Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Aug. 21, 2020 | Dec. 31, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Shell Company | false | ||
Document Period End Date | Jun. 30, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | KRNY | ||
Security Exchange Name | NASDAQ | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Entity Registrant Name | KEARNY FINANCIAL CORP. | ||
Entity Central Index Key | 0001617242 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 89,517,003 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity File Number | 001-37399 | ||
Entity Tax Identification Number | 30-0870244 | ||
Entity Public Float | $ 1,070 | ||
Entity Address, Address Line One | 120 Passaic Avenue | ||
Entity Address, City or Town | Fairfield | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 07004 | ||
Entity Incorporation, State or Country Code | MD | ||
City Area Code | 973 | ||
Local Phone Number | 244-4500 | ||
Document Annual Report | true | ||
Document Transition Report | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Assets | ||
Cash and amounts due from depository institutions | $ 20,391 | $ 19,032 |
Interest-bearing deposits in other banks | 160,576 | 19,903 |
Cash and cash equivalents | 180,967 | 38,935 |
Investment securities available for sale, at fair value | 1,385,703 | 714,263 |
Investment securities held to maturity (fair value $34,069 and $584,678), respectively | 32,556 | 576,652 |
Loans held-for-sale | 20,789 | 12,267 |
Loans receivable, including unaccreted yield adjustments of $(41,706) and $(52,025), respectively | 4,498,397 | 4,678,928 |
Less: allowance for loan losses | (37,327) | (33,274) |
Net loans receivable | 4,461,070 | 4,645,654 |
Premises and equipment | 57,389 | 56,854 |
Federal Home Loan Bank ("FHLB") of New York stock | 58,654 | 64,190 |
Accrued interest receivable | 17,373 | 19,360 |
Goodwill | 210,895 | 210,895 |
Core deposit intangible | 3,995 | 5,160 |
Bank owned life insurance | 262,380 | 256,155 |
Deferred income tax assets, net | 25,480 | 25,367 |
Other real estate owned | 178 | |
Other assets | 40,746 | 9,077 |
Total Assets | 6,758,175 | 6,634,829 |
Liabilities | ||
Deposits: Non-interest-bearing | 419,138 | 309,063 |
Deposits: Interest-bearing | 4,011,144 | 3,838,547 |
Total deposits | 4,430,282 | 4,147,610 |
Borrowings | 1,173,165 | 1,321,982 |
Advance payments by borrowers for taxes | 16,569 | 16,887 |
Other liabilities | 53,982 | 21,191 |
Total Liabilities | 5,673,998 | 5,507,670 |
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; 83,663,192 shares and 89,125,655 shares issued and outstanding, respectively | 837 | 891 |
Paid-in capital | 722,871 | 787,394 |
Retained earnings | 387,911 | 366,679 |
Unearned employee stock ownership plan shares; 2,960,289 shares and 3,160,987 shares, respectively | (28,699) | (30,644) |
Accumulated other comprehensive income | 1,257 | 2,839 |
Total Stockholders' Equity | 1,084,177 | 1,127,159 |
Total Liabilities and Stockholders' Equity | $ 6,758,175 | $ 6,634,829 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Statement Of Financial Position [Abstract] | ||
Securities held to maturity, estimated fair value | $ 34,069 | $ 584,678 |
Loans receivable, unamortized yield adjustments | $ (41,706) | $ (52,025) |
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 | 83,663,192 | 89,125,655 |
Common stock, shares outstanding | 83,663,192 | 89,125,655 |
Employee Stock Ownership Plan (ESOP), Number of Suspense Shares | 2,960,289 | 3,160,987 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Interest Income | |||||
Loans | $ 187,003 | $ 192,386 | $ 138,426 | ||
Taxable investment securities | 39,321 | 37,213 | 27,053 | ||
Tax-exempt investment securities | 2,393 | 2,839 | 2,616 | ||
Other interest-earning assets | 4,491 | 4,895 | 3,336 | ||
Total Interest Income | 233,208 | 237,333 | 171,431 | ||
Interest Expense | |||||
Deposits | 58,852 | 52,511 | 29,649 | ||
Borrowings | 25,002 | 29,509 | 20,489 | ||
Total Interest Expense | 83,854 | 82,020 | 50,138 | ||
Net Interest Income | 149,354 | 155,313 | 121,293 | ||
Provision for Loan Losses | 4,197 | 3,556 | 2,706 | ||
Net Interest Income after Provision for Loan Losses | 145,157 | 151,757 | 118,587 | ||
Non-Interest Income | |||||
Gain (loss) on sale and call of securities | 2,250 | [1] | (323) | [1] | 8 |
Gain on sale of loans | 3,186 | [1] | 580 | [1] | 1,004 |
Loss on sale and write down of other real estate owned | (28) | (11) | (19) | ||
Income from bank owned life insurance | 6,225 | [1] | 6,339 | [1] | 5,362 |
Miscellaneous | 194 | [1] | 475 | [1] | 395 |
Total Non-Interest Income | 19,719 | 13,555 | 13,263 | ||
Non-Interest Expense | |||||
Salaries and employee benefits | 62,015 | 63,029 | 53,736 | ||
Net occupancy expense of premises | 11,424 | 11,220 | 9,178 | ||
Equipment and systems | 11,755 | 12,273 | 9,482 | ||
Advertising and marketing | 2,788 | 3,051 | 2,960 | ||
Federal deposit insurance premium | 286 | 1,779 | 1,516 | ||
Directors' compensation | 3,079 | 3,044 | 2,820 | ||
Merger-related expenses | 951 | 6,743 | |||
Debt extinguishment expenses | 2,156 | ||||
Miscellaneous | 13,170 | 14,847 | 11,415 | ||
Total Non-Interest Expense | 107,624 | 109,243 | 97,850 | ||
Income before Income Taxes | 57,252 | 56,069 | 34,000 | ||
Income tax expense | 12,287 | 13,927 | 14,404 | ||
Net Income | $ 44,965 | $ 42,142 | $ 19,596 | ||
Net Income per Common Share (EPS) | |||||
Basic | $ 0.55 | $ 0.46 | $ 0.24 | ||
Diluted | $ 0.55 | $ 0.46 | $ 0.24 | ||
Weighted Average Number of Common Shares Outstanding | |||||
Basic | 82,409 | 91,054 | 82,587 | ||
Diluted | 82,430 | 91,100 | 82,643 | ||
Financial Service [Member] | |||||
Non-Interest Income | |||||
Fees and service charges | $ 6,647 | $ 5,445 | $ 5,412 | ||
Credit and Debit Card [Member] | |||||
Non-Interest Income | |||||
Fees and service charges | $ 1,245 | $ 1,050 | $ 1,101 | ||
[1] | Not within the scope of ASC 606. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net Income | $ 44,965 | $ 42,142 | $ 19,596 |
Other Comprehensive (Loss) Income, net of tax: | |||
Net unrealized gain (loss) on securities available for sale | 16,126 | 4,336 | (1,423) |
Amortization of net unrealized loss on securities available for sale transferred to held to maturity | 421 | 217 | 146 |
Net realized (gain) loss on sale and call of securities available for sale | (1,587) | 228 | (12) |
Fair value adjustments on derivatives | (16,310) | (20,298) | 17,212 |
Benefit plan adjustments | (232) | (179) | 187 |
Total Other Comprehensive (Loss) Income | (1,582) | (15,696) | 16,110 |
Total Comprehensive Income | $ 43,383 | $ 26,446 | $ 35,706 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Clifton Bancorp Incorporation | Common Stock [Member] | Common Stock [Member]Clifton Bancorp Incorporation | Paid-in Capital [Member] | Paid-in Capital [Member]Clifton Bancorp Incorporation | Retained Earnings [Member] | Unearned ESOP Shares [Member] | Accumulated Other Comprehensive (Loss) Income [Member] |
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 | 84,351,000 | ||||||||
Net Income | 19,596 | 19,596 | |||||||
Other comprehensive income (loss), net of income tax expense (benefit) | 16,110 | 16,110 | |||||||
ESOP shares committed to be released | 2,849 | 903 | 1,946 | ||||||
Stock option exercise (in value) | $ 102 | 102 | |||||||
Stock option exercise (in shares) | 9,565 | 10,000 | |||||||
Stock option expense | $ 2,016 | 2,016 | |||||||
Share repurchases (in value) | (142,602) | $ (100) | (142,502) | ||||||
Stock repurchases (in shares) | (10,015,000) | ||||||||
Restricted stock plan shares earned (in value) | 4,330 | 4,330 | |||||||
Cancellation of shares issued for restricted stock awards (in value) | (1,370) | $ (2) | (1,368) | ||||||
Cancellation of shares issued for restricted stock awards (in shares) | (158,000) | ||||||||
Reclassification of stranded tax effects from Accumulated Other Comprehensive Income | (1,381) | 1,381 | |||||||
Acquisition of Clifton Bancorp (in value) | $ 330,694 | $ 254 | $ 330,440 | ||||||
Acquisition of Clifton Bancorp (in shares) | 25,438,000 | ||||||||
Cash dividends declared | (20,158) | (20,158) | |||||||
Balance (in value) at Jun. 30, 2018 | 1,268,748 | $ 996 | 922,711 | 359,096 | (32,590) | 18,535 | |||
Balance (in shares) at Jun. 30, 2018 | 99,626,000 | ||||||||
Cumulative effect of change in accounting principle for the adoption of ASU 2017-08 | (531) | (531) | |||||||
Balance - July 1, 2018, as adjusted for change in accounting principle at Jun. 30, 2018 | 1,268,217 | $ 996 | 922,711 | 358,565 | (32,590) | 18,535 | |||
Net Income | 42,142 | 42,142 | |||||||
Other comprehensive income (loss), net of income tax expense (benefit) | (15,696) | (15,696) | |||||||
ESOP shares committed to be released | 2,662 | 716 | 1,946 | ||||||
Stock option exercise (in value) | $ 423 | 423 | |||||||
Stock option exercise (in shares) | 48,314 | 49,000 | |||||||
Stock option expense | $ 2,005 | 2,005 | |||||||
Share repurchases (in value) | $ (141,708) | $ (105) | (141,603) | ||||||
Stock repurchases (in shares) | (10,624,840) | (10,625,000) | |||||||
Issuance of shares under stock benefit plans (in value) | $ 2 | (2) | |||||||
Issuance of shares under stock benefit plan (in shares) | 233,000 | ||||||||
Restricted stock plan shares earned (in value) | $ 4,131 | 4,131 | |||||||
Cancellation of shares issued for restricted stock awards (in value) | (989) | $ (2) | (987) | ||||||
Cancellation of shares issued for restricted stock awards (in shares) | (157,000) | ||||||||
Cash dividends declared | (34,028) | (34,028) | |||||||
Balance (in value) at Jun. 30, 2019 | $ 1,127,159 | $ 891 | 787,394 | 366,679 | (30,644) | 2,839 | |||
Balance (in shares) at Jun. 30, 2019 | 89,125,655 | 89,126,000 | |||||||
Net Income | $ 44,965 | 44,965 | |||||||
Other comprehensive income (loss), net of income tax expense (benefit) | (1,582) | (1,582) | |||||||
ESOP shares committed to be released | $ 2,354 | 409 | 1,945 | ||||||
Stock option exercise (in shares) | 0 | ||||||||
Stock option expense | $ 1,838 | 1,838 | |||||||
Share repurchases (in value) | $ (69,782) | $ (53) | (69,729) | ||||||
Stock repurchases (in shares) | (5,375,551) | (5,376,000) | |||||||
Restricted stock plan shares earned (in value) | $ 4,041 | 4,041 | |||||||
Cancellation of shares issued for restricted stock awards (in value) | (1,083) | $ (1) | (1,082) | ||||||
Cancellation of shares issued for restricted stock awards (in shares) | (87,000) | ||||||||
Cash dividends declared | (23,733) | (23,733) | |||||||
Balance (in value) at Jun. 30, 2020 | $ 1,084,177 | $ 837 | $ 722,871 | $ 387,911 | $ (28,699) | $ 1,257 | |||
Balance (in shares) at Jun. 30, 2020 | 83,663,192 | 83,663,000 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares shares in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Stockholders Equity [Abstract] | |||
ESOP shares committed to be released, shares | 201 | 201 | 201 |
Restricted stock plan shares earned, shares | 277 | 284 | 288 |
Dividends declared per common share | $ 0.29 | $ 0.37 | $ 0.25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flows from Operating Activities: | |||
Net Income | $ 44,965,000 | $ 42,142,000 | $ 19,596,000 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of premises and equipment | 4,647,000 | 4,322,000 | 3,224,000 |
Net (accretion) amortization of premiums, discounts and loan fees and costs | (9,457,000) | (11,500,000) | 986,000 |
Deferred income taxes and valuation allowance | 665,000 | 4,538,000 | 6,700,000 |
Amortization of intangible assets | 1,165,000 | 1,135,000 | 364,000 |
Accretion of benefit plans’ unrecognized net gain | (328,000) | (269,000) | (39,000) |
Provision for loan losses | 4,197,000 | 3,556,000 | 2,706,000 |
Loss on write-down and sales of other real estate owned | 28,000 | 11,000 | 19,000 |
Loans originated for sale | (290,800,000) | (65,691,000) | (74,937,000) |
Proceeds from sale of mortgage loans held-for-sale | 285,436,000 | 54,812,000 | 79,509,000 |
Gain on sale of mortgage loans held-for-sale, net | (3,159,000) | (524,000) | (742,000) |
Realized (gain) loss on sale/call of securities available for sale | (2,250,000) | 323,000 | (16,000) |
Realized loss on sale/call of securities held to maturity | 8,000 | ||
Realized loss on debt extinguishment | 2,156,000 | ||
Proceeds from sale of SBA loans | 497,000 | 922,000 | 3,064,000 |
Realized gain on sale of SBA loans | (27,000) | (56,000) | (262,000) |
Realized loss on disposition of premises and equipment | 383,000 | 22,000 | 10,000 |
Loss on write-down of premises | 1,071,000 | ||
Increase in cash surrender value of bank owned life insurance | (6,225,000) | (6,339,000) | (5,362,000) |
ESOP, stock option plan and restricted stock plan expenses | 8,233,000 | 8,798,000 | 9,195,000 |
Decrease (increase) in interest receivable | 1,987,000 | (850,000) | (1,875,000) |
(Increase) decrease in other assets | (35,290,000) | 2,508,000 | 138,000 |
(Decrease) increase in interest payable | (4,887,000) | 3,903,000 | 558,000 |
Increase (decrease) in other liabilities | 17,885,000 | (2,911,000) | 2,251,000 |
Net Cash Provided by Operating Activities | 19,821,000 | 39,923,000 | 45,095,000 |
Net Cash Provided by Operating Activities | 19,821,000 | 39,923,000 | 45,095,000 |
Purchases of: | |||
Investment securities available for sale | (487,898,000) | (125,900,000) | (189,255,000) |
Investment securities held to maturity | (55,247,000) | (122,512,000) | |
Proceeds from: | |||
Repayments/calls/maturities of investment securities available for sale | 213,052,000 | 66,562,000 | 79,853,000 |
Repayments/calls/maturities of investment securities held to maturity | 6,175,000 | 67,704,000 | 92,437,000 |
Sale of investment securities available for sale | 164,299,000 | 75,401,000 | 254,606,000 |
Sale of investment securities held to maturity | 211,000 | ||
Purchase of loans | (73,262,000) | (166,811,000) | (54,590,000) |
Net decrease (increase) in loans receivable | 264,109,000 | (75,000) | (87,831,000) |
Purchase of interest rate caps | (1,476,000) | ||
Proceeds from sale of other real estate owned | 714,000 | 2,492,000 | |
Additions to premises and equipment | (5,960,000) | (6,137,000) | (8,268,000) |
Proceeds from cash settlement of premises and equipment | 395,000 | 108,000 | |
Purchase of FHLB stock | (4,500,000) | (10,215,000) | (7,646,000) |
Redemption of FHLB stock | 10,036,000 | 5,029,000 | 8,957,000 |
Net cash acquired in acquisition | 30,099,000 | ||
Net Cash Provided by (Used in) Investing Activities | 84,970,000 | (148,867,000) | (1,447,000) |
Net Cash Used in Investing Activities | 84,970,000 | (148,867,000) | (1,447,000) |
Cash Flows from Financing Activities: | |||
Net increase in deposits | 283,726,000 | 76,081,000 | 194,174,000 |
Repayment of term FHLB advances | (3,508,146,000) | (3,141,114,000) | (2,520,334,000) |
Proceeds from term FHLB advances | 3,390,000,000 | 3,252,000,000 | 2,500,000,000 |
Net (decrease) increase in other short-term borrowings | (33,035,000) | 10,270,000 | (2,030,000) |
Net decrease in advance payments by borrowers for taxes | (318,000) | (1,201,000) | (400,000) |
Repurchase and cancellation of common stock of Kearny Financial Corp. | (69,782,000) | (141,708,000) | (142,602,000) |
Cancellation of shares repurchased on vesting to pay taxes | (1,083,000) | (989,000) | (1,370,000) |
Exercise of stock options | 423,000 | 102,000 | |
Dividends paid | (24,121,000) | (34,747,000) | (20,561,000) |
Net Cash Provided by Financing Activities | 37,241,000 | 19,015,000 | 6,979,000 |
Net increase (decrease) in Cash and Cash Equivalents | 142,032,000 | (89,929,000) | 50,627,000 |
Cash and Cash Equivalents - Beginning | 38,935,000 | 128,864,000 | 78,237,000 |
Cash and Cash Equivalents - Ending | 180,967,000 | 38,935,000 | 128,864,000 |
Cash paid during the year for: | |||
Income taxes, net of refunds | 11,812,000 | 6,698,000 | 9,333,000 |
Interest | 88,740,000 | $ 78,117,000 | 49,581,000 |
Non-cash investing and financing activities: | |||
Acquisition of other real estate owned in settlement of loans | 206,000 | 1,463,000 | |
Fair value of assets acquired, net of cash and cash equivalents acquired | 1,607,496,000 | ||
Fair value of liabilities assumed | $ 1,375,859,000 | ||
ASU 2019-04 [Member] | |||
Non-cash investing and financing activities: | |||
Debt securities transferred from held to maturity to available for sale | 537,732,000 | ||
ASU 2016-02 [Member] | |||
Non-cash investing and financing activities: | |||
Operating lease right-of-use assets | 17,243,000 | ||
Operating lease liabilities | $ 17,758,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2020 | |
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 Insurance Services, Inc. The Company conducts its business principally through the Bank. Management prepared the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), including the elimination of all significant inter-company accounts and transactions during consolidation. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of financial condition and revenues and expenses for the periods then ended. Actual results could differ significantly from those estimates. Business of the Company and Subsidiaries The Company’s primary business is the ownership and operation of the Bank. The Bank is principally engaged in the business of attracting deposits from the general public and using those 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. At June 30, 2020, the Bank had two wholly owned subsidiaries: CJB Investment Corp. and KFS Insurances Services, Inc. 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, 2020. KFS Insurance Services, Inc. was formed for the primary purpose of acquiring insurance agencies. KFS Insurance Services Inc. was considered inactive during the three-year period ended June 30, 2020. Risks and Uncertainties On March 11, 2020, the World Health Organization declared the outbreak of COVID-19 a global pandemic. The COVID-19 pandemic has adversely affected, and may continue to adversely affect local, national and global economic activity. Actions taken to help mitigate the spread of COVID-19 include restrictions on travel, localized quarantines, and government-mandated closures of certain businesses. The spread of the outbreak has caused significant disruptions to the U.S. economy and has disrupted banking and other financial activity in the areas in which the Company operates. On March 3, 2020, the Federal Open Market Committee reduced the targeted federal funds interest rate range by 50 basis points to 1.00 percent to 1.25 percent. This range was further reduced to 0 percent to 0.25 percent on March 16, 2020. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted to, among other provisions, provide emergency assistance for individuals, families and businesses affected by the COVID-19 pandemic. These reductions in interest rates and other effects of the COVID-19 pandemic may materially and adversely affect the Company's financial condition and results of operations in future periods. It is unknown how long the adverse conditions associated with the COVID-19 pandemic will last and what the complete financial effect will be to the Company. It is possible that estimates made in the financial statements could be materially and adversely impacted as a result of these conditions, including estimates regarding expected credit losses on loans receivable, other-than-temporary impairment of investment securities and impairment of goodwill. Cash and Cash Equivalents Cash and cash equivalents include cash, deposits with other financial institutions with maturities fewer than 90 days, and federal funds sold. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions and borrowings with original maturities fewer than 90 days. Note 1 - Summary of Significant Accounting Policies (continued) Securities The Company classifies its investment securities as either available for sale or held to maturity. The Company does not use or maintain a trading account. Investment securities that management has the positive intent and ability to hold to maturity are classified as held to maturity and reported at amortized cost. Investment securities not classified as held to maturity are classified as available for sale and reported at fair value, with unrealized holding gains or losses, net of deferred income taxes, reported in the accumulated other comprehensive income (“OCI”) component of stockholders’ equity. If the fair value of a security is less than its amortized cost, the security is deemed to be impaired. Management evaluates all securities with unrealized losses quarterly to determine if such impairments are temporary or other-than-temporary. The Company accounts for temporary impairments based upon their classification as either available for sale or held to maturity. Temporary impairments on available for sale securities are recognized, on a tax-effected basis, through OCI with offsetting entries adjusting the carrying value of the security and the balance of deferred taxes. Conversely, the Company does not adjust the carrying value of held to maturity securities for temporary impairments, although information concerning the amount and duration of impairments on held to maturity securities is disclosed in periodic financial statements. The Company accounts for other-than-temporary impairments based upon several considerations. First, other-than-temporary impairments on securities that the Company intends to sell, 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 the other-than-temporary impairment is bifurcated into credit and non-credit components. A credit impairment generally represents the amount by which the present value of the cash flows that are expected to be collected on an investment security fall below its amortized cost. A non-credit impairment represents the remaining portion of the impairment not otherwise designated as credit-related. The Company recognizes credit-related other-than-temporary impairments in earnings. Non-credit other-than-temporary impairments on investment securities are recognized in OCI. Premiums on callable securities are amortized to the earliest call date whereas discounts on such securities are accreted to the maturity date utilizing the level-yield method. Premiums and discounts on all other securities are generally amortized or accreted to the maturity date utilizing the level-yield method taking into consideration the impact of principal amortization and prepayments, as applicable. Gain or loss on sales of securities is based on the specific identification method. Concentration of Risk Financial instruments which potentially subject the Company and its subsidiaries to concentrations of credit risk consist of cash and cash equivalents, investment securities and loans receivable. Cash and cash equivalents include deposits placed in other financial institutions. 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”). Additional concentration risk exists in the Company’s municipal and corporate obligations, asset-backed securities and collateralized loan obligations. 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 that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at unpaid principal balances, net of deferred loan origination fees and costs, purchase discounts and premiums, purchase accounting fair value adjustments and the allowance for loan losses. Interest income is accrued on the unpaid principal balance. 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 utilizing the level-yield method over the contractual lives of the related loans. Note 1 - Summary of Significant Accounting Policies (continued) 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 a charge 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 satisfaction of the criteria for such accounting which provide that, as transferor, control over the loans have been surrendered. 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), 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 or more days past due or when the Company does not expect to receive all P&I payments owed substantially in accordance with the terms of the loan agreement, regardless of past due status. Loans that become 90 day past due, but are well secured and in the process of collection, may remain on accrual status. Nonaccrual loans are generally returned to accrual status when all payments due are brought current and the Company expects to receive all remaining P&I payments owed substantially in accordance with the terms of the loan agreement. Payments received in cash on nonaccrual loans, including both the principal and interest portions of those payments, are generally applied to reduce the carrying value of the loan. 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 as Special Mention, Substandard, Doubtful or Loss. An asset is classified as Substandard if it is inadequately protected by the paying capacity and net worth of the obligor or the collateral pledged, if any. Substandard assets include those characterized by the distinct possibility that the insured institution will sustain some loss if the deficiencies are not corrected. Assets classified as Doubtful have all of the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values. Assets, or portions thereof, classified as Loss are considered uncollectible or of so little value that their continuance as assets is not warranted. Assets which do not currently expose the Company to a sufficient degree of risk to warrant an adverse classification but have some credit deficiencies or other potential weaknesses are designated as Special Mention by management. Adversely classified assets together with those rated as Special Mention, are generally referred to as Classified Assets. Non-classified assets are internally rated within one of four Pass categories or as Watch with the latter denoting a potential deficiency or concern that warrants increased oversight or tracking by management until remediated. Management generally performs a classification of assets review, including the regulatory classification of assets, on an ongoing basis. The results of the classification of assets review are validated by the Company’s third party loan review firm during their quarterly independent review. In the event of a difference in rating or classification between those assigned by the internal and external resources, the Company will generally utilize the more critical or conservative rating or classification. Final loan ratings and regulatory classifications are presented monthly to the Board of Directors and are reviewed by regulators during the examination process. Management evaluates loans classified as substandard or doubtful for impairment in accordance with applicable accounting requirements. A valuation allowance is established through the provision for loan losses for any impairment identified through such evaluations. Note 1 - Summary of Significant Accounting Policies (continued) 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. Acquired Loans Loans acquired 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. 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. 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. Note 1 - Summary of Significant Accounting Policies (continued) The Company’s allowance for loan loss calculation methodology utilizes a two-tier loss measurement process that is performed no less than quarterly. 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. Loans considered by the Company to be eligible for individual impairment review include its commercial mortgage loans, construction loans, commercial business loans, one- to four-family mortgage loans, home equity loans and home equity lines of credit. A loan is deemed to be impaired when, based on current information and events, it is probable that the Company 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. Impairment is measured based on the present value of expected cash flows discounted at the loans effective interest rate or, in the case of collateral-dependent loans, the fair value of the collateral securing the loan, less costs to sell. In the case of real estate collateral, such values are generally determined based upon a 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 in a nonperforming or impaired status with such values updated approximately every six to twelve months thereafter. Appraised values are typically updated at the point of foreclosure, where applicable, and updated approximately every six to twelve months thereafter. The Company establishes valuation allowances in the fiscal period during which loan impairments are identified. 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. 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 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. Note 1 - Summary of Significant Accounting Policies (continued) 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 from loans acquired through business combinations. Where applicable, such 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 performs an analysis of historical charge-offs and recoveries for each of the defined segments within the loan portfolio. The Company generally utilizes a two-year The second tier of the Company’s allowance for loan loss calculation also utilizes environmental loss factors to estimate the probable incurred 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. As with historical loss factors, the Company generally utilizes a two-year moving average of quantitative and qualitative criteria values, where available, to determine environmental loss factor values. By doing so, estimated losses should be directionally consistent with the overall credit risk characteristics and performance of the loan portfolio over time. 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. Note 1 - Summary of Significant Accounting Policies (continued) 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. 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 (“TDR”) A modification to the terms of a loan is generally considered a TDR if the Company grants a concession to a borrower, that it would not otherwise consider, due to the borrower’s financial difficulties. In granting the concession, the Company’s general objective is to obtain 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 the reduction of the loan’s stated interest rate, extension of the maturity date and/or reduction or deferral of amounts owed under the terms of the loan agreement. In measuring the impairment associated with restructured loans that qualify as TDRs, the Company compares the present value of the cash flows that are expected to be received in accordance with the loan’s modified terms, discounted at the loan’s original contractual interest rate, with the pre-modification carrying value to measure impairment. 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 and a non-adverse classification 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. In March 2020, various regulatory agencies, including the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation issued an interagency statement on loan modifications and reporting for financial institutions working with customers affected by COVID-19. The interagency statement was effective immediately and impacted accounting for loan modifications. The agencies confirmed with the staff of the FASB that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief, are not to be considered TDRs. Provisions of the CARES Act largely mirrored the provisions of the interagency statement, providing that modified loans were not to be considered TDRs if they were performing at December 31, 2019 and other consideration set forth in the interagency statements were met. Borrowers considered current are those that are less than 30 days past |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Jun. 30, 2020 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 2 – Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The ASU requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model, referred to as the current expected credit loss (“CECL”) model. The amendments in this update replace the incurred loss impairment methodology in current GAAP. Under the CECL model, entities will estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications unless reasonable expectation of a troubled debt restructuring exists) from the date of initial recognition of that instrument. In addition, an allowance will be established for loans that have been acquired in a business combination that currently do not have an allowance. As of June 30, 2020, approximately $923.9 million of acquired loans do not have an allowance. The amendments in this update are effective for public business entities in 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 July 1, 2020 (i.e. modified retrospective approach), The Company’s implementation efforts are continuing to focus on the completion of model validation, developing new disclosures, establishing formal policies and procedures and other governance and control documentation, as appropriate. Based on the Company’s loan portfolio balances, including the level of acquired loans and forecasted economic conditions as of July 1, 2020 management believes the adoption of CECL will result in a material increase to the allowance for credit losses. However, the final amount of the increase will be based on continued model validation, testing and adjusting model methodologies and refining our judgements used to calculate the estimate. The Company believes that regulatory capital adequacy requirements to which the Company and Bank are subject to will not be materially impacted following adoption on July 1, 2020. Upon adoption, the impact to the allowance for credit losses, currently allowance for loan and lease losses, will have an offsetting impact on retained earnings, and be net of tax. Note 2 – Recent Accounting Pronouncements (continued) In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In May 2019, the FASB issued ASU 2019-05 “Financial Instruments - Credit Losses (Topic 326); Targeted Transition Relief”. In November 2019, the FASB issued ASU 2019-11, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses”. Note 2 – Recent Accounting Pronouncements (continued) In December 2019, the FASB issued ASU 2019-12, “Income taxes (Topic 740); Simplifying the Accounting for Income Taxes”. . Adoption of New Accounting Standards Effective July 1, 2019, the Company implemented ASU No. 2016-02, “Leases (Topic 842)” (modified by ASU 2018-01 – Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842) and ASU 2018-20 – Leases (Topic 842) Narrow – Scope Improvements for Lessors). . In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815), Inclusion of the Secured Overnight Financing Rate (“SOFR”) Overnight Index Swap (“OIS”) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities, Note 2 – Recent Accounting Pronouncements (continued) In April 2019, the FASB issued ASU 2019-04 Codification Improvements to Topic 326, Financial Instruments Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. ASU 2019-04 clarifies that an entity that reclassifies debt securities from the held to maturity category to available for sale as part of its transition would not (1) call in to question its held to maturity assertion for other securities held at the entity’s most recent reporting date, (2) be required to actually designate any reclassified security in a last-of-layer hedge, or (3) be restricted from selling any reclassified security. |
Acquisition of Clifton Bancorp
Acquisition of Clifton Bancorp Inc. | 12 Months Ended |
Jun. 30, 2020 | |
Business Combinations [Abstract] | |
Acquisition of Clifton Bancorp Inc | Note 3 – Acquisition of Clifton Bancorp Inc. O n April 2, 2018, the Company completed its acquisition of Clifton Bancorp Inc. (“Clifton”), the parent company of Clifton Savings Bank, a federally chartered stock savings bank. At the time of closing, Clifton had $1.7 billion in total assets, including $1.2 billion in net loans receivable and $332.2 million in securities, and $1.4 billion in total liabilities, including $945.0 million in deposits and $421.4 million in borrowings. The deposits acquired from Clifton were held across a network of 12 branches located in New Jersey throughout Bergen, Passaic, Hudson, and Essex counties. Clifton’s stockholders’ equity totaled approximately $272.0 million at the time of closing. Under the terms of the merger agreement, each outstanding share of Clifton common stock was exchanged for 1.191 shares of the Company’s common stock, resulting in the Company issuing 25.4 million shares of common stock to Clifton stockholders in conjunction with the merger’s closing. The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible were recorded at their fair values as of April 2, 2018 based on management’s best estimate using the information available as of the merger date. The application of the acquisition method of accounting resulted in the recognition of goodwill of $102.3 million and a core deposit intangible of $6.4 million. Accounting guidance provides that an acquirer must recognize adjustments to provisional amounts that are identified during the measurement period, which runs through April 2, 2019, in the measurement period in which the adjustment amounts are determined. The acquirer must record in the financial statements, the effect on earnings of changes in depreciation, amortization or other income effects, if any, as a result of the changes to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. During the year ended June 30, 2019, the Company completed all tax returns related to the operation of the combined entities through June 30, 2018 and determined that there were no material adjustments to the balance of income taxes or goodwill associated with the Clifton acquisition. Note 3 – Acquisition of Clifton Bancorp Inc. (continued) The Company recorded the assets acquired and liabilities assumed through the merger at fair value as summarized in the following table: As Recorded by Clifton Fair Value Adjustments As Recorded at Acquisition (In Thousands) Cash and cash equivalents $ 36,585 $ - $ 36,585 Investment securities 332,183 (5,270 ) (a) 326,913 Loans receivable 1,191,748 (74,927 ) (b) 1,116,821 Allowance for loan losses (8,025 ) 8,025 (c) - Premises and equipment 8,066 3,556 (d) 11,622 FHLB stock 20,357 - 20,357 Accrued interest receivable 4,142 - 4,142 Bank owned life insurance 63,231 - 63,231 Deferred income taxes, net 6,837 16,149 (e) 22,986 Core deposit and other intangibles - 6,367 (f) 6,367 Other real estate owned 163 (23 ) (g) 140 Other assets 1,438 133 (h) 1,571 Total assets acquired $ 1,656,725 $ (45,990 ) $ 1,610,735 Deposits $ 944,988 $ 4,801 (i) $ 949,789 FHLB borrowings 421,400 (7,268 ) (j) 414,132 Advance payments by borrowers for taxes 9,777 - 9,777 Other liabilities 5,288 112 (k) 5,400 Total liabilities assumed $ 1,381,453 $ (2,355 ) $ 1,379,098 Net assets acquired $ 231,637 Purchase price 333,941 Goodwill recorded in Merger $ 102,304 Explanation of certain fair value related adjustments : (a) Represents the fair value adjustments on investment securities. (b) Represents the fair value adjustments on the net book value of loans, which includes an interest rate mark and credit mark adjustment and the write-off of deferred fees/costs and premiums. (c) Represents the elimination of Clifton’s allowance for loan losses. (d) Represents the fair value adjustments to reflect the fair value of land and buildings and premises and equipment, which will be amortized on a straight-line basis over the estimated useful lives of the individual assets. (e) Represents an adjustment to net deferred tax assets resulting from the fair value adjustments related to the acquired assets, liabilities assumed and identifiable intangible assets recorded. (f) Represents the intangible assets recorded to reflect the fair value of core deposits. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. (g) Represents an adjustment to reduce the carrying value of other real estate owned to fair value, less costs to sell. (h) Represents an adjustment to other assets acquired. (i) Represents fair value adjustments on time deposits, which will be treated as a reduction of interest expense over the remaining term of the time deposits. (j) Represents the fair value adjustments on FHLB borrowings, which will be treated as an increase to interest expense over the life of the borrowings. (k) Represents an adjustment to other liabilities assumed. Note 3 – Acquisition of Clifton Bancorp Inc. The fair value of loans acquired from Clifton were estimated using cash flow projections based on the remaining maturity and repricing terms. Cash flows were adjusted by estimating future credit losses and the rate of prepayments. Projected monthly cash flows were then discounted to present value using a risk-adjusted market rate for similar loans. There was no carryover of Clifton’s allowance for loan losses associated with the loans that were acquired, as the loans were initially recorded at fair value on the date of the Clifton merger. Management has determined that there were no material purchased credit-impaired loans in the Clifton merger. The core deposit intangible asset recognized is being amortized over its estimated useful life of approximately 10 years utilizing the sum-of-the-years digits method. Goodwill is not amortized for book purposes; however, it is reviewed at least annually for impairment and is not deductible for tax purposes. The fair value of land and buildings was estimated using appraisals. Acquired equipment was not material. Buildings are amortized over their estimated useful lives of approximately 35 to 46 years. Improvements and equipment are amortized or depreciated over their estimated useful lives ranging from one to 10 years. The fair value of retail demand and interest bearing deposit accounts was assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. The fair value of time deposits was estimated by discounting the contractual future cash flows using market rates offered for time deposits of similar remaining maturities. Direct acquisition and other charges incurred in connection with the Clifton merger were expensed as incurred and totaled $6.7 million for the year ended June 30, 2018. These expenses were recorded in merger-related expense on the consolidated statements of income. The following table presents selected pro forma financial information reflecting the Clifton merger assuming it was completed as of July 1, 2016. The unaudited pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the financial results of the combined companies had the Clifton merger actually been completed at the beginning of the period presented, nor does it indicate future results for any other interim or full year period. Pro forma basic and diluted EPS were calculated using the Company’s actual weighted average shares outstanding for the period presented, plus the incremental shares issued, assuming the Clifton merger occurred at the beginning of the period presented. The unaudited pro forma information is based on the actual financial statements of the Company for the period presented, and on the actual financial statements of Clifton for the years ended March 31, 2018 until the date of the Clifton merger, at which time Clifton’s results of operations were included in the Company’s financial statements. The unaudited supplemental pro forma information for year ended June 30, 2018 set forth below reflects adjustments related to (a) purchase accounting fair value adjustments; (b) amortization of core deposit and other intangibles; and (c) adjustments to interest income and expense due to amortization of premiums and accretion of discounts. Direct merger-related expenses incurred in the year ended June 30, 2018 are assumed to have occurred prior to July 1, 2018. Furthermore, the unaudited supplemental pro forma information does not reflect management’s estimate of any revenue enhancement opportunities or anticipated potential cost savings for periods that include data as of April 2, 2018 or earlier. Unaudited Supplemental Pro Forma Information Year Ended June 30, 2018 Net interest income $ 169,094 Non-interest income 15,683 Non-interest expense 113,816 Net income available to common stockholders 40,216 Pro forma earnings per common share from continuing operations: Basic $ 0.37 Diluted $ 0.37 |
Securities Available for Sale
Securities Available for Sale | 12 Months Ended |
Jun. 30, 2020 | |
Securities Available for Sale [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Securities | Note 4 - Securities Available for Sale The amortized cost, gross unrealized gains and losses and fair value of debt securities and mortgage-backed securities at June 30, 2020 and 2019 and stratification by contractual maturity of debt securities at June 30, 2020 are presented below as of the dates indicated. As of July 1, 2019, the Company adopted ASU 2019-04 and reclassified $537.7 million of securities held to maturity to securities available for sale. See Note 2, Recent Accounting Pronouncements, for further details regarding the adoption of ASU 2019-04. June 30, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Investment securities available for sale: Debt securities: Obligations of state and political subdivisions $ 52,843 $ 1,211 $ - $ 54,054 Asset-backed securities 177,413 - 4,966 172,447 Collateralized loan obligations 198,619 - 4,831 193,788 Corporate bonds 142,942 1,267 570 143,639 Trust preferred securities 2,967 - 340 2,627 Total debt securities 574,784 2,478 10,707 566,555 Mortgage-backed securities: Collateralized mortgage obligations (1) 30,043 860 - 30,903 Residential pass-through securities (1) 543,819 18,135 - 561,954 Commercial pass-through securities (1) 214,575 11,716 - 226,291 Total mortgage-backed securities 788,437 30,711 - 819,148 Total securities available for sale $ 1,363,221 $ 33,189 $ 10,707 $ 1,385,703 (1) Government-sponsored enterprises. June 30, 2020 Amortized Cost Fair Value (In Thousands) Debt securities available for sale: Due in one year or less $ 5,424 $ 5,429 Due after one year through five years 84,722 84,676 Due after five years through ten years 197,429 197,247 Due after ten years 287,209 279,203 Total $ 574,784 $ 566,555 Note 4 - Securities Available for Sale (continued) June 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Securities available for sale: Debt securities: U.S. agency securities $ 3,642 $ 40 $ 4 $ 3,678 Obligations of state and political subdivisions 26,628 323 - 26,951 Asset-backed securities 178,168 1,465 320 179,313 Collateralized loan obligations 209,453 254 1,096 208,611 Corporate bonds 122,929 121 1,026 122,024 Trust preferred securities 3,967 - 211 3,756 Total debt securities 544,787 2,203 2,657 544,333 Mortgage-backed securities: Collateralized mortgage obligations (1) 21,469 70 149 21,390 Residential pass-through securities (1) 44,611 156 464 44,303 Commercial pass-through securities (1) 101,421 2,816 - 104,237 Total mortgage-backed securities 167,501 3,042 613 169,930 Total securities available for sale $ 712,288 $ 5,245 $ 3,270 $ 714,263 (1) Government-sponsored enterprises. Sales of securities available for sale were as follows for the periods presented below: June 30, June 30, June 30, 2020 2019 2018 (In Thousands) Available for sale securities sold: Proceeds from sales of securities $ 164,299 $ 75,401 $ 254,606 Gross realized gains $ 2,363 $ 190 $ - Gross realized losses (145 ) (513 ) (31 ) Net gain (loss) on sales of securities $ 2,218 $ (323 ) $ (31 ) Calls of securities available for sale resulted in gross gains of $32,000 during the year ended June 30, 2020. During the year ended June 30, 2019 there were no gains or losses recorded on calls of securities available for sale. During the year ended June 30, 2018 calls of securities available for sale resulted in gross gains of $47,000. Securities available for sale pledged for borrowings at the FHLB and other institutions, and securities pledged for public funds and other purposes, were as follows for the periods presented below: June 30, June 30, 2020 2019 (In Thousands) Available for sale securities pledged: Pledged for borrowings at the FHLB of New York $ 155,288 $ 24,099 Pledged to secure public funds on deposit 19,944 - Pledged for potential borrowings at the Federal Reserve Bank of New York 333,926 43,623 Pledged as collateral for depositor sweep accounts 7,830 1,322 Total available for sale securities pledged $ 516,988 $ 69,044 |
Securities Held to Maturity
Securities Held to Maturity | 12 Months Ended |
Jun. 30, 2020 | |
Securities Held to Maturity [Member] | |
Schedule Of Held To Maturity Securities [Line Items] | |
Securities | Note 5 – Securities Held to Maturity The amortized cost, gross unrecognized gains and losses and fair value of debt securities and mortgage-backed securities at June 30, 2020 and 2019 and stratification by contractual maturity of debt securities at June 30, 2020 are presented below as of the dates indicated. As of July 1, 2019, the Company adopted ASU 2019-04 and reclassified $537.7 million of securities held to maturity to securities available for sale. See Note 2, Recent Accounting Pronouncements, for further details regarding the adoption of ASU 2019-04. June 30, 2020 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value (In Thousands) Investment securities held to maturity: Debt securities: Obligations of state and political subdivisions $ 32,556 $ 1,513 $ - $ 34,069 Total debt securities 32,556 1,513 - 34,069 Total securities held to maturity $ 32,556 $ 1,513 $ - $ 34,069 June 30, 2020 Amortized Cost Fair Value (In Thousands) Debt securities held to maturity: Due in one year or less $ 6,618 $ 6,655 Due after one year through five years 18,529 19,337 Due after five years through ten years 7,409 8,077 Total $ 32,556 $ 34,069 June 30, 2019 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value (In Thousands) Securities held to maturity: Debt securities: Obligations of state and political subdivisions $ 104,086 $ 1,787 $ 16 $ 105,857 Corporate bonds 63,086 914 - 64,000 Total debt securities 167,172 2,701 16 169,857 Mortgage-backed securities: Collateralized mortgage obligations (1) 46,370 568 168 46,770 Residential pass-through securities (1) 166,283 1,961 518 167,726 Commercial pass-through securities (1) 196,816 3,504 6 200,314 Non-agency securities 11 - - 11 Total mortgage-backed securities 409,480 6,033 692 414,821 Total securities held to maturity $ 576,652 $ 8,734 $ 708 $ 584,678 (1) Government-sponsored enterprises. Note 5 – Securities Held to Maturity (continued) Sales of securities held to maturity were as follows for the periods presented below: June 30, June 30, June 30, 2020 2019 2018 (In Thousands) Held to maturity securities sold: (1) (2) Proceeds from sales of securities $ - $ - $ 211 Gross realized gains $ - $ - $ - Gross realized losses - - (8 ) Net (loss) gain on sales of securities $ - $ - $ (8 ) (1) During the years ended June 30, 2020 and June 30, 2019, there were no sales of securities held to maturity. (2 ) During the year ended June 30, 2018, the securities sold were limited to those securities where there was evidence of a deterioration of creditworthiness. During the years ended June 30, 2020, 2019 and 2018, there were no gains or losses recorded on calls of securities held to maturity. Securities held to maturity pledged for borrowings at the FHLB and other institutions, and securities pledged for public funds and other purposes, were as follows for the periods presented below: June 30, June 30, 2020 2019 (In Thousands) Held to maturity securities pledged: Pledged for borrowings at the FHLB of New York $ - $ 136,696 Pledged to secure public funds on deposit - 7,023 Pledged for potential borrowings at the Federal Reserve Bank of New York 32,556 103,419 Pledged as collateral for depositor sweep accounts - 12,884 Total held to maturity securities pledged $ 32,556 $ 260,022 |
Impairment of Securities
Impairment of Securities | 12 Months Ended |
Jun. 30, 2020 | |
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 and unrecognized losses within the available for sale and held to maturity portfolios at June 30, 2020 and June 30, 2019. The gross unrealized and unrecognized losses, presented by security type, represent temporary impairments of value within each portfolio as of the dates presented. 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, 2020 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses (Dollars in Thousands) Securities Available for Sale: Asset-backed securities $ 146,494 $ 3,962 $ 25,954 $ 1,004 16 $ 172,448 $ 4,966 Collateralized loan obligations 71,282 1,245 122,506 3,586 19 193,788 4,831 Corporate bonds 24,764 236 39,651 334 8 64,415 570 Trust preferred securities - - 2,626 340 2 2,626 340 Total $ 242,540 $ 5,443 $ 190,737 $ 5,264 45 $ 433,277 $ 10,707 June 30, 2019 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses (Dollars in Thousands) Securities Available for Sale: U.S. agency securities $ - $ - $ 1,122 $ 4 5 $ 1,122 $ 4 Asset-backed securities 40,211 262 4,934 58 4 45,145 320 Collateralized loan obligations 44,061 75 115,914 1,021 15 159,975 1,096 Corporate bonds 47,486 509 44,462 517 11 91,948 1,026 Trust preferred securities - - 2,756 211 2 2,756 211 Collateralized mortgage obligations - - 16,369 149 4 16,369 149 Residential pass-through securities - - 33,519 464 6 33,519 464 Total $ 131,758 $ 846 $ 219,076 $ 2,424 47 $ 350,834 $ 3,270 Note 6 – Impairment of Securities (continued) At June 30, 2020, there were no held to maturity securities with unrecognized losses. June 30, 2019 Less than 12 Months 12 Months or More Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Number of Securities Fair Value Unrecognized Losses (Dollars in Thousands) Securities Held to Maturity: Obligations of state and political subdivisions $ 274 $ 1 $ 7,149 $ 15 19 $ 7,423 $ 16 Collateralized mortgage obligations - - 9,347 168 5 9,347 168 Residential pass-through securities 438 1 76,848 517 70 77,286 518 Commercial pass-through securities - - 1,852 6 2 1,852 6 Total $ 712 $ 2 $ 95,196 $ 706 96 $ 95,908 $ 708 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: (i) when the Company intends to sell the impaired debt security; (ii) when the Company more likely than not will be required to sell the impaired debt security before recovery of its amortized cost; or (iii) 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. In the first two circumstances noted above, the amount of OTTI to be 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 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. Note 6 – Impairment of Securities (continued) The Company considers a variety of factors when determining whether a credit loss exists for an impaired security including, but not limited to (i) the length of time and the extent to which the fair value has been less than the amortized cost basis; (ii) adverse conditions specifically related to the security, an industry, or a geographic area; (iii) the historical and implied volatility of the fair value of the security; (iv) the payment structure of the debt security; (v) actual or expected failure of the issuer of the security to make scheduled interest or principal payments; (vi) changes to the rating of the security by external rating agencies; and (vii) recoveries or additional declines in fair value subsequent to the balance sheet date. The Company regularly monitors the historical cash flows and financial strength of all issuers and/or guarantors to confirm that security impairment, where applicable, is not due to an actual or expected adverse change in security cash flows that would result in the recognition of credit-related OTTI. The unrealized losses on the Company’s securities are due to the combined effects of several market-related factors including changes in market interest rates and changes in market credit spreads. 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. Unrealized losses within the asset-backed securities and collateralized loan obligation categories are reflective of such changes in market credit spreads however are not necessarily indicative of OTTI. No issuers within these investment categories have defaulted on their interest payments, the Company has the stated ability and intent to hold until forecasted recovery those securities so designated 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. In light of the factors noted above, the Company does not consider its balance of securities with unrealized losses at June 30, 2020 and June 30, 2019, to be other-than-temporarily impaired as of those dates. |
Loans Receivable
Loans Receivable | 12 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Loans Receivable | Note 7 – Loans Receivable The following table sets forth the composition of the Company’s loan portfolio at June 30, 2020 and June 30, 2019: June 30, June 30, 2020 2019 (In Thousands) Commercial loans: Multi-family $ 2,059,568 $ 1,946,391 Nonresidential 960,853 1,258,869 Commercial business (1) 138,788 65,763 Construction 20,961 13,907 Total commercial loans 3,180,170 3,284,930 One- to four-family residential mortgage loans 1,273,022 1,344,044 Consumer loans: Home equity loans and lines of credit 82,920 96,165 Other consumer loans 3,991 5,814 Total consumer loans 86,911 101,979 Total loans 4,540,103 4,730,953 Unaccreted yield adjustments (41,706 ) (52,025 ) Total loans receivable, net of yield adjustments $ 4,498,397 $ 4,678,928 (1) Includes Payroll Protection Program (“PPP”) loans of $69.0 million as of June 30, 2020. The Bank has granted loans to officers and directors of the Company and its subsidiaries and to their associates. As of June 30, 2020 and 2019 such loans totaled approximately $2.4 million and $3.6 million, respectively. During the year ended June 30, 2020 the Bank granted two new loans to related parties totaling $1.0 million. During the year ended June 30, 2019 the Bank granted one new loan to related parties totaling $453,000. |
Loan Quality and Allowance for
Loan Quality and Allowance for Loan Losses | 12 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Loan Quality and Allowance for Loan Losses | Note 8 – Loan Quality and the Allowance for Loan Losses 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, 2020, we held one single-family properties in other real estate owned with aggregate carrying values of $178,000 that were acquired through foreclosures on residential mortgage loans. As of that same date, we held nine residential mortgage loans with aggregate carrying values totaling $1.9 million which were in the process of foreclosure. As of June 30, 2019, we held no single-family properties that were acquired through foreclosures on residential mortgage loans. As of that same date, we held 11 residential mortgage loans with aggregate carrying values totaling $2.1 million which were in the process of foreclosure. The states of New Jersey and New York have issued executive orders which declared moratoriums on removing individuals from a residential property as a result of an eviction or foreclosure proceeding. The New Jersey order will be in effect for at least 60 days and the New York order will be in effect until at least September 4, 2020. In response to these orders, on March 28, 2020, the Company temporarily suspended residential property foreclosure sales and evictions. 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, 2020 and 2019 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, 2020, 2019 and 2018. 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 At June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Balance of allowance for loan losses: Loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - Loans individually evaluated for impairment - 41 47 - 1 - - 89 Loans collectively evaluated for impairment 20,916 8,722 1,879 236 4,859 568 58 37,238 Total allowance for loan losses $ 20,916 $ 8,763 $ 1,926 $ 236 $ 4,860 $ 568 $ 58 $ 37,327 Balance of Loans Receivable At June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Balance of loans receivable: Loans acquired with deteriorated credit quality $ - $ - $ 222 $ - $ 77 $ - $ - $ 299 Loans individually evaluated for impairment 2,962 24,048 5,567 - 10,689 1,557 - 44,823 Loans collectively evaluated for impairment 2,056,606 936,805 132,999 20,961 1,262,256 81,363 3,991 4,494,981 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 Unaccreted yield adjustments (41,706 ) Loans receivable, net of yield adjustments $ 4,498,397 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses At June 30, 2019 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Balance of allowance for loan losses: Loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - Loans individually evaluated for impairment - - - - 31 - - 31 Loans collectively evaluated for impairment 16,959 9,672 2,467 136 3,346 491 172 33,243 Total allowance for loan losses $ 16,959 $ 9,672 $ 2,467 $ 136 $ 3,377 $ 491 $ 172 $ 33,274 Balance of Loans Receivable At June 30, 2019 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Balance of loans receivable: Loans acquired with deteriorated credit quality $ - $ - $ 242 $ - $ 84 $ - $ - 326 Loans individually evaluated for impairment 70 8,900 1,213 - 12,545 1,531 - 24,259 Loans collectively evaluated for impairment 1,946,321 1,249,969 64,308 13,907 1,331,415 94,634 5,814 4,706,368 Total loans $ 1,946,391 $ 1,258,869 $ 65,763 $ 13,907 $ 1,344,044 $ 96,165 $ 5,814 $ 4,730,953 Unaccreted yield adjustments (52,025 ) Loans receivable, net of yield adjustments $ 4,678,928 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses Year Ended June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Changes in the allowance for loan losses for the year ended June 30, 2020: At June 30, 2019: $ 16,959 $ 9,672 $ 2,467 $ 136 $ 3,377 $ 491 $ 172 $ 33,274 Total charge offs - - (50 ) - - - (139 ) (189 ) Total recoveries - 10 2 - - - 33 45 Total provisions 3,957 (919 ) (493 ) 100 1,483 77 (8 ) 4,197 Total allowance for loan losses $ 20,916 $ 8,763 $ 1,926 $ 236 $ 4,860 $ 568 $ 58 $ 37,327 Allowance for Loan Losses Year Ended June 30, 2019 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Changes in the allowance for loan losses for the year ended June 30, 2019: At June 30, 2018: $ 14,946 $ 9,787 $ 2,552 $ 258 $ 2,479 $ 430 $ 413 $ 30,865 Total charge offs - (54 ) (861 ) - (83 ) - (285 ) (1,283 ) Total recoveries - 6 47 - - - 83 136 Total provisions 2,013 (67 ) 729 (122 ) 981 61 (39 ) 3,556 Total allowance for loan losses $ 16,959 $ 9,672 $ 2,467 $ 136 $ 3,377 $ 491 $ 172 $ 33,274 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses Year Ended June 30, 2018 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Changes in the allowance for loan losses for the year ended June 30, 2018: At June 30, 2017: $ 13,941 $ 9,939 $ 1,709 $ 35 $ 2,384 $ 501 $ 777 $ 29,286 Total charge offs - (45 ) (145 ) - (521 ) (18 ) (829 ) (1,558 ) Total recoveries - - 90 - 172 65 104 431 Total provisions 1,005 (107 ) 898 223 444 (118 ) 361 2,706 Total allowance for loan losses $ 14,946 $ 9,787 $ 2,552 $ 258 $ 2,479 $ 430 $ 413 $ 30,865 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, 2020 and 2019: Credit-Rating Classification of Loans Receivable At June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Pass $ 2,055,520 $ 932,202 $ 132,818 $ 20,961 $ 1,258,246 $ 81,120 $ 3,979 $ 4,484,846 Special Mention 1,086 4,373 2,585 - 981 157 5 9,187 Substandard 2,962 24,278 3,385 - 13,795 1,643 6 46,069 Doubtful - - - - - - 1 1 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 Credit-Rating Classification of Loans Receivable At June 30, 2019 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Pass $ 1,945,205 $ 1,249,438 $ 59,768 $ 13,907 $ 1,328,811 $ 94,544 $ 5,776 $ 4,697,449 Special Mention 1,116 - 3,894 - 629 28 14 5,681 Substandard 70 9,431 2,101 - 14,604 1,593 23 27,822 Doubtful - - - - - - 1 1 Total loans $ 1,946,391 $ 1,258,869 $ 65,763 $ 13,907 $ 1,344,044 $ 96,165 $ 5,814 $ 4,730,953 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Contractual Payment Status of Loans Receivable At June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Current $ 2,059,568 $ 941,714 $ 138,439 $ 20,961 $ 1,264,267 $ 82,358 $ 3,981 $ 4,511,288 Past due: 30-59 days - - - - 3,211 169 - 3,380 60-89 days - 14,478 - - 1,038 13 5 15,534 90 days and over - 4,661 349 - 4,506 380 5 9,901 Total past due - 19,139 349 - 8,755 562 10 28,815 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 Contractual Payment Status of Loans Receivable At June 30, 2019 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Current $ 1,946,391 $ 1,256,892 $ 65,668 $ 13,907 $ 1,338,347 $ 95,793 $ 5,754 $ 4,722,752 Past due: 30-59 days - - 95 - 1,680 197 25 1,997 60-89 days - - - - 473 36 13 522 90 days and over - 1,977 - - 3,544 139 22 5,682 Total past due - 1,977 95 - 5,697 372 60 8,201 Total loans $ 1,946,391 $ 1,258,869 $ 65,763 $ 13,907 $ 1,344,044 $ 96,165 $ 5,814 $ 4,730,953 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, 2020 and 2019. Loans reported as 90 days and over past due and accruing in the table immediately below are also reported in the preceding contractual payment status table under the heading 90 days and over past due. Performance Status of Loans Receivable At June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Performing $ 2,056,606 $ 936,917 $ 138,196 $ 20,961 $ 1,264,663 $ 82,078 $ 3,986 $ 4,503,407 Nonperforming: 90 days and over past due accruing - - - - - - 5 5 Nonaccrual 2,962 23,936 592 - 8,359 842 - 36,691 Total nonperforming 2,962 23,936 592 - 8,359 842 5 36,696 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 Performance Status of Loans Receivable At June 30, 2019 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Performing $ 1,946,321 $ 1,249,969 $ 65,294 $ 13,907 $ 1,334,101 $ 95,299 $ 5,792 $ 4,710,683 Nonperforming: 90 days and over past due accruing - - - - - - 22 22 Nonaccrual 70 8,900 469 - 9,943 866 - 20,248 Total nonperforming 70 8,900 469 - 9,943 866 22 20,270 Total loans $ 1,946,391 $ 1,258,869 $ 65,763 $ 13,907 $ 1,344,044 $ 96,165 $ 5,814 $ 4,730,953 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Impairment Status of Loans Receivable At or Year Ended June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Carrying value of impaired loans: Non-impaired loans $ 2,056,606 $ 936,805 $ 132,999 $ 20,961 $ 1,262,256 $ 81,363 $ 3,991 $ 4,494,981 Impaired loans: Impaired loans with no allowance for impairment 2,962 22,516 5,622 10,659 1,557 - 43,316 Impaired loans with allowance for impairment: Recorded investment - 1,532 167 - 107 - - 1,806 Allowance for impairment - (41 ) (47 ) - (1 ) - - (89 ) Balance of impaired loans net of allowance for impairment - 1,491 120 - 106 - - 1,717 Total impaired loans, excluding allowance for impairment: 2,962 24,048 5,789 - 10,766 1,557 - 45,122 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 Unpaid principal balance of impaired loans: Total impaired loans $ 3,544 $ 25,898 $ 8,778 $ 73 $ 12,908 $ 1,950 $ - $ 53,151 For the year ended June 30, 2020: Average balance of impaired loans $ 2,334 $ 13,450 $ 3,934 $ - $ 10,761 $ 1,568 $ - $ 32,047 Interest earned on impaired loans $ 28 $ 2 $ 273 $ - $ 122 $ 34 $ - $ 459 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Impairment Status of Loans Receivable At June 30, 2019 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Carrying value of impaired loans: Non-impaired loans $ 1,946,321 $ 1,249,969 $ 64,308 $ 13,907 $ 1,331,415 $ 94,634 $ 5,814 $ 4,706,368 Impaired loans: Impaired loans with no allowance for impairment 70 8,900 1,455 - 12,266 1,531 - 24,222 Impaired loans with allowance for impairment: Recorded investment - - - - 363 - - 363 Allowance for impairment - - - - (31 ) - - (31 ) Balance of impaired loans net of allowance for impairment - - - - 332 - - 332 Total impaired loans, excluding allowance for impairment: 70 8,900 1,455 - 12,629 1,531 - 24,585 Total loans $ 1,946,391 $ 1,258,869 $ 65,763 $ 13,907 $ 1,344,044 $ 96,165 $ 5,814 $ 4,730,953 Unpaid principal balance of impaired loans: Total impaired loans $ 779 $ 10,200 $ 3,987 $ 73 $ 14,985 $ 1,924 $ - $ 31,948 For the year ended June 30, 2019: Average balance of impaired loans $ 91 $ 8,242 $ 2,212 $ - $ 12,883 $ 1,547 $ - $ 24,975 Interest earned on impaired loans $ - $ - $ 67 $ - $ 129 $ 34 $ - $ 230 Impairment Status of Loans Receivable Year Ended June 30, 2018 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) For the year ended June 30, 2018: Average balance of impaired loans $ 136 $ 6,484 $ 2,690 $ 106 $ 9,465 $ 1,667 $ - $ 20,548 Interest earned on impaired loans $ - $ 5 $ 44 $ - $ 131 $ 32 $ - $ 212 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, 2020, June 30, 2019 and June 30, 2018 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, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (Dollars in Thousands) Troubled debt restructuring activity for the year ended June 30, 2020: Number of loans 1 1 5 - 5 1 - 13 Pre-modification outstanding recorded investment $ 3,062 $ 521 $ 4,349 $ - $ 1,285 $ 82 $ - $ 9,299 Post-modification outstanding recorded investment 2,996 517 4,415 - 1,220 81 - 9,229 Reserves included in and charge offs against the allowance for loan loss recognized at modification - - 15 - 1 - - 16 - . Troubled debt restructuring defaults for the year ended June 30, 2020: Number of loans - - - - - - - - Outstanding recorded investment $ - $ - $ - $ - $ - $ - $ - $ - Troubled Debt Restructurings of Loans Receivable Year Ended June 30, 2019 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (Dollars in Thousands) Troubled debt restructuring activity for the year ended June 30, 2019: Number of loans - 2 6 - 8 1 - 17 Pre-modification outstanding recorded investment $ - $ 3,329 $ 1,468 $ - $ 1,523 $ 109 $ - $ 6,429 Post-modification outstanding recorded investment - 3,329 1,488 - 1,576 123 - 6,516 Reserves included in and charge offs against the allowance for loan loss recognized at modification - 2 - - 2 - - 4 Troubled debt restructuring defaults for the year ended June 30, 2019: 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, 2018 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (Dollars in Thousands) Troubled debt restructuring activity for the year ended June 30, 2018: Number of loans - 2 - - 6 2 - 10 Pre-modification outstanding recorded investment $ - $ 315 $ - $ - $ 1,635 $ 90 $ - $ 2,040 Post-modification outstanding recorded investment - 330 - - 1,981 88 - 2,399 Reserves included in and charge offs against the allowance for loan loss recognized at modification - 7 - - 145 2 - 154 Troubled debt restructuring defaults for the year ended June 30, 2018: Number of loans - - - - - - - - Outstanding recorded investment $ - $ - $ - $ - $ - $ - $ - $ - The manner in which the terms of a loan are modified through a troubled debt restructuring generally includes one or more of the following changes to the loan’s repayment terms: • Interest Rate Reduction : Temporary or permanent reduction of the interest rate charged against the outstanding balance of the loan. • Capitalization of Prior Past Dues : Capitalization of prior amounts due to the outstanding balance of the loan. • Extension of Maturity or Balloon Date : Extending the term of the loan past its original balloon or maturity date. • Deferral of Principal Payments : Temporary deferral of the principal portion of a loan payment. • Payment Recalculation and Re-amortization : Recalculation of the recurring payment obligation and resulting loan amortization/repayment schedule based on the loan’s modified terms. Note 8 – Loan Quality and the Allowance for Loan Losses (continued) In March 2020, various regulatory agencies, including the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation issued an interagency statement on loan modifications and reporting for financial institutions working with customers affected by COVID-19. The interagency statement was effective immediately and impacted accounting for loan modifications. The agencies confirmed with the staff of the FASB that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief, are not to be considered TDRs. This includes short-term (e.g., three to six months), modifications such as payment deferrals, fee waivers, extension of repayment terms, or other delays in payment that are insignificant. Provisions of the CARES Act largely mirrored the provisions of the interagency statement, providing that modified loans were not to be considered TDRs if they were performing at December 31, 2019 and other consideration set forth in the interagency statements were met. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented or at December 31, 2019. Through June 30, 2020, the Company had modified a total of 711 non-TDR loans with an aggregate principal balance of $781.3 million. The following table sets forth the composition of these loans by loan segments as of June 30, 2020: June 30, 2020 # of Loans Balance (In Thousands) Commercial loans: Multi-family mortgage loans 136 $ 387,744 Nonresidential mortgage 131 237,384 Commercial business 54 10,450 Construction 1 796 Total commercial loans 322 636,374 Residential mortgage 345 141,890 Consumer loans: Home equity loans 44 3,014 Total loans 711 $ 781,278 |
Leases
Leases | 12 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | Note 9 – Leases The Company adopted ASU 2016-02, “ Leases (Topic 842) As of June 30, 2020, the weighted average remaining lease term for operating leases was 8.41 years and the weighted average discount rate used in the measurement of operating lease liabilities was 2.49%. The Company has elected to account for lease and non-lease components separately since such amounts are readily determinable under the Company’s lease contracts. Total operating lease costs for the year ended June 30, 2020 was $4.0 million. There were no sale and leaseback transactions, leveraged leases or lease transactions with related parties during the year ended June 30 2020. At June 30, 2020, the Company had no leases that had not yet commenced. A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability at June 30, 2020 is as follows: June 30, 2020 (In Thousands) Less than one year $ 3,212 After one year but within two years 3,004 After two years but within three years 2,405 After three years but within four years 1,739 After four years but within five years 1,509 Greater than five years 7,373 Total undiscounted cash flows 19,242 Less: discount on cash flows (2,115 ) Total lease liability $ 17,127 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Jun. 30, 2020 | |
Property Plant And Equipment [Abstract] | |
Premises and Equipment | Note 10 – Premises and Equipment June 30, 2020 2019 (In Thousands) Land $ 12,376 $ 13,118 Buildings and improvements 46,219 46,802 Leasehold improvements 10,234 7,852 Furnishings and equipment 24,719 22,985 Construction in progress 4,174 4,690 97,722 95,447 Less accumulated depreciation and amortization 40,333 38,593 Total premises and equipment $ 57,389 $ 56,854 Depreciation expense on premises and equipment for the fiscal years ended June 30, 2020, 2019 and 2018 totaled $4.6 million, $4.3 million and 3.2 million, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Jun. 30, 2020 | |
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, 2017 $ 108,591 $ 292 Acquisition of Clifton Bancorp Inc. 102,304 6,367 Amortization - (364 ) Balance at June 30, 2018 210,895 6,295 Amortization - (1,135 ) Balance at June 30, 2019 210,895 5,160 Amortization - (1,165 ) Balance at June 30, 2020 $ 210,895 $ 3,995 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) 2021 $ 885 2022 595 2023 484 2024 454 2025 428 Thereafter 1,149 |
Deposits
Deposits | 12 Months Ended |
Jun. 30, 2020 | |
Deposits [Abstract] | |
Deposits | Note 12 – Deposits Deposits are summarized as follows: June 30, 2020 2019 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) Non-interest-bearing demand $ 419,138 0.00 % $ 309,063 0.00 % Interest-bearing demand 1,264,151 0.54 843,432 0.94 Savings 906,597 0.83 790,658 0.73 Certificates of deposits 1,840,396 1.79 2,204,457 2.16 Total deposits $ 4,430,282 1.07 % $ 4,147,610 1.48 % Brokered deposits are summarized as follows: June 30, 2020 2019 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) Certificates of deposits $ 31,379 2.16 % $ 235,805 2.42 % Total brokered deposits $ 31,379 2.16 % $ 235,805 2.42 % A summary of certificates of deposit by maturity follows: June 30, 2020 (In Thousands) One year or less $ 1,515,042 After one year to two years 170,914 After two years to three years 84,803 After three years to four years 26,519 After four years to five years 37,129 After five years 5,989 Total certificates of deposit $ 1,840,396 Certificates of deposit with balances of $250,000 or more at June 30, 2020 and 2019, totaled approximately $297.0 million and $521.8 million, respectively. The Bank’s deposits are insurable to applicable limits by the Federal Deposit Insurance Corporation. |
Borrowings
Borrowings | 12 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 13 – Borrowings Fixed-rate advances from FHLB of New York mature as follows: June 30, 2020 June 30, 2019 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) By remaining period to maturity: Less than one year $ 865,000 0.45 % $ 873,400 2.49 % One to two years 27,000 2.85 64,046 1.87 Two to three years 145,000 3.04 62,700 2.46 Three to four years 22,500 2.63 155,000 3.00 Four to five years 103,500 2.68 22,500 2.63 Greater than five years 6,500 2.82 110,000 2.69 Total advances 1,169,500 1.08 % 1,287,646 2.54 % Unamortized fair value adjustments (2,071 ) (4,435 ) Total advances, net of fair value adjustments $ 1,167,429 $ 1,283,211 At June 30, 2020, FHLB advances were collateralized by the FHLB capital stock owned by the Bank and mortgage loans and securities with carrying values totaling approximately $3.21 billion and $155.3 million, respectively. At June 30, 2019, FHLB advances were collateralized by the FHLB capital stock owned by the Bank and mortgage loans and securities with carrying values totaling approximately $3.04 billion and $160.8 million, respectively. Borrowings at June 30, 2020 and 2019 also included overnight borrowings in the form of depositor sweep accounts totaling $5.7 million and $8.8 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. Borrowings at June 30, 2019 also included other overnight borrowings totaling $30.0 million, while there were no such borrowings at June 30, 2020. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Jun. 30, 2020 | |
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 positions. 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, 2020 and June 30, 2019: June 30, 2020 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (In Thousands) Derivatives designated as hedging instruments: Interest rate contracts Other assets $ 235 Other liabilities $ 18,177 Total $ 235 $ 18,177 June 30, 2019 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (In Thousands) Derivatives designated as hedging instruments: Interest rate contracts Other assets $ 3,856 Other liabilities $ 140 Total $ 3,856 $ 140 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, 2020, the Company had a total of 16 interest rate swaps and caps with a total notional amount of $1.32 billion hedging specific wholesale funding positions. For derivatives designated as cash flow hedges, the gain or loss on the derivatives is recorded in other comprehensive income, net of tax, and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable rate wholesale funding positions. During the year ended June 30, 2020, the Company had $1.9 million of reclassifications to interest expense. During the next 12 months, the Company estimates that $8.1 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, 2020, June 30, 2019 and June 30, 2018: Year Ended June 30, 2020 Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (In Thousands) Derivatives in cash flow hedging relationships: Interest rate contracts $ (21,264 ) Interest expense $ 1,870 Total $ (21,264 ) $ 1,870 Year Ended June 30, 2019 Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (In Thousands) Derivatives in cash flow hedging relationships: Interest rate contracts $ (21,409 ) Interest expense $ 6,753 Total $ (21,409 ) $ 6,753 Year Ended June 30, 2018 Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (In Thousands) Derivatives in cash flow hedging relationships: Interest rate contracts $ 22,734 Interest expense $ (2,826 ) Total $ 22,734 $ (2,826 ) Note 14 – Derivative Instruments and Hedging Activities (continued) 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, 2020 and June 30, 2019, 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, 2020 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received Net Amount (In Thousands) Assets: Interest rate contracts $ 592 $ (357 ) $ 235 $ - $ - $ 235 Total $ 592 $ (357 ) $ 235 $ - $ - $ 235 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Posted Net Amount (In Thousands) Liabilities: Interest rate contracts $ 18,534 $ (357 ) $ 18,177 $ - $ (18,177 ) $ - Total $ 18,534 $ (357 ) $ 18,177 $ - $ (18,177 ) $ - June 30, 2019 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received Net Amount (In Thousands) Assets: Interest rate contracts $ 5,334 $ (1,478 ) $ 3,856 $ - $ - $ 3,856 Total $ 5,334 $ (1,478 ) $ 3,856 $ - $ - $ 3,856 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Posted Net Amount (In Thousands) Liabilities: Interest rate contracts $ 1,618 $ (1,478 ) $ 140 $ - $ - $ 140 Total $ 1,618 $ (1,478 ) $ 140 $ - $ - $ 140 Note 14 – Derivative Instruments and Hedging Activities (continued) 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, 2020, the termination value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to those agreements was $18.3 million. As required under the enforceable master netting arrangement with its derivatives counterparties, at June 30, 2020 the Company posted financial collateral of $18.2 million that was not included as an offsetting amount. By comparison, at June 30, 2019, the Company received financial collateral of $5.0 million that was not included as offsetting amount. In addition to the derivative instruments noted above, the Company’s pipeline of loans held for sale at June 30, 2020 and June 30, 2019, included $127.2 million and $46.2 million, respectively, of in-process loans whose terms included interest rate locks to borrowers that were paired with a best-efforts commitment to sell the loan to a buyer at a fixed price within a predetermined timeframe after the sale commitment is established. The Company’s pipeline of loans held for sale are considered free-standing derivative instruments whose fair values are not material to our financial condition or results of operations. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Jun. 30, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Benefit Plans | Note 15 – Benefit Plans Components of Net Periodic Expense The following table sets forth the aggregate net periodic benefit expense for the Bank’s Benefit Equalization Plan, Postretirement Welfare Plan, Directors’ Consultation and Retirement Plan and Atlas Bank Retirement Income Plan: Affected Line Item in the Consolidated Years Ended June 30, Statements of Income 2020 2019 2018 (In Thousands) Service cost $ 78 $ 54 $ 48 Salaries and employee benefits Interest cost 326 378 373 Miscellaneous non-interest expense Amortization of unrecognized loss 19 43 45 Miscellaneous non-interest expense Expected return on assets (112 ) (112 ) (120 ) Miscellaneous non-interest expense Net periodic benefit cost $ 311 $ 363 $ 346 The other components of net periodic benefit cost are required to be presented in the Consolidated Statements of Income separately from the service cost component. The table above details the affected line items within the Consolidated Statements of Income related to the net periodic benefit costs for the periods noted. Note 15 – Benefit Plans (continued) Employee Stock Ownership Plan In February 2005, the Bank established an Employee Stock Ownership Plan (“ESOP”) for all eligible employees who complete a twelve-month period of employment with the Bank. Eligible employees may enter the plan on January 1 st st In 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 $2,354,000, $2,464,000 and $2,641,000 for the years ended June 30, 2020, 2019 and 2018, respectively. At June 30, 2020 and 2019, the ESOP shares were as follows: June 30, 2020 2019 (In Thousands) Allocated shares 1,924 1,862 Total shares distributed to employees 1,038 899 Shares committed to be released 100 100 Unearned shares 2,960 3,161 Total ESOP shares 6,022 6,022 Fair value of unearned ESOP shares $ 24,213 $ 42,010 Employee Stock Ownership Plan Benefit Equalization Plan ("ESOP BEP") The Bank has a non-qualified plan to compensate its executive officers who participate in the Bank's ESOP for certain benefits lost under such plan by reason of benefit limitations imposed by the Internal Revenue Code (“IRC”). The ESOP BEP expense was approximately $24,000, $47,000 and $24,000 for the years ended June 30, 2020, 2019 and 2018, respectively. The liability totaled approximately $20,000 and $19,500 at June 30, 2020 and 2019, respectively. Note 15 – Benefit Plans (continued) Employees’ Savings and Profit Sharing Plan The Bank sponsors the Employees' Savings and Profit Sharing Plan and Trust (the “Plan”), pursuant to Section 401(k) of the Internal Revenue Code, for all eligible employees. Employees may elect to contribute up to 75% of their compensation subject to the limitations imposed by the Internal Revenue Code. The Bank will contribute a matching contribution up to 3.5% of an eligible employee’s salary deferral contribution, provided the eligible employee has contributed 6%. The Plan expense amounted to approximately $1,147,000, $1,047,000 and $872,000 for the years ended June 30, 2020, 2019 and 2018, 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 001. 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, 2019 and 2018 was 104.08% and 107.73%, 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 $138.3 million and $164.6 million for the plan years ended June 30, 2019 and June 30, 2018, 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, 2020, 2019 and 2018, the total expense recorded for the Pentegra DB Plan was approximately $340,000, $967,000 and $1,115,000, 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, 2020 2019 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 2,553 $ 2,716 Interest cost 77 108 Actuarial (gain) loss (228 ) (58 ) Benefit payments (117 ) (213 ) Projected benefit obligation - ending $ 2,285 $ 2,553 Change in plan assets: Fair value of assets - beginning $ 3,223 $ 3,440 Actual return on assets 193 (4 ) Benefit payments (117 ) (213 ) Fair value of assets - ending $ 3,299 $ 3,223 Reconciliation of funded status: Projected benefit obligation $ (2,285 ) $ (2,553 ) Fair value of assets 3,299 3,223 Funded status included in other assets $ 1,014 $ 670 Accumulated benefit obligation $ (2,285 ) $ (2,553 ) Valuation assumptions Discount rate 2.75 % 3.75 % Salary increase rate N/A N/A Years Ended June 30, 2020 2019 2018 (In Thousands) Net periodic benefit cost/(credit): Interest cost $ 77 $ 108 $ 109 Expected return on assets (112 ) (112 ) (120 ) Amortization of net loss 4 57 52 Total benefit cost (credit) $ (31 ) $ 53 $ 41 Valuation assumptions Discount rate 3.75 % 4.25 % 4.00 % Long term rate of return on plan assets 3.50 % 3.50 % 3.50 % Note 15 – Benefit Plans (continued) The Bank does not expect to contribute to the ABRIP in the year ending June 30, 2021. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2021 $ 144 2022 144 2023 142 2024 139 2025 140 2026-2030 666 At June 30, 2020 and 2019, unrecognized net loss of $523,000 and $837,000, respectively, was included in accumulated other comprehensive income. For the fiscal year ending June 30, 2021, $22,000 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. The fair values of the ABRIP’s assets at June 30, 2020 and 2019 by asset category (see Note 19 for the definitions of levels), are as follows: June 30, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Prudential Guaranteed Deposit Fund $ - $ 3,299 $ - $ 3,299 June 30, 2019 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 $ - $ 3,223 $ - $ 3,223 Note 15 – Benefit Plans (continued) Benefit Equalization Plan (“BEP”) The Bank has an unfunded non-qualified plan to compensate executive officers of the Bank who participate in the Bank’s qualified defined benefit plan for certain benefits lost under such plans by reason of benefit limitations imposed by Sections 415 and 401 of the IRC. There were approximately $237,000, $235,000 and $233,000 in contributions made to and benefits paid under the BEP during each of the years ended June 30, 2020, 2019 and 2018, respectively. The following tables set forth the BEP’s funded status and components of net periodic benefit cost: June 30, 2020 2019 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 3,105 $ 3,053 Interest cost 112 125 Actuarial loss/(gain) 226 162 Benefit payments (237 ) (235 ) Projected benefit obligation - ending $ 3,206 $ 3,105 Change in plan assets: Fair value of assets - beginning $ - $ - Contributions 237 235 Benefit payments (237 ) (235 ) Fair value of assets - ending $ - $ - Reconciliation of funded status: Accumulated benefit obligation $ (3,206 ) $ (3,105 ) Projected benefit obligation $ (3,206 ) $ (3,105 ) Fair value of assets - - Funded status included in other liabilities $ (3,206 ) $ (3,105 ) Valuation assumptions Discount rate 2.75 % 3.75 % Salary increase rate N/A N/A Years Ended June 30, 2020 2019 2018 (In Thousands) Net periodic benefit cost: Interest cost $ 112 $ 125 $ 124 Amortization of net actuarial loss 56 44 48 Total expense $ 168 $ 169 $ 172 Valuation assumptions Discount rate 3.75 % 4.25 % 4.00 % Salary increase rate N/A N/A N/A Note 15 – Benefit Plans (continued) It is estimated that contributions of approximately $236,000 will be made during the year ending June 30, 2021. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2021 $ 236 2022 234 2023 231 2024 228 2025 224 2026-2030 1,046 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, 2020 and 2019, unrecognized net loss of $1,157,000 and $987,000, respectively, was included in accumulated other comprehensive income. For the fiscal year ending June 30, 2021, $75,000 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, 2020, 2019 and 2018, contributions and benefits paid totaled $11,000, $6,000 and $7,000, respectively. The following tables set forth the accrued accumulated postretirement benefit obligation and the net periodic benefit cost: June 30, 2020 2019 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 710 $ 617 Service cost 78 54 Interest cost 26 26 Actuarial loss/(gain) 188 19 Premiums/claims paid (11 ) (6 ) Projected benefit obligation - ending $ 991 $ 710 Change in plan assets: Fair value of assets - beginning $ - $ - Contributions 11 6 Premiums/claims paid (11 ) (6 ) Fair value of assets - ending $ - $ - Reconciliation of funded status: Projected benefit obligation $ (991 ) $ (710 ) Fair value of assets - - Funded status included in other liabilities $ (991 ) $ (710 ) Valuation assumptions Discount rate 2.75 % 3.75 % Salary increase rate 3.25 % 3.25 % Years Ended June 30, 2020 2019 2018 (In Thousands) Net periodic benefit cost: Service cost $ 78 $ 54 $ 48 Interest cost 26 26 23 Amortization of net actuarial gain (41 ) (49 ) (55 ) Total expense (benefit) $ 63 $ 31 $ 16 Valuation assumptions Discount rate 3.75 % 4.25 % 4.00 % Salary increase rate 3.25 % 3.25 % 3.25 % Note 15 – Benefit Plans (continued) It is estimated that contributions of approximately $40,000 will be made during the year ending June 30, 2021. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2021 $ 40 2022 47 2023 54 2024 63 2025 70 2026-2030 438 At June 30, 2020 and 2019, unrecognized net gain of $240,000 and $468,000, respectively, were included in accumulated other comprehensive income. For the fiscal year ending June 30, 2021, $14,000 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, 2020, 2019 and 2018, 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, 2020 2019 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 2,975 $ 2,843 Interest cost 110 119 Actuarial loss/(gain) 244 73 Benefit payments (60 ) (60 ) Projected benefit obligation - ending $ 3,269 $ 2,975 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 $ (3,269 ) $ (2,975 ) Projected benefit obligation $ (3,269 ) $ (2,975 ) Fair value of assets - - Funded status included in other liabilities $ (3,269 ) $ (2,975 ) Valuation assumptions Discount rate 2.75 % 3.75 % Salary increase rate N/A N/A Years Ended June 30, 2020 2019 2018 (In Thousands) Net periodic benefit cost: Service cost $ - $ - $ - Interest cost 110 119 118 Amortization of net actuarial gain - (9 ) - Total expense (benefit) $ 110 $ 110 $ 118 Valuation assumptions Discount rate 3.75 % 4.25 % 4.00 % Salary increase rate N/A N/A N/A It is estimated that contributions of approximately $24,000 will be made during the year ending June 30, 2021. Note 15 – Benefit Plans (continued) The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2021 $ 24 2022 50 2023 108 2024 126 2025 162 2026-2030 1,136 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, 2020 and 2019 unrecognized net gain of $30,000 and $273,000, respectively, was included in accumulated other comprehensive income. For the fiscal year ending June 30, 2021, no unrecognized net gain or net loss is expected to be recognized as a component of net periodic benefit cost. Note 15 – Benefit Plans (continued) Stock Compensation Plans At the Company’s 2016 Annual Meeting of Stockholder’s held on October 27, 2016, the stockholders approved the Kearny Financial Corp. 2016 Equity Incentive Plan (“2016 Plan”) which provides for the grant of stock options and restricted stock awards. The 2016 Plan authorized up to 3,687,628 shares as stock option grants and 1,523,696 shares as restricted stock awards. At June 30, 2020, there were 572,628 shares remaining available for future stock option grants and 53,706 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 The fair value of stock options granted as part of the 2016 Plan was estimated utilizing the Black-Scholes option pricing model using the following assumptions for the periods presented below: Years Ended June 30, 2020 2019 2018 Weighted average risk-free interest rate - 2.09% - Expected dividend yield - 1.77% - Weighted average volatility factor of the expected market price of the Company's stock - 14.03% - Weighted average expected life of the options (in years) - 4.9 - Weighted average fair value of options granted - $ 2.54 - 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. There were no restricted stock awards granted during the year ended June 30, 2020. The Company awarded 233,000 shares of restricted stock during the year ended June 30, 2019. There were no restricted stock awards granted during the year ended June 30, 2018. During the years ended June 30, 2020, 2019 and 2018, the Company recorded $5.9 million, $6.1 million and $6.3, million, respectively, of share-based compensation expense, comprised of stock option expense of $1.8 million, $2.0 million and $2.0, million respectively, and restricted stock expense of $4.0 million, $4.1 million and $4.3, million, respectively. During the years ended June 30, 2020, 2019 and 2018, the income tax benefit attributed to non-qualified stock options expense was approximately $432,000, $453,000 and 520,000, respectively, and attributed to restricted stock expense was approximately $1.5 million, $1.5 million and $1.5, million 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, 2020: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (In Thousands) (In Thousands) Outstanding at June 30, 2019 3,448 $ 14.92 7.5 years $ 540 Granted - - - Exercised - - - Forfeited (154 ) 15.35 Outstanding at June 30, 2020 3,294 $ 14.90 6.5 years $ 11 Exercisable at June 30, 2020 1,928 $ 14.82 6.2 years $ 11 The Company generally issues shares from authorized but unissued shares upon the exercise of vested options. There were no vested options exercised during the year ended June 30, 2020. A total of 48,314 vested options, with an aggregate intrinsic value of $235,000, were exercised during the year ended June 30, 2019. In fulfillment of these exercises, the Company issued 48,314 shares from authorized but unissued shares. A total of 9,565 vested options, with an aggregate intrinsic value of $38,000, were exercised during the year ended June 30, 2018. The cash proceeds from stock option exercises during the year ended June 30, 2019 totaled approximately $423,000. A portion of such exercises represented disqualifying dispositions of incentive stock options for which the Company recognized $69,000 in income tax benefit. The cash proceeds from stock option exercises during the year ended June 30, 2018 totaled approximately $102,000. A portion of such exercises represented disqualifying dispositions of incentive stock options for which the Company recognized $13,000 in income tax benefit. Expected future compensation expense relating to the 1,366,000 non-vested options outstanding as of June 30, 2020 is $2.9 million over a weighted average period of 3.5 years. Restricted shares awarded under the 2016 Plan generally vest in equal installments over a five-year The vesting of the applicable performance-based restricted shares over the fourth year of the five-year five-year The performance factors and underlying cost basis of the performance-based restricted shares that are scheduled to vest over the final year of the service period is generally expected to be determined annually concurrent with the anniversary date of the original grants. Note 15 – Benefit Plans (continued) For service based awards management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period. For performance vesting awards management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period; however, if the corporate performance goals to which the vesting of such shares are tied are not achieved, recognized compensation expense is adjusted accordingly. The following is a summary of the status of the Company's non-vested restricted share awards as of June 30, 2020 and changes during the year ended June 30, 2020: 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, 2019 610 $ 14.90 325 $ 14.77 Granted - - - - Vested (186 ) 14.98 (94 ) 14.95 Forfeited (4 ) 15.35 (4 ) 15.35 Non-vested at June 30, 2020 420 $ 14.86 227 $ 14.69 During the years ended June 30, 2020, 2019 and 2018, the total fair value of vested restricted shares were $4,192,204, $4,128,492 and $4,354,754, respectively. Expected future compensation expense relating to the 646,750 non-vested restricted shares at June 30, 2020 is $7.0 million over a weighted average period of 3.5 years. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jun. 30, 2020 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity | Note 16 – Stockholders’ Equity Regulatory Capital Federal banking regulators impose various restrictions or requirements on the ability of savings institutions to make capital distributions, including cash dividends. A savings institution that is a subsidiary of a savings and loan holding company, such as the Bank, must file an application or a notice with federal banking regulators at least 30 days before making a capital distribution. A savings institution must file an application for prior approval of a capital distribution if: (i) it is not eligible for expedited treatment under the applications processing rules of federal banking regulators; (ii) the total amount of all capital distributions, including the proposed capital distribution, for the applicable calendar year would exceed an amount equal to the savings institution’s net income for that year to date plus the institution’s retained net income for the preceding two years; (iii) it would not adequately be capitalized after the capital distribution; or (iv) the distribution would violate an agreement with federal banking regulators or applicable regulations. Federal banking regulators may disapprove a notice or deny an application for a capital distribution if: (i) the savings institution would be undercapitalized following the capital distribution; (ii) the proposed capital distribution raises safety and soundness concerns; or (iii) the capital distribution would violate a prohibition contained in any statute, regulation or agreement. During the fiscal year ended June 30, 2019, applications for capital distributions from the Bank to the Company were approved by federal banking regulators in the amount of $100.0 million and $130.0 million which was paid by the Bank to the Company in September 2018 and March 2019, respectively. Also, during the fiscal year ended June 30, 2019, an application for quarterly capital distributions from the Bank to the Company was approved by federal banking regulators. The amount of dividends payable is based on 75 percent of quarterly net income of the Bank. During the years ended June 30, 2020 and 2019, dividends paid by the Bank to the Company, in conjunction with quarterly capital distributions, as discussed above, totaled $30.0 million and $25.1 million, respectively. 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 minimum capital level requirements applicable to both the Bank and the consolidated Company include: (i) a common equity Tier 1 capital ratio of 4.5%; (ii) a Tier 1 capital ratio of 6%; (iii) a total capital ratio of 8%; and (iv) a Tier 1 leverage ratio of 4% for all institutions. The previously amended rules also established a “capital conservation buffer” of 2.5% above the new regulatory minimum capital ratios, and when fully phased in, would result in the following minimum ratios: (i) a common equity Tier 1 capital ratio of 7.0%; (ii) a Tier 1 capital ratio of 8.5%; and (iii) a total capital ratio of 10.5%. The capital conservation buffer requirement began phasing in at January 1, 2016 at 0.625% of risk-weighted assets and increased each calendar year until it was fully implemented in at 2.5% on January 1, 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. As a result of the Economic Growth, Regulatory Relief, and Consumer Protection Act, the federal banking agencies have adopted a rule to establish for institutions with assets of less than $10 billion that meet other specified criteria a community bank leverage ratio (“CBLR”) that such institutions may elect to utilize in lieu of the generally applicable leverage and risk-based capital requirements noted above. The federal banking agencies have adopted 9% as the applicable ratio, effective March 31, 2020, and as a result of the Coronavirus Aid, Relief and Economic Security (“CARES”) Act, temporarily reduced the ratio to 8% in response to COVID-19. Institutions with capital meeting the specified requirements and electing to follow the alternative framework will be considered compliant with all applicable regulatory capital and leverage requirements, including the requirement to be “well capitalized.” The Company has elected not to utilize the CBLR framework at this time. Note 16 – Stockholders’ Equity (continued) The following tables present information regarding the Bank’s regulatory capital levels at June 30, 2020 and 2019: At June 30, 2020 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) $ 816,577 21.38 % $ 305,562 8.00 % $ 381,953 10.00 % Tier 1 capital (to risk-weighted assets) 779,250 20.40 % 229,172 6.00 % 305,562 8.00 % Common equity tier 1 capital (to risk-weighted assets) 779,250 20.40 % 171,879 4.50 % 248,269 6.50 % Tier 1 capital (to adjusted total assets) 779,250 11.95 % 260,893 4.00 % 326,116 5.00 % At June 30, 2019 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) $ 787,219 19.50 % $ 322,974 8.00 % $ 403,718 10.00 % Tier 1 capital (to risk-weighted assets) 753,945 18.68 % 242,231 6.00 % 322,974 8.00 % Common equity tier 1 capital (to risk-weighted assets) 753,945 18.68 % 181,673 4.50 % 262,417 6.50 % Tier 1 capital (to adjusted total assets) 753,945 11.78 % 256,116 4.00 % 320,145 5.00 % The following table presents information regarding the consolidated Company’s regulatory capital levels at June 30, 2020 and June 30, 2019: At June 30, 2020 Actual For Capital Adequacy Purposes Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 906,058 23.61 % $ 306,958 8.00 % Tier 1 capital (to risk-weighted assets) 868,731 22.64 % 230,219 6.00 % Common equity tier 1 capital (to risk-weighted assets) 868,731 22.64 % 172,664 4.50 % Tier 1 capital (to adjusted total assets) 868,731 13.27 % 261,783 4.00 % At June 30, 2019 Actual For Capital Adequacy Purposes Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 941,319 23.22 % $ 324,246 8.00 % Tier 1 capital (to risk-weighted assets) 908,045 22.40 % 243,184 6.00 % Common equity tier 1 capital (to risk-weighted assets) 908,045 22.40 % 182,388 4.50 % Tier 1 capital (to adjusted total assets) 908,045 14.14 % 256,856 4.00 % Note 16 – Stockholders’ Equity (continued) Based upon the most recent notification from the FDIC dated March 2, 2020, the Bank was categorized as well capitalized as of December 31, 2019 under the regulatory framework for prompt corrective action. There are no conditions existing or events which have occurred since notification that management believes have changed the Bank’s category. Stock Repurchase Plans During the year ended June 30, 2020 the Company repurchased 5,375,551 shares of its common stock. The shares were acquired and cancelled in conjunction with the Company’s fourth repurchase plan announced in March 2019 through which it originally authorized the repurchase of 9,218,324 shares, or 10% of the Company’s outstanding shares. Coupled with the 3,081,743 shares previously repurchased during the fiscal year ended June 30, 2019, the shares associated with the fourth program were repurchased at a total cost of $111.1 million and at an average cost of $13.14 per share. On March 25, 2020 the Company temporarily suspended its stock repurchase program. During the year ended June 30, 2019, the Company repurchased 10,624,840 shares of its common stock. Of these shares repurchased, 7,543,097 shares were acquired and cancelled in conjunction with the Company’s third repurchase plan announced in April 2018 through which it originally authorized the repurchase of 10,238,557 shares, or 10% of the Company’s outstanding shares. Coupled with the 2,695,460 shares previously repurchased during the fiscal year ended June 30, 2018, the shares associated with the third program were repurchased at a total cost of $138.8 million and at an average cost of $13.55 per share. The remaining 3,081,743 shares repurchased during fiscal 2019 were acquired and cancelled in conjunction with the Company’s fourth share repurchase program announced in March 2019 through which it authorized the repurchase of 9,218,324 shares, or 10% of the Company’s outstanding shares. Such shares were repurchased at a total cost of $41.3 million and at an average cost of $13.41 per share. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 17 – Income Taxes The components of income taxes are as follows: Years Ended June 30, 2020 2019 2018 (In Thousands) Current income tax expense: Federal $ 6,745 $ 5,656 $ 5,121 State 4,877 3,733 2,516 11,622 9,389 7,637 Deferred income tax benefit: Federal 1,153 3,842 5,455 State 235 368 656 1,388 4,210 6,111 Valuation allowance (723 ) 328 656 Total income tax expense $ 12,287 $ 13,927 $ 14,404 The following table presents a reconciliation between the reported income taxes for the periods presented and the income taxes which would be computed by applying the federal income tax rates applicable to those periods. The federal income tax rate of 21% Years Ended June 30, 2020 2019 2018 (Dollars In Thousands) Income before income taxes $ 57,252 $ 56,069 $ 34,000 Statutory federal tax rate 21 % 21 % 28 % Federal income tax expense at statutory rate $ 12,023 $ 11,774 $ 9,520 (Reduction) increases in income taxes resulting from: Tax exempt interest (497 ) (589 ) (724 ) State tax, net of federal tax effect 3,914 3,510 2,256 Incentive stock options compensation expense 78 88 142 Income from bank-owned life insurance (1,314 ) (1,329 ) (1,439 ) Disqualifying disposition on incentive stock options - (24 ) (11 ) Non-deductible merger-related expenses 148 - 557 Tax benefit arising from the adoption of the CARES Act provisions (1,624 ) - 2,924 Other items, net 282 169 523 13,010 13,599 13,748 Valuation allowance (723 ) 328 656 Total income tax expense $ 12,287 $ 13,927 $ 14,404 Effective income tax rate 21.46 % 24.84 % 42.36 % The effective income tax rate represents total income tax expense divided by income before income taxes. Retained earnings at June 30, 2020, includes approximately $36.9 million of bad debt allowance , Note 17 – Income Taxes (continued) The Company maintained a valuation allowance during the year ended June 30, 2019 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. As of June 30, 2020, this valuation allowance is no longer in place. The Company maintained a valuation allowance during the year ended June 30, 2020, against a deferred tax asset arising from fair value adjustments on investment securities acquired in a prior acquisition. During the year ended June 30, 2020, the Company reversed a portion of that valuation allowance totaling $591,000 that was associated with capital loss carryforwards that were determined to be realizable due to the sale of investment securities at the Bank’s New Jersey investment company subsidiary. T he reversal of the remaining portion of this deferred tax asset would result in capital losses. The company has deemed it more likely than not that the Company will not generate capital gains in the carryover period to offset the capital losses. During the year ended June 30, 2020, income tax expense reflected a $1.6 million reduction in income tax expense attributable to the carryback of net operating losses into prior periods at a higher statutory federal tax rate than is currently in effect for the Company. This carryback was permitted by tax law changes enacted by the CARES Act, which was signed into law on March 27, 2020. The tax effects of existing temporary differences that give rise to deferred income tax assets and liabilities are as follows: June 30, 2020 2019 (In Thousands) Deferred income tax assets: Purchase accounting $ 11,668 $ 15,137 Accumulated other comprehensive income Defined benefit plans 416 319 Derivatives 5,730 - Unrealized loss on securities available for sale transferred to held to maturity - 175 Allowance for loan losses 11,047 9,831 Benefit plans 2,290 2,280 Compensation 1,287 1,246 Stock-based compensation 2,482 1,973 Uncollected interest 1,362 1,070 Depreciation 268 - Charitable contribution carryover - 186 Net operating loss carryover 6 919 Capital loss carryforward 329 814 Other items 1,049 587 37,934 34,537 Valuation allowance (535 ) (1,258 ) 37,399 33,279 Deferred income tax liabilities: Deferred loan fees and costs - 1,584 Accumulated other comprehensive income Derivatives - 1,094 Unrealized gain on securities available for sale 6,541 573 Goodwill 4,655 4,608 Other items 723 53 11,919 7,912 Net deferred income tax asset $ 25,480 $ 25,367 Note 17 – Income Taxes (continued) The Company has various state and local NOL carryforwards which will begin to expire in the year ending June 30, 2025. The Company and its subsidiaries are subject to U.S. federal income tax, as well as income tax of the state of New Jersey and various other states. The Company is generally no longer subject to examination by federal, state and local taxing authorities for tax years prior to June 30, 2017. |
Commitments
Commitments | 12 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments | Note 18 – Commitments 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. These transactions involve elements of credit and interest rate risk in excess of the amounts recognized in the consolidated statements of financial condition. 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. 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 borrower. A June 30, 2020 and 2019, the Bank had $145.1 million and $110.1 million in commitments to originate loans, including unused lines of credit. 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, 2020 and 2019 were approximately $217,000 and $612,000, respectively. In addition to the commitments noted above, at June 30, 2020, the Company’s pipeline of loans held for sale included $127.2 million of in-process loans whose terms included interest rate locks to borrowers that were paired with a best-efforts commitment to sell the loan to a buyer at a fixed price within a predetermined timeframe after the sale commitment is established. The Company 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, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 19 – Fair Value of Financial Instruments In January 2016, the FASB issued ASU 2016-01, “Financial Instruments”. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability or inputs that are derived principally from, or corroborated by, market data by correlation or other means. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Assets Measured on a Recurring Basis: The following methods and significant assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a recurring basis at June 30, 2020 and June 30, 2019: Investment Securities Available for Sale The Company’s available for sale investment securities are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the securities’ terms and conditions, among other things. From time to time, the Company validates prices supplied by the independent pricing service by comparison to prices obtained from third-party sources or derived using internal models. Derivatives The Company has contracted with a third party vendor to provide periodic valuations for its interest rate derivatives to determine the fair value of its interest rate caps and swaps. The vendor utilizes standard valuation methodologies applicable to interest rate derivatives such as discounted cash flow analysis and extensions of the Black-Scholes model. Such valuations are based upon readily observable market data and are therefore considered Level 2 valuations by the Company. Note 19 – Fair Value of Financial Instruments (continued) Those assets and liabilities measured at fair value on a recurring basis are summarized below: June 30, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Assets: Debt securities available for sale: Obligations of state and political subdivisions - 54,054 - 54,054 Asset-backed securities - 172,447 - 172,447 Collateralized loan obligations - 193,788 - 193,788 Corporate bonds - 143,639 - 143,639 Trust preferred securities - 2,627 - 2,627 Total debt securities - 566,555 - 566,555 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 30,903 - 30,903 Residential pass-through securities - 561,954 - 561,954 Commercial pass-through securities - 226,291 - 226,291 Total mortgage-backed securities - 819,148 - 819,148 Total securities available for sale $ - $ 1,385,703 $ - $ 1,385,703 Interest rate contracts - 235 - 235 Total assets $ - $ 1,385,938 $ - $ 1,385,938 Liabilities: Interest rate contracts $ - $ 18,177 $ - $ 18,177 Total liabilities $ - $ 18,177 $ - $ 18,177 Note 19 – Fair Value of Financial Instruments (continued) June 30, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Assets: Debt securities available for sale: U.S. agency securities $ - $ 3,678 $ - $ 3,678 Obligations of state and political subdivisions - 26,951 - 26,951 Asset-backed securities - 179,313 - 179,313 Collateralized loan obligations - 208,611 - 208,611 Corporate bonds - 122,024 - 122,024 Trust preferred securities - 2,756 1,000 3,756 Total debt securities - 543,333 1,000 544,333 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 21,390 - 21,390 Residential pass-through securities - 44,303 - 44,303 Commercial pass-through securities - 104,237 - 104,237 Total mortgage-backed securities - 169,930 - 169,930 Total securities available for sale - 713,263 1,000 714,263 Interest rate contracts - 3,856 - 3,856 Total assets $ - $ 717,119 $ 1,000 $ 718,119 Liabilities: Interest rate contracts $ - $ 140 $ - $ 140 Total liabilities $ - $ 140 $ - $ 140 Assets Measured on a Non-Recurring Basis: The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a non-recurring basis at June 30, 2020 and June 30, 2019: Impaired Loans An impaired loan is evaluated and valued at the time the loan is identified as impaired at the lower of cost or fair 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. Fair 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 fair 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. Note 19 – Fair Value of Financial Instruments (continued) Other Real Estate Owned Other real estate owned is recorded at estimated fair value, less estimated selling costs when acquired, thus establishing a new cost basis. Fair value is generally based on independent appraisals. These appraisals include adjustments to comparable assets based on the appraisers’ market knowledge and experience. When an asset is acquired, the excess of the loan balance over fair value, less estimated selling costs, is charged to the allowance for loan losses. If further declines in the estimated fair value of the asset occur, a write-down is recorded through expense. The valuation of foreclosed assets is subjective in nature and may be adjusted in the future because of changes in economic conditions. Those assets and liabilities measured at fair value on a non-recurring basis are summarized below: June 30, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Impaired loans: Residential mortgage $ - $ - $ 2,339 $ 2,339 Non-residential mortgage - - 2,282 2,282 Commercial business - - 129 129 Total $ - $ - $ 4,750 $ 4,750 Other real estate owned, net: Residential mortgage $ - $ - $ 178 $ 178 Total $ - $ - $ 178 $ 178 June 30, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Impaired loans: Residential mortgage $ - $ - $ 3,071 $ 3,071 Non-residential mortgage - - 791 791 Commercial business - - 16 16 Total $ - $ - $ 3,878 $ 3,878 Note 19 – Fair Value of Financial Instruments (continued) 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, 2020 Fair Value Valuation Techniques Unobservable Input Range Weighted Average (In Thousands) Impaired loans: Residential mortgage $ 2,339 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 7% - 9% 8.17 % Non-residential mortgage 2,282 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 9% - 12% 10.27 % Commercial business 129 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 0% - 0% 0.00 % Total $ 4,750 Other real estate owned, net: Residential mortgage $ 178 Market valuation of underlying collateral (3) Adjustments to reflect current conditions/selling costs (2) 6.00% 6.00 % Total $ 178 June 30, 2019 Fair Value Valuation Techniques Unobservable Input Range Weighted Average (In Thousands) Impaired loans: Residential mortgage $ 3,071 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 6% - 8% 7.03 % Non-residential mortgage 791 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 10% - 11% 10.08 % Commercial business 16 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 9% - 10% 9.36 % Total $ 3,878 (1) The fair value basis of impaired loans is generally determined based on an independent appraisal of the fair value of a loan’s underlying collateral. (2) The fair value basis of impaired loans and other real estate owned is adjusted to reflect management estimates of selling costs including, but not necessarily limited to, real estate brokerage commissions and title transfer fees. (3) The fair value basis of other real estate owned is generally determined based upon the lower of an independent appraisal of the property’s fair value or the applicable listing price or contracted sales price. At June 30, 2020, impaired loans valued using Level 3 inputs comprised loans with principal balances totaling $4.8 million and valuation allowances of $89,000 reflecting fair values of $4.8 million. By comparison, at June 30, 2019, impaired loans valued using Level 3 inputs comprised loans with principal balances totaling $3.9 million and valuation allowances of $31,000 reflecting fair values of $3.9 million. Once a loan is foreclosed, the fair value of the other real estate owned continues to be evaluated based upon the fair value of the repossessed real estate originally securing the loan. At June 30, 2020, the Company held other real estate owned totaling $178,000 whose carrying value was written down utilizing Level 3 inputs. At June 30, 2019, the Company held no other real estate owned whose carrying value was written down utilizing Level 3 inputs. Note 19 – Fair Value of Financial Instruments (continued) The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of June 30, 2020 and June 30, 2019: June 30, 2020 Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In Thousands) Financial assets: Cash and cash equivalents $ 180,967 $ 180,967 $ 180,967 $ - $ - Investment securities available for sale 1,385,703 1,385,703 - 1,385,703 - Investment securities held to maturity 32,556 34,069 - 34,069 - Loans held-for-sale 20,789 21,550 - 21,550 - Net loans receivable 4,461,070 4,462,232 - - 4,462,232 FHLB Stock 58,654 - - - - Interest receivable 17,373 17,373 4 4,154 13,215 Interest rate contracts 235 235 - 235 - Financial liabilities: Deposits 4,430,282 4,449,877 2,589,886 - 1,859,991 Borrowings 1,173,165 1,215,529 - - 1,215,529 Interest payable on deposits 395 395 295 - 100 Interest payable on borrowings 1,723 1,723 - - 1,723 Interest rate contracts 18,177 18,177 - 18,177 - June 30, 2019 Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In Thousands) Financial assets: Cash and cash equivalents $ 38,935 $ 38,935 $ 38,935 $ - $ - Investment securities available for sale 714,263 714,263 - 713,263 1,000 Investment securities held to maturity 576,652 584,678 - 584,678 - Loans held-for-sale 12,267 12,501 - 12,501 - Net loans receivable 4,645,654 4,630,853 - - 4,630,853 FHLB Stock 64,190 - - - - Interest receivable 19,360 19,360 11 5,278 14,071 Interest rate contracts 3,856 3,856 - 3,856 - Financial liabilities: Deposits 4,147,610 4,152,558 1,943,154 - 2,209,404 Borrowings 1,321,982 1,337,560 - - 1,337,560 Interest payable on deposits 3,106 3,106 367 - 2,739 Interest payable on borrowings 3,899 3,899 - - 3,899 Interest rate contracts 140 140 - 140 - Note 19 – Fair Value of Financial Instruments (continued) Commitments. The fair value of commitments to fund credit lines and originate or participate in loans held in portfolio or loans held for sale is estimated using fees currently charged to enter into similar agreements taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, including those relating to loans held for sale that are considered derivative instruments for financial statement reporting purposes, the fair value also considers the difference between current levels of interest and the committed rates. The carrying value, represented by the net deferred fee arising from the unrecognized commitment, and the fair value, determined by discounting the remaining contractual fee over the term of the commitment using fees currently charged to enter into similar agreements with similar credit risk, is not considered material for disclosure. Limitations. Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instruments. These estimates do not reflect any premium or discount that could result from offering for sale at one time the entire holdings of a particular financial instrument. Because no fair value exists for a significant portion of the financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature, involve uncertainties and matters of judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. The fair value estimates are based on existing on-and-off balance sheet financial instruments without attempting to value anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets and liabilities that are not considered financial assets and liabilities include premises and equipment, and advances from borrowers for taxes and insurance. In addition, the ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates. Finally, reasonable comparability between financial institutions may not be likely due to the wide range of permitted valuation techniques and numerous estimates which must be made given the absence of active secondary markets for many of the financial instruments. This lack of uniform valuation methodologies introduces a greater degree of subjectivity to these estimated fair values. |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Comprehensive Income | Note 20 – Comprehensive Income The components of accumulated other comprehensive income included in stockholders’ equity are as follows: June 30, 2020 2019 (In Thousands) Net unrealized gain (loss) on securities available for sale $ 22,482 $ 1,975 Tax effect (6,541 ) (573 ) Net of tax amount 15,941 1,402 Net unrealized loss on securities available for sale transferred to held to maturity - (596 ) Tax effect - 175 Net of tax amount - (421 ) Fair value adjustments on derivatives (19,418 ) 3,716 Tax effect 5,730 (1,094 ) Net of tax amount (13,688 ) 2,622 Benefit plan adjustments (1,412 ) (1,083 ) Tax effect 416 319 Net of tax amount (996 ) (764 ) Total accumulated other comprehensive income $ 1,257 $ 2,839 Note 20 – Comprehensive Income (continued) Other comprehensive (loss) income and related tax effects are presented in the following table: Years Ended June 30, 2020 2019 2018 (In Thousands) Net unrealized holding gain (loss) on securities available for sale $ 22,758 $ 5,973 $ (1,919 ) Amortization of net unrealized holding gain (loss) on securities available for sale transferred to held to maturity (1) 596 291 222 Net realized (gain) loss on securities available for sale (2) (2,251 ) 323 (17 ) Fair value adjustments on derivatives (23,134 ) (28,165 ) 25,560 Benefit plans: Amortization of: Actuarial loss (3) 19 43 45 Net actuarial (loss) gain (348 ) (313 ) 205 Net change in benefit plan accrued expense (329 ) (270 ) 250 Other comprehensive (loss) income before taxes (2,360 ) (21,848 ) 24,096 Tax effect 778 6,152 (7,986 ) Total comprehensive (loss) income $ (1,582 ) $ (15,696 ) $ 16,110 (1) Represents amounts reclassified out of accumulated other comprehensive income and included in interest income on taxable securities. (2) Represents amounts reclassified out of accumulated other comprehensive income and included in gain on sale of securities on the consolidated statements of income. (3) Represents amounts reclassified out of accumulated other comprehensive income and included in the computation of net periodic pension expense. See Note 15 – Benefit Plans for additional information. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Jun. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | Note 21 – Revenue Recognition Effective July 1, 2018, the Company adopted ASU 2014-09 Revenue from Contracts with Customers The Company, using a modified retrospective transition approach, determined that there was no cumulative effect adjustment to retained earnings as a result of adopting the new standard, nor did the standard have a material impact on our consolidated financial statements including the timing or amounts of revenue recognized. Note 21 – Revenue Recognition (continued) All of the Company’s revenue from contracts with customers within the scope of ASC 606 is recognized within noninterest income. The following table presents the Company’s sources of noninterest income for the years ended June 30, 2020 and June 30, 2019. Sources of revenue outside the scope of ASC 606 are noted as such. Years Ended June 30, 2020 2019 (In Thousands) Non-interest income: Deposit-related fees and charges $ 1,626 $ 1,536 Loan-related fees and charges (1) 5,020 3,909 Gain (loss) on sale and call of securities (1) 2,250 (323 ) Gain on sale of loans (1) 3,186 580 Loss on sale and write down of other real estate owned (28 ) (11 ) Income from bank owned life insurance (1) 6,225 6,339 Electronic banking fees and charges (interchange income) 1,246 1,050 Miscellaneous (1) 194 475 Total non-interest income $ 19,719 $ 13,555 (1) Not within the scope of ASC 606. A description of the Company’s revenue streams accounted for under ASC 606 is as follows: Service Charges on Deposit Accounts The Company earns fees from deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed at the point in the time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Gains/Losses on Sales of OREO The Company records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. Gain/Losses on the sales of OREO falls within the scope of ASC 606, if the Company finances the transaction. Under ASC 606, if the Company finances the sale of OREO to the buyer, the Company is required to assess whether the buyer is committed to perform their obligations under the contract and whether the collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction price and related gain (loss) on sale if a significant financing component is present. Generally, the Company does not finance the sale of OREO properties. Interchange Income The Company earns interchange fees from debit and credit card holder transactions conducted through various payment networks. Interchange fees from cardholder transactions are recognized daily, concurrently with the transaction processing services provided by an outsourced technology solution. |
Parent Only Financial Informati
Parent Only Financial Information | 12 Months Ended |
Jun. 30, 2020 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Parent Only Financial Information | Note 22 – 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, 2020 and 2019, and for each of the years in the three-year period ended June 30, 2020. Condensed Statements of Financial Condition June 30, 2020 June 30, 2019 (In Thousands) Assets Cash and amounts due from depository institutions $ 42,632 $ 106,625 Investment securities held to maturity 15,000 15,000 Loans receivable 31,661 33,307 Investment in subsidiary 994,696 973,059 Other assets 1,109 114 Total Assets $ 1,085,098 $ 1,128,105 Liabilities and Stockholders' Equity Other liabilities 921 946 Stockholders' equity 1,084,177 1,127,159 Total Liabilities and Stockholders' Equity $ 1,085,098 $ 1,128,105 Condensed Statements of Income and Comprehensive Income Years Ended June 30, 2020 2019 2018 (In Thousands) Dividends from subsidiary $ 30,039 $ 255,117 $ - Interest income 2,108 2,162 2,292 Equity in undistributed earnings (loss) of subsidiaries 14,984 (212,868 ) 19,420 Total income 47,131 44,411 21,712 Directors' compensation 332 340 283 Other expenses 1,853 1,922 1,740 Total expense 2,185 2,262 2,023 Income before income taxes 44,946 42,149 19,689 Income tax expense (19 ) 7 93 Net income $ 44,965 $ 42,142 $ 19,596 Comprehensive income $ 43,383 $ 26,446 $ 35,706 Note 2 2 – Parent Only Financial Information (continued) Condensed Statements of Cash Flows Years Ended June 30, 2020 2019 2018 (In Thousands) Cash Flows from Operating Activities: Net income $ 44,965 $ 42,142 $ 19,596 Adjustment to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (14,984 ) 212,868 (19,420 ) (Increase) decrease in other assets (583 ) 1,116 27 (Decrease) increase in other liabilities (50 ) (9 ) 761 Net Cash Provided by Operating Activities 29,348 256,117 964 Cash Flows from Investing Activities: Repayment of loan to ESOP 1,645 1,596 1,545 Sale of investment securities available for sale - - 3,738 Net cash acquired in acquisition - - 14,297 Net Cash Provided by Investing Activities 1,645 1,596 19,580 Cash Flows from Financing Activities: Exercise of stock options - 423 102 Cash dividends paid (24,121 ) (34,747 ) (20,561 ) Repurchase and cancellation of common stock of Kearny Financial Corp. (69,782 ) (141,708 ) (142,602 ) Cancellation of shares repurchased on vesting to pay taxes (1,083 ) (989 ) (1,370 ) Net Cash Used In Financing Activities (94,986 ) (177,021 ) (164,431 ) Net (Decrease) Increase in Cash and Cash Equivalents (63,993 ) 80,692 (143,887 ) Cash and Cash Equivalents - Beginning 106,625 25,933 169,820 Cash and Cash Equivalents - Ending $ 42,632 $ 106,625 $ 25,933 |
Net Income per Common Share (EP
Net Income per Common Share (EPS) | 12 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Income per Common Share (EPS) | Note 23 – Net Income per Common Share (EPS) The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations: Year Ended June 30, 2020 Income (Numerator) Shares (Denominator) Per Share Amount (In Thousands, Except Per Share Data) Net income $ 44,965 Basic earnings per share, income available to common stockholders $ 44,965 82,409 $ 0.55 Effect of dilutive securities: Stock options - 21 $ 44,965 82,430 $ 0.55 Year Ended June 30, 2019 Income (Numerator) Shares (Denominator) Per Share Amount (In Thousands, Except Per Share Data) Net income $ 42,142 Basic earnings per share, income available to common stockholders $ 42,142 91,054 $ 0.46 Effect of dilutive securities: Stock options - 46 $ 42,142 91,100 $ 0.46 Year Ended June 30, 2018 Income (Numerator) Shares (Denominator) Per Share Amount (In Thousands, Except Per Share Data) Net income $ 19,596 Basic earnings per share, income available to common stockholders $ 19,596 82,587 $ 0.24 Effect of dilutive securities: Stock options - 56 $ 19,596 82,643 $ 0.24 Stock options for 3,115,000, 3,269,000 and 3,170,000 shares of common stock were not considered in computing diluted earnings per share at June 30, 2020, 2019 and 2018, respectively, because they were considered anti-dilutive. |
Quarterly Results of Operations
Quarterly Results of Operations | 12 Months Ended |
Jun. 30, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | Note 24 – Quarterly Results of Operations (Unaudited) The following is a condensed summary of quarterly results of operations for the years ended June 30, 2020 and 2019: Year Ended June 30, 2020 First Quarter Second Quarter Third Quarter Fourth Quarter September 30 December 31 March 31 June 30 (In Thousands, Except Per Share Data) Interest income $ 59,899 $ 57,182 $ 58,776 $ 57,351 Interest expense 23,212 22,575 21,166 16,901 Net interest income 36,687 34,607 37,610 40,450 (Reversal of) provision for loan losses (782 ) (1,465 ) 6,270 174 Net interest income after provision for loan losses 37,469 36,072 31,340 40,276 Non-interest income 3,962 4,554 6,201 5,002 Non-interest expense 26,244 26,427 28,062 26,891 Income before Income Taxes 15,187 14,199 9,479 18,387 Income taxes 3,817 3,547 225 4,698 Net Income $ 11,370 $ 10,652 $ 9,254 $ 13,689 Net income per common share: Basic $ 0.13 $ 0.13 $ 0.11 $ 0.17 Diluted $ 0.13 $ 0.13 $ 0.11 $ 0.17 Weighted average number of common shares outstanding Basic 84,756 82,831 81,339 80,678 Diluted 84,793 82,876 81,358 80,680 Dividends declared per common share $ 0.06 $ 0.07 $ 0.08 $ 0.08 Note 2 4 – Quarterly Results of Operations (Unaudited) (continued) Year Ended June 30, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter September 30 December 31 March 31 June 30 (In Thousands, Except Per Share Data) Interest income $ 58,206 $ 60,022 $ 59,657 $ 59,448 Interest expense 18,026 20,673 21,019 22,302 Net interest income 40,180 39,349 38,638 37,146 Provision for (reversal of) loan losses 2,100 971 (179 ) 664 Net interest income after provision for loan losses 38,080 38,378 38,817 36,482 Non-interest income 3,182 3,309 3,676 3,388 Non-interest expense 26,457 27,270 26,771 28,745 Income before Income Taxes 14,805 14,417 15,722 11,125 Income taxes 3,659 3,649 4,305 2,314 Net Income $ 11,146 $ 10,768 $ 11,417 $ 8,811 Net income per common share: Basic $ 0.12 $ 0.12 $ 0.13 $ 0.10 Diluted $ 0.12 $ 0.12 $ 0.13 $ 0.10 Weighted average number of common shares outstanding Basic 95,127 92,434 89,488 87,090 Diluted 95,181 92,480 89,532 87,132 Dividends declared per common share $ 0.20 $ 0.05 $ 0.06 $ 0.06 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 25 – Subsequent Events As defined in FASB ASC 855, “ Subsequent Events O n July 10, 2020, the Company completed its acquisition of MSB and its subsidiary, Millington Bank. In accordance with the merger agreement, approximately $9.8 million in cash and 5,853,811 shares of Company common stock was distributed to former MSB shareholders in exchange for their shares of MSB common stock. As a result of the merger, the Company acquired approximately $500 million in loans, assumed approximately $400 million in deposits and acquired four branch offices located in Somerset and Morris counties. Given the initial accounting for this business combination is incomplete, management is not yet able to disclose the preliminary fair value of the assets acquired and liabilities assumed. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2020 | |
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 Insurance Services, Inc. The Company conducts its business principally through the Bank. Management prepared the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), including the elimination of all significant inter-company accounts and transactions during consolidation. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of financial condition and revenues and expenses for the periods then ended. Actual results could differ significantly from those estimates. |
Business of the Company and Subsidiaries | Business of the Company and Subsidiaries The Company’s primary business is the ownership and operation of the Bank. The Bank is principally engaged in the business of attracting deposits from the general public and using those 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. At June 30, 2020, the Bank had two wholly owned subsidiaries: CJB Investment Corp. and KFS Insurances Services, Inc. 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, 2020. KFS Insurance Services, Inc. was formed for the primary purpose of acquiring insurance agencies. KFS Insurance Services Inc. was considered inactive during the three-year period ended June 30, 2020. |
Risk And Uncertainties Policy | Risks and Uncertainties On March 11, 2020, the World Health Organization declared the outbreak of COVID-19 a global pandemic. The COVID-19 pandemic has adversely affected, and may continue to adversely affect local, national and global economic activity. Actions taken to help mitigate the spread of COVID-19 include restrictions on travel, localized quarantines, and government-mandated closures of certain businesses. The spread of the outbreak has caused significant disruptions to the U.S. economy and has disrupted banking and other financial activity in the areas in which the Company operates. On March 3, 2020, the Federal Open Market Committee reduced the targeted federal funds interest rate range by 50 basis points to 1.00 percent to 1.25 percent. This range was further reduced to 0 percent to 0.25 percent on March 16, 2020. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted to, among other provisions, provide emergency assistance for individuals, families and businesses affected by the COVID-19 pandemic. These reductions in interest rates and other effects of the COVID-19 pandemic may materially and adversely affect the Company's financial condition and results of operations in future periods. It is unknown how long the adverse conditions associated with the COVID-19 pandemic will last and what the complete financial effect will be to the Company. It is possible that estimates made in the financial statements could be materially and adversely impacted as a result of these conditions, including estimates regarding expected credit losses on loans receivable, other-than-temporary impairment of investment securities and impairment of goodwill. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash, deposits with other financial institutions with maturities fewer than 90 days, and federal funds sold. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions and borrowings with original maturities fewer than 90 days. |
Securities | Note 1 - Summary of Significant Accounting Policies (continued) Securities The Company classifies its investment securities as either available for sale or held to maturity. The Company does not use or maintain a trading account. Investment securities that management has the positive intent and ability to hold to maturity are classified as held to maturity and reported at amortized cost. Investment securities not classified as held to maturity are classified as available for sale and reported at fair value, with unrealized holding gains or losses, net of deferred income taxes, reported in the accumulated other comprehensive income (“OCI”) component of stockholders’ equity. If the fair value of a security is less than its amortized cost, the security is deemed to be impaired. Management evaluates all securities with unrealized losses quarterly to determine if such impairments are temporary or other-than-temporary. The Company accounts for temporary impairments based upon their classification as either available for sale or held to maturity. Temporary impairments on available for sale securities are recognized, on a tax-effected basis, through OCI with offsetting entries adjusting the carrying value of the security and the balance of deferred taxes. Conversely, the Company does not adjust the carrying value of held to maturity securities for temporary impairments, although information concerning the amount and duration of impairments on held to maturity securities is disclosed in periodic financial statements. The Company accounts for other-than-temporary impairments based upon several considerations. First, other-than-temporary impairments on securities that the Company intends to sell, 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 the other-than-temporary impairment is bifurcated into credit and non-credit components. A credit impairment generally represents the amount by which the present value of the cash flows that are expected to be collected on an investment security fall below its amortized cost. A non-credit impairment represents the remaining portion of the impairment not otherwise designated as credit-related. The Company recognizes credit-related other-than-temporary impairments in earnings. Non-credit other-than-temporary impairments on investment securities are recognized in OCI. Premiums on callable securities are amortized to the earliest call date whereas discounts on such securities are accreted to the maturity date utilizing the level-yield method. Premiums and discounts on all other securities are generally amortized or accreted to the maturity date utilizing the level-yield method taking into consideration the impact of principal amortization and prepayments, as applicable. Gain or loss on sales of securities is based on the specific identification method. |
Concentration of Risk | Concentration of Risk Financial instruments which potentially subject the Company and its subsidiaries to concentrations of credit risk consist of cash and cash equivalents, investment securities and loans receivable. Cash and cash equivalents include deposits placed in other financial institutions. 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”). Additional concentration risk exists in the Company’s municipal and corporate obligations, asset-backed securities and collateralized loan obligations. 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 that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at unpaid principal balances, net of deferred loan origination fees and costs, purchase discounts and premiums, purchase accounting fair value adjustments and the allowance for loan losses. Interest income is accrued on the unpaid principal balance. 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 utilizing 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 a charge 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 satisfaction of the criteria for such accounting which provide that, as transferor, control over the loans have been surrendered. |
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), 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 or more days past due or when the Company does not expect to receive all P&I payments owed substantially in accordance with the terms of the loan agreement, regardless of past due status. Loans that become 90 day past due, but are well secured and in the process of collection, may remain on accrual status. Nonaccrual loans are generally returned to accrual status when all payments due are brought current and the Company expects to receive all remaining P&I payments owed substantially in accordance with the terms of the loan agreement. Payments received in cash on nonaccrual loans, including both the principal and interest portions of those payments, are generally applied to reduce the carrying value of the loan. |
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 as Special Mention, Substandard, Doubtful or Loss. An asset is classified as Substandard if it is inadequately protected by the paying capacity and net worth of the obligor or the collateral pledged, if any. Substandard assets include those characterized by the distinct possibility that the insured institution will sustain some loss if the deficiencies are not corrected. Assets classified as Doubtful have all of the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values. Assets, or portions thereof, classified as Loss are considered uncollectible or of so little value that their continuance as assets is not warranted. Assets which do not currently expose the Company to a sufficient degree of risk to warrant an adverse classification but have some credit deficiencies or other potential weaknesses are designated as Special Mention by management. Adversely classified assets together with those rated as Special Mention, are generally referred to as Classified Assets. Non-classified assets are internally rated within one of four Pass categories or as Watch with the latter denoting a potential deficiency or concern that warrants increased oversight or tracking by management until remediated. Management generally performs a classification of assets review, including the regulatory classification of assets, on an ongoing basis. The results of the classification of assets review are validated by the Company’s third party loan review firm during their quarterly independent review. In the event of a difference in rating or classification between those assigned by the internal and external resources, the Company will generally utilize the more critical or conservative rating or classification. Final loan ratings and regulatory classifications are presented monthly to the Board of Directors and are reviewed by regulators during the examination process. Management evaluates loans classified as substandard or doubtful for impairment in accordance with applicable accounting requirements. 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. |
Acquired Loans | Acquired Loans Loans acquired 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. |
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. 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 performed no less than quarterly. 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. Loans considered by the Company to be eligible for individual impairment review include its commercial mortgage loans, construction loans, commercial business loans, one- to four-family mortgage loans, home equity loans and home equity lines of credit. A loan is deemed to be impaired when, based on current information and events, it is probable that the Company 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. Impairment is measured based on the present value of expected cash flows discounted at the loans effective interest rate or, in the case of collateral-dependent loans, the fair value of the collateral securing the loan, less costs to sell. In the case of real estate collateral, such values are generally determined based upon a 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 in a nonperforming or impaired status with such values updated approximately every six to twelve months thereafter. Appraised values are typically updated at the point of foreclosure, where applicable, and updated approximately every six to twelve months thereafter. The Company establishes valuation allowances in the fiscal period during which loan impairments are identified. 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. 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 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 from loans acquired through business combinations. Where applicable, such 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 performs an analysis of historical charge-offs and recoveries for each of the defined segments within the loan portfolio. The Company generally utilizes a two-year The second tier of the Company’s allowance for loan loss calculation also utilizes environmental loss factors to estimate the probable incurred 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. As with historical loss factors, the Company generally utilizes a two-year moving average of quantitative and qualitative criteria values, where available, to determine environmental loss factor values. By doing so, estimated losses should be directionally consistent with the overall credit risk characteristics and performance of the loan portfolio over time. 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. 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 (“TDR”) A modification to the terms of a loan is generally considered a TDR if the Company grants a concession to a borrower, that it would not otherwise consider, due to the borrower’s financial difficulties. In granting the concession, the Company’s general objective is to obtain 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 the reduction of the loan’s stated interest rate, extension of the maturity date and/or reduction or deferral of amounts owed under the terms of the loan agreement. In measuring the impairment associated with restructured loans that qualify as TDRs, the Company compares the present value of the cash flows that are expected to be received in accordance with the loan’s modified terms, discounted at the loan’s original contractual interest rate, with the pre-modification carrying value to measure impairment. 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 and a non-adverse classification 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. In March 2020, various regulatory agencies, including the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation issued an interagency statement on loan modifications and reporting for financial institutions working with customers affected by COVID-19. The interagency statement was effective immediately and impacted accounting for loan modifications. The agencies confirmed with the staff of the FASB that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief, are not to be considered TDRs. Provisions of the CARES Act largely mirrored the provisions of the interagency statement, providing that modified loans were not to be considered TDRs if they were performing at December 31, 2019 and other consideration set forth in the interagency statements were met. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented or at December 31, 2019. |
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 utilizing 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 Note 1 - Summary of Significant Accounting Policies (continued) 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 premises and equipment. Maintenance and repairs are charged to expense in the period incurred. Rental income is netted against occupancy costs in the consolidated statements of income. |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock Federal law requires a member institution of the FHLB system to hold restricted stock of its district FHLB according to a predetermined formula. The restricted stock is carried at cost, less any applicable impairment. Both cash and stock dividends are reported as income. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and other intangible assets principally represent the excess cost over the fair value of the net assets of the institutions acquired in purchase transactions. Goodwill is evaluated annually 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, 2020, 2019 or 2018. 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, 2020 and 2019 totaled $4.0 million and $5.2 million, respectively, representing the remaining unamortized balance of the core deposit intangibles ascribed to the value of deposits acquired by the Bank through the acquisition of Central Jersey Bancorp in November 2010, Atlas Bank in June 2014 and Clifton Bancorp Inc. in April 2018. |
Bank Owned Life Insurance | Bank Owned Life Insurance Bank owned life insurance is accounted for using the cash surrender value method and is recorded at its net realizable value. The change in the net asset value is recorded as a component of non-interest income. A deferred liability has been recorded for the estimated cost of postretirement life insurance benefits accruing to applicable employees and directors covered by an endorsement split-dollar life insurance arrangement. |
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. The federal income tax rate of 21% was applicable for the years ended June 30, 2020 and June 30, 2019. For the year ended June 30, 2018, the federal income tax rate applicable to the Company was 28% which reflected the transitional effect of a reduction in the Company’s federal income tax rate from 35%, applicable to the year ended June 30, 2017, to 21%, applicable to the year ended June 30, 2019. Note 1 - Summary of Significant Accounting Policies (continued) Federal and state income taxes have been provided on the basis of the Company’s income or loss as reported in accordance with GAAP. The amounts reflected on the Company’s state and federal income tax returns differ from these provisions due principally to temporary differences in the reporting of certain items for financial statement reporting and income tax reporting purposes. The tax effect of these temporary differences is accounted for as deferred taxes applicable to future periods. Deferred income tax expense or benefit is determined by recognizing deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. The realization of deferred tax assets is assessed and a valuation allowance provided for the full amount which is not more likely than not to be realized. The Company identified no significant income tax uncertainties through the evaluation of its income tax positions as of June 30, 2020 and 2019. 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, 2020, 2019 and 2020. The tax years subject to examination by the taxing authorities are the years ended June 30, 2019, 2018 and 2017. |
Retirement Plans | Retirement Plans Pension expense is the net of service and interest cost, return on plan assets and amortization of gains and losses not immediately recognized. Employee 401(k) and profit sharing plan expense is the amount of matching contributions. Deferred compensation plan expense allocates the benefits over years of service. |
Employee Stock Ownership Plan | Employee Stock Ownership Plan The cost of shares issued to the ESOP, but not yet allocated to participants, is shown as a reduction of shareholders’ equity. Compensation expense is based on the market price of shares as they are committed to be released to participant accounts. Dividends on allocated and unallocated ESOP shares either reduce retained earnings or reduce debt and accrued interest as determined by the ESOP Plan Administrator. |
Other Comprehensive Income | Other Comprehensive Income Comprehensive income is divided into net income and other comprehensive income (loss). Other comprehensive income (loss) includes items recorded in equity, such as unrealized gains and losses on securities available for sale, unrealized gains and losses on derivatives, unrealized gains and losses on securities transferred from available for sale to held to maturity and amortization related to post-retirement obligations. Comprehensive income is presented in a separate Consolidated Statement of Comprehensive Income. |
Loss Contingencies | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the financial statements. |
Derivatives and Hedging | Derivatives and Hedging The Company utilizes derivative instruments in the form of interest rate swaps and caps to hedge its exposure to interest rate risk in conjunction with its overall asset/liability management process. In accordance with accounting requirements, the Company formally designates all of its hedging relationships as either fair value hedges, intended to offset the changes in the value of certain financial instruments due to movements in interest rates, or cash flow hedges, intended to offset changes in the cash flows of certain financial instruments due to movement in interest rates, and documents the strategy for undertaking the hedge transactions, and its method of assessing ongoing effectiveness. The Company does not use derivative instruments for speculative purposes. Note 1 - Summary of Significant Accounting Policies (continued) All derivatives are recognized as either assets or liabilities in the Consolidated Financial Statements at their fair values. For derivatives designated cash flow hedges, the gain or loss on the derivative is recorded in other comprehensive income and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. For a derivative designated as a fair value hedge, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current earnings. Derivative instruments qualify for hedge accounting treatment only if they are designated as such on the date on which the derivative contract is entered and are expected to be, and are, effective in substantially reducing interest rate risk arising from the assets and liabilities identified as exposing the Company to risk. Those derivative financial instruments that do not meet the hedging criteria discussed below would be classified as undesignated derivatives and would be recorded at fair value with changes in fair value recorded in income. 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 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 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 agreements are reflected as adjustments to interest expense. The notional amounts of the interest rate swaps are not exchanged and do not represent exposure to credit loss. In the event of default by a counter party, the risk in these transactions is the cost of replacing the agreements at current market rates. |
Net Income per Common Share ("EPS") | Net Income per Common Share (“EPS”) Basic EPS is based on the weighted average number of common shares actually outstanding adjusted for the Employee Stock Ownership Plan (the “ESOP”) shares not yet committed to be released. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as outstanding stock options, were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Diluted EPS is calculated by adjusting the weighted average number of shares of common stock outstanding to include the effect of contracts or securities exercisable or which could be converted into common stock, if dilutive, using the treasury stock method. Shares issued and reacquired during any period are weighted for the portion of the period they were outstanding. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 19. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. |
Operating Segments | Note 1 - Summary of Significant Accounting Policies (continued) Operating Segments Public companies are required to report certain financial information about significant revenue-producing segments of the business for which such information is available and utilized by the chief operating decision makers. Substantially all of the Company’s operations occur through the Bank and involve the delivery of loan and deposit products to customers. Management makes operating decisions and assesses performance based on an ongoing review of its banking operation, which constitutes the Company’s only operating segment for financial reporting purposes . |
Stock Compensation Plans | Stock Compensation Plans Compensation expense related to stock options and non-vested stock awards is based on the fair value of the award on the measurement date with expense recognized on a straight-line basis over the service period of the award. The fair value of stock options is estimated using the Black-Scholes valuation model. The fair value of non-vested stock awards is generally the closing market price of the Company’s common stock on the date of grant. The Company accounts for forfeitures as they occur. |
Advertising and Marketing Expenses | Advertising and Marketing Expenses The Company expenses advertising and marketing costs as incurred. |
Reclassification | Reclassification Certain reclassifications have been made in the consolidated financial statements to conform to the current year presentation. Such reclassifications had no impact on net income or stockholders’ equity as previously reported. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
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 utilizing the straight-line method over the following estimated useful lives: Years Building and improvements 10 - 50 Furnishings and equipment 3 - 20 Leasehold improvements Shorter of useful lives or lease term |
Acquisition of Clifton Bancor_2
Acquisition of Clifton Bancorp Inc. (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Business Combinations [Abstract] | |
Summary of Assets Acquired and Liabilities Assumed Through Merger at Fair Value | The Company recorded the assets acquired and liabilities assumed through the merger at fair value as summarized in the following table: As Recorded by Clifton Fair Value Adjustments As Recorded at Acquisition (In Thousands) Cash and cash equivalents $ 36,585 $ - $ 36,585 Investment securities 332,183 (5,270 ) (a) 326,913 Loans receivable 1,191,748 (74,927 ) (b) 1,116,821 Allowance for loan losses (8,025 ) 8,025 (c) - Premises and equipment 8,066 3,556 (d) 11,622 FHLB stock 20,357 - 20,357 Accrued interest receivable 4,142 - 4,142 Bank owned life insurance 63,231 - 63,231 Deferred income taxes, net 6,837 16,149 (e) 22,986 Core deposit and other intangibles - 6,367 (f) 6,367 Other real estate owned 163 (23 ) (g) 140 Other assets 1,438 133 (h) 1,571 Total assets acquired $ 1,656,725 $ (45,990 ) $ 1,610,735 Deposits $ 944,988 $ 4,801 (i) $ 949,789 FHLB borrowings 421,400 (7,268 ) (j) 414,132 Advance payments by borrowers for taxes 9,777 - 9,777 Other liabilities 5,288 112 (k) 5,400 Total liabilities assumed $ 1,381,453 $ (2,355 ) $ 1,379,098 Net assets acquired $ 231,637 Purchase price 333,941 Goodwill recorded in Merger $ 102,304 Explanation of certain fair value related adjustments : (a) Represents the fair value adjustments on investment securities. (b) Represents the fair value adjustments on the net book value of loans, which includes an interest rate mark and credit mark adjustment and the write-off of deferred fees/costs and premiums. (c) Represents the elimination of Clifton’s allowance for loan losses. (d) Represents the fair value adjustments to reflect the fair value of land and buildings and premises and equipment, which will be amortized on a straight-line basis over the estimated useful lives of the individual assets. (e) Represents an adjustment to net deferred tax assets resulting from the fair value adjustments related to the acquired assets, liabilities assumed and identifiable intangible assets recorded. (f) Represents the intangible assets recorded to reflect the fair value of core deposits. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. (g) Represents an adjustment to reduce the carrying value of other real estate owned to fair value, less costs to sell. (h) Represents an adjustment to other assets acquired. (i) Represents fair value adjustments on time deposits, which will be treated as a reduction of interest expense over the remaining term of the time deposits. (j) Represents the fair value adjustments on FHLB borrowings, which will be treated as an increase to interest expense over the life of the borrowings. (k) Represents an adjustment to other liabilities assumed. |
Summary of Unaudited Supplemental Pro Forma Information | The unaudited supplemental pro forma information for year ended June 30, 2018 set forth below reflects adjustments related to (a) purchase accounting fair value adjustments; (b) amortization of core deposit and other intangibles; and (c) adjustments to interest income and expense due to amortization of premiums and accretion of discounts. Direct merger-related expenses incurred in the year ended June 30, 2018 are assumed to have occurred prior to July 1, 2018. Furthermore, the unaudited supplemental pro forma information does not reflect management’s estimate of any revenue enhancement opportunities or anticipated potential cost savings for periods that include data as of April 2, 2018 or earlier. Unaudited Supplemental Pro Forma Information Year Ended June 30, 2018 Net interest income $ 169,094 Non-interest income 15,683 Non-interest expense 113,816 Net income available to common stockholders 40,216 Pro forma earnings per common share from continuing operations: Basic $ 0.37 Diluted $ 0.37 |
Securities Available for Sale (
Securities Available for Sale (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities | June 30, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Investment securities available for sale: Debt securities: Obligations of state and political subdivisions $ 52,843 $ 1,211 $ - $ 54,054 Asset-backed securities 177,413 - 4,966 172,447 Collateralized loan obligations 198,619 - 4,831 193,788 Corporate bonds 142,942 1,267 570 143,639 Trust preferred securities 2,967 - 340 2,627 Total debt securities 574,784 2,478 10,707 566,555 Mortgage-backed securities: Collateralized mortgage obligations (1) 30,043 860 - 30,903 Residential pass-through securities (1) 543,819 18,135 - 561,954 Commercial pass-through securities (1) 214,575 11,716 - 226,291 Total mortgage-backed securities 788,437 30,711 - 819,148 Total securities available for sale $ 1,363,221 $ 33,189 $ 10,707 $ 1,385,703 (1) Government-sponsored enterprises. June 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Securities available for sale: Debt securities: U.S. agency securities $ 3,642 $ 40 $ 4 $ 3,678 Obligations of state and political subdivisions 26,628 323 - 26,951 Asset-backed securities 178,168 1,465 320 179,313 Collateralized loan obligations 209,453 254 1,096 208,611 Corporate bonds 122,929 121 1,026 122,024 Trust preferred securities 3,967 - 211 3,756 Total debt securities 544,787 2,203 2,657 544,333 Mortgage-backed securities: Collateralized mortgage obligations (1) 21,469 70 149 21,390 Residential pass-through securities (1) 44,611 156 464 44,303 Commercial pass-through securities (1) 101,421 2,816 - 104,237 Total mortgage-backed securities 167,501 3,042 613 169,930 Total securities available for sale $ 712,288 $ 5,245 $ 3,270 $ 714,263 (1) Government-sponsored enterprises. |
Stratification by Contractual Maturity of Securities | June 30, 2020 Amortized Cost Fair Value (In Thousands) Debt securities available for sale: Due in one year or less $ 5,424 $ 5,429 Due after one year through five years 84,722 84,676 Due after five years through ten years 197,429 197,247 Due after ten years 287,209 279,203 Total $ 574,784 $ 566,555 |
Sales of Securities Available for Sale | Sales of securities available for sale were as follows for the periods presented below: June 30, June 30, June 30, 2020 2019 2018 (In Thousands) Available for sale securities sold: Proceeds from sales of securities $ 164,299 $ 75,401 $ 254,606 Gross realized gains $ 2,363 $ 190 $ - Gross realized losses (145 ) (513 ) (31 ) Net gain (loss) on sales of securities $ 2,218 $ (323 ) $ (31 ) |
Schedule Of Available For Sale Securities Pledged | Securities available for sale pledged for borrowings at the FHLB and other institutions, and securities pledged for public funds and other purposes, were as follows for the periods presented below: June 30, June 30, 2020 2019 (In Thousands) Available for sale securities pledged: Pledged for borrowings at the FHLB of New York $ 155,288 $ 24,099 Pledged to secure public funds on deposit 19,944 - Pledged for potential borrowings at the Federal Reserve Bank of New York 333,926 43,623 Pledged as collateral for depositor sweep accounts 7,830 1,322 Total available for sale securities pledged $ 516,988 $ 69,044 |
Securities Held to Maturity (Ta
Securities Held to Maturity (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Schedule Of Held To Maturity Securities [Line Items] | |
Amortized Cost, Gross Unrecognized Gains and Losses and Fair Values of Securities | The amortized cost, gross unrecognized gains and losses and fair value of debt securities and mortgage-backed securities at June 30, 2020 and 2019 and stratification by contractual maturity of debt securities at June 30, 2020 are presented below as of the dates indicated. June 30, 2020 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value (In Thousands) Investment securities held to maturity: Debt securities: Obligations of state and political subdivisions $ 32,556 $ 1,513 $ - $ 34,069 Total debt securities 32,556 1,513 - 34,069 Total securities held to maturity $ 32,556 $ 1,513 $ - $ 34,069 June 30, 2019 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value (In Thousands) Securities held to maturity: Debt securities: Obligations of state and political subdivisions $ 104,086 $ 1,787 $ 16 $ 105,857 Corporate bonds 63,086 914 - 64,000 Total debt securities 167,172 2,701 16 169,857 Mortgage-backed securities: Collateralized mortgage obligations (1) 46,370 568 168 46,770 Residential pass-through securities (1) 166,283 1,961 518 167,726 Commercial pass-through securities (1) 196,816 3,504 6 200,314 Non-agency securities 11 - - 11 Total mortgage-backed securities 409,480 6,033 692 414,821 Total securities held to maturity $ 576,652 $ 8,734 $ 708 $ 584,678 (1) Government-sponsored enterprises. |
Stratification by Contractual Maturity of Securities | June 30, 2020 Amortized Cost Fair Value (In Thousands) Debt securities available for sale: Due in one year or less $ 5,424 $ 5,429 Due after one year through five years 84,722 84,676 Due after five years through ten years 197,429 197,247 Due after ten years 287,209 279,203 Total $ 574,784 $ 566,555 |
Sale of Securities Held to Maturity | Sales of securities held to maturity were as follows for the periods presented below: June 30, June 30, June 30, 2020 2019 2018 (In Thousands) Held to maturity securities sold: (1) (2) Proceeds from sales of securities $ - $ - $ 211 Gross realized gains $ - $ - $ - Gross realized losses - - (8 ) Net (loss) gain on sales of securities $ - $ - $ (8 ) |
Securities Held to Maturity Pledged for Borrowings, Public Fund and Others | Securities held to maturity pledged for borrowings at the FHLB and other institutions, and securities pledged for public funds and other purposes, were as follows for the periods presented below: June 30, June 30, 2020 2019 (In Thousands) Held to maturity securities pledged: Pledged for borrowings at the FHLB of New York $ - $ 136,696 Pledged to secure public funds on deposit - 7,023 Pledged for potential borrowings at the Federal Reserve Bank of New York 32,556 103,419 Pledged as collateral for depositor sweep accounts - 12,884 Total held to maturity securities pledged $ 32,556 $ 260,022 |
Securities Held to Maturity [Member] | |
Schedule Of Held To Maturity Securities [Line Items] | |
Stratification by Contractual Maturity of Securities | June 30, 2020 Amortized Cost Fair Value (In Thousands) Debt securities held to maturity: Due in one year or less $ 6,618 $ 6,655 Due after one year through five years 18,529 19,337 Due after five years through ten years 7,409 8,077 Total $ 32,556 $ 34,069 |
Impairment of Securities (Table
Impairment of Securities (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Securities Available for Sale [Member] | |
Schedule of Fair Values and Gross Unrealized and Unrecognized Losses on Investments | The following two tables summarize the fair values and gross unrealized and unrecognized losses within the available for sale and held to maturity portfolios at June 30, 2020 and June 30, 2019. June 30, 2020 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses (Dollars in Thousands) Securities Available for Sale: Asset-backed securities $ 146,494 $ 3,962 $ 25,954 $ 1,004 16 $ 172,448 $ 4,966 Collateralized loan obligations 71,282 1,245 122,506 3,586 19 193,788 4,831 Corporate bonds 24,764 236 39,651 334 8 64,415 570 Trust preferred securities - - 2,626 340 2 2,626 340 Total $ 242,540 $ 5,443 $ 190,737 $ 5,264 45 $ 433,277 $ 10,707 June 30, 2019 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses (Dollars in Thousands) Securities Available for Sale: U.S. agency securities $ - $ - $ 1,122 $ 4 5 $ 1,122 $ 4 Asset-backed securities 40,211 262 4,934 58 4 45,145 320 Collateralized loan obligations 44,061 75 115,914 1,021 15 159,975 1,096 Corporate bonds 47,486 509 44,462 517 11 91,948 1,026 Trust preferred securities - - 2,756 211 2 2,756 211 Collateralized mortgage obligations - - 16,369 149 4 16,369 149 Residential pass-through securities - - 33,519 464 6 33,519 464 Total $ 131,758 $ 846 $ 219,076 $ 2,424 47 $ 350,834 $ 3,270 |
Securities Held to Maturity [Member] | |
Schedule of Fair Values and Gross Unrealized and Unrecognized Losses on Investments | At June 30, 2020, there were no held to maturity securities with unrecognized losses. June 30, 2019 Less than 12 Months 12 Months or More Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Number of Securities Fair Value Unrecognized Losses (Dollars in Thousands) Securities Held to Maturity: Obligations of state and political subdivisions $ 274 $ 1 $ 7,149 $ 15 19 $ 7,423 $ 16 Collateralized mortgage obligations - - 9,347 168 5 9,347 168 Residential pass-through securities 438 1 76,848 517 70 77,286 518 Commercial pass-through securities - - 1,852 6 2 1,852 6 Total $ 712 $ 2 $ 95,196 $ 706 96 $ 95,908 $ 708 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | The following table sets forth the composition of the Company’s loan portfolio at June 30, 2020 and June 30, 2019: June 30, June 30, 2020 2019 (In Thousands) Commercial loans: Multi-family $ 2,059,568 $ 1,946,391 Nonresidential 960,853 1,258,869 Commercial business (1) 138,788 65,763 Construction 20,961 13,907 Total commercial loans 3,180,170 3,284,930 One- to four-family residential mortgage loans 1,273,022 1,344,044 Consumer loans: Home equity loans and lines of credit 82,920 96,165 Other consumer loans 3,991 5,814 Total consumer loans 86,911 101,979 Total loans 4,540,103 4,730,953 Unaccreted yield adjustments (41,706 ) (52,025 ) Total loans receivable, net of yield adjustments $ 4,498,397 $ 4,678,928 (1) Includes Payroll Protection Program (“PPP”) loans of $69.0 million as of June 30, 2020. |
Loan Quality and Allowance fo_2
Loan Quality and Allowance for Loan Losses (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Allowance for Loan Losses and Balance of Loans Receivable | The following tables present the balance of the allowance for loan losses at June 30, 2020 and 2019 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, 2020, 2019 and 2018. 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 At June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Balance of allowance for loan losses: Loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - Loans individually evaluated for impairment - 41 47 - 1 - - 89 Loans collectively evaluated for impairment 20,916 8,722 1,879 236 4,859 568 58 37,238 Total allowance for loan losses $ 20,916 $ 8,763 $ 1,926 $ 236 $ 4,860 $ 568 $ 58 $ 37,327 Balance of Loans Receivable At June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Balance of loans receivable: Loans acquired with deteriorated credit quality $ - $ - $ 222 $ - $ 77 $ - $ - $ 299 Loans individually evaluated for impairment 2,962 24,048 5,567 - 10,689 1,557 - 44,823 Loans collectively evaluated for impairment 2,056,606 936,805 132,999 20,961 1,262,256 81,363 3,991 4,494,981 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 Unaccreted yield adjustments (41,706 ) Loans receivable, net of yield adjustments $ 4,498,397 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses At June 30, 2019 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Balance of allowance for loan losses: Loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - Loans individually evaluated for impairment - - - - 31 - - 31 Loans collectively evaluated for impairment 16,959 9,672 2,467 136 3,346 491 172 33,243 Total allowance for loan losses $ 16,959 $ 9,672 $ 2,467 $ 136 $ 3,377 $ 491 $ 172 $ 33,274 Balance of Loans Receivable At June 30, 2019 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Balance of loans receivable: Loans acquired with deteriorated credit quality $ - $ - $ 242 $ - $ 84 $ - $ - 326 Loans individually evaluated for impairment 70 8,900 1,213 - 12,545 1,531 - 24,259 Loans collectively evaluated for impairment 1,946,321 1,249,969 64,308 13,907 1,331,415 94,634 5,814 4,706,368 Total loans $ 1,946,391 $ 1,258,869 $ 65,763 $ 13,907 $ 1,344,044 $ 96,165 $ 5,814 $ 4,730,953 Unaccreted yield adjustments (52,025 ) Loans receivable, net of yield adjustments $ 4,678,928 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses Year Ended June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Changes in the allowance for loan losses for the year ended June 30, 2020: At June 30, 2019: $ 16,959 $ 9,672 $ 2,467 $ 136 $ 3,377 $ 491 $ 172 $ 33,274 Total charge offs - - (50 ) - - - (139 ) (189 ) Total recoveries - 10 2 - - - 33 45 Total provisions 3,957 (919 ) (493 ) 100 1,483 77 (8 ) 4,197 Total allowance for loan losses $ 20,916 $ 8,763 $ 1,926 $ 236 $ 4,860 $ 568 $ 58 $ 37,327 Allowance for Loan Losses Year Ended June 30, 2019 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Changes in the allowance for loan losses for the year ended June 30, 2019: At June 30, 2018: $ 14,946 $ 9,787 $ 2,552 $ 258 $ 2,479 $ 430 $ 413 $ 30,865 Total charge offs - (54 ) (861 ) - (83 ) - (285 ) (1,283 ) Total recoveries - 6 47 - - - 83 136 Total provisions 2,013 (67 ) 729 (122 ) 981 61 (39 ) 3,556 Total allowance for loan losses $ 16,959 $ 9,672 $ 2,467 $ 136 $ 3,377 $ 491 $ 172 $ 33,274 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Allowance for Loan Losses Year Ended June 30, 2018 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Changes in the allowance for loan losses for the year ended June 30, 2018: At June 30, 2017: $ 13,941 $ 9,939 $ 1,709 $ 35 $ 2,384 $ 501 $ 777 $ 29,286 Total charge offs - (45 ) (145 ) - (521 ) (18 ) (829 ) (1,558 ) Total recoveries - - 90 - 172 65 104 431 Total provisions 1,005 (107 ) 898 223 444 (118 ) 361 2,706 Total allowance for loan losses $ 14,946 $ 9,787 $ 2,552 $ 258 $ 2,479 $ 430 $ 413 $ 30,865 |
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, 2020 and 2019: Credit-Rating Classification of Loans Receivable At June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Pass $ 2,055,520 $ 932,202 $ 132,818 $ 20,961 $ 1,258,246 $ 81,120 $ 3,979 $ 4,484,846 Special Mention 1,086 4,373 2,585 - 981 157 5 9,187 Substandard 2,962 24,278 3,385 - 13,795 1,643 6 46,069 Doubtful - - - - - - 1 1 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 Credit-Rating Classification of Loans Receivable At June 30, 2019 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Pass $ 1,945,205 $ 1,249,438 $ 59,768 $ 13,907 $ 1,328,811 $ 94,544 $ 5,776 $ 4,697,449 Special Mention 1,116 - 3,894 - 629 28 14 5,681 Substandard 70 9,431 2,101 - 14,604 1,593 23 27,822 Doubtful - - - - - - 1 1 Total loans $ 1,946,391 $ 1,258,869 $ 65,763 $ 13,907 $ 1,344,044 $ 96,165 $ 5,814 $ 4,730,953 |
Contractual Payment Status of Loans Receivable | Contractual Payment Status of Loans Receivable At June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Current $ 2,059,568 $ 941,714 $ 138,439 $ 20,961 $ 1,264,267 $ 82,358 $ 3,981 $ 4,511,288 Past due: 30-59 days - - - - 3,211 169 - 3,380 60-89 days - 14,478 - - 1,038 13 5 15,534 90 days and over - 4,661 349 - 4,506 380 5 9,901 Total past due - 19,139 349 - 8,755 562 10 28,815 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 Contractual Payment Status of Loans Receivable At June 30, 2019 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Current $ 1,946,391 $ 1,256,892 $ 65,668 $ 13,907 $ 1,338,347 $ 95,793 $ 5,754 $ 4,722,752 Past due: 30-59 days - - 95 - 1,680 197 25 1,997 60-89 days - - - - 473 36 13 522 90 days and over - 1,977 - - 3,544 139 22 5,682 Total past due - 1,977 95 - 5,697 372 60 8,201 Total loans $ 1,946,391 $ 1,258,869 $ 65,763 $ 13,907 $ 1,344,044 $ 96,165 $ 5,814 $ 4,730,953 |
Performance Status of Loans Receivable | The following tables present information relating to the Company’s nonperforming and impaired loans at June 30, 2020 and 2019. Loans reported as 90 days and over past due and accruing in the table immediately below are also reported in the preceding contractual payment status table under the heading 90 days and over past due. Performance Status of Loans Receivable At June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Performing $ 2,056,606 $ 936,917 $ 138,196 $ 20,961 $ 1,264,663 $ 82,078 $ 3,986 $ 4,503,407 Nonperforming: 90 days and over past due accruing - - - - - - 5 5 Nonaccrual 2,962 23,936 592 - 8,359 842 - 36,691 Total nonperforming 2,962 23,936 592 - 8,359 842 5 36,696 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 Performance Status of Loans Receivable At June 30, 2019 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Performing $ 1,946,321 $ 1,249,969 $ 65,294 $ 13,907 $ 1,334,101 $ 95,299 $ 5,792 $ 4,710,683 Nonperforming: 90 days and over past due accruing - - - - - - 22 22 Nonaccrual 70 8,900 469 - 9,943 866 - 20,248 Total nonperforming 70 8,900 469 - 9,943 866 22 20,270 Total loans $ 1,946,391 $ 1,258,869 $ 65,763 $ 13,907 $ 1,344,044 $ 96,165 $ 5,814 $ 4,730,953 |
Impairment Status of Loans Receivable | Impairment Status of Loans Receivable At or Year Ended June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Carrying value of impaired loans: Non-impaired loans $ 2,056,606 $ 936,805 $ 132,999 $ 20,961 $ 1,262,256 $ 81,363 $ 3,991 $ 4,494,981 Impaired loans: Impaired loans with no allowance for impairment 2,962 22,516 5,622 10,659 1,557 - 43,316 Impaired loans with allowance for impairment: Recorded investment - 1,532 167 - 107 - - 1,806 Allowance for impairment - (41 ) (47 ) - (1 ) - - (89 ) Balance of impaired loans net of allowance for impairment - 1,491 120 - 106 - - 1,717 Total impaired loans, excluding allowance for impairment: 2,962 24,048 5,789 - 10,766 1,557 - 45,122 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 Unpaid principal balance of impaired loans: Total impaired loans $ 3,544 $ 25,898 $ 8,778 $ 73 $ 12,908 $ 1,950 $ - $ 53,151 For the year ended June 30, 2020: Average balance of impaired loans $ 2,334 $ 13,450 $ 3,934 $ - $ 10,761 $ 1,568 $ - $ 32,047 Interest earned on impaired loans $ 28 $ 2 $ 273 $ - $ 122 $ 34 $ - $ 459 Note 8 – Loan Quality and the Allowance for Loan Losses (continued) Impairment Status of Loans Receivable At June 30, 2019 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Carrying value of impaired loans: Non-impaired loans $ 1,946,321 $ 1,249,969 $ 64,308 $ 13,907 $ 1,331,415 $ 94,634 $ 5,814 $ 4,706,368 Impaired loans: Impaired loans with no allowance for impairment 70 8,900 1,455 - 12,266 1,531 - 24,222 Impaired loans with allowance for impairment: Recorded investment - - - - 363 - - 363 Allowance for impairment - - - - (31 ) - - (31 ) Balance of impaired loans net of allowance for impairment - - - - 332 - - 332 Total impaired loans, excluding allowance for impairment: 70 8,900 1,455 - 12,629 1,531 - 24,585 Total loans $ 1,946,391 $ 1,258,869 $ 65,763 $ 13,907 $ 1,344,044 $ 96,165 $ 5,814 $ 4,730,953 Unpaid principal balance of impaired loans: Total impaired loans $ 779 $ 10,200 $ 3,987 $ 73 $ 14,985 $ 1,924 $ - $ 31,948 For the year ended June 30, 2019: Average balance of impaired loans $ 91 $ 8,242 $ 2,212 $ - $ 12,883 $ 1,547 $ - $ 24,975 Interest earned on impaired loans $ - $ - $ 67 $ - $ 129 $ 34 $ - $ 230 Impairment Status of Loans Receivable Year Ended June 30, 2018 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) For the year ended June 30, 2018: Average balance of impaired loans $ 136 $ 6,484 $ 2,690 $ 106 $ 9,465 $ 1,667 $ - $ 20,548 Interest earned on impaired loans $ - $ 5 $ 44 $ - $ 131 $ 32 $ - $ 212 |
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, 2020, June 30, 2019 and June 30, 2018 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, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (Dollars in Thousands) Troubled debt restructuring activity for the year ended June 30, 2020: Number of loans 1 1 5 - 5 1 - 13 Pre-modification outstanding recorded investment $ 3,062 $ 521 $ 4,349 $ - $ 1,285 $ 82 $ - $ 9,299 Post-modification outstanding recorded investment 2,996 517 4,415 - 1,220 81 - 9,229 Reserves included in and charge offs against the allowance for loan loss recognized at modification - - 15 - 1 - - 16 - . Troubled debt restructuring defaults for the year ended June 30, 2020: Number of loans - - - - - - - - Outstanding recorded investment $ - $ - $ - $ - $ - $ - $ - $ - Troubled Debt Restructurings of Loans Receivable Year Ended June 30, 2019 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (Dollars in Thousands) Troubled debt restructuring activity for the year ended June 30, 2019: Number of loans - 2 6 - 8 1 - 17 Pre-modification outstanding recorded investment $ - $ 3,329 $ 1,468 $ - $ 1,523 $ 109 $ - $ 6,429 Post-modification outstanding recorded investment - 3,329 1,488 - 1,576 123 - 6,516 Reserves included in and charge offs against the allowance for loan loss recognized at modification - 2 - - 2 - - 4 Troubled debt restructuring defaults for the year ended June 30, 2019: 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, 2018 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (Dollars in Thousands) Troubled debt restructuring activity for the year ended June 30, 2018: Number of loans - 2 - - 6 2 - 10 Pre-modification outstanding recorded investment $ - $ 315 $ - $ - $ 1,635 $ 90 $ - $ 2,040 Post-modification outstanding recorded investment - 330 - - 1,981 88 - 2,399 Reserves included in and charge offs against the allowance for loan loss recognized at modification - 7 - - 145 2 - 154 Troubled debt restructuring defaults for the year ended June 30, 2018: Number of loans - - - - - - - - Outstanding recorded investment $ - $ - $ - $ - $ - $ - $ - $ - |
Schedule of Modified Non-TDR Loans by Loan Segments | The following table sets forth the composition of these loans by loan segments as of June 30, 2020: June 30, 2020 # of Loans Balance (In Thousands) Commercial loans: Multi-family mortgage loans 136 $ 387,744 Nonresidential mortgage 131 237,384 Commercial business 54 10,450 Construction 1 796 Total commercial loans 322 636,374 Residential mortgage 345 141,890 Consumer loans: Home equity loans 44 3,014 Total loans 711 $ 781,278 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Commitments for Operating Leases | A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability at June 30, 2020 is as follows: June 30, 2020 (In Thousands) Less than one year $ 3,212 After one year but within two years 3,004 After two years but within three years 2,405 After three years but within four years 1,739 After four years but within five years 1,509 Greater than five years 7,373 Total undiscounted cash flows 19,242 Less: discount on cash flows (2,115 ) Total lease liability $ 17,127 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | June 30, 2020 2019 (In Thousands) Land $ 12,376 $ 13,118 Buildings and improvements 46,219 46,802 Leasehold improvements 10,234 7,852 Furnishings and equipment 24,719 22,985 Construction in progress 4,174 4,690 97,722 95,447 Less accumulated depreciation and amortization 40,333 38,593 Total premises and equipment $ 57,389 $ 56,854 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | Goodwill Core Deposit Intangibles (In Thousands) Balance at June 30, 2017 $ 108,591 $ 292 Acquisition of Clifton Bancorp Inc. 102,304 6,367 Amortization - (364 ) Balance at June 30, 2018 210,895 6,295 Amortization - (1,135 ) Balance at June 30, 2019 210,895 5,160 Amortization - (1,165 ) Balance at June 30, 2020 $ 210,895 $ 3,995 |
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) 2021 $ 885 2022 595 2023 484 2024 454 2025 428 Thereafter 1,149 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Deposits [Abstract] | |
Schedule of Deposits | June 30, 2020 2019 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) Non-interest-bearing demand $ 419,138 0.00 % $ 309,063 0.00 % Interest-bearing demand 1,264,151 0.54 843,432 0.94 Savings 906,597 0.83 790,658 0.73 Certificates of deposits 1,840,396 1.79 2,204,457 2.16 Total deposits $ 4,430,282 1.07 % $ 4,147,610 1.48 % |
Schedule of Brokered Deposits | June 30, 2020 2019 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) Certificates of deposits $ 31,379 2.16 % $ 235,805 2.42 % Total brokered deposits $ 31,379 2.16 % $ 235,805 2.42 % |
Certificates of Deposit by Maturity | A summary of certificates of deposit by maturity follows: June 30, 2020 (In Thousands) One year or less $ 1,515,042 After one year to two years 170,914 After two years to three years 84,803 After three years to four years 26,519 After four years to five years 37,129 After five years 5,989 Total certificates of deposit $ 1,840,396 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Fixed Rate Advances from FHLB | Fixed-rate advances from FHLB of New York mature as follows: June 30, 2020 June 30, 2019 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) By remaining period to maturity: Less than one year $ 865,000 0.45 % $ 873,400 2.49 % One to two years 27,000 2.85 64,046 1.87 Two to three years 145,000 3.04 62,700 2.46 Three to four years 22,500 2.63 155,000 3.00 Four to five years 103,500 2.68 22,500 2.63 Greater than five years 6,500 2.82 110,000 2.69 Total advances 1,169,500 1.08 % 1,287,646 2.54 % Unamortized fair value adjustments (2,071 ) (4,435 ) Total advances, net of fair value adjustments $ 1,167,429 $ 1,283,211 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Financial Instruments as well as Their Classification on Statement of Financial Condition | The 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, 2020 and June 30, 2019: June 30, 2020 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (In Thousands) Derivatives designated as hedging instruments: Interest rate contracts Other assets $ 235 Other liabilities $ 18,177 Total $ 235 $ 18,177 June 30, 2019 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (In Thousands) Derivatives designated as hedging instruments: Interest rate contracts Other assets $ 3,856 Other liabilities $ 140 Total $ 3,856 $ 140 |
Pre-tax Effects of Derivative Instruments on Consolidated Statements of Income | The table below presents the pre-tax effects of the Company’s derivative instruments on the Consolidated Statements of Income as of June 30, 2020, June 30, 2019 and June 30, 2018: Year Ended June 30, 2020 Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (In Thousands) Derivatives in cash flow hedging relationships: Interest rate contracts $ (21,264 ) Interest expense $ 1,870 Total $ (21,264 ) $ 1,870 Year Ended June 30, 2019 Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (In Thousands) Derivatives in cash flow hedging relationships: Interest rate contracts $ (21,409 ) Interest expense $ 6,753 Total $ (21,409 ) $ 6,753 Year Ended June 30, 2018 Amount of Gain (Loss) Recognized in OCI on Derivatives Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (In Thousands) Derivatives in cash flow hedging relationships: Interest rate contracts $ 22,734 Interest expense $ (2,826 ) Total $ 22,734 $ (2,826 ) |
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, 2020 and June 30, 2019, 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, 2020 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received Net Amount (In Thousands) Assets: Interest rate contracts $ 592 $ (357 ) $ 235 $ - $ - $ 235 Total $ 592 $ (357 ) $ 235 $ - $ - $ 235 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Posted Net Amount (In Thousands) Liabilities: Interest rate contracts $ 18,534 $ (357 ) $ 18,177 $ - $ (18,177 ) $ - Total $ 18,534 $ (357 ) $ 18,177 $ - $ (18,177 ) $ - June 30, 2019 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received Net Amount (In Thousands) Assets: Interest rate contracts $ 5,334 $ (1,478 ) $ 3,856 $ - $ - $ 3,856 Total $ 5,334 $ (1,478 ) $ 3,856 $ - $ - $ 3,856 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Posted Net Amount (In Thousands) Liabilities: Interest rate contracts $ 1,618 $ (1,478 ) $ 140 $ - $ - $ 140 Total $ 1,618 $ (1,478 ) $ 140 $ - $ - $ 140 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Schedule of Net Periodic Benefit Expense | The following table sets forth the aggregate net periodic benefit expense for the Bank’s Benefit Equalization Plan, Postretirement Welfare Plan, Directors’ Consultation and Retirement Plan and Atlas Bank Retirement Income Plan: Affected Line Item in the Consolidated Years Ended June 30, Statements of Income 2020 2019 2018 (In Thousands) Service cost $ 78 $ 54 $ 48 Salaries and employee benefits Interest cost 326 378 373 Miscellaneous non-interest expense Amortization of unrecognized loss 19 43 45 Miscellaneous non-interest expense Expected return on assets (112 ) (112 ) (120 ) Miscellaneous non-interest expense Net periodic benefit cost $ 311 $ 363 $ 346 |
Schedule of Impact of Retrospective Application to Consolidated Statement of Income | Note 15 – Benefit Plans (continued) Condensed Statements of Income and Comprehensive Income Years Ended June 30, 2020 2019 2018 (In Thousands) Dividends from subsidiary $ 30,039 $ 255,117 $ - Interest income 2,108 2,162 2,292 Equity in undistributed earnings (loss) of subsidiaries 14,984 (212,868 ) 19,420 Total income 47,131 44,411 21,712 Directors' compensation 332 340 283 Other expenses 1,853 1,922 1,740 Total expense 2,185 2,262 2,023 Income before income taxes 44,946 42,149 19,689 Income tax expense (19 ) 7 93 Net income $ 44,965 $ 42,142 $ 19,596 Comprehensive income $ 43,383 $ 26,446 $ 35,706 |
Employee Stock Ownership Plan (ESOP) Disclosures | At June 30, 2020 and 2019, the ESOP shares were as follows: June 30, 2020 2019 (In Thousands) Allocated shares 1,924 1,862 Total shares distributed to employees 1,038 899 Shares committed to be released 100 100 Unearned shares 2,960 3,161 Total ESOP shares 6,022 6,022 Fair value of unearned ESOP shares $ 24,213 $ 42,010 |
Schedule of Fair Value of ABRIP's Assets | The fair values of the ABRIP’s assets at June 30, 2020 and 2019 by asset category (see Note 19 for the definitions of levels), are as follows: June 30, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Prudential Guaranteed Deposit Fund $ - $ 3,299 $ - $ 3,299 June 30, 2019 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 $ - $ 3,223 $ - $ 3,223 |
Schedule of Assumptions to Estimate the Fair Value of the Options Granted | The fair value of stock options granted as part of the 2016 Plan was estimated utilizing the Black-Scholes option pricing model using the following assumptions for the periods presented below: Years Ended June 30, 2020 2019 2018 Weighted average risk-free interest rate - 2.09% - Expected dividend yield - 1.77% - Weighted average volatility factor of the expected market price of the Company's stock - 14.03% - Weighted average expected life of the options (in years) - 4.9 - Weighted average fair value of options granted - $ 2.54 - |
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, 2020: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (In Thousands) (In Thousands) Outstanding at June 30, 2019 3,448 $ 14.92 7.5 years $ 540 Granted - - - Exercised - - - Forfeited (154 ) 15.35 Outstanding at June 30, 2020 3,294 $ 14.90 6.5 years $ 11 Exercisable at June 30, 2020 1,928 $ 14.82 6.2 years $ 11 |
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, 2020 and changes during the year ended June 30, 2020: 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, 2019 610 $ 14.90 325 $ 14.77 Granted - - - - Vested (186 ) 14.98 (94 ) 14.95 Forfeited (4 ) 15.35 (4 ) 15.35 Non-vested at June 30, 2020 420 $ 14.86 227 $ 14.69 |
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | |
Schedule of Net Periodic Benefit Expense | Years Ended June 30, 2020 2019 2018 (In Thousands) Net periodic benefit cost/(credit): Interest cost $ 77 $ 108 $ 109 Expected return on assets (112 ) (112 ) (120 ) Amortization of net loss 4 57 52 Total benefit cost (credit) $ (31 ) $ 53 $ 41 Valuation assumptions Discount rate 3.75 % 4.25 % 4.00 % Long term rate of return on plan assets 3.50 % 3.50 % 3.50 % |
Schedule of Net Funded Status | The following tables set forth the ABRIP’s funded status and net periodic benefit cost: June 30, 2020 2019 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 2,553 $ 2,716 Interest cost 77 108 Actuarial (gain) loss (228 ) (58 ) Benefit payments (117 ) (213 ) Projected benefit obligation - ending $ 2,285 $ 2,553 Change in plan assets: Fair value of assets - beginning $ 3,223 $ 3,440 Actual return on assets 193 (4 ) Benefit payments (117 ) (213 ) Fair value of assets - ending $ 3,299 $ 3,223 Reconciliation of funded status: Projected benefit obligation $ (2,285 ) $ (2,553 ) Fair value of assets 3,299 3,223 Funded status included in other assets $ 1,014 $ 670 Accumulated benefit obligation $ (2,285 ) $ (2,553 ) Valuation assumptions Discount rate 2.75 % 3.75 % Salary increase rate 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: 2021 $ 144 2022 144 2023 142 2024 139 2025 140 2026-2030 666 |
Benefit Equalization Plan ("BEP") [Member] | |
Schedule of Net Periodic Benefit Expense | Years Ended June 30, 2020 2019 2018 (In Thousands) Net periodic benefit cost: Interest cost $ 112 $ 125 $ 124 Amortization of net actuarial loss 56 44 48 Total expense $ 168 $ 169 $ 172 Valuation assumptions Discount rate 3.75 % 4.25 % 4.00 % Salary increase rate N/A N/A N/A |
Schedule of Net Funded Status | The following tables set forth the BEP’s funded status and components of net periodic benefit cost: June 30, 2020 2019 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 3,105 $ 3,053 Interest cost 112 125 Actuarial loss/(gain) 226 162 Benefit payments (237 ) (235 ) Projected benefit obligation - ending $ 3,206 $ 3,105 Change in plan assets: Fair value of assets - beginning $ - $ - Contributions 237 235 Benefit payments (237 ) (235 ) Fair value of assets - ending $ - $ - Reconciliation of funded status: Accumulated benefit obligation $ (3,206 ) $ (3,105 ) Projected benefit obligation $ (3,206 ) $ (3,105 ) Fair value of assets - - Funded status included in other liabilities $ (3,206 ) $ (3,105 ) Valuation assumptions Discount rate 2.75 % 3.75 % Salary increase rate 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: 2021 $ 236 2022 234 2023 231 2024 228 2025 224 2026-2030 1,046 |
Postretirement Welfare Plan [Member] | |
Schedule of Net Periodic Benefit Expense | Years Ended June 30, 2020 2019 2018 (In Thousands) Net periodic benefit cost: Service cost $ 78 $ 54 $ 48 Interest cost 26 26 23 Amortization of net actuarial gain (41 ) (49 ) (55 ) Total expense (benefit) $ 63 $ 31 $ 16 Valuation assumptions Discount rate 3.75 % 4.25 % 4.00 % Salary increase rate 3.25 % 3.25 % 3.25 % |
Schedule of Net Funded Status | The following tables set forth the accrued accumulated postretirement benefit obligation and the net periodic benefit cost: June 30, 2020 2019 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 710 $ 617 Service cost 78 54 Interest cost 26 26 Actuarial loss/(gain) 188 19 Premiums/claims paid (11 ) (6 ) Projected benefit obligation - ending $ 991 $ 710 Change in plan assets: Fair value of assets - beginning $ - $ - Contributions 11 6 Premiums/claims paid (11 ) (6 ) Fair value of assets - ending $ - $ - Reconciliation of funded status: Projected benefit obligation $ (991 ) $ (710 ) Fair value of assets - - Funded status included in other liabilities $ (991 ) $ (710 ) Valuation assumptions Discount rate 2.75 % 3.75 % Salary increase rate 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: 2021 $ 40 2022 47 2023 54 2024 63 2025 70 2026-2030 438 |
Directors' Consultation and Retirement Plan ("DCRP") [Member] | |
Schedule of Net Periodic Benefit Expense | Years Ended June 30, 2020 2019 2018 (In Thousands) Net periodic benefit cost: Service cost $ - $ - $ - Interest cost 110 119 118 Amortization of net actuarial gain - (9 ) - Total expense (benefit) $ 110 $ 110 $ 118 Valuation assumptions Discount rate 3.75 % 4.25 % 4.00 % Salary increase rate N/A N/A N/A |
Schedule of Net Funded Status | The following table sets forth the DCRP’s funded status and components of net periodic cost: June 30, 2020 2019 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 2,975 $ 2,843 Interest cost 110 119 Actuarial loss/(gain) 244 73 Benefit payments (60 ) (60 ) Projected benefit obligation - ending $ 3,269 $ 2,975 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 $ (3,269 ) $ (2,975 ) Projected benefit obligation $ (3,269 ) $ (2,975 ) Fair value of assets - - Funded status included in other liabilities $ (3,269 ) $ (2,975 ) Valuation assumptions Discount rate 2.75 % 3.75 % Salary increase rate N/A N/A |
Schedule of Expected Benefit Payments | Note 15 – Benefit Plans (continued) The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2021 $ 24 2022 50 2023 108 2024 126 2025 162 2026-2030 1,136 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Summary of Regulatory Capital Levels | The following table presents information regarding the consolidated Company’s regulatory capital levels at June 30, 2020 and June 30, 2019: At June 30, 2020 Actual For Capital Adequacy Purposes Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 906,058 23.61 % $ 306,958 8.00 % Tier 1 capital (to risk-weighted assets) 868,731 22.64 % 230,219 6.00 % Common equity tier 1 capital (to risk-weighted assets) 868,731 22.64 % 172,664 4.50 % Tier 1 capital (to adjusted total assets) 868,731 13.27 % 261,783 4.00 % At June 30, 2019 Actual For Capital Adequacy Purposes Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 941,319 23.22 % $ 324,246 8.00 % Tier 1 capital (to risk-weighted assets) 908,045 22.40 % 243,184 6.00 % Common equity tier 1 capital (to risk-weighted assets) 908,045 22.40 % 182,388 4.50 % Tier 1 capital (to adjusted total assets) 908,045 14.14 % 256,856 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, 2020 and 2019: At June 30, 2020 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) $ 816,577 21.38 % $ 305,562 8.00 % $ 381,953 10.00 % Tier 1 capital (to risk-weighted assets) 779,250 20.40 % 229,172 6.00 % 305,562 8.00 % Common equity tier 1 capital (to risk-weighted assets) 779,250 20.40 % 171,879 4.50 % 248,269 6.50 % Tier 1 capital (to adjusted total assets) 779,250 11.95 % 260,893 4.00 % 326,116 5.00 % At June 30, 2019 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) $ 787,219 19.50 % $ 322,974 8.00 % $ 403,718 10.00 % Tier 1 capital (to risk-weighted assets) 753,945 18.68 % 242,231 6.00 % 322,974 8.00 % Common equity tier 1 capital (to risk-weighted assets) 753,945 18.68 % 181,673 4.50 % 262,417 6.50 % Tier 1 capital (to adjusted total assets) 753,945 11.78 % 256,116 4.00 % 320,145 5.00 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Taxes | The components of income taxes are as follows: Years Ended June 30, 2020 2019 2018 (In Thousands) Current income tax expense: Federal $ 6,745 $ 5,656 $ 5,121 State 4,877 3,733 2,516 11,622 9,389 7,637 Deferred income tax benefit: Federal 1,153 3,842 5,455 State 235 368 656 1,388 4,210 6,111 Valuation allowance (723 ) 328 656 Total income tax expense $ 12,287 $ 13,927 $ 14,404 |
Schedule of Effective Income Tax Rate Reconciliation | The following table presents a reconciliation between the reported income taxes for the periods presented and the income taxes which would be computed by applying the federal income tax rates applicable to those periods. The federal income tax rate of 21% Years Ended June 30, 2020 2019 2018 (Dollars In Thousands) Income before income taxes $ 57,252 $ 56,069 $ 34,000 Statutory federal tax rate 21 % 21 % 28 % Federal income tax expense at statutory rate $ 12,023 $ 11,774 $ 9,520 (Reduction) increases in income taxes resulting from: Tax exempt interest (497 ) (589 ) (724 ) State tax, net of federal tax effect 3,914 3,510 2,256 Incentive stock options compensation expense 78 88 142 Income from bank-owned life insurance (1,314 ) (1,329 ) (1,439 ) Disqualifying disposition on incentive stock options - (24 ) (11 ) Non-deductible merger-related expenses 148 - 557 Tax benefit arising from the adoption of the CARES Act provisions (1,624 ) - 2,924 Other items, net 282 169 523 13,010 13,599 13,748 Valuation allowance (723 ) 328 656 Total income tax expense $ 12,287 $ 13,927 $ 14,404 Effective income tax rate 21.46 % 24.84 % 42.36 % |
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, 2020 2019 (In Thousands) Deferred income tax assets: Purchase accounting $ 11,668 $ 15,137 Accumulated other comprehensive income Defined benefit plans 416 319 Derivatives 5,730 - Unrealized loss on securities available for sale transferred to held to maturity - 175 Allowance for loan losses 11,047 9,831 Benefit plans 2,290 2,280 Compensation 1,287 1,246 Stock-based compensation 2,482 1,973 Uncollected interest 1,362 1,070 Depreciation 268 - Charitable contribution carryover - 186 Net operating loss carryover 6 919 Capital loss carryforward 329 814 Other items 1,049 587 37,934 34,537 Valuation allowance (535 ) (1,258 ) 37,399 33,279 Deferred income tax liabilities: Deferred loan fees and costs - 1,584 Accumulated other comprehensive income Derivatives - 1,094 Unrealized gain on securities available for sale 6,541 573 Goodwill 4,655 4,608 Other items 723 53 11,919 7,912 Net deferred income tax asset $ 25,480 $ 25,367 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | Note 19 – Fair Value of Financial Instruments (continued) Those assets and liabilities measured at fair value on a recurring basis are summarized below: June 30, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Assets: Debt securities available for sale: Obligations of state and political subdivisions - 54,054 - 54,054 Asset-backed securities - 172,447 - 172,447 Collateralized loan obligations - 193,788 - 193,788 Corporate bonds - 143,639 - 143,639 Trust preferred securities - 2,627 - 2,627 Total debt securities - 566,555 - 566,555 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 30,903 - 30,903 Residential pass-through securities - 561,954 - 561,954 Commercial pass-through securities - 226,291 - 226,291 Total mortgage-backed securities - 819,148 - 819,148 Total securities available for sale $ - $ 1,385,703 $ - $ 1,385,703 Interest rate contracts - 235 - 235 Total assets $ - $ 1,385,938 $ - $ 1,385,938 Liabilities: Interest rate contracts $ - $ 18,177 $ - $ 18,177 Total liabilities $ - $ 18,177 $ - $ 18,177 June 30, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Assets: Debt securities available for sale: U.S. agency securities $ - $ 3,678 $ - $ 3,678 Obligations of state and political subdivisions - 26,951 - 26,951 Asset-backed securities - 179,313 - 179,313 Collateralized loan obligations - 208,611 - 208,611 Corporate bonds - 122,024 - 122,024 Trust preferred securities - 2,756 1,000 3,756 Total debt securities - 543,333 1,000 544,333 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 21,390 - 21,390 Residential pass-through securities - 44,303 - 44,303 Commercial pass-through securities - 104,237 - 104,237 Total mortgage-backed securities - 169,930 - 169,930 Total securities available for sale - 713,263 1,000 714,263 Interest rate contracts - 3,856 - 3,856 Total assets $ - $ 717,119 $ 1,000 $ 718,119 Liabilities: Interest rate contracts $ - $ 140 $ - $ 140 Total liabilities $ - $ 140 $ - $ 140 |
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, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Impaired loans: Residential mortgage $ - $ - $ 2,339 $ 2,339 Non-residential mortgage - - 2,282 2,282 Commercial business - - 129 129 Total $ - $ - $ 4,750 $ 4,750 Other real estate owned, net: Residential mortgage $ - $ - $ 178 $ 178 Total $ - $ - $ 178 $ 178 June 30, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Impaired loans: Residential mortgage $ - $ - $ 3,071 $ 3,071 Non-residential mortgage - - 791 791 Commercial business - - 16 16 Total $ - $ - $ 3,878 $ 3,878 |
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, 2020 Fair Value Valuation Techniques Unobservable Input Range Weighted Average (In Thousands) Impaired loans: Residential mortgage $ 2,339 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 7% - 9% 8.17 % Non-residential mortgage 2,282 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 9% - 12% 10.27 % Commercial business 129 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 0% - 0% 0.00 % Total $ 4,750 Other real estate owned, net: Residential mortgage $ 178 Market valuation of underlying collateral (3) Adjustments to reflect current conditions/selling costs (2) 6.00% 6.00 % Total $ 178 June 30, 2019 Fair Value Valuation Techniques Unobservable Input Range Weighted Average (In Thousands) Impaired loans: Residential mortgage $ 3,071 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 6% - 8% 7.03 % Non-residential mortgage 791 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 10% - 11% 10.08 % Commercial business 16 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 9% - 10% 9.36 % Total $ 3,878 (1) The fair value basis of impaired loans is generally determined based on an independent appraisal of the fair value of a loan’s underlying collateral. (2) The fair value basis of impaired loans and other real estate owned is adjusted to reflect management estimates of selling costs including, but not necessarily limited to, real estate brokerage commissions and title transfer fees. (3) The fair value basis of other real estate owned is generally determined based upon the lower of an independent appraisal of the property’s fair value or the applicable listing price or contracted sales price. |
Schedule of Carrying Amounts and Fair Values of Financial Instruments | The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of June 30, 2020 and June 30, 2019: June 30, 2020 Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In Thousands) Financial assets: Cash and cash equivalents $ 180,967 $ 180,967 $ 180,967 $ - $ - Investment securities available for sale 1,385,703 1,385,703 - 1,385,703 - Investment securities held to maturity 32,556 34,069 - 34,069 - Loans held-for-sale 20,789 21,550 - 21,550 - Net loans receivable 4,461,070 4,462,232 - - 4,462,232 FHLB Stock 58,654 - - - - Interest receivable 17,373 17,373 4 4,154 13,215 Interest rate contracts 235 235 - 235 - Financial liabilities: Deposits 4,430,282 4,449,877 2,589,886 - 1,859,991 Borrowings 1,173,165 1,215,529 - - 1,215,529 Interest payable on deposits 395 395 295 - 100 Interest payable on borrowings 1,723 1,723 - - 1,723 Interest rate contracts 18,177 18,177 - 18,177 - June 30, 2019 Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In Thousands) Financial assets: Cash and cash equivalents $ 38,935 $ 38,935 $ 38,935 $ - $ - Investment securities available for sale 714,263 714,263 - 713,263 1,000 Investment securities held to maturity 576,652 584,678 - 584,678 - Loans held-for-sale 12,267 12,501 - 12,501 - Net loans receivable 4,645,654 4,630,853 - - 4,630,853 FHLB Stock 64,190 - - - - Interest receivable 19,360 19,360 11 5,278 14,071 Interest rate contracts 3,856 3,856 - 3,856 - Financial liabilities: Deposits 4,147,610 4,152,558 1,943,154 - 2,209,404 Borrowings 1,321,982 1,337,560 - - 1,337,560 Interest payable on deposits 3,106 3,106 367 - 2,739 Interest payable on borrowings 3,899 3,899 - - 3,899 Interest rate contracts 140 140 - 140 - |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income included in stockholders’ equity are as follows: June 30, 2020 2019 (In Thousands) Net unrealized gain (loss) on securities available for sale $ 22,482 $ 1,975 Tax effect (6,541 ) (573 ) Net of tax amount 15,941 1,402 Net unrealized loss on securities available for sale transferred to held to maturity - (596 ) Tax effect - 175 Net of tax amount - (421 ) Fair value adjustments on derivatives (19,418 ) 3,716 Tax effect 5,730 (1,094 ) Net of tax amount (13,688 ) 2,622 Benefit plan adjustments (1,412 ) (1,083 ) Tax effect 416 319 Net of tax amount (996 ) (764 ) Total accumulated other comprehensive income $ 1,257 $ 2,839 |
Schedule of Comprehensive Income (Loss) | Other comprehensive (loss) income and related tax effects are presented in the following table: Years Ended June 30, 2020 2019 2018 (In Thousands) Net unrealized holding gain (loss) on securities available for sale $ 22,758 $ 5,973 $ (1,919 ) Amortization of net unrealized holding gain (loss) on securities available for sale transferred to held to maturity (1) 596 291 222 Net realized (gain) loss on securities available for sale (2) (2,251 ) 323 (17 ) Fair value adjustments on derivatives (23,134 ) (28,165 ) 25,560 Benefit plans: Amortization of: Actuarial loss (3) 19 43 45 Net actuarial (loss) gain (348 ) (313 ) 205 Net change in benefit plan accrued expense (329 ) (270 ) 250 Other comprehensive (loss) income before taxes (2,360 ) (21,848 ) 24,096 Tax effect 778 6,152 (7,986 ) Total comprehensive (loss) income $ (1,582 ) $ (15,696 ) $ 16,110 (1) Represents amounts reclassified out of accumulated other comprehensive income and included in interest income on taxable securities. (2) Represents amounts reclassified out of accumulated other comprehensive income and included in gain on sale of securities on the consolidated statements of income. (3) Represents amounts reclassified out of accumulated other comprehensive income and included in the computation of net periodic pension expense. See Note 15 – Benefit Plans for additional information. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Non Interest Income | The following table presents the Company’s sources of noninterest income for the years ended June 30, 2020 and June 30, 2019. Years Ended June 30, 2020 2019 (In Thousands) Non-interest income: Deposit-related fees and charges $ 1,626 $ 1,536 Loan-related fees and charges (1) 5,020 3,909 Gain (loss) on sale and call of securities (1) 2,250 (323 ) Gain on sale of loans (1) 3,186 580 Loss on sale and write down of other real estate owned (28 ) (11 ) Income from bank owned life insurance (1) 6,225 6,339 Electronic banking fees and charges (interchange income) 1,246 1,050 Miscellaneous (1) 194 475 Total non-interest income $ 19,719 $ 13,555 (1) Not within the scope of ASC 606. |
Parent Only Financial Informa_2
Parent Only Financial Information (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Statements of Financial Condition | Condensed Statements of Financial Condition June 30, 2020 June 30, 2019 (In Thousands) Assets Cash and amounts due from depository institutions $ 42,632 $ 106,625 Investment securities held to maturity 15,000 15,000 Loans receivable 31,661 33,307 Investment in subsidiary 994,696 973,059 Other assets 1,109 114 Total Assets $ 1,085,098 $ 1,128,105 Liabilities and Stockholders' Equity Other liabilities 921 946 Stockholders' equity 1,084,177 1,127,159 Total Liabilities and Stockholders' Equity $ 1,085,098 $ 1,128,105 |
Schedule of Impact of Retrospective Application to Consolidated Statement of Income | Note 15 – Benefit Plans (continued) Condensed Statements of Income and Comprehensive Income Years Ended June 30, 2020 2019 2018 (In Thousands) Dividends from subsidiary $ 30,039 $ 255,117 $ - Interest income 2,108 2,162 2,292 Equity in undistributed earnings (loss) of subsidiaries 14,984 (212,868 ) 19,420 Total income 47,131 44,411 21,712 Directors' compensation 332 340 283 Other expenses 1,853 1,922 1,740 Total expense 2,185 2,262 2,023 Income before income taxes 44,946 42,149 19,689 Income tax expense (19 ) 7 93 Net income $ 44,965 $ 42,142 $ 19,596 Comprehensive income $ 43,383 $ 26,446 $ 35,706 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years Ended June 30, 2020 2019 2018 (In Thousands) Cash Flows from Operating Activities: Net income $ 44,965 $ 42,142 $ 19,596 Adjustment to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (14,984 ) 212,868 (19,420 ) (Increase) decrease in other assets (583 ) 1,116 27 (Decrease) increase in other liabilities (50 ) (9 ) 761 Net Cash Provided by Operating Activities 29,348 256,117 964 Cash Flows from Investing Activities: Repayment of loan to ESOP 1,645 1,596 1,545 Sale of investment securities available for sale - - 3,738 Net cash acquired in acquisition - - 14,297 Net Cash Provided by Investing Activities 1,645 1,596 19,580 Cash Flows from Financing Activities: Exercise of stock options - 423 102 Cash dividends paid (24,121 ) (34,747 ) (20,561 ) Repurchase and cancellation of common stock of Kearny Financial Corp. (69,782 ) (141,708 ) (142,602 ) Cancellation of shares repurchased on vesting to pay taxes (1,083 ) (989 ) (1,370 ) Net Cash Used In Financing Activities (94,986 ) (177,021 ) (164,431 ) Net (Decrease) Increase in Cash and Cash Equivalents (63,993 ) 80,692 (143,887 ) Cash and Cash Equivalents - Beginning 106,625 25,933 169,820 Cash and Cash Equivalents - Ending $ 42,632 $ 106,625 $ 25,933 |
Net Income per Common Share (_2
Net Income per Common Share (EPS) (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
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, 2020 Income (Numerator) Shares (Denominator) Per Share Amount (In Thousands, Except Per Share Data) Net income $ 44,965 Basic earnings per share, income available to common stockholders $ 44,965 82,409 $ 0.55 Effect of dilutive securities: Stock options - 21 $ 44,965 82,430 $ 0.55 Year Ended June 30, 2019 Income (Numerator) Shares (Denominator) Per Share Amount (In Thousands, Except Per Share Data) Net income $ 42,142 Basic earnings per share, income available to common stockholders $ 42,142 91,054 $ 0.46 Effect of dilutive securities: Stock options - 46 $ 42,142 91,100 $ 0.46 Year Ended June 30, 2018 Income (Numerator) Shares (Denominator) Per Share Amount (In Thousands, Except Per Share Data) Net income $ 19,596 Basic earnings per share, income available to common stockholders $ 19,596 82,587 $ 0.24 Effect of dilutive securities: Stock options - 56 $ 19,596 82,643 $ 0.24 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
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, 2020 and 2019: Year Ended June 30, 2020 First Quarter Second Quarter Third Quarter Fourth Quarter September 30 December 31 March 31 June 30 (In Thousands, Except Per Share Data) Interest income $ 59,899 $ 57,182 $ 58,776 $ 57,351 Interest expense 23,212 22,575 21,166 16,901 Net interest income 36,687 34,607 37,610 40,450 (Reversal of) provision for loan losses (782 ) (1,465 ) 6,270 174 Net interest income after provision for loan losses 37,469 36,072 31,340 40,276 Non-interest income 3,962 4,554 6,201 5,002 Non-interest expense 26,244 26,427 28,062 26,891 Income before Income Taxes 15,187 14,199 9,479 18,387 Income taxes 3,817 3,547 225 4,698 Net Income $ 11,370 $ 10,652 $ 9,254 $ 13,689 Net income per common share: Basic $ 0.13 $ 0.13 $ 0.11 $ 0.17 Diluted $ 0.13 $ 0.13 $ 0.11 $ 0.17 Weighted average number of common shares outstanding Basic 84,756 82,831 81,339 80,678 Diluted 84,793 82,876 81,358 80,680 Dividends declared per common share $ 0.06 $ 0.07 $ 0.08 $ 0.08 Year Ended June 30, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter September 30 December 31 March 31 June 30 (In Thousands, Except Per Share Data) Interest income $ 58,206 $ 60,022 $ 59,657 $ 59,448 Interest expense 18,026 20,673 21,019 22,302 Net interest income 40,180 39,349 38,638 37,146 Provision for (reversal of) loan losses 2,100 971 (179 ) 664 Net interest income after provision for loan losses 38,080 38,378 38,817 36,482 Non-interest income 3,182 3,309 3,676 3,388 Non-interest expense 26,457 27,270 26,771 28,745 Income before Income Taxes 14,805 14,417 15,722 11,125 Income taxes 3,659 3,649 4,305 2,314 Net Income $ 11,146 $ 10,768 $ 11,417 $ 8,811 Net income per common share: Basic $ 0.12 $ 0.12 $ 0.13 $ 0.10 Diluted $ 0.12 $ 0.12 $ 0.13 $ 0.10 Weighted average number of common shares outstanding Basic 95,127 92,434 89,488 87,090 Diluted 95,181 92,480 89,532 87,132 Dividends declared per common share $ 0.20 $ 0.05 $ 0.06 $ 0.06 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | Mar. 03, 2020 | Jun. 30, 2020USD ($)SubsidiaryCategory | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) |
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of wholly owned bank subsidiaries | Subsidiary | 2 | ||||
Cash and cash equivalent maturity period | 90 days | ||||
Number of loan portfolio categories | Category | 7 | ||||
Moving average period used to calculate actual historical experience | 2 years | ||||
Goodwill, impairment loss | $ 0 | $ 0 | $ 0 | ||
Finite-lived intangible assets, net | $ 3,995,000 | $ 5,160,000 | $ 6,295,000 | $ 292,000 | |
Federal income tax rate | 21.00% | 21.00% | 28.00% | 35.00% | |
Income tax uncertainties | $ 0 | $ 0 | |||
Unrecognized income tax benefits | 0 | 0 | |||
Income tax interest and penalties | $ 0 | $ 0 | |||
COVID-19 [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Description of federal fund interest rate | On March 3, 2020, the Federal Open Market Committee reduced the targeted federal funds interest rate range by 50 basis points to 1.00 percent to 1.25 percent. This range was further reduced to 0 percent to 0.25 percent on March 16, 2020. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted to, among other provisions, provide emergency assistance for individuals, families and businesses affected by the COVID-19 pandemic. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Property, Plant and Equipment Useful Lives (Detail) | 12 Months Ended |
Jun. 30, 2020 | |
Buildings and Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of Premises and Equipment | 10 years |
Buildings and Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of Premises and Equipment | 50 years |
Furnishings and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of Premises and Equipment | 3 years |
Furnishings and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of Premises and Equipment | 20 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of Premises and Equipment | Shorter of useful lives or lease term |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - Additional Information (Details) - USD ($) $ in Thousands | Jul. 01, 2019 | Jul. 31, 2019 | Jun. 30, 2020 |
ASU 2016-13 [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Business combination loans acquired | $ 923,900 | ||
Allowance for acquired loans | $ 0 | ||
ASU 2016-02 [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Operating lease, right-of-use asset | $ 17,200 | ||
Operating lease, liability | 17,800 | ||
ASU 2019-04 [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Reclassification of investment securities held to maturity to investment securities available for sale | $ 537,700 | $ 537,700 |
Acquisition of Clifton Bancor_3
Acquisition of Clifton Bancorp Inc. - Additional Information (Detail) $ in Thousands | Apr. 02, 2018USD ($)Branchshares | Jun. 30, 2020USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2017USD ($) |
Business Acquisition [Line Items] | |||||
Stockholders equity | $ 1,084,177 | $ 1,268,748 | $ 1,127,159 | $ 1,057,181 | |
Goodwill | 210,895 | 210,895 | 210,895 | 108,591 | |
Core deposit intangible | $ 3,995 | 6,295 | $ 5,160 | $ 292 | |
Clifton Bancorp Incorporation | |||||
Business Acquisition [Line Items] | |||||
Closing date | Apr. 2, 2018 | ||||
Total assets | $ 1,610,735 | ||||
Total liabilities | 1,379,098 | ||||
Deposits | $ 949,789 | ||||
Number of branches in which deposits held | Branch | 12 | ||||
Outstanding shares of Clifton common stock exchanged for shares of Company common stock | shares | 1.191 | ||||
Issuance of shares of common stock to Clifton stockholders in conjunction with merger | shares | 25,400,000 | ||||
Goodwill | $ 102,300 | ||||
Core deposit intangible | 6,400 | ||||
Merger-related expense | $ 6,700 | ||||
Clifton Bancorp Incorporation | Building [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Assets, estimated useful life | 35 years | ||||
Clifton Bancorp Incorporation | Building [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Assets, estimated useful life | 46 years | ||||
Clifton Bancorp Incorporation | Improvements and Equipment [Member] | Minimum [Member] | |||||
Business Acquisition [Line Items] | |||||
Assets, estimated useful life | 1 year | ||||
Clifton Bancorp Incorporation | Improvements and Equipment [Member] | Maximum [Member] | |||||
Business Acquisition [Line Items] | |||||
Assets, estimated useful life | 10 years | ||||
Clifton Bancorp Incorporation | Core Deposit [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible asset, estimated useful life | 10 years | ||||
Clifton Bancorp Incorporation | As Recorded by Clifton [Member] | |||||
Business Acquisition [Line Items] | |||||
Total assets | 1,656,725 | ||||
Net loans receivable | 1,200,000 | ||||
Securities | 332,200 | ||||
Total liabilities | 1,381,453 | ||||
Deposits | 944,988 | ||||
Borrowings | 421,400 | ||||
Stockholders equity | $ 272,000 |
Acquisition of Clifton Bancor_4
Acquisition of Clifton Bancorp Inc. - Summary of Assets Acquired and Liabilities Assumed Through Merger at Fair Value (Detail) - USD ($) $ in Thousands | Apr. 02, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Business Acquisition [Line Items] | |||||
Deferred income taxes, net | $ 11,668 | $ 15,137 | |||
Goodwill recorded in Merger | $ 0 | $ 0 | $ 102,304 | ||
Clifton Bancorp Incorporation | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | $ 36,585 | ||||
Investment securities | 326,913 | ||||
Loans receivable | 1,116,821 | ||||
Premises and equipment | 11,622 | ||||
FHLB stock | 20,357 | ||||
Accrued interest receivable | 4,142 | ||||
Bank owned life insurance | 63,231 | ||||
Deferred income taxes, net | 22,986 | ||||
Core deposit and other intangibles | 6,367 | ||||
Other real estate owned | 140 | ||||
Other assets | 1,571 | ||||
Total assets acquired | 1,610,735 | ||||
Deposits | 949,789 | ||||
FHLB borrowings | 414,132 | ||||
Advance payments by borrowers for taxes | 9,777 | ||||
Other liabilities | 5,400 | ||||
Total liabilities assumed | 1,379,098 | ||||
Net assets acquired | 231,637 | ||||
Purchase price | 333,941 | ||||
Goodwill recorded in Merger | 102,304 | ||||
Clifton Bancorp Incorporation | As Recorded by Clifton [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | 36,585 | ||||
Investment securities | 332,183 | ||||
Loans receivable | 1,191,748 | ||||
Allowance for loan losses | (8,025) | ||||
Premises and equipment | 8,066 | ||||
FHLB stock | 20,357 | ||||
Accrued interest receivable | 4,142 | ||||
Bank owned life insurance | 63,231 | ||||
Deferred income taxes, net | 6,837 | ||||
Other real estate owned | 163 | ||||
Other assets | 1,438 | ||||
Total assets acquired | 1,656,725 | ||||
Deposits | 944,988 | ||||
FHLB borrowings | 421,400 | ||||
Advance payments by borrowers for taxes | 9,777 | ||||
Other liabilities | 5,288 | ||||
Total liabilities assumed | 1,381,453 | ||||
Clifton Bancorp Incorporation | Fair Value Adjustments [Member] | |||||
Business Acquisition [Line Items] | |||||
Investment securities | [1] | (5,270) | |||
Loans receivable | [2] | (74,927) | |||
Allowance for loan losses | [3] | 8,025 | |||
Premises and equipment | [4] | 3,556 | |||
Deferred income taxes, net | [5] | 16,149 | |||
Core deposit and other intangibles | [6] | 6,367 | |||
Other real estate owned | [7] | (23) | |||
Other assets | [8] | 133 | |||
Total assets acquired | (45,990) | ||||
Deposits | [9] | 4,801 | |||
FHLB borrowings | [10] | (7,268) | |||
Other liabilities | [11] | 112 | |||
Total liabilities assumed | $ (2,355) | ||||
[1] | Represents the fair value adjustments on investment securities. | ||||
[2] | Represents the fair value adjustments on the net book value of loans, which includes an interest rate mark and credit mark adjustment and the write-off of deferred fees/costs and premiums. | ||||
[3] | Represents the elimination of Clifton’s allowance for loan losses. | ||||
[4] | Represents the fair value adjustments to reflect the fair value of land and buildings and premises and equipment, which will be amortized on a straight-line basis over the estimated useful lives of the individual assets. | ||||
[5] | Represents an adjustment to net deferred tax assets resulting from the fair value adjustments related to the acquired assets, liabilities assumed and identifiable intangible assets recorded. | ||||
[6] | Represents the intangible assets recorded to reflect the fair value of core deposits. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. | ||||
[7] | Represents an adjustment to reduce the carrying value of other real estate owned to fair value, less costs to sell. | ||||
[8] | Represents an adjustment to other assets acquired. | ||||
[9] | Represents fair value adjustments on time deposits, which will be treated as a reduction of interest expense over the remaining term of the time deposits. | ||||
[10] | Represents the fair value adjustments on FHLB borrowings, which will be treated as an increase to interest expense over the life of the borrowings. | ||||
[11] | Represents an adjustment to other liabilities assumed. |
Acquisition of Clifton Bancor_5
Acquisition of Clifton Bancorp Inc. - Summary of Unaudited Supplemental Pro Forma Information (Detail) - Clifton Bancorp Incorporation $ / shares in Units, $ in Thousands | 12 Months Ended |
Jun. 30, 2018USD ($)$ / shares | |
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items] | |
Net interest income | $ 169,094 |
Non-interest income | 15,683 |
Non-interest expense | 113,816 |
Net income available to common stockholders | $ 40,216 |
Pro forma earnings per common share from continuing operations: | |
Basic | $ / shares | $ 0.37 |
Diluted | $ / shares | $ 0.37 |
Securities Available for Sale -
Securities Available for Sale - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 01, 2019 | Jul. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Schedule of Available-for-sale Securities [Line Items] | |||||
Gross gains (losses) recognized on calls of securities available for sale | $ 32,000 | $ 0 | $ 47,000 | ||
ASU 2019-04 [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Reclassification of investment securities held to maturity to investment securities available for sale | $ 537,700 | $ 537,700 |
Securities Available for Sale_2
Securities Available for Sale - Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | $ 574,784 | ||
Securities available for sale, Fair value | 566,555 | ||
Securities available for sale, Amortized Cost | 1,363,221 | $ 712,288 | |
Mortgage-backed securities, Gross Unrealized Gains | 33,189 | 5,245 | |
Mortgage-backed securities, Gross Unrealized Losses | 10,707 | 3,270 | |
Investment securities available for sale, at fair value | 1,385,703 | 714,263 | |
Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 574,784 | 544,787 | |
Securities available for sale, Gross Unrealized Gains | 2,478 | 2,203 | |
Securities available for sale, Gross Unrealized Losses | 10,707 | 2,657 | |
Securities available for sale, Fair value | 566,555 | 544,333 | |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 52,843 | 26,628 | |
Securities available for sale, Gross Unrealized Gains | 1,211 | 323 | |
Securities available for sale, Fair value | 54,054 | 26,951 | |
Debt Securities [Member] | Asset-backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 177,413 | 178,168 | |
Securities available for sale, Gross Unrealized Gains | 1,465 | ||
Securities available for sale, Gross Unrealized Losses | 4,966 | 320 | |
Securities available for sale, Fair value | 172,447 | 179,313 | |
Debt Securities [Member] | Collateralized Loan Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 198,619 | 209,453 | |
Securities available for sale, Gross Unrealized Gains | 254 | ||
Securities available for sale, Gross Unrealized Losses | 4,831 | 1,096 | |
Securities available for sale, Fair value | 193,788 | 208,611 | |
Debt Securities [Member] | Corporate Bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 142,942 | 122,929 | |
Securities available for sale, Gross Unrealized Gains | 1,267 | 121 | |
Securities available for sale, Gross Unrealized Losses | 570 | 1,026 | |
Securities available for sale, Fair value | 143,639 | 122,024 | |
Debt Securities [Member] | U.S. Agency Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 3,642 | ||
Securities available for sale, Gross Unrealized Gains | 40 | ||
Securities available for sale, Gross Unrealized Losses | 4 | ||
Securities available for sale, Fair value | 3,678 | ||
Debt Securities [Member] | Trust Preferred Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 2,967 | 3,967 | |
Securities available for sale, Gross Unrealized Losses | 340 | 211 | |
Securities available for sale, Fair value | 2,627 | 3,756 | |
Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 788,437 | 167,501 | |
Mortgage-backed securities, Gross Unrealized Gains | 30,711 | 3,042 | |
Mortgage-backed securities, Gross Unrealized Losses | 613 | ||
Investment securities available for sale, at fair value | 819,148 | 169,930 | |
Mortgage-Backed Securities [Member] | Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | [1] | 30,043 | 21,469 |
Mortgage-backed securities, Gross Unrealized Gains | [1] | 860 | 70 |
Mortgage-backed securities, Gross Unrealized Losses | [1] | 149 | |
Investment securities available for sale, at fair value | [1] | 30,903 | 21,390 |
Mortgage-Backed Securities [Member] | Residential Pass-Through Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | [1] | 543,819 | 44,611 |
Mortgage-backed securities, Gross Unrealized Gains | [1] | 18,135 | 156 |
Mortgage-backed securities, Gross Unrealized Losses | [1] | 464 | |
Investment securities available for sale, at fair value | [1] | 561,954 | 44,303 |
Mortgage-Backed Securities [Member] | Commercial Pass-Through Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | [1] | 214,575 | 101,421 |
Mortgage-backed securities, Gross Unrealized Gains | [1] | 11,716 | 2,816 |
Investment securities available for sale, at fair value | [1] | $ 226,291 | $ 104,237 |
[1] | Government-sponsored enterprises. |
Securities Available for Sale_3
Securities Available for Sale - Stratification by Contractual Maturity of Securities (Detail) $ in Thousands | Jun. 30, 2020USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Due in one year or less, Amortized Cost | $ 5,424 |
Due after one year through five years, Amortized Cost | 84,722 |
Due after five years through ten years, Amortized Cost | 197,429 |
Due after ten years, Amortized Cost | 287,209 |
Securities available for sale, Amortized Cost | 574,784 |
Due in one year or less, Fair Value | 5,429 |
Due after one year through five years, Fair Value | 84,676 |
Due after five years through ten years, Fair Value | 197,247 |
Due after ten years, Fair Value | 279,203 |
Fair Value | $ 566,555 |
Securities Available for Sale_4
Securities Available for Sale - Sales of Securities Available for Sale (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |||
Proceeds from sales of securities | $ 164,299 | $ 75,401 | $ 254,606 |
Gross realized gains | 2,363 | 190 | |
Gross realized losses | (145) | (513) | (31) |
Net gain (loss) on sales of securities | $ 2,218 | $ (323) | $ (31) |
Securities Available for Sale_5
Securities Available for Sale - Schedule Of Available For Sale Securities Pledged (Detail) - Securities Available for Sale [Member] - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities pledged | $ 516,988 | $ 69,044 |
FHLB of New York [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities pledged | 155,288 | 24,099 |
Secure Public Funds On Deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities pledged | 19,944 | |
Federal Reserve ("FRB") [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities pledged | 333,926 | 43,623 |
Depositor Sweep Accounts [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities pledged | $ 7,830 | $ 1,322 |
Securities Held to Maturity - A
Securities Held to Maturity - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 01, 2019 | Jul. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Schedule Of Held To Maturity Securities [Line Items] | |||||
Sales of security, held to maturity | $ 0 | $ 0 | $ 0 | ||
ASU 2019-04 [Member] | |||||
Schedule Of Held To Maturity Securities [Line Items] | |||||
Reclassification of investment securities held to maturity to investment securities available for sale | $ 537,700 | $ 537,700 |
Securities Held to Maturity -_2
Securities Held to Maturity - Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | |
Schedule Of Held To Maturity Securities [Line Items] | |||
Amortized Cost | $ 32,556 | $ 576,652 | |
Gross Unrecognized Gains | 1,513 | 8,734 | |
Gross Unrecognized Losses | 708 | ||
Securities held to maturity, estimated fair value | 34,069 | 584,678 | |
Corporate Bond [Member] | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Amortized Cost | 63,086 | ||
Gross Unrecognized Gains | 914 | ||
Fair Value | 64,000 | ||
Mortgage-Backed Securities [Member] | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Amortized Cost | 409,480 | ||
Gross Unrecognized Gains | 6,033 | ||
Gross Unrecognized Losses | 692 | ||
Securities held to maturity, estimated fair value | 414,821 | ||
Debt Securities [Member] | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Amortized Cost | 32,556 | 167,172 | |
Gross Unrecognized Gains | 1,513 | 2,701 | |
Gross Unrecognized Losses | 16 | ||
Fair Value | 34,069 | 169,857 | |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Amortized Cost | 32,556 | 104,086 | |
Gross Unrecognized Gains | 1,513 | 1,787 | |
Gross Unrecognized Losses | 16 | ||
Fair Value | $ 34,069 | 105,857 | |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Amortized Cost | [1] | 46,370 | |
Gross Unrecognized Gains | [1] | 568 | |
Gross Unrecognized Losses | [1] | 168 | |
Securities held to maturity, estimated fair value | [1] | 46,770 | |
Non-agency securities [Member] | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Amortized Cost | 11 | ||
Securities held to maturity, estimated fair value | 11 | ||
Residential Pass-Through Securities [Member] | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Amortized Cost | [1] | 166,283 | |
Gross Unrecognized Gains | [1] | 1,961 | |
Gross Unrecognized Losses | [1] | 518 | |
Securities held to maturity, estimated fair value | [1] | 167,726 | |
Commercial Pass-Through Securities [Member] | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Amortized Cost | [1] | 196,816 | |
Gross Unrecognized Gains | [1] | 3,504 | |
Gross Unrecognized Losses | [1] | 6 | |
Securities held to maturity, estimated fair value | [1] | $ 200,314 | |
[1] | Government-sponsored enterprises. |
Securities Held to Maturity - S
Securities Held to Maturity - Stratification by Contractual Maturity of Securities (Detail) - Debt Securities [Member] - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Due in one year or less, Amortized Cost | $ 6,618 | |
Due after one year through five years, Amortized Cost | 18,529 | |
Due after five years through ten years, Amortized Cost | 7,409 | |
Amortized Cost | 32,556 | $ 167,172 |
Due in one year or less, Fair Value | 6,655 | |
Due after one year through five years, Fair Value | 19,337 | |
Due after five years through ten years, Fair Value | 8,077 | |
Held-to-maturity Securities, Fair Value Total | $ 34,069 | $ 169,857 |
Securities Held to Maturity -_3
Securities Held to Maturity - Schedule Of Sale Of Securities Held Maturity (Detail) $ in Thousands | 12 Months Ended |
Jun. 30, 2018USD ($) | |
Held to maturity securities sold: | |
Sale of investment securities held to maturity | $ 211 |
Gross realized losses | (8) |
Net (loss) gain on sales of securities | $ (8) |
Securities Held to Maturity -_4
Securities Held to Maturity - Schedule Of Sale Of Securities Held Maturity (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |||
Sales of security, held to maturity | $ 0 | $ 0 | $ 0 |
Securities Held to Maturity -_5
Securities Held to Maturity - Schedule Of Held To Maturity Securities Pledged (Detail) - Securities Held to Maturity [Member] - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Held to maturity securities pledged | $ 32,556 | $ 260,022 |
FHLB of New York [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held to maturity securities pledged | 136,696 | |
Secure Public Funds On Deposit [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held to maturity securities pledged | 7,023 | |
Federal Reserve ("FRB") [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held to maturity securities pledged | $ 32,556 | 103,419 |
Depositor Sweep Accounts [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held to maturity securities pledged | $ 12,884 |
Impairment of Securities - Sche
Impairment of Securities - Schedule of Fair Values and Gross Unrealized and Unrecognized Losses on Investments (Detail) $ in Thousands | Jun. 30, 2020USD ($)Security | Jun. 30, 2019USD ($)Security |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | $ 242,540 | $ 131,758 |
Less than 12 Months: Unrealized Losses | 5,443 | 846 |
12 Months or More: Fair Value | 190,737 | 219,076 |
12 Months or More: Unrealized Losses | $ 5,264 | $ 2,424 |
Number of Securities | Security | 45 | 47 |
Total: Fair Value | $ 433,277 | $ 350,834 |
Total: Unrealized Losses | 10,707 | 3,270 |
Debt Securities [Member] | Trust Preferred Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
12 Months or More: Fair Value | 2,626 | 2,756 |
12 Months or More: Unrealized Losses | $ 340 | $ 211 |
Number of Securities | Security | 2 | 2 |
Total: Fair Value | $ 2,626 | $ 2,756 |
Total: Unrealized Losses | 340 | 211 |
Debt Securities [Member] | Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 146,494 | 40,211 |
Less than 12 Months: Unrealized Losses | 3,962 | 262 |
12 Months or More: Fair Value | 25,954 | 4,934 |
12 Months or More: Unrealized Losses | $ 1,004 | $ 58 |
Number of Securities | Security | 16 | 4 |
Total: Fair Value | $ 172,448 | $ 45,145 |
Total: Unrealized Losses | 4,966 | 320 |
Debt Securities [Member] | Collateralized Loan Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 71,282 | 44,061 |
Less than 12 Months: Unrealized Losses | 1,245 | 75 |
12 Months or More: Fair Value | 122,506 | 115,914 |
12 Months or More: Unrealized Losses | $ 3,586 | $ 1,021 |
Number of Securities | Security | 19 | 15 |
Total: Fair Value | $ 193,788 | $ 159,975 |
Total: Unrealized Losses | 4,831 | 1,096 |
Debt Securities [Member] | Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 24,764 | 47,486 |
Less than 12 Months: Unrealized Losses | 236 | 509 |
12 Months or More: Fair Value | 39,651 | 44,462 |
12 Months or More: Unrealized Losses | $ 334 | $ 517 |
Number of Securities | Security | 8 | 11 |
Total: Fair Value | $ 64,415 | $ 91,948 |
Total: Unrealized Losses | $ 570 | 1,026 |
Debt Securities [Member] | U.S. Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
12 Months or More: Fair Value | 1,122 | |
12 Months or More: Unrealized Losses | $ 4 | |
Number of Securities | Security | 5 | |
Total: Fair Value | $ 1,122 | |
Total: Unrealized Losses | 4 | |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
12 Months or More: Fair Value | 16,369 | |
12 Months or More: Unrealized Losses | $ 149 | |
Number of Securities | Security | 4 | |
Total: Fair Value | $ 16,369 | |
Total: Unrealized Losses | 149 | |
Residential Pass-Through Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
12 Months or More: Fair Value | 33,519 | |
12 Months or More: Unrealized Losses | $ 464 | |
Number of Securities | Security | 6 | |
Total: Fair Value | $ 33,519 | |
Total: Unrealized Losses | $ 464 |
Impairment of Securities - Addi
Impairment of Securities - Additional Information (Detail) | Jun. 30, 2020Security |
Investments Debt And Equity Securities [Abstract] | |
Held-to-maturity, securities with unrealized losses, Number of positions | 0 |
Impairment of Securities - Sc_2
Impairment of Securities - Schedule of Temporary Impairment Losses, Investments (Detail) $ in Thousands | Jun. 30, 2019USD ($)Security | |
Schedule Of Held To Maturity Securities [Line Items] | ||
Less than 12 Months: Fair Value | $ 712 | |
Less than 12 Months: Unrecognized Losses | 2 | |
12 Months or More: Fair Value | 95,196 | |
12 Months or More: Unrecognized Losses | $ 706 | |
Number of Securities | Security | 96 | |
Total: Fair Value | $ 95,908 | |
Total: Unrecognized Losses | 708 | |
Debt Securities [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Total: Unrecognized Losses | 16 | |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Less than 12 Months: Fair Value | 274 | |
Less than 12 Months: Unrecognized Losses | 1 | |
12 Months or More: Fair Value | 7,149 | |
12 Months or More: Unrecognized Losses | $ 15 | |
Number of Securities | Security | 19 | |
Total: Fair Value | $ 7,423 | |
Total: Unrecognized Losses | 16 | |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
12 Months or More: Fair Value | 9,347 | |
12 Months or More: Unrecognized Losses | $ 168 | |
Number of Securities | Security | 5 | |
Total: Fair Value | $ 9,347 | |
Total: Unrecognized Losses | 168 | [1] |
Residential Pass-Through Securities [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Less than 12 Months: Fair Value | 438 | |
Less than 12 Months: Unrecognized Losses | 1 | |
12 Months or More: Fair Value | 76,848 | |
12 Months or More: Unrecognized Losses | $ 517 | |
Number of Securities | Security | 70 | |
Total: Fair Value | $ 77,286 | |
Total: Unrecognized Losses | 518 | [1] |
Commercial Pass-Through Securities [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
12 Months or More: Fair Value | 1,852 | |
12 Months or More: Unrecognized Losses | $ 6 | |
Number of Securities | Security | 2 | |
Total: Fair Value | $ 1,852 | |
Total: Unrecognized Losses | $ 6 | [1] |
[1] | Government-sponsored enterprises. |
Loans Receivable - Schedule of
Loans Receivable - Schedule of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | $ 4,540,103 | $ 4,730,953 | |
Unaccreted yield adjustments | (41,706) | (52,025) | |
Total loans receivable, net of yield adjustments | 4,498,397 | 4,678,928 | |
Multi-Family Mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 2,059,568 | 1,946,391 | |
Nonresidential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 960,853 | 1,258,869 | |
One-to Four-Family Residential Mortgage Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 1,273,022 | 1,344,044 | |
Other Consumer Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 3,991 | 5,814 | |
Consumer Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 86,911 | 101,979 | |
Home Equity Loans and Lines of Credit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 82,920 | 96,165 | |
Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | [1] | 138,788 | 65,763 |
Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 20,961 | 13,907 | |
Commercial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | $ 3,180,170 | $ 3,284,930 | |
[1] | Includes Payroll Protection Program (“PPP”) loans of $69.0 million as of June 30, 2020. |
Loans Receivable - Schedule o_2
Loans Receivable - Schedule of Loans Receivable (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 4,540,103 | $ 4,730,953 |
Payroll Protection Program (PPP) Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 69,000 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020USD ($)Loan | Jun. 30, 2019USD ($)Loan | |
Loans And Leases Receivable Disclosure [Abstract] | ||
Loans and leases receivable, related parties | $ 3,600 | $ 2,400 |
Number of new loans to related parties | Loan | 2 | 1 |
Loans and leases receivable, related parties, additions | $ 1,000 | $ 453,000 |
Loan Quality and Allowance fo_3
Loan Quality and Allowance for Loan Losses - Additional Information (Detail) | 12 Months Ended | |
Jun. 30, 2020USD ($)LoanProperty | Jun. 30, 2019USD ($)LoanProperty | |
Financing Receivable Recorded Investment [Line Items] | ||
Number of modified non-TDR loans | Loan | 711 | |
Aggregate principal balance of modified non-TDR loans | $ 781,278,000 | |
Residential Mortgage [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Number of loans in process of foreclosure | Loan | 9 | 11 |
Mortgage loans in process of foreclosure, carrying value | $ 1,900,000 | $ 2,100,000 |
Number of modified non-TDR loans | Loan | 345 | |
Aggregate principal balance of modified non-TDR loans | $ 141,890,000 | |
Residential Mortgage [Member] | Single-family Property [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Aggregate carrying value of real estate owned | $ 178,000 | |
Residential Mortgage [Member] | Real Estate Acquired in Satisfaction of Debt [Member] | Single-family Property [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Number of properties held | Property | 1 | 0 |
Loan Quality and Allowance fo_4
Loan Quality and Allowance for Loan Losses - Allowance for Loan Losses and Balance of Loans Receivable (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance | $ 33,274 | $ 30,865 | $ 29,286 | |
Allowance, Loans individually evaluated for impairment | 89 | 31 | ||
Allowance, Loans collectively evaluated for impairment | 37,238 | 33,243 | ||
Allowance | 37,327 | 33,274 | 30,865 | |
Loans individually evaluated for impairment | 44,823 | 24,259 | ||
Loans collectively evaluated for impairment | 4,494,981 | 4,706,368 | ||
Loans and Leases Receivable, Gross | 4,540,103 | 4,730,953 | ||
Loans receivable, unamortized yield adjustments | (41,706) | (52,025) | ||
Loans receivable | 4,498,397 | 4,678,928 | ||
Total charge offs | (189) | (1,283) | (1,558) | |
Total recoveries | 45 | 136 | 431 | |
Total provision (reversal) for Loan Losses | 4,197 | 3,556 | 2,706 | |
Non-Residential Mortgage [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance | 9,672 | 9,787 | 9,939 | |
Allowance, Loans individually evaluated for impairment | 41 | 0 | ||
Allowance, Loans collectively evaluated for impairment | 8,722 | 9,672 | ||
Allowance | 8,763 | 9,672 | 9,787 | |
Loans individually evaluated for impairment | 24,048 | 8,900 | ||
Loans collectively evaluated for impairment | 936,805 | 1,249,969 | ||
Loans and Leases Receivable, Gross | 960,853 | 1,258,869 | ||
Total charge offs | 0 | (54) | (45) | |
Total recoveries | 10 | 6 | ||
Total provision (reversal) for Loan Losses | (919) | (67) | (107) | |
Commercial Business [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance | 2,467 | 2,552 | 1,709 | |
Allowance, Loans individually evaluated for impairment | 47 | 0 | ||
Allowance, Loans collectively evaluated for impairment | 1,879 | 2,467 | ||
Allowance | 1,926 | 2,467 | 2,552 | |
Loans individually evaluated for impairment | 5,567 | 1,213 | ||
Loans collectively evaluated for impairment | 132,999 | 64,308 | ||
Loans and Leases Receivable, Gross | [1] | 138,788 | 65,763 | |
Total charge offs | (50) | (861) | (145) | |
Total recoveries | 2 | 47 | 90 | |
Total provision (reversal) for Loan Losses | (493) | 729 | 898 | |
Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance | 136 | 258 | 35 | |
Allowance, Loans individually evaluated for impairment | 0 | |||
Allowance, Loans collectively evaluated for impairment | 236 | 136 | ||
Allowance | 236 | 136 | 258 | |
Loans collectively evaluated for impairment | 20,961 | 13,907 | ||
Loans and Leases Receivable, Gross | 20,961 | 13,907 | ||
Total charge offs | 0 | |||
Total recoveries | 0 | |||
Total provision (reversal) for Loan Losses | 100 | (122) | 223 | |
Residential Mortgage [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance | 3,377 | 2,479 | 2,384 | |
Allowance, Loans individually evaluated for impairment | 1 | 31 | ||
Allowance, Loans collectively evaluated for impairment | 4,859 | 3,346 | ||
Allowance | 4,860 | 3,377 | 2,479 | |
Loans individually evaluated for impairment | 10,689 | 12,545 | ||
Loans collectively evaluated for impairment | 1,262,256 | 1,331,415 | ||
Loans and Leases Receivable, Gross | 1,273,022 | 1,344,044 | ||
Total charge offs | 0 | (83) | (521) | |
Total recoveries | 0 | 172 | ||
Total provision (reversal) for Loan Losses | 1,483 | 981 | 444 | |
Other Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance | 172 | 413 | 777 | |
Allowance, Loans individually evaluated for impairment | 0 | |||
Allowance, Loans collectively evaluated for impairment | 58 | 172 | ||
Allowance | 58 | 172 | 413 | |
Loans collectively evaluated for impairment | 3,991 | 5,814 | ||
Loans and Leases Receivable, Gross | 3,991 | 5,814 | ||
Total charge offs | (139) | (285) | (829) | |
Total recoveries | 33 | 83 | 104 | |
Total provision (reversal) for Loan Losses | (8) | (39) | 361 | |
Multi-Family Mortgage [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance | 16,959 | 14,946 | 13,941 | |
Allowance, Loans individually evaluated for impairment | 0 | |||
Allowance, Loans collectively evaluated for impairment | 20,916 | 16,959 | ||
Allowance | 20,916 | 16,959 | 14,946 | |
Loans individually evaluated for impairment | 2,962 | 70 | ||
Loans collectively evaluated for impairment | 2,056,606 | 1,946,321 | ||
Loans and Leases Receivable, Gross | 2,059,568 | 1,946,391 | ||
Total charge offs | 0 | |||
Total recoveries | 0 | |||
Total provision (reversal) for Loan Losses | 3,957 | 2,013 | 1,005 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans acquired with deteriorated credit quality | 0 | |||
Loans acquired with deteriorated credit quality | 299 | 326 | ||
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 | 0 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Business [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans acquired with deteriorated credit quality | 0 | |||
Loans acquired with deteriorated credit quality | 222 | 242 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans acquired with deteriorated credit quality | 0 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans acquired with deteriorated credit quality | 0 | |||
Loans acquired with deteriorated credit quality | 77 | 84 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Other Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans acquired with deteriorated credit quality | 0 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | Multi-Family Mortgage [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans acquired with deteriorated credit quality | 0 | |||
Home Equity Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance | 491 | 430 | 501 | |
Allowance, Loans individually evaluated for impairment | 0 | |||
Allowance, Loans collectively evaluated for impairment | 568 | 491 | ||
Allowance | 568 | 491 | 430 | |
Loans individually evaluated for impairment | 1,557 | 1,531 | ||
Loans collectively evaluated for impairment | 81,363 | 94,634 | ||
Loans and Leases Receivable, Gross | 82,920 | 96,165 | ||
Total charge offs | 0 | (18) | ||
Total recoveries | 0 | 65 | ||
Total provision (reversal) for Loan Losses | $ 77 | 61 | $ (118) | |
Home Equity Loans [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans acquired with deteriorated credit quality | $ 0 | |||
[1] | Includes Payroll Protection Program (“PPP”) loans of $69.0 million as of June 30, 2020. |
Loan Quality and Allowance fo_5
Loan Quality and Allowance for Loan Losses - Credit-Rating Classification of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | |
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | $ 4,540,103 | $ 4,730,953 | |
Non-Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 960,853 | 1,258,869 | |
Commercial Business [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | [1] | 138,788 | 65,763 |
Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 20,961 | 13,907 | |
Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,273,022 | 1,344,044 | |
Other Consumer [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 3,991 | 5,814 | |
Multi-Family Mortgage [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 2,059,568 | 1,946,391 | |
Home Equity Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 82,920 | 96,165 | |
Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 4,484,846 | 4,697,449 | |
Pass [Member] | Non-Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 932,202 | 1,249,438 | |
Pass [Member] | Commercial Business [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 132,818 | 59,768 | |
Pass [Member] | Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 20,961 | 13,907 | |
Pass [Member] | Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,258,246 | 1,328,811 | |
Pass [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 3,979 | 5,776 | |
Pass [Member] | Multi-Family Mortgage [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 2,055,520 | 1,945,205 | |
Pass [Member] | Home Equity Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 81,120 | 94,544 | |
Special Mention [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 9,187 | 5,681 | |
Special Mention [Member] | Non-Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 4,373 | ||
Special Mention [Member] | Commercial Business [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 2,585 | 3,894 | |
Special Mention [Member] | Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 981 | 629 | |
Special Mention [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 5 | 14 | |
Special Mention [Member] | Multi-Family Mortgage [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,086 | 1,116 | |
Special Mention [Member] | Home Equity Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 157 | 28 | |
Substandard [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 46,069 | 27,822 | |
Substandard [Member] | Non-Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 24,278 | 9,431 | |
Substandard [Member] | Commercial Business [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 3,385 | 2,101 | |
Substandard [Member] | Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 13,795 | 14,604 | |
Substandard [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 6 | 23 | |
Substandard [Member] | Multi-Family Mortgage [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 2,962 | 70 | |
Substandard [Member] | Home Equity Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,643 | 1,593 | |
Doubtful [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1 | 1 | |
Doubtful [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | $ 1 | $ 1 | |
[1] | Includes Payroll Protection Program (“PPP”) loans of $69.0 million as of June 30, 2020. |
Loan Quality and Allowance fo_6
Loan Quality and Allowance for Loan Losses - Contractual Payment Status of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $ 4,511,288 | $ 4,722,752 | |
Total past due | 28,815 | 8,201 | |
Loans and Leases Receivable, Gross | 4,540,103 | 4,730,953 | |
Non-Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 941,714 | 1,256,892 | |
Total past due | 19,139 | 1,977 | |
Loans and Leases Receivable, Gross | 960,853 | 1,258,869 | |
Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 138,439 | 65,668 | |
Total past due | 349 | 95 | |
Loans and Leases Receivable, Gross | [1] | 138,788 | 65,763 |
Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 20,961 | 13,907 | |
Loans and Leases Receivable, Gross | 20,961 | 13,907 | |
Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 1,264,267 | 1,338,347 | |
Total past due | 8,755 | 5,697 | |
Loans and Leases Receivable, Gross | 1,273,022 | 1,344,044 | |
Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 3,981 | 5,754 | |
Total past due | 10 | 60 | |
Loans and Leases Receivable, Gross | 3,991 | 5,814 | |
Multi-Family Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 2,059,568 | 1,946,391 | |
Loans and Leases Receivable, Gross | 2,059,568 | 1,946,391 | |
Past due: 30-59 days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 3,380 | 1,997 | |
Past due: 30-59 days [Member] | Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 95 | ||
Past due: 30-59 days [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 3,211 | 1,680 | |
Past due: 30-59 days [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 25 | ||
Past due: 60-89 days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 15,534 | 522 | |
Past due: 60-89 days [Member] | Non-Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 14,478 | ||
Past due: 60-89 days [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 1,038 | 473 | |
Past due: 60-89 days [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 5 | 13 | |
Past due: 90 days and over [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 9,901 | 5,682 | |
Past due: 90 days and over [Member] | Non-Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 4,661 | 1,977 | |
Past due: 90 days and over [Member] | Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 349 | ||
Past due: 90 days and over [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 4,506 | 3,544 | |
Past due: 90 days and over [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 5 | 22 | |
Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 82,358 | 95,793 | |
Total past due | 562 | 372 | |
Loans and Leases Receivable, Gross | 82,920 | 96,165 | |
Home Equity Loans [Member] | Past due: 30-59 days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 169 | 197 | |
Home Equity Loans [Member] | Past due: 60-89 days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | 13 | 36 | |
Home Equity Loans [Member] | Past due: 90 days and over [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total past due | $ 380 | $ 139 | |
[1] | Includes Payroll Protection Program (“PPP”) loans of $69.0 million as of June 30, 2020. |
Loan Quality and Allowance fo_7
Loan Quality and Allowance for Loan Losses - Performance Status of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | $ 4,540,103 | $ 4,730,953 | |
Non-Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 960,853 | 1,258,869 | |
Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | [1] | 138,788 | 65,763 |
Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 20,961 | 13,907 | |
Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 1,273,022 | 1,344,044 | |
Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 3,991 | 5,814 | |
Multi-Family Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 2,059,568 | 1,946,391 | |
Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 82,920 | 96,165 | |
Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 4,503,407 | 4,710,683 | |
Performing Financing Receivable [Member] | Non-Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 936,917 | 1,249,969 | |
Performing Financing Receivable [Member] | Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 138,196 | 65,294 | |
Performing Financing Receivable [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 20,961 | 13,907 | |
Performing Financing Receivable [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 1,264,663 | 1,334,101 | |
Performing Financing Receivable [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 3,986 | 5,792 | |
Performing Financing Receivable [Member] | Multi-Family Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 2,056,606 | 1,946,321 | |
Performing Financing Receivable [Member] | Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 82,078 | 95,299 | |
Nonperforming Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
90 days and over past due accruing | 5 | 22 | |
Nonaccrual | 36,691 | 20,248 | |
Total nonperforming | 36,696 | 20,270 | |
Nonperforming Financing Receivable [Member] | Non-Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 23,936 | 8,900 | |
Total nonperforming | 23,936 | 8,900 | |
Nonperforming Financing Receivable [Member] | Commercial Business [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 592 | 469 | |
Total nonperforming | 592 | 469 | |
Nonperforming Financing Receivable [Member] | Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 8,359 | 9,943 | |
Total nonperforming | 8,359 | 9,943 | |
Nonperforming Financing Receivable [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
90 days and over past due accruing | 5 | 22 | |
Total nonperforming | 5 | 22 | |
Nonperforming Financing Receivable [Member] | Multi-Family Mortgage [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 2,962 | 70 | |
Total nonperforming | 2,962 | 70 | |
Nonperforming Financing Receivable [Member] | Home Equity Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccrual | 842 | 866 | |
Total nonperforming | $ 842 | $ 866 | |
[1] | Includes Payroll Protection Program (“PPP”) loans of $69.0 million as of June 30, 2020. |
Loan Quality and Allowance fo_8
Loan Quality and Allowance for Loan Losses - Impairment Status of Loans Receivable (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-impaired loans | $ 4,494,981 | $ 4,706,368 | ||
Impaired loans with no allowance for impairment | 43,316 | 24,222 | ||
Recorded investment | 1,806 | 363 | ||
Allowance for impairment | (89) | (31) | ||
Balance of impaired loans net of allowance for impairment | 1,717 | 332 | ||
Total impaired loans, excluding allowance for impairment: | 45,122 | 24,585 | ||
Loans and Leases Receivable, Gross | 4,540,103 | 4,730,953 | ||
Unpaid principal balance of impaired loans | 53,151 | 31,948 | ||
Average balance of impaired loans | 32,047 | 24,975 | $ 20,548 | |
Interest earned on impaired loans | 459 | 230 | 212 | |
Non-Residential Mortgage [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-impaired loans | 936,805 | 1,249,969 | ||
Impaired loans with no allowance for impairment | 22,516 | 8,900 | ||
Recorded investment | 1,532 | |||
Allowance for impairment | (41) | |||
Balance of impaired loans net of allowance for impairment | 1,491 | |||
Total impaired loans, excluding allowance for impairment: | 24,048 | 8,900 | ||
Loans and Leases Receivable, Gross | 960,853 | 1,258,869 | ||
Unpaid principal balance of impaired loans | 25,898 | 10,200 | ||
Average balance of impaired loans | 13,450 | 8,242 | 6,484 | |
Interest earned on impaired loans | 2 | 5 | ||
Commercial Business [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-impaired loans | 132,999 | 64,308 | ||
Impaired loans with no allowance for impairment | 5,622 | 1,455 | ||
Recorded investment | 167 | |||
Allowance for impairment | (47) | |||
Balance of impaired loans net of allowance for impairment | 120 | |||
Total impaired loans, excluding allowance for impairment: | 5,789 | 1,455 | ||
Loans and Leases Receivable, Gross | [1] | 138,788 | 65,763 | |
Unpaid principal balance of impaired loans | 8,778 | 3,987 | ||
Average balance of impaired loans | 3,934 | 2,212 | 2,690 | |
Interest earned on impaired loans | 273 | 67 | 44 | |
Construction [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-impaired loans | 20,961 | 13,907 | ||
Loans and Leases Receivable, Gross | 20,961 | 13,907 | ||
Unpaid principal balance of impaired loans | 73 | 73 | ||
Average balance of impaired loans | 106 | |||
Residential Mortgage [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-impaired loans | 1,262,256 | 1,331,415 | ||
Impaired loans with no allowance for impairment | 10,659 | 12,266 | ||
Recorded investment | 107 | 363 | ||
Allowance for impairment | (1) | (31) | ||
Balance of impaired loans net of allowance for impairment | 106 | 332 | ||
Total impaired loans, excluding allowance for impairment: | 10,766 | 12,629 | ||
Loans and Leases Receivable, Gross | 1,273,022 | 1,344,044 | ||
Unpaid principal balance of impaired loans | 12,908 | 14,985 | ||
Average balance of impaired loans | 10,761 | 12,883 | 9,465 | |
Interest earned on impaired loans | 122 | 129 | 131 | |
Other Consumer [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-impaired loans | 3,991 | 5,814 | ||
Loans and Leases Receivable, Gross | 3,991 | 5,814 | ||
Multi-Family Mortgage [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-impaired loans | 2,056,606 | 1,946,321 | ||
Impaired loans with no allowance for impairment | 2,962 | 70 | ||
Total impaired loans, excluding allowance for impairment: | 2,962 | 70 | ||
Loans and Leases Receivable, Gross | 2,059,568 | 1,946,391 | ||
Unpaid principal balance of impaired loans | 3,544 | 779 | ||
Average balance of impaired loans | 2,334 | 91 | 136 | |
Interest earned on impaired loans | 28 | |||
Home Equity Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-impaired loans | 81,363 | 94,634 | ||
Impaired loans with no allowance for impairment | 1,557 | 1,531 | ||
Total impaired loans, excluding allowance for impairment: | 1,557 | 1,531 | ||
Loans and Leases Receivable, Gross | 82,920 | 96,165 | ||
Unpaid principal balance of impaired loans | 1,950 | 1,924 | ||
Average balance of impaired loans | 1,568 | 1,547 | 1,667 | |
Interest earned on impaired loans | $ 34 | $ 34 | $ 32 | |
[1] | Includes Payroll Protection Program (“PPP”) loans of $69.0 million as of June 30, 2020. |
Loan Quality and Allowance fo_9
Loan Quality and Allowance for Loan Losses - Troubled Debt Restructurings of Loans Receivable (Detail) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020USD ($)Loan | Jun. 30, 2019USD ($)Loan | Jun. 30, 2018USD ($)Loan | |
Financing Receivable Modifications [Line Items] | |||
Number of loans | Loan | 13 | 17 | 10 |
Pre-modification outstanding recorded investment | $ 9,299 | $ 6,429 | $ 2,040 |
Post-modification outstanding recorded investment | 9,229 | 6,516 | 2,399 |
Reserves included in and charge offs against the allowance for loan loss recognized at modification | $ 16 | $ 4 | $ 154 |
Non-Residential Mortgage [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of loans | Loan | 1 | 2 | 2 |
Pre-modification outstanding recorded investment | $ 521 | $ 3,329 | $ 315 |
Post-modification outstanding recorded investment | $ 517 | 3,329 | 330 |
Reserves included in and charge offs against the allowance for loan loss recognized at modification | $ 2 | $ 7 | |
Commercial Business [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of loans | Loan | 5 | 6 | |
Pre-modification outstanding recorded investment | $ 4,349 | $ 1,468 | |
Post-modification outstanding recorded investment | 4,415 | $ 1,488 | |
Reserves included in and charge offs against the allowance for loan loss recognized at modification | $ 15 | ||
Residential Mortgage [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of loans | Loan | 5 | 8 | 6 |
Pre-modification outstanding recorded investment | $ 1,285 | $ 1,523 | $ 1,635 |
Post-modification outstanding recorded investment | 1,220 | 1,576 | 1,981 |
Reserves included in and charge offs against the allowance for loan loss recognized at modification | $ 1 | $ 2 | $ 145 |
Multi-Family Mortgage [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of loans | Loan | 1 | ||
Pre-modification outstanding recorded investment | $ 3,062 | ||
Post-modification outstanding recorded investment | $ 2,996 | ||
Home Equity Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of loans | Loan | 1 | 1 | 2 |
Pre-modification outstanding recorded investment | $ 82 | $ 109 | $ 90 |
Post-modification outstanding recorded investment | $ 81 | $ 123 | 88 |
Reserves included in and charge offs against the allowance for loan loss recognized at modification | $ 2 |
Loan Quality and Allowance f_10
Loan Quality and Allowance for Loan Losses - Schedule of Modified Non-TDR Loans by Loan Segments (Detail) $ in Thousands | 12 Months Ended |
Jun. 30, 2020USD ($)Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | Loan | 322 |
Balance | $ | $ 636,374 |
Number of Loans | Loan | 711 |
Balance | $ | $ 781,278 |
Home Equity Loans [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | Loan | 44 |
Balance | $ | $ 3,014 |
Non-Residential Mortgage [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | Loan | 131 |
Balance | $ | $ 237,384 |
Commercial Business [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | Loan | 54 |
Balance | $ | $ 10,450 |
Construction [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | Loan | 1 |
Balance | $ | $ 796 |
Residential Mortgage [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | Loan | 345 |
Balance | $ | $ 141,890 |
Multi-Family Mortgage [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of Loans | Loan | 136 |
Balance | $ | $ 387,744 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jul. 01, 2019 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Weighted average remaining lease term for operating leases | 8 years 4 months 28 days | |||
Operating lease, weighted average discount rate | 2.49% | |||
Operating Lease, Cost | $ 4,000,000 | |||
Net rent expense | $ 3,200,000 | $ 2,300,000 | ||
Sale and leaseback transactions, leveraged leases or lease transactions with related parties | 0 | |||
Leases not yet commenced | $ 0 | |||
ASU 2016-02 [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Operating lease, right-of-use asset | $ 17,200,000 | |||
Operating lease, liability | $ 17,800,000 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Rental Commitments for Operating Leases (Detail) $ in Thousands | Jun. 30, 2020USD ($) |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Less than one year | $ 3,212 |
After one year but within two years | 3,004 |
After two years but within three years | 2,405 |
After three years but within four years | 1,739 |
After four years but within five years | 1,509 |
Greater than five years | 7,373 |
Total undiscounted cash flows | 19,242 |
Less: discount on cash flows | (2,115) |
Other Liabilities | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Total lease liability | $ 17,127 |
Premises and Equipment - Proper
Premises and Equipment - Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 97,722 | $ 95,447 |
Less accumulated depreciation and amortization | 40,333 | 38,593 |
Total premises and equipment | 57,389 | 56,854 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 12,376 | 13,118 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 46,219 | 46,802 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 10,234 | 7,852 |
Furnishings and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 24,719 | 22,985 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 4,174 | $ 4,690 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expense on premises and equipment | $ 4,647 | $ 4,322 | $ 3,224 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Intangible Assets and Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Core Deposit Intangibles, Balance | $ 5,160 | $ 6,295 | $ 292 |
Acquisition of Clifton Bancorp Inc. | 6,367 | ||
Amortization | (1,165) | (1,135) | (364) |
Core Deposit Intangibles, Balance | 3,995 | 5,160 | 6,295 |
Goodwill | 210,895 | 210,895 | 108,591 |
Acquisition of Clifton Bancorp Inc. | 0 | 0 | 102,304 |
Goodwill | $ 210,895 | $ 210,895 | $ 210,895 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Scheduled Amortization of Core Deposit Intangibles (Detail) $ in Thousands | Jun. 30, 2020USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2021 | $ 885 |
2022 | 595 |
2023 | 484 |
2024 | 454 |
2025 | 428 |
Thereafter | $ 1,149 |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Deposits [Abstract] | ||
Non-interest bearing demand: Amount | $ 419,138 | $ 309,063 |
Interest-bearing demand: Amount | 1,264,151 | 843,432 |
Savings: Amount | 906,597 | 790,658 |
Certificates of deposit: Amount | 1,840,396 | 2,204,457 |
Total deposits | $ 4,430,282 | $ 4,147,610 |
Non-interest-bearing demand, Weighted Average Interest Rate | 0.00% | 0.00% |
Interest-bearing demand, Weighted Average Interest Rate | 0.54% | 0.94% |
Savings, Weighted Average Interest Rate | 0.83% | 0.73% |
Certificates of deposit, Weighted Average Interest Rate | 1.79% | 2.16% |
Total deposits, Weighted Average Interest Rate | 1.07% | 1.48% |
Deposits - Schedule of Brokered
Deposits - Schedule of Brokered Deposits (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Deposits [Abstract] | ||
Certificates of deposits | $ 31,379 | $ 235,805 |
Total brokered deposits | $ 31,379 | $ 235,805 |
Certificates of deposits | 2.16% | 2.42% |
Total brokered deposits | 2.16% | 2.42% |
Deposits - Certificates of Depo
Deposits - Certificates of Deposit By Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Deposits [Abstract] | ||
One year or less | $ 1,515,042 | |
After one year to two years | 170,914 | |
After two years to three years | 84,803 | |
After three years to four years | 26,519 | |
After four years to five years | 37,129 | |
After five years | 5,989 | |
Total certificates of deposit | $ 1,840,396 | $ 2,204,457 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Deposits [Abstract] | ||
Time Deposits, $250,000 or More | $ 297 | $ 521.8 |
Borrowings - Schedule of Fixed
Borrowings - Schedule of Fixed Rate Advances from FHLB (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, Advances, Balance, Less than one year | $ 865,000 | $ 873,400 |
Federal Home Loan Bank, Advances, Balance Due in One to two years | 27,000 | 64,046 |
Federal Home Loan Bank, Advances, Balance Due in two to three years | 145,000 | 62,700 |
Federal Home Loan Bank, Advances, Balance Due in three to four years | 22,500 | 155,000 |
Federal Home Loan Bank, Advances, Balance Due in four to five years | 103,500 | 22,500 |
Federal Home Loan Bank, Advances, Balance greater than five years | 6,500 | 110,000 |
Federal Home Loan Bank, Advances, Total | 1,169,500 | 1,287,646 |
Federal Home Loan Bank, Advances, Unamortized Fair Value Adjustments | (2,071) | (4,435) |
Total Federal Home Loan Bank, Advances, After Fair Value Adjustments | $ 1,167,429 | $ 1,283,211 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in less than one year | 0.45% | 2.49% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in one to two years | 2.85% | 1.87% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in two to three years | 3.04% | 2.46% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in three to four years | 2.63% | 3.00% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in four to five years | 2.68% | 2.63% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in greater than five years | 2.82% | 2.69% |
Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Weighted Average Interest Rate | 1.08% | 2.54% |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Debt Instrument [Line Items] | ||
Other borrowings, sweep accounts | $ 5.7 | $ 8.8 |
Borrowings for liquidity management purposes | 0 | 30 |
Mortgage-Backed Securities [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, advances, general debt obligations, disclosures, collateral pledged | 155.3 | 160.8 |
Investment in Federal Home Loan Bank Stock [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, advances, general debt obligations, disclosures, collateral pledged | $ 3,210 | $ 3,040 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Fair Values of Derivative Financial Instruments as well as Their Classification on Statement of Financial Condition (Detail) - Derivatives Designated as Hedging Instruments [Member] - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Other Assets [Member] | ||
Derivative [Line Items] | ||
Fair Value | $ 235 | $ 3,856 |
Other Liabilities | ||
Derivative [Line Items] | ||
Fair Value | 18,177 | 140 |
Interest Rate Contract [Member] | Other Assets [Member] | ||
Derivative [Line Items] | ||
Fair Value | 235 | 3,856 |
Interest Rate Contract [Member] | Other Liabilities | ||
Derivative [Line Items] | ||
Fair Value | $ 18,177 | $ 140 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020USD ($)Instrument | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | |
Derivative [Line Items] | |||
Pipeline of loans held-for-sale | $ 127,200 | ||
Loan Origination Commitments [Member] | |||
Derivative [Line Items] | |||
Pipeline of loans held-for-sale | 127,200 | $ 46,200 | |
Counter Party [Member] | |||
Derivative [Line Items] | |||
Termination Value Of Derivatives | 18,300 | ||
Financial collateral not included as offsetting amounts | 18,200 | 5,000 | |
Interest Expense [Member] | |||
Derivative [Line Items] | |||
Estimated cash flow hedge gain (loss) to be reclassified in next twelve months | 8,100 | ||
Cash Flow Hedges [Member] | |||
Derivative [Line Items] | |||
Reclassifications to interest expense | $ 1,870 | $ 6,753 | $ (2,826) |
Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | |||
Derivative [Line Items] | |||
Number of interest rate derivative instruments held | Instrument | 16 | ||
Derivative, notional amount | $ 1,320,000 |
Derivative Instruments and He_5
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, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI on Derivatives | $ (21,264) | $ (21,409) | $ 22,734 |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | 1,870 | 6,753 | (2,826) |
Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI on Derivatives | (21,264) | (21,409) | 22,734 |
Interest Rate Contract [Member] | Interest Expense [Member] | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | $ 1,870 | $ 6,753 | $ (2,826) |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Offsetting Derivatives (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Derivative [Line Items] | ||
Gross Amount Recognized, Assets | $ 592 | $ 5,334 |
Gross Amounts Offset, Assets | (357) | (1,478) |
Net Amounts Presented, Assets | 235 | 3,856 |
Net Amount, Assets | 235 | 3,856 |
Gross Amount Recognized, Liabilities | 18,534 | 1,618 |
Gross Amounts Offset, Liabilities | (357) | (1,478) |
Net Amounts Presented, Liabilities | 18,177 | 140 |
Gross Amounts Not Offset, Cash Collateral Posted, Liabilities | (18,177) | |
Net Amount, Liabilities | 140 | |
Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Gross Amount Recognized, Assets | 592 | 5,334 |
Gross Amounts Offset, Assets | (357) | (1,478) |
Net Amounts Presented, Assets | 235 | 3,856 |
Net Amount, Assets | 235 | 3,856 |
Gross Amount Recognized, Liabilities | 18,534 | 1,618 |
Gross Amounts Offset, Liabilities | (357) | (1,478) |
Net Amounts Presented, Liabilities | 18,177 | 140 |
Gross Amounts Not Offset, Cash Collateral Posted, Liabilities | $ (18,177) | |
Net Amount, Liabilities | $ 140 |
Benefit Plans - Schedule of Net
Benefit Plans - Schedule of Net Periodic Benefit Expense (Detail) - Benefit Equalization Plan, Postretirement Welfare Plan, Directors Consultation and Retirement Plan and Atlas Bank Retirement Income Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Salaries and Employee Benefits [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 78 | $ 54 | $ 48 |
Miscellaneous Non Interest Expense [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Interest cost | 326 | 378 | 373 |
Amortization of unrecognized loss | 19 | 43 | 45 |
Expected return on assets | (112) | (112) | (120) |
Net periodic benefit cost | $ 311 | $ 363 | $ 346 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
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 | $ 2,354,000 | $ 2,464,000 | $ 2,641,000 |
Percentage of net income for dividend payout ratio | 50.00% | ||
Vested options exercised | 0 | 48,314 | 9,565 |
Vested options, aggregate intrinsic value | $ 235,000 | $ 38,000 | |
Share-based payment award, number of shares issued | 48,314 | ||
Cash proceeds from stock option | $ 423,000 | 102,000 | |
Income tax benefit | 69,000 | 13,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 1,366,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 2,900,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 6 months | ||
Employee Stock Option [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Share-based Compensation Expense | $ 1,800,000 | 2,000,000 | 2,000,000 |
Tax Benefit (Expense) from Compensation Expense | $ 432,000 | $ 453,000 | $ 520,000 |
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 | 0 | 233,000 | 0 |
Share-based Compensation Expense | $ 4,000,000 | $ 4,100,000 | $ 4,300,000 |
Tax Benefit from Compensation Expense | 1,500,000 | 1,500,000 | 1,500,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 7,000,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 6 months | ||
Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 4,192,204 | $ 4,128,492 | 4,354,754 |
Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 646,750 | ||
Restricted Stock [Member] | Vesting Contingent on Performance and Service Conditions [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | ||
Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 227,000 | 325,000 | |
Stock Compensation Plan [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Share-based Compensation Expense | $ 5,900,000 | $ 6,100,000 | $ 6,300,000 |
Multiemployer Plans, Postretirement Benefit [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Multiemployer Plan Number | 001 | ||
Defined Benefit Plan, Funded Percentage | 104.08% | 107.73% | |
Multiemployer Plans, Plan Contributions | $ 138,300,000 | $ 164,600,000 | |
Multiemployer Plans, Plan Expenses | $ 340,000 | 967,000 | 1,115,000 |
Multiemployer Plans, Postretirement Benefit [Member] | Maximum [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percent of Total Plan Contributions | 5.00% | ||
Employees’ Savings and Profit Sharing Plan [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Maximum Annual Contribution Per Employee | 75.00% | ||
Employer Matching Contribution | 3.50% | ||
Defined Contribution Plan, eligible employee contribution | 6.00% | ||
Defined Contribution Plan, Cost Recognized | $ 1,147,000 | 1,047,000 | 872,000 |
Benefit Equalization Plan ("BEP") [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
ESOP Compensation Expense | 24,000 | 47,000 | 24,000 |
ESOP Liability | 20,000 | 19,500 | |
Defined Benefit Plan, Accumulated Other Comprehensive Income Net (Losses) Gains, after Tax | (1,157,000) | (987,000) | |
Defined benefit plan, future amortization of gain (loss) | (75,000) | ||
Defined Benefit Plan, Benefits Paid | 237,000 | 235,000 | 233,000 |
Defined Benefit Plan, Contributions by Employer | 237,000 | 235,000 | 233,000 |
Defined benefit plan, expected future benefit payments, next twelve months | 236,000 | ||
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 | (523,000) | (837,000) | |
Defined benefit plan, future amortization of gain (loss) | (22,000) | ||
Defined Benefit Plan, Benefits Paid | 117,000 | 213,000 | |
Defined benefit plan, expected future benefit payments, next twelve months | 144,000 | ||
Postretirement Welfare Plan [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Accumulated Other Comprehensive Income Net (Losses) Gains, after Tax | 240,000 | 468,000 | |
Defined benefit plan, future amortization of gain (loss) | 14,000 | ||
Defined Benefit Plan, Benefits Paid | 11,000 | 6,000 | 7,000 |
Defined Benefit Plan, Contributions by Employer | 11,000 | 6,000 | 7,000 |
Defined benefit plan, expected future benefit payments, next twelve months | 40,000 | ||
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 | 30,000 | 273,000 | |
Defined benefit plan, future amortization of gain (loss) | 0 | ||
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 | $ 24,000 | ||
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 | 572,628 | ||
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 | 53,706 | ||
Share-based Payment Award, Award Vesting Period | 5 years | ||
2016 Equity Incentive Plan [Member] | Restricted Stock [Member] | Vesting Contingent on Performance and Service Conditions [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Share-based Payment Award, Award Vesting Period | 5 years | 5 years | |
Shares vesting service period conditioned upon performance targets | 1 year | ||
First Step Conversion and Stock Offering [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Employer Loan to ESOP | $ 17,457,000 | ||
Unearned Employee Stock Ownership Plan shares | 2,409,764 | ||
ESOP Loan - Maturity Date | Mar. 31, 2017 | ||
ESOP Loan - Interest Rate | 5.50% | ||
Second Step Conversion and Stock Offering [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Employer Loan to ESOP | $ 36,125,000 | ||
Unearned Employee Stock Ownership Plan shares | 3,612,500 | ||
ESOP Loan - Interest Rate | 3.25% | ||
Employer Additional Loan to ESOP | $ 3,788,000 | ||
ESOP Loan - Principal Balance | $ 39,913,000 | ||
ESOP Loan - Maturity Period | 20 years |
Benefit Plans - Schedule of Emp
Benefit Plans - Schedule of Employee Stock Ownership Plan (ESOP) Disclosures (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Compensation And Retirement Disclosure [Abstract] | ||
Allocated shares | 1,924,000 | 1,862,000 |
Total shares distributed to employees | 1,038,000 | 899,000 |
Shares committed to be released | 100,000 | 100,000 |
Unearned shares | 2,960,289 | 3,160,987 |
Total ESOP shares | 6,022,000 | 6,022,000 |
Fair value of unearned ESOP shares | $ 24,213 | $ 42,010 |
Benefit Plans - Schedule of N_2
Benefit Plans - Schedule of Net Funded Status (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | |
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | ||||||
Change in benefit obligation: | ||||||
Projected benefit obligation - beginning | $ 2,553,000 | $ 2,716,000 | ||||
Interest cost | 77,000 | 108,000 | $ 109,000 | |||
Actuarial loss (gain) | (228,000) | (58,000) | ||||
Benefit payments | (117,000) | (213,000) | ||||
Projected benefit obligation - ending | $ 2,716,000 | 2,285,000 | 2,553,000 | 2,716,000 | ||
Change in plan assets: | ||||||
Fair value of assets - beginning | 3,223,000 | 3,440,000 | ||||
Actual return on assets | 193,000 | (4,000) | ||||
Benefit payments | (117,000) | (213,000) | ||||
Fair value of assets - ending | 3,440,000 | 3,299,000 | 3,223,000 | 3,440,000 | ||
Reconciliation of funded status: | ||||||
Projected benefit obligation | (2,716,000) | (2,285,000) | (2,716,000) | (2,716,000) | $ (2,285,000) | $ (2,553,000) |
Fair value of assets - ending | 3,440,000 | 3,299,000 | 3,223,000 | 3,440,000 | ||
Funded status included in other assets / liabilities | 1,014,000 | 670,000 | ||||
Accumulated benefit obligation | $ (2,285,000) | $ (2,553,000) | ||||
Discount rate | 2.75% | 3.75% | ||||
Benefit Equalization Plan ("BEP") [Member] | ||||||
Change in benefit obligation: | ||||||
Projected benefit obligation - beginning | 3,105,000 | 3,053,000 | ||||
Interest cost | 112,000 | 125,000 | 124,000 | |||
Actuarial loss (gain) | 226,000 | 162,000 | ||||
Benefit payments | (237,000) | (235,000) | (233,000) | |||
Projected benefit obligation - ending | 3,053,000 | 3,206,000 | 3,105,000 | 3,053,000 | ||
Change in plan assets: | ||||||
Benefit payments | (237,000) | (235,000) | ||||
Contributions | 237,000 | 235,000 | 233,000 | |||
Reconciliation of funded status: | ||||||
Projected benefit obligation | (3,053,000) | (3,206,000) | (3,053,000) | (3,053,000) | $ (3,206,000) | $ (3,105,000) |
Funded status included in other assets / liabilities | (3,206,000) | (3,105,000) | ||||
Accumulated benefit obligation | $ (3,206,000) | $ (3,105,000) | ||||
Discount rate | 2.75% | 3.75% | ||||
Postretirement Welfare Plan [Member] | ||||||
Change in benefit obligation: | ||||||
Projected benefit obligation - beginning | 710,000 | 617,000 | ||||
Service cost | 48,000 | 78,000 | 54,000 | |||
Interest cost | 23,000 | 26,000 | 26,000 | |||
Actuarial loss (gain) | 188,000 | 19,000 | ||||
Benefit payments | (11,000) | (6,000) | (7,000) | |||
Projected benefit obligation - ending | 617,000 | 991,000 | 710,000 | 617,000 | ||
Change in plan assets: | ||||||
Benefit payments | (11,000) | (6,000) | ||||
Contributions | 11,000 | 6,000 | 7,000 | |||
Reconciliation of funded status: | ||||||
Projected benefit obligation | (617,000) | (991,000) | (617,000) | (617,000) | $ (991,000) | $ (710,000) |
Funded status included in other assets / liabilities | $ (991,000) | $ (710,000) | ||||
Discount rate | 2.75% | 3.75% | ||||
Salary increase rate | 3.25% | 3.25% | ||||
Directors' Consultation and Retirement Plan ("DCRP") [Member] | ||||||
Change in benefit obligation: | ||||||
Projected benefit obligation - beginning | 2,975,000 | 2,843,000 | ||||
Interest cost | 110,000 | 119,000 | 118,000 | |||
Actuarial loss (gain) | 244,000 | 73,000 | ||||
Benefit payments | (60,000) | (60,000) | (60,000) | |||
Projected benefit obligation - ending | 2,843,000 | 3,269,000 | 2,975,000 | 2,843,000 | ||
Change in plan assets: | ||||||
Benefit payments | (60,000) | (60,000) | ||||
Contributions | 60,000 | 60,000 | 60,000 | |||
Reconciliation of funded status: | ||||||
Projected benefit obligation | $ (2,843,000) | $ (3,269,000) | $ (2,843,000) | $ (2,843,000) | $ (3,269,000) | $ (2,975,000) |
Funded status included in other assets / liabilities | (3,269,000) | (2,975,000) | ||||
Accumulated benefit obligation | $ (3,269,000) | $ (2,975,000) | ||||
Discount rate | 2.75% | 3.75% |
Benefit Plans - Schedule of N_3
Benefit Plans - Schedule of Net Benefit Costs (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | ||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Interest cost | $ 77 | $ 108 | $ 109 | |
Expected return on assets | (112) | (112) | (120) | |
Amortization of net actuarial (gain) loss | 4 | 57 | 52 | |
Net periodic benefit cost | $ (31) | $ 53 | $ 41 | |
Discount rate | 3.75% | 4.25% | 4.00% | |
Long term rate of return on plan assets | 3.50% | 3.50% | 3.50% | |
Benefit Equalization Plan ("BEP") [Member] | ||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Interest cost | $ 112 | $ 125 | $ 124 | |
Amortization of net actuarial (gain) loss | 56 | 44 | 48 | |
Net periodic benefit cost | $ 168 | $ 169 | $ 172 | |
Discount rate | 3.75% | 4.25% | 4.00% | |
Postretirement Welfare Plan [Member] | ||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 48 | $ 78 | $ 54 | |
Interest cost | 23 | 26 | 26 | |
Amortization of net actuarial (gain) loss | (55) | (41) | (49) | |
Net periodic benefit cost | $ 16 | $ 63 | $ 31 | |
Discount rate | 4.00% | 3.75% | 4.25% | |
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] | ||||
Interest cost | $ 110 | $ 119 | $ 118 | |
Amortization of net actuarial (gain) loss | (9) | |||
Net periodic benefit cost | $ 110 | $ 110 | $ 118 | |
Discount rate | 3.75% | 4.25% | 4.00% |
Benefit Plans - Schedule of Exp
Benefit Plans - Schedule of Expected Benefit Payments (Detail) | Jun. 30, 2020USD ($) |
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2021 | $ 144,000 |
2022 | 144,000 |
2023 | 142,000 |
2024 | 139,000 |
2025 | 140,000 |
2026-2030 | 666,000 |
Benefit Equalization Plan ("BEP") [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2021 | 236,000 |
2022 | 234,000 |
2023 | 231,000 |
2024 | 228,000 |
2025 | 224,000 |
2026-2030 | 1,046,000 |
Postretirement Welfare Plan [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2021 | 40,000 |
2022 | 47,000 |
2023 | 54,000 |
2024 | 63,000 |
2025 | 70,000 |
2026-2030 | 438,000 |
Directors' Consultation and Retirement Plan ("DCRP") [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2021 | 24,000 |
2022 | 50,000 |
2023 | 108,000 |
2024 | 126,000 |
2025 | 162,000 |
2026-2030 | $ 1,136,000 |
Benefit Plans - Schedule of Fai
Benefit Plans - Schedule of Fair Value Measurements of ABRIP's Assets (Detail) - Atlas Bank Retirement Income Plan ("ABRIP") [Member] - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Defined Benefit Plan Disclosure [Line Items] | |||
Prudential Guaranteed Deposit Fund | $ 3,299 | $ 3,223 | $ 3,440 |
Prudential Guaranteed Deposit Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prudential Guaranteed Deposit Fund | 3,299 | 3,223 | |
Prudential Guaranteed Deposit Fund [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prudential Guaranteed Deposit Fund | $ 3,299 | $ 3,223 |
Benefit Plans - Schedule of Ass
Benefit Plans - Schedule of Assumptions to Estimate the Fair Value of the Options Granted (Detail) - $ / shares | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | ||
Weighted average risk-free interest rate | 2.09% | |
Expected dividend yield | 1.77% | |
Weighted average volatility factor of the expected market price of the Company's stock | 14.03% | |
Weighted average expected life of the options (in years) | 0 years | 4 years 10 months 24 days |
Weighted average fair value of options granted | $ 2.54 |
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, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |||
Beginning - Options Outstanding | 3,448,000 | ||
Exercised - Options | 0 | (48,314) | (9,565) |
Forfeited - Options | (154,000) | ||
Ending - Options Outstanding | 3,294,000 | 3,448,000 | |
Exercisable - Options | 1,928,000 | ||
Beginning - Weighted Average Exercise Price | $ 14.92 | ||
Forfeited - Weighted Average Exercise Price | 15.35 | ||
Ending - Weighted Average Exercise Price | 14.90 | $ 14.92 | |
Exercisable - Weighted Average Exercise Price | $ 14.82 | ||
Weighted Average Remaining Contractual Term | 0 years | 7 years 6 months | |
Granted - Weighted Average Remaining Contractual Term | 0 years | ||
Exercised - Weighted Average Remaining Contractual Term | 0 years | ||
Exercisable - Weighted Average Remaining Contractual Term | 0 years | ||
Beginning - Options Outstanding - Aggregate Intrinsic Value | $ 540 | ||
Ending - Options Outstanding - Aggregate Intrinsic Value | 11 | $ 540 | |
Exercisable - Aggregate Intrinsic Value | $ 11 |
Benefit Plans - Summary of th_2
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, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Granted - Non-vested Restricted Shares | 0 | 233,000 | 0 |
Ending - Non-vested Restricted Shares | 646,750 | ||
Vesting Contingent on Service Conditions [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Beginning - Non-vested Restricted Shares | 610,000 | ||
Granted - Non-vested Restricted Shares | 0 | ||
Vested - Non-vested Restricted Shares | (186,000) | ||
Forfeited - Non-vested Restricted Shares | (4,000) | ||
Ending - Non-vested Restricted Shares | 420,000 | 610,000 | |
Beginning - Non-vested Weighted Average Grant Date Fair Value | $ 14.90 | ||
Granted - Non-vested Weighted Average Grant Date Fair Value | 0 | ||
Vested - Non-vested Weighted Average Grant Date Fair Value | 14.98 | ||
Forfeited - Non-vested Weighted Average Grant Date Fair Value | 15.35 | ||
Ending - Non-vested Weighted Average Grant Date Fair Value | $ 14.86 | $ 14.90 | |
Vesting Contingent on Performance and Service Conditions [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Beginning - Non-vested Restricted Shares | 325,000 | ||
Granted - Non-vested Restricted Shares | 0 | ||
Vested - Non-vested Restricted Shares | (94,000) | ||
Forfeited - Non-vested Restricted Shares | (4,000) | ||
Ending - Non-vested Restricted Shares | 227,000 | 325,000 | |
Beginning - Non-vested Weighted Average Grant Date Fair Value | $ 14.77 | ||
Granted - Non-vested Weighted Average Grant Date Fair Value | 0 | ||
Vested - Non-vested Weighted Average Grant Date Fair Value | 14.95 | ||
Forfeited - Non-vested Weighted Average Grant Date Fair Value | 15.35 | ||
Ending - Non-vested Weighted Average Grant Date Fair Value | $ 14.69 | $ 14.77 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 15 Months Ended | |||||
Sep. 30, 2018 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jan. 01, 2019 | Apr. 30, 2018 | Jan. 01, 2016 | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||||||||
Bank capital contribution payment description | During the fiscal year ended June 30, 2019, applications for capital distributions from the Bank to the Company were approved by federal banking regulators in the amount of $100.0 million and $130.0 million which was paid by the Bank to the Company in September 2018 and March 2019, respectively. | ||||||||
Payments of capital distribution | $ 100,000,000 | $ 130,000,000 | |||||||
Percentage of dividends payable | 75.00% | ||||||||
Payments of dividends by bank | $ 30,000,000 | $ 25,100,000 | |||||||
New common equity Tier 1 capital ratio | 4.50% | 4.50% | 4.50% | ||||||
Tier 1 capital ratio | 6.00% | 6.00% | 6.00% | ||||||
Total capital ratio | 8.00% | 8.00% | 8.00% | ||||||
Tier 1 leverage ratio | 4.00% | 4.00% | 4.00% | ||||||
Capital to risk weighted assets | 23.61% | 23.22% | 23.22% | ||||||
Leverage ratio assets | $ 10,000,000,000 | ||||||||
Maximum capital for leverage ratio | 9.00% | ||||||||
Shares repurchased during period | 5,375,551 | 10,624,840 | |||||||
Shares repurchased during period, value | $ 69,782,000 | $ 141,708,000 | $ 142,602,000 | ||||||
Four Share Repurchase Program, Announced in March 2019 [Member] | |||||||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||||||||
Shares repurchased during period | 3,081,743 | ||||||||
Share repurchase plan, number of shares authorized to repurchase | 9,218,324 | ||||||||
Share repurchase plan, shares authorized to repurchase as percentage of outstanding shares | 10.00% | ||||||||
Shares repurchased during period, value | $ 41,300,000 | $ 111,100,000 | |||||||
Shares repurchased average cost per share | $ 13.41 | $ 13.14 | |||||||
Temporarily suspending stock repurchase plan. | On March 25, 2020 the Company temporarily suspended its stock repurchase program. | ||||||||
Shares acquired and cancelled during period | 3,081,743 | ||||||||
Third Share Repurchase Plan, Announced in April 2018 [Member] | |||||||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||||||||
Shares repurchased during period | 2,695,460 | ||||||||
Share repurchase plan, number of shares authorized to repurchase | 10,238,557 | ||||||||
Share repurchase plan, shares authorized to repurchase as percentage of outstanding shares | 10.00% | ||||||||
Shares repurchased during period, value | $ 138,800,000 | ||||||||
Shares repurchased average cost per share | $ 13.55 | ||||||||
Shares acquired and cancelled during period | 7,543,097 | ||||||||
CARES Act [Member] | |||||||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||||||||
Minimum capital for leverage ratio | 8.00% | ||||||||
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 | 2.50% | 0.625% |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Bank's Regulatory Capital Levels (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 906,058 | $ 941,319 |
Tier 1 capital (to risk-weighted assets), Actual, Amount | 868,731 | 908,045 |
Core (Tier 1) capital (to adjusted total assets), Actual, Amount | 868,731 | 908,045 |
Tangible capital (to adjusted total assets), Actual, Amount | $ 868,731 | $ 908,045 |
Total capital (to risk-weighted assets), Actual, Ratio | 23.61% | 23.22% |
Tier 1 capital (to risk-weighted assets), Actual, Ratio | 22.64% | 22.40% |
Core (Tier 1) capital (to adjusted total assets), Actual, Ratio | 22.64% | 22.40% |
Tangible capital (to adjusted total assets), Actual, Ratio | 13.27% | 14.14% |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | $ 306,958 | $ 324,246 |
Tier 1 capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | 230,219 | 243,184 |
Core (Tier 1) capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | 172,664 | 182,388 |
Tangible capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | $ 261,783 | $ 256,856 |
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 | $ 816,577 | $ 787,219 |
Tier 1 capital (to risk-weighted assets), Actual, Amount | 779,250 | 753,945 |
Core (Tier 1) capital (to adjusted total assets), Actual, Amount | 779,250 | 753,945 |
Tangible capital (to adjusted total assets), Actual, Amount | $ 779,250 | $ 753,945 |
Total capital (to risk-weighted assets), Actual, Ratio | 21.38% | 19.50% |
Tier 1 capital (to risk-weighted assets), Actual, Ratio | 20.40% | 18.68% |
Core (Tier 1) capital (to adjusted total assets), Actual, Ratio | 20.40% | 18.68% |
Tangible capital (to adjusted total assets), Actual, Ratio | 11.95% | 11.78% |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | $ 305,562 | $ 322,974 |
Tier 1 capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | 229,172 | 242,231 |
Core (Tier 1) capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | 171,879 | 181,673 |
Tangible capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | $ 260,893 | $ 256,116 |
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 | $ 381,953 | $ 403,718 |
Tier 1 capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | 305,562 | 322,974 |
Core (Tier 1) capital (to adjusted total assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | 248,269 | 262,417 |
Tangible capital (to adjusted total assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | $ 326,116 | $ 320,145 |
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 - Summar_2
Stockholders' Equity - Summary of Company's Regulatory Capital Levels (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Stockholders Equity Note [Abstract] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 906,058 | $ 941,319 |
Tier 1 capital (to risk-weighted assets), Actual, Amount | 868,731 | 908,045 |
Core (Tier 1) capital (to adjusted total assets), Actual, Amount | 868,731 | 908,045 |
Tangible capital (to adjusted total assets), Actual, Amount | $ 868,731 | $ 908,045 |
Total capital (to risk-weighted assets), Actual, Ratio | 23.61% | 23.22% |
Tier 1 capital (to risk-weighted assets), Actual, Ratio | 22.64% | 22.40% |
Core (Tier 1) capital (to adjusted total assets), Actual, Ratio | 22.64% | 22.40% |
Tangible capital (to adjusted total assets), Actual, Ratio | 13.27% | 14.14% |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | $ 306,958 | $ 324,246 |
Tier 1 capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | 230,219 | 243,184 |
Core (Tier 1) capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | 172,664 | 182,388 |
Tangible capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | $ 261,783 | $ 256,856 |
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 - Schedule of Comp
Income Taxes - Schedule of Components of Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |||||||||||
Current tax expense: Federal | $ 6,745 | $ 5,656 | $ 5,121 | ||||||||
Current tax expense: State | 4,877 | 3,733 | 2,516 | ||||||||
Current tax expense: Total | 11,622 | 9,389 | 7,637 | ||||||||
Deferred tax (benefit): Federal | 1,153 | 3,842 | 5,455 | ||||||||
Deferred tax (benefit): State | 235 | 368 | 656 | ||||||||
Deferred tax (benefit): Total | 1,388 | 4,210 | 6,111 | ||||||||
Valuation allowance | (723) | 328 | 656 | ||||||||
Total income tax expense | $ 4,698 | $ 225 | $ 3,547 | $ 3,817 | $ 2,314 | $ 4,305 | $ 3,649 | $ 3,659 | $ 12,287 | $ 13,927 | $ 14,404 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Tax Disclosure [Line Items] | ||||
Federal income tax rate | 21.00% | 21.00% | 28.00% | 35.00% |
Bad debt reserve for tax purposes of qualified lender | $ 36,900,000 | |||
Reduction in income tax expense attributable to the carryback of net operating losses,prior periods | 1,600,000 | |||
Valuation allowances,associated with capital loss carryforwards | $ 591,000 | |||
State and Local [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Operating loss carryforwards, expiration date | Jun. 30, 2025 |
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, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||||||||||||
Income before income taxes | $ 18,387 | $ 9,479 | $ 14,199 | $ 15,187 | $ 11,125 | $ 15,722 | $ 14,417 | $ 14,805 | $ 57,252 | $ 56,069 | $ 34,000 | |
Federal income tax rate | 21.00% | 21.00% | 28.00% | 35.00% | ||||||||
Federal income tax expense at statutory rate | $ 12,023 | $ 11,774 | $ 9,520 | |||||||||
(Reduction) increases in income taxes resulting from: Tax exempt interest | (497) | (589) | (724) | |||||||||
(Reduction) increases in income taxes resulting from: State tax, net of federal tax effect | 3,914 | 3,510 | 2,256 | |||||||||
(Reduction) increases in income taxes resulting from: Incentive stock options compensation expense | 78 | 88 | 142 | |||||||||
(Reduction) increases in income taxes resulting from: Income from bank-owned life insurance | (1,314) | (1,329) | (1,439) | |||||||||
(Reduction) increases in income taxes resulting from: Disqualifying disposition on incentive stock options | (24) | (11) | ||||||||||
(Reduction) increases in income taxes resulting from: Non-deductible merger-related expenses | 148 | 557 | ||||||||||
Tax benefit arising from the adoption of the CARES Act provisions | (1,624) | 2,924 | ||||||||||
(Reductions) increases in income taxes resulting from: Other items, net | 282 | 169 | 523 | |||||||||
Income Tax Expense Benefit Before Valuation Allowance | 13,010 | 13,599 | 13,748 | |||||||||
Valuation allowance | (723) | 328 | 656 | |||||||||
Total income tax expense | $ 4,698 | $ 225 | $ 3,547 | $ 3,817 | $ 2,314 | $ 4,305 | $ 3,649 | $ 3,659 | $ 12,287 | $ 13,927 | $ 14,404 | |
Effective income tax rate | 21.46% | 24.84% | 42.36% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Income Tax Disclosure [Abstract] | ||
Deferred income taxes, net | $ 11,668 | $ 15,137 |
Deferred income tax assets: Accumulated other comprehensive income - Defined benefit plans | 416 | 319 |
Deferred income tax assets: Derivatives | 5,730 | |
Deferred income tax assets: Accumulated other comprehensive income - Unrealized loss on securities available for sale transferred to held to maturity | 175 | |
Deferred income tax assets: Allowance for loan losses | 11,047 | 9,831 |
Deferred income tax assets: Benefit plans | 2,290 | 2,280 |
Deferred income tax assets: Compensation | 1,287 | 1,246 |
Deferred income tax assets: Stock based compensation | 2,482 | 1,973 |
Deferred income tax assets: Uncollected interest | 1,362 | 1,070 |
Deferred income tax assets: Depreciation | 268 | |
Deferred income tax assets: Charitable contribution carryover | 186 | |
Deferred income tax assets: Net operating loss carryover | 6 | 919 |
Deferred income tax assets: Capital loss carryforward | 329 | 814 |
Deferred income tax assets: Other items | 1,049 | 587 |
Deferred Tax Assets, Gross, Total | 37,934 | 34,537 |
Deferred income tax assets: Valuation allowance | (535) | (1,258) |
Deferred Tax Assets, Net of valuation allowance, Total | 37,399 | 33,279 |
Deferred income tax liabilities: Loan fees and costs | 1,584 | |
Deferred income tax liabilities: Derivatives | 1,094 | |
Deferred income tax liabilities: Unrealized gain on securities available for sale | 6,541 | 573 |
Deferred income tax liabilities: Goodwill | 4,655 | 4,608 |
Deferred income tax liabilities: Other items | 723 | 53 |
Deferred Tax Liabilities, Gross, Total | 11,919 | 7,912 |
Net deferred income tax asset | $ 25,480 | $ 25,367 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - USD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Commitments [Line Items] | ||
Pipeline of loans held-for-sale | $ 127,200,000 | |
Standby Letters of Credit [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 217,000 | $ 612,000 |
Unused Lines Of Credit [Member] | ||
Commitments [Line Items] | ||
Commitments To Originate Loans | $ 145,100,000 | $ 110,100,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Assets: | ||
Securities available for sale, Fair value | $ 566,555 | |
Mortgage-backed securities available for sale | 819,148 | $ 169,930 |
Securities available for sale | 1,385,703 | 714,263 |
Interest rate contracts | 235 | 3,856 |
Total assets | 1,385,938 | 718,119 |
Liabilities: | ||
Interest rate contracts | 18,177 | 140 |
Total liabilities | 18,177 | 140 |
Interest Rate Contract [Member] | ||
Assets: | ||
Interest rate contracts | 235 | 3,856 |
Liabilities: | ||
Interest rate contracts | 18,177 | 140 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | 819,148 | 169,930 |
Securities available for sale | 1,385,703 | 713,263 |
Total assets | 1,385,938 | 717,119 |
Liabilities: | ||
Total liabilities | 18,177 | 140 |
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Contract [Member] | ||
Assets: | ||
Interest rate contracts | 235 | 3,856 |
Liabilities: | ||
Interest rate contracts | 18,177 | 140 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Securities available for sale | 1,000 | |
Total assets | 1,000 | |
Debt Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 566,555 | 544,333 |
Debt Securities [Member] | U.S. Agency Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 3,678 | |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 54,054 | 26,951 |
Debt Securities [Member] | Asset-backed Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 172,447 | 179,313 |
Debt Securities [Member] | Collateralized Loan Obligations [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 193,788 | 208,611 |
Debt Securities [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 143,639 | 122,024 |
Debt Securities [Member] | Trust Preferred Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 2,627 | 3,756 |
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 566,555 | 543,333 |
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Agency Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 3,678 | |
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Obligations of State and Political Subdivisions [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 54,054 | 26,951 |
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Asset-backed Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 172,447 | 179,313 |
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Collateralized Loan Obligations [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 193,788 | 208,611 |
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 143,639 | 122,024 |
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Trust Preferred Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 2,627 | 2,756 |
Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 1,000 | |
Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Trust Preferred Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 1,000 | |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | 30,903 | 21,390 |
Collateralized Mortgage Obligations Excluding Pass Through Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | 30,903 | 21,390 |
Residential Pass-Through Securities [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | 561,954 | 44,303 |
Residential Pass-Through Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | 561,954 | 44,303 |
Commercial Pass-Through Securities [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | 226,291 | 104,237 |
Commercial Pass-Through Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | $ 226,291 | $ 104,237 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on a Non-recurring Basis (Detail) - USD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 1,385,938,000 | $ 718,119,000 |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 4,750,000 | 3,878,000 |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 2,339,000 | 3,071,000 |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Non-Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 2,282,000 | 791,000 |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Commercial Business [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 129,000 | 16,000 |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 178,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 178,000 | |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 1,385,938,000 | 717,119,000 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 1,000,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 4,750,000 | 3,878,000 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 2,339,000 | 3,071,000 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Non-Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 2,282,000 | 791,000 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Commercial Business [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 129,000 | 16,000 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 178,000 | $ 0 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 178,000 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Schedule of Quantitative Information about Level 3 Fair Value Measurements (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Assets, Fair Value | $ 1,385,938 | $ 718,119 | |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Assets, Fair Value | 4,750 | 3,878 | |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Residential Mortgage [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Assets, Fair Value | 2,339 | 3,071 | |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Non-Residential Mortgage [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Assets, Fair Value | 2,282 | 791 | |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Commercial Business [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Assets, Fair Value | 129 | 16 | |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Assets, Fair Value | 4,750 | 3,878 | |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Residential Mortgage [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Assets, Fair Value | $ 2,339 | $ 3,071 | |
Valuation Techniques | [1] | Market valuation of underlying collateral | Market valuation of underlying collateral |
Unobservable Input | [2] | Adjustments to reflect current conditions/selling costs | Adjustments to reflect current conditions/selling costs |
Weighted Average | 8.17% | 7.03% | |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Non-Residential Mortgage [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Assets, Fair Value | $ 2,282 | $ 791 | |
Valuation Techniques | [1] | Market valuation of underlying collateral | Market valuation of underlying collateral |
Unobservable Input | [2] | Adjustments to reflect current conditions/selling costs | Adjustments to reflect current conditions/selling costs |
Weighted Average | 10.27% | 10.08% | |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Commercial Business [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Assets, Fair Value | $ 129 | $ 16 | |
Valuation Techniques | [1] | Market valuation of underlying collateral | Market valuation of underlying collateral |
Unobservable Input | [2] | Adjustments to reflect current conditions/selling costs | Adjustments to reflect current conditions/selling costs |
Weighted Average | 0.00% | 9.36% | |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Minimum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Residential Mortgage [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Range | 7.00% | 6.00% | |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Minimum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Non-Residential Mortgage [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Range | 9.00% | 10.00% | |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Minimum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Commercial Business [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Range | 0.00% | 9.00% | |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Maximum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Residential Mortgage [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Range | 9.00% | 8.00% | |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Maximum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Non-Residential Mortgage [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Range | 12.00% | 11.00% | |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Maximum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Commercial Business [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Range | 0.00% | 10.00% | |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Assets, Fair Value | $ 178 | ||
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Residential Mortgage [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Assets, Fair Value | 178 | ||
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Market Valuation of Underlying Collateral [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Assets, Fair Value | 178 | ||
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | Market Valuation of Underlying Collateral [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Residential Mortgage [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Assets, Fair Value | $ 178 | ||
Valuation Techniques | [3] | Market valuation of underlying collateral | |
Unobservable Input | [2] | Adjustments to reflect current conditions/selling costs | |
Range | 6.00% | ||
Weighted Average | 6.00% | ||
[1] | The fair value basis of impaired loans is generally determined based on an independent appraisal of the fair value of a loan’s underlying collateral. | ||
[2] | The fair value basis of impaired loans and other real estate owned is adjusted to reflect management estimates of selling costs including, but not necessarily limited to, real estate brokerage commissions and title transfer fees. | ||
[3] | The fair value basis of other real estate owned is generally determined based upon the lower of an independent appraisal of the property’s fair value or the applicable listing price or contracted sales price. |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 1,385,938,000 | $ 718,119,000 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 89,000 | 31,000 |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 4,750,000 | 3,878,000 |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 178,000 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 1,000,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 89,000 | 31,000 |
Loans and Leases Receivable, Gross | 4,800,000 | 3,900,000 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 4,750,000 | 3,878,000 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 178,000 | $ 0 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 1,385,703 | $ 714,263 |
Investment securities held to maturity, amortized cost | 32,556 | 576,652 |
Investment securities held to maturity | 34,069 | 584,678 |
Interest rate contracts,assets | 235 | 3,856 |
Interest rate contracts,liabilities | 18,177 | 140 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,385,703 | 713,263 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,000 | |
Fair Value [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 180,967 | 38,935 |
Investment securities available for sale | 1,385,703 | 714,263 |
Investment securities held to maturity | 34,069 | 584,678 |
Loans held-for-sale | 21,550 | 12,501 |
Net loans receivable | 4,462,232 | 4,630,853 |
Interest receivable | 17,373 | 19,360 |
Interest rate contracts,assets | 235 | 3,856 |
Deposits | 4,449,877 | 4,152,558 |
Borrowings | 1,215,529 | 1,337,560 |
Interest payable on deposits | 395 | 3,106 |
Interest payable on borrowings | 1,723 | 3,899 |
Interest rate contracts,liabilities | 18,177 | 140 |
Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 180,967 | 38,935 |
Interest receivable | 4 | 11 |
Deposits | 2,589,886 | 1,943,154 |
Interest payable on deposits | 295 | 367 |
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,385,703 | 713,263 |
Investment securities held to maturity | 34,069 | 584,678 |
Loans held-for-sale | 21,550 | 12,501 |
Interest receivable | 4,154 | 5,278 |
Interest rate contracts,assets | 235 | 3,856 |
Interest rate contracts,liabilities | 18,177 | 140 |
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,000 | |
Net loans receivable | 4,462,232 | 4,630,853 |
Interest receivable | 13,215 | 14,071 |
Deposits | 1,859,991 | 2,209,404 |
Borrowings | 1,215,529 | 1,337,560 |
Interest payable on deposits | 100 | 2,739 |
Interest payable on borrowings | 1,723 | 3,899 |
Carrying Amount [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 180,967 | 38,935 |
Investment securities available for sale | 1,385,703 | 714,263 |
Investment securities held to maturity, amortized cost | 32,556 | 576,652 |
Loans held-for-sale | 20,789 | 12,267 |
Net loans receivable | 4,461,070 | 4,645,654 |
FHLB Stock | 58,654 | 64,190 |
Interest receivable | 17,373 | 19,360 |
Interest rate contracts,assets | 235 | 3,856 |
Deposits | 4,430,282 | 4,147,610 |
Borrowings | 1,173,165 | 1,321,982 |
Interest payable on deposits | 395 | 3,106 |
Interest payable on borrowings | 1,723 | 3,899 |
Interest rate contracts,liabilities | $ 18,177 | $ 140 |
Comprehensive Income - Schedule
Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Total Stockholders' Equity | $ 1,084,177 | $ 1,127,159 | $ 1,268,748 | $ 1,057,181 |
Net Unrealized Gain (Loss) on Securities Available for Sale [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive income (loss), before tax | 22,482 | 1,975 | ||
Tax effect | (6,541) | (573) | ||
Total Stockholders' Equity | 15,941 | 1,402 | ||
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 | (596) | |||
Tax effect | 175 | |||
Total Stockholders' Equity | (421) | |||
Fair Value Adjustments on Derivatives [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive income (loss), before tax | (19,418) | 3,716 | ||
Tax effect | 5,730 | (1,094) | ||
Total Stockholders' Equity | (13,688) | 2,622 | ||
Benefit Plan Adjustments [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive income (loss), before tax | (1,412) | (1,083) | ||
Tax effect | 416 | 319 | ||
Total Stockholders' Equity | (996) | (764) | ||
Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Total Stockholders' Equity | $ 1,257 | $ 2,839 | $ 18,535 | $ 1,044 |
Comprehensive Income - Schedu_2
Comprehensive Income - Schedule of Comprehensive (loss) Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Comprehensive Income Net Of Tax [Abstract] | ||||
Net unrealized holding gain (loss) on securities available for sale | $ 22,758 | $ 5,973 | $ (1,919) | |
Amortization of net unrealized holding gain (loss) on securities available for sale transferred to held to maturity | [1] | 596 | 291 | 222 |
Net realized (gain) loss on securities available for sale | [2] | (2,251) | 323 | (17) |
Fair value adjustments on derivatives | (23,134) | (28,165) | 25,560 | |
Amortization of actuarial loss | [3] | 19 | 43 | 45 |
Net actuarial (loss) gain | (348) | (313) | 205 | |
Net change in benefit plan accrued expense | (329) | (270) | 250 | |
Other comprehensive (loss) income before taxes | (2,360) | (21,848) | 24,096 | |
Tax effect | 778 | 6,152 | (7,986) | |
Total Other Comprehensive (Loss) Income | $ (1,582) | $ (15,696) | $ 16,110 | |
[1] | Represents amounts reclassified out of accumulated other comprehensive income and included in interest income on taxable securities. | |||
[2] | Represents amounts reclassified out of accumulated other comprehensive income and included in gain on sale of securities on the consolidated statements of income. | |||
[3] | Represents amounts reclassified out of accumulated other comprehensive income and included in the computation of net periodic pension expense. See Note 15 – Benefit Plans for additional information. |
Revenue Recognition - Non Inter
Revenue Recognition - Non Interest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||||
Non-Interest Income | ||||||||||||||
Loan-related fees and charges | [1] | $ 5,020 | $ 3,909 | |||||||||||
Gain (loss) on sale and call of securities | 2,250 | [1] | (323) | [1] | $ 8 | |||||||||
Gain on sale of loans | 3,186 | [1] | 580 | [1] | 1,004 | |||||||||
Loss on sale and write down of other real estate owned | (28) | (11) | (19) | |||||||||||
Income from bank owned life insurance | 6,225 | [1] | 6,339 | [1] | 5,362 | |||||||||
Miscellaneous | 194 | [1] | 475 | [1] | 395 | |||||||||
Total Non-Interest Income | $ 5,002 | $ 6,201 | $ 4,554 | $ 3,962 | $ 3,388 | $ 3,676 | $ 3,309 | $ 3,182 | 19,719 | 13,555 | $ 13,263 | |||
Deposit Related Fees and Charges | ||||||||||||||
Non-Interest Income | ||||||||||||||
Fees and service charges | 1,626 | 1,536 | ||||||||||||
Electronic Banking Fees and Charges (Interchange Income) | ||||||||||||||
Non-Interest Income | ||||||||||||||
Fees and service charges | $ 1,246 | $ 1,050 | ||||||||||||
[1] | Not within the scope of ASC 606. |
Parent Only Financial Informa_3
Parent Only Financial Information - Condensed Statements of Financial Condition (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and amounts due from depository institutions | $ 20,391 | $ 19,032 | ||
Loans receivable | 4,498,397 | 4,678,928 | ||
Other assets | 40,746 | 9,077 | ||
Total Assets | 6,758,175 | 6,634,829 | ||
Other liabilities | 53,982 | 21,191 | ||
Stockholders' equity | 1,084,177 | 1,127,159 | $ 1,268,748 | $ 1,057,181 |
Total Liabilities and Stockholders' Equity | 6,758,175 | 6,634,829 | ||
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and amounts due from depository institutions | 42,632 | 106,625 | ||
Investment securities held to maturity | 15,000 | 15,000 | ||
Loans receivable | 31,661 | 33,307 | ||
Investment in subsidiary | 994,696 | 973,059 | ||
Other assets | 1,109 | 114 | ||
Total Assets | 1,085,098 | 1,128,105 | ||
Other liabilities | 921 | 946 | ||
Stockholders' equity | 1,084,177 | 1,127,159 | ||
Total Liabilities and Stockholders' Equity | $ 1,085,098 | $ 1,128,105 |
Parent Only Financial Informa_4
Parent Only Financial Information - Condensed Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Interest income | $ 57,351 | $ 58,776 | $ 57,182 | $ 59,899 | $ 59,448 | $ 59,657 | $ 60,022 | $ 58,206 | $ 233,208 | $ 237,333 | $ 171,431 |
Directors' compensation | 3,079 | 3,044 | 2,820 | ||||||||
Income before Income Taxes | 18,387 | 9,479 | 14,199 | 15,187 | 11,125 | 15,722 | 14,417 | 14,805 | 57,252 | 56,069 | 34,000 |
Income tax expense | 4,698 | 225 | 3,547 | 3,817 | 2,314 | 4,305 | 3,649 | 3,659 | 12,287 | 13,927 | 14,404 |
Net Income | $ 13,689 | $ 9,254 | $ 10,652 | $ 11,370 | $ 8,811 | $ 11,417 | $ 10,768 | $ 11,146 | 44,965 | 42,142 | 19,596 |
Comprehensive income | 43,383 | 26,446 | 35,706 | ||||||||
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Dividends from subsidiary | 30,039 | 255,117 | |||||||||
Interest income | 2,108 | 2,162 | 2,292 | ||||||||
Equity in undistributed earnings (loss) of subsidiaries | 14,984 | (212,868) | 19,420 | ||||||||
Total income | 47,131 | 44,411 | 21,712 | ||||||||
Directors' compensation | 332 | 340 | 283 | ||||||||
Other expenses | 1,853 | 1,922 | 1,740 | ||||||||
Total expense | 2,185 | 2,262 | 2,023 | ||||||||
Income before Income Taxes | 44,946 | 42,149 | 19,689 | ||||||||
Income tax expense | (19) | 7 | 93 | ||||||||
Net Income | 44,965 | 42,142 | 19,596 | ||||||||
Comprehensive income | $ 43,383 | $ 26,446 | $ 35,706 |
Parent Only Financial Informa_5
Parent Only Financial Information - Condensed Statements of Cash Flows (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flows from Operating Activities: | |||||||||||
Net Income | $ 13,689,000 | $ 9,254,000 | $ 10,652,000 | $ 11,370,000 | $ 8,811,000 | $ 11,417,000 | $ 10,768,000 | $ 11,146,000 | $ 44,965,000 | $ 42,142,000 | $ 19,596,000 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||||||||||
(Increase) decrease in other assets | (35,290,000) | 2,508,000 | 138,000 | ||||||||
Increase (decrease) in other liabilities | 17,885,000 | (2,911,000) | 2,251,000 | ||||||||
Net Cash Provided by Operating Activities | 19,821,000 | 39,923,000 | 45,095,000 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Net cash acquired in acquisition | 30,099,000 | ||||||||||
Net Cash Provided by (Used in) Investing Activities | 84,970,000 | (148,867,000) | (1,447,000) | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Exercise of stock options | 423,000 | 102,000 | |||||||||
Dividends paid | (24,121,000) | (34,747,000) | (20,561,000) | ||||||||
Cancellation of shares repurchased on vesting to pay taxes | (1,083,000) | (989,000) | (1,370,000) | ||||||||
Net Cash Provided by Financing Activities | 37,241,000 | 19,015,000 | 6,979,000 | ||||||||
Cash and Cash Equivalents - Beginning | 38,935,000 | 38,935,000 | |||||||||
Cash and Cash Equivalents - Ending | 180,967,000 | 38,935,000 | 180,967,000 | 38,935,000 | |||||||
Parent Company [Member] | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net Income | 44,965,000 | 42,142,000 | 19,596,000 | ||||||||
Adjustment to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in undistributed earnings of subsidiaries | (14,984,000) | 212,868,000 | (19,420,000) | ||||||||
(Increase) decrease in other assets | (583,000) | 1,116,000 | 27,000 | ||||||||
Increase (decrease) in other liabilities | (50,000) | (9,000) | 761,000 | ||||||||
Net Cash Provided by Operating Activities | 29,348,000 | 256,117,000 | 964,000 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Repayment of loan to ESOP | 1,645,000 | 1,596,000 | 1,545,000 | ||||||||
Sale of investment securities available for sale | 3,738,000 | ||||||||||
Net cash acquired in acquisition | 14,297,000 | ||||||||||
Net Cash Provided by (Used in) Investing Activities | 1,645,000 | 1,596,000 | 19,580,000 | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Exercise of stock options | 423,000 | 102,000 | |||||||||
Dividends paid | (24,121,000) | (34,747,000) | (20,561,000) | ||||||||
Repurchase and cancellation of common stock of Kearny Financial Corp. | (69,782,000) | (141,708,000) | (142,602,000) | ||||||||
Cancellation of shares repurchased on vesting to pay taxes | (1,083,000) | (989,000) | (1,370,000) | ||||||||
Net Cash Provided by Financing Activities | (94,986,000) | (177,021,000) | (164,431,000) | ||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | (63,993,000) | 80,692,000 | (143,887,000) | ||||||||
Cash and Cash Equivalents - Beginning | $ 106,625,000 | $ 25,933,000 | 106,625,000 | 25,933,000 | 169,820,000 | ||||||
Cash and Cash Equivalents - Ending | $ 42,632,000 | $ 106,625,000 | $ 42,632,000 | $ 106,625,000 | $ 25,933,000 |
Net Income per Common Share (_3
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, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |||||||||||
Income (Numerator): Net income | $ 13,689 | $ 9,254 | $ 10,652 | $ 11,370 | $ 8,811 | $ 11,417 | $ 10,768 | $ 11,146 | $ 44,965 | $ 42,142 | $ 19,596 |
Income (Numerator): Basic earnings per share, income available to common stockholders | 44,965 | 42,142 | 19,596 | ||||||||
Income (Numerator): Diluted earnings per share | $ 44,965 | $ 42,142 | $ 19,596 | ||||||||
Shares (Denominator): Basic earnings per share, income available to common stockholders | 80,678 | 81,339 | 82,831 | 84,756 | 87,090 | 89,488 | 92,434 | 95,127 | 82,409 | 91,054 | 82,587 |
Shares (Denominator): Stock options | 21 | 46 | 56 | ||||||||
Shares (Denominator): Diluted earnings per share | 80,680 | 81,358 | 82,876 | 84,793 | 87,132 | 89,532 | 92,480 | 95,181 | 82,430 | 91,100 | 82,643 |
Per Share Amount: Basic earnings per share, income available to common stockholders | $ 0.17 | $ 0.11 | $ 0.13 | $ 0.13 | $ 0.10 | $ 0.13 | $ 0.12 | $ 0.12 | $ 0.55 | $ 0.46 | $ 0.24 |
Per Share Amount: Diluted earnings per share | $ 0.17 | $ 0.11 | $ 0.13 | $ 0.13 | $ 0.10 | $ 0.13 | $ 0.12 | $ 0.12 | $ 0.55 | $ 0.46 | $ 0.24 |
Net Income per Common Share (_4
Net Income per Common Share (EPS) - Additional Information (Detail) - shares | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Stock Options [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Number of stock options anti-dilutive | 3,115,000 | 3,269,000 | 3,170,000 |
Quarterly Results of Operatio_3
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, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 57,351 | $ 58,776 | $ 57,182 | $ 59,899 | $ 59,448 | $ 59,657 | $ 60,022 | $ 58,206 | $ 233,208 | $ 237,333 | $ 171,431 |
Interest expense | 16,901 | 21,166 | 22,575 | 23,212 | 22,302 | 21,019 | 20,673 | 18,026 | 83,854 | 82,020 | 50,138 |
Net Interest Income | 40,450 | 37,610 | 34,607 | 36,687 | 37,146 | 38,638 | 39,349 | 40,180 | 149,354 | 155,313 | 121,293 |
Provision for (reversal of) loan losses | 174 | 6,270 | (1,465) | (782) | 664 | (179) | 971 | 2,100 | 4,197 | 3,556 | 2,706 |
Net Interest Income after Provision for Loan Losses | 40,276 | 31,340 | 36,072 | 37,469 | 36,482 | 38,817 | 38,378 | 38,080 | 145,157 | 151,757 | 118,587 |
Non-interest income | 5,002 | 6,201 | 4,554 | 3,962 | 3,388 | 3,676 | 3,309 | 3,182 | 19,719 | 13,555 | 13,263 |
Non-interest expense | 26,891 | 28,062 | 26,427 | 26,244 | 28,745 | 26,771 | 27,270 | 26,457 | 107,624 | 109,243 | 97,850 |
Income before Income Taxes | 18,387 | 9,479 | 14,199 | 15,187 | 11,125 | 15,722 | 14,417 | 14,805 | 57,252 | 56,069 | 34,000 |
Income taxes | 4,698 | 225 | 3,547 | 3,817 | 2,314 | 4,305 | 3,649 | 3,659 | 12,287 | 13,927 | 14,404 |
Net Income | $ 13,689 | $ 9,254 | $ 10,652 | $ 11,370 | $ 8,811 | $ 11,417 | $ 10,768 | $ 11,146 | $ 44,965 | $ 42,142 | $ 19,596 |
Net income per common share: | |||||||||||
Basic | $ 0.17 | $ 0.11 | $ 0.13 | $ 0.13 | $ 0.10 | $ 0.13 | $ 0.12 | $ 0.12 | $ 0.55 | $ 0.46 | $ 0.24 |
Diluted | $ 0.17 | $ 0.11 | $ 0.13 | $ 0.13 | $ 0.10 | $ 0.13 | $ 0.12 | $ 0.12 | $ 0.55 | $ 0.46 | $ 0.24 |
Weighted average number of common shares outstanding | |||||||||||
Basic | 80,678 | 81,339 | 82,831 | 84,756 | 87,090 | 89,488 | 92,434 | 95,127 | 82,409 | 91,054 | 82,587 |
Diluted | 80,680 | 81,358 | 82,876 | 84,793 | 87,132 | 89,532 | 92,480 | 95,181 | 82,430 | 91,100 | 82,643 |
Dividends declared per common share | $ 0.08 | $ 0.08 | $ 0.07 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.05 | $ 0.20 | $ 0.29 | $ 0.37 | $ 0.25 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Thousands | Jul. 10, 2020USD ($)Branchshares | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) |
Subsequent Event [Line Items] | |||||
Stockholders equity | $ 1,084,177 | $ 1,127,159 | $ 1,268,748 | $ 1,057,181 | |
Subsequent Event [Member] | Millington Savings Bank [Member] | |||||
Subsequent Event [Line Items] | |||||
Closing date | Jul. 10, 2020 | ||||
Stockholders equity | $ 9,800 | ||||
Issuance of shares of common stock to Clifton stockholders in conjunction with merger | shares | 5,853,811 | ||||
Net loans receivable | $ 500,000 | ||||
Deposits | $ 400,000 | ||||
Number of branches in somerset and morris counties | Branch | 4 |