Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2017 | Aug. 24, 2017 | Dec. 31, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | KRNY | ||
Entity Registrant Name | Kearny Financial Corp. | ||
Entity Central Index Key | 1,617,242 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 83,011,448 | ||
Entity Public Float | $ 1,240 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Assets | ||
Cash and amounts due from depository institutions | $ 18,889 | $ 21,328 |
Interest-bearing deposits in other banks | 59,348 | 177,872 |
Cash and cash equivalents | 78,237 | 199,200 |
Debt securities available for sale (amortized cost $445,896 and $402,137) | 444,497 | 389,910 |
Mortgage-backed securities available for sale (amortized cost $170,249 and $276,111) | 169,263 | 283,627 |
Securities available for sale | 613,760 | 673,537 |
Debt securities held to maturity (fair value $145,505 and $169,794) | 144,713 | 167,171 |
Mortgage-backed securities held to maturity (fair value $350,289 and $422,690) | 348,608 | 410,115 |
Securities held to maturity | 493,321 | 577,286 |
Loans held-for-sale | 4,692 | 3,316 |
Loans receivable, including unamortized yield adjustments of $2,808 and $2,606 | 3,245,261 | 2,673,987 |
Less allowance for loan losses | (29,286) | (24,229) |
Net loans receivable | 3,215,975 | 2,649,758 |
Premises and equipment | 39,585 | 38,385 |
Federal Home Loan Bank of New York ("FHLB") stock | 39,958 | 30,612 |
Accrued interest receivable | 12,493 | 11,212 |
Goodwill | 108,591 | 108,591 |
Bank owned life insurance | 181,223 | 176,016 |
Deferred income tax assets, net | 15,454 | 25,973 |
Other assets | 14,838 | 6,173 |
Total Assets | 4,818,127 | 4,500,059 |
Liabilities | ||
Deposits: Non-interest-bearing | 267,412 | 238,751 |
Deposits: Interest-bearing | 2,662,715 | 2,456,082 |
Total deposits | 2,930,127 | 2,694,833 |
Borrowings | 806,228 | 614,423 |
Advance payments by borrowers for taxes | 8,711 | 7,906 |
Other liabilities | 15,880 | 35,268 |
Total Liabilities | 3,760,946 | 3,352,430 |
Stockholders' Equity | ||
Preferred stock, $0.01 par value, 100,000,000 shares authorized; none issued and outstanding | ||
Common stock, $0.01 par value; 800,000,000 shares authorized; 84,350,848 shares and 91,821,910 shares issued and outstanding, respectively | 844 | 918 |
Paid-in capital | 728,790 | 849,173 |
Retained earnings | 361,039 | 350,806 |
Unearned employee stock ownership plan shares; 3,562,382 shares and 3,763,078 shares, respectively | (34,536) | (36,481) |
Accumulated other comprehensive income (loss) | 1,044 | (16,787) |
Total Stockholders' Equity | 1,057,181 | 1,147,629 |
Total Liabilities and Stockholders' Equity | $ 4,818,127 | $ 4,500,059 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Statement Of Financial Position [Abstract] | ||
Securities available for sale, Amortized cost | $ 445,896 | $ 402,137 |
Mortgage-backed securities available for sale, amortized cost | 170,249 | 276,111 |
Securities held to maturity, estimated fair value | 145,505 | 169,794 |
Mortgage-backed securities held to maturity, fair value disclosure | 350,289 | 422,690 |
Loans receivable, unamortized yield adjustments | $ 2,808 | $ 2,606 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 800,000,000 | 800,000,000 |
Common stock, shares issued | 84,350,848 | 91,821,910 |
Common stock, shares outstanding | 84,350,848 | 91,821,910 |
Employee Stock Ownership Plan (ESOP), Number of Suspense Shares | 3,562,382 | 3,763,078 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Interest Income | |||
Loans | $ 111,181 | $ 97,956 | $ 76,614 |
Mortgage-backed securities | 14,001 | 17,251 | 18,634 |
Debt securities: | |||
Taxable | 9,542 | 7,719 | 7,215 |
Tax-exempt | 2,300 | 2,191 | 1,978 |
Other interest-earning assets | 2,069 | 1,771 | 1,598 |
Total Interest Income | 139,093 | 126,888 | 106,039 |
Interest Expense | |||
Deposits | 22,100 | 18,673 | 15,939 |
Borrowings | 14,419 | 13,230 | 9,492 |
Total Interest Expense | 36,519 | 31,903 | 25,431 |
Net Interest Income | 102,574 | 94,985 | 80,608 |
Provision for Loan Losses | 5,381 | 10,690 | 6,108 |
Net Interest Income after Provision for Loan Losses | 97,193 | 84,295 | 74,500 |
Non-Interest Income | |||
Fees and service charges | 3,289 | 3,516 | 2,914 |
(Loss) gain on sale and call of securities | (1) | 2 | 7 |
Gain on sale of loans | 1,535 | 436 | 111 |
Loss on sale and write down of real estate owned | (106) | (137) | (793) |
Income from bank owned life insurance | 5,207 | 5,563 | 3,999 |
Electronic banking fees and charges | 1,080 | 1,091 | 1,037 |
Miscellaneous | 344 | 256 | 666 |
Total Non-Interest Income | 11,348 | 10,727 | 7,941 |
Non-Interest Expense | |||
Salaries and employee benefits | 47,818 | 42,105 | 39,242 |
Net occupancy expense of premises | 8,018 | 7,487 | 7,537 |
Equipment and systems | 8,350 | 7,729 | 7,875 |
Advertising and marketing | 2,626 | 2,020 | 1,208 |
Federal deposit insurance premium | 1,334 | 2,708 | 2,534 |
Directors' compensation | 1,982 | 812 | 709 |
Contribution to charitable foundation | 10,000 | ||
Miscellaneous | 10,990 | 9,556 | 8,976 |
Total Non-Interest Expense | 81,118 | 72,417 | 78,081 |
Income before Income Taxes | 27,423 | 22,605 | 4,360 |
Income tax expense (benefit) | 8,820 | 6,783 | (1,269) |
Net Income | $ 18,603 | $ 15,822 | $ 5,629 |
Net Income per Common Share (EPS) | |||
Basic | $ 0.22 | $ 0.18 | $ 0.06 |
Diluted | $ 0.22 | $ 0.18 | $ 0.06 |
Weighted Average Number of Common Shares Outstanding | |||
Basic | 84,590 | 89,591 | 91,717 |
Diluted | 84,661 | 89,625 | 91,841 |
Dividends Declared Per Common Share | $ 0.10 | $ 0.08 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net Income | $ 18,603 | $ 15,822 | $ 5,629 |
Other Comprehensive Income (Loss): | |||
Net unrealized gain (loss) on securities available for sale, net of deferred income tax expense (benefit) of: 2017 $815; 2016 $(2,064); 2015 $(481) | 1,108 | (2,502) | (750) |
Net (loss) gain on securities transferred from available for sale to held to maturity, net of deferred income tax (benefit) expense of: 2017 $(22); 2016 $4; 2015 $(31) | (31) | 5 | (44) |
Net realized loss (gain) on securities available for sale, net of income tax expense (benefit) of: 2017 $164; 2016 $0; 2015 $(3) | 238 | (4) | |
Fair value adjustments on derivatives, net of deferred income tax expense (benefit) of: 2017 $11,291; 2016 $(4,161); 2015 $(3,117) | 16,347 | (6,026) | (4,512) |
Benefit plan adjustments, net of deferred income tax expense (benefit) of: 2017 $116; 2016 $(349); 2015 $(117) | 169 | (503) | (171) |
Total Other Comprehensive Income (Loss) | 17,831 | (9,026) | (5,481) |
Total Comprehensive Income | $ 36,434 | $ 6,796 | $ 148 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Deferred income tax expense (benefit), Unrealized gain (loss) on securities available for sale arising during the period | $ 815 | $ (2,064) | $ (481) |
Deferred income tax (benefit) expense, Net (loss)gain on securities transferred from available for sale to held to maturity | (22) | 4 | (31) |
Income tax (benefit) expense, Realized loss (gain) on securities available for sale | 164 | 0 | (3) |
Deferred income tax expense (benefit), Fair value adjustments on derivatives | 11,290 | (4,161) | (3,117) |
Deferred tax expense (benefit), Benefit plans adjustments | $ 116 | $ (349) | $ (117) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Paid-in Capital [Member] | Retained Earnings [Member] | Unearned ESOP Shares [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive (Loss) Income [Member] |
Balance (in value) at Jun. 30, 2014 | $ 494,676 | $ 7,378 | $ 231,870 | $ 336,355 | $ (3,879) | $ (74,768) | $ (2,280) |
Balance (in shares) at Jun. 30, 2014 | 92,856,000 | ||||||
Net Income | 5,629 | 5,629 | |||||
Other comprehensive income (loss), net of income tax expense (benefit) | (5,481) | (5,481) | |||||
Conversion of Kearny MHC (in value) | 670,660 | $ (5,843) | 676,503 | ||||
Conversion of Kearny MHC (in shares) | (3,589,000) | ||||||
Issuance of shares to charitable foundation (in value) | 5,000 | $ 5 | 4,995 | ||||
Issuance of shares to charitable foundation (in shares) | 500,000 | ||||||
Purchase of shares by ESOP (in value) | $ 36 | 36,089 | (36,125) | ||||
Purchase of shares by ESOP (in shares) | 3,613,000 | ||||||
Retirement of treasury stock | $ (641) | (72,894) | 73,535 | ||||
Contribution of MHC | 164 | 164 | |||||
ESOP shares committed to be released | 2,067 | 490 | 1,577 | ||||
Stock option expense | 177 | 177 | |||||
Treasury stock reissued for stock option exercises (in value) | 1,365 | 132 | $ 1,233 | ||||
Treasury stock reissued for stock option exercises (in shares) | 148,000 | ||||||
Restricted stock plan shares earned (in value) | 306 | 306 | |||||
Settlement of stock options with cash in lieu of shares, value | (7,188) | (7,188) | |||||
Balance (in value) at Jun. 30, 2015 | 1,167,375 | $ 935 | 870,480 | 342,148 | (38,427) | (7,761) | |
Balance (in shares) at Jun. 30, 2015 | 93,528,000 | ||||||
Net Income | 15,822 | 15,822 | |||||
Other comprehensive income (loss), net of income tax expense (benefit) | (9,026) | (9,026) | |||||
ESOP shares committed to be released | $ 2,438 | 492 | 1,946 | ||||
Stock option exercise (in shares) | 0 | ||||||
Stock option expense | $ 160 | 160 | |||||
Share repurchases (in value) | (22,286) | $ (17) | (22,269) | ||||
Stock repurchases (in shares) | (1,706,000) | ||||||
Restricted stock plan shares earned (in value) | 310 | 310 | |||||
Cash dividends declared | (7,164) | (7,164) | |||||
Balance (in value) at Jun. 30, 2016 | $ 1,147,629 | $ 918 | 849,173 | 350,806 | (36,481) | (16,787) | |
Balance (in shares) at Jun. 30, 2016 | 91,821,910 | 91,822,000 | |||||
Net Income | $ 18,603 | 18,603 | |||||
Other comprehensive income (loss), net of income tax expense (benefit) | 17,831 | 17,831 | |||||
ESOP shares committed to be released | 2,917 | 972 | 1,945 | ||||
Stock option exercise (in value) | $ 482 | $ 1 | 481 | ||||
Stock option exercise (in shares) | 62,216 | 62,000 | |||||
Stock option expense | $ 1,275 | 1,275 | |||||
Share repurchases (in value) | $ (126,002) | $ (89) | (125,913) | ||||
Stock repurchases (in shares) | (8,886,627) | (8,886,000) | |||||
Issuance of shares for stock benefit plan (in value) | $ 14 | (14) | |||||
Issuance of shares for stock benefit plan (in shares) | 1,387,000 | ||||||
Cancellation of expired, ungranted shares issued for stock benefit plan (in value) | $ 183 | 183 | |||||
Cancellation of expired, ungranted shares issued for stock benefit plan (in shares) | (34,000) | ||||||
Restricted stock plan shares earned (in value) | 2,633 | 2,633 | |||||
Cash dividends declared | (8,370) | (8,370) | |||||
Balance (in value) at Jun. 30, 2017 | $ 1,057,181 | $ 844 | $ 728,790 | $ 361,039 | $ (34,536) | $ 1,044 | |
Balance (in shares) at Jun. 30, 2017 | 84,350,848 | 84,351,000 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares shares in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement Of Stockholders Equity [Abstract] | |||
ESOP shares committed to be released, shares | 201 | 201 | 201 |
Restricted stock plan shares earned, shares | 176 | 35 | 32 |
Dividends Declared Per Common Share | $ 0.10 | $ 0.08 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Cash Flows from Operating Activities: | |||
Net Income | $ 18,603,000 | $ 15,822,000 | $ 5,629,000 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of premises and equipment | 2,843,000 | 2,988,000 | 2,942,000 |
Net amortization of premiums, discounts and loan fees and costs | 4,935,000 | 4,739,000 | 2,536,000 |
Deferred income taxes | (1,843,000) | (1,578,000) | (3,388,000) |
Realized gain on bargain purchase | (370,000) | ||
Amortization of intangible assets | 138,000 | 167,000 | 193,000 |
Amortization of benefit plans’ unrecognized net loss | 65,000 | 59,000 | 75,000 |
Provision for loan losses | 5,381,000 | 10,690,000 | 6,108,000 |
Loss on write-down and sales of real estate owned | 106,000 | 137,000 | 793,000 |
Loans originated for sale | (85,806,000) | (9,215,000) | |
Proceeds from sale of loans held-for-sale | 85,144,000 | 5,981,000 | |
Gain on sale of loans held-for-sale, net | (713,000) | (82,000) | |
Realized gain on sale of loans | (822,000) | (354,000) | (111,000) |
Proceeds from sale of loans | 10,411,000 | 14,224,000 | 1,343,000 |
Realized loss on sale/call of debt securities available for sale | 10,000 | 594,000 | |
Realized gain on call of debt securities held to maturity | (31,000) | (2,000) | |
Realized loss (gain) on sale of mortgage-backed securities available for sale | 391,000 | (601,000) | |
Realized gain on sale of mortgage-backed securities held to maturity | (369,000) | ||
Realized gain on disposition of premises and equipment | (9,000) | (14,000) | (14,000) |
Increase in cash surrender value of bank owned life insurance | (5,207,000) | (5,563,000) | (2,565,000) |
ESOP, stock option plan and restricted stock plan expenses | 6,825,000 | 2,908,000 | 2,550,000 |
Contribution of stock to charitable foundation | 5,000,000 | ||
Increase in interest receivable | (1,281,000) | (1,339,000) | (860,000) |
Decrease (increase) in other assets | 59,000 | (1,145,000) | (8,533,000) |
Increase in interest payable | 468,000 | 205,000 | 39,000 |
(Decrease) increase in other liabilities | (768,000) | 549,000 | 9,142,000 |
Net Cash Provided by Operating Activities | 38,530,000 | 39,177,000 | 20,502,000 |
Cash Flows from Investing Activities: | |||
Purchase of debt securities available for sale | (138,388,000) | (52,528,000) | |
Proceeds from sale of debt securities available for sale | 39,444,000 | ||
Proceeds from repayments of debt securities available for sale | 94,964,000 | 20,851,000 | 868,000 |
Purchases of mortgage-backed securities available for sale | (30,663,000) | (10,384,000) | |
Principal repayments on mortgage-backed securities available for sale | 52,169,000 | 67,224,000 | 79,825,000 |
Proceeds from sale of mortgage-backed securities available for sale | 83,008,000 | 17,780,000 | |
Purchase of debt securities held to maturity | (34,429,000) | (12,233,000) | (10,015,000) |
Proceeds from repayments of debt securities held to maturity | 56,668,000 | 64,704,000 | 6,353,000 |
Purchases of mortgage-backed securities held to maturity | (17,550,000) | (186,029,000) | |
Principal repayments on mortgage-backed securities held to maturity | 54,656,000 | 48,804,000 | 37,257,000 |
Proceeds from sale of mortgage-backed securities held to maturity | 5,300,000 | 0 | 0 |
Purchase of loans | (143,633,000) | (356,421,000) | (233,104,000) |
Net increase in loans receivable | (440,845,000) | (233,913,000) | (134,222,000) |
Proceeds from sale of real estate owned | 1,026,000 | 2,225,000 | 1,748,000 |
Additions to premises and equipment | (4,035,000) | (2,193,000) | (2,052,000) |
Proceeds from cash settlement of premises and equipment | 14,000 | 50,000 | |
Purchase of bank owned life insurance | (80,000,000) | ||
Proceeds from repayment of BOLI cash surrender value | 933,000 | ||
Purchase of FHLB stock | (26,765,000) | (3,711,000) | (11,518,000) |
Redemption of FHLB stock | 17,419,000 | 567,000 | 10,040,000 |
Cash received from MHC in merger | 162,000 | ||
Net Cash Used in Investing Activities | (453,548,000) | (421,632,000) | (525,392,000) |
Cash Flows from Financing Activities: | |||
Net increase (decrease) in deposits | 235,079,000 | 229,164,000 | (14,149,000) |
Repayment of term FHLB advances | (2,103,103,000) | (1,657,599,000) | (1,600,094,000) |
Proceeds from term FHLB advances | 2,300,000,000 | 1,700,000,000 | 1,672,000,000 |
Net change in overnight borrowings | (17,000,000) | ||
Net (decrease) increase in other short-term borrowings | (5,103,000) | 541,000 | 4,356,000 |
Net increase (decrease) in advance payments by borrowers for taxes | 805,000 | (1,137,000) | 42,000 |
Repurchase and cancellation of common stock of Kearny Financial Corp. | (126,002,000) | (22,286,000) | |
Cancellation of expired, ungranted shares issued for stock benefit plan | 183,000 | ||
Issuance of common stock of Kearny Financial Corp. from treasury | 1,365,000 | ||
Dividends paid | (8,286,000) | (7,164,000) | |
Net proceeds from sale of common stock | 706,785,000 | ||
Loan to ESOP for purchase of common stock | (36,125,000) | ||
Exercise of stock options | 482,000 | ||
Payment of cash for exercise of stock options | (7,188,000) | ||
Net Cash Provided by Financing Activities | 294,055,000 | 241,519,000 | 709,992,000 |
Net (Decrease) Increase in Cash and Cash Equivalents | (120,963,000) | (140,936,000) | 205,102,000 |
Cash and Cash Equivalents - Beginning | 199,200,000 | 340,136,000 | 135,034,000 |
Cash and Cash Equivalents - Ending | 78,237,000 | 199,200,000 | 340,136,000 |
Cash paid during the year for: | |||
Income taxes, net of refunds | 9,483,000 | 9,177,000 | 1,905,000 |
Interest | 36,051,000 | 31,698,000 | 25,341,000 |
Non-cash investing activities: | |||
Acquisition of real estate owned in settlement of loans | $ 1,939,000 | $ 2,247,000 | 1,860,000 |
Fair value of assets acquired, net of cash and cash equivalents acquired | $ 319,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 - Summary of Significant Accounting Policies Basis of Consolidated Financial Statement Presentation The consolidated financial statements include the accounts of Kearny Financial Corp. (the “Company”), its wholly-owned subsidiary, Kearny Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries, CJB Investment Corp. and KFS Financial Services, Inc. and its wholly-owned subsidiary, KFS Insurance Services, Inc. The Company conducts its business principally through the Bank. Management prepared the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), including the elimination of all significant inter-company accounts and transactions during consolidation. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of financial condition and revenues and expenses for the periods then ended. Actual results could differ significantly from those estimates. Material estimates, and judgements that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, the evaluation of goodwill for impairment, identification of other-than-temporary impairment of securities and the determination of the amount of deferred tax assets which are more likely than not to be realized. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses may be necessary based on changes in economic conditions in the market area. Moreover, various regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses. Such agencies may require the recognition of additions to the allowance based on their judgments about information available to them at the time of their examination. Additionally, subsequent evaluations of the Company’s goodwill that originated from the application of purchase accounting associated with the Company’s prior acquisition of five community banks could identify impairments to the intangible asset that would result in future charges to earnings. Finally, the determination of the amount of deferred tax assets more likely than not to be realized is dependent on projections of future earnings, which are subject to frequent change. Business of the Company and Subsidiaries The Company’s primary business is the ownership and operation of the Bank. The Bank is principally engaged in the business of attracting deposits from the general public at its 42 locations in New Jersey and New York and using these deposits, together with other funds, to originate or purchase loans for its portfolio and invest in securities. Loans originated or purchased by the Bank generally include loans collateralized by residential and commercial real estate augmented by secured and unsecured loans to businesses and consumers. The investment securities purchased by the Bank generally include U.S. agency mortgage-backed securities, U.S. government and agency debentures, bank-qualified municipal obligations, corporate bonds, asset-backed securities, collateralized loan obligations and subordinated debt. The Company maintains a small balance of single issuer trust preferred securities and non-agency mortgage-backed securities that were acquired through its purchase of other institutions. The Company does not actively purchase such securities. At June 30, 2017, the Bank had two wholly owned subsidiaries: KFS Financial Services, Inc. and CJB Investment Corp. KFS Financial Services, Inc., incorporated as a New Jersey corporation in 1994 under the name of South Bergen Financial Services, Inc., was acquired in Kearny’s merger with South Bergen Savings Bank in 1999 and was renamed KFS Financial Services, Inc. in 2000. It is a service corporation subsidiary originally organized for selling insurance products to Bank customers and the general public through a third party networking arrangement. During the year ended June 30, 2014, KFS Insurance Services, Inc. was created as a wholly owned subsidiary of KFS Financial Services, Inc. for the primary purpose of acquiring insurance agencies. Both KFS Financial Services Inc. and KFS Insurance Services Inc. were considered inactive during the three-year period ended June 30, 2017. CJB Investment Corp. was acquired by the Bank through the Company’s acquisition of Central Jersey Bancorp in November 2010. CJB Investment Corp was organized under New Jersey law as a New Jersey Investment Company and remained active through the three-year period ended June 30, 2017. Note 1 - Summary of Significant Accounting Policies (continued) Cash and Cash Equivalents Cash and cash equivalents include cash and amounts due from depository institutions and interest-bearing deposits in other banks, all with original maturities of three months or less. Securities In accordance with applicable accounting standards, the Company classifies its investment securities into one of three portfolios: held to maturity, available for sale or trading. Investments in debt securities that we have the positive intent and ability to hold to maturity are classified as held to maturity securities and reported at amortized cost. Debt and equity securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and reported at fair value, with unrealized holding gains and losses included in earnings. Debt and equity securities not classified as trading securities or as held to maturity securities are classified as available for sale securities and reported at fair value, with unrealized holding gains or losses, net of deferred income taxes, reported in the accumulated other comprehensive income (“OCI”) component of stockholders’ equity. If the fair value of a security is less than its amortized cost, the security is deemed to be impaired. Management evaluates all securities with unrealized losses quarterly to determine if such impairments are “temporary” or “other-than-temporary”. The Company accounts for temporary impairments based upon their classification as either available for sale, held to maturity or managed within a trading portfolio. Temporary impairments on “available for sale” securities are recognized, on a tax-effected basis, through OCI with offsetting entries adjusting the carrying value of the security and the balance of deferred taxes. Conversely, the Company does not adjust the carrying value of “held to maturity” securities for temporary impairments, although information concerning the amount and duration of impairments on held to maturity securities is disclosed in periodic financial statements. The carrying value of securities held in a trading portfolio is adjusted to their fair value through earnings on a daily basis. However, the Company did not maintain any securities in trading portfolios at or during the periods presented in these financial statements. The Company accounts for other-than-temporary impairments based upon several considerations. First, other-than-temporary impairments on securities that the Company has decided to sell as of the close of a fiscal period, or will, more likely than not, be required to sell prior to the full recovery of their fair value to a level equal to or exceeding their amortized cost, are recognized in earnings. If neither of these conditions regarding the likelihood of the securities’ sale are applicable, then, for debt securities, the other-than-temporary impairment is bifurcated into credit-related and noncredit-related components. A credit-related impairment generally represents the amount by which the present value of the cash flows that are expected to be collected on a debt security fall below its amortized cost. The noncredit-related component represents the remaining portion of the impairment not otherwise designated as credit-related. The Company recognizes credit-related, other-than-temporary impairments in earnings. However, noncredit-related, other-than-temporary impairments on debt securities are recognized in OCI. Premiums and discounts on all securities are generally amortized/accreted to maturity by use of the level-yield method considering the impact of principal amortization and prepayments on mortgage-backed securities. Premiums on callable securities are generally amortized to the call date whereas discounts on such securities are accreted to the maturity date. Gain or loss on sales of securities is based on the specific identification method. Note 1 - Summary of Significant Accounting Policies (continued) Concentration of Risk Financial instruments which potentially subject the Company and its subsidiaries to concentrations of credit risk consist of cash and cash equivalents, mortgage-backed and non-mortgage-backed securities and loans receivable. Cash and cash equivalents include deposits placed in other financial institutions. At June 30, 2017, the Company had cash and cash equivalents of $78.2 million comprising funds on deposit at other institutions totaling $62.5 million and other cash-related items, consisting primarily of vault cash and cash held by, or in transit to/from, our cash repository service provider, totaling $15.7 million. Cash and equivalents on deposit at other institutions at June 30, 2017 included $4.8 million held by the Federal Home Loan Bank of New York (“FHLB”), $53.6 million held by the Federal Reserve Bank of New York (“FRB”) as well as $4.2 million held at two U.S. domestic money center banks representing funds on deposit totaling $3.2 million and $1.0 million, respectively, at June 30, 2017. By comparison, at June 30, 2016, the Company had cash and cash equivalents of $199.2 million comprising funds on deposit at other institutions totaling $180.8 million and other cash-related items, consisting primarily of vault cash and cash held by, or in transit to/from, our cash repository service provider, totaling $18.4 million. Cash and equivalents on deposit at other institutions at June 30, 2016 was comprised of $11.2 million held by the FHLB, $147.0 million held by the FRB and a total of $22.6 million held at three U.S. domestic money center banks representing funds on deposit totaling $13.4 million, $8.9 million and $281,000, respectively, at June 30, 2016. Securities include concentrations of investments backed by U.S. government agencies and U.S. government sponsored enterprises (“GSEs”), including the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”), the Government National Mortgage Association (“Ginnie Mae”) and the Small Business Administration (“SBA”). Additional concentration risk exists in the Company’s municipal and corporate obligations, asset-backed securities and collateralized loan obligations. Lesser concentration risk exists in the Company’s non-agency mortgage-backed securities and single issuer trust preferred securities due to comparatively lower total balances of such securities held by the Company and the variety of issuers represented. The Company’s lending activity is primarily concentrated in loans collateralized by real estate in the states of New Jersey and New York. As a result, credit risk is broadly dependent on the real estate market and general economic conditions in these states. Additionally, the Company’s lending policies limit the amount of credit extended to any single borrower and their related interests thereby limiting the concentration of credit risk to any single borrower. Loans Receivable Loans receivable, net are stated at unpaid principal balances, net of deferred loan origination fees and costs, purchased discounts and premiums and the allowance for loan losses. Certain direct loan origination costs net of loan origination fees, are deferred and amortized, using the level-yield method, as an adjustment of yield over the contractual lives of the related loans. Unearned premiums and discounts are amortized or accreted by use of the level-yield method over the contractual lives of the related loans. Loans Held-for-Sale Loans held-for-sale are carried at the lower of cost or estimated fair value, as determined on an aggregate basis. Net unrealized losses, if any, are recognized in a valuation allowance through charges to earnings. Premiums and discounts and origination fees and costs on loans held-for-sale are deferred and recognized as a component of the gain or loss on sale. Gains and losses on sales of loans held-for-sale are recognized on settlement dates and are determined by the difference between the sale proceeds and the carrying value of the loans. These transactions are accounted for as sales based on our satisfaction of the criteria for such accounting which provide that, as transferor, we have surrendered control over the loans. Note 1 - Summary of Significant Accounting Policies (continued) Past Due Loans A loan’s “past due” status is generally determined based upon its principal and interest payment (“P&I”) delinquency status in conjunction with its “past maturity” status, where applicable. A loan’s “P&I delinquency” status is based upon the number of calendar days between the date of the earliest P&I payment due and the “as of” measurement date. A loan’s “past maturity” status, where applicable, is based upon the number of calendar days between a loan’s contractual maturity date and the “as of” measurement date. Based upon the larger of these criteria, loans are categorized into the following “past due” tiers for financial statement reporting and disclosure purposes: Current (including 1-29 days past due), 30-59 days, 60-89 days and 90 or more days. Nonaccrual Loans Loans are generally placed on nonaccrual status when contractual payments become 90 days or more past due, and are otherwise placed on nonaccrual when the Company does not expect to receive all P&I payments owed substantially in accordance with the terms of the loan agreement. Loans that become 90 days past maturity, but remain non-delinquent with regard to ongoing P&I payments, may remain on accrual status if: (1) the Company expects to receive all P&I payments owed substantially in accordance with the terms of the loan agreement, past maturity status notwithstanding, and (2) the borrower is working actively and cooperatively with the Company to remedy the past maturity status through an expected refinance, payoff or modification of the loan agreement that is not expected to result in a troubled debt restructuring (“TDR”) classification. All TDRs are placed on nonaccrual status for a period of no less than six months after restructuring, irrespective of past due status. The sum of nonaccrual loans plus accruing loans that are 90 days or more past due are generally defined collectively as “nonperforming loans”. Payments received in cash on nonaccrual loans, including both the principal and interest portions of those payments, are generally applied to reduce the carrying value of the loan for financial statement purposes. When a loan is returned to accrual status, any accumulated interest payments previously applied to the carrying value of the loan during its nonaccrual period are recognized as interest income as an adjustment to the loan’s yield over its remaining term. Loans that are not considered to be TDRs are generally returned to accrual status when payments due are brought current and the Company expects to receive all remaining P&I payments owed substantially in accordance with the terms of the loan agreement. Non-TDR loans may also be returned to accrual status when a loan’s payment status falls below 90 days past due and the Company: (1) expects receipt of the remaining past due amounts within a reasonable timeframe, and (2) expects to receive all remaining P&I payments owed substantially in accordance with the terms of the loan agreement. Acquired Loans Loans that we acquire through acquisitions are recorded at fair value with no carryover of the related allowance for credit losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable yield and is recognized into interest income over the remaining life of the loan. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable yield. The nonaccretable yield represents estimated future credit losses expected to be incurred over the life of the loan. Subsequent decreases to the expected cash flows require us to evaluate the need for an allowance for credit losses. Subsequent improvements in expected cash flows result in the reversal of a corresponding amount of the nonaccretable yield which we then reclassify as accretable yield that is recognized into interest income over the remaining life of the loan using the interest method. Our evaluation of the amount of future cash flows that we expect to collect is performed in a similar manner as that used to determine our allowance for credit losses. Charge-offs of the principal amount on acquired loans would be first applied to the nonaccretable yield portion of the fair value adjustment. Acquired loans that met the criteria for nonaccrual of interest prior to the acquisition may be considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if we can reasonably estimate the timing and amount of the expected cash flows on such loans and if we expect to fully collect the new carrying value of the loans. As such, we may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable yield. Note 1 - Summary of Significant Accounting Policies (continued) Classification of Assets In compliance with the regulatory guidelines, the Company’s loan review system includes an evaluation process through which certain loans exhibiting adverse credit quality characteristics are classified “Special Mention”, “Substandard”, “Doubtful” or “Loss”. An asset is classified as “Substandard” if it is inadequately protected by the paying capacity and net worth of the obligor or the collateral pledged, if any. Substandard assets include those characterized by the distinct possibility that the insured institution will sustain some loss if the deficiencies are not corrected. Assets classified as “Doubtful” have all of the weaknesses inherent in those classified as “Substandard”, with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values. Assets, or portions thereof, classified as “Loss” are considered uncollectible or of so little value that their continuance as assets is not warranted. Management evaluates loans classified as substandard or doubtful for impairment in accordance with applicable accounting requirements. As discussed in greater detail below, a valuation allowance is established through the provision for loan losses for any impairment identified through such evaluations. To the extent that impairment identified on a loan is classified as “Loss”, that portion of the loan is charged off against the allowance for loan losses. The classification of loan impairment as “Loss” is based upon a confirmed expectation for loss. For loans primarily secured by real estate, the expectation for loss is generally confirmed when: (a) impairment is identified on a loan individually evaluated in the manner described below, and (b) the loan is presumed to be collateral-dependent such that the source of loan repayment is expected to arise solely from sale of the collateral securing the applicable loan. Impairment identified on non-collateral-dependent loans may or may not be eligible for a “Loss” classification depending upon the other salient facts and circumstances that effect the manner and likelihood of loan repayment. However, loan impairment that is classified as “Loss” is charged off against the allowance for loan losses concurrent with that classification. The timeframe between when loan impairment is first identified by the Company and when such impairment may ultimately be charged off varies by loan type. For example, unsecured consumer and commercial loans are generally classified as “Loss” at 120 days past due, resulting in their outstanding balances being charged off at that time. For the Company’s secured loans, the condition of collateral dependency generally serves as the basis upon which a “Loss” classification is ascribed to a loan’s impairment thereby confirming an expected loss and triggering charge off of that impairment. While the facts and circumstances that effect the manner and likelihood of repayment vary from loan to loan, the Company generally considers the referral of a loan to foreclosure, coupled with the absence of other viable sources of loan repayment, to be demonstrable evidence of collateral dependency. Depending upon the nature of the collections process applicable to a particular loan, an early determination of collateral dependency could result in a nearly concurrent charge off of a newly identified impairment. By contrast, a presumption of collateral dependency may only be determined after the completion of lengthy loan collection and/or workout efforts, including bankruptcy proceedings, which may extend several months or more after a loan’s impairment is first identified. In a limited number of cases, the entire net carrying value of a loan may be determined to be impaired based upon a collateral-dependent impairment analysis. However, the borrower’s adherence to contractual repayment terms precludes the recognition of a “Loss” classification and charge off. In these limited cases, a valuation allowance equal to 100% of the impaired loan’s carrying value may be maintained against the net carrying value of the asset. Assets which do not currently expose the Company to a sufficient degree of risk to warrant an adverse classification but have some credit deficiencies or other potential weaknesses are designated as “Special Mention” by management. Adversely classified assets, together with those rated as “Special Mention”, are generally referred to as “Classified Assets”. Non-classified assets are internally rated within one of four “Pass” categories or as “Watch” with the latter denoting a potential deficiency or concern that warrants increased oversight or tracking by management until remediated. Management performs a classification of assets review, including the regulatory classification of assets, generally on a monthly basis. The results of the classification of assets review are validated by the Company’s third party loan review firm during their quarterly independent review. In the event of a difference in rating or classification between those assigned by the internal and external resources, the Company will generally utilize the more critical or conservative rating or classification. Final loan ratings and regulatory classifications are presented monthly to the Board of Directors and are reviewed by regulators during the examination process. Note 1 - Summary of Significant Accounting Policies (continued) Allowance for Loan Losses The allowance for loan losses is a valuation account that reflects the Company’s estimation of the losses in its loan portfolio to the extent they are both probable and reasonable to estimate. The balance of the allowance is generally maintained through provisions for loan losses that are charged to income in the period that estimated losses on loans are identified by the Company’s loan review system. The Company charges confirmed losses on loans against the allowance as such losses are identified. Recoveries on loans previously charged-off are added back to the allowance. The Company’s allowance for loan loss calculation methodology utilizes a “two-tier” loss measurement process that is generally performed monthly. Based upon the results of the classification of assets and credit file review processes described earlier, the Company first identifies the loans that must be reviewed individually for impairment. Factors considered in identifying individual loans to be reviewed include, but may not be limited to, loan type, classification status, contractual payment status, performance/accrual status and impaired status. The loans considered by the Company to be eligible for individual impairment review include its commercial mortgage loans, comprising multi-family and nonresidential real estate loans, construction loans, commercial business loans as well as its one- to four-family mortgage loans, home equity loans and home equity lines of credit. A reviewed loan is deemed to be impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. Once a loan is determined to be impaired, management performs an analysis to determine the amount of impairment associated with that loan. In measuring the impairment associated with collateral-dependent loans, the fair value of the collateral securing the loan is generally used as a measurement proxy for that of the impaired loan itself as a practical expedient. In the case of real estate collateral, such values are generally determined based upon a discounted market value obtained through an automated valuation module or prepared by a qualified, independent real estate appraiser. The value of non-real estate collateral is similarly determined based upon an independent assessment of fair market value by a qualified resource. The Company generally obtains independent appraisals on properties securing mortgage loans when such loans are initially placed on nonperforming or impaired status with such values updated approximately every six to twelve months thereafter throughout the collections, bankruptcy and/or foreclosure processes. Appraised values are typically updated at the point of foreclosure, where applicable, and approximately every six to twelve months thereafter while the repossessed property is held as real estate owned. As supported by accounting and regulatory guidance, the Company reduces the fair value of the collateral by estimated selling costs, such as real estate brokerage commissions, to measure impairment when such costs are expected to reduce the cash flows available to repay the loan. The Company establishes valuation allowances in the fiscal period during which the loan impairments are identified. The results of management’s individual loan impairment evaluations are validated by the Company’s third party loan review firm during their quarterly independent review. Such valuation allowances are adjusted in subsequent fiscal periods, where appropriate, to reflect any changes in carrying value or fair value identified during subsequent impairment evaluations which are generally updated monthly by management. The second tier of the loss measurement process involves estimating the probable and estimable losses which addresses loans not otherwise reviewed individually for impairment as well as those individually reviewed loans that are determined to be non-impaired. Such loans include groups of smaller-balance homogeneous loans that may generally be excluded from individual impairment analysis, and therefore collectively evaluated for impairment, as well as the non-impaired loans within categories that are otherwise eligible for individual impairment review. Note 1 - Summary of Significant Accounting Policies (continued) Valuation allowances established through the second tier of the loss measurement process utilize historical and environmental loss factors to collectively estimate the level of probable losses within defined segments of the Company’s loan portfolio. These segments aggregate homogeneous subsets of loans with similar risk characteristics based upon loan type. For allowance for loan loss calculation and reporting purposes, the Company currently stratifies its loan portfolio into seven primary categories: residential mortgage loans, multi-family mortgage loans, non-residential mortgage loans, construction loans, commercial business loans, home equity loans, and other consumer loans. The risks presented by residential mortgage loans are primarily related to adverse changes in the borrower’s financial condition that threaten repayment of the loan in accordance with its contractual terms. Such risk to repayment can arise from job loss, divorce, illness and the personal bankruptcy of the borrower. For collateral dependent residential mortgage loans, additional risk of loss is presented by potential declines in the fair value of the collateral securing the loan. Home equity loans generally share the same risks as those applicable to residential mortgage loans. However, to the extent that such loans represent junior liens, they are comparatively more susceptible to such risks given their subordinate position behind senior liens. In addition to sharing similar risks as those presented by residential mortgage loans, risks relating to multi-family and non-residential mortgage loans also arise from comparatively larger loan balances to single borrowers or groups of related borrowers. Moreover, the repayment of such loans is typically dependent on the successful operation of an underlying real estate project and may be further threatened by adverse changes to demand and supply of commercial real estate as well as changes generally impacting overall business or economic conditions. The risks presented by construction loans are generally considered to be greater than those attributable to residential and commercial mortgage loans. Risks from construction lending arise, in part, from the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions on developers and builders. Moreover, a construction loan can involve additional risks because of the inherent difficulty in estimating both a property's value at completion of the project and the estimated cost, including interest, of the project. The nature of these loans is such that they are comparatively more difficult to evaluate and monitor than permanent mortgage loans. Commercial business loans are also considered to present a comparatively greater risk of loss due to the concentration of principal in a limited number of loans and/or borrowers and the effects of general economic conditions on the business. Commercial business loans may be secured by varying forms of collateral including, but not limited to, business equipment, receivables, inventory and other business assets which may not provide an adequate source of repayment of the outstanding loan balance in the event of borrower default. Moreover, the repayment of commercial business loans is primarily dependent on the successful operation of the underlying business which may be threatened by adverse changes to the demand for the business’ products and/or services as well as the overall efficiency and effectiveness of the business’ operations and infrastructure. Finally, our unsecured consumer loans generally have shorter terms and higher interest rates than other forms of lending but generally involve more credit risk due to the lack of collateral to secure the loan in the event of borrower default. Consumer loan repayment is dependent on the borrower's continuing financial stability, and therefore is more likely to be adversely affected by job loss, divorce, illness and personal bankruptcy. By contrast, our consumer loans also include account loans that are fully secured by the borrower’s deposit accounts and generally present nominal risk to the Company. Each primary category is further stratified to distinguish between loans originated and purchased directly from third party lenders from loans acquired through wholesale channels or through business combinations. Where applicable, such primary categories separately identify loans that are supported by government guarantees, such as those issued by the SBA. Within these primary categories, loans are grouped into more granular segments based on common risk characteristics. For exa |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Jun. 30, 2017 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 2 – Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) In September 2015, the FASB issued ASU 2015-16, Business Combination (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments In addition, the amendments in the ASU would require an entity to disclose (either on the face of the income statement or in the notes) the nature and amount of measurement-period adjustments recognized in the current period, including separately the amounts in current-period income statement line items that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The amendments are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015 and its adoption did not have a significant impact on the Company’s consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities Note 2 – Recent Accounting Pronouncements (continued) In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) The new leases standard requires a lessor to classify leases as either sales-type, direct financing or operating, similar to existing U.S. GAAP. Classification depends on the same five criteria used by lessees plus certain additional factors. The subsequent accounting treatment for all three lease types is substantially equivalent to existing U.S. GAAP for sales-type leases, direct financing leases, and operating leases. However, the new standard updates certain aspects of the lessor accounting model to align it with the new lessee accounting model, as well as with the new revenue standard under Topic 606. Lessees and lessors are required to provide certain qualitative and quantitative disclosures to enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The new leases standard addresses other considerations including identification of a lease, separating lease and non-lease components of a contract, sale and leaseback transactions, modifications, combining contracts, reassessment of the lease term, and re-measurement of lease payments. It also contains comprehensive implementation guidance with practical examples. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective approach must be applied for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company continues to evaluate the impact of the guidance, including determining whether other contracts exist that may be deemed to be in scope. As such, no conclusions have yet been reached regarding the potential impact on adoption on the Company’s Consolidated Financial Statements and regulatory capital and risk-weighted assets; however, the Company does not expect the amendment to have a material impact on its results of operations. In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships In March 2016, the FASB issued ASU 2016-06, Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments Note 2 – Recent Accounting Pronouncements (continued) In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In addition, the ASU elevates the statutory tax withholding threshold to qualify for equity classification up to the maximum statutory tax rates in the applicable jurisdiction(s). The ASU also clarifies that cash paid by an employer when directly withholding shares for tax withholding purposes should be classified as a financing activity. The ASU provides an optional accounting policy election (with limited exceptions), to be applied on an entity-wide basis, to either estimate the number of awards that are expected to vest (consistent with existing U.S. GAAP) or account for forfeitures when they occur. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company adopted this ASU in the current year and its adoption did not have a significant impact on the Company’s consolidated financial statements. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing The effective date and transition requirements for ASU 2016-10 are the same as the effective date and transition requirements of Topic 606 which, for public entities, is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. In May 2016, the FASB issued ASU 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting The amendments within Topics 605 and 932 are effective upon adoption of Topic 606 which, for public entities, is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Paragraph 815-10-S99-3 is rescinded to coincide with the effective date of Update 2014-16. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients The effective date and transition requirements for ASU 2016-12 are the same as the effective date and transition requirements of Topic 606 which, for public entities, is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. Note 2 – Recent Accounting Pronouncements (continued) In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instrument The ASU also replaces the current accounting model for purchased credit impaired loans and debt securities. The allowance for credit losses for purchased financial assets with a more-than insignificant amount of credit deterioration since origination (“PCD assets”), should be determined in a similar manner to other financial assets measured on an amortized cost basis. However, upon initial recognition, the allowance for credit losses is added to the purchase price (“gross up approach”) to determine the initial amortized cost basis. The subsequent accounting for PCD financial assets is the same expected loss model described above. Further, the ASU made certain targeted amendments to the existing impairment model for available-for-sale (AFS) debt securities. For an AFS debt security for which there is neither the intent nor a more-likely-than-not requirement to sell, an entity will record credit losses as an allowance rather than a write-down of the amortized cost basis. For public business entities that are SEC filers, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e. modified retrospective approach). The Company has begun its evaluation of this ASU including the potential impact on its Consolidated Financial Statements. The extent of change is indeterminable at this time as it will be dependent upon portfolio composition and credit quality at the adoption date, as well as economic conditions and forecasts at that time. Upon adoption, any impact to the allowance for credit losses, currently allowance for loan and lease losses, will have an offsetting impact on retained earnings. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) In December 2016, the FASB issued ASU 2016-19, Technical Corrections and Improvements In January 2017, the FASB issued ASU 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments-Equity Method and Joint Ventures (Topic 323), 5 Note 2 – Recent Accounting Pronouncements (continued) In February 2017, ASU 2017-05, Other Income-Gains and Losses from Derecognition of Nonfinancial Assets (Subtopic 610-20), In March 2017, ASU 2017-07, Compensation-Retirement Benefits (Topic715), In March 2017, ASU 2017-08 Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20), In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718), Scope of Modification Accounting, |
Plan of Conversion and Stock Of
Plan of Conversion and Stock Offering | 12 Months Ended |
Jun. 30, 2017 | |
Plan Of Reorganization [Abstract] | |
Plan of Conversion and Stock Offering | Note 3 – Plan of Conversion and Stock Offering On September 4, 2014, the Boards of Directors of Kearny MHC, our prior holding company (also named Kearny Financial Corp.) and the Bank adopted a Plan of Conversion and Reorganization (the “Plan”). Pursuant to the Plan, Kearny MHC would convert from the mutual holding company form of organization to the fully public form. Kearny MHC would be merged into the prior holding company, and Kearny MHC would no longer exist. The prior holding company would then merge into a new Maryland corporation, also named Kearny Financial Corp., which would become the holding company for the Bank. As part of the conversion, Kearny MHC’s ownership interest in the prior holding company would be offered for sale in a public offering. The existing publicly held shares of the Company, which represented the remaining ownership interest in the Company, would be exchanged for new shares of common stock of the new Maryland corporation. The exchange ratio would ensure that immediately after the conversion and public offering, the public shareholders of the Company would own the same aggregate percentage of common stock of the new Maryland corporation that they owned immediately prior to the completion of the conversion and public offering (excluding shares purchased in the stock offering and cash received in lieu of fractional shares). Upon completion of the conversion and public offering, all of the capital stock of the Bank would be owned by the new Maryland corporation. The Plan provided for the establishment, upon the completion of the conversion, of special “liquidation accounts” for the benefit of certain depositors of the Bank in an amount equal to the greater of Kearny MHC’s ownership interest in the retained earnings of the Company as of the date of the latest balance sheet contained in the prospectus relating to the stock offering or the value of the net assets of Kearny MHC as of the date of the latest statement of financial condition of Kearny MHC prior to the consummation of the conversion (excluding its ownership of the Company). Following the completion of the conversion, under the rules of the Federal Reserve Bank (“FRB”), the Bank would no longer be permitted to pay dividends on its capital stock to the Company, its sole shareholder, if the Company’s shareholders’ equity would be reduced below the amount of the liquidation accounts. The liquidation accounts would be reduced annually to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases would not restore an eligible accountholder’s interest in the liquidation accounts. Direct costs of the conversion and public offering would be deferred and reduce the proceeds from the shares sold in the public offering. On May 5, 2015, the stockholders of the prior holding company and members of Kearny MHC approved the plan of conversion and reorganization. Additionally, on May 5, 2015, the Company’s stockholders and Kearny MHC’s members each approved the establishment and funding of the KearnyBank Foundation with a contribution of 500,000 shares of New Kearny common stock and $5.0 million in cash. The transactions contemplated by the Plan were also subject to approval by the Board of Governors of the Federal Reserve System, which was received in March 2015. On May 18, 2015, the Company completed its second-step conversion and stock offering as outlined in the Plan described above. In conjunction with that transaction, the Company sold 71,750,000 shares of its common stock at $10.00 per share, resulting in gross proceeds of $717.5 million. The new shares issued included 3,612,500 shares sold to the Bank’s Employee Stock Ownership Plan (“ESOP”) with an aggregate value of $36.1 million based on the sales price of $10.00 per share. Concurrent with the closing of the transaction, the Company also issued an additional 500,000 shares of its common stock with an aggregate value of $5.0 million and contributed these shares with an additional $5.0 million in cash to the KearnyBank Foundation. The Company recognized direct stock offering costs of approximately $10.7 million in conjunction with the transaction which reduced the net proceeds credited to capital. After adjusting for transaction costs and the value of the shares issued to the Bank’s ESOP, the Company recognized a net increase in equity capital of approximately $670.7 million, of which approximately $353.4 million was contributed to the Bank by the Company as an additional investment in the Bank’s common equity. The outstanding shares held by the Company’s public stockholders immediately prior to the closing of the conversion and stock offering were “exchanged” or converted into 1.3804 shares of the Company’s new common stock. All shares previously held by Kearny MHC, the former mutual holding company, as well as the remaining shares previously repurchased by the Company and held in treasury were cancelled concurrent with the closing of the transaction. As a result of the completion of the second-step conversion and stock offering, all historical share and per share information prior to the conversion date, has been revised to reflect the 1.3804-to-one exchange ratio to support the comparability of information between periods. Note 3 – Plan of Conversion and Stock Offering (continued) During the year ended June 30, 2017, the Company repurchased 8,886,627 shares of its capital stock. Of these shares repurchased, 7,646,627 shares were acquired and cancelled in conjunction with the Company’s first share repurchase plan announced in May 2016 through which it originally authorized the repurchase of 9,352,809 shares, or 10%, of the Company’s outstanding shares. Coupled with the 1,706,182 shares previously repurchased during the fiscal year ended June 30, 2016, the shares associated with this first program were repurchased at a total cost of $130.6 million and at an average cost of $13.96 per share. The remaining 1,240,000 shares repurchased during fiscal 2017 were acquired and cancelled in conjunction with the Company’s second share repurchase program announced in May 2017 through which it authorized the repurchase of 8,559,084 shares, or 10%, of the Company’s outstanding shares. Such shares were repurchased at a total cost of $17.7 million and at an average cost of $14.30 per share. |
Securities Available for Sale
Securities Available for Sale | 12 Months Ended |
Jun. 30, 2017 | |
Securities Available for Sale [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Securities | Note 4 - Securities Available for Sale Amortized cost, gross unrealized gains and losses and fair value of debt securities and mortgage-backed securities at June 30, 2017 and 2016 and stratification by contractual maturity of debt securities at June 30, 2017 are presented below: June 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Securities available for sale: Debt securities: U.S. agency securities $ 5,304 $ 35 $ 23 $ 5,316 Obligations of state and political subdivisions 27,465 305 30 27,740 Asset-backed securities 163,120 316 1,007 162,429 Collateralized loan obligations 98,078 185 109 98,154 Corporate bonds 143,017 826 1,525 142,318 Trust preferred securities 8,912 - 372 8,540 Total debt securities 445,896 1,667 3,066 444,497 Mortgage-backed securities: Collateralized mortgage obligations: Federal Home Loan Mortgage Corporation 9,902 38 66 9,874 Federal National Mortgage Association 21,222 - 560 20,662 Total collateralized mortgage obligations 31,124 38 626 30,536 Mortgage pass-through securities: Residential pass-through securities: Federal Home Loan Mortgage Corporation 95,501 352 999 94,854 Federal National Mortgage Association 35,516 425 245 35,696 Total residential pass-through securities 131,017 777 1,244 130,550 Commercial pass-through securities: Federal National Mortgage Association 8,108 69 - 8,177 Total commercial pass-through securities 8,108 69 - 8,177 Total mortgage-backed securities 170,249 884 1,870 169,263 Total securities available for sale $ 616,145 $ 2,551 $ 4,936 $ 613,760 June 30, 2017 Amortized Cost Fair Value (In Thousands) Debt securities available for sale: Due in one year or less $ - $ - Due after one year through five years 53,487 53,553 Due after five years through ten years 160,366 159,717 Due after ten years 232,043 231,227 Total $ 445,896 $ 444,497 Note 4 - Securities Available for Sale (continued) June 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Securities available for sale: Debt securities: U.S. agency securities $ 6,307 $ 146 $ 13 $ 6,440 Obligations of state and political subdivisions 27,489 909 - 28,398 Asset-backed securities 87,746 - 5,121 82,625 Collateralized loan obligations 128,664 24 1,314 127,374 Corporate bonds 143,027 7 5,630 137,404 Trust preferred securities 8,904 25 1,260 7,669 Total debt securities 402,137 1,111 13,338 389,910 Mortgage-backed securities: Collateralized mortgage obligations: Federal Home Loan Mortgage Corporation 20,944 380 - 21,324 Federal National Mortgage Association 38,992 226 89 39,129 Non-agency securities 126 - 2 124 Total collateralized mortgage obligations 60,062 606 91 60,577 Mortgage pass-through securities: Residential pass-through securities: Government National Mortgage Association 1,789 171 - 1,960 Federal Home Loan Mortgage Corporation 126,415 3,557 - 129,972 Federal National Mortgage Association 79,583 3,011 - 82,594 Total residential pass-through securities 207,787 6,739 - 214,526 Commercial pass-through securities: Federal National Mortgage Association 8,262 262 - 8,524 Total commercial pass-through securities 8,262 262 - 8,524 Total mortgage-backed securities 276,111 7,607 91 283,627 Total securities available for sale $ 678,248 $ 8,718 $ 13,429 $ 673,537 During the year ended June 30, 2017, proceeds from sales of securities available for sale totaled $83.0 million and resulted in gross gains of $1.3 million and gross losses of $1.7 million. There were no sales of securities available for sale during year ended June 30, 2016. During the year ended June 30, 2015, proceeds from sales of securities available for sale totaled $57.2 million and resulted in gross gains of $601,000 and gross losses of $594,000. At June 30, 2017 and 2016, securities available for sale with carrying values of approximately $41.8 million and $45.0 million, respectively, were utilized as collateral for borrowings through the FHLB of New York. As of those same dates, securities available for sale with total carrying values of approximately $0 and $983,000, respectively, were pledged to secure public funds on deposit. At June 30, 2017 and 2016 securities available for sale with carrying values of approximately $41.5 million and $28.4 million, respectively, were utilized as collateral for potential borrowings through the Federal Reserve Bank of New York. As of those same dates, securities available for sale with total carrying values of approximately $8.2 and $12.1 million, respectively, were utilized as collateral for depositor sweep accounts. |
Securities Held to Maturity
Securities Held to Maturity | 12 Months Ended |
Jun. 30, 2017 | |
Securities Held to Maturity [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Securities | Note 5 – Securities Held to Maturity Amortized cost, gross unrealized gains and losses and fair value of debt securities and mortgage-backed securities at June 30, 2017 and 2016 and stratification by contractual maturity of debt securities at June 30, 2017 are presented below: June 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Securities held to maturity: Debt securities: U.S. agency securities $ 35,000 $ - $ 48 $ 34,952 Obligations of state and political subdivisions 94,713 996 156 95,553 Subordinated debt 15,000 - - 15,000 Total debt securities 144,713 996 204 145,505 Mortgage-backed securities: Collateralized mortgage obligations: Government National Mortgage Association 2,199 - 46 2,153 Federal Home Loan Mortgage Corporation 15,522 - 357 15,165 Federal National Mortgage Association 111 10 - 121 Non-agency securities 22 - - 22 Total collateralized mortgage obligations 17,854 10 403 17,461 Mortgage pass-through securities: Residential pass-through securities: Federal Home Loan Mortgage Corporation 35,289 1 338 34,952 Federal National Mortgage Association 143,524 428 597 143,355 Total residential pass-through securities 178,813 429 935 178,307 Commercial pass-through securities: Government National Mortgage Association 1,989 - 11 1,978 Federal National Mortgage Association 149,952 2,622 31 152,543 Total commercial pass-through securities 151,941 2,622 42 154,521 Total mortgage-backed securities 348,608 3,061 1,380 350,289 Total securities held to maturity $ 493,321 $ 4,057 $ 1,584 $ 495,794 June 30, 2017 Amortized Cost Fair Value (In Thousands) Debt securities held to maturity: Due in one year or less $ 39,568 $ 39,518 Due after one year through five years 23,941 23,990 Due after five years through ten years 69,308 70,042 Due after ten years 11,896 11,955 Total $ 144,713 $ 145,505 Note 5 – Securities Held to Maturity (continued) June 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Securities held to maturity: Debt securities: U.S. agency securities $ 84,992 $ 31 $ 1 $ 85,022 Obligations of state and political subdivisions 82,179 2,602 9 84,772 Total debt securities 167,171 2,633 10 169,794 Mortgage-backed securities: Collateralized mortgage obligations: Government National Mortgage Association 2,787 25 - 2,812 Federal Home Loan Mortgage Corporation 20,067 92 - 20,159 Federal National Mortgage Association 194 24 - 218 Non-agency securities 33 - 1 32 Total collateralized mortgage obligations 23,081 141 1 23,221 Mortgage pass-through securities: Residential pass-through securities: Government National Mortgage Association 8 1 - 9 Federal Home Loan Mortgage Corporation 43,716 470 - 44,186 Federal National Mortgage Association 179,908 4,132 4 184,036 Total residential pass-through securities 223,632 4,603 4 228,231 Commercial pass-through securities: Government National Mortgage Association 7,756 22 - 7,778 Federal National Mortgage Association 155,646 7,814 - 163,460 Total commercial pass-through securities 163,402 7,836 - 171,238 Total mortgage-backed securities 410,115 12,580 5 422,690 Total securities held to maturity $ 577,286 $ 15,213 $ 15 $ 592,484 During the year ended June, 30 2017, proceeds from sales of securities held to maturity totaled $5.3 million which resulted in gross gains of $370,000 and gross losses of $1,000. The securities sold were limited to those whose remaining outstanding balances had declined to the required thresholds, in relation to the original amount purchased or acquired, that allowed their sale from the held to maturity portfolio. There were no sales of securities held to maturity during the year ended June 30, 2016 and June 30, 2015. At June 30, 2017 and 2016, securities held to maturity with carrying values of approximately $117.5 million and $148.8 million, respectively, were utilized as collateral for borrowings from the FHLB of New York. As of those same dates, securities held to maturity with total carrying values of approximately $6.9 million and $7.5 million, respectively, were pledged to secure public funds on deposit. At June 30, 2017 and 2016, securities held to maturity with carrying values of approximately $88.8 million and $26.2 million, respectively were utilized as collateral for potential borrowings from the Federal Reserve Bank of New York. As of those same dates, securities held to maturity with carrying values of approximately $32.7 million and $38.2 million, respectively, were utilized as collateral for depositor sweep accounts. |
Impairment of Securities
Impairment of Securities | 12 Months Ended |
Jun. 30, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Impairment of Securities | Note 6 – Impairment of Securities The following two tables summarize the fair values and gross unrealized losses within the available for sale and held to maturity portfolios. The gross unrealized losses, presented by security type, represent temporary impairments of value within each portfolio as of the dates presented. Temporary impairments within the available for sale portfolio have been recognized through other comprehensive income as reductions in stockholders’ equity on a tax-effected basis. The tables are followed by a discussion that summarizes the Company’s rationale for recognizing certain impairments as “temporary” versus those, if any, are identified as “other-than-temporary”. Such rationale is presented by investment type and generally applies consistently to both the “available for sale” and “held to maturity” portfolios, except where specifically noted. June 30, 2017 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In Thousands) Securities Available for Sale: U.S. agency securities $ 440 $ - $ 1,746 $ 23 $ 2,186 $ 23 Obligations of state and political subdivisions 3,872 30 - - 3,872 30 Asset-backed securities 16,860 84 86,975 923 103,835 1,007 Collateralized loan obligations 46,016 108 6,000 1 52,016 109 Corporate bonds - - 73,500 1,525 73,500 1,525 Trust preferred securities - - 7,540 372 7,540 372 Collateralized mortgage obligations 26,090 626 - - 26,090 626 Residential pass-through securities 77,301 1,244 - - 77,301 1,244 Total $ 170,579 $ 2,092 $ 175,761 $ 2,844 $ 346,340 $ 4,936 June 30, 2016 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In Thousands) Securities Available for Sale: U.S. agency securities $ - $ - $ 2,053 $ 13 $ 2,053 $ 13 Asset-backed securities 45,564 2,726 37,061 2,395 82,625 5,121 Collateralized loan obligations 18,227 119 98,743 1,195 116,970 1,314 Corporate bonds 18,938 61 113,482 5,569 132,420 5,630 Trust preferred securities - - 6,644 1,260 6,644 1,260 Collateralized mortgage obligations 672 3 10,485 88 11,157 91 Total $ 83,401 $ 2,909 $ 268,468 $ 10,520 $ 351,869 $ 13,429 The number of available for sale securities with unrealized losses at June 30, 2017 totaled 57 and included seven U.S. agency securities, nine municipal obligations, nine asset-backed securities, eight collateralized loan obligations, seven corporate obligations, four trust preferred securities, five collateralized mortgage obligations and eight residential pass-through securities. The number of available for sale securities with unrealized losses at June 30, 2016 totaled 52 and included five U.S. agency securities, eight asset-backed securities, 18 collateralized loan obligations, 14 corporate obligations, four trust preferred securities, and three collateralized mortgage obligations. Note 6 – Impairment of Securities (continued) June 30, 2017 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In Thousands) Securities Held to Maturity: U.S. agency securities $ 24,969 $ 31 $ 9,983 $ 17 $ 34,952 $ 48 Obligations of state and political subdivisions 19,232 150 409 6 19,641 156 Collateralized mortgage obligations 17,317 403 22 - 17,339 403 Residential pass-through securities 119,538 887 1,750 48 121,288 935 Commercial pass-through securities 11,110 42 - - 11,110 42 Total $ 192,166 $ 1,513 $ 12,164 $ 71 $ 204,330 $ 1,584 June 30, 2016 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In Thousands) Securities Held to Maturity: U.S. agency securities $ - $ - $ 10,000 $ 1 $ 10,000 $ 1 Obligations of state and political subdivisions 1,904 5 669 4 2,573 9 Collateralized mortgage obligations - - 32 1 32 1 Residential pass-through securities - - 2,026 4 2,026 4 Total $ 1,904 $ 5 $ 12,727 $ 10 $ 14,631 $ 15 The number of held to maturity securities with unrealized losses at June 30, 2017 totaled 90 and included two U.S. agency securities, 44 municipal obligations, seven collateralized mortgage obligations, 34 residential pass-through securities and three commercial pass-through securities. The number of held to maturity securities with unrealized losses at June 30, 2016 totaled 13 and included one U.S. agency security, seven municipal obligations, four collateralized mortgage obligations, and one residential pass-through security. In general, if the fair value of a debt security is less than its amortized cost basis at the time of evaluation, the security is “impaired” and the impairment is to be evaluated to determine if it is other than temporary. The Company evaluates the impaired securities in its portfolio for possible other than temporary impairment (OTTI) on at least a quarterly basis. The following represents the circumstances under which an impaired security is determined to be other than temporarily impaired: • When the Company intends to sell the impaired debt security; • When the Company more likely than not will be required to sell the impaired debt security before recovery of its amortized cost (for example, whether liquidity requirements or contractual or regulatory obligations indicate that the security will be required to be sold before a forecasted recovery occurs); or • When an impaired debt security does not meet either of the two conditions above, but the Company does not expect to recover the entire amortized cost of the security. According to applicable accounting guidance for debt securities, this is generally when the present value of cash flows expected to be collected is less than the amortized cost of the security. Note 6 – Impairment of Securities (continued) In the first two circumstances noted above, the amount of OTTI recognized in earnings is the entire difference between the security’s amortized cost basis and its fair value at the balance sheet date. In the third circumstance, however, the OTTI is to be separated into the amount representing the credit loss from the amount related to all other factors. The credit loss component is to be recognized in earnings while the non-credit loss component is to be recognized in other comprehensive income. In these cases, OTTI is generally predicated on an adverse change in cash flows (e.g. principal and/or interest payment deferrals or losses) versus those expected at the time of purchase. The absence of an adverse change in expected cash flows generally indicates that a security’s impairment is related to other “non-credit loss” factors and is thereby generally not recognized as OTTI. The Company considers a variety of factors when determining whether a credit loss exists for an impaired security including, but not limited to: • The length of time and the extent (a percentage) to which the fair value has been less than the amortized cost basis; • Adverse conditions specifically related to the security, an industry, or a geographic area (e.g. changes in the financial condition of the issuer of the security, or in the case of an asset backed debt security, in the financial condition of the underlying loan obligors, including changes in technology or the discontinuance of a segment of the business that may affect the future earnings potential of the issuer or underlying loan obligors of the security or changes in the quality of the credit enhancement); • The historical and implied volatility of the fair value of the security; • The payment structure of the debt security; • Actual or expected failure of the issuer of the security to make scheduled interest or principal payments; • Changes to the rating of the security by external rating agencies; and • Recoveries or additional declines in fair value subsequent to the balance sheet date. At June 30, 2017 and June 30, 2016, the Company held no securities for which credit-related OTTI had been recognized in earnings. The following discussion summarizes the Company’s rationale for recognizing the impairments reported in the tables above as “temporary” versus “other-than-temporary”. Such rationale is presented by investment type and generally applies consistently to both the available for sale and held to maturity portfolios, except where specifically noted. Mortgage-backed Securities. The carrying value of the Company’s mortgage-backed securities totaled $517.9 million at June 30, 2017 and comprised 46.8% of total investments and 10.8% of total assets as of that date. This category of securities primarily includes mortgage pass-through securities and collateralized mortgage obligations issued by U.S. government agencies and/or GSEs such as Ginnie Mae, Fannie Mae and Freddie Mac who guarantee the contractual cash flows associated with those securities. Those guarantees were strengthened during the 2008-2009 financial crisis at which time Fannie Mae and Freddie Mac were placed into receivership by the federal government. Through those actions, the U.S. government effectively reinforced the guarantees of their agencies thereby strengthening the creditworthiness of the mortgage-backed securities issued by those agencies. With credit risk being reduced to negligible levels due primarily to the U.S. government’s support of most of these agencies, the unrealized losses on the Company’s investment in U.S. agency mortgage-backed securities are due largely to the combined effects of several market-related factors including, most notably, changes in market interest rates. Movements in market interest rates also impact the average lives of mortgage-backed securities by influencing the rate of principal prepayment attributable to refinancing activity. Changes in the expected average lives of such securities significantly impact their fair values due to the extension or contraction of the cash flows that an investor expects to receive over the life of the security. Generally, lower market interest rates prompt greater refinancing activity thereby shortening the average lives of mortgage-backed securities and vice-versa. The historically low mortgage rates prevalent in the marketplace during recent years created significant refinancing incentive for qualified borrowers. Prepayment rates are also influenced by fluctuating real estate values and the overall availability of credit in the marketplace which significantly impacts the ability of borrowers to qualify for refinancing. Note 6 – Impairment of Securities (continued) The market price of mortgage-backed securities, being the key measure of the fair value to an investor in such securities, is also influenced by the overall supply and demand for such securities in the marketplace. Absent other factors, an increase in the demand for, or a decrease in the supply of a security increases its price. Conversely, a decrease in the demand for, or an increase in the supply of a security decreases its price. In sum, the factors influencing the fair value of the Company’s U.S. agency mortgage-backed securities, as described above, generally result from movements in market interest rates and changing real estate and financial market conditions which affect the supply and demand for such securities. Such market conditions may fluctuate over time resulting in certain securities being impaired for periods in excess of 12 months. However, the longevity of such impairment is not necessarily reflective of an expectation for an adverse change in cash flows signifying a credit loss. Consequently, the impairments of value resulting directly from these changing market conditions are considered “noncredit-related” and “temporary” in nature. Finally, the Company has the stated ability and intent to “hold to maturity” those securities so designated at June 30, 2017 and does not intend to sell the temporarily impaired available for sale securities prior to the recovery of their fair value to a level equal to or greater than the Company’s amortized cost. Moreover, the Company has concluded that the possibility of being required to sell the securities prior to their anticipated recovery is unlikely based upon its strong liquidity, asset quality and capital position as of that date. In light of the factors noted, the Company does not consider its U.S. agency and GSE mortgage-backed securities with unrealized losses at June 30, 2017 to be “other-than-temporarily” impaired as of that date. In addition to those mortgage-backed securities issued by U.S. agencies and GSEs, the Company held a nominal balance of non-agency mortgage-backed securities at June 30, 2017. Unlike agency and GSE mortgage-backed securities, non-agency collateralized mortgage obligations are not guaranteed by a U.S. government sponsored entity. Rather, such securities generally utilize the structure of the larger investment vehicle to reallocate credit risk among the individual tranches comprised within that vehicle. Through this process, investors in different tranches are subject to varying degrees of risk that the cash flows of their tranche will be adversely impacted by borrowers defaulting on the underlying mortgage loans. The creditworthiness of certain tranches may also be further enhanced by additional credit insurance protection embedded within the terms of the total investment vehicle. The fair values of the non-agency mortgage-backed securities are subject to many of the factors applicable to the agency securities that may result in “temporary” impairments in value. However, due to the lack of agency guaranty, the Company also monitors the general level of credit risk for each of its non-agency mortgage-backed securities based upon a variety of factors including, but not limited to, the ratings assigned to its specific tranches by one or more credit rating agencies, where available. As noted above, the level of such ratings and changes thereto, is one of several factors considered by the Company in identifying those securities that may be other-than-temporarily impaired. The applicable securities generally maintained their credit-ratings at levels supporting the investment grade assessment by the Company. The Company has the stated ability and intent to “hold to maturity” those securities at June 30, 2017 and has further concluded that the possibility of being required to sell the securities prior to their anticipated recovery is unlikely based upon its strong liquidity, asset quality and capital position as of that date. In light of the factors noted, the Company does not consider its non-agency mortgage-backed securities with unrealized losses at June 30, 2017 to be “other-than-temporarily” impaired as of that date. U.S. Agency Debt Securities. The carrying value of the Company’s U.S. agency debt securities totaled $40.3 million at June 30, 2017 and comprised 3.6% of total investments and less than one percent of total assets as of that date. Such securities included fixed-rate U.S. agency debentures and securitized pools of loans issued and fully guaranteed by the Small Business Administration (“SBA”), a U.S. government agency. Note 6 – Impairment of Securities (continued) With credit risk being reduced to negligible levels due to the issuer’s guarantee, the unrealized losses on the Company’s investment in U.S. agency debentures are due largely to the combined effects of several market-related factors including, most notably, changes in market interest rates and changing market conditions which affect the supply and demand for such securities. Those market conditions may fluctuate over time resulting in certain securities being impaired for periods in excess of 12 months. However, the longevity of such impairment is not necessarily reflective of an expectation for an adverse change in cash flows signifying a credit loss. Consequently, the impairments of value resulting directly from these changing market conditions are considered “noncredit-related” and “temporary” in nature. The Company has the stated ability and intent to “hold to maturity” those securities so designated at June 30, 2017 and does not intend to sell the temporarily impaired available for sale securities prior to the recovery of their fair value to a level equal to or greater than the Company’s amortized cost. Furthermore, the Company has concluded that the possibility of being required to sell the securities prior to their anticipated recovery is unlikely based upon its strong liquidity, asset quality and capital position as of that date. In light of the factors noted, the Company does not consider its balance of U.S. agency securities with unrealized losses at June 30, 2017 to be “other-than-temporarily” impaired as of that date. Obligations of State and Political Subdivisions. The carrying value of the Company’s securities representing obligations of state and political subdivisions totaled $122.5 million at June 30, 2017 and comprised 11.1% of total investments and 2.5% of total assets as of that date. Such securities primarily included fixed-rate, bank-qualified securities representing general obligations of municipalities located within the U.S. or the obligations of their related entities such as boards of education or school districts. The balance of municipal obligations at June 30, 2017 included $4.6 million of non-rated bond anticipation notes (“BANs”) comprising five short-term obligations issued by a total of four New Jersey municipalities. The Company considers the ratings assigned by one or more credit rating agencies, where available, in its evaluation of the impairment attributable to each of its municipal obligations. The Company uses such ratings, in conjunction with the other criteria noted earlier, to identify those securities whose impairments are potentially “credit-related” versus “noncredit-related”. Unrealized losses associated with municipal obligations whose credit ratings exceed certain internally defined thresholds are considered to be indicative of “noncredit-related” impairment given the nominal level of credit losses that would be expected based upon such ratings. That conclusion is generally reinforced, as appropriate, by additional internal analysis supporting the Company’s periodic internal investment grade assessment of the security. At June 30, 2017, each of the Company’s impaired municipal obligations were consistently rated by Moody’s Investors Service (“Moody’s”) and Standard & Poor’s Financial Services (“S&P”) well above the thresholds that generally support the Company’s investment grade assessment with such ratings equaling “A” or higher by S&P and/or “Baa1” or higher by Moody’s, where rated by those agencies . Given the absence of any expectation for an adverse change in cash flows signifying a credit loss, the unrealized losses on the Company’s investment in municipal obligations are due largely to the combined effects of several market-related factors including, most notably, changes in market interest rates and changing market conditions which affect the supply and demand for such securities. Those market conditions may fluctuate over time resulting in certain securities being impaired for periods in excess of 12 months. However, the longevity of such impairment is not necessarily reflective of an expectation for an adverse change in cash flows signifying a credit loss. Consequently, the impairments of value resulting directly from these changing market conditions are considered “noncredit-related” and “temporary” in nature. The Company has the stated ability and intent to “hold to maturity” those securities so designated at June 30, 2017 and does not intend to sell the temporarily impaired available for sale securities prior to the recovery of their fair value to a level equal to or greater than the Company’s amortized cost. Furthermore, the Company has concluded that the possibility of being required to sell the securities prior to their anticipated recovery is unlikely based upon its strong liquidity, asset quality and capital position as of that date. In light of the factors noted, the Company does not consider its balance of obligations of state and political subdivisions with unrealized losses at June 30, 2017 to be “other-than-temporarily” impaired as of that date. Note 6 – Impairment of Securities (continued) Asset-backed Securities. The carrying value of the Company’s asset-backed securities totaled $162.4 million at June 30, 2017 and comprised 14.7% of total investments and 3.4% of total assets as of that date. This category of securities is comprised entirely of structured, floating-rate securities representing securitized federal education loans featuring 97% U.S. government guarantees. The securities represent tranches of a larger investment vehicle designed to reallocate credit risk among the individual tranches comprised within that vehicle. Through this process, investors in different tranches are subject to varying degrees of risk that the cash flows of their tranche will be adversely impacted by borrowers defaulting on the underlying loans. The Company’s impaired asset-backed securities represent the highest credit-quality tranches within the overall structures with each being rated “AA+” or higher by S&P/or “A1” or higher by Moody’s, where rated by those agencies, at June 30, 2017 . With credit risk being reduced to nominal levels due to the guarantees and structural support noted above, the unrealized losses on the Company’s investment in asset-backed securities are due largely to the combined effects of several market-related factors, including changes in market interest rates and fluctuating demand for such securities in the marketplace. Those market conditions may fluctuate over time resulting in certain securities being impaired for periods in excess of 12 months. However, the longevity of such impairment is not necessarily reflective of an expectation for an adverse change in cash flows signifying a credit loss. Consequently, the impairments of value resulting directly from these changing market conditions are considered “noncredit-related” and “temporary” in nature. The Company does not intend to sell the temporarily impaired available for sale securities prior to the recovery of their fair value to a level equal to or greater than the Company’s amortized cost. Furthermore, the Company has concluded that the possibility of being required to sell the securities prior to their anticipated recovery is unlikely based upon its strong liquidity, asset quality and capital position as of June 30, 2017. In light of the factors noted, the Company does not consider its balance of asset-backed securities with unrealized losses at June 30, 2017 to be “other-than-temporarily” impaired as of that date. Collateralized Loan Obligations. The carrying value of the Company’s collateralized loan obligations totaled $98.2 million at June 30, 2017 and comprised 8.9% of total investments and 2.0% of total assets as of that date. This category of securities is comprised entirely of structured, floating-rate securities comprised of securitized commercial loans to large U.S. corporations. The Company’s securities represent tranches of a larger investment vehicle designed to reallocate cash flows and credit risk among the individual tranches comprised within that vehicle. Through this process, investors in different tranches are subject to varying degrees of risk that the cash flows of their tranche will be adversely impacted by borrowers defaulting on the underlying loans. As noted earlier, the Company considers the ratings assigned by one or more credit rating agencies, where available, in its evaluation of the impairment attributable to each of its collateralized loan obligations. The Company uses such ratings, in conjunction with the other criteria noted earlier, to identify those securities whose impairments are potentially “credit-related” versus “noncredit-related”. Unrealized losses associated with collateralized loan obligations whose credit ratings exceed certain internally defined thresholds are considered to be indicative of “noncredit-related” impairment given the nominal level of credit losses that would be expected based upon such ratings. That conclusion is generally reinforced, as appropriate, by additional internal analysis supporting the Company’s periodic internal investment grade assessment of the security. At June 30, 2017, each of the Company’s impaired collateralized loan obligations were consistently rated by Moody’s and S&P well above the thresholds that generally support the Company’s investment grade assessment, with such ratings equaling “AA” or higher by S&P and “Aa2” or higher by Moody’s, where rated by those agencies . Given the absence of any expectation for an adverse change in cash flows signifying a credit loss, the unrealized losses on the Company’s investment in collateralized loan obligations are due largely to the combined effects of several market-related factors, including changes in market interest rates and fluctuating demand for such securities in the marketplace. Those market conditions may fluctuate over time resulting in certain securities being impaired for periods in excess of 12 months. However, the longevity of such impairment is not necessarily reflective of an expectation for an adverse change in cash flows signifying a credit loss. Consequently, the impairments of value resulting directly from these changing market conditions are considered “noncredit-related” and “temporary” in nature. Note 6 – Impairment of Securities (continued) During fiscal 2015, the Company reviewed the underlying security agreements for each of its collateralized loan obligations to determine if the terms of such agreements could potentially allow for the inclusion of ineligible assets within the security’s structure in the future thereby making it an ineligible investment under the terms of the “Volcker Rule” and related regulations enacted by regulatory agencies in conjunction with the ongoing implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act. To the extent the agreements contained such provisions and could or would not be modified by the issuer to ensure ongoing compliance with the Volcker Rule, the Company sold such securities during fiscal 2015. At June 30, 2017, the Company’s entire portfolio of collateralized loan obligations remains compliant with the Volcker Rule. As such, the Company concluded that the possibility of being required to sell its collateralized loan obligations prior to their anticipated recovery is currently unlikely, which is further reinforced by the overall strength of the Company’s liquidity, asset quality and capital position as of that date. Moreover, the Company does not otherwise intend to sell the temporarily impaired available for sale securities prior to the recovery of their fair value to a level equal to or greater than the Company’s amortized cost at June 30, 2017. In light of the factors noted, the Company does not consider its balance of collateralized loan obligations with unrealized losses at June 30, 2017 to be “other-than-temporarily” impaired as of that date. Corporate Bonds. The carrying value of the Company’s corporate bonds totaled $142.3 million at June 30, 2017 and comprised 12.9% of total investments and 3.0% of total assets as of that date. This category of securities is comprised entirely of floating-rate corporate debt obligations issued by large financial institutions. Such issuers include domestic institutions, such as The Goldman Sachs Group, Inc., General Electric Corporation, JPMorgan Chase & Co. and Wells Fargo and Co., as well as non-domestic financial institutions such as Barclays Bank PLC and Deutsche Bank AG. The Company generally limits its investment in the unsecured corporate debt of any single issuer to $25.0 million. As noted earlier, the Company considers the ratings assigned by one or more credit rating agencies, where available, in its evaluation of the impairment attributable to each of its corporate bonds. The Company uses such ratings, in conjunction with the other criteria noted earlier, to identify those securities whose impairments are potentially “credit-related” versus “noncredit-related”. Unrealized losses associated with corporate bonds whose credit ratings exceed certain internally defined thresholds are considered to be indicative of “noncredit-related” impairment given the nominal level of credit losses that would be expected based upon such ratings. That conclusion is generally reinforced, as appropriate, by additional internal analysis supporting the Company’s periodic internal investment grade assessment of the security. At June 30, 2017, each of the Company’s impaired corporate bonds were consistently rated by Moody’s and S&P above the thresholds that generally support the Company’s investment grade assessment with such ratings equaling “BBB+” or higher by S&P and/or “A3” or higher by Moody’s, where rated by those agencies . Given the absence of any expectation for an adverse change in cash flows signifying a credit loss, the unrealized losses on the Company’s investment in corporate bonds are due largely to the combined effects of several market-related factors including changes in market interest rates and fluctuating demand for such securities in the marketplace. Those market conditions may fluctuate over time resulting in certain securities being impaired for periods in excess of 12 months. However, the longevity of such impairment is not necessarily reflective of an expectation for an adverse change in cash flows signifying a credit loss. Consequently, the impairments of value resulting directly from these changing market conditions are considered “noncredit-related” and “temporary” in nature. The Company does not intend to sell the temporarily impaired available for sale securities prior to the recovery of their fair value to a level equal to or greater than the Company’s amortized cost. Furthermore, the Company has concluded that the possibility of being required to sell the securities prior to their anticipated recovery is unlikely based upon its strong liquidity, asset quality and capital position as of June 30, 2017. In light of the factors noted, the Company does not consider its balance of corporate bonds with unrealized losses at June 30, 2017 to be “other-than-temporarily” impaired as of that date. Note 6 – Impairment of Securities (continued) Trust Preferred Securities. The carrying value of the Company’s trust preferred securities totaled $8.5 million at June 30, 2017 and comprised less than one percent of total investments and total assets as of that date. The category comprises a total of five “single-issuer” (i.e. non-pooled) trust preferred securities, four of which are impaired as of June 30, 2017, that were originally issued by four separate financial institutions. As a result of bank mergers involving the issuers of these securities, the Company’s five trust preferred securities currently represent the de-facto obligations of three separate financial institutions. As noted earlier, the Company considers the ratings assigned by one or more credit rating agencies, where such ratings are available, in its evaluation of the impairment attributable to each of its trust preferred securities. The Company uses such ratings, in conjunction with other criteria, to identify those securities whose impairments are potentially “credit-related” versus “noncredit-related”. Unrealized losses associated with trust preferred securities whose credit ratings exceed certain internally defined thresholds are considered to be indicative of “noncredit-related” impairment given the nominal level of credit losses that would be expected based upon such ratings. That conclusion is generally reinforced, as appropriate, by additional internal analysis supporting the Company’s internal investment grade assessment of the security. At June 30, 2017, the Company owned two securities at an amortized cost of $3.0 million that were consistently rated by Moody’s and S&P above the thresholds that generally support the Company’s investment grade assessment. The securities were originally issued through Chase Capital II and currently represent de-facto obligations of JPMorgan Chase & Co. The Company has attributed the unrealized losses on these securities to the combined effects of several market-related factors, including movements in market interest rates and general level of liquidity of such securities in the marketplace based on overall supply and demand. With regard to interest rates, the Company’s impaired trust preferred securities are variable rate sec |
Loans Receivable
Loans Receivable | 12 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Loans Receivable | Note 7 – Loans Receivable June 30, 2017 2016 (In Thousands) Real estate mortgage: One- to four-family residential $ 567,323 $ 605,203 Commercial mortgage: Multi-family 1,412,575 1,040,293 Nonresidential 1,085,064 820,673 Total commercial mortgage 2,497,639 1,860,966 Total real estate mortgage 3,064,962 2,466,169 Construction 3,815 2,038 Commercial business 74,471 88,207 Consumer: Home equity loans and lines of credit 82,822 89,566 Passbook or certificate 2,863 3,349 Other 13,520 22,052 Total consumer 99,205 114,967 Total loans 3,242,453 2,671,381 Unamortized yield adjustments including net premiums and discounts on purchased and acquired loans and net deferred fees and costs on loans originated 2,808 2,606 Total loans receivable, net of yield adjustments $ 3,245,261 $ 2,673,987 Note 7 – Loans Receivable (continued) The Bank has granted loans to officers and directors of the Company and its subsidiaries and to their associates. Related party loans are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and do not involve more than normal risk of collectability. As of June 30, 2017 and 2016 such loans totaled approximately $3.6 million and $4.2 million, respectively. During the year ended June 30, 2017, the Bank granted no new loans to related parties. During the year ended June 30, 2016, the Bank granted four new loans to related parties totaling $1.2 million. |
Loan Quality and Allowance for
Loan Quality and Allowance for Loan Losses | 12 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Loan Quality and Allowance for Loan Losses | Note 8 – Loan Quality and the Allowance for Loan Losses Acquired Credit-Impaired Loans At June 30, 2017, the remaining outstanding principal balance and carrying amount of acquired credit-impaired loans totaled approximately $839,000 and $594,000 respectively. By comparison, at June 30, 2016, the remaining outstanding principal balance and carrying amount of such loans totaled approximately $1,605,000 and $1,168,000, respectively. The carrying amount of acquired credit-impaired loans for which interest is not being recognized due to the uncertainty of the cash flows relating to such loans totaled $371,000 and $436,000 at June 30, 2017 and June 30, 2016, respectively. The balance of the allowance for loan losses at June 30, 2016 included approximately $13,000 of valuation allowances for a specifically identified impairment attributable to acquired credit-impaired loans. The valuation allowances were attributable to additional impairment recognized on the applicable loans subsequent to their acquisition, net of any charge offs recognized during that time. There were no valuation allowances for specifically identified impairment attributable to acquired credit-impaired loans at June 30, 2017. The following table presents the changes in the accretable yield relating to the acquired credit-impaired loans for the years ended June 30, 2017 and 2016. Years Ended June 30, 2017 2016 (In Thousands) Beginning balance $ 335 $ 1,189 Accretion to interest income (101 ) (417 ) Disposals (19 ) (437 ) Reclassifications from nonaccretable difference - - Ending balance $ 215 $ 335 Residential Mortgage Loans in Foreclosure We may obtain physical possession of one- to four-family real estate collateralizing a residential mortgage loan via foreclosure or through an in-substance repossession. As of June 30, 2017, we held two single-family properties in real estate owned with an aggregate carrying value of $981,000 that were acquired through foreclosures on residential mortgage loans. As of that same date, we held 18 residential mortgage loans with aggregate carrying values totaling $3.7 million which were in the process of foreclosure. As of June 30, 2016, we held one single-family property in real estate owned with a carrying value of $327,000 that was acquired through a foreclosure on a residential mortgage loan. As of that same date, we held 26 residential mortgage loans with aggregate carrying values totaling $5.7 million which were in the process of foreclosure. Note 8 – Loan Quality and the Allowance for Loan Losses (continued) The following tables present the balance of the allowance for loan losses at June 30, 2017, 2016 and 2015 based upon the calculation methodology described in Note 1. The tables identify the valuation allowances attributable to specifically identified impairments on individually evaluated loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans evaluated collectively. The tables include the underlying balance of loans receivable applicable to each category as of those dates as well as the activity in the allowance for loan losses for the years ended June 30, 2017, 2016 and 2015. Unless otherwise noted, the balance of loans reported in the tables below excludes yield adjustments and the allowance for loan loss. Allowance for Loan Losses and Loans Receivable At June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Balance of allowance for loan losses: Loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - Loans individually evaluated for impairment 154 - 39 - 6 - - 199 Loans collectively evaluated for impairment 2,230 13,941 9,900 35 1,703 501 777 29,087 Total allowance for loan losses $ 2,384 $ 13,941 $ 9,939 $ 35 $ 1,709 $ 501 $ 777 $ 29,286 Allowance for Loan Losses and Loans Receivable Year Ended June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Changes in the allowance for loan losses for the year ended June 30, 2017: At June 30, 2016 $ 2,370 $ 9,995 $ 7,846 $ 24 $ 2,784 $ 432 $ 778 $ 24,229 Total charge offs (76 ) - (149 ) - (221 ) (96 ) (849 ) (1,391 ) Total recoveries 256 - - - 727 16 68 1,067 Total provisions (166 ) 3,946 2,242 11 (1,581 ) 149 780 5,381 Total allowance for loan losses $ 2,384 $ 13,941 $ 9,939 $ 35 $ 1,709 $ 501 $ 777 $ 29,286 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses and Loans Receivable At June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Balance of loans receivable: Loans acquired with deteriorated credit quality $ 97 $ - $ - $ - $ 497 $ - $ - $ 594 Loans individually evaluated for impairment 10,546 158 5,877 612 2,365 1,894 - 21,452 Loans collectively evaluated for impairment 556,680 1,412,417 1,079,187 3,203 71,609 80,928 16,383 3,220,407 Total loans $ 567,323 $ 1,412,575 $ 1,085,064 $ 3,815 $ 74,471 $ 82,822 $ 16,383 $ 3,242,453 Unamortized yield adjustments 2,808 Loans receivable, net of yield adjustments $ 3,245,261 Allowance for Loan Losses and Loans Receivable At June 30, 2016 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Balance of allowance for loan losses: Loans acquired with deteriorated credit quality $ - $ - $ - $ - $ 13 $ - $ - $ 13 Loans individually evaluated for impairment 77 - 53 - 387 78 - 595 Loans collectively evaluated for impairment 2,293 9,995 7,793 24 2,384 354 778 23,621 Total allowance for loan losses $ 2,370 $ 9,995 $ 7,846 $ 24 $ 2,784 $ 432 $ 778 $ 24,229 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses and Loans Receivable Year Ended June 30, 2016 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Changes in the allowance for loan losses for the year ended June 30, 2016: At June 30, 2015 $ 2,210 $ 6,354 $ 4,766 $ 34 $ 1,860 $ 366 $ 16 $ 15,606 Total charge offs (1,213 ) - (133 ) - (1,464 ) (93 ) (55 ) (2,958 ) Total recoveries 88 - - - 760 41 2 891 Total provisions 1,285 3,641 3,213 (10 ) 1,628 118 815 10,690 Total allowance for loan losses $ 2,370 $ 9,995 $ 7,846 $ 24 $ 2,784 $ 432 $ 778 $ 24,229 Allowance for Loan Losses and Loans Receivable At June 30, 2016 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Balance of loans receivable: Loans acquired with deteriorated credit quality $ 104 $ - $ 304 $ - $ 760 $ - $ - 1,168 Loans individually evaluated for impairment 12,806 205 6,773 357 1,647 2,180 - 23,968 Loans collectively evaluated for impairment 592,293 1,040,088 813,596 1,681 85,800 87,386 25,401 2,646,245 Total loans $ 605,203 $ 1,040,293 $ 820,673 $ 2,038 $ 88,207 $ 89,566 $ 25,401 $ 2,671,381 Unamortized yield adjustments 2,606 Loans receivable, net of yield adjustments $ 2,673,987 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses Year Ended June 30, 2015 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Changes in the allowance for loan losses for the year ended June 30, 2015 At June 30, 2014 $ 2,729 $ 3,379 $ 4,358 $ 67 $ 1,284 $ 548 $ 22 $ 12,387 - Total charge offs (1,985 ) (14 ) (636 ) - (491 ) (77 ) (1 ) (3,204 ) Total recoveries 297 - - - 18 - - 315 Total provisions 1,169 2,989 1,044 (33 ) 1,049 (105 ) (5 ) 6,108 Total allowance for loan losses $ 2,210 $ 6,354 $ 4,766 $ 34 $ 1,860 $ 366 $ 16 $ 15,606 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) The following tables present key indicators of credit quality regarding the Company’s loan portfolio based upon loan classification and contractual payment status at June 30, 2017 and 2016. Credit-Rating Classification of Loans Receivable At June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Non-classified $ 552,961 $ 1,412,417 $ 1,078,711 $ 2,894 $ 66,886 $ 80,393 $ 16,166 $ 3,210,428 Classified: Special Mention 928 - - 309 1,098 120 139 2,594 Substandard 13,434 158 6,353 612 6,487 2,309 75 29,428 Doubtful - - - - - - 3 3 Loss - - - - - - - - Total classified loans 14,362 158 6,353 921 7,585 2,429 217 32,025 Total loans $ 567,323 $ 1,412,575 $ 1,085,064 $ 3,815 $ 74,471 $ 82,822 $ 16,383 $ 3,242,453 Credit-Rating Classification of Loans Receivable At June 30, 2016 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Non-classified $ 588,992 $ 1,040,088 $ 811,621 $ 1,063 $ 81,902 $ 86,835 $ 25,298 $ 2,635,799 Classified: Special Mention 859 - - 618 681 309 61 2,528 Substandard 15,352 205 9,052 357 5,624 2,422 40 33,052 Doubtful - - - - - - 2 2 Loss - - - - - - - - Total classified loans 16,211 205 9,052 975 6,305 2,731 103 35,582 Total loans $ 605,203 $ 1,040,293 $ 820,673 $ 2,038 $ 88,207 $ 89,566 $ 25,401 $ 2,671,381 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Contractual Payment Status of Loans Receivable At June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Current $ 560,054 $ 1,412,575 $ 1,083,736 $ 3,560 $ 72,826 $ 81,946 $ 16,083 $ 3,230,780 Past due: 30-59 days 1,749 - 60 255 29 187 91 2,371 60-89 days 403 - 318 - - 141 135 997 90+ days 5,117 - 950 - 1,616 548 74 8,305 Total past due 7,269 - 1,328 255 1,645 876 300 11,673 Total loans $ 567,323 $ 1,412,575 $ 1,085,064 $ 3,815 $ 74,471 $ 82,822 $ 16,383 $ 3,242,453 Contractual Payment Status of Loans Receivable At June 30, 2016 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Current $ 596,548 $ 1,040,293 $ 817,539 $ 1,681 $ 87,328 $ 88,657 $ 25,301 $ 2,657,347 Past due: 30-59 days 1,524 - - - - 503 22 2,049 60-89 days 940 - 376 - 411 75 40 1,842 90+ days 6,191 - 2,758 357 468 331 38 10,143 Total past due 8,655 - 3,134 357 879 909 100 14,034 Total loans $ 605,203 $ 1,040,293 $ 820,673 $ 2,038 $ 88,207 $ 89,566 $ 25,401 $ 2,671,381 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) The following tables present information relating to the Company’s nonperforming and impaired loans at June 30, 2017 and 2016. Loans reported as “90+ days past due and accruing” in the table immediately below are also reported in the preceding contractual payment status table under the heading “90+ days past due”. Performance Status of Loans Receivable At June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Performing $ 558,533 $ 1,412,417 $ 1,079,344 $ 3,560 $ 71,837 $ 81,581 $ 16,309 $ 3,223,581 Nonperforming: 90+ days past due accruing - - - - - - 74 74 Nonaccrual 8,790 158 5,720 255 2,634 1,241 - 18,798 Total nonperforming 8,790 158 5,720 255 2,634 1,241 74 18,872 Total loans $ 567,323 $ 1,412,575 $ 1,085,064 $ 3,815 $ 74,471 $ 82,822 $ 16,383 $ 3,242,453 Performance Status of Loans Receivable At June 30, 2016 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Performing $ 594,471 $ 1,040,088 $ 814,085 $ 1,681 $ 86,242 $ 88,396 $ 25,363 $ 2,650,326 Nonperforming: 90+ days past due accruing - - - - - - 38 38 Nonaccrual 10,732 205 6,588 357 1,965 1,170 - 21,017 Total nonperforming 10,732 205 6,588 357 1,965 1,170 38 21,055 Total loans $ 605,203 $ 1,040,293 $ 820,673 $ 2,038 $ 88,207 $ 89,566 $ 25,401 $ 2,671,381 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Impairment Status of Loans Receivable at or Year ended June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Carrying value of impaired loans: Non-impaired loans $ 556,680 $ 1,412,417 $ 1,079,187 $ 3,203 $ 71,609 $ 80,928 $ 16,383 $ 3,220,407 Impaired loans: Impaired loans with no allowance for impairment 8,971 158 4,521 612 2,755 1,894 - 18,911 Impaired loans with allowance for impairment: Recorded investment 1,672 - 1,356 - 107 - - 3,135 Allowance for impairment (154 ) - (39 ) - (6 ) - - (199 ) Balance of impaired loans net of allowance for impairment 1,518 - 1,317 - 101 - - 2,936 Total impaired loans, excluding allowance for impairment: 10,643 158 5,877 612 2,862 1,894 - 22,046 Total loans $ 567,323 $ 1,412,575 $ 1,085,064 $ 3,815 $ 74,471 $ 82,822 $ 16,383 $ 3,242,453 Unpaid principal balance of impaired loans: Total impaired loans $ 16,479 $ 930 $ 10,002 $ 691 $ 6,682 $ 2,961 $ - $ 37,745 For the year ended June 30, 2017: Average balance of impaired loans $ 12,536 $ 182 $ 6,242 $ 448 $ 3,114 $ 2,075 $ - $ 24,597 Interest earned on impaired loans $ 107 $ - $ - $ 7 $ 15 $ 36 $ - $ 165 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Impairment Status of Loans Receivable at or Year ended June 30, 2016 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Carrying value of impaired loans: Non-impaired loans $ 592,293 $ 1,040,088 $ 813,596 $ 1,681 $ 85,800 $ 87,386 $ 25,401 $ 2,646,245 Impaired loans: Impaired loans with no allowance for impairment 10,876 205 6,473 357 1,900 2,101 - 21,912 Impaired loans with allowance for impairment: Recorded investment 2,034 - 604 - 507 79 - 3,224 Allowance for impairment (77 ) - (53 ) - (400 ) (78 ) - (608 ) Balance of impaired loans net of allowance for impairment 1,957 - 551 - 107 1 - 2,616 Total impaired loans, excluding allowance for impairment: 12,910 205 7,077 357 2,407 2,180 - 25,136 Total loans $ 605,203 $ 1,040,293 $ 820,673 $ 2,038 $ 88,207 $ 89,566 $ 25,401 $ 2,671,381 Unpaid principal balance of impaired loans: Total impaired loans $ 16,571 $ 849 $ 8,269 $ 458 $ 3,736 $ 2,505 $ - $ 32,388 For the year ended June 30, 2016: Average balance of impaired loans $ 12,218 $ 319 $ 7,538 $ 888 $ 8,278 $ 2,368 $ - $ 31,609 Interest earned on impaired loans $ 176 $ - $ 40 $ - $ 161 $ 50 $ - $ 427 Impairment Status of Loans Receivable Year Ended June 30, 2015 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) For the year ended June 30, 2015: Average balance of impaired loans $ 12,433 $ 632 $ 7,270 $ 1,912 $ 11,693 $ 2,623 $ - $ 36,563 Interest earned on impaired loans $ 139 $ - $ 63 $ 5 $ 886 $ 42 $ - $ 1,135 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) The following tables present information regarding the restructuring of the Company’s troubled debts during the years ended June 30, 2017, June 30, 2016 and June 30, 2015 and any defaults of TDRs during that year that were restructured within 12 months of the date of default. Troubled Debt Restructurings of Loans Receivable Year Ended June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Troubled debt restructuring activity for the year ended June 30, 2017: Number of loans 2 - 4 - - 1 - 7 Pre-modification outstanding recorded investment $ 708 $ - $ 2,791 $ - $ - $ 87 $ - $ 3,586 Post-modification outstanding recorded investment 767 - 2,699 - - 95 - 3,561 Charge offs against the allowance for loan loss recognized at modification 14 - 99 - - 9 - 122 Troubled debt restructuring defaults for the year ended June 30, 2017: Number of loans - - - - - - - - Outstanding recorded investment $ - $ - $ - $ - $ - $ - $ - $ - Troubled Debt Restructurings of Loans Receivable Year Ended June 30, 2016 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Troubled debt restructuring activity for the year ended June 30, 2016 Number of loans 5 - 3 - 1 5 - 14 Pre-modification outstanding recorded investment $ 1,770 $ - $ 2,285 $ - $ 348 $ 758 $ - $ 5,161 Post-modification outstanding recorded investment 1,472 - 2,290 - 316 769 - 4,847 Charge offs against the allowance for loan loss recognized at modification 300 - - - 47 57 - 404 Troubled debt restructuring defaults for the year ended June 30, 2016 Number of loans - - - - - - - - Outstanding recorded investment $ - $ - $ - $ - $ - $ - $ - $ - Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Troubled Debt Restructurings of Loans Receivable Year Ended June 30, 2015 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Troubled debt restructuring activity for the year ended June 30, 2015 Number of loans 5 1 1 - 3 - - 10 Pre-modification outstanding recorded investment $ 1,955 $ 369 $ 479 $ - $ 380 $ - $ - $ 3,183 Post-modification outstanding recorded investment 1,823 376 537 - 354 - - 3,090 Charge offs against the allowance for loan loss recognized at modification 261 14 24 - 28 - - 327 Troubled debt restructuring defaults for the year ended June 30, 2015 Number of loans 1 - - - - - - 1 Outstanding recorded investment $ 416 $ - $ - $ - $ - $ - $ - $ 416 The manner in which the terms of a loan are modified through a troubled debt restructuring generally includes one or more of the following changes to the loan’s repayment terms: • Interest Rate Reduction • Capitalization of Prior Past Dues • Extension of Maturity or Balloon Date • Deferral of Principal Payments • Payment Recalculation and Re-amortization |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Jun. 30, 2017 | |
Property Plant And Equipment [Abstract] | |
Premises and Equipment | Note 9 – Premises and Equipment June 30, 2017 2016 (In Thousands) Land $ 10,820 $ 10,820 Buildings and improvements 36,816 36,057 Leasehold improvements 4,487 4,390 Furnishing and equipment 17,764 20,520 Construction in progress 2,513 1,000 72,400 72,787 Less accumulated depreciation and amortization 32,815 34,402 Total premises and equipment $ 39,585 $ 38,385 Depreciation expense on premises and equipment for the fiscal years ended June 30, 2017, 2016 and 2015 totaled $2.8 million, $3.0 million and $2.9 million, respectively. Land included properties held for future branch or administrative facility expansion totaling $2,419,000 at June 30, 2017 and 2016. |
Interest Receivable
Interest Receivable | 12 Months Ended |
Jun. 30, 2017 | |
Other Income And Expenses [Abstract] | |
Interest Receivable | Note 10 – Interest Receivable June 30, 2017 2016 (In Thousands) Loans $ 9,318 $ 7,798 Mortgage-backed securities 1,167 1,589 Debt securities 2,008 1,825 Total interest receivable $ 12,493 $ 11,212 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Jun. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 11 – Goodwill and Other Intangible Assets Goodwill Core Deposit Intangibles (In Thousands) Balance at June 30, 2014 $ 108,591 $ 790 Amortization - (193 ) Balance at June 30, 2015 108,591 597 Amortization - (167 ) Balance at June 30, 2016 108,591 430 Amortization - (138 ) Balance at June 30, 2017 $ 108,591 $ 292 Scheduled amortization of core deposit intangibles for each of the next five years and thereafter is as follows: Year Ending June 30, Core Deposit Intangible Amortization (In Thousands) 2018 $ 111 2019 84 2020 57 2021 29 2022 11 |
Deposits
Deposits | 12 Months Ended |
Jun. 30, 2017 | |
Banking And Thrift [Abstract] | |
Deposits | Note 12 – Deposits June 30, 2017 2016 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) Non-interest-bearing demand $ 267,412 0.00 % $ 238,751 0.00 % Interest-bearing demand (1) 847,663 0.54 732,633 0.40 Savings and club 523,984 0.12 516,024 0.16 Certificates of deposits (2) 1,291,068 1.35 1,207,425 1.29 Total deposits $ 2,930,127 0.77 % $ 2,694,833 0.72 % (1) Interest-bearing demand deposits at June 30, 2017 and June 30, 2016 include $222.6 million and $224.1 million, respectively, of brokered deposits at a weighted average interest rate of 1.06% and 0.47%, excluding cost of interest rate derivatives used to hedge interest expense. (2) Certificates of deposit at June 30, 2017 and June 30, 2016 include $21.6 million and $8.4 million, respectively, of brokered deposits at a weighted average interest rate of 2.15% and 3.22%. Certificates of deposit with balances of $250,000 or more at June 30, 2017 and 2016, totaled approximately $224.0 million and $184.1 million, respectively. The Bank’s deposits are insurable to applicable limits by the Federal Deposit Insurance Corporation. A summary of certificates of deposit by maturity follows: June 30, 2017 2016 (In Thousands) One year or less $ 610,763 $ 666,145 After one year to two years 354,743 256,434 After two years to three years 137,240 108,789 After three years to four years 99,974 80,609 After four years to five years 81,882 89,423 After five years 6,466 6,025 Total certificates of deposit $ 1,291,068 $ 1,207,425 Interest expense on deposits consists of the following: June 30, 2017 2016 2015 (In Thousands) Demand $ 5,050 $ 4,245 $ 3,961 Savings and club 663 851 819 Certificates of deposit 16,387 13,577 11,159 Total interest on deposits $ 22,100 $ 18,673 $ 15,939 |
Borrowings
Borrowings | 12 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 13 – Borrowings Fixed-rate advances from FHLB of New York mature as follows: June 30, 2017 June 30, 2016 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) Maturing in years ending June 30: 2017 $ - 0.00 % $ 428,000 0.69 % 2018 630,225 1.29 5,225 1.18 2021 469 4.94 572 4.94 2023 145,000 3.04 145,000 3.04 Total advances 775,694 1.62 % 578,797 1.29 % Fair value adjustments 2 (9 ) Total advances, net of fair value adjustments $ 775,696 $ 578,788 At June 30, 2017, $630.2 million in advances are due within one year while the remaining $145.5 million in advances are due after one year of which $145.0 million are callable in April 2018. At June 30, 2017, FHLB advances were collateralized by the FHLB capital stock owned by the Bank and mortgage loans and securities with carrying values totaling approximately $1.9 billion and $159.4 million, respectively. At June 30, 2016, FHLB advances were collateralized by the FHLB capital stock owned by the Bank and mortgage loans and securities with carrying values totaling approximately $970.5 million and $193.8 million, respectively. Borrowings at June 30, 2017 and 2016 also included overnight borrowings in the form of depositor sweep accounts totaling $30.5 million and $35.6 million, respectively. Depositor sweep accounts are short term borrowings representing funds that are withdrawn from a customer’s noninterest-bearing deposit account and invested in an uninsured overnight investment account that is collateralized by specified investment securities owned by the Bank. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Note 14 – Derivative Instruments and Hedging Activities Risk Management Objective of Using Derivatives The Company uses various financial instruments, including derivatives, to manage its exposure to interest rate risk. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to specific wholesale funding positons. Fair Values of Derivative Instruments on the Statement of Financial Condition The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Statement of Financial Condition as of June 30, 2017 and June 30, 2016: June 30, 2017 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (Dollars in Thousands) Derivatives designated as hedging instruments: Interest rate swaps Other assets $ 7,670 Other liabilities $ 298 Interest rate caps Other assets 140 Other liabilities - Total $ 7,810 $ 298 June 30, 2016 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (Dollars in Thousands) Derivatives designated as hedging instruments: Interest rate swaps Other assets $ - Other liabilities $ 19,317 Interest rate caps Other assets - Other liabilities (60 ) Total $ - $ 19,257 Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using derivatives are primarily to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company has entered into interest rate swaps and caps as part of its interest rate risk management strategy. These interest rate products are designated as cash flow hedges. As of June 30, 2017, the Company had fifteen interest rate swaps with a notional of $1.2 billion and two interest rate caps with a notional of $75.0 million hedging certain FHLB advances and brokered deposits. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income, net of tax, and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in cash flows of the derivative hedging instrument with the changes in cash flows of the designated hedged transactions. The Company did not recognize any hedge ineffectiveness in earnings during the years ended June 30, 2017, 2016 and 2015. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable rate wholesale funding positions. During the year ended June 30, 2017, the Company had $6.7 million of reclassifications to interest expense. During the next twelve months, the Company estimates that $4.4 million Note 14 – Derivative Instruments and Hedging Activities (continued) The table below presents the pre-tax effects of the Company’s derivative instruments on the Consolidated Statements of Income as of June 30, 2017, June 30, 2016 and June 30, 2015: Year Ended June 30, 2017 Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Location of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) (Dollars in Thousands) Derivatives in cash flow hedging relationships: Interest rate swaps $ 20,826 Interest expense $ (5,914 ) Not applicable $ - Interest rate caps 79 Interest expense (820 ) Not applicable - Total $ 20,905 $ (6,734 ) $ - Year Ended June 30, 2016 Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Location of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) (Dollars in Thousands) Derivatives in cash flow hedging relationships: Interest rate swaps $ (17,116 ) Interest expense $ (7,311 ) Not applicable $ - Interest rate caps (734 ) Interest expense (352 ) Not applicable - Total $ (17,850 ) $ (7,663 ) $ - Note 14 – Derivative Instruments and Hedging Activities (continued) Year Ended June 30, 2015 Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Location of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) (Dollars in Thousands) Derivatives in cash flow hedging relationships: Interest rate swaps $ (11,788 ) Interest expense $ (4,991 ) Not applicable $ - Interest rate caps (945 ) Interest expense (113 ) Not applicable - Total $ (12,733 ) $ (5,104 ) $ - Offsetting Derivatives The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives in the Consolidated Statement of Condition as of June 30, 2017 and June 30, 2016, respectively. The net amounts presented for derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Consolidated Statement of Condition. June 30, 2017 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received Net Amount (Dollars in Thousands) Assets: Interest rate swaps $ 12,839 $ (5,169 ) $ 7,670 $ - $ (5,770 ) $ 1,900 Interest rate caps 140 - 140 - - 140 Total 12,979 (5,169 ) 7,810 - (5,770 ) 2,040 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Posted Net Amount (Dollars in Thousands) Liabilities: Interest rate swaps 5,467 (5,169 ) 298 - (298 ) - Interest rate caps - - - - - - Total $ 5,467 $ (5,169 ) $ 298 $ - $ (298 ) $ - Note 14 – Derivative Instruments and Hedging Activities (continued) June 30, 2016 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received Net Amount (Dollars in Thousands) Assets: Interest rate swaps $ - $ - $ - $ - $ - $ - Interest rate caps - - - - - - Total - - - - - - Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Posted Net Amount Liabilities: Interest rate swaps 19,317 - 19,317 - (19,317 ) - Interest rate caps - - (60 ) - 60 - Total $ 19,317 $ - $ 19,257 $ - $ (19,257 ) $ - Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, then the Company could also be declared in default on its derivative obligations and could be required to terminate its derivative positions with the counterparty. The Company also has agreements with its derivative counterparties that contain a provision where if the Company fails to maintain its status as a well-capitalized institution, then the Company could be required to terminate its derivative positions with the counterparty. As of June 30, 2017 and June 30, 2016, the termination value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to those agreements was $302,000 and $19.8 million, respectively. As required under the enforceable master netting arrangement with its derivatives counterparties, the Company received financial collateral in the amount of $5.8 million at June 30, 2017 and posted financial collateral in the amount of $1.0 million and $19.7 million at June 30, 2017 and June 30, 2016, respectively, that were not included as offsetting amounts. In addition to the derivative instruments noted above, the Company has outstanding commitments to originate loans held for sale totaling $18.4 million and $16.7 million at June 30, 2017 and June 30, 2016, respectively, which are considered free-standing derivative instruments whose fair values are not material to our financial condition or results of operations. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Jun. 30, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Benefit Plans | Note 15 – Benefit Plans Employee Stock Ownership Plan In conjunction with the closing of Company’s first-step conversion and stock offering in February 2005, the Bank established an Employee Stock Ownership Plan (“ESOP”) for all eligible employees who complete a twelve-month period of employment with the Bank, have attained the age of 21 and complete at least 1,000 hours of service in a plan year. The ESOP used $17,457,000 in proceeds from a term loan obtained from the Company to purchase 2,409,764 shares of Company common stock. Principal on the term loan was originally payable in equal installments through the maturity date of March 31, 2017 with the loan carrying an interest rate of 5.50%. The Bank made discretionary contributions to the ESOP that provided the funding it needed to pay the scheduled principal and loan payments to the Company under the terms of the original ESOP loan agreement. Such discretionary contributions were typically reduced by the amount of dividends paid on shares of the Company’s common stock held by the ESOP. In conjunction with the closing of the Company’s second step conversion and stock offering in May 2015, the Bank augmented its ESOP by using $36,125,000 in proceeds from a new term loan obtained from the Company to the ESOP to purchase an additional 3,612,500 shares of Company common stock. The proceeds from the new term loan included an additional $3,788,000 to refinance the remaining outstanding balance and accrued interest owed under the original ESOP term loan. The original principal balance of the Company’s consolidated term loan to the ESOP totaled $39,913,000 with equal quarterly installments of principal and interest payable over 20 years at an annual interest rate of 3.25%. As with the original term loan, the Bank expects to make discretionary contributions to the ESOP equaling the principal and interest payments owed on the ESOP’s loan to the Company. As above, such payments may be reduced by the amount of dividends paid on shares of the Company’s common stock held by the ESOP. Shares purchased with the loan proceeds provide collateral for the term loan and are held in a suspense account for future allocations among participants. Contributions to the ESOP and shares released from the suspense account are to be allocated among the participants on the basis of compensation, as described by the ESOP, in the year of allocation. ESOP shares pledged as collateral are initially recorded as unearned ESOP shares in the consolidated statements of financial condition. On a monthly basis, 16,725 shares are committed to be released, compensation expense is recorded equal to the number of shares committed to be released times the monthly average market price of the shares, and the committed shares become outstanding for basic net income per common share computations. ESOP compensation expense was approximately $2,784,000, $2,377,000 and $2,067,000 for the years ended June 30, 2017, 2016 and 2015, respectively. At June 30, 2017 and 2016, the ESOP shares were as follows: June 30, 2017 2016 (In Thousands) Allocated shares 1,790 1,677 Total shares distributed due to employment termination 570 482 Shares committed to be released 100 100 Unearned shares 3,562 3,763 Total ESOP shares 6,022 6,022 Fair value of unearned ESOP shares $ 52,901 $ 47,340 Note 15 – Benefit Plans (continued) Employee Stock Ownership Plan Benefit Equalization Plan ("ESOP BEP") The Bank has a non-qualified plan to compensate its senior officers who participate in the Bank's ESOP for certain benefits lost under such plan by reason of benefit limitations imposed by the Internal Revenue Code (“IRC”). The ESOP BEP expense was approximately $34,000, $24,000 and $28,000 for the years ended June 30, 2017, 2016 and 2015, respectively. The liability totaled approximately $18,000 and $15,000 at June 30, 2017 and 2016, respectively. Thrift Plan The Bank sponsors the Employees' Savings and Profit Sharing Plan and Trust (the “Plan”), pursuant to Section 401(k) of the Internal Revenue Code, for all eligible employees. Employees may elect to save up to 20% of their compensation. The Bank will contribute a matching contribution up to 3.5% of the employee annual compensation. The Plan expense amounted to approximately $762,000, $662,000 and $591,000 for the years ended June 30, 2017, 2016 and 2015, respectively. Multi-Employer Retirement Plan The Bank participates in the Pentegra Defined Benefit Plan for Financial Institutions (“The Pentegra DB Plan”), a tax-qualified defined-benefit pension plan. The Pentegra DB Plan’s Employer Identification Number is 13-5645888 and the Plan Number is 333. The Pentegra DB Plan operates as a multi-employer plan for accounting purposes and as a multiple-employer plan under the Employee Retirement Income Security Act of 1974 and the IRC. There are no collective bargaining agreements in place that require contributions to the Pentegra DB Plan. The Pentegra DB Plan is a single plan under Internal Revenue Code Section 413(c) and, as a result, all of the assets stand behind all of the liabilities. Accordingly, under the Pentegra DB Plan contributions made by a participating employer may be used to provide benefits to participants of other participating employers. The Pentegra DB Plan is non-contributory and covers all eligible employees. In April 2007, the Board of Directors of the Bank approved, effective July 1, 2007, “freezing” all future benefit accruals under the Pentegra DB Plan. Funded status (market value of plan assets divided by funding target) of the Pentegra DB Plan based on valuation reports as of July 1, 2016 and 2015 was 102.23% and 103.81%, respectively. Total contributions, made to the Pentegra DB Plan, which include contributions from all participating employers and not just the Company, as reported on Form 5500, were $153.2 million and $163.1 million for the plan years ended June 30, 2016 and June 30, 2015, respectively. The Bank’s contributions to the Pentegra DB Plan were not more than 5% of the total contributions to the Pentegra DB Plan. During the years ended June 30, 2017, 2016 and 2015, the total expense recorded for the Pentegra DB Plan was approximately $1,235,000, $309,000 and $246,000, respectively. Note 15 – Benefit Plans (continued) Atlas Bank Retirement Income Plan (“ABRIP”) Through the merger with Atlas Bank, the Company acquired a non-contributory defined benefit pension plan covering all eligible employees of Atlas Bank. Effective January 31, 2013, the ABRIP was frozen by Atlas Bank. All benefits for eligible participants accrued in the ABRIP to the freeze date have been retained. The benefits are based on years of service and employee’s compensation. The ABRIP is funded in conformity with funding requirements of applicable government regulations. The following tables set forth the ABRIP’s funded status and net periodic benefit cost: June 30, 2017 2016 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 2,799 $ 2,569 Interest cost 108 125 Actuarial Loss 192 301 Benefit payments (203 ) (196 ) Projected benefit obligation - ending $ 2,896 $ 2,799 Change in plan assets: Fair value of assets - beginning $ 3,845 $ 3,958 Actual return on assets 50 83 Benefit payments (203 ) (196 ) Fair value of assets - ending $ 3,692 $ 3,845 Reconciliation of funded status: Projected benefit obligation $ (2,896 ) $ (2,799 ) Fair value of assets 3,692 3,845 Funded status included in other assets $ 796 $ 1,046 Accumulated benefit obligation $ (2,896 ) $ (2,799 ) Valuation assumptions Discount rate 4.00 % 3.75 % Salary increase rate N/A N/A Years Ended June 30, 2017 2016 (In Thousands) Net periodic benefit cost: Interest cost $ 108 $ 125 Expected return on assets (248 ) (258 ) Amortization of net loss 53 9 Total benefit $ (87 ) $ (124 ) Valuation assumptions Discount rate 3.75 % 4.50 % Long term rate of return on plan assets 7.00 % 7.00 % Note 15 – Benefit Plans (continued) The Bank does not expect to contribute to the ABRIP in the year ending June 30, 2018. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2018 $ 208 2019 205 2020 201 2021 199 2022 197 2023-2027 929 At June 30, 2017 and 2016, unrecognized net loss of $805,000 and $467,000, respectively, was included in accumulated other comprehensive income. For the fiscal year ending June 30, 2018, $52,000 of unrecognized net loss is expected to be recognized as a component of net periodic benefit cost. The assets of the ABRIP are invested in a Guaranteed Deposit Fund (“GDF”) with Prudential Financial, Inc. The GDF is a group annuity fund invested in public and private-issue debt securities through various sub-accounts. The underlying assets are valued based on quoted prices for similar assets with similar terms and other observable market data and have no redemption restrictions. The investments in the plan were monitored to ensure that they complied with the investment policies set forth in the plan document. The plan’s assets were reviewed periodically by management, which included an analysis of the asset allocation and the performance of the GDF prepared by Prudential Financial, Inc. The overall investment objective of the ABRIP is to ensure safety of principal and seek an attractive rate of return. The GDF utilizes a full spectrum of fixed income asset classes to provide the opportunity to maximize portfolio returns and diversification. Such asset classes are as follows: • Private Placement Bonds • Commercial Mortgage Loans • Public Corporate Bonds • Residential Mortgage Securities • Public Asset Backed Securities • Commercial Mortgage-backed Securities • Private Securitized Investments Note 15 – Benefit Plans (continued) The long-term rate-of-return-on-assets assumption was set based on historical returns earned by equities and fixed-income securities, adjusted to reflect expectations of future returns as applied to the plan’s target allocation of asset classes. Equities and fixed-income securities were assumed to earn real rates of return in the ranges of 6.0% - 8.0% and 3.0% - 5.0%, respectively. The long-term inflation rate was estimated to be 2.5%. When these overall return expectations are applied to the plan’s allocation, the result is an expected rate of return of 5.0% - 7.0%. The fair values of the ABRIP’s assets at June 30, 2017 and 2016 by asset category (see Note 19 for the definitions of levels), are as follows: June 30, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Prudential Guaranteed Deposit Fund $ - $ 3,692 $ - $ 3,692 June 30, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Prudential Guaranteed Deposit Fund $ - $ 3,845 $ - $ 3,845 Note 15 – Benefit Plans (continued) Benefit Equalization Plan (“BEP”) The Bank has an unfunded non-qualified plan to compensate senior officers of the Bank who participate in the Bank’s qualified defined benefit plan for certain benefits lost under such plans by reason of benefit limitations imposed by Sections 415 and 401 of the IRC. There were approximately $231,000, $229,000 and $227,000 in contributions made to and benefits paid under the BEP during each of the years ended June 30, 2017, 2016 and 2015, respectively. The following tables set forth the BEP’s funded status and components of net periodic benefit cost: June 30, 2017 2016 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 3,482 $ 3,181 Interest cost 134 155 Actuarial (gain) loss (162 ) 375 Benefit payments (231 ) (229 ) Projected benefit obligation - ending $ 3,223 $ 3,482 Change in plan assets: Fair value of assets - beginning $ - $ - Contributions 231 229 Benefit payments (231 ) (229 ) Fair value of assets - ending $ - $ - Reconciliation of funded status: Accumulated benefit obligation $ (3,223 ) $ (3,482 ) Projected benefit obligation $ (3,223 ) $ (3,482 ) Fair value of assets - - Funded status included in other liabilities $ (3,223 ) $ (3,482 ) Valuation assumptions Discount rate 4.00 % 3.75 % Salary increase rate N/A N/A Years Ended June 30, 2017 2016 2015 (In Thousands) Net periodic benefit cost: Interest cost $ 134 $ 155 $ 142 Amortization of net actuarial loss 72 58 47 Total expense $ 206 $ 213 $ 189 Valuation assumptions Discount rate 3.75 % 4.50 % 4.50 % Salary increase rate N/A N/A N/A Note 15 – Benefit Plans (continued) It is estimated that contributions of approximately $230,000 will be made during the year ending June 30, 2018. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2018 $ 230 2019 230 2020 229 2021 227 2022 226 2023-2027 1,089 In April 2007, the Board of Directors of the Bank approved, effective July 1, 2007, “freezing” all future benefit accruals under the BEP related to the Bank’s defined benefit pension plan. At June 30, 2017 and 2016, unrecognized net loss of $977,000 and $1,213,000, respectively, was included in accumulated other comprehensive income. For the fiscal year ending June 30, 2018, $48,000 of unrecognized net loss is expected to be recognized as a component of net periodic benefit cost. Note 15 – Benefit Plans (continued) Postretirement Welfare Plan The Bank has an unfunded postretirement group term life insurance plan covering all eligible employees. The benefits are based on age and years of service. During the years ended June 30, 2017, 2016 and 2015, contributions and benefits paid totaled $7,000, $7,000 and $6,000, respectively. The following tables set forth the accrued accumulated postretirement benefit obligation and the net periodic benefit cost: June 30, 2017 2016 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 837 $ 1,139 Service cost 31 42 Interest cost 21 34 Actuarial gain (296 ) (371 ) Premiums/claims paid (7 ) (7 ) Projected benefit obligation - ending $ 586 $ 837 Change in plan assets: Fair value of assets - beginning $ - $ - Contributions 7 7 Premiums/claims paid (7 ) (7 ) Fair value of assets - ending $ - $ - Reconciliation of funded status: Projected benefit obligation $ (586 ) $ (837 ) Fair value of assets - - Funded status included in other liabilities $ (586 ) $ (837 ) Valuation assumptions Discount rate 4.00 % 3.75 % Salary increase rate 3.25 % 3.25 % Years Ended June 30, 2017 2016 2015 (In Thousands) Net periodic benefit cost: Service cost $ 31 $ 42 $ 66 Interest cost 21 34 46 Amortization of net actuarial gain (59 ) (29 ) - Total (benefit) expense $ (7 ) $ 47 $ 112 Valuation assumptions Discount rate 3.75 % 4.50 % 4.50 % Salary increase rate 3.25 % 3.25 % 3.25 % Note 15 – Benefit Plans (continued) It is estimated that contributions of approximately $31,000 will be made during the year ending June 30, 2018. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2018 $ 31 2019 31 2020 34 2021 34 2022 41 2023-2027 255 At June 30, 2017 and 2016, unrecognized net gain of $558,000 and $319,000, respectively, were included in accumulated other comprehensive income. For the fiscal year ending June 30, 2018, $55,000 of unrecognized net gain is expected to be recognized as a component of net periodic benefit cost. Note 15 – Benefit Plans (continued) Directors’ Consultation and Retirement Plan (“DCRP”) The Bank has an unfunded retirement plan for non-employee directors. The benefits are payable based on term of service as a director. During each of the years ended June 30, 2017, 2016 and 2015, contributions and benefits paid totaled $60,000, $60,000 and $60,000, respectively. The following table sets forth the DCRP’s funded status and components of net periodic cost: June 30, 2017 2016 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 3,029 $ 3,381 Service cost - 97 Interest cost 116 151 Actuarial (gain) loss (107 ) 431 Benefit payments (60 ) (60 ) Plan amendments - 66 Curtailment due to plan freeze - (1,037 ) Projected benefit obligation - ending $ 2,978 $ 3,029 Change in plan assets: Fair value of assets - beginning $ - $ - Contributions 60 60 Benefit payments (60 ) (60 ) Fair value of assets - ending $ - $ - Reconciliation of funded status: Accumulated benefit obligation $ (2,978 ) $ (3,029 ) Projected benefit obligation $ (2,978 ) $ (3,029 ) Fair value of assets - - Funded status included in other liabilities $ (2,978 ) $ (3,029 ) Valuation assumptions Discount rate 4.00 % 3.75 % Salary increase rate N/A N/A Note 15 – Benefit Plans (continued) Years Ended June 30, 2017 2016 2015 (In Thousands) Net periodic benefit cost: Service cost $ - $ 97 $ 162 Interest cost 116 151 139 Amortization of unrecognized gain - - (18 ) Amortization of past service liability - 22 46 Curtailment credit - (931 ) - Total (benefit) expense $ 116 $ (661 ) $ 329 Valuation assumptions Discount rate 3.75 % 4.50 % 4.50 % Salary increase rate N/A N/A 3.25 % It is estimated that contributions of approximately $82,000 will be made during the year ending June 30, 2018. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2018 $ 82 2019 103 2020 124 2021 84 2022 109 2023-2027 971 In December 2015, the Board of Directors of the Bank approved “freezing” all future benefit accruals under the DCRP effective December 31, 2015. At June 30, 2017 and 2016, unrecognized net gain (loss) of $162,000 and $(57,000), respectively, was included in accumulated other comprehensive income. Note 15 – Benefit Plans (continued) Stock Compensation Plans At the Company’s 2016 Annual Meeting of Stockholder’s held on October 27, 2016, the Company approved the Kearny Financial Corp. 2016 Equity Incentive Plan (“2016 Plan”) which provides for the grant of stock options and restricted stock awards. The 2016 Plan authorized up to 3,687,628 shares as stock option grants and 1,523,696 shares as restricted stock awards. On December 1, 2016, the Company granted directors and certain officers a total of 3,290,000 stock options and awarded 1,387,390 shares of restricted stock comprising 899,390 of service-based stock awards and 488,000 of performance-based stock awards. At June 30, 2017, there were 397,628 shares remaining available for future stock option grants and 136,306 shares remaining available for future restricted stock awards under the 2016 Plan. Stock options granted under the 2016 Plan vest in equal installments over a five-year service period. Stock options were granted at an exercise price equal to the fair value of the Company's common stock on the grant date based on the closing market price and have an expiration period of ten years. The fair value of stock options granted on December 1, 2016 of $2.98 per option was estimated utilizing the Black-Scholes option pricing model using the following assumptions: Weighted average risk-free interest rate 2.16% Expected dividend yield 0.75% Weighted average volatility factor of the expected market price of the Company's stock 16.08% Weighted average expected life of the options 6.5 years The weighted average expected life of the stock option represents the period of time that stock options are expected to be outstanding and is estimated using historical data of stock option exercises and forfeitures. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected volatility is based on the historical market price volatility of the Company's stock. The expected dividend yield reflects the expected level of regular cash dividends declared and paid to shareholders, based on the Company's dividend payout ratio of approximately 50% of net income, in relation to the market price of the Company's capital stock at the time of grant. The Company recognizes compensation expense for the fair values of these awards, which have graded vesting, on a straight-line basis over the requisite service period of the awards. The Company applied ASC 718 “Compensation- Stock Compensation," ("ASC 718") and began to expense the fair value of all share-based compensation granted over the requisite service periods. ASC 718 requires the Company to report as a financing cash flow the benefits of realized tax deductions in excess of previously recognized tax benefits on compensation expense. As noted above, the Company awarded 1,387,390 shares of restricted stock during the year ended June 30, 2017. There were no restricted stock awards granted during the year ended June 30, 2016. During the years ended June 30, 2017, 2016 and 2015, the Company recorded $3.9 million, $411,000 and $469,000, respectively, of share-based compensation expense, comprised of stock option expense of $1.3 million, $160,000 and $179,000, respectively, and restricted stock expense of $2.6 million, $252,000 and $290,000, respectively. During the years ended June 30, 2017, 2016 and 2015, the income tax benefit attributed to non-qualified stock options expense was approximately $235,000, $-0- and $2,000, respectively, and attributed to restricted stock expense was approximately $1.1 million, $103,000 and $119,000, respectively. Note 15 – Benefit Plans (continued) The following is a summary of the Company's stock option activity and related information for its option plans for the year ended June 30, 2017: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (In Thousands) (In Thousands) Outstanding at June 30, 2016 311 $ 9.56 7.1 years $ 937 Granted 3,290 15.35 9.4 years Exercised (62 ) 7.74 4.1 years Forfeited - - Outstanding at June 30, 2017 3,539 $ 14.97 9.3 years $ 1,199 Exercisable at June 30, 2017 148 $ 9.78 6.2 years $ 749 The Company generally issues shares from authorized but unissued shares upon the exercise of vested options. A total of 62,216 vested options, with an aggregate intrinsic value of $470,000, were exercised during the year ended June 30, 2017. In fulfillment of these exercises, the Company issued 62,216 shares from authorized but unissued shares. There were no exercises of stock options during the year ended June 30, 2016. The cash proceeds from stock option exercises during the year ended June 30, 2017 totaled approximately $482,000. A portion of such exercises represented disqualifying dispositions of incentive stock options for which the Company recognized $192,000 in income tax benefit. Expected future compensation expense relating to the 3,390,768 non-vested options outstanding as of June 30, 2017 is $8.9 million over a weighted average period of 3.79 years. Restricted shares awarded under the 2016 Plan generally vest in equal installments over a five-year service period. In addition to the requisite service period, the vesting of certain restricted shares awarded to management are also conditioned upon the achievement of one or more objective performance factors established by the Compensation Committee of the Company's Board of Directors. In accordance with the terms of the 2016 Plan, such factors may be based on the performance of the Company as a whole or on any one or more business units of the Company or its subsidiaries. Performance factors may be measured relative to a peer group, an index or certain financial targets established in the Company's strategic business plan and budget. The vesting of the applicable performance-based restricted shares over the first year of the five-year service period was conditioned upon the achievement of the Company's earning-based performance targets for the fiscal year ended June 30, 2017. Such performance targets were established by the Board of Directors in the Company's strategic business plan and budget for that period. The Company fully achieved the applicable performance targets for fiscal 2017 and therefore expects that all eligible performance-based restricted shares will successfully vest over the first year of the five-year service period. The performance factors and underlying cost basis of the performance-based restricted shares that are scheduled to vest over each of the latter four years of the service period are generally expected to be determined annually concurrent with the anniversary date of the original grants. For service based awards management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period. For performance vesting awards management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period; however, if the corporate performance goals to which the vesting of such shares are tied are not achieved, recognized compensation expense is adjusted accordingly. Note 15 – Benefit Plans (continued) The following is a summary of the status of the Company's non-vested restricted share awards as of June 30, 2017 and changes during the year ended June 30, 2017: Vesting Contingent on Service Conditions Vesting Contingent on Performance and Service Conditions Restricted Shares Weighted Average Grant Date Fair Value Restricted Shares Weighted Average Grant Date Fair Value (In Thousands) (In Thousands) Non-vested at June 30, 2016 45 $ 10.45 - $ - Granted (1) 899 15.35 488 15.35 Vested (14 ) 10.50 - - Forfeited - - - - Non-vested at June 30, 2017 930 $ 15.19 488 $ 15.35 (1) The weighted average grant date fair value of $15.35 represents the cost basis of the 899,390 restricted shares awarded during fiscal 2017 whose vesting is based solely on service conditions over the five-year vesting period. With regard to the 488,000 restricted shares awarded during fiscal 2017 whose vesting is based upon both service and performance conditions, the weighted average grant date fair value of $15.35 serves as the cost basis for those shares vesting during the first year of the five-year service period. The cost basis of the performance-based restricted shares vesting over the latter four years of the five-year service period is expected to be determined annually in conjunction with the establishment of the applicable performance targets for each vesting period concurrent with the anniversary date of the original grants. During the years ended June 30, 2017, 2016 and 2015, the total fair value of vested restricted shares were $208,000, $433,000 and $331,000, respectively. Expected future compensation expense relating to the 1,418,311 non-vested restricted shares at June 30, 2017 is $19.1 million over a weighted average period of 4.07 years. |
Stockholders' Equity and Regula
Stockholders' Equity and Regulatory Capital | 12 Months Ended |
Jun. 30, 2017 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity and Regulatory Capital | Note 16 – Stockholders’ Equity and Regulatory Capital Federal banking regulators impose various restrictions or requirements on the ability of savings institutions to make capital distributions, including cash dividends. A savings institution that is a subsidiary of a savings and loan holding company, such as the Bank, must file an application or a notice with federal banking regulators at least thirty days before making a capital distribution. A savings institution must file an application for prior approval of a capital distribution if: (i) it is not eligible for expedited treatment under the applications processing rules of federal banking regulators; (ii) the total amount of all capital distributions, including the proposed capital distribution, for the applicable calendar year would exceed an amount equal to the savings institution’s net income for that year to date plus the institution’s retained net income for the preceding two years; (iii) it would not adequately be capitalized after the capital distribution; or (iv) the distribution would violate an agreement with federal banking regulators or applicable regulations. Federal banking regulators may disapprove a notice or deny an application for a capital distribution if: (i) the savings institution would be undercapitalized following the capital distribution; (ii) the proposed capital distribution raises safety and soundness concerns; or (iii) the capital distribution would violate a prohibition contained in any statute, regulation or agreement. No capital distributions from the Bank to the Company were initiated during the fiscal years ended June 30, 2015, June 30, 2016 and June 30, 2017. The Bank and consolidated Company are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory - and possibly additional discretionary – actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank and consolidated Company must meet specific capital guidelines that involve quantitative measures of their respective assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s and consolidated Company’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weighting, and other factors. The federal banking agencies have substantially amended the regulatory risk-based capital rules applicable to the Bank and consolidated Company. The amendments implemented the “Basel III” regulatory capital reforms and changes required by the Dodd-Frank Act. The new rules apply regulatory capital requirements to both the Bank and the consolidated Company. The amended rules included new minimum risk-based capital and leverage ratios, which became effective in January 2015, with certain requirements to be phased in beginning in 2016, and refined the definition of what constitutes “capital” for purposes of calculating those ratios. The minimum capital level requirements applicable to both the Bank and the consolidated Company include: (i) a common equity Tier 1 capital ratio of 4.5%; (ii) a Tier 1 capital ratio of 6%; (iii) a total capital ratio of 8%; and (iv) a Tier 1 leverage ratio of 4% for all institutions. The previously amended rules also established a “capital conservation buffer” of 2.5% above the new regulatory minimum capital ratios, and when fully phased in, would result in the following minimum ratios: (i) a common equity Tier 1 capital ratio of 7.0%; (ii) a Tier 1 capital ratio of 8.5%; and (iii) a total capital ratio of 10.5%. The new capital conservation buffer requirement began phasing in at January 1, 2016 at 0.625% of risk-weighted assets and will increase each calendar year until fully implemented in January 2019. An institution will be subject to limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses if its capital level falls below the buffer amount. These limitations will establish a maximum percentage of eligible retained income that could be utilized for such actions. Note 16 – Stockholders’ Equity and Regulatory Capital (continued) The following tables present information regarding the Bank’s regulatory capital levels at June 30, 2017 and 2016. At June 30, 2017 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 753,790 23.30 % $ 258,809 8.00 % $ 323,512 10.00 % Tier 1 capital (to risk-weighted assets) 724,504 22.39 % 194,107 6.00 % 258,809 8.00 % Common equity tier 1 capital (to risk-weighted assets) 724,504 22.39 % 145,580 4.50 % 210,283 6.50 % Tier 1 capital (to adjusted total assets) 724,504 15.47 % 187,308 4.00 % 234,136 5.00 % At June 30, 2016 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 722,561 26.03 % $ 222,062 8.00 % $ 277,577 10.00 % Tier 1 capital (to risk-weighted assets) 698,332 25.16 % 166,546 6.00 % 222,062 8.00 % Common equity tier 1 capital (to risk-weighted assets) 698,332 25.16 % 124,910 4.50 % 180,425 6.50 % Tier 1 capital (to adjusted total assets) 698,332 15.88 % 175,848 4.00 % 219,810 5.00 % The following table presents information regarding the consolidated Company’s regulatory capital levels at June 30, 2017 and June 30, 2016. At June 30, 2017 Actual For Capital Adequacy Purposes Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 974,545 29.98 % $ 260,065 8.00 % Tier 1 capital (to risk-weighted assets) 945,259 29.08 % 195,049 6.00 % Common equity tier 1 capital (to risk-weighted assets) 945,259 29.08 % 146,287 4.50 % Tier 1 capital (to adjusted total assets) 945,259 20.11 % 188,012 4.00 % At June 30, 2016 Actual For Capital Adequacy Purposes Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 1,076,640 38.78 % $ 222,106 8.00 % Tier 1 capital (to risk-weighted assets) 1,052,411 37.91 % 166,579 6.00 % Common equity tier 1 capital (to risk-weighted assets) 1,052,411 37.91 % 124,934 4.50 % Tier 1 capital (to adjusted total assets) 1,052,411 23.93 % 175,919 4.00 % Based upon most recent notification from federal banking regulators dated February 13, 2017 the Bank was categorized as well capitalized as of September 30, 2016, under the regulatory framework for prompt corrective action. There are no conditions existing or events which have occurred since notification that management believes have changed the Bank’s category. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 17 – Income Taxes Retained earnings at June 30, 2017, includes approximately $30.5 million of bad debt allowance , The components of income taxes are as follows: Years Ended June 30, 2017 2016 2015 (In Thousands) Current income tax expense: Federal $ 7,790 $ 6,440 $ 1,438 State 2,873 1,921 704 10,663 8,361 2,142 Deferred income tax benefit: Federal (1,363 ) (1,238 ) (2,722 ) State (480 ) (340 ) (824 ) (1,843 ) (1,578 ) (3,546 ) Valuation allowance - - 135 Total income tax expense (benefit) $ 8,820 $ 6,783 $ (1,269 ) The following table presents a reconciliation between the reported income taxes and the income taxes which would be computed by applying the normal federal income tax rate of 35% to income before income taxes for the years ended June 30, 2017, 2016 and 2015: Years Ended June 30, 2017 2016 2015 (In Thousands) Federal income tax expense at statutory rate $ 9,598 $ 7,912 $ 1,526 (Reduction) increases in income taxes resulting from: Tax exempt interest (795 ) (756 ) (679 ) New Jersey state tax, net of federal tax effect 1,555 1,028 10 Incentive stock options compensation expense 124 56 61 Income from bank-owned life insurance (1,798 ) (1,956 ) (1,405 ) Disqualifying disposition on incentive stock options (165 ) - (491 ) Net operating loss utilized from mutual holding company dissolution - - (354 ) Other items, net 301 499 (72 ) 8,820 6,783 (1,404 ) Valuation allowance - - 135 Total income tax expense (benefit) $ 8,820 $ 6,783 $ (1,269 ) Effective income tax rate 32.16 % 30.01 % -29.11 % The effective income tax rate represents total income tax expense divided by income before income taxes. Note 17 – Income Taxes (continued) The Company maintained a valuation allowance during the years ended June 30, 2017 and 2016 against a portion of the deferred tax asset arising from the carryover associated with its charitable contribution to the KearnyBank Foundation made in conjunction with the Company’s second step conversion and stock offering. The valuation allowance is attributable to a portion of the New Jersey state charitable contribution carryover which has been deemed more likely than not to not be realizable due to a difference in the taxable net income basis between the Company’s tax filing entities at the federal and state levels. The tax effects of existing temporary differences that give rise to deferred income tax assets and liabilities are as follows: June 30, 2017 2016 (In Thousands) Deferred income tax assets: Purchase accounting $ 466 $ 954 Accumulated other comprehensive income Defined benefit plans 434 550 Unrealized loss on securities available for sale 975 1,954 Unrealized loss on securities available for sale transferred to held to maturity 453 431 Derivatives - 8,708 Allowance for loan losses 11,963 9,897 Benefit plans 2,675 2,669 Compensation 1,146 891 Stock-based compensation 2,278 791 Uncollected interest 2,700 2,686 Depreciation 1,221 1,146 Charitable contribution carryover 2,139 3,090 Other items 642 670 27,092 34,437 Valuation allowance (135 ) (135 ) 26,957 34,302 Deferred income tax liabilities: Deferred costs 2,083 1,515 Derivatives 2,582 - Goodwill 6,167 6,177 Other items 671 637 11,503 8,329 Net deferred income tax asset $ 15,454 $ 25,973 |
Commitments
Commitments | 12 Months Ended |
Jun. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments | Note 18 – Commitments The Bank has non-cancelable operating leases for branch offices. The following is a schedule by years of future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of June 30, 2017: Operating Lease Payments (In Thousands) Years ending June 30: 2018 2,074 2019 1,963 2020 1,711 2021 1,519 2022 1,244 Thereafter 4,320 Total minimum payments required $ 12,831 The following schedule shows the composition of total rental expense for all operating leases: June 30, 2017 2016 2015 (In Thousands) Minimum rentals $ 1,989 $ 1,843 $ 1,807 The Bank is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. The Bank's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual notional amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. The outstanding loan commitments are as follows: June 30, 2017 2016 (In Thousands) Loan commitments: Real estate mortgage loans $ 87,666 $ 31,375 Home equity loans 2,768 565 Commercial business loans 4,737 3,614 Construction loans in process 8,088 73 Consumer home equity and overdraft lines of credit 33,408 32,125 Commercial business lines of credit 27,264 23,285 Total loan commitments $ 163,931 $ 91,037 In addition to the loan commitments noted above, the Company has outstanding commitments to originate loans held for sale totaling $18.4 million at June 30, 2017 that are considered derivative instruments whose fair values are not considered to be material for financial statement reporting purposes. Origination commitments on loans held for sale whose terms include interest rate locks to borrowers are generally paired with a “non-binding” best-efforts commitment to sell the loan to a buyer at a fixed price and within a predetermined timeframe after the sale commitment is established. Note 18 – Commitments (continued) At June 30, 2017, the outstanding mortgage loan commitments included $17.8 million for fixed-rate loans with interest rates ranging from 3.975% to 4.125% and $69.9 million for adjustable-rate loans with initial rates ranging from 2.875% to 4.75%. Home equity loan commitments include $1.6 million for fixed-rate loans with interest rates ranging from 3.5% to 4.375% and $1.2 million for adjustable-rate loans with initial rates ranging from 3.50% to 6.00%. Business loan commitments total $4.7 million representing funding commitments on fixed rate loans with initial rates of 4.125% to 6.750%. Undisbursed funds from home equity and business lines of credit are adjustable-rate loans with interest rates ranging from 1.00% below to 5.25% above the prime rate published in the Wall Street Journal. Lines of credit providing overdraft protection for checking accounts are either adjustable-rate loans with interest rates ranging from 3.50% to 4.00% above prime or fixed rate loans with interest rates ranging from 5.00% to 18.00%. At June 30, 2016, the outstanding mortgage loan commitments included $3.1 million for fixed-rate loans with interest rates ranging from 2.875% to 3.75% and $19.2 million for adjustable-rate loans with initial rates ranging from 2.75% to 4.50%. The remaining $9.1 million of mortgage loan commitments represent the remaining balance of an outstanding blanket commitment with a third party loan originator to purchase newly originated residential mortgage loans whose rates may either be fixed or adjustable-rate. Home equity loan commitments include $565,000 for fixed-rate loans with interest rates ranging from 3.25% to 4.125%. Business loan commitments total $3.6 million representing funding commitments on floating rate loans with initial rates of 4.00% to 6.25%. Undisbursed funds from home equity and business lines of credit are adjustable-rate loans with interest rates ranging from 1.00% below to 6.00% above the prime rate published in the Wall Street Journal. Lines of credit providing overdraft protection for checking accounts are either adjustable-rate loans with interest rates ranging from 3.50% to 4.00% above prime or fixed rate loans with interest rates ranging from 5.00% to 18.00%. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained if deemed necessary by the Bank upon extension of credit is based on management’s credit evaluation of the counterparty. In addition to the commitments noted above, the Bank is party to standby letters of credit through which it guarantees certain specific business obligations of its commercial customers. The balance of standby letters of credit at June 30, 2017 and 2016 were approximately $715,000 and $514,000, respectively. The Company and subsidiaries are also party to litigation which arises primarily in the ordinary course of business. In the opinion of management, the ultimate disposition of such litigation should not have a material adverse effect on the consolidated financial position of the Company. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 19 – Fair Value of Financial Instruments The guidance on fair value measurement establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy describes three levels of inputs that may be used to measure fair value: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Observable inputs other than Level 1 prices, such as quoted for similar assets or liabilities; quoted prices in markets that are not active; or inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. In addition, the guidance requires the Company to disclose the fair value for assets and liabilities on both a recurring and non-recurring basis. Those assets and liabilities measured at fair value on a recurring basis are summarized below: June 30, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Debt securities available for sale: U.S. agency securities $ - $ 5,316 $ - $ 5,316 Obligations of state and political subdivisions - 27,740 - 27,740 Asset-backed securities - 162,429 - 162,429 Collateralized loan obligations - 98,154 - 98,154 Corporate bonds - 142,318 - 142,318 Trust preferred securities - 7,540 1,000 8,540 Total debt securities - 443,497 1,000 444,497 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 30,536 - 30,536 Residential pass-through securities - 130,550 - 130,550 Commercial pass-through securities - 8,177 - 8,177 Total mortgage-backed securities - 169,263 - 169,263 Total securities available for sale $ - $ 612,760 $ 1,000 $ 613,760 Derivative instruments Interest rate swaps $ - $ 7,372 $ - $ 7,372 Interest rate caps - 140 - 140 Total derivatives $ - $ 7,512 $ - $ 7,512 Note 19 – Fair Value of Financial Instruments (continued) June 30, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Debt securities available for sale: U.S. agency securities $ - $ 6,440 $ - $ 6,440 Obligations of state and political subdivisions - 28,398 - 28,398 Asset-backed securities - 82,625 - 82,625 Collateralized loan obligations - 127,374 - 127,374 Corporate bonds - 137,404 - 137,404 Trust preferred securities - 7,669 - 7,669 Total debt securities - 389,910 - 389,910 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 60,577 - 60,577 Residential pass-through securities - 214,526 - 214,526 Commercial pass-through securities - 8,524 - 8,524 Total mortgage-backed securities - 283,627 - 283,627 Total securities available for sale $ - $ 673,537 $ - $ 673,537 Derivative instruments Interest rate swaps $ - $ (19,317 ) $ - $ (19,317 ) Interest rate caps - 60 - 60 Total derivatives $ - $ (19,257 ) $ - $ (19,257 ) The fair values of securities available for sale (carried at fair value) or held to maturity (carried at amortized cost) are primarily determined by obtaining matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). The Company has contracted with a third party vendor to provide periodic valuations for its interest rate derivatives to determine the fair value of its interest rate caps and swaps. The vendor utilizes standard valuation methodologies applicable to interest rate derivatives such as discounted cash flow analysis and extensions of the Black-Scholes model. Such valuations are based upon readily observable market data and are therefore considered Level 2 valuations by the Company. In addition to the financial instruments noted above, the Company has outstanding commitments to originate loans held for sale totaling $18.4 million and $16.7 million at June 30, 2017 and June 30, 2016, respectively, that are considered derivative instruments for financial statement reporting purposes. Given the short-term nature of the commitments and their immateriality to the statements of condition and operations, the Company assumes no change in the fair value of these derivative instruments during their outstanding period. Note 19 – Fair Value of Financial Instruments (continued) Those assets and liabilities measured at fair value on a non-recurring basis are summarized below: June 30, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Impaired loans $ - $ - $ 7,956 $ 7,956 June 30, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Impaired loans $ - $ - $ 10,533 $ 10,533 Real estate owned $ - $ - $ 280 $ 280 The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value: June 30, 2017 Fair Value Valuation Techniques Unobservable Input Range Weighted Average (In Thousands) Impaired loans $ 7,956 Market valuation of underlying collateral (1) Direct disposal costs (3) 6% - 10% 8.10 % June 30, 2016 Fair Value Valuation Techniques Unobservable Input Range Weighted Average (In Thousands) Impaired loans $ 10,533 Market valuation of underlying collateral (1) Direct disposal costs (3) 6% - 10% 9.34 % Real estate owned $ 280 Market valuation of property (2) Direct disposal costs (3) N/A 8.00 % (1) The fair value basis of impaired loans is generally determined based on an independent appraisal of the market value of a loan’s underlying collateral. (2) The fair value basis of real estate owned is generally determined based upon the lower of an independent appraisal of the property’s market value or the applicable listing price or contracted sales price. (3) The fair value basis of impaired loans and real estate owned is adjusted to reflect management estimates of disposal costs including, but not necessarily limited to, real estate brokerage commissions and title transfer fees, with such cost estimates generally ranging from 6% to 10% of collateral or property market value. Note 19 – Fair Value of Financial Instruments (continued) An impaired loan is evaluated and valued at the time the loan is identified as impaired at the lower of cost or market value. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Market value is measured based on the value of the collateral securing the loan and is classified at a Level 3 in the fair value hierarchy. Once a loan is identified as individually impaired, management measures impairment in accordance with the FASB’s guidance on accounting by creditors for impairment of a loan with the fair value estimated using the market value of the collateral reduced by estimated disposal costs. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceeds the recorded investments in such loans. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly. At June 30, 2017, impaired loans valued using Level 3 inputs comprised loans with principal balances totaling $8.2 million and valuation allowances of $199,000 reflecting fair values of $8.0 million. By comparison, at June 30, 2016, impaired loans valued using Level 3 inputs comprised loans with principal balances totaling $11.1 million and valuation allowances of $608,000 reflecting fair values of $10.5 million. Once a loan is foreclosed, the fair value of the real estate owned continues to be evaluated based upon the market value of the repossessed real estate originally securing the loan. At June 30, 2017, the Company held no real estate owned whose carrying value was written down utilizing Level 3 inputs during the year ended June 30, 2017. By comparison, at June 30, 2016, real estate owned whose carrying value was written down utilizing Level 3 inputs during the year ended June 30, 2016 comprised one property with a fair value totaling $280,000. The following methods and assumptions were used to estimate the fair value of each class of financial instruments at June 30, 2017 and June 30, 2016: Cash and Cash Equivalents, Interest Receivable and Interest Payable. The carrying amounts for cash and cash equivalents, interest receivable and interest payable approximate fair value because they mature in three months or less. Securities. See the discussion presented above concerning assets measured at fair value on a recurring basis. Loans Receivable. Except for certain impaired loans as previously discussed, the fair value of loans receivable is estimated by discounting the future cash flows, using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities, of such loans. FHLB of New York Stock. The carrying amount of restricted investment in bank stock approximates fair value, and considers the limited marketability of such securities. Deposits. The fair value of demand, savings and club accounts is equal to the amount payable on demand at the reporting date. The fair value of certificates of deposit is estimated using rates currently offered for deposits of similar remaining maturities. The fair value estimates do not include the benefit that results from the low-cost funding provided by deposit liabilities compared to the cost of borrowing funds in the market. Advances from FHLB. Fair value is estimated using rates currently offered for advances of similar remaining maturities. Interest Rate Derivatives. See the discussion presented above concerning assets measured at fair value on a recurring basis. Commitments. The fair value of commitments to fund credit lines and originate or participate in loans held in portfolio or loans held for sale is estimated using fees currently charged to enter into similar agreements taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, including those relating to loans held for sale that are considered derivative instruments for financial statement reporting purposes, the fair value also considers the difference between current levels of interest and the committed rates. The carrying value, represented by the net deferred fee arising from the unrecognized commitment, and the fair value, determined by discounting the remaining contractual fee over the term of the commitment using fees currently charged to enter into similar agreements with similar credit risk, is not considered material for disclosure. The contractual amounts of unfunded commitments are presented in Note 18. Note 19 – Fair Value of Financial Instruments (continued) The carrying amounts and fair values of financial instruments are as follows: June 30, 2017 Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In Thousands) Financial assets: Cash and cash equivalents $ 78,237 $ 78,237 $ 78,237 $ - $ - Debt securities available for sale 444,497 444,497 - 443,497 1,000 Mortgage-backed securities available for sale 169,263 169,263 - 169,263 - Debt securities held to maturity 144,713 145,505 - 145,505 - Mortgage-backed securities held to maturity 348,608 350,289 - 350,289 - Loans held-for-sale 4,692 4,692 - 4,692 - Net loans receivable 3,215,975 3,137,304 - - 3,137,304 FHLB Stock 39,958 39,958 - - 39,958 Interest receivable 12,493 12,493 12,493 - - Financial liabilities: Deposits (1) 2,930,127 2,943,908 1,639,059 - 1,304,849 Borrowings 806,228 823,435 - - 823,435 Interest payable on borrowings 1,391 1,391 1,391 - - Derivative instruments: Interest rate swaps 7,372 7,372 - 7,372 - Interest rate caps 140 140 - 140 - (1) Includes accrued interest payable on deposits of $382,000 at June 30, 2017. Note 19 – Fair Value of Financial Instruments (continued) June 30, 2016 Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In Thousands) Financial assets: Cash and cash equivalents $ 199,200 $ 199,200 $ 199,200 $ - $ - Debt securities available for sale 389,910 389,910 - 389,910 - Mortgage-backed securities available for sale 283,627 283,627 - 283,627 - Debt securities held to maturity 167,171 169,794 - 169,794 - Mortgage-backed securities held to maturity 410,115 422,690 - 422,690 - Loans held-for-sale 3,316 3,316 - 3,316 - Net loans receivable 2,649,758 2,652,736 - - 2,652,736 FHLB Stock 30,612 30,612 - - 30,612 Interest receivable 11,212 11,212 11,212 - - Financial liabilities: Deposits (1) 2,694,833 2,709,779 1,487,408 - 1,222,371 Borrowings 614,423 634,855 - - 634,855 Interest payable on borrowings 1,226 1,226 1,226 - - Derivative instruments: Interest rate swaps (19,317 ) (19,317 ) - (19,317 ) - Interest rate caps 60 60 - 60 - (1) Includes accrued interest payable on deposits of $146,000 at June 30, 2016. Limitations. Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instruments. These estimates do not reflect any premium or discount that could result from offering for sale at one time the entire holdings of a particular financial instrument. Because no market value exists for a significant portion of the financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature, involve uncertainties and matters of judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. The fair value estimates are based on existing on-and-off balance sheet financial instruments without attempting to value anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets and liabilities that are not considered financial assets and liabilities include premises and equipment, and advances from borrowers for taxes and insurance. In addition, the ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates. Finally, reasonable comparability between financial institutions may not be likely due to the wide range of permitted valuation techniques and numerous estimates which must be made given the absence of active secondary markets for many of the financial instruments. This lack of uniform valuation methodologies introduces a greater degree of subjectivity to these estimated fair values. |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Comprehensive Income | Note 20 – Comprehensive Income The components of accumulated other comprehensive income (loss) included in stockholders’ equity are as follows: June 30, 2017 2016 (In Thousands) Net unrealized loss on securities available for sale $ (2,385 ) $ (4,711 ) Tax effect 975 1,954 Net of tax amount (1,410 ) (2,757 ) Net unrealized loss on securities available for sale transferred to held to maturity (1,109 ) (1,056 ) Tax effect 453 431 Net of tax amount (656 ) (625 ) Fair value adjustments on derivatives 6,319 (21,317 ) Tax effect (2,582 ) 8,708 Net of tax amount 3,737 (12,609 ) Benefit plan adjustments (1,061 ) (1,346 ) Tax effect 434 550 Net of tax amount (627 ) (796 ) Total accumulated other comprehensive income (loss) $ 1,044 $ (16,787 ) Note 20 – Comprehensive Income (continued) Other comprehensive (loss) income and related tax effects are presented in the following table: Years Ended June 30, 2017 2016 2015 (In Thousands) Net unrealized holding gain (loss) on securities available for sale $ 1,923 $ (4,564 ) $ (1,231 ) Amortization of unrealized holding (loss) gain on securities available for sale transferred to held to maturity (2) (53 ) 9 (75 ) Net realized loss (gain) on securities available for sale (1) 402 - (7 ) Fair value adjustments on derivatives 27,637 (10,187 ) (7,629 ) Benefit plans: Amortization of: Actuarial loss (3) 66 37 29 Past service cost (3) - 22 46 New actuarial gain (loss) 219 (911 ) (363 ) Net change in benefit plan accrued expense 285 (852 ) (288 ) Other comprehensive income (loss) before taxes 30,194 (15,594 ) (9,230 ) Tax effect (12,363 ) 6,568 3,749 Total comprehensive income (loss) $ 17,831 $ (9,026 ) $ (5,481 ) (1) Represents amount reclassified out of accumulated other comprehensive income and included in gain on sale of securities on the consolidated statements of income. (2) Represents amounts reclassified out of accumulated other comprehensive income and included in interest income on taxable securities. (3) Represents amounts reclassified out of accumulated other comprehensive income and included in the computation of net periodic pension expense. See Note 15 – Benefit Plans for additional information. |
Parent Only Financial Informati
Parent Only Financial Information | 12 Months Ended |
Jun. 30, 2017 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Parent Only Financial Information | Note 21 – Parent Only Financial Information Kearny Financial Corp. operates its wholly owned subsidiary Kearny Bank and the Bank’s wholly-owned subsidiaries. The consolidated earnings of the subsidiaries are recognized by the Company using the equity method of accounting. Accordingly, the consolidated earnings of the subsidiaries are recorded as increases in the Company’s investment in the subsidiaries. The following are the condensed financial statements for Kearny Financial Corp. (Parent Company only) as of June 30, 2017 and 2016, and for each of the years in the three-year period ended June 30, 2017. Condensed Statements of Financial Condition June 30, 2017 June 30, 2016 (In Thousands) Assets Cash and amounts due from depository institutions $ 169,820 $ 316,438 Debt securities held to maturity 15,000 - Loans receivable 36,448 37,944 Investment in subsidiary 836,426 793,549 Other assets 84 99 Total Assets $ 1,057,778 $ 1,148,030 Liabilities and Stockholders' Equity Other liabilities 597 401 Stockholders' equity 1,057,181 1,147,629 Total Liabilities and Stockholders' Equity $ 1,057,778 $ 1,148,030 Condensed Statements of Income and Comprehensive Income Years Ended June 30, 2017 2016 2015 (In Thousands) Interest income $ 2,318 $ 2,413 $ 444 Equity in undistributed earnings of subsidiaries 18,427 15,543 5,467 Total income 20,745 17,956 5,911 Interest expense - - 120 Directors' compensation 265 242 143 Other expenses 1,755 1,703 468 Total expense 2,020 1,945 731 Income before income taxes 18,725 16,011 5,180 Income tax expense (benefit) 122 189 (449 ) Net income $ 18,603 $ 15,822 $ 5,629 Comprehensive income $ 36,434 $ 6,796 $ 148 Note 21 – Parent Only Financial Information (continued) Condensed Statements of Cash Flows Years Ended June 30, 2017 2016 2015 (In Thousands) Cash Flows from Operating Activities: Net income $ 18,603 $ 15,822 $ 5,629 Adjustment to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (18,427 ) (15,543 ) (5,467 ) Contribution of stock to charitable foundation - - 5,000 Payments received in intercompany liabilities - - (281 ) (Increase) decrease in other assets (19 ) 880 84 Increase in other liabilities 352 576 24 Net Cash Provided by Operating Activities 509 1,735 4,989 Cash Flows from Investing Activities: Repayment of loan to ESOP 1,496 1,444 1,832 Purchase of subordinated debt security (15,000 ) - - Cash received from MHC in merger - - 162 Net Cash (Used In) Provided by Investing Activities (13,504 ) 1,444 1,994 Cash Flows from Financing Activities: Net proceeds of sale of common stock - - 706,785 Loan to ESOP for purchase of common stock - - (36,125 ) Infusion of capital to subsidiary - - (353,395 ) Exercise of stock options 482 - - Cash dividends paid (8,286 ) (7,481 ) - Repurchase and cancellation of common stock of Kearny Financial Corp. for treasury (126,002 ) (22,286 ) - Cancellation of expired, ungranted shares issued for stock benefit plan 183 - - Issuance of common stock of Kearny Financial Corp. from treasury - - 1,365 Net Cash (Used In) Provided by Financing Activities (133,623 ) (29,767 ) 318,630 Net (Decrease) Increase in Cash and Cash Equivalents (146,618 ) (26,588 ) 325,613 Cash and Cash Equivalents - Beginning 316,438 343,026 17,413 Cash and Cash Equivalents - Ending $ 169,820 $ 316,438 $ 343,026 |
Net Income per Common Share (EP
Net Income per Common Share (EPS) | 12 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Income per Common Share (EPS) | Note 22 – Net Income per Common Share (EPS) As a result of the completion of the Company’s second-step conversion and stock offering on May 18, 2015, the weighted average number of basic and diluted common shares outstanding for the year ended June 30, 2015 was retroactively adjusted, to reflect the 1.3804 exchange rate to convert the Company’s outstanding shares to its new common stock. The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations: Year Ended June 30, 2017 Income (Numerator) Shares (Denominator) Per Share Amount (In Thousands, Except Per Share Data) Net income $ 18,603 Basic earnings per share, income available to common stockholders $ 18,603 84,590 $ 0.22 Effect of dilutive securities: Stock options - 71 $ 18,603 84,661 $ 0.22 Year Ended June 30, 2016 Income (Numerator) Shares (Denominator) Per Share Amount (In Thousands, Except Per Share Data) Net income $ 15,822 Basic earnings per share, income available to common stockholders $ 15,822 89,591 $ 0.18 Effect of dilutive securities: Stock options - 34 $ 15,822 89,625 $ 0.18 Year Ended June 30, 2015 Income (Numerator) Shares (Denominator) Per Share Amount (In Thousands, Except Per Share Data) Net income $ 5,629 Basic earnings per share, income available to common stockholders $ 5,629 91,717 $ 0.06 Effect of dilutive securities: Stock options - 124 $ 5,629 91,841 $ 0.06 During the years ended June 30, 2017, 2016 and 2015, the average number of options which were anti-dilutive totaled approximately 1,919,168, 248,000 and 253,000, respectively. |
Quarterly Results of Operations
Quarterly Results of Operations | 12 Months Ended |
Jun. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | Note 23 – Quarterly Results of Operations (Unaudited) The following is a condensed summary of quarterly results of operations for the years ended June 30, 2017 and 2016: Year Ended June 30, 2017 First Quarter Second Quarter Third Quarter Fourth Quarter (In Thousands, Except Per Share Data) Interest income $ 32,806 $ 34,315 $ 35,008 $ 36,964 Interest expense 8,785 8,699 8,801 10,234 Net interest income 24,021 25,616 26,207 26,730 Provision for loan losses 1,129 1,255 1,809 1,188 Net interest income after provision for loan losses 22,892 24,361 24,398 25,542 Non-interest income 2,629 3,446 2,253 3,020 Non-interest expense 18,660 19,373 21,034 22,051 Income before Income Taxes 6,861 8,434 5,617 6,511 Income taxes 2,194 2,970 1,549 2,107 Net Income $ 4,667 $ 5,464 $ 4,068 $ 4,404 Net income per common share: Basic $ 0.05 $ 0.06 $ 0.05 $ 0.05 Diluted $ 0.05 $ 0.06 $ 0.05 $ 0.05 Weighted average number of common shares outstanding Basic 86,246 85,174 84,542 82,372 Diluted 86,304 85,258 84,624 82,429 Dividends declared per common share $ 0.02 $ 0.02 $ 0.03 $ 0.03 Note 23 – Quarterly Results of Operations (Unaudited) (continued) Year Ended June 30, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter (In Thousands, Except Per Share Data) Interest income $ 29,415 $ 31,824 $ 32,882 $ 32,767 Interest expense 7,059 7,886 8,418 8,540 Net interest income 22,356 23,938 24,464 24,227 Provision for loan losses 2,641 3,414 2,589 2,046 Net interest income after provision for loan losses 19,715 20,524 21,875 22,181 Non-interest income 2,493 2,410 2,613 3,211 Non-interest expense 18,382 17,704 18,653 17,678 Income before Income Taxes 3,826 5,230 5,835 7,714 Income taxes 850 1,433 1,667 2,833 Net Income $ 2,976 $ 3,797 $ 4,168 $ 4,881 Net income per common share: Basic $ 0.03 $ 0.04 $ 0.05 $ 0.05 Diluted $ 0.03 $ 0.04 $ 0.05 $ 0.05 Weighted average number of common shares outstanding Basic 89,590 89,640 89,690 89,443 Diluted 89,619 89,674 89,724 89,481 Dividends declared per common share $ 0.02 $ 0.02 $ 0.02 $ 0.02 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Consolidated Financial Statement Presentation | Basis of Consolidated Financial Statement Presentation The consolidated financial statements include the accounts of Kearny Financial Corp. (the “Company”), its wholly-owned subsidiary, Kearny Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries, CJB Investment Corp. and KFS Financial Services, Inc. and its wholly-owned subsidiary, KFS Insurance Services, Inc. The Company conducts its business principally through the Bank. Management prepared the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), including the elimination of all significant inter-company accounts and transactions during consolidation. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of financial condition and revenues and expenses for the periods then ended. Actual results could differ significantly from those estimates. Material estimates, and judgements that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, the evaluation of goodwill for impairment, identification of other-than-temporary impairment of securities and the determination of the amount of deferred tax assets which are more likely than not to be realized. While management uses available information to recognize losses on loans, future additions to the allowance for loan losses may be necessary based on changes in economic conditions in the market area. Moreover, various regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses. Such agencies may require the recognition of additions to the allowance based on their judgments about information available to them at the time of their examination. Additionally, subsequent evaluations of the Company’s goodwill that originated from the application of purchase accounting associated with the Company’s prior acquisition of five community banks could identify impairments to the intangible asset that would result in future charges to earnings. Finally, the determination of the amount of deferred tax assets more likely than not to be realized is dependent on projections of future earnings, which are subject to frequent change. |
Business of the Company and Subsidiaries | Business of the Company and Subsidiaries The Company’s primary business is the ownership and operation of the Bank. The Bank is principally engaged in the business of attracting deposits from the general public at its 42 locations in New Jersey and New York and using these deposits, together with other funds, to originate or purchase loans for its portfolio and invest in securities. Loans originated or purchased by the Bank generally include loans collateralized by residential and commercial real estate augmented by secured and unsecured loans to businesses and consumers. The investment securities purchased by the Bank generally include U.S. agency mortgage-backed securities, U.S. government and agency debentures, bank-qualified municipal obligations, corporate bonds, asset-backed securities, collateralized loan obligations and subordinated debt. The Company maintains a small balance of single issuer trust preferred securities and non-agency mortgage-backed securities that were acquired through its purchase of other institutions. The Company does not actively purchase such securities. At June 30, 2017, the Bank had two wholly owned subsidiaries: KFS Financial Services, Inc. and CJB Investment Corp. KFS Financial Services, Inc., incorporated as a New Jersey corporation in 1994 under the name of South Bergen Financial Services, Inc., was acquired in Kearny’s merger with South Bergen Savings Bank in 1999 and was renamed KFS Financial Services, Inc. in 2000. It is a service corporation subsidiary originally organized for selling insurance products to Bank customers and the general public through a third party networking arrangement. During the year ended June 30, 2014, KFS Insurance Services, Inc. was created as a wholly owned subsidiary of KFS Financial Services, Inc. for the primary purpose of acquiring insurance agencies. Both KFS Financial Services Inc. and KFS Insurance Services Inc. were considered inactive during the three-year period ended June 30, 2017. CJB Investment Corp. was acquired by the Bank through the Company’s acquisition of Central Jersey Bancorp in November 2010. CJB Investment Corp was organized under New Jersey law as a New Jersey Investment Company and remained active through the three-year period ended June 30, 2017. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and amounts due from depository institutions and interest-bearing deposits in other banks, all with original maturities of three months or less. |
Securities | Securities In accordance with applicable accounting standards, the Company classifies its investment securities into one of three portfolios: held to maturity, available for sale or trading. Investments in debt securities that we have the positive intent and ability to hold to maturity are classified as held to maturity securities and reported at amortized cost. Debt and equity securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and reported at fair value, with unrealized holding gains and losses included in earnings. Debt and equity securities not classified as trading securities or as held to maturity securities are classified as available for sale securities and reported at fair value, with unrealized holding gains or losses, net of deferred income taxes, reported in the accumulated other comprehensive income (“OCI”) component of stockholders’ equity. If the fair value of a security is less than its amortized cost, the security is deemed to be impaired. Management evaluates all securities with unrealized losses quarterly to determine if such impairments are “temporary” or “other-than-temporary”. The Company accounts for temporary impairments based upon their classification as either available for sale, held to maturity or managed within a trading portfolio. Temporary impairments on “available for sale” securities are recognized, on a tax-effected basis, through OCI with offsetting entries adjusting the carrying value of the security and the balance of deferred taxes. Conversely, the Company does not adjust the carrying value of “held to maturity” securities for temporary impairments, although information concerning the amount and duration of impairments on held to maturity securities is disclosed in periodic financial statements. The carrying value of securities held in a trading portfolio is adjusted to their fair value through earnings on a daily basis. However, the Company did not maintain any securities in trading portfolios at or during the periods presented in these financial statements. The Company accounts for other-than-temporary impairments based upon several considerations. First, other-than-temporary impairments on securities that the Company has decided to sell as of the close of a fiscal period, or will, more likely than not, be required to sell prior to the full recovery of their fair value to a level equal to or exceeding their amortized cost, are recognized in earnings. If neither of these conditions regarding the likelihood of the securities’ sale are applicable, then, for debt securities, the other-than-temporary impairment is bifurcated into credit-related and noncredit-related components. A credit-related impairment generally represents the amount by which the present value of the cash flows that are expected to be collected on a debt security fall below its amortized cost. The noncredit-related component represents the remaining portion of the impairment not otherwise designated as credit-related. The Company recognizes credit-related, other-than-temporary impairments in earnings. However, noncredit-related, other-than-temporary impairments on debt securities are recognized in OCI. Premiums and discounts on all securities are generally amortized/accreted to maturity by use of the level-yield method considering the impact of principal amortization and prepayments on mortgage-backed securities. Premiums on callable securities are generally amortized to the call date whereas discounts on such securities are accreted to the maturity date. Gain or loss on sales of securities is based on the specific identification method. |
Concentration of Risk | Concentration of Risk Financial instruments which potentially subject the Company and its subsidiaries to concentrations of credit risk consist of cash and cash equivalents, mortgage-backed and non-mortgage-backed securities and loans receivable. Cash and cash equivalents include deposits placed in other financial institutions. At June 30, 2017, the Company had cash and cash equivalents of $78.2 million comprising funds on deposit at other institutions totaling $62.5 million and other cash-related items, consisting primarily of vault cash and cash held by, or in transit to/from, our cash repository service provider, totaling $15.7 million. Cash and equivalents on deposit at other institutions at June 30, 2017 included $4.8 million held by the Federal Home Loan Bank of New York (“FHLB”), $53.6 million held by the Federal Reserve Bank of New York (“FRB”) as well as $4.2 million held at two U.S. domestic money center banks representing funds on deposit totaling $3.2 million and $1.0 million, respectively, at June 30, 2017. By comparison, at June 30, 2016, the Company had cash and cash equivalents of $199.2 million comprising funds on deposit at other institutions totaling $180.8 million and other cash-related items, consisting primarily of vault cash and cash held by, or in transit to/from, our cash repository service provider, totaling $18.4 million. Cash and equivalents on deposit at other institutions at June 30, 2016 was comprised of $11.2 million held by the FHLB, $147.0 million held by the FRB and a total of $22.6 million held at three U.S. domestic money center banks representing funds on deposit totaling $13.4 million, $8.9 million and $281,000, respectively, at June 30, 2016. Securities include concentrations of investments backed by U.S. government agencies and U.S. government sponsored enterprises (“GSEs”), including the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”), the Government National Mortgage Association (“Ginnie Mae”) and the Small Business Administration (“SBA”). Additional concentration risk exists in the Company’s municipal and corporate obligations, asset-backed securities and collateralized loan obligations. Lesser concentration risk exists in the Company’s non-agency mortgage-backed securities and single issuer trust preferred securities due to comparatively lower total balances of such securities held by the Company and the variety of issuers represented. The Company’s lending activity is primarily concentrated in loans collateralized by real estate in the states of New Jersey and New York. As a result, credit risk is broadly dependent on the real estate market and general economic conditions in these states. Additionally, the Company’s lending policies limit the amount of credit extended to any single borrower and their related interests thereby limiting the concentration of credit risk to any single borrower. |
Loans Receivable | Loans Receivable Loans receivable, net are stated at unpaid principal balances, net of deferred loan origination fees and costs, purchased discounts and premiums and the allowance for loan losses. Certain direct loan origination costs net of loan origination fees, are deferred and amortized, using the level-yield method, as an adjustment of yield over the contractual lives of the related loans. Unearned premiums and discounts are amortized or accreted by use of the level-yield method over the contractual lives of the related loans. |
Loans Held-for-Sale | Loans Held-for-Sale Loans held-for-sale are carried at the lower of cost or estimated fair value, as determined on an aggregate basis. Net unrealized losses, if any, are recognized in a valuation allowance through charges to earnings. Premiums and discounts and origination fees and costs on loans held-for-sale are deferred and recognized as a component of the gain or loss on sale. Gains and losses on sales of loans held-for-sale are recognized on settlement dates and are determined by the difference between the sale proceeds and the carrying value of the loans. These transactions are accounted for as sales based on our satisfaction of the criteria for such accounting which provide that, as transferor, we have surrendered control over the loans. |
Past Due Loans | Past Due Loans A loan’s “past due” status is generally determined based upon its principal and interest payment (“P&I”) delinquency status in conjunction with its “past maturity” status, where applicable. A loan’s “P&I delinquency” status is based upon the number of calendar days between the date of the earliest P&I payment due and the “as of” measurement date. A loan’s “past maturity” status, where applicable, is based upon the number of calendar days between a loan’s contractual maturity date and the “as of” measurement date. Based upon the larger of these criteria, loans are categorized into the following “past due” tiers for financial statement reporting and disclosure purposes: Current (including 1-29 days past due), 30-59 days, 60-89 days and 90 or more days. |
Nonaccrual Loans | Nonaccrual Loans Loans are generally placed on nonaccrual status when contractual payments become 90 days or more past due, and are otherwise placed on nonaccrual when the Company does not expect to receive all P&I payments owed substantially in accordance with the terms of the loan agreement. Loans that become 90 days past maturity, but remain non-delinquent with regard to ongoing P&I payments, may remain on accrual status if: (1) the Company expects to receive all P&I payments owed substantially in accordance with the terms of the loan agreement, past maturity status notwithstanding, and (2) the borrower is working actively and cooperatively with the Company to remedy the past maturity status through an expected refinance, payoff or modification of the loan agreement that is not expected to result in a troubled debt restructuring (“TDR”) classification. All TDRs are placed on nonaccrual status for a period of no less than six months after restructuring, irrespective of past due status. The sum of nonaccrual loans plus accruing loans that are 90 days or more past due are generally defined collectively as “nonperforming loans”. Payments received in cash on nonaccrual loans, including both the principal and interest portions of those payments, are generally applied to reduce the carrying value of the loan for financial statement purposes. When a loan is returned to accrual status, any accumulated interest payments previously applied to the carrying value of the loan during its nonaccrual period are recognized as interest income as an adjustment to the loan’s yield over its remaining term. Loans that are not considered to be TDRs are generally returned to accrual status when payments due are brought current and the Company expects to receive all remaining P&I payments owed substantially in accordance with the terms of the loan agreement. Non-TDR loans may also be returned to accrual status when a loan’s payment status falls below 90 days past due and the Company: (1) expects receipt of the remaining past due amounts within a reasonable timeframe, and (2) expects to receive all remaining P&I payments owed substantially in accordance with the terms of the loan agreement. |
Acquired Loans | Acquired Loans Loans that we acquire through acquisitions are recorded at fair value with no carryover of the related allowance for credit losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable yield and is recognized into interest income over the remaining life of the loan. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable yield. The nonaccretable yield represents estimated future credit losses expected to be incurred over the life of the loan. Subsequent decreases to the expected cash flows require us to evaluate the need for an allowance for credit losses. Subsequent improvements in expected cash flows result in the reversal of a corresponding amount of the nonaccretable yield which we then reclassify as accretable yield that is recognized into interest income over the remaining life of the loan using the interest method. Our evaluation of the amount of future cash flows that we expect to collect is performed in a similar manner as that used to determine our allowance for credit losses. Charge-offs of the principal amount on acquired loans would be first applied to the nonaccretable yield portion of the fair value adjustment. Acquired loans that met the criteria for nonaccrual of interest prior to the acquisition may be considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if we can reasonably estimate the timing and amount of the expected cash flows on such loans and if we expect to fully collect the new carrying value of the loans. As such, we may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable yield. |
Classification of Assets | Classification of Assets In compliance with the regulatory guidelines, the Company’s loan review system includes an evaluation process through which certain loans exhibiting adverse credit quality characteristics are classified “Special Mention”, “Substandard”, “Doubtful” or “Loss”. An asset is classified as “Substandard” if it is inadequately protected by the paying capacity and net worth of the obligor or the collateral pledged, if any. Substandard assets include those characterized by the distinct possibility that the insured institution will sustain some loss if the deficiencies are not corrected. Assets classified as “Doubtful” have all of the weaknesses inherent in those classified as “Substandard”, with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values. Assets, or portions thereof, classified as “Loss” are considered uncollectible or of so little value that their continuance as assets is not warranted. Management evaluates loans classified as substandard or doubtful for impairment in accordance with applicable accounting requirements. As discussed in greater detail below, a valuation allowance is established through the provision for loan losses for any impairment identified through such evaluations. To the extent that impairment identified on a loan is classified as “Loss”, that portion of the loan is charged off against the allowance for loan losses. The classification of loan impairment as “Loss” is based upon a confirmed expectation for loss. For loans primarily secured by real estate, the expectation for loss is generally confirmed when: (a) impairment is identified on a loan individually evaluated in the manner described below, and (b) the loan is presumed to be collateral-dependent such that the source of loan repayment is expected to arise solely from sale of the collateral securing the applicable loan. Impairment identified on non-collateral-dependent loans may or may not be eligible for a “Loss” classification depending upon the other salient facts and circumstances that effect the manner and likelihood of loan repayment. However, loan impairment that is classified as “Loss” is charged off against the allowance for loan losses concurrent with that classification. The timeframe between when loan impairment is first identified by the Company and when such impairment may ultimately be charged off varies by loan type. For example, unsecured consumer and commercial loans are generally classified as “Loss” at 120 days past due, resulting in their outstanding balances being charged off at that time. For the Company’s secured loans, the condition of collateral dependency generally serves as the basis upon which a “Loss” classification is ascribed to a loan’s impairment thereby confirming an expected loss and triggering charge off of that impairment. While the facts and circumstances that effect the manner and likelihood of repayment vary from loan to loan, the Company generally considers the referral of a loan to foreclosure, coupled with the absence of other viable sources of loan repayment, to be demonstrable evidence of collateral dependency. Depending upon the nature of the collections process applicable to a particular loan, an early determination of collateral dependency could result in a nearly concurrent charge off of a newly identified impairment. By contrast, a presumption of collateral dependency may only be determined after the completion of lengthy loan collection and/or workout efforts, including bankruptcy proceedings, which may extend several months or more after a loan’s impairment is first identified. In a limited number of cases, the entire net carrying value of a loan may be determined to be impaired based upon a collateral-dependent impairment analysis. However, the borrower’s adherence to contractual repayment terms precludes the recognition of a “Loss” classification and charge off. In these limited cases, a valuation allowance equal to 100% of the impaired loan’s carrying value may be maintained against the net carrying value of the asset. Assets which do not currently expose the Company to a sufficient degree of risk to warrant an adverse classification but have some credit deficiencies or other potential weaknesses are designated as “Special Mention” by management. Adversely classified assets, together with those rated as “Special Mention”, are generally referred to as “Classified Assets”. Non-classified assets are internally rated within one of four “Pass” categories or as “Watch” with the latter denoting a potential deficiency or concern that warrants increased oversight or tracking by management until remediated. Management performs a classification of assets review, including the regulatory classification of assets, generally on a monthly basis. The results of the classification of assets review are validated by the Company’s third party loan review firm during their quarterly independent review. In the event of a difference in rating or classification between those assigned by the internal and external resources, the Company will generally utilize the more critical or conservative rating or classification. Final loan ratings and regulatory classifications are presented monthly to the Board of Directors and are reviewed by regulators during the examination process. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is a valuation account that reflects the Company’s estimation of the losses in its loan portfolio to the extent they are both probable and reasonable to estimate. The balance of the allowance is generally maintained through provisions for loan losses that are charged to income in the period that estimated losses on loans are identified by the Company’s loan review system. The Company charges confirmed losses on loans against the allowance as such losses are identified. Recoveries on loans previously charged-off are added back to the allowance. The Company’s allowance for loan loss calculation methodology utilizes a “two-tier” loss measurement process that is generally performed monthly. Based upon the results of the classification of assets and credit file review processes described earlier, the Company first identifies the loans that must be reviewed individually for impairment. Factors considered in identifying individual loans to be reviewed include, but may not be limited to, loan type, classification status, contractual payment status, performance/accrual status and impaired status. The loans considered by the Company to be eligible for individual impairment review include its commercial mortgage loans, comprising multi-family and nonresidential real estate loans, construction loans, commercial business loans as well as its one- to four-family mortgage loans, home equity loans and home equity lines of credit. A reviewed loan is deemed to be impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. Once a loan is determined to be impaired, management performs an analysis to determine the amount of impairment associated with that loan. In measuring the impairment associated with collateral-dependent loans, the fair value of the collateral securing the loan is generally used as a measurement proxy for that of the impaired loan itself as a practical expedient. In the case of real estate collateral, such values are generally determined based upon a discounted market value obtained through an automated valuation module or prepared by a qualified, independent real estate appraiser. The value of non-real estate collateral is similarly determined based upon an independent assessment of fair market value by a qualified resource. The Company generally obtains independent appraisals on properties securing mortgage loans when such loans are initially placed on nonperforming or impaired status with such values updated approximately every six to twelve months thereafter throughout the collections, bankruptcy and/or foreclosure processes. Appraised values are typically updated at the point of foreclosure, where applicable, and approximately every six to twelve months thereafter while the repossessed property is held as real estate owned. As supported by accounting and regulatory guidance, the Company reduces the fair value of the collateral by estimated selling costs, such as real estate brokerage commissions, to measure impairment when such costs are expected to reduce the cash flows available to repay the loan. The Company establishes valuation allowances in the fiscal period during which the loan impairments are identified. The results of management’s individual loan impairment evaluations are validated by the Company’s third party loan review firm during their quarterly independent review. Such valuation allowances are adjusted in subsequent fiscal periods, where appropriate, to reflect any changes in carrying value or fair value identified during subsequent impairment evaluations which are generally updated monthly by management. The second tier of the loss measurement process involves estimating the probable and estimable losses which addresses loans not otherwise reviewed individually for impairment as well as those individually reviewed loans that are determined to be non-impaired. Such loans include groups of smaller-balance homogeneous loans that may generally be excluded from individual impairment analysis, and therefore collectively evaluated for impairment, as well as the non-impaired loans within categories that are otherwise eligible for individual impairment review. Valuation allowances established through the second tier of the loss measurement process utilize historical and environmental loss factors to collectively estimate the level of probable losses within defined segments of the Company’s loan portfolio. These segments aggregate homogeneous subsets of loans with similar risk characteristics based upon loan type. For allowance for loan loss calculation and reporting purposes, the Company currently stratifies its loan portfolio into seven primary categories: residential mortgage loans, multi-family mortgage loans, non-residential mortgage loans, construction loans, commercial business loans, home equity loans, and other consumer loans. The risks presented by residential mortgage loans are primarily related to adverse changes in the borrower’s financial condition that threaten repayment of the loan in accordance with its contractual terms. Such risk to repayment can arise from job loss, divorce, illness and the personal bankruptcy of the borrower. For collateral dependent residential mortgage loans, additional risk of loss is presented by potential declines in the fair value of the collateral securing the loan. Home equity loans generally share the same risks as those applicable to residential mortgage loans. However, to the extent that such loans represent junior liens, they are comparatively more susceptible to such risks given their subordinate position behind senior liens. In addition to sharing similar risks as those presented by residential mortgage loans, risks relating to multi-family and non-residential mortgage loans also arise from comparatively larger loan balances to single borrowers or groups of related borrowers. Moreover, the repayment of such loans is typically dependent on the successful operation of an underlying real estate project and may be further threatened by adverse changes to demand and supply of commercial real estate as well as changes generally impacting overall business or economic conditions. The risks presented by construction loans are generally considered to be greater than those attributable to residential and commercial mortgage loans. Risks from construction lending arise, in part, from the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions on developers and builders. Moreover, a construction loan can involve additional risks because of the inherent difficulty in estimating both a property's value at completion of the project and the estimated cost, including interest, of the project. The nature of these loans is such that they are comparatively more difficult to evaluate and monitor than permanent mortgage loans. Commercial business loans are also considered to present a comparatively greater risk of loss due to the concentration of principal in a limited number of loans and/or borrowers and the effects of general economic conditions on the business. Commercial business loans may be secured by varying forms of collateral including, but not limited to, business equipment, receivables, inventory and other business assets which may not provide an adequate source of repayment of the outstanding loan balance in the event of borrower default. Moreover, the repayment of commercial business loans is primarily dependent on the successful operation of the underlying business which may be threatened by adverse changes to the demand for the business’ products and/or services as well as the overall efficiency and effectiveness of the business’ operations and infrastructure. Finally, our unsecured consumer loans generally have shorter terms and higher interest rates than other forms of lending but generally involve more credit risk due to the lack of collateral to secure the loan in the event of borrower default. Consumer loan repayment is dependent on the borrower's continuing financial stability, and therefore is more likely to be adversely affected by job loss, divorce, illness and personal bankruptcy. By contrast, our consumer loans also include account loans that are fully secured by the borrower’s deposit accounts and generally present nominal risk to the Company. Each primary category is further stratified to distinguish between loans originated and purchased directly from third party lenders from loans acquired through wholesale channels or through business combinations. Where applicable, such primary categories separately identify loans that are supported by government guarantees, such as those issued by the SBA. Within these primary categories, loans are grouped into more granular segments based on common risk characteristics. For example, loans secured by real estate, such as residential and commercial mortgage loans, are generally grouped into segments by underlying property type while commercial business loans are grouped into segments based on business or industry type. In regard to historical loss factors, the Company’s allowance for loan loss calculation calls for an analysis of historical charge-offs and recoveries for each of the defined segments within the loan portfolio. The Company utilizes a two-year moving average of annualized net charge-off rates (charge-offs net of recoveries) by loan segment, where available, to calculate its actual, historical loss experience. The outstanding principal balance of the non-impaired portion of each loan segment is multiplied by the applicable historical loss factor, which is updated quarterly, to estimate the level of probable losses based upon the Company’s historical loss experience. As noted, the second tier of the Company’s allowance for loan loss calculation also utilizes environmental loss factors to estimate the probable losses within the loan portfolio. Environmental loss factors are based on specific quantitative and qualitative criteria that are used to assess the level of loss exposure arising from key sources of risk within the loan portfolio. Such sources of risk include those relating to the level of and trends in nonperforming loans; the level of and trends in credit risk management effectiveness, the levels and trends in lending resource capability; levels and trends in economic and market conditions; levels and trends in loan concentrations; levels and trends in loan composition and terms, levels and trends in independent loan review effectiveness, levels and trends in collateral values and the effects of other external factors. The Company utilizes a set of seven risk tranches, ranging from “negligible risk” to “severe risk”, that establishes a pre-defined range of potential risk ratings to be ascribed each criteria component supporting an environmental loss factor. Risk ratings of zero and 30 are ascribed to the “negligible risk” and “severe risk” tranches, respectively, which generally serve as the upper and lower thresholds for the potential range of risk rating values across all risk tranches. The remaining five risk tranches, ranging from “low risk” to “high risk”, utilize progressively higher ranges of potential risk ratings reflecting the increased level of risk associated with each tranche. As noted earlier, the Company utilizes both quantitative and qualitative criteria to support its assessment of risk and associated credit loss estimates using environmental loss factors. In the case of quantitative criteria, the Company associates pre-defined ranges of potential criteria values with each of the risk tranches noted above. Through this mechanism, quantitative criteria values are correlated to specific risk tranches. For loss factor criteria that are based on wholly qualitative metrics, the Company simply ascribes a risk tranche directly to that criteria based on management judgement. In both cases, the actual risk ratings ascribed by management to criteria components are generally expected to fall within the pre-defined range of risk ratings assigned to the applicable risk tranche. Risk ratings are multiplied by .01% to calculate a loss factor value attributable to each of the criteria components supporting an environmental loss factor. The average of the loss factor values ascribed to the criteria components generally serves as the aggregate value for that loss factor. Where appropriate, the criteria components supporting a loss factor may be “weighted” in relation to one another to allow for greater emphasis on certain criteria in the calculation of an environmental loss factor. Like the historical loss factors discussed above, the Company generally utilizes a two-year moving average of criteria values, where available, to determine the risk tranche and associated set of potential risk ratings to be ascribed to the criteria components supporting an environmental loss factor. By doing so, estimated losses should be directionally consistent with the overall credit risk characteristics and performance of the loan portfolio over time while avoiding significant short-term volatility arising from incremental changes to criteria values. Where appropriate, the Company may extend or compress criteria look-back periods to properly reflect the level of credit risk and estimated losses within a specified subset of loans. The outstanding principal balance of the non-impaired portion of each loan segment is multiplied by the aggregate value of each environmental loss factor, which is updated quarterly, to estimate the level of probable losses attributable to that factor. The sum of the probable and estimable loan losses calculated through the first and second tiers of the loss measurement processes as described above, represents the total targeted balance for the Company’s allowance for loan losses at the end of a fiscal period. As noted earlier, the Company establishes all additional valuation allowances in the fiscal period during which additional individually identified loan impairments and additional estimated losses on loans collectively evaluated for impairment are identified. The Company adjusts its balance of valuation allowances through the provision for loan losses as required to ensure that the balance of the allowance for loan losses reflects all probable and estimable loans losses at the close of the fiscal period. Notwithstanding calculation methodology and the noted distinction between valuation allowances established on loans collectively versus individually evaluated for impairment, the Company’s entire allowance for loan losses is available to cover all charge-offs that arise from the loan portfolio. Although the Company’s allowance for loans losses is established in accordance with management’s best estimate, actual losses are dependent upon future events and, as such, further additions to the level of loan loss allowances may be necessary. |
Troubled Debt Restructurings | Troubled Debt Restructurings A modification to the terms of a loan is generally considered a TDR if the Company grants a concession to the borrower, that it would not otherwise consider for economic or legal reasons, related to the debtor’s financial difficulties. In granting the concession, the Company’s general objective is to make the best of a difficult situation by obtaining more cash or other value from the borrower or otherwise increase the probability of repayment. A TDR may include, but is not necessarily limited to, the modification of loan terms such as a temporary or permanent reduction of the loan’s stated interest rate, extension of the maturity date and/or reduction or deferral of amounts owed under the terms of the loan agreement. In measuring the impairment associated with restructured loans that qualify as TDRs, the Company compares the cash flows under the loan’s existing terms with those that are expected to be received in accordance with its modified terms. The difference between the comparative cash flows is discounted at the loan’s effective interest rate prior to modification to measure the associated impairment. The impairment is charged off directly against the allowance for loan loss at the time of restructuring resulting in a reduction in carrying value of the modified loan that is accreted into interest income as a yield adjustment over the remaining term of the modified cash flows. All restructured loans that qualify as TDRs are placed on nonaccrual status for a period of no less than six months after restructuring, irrespective of the borrower’s adherence to a TDR’s modified repayment terms during which time TDRs continue to be adversely classified and reported as impaired. TDRs may be returned to accrual status if (1) the borrower has paid timely P&I payments in accordance with the terms of the restructured loan agreement for no less than six consecutive months after restructuring, and (2) the Company expects to receive all P&I payments owed substantially in accordance with the terms of the restructured loan agreement at which time the loan may also be returned to a non-adverse classification while retaining its impaired status. |
Premises and Equipment | Premises and Equipment Land is carried at cost. Buildings and improvements, furnishings and equipment and leasehold improvements are carried at cost, less accumulated depreciation and amortization computed on the straight-line method over the following estimated useful lives: Years Building and improvements 10 - 50 Furnishings and equipment 3 - 20 Leasehold improvements Shorter of useful lives or lease term Construction in progress primarily represents facilities under construction for future use in our business and includes all costs to acquire land and construct buildings, as well as capitalized interest during the construction period. Interest is capitalized at the Company’s average cost of interest-bearing liabilities. Significant renewals and betterments are charged to the premises and equipment account. Maintenance and repairs are charged to operations in the year incurred. Rental income is netted against occupancy costs in the consolidated statements of income. |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock Federal law requires a member institution of the FHLB system to hold restricted stock of its district FHLB according to a predetermined formula. The restricted stock is carried at cost, less any applicable impairment. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and other intangible assets principally represent the excess cost over the fair value of the net assets of the institutions acquired in purchase transactions. Goodwill is evaluated annually by reporting unit and an impairment loss recorded if indicated. The impairment test is performed in two phases. The first step of the goodwill impairment test compares the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired; however, if the carrying amount of the reporting unit exceeds its fair value, an additional impairment evaluation must be performed. That additional evaluation compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. An impairment loss is recorded to the extent that the carrying amount of goodwill exceeds its implied fair value. No impairment charges were required to be recorded in the years ended June 30, 2017, 2016 or 2015. If an impairment loss is determined to exist in the future, such loss will be reflected as an expense in the consolidated statements of income in the period in which the impairment loss is determined. The balance of other intangible assets at June 30, 2017 and 2016 totaled $292,000 and $430,000, respectively, representing the remaining unamortized balance of the core deposit intangibles ascribed to the value of deposits acquired by the Bank through the acquisition of Central Jersey Bancorp in November 2010 and Atlas Bank in June 2014. |
Bank Owned Life Insurance | Bank Owned Life Insurance Bank owned life insurance is accounted for using the cash surrender value method and is recorded at its net realizable value. The change in the net asset value is recorded as a component of non-interest income. A deferred liability has been recorded for the estimated cost of postretirement life insurance benefits accruing to applicable employees and directors covered by an endorsement split-dollar life insurance arrangement. The Company recorded expenses (benefits) of approximately $69,000, $(25,000) and $(16,000) for the years ended June 30, 2017, 2016 and 2015, respectively, attributable to this deferred liability. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company—put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. |
Income Taxes | Income Taxes The Company and its subsidiaries file consolidated federal income tax returns. Federal income taxes are allocated to each entity based on their respective contributions to the taxable income of the consolidated income tax returns. Separate state income tax returns are filed for the Company and its subsidiaries on either a consolidated or unconsolidated basis as required by the jurisdiction. Federal and state income taxes have been provided on the basis of the Company’s income or loss as reported in accordance with GAAP. The amounts reflected on the Company’s state and federal income tax returns differ from these provisions due principally to temporary differences in the reporting of certain items for financial statement reporting and income tax reporting purposes. The tax effect of these temporary differences is accounted for as deferred taxes applicable to future periods. Deferred income tax expense or benefit is determined by recognizing deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. The realization of deferred tax assets is assessed and a valuation allowance provided for the full amount which is not more likely than not to be realized. The Company identified no significant income tax uncertainties through the evaluation of its income tax positions as of June 30, 2017 and 2016. Therefore, the Company has no unrecognized income tax benefits as of those dates. Our policy is to recognize interest and penalties on unrecognized tax benefits in income tax expense in the consolidated statements of income. The Company recognized no interest and penalties during the years ended June 30, 2017, 2016 and 2015. The tax years subject to examination by the taxing authorities are the years ended June 30, 2016, 2015 and 2014. |
Other Comprehensive Income | Other Comprehensive Income The Company records unrealized gains and losses, net of deferred income taxes, on available for sale mortgage-backed and non-mortgage-backed securities in accumulated other comprehensive income. Unrealized losses on available for sale securities recorded through OCI are generally considered “temporary” security impairments. Realized gains and losses, if any, are reclassified to non-interest income upon sale of the related securities. The Company also records changes in the fair value of interest rate derivatives used in its cash flow hedging activities, net of deferred income tax, in accumulated other comprehensive income. OCI also includes benefit plan amounts recognized in accordance with applicable accounting standards. This adjustment to OCI reflects, net of deferred income tax, transition obligations, prior service costs and unrealized net losses that had not been recognized in the consolidated financial statements prior to the implementation of those standards. |
Derivatives and Hedging | Derivatives and Hedging The Company utilizes derivative instruments in the form of interest rate swaps and caps to hedge its exposure to interest rate risk in conjunction with its overall asset/liability management process. In accordance with accounting requirements, the Company formally designates all of its hedging relationships as either fair value hedges, intended to offset the changes in the value of certain financial instruments due to movements in interest rates, or cash flow hedges, intended to offset changes in the cash flows of certain financial instruments due to movement in interest rates, and documents the strategy for undertaking the hedge transactions and its method of assessing ongoing effectiveness. The Company does not use derivative instruments for speculative purposes. All derivatives are recognized as either assets or liabilities in the Consolidated Financial Statements at their fair values. For a derivative designated as a cash flow hedge, the ineffective portion of changes in fair value (i.e. gain or loss) is reported in current period earnings. The effective portion of the change in fair value is initially recorded as a component of other comprehensive income or loss and subsequently reclassified into earnings when the hedged transaction effects earnings. For a derivative designated as a fair value hedge, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current earnings. Derivative instruments qualify for hedge accounting treatment only if they are designated as such on the date on which the derivative contracted is entered and are expected to be, and are, effective in substantially reducing interest rate risk arising from the assets and liabilities identified as exposing the Company to risk. Those derivative financial instruments that do not meet the hedging criteria discussed below would be classified as undesignated derivatives and would be recorded at fair value with changes in fair value recorded in income. Derivative hedge contracts must meet specific effectiveness tests (i.e., over time the change in their fair values due to the designated hedge risk must be within 80 to 125 percent of the opposite change in the fair values of the hedged assets or liabilities). Changes in fair value of the derivative financial instruments must be effective at offsetting changes in the fair value of the hedged items due to the designated hedge risk during the term of the hedge. The Company formally assesses, both at the hedges’ inception, and on an on-going basis, whether derivatives used in hedging transactions have been highly effective in offsetting changes in cash flows of hedged items and whether those derivatives are expected to remain highly effective in subsequent periods. The Company discontinues hedge accounting when (a) it determines that a derivative is no longer effective in offsetting changes in cash flows of a hedged item; (b) the derivative expires or is sold, terminated or exercised; (c) probability exists that the forecasted transaction will no longer occur; or (d) management determines that designating the derivative as a hedging instrument is no longer appropriate. In all cases in which hedge accounting is discontinued and a derivative remains outstanding, the Company will carry the derivative at fair value in the Consolidated Financial Statements, recognizing changes in fair value in current period income in the consolidated statement of income. In accordance with the applicable accounting guidance, the Company takes into account the impact of collateral and master netting agreements that allow it to settle all derivative contracts held with a single counterparty on a net basis, and to offset the net derivative position with the related collateral when recognizing derivative assets and liabilities. As a result, the Company’s Statements of Financial Condition could reflect derivative contracts with negative fair values included in derivative assets, and contracts with positive fair values included in derivative liabilities. The Company’s interest rate derivatives are comprised entirely of interest rate swaps and caps hedging floating-rate and forecasted issuances of fixed-rate liabilities and accounted for as cash flow hedges. The carrying value of interest rate derivatives is included in the balance of other assets or other liabilities and comprises the remaining unamortized cost of interest rate caps and the cumulative changes in the fair value of interest rate derivatives. Such changes in fair value are offset against accumulated other comprehensive income, net of deferred income tax. In general, the cash flows received and/or exchanged with counterparties for those derivatives qualifying as interest rate hedges, and the amortization of the original cost of qualifying caps, are generally classified in the financial statements in the same category as the cash flows of the items being hedged. Interest differentials paid or received under the swap and cap agreements are reflected as adjustments to interest expense. The notional amounts of the interest rate swaps are not exchanged and do not represent exposure to credit loss. In the event of default by a counter party, the risk in these transactions is the cost of replacing the agreements at current market rates. |
Net Income per Common Share ("EPS") | Net Income per Common Share (“EPS”) Basic EPS is based on the weighted average number of common shares actually outstanding adjusted for the Employee Stock Ownership Plan (“the ESOP”) shares not yet committed to be released. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as outstanding stock options, were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Diluted EPS is calculated by adjusting the weighted average number of shares of common stock outstanding to include the effect of contracts or securities exercisable or which could be converted into common stock, if dilutive, using the treasury stock method. Shares issued and reacquired during any period are weighted for the portion of the period they were outstanding. |
Stock Compensation Plans | Stock Compensation Plans The Company expenses the fair value of all options granted over their vesting periods and the fair value of all share-based compensation granted over the requisite service periods. |
Advertising and Marketing Expenses | Advertising and Marketing Expenses The Company expenses advertising and marketing costs as incurred. |
Subsequent Events | Subsequent Events The Company has evaluated events and transactions occurring subsequent to the consolidated statement of condition date of June 30, 2017, for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date these consolidated financial statements were issued. |
Reclassification | Reclassification Certain reclassifications have been made in the consolidated financial statements to conform with the current year presentation. Such reclassifications had no impact on net income or stockholders’ equity as previously reported. |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives of Premises and Equipment | Buildings and improvements, furnishings and equipment and leasehold improvements are carried at cost, less accumulated depreciation and amortization computed on the straight-line method over the following estimated useful lives: Years Building and improvements 10 - 50 Furnishings and equipment 3 - 20 Leasehold improvements Shorter of useful lives or lease term |
Securities Available for Sale (
Securities Available for Sale (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities | June 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Securities available for sale: Debt securities: U.S. agency securities $ 5,304 $ 35 $ 23 $ 5,316 Obligations of state and political subdivisions 27,465 305 30 27,740 Asset-backed securities 163,120 316 1,007 162,429 Collateralized loan obligations 98,078 185 109 98,154 Corporate bonds 143,017 826 1,525 142,318 Trust preferred securities 8,912 - 372 8,540 Total debt securities 445,896 1,667 3,066 444,497 Mortgage-backed securities: Collateralized mortgage obligations: Federal Home Loan Mortgage Corporation 9,902 38 66 9,874 Federal National Mortgage Association 21,222 - 560 20,662 Total collateralized mortgage obligations 31,124 38 626 30,536 Mortgage pass-through securities: Residential pass-through securities: Federal Home Loan Mortgage Corporation 95,501 352 999 94,854 Federal National Mortgage Association 35,516 425 245 35,696 Total residential pass-through securities 131,017 777 1,244 130,550 Commercial pass-through securities: Federal National Mortgage Association 8,108 69 - 8,177 Total commercial pass-through securities 8,108 69 - 8,177 Total mortgage-backed securities 170,249 884 1,870 169,263 Total securities available for sale $ 616,145 $ 2,551 $ 4,936 $ 613,760 June 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Securities available for sale: Debt securities: U.S. agency securities $ 6,307 $ 146 $ 13 $ 6,440 Obligations of state and political subdivisions 27,489 909 - 28,398 Asset-backed securities 87,746 - 5,121 82,625 Collateralized loan obligations 128,664 24 1,314 127,374 Corporate bonds 143,027 7 5,630 137,404 Trust preferred securities 8,904 25 1,260 7,669 Total debt securities 402,137 1,111 13,338 389,910 Mortgage-backed securities: Collateralized mortgage obligations: Federal Home Loan Mortgage Corporation 20,944 380 - 21,324 Federal National Mortgage Association 38,992 226 89 39,129 Non-agency securities 126 - 2 124 Total collateralized mortgage obligations 60,062 606 91 60,577 Mortgage pass-through securities: Residential pass-through securities: Government National Mortgage Association 1,789 171 - 1,960 Federal Home Loan Mortgage Corporation 126,415 3,557 - 129,972 Federal National Mortgage Association 79,583 3,011 - 82,594 Total residential pass-through securities 207,787 6,739 - 214,526 Commercial pass-through securities: Federal National Mortgage Association 8,262 262 - 8,524 Total commercial pass-through securities 8,262 262 - 8,524 Total mortgage-backed securities 276,111 7,607 91 283,627 Total securities available for sale $ 678,248 $ 8,718 $ 13,429 $ 673,537 |
Securities Available for Sale [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Stratification by Contractual Maturity of Securities | June 30, 2017 Amortized Cost Fair Value (In Thousands) Debt securities available for sale: Due in one year or less $ - $ - Due after one year through five years 53,487 53,553 Due after five years through ten years 160,366 159,717 Due after ten years 232,043 231,227 Total $ 445,896 $ 444,497 |
Securities Held to Maturity (Ta
Securities Held to Maturity (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Schedule of Held-to-maturity Securities [Line Items] | |
Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities | June 30, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Securities held to maturity: Debt securities: U.S. agency securities $ 35,000 $ - $ 48 $ 34,952 Obligations of state and political subdivisions 94,713 996 156 95,553 Subordinated debt 15,000 - - 15,000 Total debt securities 144,713 996 204 145,505 Mortgage-backed securities: Collateralized mortgage obligations: Government National Mortgage Association 2,199 - 46 2,153 Federal Home Loan Mortgage Corporation 15,522 - 357 15,165 Federal National Mortgage Association 111 10 - 121 Non-agency securities 22 - - 22 Total collateralized mortgage obligations 17,854 10 403 17,461 Mortgage pass-through securities: Residential pass-through securities: Federal Home Loan Mortgage Corporation 35,289 1 338 34,952 Federal National Mortgage Association 143,524 428 597 143,355 Total residential pass-through securities 178,813 429 935 178,307 Commercial pass-through securities: Government National Mortgage Association 1,989 - 11 1,978 Federal National Mortgage Association 149,952 2,622 31 152,543 Total commercial pass-through securities 151,941 2,622 42 154,521 Total mortgage-backed securities 348,608 3,061 1,380 350,289 Total securities held to maturity $ 493,321 $ 4,057 $ 1,584 $ 495,794 June 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Securities held to maturity: Debt securities: U.S. agency securities $ 84,992 $ 31 $ 1 $ 85,022 Obligations of state and political subdivisions 82,179 2,602 9 84,772 Total debt securities 167,171 2,633 10 169,794 Mortgage-backed securities: Collateralized mortgage obligations: Government National Mortgage Association 2,787 25 - 2,812 Federal Home Loan Mortgage Corporation 20,067 92 - 20,159 Federal National Mortgage Association 194 24 - 218 Non-agency securities 33 - 1 32 Total collateralized mortgage obligations 23,081 141 1 23,221 Mortgage pass-through securities: Residential pass-through securities: Government National Mortgage Association 8 1 - 9 Federal Home Loan Mortgage Corporation 43,716 470 - 44,186 Federal National Mortgage Association 179,908 4,132 4 184,036 Total residential pass-through securities 223,632 4,603 4 228,231 Commercial pass-through securities: Government National Mortgage Association 7,756 22 - 7,778 Federal National Mortgage Association 155,646 7,814 - 163,460 Total commercial pass-through securities 163,402 7,836 - 171,238 Total mortgage-backed securities 410,115 12,580 5 422,690 Total securities held to maturity $ 577,286 $ 15,213 $ 15 $ 592,484 |
Securities Held to Maturity [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Stratification by Contractual Maturity of Securities | June 30, 2017 Amortized Cost Fair Value (In Thousands) Debt securities held to maturity: Due in one year or less $ 39,568 $ 39,518 Due after one year through five years 23,941 23,990 Due after five years through ten years 69,308 70,042 Due after ten years 11,896 11,955 Total $ 144,713 $ 145,505 |
Impairment of Securities (Table
Impairment of Securities (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Securities Available for Sale [Member] | |
Schedule of Fair Values and Gross Unrealized Losses on Investments | The following two tables summarize the fair values and gross unrealized losses within the available for sale and held to maturity portfolios. June 30, 2017 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In Thousands) Securities Available for Sale: U.S. agency securities $ 440 $ - $ 1,746 $ 23 $ 2,186 $ 23 Obligations of state and political subdivisions 3,872 30 - - 3,872 30 Asset-backed securities 16,860 84 86,975 923 103,835 1,007 Collateralized loan obligations 46,016 108 6,000 1 52,016 109 Corporate bonds - - 73,500 1,525 73,500 1,525 Trust preferred securities - - 7,540 372 7,540 372 Collateralized mortgage obligations 26,090 626 - - 26,090 626 Residential pass-through securities 77,301 1,244 - - 77,301 1,244 Total $ 170,579 $ 2,092 $ 175,761 $ 2,844 $ 346,340 $ 4,936 June 30, 2016 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In Thousands) Securities Available for Sale: U.S. agency securities $ - $ - $ 2,053 $ 13 $ 2,053 $ 13 Asset-backed securities 45,564 2,726 37,061 2,395 82,625 5,121 Collateralized loan obligations 18,227 119 98,743 1,195 116,970 1,314 Corporate bonds 18,938 61 113,482 5,569 132,420 5,630 Trust preferred securities - - 6,644 1,260 6,644 1,260 Collateralized mortgage obligations 672 3 10,485 88 11,157 91 Total $ 83,401 $ 2,909 $ 268,468 $ 10,520 $ 351,869 $ 13,429 |
Securities Held to Maturity [Member] | |
Schedule of Fair Values and Gross Unrealized Losses on Investments | June 30, 2017 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In Thousands) Securities Held to Maturity: U.S. agency securities $ 24,969 $ 31 $ 9,983 $ 17 $ 34,952 $ 48 Obligations of state and political subdivisions 19,232 150 409 6 19,641 156 Collateralized mortgage obligations 17,317 403 22 - 17,339 403 Residential pass-through securities 119,538 887 1,750 48 121,288 935 Commercial pass-through securities 11,110 42 - - 11,110 42 Total $ 192,166 $ 1,513 $ 12,164 $ 71 $ 204,330 $ 1,584 June 30, 2016 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In Thousands) Securities Held to Maturity: U.S. agency securities $ - $ - $ 10,000 $ 1 $ 10,000 $ 1 Obligations of state and political subdivisions 1,904 5 669 4 2,573 9 Collateralized mortgage obligations - - 32 1 32 1 Residential pass-through securities - - 2,026 4 2,026 4 Total $ 1,904 $ 5 $ 12,727 $ 10 $ 14,631 $ 15 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | June 30, 2017 2016 (In Thousands) Real estate mortgage: One- to four-family residential $ 567,323 $ 605,203 Commercial mortgage: Multi-family 1,412,575 1,040,293 Nonresidential 1,085,064 820,673 Total commercial mortgage 2,497,639 1,860,966 Total real estate mortgage 3,064,962 2,466,169 Construction 3,815 2,038 Commercial business 74,471 88,207 Consumer: Home equity loans and lines of credit 82,822 89,566 Passbook or certificate 2,863 3,349 Other 13,520 22,052 Total consumer 99,205 114,967 Total loans 3,242,453 2,671,381 Unamortized yield adjustments including net premiums and discounts on purchased and acquired loans and net deferred fees and costs on loans originated 2,808 2,606 Total loans receivable, net of yield adjustments $ 3,245,261 $ 2,673,987 |
Loan Quality and Allowance fo39
Loan Quality and Allowance for Loan Losses (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Impaired Loans Acquired Accretable Yield Change | The following table presents the changes in the accretable yield relating to the acquired credit-impaired loans for the years ended June 30, 2017 and 2016. Years Ended June 30, 2017 2016 (In Thousands) Beginning balance $ 335 $ 1,189 Accretion to interest income (101 ) (417 ) Disposals (19 ) (437 ) Reclassifications from nonaccretable difference - - Ending balance $ 215 $ 335 |
Allowance for Loan Losses and Loans Receivable | The following tables present the balance of the allowance for loan losses at June 30, 2017, 2016 and 2015 based upon the calculation methodology described in Note 1. The tables identify the valuation allowances attributable to specifically identified impairments on individually evaluated loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans evaluated collectively. The tables include the underlying balance of loans receivable applicable to each category as of those dates as well as the activity in the allowance for loan losses for the years ended June 30, 2017, 2016 and 2015. Unless otherwise noted, the balance of loans reported in the tables below excludes yield adjustments and the allowance for loan loss. Allowance for Loan Losses and Loans Receivable At June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Balance of allowance for loan losses: Loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - Loans individually evaluated for impairment 154 - 39 - 6 - - 199 Loans collectively evaluated for impairment 2,230 13,941 9,900 35 1,703 501 777 29,087 Total allowance for loan losses $ 2,384 $ 13,941 $ 9,939 $ 35 $ 1,709 $ 501 $ 777 $ 29,286 Allowance for Loan Losses and Loans Receivable Year Ended June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Changes in the allowance for loan losses for the year ended June 30, 2017: At June 30, 2016 $ 2,370 $ 9,995 $ 7,846 $ 24 $ 2,784 $ 432 $ 778 $ 24,229 Total charge offs (76 ) - (149 ) - (221 ) (96 ) (849 ) (1,391 ) Total recoveries 256 - - - 727 16 68 1,067 Total provisions (166 ) 3,946 2,242 11 (1,581 ) 149 780 5,381 Total allowance for loan losses $ 2,384 $ 13,941 $ 9,939 $ 35 $ 1,709 $ 501 $ 777 $ 29,286 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses and Loans Receivable At June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Balance of loans receivable: Loans acquired with deteriorated credit quality $ 97 $ - $ - $ - $ 497 $ - $ - $ 594 Loans individually evaluated for impairment 10,546 158 5,877 612 2,365 1,894 - 21,452 Loans collectively evaluated for impairment 556,680 1,412,417 1,079,187 3,203 71,609 80,928 16,383 3,220,407 Total loans $ 567,323 $ 1,412,575 $ 1,085,064 $ 3,815 $ 74,471 $ 82,822 $ 16,383 $ 3,242,453 Unamortized yield adjustments 2,808 Loans receivable, net of yield adjustments $ 3,245,261 Allowance for Loan Losses and Loans Receivable At June 30, 2016 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Balance of allowance for loan losses: Loans acquired with deteriorated credit quality $ - $ - $ - $ - $ 13 $ - $ - $ 13 Loans individually evaluated for impairment 77 - 53 - 387 78 - 595 Loans collectively evaluated for impairment 2,293 9,995 7,793 24 2,384 354 778 23,621 Total allowance for loan losses $ 2,370 $ 9,995 $ 7,846 $ 24 $ 2,784 $ 432 $ 778 $ 24,229 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses and Loans Receivable Year Ended June 30, 2016 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Changes in the allowance for loan losses for the year ended June 30, 2016: At June 30, 2015 $ 2,210 $ 6,354 $ 4,766 $ 34 $ 1,860 $ 366 $ 16 $ 15,606 Total charge offs (1,213 ) - (133 ) - (1,464 ) (93 ) (55 ) (2,958 ) Total recoveries 88 - - - 760 41 2 891 Total provisions 1,285 3,641 3,213 (10 ) 1,628 118 815 10,690 Total allowance for loan losses $ 2,370 $ 9,995 $ 7,846 $ 24 $ 2,784 $ 432 $ 778 $ 24,229 Allowance for Loan Losses and Loans Receivable At June 30, 2016 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Balance of loans receivable: Loans acquired with deteriorated credit quality $ 104 $ - $ 304 $ - $ 760 $ - $ - 1,168 Loans individually evaluated for impairment 12,806 205 6,773 357 1,647 2,180 - 23,968 Loans collectively evaluated for impairment 592,293 1,040,088 813,596 1,681 85,800 87,386 25,401 2,646,245 Total loans $ 605,203 $ 1,040,293 $ 820,673 $ 2,038 $ 88,207 $ 89,566 $ 25,401 $ 2,671,381 Unamortized yield adjustments 2,606 Loans receivable, net of yield adjustments $ 2,673,987 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses Year Ended June 30, 2015 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Changes in the allowance for loan losses for the year ended June 30, 2015 At June 30, 2014 $ 2,729 $ 3,379 $ 4,358 $ 67 $ 1,284 $ 548 $ 22 $ 12,387 - Total charge offs (1,985 ) (14 ) (636 ) - (491 ) (77 ) (1 ) (3,204 ) Total recoveries 297 - - - 18 - - 315 Total provisions 1,169 2,989 1,044 (33 ) 1,049 (105 ) (5 ) 6,108 Total allowance for loan losses $ 2,210 $ 6,354 $ 4,766 $ 34 $ 1,860 $ 366 $ 16 $ 15,606 |
Credit-Rating Classification of Loans Receivable | The following tables present key indicators of credit quality regarding the Company’s loan portfolio based upon loan classification and contractual payment status at June 30, 2017 and 2016. Credit-Rating Classification of Loans Receivable At June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Non-classified $ 552,961 $ 1,412,417 $ 1,078,711 $ 2,894 $ 66,886 $ 80,393 $ 16,166 $ 3,210,428 Classified: Special Mention 928 - - 309 1,098 120 139 2,594 Substandard 13,434 158 6,353 612 6,487 2,309 75 29,428 Doubtful - - - - - - 3 3 Loss - - - - - - - - Total classified loans 14,362 158 6,353 921 7,585 2,429 217 32,025 Total loans $ 567,323 $ 1,412,575 $ 1,085,064 $ 3,815 $ 74,471 $ 82,822 $ 16,383 $ 3,242,453 Credit-Rating Classification of Loans Receivable At June 30, 2016 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Non-classified $ 588,992 $ 1,040,088 $ 811,621 $ 1,063 $ 81,902 $ 86,835 $ 25,298 $ 2,635,799 Classified: Special Mention 859 - - 618 681 309 61 2,528 Substandard 15,352 205 9,052 357 5,624 2,422 40 33,052 Doubtful - - - - - - 2 2 Loss - - - - - - - - Total classified loans 16,211 205 9,052 975 6,305 2,731 103 35,582 Total loans $ 605,203 $ 1,040,293 $ 820,673 $ 2,038 $ 88,207 $ 89,566 $ 25,401 $ 2,671,381 |
Contractual Payment Status of Loans Receivable | Contractual Payment Status of Loans Receivable At June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Current $ 560,054 $ 1,412,575 $ 1,083,736 $ 3,560 $ 72,826 $ 81,946 $ 16,083 $ 3,230,780 Past due: 30-59 days 1,749 - 60 255 29 187 91 2,371 60-89 days 403 - 318 - - 141 135 997 90+ days 5,117 - 950 - 1,616 548 74 8,305 Total past due 7,269 - 1,328 255 1,645 876 300 11,673 Total loans $ 567,323 $ 1,412,575 $ 1,085,064 $ 3,815 $ 74,471 $ 82,822 $ 16,383 $ 3,242,453 Contractual Payment Status of Loans Receivable At June 30, 2016 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Current $ 596,548 $ 1,040,293 $ 817,539 $ 1,681 $ 87,328 $ 88,657 $ 25,301 $ 2,657,347 Past due: 30-59 days 1,524 - - - - 503 22 2,049 60-89 days 940 - 376 - 411 75 40 1,842 90+ days 6,191 - 2,758 357 468 331 38 10,143 Total past due 8,655 - 3,134 357 879 909 100 14,034 Total loans $ 605,203 $ 1,040,293 $ 820,673 $ 2,038 $ 88,207 $ 89,566 $ 25,401 $ 2,671,381 |
Performance Status of Loans Receivable | The following tables present information relating to the Company’s nonperforming and impaired loans at June 30, 2017 and 2016. Loans reported as “90+ days past due and accruing” in the table immediately below are also reported in the preceding contractual payment status table under the heading “90+ days past due”. Performance Status of Loans Receivable At June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Performing $ 558,533 $ 1,412,417 $ 1,079,344 $ 3,560 $ 71,837 $ 81,581 $ 16,309 $ 3,223,581 Nonperforming: 90+ days past due accruing - - - - - - 74 74 Nonaccrual 8,790 158 5,720 255 2,634 1,241 - 18,798 Total nonperforming 8,790 158 5,720 255 2,634 1,241 74 18,872 Total loans $ 567,323 $ 1,412,575 $ 1,085,064 $ 3,815 $ 74,471 $ 82,822 $ 16,383 $ 3,242,453 Performance Status of Loans Receivable At June 30, 2016 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Performing $ 594,471 $ 1,040,088 $ 814,085 $ 1,681 $ 86,242 $ 88,396 $ 25,363 $ 2,650,326 Nonperforming: 90+ days past due accruing - - - - - - 38 38 Nonaccrual 10,732 205 6,588 357 1,965 1,170 - 21,017 Total nonperforming 10,732 205 6,588 357 1,965 1,170 38 21,055 Total loans $ 605,203 $ 1,040,293 $ 820,673 $ 2,038 $ 88,207 $ 89,566 $ 25,401 $ 2,671,381 |
Impairment Status of Loans Receivable | Impairment Status of Loans Receivable at or Year ended June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Carrying value of impaired loans: Non-impaired loans $ 556,680 $ 1,412,417 $ 1,079,187 $ 3,203 $ 71,609 $ 80,928 $ 16,383 $ 3,220,407 Impaired loans: Impaired loans with no allowance for impairment 8,971 158 4,521 612 2,755 1,894 - 18,911 Impaired loans with allowance for impairment: Recorded investment 1,672 - 1,356 - 107 - - 3,135 Allowance for impairment (154 ) - (39 ) - (6 ) - - (199 ) Balance of impaired loans net of allowance for impairment 1,518 - 1,317 - 101 - - 2,936 Total impaired loans, excluding allowance for impairment: 10,643 158 5,877 612 2,862 1,894 - 22,046 Total loans $ 567,323 $ 1,412,575 $ 1,085,064 $ 3,815 $ 74,471 $ 82,822 $ 16,383 $ 3,242,453 Unpaid principal balance of impaired loans: Total impaired loans $ 16,479 $ 930 $ 10,002 $ 691 $ 6,682 $ 2,961 $ - $ 37,745 For the year ended June 30, 2017: Average balance of impaired loans $ 12,536 $ 182 $ 6,242 $ 448 $ 3,114 $ 2,075 $ - $ 24,597 Interest earned on impaired loans $ 107 $ - $ - $ 7 $ 15 $ 36 $ - $ 165 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Impairment Status of Loans Receivable at or Year ended June 30, 2016 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Carrying value of impaired loans: Non-impaired loans $ 592,293 $ 1,040,088 $ 813,596 $ 1,681 $ 85,800 $ 87,386 $ 25,401 $ 2,646,245 Impaired loans: Impaired loans with no allowance for impairment 10,876 205 6,473 357 1,900 2,101 - 21,912 Impaired loans with allowance for impairment: Recorded investment 2,034 - 604 - 507 79 - 3,224 Allowance for impairment (77 ) - (53 ) - (400 ) (78 ) - (608 ) Balance of impaired loans net of allowance for impairment 1,957 - 551 - 107 1 - 2,616 Total impaired loans, excluding allowance for impairment: 12,910 205 7,077 357 2,407 2,180 - 25,136 Total loans $ 605,203 $ 1,040,293 $ 820,673 $ 2,038 $ 88,207 $ 89,566 $ 25,401 $ 2,671,381 Unpaid principal balance of impaired loans: Total impaired loans $ 16,571 $ 849 $ 8,269 $ 458 $ 3,736 $ 2,505 $ - $ 32,388 For the year ended June 30, 2016: Average balance of impaired loans $ 12,218 $ 319 $ 7,538 $ 888 $ 8,278 $ 2,368 $ - $ 31,609 Interest earned on impaired loans $ 176 $ - $ 40 $ - $ 161 $ 50 $ - $ 427 Impairment Status of Loans Receivable Year Ended June 30, 2015 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) For the year ended June 30, 2015: Average balance of impaired loans $ 12,433 $ 632 $ 7,270 $ 1,912 $ 11,693 $ 2,623 $ - $ 36,563 Interest earned on impaired loans $ 139 $ - $ 63 $ 5 $ 886 $ 42 $ - $ 1,135 |
Troubled Debt Restructurings of Loans Receivable | The following tables present information regarding the restructuring of the Company’s troubled debts during the years ended June 30, 2017, June 30, 2016 and June 30, 2015 and any defaults of TDRs during that year that were restructured within 12 months of the date of default. Troubled Debt Restructurings of Loans Receivable Year Ended June 30, 2017 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Troubled debt restructuring activity for the year ended June 30, 2017: Number of loans 2 - 4 - - 1 - 7 Pre-modification outstanding recorded investment $ 708 $ - $ 2,791 $ - $ - $ 87 $ - $ 3,586 Post-modification outstanding recorded investment 767 - 2,699 - - 95 - 3,561 Charge offs against the allowance for loan loss recognized at modification 14 - 99 - - 9 - 122 Troubled debt restructuring defaults for the year ended June 30, 2017: Number of loans - - - - - - - - Outstanding recorded investment $ - $ - $ - $ - $ - $ - $ - $ - Troubled Debt Restructurings of Loans Receivable Year Ended June 30, 2016 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Troubled debt restructuring activity for the year ended June 30, 2016 Number of loans 5 - 3 - 1 5 - 14 Pre-modification outstanding recorded investment $ 1,770 $ - $ 2,285 $ - $ 348 $ 758 $ - $ 5,161 Post-modification outstanding recorded investment 1,472 - 2,290 - 316 769 - 4,847 Charge offs against the allowance for loan loss recognized at modification 300 - - - 47 57 - 404 Troubled debt restructuring defaults for the year ended June 30, 2016 Number of loans - - - - - - - - Outstanding recorded investment $ - $ - $ - $ - $ - $ - $ - $ - Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Troubled Debt Restructurings of Loans Receivable Year Ended June 30, 2015 Residential Mortgage Multi-Family Mortgage Non- Residential Mortgage Construction Commercial Business Home Equity Loans Other Consumer Total (In Thousands) Troubled debt restructuring activity for the year ended June 30, 2015 Number of loans 5 1 1 - 3 - - 10 Pre-modification outstanding recorded investment $ 1,955 $ 369 $ 479 $ - $ 380 $ - $ - $ 3,183 Post-modification outstanding recorded investment 1,823 376 537 - 354 - - 3,090 Charge offs against the allowance for loan loss recognized at modification 261 14 24 - 28 - - 327 Troubled debt restructuring defaults for the year ended June 30, 2015 Number of loans 1 - - - - - - 1 Outstanding recorded investment $ 416 $ - $ - $ - $ - $ - $ - $ 416 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | June 30, 2017 2016 (In Thousands) Land $ 10,820 $ 10,820 Buildings and improvements 36,816 36,057 Leasehold improvements 4,487 4,390 Furnishing and equipment 17,764 20,520 Construction in progress 2,513 1,000 72,400 72,787 Less accumulated depreciation and amortization 32,815 34,402 Total premises and equipment $ 39,585 $ 38,385 |
Interest Receivable (Tables)
Interest Receivable (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Other Income And Expenses [Abstract] | |
Interest Receivable | June 30, 2017 2016 (In Thousands) Loans $ 9,318 $ 7,798 Mortgage-backed securities 1,167 1,589 Debt securities 2,008 1,825 Total interest receivable $ 12,493 $ 11,212 |
Goodwill and Other Intangible42
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | Goodwill Core Deposit Intangibles (In Thousands) Balance at June 30, 2014 $ 108,591 $ 790 Amortization - (193 ) Balance at June 30, 2015 108,591 597 Amortization - (167 ) Balance at June 30, 2016 108,591 430 Amortization - (138 ) Balance at June 30, 2017 $ 108,591 $ 292 |
Scheduled Amortization of Core Deposit Intangibles | Scheduled amortization of core deposit intangibles for each of the next five years and thereafter is as follows: Year Ending June 30, Core Deposit Intangible Amortization (In Thousands) 2018 $ 111 2019 84 2020 57 2021 29 2022 11 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Banking And Thrift [Abstract] | |
Schedule of Deposits | June 30, 2017 2016 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) Non-interest-bearing demand $ 267,412 0.00 % $ 238,751 0.00 % Interest-bearing demand (1) 847,663 0.54 732,633 0.40 Savings and club 523,984 0.12 516,024 0.16 Certificates of deposits (2) 1,291,068 1.35 1,207,425 1.29 Total deposits $ 2,930,127 0.77 % $ 2,694,833 0.72 % (1) Interest-bearing demand deposits at June 30, 2017 and June 30, 2016 include $222.6 million and $224.1 million, respectively, of brokered deposits at a weighted average interest rate of 1.06% and 0.47%, excluding cost of interest rate derivatives used to hedge interest expense. (2) Certificates of deposit at June 30, 2017 and June 30, 2016 include $21.6 million and $8.4 million, respectively, of brokered deposits at a weighted average interest rate of 2.15% and 3.22%. |
Certificates of Deposit by Maturity | A summary of certificates of deposit by maturity follows: June 30, 2017 2016 (In Thousands) One year or less $ 610,763 $ 666,145 After one year to two years 354,743 256,434 After two years to three years 137,240 108,789 After three years to four years 99,974 80,609 After four years to five years 81,882 89,423 After five years 6,466 6,025 Total certificates of deposit $ 1,291,068 $ 1,207,425 |
Interest Expense | Interest expense on deposits consists of the following: June 30, 2017 2016 2015 (In Thousands) Demand $ 5,050 $ 4,245 $ 3,961 Savings and club 663 851 819 Certificates of deposit 16,387 13,577 11,159 Total interest on deposits $ 22,100 $ 18,673 $ 15,939 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Fixed Rate Advances from FHLB | Fixed-rate advances from FHLB of New York mature as follows: June 30, 2017 June 30, 2016 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) Maturing in years ending June 30: 2017 $ - 0.00 % $ 428,000 0.69 % 2018 630,225 1.29 5,225 1.18 2021 469 4.94 572 4.94 2023 145,000 3.04 145,000 3.04 Total advances 775,694 1.62 % 578,797 1.29 % Fair value adjustments 2 (9 ) Total advances, net of fair value adjustments $ 775,696 $ 578,788 |
Derivative Instruments and He45
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Financial Instruments as well as Their Classification on Statement of Financial Condition | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Statement of Financial Condition as of June 30, 2017 and June 30, 2016: June 30, 2017 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (Dollars in Thousands) Derivatives designated as hedging instruments: Interest rate swaps Other assets $ 7,670 Other liabilities $ 298 Interest rate caps Other assets 140 Other liabilities - Total $ 7,810 $ 298 June 30, 2016 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (Dollars in Thousands) Derivatives designated as hedging instruments: Interest rate swaps Other assets $ - Other liabilities $ 19,317 Interest rate caps Other assets - Other liabilities (60 ) Total $ - $ 19,257 |
Pre-tax Effects of Derivative Instruments on Consolidated Statements of Income | Note 14 – Derivative Instruments and Hedging Activities (continued) The table below presents the pre-tax effects of the Company’s derivative instruments on the Consolidated Statements of Income as of June 30, 2017, June 30, 2016 and June 30, 2015: Year Ended June 30, 2017 Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Location of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) (Dollars in Thousands) Derivatives in cash flow hedging relationships: Interest rate swaps $ 20,826 Interest expense $ (5,914 ) Not applicable $ - Interest rate caps 79 Interest expense (820 ) Not applicable - Total $ 20,905 $ (6,734 ) $ - Year Ended June 30, 2016 Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Location of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) (Dollars in Thousands) Derivatives in cash flow hedging relationships: Interest rate swaps $ (17,116 ) Interest expense $ (7,311 ) Not applicable $ - Interest rate caps (734 ) Interest expense (352 ) Not applicable - Total $ (17,850 ) $ (7,663 ) $ - Year Ended June 30, 2015 Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Location of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) (Dollars in Thousands) Derivatives in cash flow hedging relationships: Interest rate swaps $ (11,788 ) Interest expense $ (4,991 ) Not applicable $ - Interest rate caps (945 ) Interest expense (113 ) Not applicable - Total $ (12,733 ) $ (5,104 ) $ - |
Offsetting Derivatives | The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives in the Consolidated Statement of Condition as of June 30, 2017 and June 30, 2016, respectively. The net amounts presented for derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Consolidated Statement of Condition. June 30, 2017 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received Net Amount (Dollars in Thousands) Assets: Interest rate swaps $ 12,839 $ (5,169 ) $ 7,670 $ - $ (5,770 ) $ 1,900 Interest rate caps 140 - 140 - - 140 Total 12,979 (5,169 ) 7,810 - (5,770 ) 2,040 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Posted Net Amount (Dollars in Thousands) Liabilities: Interest rate swaps 5,467 (5,169 ) 298 - (298 ) - Interest rate caps - - - - - - Total $ 5,467 $ (5,169 ) $ 298 $ - $ (298 ) $ - June 30, 2016 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received Net Amount (Dollars in Thousands) Assets: Interest rate swaps $ - $ - $ - $ - $ - $ - Interest rate caps - - - - - - Total - - - - - - Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Posted Net Amount Liabilities: Interest rate swaps 19,317 - 19,317 - (19,317 ) - Interest rate caps - - (60 ) - 60 - Total $ 19,317 $ - $ 19,257 $ - $ (19,257 ) $ - |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Employee Stock Ownership Plan (ESOP) Disclosures | At June 30, 2017 and 2016, the ESOP shares were as follows: June 30, 2017 2016 (In Thousands) Allocated shares 1,790 1,677 Total shares distributed due to employment termination 570 482 Shares committed to be released 100 100 Unearned shares 3,562 3,763 Total ESOP shares 6,022 6,022 Fair value of unearned ESOP shares $ 52,901 $ 47,340 |
Schedule of Fair Value of ABRIP's Assets | The fair values of the ABRIP’s assets at June 30, 2017 and 2016 by asset category (see Note 19 for the definitions of levels), are as follows: June 30, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Prudential Guaranteed Deposit Fund $ - $ 3,692 $ - $ 3,692 June 30, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Prudential Guaranteed Deposit Fund $ - $ 3,845 $ - $ 3,845 |
Schedule of Assumptions to Estimate the Fair Value of the Options Granted | The fair value of stock options granted on December 1, 2016 of $2.98 per option was estimated utilizing the Black-Scholes option pricing model using the following assumptions: Weighted average risk-free interest rate 2.16% Expected dividend yield 0.75% Weighted average volatility factor of the expected market price of the Company's stock 16.08% Weighted average expected life of the options 6.5 years |
Summary of the Company's Stock Option Activity | The following is a summary of the Company's stock option activity and related information for its option plans for the year ended June 30, 2017: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (In Thousands) (In Thousands) Outstanding at June 30, 2016 311 $ 9.56 7.1 years $ 937 Granted 3,290 15.35 9.4 years Exercised (62 ) 7.74 4.1 years Forfeited - - Outstanding at June 30, 2017 3,539 $ 14.97 9.3 years $ 1,199 Exercisable at June 30, 2017 148 $ 9.78 6.2 years $ 749 |
Summary of the Status of the Company's Non-vested Restricted Share Awards | The following is a summary of the status of the Company's non-vested restricted share awards as of June 30, 2017 and changes during the year ended June 30, 2017: Vesting Contingent on Service Conditions Vesting Contingent on Performance and Service Conditions Restricted Shares Weighted Average Grant Date Fair Value Restricted Shares Weighted Average Grant Date Fair Value (In Thousands) (In Thousands) Non-vested at June 30, 2016 45 $ 10.45 - $ - Granted (1) 899 15.35 488 15.35 Vested (14 ) 10.50 - - Forfeited - - - - Non-vested at June 30, 2017 930 $ 15.19 488 $ 15.35 (1) The weighted average grant date fair value of $15.35 represents the cost basis of the 899,390 restricted shares awarded during fiscal 2017 whose vesting is based solely on service conditions over the five-year vesting period. With regard to the 488,000 restricted shares awarded during fiscal 2017 whose vesting is based upon both service and performance conditions, the weighted average grant date fair value of $15.35 serves as the cost basis for those shares vesting during the first year of the five-year service period. The cost basis of the performance-based restricted shares vesting over the latter four years of the five-year service period is expected to be determined annually in conjunction with the establishment of the applicable performance targets for each vesting period concurrent with the anniversary date of the original grants. |
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | |
Schedule of Net Funded Status | The following tables set forth the ABRIP’s funded status and net periodic benefit cost: June 30, 2017 2016 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 2,799 $ 2,569 Interest cost 108 125 Actuarial Loss 192 301 Benefit payments (203 ) (196 ) Projected benefit obligation - ending $ 2,896 $ 2,799 Change in plan assets: Fair value of assets - beginning $ 3,845 $ 3,958 Actual return on assets 50 83 Benefit payments (203 ) (196 ) Fair value of assets - ending $ 3,692 $ 3,845 Reconciliation of funded status: Projected benefit obligation $ (2,896 ) $ (2,799 ) Fair value of assets 3,692 3,845 Funded status included in other assets $ 796 $ 1,046 Accumulated benefit obligation $ (2,896 ) $ (2,799 ) Valuation assumptions Discount rate 4.00 % 3.75 % Salary increase rate N/A N/A |
Schedule of Net Benefit Costs | Years Ended June 30, 2017 2016 (In Thousands) Net periodic benefit cost: Interest cost $ 108 $ 125 Expected return on assets (248 ) (258 ) Amortization of net loss 53 9 Total benefit $ (87 ) $ (124 ) Valuation assumptions Discount rate 3.75 % 4.50 % Long term rate of return on plan assets 7.00 % 7.00 % |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2018 $ 208 2019 205 2020 201 2021 199 2022 197 2023-2027 929 |
Benefit Equalization Plan ("BEP") [Member] | |
Schedule of Net Funded Status | The following tables set forth the BEP’s funded status and components of net periodic benefit cost: June 30, 2017 2016 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 3,482 $ 3,181 Interest cost 134 155 Actuarial (gain) loss (162 ) 375 Benefit payments (231 ) (229 ) Projected benefit obligation - ending $ 3,223 $ 3,482 Change in plan assets: Fair value of assets - beginning $ - $ - Contributions 231 229 Benefit payments (231 ) (229 ) Fair value of assets - ending $ - $ - Reconciliation of funded status: Accumulated benefit obligation $ (3,223 ) $ (3,482 ) Projected benefit obligation $ (3,223 ) $ (3,482 ) Fair value of assets - - Funded status included in other liabilities $ (3,223 ) $ (3,482 ) Valuation assumptions Discount rate 4.00 % 3.75 % Salary increase rate N/A N/A |
Schedule of Net Benefit Costs | Years Ended June 30, 2017 2016 2015 (In Thousands) Net periodic benefit cost: Interest cost $ 134 $ 155 $ 142 Amortization of net actuarial loss 72 58 47 Total expense $ 206 $ 213 $ 189 Valuation assumptions Discount rate 3.75 % 4.50 % 4.50 % Salary increase rate N/A N/A N/A |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2018 $ 230 2019 230 2020 229 2021 227 2022 226 2023-2027 1,089 |
Postretirement Welfare Plan [Member] | |
Schedule of Net Funded Status | The following tables set forth the accrued accumulated postretirement benefit obligation and the net periodic benefit cost: June 30, 2017 2016 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 837 $ 1,139 Service cost 31 42 Interest cost 21 34 Actuarial gain (296 ) (371 ) Premiums/claims paid (7 ) (7 ) Projected benefit obligation - ending $ 586 $ 837 Change in plan assets: Fair value of assets - beginning $ - $ - Contributions 7 7 Premiums/claims paid (7 ) (7 ) Fair value of assets - ending $ - $ - Reconciliation of funded status: Projected benefit obligation $ (586 ) $ (837 ) Fair value of assets - - Funded status included in other liabilities $ (586 ) $ (837 ) Valuation assumptions Discount rate 4.00 % 3.75 % Salary increase rate 3.25 % 3.25 % |
Schedule of Net Benefit Costs | Years Ended June 30, 2017 2016 2015 (In Thousands) Net periodic benefit cost: Service cost $ 31 $ 42 $ 66 Interest cost 21 34 46 Amortization of net actuarial gain (59 ) (29 ) - Total (benefit) expense $ (7 ) $ 47 $ 112 Valuation assumptions Discount rate 3.75 % 4.50 % 4.50 % Salary increase rate 3.25 % 3.25 % 3.25 % |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2018 $ 31 2019 31 2020 34 2021 34 2022 41 2023-2027 255 |
Directors' Consultation and Retirement Plan ("DCRP") [Member] | |
Schedule of Net Funded Status | The following table sets forth the DCRP’s funded status and components of net periodic cost: June 30, 2017 2016 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 3,029 $ 3,381 Service cost - 97 Interest cost 116 151 Actuarial (gain) loss (107 ) 431 Benefit payments (60 ) (60 ) Plan amendments - 66 Curtailment due to plan freeze - (1,037 ) Projected benefit obligation - ending $ 2,978 $ 3,029 Change in plan assets: Fair value of assets - beginning $ - $ - Contributions 60 60 Benefit payments (60 ) (60 ) Fair value of assets - ending $ - $ - Reconciliation of funded status: Accumulated benefit obligation $ (2,978 ) $ (3,029 ) Projected benefit obligation $ (2,978 ) $ (3,029 ) Fair value of assets - - Funded status included in other liabilities $ (2,978 ) $ (3,029 ) Valuation assumptions Discount rate 4.00 % 3.75 % Salary increase rate N/A N/A |
Schedule of Net Benefit Costs | Years Ended June 30, 2017 2016 2015 (In Thousands) Net periodic benefit cost: Service cost $ - $ 97 $ 162 Interest cost 116 151 139 Amortization of unrecognized gain - - (18 ) Amortization of past service liability - 22 46 Curtailment credit - (931 ) - Total (benefit) expense $ 116 $ (661 ) $ 329 Valuation assumptions Discount rate 3.75 % 4.50 % 4.50 % Salary increase rate N/A N/A 3.25 % |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2018 $ 82 2019 103 2020 124 2021 84 2022 109 2023-2027 971 |
Stockholders' Equity and Regu47
Stockholders' Equity and Regulatory Capital (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Summary of Regulatory Capital Levels | The following table presents information regarding the consolidated Company’s regulatory capital levels at June 30, 2017 and June 30, 2016. At June 30, 2017 Actual For Capital Adequacy Purposes Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 974,545 29.98 % $ 260,065 8.00 % Tier 1 capital (to risk-weighted assets) 945,259 29.08 % 195,049 6.00 % Common equity tier 1 capital (to risk-weighted assets) 945,259 29.08 % 146,287 4.50 % Tier 1 capital (to adjusted total assets) 945,259 20.11 % 188,012 4.00 % At June 30, 2016 Actual For Capital Adequacy Purposes Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 1,076,640 38.78 % $ 222,106 8.00 % Tier 1 capital (to risk-weighted assets) 1,052,411 37.91 % 166,579 6.00 % Common equity tier 1 capital (to risk-weighted assets) 1,052,411 37.91 % 124,934 4.50 % Tier 1 capital (to adjusted total assets) 1,052,411 23.93 % 175,919 4.00 % |
Kearny Federal Savings Bank [Member] | |
Summary of Regulatory Capital Levels | The following tables present information regarding the Bank’s regulatory capital levels at June 30, 2017 and 2016. At June 30, 2017 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 753,790 23.30 % $ 258,809 8.00 % $ 323,512 10.00 % Tier 1 capital (to risk-weighted assets) 724,504 22.39 % 194,107 6.00 % 258,809 8.00 % Common equity tier 1 capital (to risk-weighted assets) 724,504 22.39 % 145,580 4.50 % 210,283 6.50 % Tier 1 capital (to adjusted total assets) 724,504 15.47 % 187,308 4.00 % 234,136 5.00 % At June 30, 2016 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 722,561 26.03 % $ 222,062 8.00 % $ 277,577 10.00 % Tier 1 capital (to risk-weighted assets) 698,332 25.16 % 166,546 6.00 % 222,062 8.00 % Common equity tier 1 capital (to risk-weighted assets) 698,332 25.16 % 124,910 4.50 % 180,425 6.50 % Tier 1 capital (to adjusted total assets) 698,332 15.88 % 175,848 4.00 % 219,810 5.00 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Taxes | The components of income taxes are as follows: Years Ended June 30, 2017 2016 2015 (In Thousands) Current income tax expense: Federal $ 7,790 $ 6,440 $ 1,438 State 2,873 1,921 704 10,663 8,361 2,142 Deferred income tax benefit: Federal (1,363 ) (1,238 ) (2,722 ) State (480 ) (340 ) (824 ) (1,843 ) (1,578 ) (3,546 ) Valuation allowance - - 135 Total income tax expense (benefit) $ 8,820 $ 6,783 $ (1,269 ) |
Schedule of Effective Income Tax Rate Reconciliation | The following table presents a reconciliation between the reported income taxes and the income taxes which would be computed by applying the normal federal income tax rate of 35% to income before income taxes for the years ended June 30, 2017, 2016 and 2015: Years Ended June 30, 2017 2016 2015 (In Thousands) Federal income tax expense at statutory rate $ 9,598 $ 7,912 $ 1,526 (Reduction) increases in income taxes resulting from: Tax exempt interest (795 ) (756 ) (679 ) New Jersey state tax, net of federal tax effect 1,555 1,028 10 Incentive stock options compensation expense 124 56 61 Income from bank-owned life insurance (1,798 ) (1,956 ) (1,405 ) Disqualifying disposition on incentive stock options (165 ) - (491 ) Net operating loss utilized from mutual holding company dissolution - - (354 ) Other items, net 301 499 (72 ) 8,820 6,783 (1,404 ) Valuation allowance - - 135 Total income tax expense (benefit) $ 8,820 $ 6,783 $ (1,269 ) Effective income tax rate 32.16 % 30.01 % -29.11 % |
Schedule of Deferred Income Tax Assets and Liabilities | The tax effects of existing temporary differences that give rise to deferred income tax assets and liabilities are as follows: June 30, 2017 2016 (In Thousands) Deferred income tax assets: Purchase accounting $ 466 $ 954 Accumulated other comprehensive income Defined benefit plans 434 550 Unrealized loss on securities available for sale 975 1,954 Unrealized loss on securities available for sale transferred to held to maturity 453 431 Derivatives - 8,708 Allowance for loan losses 11,963 9,897 Benefit plans 2,675 2,669 Compensation 1,146 891 Stock-based compensation 2,278 791 Uncollected interest 2,700 2,686 Depreciation 1,221 1,146 Charitable contribution carryover 2,139 3,090 Other items 642 670 27,092 34,437 Valuation allowance (135 ) (135 ) 26,957 34,302 Deferred income tax liabilities: Deferred costs 2,083 1,515 Derivatives 2,582 - Goodwill 6,167 6,177 Other items 671 637 11,503 8,329 Net deferred income tax asset $ 15,454 $ 25,973 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments under Operating Leases | The following is a schedule by years of future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of June 30, 2017: Operating Lease Payments (In Thousands) Years ending June 30: 2018 2,074 2019 1,963 2020 1,711 2021 1,519 2022 1,244 Thereafter 4,320 Total minimum payments required $ 12,831 |
Schedule of Composition of Total Rental Expense for Operating Leases | The following schedule shows the composition of total rental expense for all operating leases: June 30, 2017 2016 2015 (In Thousands) Minimum rentals $ 1,989 $ 1,843 $ 1,807 |
Schedule of Outstanding Loan Commitments | The outstanding loan commitments are as follows: June 30, 2017 2016 (In Thousands) Loan commitments: Real estate mortgage loans $ 87,666 $ 31,375 Home equity loans 2,768 565 Commercial business loans 4,737 3,614 Construction loans in process 8,088 73 Consumer home equity and overdraft lines of credit 33,408 32,125 Commercial business lines of credit 27,264 23,285 Total loan commitments $ 163,931 $ 91,037 |
Fair Value of Financial Instr50
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured At Fair Value on a Recurring Basis | Those assets and liabilities measured at fair value on a recurring basis are summarized below: June 30, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Debt securities available for sale: U.S. agency securities $ - $ 5,316 $ - $ 5,316 Obligations of state and political subdivisions - 27,740 - 27,740 Asset-backed securities - 162,429 - 162,429 Collateralized loan obligations - 98,154 - 98,154 Corporate bonds - 142,318 - 142,318 Trust preferred securities - 7,540 1,000 8,540 Total debt securities - 443,497 1,000 444,497 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 30,536 - 30,536 Residential pass-through securities - 130,550 - 130,550 Commercial pass-through securities - 8,177 - 8,177 Total mortgage-backed securities - 169,263 - 169,263 Total securities available for sale $ - $ 612,760 $ 1,000 $ 613,760 Derivative instruments Interest rate swaps $ - $ 7,372 $ - $ 7,372 Interest rate caps - 140 - 140 Total derivatives $ - $ 7,512 $ - $ 7,512 June 30, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Debt securities available for sale: U.S. agency securities $ - $ 6,440 $ - $ 6,440 Obligations of state and political subdivisions - 28,398 - 28,398 Asset-backed securities - 82,625 - 82,625 Collateralized loan obligations - 127,374 - 127,374 Corporate bonds - 137,404 - 137,404 Trust preferred securities - 7,669 - 7,669 Total debt securities - 389,910 - 389,910 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 60,577 - 60,577 Residential pass-through securities - 214,526 - 214,526 Commercial pass-through securities - 8,524 - 8,524 Total mortgage-backed securities - 283,627 - 283,627 Total securities available for sale $ - $ 673,537 $ - $ 673,537 Derivative instruments Interest rate swaps $ - $ (19,317 ) $ - $ (19,317 ) Interest rate caps - 60 - 60 Total derivatives $ - $ (19,257 ) $ - $ (19,257 ) |
Schedule of Assets and Liabilities Measured At Fair Value on a Non-recurring Basis | Those assets and liabilities measured at fair value on a non-recurring basis are summarized below: June 30, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Impaired loans $ - $ - $ 7,956 $ 7,956 June 30, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Impaired loans $ - $ - $ 10,533 $ 10,533 Real estate owned $ - $ - $ 280 $ 280 |
Schedule of Quantitative Information about Level 3 Fair Value Measurements | The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value: June 30, 2017 Fair Value Valuation Techniques Unobservable Input Range Weighted Average (In Thousands) Impaired loans $ 7,956 Market valuation of underlying collateral (1) Direct disposal costs (3) 6% - 10% 8.10 % June 30, 2016 Fair Value Valuation Techniques Unobservable Input Range Weighted Average (In Thousands) Impaired loans $ 10,533 Market valuation of underlying collateral (1) Direct disposal costs (3) 6% - 10% 9.34 % Real estate owned $ 280 Market valuation of property (2) Direct disposal costs (3) N/A 8.00 % (1) The fair value basis of impaired loans is generally determined based on an independent appraisal of the market value of a loan’s underlying collateral. (2) The fair value basis of real estate owned is generally determined based upon the lower of an independent appraisal of the property’s market value or the applicable listing price or contracted sales price. (3) The fair value basis of impaired loans and real estate owned is adjusted to reflect management estimates of disposal costs including, but not necessarily limited to, real estate brokerage commissions and title transfer fees, with such cost estimates generally ranging from 6% to 10% of collateral or property market value. |
Schedule of Carrying Amounts and Fair Values of Financial Instruments | The carrying amounts and fair values of financial instruments are as follows: June 30, 2017 Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In Thousands) Financial assets: Cash and cash equivalents $ 78,237 $ 78,237 $ 78,237 $ - $ - Debt securities available for sale 444,497 444,497 - 443,497 1,000 Mortgage-backed securities available for sale 169,263 169,263 - 169,263 - Debt securities held to maturity 144,713 145,505 - 145,505 - Mortgage-backed securities held to maturity 348,608 350,289 - 350,289 - Loans held-for-sale 4,692 4,692 - 4,692 - Net loans receivable 3,215,975 3,137,304 - - 3,137,304 FHLB Stock 39,958 39,958 - - 39,958 Interest receivable 12,493 12,493 12,493 - - Financial liabilities: Deposits (1) 2,930,127 2,943,908 1,639,059 - 1,304,849 Borrowings 806,228 823,435 - - 823,435 Interest payable on borrowings 1,391 1,391 1,391 - - Derivative instruments: Interest rate swaps 7,372 7,372 - 7,372 - Interest rate caps 140 140 - 140 - (1) Includes accrued interest payable on deposits of $382,000 at June 30, 2017. June 30, 2016 Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In Thousands) Financial assets: Cash and cash equivalents $ 199,200 $ 199,200 $ 199,200 $ - $ - Debt securities available for sale 389,910 389,910 - 389,910 - Mortgage-backed securities available for sale 283,627 283,627 - 283,627 - Debt securities held to maturity 167,171 169,794 - 169,794 - Mortgage-backed securities held to maturity 410,115 422,690 - 422,690 - Loans held-for-sale 3,316 3,316 - 3,316 - Net loans receivable 2,649,758 2,652,736 - - 2,652,736 FHLB Stock 30,612 30,612 - - 30,612 Interest receivable 11,212 11,212 11,212 - - Financial liabilities: Deposits (1) 2,694,833 2,709,779 1,487,408 - 1,222,371 Borrowings 614,423 634,855 - - 634,855 Interest payable on borrowings 1,226 1,226 1,226 - - Derivative instruments: Interest rate swaps (19,317 ) (19,317 ) - (19,317 ) - Interest rate caps 60 60 - 60 - (1) Includes accrued interest payable on deposits of $146,000 at June 30, 2016. |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) included in stockholders’ equity are as follows: June 30, 2017 2016 (In Thousands) Net unrealized loss on securities available for sale $ (2,385 ) $ (4,711 ) Tax effect 975 1,954 Net of tax amount (1,410 ) (2,757 ) Net unrealized loss on securities available for sale transferred to held to maturity (1,109 ) (1,056 ) Tax effect 453 431 Net of tax amount (656 ) (625 ) Fair value adjustments on derivatives 6,319 (21,317 ) Tax effect (2,582 ) 8,708 Net of tax amount 3,737 (12,609 ) Benefit plan adjustments (1,061 ) (1,346 ) Tax effect 434 550 Net of tax amount (627 ) (796 ) Total accumulated other comprehensive income (loss) $ 1,044 $ (16,787 ) |
Schedule of Comprehensive (Loss) Income | Other comprehensive (loss) income and related tax effects are presented in the following table: Years Ended June 30, 2017 2016 2015 (In Thousands) Net unrealized holding gain (loss) on securities available for sale $ 1,923 $ (4,564 ) $ (1,231 ) Amortization of unrealized holding (loss) gain on securities available for sale transferred to held to maturity (2) (53 ) 9 (75 ) Net realized loss (gain) on securities available for sale (1) 402 - (7 ) Fair value adjustments on derivatives 27,637 (10,187 ) (7,629 ) Benefit plans: Amortization of: Actuarial loss (3) 66 37 29 Past service cost (3) - 22 46 New actuarial gain (loss) 219 (911 ) (363 ) Net change in benefit plan accrued expense 285 (852 ) (288 ) Other comprehensive income (loss) before taxes 30,194 (15,594 ) (9,230 ) Tax effect (12,363 ) 6,568 3,749 Total comprehensive income (loss) $ 17,831 $ (9,026 ) $ (5,481 ) (1) Represents amount reclassified out of accumulated other comprehensive income and included in gain on sale of securities on the consolidated statements of income. (2) Represents amounts reclassified out of accumulated other comprehensive income and included in interest income on taxable securities. (3) Represents amounts reclassified out of accumulated other comprehensive income and included in the computation of net periodic pension expense. See Note 15 – Benefit Plans for additional information. |
Parent Only Financial Informa52
Parent Only Financial Information (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Statements of Financial Condition | Condensed Statements of Financial Condition June 30, 2017 June 30, 2016 (In Thousands) Assets Cash and amounts due from depository institutions $ 169,820 $ 316,438 Debt securities held to maturity 15,000 - Loans receivable 36,448 37,944 Investment in subsidiary 836,426 793,549 Other assets 84 99 Total Assets $ 1,057,778 $ 1,148,030 Liabilities and Stockholders' Equity Other liabilities 597 401 Stockholders' equity 1,057,181 1,147,629 Total Liabilities and Stockholders' Equity $ 1,057,778 $ 1,148,030 |
Condensed Statements of Income and Comprehensive Income | Condensed Statements of Income and Comprehensive Income Years Ended June 30, 2017 2016 2015 (In Thousands) Interest income $ 2,318 $ 2,413 $ 444 Equity in undistributed earnings of subsidiaries 18,427 15,543 5,467 Total income 20,745 17,956 5,911 Interest expense - - 120 Directors' compensation 265 242 143 Other expenses 1,755 1,703 468 Total expense 2,020 1,945 731 Income before income taxes 18,725 16,011 5,180 Income tax expense (benefit) 122 189 (449 ) Net income $ 18,603 $ 15,822 $ 5,629 Comprehensive income $ 36,434 $ 6,796 $ 148 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years Ended June 30, 2017 2016 2015 (In Thousands) Cash Flows from Operating Activities: Net income $ 18,603 $ 15,822 $ 5,629 Adjustment to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (18,427 ) (15,543 ) (5,467 ) Contribution of stock to charitable foundation - - 5,000 Payments received in intercompany liabilities - - (281 ) (Increase) decrease in other assets (19 ) 880 84 Increase in other liabilities 352 576 24 Net Cash Provided by Operating Activities 509 1,735 4,989 Cash Flows from Investing Activities: Repayment of loan to ESOP 1,496 1,444 1,832 Purchase of subordinated debt security (15,000 ) - - Cash received from MHC in merger - - 162 Net Cash (Used In) Provided by Investing Activities (13,504 ) 1,444 1,994 Cash Flows from Financing Activities: Net proceeds of sale of common stock - - 706,785 Loan to ESOP for purchase of common stock - - (36,125 ) Infusion of capital to subsidiary - - (353,395 ) Exercise of stock options 482 - - Cash dividends paid (8,286 ) (7,481 ) - Repurchase and cancellation of common stock of Kearny Financial Corp. for treasury (126,002 ) (22,286 ) - Cancellation of expired, ungranted shares issued for stock benefit plan 183 - - Issuance of common stock of Kearny Financial Corp. from treasury - - 1,365 Net Cash (Used In) Provided by Financing Activities (133,623 ) (29,767 ) 318,630 Net (Decrease) Increase in Cash and Cash Equivalents (146,618 ) (26,588 ) 325,613 Cash and Cash Equivalents - Beginning 316,438 343,026 17,413 Cash and Cash Equivalents - Ending $ 169,820 $ 316,438 $ 343,026 |
Net Income Per Common Share (53
Net Income Per Common Share (EPS) (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share Computations | The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations: Year Ended June 30, 2017 Income (Numerator) Shares (Denominator) Per Share Amount (In Thousands, Except Per Share Data) Net income $ 18,603 Basic earnings per share, income available to common stockholders $ 18,603 84,590 $ 0.22 Effect of dilutive securities: Stock options - 71 $ 18,603 84,661 $ 0.22 Year Ended June 30, 2016 Income (Numerator) Shares (Denominator) Per Share Amount (In Thousands, Except Per Share Data) Net income $ 15,822 Basic earnings per share, income available to common stockholders $ 15,822 89,591 $ 0.18 Effect of dilutive securities: Stock options - 34 $ 15,822 89,625 $ 0.18 Year Ended June 30, 2015 Income (Numerator) Shares (Denominator) Per Share Amount (In Thousands, Except Per Share Data) Net income $ 5,629 Basic earnings per share, income available to common stockholders $ 5,629 91,717 $ 0.06 Effect of dilutive securities: Stock options - 124 $ 5,629 91,841 $ 0.06 |
Quarterly Results of Operatio54
Quarterly Results of Operations (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results of Operations | The following is a condensed summary of quarterly results of operations for the years ended June 30, 2017 and 2016: Year Ended June 30, 2017 First Quarter Second Quarter Third Quarter Fourth Quarter (In Thousands, Except Per Share Data) Interest income $ 32,806 $ 34,315 $ 35,008 $ 36,964 Interest expense 8,785 8,699 8,801 10,234 Net interest income 24,021 25,616 26,207 26,730 Provision for loan losses 1,129 1,255 1,809 1,188 Net interest income after provision for loan losses 22,892 24,361 24,398 25,542 Non-interest income 2,629 3,446 2,253 3,020 Non-interest expense 18,660 19,373 21,034 22,051 Income before Income Taxes 6,861 8,434 5,617 6,511 Income taxes 2,194 2,970 1,549 2,107 Net Income $ 4,667 $ 5,464 $ 4,068 $ 4,404 Net income per common share: Basic $ 0.05 $ 0.06 $ 0.05 $ 0.05 Diluted $ 0.05 $ 0.06 $ 0.05 $ 0.05 Weighted average number of common shares outstanding Basic 86,246 85,174 84,542 82,372 Diluted 86,304 85,258 84,624 82,429 Dividends declared per common share $ 0.02 $ 0.02 $ 0.03 $ 0.03 Year Ended June 30, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter (In Thousands, Except Per Share Data) Interest income $ 29,415 $ 31,824 $ 32,882 $ 32,767 Interest expense 7,059 7,886 8,418 8,540 Net interest income 22,356 23,938 24,464 24,227 Provision for loan losses 2,641 3,414 2,589 2,046 Net interest income after provision for loan losses 19,715 20,524 21,875 22,181 Non-interest income 2,493 2,410 2,613 3,211 Non-interest expense 18,382 17,704 18,653 17,678 Income before Income Taxes 3,826 5,230 5,835 7,714 Income taxes 850 1,433 1,667 2,833 Net Income $ 2,976 $ 3,797 $ 4,168 $ 4,881 Net income per common share: Basic $ 0.03 $ 0.04 $ 0.05 $ 0.05 Diluted $ 0.03 $ 0.04 $ 0.05 $ 0.05 Weighted average number of common shares outstanding Basic 89,590 89,640 89,690 89,443 Diluted 89,619 89,674 89,724 89,481 Dividends declared per common share $ 0.02 $ 0.02 $ 0.02 $ 0.02 |
Summary of Significant Accoun55
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |||
Jun. 30, 2017USD ($)BankLocationSubsidiaryCategoryTrancheRisk_Rating | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of community banks acquired | Bank | 5 | |||
Number of banking locations | Location | 42 | |||
Number of wholly owned bank subsidiaries | Subsidiary | 2 | |||
Cash and cash equivalents | $ 78,237,000 | $ 199,200,000 | $ 340,136,000 | $ 135,034,000 |
Due from banks | 62,500,000 | 180,800,000 | ||
Vault cash | 15,700,000 | 18,400,000 | ||
Cash and amounts due from depository institutions | $ 18,889,000 | 21,328,000 | ||
Number of loan portfolio categories | Category | 7 | |||
Moving average period | 2 years | |||
Risk ratings tranches description | The Company utilizes a set of seven risk tranches, ranging from “negligible risk” to “severe risk”, that establishes a pre-defined range of potential risk ratings to be ascribed each criteria component supporting an environmental loss factor. Risk ratings of zero and 30 are ascribed to the “negligible risk” and “severe risk” tranches, respectively, which generally serve as the upper and lower thresholds for the potential range of risk rating values across all risk tranches. The remaining five risk tranches, ranging from “low risk” to “high risk”, utilize progressively higher ranges of potential risk ratings reflecting the increased level of risk associated with each tranche. | |||
Number of risk tranches | Tranche | 7 | |||
Description of risk rating calculation on environmental loss factor | Risk ratings are multiplied by .01% to calculate a loss factor value attributable to each of the criteria components supporting an environmental loss factor. The average of the loss factor values ascribed to the criteria components generally serves as the aggregate value for that loss factor. Where appropriate, the criteria components supporting a loss factor may be “weighted” in relation to one another to allow for greater emphasis on certain criteria in the calculation of an environmental loss factor. | |||
Goodwill, impairment loss | $ 0 | 0 | 0 | |
Finite-lived intangible assets, net | 292,000 | 430,000 | 597,000 | $ 790,000 |
Expenses (benefits) attributable to deferred liability | 69,000 | (25,000) | (16,000) | |
Income tax uncertainties | 0 | 0 | ||
Unrecognized income tax benefits | 0 | 0 | ||
Income tax interest and penalties | $ 0 | 0 | $ 0 | |
Low Risk to High Risk [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of risk tranches | Tranche | 5 | |||
Negligible Risk [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Risk rating level | Risk_Rating | 0 | |||
Severe Risk [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Risk rating level | Risk_Rating | 30 | |||
FHLB of New York [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash and amounts due from depository institutions | $ 4,800,000 | 11,200,000 | ||
Federal Reserve ("FRB") [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash and amounts due from depository institutions | 53,600,000 | 147,000,000 | ||
U.S. Domestic Money Center Banks [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash and amounts due from depository institutions | 4,200,000 | 22,600,000 | ||
U.S. Domestic Money Center Bank 1 [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash and amounts due from depository institutions | 3,200,000 | 13,400,000 | ||
U.S. Domestic Money Center Bank 2 [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash and amounts due from depository institutions | $ 1,000,000 | 8,900,000 | ||
U.S. Domestic Money Center Bank 3 [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash and amounts due from depository institutions | $ 281,000 |
Summary of Significant Accoun56
Summary of Significant Accounting Policies - Property, Plant and Equipment Useful Lives (Detail) | 12 Months Ended |
Jun. 30, 2017 | |
Buildings and Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of Premises and Equipment | 10 years |
Buildings and Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of Premises and Equipment | 50 years |
Furnishings and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of Premises and Equipment | 3 years |
Furnishings and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of Premises and Equipment | 20 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of Premises and Equipment | Shorter of useful lives or lease term |
Plan of Conversion and Stock 57
Plan of Conversion and Stock Offering - Additional Information (Detail) $ / shares in Units, $ in Thousands | May 18, 2015USD ($)$ / sharesshares | May 05, 2015USD ($)shares | Jun. 30, 2017USD ($)$ / sharesshares | Jun. 30, 2016USD ($)shares | Jun. 30, 2015USD ($) | Jun. 30, 2017USD ($)$ / sharesshares |
Plan Of Conversion And Stock Offering [Line Items] | ||||||
Number of common stock issued for funding of KearnyBank Foundation | shares | 500,000 | 500,000 | ||||
Cash contribution to KearnyBank Foundation | $ | $ 5,000 | $ 5,000 | ||||
Number of common stock shares sold | shares | 71,750,000 | |||||
Common stock price | $ / shares | $ 10 | |||||
Proceeds from common stock shares sold | $ | $ 717,500 | |||||
Stock issued during period, value, Employee Stock Ownership Plan | shares | 3,612,500 | |||||
Stock issued during period, shares, Employee Stock Ownership Plan | $ | $ 36,100 | |||||
Value of the additional common stock shares issued | $ | $ 5,000 | $ 670,660 | ||||
Conversion and public offering costs | $ | $ 10,700 | $ 10,700 | ||||
Increase in equity capital | $ | $ 670,700 | |||||
Stock exchange ratio | 1.3804 | 1.3804 | ||||
Shares repurchased during period | shares | 8,886,627 | |||||
Shares repurchased during period, value | $ | $ 126,002 | $ 22,286 | ||||
First Share Repurchase Plan, Announced in May 2016 [Member] | ||||||
Plan Of Conversion And Stock Offering [Line Items] | ||||||
Shares repurchased during period | shares | 7,646,627 | 1,706,182 | ||||
Shares acquired and cancelled during period | shares | 7,646,627 | |||||
Share repurchase plan, announcement date | 2016-05 | |||||
Share repurchase plan, number of shares authorized to repurchase | shares | 9,352,809 | 9,352,809 | ||||
Share repurchase plan, shares authorized to repurchase as precentage of outstanding shares | 10.00% | 10.00% | ||||
Shares repurchased during period, value | $ | $ 130,600 | |||||
Shares repurchased average cost per share | $ / shares | $ 13.96 | |||||
Second Share Repurchase Program, Announced in May 2017 [Member] | ||||||
Plan Of Conversion And Stock Offering [Line Items] | ||||||
Shares repurchased during period | shares | 1,240,000 | |||||
Shares acquired and cancelled during period | shares | 1,240,000 | |||||
Share repurchase plan, announcement date | 2017-05 | |||||
Share repurchase plan, number of shares authorized to repurchase | shares | 8,559,084 | 8,559,084 | ||||
Share repurchase plan, shares authorized to repurchase as precentage of outstanding shares | 10.00% | 10.00% | ||||
Shares repurchased during period, value | $ | $ 17,700 | |||||
Shares repurchased average cost per share | $ / shares | $ 14.30 | |||||
Affiliated Entity [Member] | ||||||
Plan Of Conversion And Stock Offering [Line Items] | ||||||
Additional investment in bank's common equity | $ | $ 353,400 | $ 353,400 |
Securities Available for Sale -
Securities Available for Sale - Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | $ 445,896 | $ 402,137 |
Securities available for sale, Fair value | 444,497 | 389,910 |
Securities available for sale, Amortized Cost | 616,145 | 678,248 |
Mortgage-backed securities, Gross Unrealized Gains | 2,551 | 8,718 |
Mortgage-backed securities, Gross Unrealized Losses | 4,936 | 13,429 |
Securities available for sale, Fair value | 613,760 | 673,537 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 170,249 | 276,111 |
Mortgage-backed securities, Gross Unrealized Gains | 884 | 7,607 |
Mortgage-backed securities, Gross Unrealized Losses | 1,870 | 91 |
Securities available for sale, Fair value | 169,263 | 283,627 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 445,896 | 402,137 |
Securities available for sale, Gross Unrealized Gains | 1,667 | 1,111 |
Securities available for sale, Gross Unrealized Losses | 3,066 | 13,338 |
Securities available for sale, Fair value | 444,497 | 389,910 |
Debt Securities [Member] | U.S. Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 5,304 | 6,307 |
Securities available for sale, Gross Unrealized Gains | 35 | 146 |
Securities available for sale, Gross Unrealized Losses | 23 | 13 |
Securities available for sale, Fair value | 5,316 | 6,440 |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 27,465 | 27,489 |
Securities available for sale, Gross Unrealized Gains | 305 | 909 |
Securities available for sale, Gross Unrealized Losses | 30 | |
Securities available for sale, Fair value | 27,740 | 28,398 |
Debt Securities [Member] | Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 163,120 | 87,746 |
Securities available for sale, Gross Unrealized Gains | 316 | |
Securities available for sale, Gross Unrealized Losses | 1,007 | 5,121 |
Securities available for sale, Fair value | 162,429 | 82,625 |
Debt Securities [Member] | Collateralized Loan Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 98,078 | 128,664 |
Securities available for sale, Gross Unrealized Gains | 185 | 24 |
Securities available for sale, Gross Unrealized Losses | 109 | 1,314 |
Securities available for sale, Fair value | 98,154 | 127,374 |
Debt Securities [Member] | Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 143,017 | 143,027 |
Securities available for sale, Gross Unrealized Gains | 826 | 7 |
Securities available for sale, Gross Unrealized Losses | 1,525 | 5,630 |
Securities available for sale, Fair value | 142,318 | 137,404 |
Debt Securities [Member] | Trust Preferred Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 8,912 | 8,904 |
Securities available for sale, Gross Unrealized Gains | 25 | |
Securities available for sale, Gross Unrealized Losses | 372 | 1,260 |
Securities available for sale, Fair value | 8,540 | 7,669 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 31,124 | 60,062 |
Mortgage-backed securities, Gross Unrealized Gains | 38 | 606 |
Mortgage-backed securities, Gross Unrealized Losses | 626 | 91 |
Securities available for sale, Fair value | 30,536 | 60,577 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 9,902 | 20,944 |
Mortgage-backed securities, Gross Unrealized Gains | 38 | 380 |
Mortgage-backed securities, Gross Unrealized Losses | 66 | |
Securities available for sale, Fair value | 9,874 | 21,324 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | Federal National Mortgage Association [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 21,222 | 38,992 |
Mortgage-backed securities, Gross Unrealized Gains | 226 | |
Mortgage-backed securities, Gross Unrealized Losses | 560 | 89 |
Securities available for sale, Fair value | 20,662 | 39,129 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | Non-Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 126 | |
Mortgage-backed securities, Gross Unrealized Losses | 2 | |
Securities available for sale, Fair value | 124 | |
Residential Pass-Through Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 131,017 | 207,787 |
Mortgage-backed securities, Gross Unrealized Gains | 777 | 6,739 |
Mortgage-backed securities, Gross Unrealized Losses | 1,244 | |
Securities available for sale, Fair value | 130,550 | 214,526 |
Residential Pass-Through Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 95,501 | 126,415 |
Mortgage-backed securities, Gross Unrealized Gains | 352 | 3,557 |
Mortgage-backed securities, Gross Unrealized Losses | 999 | |
Securities available for sale, Fair value | 94,854 | 129,972 |
Residential Pass-Through Securities [Member] | Federal National Mortgage Association [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 35,516 | 79,583 |
Mortgage-backed securities, Gross Unrealized Gains | 425 | 3,011 |
Mortgage-backed securities, Gross Unrealized Losses | 245 | |
Securities available for sale, Fair value | 35,696 | 82,594 |
Residential Pass-Through Securities [Member] | Government National Mortgage Association [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 1,789 | |
Mortgage-backed securities, Gross Unrealized Gains | 171 | |
Securities available for sale, Fair value | 1,960 | |
Commercial Pass-Through Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 8,108 | 8,262 |
Mortgage-backed securities, Gross Unrealized Gains | 69 | 262 |
Securities available for sale, Fair value | 8,177 | 8,524 |
Commercial Pass-Through Securities [Member] | Federal National Mortgage Association [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 8,108 | 8,262 |
Mortgage-backed securities, Gross Unrealized Gains | 69 | 262 |
Securities available for sale, Fair value | $ 8,177 | $ 8,524 |
Securities Available for Sale59
Securities Available for Sale - Stratification by Contractual Maturity of Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Investments Debt And Equity Securities [Abstract] | ||
Due after one year through five years, Amortized Cost | $ 53,487 | |
Due after five years through ten years, Amortized Cost | 160,366 | |
Due after ten years, Amortized Cost | 232,043 | |
Securities available for sale, Amortized Cost | 445,896 | $ 402,137 |
Due after one year through five years, Fair Value | 53,553 | |
Due after five years through ten years, Fair Value | 159,717 | |
Due after ten years, Fair Value | 231,227 | |
Fair Value | $ 444,497 | $ 389,910 |
Securities Available for Sale60
Securities Available for Sale - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales of debt securities available for sale | $ 83,000,000 | $ 0 | $ 57,200,000 |
Available-for-sale securities, gross realized gains | 1,300,000 | 601,000 | |
Available-for-sale securities, gross realized losses | 1,700,000 | $ 594,000 | |
Securities Available for Sale [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale pledged as collateral for borrowings Federal Home Loan Bank | 41,800,000 | 45,000,000 | |
Available for sale securities pledged to secure public funds on deposit | 0 | 983,000 | |
Securities Available for Sale [Member] | Federal Reserve Bank of NewYork [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale utilized as collateral for potential borrowings | 41,500,000 | 28,400,000 | |
Securities Available for Sale [Member] | Federal Reserve Bank of NewYork [Member] | Depositor Sweep Accounts [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale securities utilized as collateral | $ 8,200,000 | $ 12,100,000 |
Securities Held to Maturity - A
Securities Held to Maturity - Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 144,713 | $ 167,171 |
Securities held to maturity | 493,321 | 577,286 |
Gross Unrealized Gains | 4,057 | 15,213 |
Gross Unrealized Losses | 1,584 | 15 |
Fair Value | 145,505 | 169,794 |
Fair Value | 495,794 | 592,484 |
Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 348,608 | 410,115 |
Gross Unrealized Gains | 3,061 | 12,580 |
Gross Unrealized Losses | 1,380 | 5 |
Fair Value | 350,289 | 422,690 |
Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 144,713 | 167,171 |
Gross Unrealized Gains | 996 | 2,633 |
Gross Unrealized Losses | 204 | 10 |
Fair Value | 145,505 | 169,794 |
Debt Securities [Member] | U.S. Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 35,000 | 84,992 |
Gross Unrealized Gains | 31 | |
Gross Unrealized Losses | 48 | 1 |
Fair Value | 34,952 | 85,022 |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 94,713 | 82,179 |
Gross Unrealized Gains | 996 | 2,602 |
Gross Unrealized Losses | 156 | 9 |
Fair Value | 95,553 | 84,772 |
Debt Securities [Member] | Subordinated Debt [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 15,000 | |
Fair Value | 15,000 | |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 17,854 | 23,081 |
Gross Unrealized Gains | 10 | 141 |
Gross Unrealized Losses | 403 | 1 |
Fair Value | 17,461 | 23,221 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | Government National Mortgage Association [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 2,199 | 2,787 |
Gross Unrealized Gains | 25 | |
Gross Unrealized Losses | 46 | |
Fair Value | 2,153 | 2,812 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 15,522 | 20,067 |
Gross Unrealized Gains | 92 | |
Gross Unrealized Losses | 357 | |
Fair Value | 15,165 | 20,159 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | Federal National Mortgage Association [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 111 | 194 |
Gross Unrealized Gains | 10 | 24 |
Fair Value | 121 | 218 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | Non-Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 22 | 33 |
Gross Unrealized Losses | 1 | |
Fair Value | 22 | 32 |
Residential Pass-Through Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 178,813 | 223,632 |
Gross Unrealized Gains | 429 | 4,603 |
Gross Unrealized Losses | 935 | 4 |
Fair Value | 178,307 | 228,231 |
Residential Pass-Through Securities [Member] | Government National Mortgage Association [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 8 | |
Gross Unrealized Gains | 1 | |
Fair Value | 9 | |
Residential Pass-Through Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 35,289 | 43,716 |
Gross Unrealized Gains | 1 | 470 |
Gross Unrealized Losses | 338 | |
Fair Value | 34,952 | 44,186 |
Residential Pass-Through Securities [Member] | Federal National Mortgage Association [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 143,524 | 179,908 |
Gross Unrealized Gains | 428 | 4,132 |
Gross Unrealized Losses | 597 | 4 |
Fair Value | 143,355 | 184,036 |
Commercial Pass-Through Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 151,941 | 163,402 |
Gross Unrealized Gains | 2,622 | 7,836 |
Gross Unrealized Losses | 42 | |
Fair Value | 154,521 | 171,238 |
Commercial Pass-Through Securities [Member] | Government National Mortgage Association [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 1,989 | 7,756 |
Gross Unrealized Gains | 22 | |
Gross Unrealized Losses | 11 | |
Fair Value | 1,978 | 7,778 |
Commercial Pass-Through Securities [Member] | Commercial Pass-Through Securities: Federal National Mortgage Association [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 149,952 | 155,646 |
Gross Unrealized Gains | 2,622 | 7,814 |
Gross Unrealized Losses | 31 | |
Fair Value | $ 152,543 | $ 163,460 |
Securities Held to Maturity - S
Securities Held to Maturity - Stratification by Contractual Maturity of Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 144,713 | $ 167,171 |
Held-to-maturity Securities, Fair Value Total | 145,505 | 169,794 |
Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Due in one year or less, Amortized Cost | 39,568 | |
Due after one year through five years, Amortized Cost | 23,941 | |
Due after five years through ten years, Amortized Cost | 69,308 | |
Due after ten years, Amortized Cost | 11,896 | |
Amortized Cost | 144,713 | 167,171 |
Due in one year or less, Fair Value | 39,518 | |
Due after one year through five years, Fair Value | 23,990 | |
Due after five years through ten years, Fair Value | 70,042 | |
Due after ten years, Fair Value | 11,955 | |
Held-to-maturity Securities, Fair Value Total | $ 145,505 | $ 169,794 |
Securities Held to Maturity -63
Securities Held to Maturity - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Proceeds from sales of securities held to maturity | $ 5,300,000 | $ 0 | $ 0 |
Held to maturity securities sold security gross gains | 370,000 | ||
Held to maturity securities sold security gross losses | 1,000 | ||
Securities Held to Maturity [Member] | Public Funds [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Available for sale securities pledged to secure public funds on deposit | 6,900,000 | 7,500,000 | |
Securities Held to Maturity [Member] | Depositor Sweep Accounts [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held to maturity securities utilized as collateral for accounts | 32,700,000 | 38,200,000 | |
Securities Held to Maturity [Member] | FHLB of New York [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held to maturity securities pledged as collateral | 117,500,000 | 148,800,000 | |
Securities Held to Maturity [Member] | Federal Reserve Bank of NewYork [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held to maturity securities pledged as collateral | $ 88,800,000 | $ 26,200,000 |
Impairment of Securities - Sche
Impairment of Securities - Schedule of Fair Values and Gross Unrealized Losses on Investments (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | $ 170,579 | $ 83,401 |
Less than 12 Months: Unrealized Losses | 2,092 | 2,909 |
12 Months or More: Fair Value | 175,761 | 268,468 |
12 Months or More: Unrealized Losses | 2,844 | 10,520 |
Total: Fair Value | 346,340 | 351,869 |
Total: Unrealized Losses | 4,936 | 13,429 |
Debt Securities [Member] | Trust Preferred Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
12 Months or More: Fair Value | 7,540 | 6,644 |
12 Months or More: Unrealized Losses | 372 | 1,260 |
Total: Fair Value | 7,540 | 6,644 |
Total: Unrealized Losses | 372 | 1,260 |
Debt Securities [Member] | U.S. Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 440 | |
12 Months or More: Fair Value | 1,746 | 2,053 |
12 Months or More: Unrealized Losses | 23 | 13 |
Total: Fair Value | 2,186 | 2,053 |
Total: Unrealized Losses | 23 | 13 |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 3,872 | |
Less than 12 Months: Unrealized Losses | 30 | |
Total: Fair Value | 3,872 | |
Total: Unrealized Losses | 30 | |
Debt Securities [Member] | Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 16,860 | 45,564 |
Less than 12 Months: Unrealized Losses | 84 | 2,726 |
12 Months or More: Fair Value | 86,975 | 37,061 |
12 Months or More: Unrealized Losses | 923 | 2,395 |
Total: Fair Value | 103,835 | 82,625 |
Total: Unrealized Losses | 1,007 | 5,121 |
Debt Securities [Member] | Collateralized Loan Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 46,016 | 18,227 |
Less than 12 Months: Unrealized Losses | 108 | 119 |
12 Months or More: Fair Value | 6,000 | 98,743 |
12 Months or More: Unrealized Losses | 1 | 1,195 |
Total: Fair Value | 52,016 | 116,970 |
Total: Unrealized Losses | 109 | 1,314 |
Debt Securities [Member] | Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 18,938 | |
Less than 12 Months: Unrealized Losses | 61 | |
12 Months or More: Fair Value | 73,500 | 113,482 |
12 Months or More: Unrealized Losses | 1,525 | 5,569 |
Total: Fair Value | 73,500 | 132,420 |
Total: Unrealized Losses | 1,525 | 5,630 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 26,090 | 672 |
Less than 12 Months: Unrealized Losses | 626 | 3 |
12 Months or More: Fair Value | 10,485 | |
12 Months or More: Unrealized Losses | 88 | |
Total: Fair Value | 26,090 | 11,157 |
Total: Unrealized Losses | 626 | $ 91 |
Residential Pass-Through Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 77,301 | |
Less than 12 Months: Unrealized Losses | 1,244 | |
Total: Fair Value | 77,301 | |
Total: Unrealized Losses | $ 1,244 |
Impairment of Securities - Addi
Impairment of Securities - Additional Information (Detail) | 12 Months Ended | |
Jun. 30, 2017USD ($)SecurityMunicipalitySecuritiesFinancial_Institution | Jun. 30, 2016USD ($)Security | |
Schedule Of Investments [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 57 | 52 |
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 90 | 13 |
Credit-related OTTI securities | $ | $ 0 | $ 0 |
Number of additional trust preferred securities | Securities | 2 | |
Collateralized Loan Obligations [Member] | ||
Schedule Of Investments [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 8 | 18 |
Marketable securities | $ | $ 98,200,000 | |
Investments percent of total investments | 8.90% | |
Investments percent of total assets | 2.00% | |
Debt Securities [Member] | Trust Preferred Securities [Member] | ||
Schedule Of Investments [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 4 | 4 |
Marketable securities | $ | $ 8,500,000 | |
Number of securities held | Securities | 5 | |
Debt Securities [Member] | Trust Preferred Securities [Member] | Chase Capital II [Member] | ||
Schedule Of Investments [Line Items] | ||
Number of securities | 2 | |
Securities amortized cost | $ | $ 3,000,000 | |
Debt Securities [Member] | Trust Preferred Securities [Member] | BankBoston Capital Trust IV and MBNA Capital Trust B [Member] | ||
Schedule Of Investments [Line Items] | ||
Securities amortized cost | $ | $ 4,900,000 | |
Debt Securities [Member] | Trust Preferred Securities [Member] | Impaired Securities that Maintained Credit Rating [Member] | ||
Schedule Of Investments [Line Items] | ||
Number of issuing financial institutions | Financial_Institution | 3 | |
Debt Securities [Member] | Asset-backed Securities [Member] | ||
Schedule Of Investments [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 9 | 8 |
Marketable securities | $ | $ 162,400,000 | |
Investments percent of total investments | 14.70% | |
Investments percent of total assets | 3.40% | |
Government guarantees | 97.00% | |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Schedule Of Investments [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 9 | |
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 44 | 7 |
Marketable securities | $ | $ 122,500,000 | |
Investments percent of total investments | 11.10% | |
Investments percent of total assets | 2.50% | |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | BANs [Member] | New Jersey [Member] | ||
Schedule Of Investments [Line Items] | ||
Marketable securities | $ | $ 4,600,000 | |
Number of securities | 5 | |
Number of municipalities | Municipality | 4 | |
Debt Securities [Member] | Corporate Bonds [Member] | ||
Schedule Of Investments [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 7 | 14 |
Marketable securities | $ | $ 142,300,000 | |
Investments percent of total investments | 12.90% | |
Investments percent of total assets | 3.00% | |
Debt Securities [Member] | U.S. Agency Securities [Member] | ||
Schedule Of Investments [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 7 | 5 |
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 2 | 1 |
Marketable securities | $ | $ 40,300,000 | |
Investments percent of total investments | 3.60% | |
Debt Securities [Member] | U.S. Agency Securities [Member] | Maximum [Member] | ||
Schedule Of Investments [Line Items] | ||
Investments percent of total assets | 1.00% | |
Debt Securities [Member] | Unsecured Corporate Debt By Single Issuer [Member] | Maximum [Member] | ||
Schedule Of Investments [Line Items] | ||
Marketable securities | $ | $ 25,000,000 | |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | ||
Schedule Of Investments [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 5 | 3 |
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 7 | 4 |
Residential Pass-Through Securities [Member] | ||
Schedule Of Investments [Line Items] | ||
Available-for-sale, securities in unrealized loss positions, qualitative disclosure, number of positions | 8 | |
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 34 | 1 |
Commercial Pass-Through Securities [Member] | ||
Schedule Of Investments [Line Items] | ||
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions | 3 | |
Mortgage-Backed Securities [Member] | ||
Schedule Of Investments [Line Items] | ||
Marketable securities | $ | $ 517,900,000 | |
Investments percent of total investments | 46.80% | |
Investments percent of total assets | 10.80% |
Impairment of Securities - Sc66
Impairment of Securities - Schedule of Temporary Impairment Losses, Investments (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months: Fair Value | $ 192,166 | $ 1,904 |
Less than 12 Months: Unrealized Losses | 1,513 | 5 |
12 Months or More: Fair Value | 12,164 | 12,727 |
12 Months or More: Unrealized Losses | 71 | 10 |
Total: Fair Value | 204,330 | 14,631 |
Total: Unrealized Losses | 1,584 | 15 |
Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total: Unrealized Losses | 204 | 10 |
Debt Securities [Member] | U.S. Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months: Fair Value | 24,969 | |
Less than 12 Months: Unrealized Losses | 31 | |
12 Months or More: Fair Value | 9,983 | 10,000 |
12 Months or More: Unrealized Losses | 17 | 1 |
Total: Fair Value | 34,952 | 10,000 |
Total: Unrealized Losses | 48 | 1 |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months: Fair Value | 19,232 | 1,904 |
Less than 12 Months: Unrealized Losses | 150 | 5 |
12 Months or More: Fair Value | 409 | 669 |
12 Months or More: Unrealized Losses | 6 | 4 |
Total: Fair Value | 19,641 | 2,573 |
Total: Unrealized Losses | 156 | 9 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months: Fair Value | 17,317 | |
Less than 12 Months: Unrealized Losses | 403 | |
12 Months or More: Fair Value | 22 | 32 |
12 Months or More: Unrealized Losses | 1 | |
Total: Fair Value | 17,339 | 32 |
Total: Unrealized Losses | 403 | 1 |
Residential Pass-Through Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months: Fair Value | 119,538 | |
Less than 12 Months: Unrealized Losses | 887 | |
12 Months or More: Fair Value | 1,750 | 2,026 |
12 Months or More: Unrealized Losses | 48 | 4 |
Total: Fair Value | 121,288 | 2,026 |
Total: Unrealized Losses | 935 | $ 4 |
Commercial Pass-Through Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 Months: Fair Value | 11,110 | |
Less than 12 Months: Unrealized Losses | 42 | |
Total: Fair Value | 11,110 | |
Total: Unrealized Losses | $ 42 |
Loans Receivable - Schedule of
Loans Receivable - Schedule of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 3,242,453 | $ 2,671,381 |
Unamortized yield adjustments including net premiums and discounts on purchased and acquired loans and net deferred fees and costs on loans originated | 2,808 | 2,606 |
Total loans receivable, net of yield adjustments | 3,245,261 | 2,673,987 |
One- to Four-Family Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 567,323 | 605,203 |
Nonresidential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 1,085,064 | 820,673 |
Real Estate Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 3,064,962 | 2,466,169 |
Consumer: Passbook or Certificate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 2,863 | 3,349 |
Consumer: Other Consumer Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 13,520 | 22,052 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 99,205 | 114,967 |
Multi-family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 1,412,575 | 1,040,293 |
Home Equity Loans and Lines of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 82,822 | 89,566 |
Commercial Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 2,497,639 | 1,860,966 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | 3,815 | 2,038 |
Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 74,471 | $ 88,207 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Jun. 30, 2017USD ($)Loan | Jun. 30, 2016USD ($)Loan | |
Loans And Leases Receivable Disclosure [Abstract] | ||
Loans and leases receivable, related parties | $ 3.6 | $ 4.2 |
Number of new loans to related parties | Loan | 0 | 4 |
Loans and leases receivable, related parties, additions | $ 1.2 |
Loan Quality and Allowance fo69
Loan Quality and Allowance for Loan Losses - Additional Information (Detail) | Jun. 30, 2017USD ($)LoanProperty | Jun. 30, 2016USD ($)LoanProperty |
Financing Receivable, Recorded Investment [Line Items] | ||
Unpaid principal balance of impaired loans | $ 37,745,000 | $ 32,388,000 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 199,000 | 595,000 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Unpaid principal balance of impaired loans | 16,479,000 | 16,571,000 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | $ 154,000 | $ 77,000 |
Number of loans in process of foreclosure | Loan | 18 | 26 |
Mortgage loans in process of foreclosure, carrying value | $ 3,700,000 | $ 5,700,000 |
Residential Mortgage [Member] | Single-family Property [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Aggregate carrying value of real estate | $ 981,000 | $ 327,000 |
Residential Mortgage [Member] | Real Estate Acquired in Satisfaction of Debt [Member] | Single-family Property [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of properties held | Property | 2 | 1 |
Loans Acquired at Fair Value [Member] | Uncertain Cash Flow [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | $ 371,000 | $ 436,000 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 13,000 |
Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 18,798,000 | 21,017,000 |
Nonperforming Financing Receivable [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, recorded investment, nonaccrual status | 8,790,000 | 10,732,000 |
Nonperforming Financing Receivable [Member] | Loans Acquired at Fair Value [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Unpaid principal balance of impaired loans | 594,000 | 1,168,000 |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans acquired with deteriorated credit quality | 594,000 | 1,168,000 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans acquired with deteriorated credit quality | 97,000 | 104,000 |
Receivables Acquired with Deteriorated Credit Quality [Member] | Nonperforming Financing Receivable [Member] | Loans Acquired at Fair Value [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans acquired with deteriorated credit quality | $ 839,000 | $ 1,605,000 |
Loan Quality and Allowance fo70
Loan Quality and Allowance for Loan Losses - Impaired Loans Acquired Accretable Yield Change (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Receivables [Abstract] | ||
Beginning balance | $ 335 | $ 1,189 |
Accretion to interest income | (101) | (417) |
Disposals | (19) | (437) |
Ending balance | $ 215 | $ 335 |
Loan Quality and Allowance fo71
Loan Quality and Allowance for Loan Losses - Allowance for Loan Losses and Loans Receivable (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | $ 24,229 | $ 15,606 | $ 12,387 |
Allowance, Loans individually evaluated for impairment | 199 | 595 | |
Allowance, Loans collectively evaluated for impairment | 29,087 | 23,621 | |
Allowance | 29,286 | 24,229 | 15,606 |
Total charge offs | (1,391) | (2,958) | (3,204) |
Total recoveries | 1,067 | 891 | 315 |
Total provision (reversal) for Loan Losses | 5,381 | 10,690 | 6,108 |
Loans individually evaluated for impairment | 21,452 | 23,968 | |
Loans collectively evaluated for impairment | 3,220,407 | 2,646,245 | |
Loans and Leases Receivable, Gross | 3,242,453 | 2,671,381 | |
Loans receivable, unamortized yield adjustments | 2,808 | 2,606 | |
Loans receivable | 3,245,261 | 2,673,987 | |
Residential Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 2,370 | 2,210 | 2,729 |
Allowance, Loans individually evaluated for impairment | 154 | 77 | |
Allowance, Loans collectively evaluated for impairment | 2,230 | 2,293 | |
Allowance | 2,384 | 2,370 | 2,210 |
Total charge offs | (76) | (1,213) | (1,985) |
Total recoveries | 256 | 88 | 297 |
Total provision (reversal) for Loan Losses | (166) | 1,285 | 1,169 |
Loans individually evaluated for impairment | 10,546 | 12,806 | |
Loans collectively evaluated for impairment | 556,680 | 592,293 | |
Loans and Leases Receivable, Gross | 567,323 | 605,203 | |
Non-Residential Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 7,846 | 4,766 | 4,358 |
Allowance, Loans individually evaluated for impairment | 39 | 53 | |
Allowance, Loans collectively evaluated for impairment | 9,900 | 7,793 | |
Allowance | 9,939 | 7,846 | 4,766 |
Total charge offs | (149) | (133) | (636) |
Total provision (reversal) for Loan Losses | 2,242 | 3,213 | 1,044 |
Loans individually evaluated for impairment | 5,877 | 6,773 | |
Loans collectively evaluated for impairment | 1,079,187 | 813,596 | |
Loans and Leases Receivable, Gross | 1,085,064 | 820,673 | |
Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 24 | 34 | 67 |
Allowance, Loans collectively evaluated for impairment | 35 | 24 | |
Allowance | 35 | 24 | 34 |
Total provision (reversal) for Loan Losses | 11 | (10) | (33) |
Loans individually evaluated for impairment | 612 | 357 | |
Loans collectively evaluated for impairment | 3,203 | 1,681 | |
Loans and Leases Receivable, Gross | 3,815 | 2,038 | |
Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 2,784 | 1,860 | 1,284 |
Allowance, Loans individually evaluated for impairment | 6 | 387 | |
Allowance, Loans collectively evaluated for impairment | 1,703 | 2,384 | |
Allowance | 1,709 | 2,784 | 1,860 |
Total charge offs | (221) | (1,464) | (491) |
Total recoveries | 727 | 760 | 18 |
Total provision (reversal) for Loan Losses | (1,581) | 1,628 | 1,049 |
Loans individually evaluated for impairment | 2,365 | 1,647 | |
Loans collectively evaluated for impairment | 71,609 | 85,800 | |
Loans and Leases Receivable, Gross | 74,471 | 88,207 | |
Other Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 778 | 16 | 22 |
Allowance, Loans collectively evaluated for impairment | 777 | 778 | |
Allowance | 777 | 778 | 16 |
Total charge offs | (849) | (55) | (1) |
Total recoveries | 68 | 2 | |
Total provision (reversal) for Loan Losses | 780 | 815 | (5) |
Loans collectively evaluated for impairment | 16,383 | 25,401 | |
Loans and Leases Receivable, Gross | 16,383 | 25,401 | |
Multi-Family Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 9,995 | 6,354 | 3,379 |
Allowance, Loans collectively evaluated for impairment | 13,941 | 9,995 | |
Allowance | 13,941 | 9,995 | 6,354 |
Total charge offs | (14) | ||
Total provision (reversal) for Loan Losses | 3,946 | 3,641 | 2,989 |
Loans individually evaluated for impairment | 158 | 205 | |
Loans collectively evaluated for impairment | 1,412,417 | 1,040,088 | |
Loans and Leases Receivable, Gross | 1,412,575 | 1,040,293 | |
Home Equity Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance | 432 | 366 | 548 |
Allowance, Loans individually evaluated for impairment | 78 | ||
Allowance, Loans collectively evaluated for impairment | 501 | 354 | |
Allowance | 501 | 432 | 366 |
Total charge offs | (96) | (93) | (77) |
Total recoveries | 16 | 41 | |
Total provision (reversal) for Loan Losses | 149 | 118 | $ (105) |
Loans individually evaluated for impairment | 1,894 | 2,180 | |
Loans collectively evaluated for impairment | 80,928 | 87,386 | |
Loans and Leases Receivable, Gross | 82,822 | 89,566 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans acquired with deteriorated credit quality | 13 | ||
Loans acquired with deteriorated credit quality | 594 | 1,168 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans acquired with deteriorated credit quality | 97 | 104 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Non-Residential Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans acquired with deteriorated credit quality | 304 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Business [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans acquired with deteriorated credit quality | 13 | ||
Loans acquired with deteriorated credit quality | $ 497 | $ 760 |
Loan Quality and Allowance fo72
Loan Quality and Allowance for Loan Losses - Credit-Rating Classification of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 3,242,453 | $ 2,671,381 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 567,323 | 605,203 |
Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,085,064 | 820,673 |
Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 3,815 | 2,038 |
Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 74,471 | 88,207 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 16,383 | 25,401 |
Multi-Family Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,412,575 | 1,040,293 |
Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 82,822 | 89,566 |
Non-Classified [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 3,210,428 | 2,635,799 |
Non-Classified [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 552,961 | 588,992 |
Non-Classified [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,078,711 | 811,621 |
Non-Classified [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 2,894 | 1,063 |
Non-Classified [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 66,886 | 81,902 |
Non-Classified [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 16,166 | 25,298 |
Non-Classified [Member] | Multi-Family Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,412,417 | 1,040,088 |
Non-Classified [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 80,393 | 86,835 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 2,594 | 2,528 |
Special Mention [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 928 | 859 |
Special Mention [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 309 | 618 |
Special Mention [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 1,098 | 681 |
Special Mention [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 139 | 61 |
Special Mention [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 120 | 309 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 29,428 | 33,052 |
Substandard [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 13,434 | 15,352 |
Substandard [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 6,353 | 9,052 |
Substandard [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 612 | 357 |
Substandard [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 6,487 | 5,624 |
Substandard [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 75 | 40 |
Substandard [Member] | Multi-Family Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 158 | 205 |
Substandard [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 2,309 | 2,422 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 3 | 2 |
Doubtful [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 3 | 2 |
Total Classified Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 32,025 | 35,582 |
Total Classified Loans [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 14,362 | 16,211 |
Total Classified Loans [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 6,353 | 9,052 |
Total Classified Loans [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 921 | 975 |
Total Classified Loans [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 7,585 | 6,305 |
Total Classified Loans [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 217 | 103 |
Total Classified Loans [Member] | Multi-Family Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | 158 | 205 |
Total Classified Loans [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Gross | $ 2,429 | $ 2,731 |
Loan Quality and Allowance fo73
Loan Quality and Allowance for Loan Losses - Contractual Payment Status of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 3,230,780 | $ 2,657,347 |
Total past due | 11,673 | 14,034 |
Loans and Leases Receivable, Gross | 3,242,453 | 2,671,381 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 560,054 | 596,548 |
Total past due | 7,269 | 8,655 |
Loans and Leases Receivable, Gross | 567,323 | 605,203 |
Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,083,736 | 817,539 |
Total past due | 1,328 | 3,134 |
Loans and Leases Receivable, Gross | 1,085,064 | 820,673 |
Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 3,560 | 1,681 |
Total past due | 255 | 357 |
Loans and Leases Receivable, Gross | 3,815 | 2,038 |
Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 72,826 | 87,328 |
Total past due | 1,645 | 879 |
Loans and Leases Receivable, Gross | 74,471 | 88,207 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 16,083 | 25,301 |
Total past due | 300 | 100 |
Loans and Leases Receivable, Gross | 16,383 | 25,401 |
Multi-Family Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,412,575 | 1,040,293 |
Loans and Leases Receivable, Gross | 1,412,575 | 1,040,293 |
Past due: 30-59 days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 2,371 | 2,049 |
Past due: 30-59 days [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1,749 | 1,524 |
Past due: 30-59 days [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 60 | |
Past due: 30-59 days [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 255 | |
Past due: 30-59 days [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 29 | |
Past due: 30-59 days [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 91 | 22 |
Past due: 60-89 days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 997 | 1,842 |
Past due: 60-89 days [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 403 | 940 |
Past due: 60-89 days [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 318 | 376 |
Past due: 60-89 days [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 411 | |
Past due: 60-89 days [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 135 | 40 |
Past due: 90+ days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 8,305 | 10,143 |
Past due: 90+ days [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 5,117 | 6,191 |
Past due: 90+ days [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 950 | 2,758 |
Past due: 90+ days [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 357 | |
Past due: 90+ days [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 1,616 | 468 |
Past due: 90+ days [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 74 | 38 |
Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 81,946 | 88,657 |
Total past due | 876 | 909 |
Loans and Leases Receivable, Gross | 82,822 | 89,566 |
Home Equity Loans [Member] | Past due: 30-59 days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 187 | 503 |
Home Equity Loans [Member] | Past due: 60-89 days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | 141 | 75 |
Home Equity Loans [Member] | Past due: 90+ days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total past due | $ 548 | $ 331 |
Loan Quality and Allowance fo74
Loan Quality and Allowance for Loan Losses - Performance Status of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | $ 3,242,453 | $ 2,671,381 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 567,323 | 605,203 |
Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 1,085,064 | 820,673 |
Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 3,815 | 2,038 |
Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 74,471 | 88,207 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 16,383 | 25,401 |
Multi-Family Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 1,412,575 | 1,040,293 |
Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 82,822 | 89,566 |
Performing Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 3,223,581 | 2,650,326 |
Performing Financing Receivable [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 558,533 | 594,471 |
Performing Financing Receivable [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 1,079,344 | 814,085 |
Performing Financing Receivable [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 3,560 | 1,681 |
Performing Financing Receivable [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 71,837 | 86,242 |
Performing Financing Receivable [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 16,309 | 25,363 |
Performing Financing Receivable [Member] | Multi-Family Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 1,412,417 | 1,040,088 |
Performing Financing Receivable [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans and Leases Receivable, Gross | 81,581 | 88,396 |
Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90+ days past due accruing | 74 | 38 |
Nonaccrual | 18,798 | 21,017 |
Total nonperforming | 18,872 | 21,055 |
Nonperforming Financing Receivable [Member] | Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 8,790 | 10,732 |
Total nonperforming | 8,790 | 10,732 |
Nonperforming Financing Receivable [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 5,720 | 6,588 |
Total nonperforming | 5,720 | 6,588 |
Nonperforming Financing Receivable [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 255 | 357 |
Total nonperforming | 255 | 357 |
Nonperforming Financing Receivable [Member] | Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 2,634 | 1,965 |
Total nonperforming | 2,634 | 1,965 |
Nonperforming Financing Receivable [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90+ days past due accruing | 74 | 38 |
Total nonperforming | 74 | 38 |
Nonperforming Financing Receivable [Member] | Multi-Family Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 158 | 205 |
Total nonperforming | 158 | 205 |
Nonperforming Financing Receivable [Member] | Home Equity Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 1,241 | 1,170 |
Total nonperforming | $ 1,241 | $ 1,170 |
Loan Quality and Allowance fo75
Loan Quality and Allowance for Loan Losses - Impairment Status of Loans Receivable (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | $ 3,220,407 | $ 2,646,245 | |
Impaired loans with no allowance for impairment | 18,911 | 21,912 | |
Recorded investment | 3,135 | 3,224 | |
Allowance for impairment | (199) | (608) | |
Balance of impaired loans net of allowance for impairment | 2,936 | 2,616 | |
Total impaired loans, excluding allowance for impairment: | 22,046 | 25,136 | |
Loans and Leases Receivable, Gross | 3,242,453 | 2,671,381 | |
Unpaid principal balance of impaired loans | 37,745 | 32,388 | |
Average balance of impaired loans | 24,597 | 31,609 | $ 36,563 |
Interest earned on impaired loans | 165 | 427 | 1,135 |
Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 556,680 | 592,293 | |
Impaired loans with no allowance for impairment | 8,971 | 10,876 | |
Recorded investment | 1,672 | 2,034 | |
Allowance for impairment | (154) | (77) | |
Balance of impaired loans net of allowance for impairment | 1,518 | 1,957 | |
Total impaired loans, excluding allowance for impairment: | 10,643 | 12,910 | |
Loans and Leases Receivable, Gross | 567,323 | 605,203 | |
Unpaid principal balance of impaired loans | 16,479 | 16,571 | |
Average balance of impaired loans | 12,536 | 12,218 | 12,433 |
Interest earned on impaired loans | 107 | 176 | 139 |
Non-Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 1,079,187 | 813,596 | |
Impaired loans with no allowance for impairment | 4,521 | 6,473 | |
Recorded investment | 1,356 | 604 | |
Allowance for impairment | (39) | (53) | |
Balance of impaired loans net of allowance for impairment | 1,317 | 551 | |
Total impaired loans, excluding allowance for impairment: | 5,877 | 7,077 | |
Loans and Leases Receivable, Gross | 1,085,064 | 820,673 | |
Unpaid principal balance of impaired loans | 10,002 | 8,269 | |
Average balance of impaired loans | 6,242 | 7,538 | 7,270 |
Interest earned on impaired loans | 40 | 63 | |
Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 3,203 | 1,681 | |
Impaired loans with no allowance for impairment | 612 | 357 | |
Total impaired loans, excluding allowance for impairment: | 612 | 357 | |
Loans and Leases Receivable, Gross | 3,815 | 2,038 | |
Unpaid principal balance of impaired loans | 691 | 458 | |
Average balance of impaired loans | 448 | 888 | 1,912 |
Interest earned on impaired loans | 7 | 5 | |
Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 71,609 | 85,800 | |
Impaired loans with no allowance for impairment | 2,755 | 1,900 | |
Recorded investment | 107 | 507 | |
Allowance for impairment | (6) | (400) | |
Balance of impaired loans net of allowance for impairment | 101 | 107 | |
Total impaired loans, excluding allowance for impairment: | 2,862 | 2,407 | |
Loans and Leases Receivable, Gross | 74,471 | 88,207 | |
Unpaid principal balance of impaired loans | 6,682 | 3,736 | |
Average balance of impaired loans | 3,114 | 8,278 | 11,693 |
Interest earned on impaired loans | 15 | 161 | 886 |
Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 16,383 | 25,401 | |
Loans and Leases Receivable, Gross | 16,383 | 25,401 | |
Multi-Family Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 1,412,417 | 1,040,088 | |
Impaired loans with no allowance for impairment | 158 | 205 | |
Total impaired loans, excluding allowance for impairment: | 158 | 205 | |
Loans and Leases Receivable, Gross | 1,412,575 | 1,040,293 | |
Unpaid principal balance of impaired loans | 930 | 849 | |
Average balance of impaired loans | 182 | 319 | 632 |
Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Non-impaired loans | 80,928 | 87,386 | |
Impaired loans with no allowance for impairment | 1,894 | 2,101 | |
Recorded investment | 79 | ||
Allowance for impairment | (78) | ||
Balance of impaired loans net of allowance for impairment | 1 | ||
Total impaired loans, excluding allowance for impairment: | 1,894 | 2,180 | |
Loans and Leases Receivable, Gross | 82,822 | 89,566 | |
Unpaid principal balance of impaired loans | 2,961 | 2,505 | |
Average balance of impaired loans | 2,075 | 2,368 | 2,623 |
Interest earned on impaired loans | $ 36 | $ 50 | $ 42 |
Loan Quality and Allowance fo76
Loan Quality and Allowance for Loan Losses - Troubled Debt Restructurings of Loans Receivable (Detail) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017USD ($)Loan | Jun. 30, 2016USD ($)Loan | Jun. 30, 2015USD ($)Loan | |
Financing Receivable, Modifications [Line Items] | |||
Number of loans | Loan | 7 | 14 | 10 |
Pre-modification outstanding recorded investment | $ 3,586 | $ 5,161 | $ 3,183 |
Post-modification outstanding recorded investment | 3,561 | 4,847 | 3,090 |
Charge offs against the allowance for loan loss recognized at modification | $ 122 | $ 404 | $ 327 |
Number of loans | Loan | 1 | ||
Outstanding recorded investment | $ 416 | ||
Residential Mortgage [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans | Loan | 2 | 5 | 5 |
Pre-modification outstanding recorded investment | $ 708 | $ 1,770 | $ 1,955 |
Post-modification outstanding recorded investment | 767 | 1,472 | 1,823 |
Charge offs against the allowance for loan loss recognized at modification | $ 14 | $ 300 | $ 261 |
Number of loans | Loan | 1 | ||
Outstanding recorded investment | $ 416 | ||
Non-Residential Mortgage [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans | Loan | 4 | 3 | 1 |
Pre-modification outstanding recorded investment | $ 2,791 | $ 2,285 | $ 479 |
Post-modification outstanding recorded investment | 2,699 | $ 2,290 | 537 |
Charge offs against the allowance for loan loss recognized at modification | $ 99 | $ 24 | |
Commercial Business [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans | Loan | 1 | 3 | |
Pre-modification outstanding recorded investment | $ 348 | $ 380 | |
Post-modification outstanding recorded investment | 316 | 354 | |
Charge offs against the allowance for loan loss recognized at modification | $ 47 | $ 28 | |
Multi-Family Mortgage [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans | Loan | 1 | ||
Pre-modification outstanding recorded investment | $ 369 | ||
Post-modification outstanding recorded investment | 376 | ||
Charge offs against the allowance for loan loss recognized at modification | $ 14 | ||
Home Equity Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of loans | Loan | 1 | 5 | |
Pre-modification outstanding recorded investment | $ 87 | $ 758 | |
Post-modification outstanding recorded investment | 95 | 769 | |
Charge offs against the allowance for loan loss recognized at modification | $ 9 | $ 57 |
Premises and Equipment - Proper
Premises and Equipment - Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 72,400 | $ 72,787 |
Less accumulated depreciation and amortization | 32,815 | 34,402 |
Total premises and equipment | 39,585 | 38,385 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 10,820 | 10,820 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 36,816 | 36,057 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 4,487 | 4,390 |
Furnishings and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 17,764 | 20,520 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 2,513 | $ 1,000 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense on premises and equipment | $ 2,843 | $ 2,988 | $ 2,942 |
Property, Plant and Equipment, Gross | 72,400 | 72,787 | |
Land Held For Future Branch or Administrative Facility Expansion [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 2,419 | $ 2,419 |
Interest Receivable - Interest
Interest Receivable - Interest Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Financing Receivable, Impaired [Line Items] | ||
Interest receivable | $ 12,493 | $ 11,212 |
Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Interest receivable | 9,318 | 7,798 |
Mortgage-Backed Securities [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Interest receivable | 1,167 | 1,589 |
Debt Securities [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Interest receivable | $ 2,008 | $ 1,825 |
Goodwill and Other Intangible80
Goodwill and Other Intangible Assets - Schedule of Intangible Assets and Goodwill (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 108,591,000 | $ 108,591,000 | $ 108,591,000 |
Goodwill | 108,591,000 | 108,591,000 | 108,591,000 |
Core Deposit Intangibles, Balance | 430,000 | 597,000 | 790,000 |
Amortization | (138,000) | (167,000) | (193,000) |
Core Deposit Intangibles, Balance | $ 292,000 | $ 430,000 | $ 597,000 |
Goodwill and Other Intangible81
Goodwill and Other Intangible Assets - Scheduled Amortization of Core Deposit Intangibles (Detail) $ in Thousands | Jun. 30, 2017USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2,018 | $ 111 |
2,019 | 84 |
2,020 | 57 |
2,021 | 29 |
2,022 | $ 11 |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | |
Deposits [Abstract] | |||
Non-interest bearing demand: Amount | $ 267,412 | $ 238,751 | |
Interest-bearing demand: Amount | [1] | 847,663 | 732,633 |
Savings and club: Amount | 523,984 | 516,024 | |
Certificates of deposit: Amount | [2] | 1,291,068 | 1,207,425 |
Total deposits | $ 2,930,127 | $ 2,694,833 | |
Non-interest-bearing demand, Weighted Average Interest Rate | 0.00% | 0.00% | |
Interest-bearing demand, Weighted Average Interest Rate | [1] | 0.54% | 0.40% |
Savings and club, Weighted Average Interest Rate | 0.12% | 0.16% | |
Certificates of deposit, Weighted Average Interest Rate | [2] | 1.35% | 1.29% |
Total deposits, Weighted Average Interest Rate | 0.77% | 0.72% | |
[1] | Interest-bearing demand deposits at June 30, 2017 and June 30, 2016 include $222.6 million and $224.1 million, respectively, of brokered deposits at a weighted average interest rate of 1.06% and 0.47%, excluding cost of interest rate derivatives used to hedge interest expense. | ||
[2] | Certificates of deposit at June 30, 2017 and June 30, 2016 include $21.6 million and $8.4 million, respectively, of brokered deposits at a weighted average interest rate of 2.15% and 3.22%. |
Deposits - Schedule of Deposi83
Deposits - Schedule of Deposits (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Jun. 30, 2016 |
Deposits [Abstract] | ||
Deposits, Brokered Deposits | $ 222.6 | $ 224.1 |
Weighted Average Rate Domestic Deposit, Brokered, excluding cost of interest rate derivatives used to hedge interest expense | 1.06% | 0.47% |
Brokered certificates of deposit | $ 21.6 | $ 8.4 |
Brokered certificates of deposits, weighted average interest rate | 2.15% | 3.22% |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Jun. 30, 2016 |
Deposits [Abstract] | ||
Time Deposits, $250,000 or More | $ 224 | $ 184.1 |
Deposits - Certificates of Depo
Deposits - Certificates of Deposit By Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | |
Deposits [Abstract] | |||
One year or less | $ 610,763 | $ 666,145 | |
After one year to two years | 354,743 | 256,434 | |
After two years to three years | 137,240 | 108,789 | |
After three years to four years | 99,974 | 80,609 | |
After four years to five years | 81,882 | 89,423 | |
After five years | 6,466 | 6,025 | |
Total certificates of deposit | [1] | $ 1,291,068 | $ 1,207,425 |
[1] | Certificates of deposit at June 30, 2017 and June 30, 2016 include $21.6 million and $8.4 million, respectively, of brokered deposits at a weighted average interest rate of 2.15% and 3.22%. |
Deposits - Interest Expense (De
Deposits - Interest Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Deposits [Line Items] | |||
Interest Expense on Deposits | $ 22,100 | $ 18,673 | $ 15,939 |
Demand [Member] | |||
Deposits [Line Items] | |||
Interest Expense on Deposits | 5,050 | 4,245 | 3,961 |
Savings and club [Member] | |||
Deposits [Line Items] | |||
Interest Expense on Deposits | 663 | 851 | 819 |
Certificates of deposit [Member] | |||
Deposits [Line Items] | |||
Interest Expense on Deposits | $ 16,387 | $ 13,577 | $ 11,159 |
Borrowings - Schedule of Fixed
Borrowings - Schedule of Fixed Rate Advances from FHLB (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, Advances, Maturities Summary, Due in Next Twelve Months | $ 630,200 | $ 428,000 |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Two | 630,225 | 5,225 |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Five | 469 | 572 |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Seven | 145,000 | 145,000 |
Federal Home Loan Bank, Advances, Total | 775,694 | 578,797 |
Federal Home Loan Bank, Advances, Fair Value Adjustments | 2 | (9) |
Total Federal Home Loan Bank, Advances, After Fair Value Adjustments | $ 775,696 | $ 578,788 |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate of Amounts Due within One Year of Balance Sheet Date | 0.00% | 0.69% |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate, One to Two Years from Balance Sheet Date | 1.29% | 1.18% |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate, Four to Five Years from Balance Sheet Date | 4.94% | 4.94% |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate, Six to Seven Years From Balance Sheet Date | 3.04% | 3.04% |
Weighted Average Interest Rate [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Weighted Average Interest Rate | 1.62% | 1.29% |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, advances, maturities summary, due in next twelve months | $ 630,200 | $ 428,000 |
Federal Home Loan Bank, advances, maturities summary, due from after one year of balance sheet date | 145,500 | |
Federal Home Loan Bank, advances, callable in April 2018 | 145,000 | |
Other borrowings, sweep accounts | 30,500 | 35,600 |
Mortgage-Backed Securities [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, advances, general debt obligations, disclosures, collateral pledged | 159,400 | 193,800 |
Investment in Federal Home Loan Bank Stock [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, advances, general debt obligations, disclosures, collateral pledged | $ 1,900 | $ 970,500 |
Derivative Instruments and He89
Derivative Instruments and Hedging Activities - Fair Values of Derivative Financial Instruments as well as Their Classification on Statement of Financial Condition (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Derivative [Line Items] | ||
Fair Value | $ 7,512 | $ (19,257) |
Derivatives Designated as Hedging Instruments [Member] | Other Assets [Member] | ||
Derivative [Line Items] | ||
Fair Value | 7,810 | |
Derivatives Designated as Hedging Instruments [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair Value | 298 | 19,257 |
Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Fair Value | 7,372 | (19,317) |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Other Assets [Member] | ||
Derivative [Line Items] | ||
Fair Value | 7,670 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair Value | 298 | 19,317 |
Interest Rate Caps [Member] | ||
Derivative [Line Items] | ||
Fair Value | 140 | 60 |
Interest Rate Caps [Member] | Derivatives Designated as Hedging Instruments [Member] | Other Assets [Member] | ||
Derivative [Line Items] | ||
Fair Value | $ 140 | |
Interest Rate Caps [Member] | Derivatives Designated as Hedging Instruments [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Fair Value | $ (60) |
Derivative Instruments and He90
Derivative Instruments and Hedging Activities - Additional Information (Detail) | 12 Months Ended | ||
Jun. 30, 2017USD ($)Instruments | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | |
Derivative [Line Items] | |||
Cash flow hedge ineffectiveness recognized in earnings | $ 0 | $ 0 | $ 0 |
Termination value of derivatives in net liability position | 302,000 | 19,800,000 | |
Loan Origination Commitments [Member] | |||
Derivative [Line Items] | |||
Outstanding commitments to originate loans held-for-sale | 18,400,000 | 16,700,000 | |
Counter Party [Member] | |||
Derivative [Line Items] | |||
Financial collateral received under the enforceable master netting arrangement | 5,800,000 | ||
Financial collateral posted under the enforceable master netting arrangement | 1,000,000 | 19,700,000 | |
Interest Expense [Member] | |||
Derivative [Line Items] | |||
Estimated cash flow hedge gain (loss) to be reclassified in next twelve months | (4,400,000) | ||
Cash Flow Hedges [Member] | |||
Derivative [Line Items] | |||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income (effective portion) | (6,734,000) | (7,663,000) | (5,104,000) |
Cash Flow Hedges [Member] | Interest Expense [Member] | |||
Derivative [Line Items] | |||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income (effective portion) | $ (6,700,000) | ||
Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | |||
Derivative [Line Items] | |||
Number of interest rate derivative instruments held | Instruments | 15 | ||
Derivative, notional amount | $ 1,200,000,000 | ||
Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | Interest Expense [Member] | |||
Derivative [Line Items] | |||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income (effective portion) | $ (5,914,000) | (7,311,000) | (4,991,000) |
Cash Flow Hedges [Member] | Interest Rate Caps [Member] | |||
Derivative [Line Items] | |||
Number of interest rate derivative instruments held | Instruments | 2 | ||
Derivative, notional amount | $ 75,000,000 | ||
Cash Flow Hedges [Member] | Interest Rate Caps [Member] | Interest Expense [Member] | |||
Derivative [Line Items] | |||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income (effective portion) | $ (820,000) | $ (352,000) | $ (113,000) |
Derivative Instruments and He91
Derivative Instruments and Hedging Activities - Pre-tax Effects of Derivative Instruments on Consolidated Statements of Income (Detail) - Derivatives in Cash Flow Hedging Relationships [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | $ 20,905 | $ (17,850) | $ (12,733) |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (6,734) | (7,663) | (5,104) |
Interest Expense [Member] | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (6,700) | ||
Interest Rate Swaps [Member] | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | 20,826 | (17,116) | (11,788) |
Interest Rate Swaps [Member] | Interest Expense [Member] | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (5,914) | (7,311) | (4,991) |
Interest Rate Caps [Member] | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | 79 | (734) | (945) |
Interest Rate Caps [Member] | Interest Expense [Member] | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | $ (820) | $ (352) | $ (113) |
Derivative Instruments and He92
Derivative Instruments and Hedging Activities - Offsetting Derivatives (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Derivative [Line Items] | ||
Gross Amount Recognized, Assets | $ 12,979 | |
Gross Amounts Offset, Assets | (5,169) | |
Net Amounts Presented, Assets | 7,810 | |
Gross Amounts Not Offset, Cash Collateral Received, Assets | (5,770) | |
Net Amount, Assets | 2,040 | |
Gross Amount Recognized, Liabilities | 5,467 | $ 19,317 |
Gross Amounts Offset, Liabilities | (5,169) | |
Net Amounts Presented, Liabilities | 298 | 19,257 |
Gross Amounts Not Offset, Cash Collateral Posted, Liabilities | (298) | (19,257) |
Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Gross Amount Recognized, Assets | 12,839 | |
Gross Amounts Offset, Assets | (5,169) | |
Net Amounts Presented, Assets | 7,670 | |
Gross Amounts Not Offset, Cash Collateral Received, Assets | (5,770) | |
Net Amount, Assets | 1,900 | |
Gross Amount Recognized, Liabilities | 5,467 | 19,317 |
Gross Amounts Offset, Liabilities | (5,169) | |
Net Amounts Presented, Liabilities | 298 | 19,317 |
Gross Amounts Not Offset, Cash Collateral Posted, Liabilities | (298) | (19,317) |
Interest Rate Caps [Member] | ||
Derivative [Line Items] | ||
Gross Amount Recognized, Assets | 140 | |
Net Amounts Presented, Assets | 140 | |
Net Amount, Assets | $ 140 | |
Net Amounts Presented, Liabilities | (60) | |
Gross Amounts Not Offset, Cash Collateral Posted, Liabilities | $ 60 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) - USD ($) | Dec. 01, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Unearned Employee Stock Ownership Plan shares | 6,022,000 | 6,022,000 | |||
ESOP Shares Released on a Monthly Basis | 16,725 | ||||
ESOP Compensation Expense | $ 2,784,000 | $ 2,377,000 | $ 2,067,000 | ||
ESOP Liability | $ 18,000 | $ 15,000 | |||
Share-based Payment Award, Number of Shares Available for Grant | 3,290,000 | ||||
Fair value of stock options granted | $ 2.98 | ||||
Percentage of net income for dividend payout ratio | 50.00% | ||||
Vested options exercised | 62,216 | 0 | |||
Vested options, aggregate intrinsic value | $ 470,000 | ||||
Share-based payment award, number of shares issued | 62,216 | ||||
Cash proceeds from stock option | $ 482,000 | ||||
Income tax benefit | $ 192,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 3,390,768 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 8,900,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 9 months 14 days | ||||
Employee Stock Option [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Share-based Compensation Expense | 1,300,000 | $ 160,000 | 179,000 | ||
Tax Benefit (Expense) from Compensation Expense | $ 235,000 | $ 0 | 2,000 | ||
Restricted Stock [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,387,390 | 0 | |||
Share-based Compensation Expense | $ 2,600,000 | $ 252,000 | 290,000 | ||
Tax Benefit from Compensation Expense | $ 1,100,000 | 103,000 | 119,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 19,100,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years 26 days | ||||
Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 208,000 | $ 433,000 | 331,000 | ||
Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,418,311 | ||||
Restricted Stock [Member] | Vesting Contingent on Performance and Service Conditions [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Share-based Payment Award, Award Vesting Period | 5 years | ||||
Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | [1] | 488,000 | |||
Shares vesting service period over each of latter four years expected to be determined annually | 4 years | ||||
Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 488,000 | ||||
Stock Compensation Plan [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Share-based Compensation Expense | $ 3,900,000 | $ 411,000 | $ 469,000 | ||
Multiemployer Plans, Postretirement Benefit [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Multiemployer Plan Number | 333 | ||||
Defined Benefit Plan, Funded Percentage | 102.23% | 103.81% | |||
Multiemployer Plans, Plan Contributions | $ 153,200,000 | $ 163,100,000 | |||
Multiemployer Plans, Plan Expenses | $ 1,235,000 | 309,000 | 246,000 | ||
Multiemployer Plans, Postretirement Benefit [Member] | Maximum [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Percent of Total Plan Contributions | 5.00% | ||||
Thrift Plan [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Maximum Annual Contribution Per Employee | 20.00% | ||||
Employer Matching Contribution | 4.00% | ||||
Defined Contribution Plan, Cost Recognized | $ 762,000 | 662,000 | 591,000 | ||
Benefit Equalization Plan ("BEP") [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
ESOP Compensation Expense | 34,000 | 24,000 | 28,000 | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income Net (Losses) Gains, after Tax | (977,000) | (1,213,000) | |||
Defined benefit plan, future amortization of gain (loss) | (48,000) | ||||
Defined Benefit Plan, Benefits Paid | 231,000 | 229,000 | 227,000 | ||
Defined Benefit Plan, Contributions by Employer | 231,000 | 229,000 | 227,000 | ||
Defined benefit plan, expected future benefit payments, next twelve months | 230,000 | ||||
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan Expected Future Contribution Next Twelve Months | 0 | ||||
Defined Benefit Plan, Accumulated Other Comprehensive Income Net (Losses) Gains, after Tax | (805,000) | $ (467,000) | |||
Defined benefit plan, future amortization of gain (loss) | $ (52,000) | ||||
Long term rate of return on plan assets | 7.00% | 7.00% | |||
Defined Benefit Plan, Benefits Paid | $ 203,000 | $ 196,000 | |||
Defined benefit plan, expected future benefit payments, next twelve months | $ 208,000 | ||||
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | Fixed Income Securities [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Long-term inflation rate | 2.50% | ||||
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | Maximum [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Long term rate of return on plan assets | 7.00% | ||||
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | Maximum [Member] | Equity Securities [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Long term rate of return on plan assets | 8.00% | ||||
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | Maximum [Member] | Fixed Income Securities [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Long term rate of return on plan assets | 5.00% | ||||
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | Minimum [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Long term rate of return on plan assets | 5.00% | ||||
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | Minimum [Member] | Equity Securities [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Long term rate of return on plan assets | 6.00% | ||||
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | Minimum [Member] | Fixed Income Securities [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Long term rate of return on plan assets | 3.00% | ||||
Postretirement Welfare Plan [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan, Accumulated Other Comprehensive Income Net (Losses) Gains, after Tax | $ 558,000 | 319,000 | |||
Defined benefit plan, future amortization of gain (loss) | 55,000 | ||||
Defined Benefit Plan, Benefits Paid | 7,000 | 7,000 | 6,000 | ||
Defined Benefit Plan, Contributions by Employer | 7,000 | 7,000 | 6,000 | ||
Defined benefit plan, expected future benefit payments, next twelve months | 31,000 | ||||
Directors' Consultation and Retirement Plan ("DCRP") [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Defined Benefit Plan, Accumulated Other Comprehensive Income Net (Losses) Gains, after Tax | 162,000 | (57,000) | |||
Defined Benefit Plan, Benefits Paid | 60,000 | 60,000 | 60,000 | ||
Defined Benefit Plan, Contributions by Employer | 60,000 | $ 60,000 | $ 60,000 | ||
Defined benefit plan, expected future benefit payments, next twelve months | $ 82,000 | ||||
2016 Equity Incentive Plan [Member] | Employee Stock Option [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Share-based Payment Award, Number of Shares Authorized | 3,687,628 | ||||
Share-based Payment Award, Number of Shares Available for Grant | 397,628 | ||||
Share-based Payment Award, Award Vesting Period | 5 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
2016 Equity Incentive Plan [Member] | Restricted Stock [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Share-based Payment Award, Number of Shares Authorized | 1,523,696 | ||||
Share-based Payment Award, Number of Shares Available for Grant | 1,387,390 | ||||
Share-based Payment Award, Number of Shares Available for Grant | 136,306 | ||||
Share-based Payment Award, Award Vesting Period | 5 years | ||||
2016 Equity Incentive Plan [Member] | Restricted Stock [Member] | Vesting Contingent on Performance and Service Conditions [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Share-based Payment Award, Award Vesting Period | 5 years | ||||
Shares vesting service period conditioned upon performance targets | 1 year | ||||
Shares vesting service period over each of latter four years expected to be determined annually | 4 years | ||||
2016 Equity Incentive Plan [Member] | Directors And Certain Officers [Member] | Employee Stock Option [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Share-based Payment Award, Number of Shares Available for Grant | 3,290,000 | ||||
2016 Equity Incentive Plan [Member] | Directors And Certain Officers [Member] | Performance Based Stock Awards [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Share-based Payment Award, Number of Shares Available for Grant | 488,000 | ||||
2016 Equity Incentive Plan [Member] | Directors And Certain Officers [Member] | Service Based Stock Awards [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Share-based Payment Award, Number of Shares Available for Grant | 899,390 | ||||
First Step Conversion and Stock Offering [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Employer Loan to ESOP | $ 17,457,000 | ||||
Unearned Employee Stock Ownership Plan shares | 2,409,764 | ||||
ESOP Loan - Maturity Date | Mar. 31, 2017 | ||||
ESOP Loan - Interest Rate | 5.50% | ||||
Second Step Conversion and Stock Offering [Member] | |||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Employer Loan to ESOP | $ 36,125,000 | ||||
Unearned Employee Stock Ownership Plan shares | 3,612,500 | ||||
ESOP Loan - Interest Rate | 3.25% | ||||
Employer Additional Loan to ESOP | $ 3,788,000 | ||||
ESOP Loan - Principal Balance | $ 39,913,000 | ||||
ESOP Loan - Maturity Period | 20 years | ||||
[1] | The weighted average grant date fair value of $15.35 represents the cost basis of the 899,390 restricted shares awarded during fiscal 2017 whose vesting is based solely on service conditions over the five-year vesting period. With regard to the 488,000 restricted shares awarded during fiscal 2017 whose vesting is based upon both service and performance conditions, the weighted average grant date fair value of $15.35 serves as the cost basis for those shares vesting during the first year of the five-year service period. The cost basis of the performance-based restricted shares vesting over the latter four years of the five-year service period is expected to be determined annually in conjunction with the establishment of the applicable performance targets for each vesting period concurrent with the anniversary date of the original grants. |
Benefit Plans - Schedule of Emp
Benefit Plans - Schedule of Employee Stock Ownership Plan (ESOP) Disclosures (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Compensation And Retirement Disclosure [Abstract] | ||
Allocated shares | 1,790,000 | 1,677,000 |
Total shares distributed due to employment termination | 570,000 | 482,000 |
Shares committed to be released | 100,000 | 100,000 |
Unearned shares | 3,562,382 | 3,763,078 |
Total ESOP shares | 6,022,000 | 6,022,000 |
Fair value of unearned ESOP shares | $ 52,901 | $ 47,340 |
Benefit Plans - Schedule of Net
Benefit Plans - Schedule of Net Funded Status (Detail) - USD ($) | 12 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | |
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | |||||
Change in benefit obligation: | |||||
Projected benefit obligation - beginning | $ 2,799,000 | $ 2,569,000 | |||
Interest cost | 108,000 | 125,000 | |||
Actuarial (gain) loss | 192,000 | 301,000 | |||
Benefit payments | (203,000) | (196,000) | |||
Projected benefit obligation - ending | 2,896,000 | 2,799,000 | $ 2,569,000 | ||
Change in plan assets: | |||||
Fair value of assets - beginning | 3,845,000 | 3,958,000 | |||
Actual return on assets | 50,000 | 83,000 | |||
Benefit payments | (203,000) | (196,000) | |||
Fair value of assets - ending | 3,692,000 | 3,845,000 | 3,958,000 | ||
Reconciliation of funded status: | |||||
Projected benefit obligation | (2,799,000) | (2,799,000) | (2,569,000) | $ (2,896,000) | $ (2,799,000) |
Fair value of assets | 3,845,000 | 3,845,000 | 3,958,000 | 3,692,000 | 3,845,000 |
Funded status included in other assets / liabilities | 796,000 | 1,046,000 | |||
Accumulated benefit obligation | $ (2,896,000) | $ (2,799,000) | |||
Fair value of assets - ending | 3,692,000 | 3,845,000 | 3,958,000 | ||
Discount rate | 4.00% | 3.75% | |||
Benefit Equalization Plan ("BEP") [Member] | |||||
Change in benefit obligation: | |||||
Projected benefit obligation - beginning | 3,482,000 | 3,181,000 | |||
Interest cost | 134,000 | 155,000 | 142,000 | ||
Actuarial (gain) loss | (162,000) | 375,000 | |||
Benefit payments | (231,000) | (229,000) | (227,000) | ||
Projected benefit obligation - ending | 3,223,000 | 3,482,000 | 3,181,000 | ||
Change in plan assets: | |||||
Benefit payments | (231,000) | (229,000) | (227,000) | ||
Contributions | 231,000 | 229,000 | 227,000 | ||
Reconciliation of funded status: | |||||
Projected benefit obligation | (3,482,000) | (3,482,000) | (3,181,000) | $ (3,223,000) | $ (3,482,000) |
Funded status included in other assets / liabilities | (3,223,000) | (3,482,000) | |||
Accumulated benefit obligation | $ (3,223,000) | $ (3,482,000) | |||
Discount rate | 4.00% | 3.75% | |||
Postretirement Welfare Plan [Member] | |||||
Change in benefit obligation: | |||||
Projected benefit obligation - beginning | 837,000 | 1,139,000 | |||
Service cost | 31,000 | 42,000 | 66,000 | ||
Interest cost | 21,000 | 34,000 | 46,000 | ||
Actuarial (gain) loss | (296,000) | (371,000) | |||
Benefit payments | (7,000) | (7,000) | (6,000) | ||
Projected benefit obligation - ending | 586,000 | 837,000 | 1,139,000 | ||
Change in plan assets: | |||||
Benefit payments | (7,000) | (7,000) | (6,000) | ||
Contributions | 7,000 | 7,000 | 6,000 | ||
Reconciliation of funded status: | |||||
Projected benefit obligation | (837,000) | (837,000) | (1,139,000) | $ (586,000) | $ (837,000) |
Funded status included in other assets / liabilities | $ (586,000) | $ (837,000) | |||
Discount rate | 4.00% | 3.75% | |||
Salary increase rate | 3.25% | 3.25% | |||
Directors' Consultation and Retirement Plan ("DCRP") [Member] | |||||
Change in benefit obligation: | |||||
Projected benefit obligation - beginning | 3,029,000 | 3,381,000 | |||
Service cost | 97,000 | 162,000 | |||
Interest cost | 116,000 | 151,000 | 139,000 | ||
Actuarial (gain) loss | (107,000) | 431,000 | |||
Benefit payments | (60,000) | (60,000) | (60,000) | ||
Plan amendments | 66,000 | ||||
Curtailment due to plan freeze | (1,037,000) | ||||
Projected benefit obligation - ending | 2,978,000 | 3,029,000 | 3,381,000 | ||
Change in plan assets: | |||||
Benefit payments | (60,000) | (60,000) | (60,000) | ||
Contributions | 60,000 | 60,000 | 60,000 | ||
Reconciliation of funded status: | |||||
Projected benefit obligation | $ (3,029,000) | $ (3,029,000) | $ (3,381,000) | $ (2,978,000) | $ (3,029,000) |
Funded status included in other assets / liabilities | (2,978,000) | (3,029,000) | |||
Accumulated benefit obligation | $ (2,978,000) | $ (3,029,000) | |||
Discount rate | 4.00% | 3.75% |
Benefit Plans - Schedule of N96
Benefit Plans - Schedule of Net Benefit Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total (benefit) expense | $ (7) | $ 47 | $ 112 |
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Interest cost | 108 | 125 | |
Expected return on assets | (248) | (258) | |
Amortization of net actuarial (gain) loss | 53 | 9 | |
Total (benefit) expense | $ (87) | $ (124) | |
Discount rate | 3.75% | 4.50% | |
Long term rate of return on plan assets | 7.00% | 7.00% | |
Benefit Equalization Plan ("BEP") [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Interest cost | $ 134 | $ 155 | 142 |
Amortization of net actuarial (gain) loss | 72 | 58 | 47 |
Total (benefit) expense | $ 206 | $ 213 | $ 189 |
Discount rate | 3.75% | 4.50% | 4.50% |
Postretirement Welfare Plan [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 31 | $ 42 | $ 66 |
Interest cost | 21 | 34 | $ 46 |
Amortization of net actuarial (gain) loss | $ (59) | $ (29) | |
Discount rate | 3.75% | 4.50% | 4.50% |
Salary increase rate | 3.25% | 3.25% | 3.25% |
Directors' Consultation and Retirement Plan ("DCRP") [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 97 | $ 162 | |
Interest cost | $ 116 | 151 | 139 |
Amortization of net actuarial (gain) loss | (18) | ||
Amortization of past service liability | 22 | 46 | |
Curtailment credit | (931) | ||
Total (benefit) expense | $ 116 | $ (661) | $ 329 |
Discount rate | 3.75% | 4.50% | 4.50% |
Salary increase rate | 3.25% |
Benefit Plans - Schedule of Exp
Benefit Plans - Schedule of Expected Benefit Payments (Detail) $ in Thousands | Jun. 30, 2017USD ($) |
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,018 | $ 208 |
2,019 | 205 |
2,020 | 201 |
2,021 | 199 |
2,022 | 197 |
2023-2027 | 929 |
Benefit Equalization Plan ("BEP") [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,018 | 230 |
2,019 | 230 |
2,020 | 229 |
2,021 | 227 |
2,022 | 226 |
2023-2027 | 1,089 |
Postretirement Welfare Plan [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,018 | 31 |
2,019 | 31 |
2,020 | 34 |
2,021 | 34 |
2,022 | 41 |
2023-2027 | 255 |
Directors' Consultation and Retirement Plan ("DCRP") [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,018 | 82 |
2,019 | 103 |
2,020 | 124 |
2,021 | 84 |
2,022 | 109 |
2023-2027 | $ 971 |
Benefit Plans - Schedule of Fai
Benefit Plans - Schedule of Fair Value Measurements of ABRIP's Assets (Detail) - Atlas Bank Retirement Income Plan ("ABRIP") [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Prudential Guaranteed Deposit Fund | $ 3,692 | $ 3,845 | $ 3,958 |
Prudential Guaranteed Deposit Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prudential Guaranteed Deposit Fund | 3,692 | 3,845 | |
Prudential Guaranteed Deposit Fund [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prudential Guaranteed Deposit Fund | $ 3,692 | $ 3,845 |
Benefit Plans - Schedule of Ass
Benefit Plans - Schedule of Assumptions to Estimate the Fair Value of the Options Granted (Detail) | 12 Months Ended |
Jun. 30, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Weighted average risk-free interest rate | 2.16% |
Expected dividend yield | 0.75% |
Weighted average volatility factor of the expected market price of the Company's stock | 16.08% |
Weighted average expected life of the options | 6 years 6 months |
Benefit Plans - Summary of the
Benefit Plans - Summary of the Company's Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Compensation And Retirement Disclosure [Abstract] | ||
Beginning - Options Outstanding | 311,000 | |
Granted - Options | 3,290,000 | |
Exercised - Options | (62,216) | 0 |
Ending - Options Outstanding | 3,539,000 | 311,000 |
Exercisable - Options | 148,000 | |
Beginning - Weighted Average Exercise Price | $ 9.56 | |
Granted - Weighted Average Exercise Price | 15.35 | |
Exercised - Weighted Average Exercise Price | 7.74 | |
Ending - Weighted Average Exercise Price | 14.97 | $ 9.56 |
Exercisable - Weighted Average Exercise Price | $ 9.78 | |
Weighted Average Remaining Contractual Term | 9 years 3 months 19 days | 7 years 1 month 6 days |
Granted - Weighted Average Remaining Contractual Term | 9 years 4 months 24 days | |
Exercised - Weighted Average Remaining Contractual Term | 4 years 1 month 6 days | |
Exercisable - Weighted Average Remaining Contractual Term | 6 years 2 months 12 days | |
Beginning - Options Outstanding - Aggregate Intrinsic Value | $ 937 | |
Ending - Options Outstanding - Aggregate Intrinsic Value | 1,199 | $ 937 |
Exercisable - Aggregate Intrinsic Value | $ 749 |
Benefit Plans - Summary of t101
Benefit Plans - Summary of the Status of the Company's Non-vested Restricted Share Awards (Detail) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | ||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Beginning - Non-vested Restricted Shares | 1,418,311 | ||
Granted - Non-vested Restricted Shares | 1,387,390 | 0 | |
Ending - Non-vested Restricted Shares | 1,418,311 | ||
Vesting Contingent on Service Conditions [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Beginning - Non-vested Restricted Shares | 45,000 | ||
Granted - Non-vested Restricted Shares | [1] | 899,390 | |
Vested - Non-vested Restricted Shares | (14,000) | ||
Ending - Non-vested Restricted Shares | 930,000 | 45,000 | |
Beginning - Non-vested Weighted Average Grant Date Fair Value | $ 10.45 | ||
Granted - Non-vested Weighted Average Grant Date Fair Value | [1] | 15.35 | |
Vested - Non-vested Weighted Average Grant Date Fair Value | 10.50 | ||
Ending - Non-vested Weighted Average Grant Date Fair Value | $ 15.19 | $ 10.45 | |
Vesting Contingent on Performance and Service Conditions [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Granted - Non-vested Restricted Shares | [1] | 488,000 | |
Ending - Non-vested Restricted Shares | 488,000 | ||
Granted - Non-vested Weighted Average Grant Date Fair Value | [1] | $ 15.35 | |
Ending - Non-vested Weighted Average Grant Date Fair Value | $ 15.35 | ||
[1] | The weighted average grant date fair value of $15.35 represents the cost basis of the 899,390 restricted shares awarded during fiscal 2017 whose vesting is based solely on service conditions over the five-year vesting period. With regard to the 488,000 restricted shares awarded during fiscal 2017 whose vesting is based upon both service and performance conditions, the weighted average grant date fair value of $15.35 serves as the cost basis for those shares vesting during the first year of the five-year service period. The cost basis of the performance-based restricted shares vesting over the latter four years of the five-year service period is expected to be determined annually in conjunction with the establishment of the applicable performance targets for each vesting period concurrent with the anniversary date of the original grants. |
Benefit Plans - Summary of t102
Benefit Plans - Summary of the Status of the Company's Non-vested Restricted Share Awards (Parenthetical) (Detail) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | ||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Non-vested restricted shares, awarded | 1,387,390 | 0 | |
Vesting Contingent on Service Conditions [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Non-vested restricted shares, weighted average grant date fair value | [1] | $ 15.35 | |
Non-vested restricted shares, awarded | [1] | 899,390 | |
Non-vested restricted shares, vesting period | 5 years | ||
Vesting Contingent on Performance and Service Conditions [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Non-vested restricted shares, weighted average grant date fair value | [1] | $ 15.35 | |
Non-vested restricted shares, awarded | [1] | 488,000 | |
Non-vested restricted shares, vesting period | 5 years | ||
Shares vesting service period determined by cost basis of weighted average grant date fair value | 1 year | ||
Shares vesting service period to be determined on performance targets | 4 years | ||
Non-vested restricted shares, vesting description | With regard to the 488,000 restricted shares awarded during fiscal 2017 whose vesting is based upon both service and performance conditions, the weighted average grant date fair value of $15.35 serves as the cost basis for those shares vesting during the first year of the five-year service period. The cost basis of the performance-based restricted shares vesting over the latter four years of the five-year service period is expected to be determined annually in conjunction with the establishment of the applicable performance targets for each vesting period concurrent with the anniversary date of the original grants. | ||
[1] | The weighted average grant date fair value of $15.35 represents the cost basis of the 899,390 restricted shares awarded during fiscal 2017 whose vesting is based solely on service conditions over the five-year vesting period. With regard to the 488,000 restricted shares awarded during fiscal 2017 whose vesting is based upon both service and performance conditions, the weighted average grant date fair value of $15.35 serves as the cost basis for those shares vesting during the first year of the five-year service period. The cost basis of the performance-based restricted shares vesting over the latter four years of the five-year service period is expected to be determined annually in conjunction with the establishment of the applicable performance targets for each vesting period concurrent with the anniversary date of the original grants. |
Stockholders' Equity and Reg103
Stockholders' Equity and Regulatory Capital - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
Payments of Capital Distribution | $ 0 | $ 0 | $ 0 |
New common equity Tier 1 capital ratio | 4.50% | 4.50% | |
Tier 1 capital ratio | 6.00% | 6.00% | |
Total capital ratio | 8.00% | 8.00% | |
Tier 1 leverage ratio | 4.00% | 4.00% | |
Capital to risk weighted assets | 29.98% | 38.78% | |
Capital Conservation Buffer [Member] | |||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
New common equity Tier 1 capital ratio | 7.00% | ||
Tier 1 capital ratio | 8.50% | ||
Total capital ratio | 10.50% | ||
New regulatory minimum capital ratios | 2.50% | ||
Capital to risk weighted assets | 0.625% |
Stockholders' Equity and Reg104
Stockholders' Equity and Regulatory Capital - Summary of Bank's Regulatory Capital Levels (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 974,545 | $ 1,076,640 |
Tier 1 capital (to risk-weighted assets), Actual, Amount | 945,259 | 1,052,411 |
Core (Tier 1) capital (to adjusted total assets), Actual, Amount | 945,259 | 1,052,411 |
Tangible capital (to adjusted total assets), Actual, Amount | $ 945,259 | $ 1,052,411 |
Total capital (to risk-weighted assets), Actual, Ratio | 29.98% | 38.78% |
Tier 1 capital (to risk-weighted assets), Actual, Ratio | 29.08% | 37.91% |
Core (Tier 1) capital (to adjusted total assets), Actual, Ratio | 29.08% | 37.91% |
Tangible capital (to adjusted total assets), Actual, Ratio | 20.11% | 23.93% |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | $ 260,065 | $ 222,106 |
Tier 1 capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | 195,049 | 166,579 |
Core (Tier 1) capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | 146,287 | 124,934 |
Tangible capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | $ 188,012 | $ 175,919 |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tier 1 capital (to risk-weighted assets), For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Core (Tier 1) capital (to adjusted total assets), For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Tangible capital (to adjusted total assets), For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Kearny Federal Savings Bank [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 753,790 | $ 722,561 |
Tier 1 capital (to risk-weighted assets), Actual, Amount | 724,504 | 698,332 |
Core (Tier 1) capital (to adjusted total assets), Actual, Amount | 724,504 | 698,332 |
Tangible capital (to adjusted total assets), Actual, Amount | $ 724,504 | $ 698,332 |
Total capital (to risk-weighted assets), Actual, Ratio | 23.30% | 26.03% |
Tier 1 capital (to risk-weighted assets), Actual, Ratio | 22.39% | 25.16% |
Core (Tier 1) capital (to adjusted total assets), Actual, Ratio | 22.39% | 25.16% |
Tangible capital (to adjusted total assets), Actual, Ratio | 15.47% | 15.88% |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | $ 258,809 | $ 222,062 |
Tier 1 capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | 194,107 | 166,546 |
Core (Tier 1) capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | 145,580 | 124,910 |
Tangible capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | $ 187,308 | $ 175,848 |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tier 1 capital (to risk-weighted assets), For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Core (Tier 1) capital (to adjusted total assets), For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Tangible capital (to adjusted total assets), For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Total capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | $ 323,512 | $ 277,577 |
Tier 1 capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | 258,809 | 222,062 |
Core (Tier 1) capital (to adjusted total assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | 210,283 | 180,425 |
Tangible capital (to adjusted total assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | $ 234,136 | $ 219,810 |
Total capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier 1 capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Core (Tier 1) capital (to adjusted total assets), To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Tangible capital (to adjusted total assets), To be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Stockholders' Equity and Reg105
Stockholders' Equity and Regulatory Capital - Summary of Company's Regulatory Capital Levels (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Stockholders Equity Note [Abstract] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 974,545 | $ 1,076,640 |
Tier 1 capital (to risk-weighted assets), Actual, Amount | 945,259 | 1,052,411 |
Core (Tier 1) capital (to adjusted total assets), Actual, Amount | 945,259 | 1,052,411 |
Tangible capital (to adjusted total assets), Actual, Amount | $ 945,259 | $ 1,052,411 |
Total capital (to risk-weighted assets), Actual, Ratio | 29.98% | 38.78% |
Tier 1 capital (to risk-weighted assets), Actual, Ratio | 29.08% | 37.91% |
Core (Tier 1) capital (to adjusted total assets), Actual, Ratio | 29.08% | 37.91% |
Tangible capital (to adjusted total assets), Actual, Ratio | 20.11% | 23.93% |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | $ 260,065 | $ 222,106 |
Tier 1 capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | 195,049 | 166,579 |
Core (Tier 1) capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | 146,287 | 124,934 |
Tangible capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | $ 188,012 | $ 175,919 |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tier 1 capital (to risk-weighted assets), For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Core (Tier 1) capital (to adjusted total assets), For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Tangible capital (to adjusted total assets), For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |||
Bad debt reserve for tax purposes of qualified lender | $ 30.5 | ||
Federal income tax rate | 35.00% | 35.00% | 35.00% |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |||||||||||
Current tax expense: Federal | $ 7,790 | $ 6,440 | $ 1,438 | ||||||||
Current tax expense: State | 2,873 | 1,921 | 704 | ||||||||
Current tax expense: Total | 10,663 | 8,361 | 2,142 | ||||||||
Deferred tax (benefit): Federal | (1,363) | (1,238) | (2,722) | ||||||||
Deferred tax (benefit): State | (480) | (340) | (824) | ||||||||
Deferred tax (benefit): Total | (1,843) | (1,578) | (3,546) | ||||||||
Valuation allowance | 135 | ||||||||||
Total income tax expense (benefit) | $ 2,107 | $ 1,549 | $ 2,970 | $ 2,194 | $ 2,833 | $ 1,667 | $ 1,433 | $ 850 | $ 8,820 | $ 6,783 | $ (1,269) |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |||||||||||
Federal income tax expense at statutory rate | $ 9,598 | $ 7,912 | $ 1,526 | ||||||||
(Reduction) increases in income taxes resulting from: Tax exempt interest | (795) | (756) | (679) | ||||||||
(Reduction) increases in income taxes resulting from: New Jersey state tax, net of federal tax effect | 1,555 | 1,028 | 10 | ||||||||
(Reduction) increases in income taxes resulting from: Qualified stock options compensation expense | 124 | 56 | 61 | ||||||||
(Reduction) increases in income taxes resulting from: Income from bank-owned life insurance | (1,798) | (1,956) | (1,405) | ||||||||
(Reduction) increases in income taxes resulting from: Disqualifying disposition on incentive stock options | (165) | (491) | |||||||||
(Reduction) increases in income taxes resulting from: Net operating loss utilized from mutual holding company dissolution | (354) | ||||||||||
(Reductions) increases in income taxes resulting from: Other items, net | 301 | 499 | (72) | ||||||||
Income Tax Expense Benefit Before Valuation Allowance | 8,820 | 6,783 | (1,404) | ||||||||
Valuation allowance | 135 | ||||||||||
Total income tax expense (benefit) | $ 2,107 | $ 1,549 | $ 2,970 | $ 2,194 | $ 2,833 | $ 1,667 | $ 1,433 | $ 850 | $ 8,820 | $ 6,783 | $ (1,269) |
Effective income tax rate | 32.16% | 30.01% | (29.11%) |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Income Tax Disclosure [Abstract] | ||
Deferred income tax assets: Purchase accounting | $ 466 | $ 954 |
Deferred income tax assets: Accumulated other comprehensive income - Defined benefit plans | 434 | 550 |
Deferred income tax assets: Accumulated other comprehensive income - Unrealized loss on securities available for sale | 975 | 1,954 |
Deferred income tax assets: Accumulated other comprehensive income - Unrealized loss on securities available for sale transferred to held to maturity | 453 | 431 |
Deferred income tax assets: Accumulated other comprehensive income - Derivatives | 8,708 | |
Deferred income tax assets: Allowance for loan losses | 11,963 | 9,897 |
Deferred income tax assets: Benefit plans | 2,675 | 2,669 |
Deferred income tax assets: Compensation | 1,146 | 891 |
Deferred income tax assets: Stock based compensation | 2,278 | 791 |
Deferred income tax assets: Uncollected interest | 2,700 | 2,686 |
Deferred income tax assets: Depreciation | 1,221 | 1,146 |
Charitable contribution carryover | 2,139 | 3,090 |
Deferred income tax assets: Other items | 642 | 670 |
Deferred Tax Assets, Gross, Total | 27,092 | 34,437 |
Valuation allowance | (135) | (135) |
Deferred Tax Assets, Net of Valuation Allowance, Total | 26,957 | 34,302 |
Deferred income tax liabilities: Deferred costs | 2,083 | 1,515 |
Deferred income tax liabilities: Derivatives | 2,582 | |
Deferred income tax liabilities: Goodwill | 6,167 | 6,177 |
Deferred income tax liabilities: Other items | 671 | 637 |
Deferred Tax Liabilities, Gross, Total | 11,503 | 8,329 |
Net deferred income tax asset | $ 15,454 | $ 25,973 |
Commitments - Schedule of Futur
Commitments - Schedule of Future Minimum Rental Payments under Operating Leases (Detail) $ in Thousands | Jun. 30, 2017USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,018 | $ 2,074 |
2,019 | 1,963 |
2,020 | 1,711 |
2,021 | 1,519 |
2,022 | 1,244 |
Thereafter | 4,320 |
Total minimum payments required | $ 12,831 |
Commitments - Schedule of Compo
Commitments - Schedule of Composition of Total Rental Expense for Operating Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |||
Minimum rentals | $ 1,989 | $ 1,843 | $ 1,807 |
Commitments - Schedule of Outst
Commitments - Schedule of Outstanding Loan Commitments (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Commitments [Line Items] | ||
Total loan commitments | $ 163,931 | $ 91,037 |
Real Estate Mortgage Loans [Member] | ||
Commitments [Line Items] | ||
Total loan commitments | 87,666 | 31,375 |
Home Equity Loans [Member] | ||
Commitments [Line Items] | ||
Total loan commitments | 2,768 | 565 |
Construction Loans in Process [Member] | ||
Commitments [Line Items] | ||
Total loan commitments | 8,088 | 73 |
Home Equity Lines of Credit [Member] | ||
Commitments [Line Items] | ||
Total loan commitments | 33,408 | 32,125 |
Commercial Business Loans [Member] | ||
Commitments [Line Items] | ||
Total loan commitments | 4,737 | 3,614 |
Commercial Business Lines of Credit [Member] | ||
Commitments [Line Items] | ||
Total loan commitments | $ 27,264 | $ 23,285 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Commitments [Line Items] | ||
Other Commitment | $ 163,931,000 | $ 91,037,000 |
Standby Letters of Credit [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 715,000 | 514,000 |
Commercial Lines of Credit [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 27,264,000 | 23,285,000 |
Home Equity Loans [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 2,768,000 | 565,000 |
Home Equity Lines of Credit [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 33,408,000 | 32,125,000 |
Commercial Business [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 4,737,000 | 3,614,000 |
Third Party Loan [Member] | ||
Commitments [Line Items] | ||
Outstanding commitments to originate loans held-for-sale | $ 18,400,000 | 16,700,000 |
Third Party Loan [Member] | Residential Mortgage [Member] | ||
Commitments [Line Items] | ||
Other Commitment | $ 9,100,000 | |
Fixed Rate Loans [Member] | Commercial Lines of Credit [Member] | Minimum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 5.00% | 5.00% |
Fixed Rate Loans [Member] | Commercial Lines of Credit [Member] | Maximum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 18.00% | 18.00% |
Fixed Rate Loans [Member] | Home Equity Loans [Member] | ||
Commitments [Line Items] | ||
Other Commitment | $ 1,600,000 | $ 565,000 |
Fixed Rate Loans [Member] | Home Equity Loans [Member] | Minimum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 3.50% | 3.25% |
Fixed Rate Loans [Member] | Home Equity Loans [Member] | Maximum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 4.375% | 4.125% |
Fixed Rate Loans [Member] | Residential Mortgage [Member] | ||
Commitments [Line Items] | ||
Other Commitment | $ 17,800,000 | $ 3,100,000 |
Fixed Rate Loans [Member] | Residential Mortgage [Member] | Minimum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 3.975% | 2.875% |
Fixed Rate Loans [Member] | Residential Mortgage [Member] | Maximum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 4.125% | 3.75% |
Adjustable Rate Loans [Member] | Commercial Lines of Credit [Member] | Minimum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 3.50% | 3.50% |
Adjustable Rate Loans [Member] | Commercial Lines of Credit [Member] | Maximum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 4.00% | 4.00% |
Adjustable Rate Loans [Member] | Home Equity Loans [Member] | ||
Commitments [Line Items] | ||
Other Commitment | $ 1,200,000 | |
Adjustable Rate Loans [Member] | Home Equity Loans [Member] | Minimum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 3.50% | |
Adjustable Rate Loans [Member] | Home Equity Loans [Member] | Maximum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 6.00% | |
Adjustable Rate Loans [Member] | Home Equity Lines of Credit [Member] | Minimum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 1.00% | 1.00% |
Adjustable Rate Loans [Member] | Home Equity Lines of Credit [Member] | Maximum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 5.25% | 6.00% |
Adjustable Rate Loans [Member] | Residential Mortgage [Member] | ||
Commitments [Line Items] | ||
Other Commitment | $ 69,900,000 | $ 19,200,000 |
Adjustable Rate Loans [Member] | Residential Mortgage [Member] | Minimum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 2.875% | 2.75% |
Adjustable Rate Loans [Member] | Residential Mortgage [Member] | Maximum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 4.75% | 4.50% |
Adjustable Rate Loans [Member] | Commercial Business [Member] | ||
Commitments [Line Items] | ||
Other Commitment | $ 4,700,000 | $ 3,600,000 |
Adjustable Rate Loans [Member] | Commercial Business [Member] | Minimum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 4.125% | 4.00% |
Adjustable Rate Loans [Member] | Commercial Business [Member] | Maximum [Member] | ||
Commitments [Line Items] | ||
Interest rate | 6.75% | 6.25% |
Fair Value of Financial Inst114
Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured At Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | $ 444,497 | $ 389,910 |
Mortgage-backed securities available for sale | 169,263 | 283,627 |
Securities available for sale | 613,760 | 673,537 |
Derivative instruments, Fair Value, Net | 7,512 | (19,257) |
Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 444,497 | 389,910 |
Debt Securities [Member] | U.S. Agency Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 5,316 | 6,440 |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 27,740 | 28,398 |
Debt Securities [Member] | Asset-backed Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 162,429 | 82,625 |
Debt Securities [Member] | Collateralized Loan Obligations [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 98,154 | 127,374 |
Debt Securities [Member] | Corporate Bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 142,318 | 137,404 |
Debt Securities [Member] | Trust Preferred Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 8,540 | 7,669 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities available for sale | 30,536 | 60,577 |
Securities available for sale | 30,536 | 60,577 |
Residential Pass-Through Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities available for sale | 130,550 | 214,526 |
Securities available for sale | 130,550 | 214,526 |
Commercial Pass-Through Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities available for sale | 8,177 | 8,524 |
Securities available for sale | 8,177 | 8,524 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 443,497 | 389,910 |
Mortgage-backed securities available for sale | 169,263 | 283,627 |
Securities available for sale | 612,760 | 673,537 |
Derivative instruments, Fair Value, Net | 7,512 | (19,257) |
Significant Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | U.S. Agency Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 5,316 | 6,440 |
Significant Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 27,740 | 28,398 |
Significant Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | Asset-backed Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 162,429 | 82,625 |
Significant Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | Collateralized Loan Obligations [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 98,154 | 127,374 |
Significant Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | Corporate Bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 142,318 | 137,404 |
Significant Other Observable Inputs (Level 2) [Member] | Debt Securities [Member] | Trust Preferred Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 7,540 | 7,669 |
Significant Other Observable Inputs (Level 2) [Member] | Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities available for sale | 30,536 | 60,577 |
Significant Other Observable Inputs (Level 2) [Member] | Residential Pass-Through Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities available for sale | 130,550 | 214,526 |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Pass-Through Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities available for sale | 8,177 | 8,524 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 1,000 | |
Securities available for sale | 1,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Debt Securities [Member] | Trust Preferred Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 1,000 | |
Interest Rate Swaps [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative instruments, Fair Value, Net | 7,372 | (19,317) |
Interest Rate Swaps [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative instruments, Fair Value, Net | 7,372 | (19,317) |
Interest Rate Caps [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative instruments, Fair Value, Net | 140 | 60 |
Interest Rate Caps [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative instruments, Fair Value, Net | $ 140 | $ 60 |
Fair Value of Financial Inst115
Fair Value of Financial Instruments - Additional Information (Detail) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($)Property |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financing receivable, allowance for credit losses, individually evaluated for impairment | $ 199,000 | $ 595,000 |
Loans and Leases Receivable, Gross | 3,137,304,000 | 2,652,736,000 |
Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 7,956,000 | 10,533,000 |
Real Estate Owned [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 280,000 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Loans and Leases Receivable, Gross | 3,137,304,000 | 2,652,736,000 |
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 7,956,000 | 10,533,000 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 199,000 | 608,000 |
Loans and Leases Receivable, Gross | 8,200,000 | 11,100,000 |
Significant Unobservable Inputs (Level 3) [Member] | Real Estate Owned [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | $ 280,000 | |
Properties written down | Property | 1 | |
Loan Origination Commitments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Outstanding commitments to originate loans held-for-sale | $ 18,400,000 | $ 16,700,000 |
Fair Value of Financial Inst116
Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured At Fair Value on a Non-recurring Basis (Detail) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | $ 7,956,000 | $ 10,533,000 |
Real Estate Owned [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | 280,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | $ 7,956,000 | 10,533,000 |
Significant Unobservable Inputs (Level 3) [Member] | Real Estate Owned [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | $ 280,000 |
Fair Value of Financial Inst117
Fair Value of Financial Instruments - Schedule of Quantitative Information about Level 3 Fair Value Measurements (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Impaired Loans [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | $ 7,956 | $ 10,533 |
Impaired Loans [Member] | Minimum [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range | 6.00% | 6.00% |
Impaired Loans [Member] | Maximum [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range | 10.00% | 10.00% |
Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Direct Disposal Costs [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | $ 7,956 | $ 10,533 |
Valuation Techniques | Market valuation of underlying collateral | |
Unobservable Input | Direct disposal costs | |
Weighted Average | 8.10% | 9.34% |
Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Minimum [Member] | Direct Disposal Costs [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range | 6.00% | 6.00% |
Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Maximum [Member] | Direct Disposal Costs [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range | 10.00% | 10.00% |
Real Estate Owned [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | $ 280 | |
Real Estate Owned [Member] | Minimum [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range | 6.00% | 6.00% |
Real Estate Owned [Member] | Maximum [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range | 10.00% | 10.00% |
Real Estate Owned [Member] | Market Valuation of Property [Member] | Direct Disposal Costs [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure, Non-recurring | $ 280 | |
Weighted Average | 8.00% |
Fair Value of Financial Inst118
Fair Value of Financial Instruments - Schedule of Quantitative Information about Level 3 Fair Value Measurements (Parenthetical) (Detail) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Minimum [Member] | Impaired Loans [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range | 6.00% | 6.00% |
Minimum [Member] | Real Estate Owned [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range | 6.00% | 6.00% |
Maximum [Member] | Impaired Loans [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range | 10.00% | 10.00% |
Maximum [Member] | Real Estate Owned [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range | 10.00% | 10.00% |
Fair Value of Financial Inst119
Fair Value of Financial Instruments - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 78,237 | $ 199,200 |
Securities available for sale, Fair value | 444,497 | 389,910 |
Mortgage-backed securities available for sale | 169,263 | 283,627 |
Debt securities held to maturity | 144,713 | 167,171 |
Mortgage-backed securities held to maturity, fair value disclosure | 350,289 | 422,690 |
Loans held-for-sale | 4,692 | 3,316 |
Net loans receivable | 3,137,304 | 2,652,736 |
FHLB Stock | 39,958 | 30,612 |
Interest receivable | 12,493 | 11,212 |
Deposits | 2,943,908 | 2,709,779 |
Borrowings | 823,435 | 634,855 |
Interest payable on borrowings | 1,391 | 1,226 |
Fair Value | 7,512 | (19,257) |
Securities held to maturity, estimated fair value | 145,505 | 169,794 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 78,237 | 199,200 |
Interest receivable | 12,493 | 11,212 |
Deposits | 1,639,059 | 1,487,408 |
Interest payable on borrowings | 1,391 | 1,226 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 443,497 | 389,910 |
Mortgage-backed securities available for sale | 169,263 | 283,627 |
Mortgage-backed securities held to maturity, fair value disclosure | 350,289 | 422,690 |
Loans held-for-sale | 4,692 | 3,316 |
Fair Value | 7,512 | (19,257) |
Securities held to maturity, estimated fair value | 145,505 | 169,794 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, Fair value | 1,000 | |
Net loans receivable | 3,137,304 | 2,652,736 |
FHLB Stock | 39,958 | 30,612 |
Deposits | 1,304,849 | 1,222,371 |
Borrowings | 823,435 | 634,855 |
Carrying Amount [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 78,237 | 199,200 |
Securities available for sale, Fair value | 444,497 | 389,910 |
Mortgage-backed securities available for sale | 169,263 | 283,627 |
Debt securities held to maturity | 144,713 | 167,171 |
Mortgage-backed securities held to maturity, fair value disclosure | 348,608 | 410,115 |
Loans held-for-sale | 4,692 | 3,316 |
Net loans receivable | 3,215,975 | 2,649,758 |
FHLB Stock | 39,958 | 30,612 |
Interest receivable | 12,493 | 11,212 |
Deposits | 2,930,127 | 2,694,833 |
Borrowings | 806,228 | 614,423 |
Interest payable on borrowings | 1,391 | 1,226 |
Interest Rate Swaps [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 7,372 | (19,317) |
Interest Rate Swaps [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 7,372 | (19,317) |
Interest Rate Swaps [Member] | Carrying Amount [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 7,372 | (19,317) |
Interest Rate Caps [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 140 | 60 |
Interest Rate Caps [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 140 | 60 |
Interest Rate Caps [Member] | Carrying Amount [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | $ 140 | $ 60 |
Fair Value of Financial Inst120
Fair Value of Financial Instruments - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Fair Value Disclosures [Abstract] | ||
Accrued interest payable on deposits | $ 382,000 | $ 146,000 |
Comprehensive Income - Schedule
Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Total accumulated other comprehensive income (loss) | $ 1,057,181 | $ 1,147,629 | $ 1,167,375 | $ 494,676 |
Net Unrealized Loss on Securities Available for Sale [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive income (loss), before tax | (2,385) | (4,711) | ||
Tax effect | 975 | 1,954 | ||
Total accumulated other comprehensive income (loss) | (1,410) | (2,757) | ||
Net Unrealized Loss on Securities Transferred from Available for Sale to Held to Maturity [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive income (loss), before tax | (1,109) | (1,056) | ||
Tax effect | 453 | 431 | ||
Total accumulated other comprehensive income (loss) | (656) | (625) | ||
Fair Value Adjustments on Derivatives [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive income (loss), before tax | 6,319 | (21,317) | ||
Tax effect | (2,582) | 8,708 | ||
Total accumulated other comprehensive income (loss) | 3,737 | (12,609) | ||
Benefit Plan Adjustments [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive income (loss), before tax | (1,061) | (1,346) | ||
Tax effect | 434 | 550 | ||
Total accumulated other comprehensive income (loss) | (627) | (796) | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Total accumulated other comprehensive income (loss) | $ 1,044 | $ (16,787) | $ (7,761) | $ (2,280) |
Comprehensive Income - Sched122
Comprehensive Income - Schedule of Comprehensive (Loss) Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Comprehensive Income Net Of Tax [Abstract] | ||||
Net unrealized holding gain (loss) on securities available for sale | $ 1,923 | $ (4,564) | $ (1,231) | |
Amortization of unrealized holding (loss) gain on securities available for sale transferred to held to maturity | [1] | (53) | 9 | (75) |
Net realized loss (gain) on securities available for sale | [2] | 402 | (7) | |
Fair value adjustments on derivatives | 27,637 | (10,187) | (7,629) | |
Benefit plans, Amortization of Actuarial loss | [3] | 66 | 37 | 29 |
Benefit plans, Amortization of Past service cost | [3] | 22 | 46 | |
Benefit plans, Amortization of New actuarial gain (loss) | 219 | (911) | (363) | |
Net change in benefit plan accrued expense | 285 | (852) | (288) | |
Other comprehensive income (loss) before taxes | 30,194 | (15,594) | (9,230) | |
Tax effect | (12,363) | 6,568 | 3,749 | |
Total Other Comprehensive Income (Loss) | $ 17,831 | $ (9,026) | $ (5,481) | |
[1] | Represents amounts reclassified out of accumulated other comprehensive income and included in interest income on taxable securities. | |||
[2] | Represents amount reclassified out of accumulated other comprehensive income and included in gain on sale of securities on the consolidated statements of income. | |||
[3] | Represents amounts reclassified out of accumulated other comprehensive income and included in the computation of net periodic pension expense. See Note 15 – Benefit Plans for additional information. |
Parent Only Financial Inform123
Parent Only Financial Information - Condensed Statements of Financial Condition (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and amounts due from depository institutions | $ 18,889 | $ 21,328 | ||
Debt securities held to maturity | 144,713 | 167,171 | ||
Loans receivable | 3,245,261 | 2,673,987 | ||
Other assets | 14,838 | 6,173 | ||
Total Assets | 4,818,127 | 4,500,059 | ||
Other liabilities | 15,880 | 35,268 | ||
Stockholders' equity | 1,057,181 | 1,147,629 | $ 1,167,375 | $ 494,676 |
Total Liabilities and Stockholders' Equity | 4,818,127 | 4,500,059 | ||
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and amounts due from depository institutions | 169,820 | 316,438 | ||
Debt securities held to maturity | 15,000 | |||
Loans receivable | 36,448 | 37,944 | ||
Investment in subsidiary | 836,426 | 793,549 | ||
Other assets | 84 | 99 | ||
Total Assets | 1,057,778 | 1,148,030 | ||
Other liabilities | 597 | 401 | ||
Stockholders' equity | 1,057,181 | 1,147,629 | ||
Total Liabilities and Stockholders' Equity | $ 1,057,778 | $ 1,148,030 |
Parent Only Financial Inform124
Parent Only Financial Information - Condensed Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Interest income | $ 36,964 | $ 35,008 | $ 34,315 | $ 32,806 | $ 32,767 | $ 32,882 | $ 31,824 | $ 29,415 | $ 139,093 | $ 126,888 | $ 106,039 |
Interest expense | 10,234 | 8,801 | 8,699 | 8,785 | 8,540 | 8,418 | 7,886 | 7,059 | 36,519 | 31,903 | 25,431 |
Directors' compensation | 1,982 | 812 | 709 | ||||||||
Income before Income Taxes | 6,511 | 5,617 | 8,434 | 6,861 | 7,714 | 5,835 | 5,230 | 3,826 | 27,423 | 22,605 | 4,360 |
Income tax expense (benefit) | 2,107 | 1,549 | 2,970 | 2,194 | 2,833 | 1,667 | 1,433 | 850 | 8,820 | 6,783 | (1,269) |
Net Income | $ 4,404 | $ 4,068 | $ 5,464 | $ 4,667 | $ 4,881 | $ 4,168 | $ 3,797 | $ 2,976 | 18,603 | 15,822 | 5,629 |
Comprehensive income | 36,434 | 6,796 | 148 | ||||||||
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Interest income | 2,318 | 2,413 | 444 | ||||||||
Equity in undistributed earnings of subsidiaries | 18,427 | 15,543 | 5,467 | ||||||||
Total income | 20,745 | 17,956 | 5,911 | ||||||||
Interest expense | 120 | ||||||||||
Directors' compensation | 265 | 242 | 143 | ||||||||
Other expenses | 1,755 | 1,703 | 468 | ||||||||
Total expense | 2,020 | 1,945 | 731 | ||||||||
Income before Income Taxes | 18,725 | 16,011 | 5,180 | ||||||||
Income tax expense (benefit) | 122 | 189 | (449) | ||||||||
Net Income | 18,603 | 15,822 | 5,629 | ||||||||
Comprehensive income | $ 36,434 | $ 6,796 | $ 148 |
Parent Only Financial Inform125
Parent Only Financial Information - Condensed Statements of Cash Flows (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Cash Flows from Operating Activities: | |||||||||||
Net Income | $ 4,404,000 | $ 4,068,000 | $ 5,464,000 | $ 4,667,000 | $ 4,881,000 | $ 4,168,000 | $ 3,797,000 | $ 2,976,000 | $ 18,603,000 | $ 15,822,000 | $ 5,629,000 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||||||||||
Contribution of stock to charitable foundation | 5,000,000 | ||||||||||
Decrease (increase) in other assets | 59,000 | (1,145,000) | (8,533,000) | ||||||||
Increase in other liabilities | (768,000) | 549,000 | 9,142,000 | ||||||||
Net Cash Provided by Operating Activities | 38,530,000 | 39,177,000 | 20,502,000 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Cash received from MHC in merger | 162,000 | ||||||||||
Net Cash Used in Investing Activities | (453,548,000) | (421,632,000) | (525,392,000) | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Net proceeds from sale of common stock | 706,785,000 | ||||||||||
Loan to ESOP for purchase of common stock | (36,125,000) | ||||||||||
Exercise of stock options | 482,000 | ||||||||||
Dividends paid | (8,286,000) | (7,164,000) | |||||||||
Cancellation of expired, ungranted shares issued for stock benefit plan | 183,000 | ||||||||||
Issuance of common stock of Kearny Financial Corp. from treasury | 1,365,000 | ||||||||||
Net Cash Provided by Financing Activities | 294,055,000 | 241,519,000 | 709,992,000 | ||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | (120,963,000) | (140,936,000) | 205,102,000 | ||||||||
Cash and Cash Equivalents - Beginning | 199,200,000 | 340,136,000 | 199,200,000 | 340,136,000 | 135,034,000 | ||||||
Cash and Cash Equivalents - Ending | 78,237,000 | 199,200,000 | 78,237,000 | 199,200,000 | 340,136,000 | ||||||
Parent Company [Member] | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net Income | 18,603,000 | 15,822,000 | 5,629,000 | ||||||||
Adjustment to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in undistributed earnings of subsidiaries | (18,427,000) | (15,543,000) | (5,467,000) | ||||||||
Contribution of stock to charitable foundation | 5,000,000 | ||||||||||
Payments received in intercompany liabilities | (281,000) | ||||||||||
Decrease (increase) in other assets | (19,000) | 880,000 | 84,000 | ||||||||
Increase in other liabilities | 352,000 | 576,000 | 24,000 | ||||||||
Net Cash Provided by Operating Activities | 509,000 | 1,735,000 | 4,989,000 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Repayment of loan to ESOP | 1,496,000 | 1,444,000 | 1,832,000 | ||||||||
Purchase of subordinated debt security | (15,000,000) | ||||||||||
Cash received from MHC in merger | 162,000 | ||||||||||
Net Cash Used in Investing Activities | (13,504,000) | 1,444,000 | 1,994,000 | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Net proceeds from sale of common stock | 706,785,000 | ||||||||||
Loan to ESOP for purchase of common stock | (36,125,000) | ||||||||||
Infusion of capital to subsidiary | (353,395,000) | ||||||||||
Exercise of stock options | 482,000 | ||||||||||
Dividends paid | (8,286,000) | (7,481,000) | |||||||||
Repurchase and cancellation of common stock of Kearny Financial Corp. for treasury | (126,002,000) | (22,286,000) | |||||||||
Cancellation of expired, ungranted shares issued for stock benefit plan | 183,000 | ||||||||||
Issuance of common stock of Kearny Financial Corp. from treasury | 1,365,000 | ||||||||||
Net Cash Provided by Financing Activities | (133,623,000) | (29,767,000) | 318,630,000 | ||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | (146,618,000) | (26,588,000) | 325,613,000 | ||||||||
Cash and Cash Equivalents - Beginning | $ 316,438,000 | $ 343,026,000 | 316,438,000 | 343,026,000 | 17,413,000 | ||||||
Cash and Cash Equivalents - Ending | $ 169,820,000 | $ 316,438,000 | $ 169,820,000 | $ 316,438,000 | $ 343,026,000 |
Net Income Per Common Share 126
Net Income Per Common Share (EPS) - Additional Information (Detail) | May 18, 2015 | Jun. 30, 2017shares | Jun. 30, 2016shares | Jun. 30, 2015shares |
Earnings Per Share [Abstract] | ||||
Exchange ratio for shares converted into new common stock | 1.3804 | 1.3804 | ||
Stock Options [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Average number of options anti-dilutive | 1,919,168 | 248,000 | 253,000 |
Net Income per Common Share 127
Net Income per Common Share (EPS) - Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share Computations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |||||||||||
Income (Numerator): Net income | $ 4,404 | $ 4,068 | $ 5,464 | $ 4,667 | $ 4,881 | $ 4,168 | $ 3,797 | $ 2,976 | $ 18,603 | $ 15,822 | $ 5,629 |
Income (Numerator): Basic earnings per share, income available to common stockholders | 18,603 | 15,822 | 5,629 | ||||||||
Income (Numerator): Diluted earnings per share | $ 18,603 | $ 15,822 | $ 5,629 | ||||||||
Shares (Denominator): Basic earnings per share, income available to common stockholders | 82,372 | 84,542 | 85,174 | 86,246 | 89,443 | 89,690 | 89,640 | 89,590 | 84,590 | 89,591 | 91,717 |
Shares (Denominator): Stock options | 71 | 34 | 124 | ||||||||
Shares (Denominator): Diluted earnings per share | 82,429 | 84,624 | 85,258 | 86,304 | 89,481 | 89,724 | 89,674 | 89,619 | 84,661 | 89,625 | 91,841 |
Per Share Amount: Basic earnings per share, income available to common stockholders | $ 0.05 | $ 0.05 | $ 0.06 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.04 | $ 0.03 | $ 0.22 | $ 0.18 | $ 0.06 |
Per Share Amount: Diluted earnings per share | $ 0.05 | $ 0.05 | $ 0.06 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.04 | $ 0.03 | $ 0.22 | $ 0.18 | $ 0.06 |
Quarterly Results of Operati128
Quarterly Results of Operations - Summary of Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 36,964 | $ 35,008 | $ 34,315 | $ 32,806 | $ 32,767 | $ 32,882 | $ 31,824 | $ 29,415 | $ 139,093 | $ 126,888 | $ 106,039 |
Interest expense | 10,234 | 8,801 | 8,699 | 8,785 | 8,540 | 8,418 | 7,886 | 7,059 | 36,519 | 31,903 | 25,431 |
Net Interest Income | 26,730 | 26,207 | 25,616 | 24,021 | 24,227 | 24,464 | 23,938 | 22,356 | 102,574 | 94,985 | 80,608 |
Provision for loan losses | 1,188 | 1,809 | 1,255 | 1,129 | 2,046 | 2,589 | 3,414 | 2,641 | 5,381 | 10,690 | 6,108 |
Net Interest Income after Provision for Loan Losses | 25,542 | 24,398 | 24,361 | 22,892 | 22,181 | 21,875 | 20,524 | 19,715 | 97,193 | 84,295 | 74,500 |
Non-interest income | 3,020 | 2,253 | 3,446 | 2,629 | 3,211 | 2,613 | 2,410 | 2,493 | 11,348 | 10,727 | 7,941 |
Non-interest expense | 22,051 | 21,034 | 19,373 | 18,660 | 17,678 | 18,653 | 17,704 | 18,382 | 81,118 | 72,417 | 78,081 |
Income before Income Taxes | 6,511 | 5,617 | 8,434 | 6,861 | 7,714 | 5,835 | 5,230 | 3,826 | 27,423 | 22,605 | 4,360 |
Income tax expense (benefit) | 2,107 | 1,549 | 2,970 | 2,194 | 2,833 | 1,667 | 1,433 | 850 | 8,820 | 6,783 | (1,269) |
Net Income | $ 4,404 | $ 4,068 | $ 5,464 | $ 4,667 | $ 4,881 | $ 4,168 | $ 3,797 | $ 2,976 | $ 18,603 | $ 15,822 | $ 5,629 |
Net income per common share: | |||||||||||
Basic | $ 0.05 | $ 0.05 | $ 0.06 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.04 | $ 0.03 | $ 0.22 | $ 0.18 | $ 0.06 |
Diluted | $ 0.05 | $ 0.05 | $ 0.06 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.04 | $ 0.03 | $ 0.22 | $ 0.18 | $ 0.06 |
Weighted average number of common shares outstanding | |||||||||||
Basic | 82,372 | 84,542 | 85,174 | 86,246 | 89,443 | 89,690 | 89,640 | 89,590 | 84,590 | 89,591 | 91,717 |
Diluted | 82,429 | 84,624 | 85,258 | 86,304 | 89,481 | 89,724 | 89,674 | 89,619 | 84,661 | 89,625 | 91,841 |
Dividends Declared Per Common Share | $ 0.03 | $ 0.03 | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.10 | $ 0.08 |