,058 ) 1,756 Benefits paid ( 924 ) ( 922 ) Settlements ( 623 ) ( 1,172 ) Ending benefit obligation 18,500 23,511 Change in plan assets, at fair value: Beginning plan assets 29,673 24,847 Actual return ( 4,131 ) 6,920 Benefits paid ( 924 ) ( 922 ) Settlements ( 623 ) ( 1,172 ) Ending plan assets 23,995 29,673 Funded status $ 5,495 $ 6,162 Accumulated benefit obligation $ 18,500 $ 23,511 The following is a summary of net period pension cost (benefit), contributions and benefits paid for the years ended June 30 (in thousands): 2022 2021 Net period pension benefit $ ( 1,103 ) $ ( 124 ) Benefits paid 924 922 Pre-tax amounts recognized in other comprehensive loss included net losses of $ 2.1 million for the year ended June 30, 2022 and net gains of $ 3.3 million for the year ended June 30, 2021. Pre-tax amounts included in accumulated other comprehensive income were $ 5.6 million and $ 3.9 million as of June 30, 2022 and 2021. Net periodic pension credit and other amounts recognized in other comprehensive income for the years ended June 30, (in thousands): 2022 2021 Interest cost $ 594 $ 546 Expected return on plan assets ( 2,037 ) ( 1,821 ) Amortization of prior net loss 150 959 Settlement charges 190 192 Net periodic credit $ ( 1,103 ) $ ( 124 ) The estimated net loss and past service cost for the pension plan that will be amortized from accumulated other comprehensive income into net periodic benefit costs during the year ending June 30, 2023, are $ 563,000 and $ 0 , respectively. Contributions: The Company made no contributions to the defined benefit plan during the year ended June 30, 2022 and does no t expect to make any contributions for the year ending June 30, 2023. Estimated Future Payments : The following benefit payments are expected for the years ending June 30, (in thousands): 2023 $ 1,155 2024 1,083 2025 1,045 2026 1,078 2027 1,124 Following five years 6,044 Assumptions : Discount rates of 4.37 % and 2.59 % were used to determine pension benefit obligation as of June 30, 2022 and 2021, respectively. Weighted-average assumptions used to determine net periodic pension cost are described in the table below. 2022 2021 Discount Rate 2.59 % 2.40 % Expected return on plan assets 7.00 % 7.50 % Plan Assets Plan assets are invested in a series of diversified investment funds of RSI Retirement Trust (“the Trust”). The investment funds include equity mutual funds, bond mutual funds, or commingled trust funds, each with its own investment objectives, investment strategies and risks. The Trust has been given discretion by the Company to determine the appropriate strategic asset allocation, as governed by the Trust’s Statement of Investment Objectives and Guidelines. The long-term objective is to be invested 65 % in equity securities (equity mutual funds), 34 % in debt securities (bond mutual funds) and 1 % in cash equivalents. The bond fund portion may be temporarily increased to 50 % in order to lessen the volatility of asset values. Asset rebalancing is performed at least annually, with interim adjustments made if the investment mix varies by more than 10 % from the target allocation. The weighted average expected long-term rate of return is estimated based on current trends in the plan assets as well as projected future rates of returns on those assets. The long-term rate of return assumption was set based on historical returns earned by equities and fixed income securities, adjusted to reflect expectations of future returns as applied to the plan’s target allocation of asset classes. Equities and fixed income securities were assumed to earn real rates of return in the ranges of 6 % to 8 % and 3 % to 5 %, respectively. The long-term inflation rate was estimated to be 2.5 %. When these overall return expectations are applied to the plan’s target allocation, the result is an expected rate of return of 7.0 %. The plan is only permitted to invest in assets approved by the RSI Trustee Board. All other investments are prohibited. The Company’s actual pension plan asset allocation and target allocation by asset category are as follows: Percentage of Plan Target Assets at Year-End Asset Category Allocation 2022 2021 Equity mutual funds and common/collective trusts 65 % 63 % 68 % Fixed income common/collective trusts 34 % 36 % 32 % Cash equivalents 1 % 1 % 0 % Total 100 % 100 % 100 % Equity, Debt, Investment Funds and Other Securities : The fair values for investment securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). Discounted cash flows are calculated using spread to appropriate market index curves that are updated to incorporate loss severities, volatility, credit spread and optionality. During times when trading is more liquid, broker quotes are used (if available) to validate the model. Rating agency and industry research reports as well as defaults and deferrals on individual securities are reviewed and incorporated into the calculations. The fair value of the plan assets by asset category, is as follows (in thousands): Fair Value Measurements Using Quoted Prices Significant In Active Other Significant Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) June 30, 2022 Plan assets Equity mutual funds and common/collective trusts $ 15,146 $ - $ 15,146 $ - Fixed income common/collective trusts 8,553 - 8,553 - Cash equivalents 296 296 - - Total $ 23,995 $ 296 $ 23,699 $ - June 30, 2021 Plan assets Equity mutual funds and common/collective trusts $ 20,140 $ - $ 20,140 $ - Fixed income common/collective trusts 9,414 - 9,414 - Cash equivalents 119 119 - - Total $ 29,673 $ 119 $ 29,554 $ - Defined Contribution Retirement Plan The Company maintains a defined contribution plan for eligible employees hired after October 1, 2012 . On May 1, 2017, the Company suspended contributions, resulting in no expense for the years ended June 30, 2022 and 2021. 401(k) Plan The Company maintains a defined contribution plan for eligible employees under Section 401(k) of the Internal Revenue Code. All full-time employees who have attained age twenty-one and have a minimum of one year of service may elect to participate in the plan, by making contributions ranging from 1 % to 25 % of their compensation. The Company made no matching contributions during the years ended June 30, 2022 and 2021, resulting in no expense for these years. Supplemental Retirement Plan The Company also maintains unfunded and non-qualified supplemental retirement plans to provide pension benefits in addition to those provided under the qualified pension plan. The accrued benefit cost for the supplemental plans was approximately $ 4.3 million and $ 4.1 million at June 30, 2022 and 2021, respectively, (included in other liabilities in the consolidated statements of financial condition). Included in accumulated other comprehensive income were pre-tax net losses of $ 158,000 and $ 228,000 for the supplemental retirement plans as of June 30, 2022 and 2021, respectively. The projected benefit obligation and accumulated benefit obligation were $ 4.3 million and $ 4.1 million as of June 30, 2022 and 2021, respectively. Pension expense for the supplemental plans was $ 578,000 and $ 580,000 for the years ended June 30, 2022 and 2021, respectively. Supplemental retirement plan benefits of $ 272,000 were paid in each of the years ended June 30, 2022 and 2021. Net periodic pension cost and other amounts recognized in other comprehensive income for the years ended June 30, (in thousands): 2022 2021 Service cost $ 426 $ 441 Interest cost 87 84 Amortization of prior net loss 65 55 Net periodic cost $ 578 $ 580 The estimated net loss for the supplemental plans that will be amortized from accumulated other comprehensive income into net periodic benefit costs during the year ending June 30, 2023, is $ 79,000 . The following benefit payments, which reflect expected future service, are expected for the years ending June 30, (in thousands): 2023 3,467 2024 136 2025 - 2026 - 2027 - Following five years 578 As of June 30, 2022, the assumed discount rates used for the supplemental plans range from 2.13 % to 4.37 %. Employee Stock Ownership Plan On January 1, 2017, the Company established an Employee Stock Ownership Plan (“ESOP”) to provide eligible employees the opportunity to own Company stock. The plan is a tax-qualified retirement plan for the benefit of Company employees. The Company granted a loan to the ESOP for the purchase of 1,453,209 shares of the Company’s common stock at a price of $ 10.00 per share. The loan obtained by the ESOP from the Company to purchase the common stock is payable annually over 15 years at a rate per annum equal to the Prime Rate, reset annually on January 1st ( 3.25 % for 2022). Loan payments are principally funded by cash contributions from the Bank. The loan is secured by the shares purchased, which are held in a suspense account for allocation among participants as the loan is repaid. The balance of the ESOP loan at June 30, 2022 was $ 9.7 million. Contributions are allocated to eligible participants on the basis of compensation, subject to federal tax limits. The number of shares committed to be released annually is 96,881 through 2032. Shares held by the ESOP include the following at June 30 th, (Dollars in thousands): 2022 2021 Allocated to participants 518,371 417,902 Unearned 920,767 1,017,648 Total ESOP shares 1,439,138 1,435,550 Fair value of unearned shares $ 17,577 $ 18,491 Total compensation expense recognized in connection with the ESOP for the year ended June 30, 2022 and 2021 was $ 1.8 million and $ 1.5 million, respectively. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Jun. 30, 2022 | |
Banking And Thrift Other Disclosures [Abstract] | |
Regulatory Matters | Note 15. Regulatory Matters The following is a summary of the Bank’s actual capital amounts and ratios as of June 30, 2022 and 2021, compared to the required ratios for minimum capital adequacy and for classification as well capitalized (dollars in thousands). As a result of the Economic Growth, Regulatory Relief, and Consumer Protection Act passed by Congress in 2018, the Company is no longer subject to consolidated capital requirements, as the Company’s total consolidated assets do not exceed $ 3 billion. To Be Well Capitalized For Capital Under Prompt Adequacy Corrective Action Bank Actual Purposes Provisions Amount Ratio Amount Ratio Amount Ratio June 30, 2022 Leverage (Tier 1) $ 251,144 12.8 % $ 78,490 4.0 % $ 98,112 5.0 % Risk-based: Common Tier 1 251,144 17.2 65,630 4.5 94,799 6.5 Tier 1 251,144 17.2 87,507 6.0 116,676 8.0 Total 260,071 17.8 116,676 8.0 145,845 10.0 June 30, 2021 Leverage (Tier 1) $ 233,944 12.5 % $ 74,988 4.0 % $ 93,735 5.0 % Risk-based: Common Tier 1 233,944 17.9 58,713 4.5 84,807 6.5 Tier 1 233,944 17.9 78,283 6.0 104,378 8.0 Total 241,825 18.5 104,378 8.0 130,472 10.0 In addition to the ratios above, the Basel III Capital Rules established that community banking institutions must maintain a capital conservation buffer of common equity Tier 1 capital in an amount greater than 2.5 % of total risk-weighted assets to avoid being subject to limitations on capital distributions and discretionary bonus payments to executive officers. Management believes that as of June 30, 2022 and 2021, the Bank met all capital adequacy requirements to which it was subject, including the capital conservation buffer. Further, the most recent FDIC notification categorized the Bank as a well-capitalized institution under the prompt corrective action regulations. There have been no conditions or events since that notification that management believes have changed the Bank’s capital classification. |
Related Party Disclosures
Related Party Disclosures | 12 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Disclosures | Note 16. Related Party Disclosures The Company's authority to extend credit to its directors, executive officers, and shareholders owning 10% or more of the Holding Company's outstanding common stock, as well as to entities controlled by such persons, is additionally governed by the requirements of Sections 22(g) and 22(h) of the FRA and Regulation O of the FRB enacted thereunder. Among other matters, these provisions require that extensions of credit to insiders: (i) be made on terms substantially the same as, and follow credit underwriting procedures not less stringent than, those prevailing for comparable transactions with unaffiliated persons and that do not involve more than the normal risk of repayment or present other unfavorable features; and (ii) not exceed certain amount limitations individually and in the aggregate, which limits are based, in part, on the amount of the bank's capital. Regulation O additionally requires that extensions of credit in excess of certain limits be approved in advance by the Bank's board of directors. New York banking regulations impose certain limits and requirements on various transactions with "insiders," as defined in the New York banking regulations to include certain executive officers, directors and principal shareholders. At and for the years ended June 30, 2022 and 2021, the Company and the Bank had no insider loans. |
Derivatives and Hedging
Derivatives and Hedging | 12 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging | Note 17. Derivatives and Hedging Derivatives not designated as hedges may be used to manage the Company’s exposure to interest rate movements or to provide service to customers. The Company executes interest rate swaps with commercial lending customers to facilitate their respective risk management strategies. These interest rate swaps with customers are simultaneously offset by interest rate swaps that the Company executes with a third party in order to minimize the net risk exposure resulting from such transactions. These interest rate swap agreements do not qualify for hedge accounting treatment, and therefore changes in fair value are reported in current period earnings. The following table presents summary information about the interest rate swaps as of June 30, (Dollars in thousands). 2022 2021 Notional amounts $ 264,462 $ 182,700 Weighted average pay rates 3.57 % 2.55 % Weighted average receive rates 3.57 % 2.55 % Weighted average maturity 8.22 years 8.46 years Fair value of combined interest rate swaps $ - $ - |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 12 Months Ended |
Jun. 30, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Revenue From Contracts With Customers | Note 18. Revenue From Contracts With Customers In accordance with ASC 606, revenue is recognized when a customer obtains control of promised services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these services. The Company applies the following five steps to properly recognize revenue: 1. Identify the contract with a customer 2. Identify the performance obligations in the contract 3. Determine the transaction price 4. Allocate the transaction price to performance obligations in the contract 5. Recognize revenue when (or as) the Company satisfies a performance obligation For the Year Ended June 30, 2022 2021 (in thousands) Noninterest income: Service charges on deposits $ 852 $ 735 Interchange fees 616 550 Other fees and service charges (1) 172 143 Fees and service charges 1,640 1,428 Swap income (1) 785 367 Bank-owned life insurance (1) 754 549 Gain on sale of premises (1) 548 - Gains on sales of loans receivable (1) 56 - Gains on sales of securities (1) - 113 Other noninterest income (1) 36 40 Total noninterest income $ 3,819 $ 2,497 (1) Not within the scope of ASC 606 Fees and Service Charges on Deposit Accounts . The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as ATM use fees, stop payments, statement rendering, and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of the month, representing the period over which the Company satisfied 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. Interchange Income . The Company earns interchange fees from debit cardholder transactions conducted through various payment networks. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Gain/Losses on Sales of Foreclosed Real Estate . The Company records a gain or loss from the sale of foreclosed real estate when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of foreclosed real estate to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the foreclosed real estate 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. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Note 19. Stock-Based Compensation On October 24, 2018, the Company’s shareholders approved the PCSB Financial Corporation 2018 Equity Incentive Plan (the “Plan”), which permits the grant of stock options and restricted stock and/or restricted stock units. The total number of shares that may be granted under the Plan is 2,543,115 , of which 1,816,511 shares may be granted as stock options and 726,604 shares may be granted as restricted stock and restricted stock units. Total compensation cost that has been charged against income for the Plan was $ 3.3 million for both years ended June 30, 2022 and 2021. Restricted Stock Awards (“RSAs”) RSAs provide for the issuance of shares to both employees and non-employee directors. These awards vest over a 5-year period, with 20 % vesting each year on the anniversary of the award. All awards were made at the fair value of common stock on the grant date. Compensation expense is recognized over the vesting period of the awards based on the fair value of the stock at grant date. The fair value of the stock was determined to be the closing price of the stock on the NASDAQ exchange. Total shares available for grant under the Plan are 726,604 , of which 549,467 shares were granted as of June 30, 2022. The following table presents a summary of RSA activity during the year ended June 30, 2022. Number of Weighted-Average Unvested granted shares outstanding at July 1, 2021 322,580 $ 18.95 Shares granted 8,000 17.66 Shares vested ( 107,130 ) 18.97 Shares forfeited - - Unvested granted shares at June 30, 2022 223,450 $ 18.89 As of June 30, 2022, there was $ 2.9 million of total unrecognized compensation cost related to non-vested shares granted under the Plan. The cost is expected to be recognized over a weighted-average period of 1.7 years. Stock Option Awards Stock options awarded to employees under the Plan are considered incentive stock options (ISOs), up to applicable limits. Option awards are generally granted with an exercise price equal to the market price of the Company’s common stock at the date of grant. Those issued to non-employee directors, as well as those exceeding ISO limitations, are considered non-qualified stock options (NQSOs). Options vest over a 5-year period, with 20 % vesting each year on the anniversary of the award, however, may not vest more rapidly than over a three-year period, and have a contractual term of 10 years. The Company has a policy of using shares held as a treasury stock to satisfy share option exercises. Currently, the Company has a sufficient number of treasury shares to satisfy the current level of exercisable share options. The fair value of each option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model that uses the assumptions noted in the following table. Expected volatilities are based on the historical volatilities of a peer group of publicly-traded financial institutions. The expected term of options granted is based on the simplified “mid-point” approach which utilizes the weighted average vesting period and contractual term. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. Total options available for grant under the Plan are 1,816,511 , of which 1,320,963 shares were issued as of June 30, 2022. The following table presents a summary of activity related to stock options granted under the Plan, and changes during the year then ended: Number of Weighted- Weighted- Aggregate (Dollars in thousands, except share and per share data) Options outstanding at July 1, 2021 1,308,963 $ 19.00 7.4 $ 35 Options granted 12,000 17.66 Options expired - - Options forfeited - - Options exercised - - Options outstanding at June 30, 2022 1,320,963 $ 18.98 6.4 $ 411 Exercisable at June 30, 2022 782,978 $ 19.02 6.4 $ 220 As of June 30, 2022, there was $ 1.7 million of total unrecognized compensation cost related to non-vested stock options granted under the Plan. The cost is expected to be recognized over a weighted-average period of 1.7 years. The fair value of options granted during the year ended June 30, 2022, was determined using the following weighted-average assumptions as of grant date. Risk-free interest rate 1.00 % Expected term (in years) 6.25 Expected stock price volatility 35.91 % Dividend yield 1.36 % Weighted average fair value of options granted $ 5.50 |
Leases
Leases | 12 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases | Note 20. Leases As of June 30, 2022, the Company leases real estate for eleven branch offices and one administrative office, including its corporate headquarters, under various operating lease agreements. The Company’s leases have maturities which range from 2022 to 2041 , some of which include lessee options to extend the lease term. The weighted average remaining life of the lease terms for these leases was 9.4 years as of June 30, 2022. The operating lease asset and lease liability are determined at the commencement date of the lease based on the present value of the lease payments. As most of our leases do not provide an implicit rate, the Company used its incremental borrowing rate, the rate of interest to borrow on a collateralized basis for a similar term, at the lease commencement date. The Company utilized a weighted average discount rate of 2.47 % in determining the lease liability as of June 30, 2022. The Company made a policy election to exclude the recognition requirements of ASU 2016-02 to short-term leases, those leases with original terms of 12 months or less. Short-term lease payments are recognized in the income statement on a straight-line basis over the lease term. The Company had no short-term lease cost for the year ended June 30, 2022. Certain leases may include one or more options to renew. The exercise of lease renewal options is typically at the Company’s discretion and are included in the operating lease liability if it is reasonably certain that the renewal option will be exercised. Certain real estate leases may contain lease and non-lease components, such as common area maintenance charges, real estate taxes, and insurance, which are generally accounted for separately and are not included in the measurement of the lease liability since they are generally able to be segregated. The Company does not sublease any of its leased properties. There were no sale and leaseback transactions, leveraged leases or lease transactions with related parties during the year ended June 30, 2022. For the year ended June 30, 2022, total operating lease costs was $ 2.0 million, and is included in occupancy and equipment expense. The right-of-use asset , included in premises and equipment, net, was $ 8.6 million and the corresponding lease liability, included in other liabilities, was $ 8.8 million as of June 30, 2022, respectively. Future minimum lease payments for the fiscal years ending June 30 th and a reconciliation of undiscounted lease cash flows and the lease liability recognized in the consolidated balance sheet as of June 30, 2022 is shown below (in thousands): 2023 $ 2,052 2024 1,719 2025 1,426 2026 906 2027 547 Thereafter 4,002 Total future minimum lease payments (undiscounted) 10,652 Discounting effect on cash flows ( 1,825 ) Lease liability (discounted) $ 8,827 |
Parent Company Only Financial S
Parent Company Only Financial Statements | 12 Months Ended |
Jun. 30, 2022 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Parent Company Only Financial Statements | Note 21. Parent Company Only Financial Statements The following are the financial statements of the Company (Parent only) as of and for the years ended June 30, 2022 and 2021 (in thousands). June 30, 2022 2021 Balance Sheets Assets Cash and cash equivalents $ 18,441 $ 26,575 Investment in Bank 248,690 237,082 ESOP Loan receivable 9,688 10,657 Other assets 415 392 Total assets $ 277,234 $ 274,706 Liabilities and Shareholders' Equity Other liabilities $ 72 $ 146 Shareholders' equity 277,162 274,560 Total liabilities and shareholders' equity $ 277,234 $ 274,706 Years Ended June 30, 2022 2021 Statements of Operations Interest Income $ 341 $ 474 Equity in income of Bank 16,170 12,587 Non-interest expenses 1,974 679 Income before income tax 14,537 12,382 Income tax benefit ( 342 ) ( 42 ) Net Income $ 14,879 $ 12,424 Years Ended June 30, 2022 2021 Statements of Cash Flows Operating Activities Net income $ 14,879 $ 12,424 Adjustments to reconcile net income to net cash provided by operating activities: Equity in income of Bank ( 16,170 ) ( 12,587 ) Deferred tax expense - 118 Net (increase) decrease in accrued interest receivable ( 10 ) 90 Stock-based compensation 3,270 3,269 Other adjustments, principally net changes in other assets and liabilities ( 87 ) 241 Net cash provided by operating activities 1,882 3,555 Investing Activities Decrease in ESOP loan 969 969 Net cash provided by investing activities 969 969 Financing Activities Common stock dividends declared ( 3,604 ) ( 2,725 ) Allocation of ESOP shares 842 517 Repurchase of common stock ( 7,863 ) ( 16,608 ) Repurchase of shares from employees for income tax withholding purpose ( 360 ) ( 303 ) Net cash used in financing activities ( 10,985 ) ( 19,119 ) Net decrease in cash and cash equivalents ( 8,134 ) ( 14,595 ) Cash and cash equivalents at beginning of year 26,575 41,170 Cash and cash equivalents at end of year $ 18,441 $ 26,575 |
Pending Merger With and Into Br
Pending Merger With and Into Brookline Bancorp, Inc. | 12 Months Ended |
Jun. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Pending Merger With and Into Brookline Bancorp, Inc. | Note 22. Pending Merger With and Into Brookline Bancorp, Inc. On May 23, 2022, the Company and Brookline Bancorp, Inc. (“Brookline”), the holding company of Brookline Bank and Bank Rhode Island, entered into an Agreement and Plan of Merger (the “Merger Agreement”). Pursuant to the Merger Agreement, the Company will merge with and into Brookline, with Brookline as the surviving corporation (the “Merger”). Following the Merger, PCSB Bank will operate as a separate bank subsidiary of Brookline. Pursuant to the terms of the Merger Agreement, at the effective time of the Merger, each stockholder of PCSB will receive, at the holder’s election, either $ 22.00 in cash consideration or 1.3284 shares of Brookline common stock for each share of PCSB common stock, subject to allocation procedures to ensure that 60 % of the outstanding shares of PCSB common stock will be converted to Brookline common stock. The consummation of the Merger is subject to customary closing conditions, including the receipt of regulatory approvals and approval by the Company’s stockholders. The Merger is currently expected to be completed in the fourth quarter of 2022. For the year ended June 30, 2022, the Company recognized $ 1.3 million of merger-related expenses. No merger-related expenses were recognized in the year ended June 30, 2021. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations : PCSB Financial Corporation (the “Holding Company” and together with its direct and indirect subsidiaries, the “Company”) is a Maryland corporation organized by PCSB Bank (the “Bank”) for the purpose of acquiring all of the capital stock of the Bank issued in the Bank's conversion to stock ownership on April 20, 2017. At June 30, 2022, the significant assets of the Holding Company were the capital stock of the Bank, investments retained by the Holding Company, and a loan to the PCSB Bank Employee Stock Ownership Plan (“ESOP”). The liabilities of the Holding Company were insignificant. The Company is subject to the financial reporting requirements of the Securities Exchange Act of 1934, as amended. The Company is subject to regulation and examination by the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”). PCSB Bank is a community-oriented financial institution that provides financial services to individuals and businesses within its market area of Putnam, Southern Dutchess, Rockland and Westchester Counties in New York. The Bank is a state-chartered commercial bank and its deposits are insured up to applicable limits by the Deposit Insurance Fund of the Federal Deposit Insurance Corporation (“FDIC”). The Bank’s primary regulators are the FDIC and the New York State Department of Financial Services. |
Basis of Presentation | Basis of Presentation : The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, and include the accounts of the Holding Company, the Bank and the Bank's two subsidiaries – PCSB Funding Corp., and UpCounty Realty Corp. (formerly PCSB Realty Ltd.), PCSB Funding Corp. is a real estate investment trust that holds certain mortgage assets. UpCounty Realty Corp. is a corporation that holds certain properties foreclosed upon by the Bank. All intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates | Use of Estimates : To prepare financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. |
Cash Flows | Cash Flows : Cash and cash equivalents include cash, deposits with other financial institutions, and federal funds sold. Net cash flows are reported for customer loan and deposit transactions, short-term borrowings and interest-bearing deposits in other financial institutions. |
Investment Securities | Investment Securities : Certain debt securities are classified as held to maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. All other debt securities are classified as available for sale. The Company has no trading securities. Debt securities available for sale are reported at fair value. Unrealized gains and losses on debt securities available for sale are excluded from earnings and reported as accumulated other comprehensive income or loss (a separate component of equity), net of related income taxes. Discounts on debt securities are amortized to interest income on a level-yield basis over the terms of the securities, while premiums are amortized on a level-yield basis to the earlier of the call date or term of the security. Realized gains and losses on sales of debt securities are determined based on the amortized cost of the specific securities sold. Management evaluates securities for other-than-temporary impairment (OTTI) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. |
Loans Receivable | Loans Receivable : The Company originates and purchases mortgage loans generally secured by existing single-family residential and commercial real estate properties and, to a lesser extent, properties under construction and development. The Company also originates commercial business loans and certain types of consumer loans. A substantial portion of the Company’s loan portfolio is secured by real estate properties primarily located in the New York counties of Putnam, Westchester, and Dutchess, and to a lesser extent, New York City and the adjacent New York counties of Orange and Rockland. The ability of the Company’s borrowers to make principal and interest payments is dependent upon, among other things, the level of overall economic activity and the real estate market conditions prevailing within the Company’s concentrated lending area. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, unamortized purchase premiums and discounts, and an allowance for loan losses. Interest income is accrued on the unpaid principal balance. Interest income on loans is discontinued at the time the loan is ninety days delinquent unless the loan is well secured and in process of collection. Loan purchase premiums and discounts are amortized over the contractual term of the loans. When loans are placed on non-accrual status, previously accrued but unpaid interest is reversed from income. Interest received on non-accrual loans is applied directly against the principal balance. Loans are returned to accrual status when all the principal and interest contractually due are brought current and future payments are reasonably assured. Loan origination fees and certain direct loan origination costs are deferred and amortized to interest income as an adjustment to yield over the contractual term of the loans. Unamortized fees and costs on prepaid loans are recognized in interest income at the time of prepayment. |
Purchased Credit Impaired Loans | Purchased Credit Impaired Loans : The Company purchases individual loans and groups of loans, some of which have shown evidence of credit deterioration since origination. These purchased credit impaired loans are recorded at the amount paid, such that there is no carryover of the seller’s allowance for loan losses. Such purchased credit impaired loans are accounted for individually or aggregated into pools of loans based on common risk characteristics, such as credit score, loan type, and date of origination. The Company estimates the amount and timing of expected cash flows for each loan or pool, and the expected cash flows in excess of amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan’s or pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, an allowance is recorded as a provision for loan losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. |
Allowance For Loan Losses | Allowance for Loan Losses : The allowance for loan losses is a valuation allowance for probable incurred loan losses. The allowance for loan losses is increased by provisions for loan losses charged to income. Losses are charged to the allowance for loan losses when all or a portion of a loan is deemed to be uncollectible. Recoveries of loans previously charged off are credited to the allowance when realized. In management’s judgment, the allowance for loan losses is adequate to absorb probable incurred losses in the existing loan portfolio. Establishing the allowance for loan losses involves significant management judgments utilizing the best information available at the time. Those judgments are subject to further examination by the Bank’s regulators. Future adjustments to the allowance for loan losses may be necessary based on changes in economic and real estate market conditions, further information obtained regarding known problem loans, the identification of additional problem loans, and other factors. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired . A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for loans evaluated under the Company’s normal loan review procedures. Loans evaluated on an individual basis for impairment may be measured by the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. If the fair value of an impaired loan is less than its recorded investment, an impairment allowance is recognized and included in the allowance for loan losses. Troubled debt restructurings are separately identified for impairment disclosures and are initially measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. The general component of the allowance covers non-impaired loans and is based on historical loss experience adjusted for qualitative factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over a thirty-six month period, with heaviest weight placed on the most recent periods. This actual loss experience is supplemented with other qualitative factors based on the risks present for each portfolio segment. These qualitative factors include consideration of the following: lending policies, underwriting, charge-off and collection procedures; national and local economic trends and conditions; trends in nature and volume of the loan portfolio; experience, ability, and depth of lending management and other relevant staff; trends in delinquencies, classified loans and restructurings; quality of the loan review system and Board oversight; value of underlying collateral for collateral dependent loans; existence and effect of concentrations and levels; and effects of external factors, such as competition, legal and regulatory factors. The following portfolio segments have been identified: residential, commercial mortgage, construction, commercial, home equity and consumer and overdrafts. The risk characteristics of each of the identified portfolio segments are as follows: Residential Loans – residential loans are generally made on the basis of the borrower’s ability to make repayment from his or her employment income or other income and are secured by real property whose value tends to be more easily ascertainable. Repayment of residential loans is subject to adverse employment conditions in the local economy leading to increased default rates and decreased market values from oversupply in a geographic area. In general, these loans depend on the borrower’s continuing financial stability and, therefore, are likely to be adversely affected by various factors, including job loss, divorce, illness, or personal bankruptcy. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans. Commercial Mortgage Loans – commercial mortgage loans, including multifamily real estate loans, are secured by multifamily and nonresidential real estate and generally have larger balances and involve a greater degree of risk than residential real estate loans. Repayment of commercial mortgage loans depend on the global cash flow analysis of the borrower and the net operating income of the property, the borrower’s expertise, credit history and profitability, and the value of the underlying property. Of primary concern in commercial real estate lending is the borrower’s creditworthiness and the cash flow generated from the property securing the loan. As a result, repayment of such loans may be subject, to a greater extent than residential real estate loans, to adverse conditions in the real estate market or the economy. Commercial real estate is also subject to adverse market conditions that cause a decrease in market value or lease rates, obsolescence in location or function and market conditions associated with over supply of units in a specific region. Construction Loans – construction financing is generally considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the property’s value at completion of construction and the estimated cost of construction. During the construction phase, a number of factors could result in delays and cost overruns. If the estimate of construction costs proves to be inaccurate, additional funds may be required to be advanced in excess of the amount originally committed to permit completion of the building. If the estimate of value proves to be inaccurate, the value of the building may be insufficient to assure full repayment if liquidation is required. If foreclosure is required on a building before or at completion due to a default, there can be no assurance that all of the unpaid balance of, and accrued interest on, the loan as well as related foreclosure and holding costs will be recovered. Commercial Loans – commercial loans are generally of higher risk than other types of loans and typically are made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business. As a result, the availability of funds for the repayment of commercial loans may depend substantially on the success of the business itself. Furthermore, any collateral securing such loans may depreciate over time, may be difficult to appraise, and may fluctuate in value. Home Equity Lines of Credit – home equity lines of credit consist of both fixed and variable interest rate products. These are primarily home equity loans to residential mortgage customers within our primary market area. These loans generally will not exceed a combined (i.e., first and second mortgage) loan-to-value ratio of 75 % percent at origination. Consumer and overdraft loans – consumer loans generally have shorter terms and higher interest rates than one-to-four family mortgage loans. In addition, consumer loans expand the products and services we offer to better meet the financial services needs of our customers. Consumer loans generally involve greater credit risk than residential mortgage loans because of the difference in the underlying collateral. Repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment of the outstanding loan balance because of the greater likelihood of damage to, loss of, or depreciation in the underlying collateral. The remaining deficiency often does not warrant further substantial collection efforts against the borrower beyond obtaining a deficiency judgment. In addition, consumer loan collections depend on the borrower’s personal financial stability. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans. |
Foreclosed Real Estate | Foreclosed Real Estate : Assets acquired through or in lieu of loan foreclosure are initially recorded at fair value, less estimated costs to sell, when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. Operating costs after acquisition are expensed. |
Federal Home Loan Bank (FHLB) Stock | Federal Home Loan Bank (FHLB) Stock : The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. |
Premises and Equipment | Premises and Equipment : Premises and equipment are reported at cost less accumulated depreciation and amortization, except for land which is carried at cost. Depreciation expense is recognized on a straight-line basis over the estimated useful lives of the related assets. Amortization of leasehold improvements is recognized on a straight-line basis over the term of the lease or the life of the improvement, whichever is shorter. Costs incurred to improve or extend the life of the existing assets are capitalized. Repairs and maintenance, as well as renewals and replacements of a routine nature, are charged to expense as incurred. Right-of-use assets represent our right to use an underlying asset for the lease term. Right-to-use assets are recognized at the lease commencement date based on the estimated present value of future lease payments and amortized over the lease term. Corresponding lease liabilities are recorded in other liabilities at the lease commencement date and represent the present value of future lease payments. |
Bank Owned Life Insurance (BOLI) | Bank Owned Life Insurance (BOLI) : BOLI policies are reflected on the consolidated statements of financial condition at cash surrender value, net of other charges or amounts due that are probable at settlement. Changes in the net cash surrender value of the policies, as well as insurance proceeds received, are reflected in non-interest income on the consolidated statements of operations and are not subject to income taxes. |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets : Goodwill resulting from business combinations is determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. The Company operates as a single reporting unit. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized but tested for impairment at least annually or more frequently if events and circumstances exist that indicate that a goodwill impairment test should be performed. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on our balance sheet. The Company has selected June 30th as the date to perform the annual impairment test, with an impairment loss recorded if indicated. In assessing impairment, we have the option to perform a qualitative analysis to determine whether the existence of events or circumstances leads to a determination that it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount. If, after assessing the totality of such events or circumstances, we determine it is not more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, then we would not be required to perform a quantitative impairment test. Otherwise, the Company compares the fair value of the reporting unit with its carrying amount, including goodwill. An impairment loss is recorded in current period earnings to the extent the carrying amount of the reporting unit exceeds its fair value. Other intangible assets, consisting of a core deposit intangible asset arising from a whole bank acquisition, are amortized on an accelerated method over their estimated useful lives of 10 years. |
Mortgage Banking Activities and Mortgage Loans Held For Sale | Mortgage Banking Activities and Mortgage Loans Held For Sale : The Company originates 1-4 family residential mortgages and may elect to sell these loans in the secondary market. Loans held for sale are those loans which management has the intent to sell in the foreseeable future and are carried at the lower of aggregate cost or market value. Net unrealized losses, if any, are recognized by a valuation allowance through a charge to noninterest income. Realized gains and losses on the sale of loans, as well as loan origination costs, are recorded as a component of noninterest income in the Consolidated Statements of Operations and are recognized on the trade date and are determined by the difference between the sale proceeds and the carrying value of the loans. Loans may be sold with servicing rights released or retained. At the time of the sale, management records a servicing asset for the value of any retained servicing rights, which represents the present value of the differential between the contractual servicing fee and adequate compensation, defined as the fee a sub-servicer would require to assume the role of servicer, after considering the estimated effects of prepayments. Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the transferor does not maintain effective control over the transferred assets through either (a) an agreement that both entitles and obligates the transferor to repurchase or redeem the assets before maturity or (b) the ability to unilaterally cause the holder to return specific assets, other than through a cleanup call. |
Assets Held For Sale | Assets Held For Sale : Assets held for sale are those assets which management has the intent to sell in the foreseeable future, and are carried at the lower of aggregate cost or fair value, less estimated costs to sell, in the period in which the held for sale criteria are met and every subsequent period until the asset is sold. The carrying amount of the asset is adjusted for subsequent increases or decreases in its fair value, less estimated cost to sell, except that any subsequent increase cannot exceed the cumulative loss previously recognized. Such assets are not depreciated or amortized while they are classified as held for sale. Realized gains and losses on the sale of the asset is recognized when the asset is sold and is determined by the difference between the sale proceeds and the carrying value of the asset. Assets classified as held for sale totaled $ 1.5 million as of both June 30, 2022 and June 30, 2021 and are included in other assets on the consolidated balance sheet. |
Loan Commitments And Related Financial Instruments | Loan Commitments and Related Financial Instruments : Financial instruments include off-balance-sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. |
Derivatives | Derivatives : At the inception of a derivative contract, the Company designates the derivative as one of three types based on the Company’s intentions and belief as to the likely effectiveness as a hedge. These three types are: (1) a hedge of the fair value of a recognized asset or liability or an unrecognized firm commitment (“fair value hedge”), (2) a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), or (3) an instrument with no hedging designation (“stand-alone derivative”). For a fair value hedge, the gain or loss on the derivative, as well as the offsetting gain or loss on the hedged item, are recognized in the current earnings as fair values change. For a cash flow hedge, the gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedge transaction affects earnings. For both types of hedges, changes in fair value of the derivatives that are not highly effective in hedging the changes in fair value or expected cash flows of the hedged item are recognized immediately in current earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, as non-interest income. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. The documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings. |
Income Taxes | Income Taxes : Income tax expense is the total of current period income tax due or refundable and the change in net deferred tax assets. Deferred tax assets and liabilities are recognized for the estimated future tax effects attributable to “temporary differences” between the financial statement carrying amounts and tax bases of existing assets and liabilities. Deferred tax assets are reduced by a valuation allowance if, based on an analysis of available evidence, management determines that it is more likely than not that some portion or all of the deferred tax assets will not be realized. Adjustments to increase or decrease the valuation allowance are charged or credited, respectively, to income tax expense. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in future years. The effect on deferred tax assets and liabilities of a change in tax laws or rates is recognized in the period that includes the enactment date of the change. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50 % likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. |
Earnings Per Share | Earnings Per Share : Basic earnings per share is net income divided by the weighted average number of common share outstanding during the period. ESOP shares are considered outstanding for this calculation unless unearned. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under dilutive financial instruments, which include stock options and unvested restricted stock. Earnings and dividends per share are restated for all stock splits and stock dividends through the date of the issuance of the financial statements. |
Stock-Based Compensation | Stock-Based Compensation: Compensation cost is recognized for stock options and restricted stock awards issued to employees and non-employee directors based on the fair value of these awards at the grant date. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. The Company’s policy is to recognize forfeitures as they occur. |
Employee Benefit Plans | Employee Benefit Plans: The Company maintains the PCSB Bank 401(k) Plan (the “401(k) Plan”) for substantially all of its employees, and the Retirement Plan of PCSB Bank (the “Employee Retirement Plan”), a defined benefit pension plan, as well as Supplemental Executive Retirement Plans (the “SERPs”), all of which are tax qualified under the Internal Revenue Code. Employee 401(k) expense is the amount of matching contributions. Pension expense is the net of service and interest cost, return on plan assets and amortization of gains and losses not immediately recognized. SERP expense is the net of interest cost and service cost, which allocates the benefits over years of service. The Holding Company and Bank maintain the PCSB Bank Employee Stock Ownership Plan (the “ESOP”). Compensation expense related to the ESOP is recorded during the period in which the shares become committed to be released to participants. The compensation expense is measured based upon the average fair market value of the stock during the period, and, to the extent that the fair value of the shares committed to be released differs from the original cost of such shares, the difference is recorded as an adjustment to additional paid-in capital. |
Loss Contingencies | Loss Contingencies : Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable, and an amount or range of loss can be reasonably estimated. Management does not believe there are such matters that will have a material effect on the financial statements. |
Fair Value of Financial Instrument | Fair Value of Financial Instruments : Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. |
Segment Reporting | Segment Reporting : While management monitors the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Company-wide basis. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable operating segment. |
Reclassification | Reclassifications : Certain prior period amounts have been reclassified to conform to the current presentation. Reclassifications had no effect on prior period net income or equity. |
Recent Accounting Pronouncements | The pronouncements discussed below are not intended to be an all-inclusive list, but rather only those pronouncements that could potentially have a material impact on our financial position, results of operations or disclosures. Future Application of Accounting Pronouncements Previously Issued In June 2016, the FASB issued ASU 2016-13 “Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 affects entities holding financial assets that are not accounted for at fair value through net income, including loans, debt securities, and other financial assets. The ASU requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected by recording an allowance for current expected credit losses. In October 2019, the FASB unanimously voted to delay the implementation of the standard for three years for certain companies, including small reporting companies (as defined by the SEC), non-SEC public companies and private companies. The Company currently qualifies as a small reporting company and is subject to the delayed implementation. Therefore, the amendments in this update will be effective for the Company for the fiscal year beginning on July 1, 2023, including interim periods within that fiscal year. The Company is actively working through the provisions of the Update. Management has established a steering committee which is identifying the methodologies and the additional data requirements necessary to implement the Update and has engaged a third-party software service provider to assist in the Company's implementation. Management is currently evaluating the impact that ASU 2016-13 will have on the Company’s consolidated financial position and results of operations and its disclosures. The FASB issued ASU 2020-04 “Reference Rate Reform” and ASU 2021-01 “Reference Rate Reform Scope” which collectively address accounting considerations related to the expected discontinuation of LIBOR as a reference rate for financial contracts. These Updates provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform (codified in ASC 848). They include optional expedients related to contract modifications that allow an entity to account for modifications (if certain criteria are met) as if the modifications were only minor (assets within the scope of ASC 310, Receivables), were not substantial (assets within the scope of ASC 470, Debt) and/or did not result in re-measurements or reclassifications (assets within the scope of ASC 842, Leases, and other Topics) of the existing contract. They also include optional expedients and exceptions for contract modifications and hedge accounting that apply to derivative instruments impacted by the market-wide discounting transition. The Updates also allow for a one-time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that are classified as held to maturity before January 1, 2020. The guidance in these ASUs are effective as of March 12, 2020 through December 31, 2022. The Company has not yet elected to apply the practical expedients contained in these Updates and does not expect significant impact to the consolidated financial statements upon adoption. |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Amortized Cost, Gross Unrealized/Unrecognized Gains and Losses and Fair Value of Available for Sale and Held to Maturity Securities | The amortized cost, gross unrealized/unrecognized gains and losses and fair value of available for sale and held to maturity securities at June 30, 2022 and 2021 were as follows (in thousands) : June 30, 2022 Amortized Gross Unrealized/Unrecognized Fair Cost Gains Losses Value Available for sale debt securities U.S. Government and agency obligations $ 10,942 $ - $ ( 1,014 ) $ 9,928 Corporate 5,000 4 ( 150 ) 4,854 State and municipal 7,040 - ( 2,244 ) 4,796 Mortgage-backed securities – residential 14,351 5 ( 1,644 ) 12,712 Mortgage-backed securities – commercial 2,416 - ( 85 ) 2,331 Total available for sale debt securities $ 39,749 $ 9 $ ( 5,137 ) $ 34,621 Held to maturity debt securities U.S. Government and agency obligations $ 59,995 $ 6 $ ( 3,046 ) $ 56,955 Corporate 52,076 111 ( 2,796 ) 49,391 State and municipal 87,111 - ( 22,307 ) 64,804 Mortgage-backed securities – residential 101,525 4 ( 9,746 ) 91,783 Mortgage-backed securities – collateralized 24,198 - ( 2,124 ) 22,074 Mortgage-backed securities – commercial 87,544 - ( 10,943 ) 76,601 Total held to maturity debt securities $ 412,449 $ 121 $ ( 50,962 ) $ 361,608 June 30, 2021 Amortized Gross Unrealized/Unrecognized Fair Cost Gains Losses Value Available for sale debt securities U.S. Government and agency obligations $ 21,931 $ 6 $ ( 121 ) $ 21,816 Corporate 8,013 176 - 8,189 State and municipal 7,041 104 ( 30 ) 7,115 Mortgage-backed securities – residential 17,738 148 ( 232 ) 17,654 Mortgage-backed securities – commercial 2,490 123 - 2,613 Total available for sale debt securities $ 57,213 $ 557 $ ( 383 ) $ 57,387 Held to maturity debt securities U.S. Government and agency obligations $ 33,994 $ 202 $ ( 84 ) $ 34,112 Corporate 43,605 1,312 ( 38 ) 44,879 State and municipal 57,625 440 ( 248 ) 57,817 Mortgage-backed securities – residential 96,181 2,713 ( 107 ) 98,787 Mortgage-backed securities – collateralized 33,300 376 ( 328 ) 33,348 Mortgage-backed securities – commercial 72,879 937 ( 622 ) 73,194 Total held to maturity debt securities $ 337,584 $ 5,980 $ ( 1,427 ) $ 342,137 |
Fair Value and Carrying Amount of Debt Securities by Contractual Maturity | The following table presents the fair value and carrying amount of debt securities at June 30, 2022 by contractual maturity (in thousands). Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. Held to maturity Available for sale Carrying Fair Amortized Fair Amount Value Cost Value 1 year or less $ 5,115 $ 5,118 $ - $ - 1 to 5 years 65,970 62,620 5,000 4,778 5 to 10 years 43,801 41,130 10,942 10,004 over 10 years 80,441 58,839 7,040 4,796 Mortgage-backed securities and other 217,122 193,901 16,767 15,043 Total $ 412,449 $ 361,608 $ 39,749 $ 34,621 |
Investment Securities with Fair Value and Unrealized Losses | The following tables provide information regarding investment securities with unrealized/unrecognized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position at June 30, 2022 and 2021 (in thousands): June 30, 2022 Less than 12 months 12 months or greater Total Unrealized/ Unrealized/ Unrealized/ Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Loss Value Loss Value Loss Available for sale U.S. Government and agency obligations $ 2,774 $ ( 226 ) $ 7,154 $ ( 788 ) $ 9,928 $ ( 1,014 ) Corporate 2,850 ( 150 ) - - 2,850 ( 150 ) State and municipal 2,860 ( 1,162 ) 1,936 ( 1,082 ) 4,796 ( 2,244 ) Mortgage-backed securities – residential 3,616 ( 81 ) 8,394 ( 1,563 ) 12,010 ( 1,644 ) Mortgage-backed securities – commercial 2,331 ( 85 ) - - 2,331 ( 85 ) Total available for sale $ 14,431 $ ( 1,704 ) $ 17,484 $ ( 3,433 ) $ 31,915 $ ( 5,137 ) Held to maturity U.S. Government and agency obligations $ 39,883 $ ( 2,616 ) $ 5,066 $ ( 430 ) $ 44,949 $ ( 3,046 ) Corporate 39,758 ( 2,796 ) - - 39,758 ( 2,796 ) State and municipal 61,847 ( 20,696 ) 2,957 ( 1,611 ) 64,804 ( 22,307 ) Mortgage-backed securities – residential 87,364 ( 9,063 ) 3,994 ( 683 ) 91,358 ( 9,746 ) Mortgage-backed securities – collateralized 13,611 ( 642 ) 8,390 ( 1,482 ) 22,001 ( 2,124 ) Mortgage-backed securities – commercial 50,434 ( 5,515 ) 26,166 ( 5,428 ) 76,600 ( 10,943 ) Total held to maturity $ 292,897 $ ( 41,328 ) $ 46,573 $ ( 9,634 ) $ 339,470 $ ( 50,962 ) June 30, 2021 Less than 12 months 12 months or greater Total Unrealized/ Unrealized/ Unrealized/ Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Loss Value Loss Value Loss Available for sale U.S. Government and agency obligations $ 14,811 $ ( 121 ) $ - $ - $ 14,811 $ ( 121 ) State and municipal 2,990 ( 30 ) - - 2,990 ( 30 ) Mortgage-backed securities – residential 9,615 ( 222 ) 1,339 ( 10 ) 10,954 ( 232 ) Total available for sale $ 27,416 $ ( 373 ) $ 1,339 $ ( 10 ) $ 28,755 $ ( 383 ) Held to maturity U.S. Government and agency obligations $ 19,409 $ ( 84 ) $ - $ - $ 19,409 $ ( 84 ) Corporate 2,488 ( 13 ) 4,975 ( 25 ) 7,463 ( 38 ) State and municipal 19,980 ( 248 ) - - 19,980 ( 248 ) Mortgage-backed securities – residential 30,335 ( 107 ) - - 30,335 ( 107 ) Mortgage-backed securities – collateralized 15,133 ( 328 ) - - 15,133 ( 328 ) Mortgage-backed securities – commercial 47,580 ( 622 ) - - 47,580 ( 622 ) Total held to maturity $ 134,925 $ ( 1,402 ) $ 4,975 $ ( 25 ) $ 139,900 $ ( 1,427 ) |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Summary of Loans Receivable | Loans receivable are summarized as follows (in thousands): June 30, June 30, 2022 2021 Mortgage loans: Residential $ 214,167 $ 224,305 Commercial 942,130 826,624 Construction 20,896 10,151 Net deferred loan origination (fees) costs ( 100 ) 196 Total mortgage loans 1,177,093 1,061,276 Commercial and consumer loans: Commercial loans (1) 136,304 150,658 Home equity lines of credit 23,688 25,439 Consumer and overdrafts 594 345 Net deferred loan origination costs (fees) 620 ( 386 ) Total commercial and consumer loans 161,206 176,056 Total loans receivable 1,338,299 1,237,332 Allowance for loan losses ( 8,927 ) ( 7,881 ) Loans receivable, net $ 1,329,372 $ 1,229,451 (1) Includes PPP loans of $ 1.9 million and $ 37.0 million as of June 30, 2022 and 2021, respectively. No allowance for loan loss was established for these loans as they are fully guaranteed by the Small Business Administration. |
Summary of Activity in Allowance for Loan Losses by Portfolio Segment | The following tables present the activity in the allowance for loan losses by portfolio segment (in thousands): Year Ended June 30, 2022 Beginning Provision Charge-offs Recoveries Ending Residential mortgages $ 337 $ ( 24 ) $ - $ 10 $ 323 Commercial mortgages 6,435 916 - - 7,351 Construction 102 107 - - 209 Commercial loans 948 ( 253 ) ( 122 ) 409 982 Home equity lines of credit 54 ( 11 ) - 8 51 Consumer and installment loans 5 37 ( 37 ) 6 11 Total $ 7,881 $ 772 $ ( 159 ) $ 433 $ 8,927 Year Ended June 30, 2021 Beginning Provision Charge-offs Recoveries Ending Residential mortgages $ 373 $ ( 53 ) $ - $ 17 $ 337 Commercial mortgages 6,913 ( 478 ) - - 6,435 Construction 165 ( 63 ) - - 102 Commercial loans 1,124 ( 90 ) ( 258 ) 172 948 Home equity lines of credit 60 ( 14 ) - 8 54 Consumer and installment loans 4 25 ( 27 ) 3 5 Total $ 8,639 $ ( 673 ) $ ( 285 ) $ 200 $ 7,881 |
Summary of Balance in Allowance for Loan Losses and Recorded investment in Loans by Portfolio Segment, and Based on Impairment Method | The following tables present the balance in the allowance for loan losses and the recorded investment in loans, excluding net deferred fees and accrued interest, by portfolio segment, and based on impairment method (in thousands): June 30, 2022 Loans Allowance for Loan Losses Individually Collectively Acquired With Total Individually Collectively Acquired With Total Residential mortgages $ 1,613 $ 212,333 $ 221 $ 214,167 $ 110 $ 213 $ - $ 323 Commercial mortgages 4,778 936,493 859 942,130 - 7,351 - 7,351 Construction 2,792 18,104 - 20,896 - 209 - 209 Commercial loans 783 135,521 - 136,304 - 982 - 982 Home equity lines of credit 452 23,147 89 23,688 9 42 - 51 Consumer and overdrafts - 594 - 594 - 11 - 11 Total $ 10,418 $ 1,326,192 $ 1,169 $ 1,337,779 $ 119 $ 8,808 $ - $ 8,927 June 30, 2021 Loans Allowance for Loan Losses Individually Collectively Acquired With Total Individually Collectively Acquired With Total Residential mortgages $ 2,356 $ 221,229 $ 720 $ 224,305 $ 113 $ 224 $ - $ 337 Commercial mortgages 3,582 822,154 888 826,624 - 6,435 - 6,435 Construction - 10,151 - 10,151 - 102 - 102 Commercial loans 1,707 148,951 - 150,658 - 948 - 948 Home equity lines of credit 414 24,902 123 25,439 8 46 - 54 Consumer and overdrafts - 345 - 345 - 5 - 5 Total $ 8,059 $ 1,227,732 $ 1,731 $ 1,237,522 $ 121 $ 7,760 $ - $ 7,881 |
Summary of Loans Individually Evaluated for Impairment (Excluding Loans Acquired with Deteriorated Credit Quality) by Class of Loans | The following tables present information related to loans individually evaluated for impairment (excluding loans acquired with deteriorated credit quality) by class of loans (in thousands): June 30, 2022 June 30, 2021 Unpaid Recorded Investment Allowance for Loan Losses Unpaid Recorded Investment Allowance for Loan Losses With no related allowance recorded: Residential mortgages $ 1,262 $ 1,197 $ - $ 2,044 $ 1,931 $ - Commercial mortgages 4,789 4,778 - 3,582 3,582 - Construction 2,792 2,792 - - - - Commercial loans 795 783 - 1,878 1,707 - Home equity lines of credit 379 399 - 358 381 - With an allowance recorded: Residential mortgages 353 416 110 363 425 113 Home equity lines of credit 60 53 9 33 33 8 Total $ 10,430 $ 10,418 $ 119 $ 8,258 $ 8,059 $ 121 |
Summary of Average Recorded Investment and Interest Income Recognized on Loans Individually Evaluated for Impairment, by Class of Loans | Year Ended Year Ended June 30, 2022 June 30, 2021 Average Interest Average Interest With no related allowance recorded: Residential mortgages $ 1,740 $ 111 $ 1,930 $ 38 Commercial mortgages 4,236 - 1,194 30 Construction 729 - - - Commercial loans 702 201 1,769 191 Home equity lines of credit 347 1 384 1 With an allowance recorded: Residential mortgages 421 13 430 14 Home equity lines of credit 36 1 26 - Total $ 8,211 $ 327 $ 5,733 $ 274 |
Nonaccrual Loans and in Loans Past Due over 90 Days Still on Accrual Status by Class of Loans | The following table presents the recorded investment in nonaccrual loans and in loans past due over 90 days still on accrual status, by class of loans (in thousands): Loans Past Due Over 90 Days Nonaccrual and Still Accruing June 30, June 30, June 30, June 30, 2022 2021 2022 2021 Residential mortgages $ 671 $ 1,391 $ - $ - Commercial mortgages 4,778 3,582 - 411 Construction 2,792 - - - Commercial loans 539 - - - Home equity lines of credit 416 381 - - Consumer and overdrafts - - 39 - Total $ 9,196 $ 5,354 $ 39 $ 411 |
Aging of Recorded Investment in Past Due Loans by Class of Loans | The following tables present the aging of the recorded investment in past due loans by class of loans (in thousands): June 30, 2022 30-59 60-89 90 Days or Days Past Days Past More Past Total Past Due Due Due Due Current Total Residential mortgages $ - $ - $ 367 $ 367 $ 213,800 $ 214,167 Commercial mortgages - - 1,197 1,197 940,933 942,130 Construction - - 1,113 1,113 19,783 20,896 Commercial loans - 16 400 416 135,888 136,304 Home equity lines of credit - - 399 399 23,289 23,688 Consumer and overdrafts - - 39 39 555 594 Total $ - $ 16 $ 3,515 $ 3,531 $ 1,334,248 $ 1,337,779 June 30, 2021 30-59 60-89 90 Days or Days Past Days Past More Past Total Past Due Due Due Due Current (1) Total Residential mortgages $ 198 $ 126 $ 948 $ 1,272 $ 223,033 $ 224,305 Commercial mortgages 453 - 411 864 825,760 826,624 Construction - - - - 10,151 10,151 Commercial loans 69 76 - 145 150,513 150,658 Home equity lines of credit - 19 381 400 25,039 25,439 Consumer and overdrafts - - - - 345 345 Total $ 720 $ 221 $ 1,740 $ 2,681 $ 1,234,841 $ 1,237,522 (1) As of June 30, 2021 loans on COVID-19-related payment deferrals are considered current. |
Summary of Risk Category of Loans by Class of Loans | Based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands): June 30, 2022 Pass Special Substandard Total Residential mortgages $ 212,810 $ 154 $ 1,203 $ 214,167 Commercial mortgages 931,178 1,548 9,404 942,130 Construction 18,104 1,679 1,113 20,896 Commercial loans 135,725 156 423 136,304 Home equity lines of credit 23,220 43 425 23,688 Consumer and overdrafts 594 - - 594 Total $ 1,321,631 $ 3,580 $ 12,568 $ 1,337,779 June 30, 2021 Pass Special Substandard Total Residential mortgages $ 219,901 $ 2,480 $ 1,924 $ 224,305 Commercial mortgages 809,660 1,615 15,349 826,624 Construction 9,038 1,113 - 10,151 Commercial loans 146,275 491 3,892 150,658 Home equity lines of credit 24,400 602 437 25,439 Consumer and overdrafts 345 - - 345 Total $ 1,209,619 $ 6,301 $ 21,602 $ 1,237,522 |
Schedule of Carrying Amount of Purchased Credit Impaired Loans | The carrying amount of those loans is as follows (in thousands): June 30, June 30, 2022 2021 Residential mortgages $ 221 $ 720 Commercial mortgages 859 888 Home equity lines of credit 89 123 Carrying amount, net of allowance of $ 0 $ 1,169 $ 1,731 |
Summary of Accretable Yield, or Income Expected to be Collected for Acquired Loans | Accretable yield, or income expected to be collected, for acquired loans is as follows (in thousands): Year Ended June 30, 2022 2021 Beginning balance $ 130 $ 156 Accretion income ( 41 ) ( 26 ) Ending balance $ 89 $ 130 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Property Plant And Equipment [Abstract] | |
Summary of Premises and Equipment | Premises and equipment are summarized as follows at June 30, (in thousands): 2022 2021 Land $ 2,190 $ 2,588 Building and Leasehold improvements 14,128 14,102 Furniture, fixtures and equipment 8,048 7,666 Construction and improvements in process 465 25 24,831 24,381 Less: accumulated depreciation and amortization ( 14,074 ) ( 12,963 ) 10,757 11,418 Right to use lease asset 8,601 9,681 Total Bank premises and equipment, net $ 19,358 $ 21,099 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Change in Goodwill | The change in goodwill during the years ended June 30, 2022 and 2021 is as follows (in thousands): 2022 2021 Balance at July 1 $ 6,106 $ 6,106 Impairment - - Total at June 30, $ 6,106 $ 6,106 |
Schedule of Acquired Intangible Assets | Acquired Intangible Assets: Acquired intangible assets were as follows at June 30, (in thousands): 2022 2021 Gross Accumulated Amortization Gross Accumulated Amortization Amortized intangible assets: Core deposit intangible $ 887 $ ( 798 ) $ 887 $ ( 736 ) |
Schedule of Estimated Amortization Expense | Estimated amortization expense for each of the next five fiscal years ended June 30, (in thousands): 2023 $ 46 2024 30 2025 13 2026 - 2027 - |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Deposits [Abstract] | |
Summary of Deposit Balances | Deposit balances are summarized as follows at June 30, (in thousands): 2022 2021 Demand $ 245,297 $ 219,072 NOW Accounts 243,006 177,223 Money market accounts 399,026 332,843 Savings 411,332 387,529 Time deposits 327,589 375,015 Total $ 1,626,250 $ 1,491,682 |
Scheduled Maturities of Time Deposits | Scheduled maturities of time deposits were as follows as of June 30, (in thousands): 2022 2021 Within 1 year $ 198,641 $ 226,858 1 year to 2 years 90,145 52,311 2 year to 3 years 10,991 71,811 3 year to 4 years 13,160 11,030 4 year to 5 years 14,652 13,005 Total $ 327,589 $ 375,015 |
FHLB and Other Borrowings (Tabl
FHLB and Other Borrowings (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Federal Home Loan Banks [Abstract] | |
Maturity Schedule of Advances | The maturity schedule of advances is summarized as follows as of June 30, (Dollars in thousands): 2022 2021 Amount Due Weighted Amount Due Weighted Within 1 year 40,138 1.79 % 17,635 2.11 % 1 year to 2 years 5,142 3.31 40,138 1.79 2 year to 3 years 146 2.62 5,142 3.31 3 year to 4 years 2,897 2.62 146 2.62 4 year to 5 years - - 2,896 2.62 Total $ 48,323 2.00 % $ 65,957 2.03 % |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Contract Amounts of Credit-related Financial Instruments | The contract amounts of credit-related financial instruments at June 30, are summarized below (in thousands): 2022 2021 Commitments to originate loans $ 160,771 $ 134,818 Unused lines of credit 33,211 58,381 Standby letter of credit 2,931 3,235 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Summary of Accumulated Other Comprehensive Income (Loss) | The following is a summary of the accumulated other comprehensive income (loss) balances, net of tax (in thousands): Net unrealized (1) Unrealized loss (2) Unrealized loss (2) Total Balance at July 1, 2021 $ 137 $ ( 3,055 ) $ ( 181 ) $ ( 3,099 ) Other comprehensive loss before reclassifications ( 5,302 ) ( 2,109 ) 5 ( 7,406 ) Amounts reclassified from accumulated other - 340 65 405 Tax effect 1,113 372 ( 14 ) 1,471 Net other comprehensive (loss) income ( 4,189 ) ( 1,397 ) 56 ( 5,530 ) Balance at June 30, 2022 $ ( 4,052 ) $ ( 4,452 ) $ ( 125 ) $ ( 8,629 ) Net unrealized Unrealized loss Unrealized loss Total Balance at July 1, 2020 $ 428 $ ( 6,605 ) $ ( 226 ) $ ( 6,403 ) Other comprehensive loss before reclassifications ( 316 ) 3,343 2 3,029 Amounts reclassified from accumulated other ( 52 ) 1,151 55 1,154 Tax effect 77 ( 944 ) ( 12 ) ( 879 ) Net other comprehensive (loss) income ( 291 ) 3,550 45 3,304 Balance at June 30, 2021 $ 137 $ ( 3,055 ) $ ( 181 ) $ ( 3,099 ) (1) Amounts reclassified from accumulated other comprehensive income are recorded in the Statement of Operations as part of "gains on sales of securities". (2) Amounts reclassified from accumulated other comprehensive income are recorded in the Statement of Operations as part of "other operating expense". |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following table provides factors used in the earnings per share computation for the years ended June 30 th . 2022 2021 (Dollars in thousands, except share and per share data) Net income applicable to common stock $ 14,879 $ 12,424 Average number of common shares outstanding 15,201,990 15,912,702 Less: Average unallocated ESOP shares ( 969,135 ) ( 1,065,916 ) Average number of common shares outstanding used to calculate basic earnings per common share 14,232,855 14,846,786 Effect of equity-based awards 56,165 793 Average number of common shares outstanding used to calculate diluted earnings per common share 14,289,020 14,847,579 Earnings per common share: Basic $ 1.05 $ 0.84 Diluted $ 1.04 $ 0.84 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value | Assets and liabilities measured at fair value are summarized below (in thousands): Fair Value Measurements Level 1 Level 2 Level 3 Total June 30, 2022 Measured on a recurring basis: Available for sale debt securities: U.S. Government and agency obligations $ - $ 9,928 $ - $ 9,928 Corporate - 2,004 2,850 4,854 State and municipal - 4,796 - 4,796 Mortgage-backed securities – residential - 12,712 - 12,712 Mortgage-backed securities – commercial - 2,331 - 2,331 Derivatives – interest rate contracts - 8,223 - 8,223 Total assets at fair value $ - $ 39,994 $ 2,850 $ 42,844 Derivatives – interest rate contracts $ - $ 8,223 $ - $ 8,223 Total liabilities at fair value $ - $ 8,223 $ - $ 8,223 Measured on a non-recurring basis: Impaired loans: Residential mortgages $ - $ - $ 306 $ 306 Home equity lines of credit - - 44 44 Total assets at fair value $ - $ - $ 350 $ 350 Fair Value Measurements Level 1 Level 2 Level 3 Total June 30, 2021 Measured on a recurring basis: Available for sale debt securities: U.S. Government and agency obligations $ - $ 21,816 $ - $ 21,816 Corporate - 5,058 3,131 8,189 State and municipal - 7,115 - 7,115 Mortgage-backed securities – residential - 17,654 - 17,654 Mortgage-backed securities – commercial - 2,613 - 2,613 Derivatives – interest rate contracts - 4,232 - 4,232 Total assets at fair value $ - $ 58,488 $ 3,131 $ 61,619 Derivatives – interest rate contracts $ - $ 4,232 $ - $ 4,232 Total liabilities at fair value $ - $ 4,232 $ - $ 4,232 Measured on a non-recurring basis: Impaired loans: Residential mortgages $ - $ - $ 312 $ 312 Home equity lines of credit - - 25 25 Total assets at fair value $ - $ - $ 337 $ 337 |
Summary of Quantitative Information about Level 3 Fair Value Measurements for Selected Financial Instruments Measured at Fair Value on Non-recurring Basis | The following tables present quantitative information about Level 3 fair value measurements for selected financial instruments measured at fair value on a non-recurring basis at June 30, 2022 and 2021 (Dollars in thousands): Valuation Unobservable Range or Fair Value Technique(s) Input(s) Rate Used June 30, 2022 Impaired loans - residential mortgages $ 306 Discounted cash flow Discount rate 5.4 % to 6.3 % Impaired loans - home equity lines of credit 44 Discounted cash flow Discount rate 4.8 % to 6.3 % June 30, 2021 Impaired loans - residential mortgages $ 312 Discounted cash flow Discount rate 5.4 % to 6.3 % Impaired loans - home equity lines of credit 25 Discounted cash flow Discount rate 5.4 % to 6.3 % |
Summary of Carrying Amounts and Estimated Fair Values of Bank's Financial Assets and Liabilities | The following is a summary of the carrying amounts and estimated fair values of the Company’s financial assets and liabilities (none of which are held for trading purposes) (in thousands): Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total June 30, 2022 Financial assets: Cash and cash equivalents $ 118,457 $ 118,457 $ - $ - $ 118,457 Held to maturity debt securities 412,449 - 331,262 30,346 361,608 Available for sale debt securities 34,621 - 31,771 2,850 34,621 Loans receivable, net 1,329,372 - - 1,261,035 1,261,035 Accrued interest receivable 6,396 - 1,751 4,645 6,396 FHLB stock 3,766 N/A N/A N/A N/A Derivative assets - interest rate contracts 8,223 - 8,223 - 8,223 Financial liabilities: Demand, NOW, money market deposits and savings accounts 1,298,661 1,298,661 - - 1,298,661 Time deposits 327,589 - 329,885 - 329,885 Mortgage escrow funds 11,173 11,173 - - 11,173 Advances from FHLB 48,323 - 48,094 - 48,094 Accrued interest payable 94 1 93 - 94 Derivative liabilities - interest rate contracts 8,223 - 8,223 - 8,223 Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total June 30, 2021 Financial assets: Cash and cash equivalents $ 159,305 $ 159,305 $ - $ - $ 159,305 Held to maturity debt securities 337,584 - 305,671 36,466 342,137 Available for sale debt securities 57,387 - 54,256 3,131 57,387 Loans receivable, net 1,229,451 - - 1,234,116 1,234,116 Accrued interest receivable 6,398 - 1,341 5,057 6,398 FHLB stock 4,507 N/A N/A N/A N/A Derivative assets - interest rate contracts 4,232 - 4,232 - 4,232 Financial liabilities: Demand, NOW, money market deposits and savings accounts 1,116,667 1,116,667 - - 1,116,667 Time deposits 375,015 - 380,948 - 380,948 Mortgage escrow funds 10,536 10,536 - - 10,536 Advances from FHLB 65,957 - 67,334 - 67,334 Accrued interest payable 146 1 145 - 146 Derivative liabilities - interest rate contracts 4,232 - 4,232 - 4,232 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) are summarized as follows for the years ended June 30, (in thousands): 2022 2021 Current tax expense Federal $ 4,015 $ 3,661 State 49 84 4,064 3,745 Deferred tax benefit Federal ( 96 ) ( 396 ) State ( 69 ) ( 47 ) ( 165 ) ( 443 ) State tax valuation allowances, net of federal benefit 55 32 Total $ 3,954 $ 3,334 |
Schedule of Effective Income Tax Rate Reconciliation | Effective tax rates differ from the federal statutory rate applied to income before income taxes due to the following (Dollars in thousands): 2022 2021 Federal statutory rate 21.00 % 21.00 % Tax at federal statutory rate $ 3,955 $ 3,309 State taxes, net of federal benefit 40 60 Tax-exempt income ( 330 ) ( 193 ) BOLI income ( 158 ) ( 115 ) Other compensation 127 155 ESOP compensation 177 108 Merger-related expenses 137 - Other, net 6 10 Total $ 3,954 $ 3,334 Effective tax rate 21.00 % 21.16 % |
Schedule of Deferred Tax Assets and Liabilities | eferred tax assets and liabilities were due to the following as of June 30, (in thousands): 2022 2021 Deferred Tax Assets: Allowance for loan losses $ 2,361 $ 2,072 Other compensation loss (defined benefit plans) 1,217 861 Deferred compensation 1,122 1,034 Other comprehensive loss (securities) 1,077 - Stock based compensation 1,305 1,029 Depreciation of premises and equipment 405 428 Lease liabilities 2,337 2,610 Deferred loan costs and fees, net - 50 Other 503 209 Total deferred tax assets 10,327 8,293 Deferred Tax Liabilities: Prepaid pension costs 2,817 2,510 Deferred loan costs and fees, net 138 - Other comprehensive income (securities) - 37 Right to use lease asset 2,275 2,546 Other 416 154 Total deferred tax liabilities 5,646 5,247 Deferred tax asset valuation allowance ( 549 ) ( 494 ) Net deferred tax asset $ 4,132 $ 2,552 |
Post-Retirement Benefits (Table
Post-Retirement Benefits (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |
Shares Held by ESOP | Shares held by the ESOP include the following at June 30 th, (Dollars in thousands): 2022 2021 Allocated to participants 518,371 417,902 Unearned 920,767 1,017,648 Total ESOP shares 1,439,138 1,435,550 Fair value of unearned shares $ 17,577 $ 18,491 |
Employee Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Summary of Plan's Funded Status | The following is a summary of the plan’s funded status as of June 30, (the measurement date for financial reporting purposes) (in thousands): 2022 2021 Change in benefit obligation: Beginning benefit obligation $ 23,511 $ 23,303 Interest cost 594 546 Actuarial (gain) loss ( 4,058 ) 1,756 Benefits paid ( 924 ) ( 922 ) Settlements ( 623 ) ( 1,172 ) Ending benefit obligation 18,500 23,511 Change in plan assets, at fair value: Beginning plan assets 29,673 24,847 Actual return ( 4,131 ) 6,920 Benefits paid ( 924 ) ( 922 ) Settlements ( 623 ) ( 1,172 ) Ending plan assets 23,995 29,673 Funded status $ 5,495 $ 6,162 Accumulated benefit obligation $ 18,500 $ 23,511 |
Summary of Net Period Pension Cost (Benefit), Contributions and Benefits Paid | The following is a summary of net period pension cost (benefit), contributions and benefits paid for the years ended June 30 (in thousands): 2022 2021 Net period pension benefit $ ( 1,103 ) $ ( 124 ) Benefits paid 924 922 |
Schedule of Net Periodic Pension Cost (Credit) and Other Amounts Recognized in Other Comprehensive Income | Net periodic pension credit and other amounts recognized in other comprehensive income for the years ended June 30, (in thousands): 2022 2021 Interest cost $ 594 $ 546 Expected return on plan assets ( 2,037 ) ( 1,821 ) Amortization of prior net loss 150 959 Settlement charges 190 192 Net periodic credit $ ( 1,103 ) $ ( 124 ) |
Schedule of Benefit Payments which Reflects Expected Future Service | The following benefit payments are expected for the years ending June 30, (in thousands): 2023 $ 1,155 2024 1,083 2025 1,045 2026 1,078 2027 1,124 Following five years 6,044 |
Schedule of Weighted-Average Assumptions Used to Determine Net Periodic Pension Cost | Weighted-average assumptions used to determine net periodic pension cost are described in the table below. 2022 2021 Discount Rate 2.59 % 2.40 % Expected return on plan assets 7.00 % 7.50 % |
Schedule of Actual Pension Plan Asset Allocation and Target Allocation by Asset Category | The Company’s actual pension plan asset allocation and target allocation by asset category are as follows: Percentage of Plan Target Assets at Year-End Asset Category Allocation 2022 2021 Equity mutual funds and common/collective trusts 65 % 63 % 68 % Fixed income common/collective trusts 34 % 36 % 32 % Cash equivalents 1 % 1 % 0 % Total 100 % 100 % 100 % |
Schedule of Fair Value of Plan Assets | The fair value of the plan assets by asset category, is as follows (in thousands): Fair Value Measurements Using Quoted Prices Significant In Active Other Significant Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) June 30, 2022 Plan assets Equity mutual funds and common/collective trusts $ 15,146 $ - $ 15,146 $ - Fixed income common/collective trusts 8,553 - 8,553 - Cash equivalents 296 296 - - Total $ 23,995 $ 296 $ 23,699 $ - June 30, 2021 Plan assets Equity mutual funds and common/collective trusts $ 20,140 $ - $ 20,140 $ - Fixed income common/collective trusts 9,414 - 9,414 - Cash equivalents 119 119 - - Total $ 29,673 $ 119 $ 29,554 $ - |
Supplemental Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Periodic Pension Cost (Credit) and Other Amounts Recognized in Other Comprehensive Income | Net periodic pension cost and other amounts recognized in other comprehensive income for the years ended June 30, (in thousands): 2022 2021 Service cost $ 426 $ 441 Interest cost 87 84 Amortization of prior net loss 65 55 Net periodic cost $ 578 $ 580 |
Schedule of Benefit Payments which Reflects Expected Future Service | The following benefit payments, which reflect expected future service, are expected for the years ending June 30, (in thousands): 2023 3,467 2024 136 2025 - 2026 - 2027 - Following five years 578 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Banking And Thrift Other Disclosures [Abstract] | |
Summary of Bank's Actual Capital Amounts and Ratios Compared to Required Ratios for Minimum Capital Adequacy and for Classification as Well Capitalized | The following is a summary of the Bank’s actual capital amounts and ratios as of June 30, 2022 and 2021, compared to the required ratios for minimum capital adequacy and for classification as well capitalized (dollars in thousands). To Be Well Capitalized For Capital Under Prompt Adequacy Corrective Action Bank Actual Purposes Provisions Amount Ratio Amount Ratio Amount Ratio June 30, 2022 Leverage (Tier 1) $ 251,144 12.8 % $ 78,490 4.0 % $ 98,112 5.0 % Risk-based: Common Tier 1 251,144 17.2 65,630 4.5 94,799 6.5 Tier 1 251,144 17.2 87,507 6.0 116,676 8.0 Total 260,071 17.8 116,676 8.0 145,845 10.0 June 30, 2021 Leverage (Tier 1) $ 233,944 12.5 % $ 74,988 4.0 % $ 93,735 5.0 % Risk-based: Common Tier 1 233,944 17.9 58,713 4.5 84,807 6.5 Tier 1 233,944 17.9 78,283 6.0 104,378 8.0 Total 241,825 18.5 104,378 8.0 130,472 10.0 |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary Information About Interest Rate Swaps | The following table presents summary information about the interest rate swaps as of June 30, (Dollars in thousands). 2022 2021 Notional amounts $ 264,462 $ 182,700 Weighted average pay rates 3.57 % 2.55 % Weighted average receive rates 3.57 % 2.55 % Weighted average maturity 8.22 years 8.46 years Fair value of combined interest rate swaps $ - $ - |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Noninterest Income | For the Year Ended June 30, 2022 2021 (in thousands) Noninterest income: Service charges on deposits $ 852 $ 735 Interchange fees 616 550 Other fees and service charges (1) 172 143 Fees and service charges 1,640 1,428 Swap income (1) 785 367 Bank-owned life insurance (1) 754 549 Gain on sale of premises (1) 548 - Gains on sales of loans receivable (1) 56 - Gains on sales of securities (1) - 113 Other noninterest income (1) 36 40 Total noninterest income $ 3,819 $ 2,497 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of RSA Activity | The following table presents a summary of RSA activity during the year ended June 30, 2022. Number of Weighted-Average Unvested granted shares outstanding at July 1, 2021 322,580 $ 18.95 Shares granted 8,000 17.66 Shares vested ( 107,130 ) 18.97 Shares forfeited - - Unvested granted shares at June 30, 2022 223,450 $ 18.89 |
Summary of Activity Related to Stock Options Granted under Plan | The following table presents a summary of activity related to stock options granted under the Plan, and changes during the year then ended: Number of Weighted- Weighted- Aggregate (Dollars in thousands, except share and per share data) Options outstanding at July 1, 2021 1,308,963 $ 19.00 7.4 $ 35 Options granted 12,000 17.66 Options expired - - Options forfeited - - Options exercised - - Options outstanding at June 30, 2022 1,320,963 $ 18.98 6.4 $ 411 Exercisable at June 30, 2022 782,978 $ 19.02 6.4 $ 220 |
Summary of Fair Value of Options Granted Using Weighted-Average Assumptions as of Grant Date | The fair value of options granted during the year ended June 30, 2022, was determined using the following weighted-average assumptions as of grant date. Risk-free interest rate 1.00 % Expected term (in years) 6.25 Expected stock price volatility 35.91 % Dividend yield 1.36 % Weighted average fair value of options granted $ 5.50 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments | Future minimum lease payments for the fiscal years ending June 30 th and a reconciliation of undiscounted lease cash flows and the lease liability recognized in the consolidated balance sheet as of June 30, 2022 is shown below (in thousands): 2023 $ 2,052 2024 1,719 2025 1,426 2026 906 2027 547 Thereafter 4,002 Total future minimum lease payments (undiscounted) 10,652 Discounting effect on cash flows ( 1,825 ) Lease liability (discounted) $ 8,827 |
Parent Company Only Financial_2
Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Consolidated Balance Sheets | The following are the financial statements of the Company (Parent only) as of and for the years ended June 30, 2022 and 2021 (in thousands). June 30, 2022 2021 Balance Sheets Assets Cash and cash equivalents $ 18,441 $ 26,575 Investment in Bank 248,690 237,082 ESOP Loan receivable 9,688 10,657 Other assets 415 392 Total assets $ 277,234 $ 274,706 Liabilities and Shareholders' Equity Other liabilities $ 72 $ 146 Shareholders' equity 277,162 274,560 Total liabilities and shareholders' equity $ 277,234 $ 274,706 |
Consolidated Statements of Operations | Years Ended June 30, 2022 2021 Statements of Operations Interest Income $ 341 $ 474 Equity in income of Bank 16,170 12,587 Non-interest expenses 1,974 679 Income before income tax 14,537 12,382 Income tax benefit ( 342 ) ( 42 ) Net Income $ 14,879 $ 12,424 |
Consolidated Statements of Cash Flows | Years Ended June 30, 2022 2021 Statements of Cash Flows Operating Activities Net income $ 14,879 $ 12,424 Adjustments to reconcile net income to net cash provided by operating activities: Equity in income of Bank ( 16,170 ) ( 12,587 ) Deferred tax expense - 118 Net (increase) decrease in accrued interest receivable ( 10 ) 90 Stock-based compensation 3,270 3,269 Other adjustments, principally net changes in other assets and liabilities ( 87 ) 241 Net cash provided by operating activities 1,882 3,555 Investing Activities Decrease in ESOP loan 969 969 Net cash provided by investing activities 969 969 Financing Activities Common stock dividends declared ( 3,604 ) ( 2,725 ) Allocation of ESOP shares 842 517 Repurchase of common stock ( 7,863 ) ( 16,608 ) Repurchase of shares from employees for income tax withholding purpose ( 360 ) ( 303 ) Net cash used in financing activities ( 10,985 ) ( 19,119 ) Net decrease in cash and cash equivalents ( 8,134 ) ( 14,595 ) Cash and cash equivalents at beginning of year 26,575 41,170 Cash and cash equivalents at end of year $ 18,441 $ 26,575 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | 12 Months Ended | |
Jun. 30, 2022 USD ($) Subsidiary Segment | Jun. 30, 2021 USD ($) | |
Basis Of Presentation [Line Items] | ||
Number of subsidiaries | Subsidiary | 2 | |
Trading securities | $ 0 | |
Other intangible assets, estimated useful life | 10 years | |
Tax position recognized largest amount of tax benefit greater than likely realized percentage | 50% | |
Tax benefit related to tax positions | $ 0 | $ 0 |
Financial Service Operations [Member] | ||
Basis Of Presentation [Line Items] | ||
Number of reportable operating segments | Segment | 1 | |
Other Assets [Member] | ||
Basis Of Presentation [Line Items] | ||
Assets held-for-sale | $ 1,500,000 | $ 1,500,000 |
Maximum [Member] | Home Equity Lines of Credit [Member] | ||
Basis Of Presentation [Line Items] | ||
Loan-to-value ratio | 75% |
Investment Securities - Schedul
Investment Securities - Schedule of Amortized Cost, Gross Unrealized/Unrecognized Gains and Losses and Fair Value of Available for Sale and Held to Maturity Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Schedule of Investments [Line Items] | ||
Available for sale debt securities, Amortized Cost | $ 39,749 | $ 57,213 |
Available for sale debt securities, Gross Unrealized/Unrecognized Gains | 9 | 557 |
Available for sale debt securities, Gross Unrealized/Unrecognized Losses | (5,137) | (383) |
Available for sale debt securities, Fair Value | 34,621 | 57,387 |
Held to maturity debt securities, Amortized Cost | 412,449 | 337,584 |
Held to maturity debt securities, Gross Unrealized/Unrecognized Gains | 121 | 5,980 |
Held to maturity debt securities, Gross Unrealized/Unrecognized Losses | (50,962) | (1,427) |
Held to maturity debt securities, Fair Value | 361,608 | 342,137 |
U.S. Government and Agency Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale debt securities, Amortized Cost | 10,942 | 21,931 |
Available for sale debt securities, Gross Unrealized/Unrecognized Gains | 6 | |
Available for sale debt securities, Gross Unrealized/Unrecognized Losses | (1,014) | (121) |
Available for sale debt securities, Fair Value | 9,928 | 21,816 |
Held to maturity debt securities, Amortized Cost | 59,995 | 33,994 |
Held to maturity debt securities, Gross Unrealized/Unrecognized Gains | 6 | 202 |
Held to maturity debt securities, Gross Unrealized/Unrecognized Losses | (3,046) | (84) |
Held to maturity debt securities, Fair Value | 56,955 | 34,112 |
Corporate [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale debt securities, Amortized Cost | 5,000 | 8,013 |
Available for sale debt securities, Gross Unrealized/Unrecognized Gains | 4 | 176 |
Available for sale debt securities, Gross Unrealized/Unrecognized Losses | (150) | |
Available for sale debt securities, Fair Value | 4,854 | 8,189 |
Held to maturity debt securities, Amortized Cost | 52,076 | 43,605 |
Held to maturity debt securities, Gross Unrealized/Unrecognized Gains | 111 | 1,312 |
Held to maturity debt securities, Gross Unrealized/Unrecognized Losses | (2,796) | (38) |
Held to maturity debt securities, Fair Value | 49,391 | 44,879 |
State and Municipal [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale debt securities, Amortized Cost | 7,040 | 7,041 |
Available for sale debt securities, Gross Unrealized/Unrecognized Gains | 104 | |
Available for sale debt securities, Gross Unrealized/Unrecognized Losses | (2,244) | (30) |
Available for sale debt securities, Fair Value | 4,796 | 7,115 |
Held to maturity debt securities, Amortized Cost | 87,111 | 57,625 |
Held to maturity debt securities, Gross Unrealized/Unrecognized Gains | 440 | |
Held to maturity debt securities, Gross Unrealized/Unrecognized Losses | (22,307) | (248) |
Held to maturity debt securities, Fair Value | 64,804 | 57,817 |
Mortgage-backed Securities - Residential [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale debt securities, Amortized Cost | 14,351 | 17,738 |
Available for sale debt securities, Gross Unrealized/Unrecognized Gains | 5 | 148 |
Available for sale debt securities, Gross Unrealized/Unrecognized Losses | (1,644) | (232) |
Available for sale debt securities, Fair Value | 12,712 | 17,654 |
Held to maturity debt securities, Amortized Cost | 101,525 | 96,181 |
Held to maturity debt securities, Gross Unrealized/Unrecognized Gains | 4 | 2,713 |
Held to maturity debt securities, Gross Unrealized/Unrecognized Losses | (9,746) | (107) |
Held to maturity debt securities, Fair Value | 91,783 | 98,787 |
Mortgage-backed Securities - Commercial [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale debt securities, Amortized Cost | 2,416 | 2,490 |
Available for sale debt securities, Gross Unrealized/Unrecognized Gains | 123 | |
Available for sale debt securities, Gross Unrealized/Unrecognized Losses | (85) | |
Available for sale debt securities, Fair Value | 2,331 | 2,613 |
Held to maturity debt securities, Amortized Cost | 87,544 | 72,879 |
Held to maturity debt securities, Gross Unrealized/Unrecognized Gains | 937 | |
Held to maturity debt securities, Gross Unrealized/Unrecognized Losses | (10,943) | (622) |
Held to maturity debt securities, Fair Value | 76,601 | 73,194 |
Mortgage-backed Securities - Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Held to maturity debt securities, Amortized Cost | 24,198 | 33,300 |
Held to maturity debt securities, Gross Unrealized/Unrecognized Gains | 376 | |
Held to maturity debt securities, Gross Unrealized/Unrecognized Losses | (2,124) | (328) |
Held to maturity debt securities, Fair Value | $ 22,074 | $ 33,348 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 12 Months Ended | ||
Jun. 30, 2022 USD ($) Security | Jun. 30, 2021 USD ($) Security | ||
Investments Debt And Equity Securities [Abstract] | |||
Sale of investment securities | $ 0 | $ 5,000,000 | |
Net realized gains or losses on investment securities | [1] | 113,000 | |
Disposal of securities held to maturity | 1,600,000 | ||
Net realized gains from sale of securities held to maturity | $ 61,000 | ||
Held to maturity substantial portion of principal outstanding percentage | 85% | ||
Carrying amounts of securities pledged | 202,900,000 | $ 180,100,000 | |
Total investment securities | $ 447,070,000 | $ 394,971,000 | |
Number of securities in unrealized loss position | Security | 301 | ||
Fair value of securities in unrealized loss position | $ 371,400,000 | ||
Other-than-temporarily impaired securities | Security | 0 | 0 | |
[1] Not within the scope of ASC 606 |
Investment Securities - Fair Va
Investment Securities - Fair Value and Carrying Amount of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Investments Debt And Equity Securities [Abstract] | ||
Held to maturity, carrying amount, 1 year or less | $ 5,115 | |
Held to maturity, carrying amount, 1 to 5 years | 65,970 | |
Held to maturity, carrying amount, 5 to 10 years | 43,801 | |
Held to maturity, carrying amount, over 10 years | 80,441 | |
Held to maturity, carrying amount, Mortgage-backed securities and other | 217,122 | |
Held to maturity debt securities, Amortized Cost | 412,449 | $ 337,584 |
Held to maturity, fair value, 1 year or less | 5,118 | |
Held to maturity, fair value, 1 to 5 years | 62,620 | |
Held to maturity, fair value, 5 to 10 years | 41,130 | |
Held to maturity, fair value, over 10 years | 58,839 | |
Held to maturity, fair value, Mortgage-backed securities and other | 193,901 | |
Held to maturity, fair value, Total | 361,608 | 342,137 |
Available for sale, amortized cost, 1 to 5 years | 5,000 | |
Available for sale, amortized cost, 5 to 10 years | 10,942 | |
Available for sale, amortized cost, over 10 years | 7,040 | |
Available for sale, amortized cost, Mortgage-backed securities and other | 16,767 | |
Available for sale debt securities, Amortized Cost | 39,749 | 57,213 |
Available for sale, fair value, 1 to 5 years | 4,778 | |
Available for sale, fair value, 5 to 10 years | 10,004 | |
Available for sale, fair value, over 10 years | 4,796 | |
Available for sale, fair value, Mortgage-backed securities and other | 15,043 | |
Available for sale, fair value, Total | $ 34,621 | $ 57,387 |
Investment Securities - Investm
Investment Securities - Investment Securities with Fair Value and Unrealized Losses (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Schedule of Investments [Line Items] | ||
Available for sale, Less than 12 months, Fair Value | $ 14,431 | $ 27,416 |
Available for sale, Less than 12 months, Unrealized/Unrecognized Loss | (1,704) | (373) |
Available for sale, 12 months or greater, Fair Value | 17,484 | 1,339 |
Available for sale, 12 months or greater, Unrealized/Unrecognized Loss | (3,433) | (10) |
Available for sale, Total, Fair Value | 31,915 | 28,755 |
Available for sale, Total, Unrealized/Unrecognized Loss | (5,137) | (383) |
Held to maturity, Less than 12 months, Fair Value | 292,897 | 134,925 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (41,328) | (1,402) |
Held to maturity, 12 months or greater, Fair Value | 46,573 | 4,975 |
Held to maturity, 12 months or greater, Unrealized/ Unrecognized Loss | (9,634) | (25) |
Held to maturity, Total, Fair Value | 339,470 | 139,900 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (50,962) | (1,427) |
U.S. Government and Agency Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Less than 12 months, Fair Value | 2,774 | 14,811 |
Available for sale, Less than 12 months, Unrealized/Unrecognized Loss | (226) | (121) |
Available for sale, 12 months or greater, Fair Value | 7,154 | |
Available for sale, 12 months or greater, Unrealized/Unrecognized Loss | (788) | |
Available for sale, Total, Fair Value | 9,928 | 14,811 |
Available for sale, Total, Unrealized/Unrecognized Loss | (1,014) | (121) |
Held to maturity, Less than 12 months, Fair Value | 39,883 | 19,409 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (2,616) | (84) |
Held to maturity, 12 months or greater, Fair Value | 5,066 | |
Held to maturity, 12 months or greater, Unrealized/ Unrecognized Loss | (430) | |
Held to maturity, Total, Fair Value | 44,949 | 19,409 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (3,046) | (84) |
State and Municipal [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Less than 12 months, Fair Value | 2,860 | 2,990 |
Available for sale, Less than 12 months, Unrealized/Unrecognized Loss | (1,162) | (30) |
Available for sale, 12 months or greater, Fair Value | 1,936 | |
Available for sale, 12 months or greater, Unrealized/Unrecognized Loss | (1,082) | |
Available for sale, Total, Fair Value | 4,796 | 2,990 |
Available for sale, Total, Unrealized/Unrecognized Loss | (2,244) | (30) |
Held to maturity, Less than 12 months, Fair Value | 61,847 | 19,980 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (20,696) | (248) |
Held to maturity, 12 months or greater, Fair Value | 2,957 | |
Held to maturity, 12 months or greater, Unrealized/ Unrecognized Loss | (1,611) | |
Held to maturity, Total, Fair Value | 64,804 | 19,980 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (22,307) | (248) |
Mortgage-backed Securities - Residential [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Less than 12 months, Fair Value | 3,616 | 9,615 |
Available for sale, Less than 12 months, Unrealized/Unrecognized Loss | (81) | (222) |
Available for sale, 12 months or greater, Fair Value | 8,394 | 1,339 |
Available for sale, 12 months or greater, Unrealized/Unrecognized Loss | (1,563) | (10) |
Available for sale, Total, Fair Value | 12,010 | 10,954 |
Available for sale, Total, Unrealized/Unrecognized Loss | (1,644) | (232) |
Held to maturity, Less than 12 months, Fair Value | 87,364 | 30,335 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (9,063) | (107) |
Held to maturity, 12 months or greater, Fair Value | 3,994 | |
Held to maturity, 12 months or greater, Unrealized/ Unrecognized Loss | (683) | |
Held to maturity, Total, Fair Value | 91,358 | 30,335 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (9,746) | (107) |
Corporate [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Less than 12 months, Fair Value | 2,850 | |
Available for sale, Less than 12 months, Unrealized/Unrecognized Loss | (150) | |
Available for sale, Total, Fair Value | 2,850 | |
Available for sale, Total, Unrealized/Unrecognized Loss | (150) | |
Held to maturity, Less than 12 months, Fair Value | 39,758 | 2,488 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (2,796) | (13) |
Held to maturity, 12 months or greater, Fair Value | 4,975 | |
Held to maturity, 12 months or greater, Unrealized/ Unrecognized Loss | (25) | |
Held to maturity, Total, Fair Value | 39,758 | 7,463 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (2,796) | (38) |
Mortgage-backed Securities - Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Held to maturity, Less than 12 months, Fair Value | 13,611 | 15,133 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (642) | (328) |
Held to maturity, 12 months or greater, Fair Value | 8,390 | |
Held to maturity, 12 months or greater, Unrealized/ Unrecognized Loss | (1,482) | |
Held to maturity, Total, Fair Value | 22,001 | 15,133 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (2,124) | (328) |
Mortgage-backed Securities - Commercial [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Less than 12 months, Fair Value | 2,331 | |
Available for sale, Less than 12 months, Unrealized/Unrecognized Loss | (85) | |
Available for sale, Total, Fair Value | 2,331 | |
Available for sale, Total, Unrealized/Unrecognized Loss | (85) | |
Held to maturity, Less than 12 months, Fair Value | 50,434 | 47,580 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (5,515) | (622) |
Held to maturity, 12 months or greater, Fair Value | 26,166 | |
Held to maturity, 12 months or greater, Unrealized/ Unrecognized Loss | (5,428) | |
Held to maturity, Total, Fair Value | 76,600 | 47,580 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | $ (10,943) | $ (622) |
Loans Receivable - Summary of L
Loans Receivable - Summary of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | $ 1,337,779 | $ 1,237,522 | ||
Loans receivable | 1,338,299 | 1,237,332 | ||
Allowance for loan losses | (8,927) | (7,881) | $ (8,639) | |
Loans receivable, net | 1,329,372 | 1,229,451 | ||
Residential [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | 214,167 | 224,305 | ||
Commercial [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | 942,130 | 826,624 | ||
Construction [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | 20,896 | 10,151 | ||
Allowance for loan losses | (209) | (102) | (165) | |
Commercial Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | [1] | 136,304 | 150,658 | |
Allowance for loan losses | (982) | (948) | (1,124) | |
Home Equity Lines Of Credit [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | 23,688 | 25,439 | ||
Allowance for loan losses | (51) | (54) | $ (60) | |
Consumer and Overdrafts [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | 594 | 345 | ||
Allowance for loan losses | (11) | (5) | ||
Mortgage Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Net deferred loan origination (fees) costs | (100) | 196 | ||
Loans receivable | 1,177,093 | 1,061,276 | ||
Commercial and Consumer Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Net deferred loan origination (fees) costs | 620 | (386) | ||
Loans receivable | $ 161,206 | $ 176,056 | ||
[1] Includes PPP loans of $ 1.9 million and $ 37.0 million as of June 30, 2022 and 2021, respectively. No allowance for loan loss was established for these loans as they are fully guaranteed by the Small Business Administration. |
Loans Receivable - Summary of_2
Loans Receivable - Summary of Loans Receivable (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans receivable | $ 1,337,779 | $ 1,237,522 | |
Commercial Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans receivable | [1] | 136,304 | 150,658 |
Commercial Loans [Member] | PPP Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans receivable | $ 1,900 | $ 37,000 | |
[1] Includes PPP loans of $ 1.9 million and $ 37.0 million as of June 30, 2022 and 2021, respectively. No allowance for loan loss was established for these loans as they are fully guaranteed by the Small Business Administration. |
Loans Receivable - Summary of A
Loans Receivable - Summary of Activity in Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | $ 7,881 | $ 8,639 |
Allowance for Loan Losses, Provision (Benefit) | 772 | (673) |
Allowance for Loan Losses, Charge-offs | (159) | (285) |
Allowance for Loan Losses, Recoveries | 433 | 200 |
Allowance for Loan Losses, Ending Allowance | 8,927 | 7,881 |
Residential Mortgages [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 337 | 373 |
Allowance for Loan Losses, Provision (Benefit) | (24) | (53) |
Allowance for Loan Losses, Recoveries | 10 | 17 |
Allowance for Loan Losses, Ending Allowance | 323 | 337 |
Commercial Mortgages [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 6,435 | 6,913 |
Allowance for Loan Losses, Provision (Benefit) | 916 | (478) |
Allowance for Loan Losses, Ending Allowance | 7,351 | 6,435 |
Construction [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 102 | 165 |
Allowance for Loan Losses, Provision (Benefit) | 107 | (63) |
Allowance for Loan Losses, Ending Allowance | 209 | 102 |
Commercial Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 948 | 1,124 |
Allowance for Loan Losses, Provision (Benefit) | (253) | (90) |
Allowance for Loan Losses, Charge-offs | (122) | (258) |
Allowance for Loan Losses, Recoveries | 409 | 172 |
Allowance for Loan Losses, Ending Allowance | 982 | 948 |
Home Equity Lines Of Credit [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 54 | 60 |
Allowance for Loan Losses, Provision (Benefit) | (11) | (14) |
Allowance for Loan Losses, Recoveries | 8 | 8 |
Allowance for Loan Losses, Ending Allowance | 51 | 54 |
Consumer and Installment Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 5 | 4 |
Allowance for Loan Losses, Provision (Benefit) | 37 | 25 |
Allowance for Loan Losses, Charge-offs | (37) | (27) |
Allowance for Loan Losses, Recoveries | 6 | 3 |
Allowance for Loan Losses, Ending Allowance | $ 11 | $ 5 |
Loans Receivable - Summary of B
Loans Receivable - Summary of Balance in Allowance for Loan Losses and Recorded investment in Loans by Portfolio Segment, and Based on Impairment Method (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans, Individually Evaluated for Impairment | $ 10,418 | $ 8,059 | |
Loans, Collectively Evaluated for Impairment | 1,326,192 | 1,227,732 | |
Total | 1,337,779 | 1,237,522 | |
Allowance for loan losses, Individually Evaluated for Impairment | 119 | 121 | |
Allowance for loan losses, Collectively Evaluated for Impairment | 8,808 | 7,760 | |
Allowance for loan losses, Total | 8,927 | 7,881 | $ 8,639 |
Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans, Acquired With Deteriorated Credit Quality | 1,169 | 1,731 | |
Allowance for loan losses, Acquired With Deteriorated Credit Quality | 0 | 0 | |
Residential Mortgages [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans, Individually Evaluated for Impairment | 1,613 | 2,356 | |
Loans, Collectively Evaluated for Impairment | 212,333 | 221,229 | |
Total | 214,167 | 224,305 | |
Allowance for loan losses, Individually Evaluated for Impairment | 110 | 113 | |
Allowance for loan losses, Collectively Evaluated for Impairment | 213 | 224 | |
Allowance for loan losses, Total | 323 | 337 | 373 |
Residential Mortgages [Member] | Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans, Acquired With Deteriorated Credit Quality | 221 | 720 | |
Commercial Mortgages [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans, Individually Evaluated for Impairment | 4,778 | 3,582 | |
Loans, Collectively Evaluated for Impairment | 936,493 | 822,154 | |
Total | 942,130 | 826,624 | |
Allowance for loan losses, Collectively Evaluated for Impairment | 7,351 | 6,435 | |
Allowance for loan losses, Total | 7,351 | 6,435 | 6,913 |
Commercial Mortgages [Member] | Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans, Acquired With Deteriorated Credit Quality | 859 | 888 | |
Construction [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans, Individually Evaluated for Impairment | 2,792 | ||
Loans, Collectively Evaluated for Impairment | 18,104 | 10,151 | |
Total | 20,896 | 10,151 | |
Allowance for loan losses, Collectively Evaluated for Impairment | 209 | 102 | |
Allowance for loan losses, Total | 209 | 102 | 165 |
Commercial Loans [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans, Individually Evaluated for Impairment | 783 | 1,707 | |
Loans, Collectively Evaluated for Impairment | 135,521 | 148,951 | |
Total | 136,304 | 150,658 | |
Allowance for loan losses, Collectively Evaluated for Impairment | 982 | 948 | |
Allowance for loan losses, Total | 982 | 948 | 1,124 |
Home Equity Lines Of Credit [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans, Individually Evaluated for Impairment | 452 | 414 | |
Loans, Collectively Evaluated for Impairment | 23,147 | 24,902 | |
Total | 23,688 | 25,439 | |
Allowance for loan losses, Individually Evaluated for Impairment | 9 | 8 | |
Allowance for loan losses, Collectively Evaluated for Impairment | 42 | 46 | |
Allowance for loan losses, Total | 51 | 54 | $ 60 |
Home Equity Lines Of Credit [Member] | Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans, Acquired With Deteriorated Credit Quality | 89 | 123 | |
Consumer and Overdrafts [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans, Collectively Evaluated for Impairment | 594 | 345 | |
Total | 594 | 345 | |
Allowance for loan losses, Collectively Evaluated for Impairment | 11 | 5 | |
Allowance for loan losses, Total | $ 11 | $ 5 |
Loans Receivable - Summary of_3
Loans Receivable - Summary of Loans Individually Evaluated for Impairment (Excluding Loans Acquired with Deteriorated Credit Quality) by Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Financing Receivable Impaired [Line Items] | ||
Allowance for loan losses | $ 119 | $ 121 |
Impaired loans, unpaid principal balance | 10,430 | 8,258 |
Impaired loans, recorded investment | 10,418 | 8,059 |
Residential Mortgages [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 1,262 | 2,044 |
Impaired loans with no related allowance recorded, recorded investment | 1,197 | 1,931 |
Impaired loans with an allowance recorded, unpaid principal balance | 353 | 363 |
Impaired loans with an allowance recorded, recorded investment | 416 | 425 |
Allowance for loan losses | 110 | 113 |
Impaired loans, recorded investment | 1,613 | 2,356 |
Commercial Mortgages [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 4,789 | 3,582 |
Impaired loans with no related allowance recorded, recorded investment | 4,778 | 3,582 |
Impaired loans, recorded investment | 4,778 | 3,582 |
Construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 2,792 | |
Impaired loans with no related allowance recorded, recorded investment | 2,792 | |
Impaired loans, recorded investment | 2,792 | |
Commercial Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 795 | 1,878 |
Impaired loans with no related allowance recorded, recorded investment | 783 | 1,707 |
Impaired loans, recorded investment | 783 | 1,707 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 379 | 358 |
Impaired loans with no related allowance recorded, recorded investment | 399 | 381 |
Impaired loans with an allowance recorded, unpaid principal balance | 60 | 33 |
Impaired loans with an allowance recorded, recorded investment | 53 | 33 |
Allowance for loan losses | 9 | 8 |
Impaired loans, recorded investment | $ 452 | $ 414 |
Loans Receivable - Summary of_4
Loans Receivable - Summary of Average Recorded Investment and Interest Income Recognized on Loans Individually Evaluated for Impairment, by Class of Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Financing Receivable Impaired [Line Items] | ||
Impaired loans average recorded investment | $ 8,211 | $ 5,733 |
Impaired loans interest income recognized | 327 | 274 |
Residential Mortgages [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, average recorded investment | 1,740 | 1,930 |
Impaired loans with no related allowance recorded, interest income recognized | 111 | 38 |
Impaired loans with an allowance recorded, average recorded investment | 421 | 430 |
Impaired loans with an allowance recorded, interest income recognized | 13 | 14 |
Commercial Mortgages [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, average recorded investment | 4,236 | 1,194 |
Impaired loans with no related allowance recorded, interest income recognized | 30 | |
Construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, average recorded investment | 729 | |
Commercial Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, average recorded investment | 702 | 1,769 |
Impaired loans with no related allowance recorded, interest income recognized | 201 | 191 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, average recorded investment | 347 | 384 |
Impaired loans with no related allowance recorded, interest income recognized | 1 | 1 |
Impaired loans with an allowance recorded, average recorded investment | 36 | $ 26 |
Impaired loans with an allowance recorded, interest income recognized | $ 1 |
Loans Receivable - Nonaccrual L
Loans Receivable - Nonaccrual Loans and in Loans Past Due over 90 Days Still on Accrual Status by Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 9,196 | $ 5,354 |
Loans Past Due Over 90 Days and Still Accruing | 39 | 411 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 671 | 1,391 |
Commercial Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 4,778 | 3,582 |
Loans Past Due Over 90 Days and Still Accruing | 411 | |
Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 2,792 | |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 539 | |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 416 | $ 381 |
Consumer and Overdrafts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Past Due Over 90 Days and Still Accruing | $ 39 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) | 12 Months Ended | |
Jun. 30, 2022 USD ($) Loan | Jun. 30, 2021 USD ($) Loan | |
Loans and Leases Receivable Disclosure [Line Items] | ||
Number of loans classified as troubled debt restructurings | Loan | 9 | 12 |
Value of loans classified as troubled debt restructurings | $ 1,400,000 | $ 3,100,000 |
Troubled debt restructuring with carrying amount | 1,200,000 | 2,700,000 |
Specific reserves | 119,000 | $ 121,000 |
Commitment to lend to customers an outstanding loan classified as troubled debt restructurings | $ 0 | |
Troubled debt restructurings, number of modified loans | Loan | 0 | |
Troubled debt restructurings for which there was a payment default | Loan | 0 | 0 |
Loans receivable | $ 1,338,299,000 | $ 1,237,332,000 |
Loans granted | $ 3,531,000 | 2,681,000 |
COVID-19 Pandemic [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Extension expiration date | Jan. 01, 2022 | |
Loans granted | $ 0 | 27,300,000 |
COVID-19 Pandemic [Member] | Pass [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans granted | 9,900,000 | |
COVID-19 Pandemic [Member] | Special Mention [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans granted | 3,200,000 | |
COVID-19 Pandemic [Member] | Substandard [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans granted | $ 14,200,000 | |
Loan Payment Deferrals [Member] | COVID-19 Pandemic [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Number of loans | Loan | 0 | 19 |
Loans receivable | $ 27,300,000 | |
Residential Mortgages [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Troubled debt restructurings, number of modified loans | Loan | 1 | |
Loans granted | $ 367,000 | 1,272,000 |
Residential Mortgages [Member] | Loan Payment Deferrals [Member] | COVID-19 Pandemic [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Number of loans | Loan | 1 | |
Loans receivable | $ 91,000 | |
Home Equity Lines Of Credit [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Troubled debt restructurings, number of modified loans | Loan | 1 | |
Loans granted | $ 399,000 | 400,000 |
Commercial Mortgages [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans granted | $ 1,197,000 | 864,000 |
Commercial Mortgages [Member] | Loan Payment Deferrals [Member] | COVID-19 Pandemic [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Number of loans | Loan | 2 | |
Loans receivable | $ 5,600,000 | |
Commercial Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans granted | $ 416,000 | 145,000 |
Commercial Loans [Member] | Loan Payment Deferrals [Member] | COVID-19 Pandemic [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Number of loans | Loan | 2 | |
Loans receivable | $ 205,000 | |
Residential Mortgage Loans and Home Equity Lines of Credit [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Troubled debt restructuring with carrying amount | 206,000,000 | |
90 Days or More Past Due [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Acquired loans accounted for as purchased credit impaired loans | 137,000,000 | 368,000,000 |
Loans granted | 3,515,000 | 1,740,000 |
90 Days or More Past Due [Member] | Residential Mortgages [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans granted | 367,000 | 948,000 |
90 Days or More Past Due [Member] | Home Equity Lines Of Credit [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans granted | 399,000 | 381,000 |
90 Days or More Past Due [Member] | Commercial Mortgages [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans granted | 1,197,000 | $ 411,000 |
90 Days or More Past Due [Member] | Commercial Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans granted | $ 400,000 |
Loans Receivable - Aging of Rec
Loans Receivable - Aging of Recorded Investment in Past Due Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | $ 3,531 | $ 2,681 | ||
Total | 1,337,779 | 1,237,522 | ||
30-59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 720 | |||
60-89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 16 | 221 | ||
90 Days or More Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 3,515 | 1,740 | ||
Current | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 1,334,248 | 1,234,841 | [1] | |
Residential Mortgages [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 367 | 1,272 | ||
Total | 214,167 | 224,305 | ||
Residential Mortgages [Member] | 30-59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 198 | |||
Residential Mortgages [Member] | 60-89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 126 | |||
Residential Mortgages [Member] | 90 Days or More Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 367 | 948 | ||
Residential Mortgages [Member] | Current | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 213,800 | 223,033 | [1] | |
Commercial Mortgages [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 1,197 | 864 | ||
Total | 942,130 | 826,624 | ||
Commercial Mortgages [Member] | 30-59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 453 | |||
Commercial Mortgages [Member] | 90 Days or More Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 1,197 | 411 | ||
Commercial Mortgages [Member] | Current | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 940,933 | 825,760 | [1] | |
Construction [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 1,113 | |||
Total | 20,896 | 10,151 | ||
Construction [Member] | 90 Days or More Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 1,113 | |||
Construction [Member] | Current | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 19,783 | 10,151 | [1] | |
Commercial Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 416 | 145 | ||
Total | [2] | 136,304 | 150,658 | |
Commercial Loans [Member] | 30-59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 69 | |||
Commercial Loans [Member] | 60-89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 16 | 76 | ||
Commercial Loans [Member] | 90 Days or More Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 400 | |||
Commercial Loans [Member] | Current | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 135,888 | 150,513 | [1] | |
Home Equity Lines Of Credit [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 399 | 400 | ||
Total | 23,688 | 25,439 | ||
Home Equity Lines Of Credit [Member] | 60-89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 19 | |||
Home Equity Lines Of Credit [Member] | 90 Days or More Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 399 | 381 | ||
Home Equity Lines Of Credit [Member] | Current | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 23,289 | 25,039 | [1] | |
Consumer and Overdrafts [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 39 | |||
Total | 594 | 345 | ||
Consumer and Overdrafts [Member] | 90 Days or More Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 39 | |||
Consumer and Overdrafts [Member] | Current | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | $ 555 | $ 345 | [1] | |
[1] As of June 30, 2021 loans on COVID-19-related payment deferrals are considered current. Includes PPP loans of $ 1.9 million and $ 37.0 million as of June 30, 2022 and 2021, respectively. No allowance for loan loss was established for these loans as they are fully guaranteed by the Small Business Administration. |
Loans Receivable - Summary of R
Loans Receivable - Summary of Risk Category of Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 1,337,779 | $ 1,237,522 | |
Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,321,631 | 1,209,619 | |
Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 3,580 | 6,301 | |
Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 12,568 | 21,602 | |
Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 214,167 | 224,305 | |
Residential Mortgages [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 212,810 | 219,901 | |
Residential Mortgages [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 154 | 2,480 | |
Residential Mortgages [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,203 | 1,924 | |
Commercial Mortgages [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 942,130 | 826,624 | |
Commercial Mortgages [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 931,178 | 809,660 | |
Commercial Mortgages [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,548 | 1,615 | |
Commercial Mortgages [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 9,404 | 15,349 | |
Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 20,896 | 10,151 | |
Construction [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 18,104 | 9,038 | |
Construction [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,679 | 1,113 | |
Construction [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,113 | ||
Commercial Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1] | 136,304 | 150,658 |
Commercial Loans [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 135,725 | 146,275 | |
Commercial Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 156 | 491 | |
Commercial Loans [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 423 | 3,892 | |
Home Equity Lines Of Credit [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 23,688 | 25,439 | |
Home Equity Lines Of Credit [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 23,220 | 24,400 | |
Home Equity Lines Of Credit [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 43 | 602 | |
Home Equity Lines Of Credit [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 425 | 437 | |
Consumer and Overdrafts [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 594 | 345 | |
Consumer and Overdrafts [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 594 | $ 345 | |
[1] Includes PPP loans of $ 1.9 million and $ 37.0 million as of June 30, 2022 and 2021, respectively. No allowance for loan loss was established for these loans as they are fully guaranteed by the Small Business Administration. |
Loans Receivable - Schedule of
Loans Receivable - Schedule of Carrying Amount of Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | $ 1,329,372 | $ 1,229,451 |
Residential Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | 221 | 720 |
Commercial Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | 859 | 888 |
Acquired with Deteriorated Credit Quality [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | 1,169 | 1,731 |
Acquired with Deteriorated Credit Quality [Member] | Home Equity Lines Of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | $ 89 | $ 123 |
Loans Receivable - Schedule o_2
Loans Receivable - Schedule of Carrying Amount of Purchased Credit Impaired Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Acquired with Deteriorated Credit Quality [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans, allowance | $ 0 | $ 0 |
Loans Receivable - Summary of_5
Loans Receivable - Summary of Accretable Yield, or Income Expected to be Collected for Acquired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities [Abstract] | ||
Beginning balance | $ 130 | $ 156 |
Accretion income | (41) | (26) |
Ending balance | $ 89 | $ 130 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | $ 24,831 | $ 24,381 |
Less: accumulated depreciation and amortization | (14,074) | (12,963) |
Total | 10,757 | 11,418 |
Right to use lease asset | 8,601 | 9,681 |
Total Bank premises and equipment, net | 19,358 | 21,099 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | 2,190 | 2,588 |
Building and Leasehold improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | 14,128 | 14,102 |
Furniture, fixtures and equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | 8,048 | 7,666 |
Construction and improvements in process [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | $ 465 | $ 25 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Property Plant And Equipment [Abstract] | ||
Depreciation expense | $ 1.1 | $ 1.1 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Change in Goodwill (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Beginning Balance | $ 6,106,000 | $ 6,106,000 |
Impairment | 0 | 0 |
Ending Balance | $ 6,106,000 | $ 6,106,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Impairment of goodwill | $ 0 | $ 0 |
Amortization of intangible assets | $ 62,000 | $ 78,000 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Acquired Intangible Assets (Detail) - Core Deposit Intangible [Member] - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Goodwill And Intangible Assets Disclosure [Line Items] | ||
Amortized intangible assets, Gross Carrying Amount | $ 887 | $ 887 |
Amortized intangible assets, Accumulated Amortization | $ (798) | $ (736) |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Schedule of Estimated Amortization Expense (Detail) $ in Thousands | Jun. 30, 2022 USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2023 | $ 46 |
2024 | 30 |
2025 | $ 13 |
Deposits - Summary of Deposit B
Deposits - Summary of Deposit Balances (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Deposits [Abstract] | ||
Demand | $ 245,297 | $ 219,072 |
NOW Accounts | 243,006 | 177,223 |
Money market accounts | 399,026 | 332,843 |
Savings | 411,332 | 387,529 |
Time deposits | 327,589 | 375,015 |
Total deposits | $ 1,626,250 | $ 1,491,682 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Deposits [Line Items] | ||
Time deposits, meet or exceed FDIC insurance limit of $250,000 | $ 83.3 | $ 100.9 |
Brokered time deposits | $ 20 | 30 |
Brokered time deposits remaining maturities period | 20 months | |
PCSB Bank [Member] | ||
Deposits [Line Items] | ||
Deposits of local governments | $ 127.5 | $ 74.4 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Time Deposits (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Deposits [Abstract] | ||
Within 1 year | $ 198,641 | $ 226,858 |
1 year to 2 years | 90,145 | 52,311 |
2 year to 3 years | 10,991 | 71,811 |
3 year to 4 years | 13,160 | 11,030 |
4 year to 5 years | 14,652 | 13,005 |
Total | $ 327,589 | $ 375,015 |
FHLB and Other Borrowings - Add
FHLB and Other Borrowings - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Federal Home Loan Bank Advances [Line Items] | ||
Advances from Federal Home Loan Bank | $ 48,323,000 | $ 65,957,000 |
Percentage of outstanding advances to be maintained as collateral | 110% | |
Secured borrowings | $ 96,300,000 | |
FRB borrowings outstanding | 0 | 0 |
Federal Home Loan Bank of New York [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Advances from Federal Home Loan Bank | 48,323,000 | $ 65,957,000 |
Advances from federal home loan banks accessible | 280,900,000 | |
Fed funds lines of credit available | 25,000,000 | |
Outstanding fed funds lines of credit | 0 | |
Federal Home Loan Bank of New York [Member] | Original Maturities Ranging From 6 To 56 Months [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Advances from Federal Home Loan Bank | 45,000,000 | |
Federal Home Loan Bank of New York [Member] | FHLB Advances [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Balloon payment in 2026 | 2,800,000 | |
Federal Home Loan Bank of New York [Member] | Amortizing Term Loan [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Advances from Federal Home Loan Bank | $ 3,300,000 | |
Federal Home Loan Bank of New York [Member] | Minimum [Member] | FHLB Advances [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
FHLB short term advances, original maturities | 3 months | |
Federal Home Loan Bank of New York [Member] | Maximum [Member] | FHLB Advances [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
FHLB short term advances, original maturities | 44 months |
FHLB and Other Borrowings - Mat
FHLB and Other Borrowings - Maturity Schedule of Advances (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Federal Home Loan Bank Advances [Line Items] | ||
Amount Due, Total | $ 48,323 | $ 65,957 |
Federal Home Loan Bank of New York [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Amount Due, Within 1 year | 40,138 | 17,635 |
Amount Due, 1 year to 2 years | 5,142 | 40,138 |
Amount Due, 2 years to 3 years | 146 | 5,142 |
Amount Due, 3 years to 4 years | 2,897 | 146 |
Amount Due, 4 years to 5 years | 2,896 | |
Amount Due, Total | $ 48,323 | $ 65,957 |
Weighted Avg Rate, Within 1 year | 1.79% | 2.11% |
Weighted Avg Rate, 1 year to 2 years | 3.31% | 1.79% |
Weighted Avg Rate, 2 years to 3 years | 2.62% | 3.31% |
Weighted Avg Rate, 3 years to 4 years | 2.62% | 2.62% |
Weighted Avg Rate, 4 years to 5 years | 2.62% | |
Weighted Avg Rate, Total | 2% | 2.03% |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Contract Amounts of Credit-related Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Standby Letter of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Credit related financial instruments | $ 2,931 | $ 3,235 |
Commitments to Originate Loans [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Credit related financial instruments | 160,771 | 134,818 |
Unused Lines of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Credit related financial instruments | $ 33,211 | $ 58,381 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Summary of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 274,560 | $ 273,713 | ||
Total other comprehensive (loss) income | (5,530) | 3,304 | ||
Ending Balance | 277,162 | 274,560 | ||
Net Unrealized Gain (Loss) on Available for Sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 137 | [1] | 428 | |
Other comprehensive loss before reclassifications | (5,302) | [1] | (316) | |
Amounts reclassified from accumulated other comprehensive income | (52) | |||
Tax effect | 1,113 | [1] | 77 | |
Total other comprehensive (loss) income | (4,189) | [1] | (291) | |
Ending Balance | [1] | (4,052) | 137 | |
Unrealized Losses on Retirement Plans [Member] | Pension Benefits [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (3,055) | [2] | (6,605) | |
Other comprehensive loss before reclassifications | (2,109) | [2] | 3,343 | |
Amounts reclassified from accumulated other comprehensive income | 340 | [2] | (1,151) | |
Tax effect | 372 | [2] | (944) | |
Total other comprehensive (loss) income | (1,397) | [2] | 3,550 | |
Ending Balance | [2] | (4,452) | (3,055) | |
Unrealized Losses on Retirement Plans [Member] | SERP Benefits [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (181) | [2] | (226) | |
Other comprehensive loss before reclassifications | 5 | [2] | 2 | |
Amounts reclassified from accumulated other comprehensive income | 65 | [2] | (55) | |
Tax effect | (14) | [2] | (12) | |
Total other comprehensive (loss) income | 56 | [2] | 45 | |
Ending Balance | [2] | (125) | (181) | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (3,099) | (6,403) | ||
Other comprehensive loss before reclassifications | (7,406) | 3,029 | ||
Amounts reclassified from accumulated other comprehensive income | 405 | 1,154 | ||
Tax effect | 1,471 | (879) | ||
Total other comprehensive (loss) income | (5,530) | 3,304 | ||
Ending Balance | $ (8,629) | $ (3,099) | ||
[1] Amounts reclassified from accumulated other comprehensive income are recorded in the Statement of Operations as part of "gains on sales of securities". Amounts reclassified from accumulated other comprehensive income are recorded in the Statement of Operations as part of "other operating expense". |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||
Net income applicable to common stock | $ 14,879 | $ 12,424 |
Average number of common shares outstanding | 15,201,990 | 15,912,702 |
Less: Average unallocated ESOP shares | (969,135) | (1,065,916) |
Average number of common shares outstanding used to calculate basic earnings per common share | 14,232,855 | 14,846,786 |
Effect of equity-based awards | 56,165 | 793 |
Average number of common shares outstanding used to calculate diluted earnings per common share | 14,289,020 | 14,847,579 |
Earnings per Common share: | ||
Basic | $ 1.05 | $ 0.84 |
Diluted | $ 1.04 | $ 0.84 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Stock Options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 1,312,234 | 1,324,741 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Additional Information (Detail) | 12 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value assets transferred from level 2 to level 3 | $ 3,600,000 | ||
Fair value assets transferred from level 3 to level 2 | 4,700,000 | ||
Carrying amount of loans | 1,329,372,000 | $ 1,229,451,000 | |
Remaining valuation allowance | 8,927,000 | 7,881,000 | $ 8,639,000 |
Net charge-offs | 159,000 | 285,000 | |
Provision for loan losses | 772,000 | (673,000) | |
Impaired Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying amount of loans | 469,000 | 458,000 | |
Remaining valuation allowance | 119,000 | 121,000 | |
Net charge-offs | 0 | 0 | |
Provision for loan losses | $ 2,000 | $ 1,000 | |
Minimum [Member] | Measurement Input, Discount Rates [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Discount rates | 0.10 | ||
Maximum [Member] | Measurement Input, Discount Rates [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Discount rates | 0.20 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Measured on a Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 42,844 | $ 61,619 |
Total liabilities at fair value | 8,223 | 4,232 |
Measured on a Recurring Basis [Member] | U.S. Government and Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 9,928 | 21,816 |
Measured on a Recurring Basis [Member] | Corporate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 4,854 | 8,189 |
Measured on a Recurring Basis [Member] | State and Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 4,796 | 7,115 |
Measured on a Recurring Basis [Member] | Mortgage-backed Securities - Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 12,712 | 17,654 |
Measured on a Recurring Basis [Member] | Mortgage-backed Securities - Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 2,331 | 2,613 |
Measured on a Non-Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 350 | 337 |
Impaired Loans [Member] | Residential Mortgages [Member] | Measured on a Non-Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 306 | 312 |
Impaired Loans [Member] | Home Equity Lines Of Credit [Member] | Measured on a Non-Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 44 | 25 |
Derivatives - Interest Rate Contracts [Member] | Measured on a Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 8,223 | 4,232 |
Total liabilities at fair value | 8,223 | |
Level 2 [Member] | Measured on a Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 39,994 | 58,488 |
Total liabilities at fair value | 8,223 | 4,232 |
Level 2 [Member] | Measured on a Recurring Basis [Member] | U.S. Government and Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 9,928 | 21,816 |
Level 2 [Member] | Measured on a Recurring Basis [Member] | Corporate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 2,004 | 5,058 |
Level 2 [Member] | Measured on a Recurring Basis [Member] | State and Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 4,796 | 7,115 |
Level 2 [Member] | Measured on a Recurring Basis [Member] | Mortgage-backed Securities - Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 12,712 | 17,654 |
Level 2 [Member] | Measured on a Recurring Basis [Member] | Mortgage-backed Securities - Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 2,331 | 2,613 |
Level 2 [Member] | Derivatives - Interest Rate Contracts [Member] | Measured on a Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 8,223 | 4,232 |
Total liabilities at fair value | 8,223 | |
Level 3 [Member] | Measured on a Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 2,850 | 3,131 |
Level 3 [Member] | Measured on a Recurring Basis [Member] | Corporate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 2,850 | 3,131 |
Level 3 [Member] | Measured on a Non-Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 350 | 337 |
Level 3 [Member] | Impaired Loans [Member] | Residential Mortgages [Member] | Measured on a Non-Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 306 | 312 |
Level 3 [Member] | Impaired Loans [Member] | Home Equity Lines Of Credit [Member] | Measured on a Non-Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 44 | $ 25 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Summary of Quantitative Information about Level 3 Fair Value Measurements for Selected Financial Instruments Measured at Fair Value on Non-recurring Basis (Detail) $ in Thousands | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) |
Minimum [Member] | Measurement Input, Discount Rates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range or Rate Used | 0.10 | |
Maximum [Member] | Measurement Input, Discount Rates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range or Rate Used | 0.20 | |
Measured on a Non-Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 350 | $ 337 |
Measured on a Non-Recurring Basis [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 350 | 337 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 306 | 312 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Residential [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 306 | 312 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Residential [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 306 | 312 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Home Equity Lines Of Credit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 44 | 25 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Home Equity Lines Of Credit [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 44 | 25 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Home Equity Lines Of Credit [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 44 | $ 25 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Minimum [Member] | Residential [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range or Rate Used | 0.054 | 0.054 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Minimum [Member] | Home Equity Lines Of Credit [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range or Rate Used | 0.048 | 0.054 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Maximum [Member] | Residential [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range or Rate Used | 0.063 | 0.063 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Maximum [Member] | Home Equity Lines Of Credit [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range or Rate Used | 0.063 | 0.063 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Summary of Carrying Amounts and Estimated Fair Values of Bank's Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Financial assets: | ||
Held to maturity debt securities | $ 361,608 | $ 342,137 |
Available for sale debt securities | 34,621 | 57,387 |
Carrying Amount [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 118,457 | 159,305 |
Held to maturity debt securities | 412,449 | 337,584 |
Available for sale debt securities | 34,621 | 57,387 |
Loans receivable, net | 1,329,372 | 1,229,451 |
Accrued interest receivable | 6,396 | 6,398 |
FHLB stock | 3,766 | 4,507 |
Financial liabilities: | ||
Mortgage escrow funds | 11,173 | 10,536 |
Advances from FHLB | 48,323 | 65,957 |
Accrued interest payable | 94 | 146 |
Carrying Amount [Member] | Derivatives - Interest Rate Contracts [Member] | ||
Financial assets: | ||
Derivative assets - interest rate contracts | 8,223 | 4,232 |
Financial liabilities: | ||
Derivative liabilities - interest rate contracts | 8,223 | 4,232 |
Carrying Amount [Member] | Demand, NOW, Money Market Deposits and Savings Accounts [Member] | ||
Financial liabilities: | ||
Time deposits | 1,298,661 | 1,116,667 |
Carrying Amount [Member] | Time Deposits [Member] | ||
Financial liabilities: | ||
Time deposits | 327,589 | 375,015 |
Total [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 118,457 | 159,305 |
Held to maturity debt securities | 361,608 | 342,137 |
Available for sale debt securities | 34,621 | 57,387 |
Loans receivable, net | 1,261,035 | 1,234,116 |
Accrued interest receivable | 6,396 | 6,398 |
Financial liabilities: | ||
Mortgage escrow funds | 11,173 | 10,536 |
Advances from FHLB | 48,094 | 67,334 |
Accrued interest payable | 94 | 146 |
Total [Member] | Derivatives - Interest Rate Contracts [Member] | ||
Financial assets: | ||
Derivative assets - interest rate contracts | 8,223 | 4,232 |
Financial liabilities: | ||
Derivative liabilities - interest rate contracts | 8,223 | 4,232 |
Total [Member] | Demand, NOW, Money Market Deposits and Savings Accounts [Member] | ||
Financial liabilities: | ||
Time deposits | 1,298,661 | 1,116,667 |
Total [Member] | Time Deposits [Member] | ||
Financial liabilities: | ||
Time deposits | 329,885 | 380,948 |
Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 118,457 | 159,305 |
Financial liabilities: | ||
Mortgage escrow funds | 11,173 | 10,536 |
Accrued interest payable | 1 | 1 |
Level 1 [Member] | Demand, NOW, Money Market Deposits and Savings Accounts [Member] | ||
Financial liabilities: | ||
Time deposits | 1,298,661 | 1,116,667 |
Level 2 [Member] | ||
Financial assets: | ||
Held to maturity debt securities | 331,262 | 305,671 |
Available for sale debt securities | 31,771 | 54,256 |
Accrued interest receivable | 1,751 | 1,341 |
Financial liabilities: | ||
Advances from FHLB | 48,094 | 67,334 |
Accrued interest payable | 93 | 145 |
Level 2 [Member] | Derivatives - Interest Rate Contracts [Member] | ||
Financial assets: | ||
Derivative assets - interest rate contracts | 8,223 | 4,232 |
Financial liabilities: | ||
Derivative liabilities - interest rate contracts | 8,223 | 4,232 |
Level 2 [Member] | Time Deposits [Member] | ||
Financial liabilities: | ||
Time deposits | 329,885 | 380,948 |
Level 3 [Member] | ||
Financial assets: | ||
Held to maturity debt securities | 30,346 | 36,466 |
Available for sale debt securities | 2,850 | 3,131 |
Loans receivable, net | 1,261,035 | 1,234,116 |
Accrued interest receivable | $ 4,645 | $ 5,057 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Current tax expense | ||
Federal | $ 4,015 | $ 3,661 |
State | 49 | 84 |
Total current tax expense (benefit) | 4,064 | 3,745 |
Deferred tax benefit | ||
Federal | (96) | (396) |
State | (69) | (47) |
Total deferred tax expense | (165) | (443) |
State tax valuation allowances, net of federal benefit | 55 | 32 |
Total | $ 3,954 | $ 3,334 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory rate | 21% | 21% |
Tax at federal statutory rate | $ 3,955 | $ 3,309 |
State taxes, net of federal benefit | 40 | 60 |
Tax-exempt income | (330) | (193) |
BOLI income | (158) | (115) |
Other compensation | 127 | 155 |
ESOP compensation | 177 | 108 |
Merger-related expenses | 137 | |
Other, net | 6 | 10 |
Total | $ 3,954 | $ 3,334 |
Effective tax rate | 21% | 21.16% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Deferred Tax Assets: | ||
Allowance for loan losses | $ 2,361 | $ 2,072 |
Other comprehensive loss (defined benefit plans) | 1,217 | 861 |
Deferred compensation | 1,122 | 1,034 |
Other comprehensive loss (securities) | 1,077 | |
Stock based compensation | 1,305 | 1,029 |
Depreciation of premises and equipment | 405 | 428 |
Lease liabilities | 2,337 | 2,610 |
Deferred loan costs and fees, net | 50 | |
Other | 503 | 209 |
Total deferred tax assets | 10,327 | 8,293 |
Deferred Tax Liabilities: | ||
Prepaid pension costs | 2,817 | 2,510 |
Deferred loan costs and fees, net | 138 | |
Other comprehensive income (securities) | 37 | |
Right to use lease asset | 2,275 | 2,546 |
Other | 416 | 154 |
Total deferred tax liabilities | 5,646 | 5,247 |
Deferred tax asset valuation allowance | (549) | (494) |
Net deferred tax asset | $ 4,132 | $ 2,552 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Taxes [Line Items] | ||
Reclassification from deferred income tax to retained earnings | $ 2,800,000 | |
Deferred tax liabilities not been recognized of retained earnings | 558,000 | |
Unrecognized tax benefits recorded | $ 0 | $ 0 |
Unrecognized tax benefits to significantly increase or decrease in the next twelve months | 0 | |
New York State [Member] | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards, net | $ 700,000 | |
Operating loss carryforwards expiration year | 2034 |
Post-Retirement Benefits - Addi
Post-Retirement Benefits - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Jan. 01, 2017 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Effective date of freezing of the defined benefit pension plan | May 01, 2017 | |||
Defined benefit plan, contributions by employer | $ 0 | |||
Percentage of investment in plan assets | 100% | 100% | ||
Estimated long-term inflation rate | 2.50% | |||
Expected return on plan assets | 7% | |||
ESOP shares | 1,453,209 | 1,439,138 | 1,435,550 | |
Stock price | $ 10 | |||
ESOP payable term | 15 years | |||
ESOP prime rate percentage | 3.25% | |||
ESOP borrowing | $ 9,700,000 | |||
Number of shares committed to be released per year through 2032 | 96,881 | |||
ESOP Compensation | $ 1,810,000 | $ 1,486,000 | ||
Equity Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of investment in plan assets | 63% | 68% | ||
Equity Mutual Funds [Member] | Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected return on plan assets | 6% | |||
Equity Mutual Funds [Member] | Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected return on plan assets | 8% | |||
Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of investment in plan assets | 1% | 0% | ||
Fixed Income Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of investment in plan assets | 36% | 32% | ||
Fixed Income Securities [Member] | Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected return on plan assets | 3% | |||
Fixed Income Securities [Member] | Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected return on plan assets | 5% | |||
Scenario Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, contributions by employer | $ 0 | |||
Employee Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net gain (loss) | $ (2,100,000) | $ 3,300,000 | ||
Pre-tax amounts included in accumulated other comprehensive income | $ 5,600,000 | $ 3,900,000 | ||
Assumed discount rates used | 4.37% | 2.59% | ||
Temporary increase in percentage of bond fund portion | 50% | |||
Expected return on plan assets | 7% | 7.50% | ||
Benefits Paid | $ 924,000 | $ 922,000 | ||
Employee Pension Plan [Member] | Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Asset rebalancing threshold | 10% | |||
Employee Pension Plan [Member] | Equity Mutual Funds [Member] | Long-Term Objective [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of investment in plan assets | 65% | |||
Employee Pension Plan [Member] | Debt Securities [Member] | Long-Term Objective [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of investment in plan assets | 34% | |||
Employee Pension Plan [Member] | Cash Equivalents [Member] | Long-Term Objective [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of investment in plan assets | 1% | |||
Employee Pension Plan [Member] | Scenario Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net gain (loss) | 563,000,000 | |||
Prior service (credit) cost | 0 | |||
Defined Contribution Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan, description | The Company maintains a defined contribution plan for eligible employees hired after October 1, 2012. | |||
Defined contribution plan for eligible employee who hired after | Oct. 01, 2012 | |||
Plan expense | $ 0 | 0 | ||
401 (k) Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan expense | $ 0 | 0 | ||
Defined contribution plan, minimum age for eligibility to receive contribution | 21 years | |||
Defined contribution plan, minimum period of service to receive contribution | 1 year | |||
Employee contribution minimum percentage rate | 1% | |||
Rate of contribution receive by employee on salary | 25% | |||
Employer matching contribution | $ 0 | 0 | ||
Supplemental Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net gain (loss) | (158,000) | (228,000) | ||
Accrued benefit cost | 4,300,000 | 4,100,000 | ||
Projected benefit obligation and accumulated benefit obligation | 4,300,000 | 4,100,000 | ||
Pension expense | 578,000 | 580,000 | ||
Benefits Paid | $ 272,000 | $ 272,000 | ||
Supplemental Retirement Plan [Member] | Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Assumed discount rates used | 2.13% | |||
Rates of compensation increases used | 2.13% | |||
Supplemental Retirement Plan [Member] | Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Assumed discount rates used | 4.37% | |||
Rates of compensation increases used | 4.37% | |||
Supplemental Retirement Plan [Member] | Scenario Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated amortization of net loss | $ (79,000) |
Post-Retirement Benefits - Summ
Post-Retirement Benefits - Summary of Plan's Funded Status (Detail) - Employee Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Change in benefit obligation: | ||
Beginning benefit obligation | $ 23,511 | $ 23,303 |
Interest cost | 594 | 546 |
Actuarial (gain) loss | (4,058) | 1,756 |
Benefits paid | (924) | (922) |
Settlements | (623) | (1,172) |
Ending benefit obligation | 18,500 | 23,511 |
Change in plan assets, at fair value: | ||
Beginning plan assets | 29,673 | 24,847 |
Actual return | (4,131) | 6,920 |
Benefits paid | (924) | (922) |
Settlements | (623) | (1,172) |
Ending plan assets | 23,995 | 29,673 |
Funded status | 5,495 | 6,162 |
Accumulated benefit obligation | $ 18,500 | $ 23,511 |
Post-Retirement Benefits - Su_2
Post-Retirement Benefits - Summary of Net Period Pension Cost (Benefit), Contributions and Benefits Paid (Detail) - Employee Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Net period pension benefit | $ (1,103) | $ (124) |
Benefits paid | $ 924 | $ 922 |
Post-Retirement Benefits - Sche
Post-Retirement Benefits - Schedule of Net Periodic Pension Credit and Other Amounts Recognized in Other Comprehensive Income (Detail) - Employee Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Interest Cost | $ 594 | $ 546 |
Expected return on plan assets | (2,037) | (1,821) |
Amortization of prior net loss | 150 | 959 |
Settlement charges | 190 | 192 |
Net periodic credit | $ (1,103) | $ (124) |
Post-Retirement Benefits - Sc_2
Post-Retirement Benefits - Schedule of Benefit Payments which Reflects Expected Future Service (Detail) $ in Thousands | Jun. 30, 2022 USD ($) |
Employee Pension Plan [Member] | |
Defined Benefit Plan Estimated Future Benefit Payments [Line Items] | |
2023 | $ 1,155 |
2024 | 1,083 |
2025 | 1,045 |
2026 | 1,078 |
2027 | 1,124 |
Following five years | 6,044 |
Supplemental Retirement Plan [Member] | |
Defined Benefit Plan Estimated Future Benefit Payments [Line Items] | |
2023 | 3,467 |
2024 | 136 |
Following five years | $ 578 |
Post-Retirement Benefits - Sc_3
Post-Retirement Benefits - Schedule of Weighted-Average Assumptions Used to Determine Net Periodic Pension Cost (Detail) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Expected return on plan assets | 7% | |
Employee Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 2.59% | 2.40% |
Expected return on plan assets | 7% | 7.50% |
Post-Retirement Benefits - Sc_4
Post-Retirement Benefits - Schedule of Actual Pension Plan Asset Allocation and Target Allocation by Asset Category (Detail) | Jun. 30, 2022 | Jun. 30, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 100% | |
Percentage of Plan Assets | 100% | 100% |
Equity Mutual Funds And Common/Collective Trusts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 65% | |
Percentage of Plan Assets | 63% | 68% |
Fixed Income Common/Collective Trusts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 34% | |
Percentage of Plan Assets | 36% | 32% |
Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 1% | |
Percentage of Plan Assets | 1% | 0% |
Post-Retirement Benefits - Sc_5
Post-Retirement Benefits - Schedule of Fair Value of Plan Assets (Detail) - Employee Pension Plan [Member] - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 23,995 | $ 29,673 | $ 24,847 |
Carrying Amount [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 23,995 | 29,673 | |
Estimate of Fair Value Measurement [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 296 | 119 | |
Estimate of Fair Value Measurement [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 23,699 | 29,554 | |
Equity Mutual Funds And Common/Collective Trusts [Member] | Carrying Amount [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 15,146 | 20,140 | |
Equity Mutual Funds And Common/Collective Trusts [Member] | Estimate of Fair Value Measurement [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 15,146 | 20,140 | |
Fixed Income Common/Collective Trusts [Member] | Carrying Amount [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,553 | 9,414 | |
Fixed Income Common/Collective Trusts [Member] | Estimate of Fair Value Measurement [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,553 | 9,414 | |
Cash Equivalents [Member] | Carrying Amount [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 296 | 119 | |
Cash Equivalents [Member] | Estimate of Fair Value Measurement [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 296 | $ 119 |
Post-Retirement Benefits - Sc_6
Post-Retirement Benefits - Schedule of Net Periodic Pension Cost and Other Amounts Recognized in Other Comprehensive Income (Detail) - Supplemental Retirement Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 426 | $ 441 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Net Unamortized Gain Loss Arising During Period Before Tax | Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Net Unamortized Gain Loss Arising During Period Before Tax |
Interest cost | $ 87 | $ 84 |
Amortization of prior net loss | 65 | 55 |
Net periodic cost | $ 578 | $ 580 |
Post-Retirement Benefits - Shar
Post-Retirement Benefits - Shares Held by ESOP (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 | Jan. 01, 2017 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Allocated to participants | 518,371 | 417,902 | |
Unearned | 920,767 | 1,017,648 | |
Total ESOP shares | 1,439,138 | 1,435,550 | 1,453,209 |
Fair value of unearned shares | $ 17,577 | $ 18,491 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) | 12 Months Ended |
Jun. 30, 2022 USD ($) | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Total consolidated assets | $ 3,000,000,000 |
Minimum [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Capital conservation buffer percentage required under regulatory | 2.50% |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Bank's Actual Capital Amounts and Ratios Compared to Required Ratios for Minimum Capital Adequacy and for Classification as Well Capitalized (Detail) - PCSB Bank [Member] $ in Thousands | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Leverage (Tier 1), Bank Actual Amount | $ 251,144 | $ 233,944 |
Common Tier 1, Bank Actual Amount | 251,144 | 233,944 |
Tier 1, Bank Actual Amount | 251,144 | 233,944 |
Total, Bank Actual Amount | $ 260,071 | $ 241,825 |
Leverage (Tier 1), Bank Actual Ratio | 12.8 | 12.5 |
Common Tier 1, Bank Actual Ratio | 17.2 | 17.9 |
Tier 1, Bank Actual Ratio | 17.2 | 17.9 |
Total, Bank Actual Ratio | 17.8 | 18.5 |
Leverage (Tier 1), For Capital Adequacy Purposes Amount | $ 78,490 | $ 74,988 |
Common Tier 1, For Capital Adequacy Purposes Amount | 65,630 | 58,713 |
Tier 1, For Capital Adequacy Purposes Amount | 87,507 | 78,283 |
Total, For Capital Adequacy Purposes Amount | $ 116,676 | $ 104,378 |
Leverage (Tier 1), For Capital Adequacy Purposes Ratio | 4 | 4 |
Common Tier 1, For Capital Adequacy Purposes Ratio | 4.50% | 4.50% |
Tier 1, For Capital Adequacy Purposes Ratio | 6 | 6 |
Total, For Capital Adequacy Purposes Ratio | 8 | 8 |
Leverage (Tier 1), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 98,112 | $ 93,735 |
Common Tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 94,799 | 84,807 |
Tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 116,676 | 104,378 |
Total, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 145,845 | $ 130,472 |
Leverage (Tier 1), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5 | 5 |
Common Tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8 | 8 |
Total, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10 | 10 |
Related Party Disclosures - Add
Related Party Disclosures - Additional Information (Detail) - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
PCSB Bank [Member] | ||
Related Party Transaction [Line Items] | ||
Insider loans | $ 0 | $ 0 |
Derivatives and Hedging - Summa
Derivatives and Hedging - Summary Information About Interest Rate Swaps (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Notional amounts | $ 264,462,000 | $ 182,700,000 |
Weighted average pay rates | 3.57% | 2.55% |
Weighted average receive rates | 3.57% | 2.55% |
Weighted average maturity | 8 years 2 months 19 days | 8 years 5 months 15 days |
Revenue From Contracts With C_3
Revenue From Contracts With Customers - Schedule of Noninterest Income (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | ||
Noninterest income | |||
Service charges on deposits | $ 852,000 | $ 735,000 | |
Interchange fees | 616,000 | 550,000 | |
Other fees and service charges | [1] | 172,000 | 143,000 |
Fees and service charges | 1,640,000 | 1,428,000 | |
Swap income | [1] | 785,000 | 367,000 |
Bank-owned life insurance | [1] | 754,000 | 549,000 |
Gain on sale of premises | [1] | 548,000 | |
Gains on sales of loans receivable | [1] | 56,000 | |
Gains on sales of securities | [1] | 113,000 | |
Other noninterest income | [1] | 36,000 | 40,000 |
Total noninterest income | $ 3,819,000 | $ 2,497,000 | |
[1] Not within the scope of ASC 606 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Oct. 24, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation | $ 3,270 | $ 3,269 | |
Number of other than stock options granted | 8,000 | ||
Number of shares granted | 12,000 | ||
Stock Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ 1,700 | ||
Expected weighted-average period for cost recognition | 1 year 8 months 12 days | ||
Restricted Stock Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ 2,900 | ||
Expected weighted-average period for cost recognition | 1 year 8 months 12 days | ||
2018 Equity Incentive Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares authorized for issuance | 2,543,115 | ||
Stock-based compensation | $ 3,300 | $ 3,300 | |
2018 Equity Incentive Plan [Member] | Stock Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares authorized for issuance | 1,816,511 | 1,816,511 | |
Contractual term | 10 years | ||
Number of shares granted | 1,320,963 | ||
2018 Equity Incentive Plan [Member] | Stock Options [Member] | Annual Vesting on Each Anniversary [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Awards vesting percentage for year | 20% | ||
2018 Equity Incentive Plan [Member] | Stock Options [Member] | Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 5 years | ||
2018 Equity Incentive Plan [Member] | Stock Options [Member] | Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
2018 Equity Incentive Plan [Member] | Restricted Stock and Restricted Stock Units [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares authorized for issuance | 726,604 | ||
2018 Equity Incentive Plan [Member] | Restricted Stock Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of other than stock options granted | 549,467 | ||
Number of shares available for grant | 726,604 | ||
2018 Equity Incentive Plan [Member] | Restricted Stock Awards [Member] | Annual Vesting on Each Anniversary [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Awards vesting percentage for year | 20% | ||
2018 Equity Incentive Plan [Member] | Restricted Stock Awards [Member] | Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 5 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of RSA activity (Detail) | 12 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of Shares, Unvested granted shares outstanding beginning balance | shares | 322,580 |
Number of Shares, granted | shares | 8,000 |
Number of Shares, vested | shares | (107,130) |
Number of Shares, Unvested granted shares outstanding ending balance | shares | 223,450 |
Weighted-Average Grant Date Fair Value, Unvested granted shares outstanding beginning balance | $ / shares | $ 18.95 |
Weighted-Average Grant Date Fair Value, Shares granted | $ / shares | 17.66 |
Weighted-Average Grant Date Fair Value, Shares vested | $ / shares | 18.97 |
Weighted-Average Grant Date Fair Value, Unvested granted shares outstanding ending balance | $ / shares | $ 18.89 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Activity Related to Stock Options Granted under Plan (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of Options, outstanding beginning balance | 1,308,963 | |
Number of Options, granted | 12,000 | |
Number of Options, outstanding ending balance | 1,320,963 | 1,308,963 |
Number of Option, Exercisable at June 30, 2022 | 782,978 | |
Weighted-Average Exercise Price, Option outstanding beginning balance | $ 19 | |
Weighted-Average Exercise Price, Option granted | 17.66 | |
Weighted-Average Exercise Price, Option outstanding ending balance | 18.98 | $ 19 |
Weighted-Average Exercise Price, Exercisable at June 30, 2022 | $ 19.02 | |
Weighted-Average Remaining Contractual Years, Option outstanding | 6 years 4 months 24 days | 7 years 4 months 24 days |
Weighted-Average Remaining Contractual Years, Option Exercisable | 6 years 4 months 24 days | |
Aggregate Intrinsic Value, Option outstanding | $ 411 | $ 35 |
Aggregate Intrinsic Value, Exercisable | $ 220 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Fair Value of Options Granted Using Weighted-Average Assumptions as of Grant Date (Detail) - Stock Options [Member] | 12 Months Ended |
Jun. 30, 2022 $ / shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Risk-free interest rate | 1% |
Expected term (in years) | 6 years 3 months |
Expected stock price volatility | 35.91% |
Dividend yield | 1.36% |
Weighted average fair value of options granted | $ 5.50 |
Leases - Additional Information
Leases - Additional Information (Detail) | 12 Months Ended | |
Jun. 30, 2022 USD ($) BranchOffice AdministrativeOffice | Jun. 30, 2021 USD ($) | |
Lessee Lease Description [Line Items] | ||
Number of branch offices in real estate lease | BranchOffice | 11 | |
Number of administrative office in real estate lease | AdministrativeOffice | 1 | |
Lease maturity start year | 2022 | |
Lease maturity end year | 2041 | |
Lease option to extend | some of which include lessee options to extend the lease term. | |
Operating lease, weighted average remaining lease terms | 9 years 4 months 24 days | |
Lessee, operating lease, description | The operating lease asset and lease liability are determined at the commencement date of the lease based on the present value of the lease payments. | |
Operating lease, weighted average discount rate, percent | 2.47% | |
Short-term lease cost | $ 0 | |
Sale and leaseback transactions with related parties | 0 | |
Right to use lease assets | $ 8,601,000 | $ 9,681,000 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Premises and equipment, net | Premises and equipment, net |
Operating lease, liability | $ 8,827,000 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | |
Occupancy and Equipment Expense [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating lease, cost | $ 2,000,000 | |
Maximum [Member] | ||
Lessee Lease Description [Line Items] | ||
Lessee, operating lease, original term | 12 months |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments (Detail) $ in Thousands | Jun. 30, 2022 USD ($) |
Leases [Abstract] | |
2023 | $ 2,052 |
2024 | 1,719 |
2025 | 1,426 |
2026 | 906 |
2027 | 547 |
Thereafter | 4,002 |
Total future minimum lease payments (undiscounted) | 10,652 |
Discounting effect on cash flows | (1,825) |
Lease liability (discounted) | $ 8,827 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities |
Parent Company Only Financial_3
Parent Company Only Financial Statements - Parent Company Only Financial Statements (Consolidated Balance Sheets) (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
Assets | |||
Cash and cash equivalents | $ 118,457 | $ 159,305 | |
Other assets | 18,064 | 14,827 | |
Total assets | 1,989,132 | 1,874,935 | |
Liabilities and Shareholders' Equity | |||
Other liabilities | 26,224 | 32,200 | |
Shareholders' equity | 277,162 | 274,560 | $ 273,713 |
Total liabilities and shareholders' equity | 1,989,132 | 1,874,935 | |
Parent Company [Member] | |||
Assets | |||
Cash and cash equivalents | 18,441 | 26,575 | $ 41,170 |
Investment in Bank | 248,690 | 237,082 | |
ESOP Loan receivable | 9,688 | 10,657 | |
Other assets | 415 | 392 | |
Total assets | 277,234 | 274,706 | |
Liabilities and Shareholders' Equity | |||
Other liabilities | 72 | 146 | |
Shareholders' equity | 277,162 | 274,560 | |
Total liabilities and shareholders' equity | $ 277,234 | $ 274,706 |
Parent Company Only Financial_4
Parent Company Only Financial Statements - Parent Company Only Financial Statements (Consolidated Statements of Operations) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Condensed Income Statements Captions [Line Items] | ||
Interest Income | $ 52,439 | $ 47,342 |
Non-interest expenses | 945 | 1,540 |
Net income before income tax expense | 18,833 | 15,758 |
Income tax benefit | 3,954 | 3,334 |
Net Income | 14,879 | 12,424 |
Parent Company [Member] | ||
Condensed Income Statements Captions [Line Items] | ||
Interest Income | 341 | 474 |
Equity in income of Bank | 16,170 | 12,587 |
Non-interest expenses | 1,974 | 679 |
Net income before income tax expense | 14,537 | 12,382 |
Income tax benefit | (342) | (42) |
Net Income | $ 14,879 | $ 12,424 |
Parent Company Only Financial_5
Parent Company Only Financial Statements - Parent Company Only Financial Statements (Consolidated Statements of Cash Flows) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating Activities: | ||
Net income | $ 14,879 | $ 12,424 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Deferred tax expense | (126) | (333) |
Net (increase) decrease in accrued interest receivable | 2 | 482 |
Stock-based compensation | 3,270 | 3,269 |
Other adjustments, principally net changes in other assets and liabilities | (1,638) | (4,269) |
Net cash provided by operating activities | 20,811 | 15,091 |
Investing Activities: | ||
Net cash used in investing activities | (167,403) | (51,160) |
Financing Activities: | ||
Common stock dividends declared | (3,604) | (2,725) |
Repurchase of common stock | (7,863) | (16,608) |
Repurchase of shares from employees for income tax withholding purpose | (360) | (303) |
Net cash provided by financing activities | 105,744 | 59,072 |
Net (decrease) increase in cash and cash equivalents | (40,848) | 23,003 |
Cash and cash equivalents at beginning of period | 159,305 | |
Cash and cash equivalents at end of period | 118,457 | 159,305 |
Parent Company [Member] | ||
Operating Activities: | ||
Net income | 14,879 | 12,424 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Equity in income of Bank | (16,170) | (12,587) |
Deferred tax expense | 118 | |
Net (increase) decrease in accrued interest receivable | (10) | (90) |
Stock-based compensation | 3,270 | 3,269 |
Other adjustments, principally net changes in other assets and liabilities | (87) | 241 |
Net cash provided by operating activities | 1,882 | 3,555 |
Investing Activities: | ||
Decrease in ESOP loan | 969 | 969 |
Net cash used in investing activities | 969 | 969 |
Financing Activities: | ||
Common stock dividends declared | (3,604) | (2,725) |
Allocation of ESOP shares | 842 | 517 |
Repurchase of common stock | (7,863) | (16,608) |
Repurchase of shares from employees for income tax withholding purpose | (360) | (303) |
Net cash provided by financing activities | (10,985) | (19,119) |
Net (decrease) increase in cash and cash equivalents | (8,134) | (14,595) |
Cash and cash equivalents at beginning of period | 26,575 | 41,170 |
Cash and cash equivalents at end of period | $ 18,441 | $ 26,575 |
Pending Merger With and Into _2
Pending Merger With and Into Brookline Bancorp, Inc. - Additional Information (Details) - Brookline Bancorp, Inc. [Member] | 12 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | May 23, 2022 shares $ / shares | |
Business Acquisition [Line Items] | |||
Share price | $ / shares | $ 22 | ||
Consideration transferred in shares | shares | 1.3284 | ||
Percentage of outstanding shares | 60% | ||
Merger-related expense | $ | $ 1,300,000 | $ 0 |