Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Aug. 20, 2021 | Dec. 31, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Shell Company | false | ||
Document Period End Date | Jun. 30, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
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 | 77,004,871 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity File Number | 001-37399 | ||
Entity Tax Identification Number | 30-0870244 | ||
Entity Public Float | $ 815.8 | ||
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 | ||
ICFR Auditor Attestation Flag | true |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Assets | ||
Cash and amounts due from depository institutions | $ 21,463 | $ 20,391 |
Interest-bearing deposits in other banks | 46,392 | 160,576 |
Cash and cash equivalents | 67,855 | 180,967 |
Investment securities available for sale, at fair value (amortized cost $1,666,853), net of allowance for credit losses of $0 at June 30, 2021 | 1,676,864 | 1,385,703 |
Investment securities held to maturity (fair value $39,610 and $34,069), respectively, net of allowance for credit losses of $0 at June 30, 2021 | 38,138 | 32,556 |
Loans held-for-sale | 16,492 | 20,789 |
Loans receivable | 4,851,394 | 4,498,397 |
Less: allowance for credit losses on loans | (58,165) | (37,327) |
Net loans receivable | 4,793,229 | 4,461,070 |
Premises and equipment | 56,338 | 57,389 |
Federal Home Loan Bank ("FHLB") of New York stock | 36,615 | 58,654 |
Accrued interest receivable | 19,362 | 17,373 |
Goodwill | 210,895 | 210,895 |
Core deposit intangible | 3,705 | 3,995 |
Bank owned life insurance | 283,310 | 262,380 |
Deferred income tax assets, net | 29,323 | 25,480 |
Other real estate owned | 178 | 178 |
Other assets | 51,431 | 40,746 |
Total Assets | 7,283,735 | 6,758,175 |
Liabilities | ||
Deposits: Non-interest-bearing | 593,718 | 419,138 |
Deposits: Interest-bearing | 4,891,588 | 4,011,144 |
Total deposits | 5,485,306 | 4,430,282 |
Borrowings | 685,876 | 1,173,165 |
Advance payments by borrowers for taxes | 15,752 | 16,569 |
Other liabilities | 53,857 | 53,982 |
Total Liabilities | 6,240,791 | 5,673,998 |
Stockholders' Equity | ||
Preferred stock, $0.01 par value, 100,000,000 shares authorized; none issued and outstanding | ||
Common stock, $0.01 par value; 800,000,000 shares authorized; 78,964,859 shares and 83,663,192 shares issued and outstanding, respectively | 790 | 837 |
Paid-in capital | 654,396 | 722,871 |
Retained earnings | 408,367 | 387,911 |
Unearned employee stock ownership plan shares; 2,759,594 shares and 2,960,289 shares, respectively | (26,753) | (28,699) |
Accumulated other comprehensive income | 6,144 | 1,257 |
Total Stockholders' Equity | 1,042,944 | 1,084,177 |
Total Liabilities and Stockholders' Equity | $ 7,283,735 | $ 6,758,175 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
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 | 78,964,859 | 83,663,192 |
Common stock, shares outstanding | 78,964,859 | 83,663,192 |
Employee Stock Ownership Plan (ESOP), Number of Suspense Shares | 2,759,594 | 2,960,289 |
Securities available for sale, estimated fair value | $ 1,666,853,000 | $ 1,363,221,000 |
Net of allowance for credit losses | 0 | |
Securities held to maturity, estimated fair value | 39,610,000 | 34,069,000 |
Available-for-sale Securities [Member] | ||
Securities available for sale, estimated fair value | 1,666,853,000 | |
Net of allowance for credit losses | 0 | |
Held-to-maturity Securities [Member] | ||
Net of allowance for credit losses | 0 | |
Securities held to maturity, estimated fair value | $ 39,610,000 | $ 34,069,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Interest Income | ||||
Loans | $ 198,515 | $ 187,003 | $ 192,386 | |
Taxable investment securities | 31,238 | 39,321 | 37,213 | |
Tax-exempt investment securities | 1,652 | 2,393 | 2,839 | |
Other interest-earning assets | 2,955 | 4,491 | 4,895 | |
Total Interest Income | 234,360 | 233,208 | 237,333 | |
Interest Expense | ||||
Deposits | 31,535 | 58,852 | 52,511 | |
Borrowings | 18,316 | 25,002 | 29,509 | |
Total Interest Expense | 49,851 | 83,854 | 82,020 | |
Net Interest Income | 184,509 | 149,354 | 155,313 | |
(Reversal of) Provision for credit losses | (1,121) | 4,197 | 3,556 | |
Net Interest Income after (Reversal of) Provision for Credit Losses | 185,630 | 145,157 | 151,757 | |
Non-Interest Income | ||||
Gain (loss) on sale and call of securities | [1] | 767 | 2,250 | (323) |
Gain on sale of loans | [1] | 5,574 | 3,186 | 580 |
Loss on sale and write down of other real estate owned | (28) | (11) | ||
Income from bank owned life insurance | [1] | 6,267 | 6,225 | 6,339 |
Bargain purchase gain | 3,053 | |||
Other income | [1] | 1,751 | 194 | 475 |
Total Non-Interest Income | 24,751 | 19,719 | 13,555 | |
Non-Interest Expense | ||||
Salaries and employee benefits | 68,800 | 62,015 | 63,029 | |
Net occupancy expense of premises | 12,673 | 11,424 | 11,220 | |
Equipment and systems | 14,870 | 11,755 | 12,273 | |
Advertising and marketing | 2,161 | 2,788 | 3,051 | |
Federal deposit insurance premium | 1,940 | 286 | 1,779 | |
Directors' compensation | 2,993 | 3,079 | 3,044 | |
Merger-related expenses | 4,349 | 951 | ||
Debt extinguishment expenses | 796 | 2,156 | ||
Other expense | 17,303 | 13,170 | 14,847 | |
Total Non-Interest Expense | 125,885 | 107,624 | 109,243 | |
Income before Income Taxes | 84,496 | 57,252 | 56,069 | |
Income tax expense | 21,263 | 12,287 | 13,927 | |
Net Income | $ 63,233 | $ 44,965 | $ 42,142 | |
Net Income per Common Share (EPS) | ||||
Basic | $ 0.77 | $ 0.55 | $ 0.46 | |
Diluted | $ 0.77 | $ 0.55 | $ 0.46 | |
Weighted Average Number of Common Shares Outstanding | ||||
Basic | 82,387 | 82,409 | 91,054 | |
Diluted | 82,391 | 82,430 | 91,100 | |
Financial Service [Member] | ||||
Non-Interest Income | ||||
Fees and service charges | $ 5,622 | $ 6,647 | $ 5,445 | |
Credit and Debit Card [Member] | ||||
Non-Interest Income | ||||
Fees and service charges | $ 1,717 | $ 1,245 | $ 1,050 | |
[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, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net Income | $ 63,233 | $ 44,965 | $ 42,142 |
Other Comprehensive Income (Loss) , net of tax: | |||
Net unrealized (loss) gain on securities available for sale | (8,274) | 16,126 | 4,336 |
Amortization of net unrealized loss on securities available for sale transferred to held to maturity | 421 | 217 | |
Net realized (gain) loss on sale and call of securities available for sale | (538) | (1,587) | 228 |
Fair value adjustments on derivatives | 13,470 | (16,310) | (20,298) |
Benefit plan adjustments | 229 | (232) | (179) |
Total Other Comprehensive Income (Loss) | 4,887 | (1,582) | (15,696) |
Total Comprehensive Income | $ 68,120 | $ 43,383 | $ 26,446 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | MSB Financial Corporation [Member] | Cumulative Effect Period Of Adoption Adjustment [Member] | Common Stock [Member] | Common Stock [Member]MSB Financial Corporation [Member] | Paid-in Capital [Member] | Paid-in Capital [Member]MSB Financial Corporation [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect Period Of Adoption Adjustment [Member] | Unearned ESOP Shares [Member] | Accumulated Other Comprehensive (Loss) Income [Member] |
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 at Jun. 30, 2018 | $ (531) | $ (531) | |||||||||
Balance - July 1, 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) | (10,625,000) | ||||||||||
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 | 89,126,000 | ||||||||||
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) | (5,376,000) | ||||||||||
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 | |||||||||
Cumulative effect of change in accounting principle for the adoption of ASU 2017-08 at Jun. 30, 2020 | $ (14,239) | $ (14,239) | |||||||||
Balance - July 1, as adjusted for change in accounting principle at Jun. 30, 2020 | $ 1,069,938 | $ 837 | 722,871 | 373,672 | (28,699) | 1,257 | |||||
Net Income | 63,233 | 63,233 | |||||||||
Other comprehensive income (loss), net of income tax expense (benefit) | 4,887 | 4,887 | |||||||||
ESOP shares committed to be released | 2,069 | 123 | 1,946 | ||||||||
Stock option exercise (in value) | $ 373 | 373 | |||||||||
Stock option exercise (in shares) | 41,412 | 41,000 | |||||||||
Stock option expense | $ 1,823 | 1,823 | |||||||||
Share repurchases (in value) | (119,021) | $ (105) | (118,916) | ||||||||
Stock repurchases (in shares) | (10,567,000) | ||||||||||
Issuance of shares under stock benefit plans (in value) | $ 1 | (1) | |||||||||
Issuance of shares under stock benefit plan (in shares) | 54,000 | ||||||||||
Restricted stock plan shares earned (in value) | 3,850 | 3,850 | |||||||||
Cancellation of shares issued for restricted stock awards (in value) | (803) | $ (1) | (802) | ||||||||
Cancellation of shares issued for restricted stock awards (in shares) | (80,000) | ||||||||||
Acquisition of MSB Financial Corp (in value) | $ 45,133 | $ 58 | $ 45,075 | ||||||||
Acquisition of MSB Financial Corp (in shares) | 5,854,000 | ||||||||||
Cash dividends declared | (28,538) | (28,538) | |||||||||
Balance (in value) at Jun. 30, 2021 | $ 1,042,944 | $ 790 | $ 654,396 | $ 408,367 | $ (26,753) | $ 6,144 | |||||
Balance (in shares) at Jun. 30, 2021 | 78,964,859 | 78,965,000 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares shares in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Of Stockholders Equity [Abstract] | |||
ESOP shares committed to be released, shares | 201 | 201 | 201 |
Restricted stock plan shares earned, shares | 277 | 277 | 284 |
Dividends declared per common share | $ 0.35 | $ 0.29 | $ 0.37 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Cash Flows from Operating Activities: | |||
Net Income | $ 63,233,000 | $ 44,965,000 | $ 42,142,000 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of premises and equipment | 5,862,000 | 4,647,000 | 4,322,000 |
Net (accretion) amortization of premiums, discounts and loan fees and costs | (13,214,000) | (9,457,000) | (11,500,000) |
Deferred income taxes and valuation allowance | 4,154,000 | 665,000 | 4,538,000 |
Bargain purchase gain | 3,053,000 | ||
Amortization of intangible assets | 980,000 | 1,165,000 | 1,135,000 |
Amortization (accretion) of benefit plans’ unrecognized net gain | 320,000 | (328,000) | (269,000) |
(Reversal of) Provision for credit losses | (1,121,000) | 4,197,000 | 3,556,000 |
Loss on write-down and sales of other real estate owned | 28,000 | 11,000 | |
Loans originated for sale | (281,086,000) | (290,800,000) | (65,691,000) |
Proceeds from sale of mortgage loans held-for-sale | 290,530,000 | 285,436,000 | 54,812,000 |
Gain on sale of mortgage loans held-for-sale, net | (5,147,000) | (3,159,000) | (524,000) |
Realized (gain) loss on sale/call of securities available for sale | (767,000) | (2,250,000) | 323,000 |
Realized loss on debt extinguishment | 796,000 | 2,156,000 | |
Realized gain on sale of loans receivable | 427,000 | 27,000 | 56,000 |
Realized (gain) loss on disposition of premises and equipment | (971,000) | 383,000 | 22,000 |
Loss on write-down of premises | 1,938,000 | 1,071,000 | |
Increase in cash surrender value of bank owned life insurance | (6,267,000) | (6,225,000) | (6,339,000) |
ESOP, stock option plan and restricted stock plan expenses | 7,742,000 | 8,233,000 | 8,798,000 |
(Increase) decrease in interest receivable | 288,000 | (1,987,000) | 850,000 |
(Increase) decrease in other assets | (4,454,000) | (35,290,000) | 2,508,000 |
(Decrease) increase in interest payable | (638,000) | (4,887,000) | 3,903,000 |
Increase (decrease) in other liabilities | 17,295,000 | 17,885,000 | (2,911,000) |
Net Cash Provided by Operating Activities | 75,417,000 | 19,324,000 | 39,001,000 |
Purchases of: | |||
Investment securities available for sale | (918,668,000) | (487,898,000) | (125,900,000) |
Investment securities held to maturity | (12,321,000) | (55,247,000) | |
Proceeds from: | |||
Repayments/calls/maturities of investment securities available for sale | 517,511,000 | 213,052,000 | 66,562,000 |
Repayments/calls/maturities of investment securities held to maturity | 6,595,000 | 6,175,000 | 67,704,000 |
Sale of investment securities available for sale | 98,084,000 | 164,299,000 | 75,401,000 |
Purchase of loans | (81,707,000) | (73,262,000) | (166,811,000) |
Net decrease (increase) in loans receivable | 232,660,000 | 264,109,000 | (75,000) |
Proceeds from sale of loans receivable | (44,801,000) | (497,000) | (922,000) |
Purchase of interest rate caps | (1,476,000) | ||
Proceeds from sale of other real estate owned | 714,000 | ||
Additions to premises and equipment | (5,458,000) | (5,960,000) | (6,137,000) |
Proceeds from cash settlement of premises and equipment | 4,852,000 | 395,000 | 108,000 |
Purchase of FHLB stock | (37,000) | (4,500,000) | (10,215,000) |
Redemption of FHLB stock | 25,421,000 | 10,036,000 | 5,029,000 |
Net cash acquired in acquisition | 4,296,000 | ||
Net Cash (Used in) Provided by Investing Activities | (83,971,000) | 85,467,000 | (147,945,000) |
Cash Flows from Financing Activities: | |||
Net increase in deposits | 596,583,000 | 283,726,000 | 76,081,000 |
Repayment of term FHLB advances | (2,847,796,000) | (3,508,146,000) | (3,141,114,000) |
Proceeds from term FHLB advances | 2,345,000,000 | 3,390,000,000 | 3,252,000,000 |
Net (decrease) increase in other short-term borrowings | (48,635,000) | (33,035,000) | 10,270,000 |
Net decrease in advance payments by borrowers for taxes | (1,611,000) | (318,000) | (1,201,000) |
Repurchase and cancellation of common stock of Kearny Financial Corp. | (119,021,000) | (69,782,000) | (141,708,000) |
Cancellation of shares repurchased on vesting to pay taxes | (803,000) | (1,083,000) | (989,000) |
Exercise of stock options | 373,000 | 423,000 | 423,000 |
Dividends paid | (28,648,000) | (24,121,000) | (34,747,000) |
Net Cash (Used in) Provided by Financing Activities | (104,558,000) | 37,241,000 | 19,015,000 |
Net (Decrease) Increase in Cash and Cash Equivalents | (113,112,000) | 142,032,000 | (89,929,000) |
Cash and Cash Equivalents - Beginning | 180,967,000 | 38,935,000 | 128,864,000 |
Cash and Cash Equivalents - Ending | 67,855,000 | 180,967,000 | 38,935,000 |
Cash paid during the year for: | |||
Income taxes, net of refunds | 19,734,000 | 11,812,000 | 6,698,000 |
Interest | 50,488,000 | 88,740,000 | $ 78,117,000 |
Non-cash investing and financing activities: | |||
Transfers from loans receivable to loans held-for-sale | 43,579,000 | ||
Acquisition of other real estate owned in settlement of loans | 206,000 | ||
Fair value of assets acquired, net of cash and cash equivalents acquired | 567,816,000 | ||
Fair value of liabilities assumed | $ 523,926,000 | ||
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, 2021 | |
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 subsidiary, CJB Investment Corp. 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, 2021, the Bank had one wholly owned subsidiary CJB Investment Corp. 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, 2021. Risks and Uncertainties As previously disclosed, on March 11, 2020, the World Health Organization declared the outbreak of COVID-19 a global pandemic. The COVID-19 pandemic has adversely affected, and may continue to adversely affect, local, national and global economic activity. The spread of the outbreak has caused significant disruptions to the U.S. economy, significant reductions in the targeted federal funds rate and has disrupted banking and other financial activity in the areas in which the Company operates. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted to, among other provisions, provide emergency assistance for individuals, families and businesses affected by the COVID-19 pandemic. On December 27, 2020, the 2021 Consolidated Appropriations Act, was enacted as part of an omnibus spending bill for the 2021 federal fiscal year, included provisions intended to provide additional aid to those impacted by the pandemic. The COVID-19 pandemic has adversely impacted certain industries and geographies in which our clients operate and could impact their ability to repay their obligations to us. Given its ongoing and dynamic nature, it is difficult to predict the full impact of the COVID-19 pandemic on the business of the Company, its clients, employees and third-party service providers. The extent of such impact will depend on future developments, which are highly uncertain, including if the coronavirus can continue to be controlled and abated and if and how the economy may remain open. Additionally, the responses of various governmental and nongovernmental authorities to curtail business and consumer activities in an effort to mitigate the pandemic may have material long-term effects on the Company and its clients which are difficult to quantify in the near-term or long-term. It is possible that estimates made in the financial statements could be materially and adversely impacted as a result of these conditions, including estimates regarding expected credit losses on loans receivable, impairment of investment securities and impairment of goodwill. Although the Company continues to operate while taking steps to ensure the safety of employees and clients, COVID-19 could also potentially create widespread business continuity issues for the Company. Subsequent Events The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of June 30, 2021, for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date this document was filed. Note 1 - Summary of Significant Accounting Policies (continued) Cash and Cash Equivalents Cash and cash equivalents include cash, deposits with other financial institutions with maturities fewer than 90 days, and federal funds sold. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions and borrowings with original maturities fewer than 90 days. 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. 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. Effective July 1, 2020, the Company adopted the provisions of ASC 326 and modified its accounting policy for the assessment of available for sale securities for impairment. Under ASC 326, for available for sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more than likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities available for sale that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating by a rating agency, and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of tax. The Company elected the practical expedient of zero loss estimates for securities issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rate by major agencies and have a long history of no credit losses. Under ASC 326, changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available for sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Prior to July 1, 2020, the accounting policy on the assessment of available for sale securities for impairment was based on an other-than-temporary assessment. The Company considered 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 recognized credit-related other-than-temporary impairments in earnings. Non-credit other-than-temporary impairments on investment securities are recognized in OCI. Note 1 - Summary of Significant Accounting Policies (continued) Concentration of Risk Financial instruments which potentially subject the Company and its subsidiaries to concentrations of credit risk consist of cash and cash equivalents, investment securities and loans receivable. Cash and cash equivalents include deposits placed in other financial institutions. 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. 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. Note 1 - Summary of Significant Accounting Policies (continued) Classification of Assets In compliance with the regulatory guidelines, the Company’s loan review system includes an evaluation process through which certain loans exhibiting adverse credit quality characteristics are classified 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. Acquired Loans Effective July 1, 2020, the Company adopted the provisions of ASC 326 and modified its accounting policy for loans acquired through acquisitions, as further described below. In accordance with accounting guidance in effect prior to adoption of ASC 326, loans acquired through acquisitions were recorded at fair value with no carryover of the related allowance for credit losses. In 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 Credit Losses The allowance for credit losses represents the estimated amount considered necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date. The measurement of expected credit losses is applicable to loans receivable and securities measured at amortized cost. It also applies to off-balance sheet credit exposures such as loan commitments and unused lines of credit. The allowance is established through a provision for credit losses that is charged against income. The methodology for determining the allowance for credit losses is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded allowance for credit losses. Note 1 - Summary of Significant Accounting Policies (continued) The allowance for credit losses is reported separately as a contra-asset on the consolidated statement of financial condition. The expected credit loss for unfunded lending commitments and unfunded loan commitments is reported on the Consolidated Statement of Financial Condition in other liabilities while the provision for credit losses related to unfunded commitments is reported in other non-interest expense. Allowance for Credit Losses on Loans Receivable The allowance for credit losses on loans is deducted from the amortized cost basis of the loan to present the net amount expected to be collected. Expected losses are evaluated and calculated on a collective, or pooled, basis for those loans which share similar risk characteristics. At each reporting period, the Company evaluates whether loans within a pool continue to exhibit similar risk characteristics. If the risk characteristics of a loan change, such that they are no longer similar to other loans in the pool, the Company will evaluate the loan with a different pool of loans that share similar risk characteristics. If the loan does not share risk characteristics with other loans, the Company will evaluate the loan on an individual basis. The Company evaluates the pooling methodology at least annually. Loans are charged off against the allowance for credit losses when the Company believes the balances to be uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged off or expected to be charged off. The Company has chosen to segment its portfolio consistent with the manner in which it manages credit risk. Such segments include multi-family, nonresidential mortgage, commercial business, construction, one- to four-family residential, home equity and consumer. For most segments the Company calculates estimated credit losses using a probability of default and loss given default methodology, the results of which are applied to the aggregated discounted cash flow of each individual loan within the segment. The point in time probability of default and loss given default are then conditioned by macroeconomic scenarios to incorporate reasonable and supportable forecasts that affect the collectability of the reported amount. The Company estimates the allowance for credit losses on loans via a quantitative analysis which considers relevant available information from internal and external sources related to past events and current conditions, as well as the incorporation of reasonable and supportable forecasts. The Company evaluates a variety of factors including third party economic forecasts, industry trends and other available published economic information in arriving at its forecasts. After the reasonable and supportable forecast period, the Company reverts, on a straight-line basis, to average historical losses. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or the renewal option is included in the original or modified contract at the reporting date and are not unconditionally cancelable by the Company. Also included in the allowance for credit losses on loans are qualitative reserves to cover losses that are expected but, in the Company’s assessment, may not be adequately represented in the quantitative analysis or the forecasts described above. Factors that the Company considers include changes in lending policies and procedures, business conditions, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and non-accrual loans, the effect of external factors such as competition, legal and regulatory requirements, among others. Qualitative loss factors are applied to each portfolio segment with the amounts judgmentally determined by the relative risk to the most severe loss periods identified in the historical loan charge-offs of a peer group of similar-sized regional banks. Individually Evaluated Loans On a case-by-case basis, the Company may conclude that a loan should be evaluated on an individual basis based on its disparate risk characteristics. When the Company determines that a loan no longer shares similar risk characteristics with other loans in the portfolio, the allowance will be determined on an individual basis using the present value of expected cash flows or, for collateral-dependent loans, the fair value of the collateral as of the reporting date, less estimated selling costs, as applicable. If the fair value of the collateral is less than the amortized cost basis of the loan, the Company will charge off the difference between the fair value of the collateral, less costs to sell at the reporting date and the amortized cost basis of the loan. Note 1 - Summary of Significant Accounting Policies (continued) Acquired Loans Acquired loans are included in the Company's calculation of the allowance for credit losses. How the allowance on an acquired loan is recorded depends on whether or not it has been classified as a Purchased Credit Deteriorated (“PCD”) loan. PCD loans are loans acquired at a discount that is due, in part, to credit quality. PCD loans are accounted for in accordance with ASC Subtopic 326-20 and are initially recorded at fair value as determined by the sum of the present value of expected future cash flows and an allowance for credit losses at acquisition. The allowance for PCD loans is recorded through a gross-up effect, while the allowance for acquired non-PCD loans is recorded through provision expense, consistent with originated loans. Thus, the determination of which loans are PCD and non-PCD can have a significant impact on the accounting for these loans. Subsequent to acquisition, the allowance for PCD loans will generally follow the same estimation, provision and charge-off process as non-PCD acquired and originated loans. Allowance for Credit Losses on Off-Balance Sheet Commitments The Company is required to include unfunded commitments that are expected to be funded in the future within the allowance calculation, other than those that are unconditionally cancelable. To arrive at that reserve, the reserve percentage for each applicable segment is applied to the unused portion of the expected commitment balance and is multiplied by the expected funding rate. To determine the expected funding rate, the Company uses a historical utilization rate for each segment. As noted above, the allowance for credit losses on unfunded loan commitments is included in other liabilities on the consolidated statement of financial condition and the related credit expense is recorded in other non-interest expense in the consolidated statements of income. 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 (the “FRB”) and the Federal Deposit Insurance Corporation (the “FDIC”), 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 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 considerations set forth in the interagency statements were met. Borrowers considered current are those that are less than 30 days past due at the time a modification program is implemented or at December 31, 2019. Note 1 - Summary of Significant Accounting Policies (continued) On December 27, 2020, the 2021 Consolidated Appropriations Act was signed into law. The $900 billion relief package includes legislation that extends certain relief provisions of the CARES Act that were set to expire on December 31, 2020. This new legislation extends this relief to the earlier of 60 days after the national emergency declared by the President is terminated or January 1, 2022. Premises and Equipment Land is carried at cost. Office buildings, leasehold improvements and furniture, fixtures and equipment are carried at cost, less accumulated depreciation and amortization. Office buildings and furniture, fixtures and equipment are depreciated using the straight-line method over their estimated useful lives of the respective assets. Leasehold improvements are amortized using the straight-line method over the terms of the respective leases or lives of the assets, whichever is shorter. 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. Other Real Estate Owned and Other Repossessed Assets Properties and other assets acquired through foreclosure, deed in lieu of foreclosure or repossession are carried at estimated fair value, less estimated selling costs. The estimated fair value of real estate property and other repossessed assets is generally based on independent appraisals. When an asset is acquired, the excess of the loan balance over fair value, less estimated selling costs, is charged to the allowance for credit losses. Thereafter, decreases in the properties’ estimated fair value are charged to income along with any additional property maintenance and protection expenses incurred in owning the properties. 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 In The Note 1 - Summary of Significant Accounting Policies (continued) No impairment charges were required to be recorded in the years ended June 30, 2021, 2020 or 2019. 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, 2021 and 2020 totaled $3.7 million and $4.0 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, Clifton Bancorp Inc. in April 2018, and MSB Financial Corp. in July 2020. 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 are accounted for as sales, when control over the assets has be |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Jun. 30, 2021 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 2 – Recent Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (the “FASB”) issued ASU 2019-12, “Income taxes (Topic 740); Simplifying the Accounting for Income Taxes”. Adoption of New Accounting Standards In January 2021 the Financial Accounting Standards Board (the “FASB”) ASU 2021-01 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. Note 2 – Recent Accounting Pronouncements (continued) On July 1, 2020 the Company adopted ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Upon adoption the Company recorded a cumulative effect adjustment that reduced stockholders’ equity by $14.2 million, net of tax. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment |
Business Combination
Business Combination | 12 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Business Combination | Note 3 – Business Combination 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 were distributed to former MSB shareholders in exchange for their shares of MSB common stock. The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. Management engaged a third-party specialist to develop the fair value estimate of certain MSB’s assets and liabilities as of the acquisition date. Note 3 – Business Combination (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 MSB Fair Value Adjustments As Recorded at Acquisition (In Thousands) Cash paid for acquisition $ 9,830 Value of stock issued 45,133 Total purchase price $ 54,963 Cash and cash equivalents $ 14,126 $ - $ 14,126 Investment securities 4,000 (510 ) (a) 3,490 Loans receivable 537,589 (7,345 ) (b) 530,244 Allowance for loan losses (6,037 ) 6,037 (c) - Premises and equipment 7,698 (3,221 ) (d) 4,477 FHLB stock 3,345 - 3,345 Accrued interest receivable 1,701 - 1,701 Core deposit intangibles - 690 (e) 690 Bank owned life insurance 14,663 - 14,663 Deferred income taxes, net 1,729 2,152 (f) 3,881 Other assets 4,830 495 (g) 5,325 Total assets acquired $ 583,644 $ (1,702 ) $ 581,942 Deposits $ 458,392 $ 1,786 (h) $ 460,178 FHLB borrowings 62,900 - 62,900 Advance payments by borrowers for taxes 794 - 794 Other liabilities 810 (756 ) (i) 54 Total liabilities assumed $ 522,896 $ 1,030 $ 523,926 Net assets acquired $ 58,016 Bargain purchase gain $ (3,053 ) Explanation of certain fair value related adjustments : (a) Represents the fair value adjustments on investment securities. (b) Represents the fair value adjustments on the net book value of loans, which includes an interest rate mark and credit mark adjustment and the reversal of deferred fees/costs and premiums. (c) Represents the elimination of MSB’s allowance for loan losses. (d) Represents the fair value adjustments to reflect the fair value of land and buildings and premises and equipment, which will be amortized on a straight-line basis over the estimated useful lives of the individual assets. (e) Represents the intangible assets recorded to reflect the fair value of core deposits. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. (f) Represents an adjustment to net deferred tax assets resulting from the fair value adjustments related to the acquired assets, liabilities assumed and identifiable intangible assets recorded. (g) Represents an adjustment to other assets acquired. (h) Represents fair value adjustments on time deposits, which will be treated as a reduction of interest expense over the remaining term of the time deposits. (i) Represents an adjustment to other liabilities assumed. Note 3 - Business Combination (continued) The fair value of loans acquired from MSB was estimated using cash flow projections based on the remaining maturity and repricing terms. Cash flows were adjusted by estimating future credit losses and the rate of prepayments. Projected monthly cash flows were then discounted to present value using a risk-adjusted market rate for similar loans. There was no carryover of MSB’s allowance for loan losses associated with the loans that were acquired. For information regarding purchased loans which have been determined to be PCD, refer to Note 5, Loans Receivable. The core deposit intangible asset recognized is being amortized over its estimated useful life of approximately 10 years utilizing the sum-of-the-years digits method. The fair value of retail demand and interest bearing deposit accounts was assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. The fair value of time deposits was estimated by discounting the contractual future cash flows using market rates offered for time deposits of similar remaining maturities. Merger-related expenses were recorded in the Consolidated Statements of Income as a component of non-interest expense and include costs relating to the Company’s acquisition of MSB, as described above. These charges represent one-time costs associated with acquisition activities and are expensed as incurred. Direct acquisition and other charges were recorded in merger-related expense on the consolidated statements of income. Direct acquisition and other charges incurred in connection with the MSB merger totaled $4.3 million and $951,000 for the years ended June 30, 2021 and 2020, respectively |
Securities
Securities | 12 Months Ended |
Jun. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | Note 4 - Securities At June 30, 2021, there was no allowance for credit losses on available for sale securities. The following tables present the amortized cost, gross unrealized gains and losses and estimated fair values for available for sale securities and the amortized cost, gross unrecognized gains and losses and estimated fair values for held to maturity securities as of the dates indicated. June 30, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value (In Thousands) Available for sale: Debt securities: Obligations of state and political subdivisions $ 33,800 $ 803 $ - $ - $ 34,603 Asset-backed securities 240,217 2,835 63 - 242,989 Collateralized loan obligations 189,873 177 170 - 189,880 Corporate bonds 155,622 2,802 73 - 158,351 Total debt securities 619,512 6,617 306 - 625,823 Mortgage-backed securities: Collateralized mortgage obligations (1) 13,420 319 - - 13,739 Residential pass-through securities (1) 744,196 7,443 7,148 - 744,491 Commercial pass-through securities (1) 289,725 5,738 2,652 - 292,811 Total mortgage-backed securities 1,047,341 13,500 9,800 - 1,051,041 Total securities available for sale $ 1,666,853 $ 20,117 $ 10,106 $ - $ 1,676,864 (1) Government-sponsored enterprises. Note 4 – Securities (continued ) June 30, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Available for sale: Debt securities: Obligations of state and political subdivisions $ 52,843 $ 1,211 $ - 54,054 Asset-backed securities 177,413 - 4,966 172,447 Collateralized loan obligations 198,619 - 4,831 193,788 Corporate bonds 142,942 1,267 570 143,639 Trust preferred securities 2,967 - 340 2,627 Total debt securities 574,784 2,478 10,707 566,555 Mortgage-backed securities: Collateralized mortgage obligations (1) 30,043 860 - 30,903 Residential pass-through securities (1) 543,819 18,135 - 561,954 Commercial pass-through securities (1) 214,575 11,716 - 226,291 Total mortgage-backed securities 788,437 30,711 - 819,148 Total securities available for sale $ 1,363,221 $ 33,189 $ 10,707 $ 1,385,703 (1) Government-sponsored enterprises. June 30, 2021 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Allowance for Credit Losses Fair Value (In Thousands) Held to maturity: Debt securities: Obligations of state and political subdivisions $ 25,824 $ 1,204 $ - $ - $ 27,028 Total debt securities 25,824 1,204 - - 27,028 Mortgage-backed securities: Commercial pass-through securities (1) 12,314 268 - - $ 12,582 Total mortgage-backed securities 12,314 268 - - 12,582 Total securities held to maturity $ 38,138 $ 1,472 $ - $ - $ 39,610 June 30, 2020 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value (In Thousands) Held to maturity: Debt securities: Obligations of state and political subdivisions $ 32,556 $ 1,513 $ - $ 34,069 Total debt securities 32,556 1,513 - 34,069 Total securities held to maturity $ 32,556 $ 1,513 $ - $ 34,069 Note 4 – Securities (continued ) Excluding the balances of mortgage-backed securities, the following table presents the amortized cost and estimated fair values of debt securities available for sale and held to maturity, by contractual maturity, at June 30, 2021: June 30, 2021 Amortized Cost Fair Value (In Thousands) Debt securities: Due in one year or less $ 5,245 $ 5,286 Due after one year through five years 33,961 35,087 Due after five years through ten years 366,936 370,716 Due after ten years 239,194 241,762 Total $ 645,336 $ 652,851 Sales of securities available for sale were as follows for the periods presented below: June 30, June 30, June 30, 2021 2020 2019 (In Thousands) Available for sale securities sold: Proceeds from sales of securities $ 98,084 $ 164,299 $ 75,401 Gross realized gains $ 1,196 $ 2,363 $ 190 Gross realized losses (470 ) (145 ) (513 ) Net gain (loss) on sales of securities $ 726 $ 2,218 $ (323 ) Calls of securities available for sale resulted in gross gains of $41,000 and $32,000 during the years ended June 30, 2021 and 2020, respectively. During the year ended June 30, 2019 there were no gains or losses recorded on calls of securities available for sale. During the years ended June 30, 2021, 2020 and 2019, there were no gains or losses recorded on sales and calls of securities held to maturity. The carrying value of securities pledged for borrowings at the FHLB and other institutions, and securities pledged for public funds and other purposes, were as follows as of the dates presented below: June 30, June 30, 2021 2020 (In Thousands) Securities pledged: Pledged for borrowings at the FHLB of New York $ 170,120 $ 155,288 Pledged to secure public funds on deposit 137,778 19,944 Pledged for potential borrowings at the Federal Reserve Bank of New York 274,076 366,482 Pledged as collateral for depositor sweep accounts - 7,830 Total carrying value of securities pledged $ 581,974 $ 549,544 Note 4 – Securities (continued ) The following tables present the gross unrealized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that securities have been in a continuous unrealized loss position within the available for sale portfolio at June 30, 2021 and June 30, 2020: June 30, 2021 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 $ 12,159 $ 63 $ - $ - 2 $ 12,159 $ 63 Collateralized loan obligations 36,741 9 58,605 161 8 95,346 170 Corporate bonds 15,952 73 - - 4 15,952 73 Commercial pass-through securities 145,055 2,652 - - 7 145,055 2,652 Residential pass-through securities 424,112 7,148 - - 10 424,112 7,148 Total $ 634,019 $ 9,945 $ 58,605 $ 161 31 $ 692,624 $ 10,106 June 30, 2020 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses (Dollars in Thousands) Securities Available for Sale: Asset-backed securities $ 146,494 $ 3,962 $ 25,954 $ 1,004 16 $ 172,448 $ 4,966 Collateralized loan obligations 71,282 1,245 122,506 3,586 19 193,788 4,831 Corporate bonds 24,764 236 39,651 334 8 64,415 570 Trust preferred securities - - 2,626 340 2 2,626 340 Total $ 242,540 $ 5,443 $ 190,737 $ 5,264 45 $ 433,277 $ 10,707 At June 30, 2021 and June 30, 2020, there were no held to maturity securities with unrecognized losses. Available for sale securities are evaluated to determine if a decline in fair value below the amortized cost basis has resulted from a credit loss or other factors. An impairment related to credit factors would be recorded through an allowance for credit losses. The allowance is limited to the amount by which the security’s amortized cost basis exceeds the fair value. An impairment that has not been recorded through an allowance for credit losses shall be recorded through other comprehensive income, net of applicable taxes. Investment securities will be written down to fair value through the consolidated statement of income when management intends to sell, or may be required to sell, the securities before they recover in value. The issuers of these securities continue to make timely principal and interest payments and none of these securities were past due or were placed in nonaccrual status at June 30, 2021. Management believes that the unrealized losses on these securities are a function of changes in market interest rates and credit spreads, not changes in credit quality. Therefore, no allowance for credit losses was recorded at June 30, 2021. At June 30, 2021, the held to maturity securities portfolio consisted of one agency commercial mortgage-backed security and municipal bonds. The commercial mortgage-backed security is issued by a U.S. government agency and is either explicitly or implicitly guaranteed by the U.S. government. The municipal bonds in the portfolio are highly rated by major rating agencies and have a long history of no credit losses. None of the securities in the Company’s held to maturity portfolio were in an unrealized loss position at June 30, 2021. The Company regularly monitors the municipal bond sector of the market and reviews collectability including such factors as the financial condition of the issuers as well as credit ratings in effect as of the reporting period. |
Loans Receivable
Loans Receivable | 12 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Loans Receivable | Note 5 – Loans Receivable The following table sets forth the composition of the Company’s loan portfolio at June 30, 2021 and June 30, 2020: June 30, June 30, 2021 2020 (In Thousands) Commercial loans: Multi-family mortgage $ 2,039,260 $ 2,059,568 Nonresidential mortgage 1,079,444 960,853 Commercial business (1) 168,951 138,788 Construction 93,804 20,961 Total commercial loans 3,381,459 3,180,170 One- to four-family residential mortgage 1,447,721 1,273,022 Consumer loans: Home equity loans 47,871 82,920 Other consumer 3,259 3,991 Total consumer loans 51,130 86,911 Total loans 4,880,310 4,540,103 Unaccreted yield adjustments (28,916 ) (41,706 ) Total loans receivable, net of yield adjustments $ 4,851,394 $ 4,498,397 (1) Includes Paycheck Protection Program (“PPP”) loans of $10.2 million and $69.0 million as of June 30, 2021 and June 30, 2020, respectively. The Bank has granted loans to officers and directors of the Company and its subsidiaries and to their associates. As of June 30, 2021 and 2020 such loans totaled approximately $1.4 million and $2.4 million, respectively. During the year ended June 30, 2021 the Bank granted one new loan to related parties totaling $478,000. During the year ended June 30, 2020 the Bank granted two new loans to related parties totaling $1.0 million. Note 5 – Loans Receivable (continued) Past Due Loans Past due status is based on the contractual payment terms of the loans. The following tables present the payment status of past due loans as of June 30, 2021 and June 30, 2020, by loan segment: June 30, 2021 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Current $ 2,023,166 $ 1,046,553 $ 168,550 $ 93,804 $ 1,439,501 $ 47,828 $ 3,258 $ 4,822,660 Past due: 30-59 days - - - - 382 6 1 389 60-89 days - - - - 2,734 5 - 2,739 90 days and over 16,094 32,891 401 - 5,104 32 - 54,522 Total past due 16,094 32,891 401 - 8,220 43 1 57,650 Total loans $ 2,039,260 $ 1,079,444 $ 168,951 $ 93,804 $ 1,447,721 $ 47,871 $ 3,259 $ 4,880,310 June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Current $ 2,059,568 $ 941,714 $ 138,439 $ 20,961 $ 1,264,267 $ 82,358 $ 3,981 $ 4,511,288 Past due: 30-59 days - - - - 3,211 169 - 3,380 60-89 days - 14,478 - - 1,038 13 5 15,534 90 days and over - 4,661 349 - 4,506 380 5 9,901 Total past due - 19,139 349 - 8,755 562 10 28,815 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 Nonperforming Loans Loans are generally placed on nonaccrual status when contractual payments become 90 or more days past due or when the Company does not expect to receive all principal and interest payments (“P&I”) owed substantially in accordance with the terms of the loan agreement, regardless of past due status. Loans that become 90 days past due, but are well secured and in the process of collection, may remain on accrual status. Nonaccrual loans are generally returned to accrual status when all payments due are brought current and we expect to receive all remaining P&I payments owed substantially in accordance with the terms of the loan agreement. Payments received in cash on nonaccrual loans, including both the principal and interest portions of those payments, are generally applied to reduce the carrying value of the loan. The Company did not recognize interest income on non-accrual loans during the three years ended June 30, 2021, 2020 and 2019. Note 5 – Loans Receivable (continued) The following tables present information relating to the Company’s nonperforming loans as of June 30, 2021 and June 30, 2020: June 30, 2021 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Performing $ 2,020,734 $ 1,042,257 $ 168,039 $ 91,576 $ 1,428,551 $ 46,127 $ 3,259 $ 4,800,543 Nonperforming: 90 days and over past due accruing - - - - - - - - Nonaccrual loans with allowance for credit losses 8,300 12,612 236 - 7,422 452 - 29,022 Nonaccrual loans with no allowance for credit losses 10,226 24,575 676 2,228 11,748 1,292 - 50,745 Total nonperforming 18,526 37,187 912 2,228 19,170 1,744 - 79,767 Total loans $ 2,039,260 $ 1,079,444 $ 168,951 $ 93,804 $ 1,447,721 $ 47,871 $ 3,259 $ 4,880,310 June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Performing $ 2,056,606 $ 936,917 $ 138,196 $ 20,961 $ 1,264,663 $ 82,078 $ 3,986 $ 4,503,407 Nonperforming: 90 days and over past due accruing - - - - - - 5 5 Nonaccrual 2,962 23,936 592 - 8,359 842 - 36,691 Total nonperforming 2,962 23,936 592 - 8,359 842 5 36,696 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 Troubled Debt Restructurings On a case-by-case basis, the Company may agree to modify the contractual terms of a loan to assist a borrower who may be experiencing financial difficulty, as well as to preserve the Company’s position in the loan. If the borrower is experiencing financial difficulties and a concession has been made at the time of such modification, the loan is classified as a TDR. The Company had TDRs totaling $17.8 million and $21.5 million as of June 30, 2021 and June 30, 2020, respectively. The allowance for credit losses associated with the TDRs presented in the tables below totaled $256,000 and $8,000 as of June 30, 2021 and June 30, 2020, respectively. As of June 30, 2021, there were no significant commitments to lend additional funds to borrowers whose loans had been restructured in a TDR. Note 5 – Loans Receivable (continued) The following tables present total TDR loans at June 30, 2021 and June 30, 2020: June 30, 2021 Accrual Non-accrual Total # of Loans Amount # of Loans Amount # of Loans Amount (Dollars In Thousands) Commercial loans: Multi-family mortgage loans - $ - 1 $ 2,896 1 $ 2,896 Nonresidential mortgage 1 105 6 2,275 7 2,380 Commercial business 3 3,755 6 693 9 4,448 Construction - - 1 2,228 1 2,228 Total commercial loans 4 3,860 14 8,092 18 11,952 One- to four-family residential mortgage 18 2,216 20 3,405 38 5,621 Consumer loans: Home equity loans 4 159 3 68 7 227 Total 26 $ 6,235 37 $ 11,565 63 $ 17,800 June 30, 2020 Accrual Non-accrual Total # of Loans Amount # of Loans Amount # of Loans Amount (Dollars In Thousands) Commercial loans: Multi-family mortgage loans - $ - 1 $ 2,962 1 $ 2,962 Nonresidential mortgage 1 112 9 5,442 10 5,554 Commercial business 5 5,179 6 446 11 5,625 Total commercial loans 6 5,291 16 8,850 22 14,141 One- to four-family residential mortgage 14 2,407 20 3,811 34 6,218 Consumer loans: Home equity loans 12 715 2 448 14 1,163 Total 32 $ 8,413 38 $ 13,109 70 $ 21,522 Note 5 – Loans Receivable (continued) The following table presents information regarding the restructuring of the Company’s troubled debts during years ended June 30, 2021 and 2020: Year Ended June 30, 2021 Year Ended June 30, 2020 # of Loans Pre-modification Recorded Investment Post-modification Recorded Investment # of Loans Pre-modification Recorded Investment Post-modification Recorded Investment (Dollars In Thousands) Multi-family mortgage - $ - $ - 1 $ 3,062 $ 2,996 Nonresidential mortgage - - - 1 521 517 Commercial business - - - 5 4,349 4,415 One- to four-family residential mortgage 4 877 881 5 1,285 1,220 Home equity loans 3 70 70 1 82 81 Total 7 $ 947 $ 951 13 $ 9,299 $ 9,229 During the years ended June 30, 2021 and June 30 2020, there were no charge-offs related to TDRs. During the year ended June 30, 2021 there were no troubled debt restructuring defaults. During the year ended June 30, 2020, there was one troubled debt restructuring default totaling $514,000. Loan modifications generally involve a reduction in interest rates and/or extension of maturity dates and also may include step up interest rates in their modified terms which will impact their weighted average yield in the future. The loans which qualified as TDRs during the year ended June 30, 2021, capitalized prior past due amounts and modified the loan’s repayment terms. In March 2020, various regulatory agencies, including the Board of Governors of the Federal Reserve System (the “FRB”) and the Federal Deposit Insurance Corporation (the “FDIC”), issued an interagency statement on loan modifications and reporting for financial institutions working with 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 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 considerations set forth in the interagency statements were met. Borrowers considered current are those that are less than 30 days past due at the time a modification program is implemented or at December 31, 2019. On December 27, 2020, the 2021 Consolidated Appropriations Act was signed into law. The $900 billion relief package includes legislation that extends certain relief provisions of the CARES Act that were set to expire on December 31, 2020. This legislation extends this relief to the earlier of 60 days after the national emergency declared by the President is terminated or January 1, 2022. As of June 30, 2021, the Company had 10 non-TDR loan modifications granted under the CARES Act totaling approximately $5.6 million. Note 5 – Loans Receivable (continued) Individually Analyzed Loans Effective July 1, 2020, individually analyzed loans include loans which do not share similar risk characteristics with other loans. TDR’s will generally be evaluated for individual impairment, however, after a period of sustained repayment performance which permits the credit to be returned to accrual status, a TDR would generally be removed from individual impairment analysis and returned to its corresponding pool. As of June 30, 2021, the carrying value of individually analyzed loans and loans acquired with deteriorated credit quality that were individually evaluated totaled $79.8 million, of which $59.2 million were considered collateral dependent. For collateral dependent loans where management has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and repayment of the loan is to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral, less costs to sell, and the amortized cost basis of the loan as of the measurement date. See Note 18 for additional disclosure regarding fair value of individually analyzed collateral dependent loans. The following table presents the carrying value of collateral dependent individually analyzed loans: June 30, 2021 Carrying Value Related Allowance (In Thousands) Commercial loans: Multi-family mortgage $ 18,526 $ 1,368 Nonresidential mortgage (1) 32,891 4,724 Commercial business (2) 183 - Construction - - Total commercial loans 51,600 6,092 One- to four-family residential mortgage (3) 7,612 420 Consumer loans: Home equity loans (3) 31 - Total $ 59,243 $ 6,512 (1) Secured by income-producing nonresidential property. (2) Secured by business assets. (3) Secured by one- to four-family residential properties. Note 5 – Loans Receivable (continued) The following table presents, under previously applicable GAAP, loans individually evaluated for impairment by portfolio segment as of June 30, 2020: June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Carrying value of impaired loans: Non-impaired loans $ 2,056,606 $ 936,805 $ 132,999 $ 20,961 $ 1,262,256 $ 81,363 $ 3,991 $ 4,494,981 Impaired loans: Impaired loans with no allowance for impairment 2,962 22,516 5,622 - 10,659 1,557 - 43,316 Impaired loans with allowance for impairment: Recorded investment - 1,532 167 - 107 - - 1,806 Allowance for impairment - (41 ) (47 ) - (1 ) - - (89 ) Balance of impaired loans net of allowance for impairment - 1,491 120 - 106 - - 1,717 Total impaired loans, excluding allowance for impairment: 2,962 24,048 5,789 - 10,766 1,557 - 45,122 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 Unpaid principal balance of impaired loans: Total impaired loans $ 3,544 $ 25,898 $ 8,778 $ 73 $ 12,908 $ 1,950 $ - $ 53,151 Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually to classify the loans as to credit risk. The Company uses the following definitions for risk ratings: Pass – Loans that are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral in a timely manner. Special Mention – Loans which do not currently expose the Company to a sufficient degree of risk to warrant an adverse classification but have some credit deficiencies or other potential weaknesses. Substandard – Loans which are inadequately protected by the paying capacity and net worth of the obligor or the collateral pledged, if any. Substandard assets include those characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful – Loans which have all of the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values. Loss – Loans which considered uncollectible or of so little value that their continuance as assets is not warranted. Note 5 – Loans Receivable (continued) The following table presents the risk category of loans as of June 30, 2021 by loan segment and vintage year: Term Loans by Origination Year for Fiscal Years ended June 30, 2021 2020 2019 2018 2017 Prior Revolving Loans Total (In Thousands) Multi-family mortgage: Pass $ 281,402 $ 257,970 $ 374,871 $ 341,304 $ 343,370 $ 374,909 $ - $ 1,973,826 Special Mention - - 26,974 5,079 4,834 1,054 - 37,941 Substandard - - - 2,896 13,198 11,399 - 27,493 Doubtful - - - - - - - - Total multi-family mortgage 281,402 257,970 401,845 349,279 361,402 387,362 - 2,039,260 Non-residential mortgage: Pass 99,602 77,146 56,435 64,616 254,940 441,696 6,150 1,000,585 Special Mention - - 23,520 4,146 8,801 4,513 - 40,980 Substandard 743 - - 4,934 20,602 11,600 - 37,879 Doubtful - - - - - - - - Total non-residential mortgage 100,345 77,146 79,955 73,696 284,343 457,809 6,150 1,079,444 Commercial business: Pass 44,514 18,988 4,701 12,654 3,322 12,892 65,657 162,728 Special Mention - - - 2,304 945 12 461 3,722 Substandard 41 76 160 1,474 132 189 - 2,072 Doubtful - - - - - 420 9 429 Total commercial business 44,555 19,064 4,861 16,432 4,399 13,513 66,127 168,951 Construction loans: Pass 40,332 17,404 11,203 13,860 1,641 1,382 5,735 91,557 Special Mention - - - - - - - - Substandard - - - - - 2,247 - 2,247 Doubtful - - - - - - - - Total construction loans 40,332 17,404 11,203 13,860 1,641 3,629 5,735 93,804 Residential mortgage: Pass 560,543 124,606 69,917 74,754 119,238 472,587 375 1,422,020 Special Mention - - 1,233 - - 712 - 1,945 Substandard - 1,040 671 511 1,468 20,066 - 23,756 Doubtful - - - - - - - - Total residential mortgage 560,543 125,646 71,821 75,265 120,706 493,365 375 1,447,721 Home equity loans: Pass 834 2,508 4,585 2,778 2,241 7,798 24,788 45,532 Special Mention - - - - - 393 - 393 Substandard - - - - 11 1,935 - 1,946 Doubtful - - - - - - - - Total home equity loans 834 2,508 4,585 2,778 2,252 10,126 24,788 47,871 Other consumer loans Pass 550 517 633 256 127 1,044 44 3,171 Special Mention - - - - - - - - Substandard - - - - - - 1 1 Doubtful - - - - - - 87 87 Other consumer loans 550 517 633 256 127 1,044 132 3,259 Total loans $ 1,028,561 $ 500,255 $ 574,903 $ 531,566 $ 774,870 $ 1,366,848 $ 103,307 $ 4,880,310 Note 5 – Loans Receivable (continued) The following table presents, under previously applicable GAAP, the risk category of loans as of June 30, 2020 by loan segment: June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Pass $ 2,055,520 $ 932,202 $ 132,818 $ 20,961 $ 1,258,246 $ 81,120 $ 3,979 $ 4,484,846 Special Mention 1,086 4,373 2,585 - 981 157 5 9,187 Substandard 2,962 24,278 3,385 - 13,795 1,643 6 46,069 Doubtful - - - - - - 1 1 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 Purchased Credit Deteriorated Loans Loans acquired in a business combination after July 1, 2020 are recorded in accordance with ASC Topic 326, after which acquired loans are separated into two types. PCD loans are acquired loans that, as of the acquisition date, have experienced a more-than-insignificant deterioration in credit quality since origination. Non-PCD loans are acquired loans that have experienced no or insignificant deterioration in credit quality since origination. To distinguish between the two types of acquired loans, the Company evaluates risk characteristics that have been determined to be indicators of deteriorated credit quality. The determining criteria may involve loan specific characteristics such as payment status, debt service coverage or other changes in creditworthiness since the loan was originated, while others are relevant to recent economic conditions, such as borrowers in industries impacted by the pandemic. As part of the acquisition of MSB, the Company purchased loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of those loans is as follows: At July 10, 2020 (In Thousands) Purchase price of PCD loans at acquisition $ 69,415 Allowance for credit losses at acquisition (3,901 ) Non-credit discount at acquisition (167 ) Amortized cost of acquired PCD loans at acquisition $ 65,347 Residential Mortgage Loans in Foreclosure We may obtain physical possession of one- to four-family real estate collateralizing a residential mortgage loan via foreclosure or through an in-substance repossession. As of June 30, 2021, we held one single-family property in other real estate owned with an aggregate carrying value of $178,000 that was acquired through a foreclosure on a residential mortgage loan. As of that same date, we held 11 residential mortgage loans with aggregate carrying values totaling $2.1 million which were in the process of foreclosure. As of June 30, 2020, we held one single-family property in other real estate owned with an aggregate carrying value of $178,000 that was acquired through a foreclosure on a residential mortgage loan. As of that same date, we held nine residential mortgage loans with aggregate carrying values totaling $1.9 million which were in the process of foreclosure. The Note 5 – Loans Receivable (continued) On These eviction moratoriums may be subject to legal challenges and may change or be rescinded completely based on the results of court proceedings regarding the moratoriums. |
Allowance for Credit Losses
Allowance for Credit Losses | 12 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Allowance for Credit Losses | Note 6 – Allowance for Credit Losses Adoption of Topic 326 On July 1, 2020, the Company adopted ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which replaces the incurred loss methodology with an expected loss methodology, referred to as the “CECL” methodology. See Note 1, Summary of Significant Accounting Policies for additional information on the adoption of Topic 326. Allowance for Credit Losses on Loans Receivable The following tables present the balance of the allowance for credit losses at June 30, 2021 and June 30, 2020. For the year ended June 30, 2021, the balance of the allowance for credit losses is based on the CECL methodology, as noted above. For the year ended June 30, 2020, the allowance for loan losses is based upon the calculation methodology as described in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2020. The tables identify the valuation allowances attributable to specifically identified impairments on individually evaluated loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans evaluated collectively. The tables include the underlying balance of loans receivable applicable to each category as of those dates. Allowance for Credit Losses June 30, 2021 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Balance of allowance for credit losses: Loans acquired with deteriorated credit quality individually analyzed $ - $ 2,700 $ - $ - $ 122 $ 21 $ - $ 2,843 Loans acquired with deteriorated credit quality collectively analyzed 155 692 15 49 204 1 - 1,116 Loans individually evaluated 1,368 2,025 33 - 447 1 - 3,874 Loans collectively evaluated 26,927 10,826 2,038 1,121 8,974 410 36 50,332 Total allowance for credit losses $ 28,450 $ 16,243 $ 2,086 $ 1,170 $ 9,747 $ 433 $ 36 $ 58,165 Note 6 – Allowance for Credit Losses (continued) Balance of Loans Receivable June 30, 2021 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Balance of loans receivable: Loans acquired with deteriorated credit quality individually evaluated $ - $ 6,519 $ 183 $ - $ 3,617 $ 380 $ - $ 10,699 Loans acquired with deteriorated credit quality collectively evaluated 5,599 25,844 2,533 12,970 4,785 65 - 51,796 Loans individually evaluated 18,526 30,668 729 2,228 15,553 1,364 - 69,068 Loans collectively evaluated 2,015,135 1,016,413 165,506 78,606 1,423,766 46,062 3,259 4,748,747 Total loans $ 2,039,260 $ 1,079,444 $ 168,951 $ 93,804 $ 1,447,721 $ 47,871 $ 3,259 $ 4,880,310 Unaccreted yield adjustments (28,916 ) Loans receivable, net of yield adjustments $ 4,851,394 Allowance for Loan Losses June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Balance of allowance for loan losses: Loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - Loans individually evaluated for impairment - 41 47 - 1 - - 89 Loans collectively evaluated for impairment 20,916 8,722 1,879 236 4,859 568 58 37,238 Total allowance for loan losses $ 20,916 $ 8,763 $ 1,926 $ 236 $ 4,860 $ 568 $ 58 $ 37,327 Note 6 – Allowance for Credit Losses (continued) Balance of Loans Receivable June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Balance of loans receivable: Loans acquired with deteriorated credit quality $ - $ - $ 222 $ - $ 77 $ - $ - 299 Loans individually evaluated for impairment 2,962 24,048 5,567 - 10,689 1,557 - 44,823 Loans collectively evaluated for impairment 2,056,606 936,805 132,999 20,961 1,262,256 81,363 3,991 4,494,981 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 Unaccreted yield adjustments (41,706 ) Loans receivable, net of yield adjustments $ 4,498,397 The following table presents the activity in the ACL on loans for the year ended June 30, 2021: Year Ended June 30, 2021 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Changes in the allowance for credit losses for the year ended June 30, 2021: At June 30, 2020 (prior to adoption of ASC 326): $ 20,916 $ 8,763 $ 1,926 $ 236 $ 4,860 $ 568 $ 58 $ 37,327 Impact of adopting Topic 326 8,408 2,390 (421 ) 80 9,106 92 (15 ) 19,640 Charge offs - (80 ) (1,446 ) - (13 ) (32 ) (41 ) (1,612 ) Recoveries - - 17 - 4 - 9 30 Initial allowance on PCD loans 250 1,720 1,007 99 720 105 - 3,901 (Reversal of) provision for credit losses (1,124 ) 3,450 1,003 755 (4,930 ) (300 ) 25 (1,121 ) Total allowance for credit losses $ 28,450 $ 16,243 $ 2,086 $ 1,170 $ 9,747 $ 433 $ 36 $ 58,165 Note 6 – Allowance for Credit Losses (continued) For the accounting policy on the allowance for loan losses that was in effect prior to the adoption of Topic 326, see Note 1 to our Annual Report on Form 10-K for the fiscal year ended June 30, 2020. The following tables present the activity in the allowance for loan losses for the years ended June 30, 2020 and 2019: 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 Provision for (reversal of) loan losses 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 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 Provision for (reversal of) loan losses 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 6 – Allowance for Credit Losses (continued) Allowance for Credit Losses on Off Balance Sheet Commitments The following tables present the activity in the ACL on off balance sheet commitments for the year ended June 30, 2021: Year Ended June 30, 2021 (In Thousands) Changes in the allowance for credit losses for the year ended June 30, 2021: At June 30, 2020: $ - Impact of adopting Topic 326 (1) 536 Provision recorded in other non-interest expense 1,172 Total allowance for credit losses on off balance sheet commitments $ 1,708 (1) Adoption of CECL accounting standard effective July 1, 2020. |
Leases
Leases | 12 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | Note 7 – Leases The Company leases certain premises and equipment under operating leases. As of June 30, 2021 the Company had right-of-use assets totaling $17.1 million and lease liabilities totaling $17.8 million. By comparison at June 30, 2020, the Company had right-of-use assets of totaling $16.5 million and lease liabilities of totaling $17.1 million. As of June 30, 2021, the weighted average remaining lease term for operating leases was 7.96 years and the weighted average discount rate used in the measurement of operating lease liabilities was 2.40%. Total operating lease costs for the years ended June 30, 2021 and 2020 was $3.8 million and $4.0 million, respectively. There were no sale and leaseback transactions, leveraged leases or lease transactions with related parties during the year ended June 30 2021. At June 30, 2021, 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, 2021 and 2020 is as follows: 2021 2020 (In Thousands) Less than one year $ 3,604 $ 3,212 After one year but within two years 2,998 3,004 After two years but within three years 2,372 2,405 After three years but within four years 1,917 1,739 After four years but within five years 1,759 1,509 Greater than five years 7,205 7,373 Total undiscounted cash flows 19,855 19,242 Less: discount on cash flows (2,028 ) (2,115 ) Total lease liability $ 17,827 $ 17,127 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Jun. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Premises and Equipment | Note 8 – Premises and Equipment June 30, 2021 2020 (In Thousands) Land $ 12,192 $ 12,376 Buildings and improvements 47,535 46,219 Leasehold improvements 12,075 10,234 Furnishings and equipment 28,349 24,719 Construction in progress 71 4,174 100,222 97,722 Less accumulated depreciation and amortization 43,884 40,333 Total premises and equipment $ 56,338 $ 57,389 Depreciation expense on premises and equipment for the fiscal years ended June 30, 2021, 2020 and 2019 totaled $5.9 million, $4.6 million and $4.3 million, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 9 – Goodwill and Other Intangible Assets Goodwill Core Deposit Intangibles (In Thousands) 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 Acquisition of MSB Financial Corp. - 690 Amortization - (980 ) Balance at June 30, 2021 $ 210,895 $ 3,705 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) 2022 $ 685 2023 563 2024 526 2025 495 2026 467 Thereafter 969 |
Deposits
Deposits | 12 Months Ended |
Jun. 30, 2021 | |
Deposits [Abstract] | |
Deposits | Note 10 – Deposits Deposits are summarized as follows: June 30, 2021 2020 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) Non-interest-bearing demand $ 593,718 0.00 % $ 419,138 0.00 % Interest-bearing demand 1,902,478 0.18 1,264,151 0.54 Savings 1,111,364 0.13 906,597 0.83 Certificates of deposits 1,877,746 0.57 1,840,396 1.79 Total deposits $ 5,485,306 0.28 % $ 4,430,282 1.07 % Brokered deposits are summarized as follows: June 30, 2021 2020 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) Certificates of deposits $ 458,616 0.10 % $ 31,379 2.16 % Total brokered deposits $ 458,616 0.10 % $ 31,379 2.16 % A summary of certificates of deposit by maturity follows: June 30, 2021 (In Thousands) One year or less $ 1,510,761 After one year to two years 246,754 After two years to three years 41,230 After three years to four years 41,913 After four years to five years 30,790 After five years 6,298 Total certificates of deposit $ 1,877,746 Certificates of deposit with balances of $250,000 or more at June 30, 2021 and 2020, totaled approximately $635.3 million and $297.0 million, respectively. The Bank’s deposits are insurable to applicable limits by the Federal Deposit Insurance Corporation. |
Borrowings
Borrowings | 12 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 11 – Borrowings Fixed-rate advances from FHLB of New York mature as follows: June 30, 2021 June 30, 2020 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) By remaining period to maturity: Less than one year $ 390,000 0.33 % $ 865,000 0.45 % One to two years 145,000 3.04 27,000 2.85 Two to three years 22,500 2.63 145,000 3.04 Three to four years 103,500 2.68 22,500 2.63 Four to five years 6,500 2.82 103,500 2.68 Greater than five years - - 6,500 2.82 Total advances 667,500 1.38 % 1,169,500 1.08 % Unamortized fair value adjustments (1,624 ) (2,071 ) Total advances, net of fair value adjustments $ 665,876 $ 1,167,429 At June 30, 2021, FHLB advances were collateralized by the FHLB capital stock owned by the Bank and mortgage loans and securities with carrying values totaling approximately $3.27 billion and $170.1 million, respectively. At June 30, 2020, FHLB advances were collateralized by the FHLB capital stock owned by the Bank and mortgage loans and securities with carrying values totaling approximately $3.21 billion and $155.3 million, respectively. Borrowings at June 30, 2021 also included other overnight borrowings totaling $20.0 million while there were no such borrowings at June 30, 2020. Borrowings at June 30, 2020 also included overnight borrowings in the form of depositor sweep accounts totaling $5.7 million, while there were no such borrowings at June 30, 2021. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Note 12 – Derivative Instruments and Hedging Activities Risk Management Objective of Using Derivatives The Company uses various financial instruments, including derivatives, to manage its exposure to interest rate risk. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to specific wholesale funding positions. Fair Values of Derivative Instruments on the Statement of Financial Condition The 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, 2021 and June 30, 2020: June 30, 2021 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (In Thousands) Derivatives designated as hedging instruments: Interest rate contracts Other assets $ 1,832 Other liabilities $ 673 Total $ 1,832 $ 673 June 30, 2020 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (In Thousands) Derivatives designated as hedging instruments: Interest rate contracts Other assets $ 235 Other liabilities $ 18,177 Total $ 235 $ 18,177 Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using derivatives are primarily to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company has entered into interest rate swaps and caps as part of its interest rate risk management strategy. These interest rate products are designated as cash flow hedges. As of June 30, 2021, the Company had a total of 12 interest rate swaps and caps with a total notional amount of $1.04 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, 2021, the Company had $8.3 million of reclassifications to interest expense. During the next 12 months, the Company estimates that $5.4 million Note 12 – Derivative Instruments and Hedging Activities (continued) The tables below present the pre-tax effects of the Company’s derivative instruments on the Consolidated Statements of Income as of June 30, 2021, June 30, 2020 and June 30, 2019: Year Ended June 30, 2021 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 $ 10,825 Interest expense $ (8,281 ) Total $ 10,825 $ (8,281 ) 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 Note 12 – 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, 2021 and June 30, 2020, respectively. The net amounts presented for derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Consolidated Statement of Condition. June 30, 2021 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 $ 6,847 $ (5,015 ) $ 1,832 $ - $ - $ 1,832 Total $ 6,847 $ (5,015 ) $ 1,832 $ - $ - $ 1,832 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 $ 5,688 $ (5,015 ) $ 673 $ - $ (673 ) $ - Total $ 5,688 $ (5,015 ) $ 673 $ - $ (673 ) $ - 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 ) $ - Note 12 – 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, 2021, 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 $1.1 million. As required under the enforceable master netting arrangement with its derivatives counterparties, at June 30, 2021 the Company posted financial collateral of $673,000 that was not included as an offsetting amount. By comparison, at June 30, 2020, the Company posted financial collateral of $18.2 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, 2021 and June 30, 2020, included $48.4 million and $127.2 million, respectively, of in process loans whose terms included interest rate locks to borrowers, which are considered free-standing derivative instruments whose fair values are not material to our financial condition or results of operations. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Jun. 30, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Benefit Plans | Note 13 – Benefit Plans Components of Net Periodic Expense The following table sets forth the aggregate net periodic benefit expense for the Bank’s Benefit Equalization Plan, Postretirement Welfare Plan, Directors’ Consultation and Retirement Plan and Atlas Bank Retirement Income Plan: Affected Line Item in the Consolidated Years Ended June 30, Statements of Income 2021 2020 2019 (In Thousands) Service cost $ 106 $ 78 $ 54 Salaries and employee benefits Interest cost 262 326 378 Miscellaneous non-interest expense Amortization of unrecognized loss 83 19 43 Miscellaneous non-interest expense Expected return on assets (113 ) (112 ) (112 ) Miscellaneous non-interest expense Net periodic benefit cost $ 338 $ 311 $ 363 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 13 – Benefit Plans (continued) ESOP In conjunction to the Company’s initial public stock offering in February 2005, the Bank established an ESOP for all eligible employees. The ESOP purchased 2,409,764 shares of Company’s common stock with proceeds of a loan from the Company to the ESOP. In connection with the completion of the Company’s mutual to stock conversion in May 2015, the ESOP purchased an additional 3,612,500 shares of the Company’s common stock at a price of $10.00 per share with the proceeds of a new loan from the Company to the ESOP. The Company refinanced the outstanding principal and interest balance of $3.8 million and borrowed and additional $36.1 million to purchase the additional shares. The Company makes discretionary contributions to the ESOP equaling principal and interest payments owed on the ESOP’s loan to the Company. Such payments may be reduced by the amount of dividends paid on shares of the Company’s common stock held by the ESOP. The outstanding loan principal balance at June 30, 2021 was $30.0 million. ESOP shares pledged as collateral are initially recorded as unearned ESOP shares in the consolidated statements of financial condition. ESOP compensation expense was approximately $2,069,000, $2,354,000 and $2,464,000 for the years ended June 30, 2021, 2020 and 2019, respectively, representing the fair value of shares allocated or committed to be released during the year. At June 30, 2021 and 2020, the ESOP shares were as follows: June 30, 2021 2020 (In Thousands) Allocated shares 2,021 1,924 Total shares distributed to employees 1,141 1,038 Shares committed to be released 100 100 Unearned shares 2,760 2,960 Total ESOP shares 6,022 6,022 Fair value of unearned ESOP shares $ 32,982 $ 24,213 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 $37,000, $24,000 and $47,000 for the years ended June 30, 2021, 2020 and 2019, respectively. The liability totaled approximately $18,000 and $20,000 at June 30, 2021 and 2020, respectively. Employees’ Savings and Profit Sharing Plan The Bank sponsors the Employees' Savings and Profit Sharing Plan and Trust (the “Plan”), pursuant to Section 401(k) of the Internal Revenue Code, for all eligible employees. Employees may elect to 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 $1,335,000, $1,147,000 and $1,047,000 for the years ended June 30, 2021, 2020 and 2019, 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. Note 13 – Benefit Plans (continued) 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, 2020 and 2019 was 102.31% and 104.08%, 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 $253.2 million and $138.3 million for the plan years ended June 30, 2020 and June 30, 2019, 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, 2021, 2020 and 2019, the total expense recorded for the Pentegra DB Plan was approximately $329,000, $340,000 and $967,000, respectively. 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, 2021 2020 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 2,285 $ 2,553 Interest cost 61 77 Actuarial gain (49 ) (228 ) Benefit payments (148 ) (117 ) Projected benefit obligation - ending $ 2,149 $ 2,285 Change in plan assets: Fair value of assets - beginning $ 3,299 $ 3,223 Actual return on assets 69 193 Benefit payments (148 ) (117 ) Fair value of assets - ending $ 3,220 $ 3,299 Reconciliation of funded status: Projected benefit obligation $ (2,149 ) $ (2,285 ) Fair value of assets 3,220 3,299 Funded status included in other assets $ 1,071 $ 1,014 Accumulated benefit obligation $ (2,149 ) $ (2,285 ) Valuation assumptions Discount rate 3.00 % 2.75 % Salary increase rate N/A N/A Note 13 – Benefit Plans (continued) Years Ended June 30, 2021 2020 2019 (In Thousands) Net periodic benefit cost/(credit): Interest cost $ 61 $ 77 $ 108 Expected return on assets (113 ) (112 ) (112 ) Amortization of net loss 22 4 57 Total benefit cost (credit) $ (30 ) $ (31 ) $ 53 Valuation assumptions Discount rate 2.75 % 3.75 % 4.25 % Long term rate of return on plan assets 3.50 % 3.50 % 3.50 % The Bank does not expect to contribute to the ABRIP in the year ending June 30, 2022. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2022 $ 146 2023 144 2024 141 2025 142 2026 143 2027-2031 657 At June 30, 2021 and 2020, unrecognized net loss of $496,000 and $523,000, respectively, was included in accumulated other comprehensive income. 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. Note 13 – Benefit Plans (continued) The fair values of the ABRIP’s assets at June 30, 2021 and 2020 by asset category (see Note 18 for the definitions of levels), are as follows: June 30, 2021 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 $ - $ 3,220 $ - $ 3,220 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 Note 13 – 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 $239,000, $237,000 and $235,000 in contributions made to and benefits paid under the BEP during each of the years ended June 30, 2021, 2020 and 2019, respectively. The following tables set forth the BEP’s funded status and components of net periodic benefit cost: June 30, 2021 2020 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 3,206 $ 3,105 Interest cost 85 112 Actuarial (gain) loss (53 ) 226 Benefit payments (239 ) (237 ) Projected benefit obligation - ending $ 2,999 $ 3,206 Change in plan assets: Fair value of assets - beginning $ - $ - Contributions 239 237 Benefit payments (239 ) (237 ) Fair value of assets - ending $ - $ - Reconciliation of funded status: Accumulated benefit obligation $ (2,999 ) $ (3,206 ) Projected benefit obligation $ (2,999 ) $ (3,206 ) Fair value of assets - - Funded status included in other liabilities $ (2,999 ) $ (3,206 ) Valuation assumptions Discount rate 3.00 % 2.75 % Salary increase rate N/A N/A Years Ended June 30, 2021 2020 2019 (In Thousands) Net periodic benefit cost: Interest cost $ 85 $ 112 $ 125 Amortization of net actuarial loss 75 56 44 Total expense $ 160 $ 168 $ 169 Valuation assumptions Discount rate 2.75 % 3.75 % 4.25 % Salary increase rate N/A N/A N/A Note 13 – Benefit Plans (continued) It is estimated that contributions of approximately $238,000 will be made during the year ending June 30, 2022. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2022 $ 238 2023 235 2024 231 2025 228 2026 223 2027-2031 1,030 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, 2021 and 2020, unrecognized net loss of $1,029,000 and $1,157,000, respectively, was included in accumulated other comprehensive income. Note 13 – 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, 2021, 2020 and 2019, contributions and benefits paid totaled $ 11,000 The following tables set forth the accrued accumulated postretirement benefit obligation and the net periodic benefit cost: June 30, 2021 2020 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 991 $ 710 Service cost 106 78 Interest cost 27 26 Actuarial (gain) loss (4 ) 188 Premiums/claims paid (12 ) (11 ) Projected benefit obligation - ending $ 1,108 $ 991 Change in plan assets: Fair value of assets - beginning $ - $ - Contributions 12 11 Premiums/claims paid (12 ) (11 ) Fair value of assets - ending $ - $ - Reconciliation of funded status: Projected benefit obligation $ (1,108 ) $ (991 ) Fair value of assets - - Funded status included in other liabilities $ (1,108 ) $ (991 ) Valuation assumptions Discount rate 3.00 % 2.75 % Salary increase rate 3.25 % 3.25 % Years Ended June 30, 2021 2020 2019 (In Thousands) Net periodic benefit cost: Service cost $ 106 $ 78 $ 54 Interest cost 27 26 26 Amortization of net actuarial gain (14 ) (41 ) (49 ) Total expense (benefit) $ 119 $ 63 $ 31 Valuation assumptions Discount rate 2.75 % 3.75 % 4.25 % Salary increase rate 3.25 % 3.25 % 3.25 % Note 13 – Benefit Plans (continued) It is estimated that contributions of approximately $44,000 will be made during the year ending June 30, 2022. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2022 $ 44 2023 52 2024 61 2025 70 2026 84 2027-2031 522 At June 30, 2021 and 2020, unrecognized net gain of $230,000 and $240,000, respectively, were included in accumulated other comprehensive income. Note 13 – 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, 2021, 2020 and 2019, contributions and benefits paid totaled $69,000, $60,000 and $60,000, respectively. The following table sets forth the DCRP’s funded status and components of net periodic cost: June 30, 2021 2020 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 3,269 $ 2,975 Interest cost 89 110 Actuarial (gain) loss (173 ) 244 Benefit payments (69 ) (60 ) Projected benefit obligation - ending $ 3,116 $ 3,269 Change in plan assets: Fair value of assets - beginning $ - $ - Contributions 69 60 Benefit payments (69 ) (60 ) Fair value of assets - ending $ - $ - Reconciliation of funded status: Accumulated benefit obligation $ (3,116 ) $ (3,269 ) Projected benefit obligation $ (3,116 ) $ (3,269 ) Fair value of assets - - Funded status included in other liabilities $ (3,116 ) $ (3,269 ) Valuation assumptions Discount rate 3.00 % 2.75 % Salary increase rate N/A N/A Years Ended June 30, 2021 2020 2019 (In Thousands) Net periodic benefit cost: Service cost $ - $ - $ - Interest cost 89 110 119 Amortization of net actuarial gain - - (9 ) Total expense (benefit) $ 89 $ 110 $ 110 Valuation assumptions Discount rate 2.75 % 3.75 % 4.25 % Salary increase rate N/A N/A N/A Note 13 – Benefit Plans (continued) It is estimated that contributions of approximately $71,000 will be made during the year ending June 30, 2022. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Benefit Payments (In Thousands) Years ending June 30: 2022 $ 71 2023 91 2024 111 2025 149 2026 167 2027-2031 1,178 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, 2021 and 2020 unrecognized net gain of $203,000 and $30,000, respectively, was included in accumulated other comprehensive income. For the fiscal year ending June 30, 2022, no unrecognized net gain or net loss is expected to be recognized as a component of net periodic benefit cost. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | Note 14 – Stock Based Compensation 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, 2021, there were 572,628 shares remaining available for future stock option grants while there were no shares remaining 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, 2021 2020 2019 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 Note 14 – Stock Based Compensation (continued) 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 53,706 restricted stock awards granted during the year ended June 30, 2021. 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. During the years ended June 30, 2021, 2020 and 2019, the Company recorded $5.7 million, $5.9 million and $6.1 million, respectively, of share-based compensation expense, comprised of stock option expense of $1.8 million, $1.8 million and $2.0 million respectively, and restricted stock expense of $3.8 million, $4.0 million and $4.1 million, respectively. During the years ended June 30, 2021, 2020 and 2019, the income tax benefit attributed to non-qualified stock options expense was approximately $422,000, $432,000 and 453,000, respectively, and attributed to restricted stock expense was approximately $1.4 million, $1.5 million and $1.5 million, respectively. 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, 2021: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (In Thousands) (In Thousands) Outstanding at June 30, 2020 3,294 $ 14.90 6.5 years $ 11 Granted - - - Exercised (41 ) 9.00 2.5 years Forfeited - - Outstanding at June 30, 2021 3,253 $ 14.97 5.5 years $ 177 Exercisable at June 30, 2021 2,510 $ 15.00 5.4 years $ 177 The Company generally issues shares from authorized but unissued shares upon the exercise of vested options. A total of 41,412 vested options, with an aggregate intrinsic value of $158,000, were exercised during the year ended June 30, 2021. In fulfillment of these exercises, the Company issued 41,412 shares from authorized but unissued shares. 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. The cash proceeds from stock option exercises during the year ended June 30, 2021 totaled approximately $373,000. A portion of such exercises represented disqualifying dispositions of incentive stock options for which the Company recognized $47,000 in income tax benefit. 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. Expected future compensation expense relating to the 743,000 non-vested options outstanding as of June 30, 2021 is $1.1 million over a weighted average period of 2.5 years. Note 14 – Stock Based Compensation (continued) 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 fifth 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. 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, 2021 and changes during the year ended June 30, 2021: 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, 2020 420 $ 14.86 227 $ 14.69 Granted 27 13.11 27 13.11 Vested (183 ) 15.07 (94 ) 14.95 Forfeited - - - - Non-vested at June 30, 2021 264 $ 14.54 160 $ 14.27 During the years ended June 30, 2021, 2020 and 2019, the total fair value of vested restricted shares were $4.2 million, $4.2 million and $4.1 million, respectively. Expected future compensation expense relating to the 423,676 non-vested restricted shares at June 30, 2021 is $3.3 million over a weighted average period of 4.9 years. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jun. 30, 2021 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity | Note 15 – Stockholders’ Equity Regulatory Capital Federal banking regulators impose various restrictions or requirements on the ability of savings institutions to make capital distributions, including cash dividends. A savings institution that is a subsidiary of a savings and loan holding company, such as the Bank, must file an application or a notice with federal banking regulators at least 30 days before making a capital distribution. A savings institution must file an application for prior approval of a capital distribution if: (i) it is not eligible for expedited treatment under the applications processing rules of federal banking regulators; (ii) the total amount of all capital distributions, including the proposed capital distribution, for the applicable calendar year would exceed an amount equal to the savings institution’s net income for that year to date plus the institution’s retained net income for the preceding two years; (iii) it would not adequately be capitalized after the capital distribution; or (iv) the distribution would violate an agreement with federal banking regulators or applicable regulations. Federal banking regulators may disapprove a notice or deny an application for a capital distribution if: (i) the savings institution would be undercapitalized following the capital distribution; (ii) the proposed capital distribution raises safety and soundness concerns; or (iii) the capital distribution would violate a prohibition contained in any statute, regulation or agreement. During the fiscal year ended June 30, 2021, applications for capital distributions from the Bank to the Company were approved by federal banking regulators in the amount of $40.0 million, $45.0 million and $50.0 million which was paid by the Bank to the Company in October 2020, January 2021 and May 2021, respectively. Also, during the fiscal year ended June 30, 2021, 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, 2021 and 2020, dividends paid by the Bank to the Company, in conjunction with quarterly capital distributions, as discussed above, totaled $43.9 million and $30.0 million, respectively. The Bank and the 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. At June 30, 2021, the regulatory capital ratios, of both the Company and the Bank were in excess of the levels required by federal banking regulators to be classified as “well-capitalized” under regulatory guidelines. Note 15 – Stockholders’ Equity (continued) The following tables present information regarding the Bank’s regulatory capital levels at June 30, 2021 and 2020: At June 30, 2021 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) $ 761,883 17.22 % $ 353,970 8.00 % $ 442,462 10.00 % Tier 1 capital (to risk-weighted assets) 726,737 16.42 % 265,477 6.00 % 353,970 8.00 % Common equity tier 1 capital (to risk-weighted assets) 726,737 16.42 % 199,108 4.50 % 287,600 6.50 % Tier 1 capital (to adjusted total assets) 726,737 10.23 % 284,114 4.00 % 355,142 5.00 % 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 % The following tables present information regarding the consolidated Company’s regulatory capital levels at June 30, 2021 and June 30, 2020: At June 30, 2021 Actual For Capital Adequacy Purposes Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 872,823 19.65 % $ 355,274 8.00 % Tier 1 capital (to risk-weighted assets) 837,677 18.86 % 266,456 6.00 % Common equity tier 1 capital (to risk-weighted assets) 837,677 18.86 % 199,842 4.50 % Tier 1 capital (to adjusted total assets) 837,677 11.76 % 284,877 4.00 % 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 % Note 15 – Stockholders’ Equity (continued) Stock Repurchase Plans In March 2019 the Company announced its fourth stock repurchase plan which authorized the repurchase of 9,218,324 shares, or 10%, of the Company’s outstanding common stock. On March 25, 2020, that plan was temporarily suspended due to the risks and uncertainties associated with the COVID-19 pandemic. On October 19, 2020, the Company announced the resumption of that plan which had, as of that date, 761,030 shares of common stock remained to be repurchased. On October 19, 2020, the Company announced the approval of a fifth repurchase plan totaling 4,475,523 shares, or 5% of the Company’s outstanding common stock which was implemented upon the completion of the fourth stock repurchase plan. On January 22, 2021, the Company announced the completion of its fifth stock repurchase plan and the authorization of a sixth stock repurchase plan to repurchase up to 4,210,520 shares, or 5% of the Company’s outstanding common stock. On May 26, 2021, the Company announced the completion of its sixth stock repurchase plan and the authorization of a seventh stock repurchase plan to repurchase up to 4,064,649 shares, or 5%, of the Company’s outstanding common stock. During the year ended June 30, 2021, the Company repurchased a total of 10,567,073 shares of its common stock which were repurchased in conjunction with the Company’s fourth, fifth, sixth and seventh repurchase plans. Such shares were repurchased at a total cost of $119.0 million and at an average cost of $11.26 per share. Including shares previously repurchased, the shares associated with the fourth repurchase plan were repurchased at a total cost of $117.9 million and at an average cost of $12.79 per share. The Company fully repurchased shares associated with the Company’s fifth share repurchase plan during the quarter ended March 31, 2021, such shares were repurchased at a total cost of $46.9 million and at an average cost of $10.48 per share. The shares repurchased related to the Company’s sixth share repurchase plan were repurchased at a total cost of $51.1 million and at an average cost of $12.15 per share. During the year ended June 30, 2021, and in conjunction with the Company’s seventh repurchase program, the Company repurchased 1,120,000 shares at a cost of $14.2 million and at an average cost of $12.65 per share which represented 27.6% of the total shares authorized to be repurchased . |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 16 – Income Taxes The components of income taxes are as follows: Years Ended June 30, 2021 2020 2019 (In Thousands) Current income tax expense: Federal $ 12,051 $ 6,745 $ 5,656 State 5,058 4,877 3,733 17,109 11,622 9,389 Deferred income tax expense: Federal 2,673 1,153 3,842 State 2,016 235 368 4,689 1,388 4,210 Valuation allowance (535 ) (723 ) 328 Total income tax expense $ 21,263 $ 12,287 $ 13,927 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% Note 16 – Income Taxes (continued) Years Ended June 30, 2021 2020 2019 (Dollars In Thousands) Income before income taxes $ 84,496 $ 57,252 $ 56,069 Statutory federal tax rate 21 % 21 % 21 % Federal income tax expense at statutory rate $ 17,744 $ 12,023 $ 11,774 (Reduction) increases in income taxes resulting from: Tax exempt interest (345 ) (497 ) (589 ) State tax, net of federal tax effect 5,464 3,914 3,510 Incentive stock options compensation expense 85 78 88 Income from bank-owned life insurance (1,255 ) (1,314 ) (1,329 ) Disqualifying disposition on incentive stock options (33 ) - (24 ) Non-deductible merger-related expenses 49 148 - Bargain purchase gain (641 ) - - Tax benefit arising from the adoption of the CARES Act provisions - (1,624 ) - Other items, net 730 282 169 21,798 13,010 13,599 Valuation allowance (535 ) (723 ) 328 Total income tax expense $ 21,263 $ 12,287 $ 13,927 Effective income tax rate 25.16 % 21.46 % 24.84 % The effective income tax rate represents total income tax expense divided by income before income taxes. Retained earnings at June 30, 2021, includes approximately $38.4 million of bad debt allowance , A tax position is recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation process, if any. A tax position that meets the more likely than not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more likely than not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. Realization of deferred tax assets is dependent upon the generation of future taxable income or the existence of sufficient taxable income within the carryover period. A valuation allowance is provided when it is more likely than not that some portion of the deferred tax assets will not be realized. In assessing the need for a valuation allowance, management considers the scheduled reversal of the deferred tax liabilities, the level of historical taxable income, and the projected future taxable income over the periods in which the temporary differences comprising the deferred tax assets will be deductible. Based on its assessment, management determined the following related to June 30, 2021 and 2020: In the year ended June 30, 2020, the valuation allowance against the charitable contribution carryover was reversed as it became more likely than not that the charitable contribution would be realized. In addition, the Company maintained a valuation allowance during the year ended June 30, 2020, against a portion of the deferred tax asset arising from fair value adjustments on investment securities acquired in a prior acquisition. Note 16 – Income Taxes (continued) In the year ended June 30, 2020, the Company also recorded a valuation allowance against capital losses generated in the current year. Management determined that it was 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, 2021, the Company reversed a valuation allowance totaling $535,000 which was associated with the realization of a capital loss carryforward. It is more likely than not that all other deferred tax assets will be realized. The tax effects of existing temporary differences that give rise to deferred income tax assets and liabilities are as follows: June 30, 2021 2020 (In Thousands) Deferred income tax assets: Purchase accounting $ 8,417 $ 11,668 Accumulated other comprehensive income Defined benefit plans 326 416 Derivatives 94 5,730 Allowance for credit losses 17,376 11,047 Benefit plans 2,432 2,290 Compensation 1,616 1,287 Stock-based compensation 2,937 2,482 Uncollected interest 1,484 1,362 Depreciation 1,691 268 Net operating loss carryover 5 6 Capital loss carryforward 313 329 Other items 1,048 1,049 37,739 37,934 Valuation allowance - (535 ) 37,739 37,399 Deferred income tax liabilities: Deferred loan fees and costs 620 - Accumulated other comprehensive income Unrealized gain on securities available for sale 2,882 6,541 Goodwill 4,560 4,655 Other items 354 723 8,416 11,919 Net deferred income tax asset $ 29,323 $ 25,480 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, 2018. |
Commitments
Commitments | 12 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments | Note 17 – 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. At June 30, 2021 and 2020, the Bank had $512.2 million and $145.1 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, 2021 and 2020 were approximately $739,000 and $217,000, respectively. In addition to the commitments noted above, at June 30, 2021, the Company’s pipeline of loans held for sale included $48.4 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, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 18 – Fair Value of Financial Instruments Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: 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. Note 18 – Fair Value of Financial Instruments (continued) 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, 2021 and June 30, 2020: Investment Securities Available for Sale The Company’s available for sale investment securities are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the securities’ terms and conditions, among other things. From time to time, the Company validates prices supplied by the independent pricing service by comparison to prices obtained from third-party sources or derived using internal models. Derivatives The Company has contracted with a third party vendor to provide periodic valuations for its interest rate derivatives to determine the fair value of its interest rate caps and swaps. The vendor utilizes standard valuation methodologies applicable to interest rate derivatives such as discounted cash flow analysis and extensions of the Black-Scholes model. Such valuations are based upon readily observable market data and are therefore considered Level 2 valuations by the Company. Those assets and liabilities measured at fair value on a recurring basis are summarized below: June 30, 2021 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 - 34,603 - 34,603 Asset-backed securities - 242,989 - 242,989 Collateralized loan obligations - 189,880 - 189,880 Corporate bonds - 158,351 - 158,351 Total debt securities - 625,823 - 625,823 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 13,739 - 13,739 Residential pass-through securities - 744,491 - 744,491 Commercial pass-through securities - 292,811 - 292,811 Total mortgage-backed securities - 1,051,041 - 1,051,041 Total securities available for sale $ - $ 1,676,864 $ - $ 1,676,864 Interest rate contracts - 1,832 - 1,832 Total assets $ - $ 1,678,696 $ - $ 1,678,696 Liabilities: Interest rate contracts $ - $ 673 $ - $ 673 Total liabilities $ - $ 673 $ - $ 673 Note 18 – Fair Value of Financial Instruments (continued) June 30, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Assets: Debt securities available for sale: Obligations of state and political subdivisions - 54,054 - 54,054 Asset-backed securities - 172,447 - 172,447 Collateralized loan obligations - 193,788 - 193,788 Corporate bonds - 143,639 - 143,639 Trust preferred securities - 2,627 - 2,627 Total debt securities - 566,555 - 566,555 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 30,903 - 30,903 Residential pass-through securities - 561,954 - 561,954 Commercial pass-through securities - 226,291 - 226,291 Total mortgage-backed securities - 819,148 - 819,148 Total securities available for sale - 1,385,703 - 1,385,703 Interest rate contracts - 235 - 235 Total assets $ - $ 1,385,938 $ - $ 1,385,938 Liabilities: Interest rate contracts $ - $ 18,177 $ - $ 18,177 Total liabilities $ - $ 18,177 $ - $ 18,177 Assets Measured on a Non-Recurring Basis: The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a non-recurring basis at June 30, 2021 and June 30, 2020: Collateral Dependent Individually Analyzed / Impaired Loans: The fair value of collateral dependent loans that are individually analyzed or were previously deemed impaired is determined based upon the appraised fair value of the underlying collateral, less costs to sell. Such collateral primarily consists of real estate and, to a lesser extent, other business assets. Management may also adjust appraised values to reflect estimated changes in market values or apply other adjustments to appraised values resulting from its knowledge of the collateral. Internal valuations may be utilized to determine the fair value of other business assets. For non-collateral-dependent loans, management estimates fair value using discounted cash flows based on inputs that are largely unobservable and instead reflect management’s own estimates of the assumptions as a market participant would in pricing such loans. Collateral dependent individually analyzed / impaired loans are considered a Level 3 valuation by the Company. Note 18 – 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, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Collateral dependent loans: Residential mortgage $ - $ - $ 3,051 $ 3,051 Multi-family mortgage - - 6,932 6,932 Non-residential mortgage - - 8,679 8,679 Total $ - $ - $ 18,662 $ 18,662 Other real estate owned, net: Residential $ - $ 178 $ 178 Total $ - $ - $ 178 $ 178 June 30, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Impaired loans: Residential mortgage $ - $ - $ 2,339 $ 2,339 Non-residential mortgage - - 2,282 2,282 Commercial business - - 129 129 Total $ - $ - $ 4,750 $ 4,750 Other real estate owned, net: Residential - - 178 178 Total $ - $ - $ 178 $ 178 Note 18 – 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, 2021 Fair Value Valuation Techniques Unobservable Input Range Weighted Average (In Thousands) Collateral dependent loans: Residential mortgage $ 3,051 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 7% - 13% 9.77 % Multi-family mortgage 6,932 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 10% - 11% 10.39 % Non-residential mortgage 8,679 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 9% - 16% 14.48 % Total $ 18,662 Other real estate owned, net: Residential $ 178 Market valuation of underlying collateral (3) Adjustments to reflect current conditions/selling costs (2) 6.00% 6.00 % Total $ 178 June 30, 2020 Fair Value Valuation Techniques Unobservable Input Range Weighted Average (In Thousands) Impaired loans: Residential mortgage $ 2,339 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 7% - 9% 8.17 % Non-residential mortgage 2,282 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 9% - 12% 10.27 % Commercial business 129 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 0% - 0% 0.00 % Total $ 4,750 Other real estate owned, net: Residential $ 178 Market valuation of underlying collateral (3) Adjustments to reflect current conditions/selling costs (2) 6.00% 6.00 % Total $ 178 (1) The fair value 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 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. Note 18 – Fair Value of Financial Instruments (continued) At June 30, 2021, impaired loans valued using Level 3 inputs comprised loans with principal balances totaling $25.2 million and valuation allowances of $6.5 million reflecting fair values of $18.7 million. By comparison, 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. 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, 2021 and June 30, 2020, the Company held other real estate owned totaling $178,000, respectively, whose carrying value was written down utilizing Level 3 inputs. 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, 2021 and June 30, 2020: June 30, 2021 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 $ 67,855 $ 67,855 $ 67,855 $ - $ - Investment securities available for sale 1,676,864 1,676,864 - 1,676,864 - Investment securities held to maturity 38,138 39,610 - 39,610 - Loans held-for-sale 16,492 16,934 - 16,934 - Net loans receivable 4,793,229 4,830,136 - - 4,830,136 FHLB Stock 36,615 - - - - Interest receivable 19,362 19,362 1 4,238 15,123 Interest rate contracts 1,832 1,832 - 1,832 - Financial liabilities: Deposits 5,485,306 5,490,923 3,607,560 - 1,883,363 Borrowings 685,876 701,419 - - 701,419 Interest payable on deposits 145 145 96 - 49 Interest payable on borrowings 1,335 1,335 - - 1,335 Interest rate contracts 673 673 - 673 - Note 18 – Fair Value of Financial Instruments (continued) June 30, 2020 Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In Thousands) Financial assets: Cash and cash equivalents $ 180,967 $ 180,967 $ 180,967 $ - $ - Investment securities available for sale 1,385,703 1,385,703 - 1,385,703 - Investment securities held to maturity 32,556 34,069 - 34,069 - Loans held-for-sale 20,789 21,550 - 21,550 - Net loans receivable 4,461,070 4,462,232 - - 4,462,232 FHLB Stock 58,654 - - - - Interest receivable 17,373 17,373 4 4,154 13,215 Interest rate contracts 235 235 - 235 - Financial liabilities: Deposits 4,430,282 4,449,877 2,589,886 - 1,859,991 Borrowings 1,173,165 1,215,529 - - 1,215,529 Interest payable on deposits 395 395 295 - 100 Interest payable on borrowings 1,723 1,723 - - 1,723 Interest rate contracts 18,177 18,177 - 18,177 - Commitments. The fair value of commitments to fund credit lines and originate or participate in loans held in portfolio or loans held for sale is estimated using fees currently charged to enter into similar agreements taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, including those relating to loans held for sale that are considered derivative instruments for financial statement reporting purposes, the fair value also considers the difference between current levels of interest and the committed rates. The carrying value, represented by the net deferred fee arising from the unrecognized commitment, and the fair value, determined by discounting the remaining contractual fee over the term of the commitment using fees currently charged to enter into similar agreements with similar credit risk, is not considered material for disclosure. Limitations. Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instruments. These estimates do not reflect any premium or discount that could result from offering for sale at one time the entire holdings of a particular financial instrument. Because no fair value exists for a significant portion of the financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature, involve uncertainties and matters of judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. The fair value estimates are based on existing on-and-off balance sheet financial instruments without attempting to value anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets and liabilities that are not considered financial assets and liabilities include premises and equipment, and advances from borrowers for taxes and insurance. In addition, the ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates. Finally, reasonable comparability between financial institutions may not be likely due to the wide range of permitted valuation techniques and numerous estimates which must be made given the absence of active secondary markets for many of the financial instruments. This lack of uniform valuation methodologies introduces a greater degree of subjectivity to these estimated fair values. |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Comprehensive Income | Note 19 – Comprehensive Income The components of accumulated other comprehensive income included in stockholders’ equity are as follows: June 30, 2021 2020 (In Thousands) Net unrealized gain on securities available for sale $ 10,011 $ 22,482 Tax effect (2,882 ) (6,541 ) Net of tax amount 7,129 15,941 Fair value adjustments on derivatives (312 ) (19,418 ) Tax effect 94 5,730 Net of tax amount (218 ) (13,688 ) Benefit plan adjustments (1,093 ) (1,412 ) Tax effect 326 416 Net of tax amount (767 ) (996 ) Total accumulated other comprehensive income $ 6,144 $ 1,257 Other comprehensive income (loss) and related tax effects are presented in the following table: Years Ended June 30, 2021 2020 2019 (In Thousands) Net unrealized holding (loss) gain on securities available for sale $ (11,704 ) $ 22,758 $ 5,973 Amortization of net unrealized holding gain (loss) on securities available for sale transferred to held to maturity (1) - 596 291 Net realized (gain) loss on securities available for sale (2) (767 ) (2,251 ) 323 Fair value adjustments on derivatives 19,106 (23,134 ) (28,165 ) Benefit plans: Amortization of: Actuarial loss (3) 83 19 43 Net actuarial gain (loss) 236 (348 ) (313 ) Net change in benefit plan accrued expense 319 (329 ) (270 ) Other comprehensive income (loss) before taxes 6,954 (2,360 ) (21,848 ) Tax effect (2,067 ) 778 6,152 Total comprehensive income (loss) $ 4,887 $ (1,582 ) $ (15,696 ) (1) Represents amounts reclassified out of accumulated other comprehensive income and included in interest income on taxable securities. (2) Represents amounts reclassified out of accumulated other comprehensive income and included in gain on sale of securities on the consolidated statements of income. (3) Represents amounts reclassified out of accumulated other comprehensive income and included in the computation of net periodic pension expense. See Note 13 – Benefit Plans for additional information. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Jun. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | Note 20 – Revenue Recognition All of the Company’s revenue from contracts with customers in 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, 2021, 2020 and 2019. Sources of revenue outside the scope of ASC 606 are noted as such. Years Ended June 30, 2021 2020 2019 (In Thousands) Non-interest income: Deposit-related fees and charges $ 1,412 $ 1,626 $ 1,536 Loan-related fees and charges (1) 4,210 5,020 3,909 Gain (loss) on sale and call of securities (1) 767 2,250 (323 ) Gain on sale of loans (1) 5,574 3,186 580 Loss on sale and write down of other real estate owned - (28 ) (11 ) Income from bank owned life insurance (1) 6,267 6,225 6,339 Electronic banking fees and charges (interchange income) 1,717 1,246 1,050 Bargain purchase gain (1) 3,053 - - Miscellaneous (1) 1,751 194 475 Total non-interest income $ 24,751 $ 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, 2021 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Parent Only Financial Information | Note 21 – Parent Only Financial Information Kearny Financial Corp. operates its wholly owned subsidiary Kearny Bank and the Bank’s wholly-owned subsidiary CJB Investment Corp. 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, 2021 and 2020, and for each of the years in the three-year period ended June 30, 2021. Condensed Statements of Financial Condition June 30, 2021 2020 (In Thousands) Assets Cash and amounts due from depository institutions $ 66,191 $ 42,632 Investment securities available for sale 15,000 15,000 Loans receivable 29,959 31,661 Investment in subsidiary 932,004 994,696 Other assets 624 1,109 Total Assets $ 1,043,778 $ 1,085,098 Liabilities and Stockholders' Equity Other liabilities 834 921 Stockholders' equity 1,042,944 1,084,177 Total Liabilities and Stockholders' Equity $ 1,043,778 $ 1,085,098 Condensed Statements of Income and Comprehensive Income Years Ended June 30, 2021 2020 2019 (In Thousands) Dividends from subsidiary $ 178,918 $ 30,039 $ 255,117 Interest income 1,993 2,108 2,162 Equity in undistributed (loss) earnings of subsidiaries (114,969 ) 14,984 (212,868 ) Total income 65,942 47,131 44,411 Directors' compensation 308 332 340 Other expenses 2,660 1,853 1,922 Total expense 2,968 2,185 2,262 Income before income taxes 62,974 44,946 42,149 Income tax expense (259 ) (19 ) 7 Net income $ 63,233 $ 44,965 $ 42,142 Comprehensive income $ 68,120 $ 43,383 $ 26,446 Note 21 – Parent Only Financial Information (continued) Condensed Statements of Cash Flows Years Ended June 30, 2021 2020 2019 (In Thousands) Cash Flows from Operating Activities: Net income $ 63,233 $ 44,965 $ 42,142 Adjustment to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries 114,969 (14,984 ) 212,868 Decrease (increase) in other assets 484 (583 ) 1,116 Increase (decrease) in other liabilities 160 (50 ) (9 ) Net Cash Provided by Operating Activities 178,846 29,348 256,117 Cash Flows from Investing Activities: Repayment of loan to ESOP 1,702 1,645 1,596 Sale of investment securities available for sale - - - Outlays for business acquisitions (9,008 ) - - Other, net 118 - - Net Cash (Used) Provided by Investing Activities (7,188 ) 1,645 1,596 Cash Flows from Financing Activities: Exercise of stock options 373 - 423 Cash dividends paid (28,648 ) (24,121 ) (34,747 ) Repurchase and cancellation of common stock of Kearny Financial Corp. (119,021 ) (69,782 ) (141,708 ) Cancellation of shares repurchased on vesting to pay taxes (803 ) (1,083 ) (989 ) Net Cash Used In Financing Activities (148,099 ) (94,986 ) (177,021 ) Net Increase (Decrease) in Cash and Cash Equivalents 23,559 (63,993 ) 80,692 Cash and Cash Equivalents - Beginning 42,632 106,625 25,933 Cash and Cash Equivalents - Ending $ 66,191 $ 42,632 $ 106,625 |
Net Income per Common Share (EP
Net Income per Common Share (EPS) | 12 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income per Common Share (EPS) | Note 22 – Net Income per Common Share (EPS) Basic EPS is based on the weighted average number of common shares actually outstanding, including both vested and unvested restricted stock awards, adjusted for Employee Stock Ownership Plan (“ESOP”) shares not yet committed to be released. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock, such as outstanding stock options, were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Diluted EPS is calculated by adjusting the weighted average number of shares of common stock outstanding to include the effect of contracts or securities exercisable or which could be converted into common stock, if dilutive, using the treasury stock method. Shares issued and reacquired during any period are weighted for the portion of the period they were outstanding. The following schedule shows the Company’s earnings per share calculations for the periods presented: For the Year Ended June 30, 2021 2020 2019 (In Thousands, Except Per Share Data) Net income $ 63,233 $ 44,965 $ 42,142 Weighted average number of common shares outstanding - basic 82,387 82,409 91,054 Effect of dilutive securities 4 21 46 Weighted average number of common shares outstanding- diluted 82,391 82,430 91,100 Basic earnings per share $ 0.77 $ 0.55 $ 0.46 Diluted earnings per share $ 0.77 $ 0.55 $ 0.46 Stock options for 3,246,138, 3,115,000 and 3,269,000 shares of common stock were not considered in computing diluted earnings per share at June 30, 2021, 2020 and 2019, respectively, because they were considered anti-dilutive. |
Quarterly Results of Operations
Quarterly Results of Operations | 12 Months Ended |
Jun. 30, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | Note 23 – Quarterly Results of Operations (Unaudited) The following is a condensed summary of quarterly results of operations for the years ended June 30, 2021 and 2020: Year Ended June 30, 2021 First Quarter Second Quarter Third Quarter Fourth Quarter September 30 December 31 March 31 June 30 (In Thousands, Except Per Share Data) Interest income $ 60,884 $ 58,393 $ 58,313 $ 56,770 Interest expense 16,722 13,840 10,682 8,607 Net interest income 44,162 44,553 47,631 48,163 Provision for (reversal of) credit losses 4,059 (1,365 ) 1,126 (4,941 ) Net interest income after provision for (reversal of) credit losses 40,103 45,918 46,505 53,104 Non-interest income 7,733 7,154 5,466 4,398 Non-interest expense 33,573 30,510 29,816 31,986 Income before income taxes 14,263 22,562 22,155 25,516 Income taxes 2,884 5,614 5,732 7,033 Net Income $ 11,379 $ 16,948 $ 16,423 $ 18,483 Net income per common share: Basic $ 0.13 $ 0.20 $ 0.20 $ 0.24 Diluted $ 0.13 $ 0.20 $ 0.20 $ 0.24 Weighted average number of common shares outstanding: Basic 86,008 85,120 80,673 77,658 Diluted 86,009 85,123 80,690 77,680 Dividends declared per common share $ 0.08 $ 0.08 $ 0.09 $ 0.10 Note 23 – Quarterly Results of Operations (Unaudited) (continued) 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 (reversal of) 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 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2021 | |
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 subsidiary, CJB Investment Corp. 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, 2021, the Bank had one wholly owned subsidiary CJB Investment Corp. 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, 2021. |
Risks and Uncertainties | Risks and Uncertainties As previously disclosed, on March 11, 2020, the World Health Organization declared the outbreak of COVID-19 a global pandemic. The COVID-19 pandemic has adversely affected, and may continue to adversely affect, local, national and global economic activity. The spread of the outbreak has caused significant disruptions to the U.S. economy, significant reductions in the targeted federal funds rate and has disrupted banking and other financial activity in the areas in which the Company operates. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted to, among other provisions, provide emergency assistance for individuals, families and businesses affected by the COVID-19 pandemic. On December 27, 2020, the 2021 Consolidated Appropriations Act, was enacted as part of an omnibus spending bill for the 2021 federal fiscal year, included provisions intended to provide additional aid to those impacted by the pandemic. The COVID-19 pandemic has adversely impacted certain industries and geographies in which our clients operate and could impact their ability to repay their obligations to us. Given its ongoing and dynamic nature, it is difficult to predict the full impact of the COVID-19 pandemic on the business of the Company, its clients, employees and third-party service providers. The extent of such impact will depend on future developments, which are highly uncertain, including if the coronavirus can continue to be controlled and abated and if and how the economy may remain open. Additionally, the responses of various governmental and nongovernmental authorities to curtail business and consumer activities in an effort to mitigate the pandemic may have material long-term effects on the Company and its clients which are difficult to quantify in the near-term or long-term. It is possible that estimates made in the financial statements could be materially and adversely impacted as a result of these conditions, including estimates regarding expected credit losses on loans receivable, impairment of investment securities and impairment of goodwill. Although the Company continues to operate while taking steps to ensure the safety of employees and clients, COVID-19 could also potentially create widespread business continuity issues for the Company. |
Subsequent Events | Subsequent Events The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of June 30, 2021, for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date this document was filed. |
Cash and Cash Equivalents | Note 1 - Summary of Significant Accounting Policies (continued) Cash and Cash Equivalents Cash and cash equivalents include cash, deposits with other financial institutions with maturities fewer than 90 days, and federal funds sold. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions and borrowings with original maturities fewer than 90 days. |
Securities | 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. 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. Effective July 1, 2020, the Company adopted the provisions of ASC 326 and modified its accounting policy for the assessment of available for sale securities for impairment. Under ASC 326, for available for sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more than likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities available for sale that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating by a rating agency, and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of tax. The Company elected the practical expedient of zero loss estimates for securities issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rate by major agencies and have a long history of no credit losses. Under ASC 326, changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available for sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Prior to July 1, 2020, the accounting policy on the assessment of available for sale securities for impairment was based on an other-than-temporary assessment. The Company considered 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 recognized credit-related other-than-temporary impairments in earnings. Non-credit other-than-temporary impairments on investment securities are recognized in OCI. |
Concentration of Risk | Note 1 - Summary of Significant Accounting Policies (continued) Concentration of Risk Financial instruments which potentially subject the Company and its subsidiaries to concentrations of credit risk consist of cash and cash equivalents, investment securities and loans receivable. Cash and cash equivalents include deposits placed in other financial institutions. 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 | Note 1 - Summary of Significant Accounting Policies (continued) Classification of Assets In compliance with the regulatory guidelines, the Company’s loan review system includes an evaluation process through which certain loans exhibiting adverse credit quality characteristics are classified 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. |
Acquired Loans | Acquired Loans Effective July 1, 2020, the Company adopted the provisions of ASC 326 and modified its accounting policy for loans acquired through acquisitions, as further described below. In accordance with accounting guidance in effect prior to adoption of ASC 326, loans acquired through acquisitions were recorded at fair value with no carryover of the related allowance for credit losses. In 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 Credit Losses | Allowance for Credit Losses The allowance for credit losses represents the estimated amount considered necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date. The measurement of expected credit losses is applicable to loans receivable and securities measured at amortized cost. It also applies to off-balance sheet credit exposures such as loan commitments and unused lines of credit. The allowance is established through a provision for credit losses that is charged against income. The methodology for determining the allowance for credit losses is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded allowance for credit losses. Note 1 - Summary of Significant Accounting Policies (continued) The allowance for credit losses is reported separately as a contra-asset on the consolidated statement of financial condition. The expected credit loss for unfunded lending commitments and unfunded loan commitments is reported on the Consolidated Statement of Financial Condition in other liabilities while the provision for credit losses related to unfunded commitments is reported in other non-interest expense. Allowance for Credit Losses on Loans Receivable The allowance for credit losses on loans is deducted from the amortized cost basis of the loan to present the net amount expected to be collected. Expected losses are evaluated and calculated on a collective, or pooled, basis for those loans which share similar risk characteristics. At each reporting period, the Company evaluates whether loans within a pool continue to exhibit similar risk characteristics. If the risk characteristics of a loan change, such that they are no longer similar to other loans in the pool, the Company will evaluate the loan with a different pool of loans that share similar risk characteristics. If the loan does not share risk characteristics with other loans, the Company will evaluate the loan on an individual basis. The Company evaluates the pooling methodology at least annually. Loans are charged off against the allowance for credit losses when the Company believes the balances to be uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged off or expected to be charged off. The Company has chosen to segment its portfolio consistent with the manner in which it manages credit risk. Such segments include multi-family, nonresidential mortgage, commercial business, construction, one- to four-family residential, home equity and consumer. For most segments the Company calculates estimated credit losses using a probability of default and loss given default methodology, the results of which are applied to the aggregated discounted cash flow of each individual loan within the segment. The point in time probability of default and loss given default are then conditioned by macroeconomic scenarios to incorporate reasonable and supportable forecasts that affect the collectability of the reported amount. The Company estimates the allowance for credit losses on loans via a quantitative analysis which considers relevant available information from internal and external sources related to past events and current conditions, as well as the incorporation of reasonable and supportable forecasts. The Company evaluates a variety of factors including third party economic forecasts, industry trends and other available published economic information in arriving at its forecasts. After the reasonable and supportable forecast period, the Company reverts, on a straight-line basis, to average historical losses. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or the renewal option is included in the original or modified contract at the reporting date and are not unconditionally cancelable by the Company. Also included in the allowance for credit losses on loans are qualitative reserves to cover losses that are expected but, in the Company’s assessment, may not be adequately represented in the quantitative analysis or the forecasts described above. Factors that the Company considers include changes in lending policies and procedures, business conditions, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and non-accrual loans, the effect of external factors such as competition, legal and regulatory requirements, among others. Qualitative loss factors are applied to each portfolio segment with the amounts judgmentally determined by the relative risk to the most severe loss periods identified in the historical loan charge-offs of a peer group of similar-sized regional banks. Individually Evaluated Loans On a case-by-case basis, the Company may conclude that a loan should be evaluated on an individual basis based on its disparate risk characteristics. When the Company determines that a loan no longer shares similar risk characteristics with other loans in the portfolio, the allowance will be determined on an individual basis using the present value of expected cash flows or, for collateral-dependent loans, the fair value of the collateral as of the reporting date, less estimated selling costs, as applicable. If the fair value of the collateral is less than the amortized cost basis of the loan, the Company will charge off the difference between the fair value of the collateral, less costs to sell at the reporting date and the amortized cost basis of the loan. Note 1 - Summary of Significant Accounting Policies (continued) Acquired Loans Acquired loans are included in the Company's calculation of the allowance for credit losses. How the allowance on an acquired loan is recorded depends on whether or not it has been classified as a Purchased Credit Deteriorated (“PCD”) loan. PCD loans are loans acquired at a discount that is due, in part, to credit quality. PCD loans are accounted for in accordance with ASC Subtopic 326-20 and are initially recorded at fair value as determined by the sum of the present value of expected future cash flows and an allowance for credit losses at acquisition. The allowance for PCD loans is recorded through a gross-up effect, while the allowance for acquired non-PCD loans is recorded through provision expense, consistent with originated loans. Thus, the determination of which loans are PCD and non-PCD can have a significant impact on the accounting for these loans. Subsequent to acquisition, the allowance for PCD loans will generally follow the same estimation, provision and charge-off process as non-PCD acquired and originated loans. Allowance for Credit Losses on Off-Balance Sheet Commitments The Company is required to include unfunded commitments that are expected to be funded in the future within the allowance calculation, other than those that are unconditionally cancelable. To arrive at that reserve, the reserve percentage for each applicable segment is applied to the unused portion of the expected commitment balance and is multiplied by the expected funding rate. To determine the expected funding rate, the Company uses a historical utilization rate for each segment. As noted above, the allowance for credit losses on unfunded loan commitments is included in other liabilities on the consolidated statement of financial condition and the related credit expense is recorded in other non-interest expense in the consolidated statements of income. |
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 (the “FRB”) and the Federal Deposit Insurance Corporation (the “FDIC”), 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 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 considerations set forth in the interagency statements were met. Borrowers considered current are those that are less than 30 days past due at the time a modification program is implemented or at December 31, 2019. Note 1 - Summary of Significant Accounting Policies (continued) On December 27, 2020, the 2021 Consolidated Appropriations Act was signed into law. The $900 billion relief package includes legislation that extends certain relief provisions of the CARES Act that were set to expire on December 31, 2020. This new legislation extends this relief to the earlier of 60 days after the national emergency declared by the President is terminated or January 1, 2022. |
Premises and Equipment | Premises and Equipment Land is carried at cost. Office buildings, leasehold improvements and furniture, fixtures and equipment are carried at cost, less accumulated depreciation and amortization. Office buildings and furniture, fixtures and equipment are depreciated using the straight-line method over their estimated useful lives of the respective assets. Leasehold improvements are amortized using the straight-line method over the terms of the respective leases or lives of the assets, whichever is shorter. 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. |
Other Real Estate Owned And Other Repossessed Assets | Other Real Estate Owned and Other Repossessed Assets Properties and other assets acquired through foreclosure, deed in lieu of foreclosure or repossession are carried at estimated fair value, less estimated selling costs. The estimated fair value of real estate property and other repossessed assets is generally based on independent appraisals. When an asset is acquired, the excess of the loan balance over fair value, less estimated selling costs, is charged to the allowance for credit losses. Thereafter, decreases in the properties’ estimated fair value are charged to income along with any additional property maintenance and protection expenses incurred in owning the properties. |
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 In The Note 1 - Summary of Significant Accounting Policies (continued) No impairment charges were required to be recorded in the years ended June 30, 2021, 2020 or 2019. 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, 2021 and 2020 totaled $3.7 million and $4.0 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, Clifton Bancorp Inc. in April 2018, and MSB Financial Corp. in July 2020. |
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% 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, 2021 and 2020. 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 material interest and penalties during the years ended June 30, 2021, 2020 and 2019. The tax years subject to examination by the taxing authorities are the years ended June 30, 2020, 2019 and 2018. |
Retirement Plans | Note 1 - Summary of Significant Accounting Policies (continued) 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 | 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. |
Loan Commitments and Related Financial Instruments | Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. (See Note 17 - Commitments for additional information). |
Derivatives and Hedging | Derivatives and Hedging The Company utilizes derivative instruments in the form of interest rate swaps and caps to hedge its exposure to interest rate risk in conjunction with its overall asset/liability management process. In accordance with accounting requirements, the Company formally designates all of its hedging relationships as either fair value hedges, intended to offset the changes in the value of certain financial instruments due to movements in interest rates, or cash flow hedges, intended to offset changes in the cash flows of certain financial instruments due to movement in interest rates, and documents the strategy for undertaking the hedge transactions, and its method of assessing ongoing effectiveness. The Company does not use derivative instruments for speculative purposes. All derivatives are recognized as either assets or liabilities in the Consolidated Financial Statements at their fair values. For derivatives designated cash flow hedges, the gain or loss on the derivative is recorded in other comprehensive income and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. For a derivative designated as a fair value hedge, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current earnings. Derivative instruments qualify for hedge accounting treatment only if they are designated as such on the date on which the derivative contract is entered and are expected to be, and are, effective in substantially reducing interest rate risk arising from the assets and liabilities identified as exposing the Company to risk. Those derivative financial instruments that do not meet the hedging criteria discussed below would be classified as undesignated derivatives and would be recorded at fair value with changes in fair value recorded in income. Note 1 - Summary of Significant Accounting Policies (continued) The Company discontinues hedge accounting when (a) it determines that a derivative is no longer effective in offsetting changes in cash flows of a hedged item; (b) the derivative expires or is sold, terminated or exercised; (c) probability exists that the forecasted transaction will no longer occur; or (d) management determines that designating the derivative as a hedging instrument is no longer appropriate. In all cases in which hedge accounting is discontinued and a derivative remains outstanding, the Company will carry the derivative at fair value in the Consolidated Financial Statements, recognizing changes in fair value in current period income in the consolidated statement of income. In accordance with the applicable accounting guidance, the Company takes into account the impact of collateral and master netting agreements that allow it to settle all derivative contracts held with a single counterparty on a net basis, and to offset the net derivative position with the related collateral when recognizing derivative assets and liabilities. As a result, the Company’s Statements of Financial Condition could reflect derivative contracts with negative fair values included in derivative assets, and contracts with positive fair values included in derivative liabilities. The Company’s interest rate derivatives are comprised 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 18. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. |
Operating Segments | Operating Segments Public companies are required to report certain financial information about significant revenue-producing segments of the business for which such information is available and utilized by the chief operating decision makers. Substantially all of the Company’s operations occur through the Bank and involve the delivery of loan and deposit products to customers. Management makes operating decisions and assesses performance based on an ongoing review of its banking operation, which constitutes the Company’s only operating segment for financial reporting purposes . |
Stock Compensation Plans | Note 1 - Summary of Significant Accounting Policies (continued) 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. |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Summary of Assets Acquired and Liabilities Assumed Through Merger at Fair Value | The Company recorded the assets acquired and liabilities assumed through the merger at fair value as summarized in the following table: As Recorded by MSB Fair Value Adjustments As Recorded at Acquisition (In Thousands) Cash paid for acquisition $ 9,830 Value of stock issued 45,133 Total purchase price $ 54,963 Cash and cash equivalents $ 14,126 $ - $ 14,126 Investment securities 4,000 (510 ) (a) 3,490 Loans receivable 537,589 (7,345 ) (b) 530,244 Allowance for loan losses (6,037 ) 6,037 (c) - Premises and equipment 7,698 (3,221 ) (d) 4,477 FHLB stock 3,345 - 3,345 Accrued interest receivable 1,701 - 1,701 Core deposit intangibles - 690 (e) 690 Bank owned life insurance 14,663 - 14,663 Deferred income taxes, net 1,729 2,152 (f) 3,881 Other assets 4,830 495 (g) 5,325 Total assets acquired $ 583,644 $ (1,702 ) $ 581,942 Deposits $ 458,392 $ 1,786 (h) $ 460,178 FHLB borrowings 62,900 - 62,900 Advance payments by borrowers for taxes 794 - 794 Other liabilities 810 (756 ) (i) 54 Total liabilities assumed $ 522,896 $ 1,030 $ 523,926 Net assets acquired $ 58,016 Bargain purchase gain $ (3,053 ) Explanation of certain fair value related adjustments : (a) Represents the fair value adjustments on investment securities. (b) Represents the fair value adjustments on the net book value of loans, which includes an interest rate mark and credit mark adjustment and the reversal of deferred fees/costs and premiums. (c) Represents the elimination of MSB’s allowance for loan losses. (d) Represents the fair value adjustments to reflect the fair value of land and buildings and premises and equipment, which will be amortized on a straight-line basis over the estimated useful lives of the individual assets. (e) Represents the intangible assets recorded to reflect the fair value of core deposits. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. (f) Represents an adjustment to net deferred tax assets resulting from the fair value adjustments related to the acquired assets, liabilities assumed and identifiable intangible assets recorded. (g) Represents an adjustment to other assets acquired. (h) Represents fair value adjustments on time deposits, which will be treated as a reduction of interest expense over the remaining term of the time deposits. (i) Represents an adjustment to other liabilities assumed. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities | At June 30, 2021, there was no allowance for credit losses on available for sale securities. The following tables present the amortized cost, gross unrealized gains and losses and estimated fair values for available for sale securities and the amortized cost, gross unrecognized gains and losses and estimated fair values for held to maturity securities as of the dates indicated. June 30, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value (In Thousands) Available for sale: Debt securities: Obligations of state and political subdivisions $ 33,800 $ 803 $ - $ - $ 34,603 Asset-backed securities 240,217 2,835 63 - 242,989 Collateralized loan obligations 189,873 177 170 - 189,880 Corporate bonds 155,622 2,802 73 - 158,351 Total debt securities 619,512 6,617 306 - 625,823 Mortgage-backed securities: Collateralized mortgage obligations (1) 13,420 319 - - 13,739 Residential pass-through securities (1) 744,196 7,443 7,148 - 744,491 Commercial pass-through securities (1) 289,725 5,738 2,652 - 292,811 Total mortgage-backed securities 1,047,341 13,500 9,800 - 1,051,041 Total securities available for sale $ 1,666,853 $ 20,117 $ 10,106 $ - $ 1,676,864 (1) Government-sponsored enterprises. Note 4 – Securities (continued ) June 30, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In Thousands) Available for sale: Debt securities: Obligations of state and political subdivisions $ 52,843 $ 1,211 $ - 54,054 Asset-backed securities 177,413 - 4,966 172,447 Collateralized loan obligations 198,619 - 4,831 193,788 Corporate bonds 142,942 1,267 570 143,639 Trust preferred securities 2,967 - 340 2,627 Total debt securities 574,784 2,478 10,707 566,555 Mortgage-backed securities: Collateralized mortgage obligations (1) 30,043 860 - 30,903 Residential pass-through securities (1) 543,819 18,135 - 561,954 Commercial pass-through securities (1) 214,575 11,716 - 226,291 Total mortgage-backed securities 788,437 30,711 - 819,148 Total securities available for sale $ 1,363,221 $ 33,189 $ 10,707 $ 1,385,703 (1) Government-sponsored enterprises. |
Amortized Cost, Gross Unrecognized Gains and Losses and Fair Values of Securities | June 30, 2021 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Allowance for Credit Losses Fair Value (In Thousands) Held to maturity: Debt securities: Obligations of state and political subdivisions $ 25,824 $ 1,204 $ - $ - $ 27,028 Total debt securities 25,824 1,204 - - 27,028 Mortgage-backed securities: Commercial pass-through securities (1) 12,314 268 - - $ 12,582 Total mortgage-backed securities 12,314 268 - - 12,582 Total securities held to maturity $ 38,138 $ 1,472 $ - $ - $ 39,610 June 30, 2020 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value (In Thousands) Held to maturity: Debt securities: Obligations of state and political subdivisions $ 32,556 $ 1,513 $ - $ 34,069 Total debt securities 32,556 1,513 - 34,069 Total securities held to maturity $ 32,556 $ 1,513 $ - $ 34,069 |
Sales of Securities Available for Sale | Sales of securities available for sale were as follows for the periods presented below: June 30, June 30, June 30, 2021 2020 2019 (In Thousands) Available for sale securities sold: Proceeds from sales of securities $ 98,084 $ 164,299 $ 75,401 Gross realized gains $ 1,196 $ 2,363 $ 190 Gross realized losses (470 ) (145 ) (513 ) Net gain (loss) on sales of securities $ 726 $ 2,218 $ (323 ) |
Available For Sale Securities Pledged | The carrying value of securities pledged for borrowings at the FHLB and other institutions, and securities pledged for public funds and other purposes, were as follows as of the dates presented below: June 30, June 30, 2021 2020 (In Thousands) Securities pledged: Pledged for borrowings at the FHLB of New York $ 170,120 $ 155,288 Pledged to secure public funds on deposit 137,778 19,944 Pledged for potential borrowings at the Federal Reserve Bank of New York 274,076 366,482 Pledged as collateral for depositor sweep accounts - 7,830 Total carrying value of securities pledged $ 581,974 $ 549,544 |
Held-to-maturity Securities [Member] | |
Stratification by Contractual Maturity of Securities | Excluding the balances of mortgage-backed securities, the following table presents the amortized cost and estimated fair values of debt securities available for sale and held to maturity, by contractual maturity, at June 30, 2021: June 30, 2021 Amortized Cost Fair Value (In Thousands) Debt securities: Due in one year or less $ 5,245 $ 5,286 Due after one year through five years 33,961 35,087 Due after five years through ten years 366,936 370,716 Due after ten years 239,194 241,762 Total $ 645,336 $ 652,851 |
Available-for-sale Securities [Member] | |
Schedule of Fair Values and Gross Unrealized and Unrecognized Losses on Investments | The following tables present the gross unrealized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that securities have been in a continuous unrealized loss position within the available for sale portfolio at June 30, 2021 and June 30, 2020: June 30, 2021 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 $ 12,159 $ 63 $ - $ - 2 $ 12,159 $ 63 Collateralized loan obligations 36,741 9 58,605 161 8 95,346 170 Corporate bonds 15,952 73 - - 4 15,952 73 Commercial pass-through securities 145,055 2,652 - - 7 145,055 2,652 Residential pass-through securities 424,112 7,148 - - 10 424,112 7,148 Total $ 634,019 $ 9,945 $ 58,605 $ 161 31 $ 692,624 $ 10,106 June 30, 2020 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses (Dollars in Thousands) Securities Available for Sale: Asset-backed securities $ 146,494 $ 3,962 $ 25,954 $ 1,004 16 $ 172,448 $ 4,966 Collateralized loan obligations 71,282 1,245 122,506 3,586 19 193,788 4,831 Corporate bonds 24,764 236 39,651 334 8 64,415 570 Trust preferred securities - - 2,626 340 2 2,626 340 Total $ 242,540 $ 5,443 $ 190,737 $ 5,264 45 $ 433,277 $ 10,707 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | The following table sets forth the composition of the Company’s loan portfolio at June 30, 2021 and June 30, 2020: June 30, June 30, 2021 2020 (In Thousands) Commercial loans: Multi-family mortgage $ 2,039,260 $ 2,059,568 Nonresidential mortgage 1,079,444 960,853 Commercial business (1) 168,951 138,788 Construction 93,804 20,961 Total commercial loans 3,381,459 3,180,170 One- to four-family residential mortgage 1,447,721 1,273,022 Consumer loans: Home equity loans 47,871 82,920 Other consumer 3,259 3,991 Total consumer loans 51,130 86,911 Total loans 4,880,310 4,540,103 Unaccreted yield adjustments (28,916 ) (41,706 ) Total loans receivable, net of yield adjustments $ 4,851,394 $ 4,498,397 (1) Includes Paycheck Protection Program (“PPP”) loans of $10.2 million and $69.0 million as of June 30, 2021 and June 30, 2020, respectively. |
Contractual Payment Status of Past Loans Receivable | Past due status is based on the contractual payment terms of the loans. The following tables present the payment status of past due loans as of June 30, 2021 and June 30, 2020, by loan segment: June 30, 2021 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Current $ 2,023,166 $ 1,046,553 $ 168,550 $ 93,804 $ 1,439,501 $ 47,828 $ 3,258 $ 4,822,660 Past due: 30-59 days - - - - 382 6 1 389 60-89 days - - - - 2,734 5 - 2,739 90 days and over 16,094 32,891 401 - 5,104 32 - 54,522 Total past due 16,094 32,891 401 - 8,220 43 1 57,650 Total loans $ 2,039,260 $ 1,079,444 $ 168,951 $ 93,804 $ 1,447,721 $ 47,871 $ 3,259 $ 4,880,310 June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Current $ 2,059,568 $ 941,714 $ 138,439 $ 20,961 $ 1,264,267 $ 82,358 $ 3,981 $ 4,511,288 Past due: 30-59 days - - - - 3,211 169 - 3,380 60-89 days - 14,478 - - 1,038 13 5 15,534 90 days and over - 4,661 349 - 4,506 380 5 9,901 Total past due - 19,139 349 - 8,755 562 10 28,815 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 |
Performance Status of Loans Receivable | The following tables present information relating to the Company’s nonperforming loans as of June 30, 2021 and June 30, 2020: June 30, 2021 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Performing $ 2,020,734 $ 1,042,257 $ 168,039 $ 91,576 $ 1,428,551 $ 46,127 $ 3,259 $ 4,800,543 Nonperforming: 90 days and over past due accruing - - - - - - - - Nonaccrual loans with allowance for credit losses 8,300 12,612 236 - 7,422 452 - 29,022 Nonaccrual loans with no allowance for credit losses 10,226 24,575 676 2,228 11,748 1,292 - 50,745 Total nonperforming 18,526 37,187 912 2,228 19,170 1,744 - 79,767 Total loans $ 2,039,260 $ 1,079,444 $ 168,951 $ 93,804 $ 1,447,721 $ 47,871 $ 3,259 $ 4,880,310 June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Performing $ 2,056,606 $ 936,917 $ 138,196 $ 20,961 $ 1,264,663 $ 82,078 $ 3,986 $ 4,503,407 Nonperforming: 90 days and over past due accruing - - - - - - 5 5 Nonaccrual 2,962 23,936 592 - 8,359 842 - 36,691 Total nonperforming 2,962 23,936 592 - 8,359 842 5 36,696 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 |
Troubled Debt Restructurings of Loans Receivable | Note 5 – Loans Receivable (continued) The following tables present total TDR loans at June 30, 2021 and June 30, 2020: June 30, 2021 Accrual Non-accrual Total # of Loans Amount # of Loans Amount # of Loans Amount (Dollars In Thousands) Commercial loans: Multi-family mortgage loans - $ - 1 $ 2,896 1 $ 2,896 Nonresidential mortgage 1 105 6 2,275 7 2,380 Commercial business 3 3,755 6 693 9 4,448 Construction - - 1 2,228 1 2,228 Total commercial loans 4 3,860 14 8,092 18 11,952 One- to four-family residential mortgage 18 2,216 20 3,405 38 5,621 Consumer loans: Home equity loans 4 159 3 68 7 227 Total 26 $ 6,235 37 $ 11,565 63 $ 17,800 June 30, 2020 Accrual Non-accrual Total # of Loans Amount # of Loans Amount # of Loans Amount (Dollars In Thousands) Commercial loans: Multi-family mortgage loans - $ - 1 $ 2,962 1 $ 2,962 Nonresidential mortgage 1 112 9 5,442 10 5,554 Commercial business 5 5,179 6 446 11 5,625 Total commercial loans 6 5,291 16 8,850 22 14,141 One- to four-family residential mortgage 14 2,407 20 3,811 34 6,218 Consumer loans: Home equity loans 12 715 2 448 14 1,163 Total 32 $ 8,413 38 $ 13,109 70 $ 21,522 The following table presents information regarding the restructuring of the Company’s troubled debts during years ended June 30, 2021 and 2020: Year Ended June 30, 2021 Year Ended June 30, 2020 # of Loans Pre-modification Recorded Investment Post-modification Recorded Investment # of Loans Pre-modification Recorded Investment Post-modification Recorded Investment (Dollars In Thousands) Multi-family mortgage - $ - $ - 1 $ 3,062 $ 2,996 Nonresidential mortgage - - - 1 521 517 Commercial business - - - 5 4,349 4,415 One- to four-family residential mortgage 4 877 881 5 1,285 1,220 Home equity loans 3 70 70 1 82 81 Total 7 $ 947 $ 951 13 $ 9,299 $ 9,229 |
Schedule of Modified Non-TDR Loans by Loan Segments | |
Carrying Value of Collateral Dependent Individually Analyzed Loans | The following table presents the carrying value of collateral dependent individually analyzed loans: June 30, 2021 Carrying Value Related Allowance (In Thousands) Commercial loans: Multi-family mortgage $ 18,526 $ 1,368 Nonresidential mortgage (1) 32,891 4,724 Commercial business (2) 183 - Construction - - Total commercial loans 51,600 6,092 One- to four-family residential mortgage (3) 7,612 420 Consumer loans: Home equity loans (3) 31 - Total $ 59,243 $ 6,512 (1) Secured by income-producing nonresidential property. (2) Secured by business assets. (3) Secured by one- to four-family residential properties. |
Impairment Status of Loans Receivable | The following table presents, under previously applicable GAAP, loans individually evaluated for impairment by portfolio segment as of June 30, 2020: June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Carrying value of impaired loans: Non-impaired loans $ 2,056,606 $ 936,805 $ 132,999 $ 20,961 $ 1,262,256 $ 81,363 $ 3,991 $ 4,494,981 Impaired loans: Impaired loans with no allowance for impairment 2,962 22,516 5,622 - 10,659 1,557 - 43,316 Impaired loans with allowance for impairment: Recorded investment - 1,532 167 - 107 - - 1,806 Allowance for impairment - (41 ) (47 ) - (1 ) - - (89 ) Balance of impaired loans net of allowance for impairment - 1,491 120 - 106 - - 1,717 Total impaired loans, excluding allowance for impairment: 2,962 24,048 5,789 - 10,766 1,557 - 45,122 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 Unpaid principal balance of impaired loans: Total impaired loans $ 3,544 $ 25,898 $ 8,778 $ 73 $ 12,908 $ 1,950 $ - $ 53,151 |
Credit-Rating Classification of Loans Receivable | The following table presents the risk category of loans as of June 30, 2021 by loan segment and vintage year: Term Loans by Origination Year for Fiscal Years ended June 30, 2021 2020 2019 2018 2017 Prior Revolving Loans Total (In Thousands) Multi-family mortgage: Pass $ 281,402 $ 257,970 $ 374,871 $ 341,304 $ 343,370 $ 374,909 $ - $ 1,973,826 Special Mention - - 26,974 5,079 4,834 1,054 - 37,941 Substandard - - - 2,896 13,198 11,399 - 27,493 Doubtful - - - - - - - - Total multi-family mortgage 281,402 257,970 401,845 349,279 361,402 387,362 - 2,039,260 Non-residential mortgage: Pass 99,602 77,146 56,435 64,616 254,940 441,696 6,150 1,000,585 Special Mention - - 23,520 4,146 8,801 4,513 - 40,980 Substandard 743 - - 4,934 20,602 11,600 - 37,879 Doubtful - - - - - - - - Total non-residential mortgage 100,345 77,146 79,955 73,696 284,343 457,809 6,150 1,079,444 Commercial business: Pass 44,514 18,988 4,701 12,654 3,322 12,892 65,657 162,728 Special Mention - - - 2,304 945 12 461 3,722 Substandard 41 76 160 1,474 132 189 - 2,072 Doubtful - - - - - 420 9 429 Total commercial business 44,555 19,064 4,861 16,432 4,399 13,513 66,127 168,951 Construction loans: Pass 40,332 17,404 11,203 13,860 1,641 1,382 5,735 91,557 Special Mention - - - - - - - - Substandard - - - - - 2,247 - 2,247 Doubtful - - - - - - - - Total construction loans 40,332 17,404 11,203 13,860 1,641 3,629 5,735 93,804 Residential mortgage: Pass 560,543 124,606 69,917 74,754 119,238 472,587 375 1,422,020 Special Mention - - 1,233 - - 712 - 1,945 Substandard - 1,040 671 511 1,468 20,066 - 23,756 Doubtful - - - - - - - - Total residential mortgage 560,543 125,646 71,821 75,265 120,706 493,365 375 1,447,721 Home equity loans: Pass 834 2,508 4,585 2,778 2,241 7,798 24,788 45,532 Special Mention - - - - - 393 - 393 Substandard - - - - 11 1,935 - 1,946 Doubtful - - - - - - - - Total home equity loans 834 2,508 4,585 2,778 2,252 10,126 24,788 47,871 Other consumer loans Pass 550 517 633 256 127 1,044 44 3,171 Special Mention - - - - - - - - Substandard - - - - - - 1 1 Doubtful - - - - - - 87 87 Other consumer loans 550 517 633 256 127 1,044 132 3,259 Total loans $ 1,028,561 $ 500,255 $ 574,903 $ 531,566 $ 774,870 $ 1,366,848 $ 103,307 $ 4,880,310 The following table presents, under previously applicable GAAP, the risk category of loans as of June 30, 2020 by loan segment: June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Pass $ 2,055,520 $ 932,202 $ 132,818 $ 20,961 $ 1,258,246 $ 81,120 $ 3,979 $ 4,484,846 Special Mention 1,086 4,373 2,585 - 981 157 5 9,187 Substandard 2,962 24,278 3,385 - 13,795 1,643 6 46,069 Doubtful - - - - - - 1 1 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 |
Acquisition Amount of MSB Purchased Loans | The carrying amount of those loans is as follows: At July 10, 2020 (In Thousands) Purchase price of PCD loans at acquisition $ 69,415 Allowance for credit losses at acquisition (3,901 ) Non-credit discount at acquisition (167 ) Amortized cost of acquired PCD loans at acquisition $ 65,347 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Allowance for Credit Losses and Balance of Loans Receivable | The following tables present the balance of the allowance for credit losses at June 30, 2021 and June 30, 2020. For the year ended June 30, 2021, the balance of the allowance for credit losses is based on the CECL methodology, as noted above. For the year ended June 30, 2020, the allowance for loan losses is based upon the calculation methodology as described in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2020. The tables identify the valuation allowances attributable to specifically identified impairments on individually evaluated loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans evaluated collectively. The tables include the underlying balance of loans receivable applicable to each category as of those dates. Allowance for Credit Losses June 30, 2021 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Balance of allowance for credit losses: Loans acquired with deteriorated credit quality individually analyzed $ - $ 2,700 $ - $ - $ 122 $ 21 $ - $ 2,843 Loans acquired with deteriorated credit quality collectively analyzed 155 692 15 49 204 1 - 1,116 Loans individually evaluated 1,368 2,025 33 - 447 1 - 3,874 Loans collectively evaluated 26,927 10,826 2,038 1,121 8,974 410 36 50,332 Total allowance for credit losses $ 28,450 $ 16,243 $ 2,086 $ 1,170 $ 9,747 $ 433 $ 36 $ 58,165 Note 6 – Allowance for Credit Losses (continued) Balance of Loans Receivable June 30, 2021 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Balance of loans receivable: Loans acquired with deteriorated credit quality individually evaluated $ - $ 6,519 $ 183 $ - $ 3,617 $ 380 $ - $ 10,699 Loans acquired with deteriorated credit quality collectively evaluated 5,599 25,844 2,533 12,970 4,785 65 - 51,796 Loans individually evaluated 18,526 30,668 729 2,228 15,553 1,364 - 69,068 Loans collectively evaluated 2,015,135 1,016,413 165,506 78,606 1,423,766 46,062 3,259 4,748,747 Total loans $ 2,039,260 $ 1,079,444 $ 168,951 $ 93,804 $ 1,447,721 $ 47,871 $ 3,259 $ 4,880,310 Unaccreted yield adjustments (28,916 ) Loans receivable, net of yield adjustments $ 4,851,394 Allowance for Loan Losses June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Balance of allowance for loan losses: Loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - Loans individually evaluated for impairment - 41 47 - 1 - - 89 Loans collectively evaluated for impairment 20,916 8,722 1,879 236 4,859 568 58 37,238 Total allowance for loan losses $ 20,916 $ 8,763 $ 1,926 $ 236 $ 4,860 $ 568 $ 58 $ 37,327 Note 6 – Allowance for Credit Losses (continued) Balance of Loans Receivable June 30, 2020 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Balance of loans receivable: Loans acquired with deteriorated credit quality $ - $ - $ 222 $ - $ 77 $ - $ - 299 Loans individually evaluated for impairment 2,962 24,048 5,567 - 10,689 1,557 - 44,823 Loans collectively evaluated for impairment 2,056,606 936,805 132,999 20,961 1,262,256 81,363 3,991 4,494,981 Total loans $ 2,059,568 $ 960,853 $ 138,788 $ 20,961 $ 1,273,022 $ 82,920 $ 3,991 $ 4,540,103 Unaccreted yield adjustments (41,706 ) Loans receivable, net of yield adjustments $ 4,498,397 The following table presents the activity in the ACL on loans for the year ended June 30, 2021: Year Ended June 30, 2021 Multi-Family Mortgage Non- Residential Mortgage Commercial Business Construction Residential Mortgage Home Equity Loans Other Consumer Total (In Thousands) Changes in the allowance for credit losses for the year ended June 30, 2021: At June 30, 2020 (prior to adoption of ASC 326): $ 20,916 $ 8,763 $ 1,926 $ 236 $ 4,860 $ 568 $ 58 $ 37,327 Impact of adopting Topic 326 8,408 2,390 (421 ) 80 9,106 92 (15 ) 19,640 Charge offs - (80 ) (1,446 ) - (13 ) (32 ) (41 ) (1,612 ) Recoveries - - 17 - 4 - 9 30 Initial allowance on PCD loans 250 1,720 1,007 99 720 105 - 3,901 (Reversal of) provision for credit losses (1,124 ) 3,450 1,003 755 (4,930 ) (300 ) 25 (1,121 ) Total allowance for credit losses $ 28,450 $ 16,243 $ 2,086 $ 1,170 $ 9,747 $ 433 $ 36 $ 58,165 Note 6 – Allowance for Credit Losses (continued) For the accounting policy on the allowance for loan losses that was in effect prior to the adoption of Topic 326, see Note 1 to our Annual Report on Form 10-K for the fiscal year ended June 30, 2020. The following tables present the activity in the allowance for loan losses for the years ended June 30, 2020 and 2019: 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 Provision for (reversal of) loan losses 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 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 Provision for (reversal of) loan losses 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 |
Allowance for Credit Losses on Financing Receivables Off Balance Sheet Commitments | The following tables present the activity in the ACL on off balance sheet commitments for the year ended June 30, 2021: Year Ended June 30, 2021 (In Thousands) Changes in the allowance for credit losses for the year ended June 30, 2021: At June 30, 2020: $ - Impact of adopting Topic 326 (1) 536 Provision recorded in other non-interest expense 1,172 Total allowance for credit losses on off balance sheet commitments $ 1,708 (1) Adoption of CECL accounting standard effective July 1, 2020. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
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, 2021 and 2020 is as follows: 2021 2020 (In Thousands) Less than one year $ 3,604 $ 3,212 After one year but within two years 2,998 3,004 After two years but within three years 2,372 2,405 After three years but within four years 1,917 1,739 After four years but within five years 1,759 1,509 Greater than five years 7,205 7,373 Total undiscounted cash flows 19,855 19,242 Less: discount on cash flows (2,028 ) (2,115 ) Total lease liability $ 17,827 $ 17,127 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | June 30, 2021 2020 (In Thousands) Land $ 12,192 $ 12,376 Buildings and improvements 47,535 46,219 Leasehold improvements 12,075 10,234 Furnishings and equipment 28,349 24,719 Construction in progress 71 4,174 100,222 97,722 Less accumulated depreciation and amortization 43,884 40,333 Total premises and equipment $ 56,338 $ 57,389 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | Goodwill Core Deposit Intangibles (In Thousands) 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 Acquisition of MSB Financial Corp. - 690 Amortization - (980 ) Balance at June 30, 2021 $ 210,895 $ 3,705 |
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) 2022 $ 685 2023 563 2024 526 2025 495 2026 467 Thereafter 969 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Deposits [Abstract] | |
Schedule of Deposits | Deposits are summarized as follows: June 30, 2021 2020 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) Non-interest-bearing demand $ 593,718 0.00 % $ 419,138 0.00 % Interest-bearing demand 1,902,478 0.18 1,264,151 0.54 Savings 1,111,364 0.13 906,597 0.83 Certificates of deposits 1,877,746 0.57 1,840,396 1.79 Total deposits $ 5,485,306 0.28 % $ 4,430,282 1.07 % |
Schedule of Brokered Deposits | Brokered deposits are summarized as follows: June 30, 2021 2020 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) Certificates of deposits $ 458,616 0.10 % $ 31,379 2.16 % Total brokered deposits $ 458,616 0.10 % $ 31,379 2.16 % |
Certificates of Deposit by Maturity | A summary of certificates of deposit by maturity follows: June 30, 2021 (In Thousands) One year or less $ 1,510,761 After one year to two years 246,754 After two years to three years 41,230 After three years to four years 41,913 After four years to five years 30,790 After five years 6,298 Total certificates of deposit $ 1,877,746 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Fixed Rate Advances from FHLB | Fixed-rate advances from FHLB of New York mature as follows: June 30, 2021 June 30, 2020 Balance Weighted Average Interest Rate Balance Weighted Average Interest Rate (Dollars in Thousands) By remaining period to maturity: Less than one year $ 390,000 0.33 % $ 865,000 0.45 % One to two years 145,000 3.04 27,000 2.85 Two to three years 22,500 2.63 145,000 3.04 Three to four years 103,500 2.68 22,500 2.63 Four to five years 6,500 2.82 103,500 2.68 Greater than five years - - 6,500 2.82 Total advances 667,500 1.38 % 1,169,500 1.08 % Unamortized fair value adjustments (1,624 ) (2,071 ) Total advances, net of fair value adjustments $ 665,876 $ 1,167,429 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
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, 2021 and June 30, 2020: June 30, 2021 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (In Thousands) Derivatives designated as hedging instruments: Interest rate contracts Other assets $ 1,832 Other liabilities $ 673 Total $ 1,832 $ 673 June 30, 2020 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (In Thousands) Derivatives designated as hedging instruments: Interest rate contracts Other assets $ 235 Other liabilities $ 18,177 Total $ 235 $ 18,177 |
Pre-tax Effects of Derivative Instruments on Consolidated Statements of Income | The tables below present the pre-tax effects of the Company’s derivative instruments on the Consolidated Statements of Income as of June 30, 2021, June 30, 2020 and June 30, 2019: Year Ended June 30, 2021 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 $ 10,825 Interest expense $ (8,281 ) Total $ 10,825 $ (8,281 ) 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 |
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, 2021 and June 30, 2020, respectively. The net amounts presented for derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Consolidated Statement of Condition. June 30, 2021 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 $ 6,847 $ (5,015 ) $ 1,832 $ - $ - $ 1,832 Total $ 6,847 $ (5,015 ) $ 1,832 $ - $ - $ 1,832 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 $ 5,688 $ (5,015 ) $ 673 $ - $ (673 ) $ - Total $ 5,688 $ (5,015 ) $ 673 $ - $ (673 ) $ - June 30, 2020 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Received Net Amount (In Thousands) Assets: Interest rate contracts $ 592 $ (357 ) $ 235 $ - $ - $ 235 Total $ 592 $ (357 ) $ 235 $ - $ - $ 235 Gross Amounts Not Offset Gross Amount Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Posted Net Amount (In Thousands) Liabilities: Interest rate contracts $ 18,534 $ (357 ) $ 18,177 $ - $ (18,177 ) $ - Total $ 18,534 $ (357 ) $ 18,177 $ - $ (18,177 ) $ - |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
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 2021 2020 2019 (In Thousands) Service cost $ 106 $ 78 $ 54 Salaries and employee benefits Interest cost 262 326 378 Miscellaneous non-interest expense Amortization of unrecognized loss 83 19 43 Miscellaneous non-interest expense Expected return on assets (113 ) (112 ) (112 ) Miscellaneous non-interest expense Net periodic benefit cost $ 338 $ 311 $ 363 |
Schedule of Impact of Retrospective Application to Consolidated Statement of Income | Note 13 – Benefit Plans (continued) Condensed Statements of Income and Comprehensive Income Years Ended June 30, 2021 2020 2019 (In Thousands) Dividends from subsidiary $ 178,918 $ 30,039 $ 255,117 Interest income 1,993 2,108 2,162 Equity in undistributed (loss) earnings of subsidiaries (114,969 ) 14,984 (212,868 ) Total income 65,942 47,131 44,411 Directors' compensation 308 332 340 Other expenses 2,660 1,853 1,922 Total expense 2,968 2,185 2,262 Income before income taxes 62,974 44,946 42,149 Income tax expense (259 ) (19 ) 7 Net income $ 63,233 $ 44,965 $ 42,142 Comprehensive income $ 68,120 $ 43,383 $ 26,446 |
Employee Stock Ownership Plan (ESOP) Disclosures | At June 30, 2021 and 2020, the ESOP shares were as follows: June 30, 2021 2020 (In Thousands) Allocated shares 2,021 1,924 Total shares distributed to employees 1,141 1,038 Shares committed to be released 100 100 Unearned shares 2,760 2,960 Total ESOP shares 6,022 6,022 Fair value of unearned ESOP shares $ 32,982 $ 24,213 |
Schedule of Fair Value of ABRIP's Assets | Note 13 – Benefit Plans (continued) The fair values of the ABRIP’s assets at June 30, 2021 and 2020 by asset category (see Note 18 for the definitions of levels), are as follows: June 30, 2021 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 $ - $ 3,220 $ - $ 3,220 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 |
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | |
Schedule of Net Periodic Benefit Expense | Years Ended June 30, 2021 2020 2019 (In Thousands) Net periodic benefit cost/(credit): Interest cost $ 61 $ 77 $ 108 Expected return on assets (113 ) (112 ) (112 ) Amortization of net loss 22 4 57 Total benefit cost (credit) $ (30 ) $ (31 ) $ 53 Valuation assumptions Discount rate 2.75 % 3.75 % 4.25 % 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, 2021 2020 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 2,285 $ 2,553 Interest cost 61 77 Actuarial gain (49 ) (228 ) Benefit payments (148 ) (117 ) Projected benefit obligation - ending $ 2,149 $ 2,285 Change in plan assets: Fair value of assets - beginning $ 3,299 $ 3,223 Actual return on assets 69 193 Benefit payments (148 ) (117 ) Fair value of assets - ending $ 3,220 $ 3,299 Reconciliation of funded status: Projected benefit obligation $ (2,149 ) $ (2,285 ) Fair value of assets 3,220 3,299 Funded status included in other assets $ 1,071 $ 1,014 Accumulated benefit obligation $ (2,149 ) $ (2,285 ) Valuation assumptions Discount rate 3.00 % 2.75 % Salary increase rate N/A N/A Note 13 – Benefit Plans (continued) |
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: 2022 $ 146 2023 144 2024 141 2025 142 2026 143 2027-2031 657 |
Benefit Equalization Plan ("BEP") [Member] | |
Schedule of Net Periodic Benefit Expense | Years Ended June 30, 2021 2020 2019 (In Thousands) Net periodic benefit cost: Interest cost $ 85 $ 112 $ 125 Amortization of net actuarial loss 75 56 44 Total expense $ 160 $ 168 $ 169 Valuation assumptions Discount rate 2.75 % 3.75 % 4.25 % 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, 2021 2020 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 3,206 $ 3,105 Interest cost 85 112 Actuarial (gain) loss (53 ) 226 Benefit payments (239 ) (237 ) Projected benefit obligation - ending $ 2,999 $ 3,206 Change in plan assets: Fair value of assets - beginning $ - $ - Contributions 239 237 Benefit payments (239 ) (237 ) Fair value of assets - ending $ - $ - Reconciliation of funded status: Accumulated benefit obligation $ (2,999 ) $ (3,206 ) Projected benefit obligation $ (2,999 ) $ (3,206 ) Fair value of assets - - Funded status included in other liabilities $ (2,999 ) $ (3,206 ) Valuation assumptions Discount rate 3.00 % 2.75 % 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: 2022 $ 238 2023 235 2024 231 2025 228 2026 223 2027-2031 1,030 |
Postretirement Welfare Plan [Member] | |
Schedule of Net Periodic Benefit Expense | Years Ended June 30, 2021 2020 2019 (In Thousands) Net periodic benefit cost: Service cost $ 106 $ 78 $ 54 Interest cost 27 26 26 Amortization of net actuarial gain (14 ) (41 ) (49 ) Total expense (benefit) $ 119 $ 63 $ 31 Valuation assumptions Discount rate 2.75 % 3.75 % 4.25 % 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, 2021 2020 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 991 $ 710 Service cost 106 78 Interest cost 27 26 Actuarial (gain) loss (4 ) 188 Premiums/claims paid (12 ) (11 ) Projected benefit obligation - ending $ 1,108 $ 991 Change in plan assets: Fair value of assets - beginning $ - $ - Contributions 12 11 Premiums/claims paid (12 ) (11 ) Fair value of assets - ending $ - $ - Reconciliation of funded status: Projected benefit obligation $ (1,108 ) $ (991 ) Fair value of assets - - Funded status included in other liabilities $ (1,108 ) $ (991 ) Valuation assumptions Discount rate 3.00 % 2.75 % 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: 2022 $ 44 2023 52 2024 61 2025 70 2026 84 2027-2031 522 |
Directors' Consultation and Retirement Plan ("DCRP") [Member] | |
Schedule of Net Periodic Benefit Expense | Years Ended June 30, 2021 2020 2019 (In Thousands) Net periodic benefit cost: Service cost $ - $ - $ - Interest cost 89 110 119 Amortization of net actuarial gain - - (9 ) Total expense (benefit) $ 89 $ 110 $ 110 Valuation assumptions Discount rate 2.75 % 3.75 % 4.25 % 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, 2021 2020 (In Thousands) Change in benefit obligation: Projected benefit obligation - beginning $ 3,269 $ 2,975 Interest cost 89 110 Actuarial (gain) loss (173 ) 244 Benefit payments (69 ) (60 ) Projected benefit obligation - ending $ 3,116 $ 3,269 Change in plan assets: Fair value of assets - beginning $ - $ - Contributions 69 60 Benefit payments (69 ) (60 ) Fair value of assets - ending $ - $ - Reconciliation of funded status: Accumulated benefit obligation $ (3,116 ) $ (3,269 ) Projected benefit obligation $ (3,116 ) $ (3,269 ) Fair value of assets - - Funded status included in other liabilities $ (3,116 ) $ (3,269 ) Valuation assumptions Discount rate 3.00 % 2.75 % 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: 2022 $ 71 2023 91 2024 111 2025 149 2026 167 2027-2031 1,178 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
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, 2021 2020 2019 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 Note 14 – Stock Based Compensation (continued) |
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, 2021: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (In Thousands) (In Thousands) Outstanding at June 30, 2020 3,294 $ 14.90 6.5 years $ 11 Granted - - - Exercised (41 ) 9.00 2.5 years Forfeited - - Outstanding at June 30, 2021 3,253 $ 14.97 5.5 years $ 177 Exercisable at June 30, 2021 2,510 $ 15.00 5.4 years $ 177 |
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, 2021 and changes during the year ended June 30, 2021: 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, 2020 420 $ 14.86 227 $ 14.69 Granted 27 13.11 27 13.11 Vested (183 ) 15.07 (94 ) 14.95 Forfeited - - - - Non-vested at June 30, 2021 264 $ 14.54 160 $ 14.27 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Summary of Regulatory Capital Levels | The following tables present information regarding the consolidated Company’s regulatory capital levels at June 30, 2021 and June 30, 2020: At June 30, 2021 Actual For Capital Adequacy Purposes Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 872,823 19.65 % $ 355,274 8.00 % Tier 1 capital (to risk-weighted assets) 837,677 18.86 % 266,456 6.00 % Common equity tier 1 capital (to risk-weighted assets) 837,677 18.86 % 199,842 4.50 % Tier 1 capital (to adjusted total assets) 837,677 11.76 % 284,877 4.00 % 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 % |
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, 2021 and 2020: At June 30, 2021 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) $ 761,883 17.22 % $ 353,970 8.00 % $ 442,462 10.00 % Tier 1 capital (to risk-weighted assets) 726,737 16.42 % 265,477 6.00 % 353,970 8.00 % Common equity tier 1 capital (to risk-weighted assets) 726,737 16.42 % 199,108 4.50 % 287,600 6.50 % Tier 1 capital (to adjusted total assets) 726,737 10.23 % 284,114 4.00 % 355,142 5.00 % 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 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Taxes | The components of income taxes are as follows: Years Ended June 30, 2021 2020 2019 (In Thousands) Current income tax expense: Federal $ 12,051 $ 6,745 $ 5,656 State 5,058 4,877 3,733 17,109 11,622 9,389 Deferred income tax expense: Federal 2,673 1,153 3,842 State 2,016 235 368 4,689 1,388 4,210 Valuation allowance (535 ) (723 ) 328 Total income tax expense $ 21,263 $ 12,287 $ 13,927 |
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% Note 16 – Income Taxes (continued) Years Ended June 30, 2021 2020 2019 (Dollars In Thousands) Income before income taxes $ 84,496 $ 57,252 $ 56,069 Statutory federal tax rate 21 % 21 % 21 % Federal income tax expense at statutory rate $ 17,744 $ 12,023 $ 11,774 (Reduction) increases in income taxes resulting from: Tax exempt interest (345 ) (497 ) (589 ) State tax, net of federal tax effect 5,464 3,914 3,510 Incentive stock options compensation expense 85 78 88 Income from bank-owned life insurance (1,255 ) (1,314 ) (1,329 ) Disqualifying disposition on incentive stock options (33 ) - (24 ) Non-deductible merger-related expenses 49 148 - Bargain purchase gain (641 ) - - Tax benefit arising from the adoption of the CARES Act provisions - (1,624 ) - Other items, net 730 282 169 21,798 13,010 13,599 Valuation allowance (535 ) (723 ) 328 Total income tax expense $ 21,263 $ 12,287 $ 13,927 Effective income tax rate 25.16 % 21.46 % 24.84 % |
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, 2021 2020 (In Thousands) Deferred income tax assets: Purchase accounting $ 8,417 $ 11,668 Accumulated other comprehensive income Defined benefit plans 326 416 Derivatives 94 5,730 Allowance for credit losses 17,376 11,047 Benefit plans 2,432 2,290 Compensation 1,616 1,287 Stock-based compensation 2,937 2,482 Uncollected interest 1,484 1,362 Depreciation 1,691 268 Net operating loss carryover 5 6 Capital loss carryforward 313 329 Other items 1,048 1,049 37,739 37,934 Valuation allowance - (535 ) 37,739 37,399 Deferred income tax liabilities: Deferred loan fees and costs 620 - Accumulated other comprehensive income Unrealized gain on securities available for sale 2,882 6,541 Goodwill 4,560 4,655 Other items 354 723 8,416 11,919 Net deferred income tax asset $ 29,323 $ 25,480 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | Those assets and liabilities measured at fair value on a recurring basis are summarized below: June 30, 2021 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 - 34,603 - 34,603 Asset-backed securities - 242,989 - 242,989 Collateralized loan obligations - 189,880 - 189,880 Corporate bonds - 158,351 - 158,351 Total debt securities - 625,823 - 625,823 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 13,739 - 13,739 Residential pass-through securities - 744,491 - 744,491 Commercial pass-through securities - 292,811 - 292,811 Total mortgage-backed securities - 1,051,041 - 1,051,041 Total securities available for sale $ - $ 1,676,864 $ - $ 1,676,864 Interest rate contracts - 1,832 - 1,832 Total assets $ - $ 1,678,696 $ - $ 1,678,696 Liabilities: Interest rate contracts $ - $ 673 $ - $ 673 Total liabilities $ - $ 673 $ - $ 673 June 30, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Assets: Debt securities available for sale: Obligations of state and political subdivisions - 54,054 - 54,054 Asset-backed securities - 172,447 - 172,447 Collateralized loan obligations - 193,788 - 193,788 Corporate bonds - 143,639 - 143,639 Trust preferred securities - 2,627 - 2,627 Total debt securities - 566,555 - 566,555 Mortgage-backed securities available for sale: Collateralized mortgage obligations - 30,903 - 30,903 Residential pass-through securities - 561,954 - 561,954 Commercial pass-through securities - 226,291 - 226,291 Total mortgage-backed securities - 819,148 - 819,148 Total securities available for sale - 1,385,703 - 1,385,703 Interest rate contracts - 235 - 235 Total assets $ - $ 1,385,938 $ - $ 1,385,938 Liabilities: Interest rate contracts $ - $ 18,177 $ - $ 18,177 Total liabilities $ - $ 18,177 $ - $ 18,177 |
Schedule of Assets 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, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Collateral dependent loans: Residential mortgage $ - $ - $ 3,051 $ 3,051 Multi-family mortgage - - 6,932 6,932 Non-residential mortgage - - 8,679 8,679 Total $ - $ - $ 18,662 $ 18,662 Other real estate owned, net: Residential $ - $ 178 $ 178 Total $ - $ - $ 178 $ 178 June 30, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In Thousands) Impaired loans: Residential mortgage $ - $ - $ 2,339 $ 2,339 Non-residential mortgage - - 2,282 2,282 Commercial business - - 129 129 Total $ - $ - $ 4,750 $ 4,750 Other real estate owned, net: Residential - - 178 178 Total $ - $ - $ 178 $ 178 |
Schedule of Quantitative Information about Level 3 Fair Value Measurements | The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value: June 30, 2021 Fair Value Valuation Techniques Unobservable Input Range Weighted Average (In Thousands) Collateral dependent loans: Residential mortgage $ 3,051 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 7% - 13% 9.77 % Multi-family mortgage 6,932 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 10% - 11% 10.39 % Non-residential mortgage 8,679 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 9% - 16% 14.48 % Total $ 18,662 Other real estate owned, net: Residential $ 178 Market valuation of underlying collateral (3) Adjustments to reflect current conditions/selling costs (2) 6.00% 6.00 % Total $ 178 June 30, 2020 Fair Value Valuation Techniques Unobservable Input Range Weighted Average (In Thousands) Impaired loans: Residential mortgage $ 2,339 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 7% - 9% 8.17 % Non-residential mortgage 2,282 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 9% - 12% 10.27 % Commercial business 129 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 0% - 0% 0.00 % Total $ 4,750 Other real estate owned, net: Residential $ 178 Market valuation of underlying collateral (3) Adjustments to reflect current conditions/selling costs (2) 6.00% 6.00 % Total $ 178 (1) The fair value 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 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, 2021 and June 30, 2020: June 30, 2021 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 $ 67,855 $ 67,855 $ 67,855 $ - $ - Investment securities available for sale 1,676,864 1,676,864 - 1,676,864 - Investment securities held to maturity 38,138 39,610 - 39,610 - Loans held-for-sale 16,492 16,934 - 16,934 - Net loans receivable 4,793,229 4,830,136 - - 4,830,136 FHLB Stock 36,615 - - - - Interest receivable 19,362 19,362 1 4,238 15,123 Interest rate contracts 1,832 1,832 - 1,832 - Financial liabilities: Deposits 5,485,306 5,490,923 3,607,560 - 1,883,363 Borrowings 685,876 701,419 - - 701,419 Interest payable on deposits 145 145 96 - 49 Interest payable on borrowings 1,335 1,335 - - 1,335 Interest rate contracts 673 673 - 673 - Note 18 – Fair Value of Financial Instruments (continued) June 30, 2020 Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In Thousands) Financial assets: Cash and cash equivalents $ 180,967 $ 180,967 $ 180,967 $ - $ - Investment securities available for sale 1,385,703 1,385,703 - 1,385,703 - Investment securities held to maturity 32,556 34,069 - 34,069 - Loans held-for-sale 20,789 21,550 - 21,550 - Net loans receivable 4,461,070 4,462,232 - - 4,462,232 FHLB Stock 58,654 - - - - Interest receivable 17,373 17,373 4 4,154 13,215 Interest rate contracts 235 235 - 235 - Financial liabilities: Deposits 4,430,282 4,449,877 2,589,886 - 1,859,991 Borrowings 1,173,165 1,215,529 - - 1,215,529 Interest payable on deposits 395 395 295 - 100 Interest payable on borrowings 1,723 1,723 - - 1,723 Interest rate contracts 18,177 18,177 - 18,177 - |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
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, 2021 2020 (In Thousands) Net unrealized gain on securities available for sale $ 10,011 $ 22,482 Tax effect (2,882 ) (6,541 ) Net of tax amount 7,129 15,941 Fair value adjustments on derivatives (312 ) (19,418 ) Tax effect 94 5,730 Net of tax amount (218 ) (13,688 ) Benefit plan adjustments (1,093 ) (1,412 ) Tax effect 326 416 Net of tax amount (767 ) (996 ) Total accumulated other comprehensive income $ 6,144 $ 1,257 |
Schedule of Comprehensive Income (Loss) | Other comprehensive income (loss) and related tax effects are presented in the following table: Years Ended June 30, 2021 2020 2019 (In Thousands) Net unrealized holding (loss) gain on securities available for sale $ (11,704 ) $ 22,758 $ 5,973 Amortization of net unrealized holding gain (loss) on securities available for sale transferred to held to maturity (1) - 596 291 Net realized (gain) loss on securities available for sale (2) (767 ) (2,251 ) 323 Fair value adjustments on derivatives 19,106 (23,134 ) (28,165 ) Benefit plans: Amortization of: Actuarial loss (3) 83 19 43 Net actuarial gain (loss) 236 (348 ) (313 ) Net change in benefit plan accrued expense 319 (329 ) (270 ) Other comprehensive income (loss) before taxes 6,954 (2,360 ) (21,848 ) Tax effect (2,067 ) 778 6,152 Total comprehensive income (loss) $ 4,887 $ (1,582 ) $ (15,696 ) (1) Represents amounts reclassified out of accumulated other comprehensive income and included in interest income on taxable securities. (2) Represents amounts reclassified out of accumulated other comprehensive income and included in gain on sale of securities on the consolidated statements of income. (3) Represents amounts reclassified out of accumulated other comprehensive income and included in the computation of net periodic pension expense. See Note 13 – Benefit Plans for additional information. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
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, 2021, 2020 and 2019. Years Ended June 30, 2021 2020 2019 (In Thousands) Non-interest income: Deposit-related fees and charges $ 1,412 $ 1,626 $ 1,536 Loan-related fees and charges (1) 4,210 5,020 3,909 Gain (loss) on sale and call of securities (1) 767 2,250 (323 ) Gain on sale of loans (1) 5,574 3,186 580 Loss on sale and write down of other real estate owned - (28 ) (11 ) Income from bank owned life insurance (1) 6,267 6,225 6,339 Electronic banking fees and charges (interchange income) 1,717 1,246 1,050 Bargain purchase gain (1) 3,053 - - Miscellaneous (1) 1,751 194 475 Total non-interest income $ 24,751 $ 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, 2021 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Statements of Financial Condition | Condensed Statements of Financial Condition June 30, 2021 2020 (In Thousands) Assets Cash and amounts due from depository institutions $ 66,191 $ 42,632 Investment securities available for sale 15,000 15,000 Loans receivable 29,959 31,661 Investment in subsidiary 932,004 994,696 Other assets 624 1,109 Total Assets $ 1,043,778 $ 1,085,098 Liabilities and Stockholders' Equity Other liabilities 834 921 Stockholders' equity 1,042,944 1,084,177 Total Liabilities and Stockholders' Equity $ 1,043,778 $ 1,085,098 |
Schedule of Impact of Retrospective Application to Consolidated Statement of Income | Note 13 – Benefit Plans (continued) Condensed Statements of Income and Comprehensive Income Years Ended June 30, 2021 2020 2019 (In Thousands) Dividends from subsidiary $ 178,918 $ 30,039 $ 255,117 Interest income 1,993 2,108 2,162 Equity in undistributed (loss) earnings of subsidiaries (114,969 ) 14,984 (212,868 ) Total income 65,942 47,131 44,411 Directors' compensation 308 332 340 Other expenses 2,660 1,853 1,922 Total expense 2,968 2,185 2,262 Income before income taxes 62,974 44,946 42,149 Income tax expense (259 ) (19 ) 7 Net income $ 63,233 $ 44,965 $ 42,142 Comprehensive income $ 68,120 $ 43,383 $ 26,446 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years Ended June 30, 2021 2020 2019 (In Thousands) Cash Flows from Operating Activities: Net income $ 63,233 $ 44,965 $ 42,142 Adjustment to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries 114,969 (14,984 ) 212,868 Decrease (increase) in other assets 484 (583 ) 1,116 Increase (decrease) in other liabilities 160 (50 ) (9 ) Net Cash Provided by Operating Activities 178,846 29,348 256,117 Cash Flows from Investing Activities: Repayment of loan to ESOP 1,702 1,645 1,596 Sale of investment securities available for sale - - - Outlays for business acquisitions (9,008 ) - - Other, net 118 - - Net Cash (Used) Provided by Investing Activities (7,188 ) 1,645 1,596 Cash Flows from Financing Activities: Exercise of stock options 373 - 423 Cash dividends paid (28,648 ) (24,121 ) (34,747 ) Repurchase and cancellation of common stock of Kearny Financial Corp. (119,021 ) (69,782 ) (141,708 ) Cancellation of shares repurchased on vesting to pay taxes (803 ) (1,083 ) (989 ) Net Cash Used In Financing Activities (148,099 ) (94,986 ) (177,021 ) Net Increase (Decrease) in Cash and Cash Equivalents 23,559 (63,993 ) 80,692 Cash and Cash Equivalents - Beginning 42,632 106,625 25,933 Cash and Cash Equivalents - Ending $ 66,191 $ 42,632 $ 106,625 |
Net Income Per Common Share ("E
Net Income Per Common Share ("EPS") (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Calculations | The following schedule shows the Company’s earnings per share calculations for the periods presented: For the Year Ended June 30, 2021 2020 2019 (In Thousands, Except Per Share Data) Net income $ 63,233 $ 44,965 $ 42,142 Weighted average number of common shares outstanding - basic 82,387 82,409 91,054 Effect of dilutive securities 4 21 46 Weighted average number of common shares outstanding- diluted 82,391 82,430 91,100 Basic earnings per share $ 0.77 $ 0.55 $ 0.46 Diluted earnings per share $ 0.77 $ 0.55 $ 0.46 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
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, 2021 and 2020: Year Ended June 30, 2021 First Quarter Second Quarter Third Quarter Fourth Quarter September 30 December 31 March 31 June 30 (In Thousands, Except Per Share Data) Interest income $ 60,884 $ 58,393 $ 58,313 $ 56,770 Interest expense 16,722 13,840 10,682 8,607 Net interest income 44,162 44,553 47,631 48,163 Provision for (reversal of) credit losses 4,059 (1,365 ) 1,126 (4,941 ) Net interest income after provision for (reversal of) credit losses 40,103 45,918 46,505 53,104 Non-interest income 7,733 7,154 5,466 4,398 Non-interest expense 33,573 30,510 29,816 31,986 Income before income taxes 14,263 22,562 22,155 25,516 Income taxes 2,884 5,614 5,732 7,033 Net Income $ 11,379 $ 16,948 $ 16,423 $ 18,483 Net income per common share: Basic $ 0.13 $ 0.20 $ 0.20 $ 0.24 Diluted $ 0.13 $ 0.20 $ 0.20 $ 0.24 Weighted average number of common shares outstanding: Basic 86,008 85,120 80,673 77,658 Diluted 86,009 85,123 80,690 77,680 Dividends declared per common share $ 0.08 $ 0.08 $ 0.09 $ 0.10 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 (reversal of) 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 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | 36 Months Ended | |||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)Subsidiary | Jun. 30, 2018USD ($) | |
Accounting Policies [Abstract] | |||||
Number of wholly owned bank subsidiaries | Subsidiary | 1 | ||||
Cash and cash equivalent maturity period | 90 days | ||||
Relief provisions | $ 900,000 | ||||
Relief provision expiration date | Dec. 31, 2020 | ||||
Goodwill, impairment loss | $ 0 | $ 0 | $ 0 | ||
Finite-lived intangible assets, net | $ 3,705,000 | $ 3,995,000 | $ 5,160,000 | $ 3,995,000 | $ 6,295,000 |
Federal income tax rate | 21.00% | 21.00% | 21.00% | ||
Income tax uncertainties | $ 0 | $ 0 | |||
Unrecognized income tax benefits | 0 | 0 | $ 0 | ||
Income tax interest and penalties | $ 0 | $ 0 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - Additional Information (Details) - Cumulative Effect Period Of Adoption Adjustment [Member] - USD ($) $ in Thousands | Jul. 01, 2020 | Jun. 30, 2020 | Jun. 30, 2018 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Cumulative effect of change in accounting principle for the adoption of ASU 2017-08 | $ (14,239) | $ (531) | |
ASU 2016-13 [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Cumulative effect of change in accounting principle for the adoption of ASU 2017-08 | $ 14,200 |
Business Combination - Addition
Business Combination - Additional Information (Detail) - USD ($) | Jul. 10, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Business Acquisition [Line Items] | |||||
Bargain purchase gain | $ 3,053,000 | ||||
Finite-lived intangible assets, net | 3,705,000 | $ 3,995,000 | $ 5,160,000 | $ 6,295,000 | |
Merger-related expenses | 4,349,000 | 951,000 | |||
MSB Financial Corporation [Member] | |||||
Business Acquisition [Line Items] | |||||
Closing date | Jul. 10, 2020 | ||||
Cash paid for acquisition | $ 9,830,000 | ||||
Issuance of shares of common stock to MSB stockholders in conjunction with merger | 5,853,811 | ||||
Bargain purchase gain | $ 3,053,000 | ||||
Finite-lived intangible assets, net | $ 690,000 | ||||
Business combination provisional adjustments | 0 | ||||
Merger-related expenses | $ 4,300,000 | $ 951,000,000,000 | |||
MSB Financial Corporation [Member] | Core Deposits | |||||
Business Acquisition [Line Items] | |||||
Intangible asset, estimated useful life | 10 years |
Business Combination - Summary
Business Combination - Summary of Assets Acquired and Liabilities Assumed Through Merger at Fair Value (Detail) - USD ($) $ in Thousands | Jul. 10, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Business Acquisition [Line Items] | ||||
Deferred income taxes, net | $ 8,417 | $ 11,668 | ||
Bargain purchase gain | $ (3,053) | |||
MSB Financial Corporation [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash paid for acquisition | $ 9,830 | |||
Value of stock issued | 45,133 | |||
Total purchase price | 54,963 | |||
Cash and cash equivalents | 14,126 | |||
Investment securities | 3,490 | |||
Loans receivable | 530,244 | |||
Premises and equipment | 4,477 | |||
FHLB stock | 3,345 | |||
Accrued interest receivable | 1,701 | |||
Core deposit intangibles | 690 | |||
Bank owned life insurance | 14,663 | |||
Deferred income taxes, net | 3,881 | |||
Other assets | 5,325 | |||
Total assets acquired | 581,942 | |||
Deposits | 460,178 | |||
FHLB borrowings | 62,900 | |||
Advance payments by borrowers for taxes | 794 | |||
Other liabilities | 54 | |||
Total liabilities assumed | 523,926 | |||
Net assets acquired | 58,016 | |||
Bargain purchase gain | (3,053) | |||
MSB Financial Corporation [Member] | Previously Reported | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | 14,126 | |||
Investment securities | 4,000 | |||
Loans receivable | 537,589 | |||
Allowance for loan losses | (6,037) | |||
Premises and equipment | 7,698 | |||
FHLB stock | 3,345 | |||
Accrued interest receivable | 1,701 | |||
Bank owned life insurance | 14,663 | |||
Deferred income taxes, net | 1,729 | |||
Other assets | 4,830 | |||
Total assets acquired | 583,644 | |||
Deposits | 458,392 | |||
FHLB borrowings | 62,900 | |||
Advance payments by borrowers for taxes | 794 | |||
Other liabilities | 810 | |||
Total liabilities assumed | 522,896 | |||
MSB Financial Corporation [Member] | Revision of Prior Period, Adjustment | ||||
Business Acquisition [Line Items] | ||||
Investment securities | (510) | |||
Loans receivable | [1] | (7,345) | ||
Allowance for loan losses | [2] | 6,037 | ||
Premises and equipment | [3] | (3,221) | ||
Core deposit intangibles | [4] | 690 | ||
Deferred income taxes, net | [5] | 2,152 | ||
Other assets | [6] | 495 | ||
Total assets acquired | (1,702) | |||
Deposits | [7] | 1,786 | ||
Other liabilities | [8] | (756) | ||
Total liabilities assumed | $ 1,030 | |||
[1] | Represents the fair value adjustments on the net book value of loans, which includes an interest rate mark and credit mark adjustment and the reversal of deferred fees/costs and premiums. | |||
[2] | Represents the elimination of MSB’s allowance for loan losses. | |||
[3] | 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. | |||
[4] | 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. | |||
[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 an adjustment to other assets acquired. | |||
[7] | 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. | |||
[8] | Represents an adjustment to other liabilities assumed. |
Securities - Amortized Cost, Gr
Securities - Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of Securities (Detail) - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | $ 645,336,000 | ||
Net of allowance for credit losses | 0 | ||
Securities available for sale, Fair value | 652,851,000 | ||
June 30, 2021 | 1,666,853,000 | $ 1,363,221,000 | |
June 30, 2021 | 20,117,000 | 33,189,000 | |
June 30, 2021 | 10,106,000 | 10,707,000 | |
Investment securities available for sale, at fair value (amortized cost $1,666,853), net of allowance for credit losses of $0 at June 30, 2021 | 1,676,864,000 | 1,385,703,000 | |
Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 619,512,000 | 574,784,000 | |
Securities available for sale, Gross Unrealized Gains | 6,617,000 | 2,478,000 | |
Securities available for sale, Gross Unrealized Losses | 306,000 | 10,707,000 | |
Securities available for sale, Fair value | 625,823,000 | 566,555,000 | |
Debt Securities [Member] | Trust Preferred Securities Subject to Mandatory Redemption | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 2,967,000 | ||
Securities available for sale, Gross Unrealized Losses | 340,000 | ||
Securities available for sale, Fair value | 2,627,000 | ||
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 33,800,000 | 52,843,000 | |
Securities available for sale, Gross Unrealized Gains | 803,000 | 1,211,000 | |
Securities available for sale, Fair value | 34,603,000 | 54,054,000 | |
Debt Securities [Member] | Asset-backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 240,217,000 | 177,413,000 | |
Securities available for sale, Gross Unrealized Gains | 2,835,000 | ||
Securities available for sale, Gross Unrealized Losses | 63,000 | 4,966,000 | |
Securities available for sale, Fair value | 242,989,000 | 172,447,000 | |
Debt Securities [Member] | Collateralized Loan Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 189,873,000 | 198,619,000 | |
Securities available for sale, Gross Unrealized Gains | 177,000 | ||
Securities available for sale, Gross Unrealized Losses | 170,000 | 4,831,000 | |
Securities available for sale, Fair value | 189,880,000 | 193,788,000 | |
Debt Securities [Member] | Corporate Bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale, Amortized Cost | 155,622,000 | 142,942,000 | |
Securities available for sale, Gross Unrealized Gains | 2,802,000 | 1,267,000 | |
Securities available for sale, Gross Unrealized Losses | 73,000 | 570,000 | |
Securities available for sale, Fair value | 158,351,000 | 143,639,000 | |
Collateralized Mortgage Backed Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
June 30, 2021 | 1,047,341,000 | 788,437,000 | |
June 30, 2021 | 13,500,000 | 30,711,000 | |
June 30, 2021 | 9,800,000 | ||
Investment securities available for sale, at fair value (amortized cost $1,666,853), net of allowance for credit losses of $0 at June 30, 2021 | 1,051,041,000 | 819,148,000 | |
Collateralized Mortgage Backed Securities | Collateralized Mortgage Obligations Excluding Pass Through Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
June 30, 2021 | [1] | 13,420,000 | 30,043,000 |
June 30, 2021 | [1] | 319,000 | 860,000 |
Investment securities available for sale, at fair value (amortized cost $1,666,853), net of allowance for credit losses of $0 at June 30, 2021 | [1] | 13,739,000 | 30,903,000 |
Collateralized Mortgage Backed Securities | Residential Mortgage Backed Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
June 30, 2021 | [1] | 744,196,000 | 543,819,000 |
June 30, 2021 | [1] | 7,443,000 | 18,135,000 |
June 30, 2021 | [1] | 7,148,000 | |
Investment securities available for sale, at fair value (amortized cost $1,666,853), net of allowance for credit losses of $0 at June 30, 2021 | [1] | 744,491,000 | 561,954,000 |
Collateralized Mortgage Backed Securities | Commercial Mortgage Backed Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
June 30, 2021 | [1] | 289,725,000 | 214,575,000 |
June 30, 2021 | [1] | 5,738,000 | 11,716,000 |
June 30, 2021 | [1] | 2,652,000 | |
Investment securities available for sale, at fair value (amortized cost $1,666,853), net of allowance for credit losses of $0 at June 30, 2021 | [1] | $ 292,811,000 | $ 226,291,000 |
[1] | Government-sponsored enterprises. |
Securities - Amortized Cost, _2
Securities - Amortized Cost, Gross Unrecognized Gains and Losses and Fair Values of Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 645,336 | |
Gross Unrecognized Gains | 1,472 | $ 1,513 |
Fair Value | 652,851 | |
Amortized Cost | 38,138 | 32,556 |
Securities held to maturity, estimated fair value | 39,610 | 34,069 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 25,824 | 32,556 |
Gross Unrecognized Gains | 1,204 | 1,513 |
Fair Value | 27,028 | 34,069 |
Collateralized Mortgage Backed Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 12,314 | |
Gross Unrecognized Gains | 268 | |
Fair Value | 12,582 | |
Obligations of State and Political Subdivisions [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 25,824 | 32,556 |
Gross Unrecognized Gains | 1,204 | 1,513 |
Fair Value | 27,028 | $ 34,069 |
Collateralized Mortgage Obligations Excluding Pass Through Securities | Collateralized Mortgage Backed Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 12,314 | |
Gross Unrecognized Gains | 268 | |
Fair Value | $ 12,582 |
Securities - Stratification by
Securities - Stratification by Contractual Maturity of Securities (Detail) $ in Thousands | Jun. 30, 2021USD ($) |
Debt Securities, Available-for-sale, Maturity, Maturity Date, Amortized Cost [Abstract] | |
Due in one year or less, Amortized Cost | $ 5,245 |
Due after one year through five years, Amortized Cost | 33,961 |
Due after five years through ten years, Amortized Cost | 366,936 |
Due after ten years, Amortized Cost | 239,194 |
Securities available for sale, Amortized Cost | 645,336 |
Debt Securities, Available-for-sale, Maturity, Maturity Date, Fair Value [Abstract] | |
Due in one year or less, Fair Value | 5,286 |
Due after one year through five years, Fair Value | 35,087 |
Due after five years through ten years, Fair Value | 370,716 |
Due after ten years, Fair Value | 241,762 |
Securities available for sale, Fair Value Total | 652,851 |
Debt Securities, Held-to-maturity, Maturity Date, Amortized Cost [Abstract] | |
Due in one year or less, Amortized Cost | 5,245 |
Due after one year through five years, Amortized Cost | 33,961 |
Due after five years through ten years, Amortized Cost | 366,936 |
Due after ten years, Amortized Cost | 239,194 |
Amortized Cost | 645,336 |
Debt Securities, Held-to-maturity, Maturity Date, Fair Value [Abstract] | |
Due in one year or less, Fair Value | 5,286 |
Due after one year through five years, Fair Value | 35,087 |
Due after five years through ten years, Fair Value | 370,716 |
Due after ten years, Fair Value | 241,762 |
Securities available for sale, Fair Value Total | $ 652,851 |
Securities - Sales of Securitie
Securities - Sales of Securities Available for Sale (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |||
Proceeds from sales of securities | $ 98,084 | $ 164,299 | $ 75,401 |
Gross realized gains | 1,196 | 2,363 | 190 |
Gross realized losses | (470) | (145) | (513) |
Net gain (loss) on sales of securities | $ 726 | $ 2,218 | $ (323) |
Securities - Additional Informa
Securities - Additional Information (Detail) | 12 Months Ended | ||
Jun. 30, 2021USD ($)Security | Jun. 30, 2020USD ($)Security | Jun. 30, 2019USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||
Gross gains (losses) recognized on calls of securities available for sale | $ 41,000,000 | $ 32,000 | $ 0 |
Held to maturity gains (losses) recognized on calls of securities | 0 | $ 0 | $ 0 |
Net of allowance for credit losses | $ 0 | ||
ASU 2019-04 [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Held-to-maturity, securities with unrealized losses, Number of positions | Security | 0 | 0 |
Securities - Schedule of Availa
Securities - Schedule of Available for Sale Securities Pledged (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value of securities pledged | $ 581,974 | $ 549,544 |
FHLB of New York [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value of securities pledged | 170,120 | 155,288 |
Secure Public Funds On Deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value of securities pledged | 137,778 | 19,944 |
Federal Reserve ("FRB") [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value of securities pledged | $ 274,076 | 366,482 |
Depositor Sweep Accounts [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value of securities pledged | $ 7,830 |
Securities - Schedule of Fair V
Securities - Schedule of Fair Values and Gross Unrealized and Unrecognized Losses on Investments (Detail) $ in Thousands | Jun. 30, 2021USD ($)Security | Jun. 30, 2020USD ($)Security |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | $ 634,019 | $ 242,540 |
Less than 12 Months: Unrealized Losses | 9,945 | 5,443 |
12 Months or More: Fair Value | 58,605 | 190,737 |
12 Months or More: Unrealized Losses | $ 161 | $ 5,264 |
Number of Securities | Security | 31,000 | 45,000 |
Total: Fair Value | $ 692,624 | $ 433,277 |
Total: Unrealized Losses | 10,106 | 10,707 |
Debt Securities [Member] | Trust Preferred Securities Subject to Mandatory Redemption | ||
Schedule of Available-for-sale Securities [Line Items] | ||
12 Months or More: Fair Value | 2,626 | |
12 Months or More: Unrealized Losses | $ 340 | |
Number of Securities | Security | 2,000 | |
Total: Fair Value | $ 2,626 | |
Total: Unrealized Losses | 340 | |
Asset-backed Securities [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 12,159 | 146,494 |
Less than 12 Months: Unrealized Losses | $ 63 | 3,962 |
12 Months or More: Fair Value | 25,954 | |
12 Months or More: Unrealized Losses | $ 1,004 | |
Number of Securities | Security | 2,000 | 16,000 |
Total: Fair Value | $ 12,159 | $ 172,448 |
Total: Unrealized Losses | 63 | 4,966 |
Collateralized Loan Obligations [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 36,741 | 71,282 |
Less than 12 Months: Unrealized Losses | 9 | 1,245 |
12 Months or More: Fair Value | 58,605 | 122,506 |
12 Months or More: Unrealized Losses | $ 161 | $ 3,586 |
Number of Securities | Security | 8,000 | 19,000 |
Total: Fair Value | $ 95,346 | $ 193,788 |
Total: Unrealized Losses | 170 | 4,831 |
Corporate Bonds [Member] | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 15,952 | 24,764 |
Less than 12 Months: Unrealized Losses | $ 73 | 236 |
12 Months or More: Fair Value | 39,651 | |
12 Months or More: Unrealized Losses | $ 334 | |
Number of Securities | Security | 4,000 | 8,000 |
Total: Fair Value | $ 15,952 | $ 64,415 |
Total: Unrealized Losses | 73 | $ 570 |
Commercial Mortgage Backed Securities | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 145,055 | |
Less than 12 Months: Unrealized Losses | $ 2,652 | |
Number of Securities | Security | 7,000 | |
Total: Fair Value | $ 145,055 | |
Total: Unrealized Losses | 2,652 | |
Residential Mortgage Backed Securities | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months: Fair Value | 424,112 | |
Less than 12 Months: Unrealized Losses | $ 7,148 | |
Number of Securities | Security | 10,000 | |
Total: Fair Value | $ 424,112 | |
Total: Unrealized Losses | $ 7,148 |
Loans Receivable - Schedule of
Loans Receivable - Schedule of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | $ 4,880,310 | $ 4,540,103 | |
Unaccreted yield adjustments | (28,916) | (41,706) | |
Total loans receivable, net of yield adjustments | 4,851,394 | 4,498,397 | |
Nonresidential Mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 1,079,444 | 960,853 | |
One-to Four-Family Residential Mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 1,447,721 | 1,273,022 | |
Home Equity Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 47,871 | 82,920 | |
Other Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 3,259 | 3,991 | |
Consumer Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 51,130 | 86,911 | |
Multi-Family Mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 2,039,260 | 2,059,568 | |
Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | [1] | 168,951 | 138,788 |
Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 93,804 | 20,961 | |
Commercial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | $ 3,381,459 | $ 3,180,170 | |
[1] | Includes Paycheck Protection Program (“PPP”) loans of $10.2 million and $69.0 million as of June 30, 2021 and June 30, 2020, respectively. |
Loans Receivable - Schedule o_2
Loans Receivable - Schedule of Loans Receivable (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 4,880,310 | $ 4,540,103 |
Paycheck Protection Program (PPP) Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Gross | $ 10,200 | $ 69,000 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) | Dec. 27, 2020USD ($) | Jun. 30, 2021USD ($)LoanProperty | Jun. 30, 2020USD ($)LoanProperty |
Financing Receivable Recorded Investment [Line Items] | |||
Loans and leases receivable, related parties | $ 1,400,000 | $ 2,400,000 | |
Number of new loans to related parties | Loan | 1,000,000 | 2,000,000 | |
Loans and leases receivable, related parties, additions | $ 478,000 | $ 1,000,000 | |
Financing receivable TDR modified principal balance | 17,800,000 | 21,500,000 | |
Loans acquired with deteriorated credit quality | 58,165,000 | ||
TDR charge-offs | 0 | 0 | |
TDR defaults | $ 0 | 514,000 | |
Relief provisions | $ 900,000 | ||
Relief provision expiration date | Dec. 31, 2020 | ||
Number of deferred non-TDR loans | Loan | 10 | ||
Aggregate principal balance of deferred loans non-TDR loans | $ 5,600,000 | ||
Financing receivables individually analyzed loans carrying value | 79,800,000 | ||
Financing receivables individually analyzed loans collateral dependent | 59,200,000 | ||
Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans acquired with deteriorated credit quality | $ 9,747,000 | ||
Number of loans in process of foreclosure | Loan | 11 | 9 | |
Mortgage loans in process of foreclosure, carrying value | $ 2,100,000 | $ 1,900,000 | |
Residential Mortgage [Member] | Single-family Property [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Aggregate carrying value of real estate owned | $ 178,000 | $ 178,000 | |
Real Estate Acquired in Satisfaction of Debt [Member] | Residential Mortgage [Member] | Single-family Property [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Number of properties held | Property | 1 | 1 | |
CARES Act [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Relief provisions | $ 900,000,000,000 | ||
Relief provision expiration date | Dec. 31, 2020 | ||
Troubled Debt Restructurings [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans acquired with deteriorated credit quality | $ 256,000 | $ 8,000 |
Loans Receivable - Contractual
Loans Receivable - Contractual Payment Status of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | $ 4,880,310 | $ 4,540,103 | |
Home Equity Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 47,871 | 82,920 | |
Non-Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 1,079,444 | 960,853 | |
Commercial Business [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | [1] | 168,951 | 138,788 |
Construction [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 93,804 | 20,961 | |
Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 1,447,721 | 1,273,022 | |
Other Consumer [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 3,259 | 3,991 | |
Multi-Family Mortgage [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 2,039,260 | 2,059,568 | |
Past Due Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Current | 4,822,660 | 4,511,288 | |
Total past due | 57,650 | 28,815 | |
Loans and Leases Receivable, Gross | 4,880,310 | 4,540,103 | |
Past Due Loans [Member] | Home Equity Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Current | 47,828 | 82,358 | |
Total past due | 43 | 562 | |
Loans and Leases Receivable, Gross | 47,871 | 82,920 | |
Past Due Loans [Member] | Non-Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Current | 1,046,553 | 941,714 | |
Total past due | 32,891 | 19,139 | |
Loans and Leases Receivable, Gross | 1,079,444 | 960,853 | |
Past Due Loans [Member] | Commercial Business [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Current | 168,550 | 138,439 | |
Total past due | 401 | 349 | |
Loans and Leases Receivable, Gross | 168,951 | 138,788 | |
Past Due Loans [Member] | Construction [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Current | 93,804 | 20,961 | |
Loans and Leases Receivable, Gross | 93,804 | 20,961 | |
Past Due Loans [Member] | Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Current | 1,439,501 | 1,264,267 | |
Total past due | 8,220 | 8,755 | |
Loans and Leases Receivable, Gross | 1,447,721 | 1,273,022 | |
Past Due Loans [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Current | 3,258 | 3,981 | |
Total past due | 1 | 10 | |
Loans and Leases Receivable, Gross | 3,259 | 3,991 | |
Past Due Loans [Member] | Past due: 30-59 days [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 389 | 3,380 | |
Past Due Loans [Member] | Past due: 30-59 days [Member] | Home Equity Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 6 | 169 | |
Past Due Loans [Member] | Past due: 30-59 days [Member] | Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 382 | 3,211 | |
Past Due Loans [Member] | Past due: 30-59 days [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 1 | ||
Past Due Loans [Member] | Past due: 60-89 days [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 2,739 | 15,534 | |
Past Due Loans [Member] | Past due: 60-89 days [Member] | Home Equity Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 5 | 13 | |
Past Due Loans [Member] | Past due: 60-89 days [Member] | Non-Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 14,478 | ||
Past Due Loans [Member] | Past due: 60-89 days [Member] | Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 2,734 | 1,038 | |
Past Due Loans [Member] | Past due: 60-89 days [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 5 | ||
Past Due Loans [Member] | Past due: 90 days and over [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 54,522 | 9,901 | |
Past Due Loans [Member] | Past due: 90 days and over [Member] | Home Equity Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 32 | 380 | |
Past Due Loans [Member] | Past due: 90 days and over [Member] | Non-Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 32,891 | 4,661 | |
Past Due Loans [Member] | Past due: 90 days and over [Member] | Commercial Business [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 401 | 349 | |
Past Due Loans [Member] | Past due: 90 days and over [Member] | Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 5,104 | 4,506 | |
Past Due Loans [Member] | Past due: 90 days and over [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 5 | ||
Past Due Loans [Member] | Multi-Family Mortgage [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Current | 2,023,166 | 2,059,568 | |
Total past due | 16,094 | ||
Loans and Leases Receivable, Gross | 2,039,260 | $ 2,059,568 | |
Past Due Loans [Member] | Multi-Family Mortgage [Member] | Past due: 90 days and over [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | $ 16,094 | ||
[1] | Includes Paycheck Protection Program (“PPP”) loans of $10.2 million and $69.0 million as of June 30, 2021 and June 30, 2020, respectively. |
Loans Receivable - Performance
Loans Receivable - Performance Status of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | $ 4,880,310 | $ 4,540,103 | |
Non-Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 1,079,444 | 960,853 | |
Commercial Business [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | [1] | 168,951 | 138,788 |
Construction [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 93,804 | 20,961 | |
Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 1,447,721 | 1,273,022 | |
Other Consumer [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 3,259 | 3,991 | |
Multi-Family Mortgage [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 2,039,260 | 2,059,568 | |
Home Equity Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 47,871 | 82,920 | |
Nonperforming Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 4,880,310 | 4,540,103 | |
Nonaccrual | 36,691 | ||
Nonperforming Loans [Member] | Non-Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 1,079,444 | 960,853 | |
Nonaccrual | 23,936 | ||
Nonperforming Loans [Member] | Commercial Business [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 168,951 | 138,788 | |
Nonaccrual | 592 | ||
Nonperforming Loans [Member] | Construction [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 93,804 | 20,961 | |
Nonperforming Loans [Member] | Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 1,447,721 | 1,273,022 | |
Nonaccrual | 8,359 | ||
Nonperforming Loans [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 3,259 | 3,991 | |
Nonperforming Loans [Member] | Multi-Family Mortgage [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 2,039,260 | 2,059,568 | |
Nonaccrual | 2,962 | ||
Nonperforming Loans [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 4,800,543 | 4,503,407 | |
Nonperforming Loans [Member] | Performing Financing Receivable [Member] | Non-Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 1,042,257 | 936,917 | |
Nonperforming Loans [Member] | Performing Financing Receivable [Member] | Commercial Business [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 168,039 | 138,196 | |
Nonperforming Loans [Member] | Performing Financing Receivable [Member] | Construction [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 91,576 | 20,961 | |
Nonperforming Loans [Member] | Performing Financing Receivable [Member] | Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 1,428,551 | 1,264,663 | |
Nonperforming Loans [Member] | Performing Financing Receivable [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 3,259 | 3,986 | |
Nonperforming Loans [Member] | Performing Financing Receivable [Member] | Multi-Family Mortgage [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 2,020,734 | 2,056,606 | |
Nonperforming Loans [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
90 days and over past due accruing | 5 | ||
Nonaccrual | 29,022 | ||
Nonaccrual loans with no allowance for credit losses | 50,745 | ||
Total nonperforming | 79,767 | 36,696 | |
Nonperforming Loans [Member] | Nonperforming Financing Receivable [Member] | Non-Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Nonaccrual | 12,612 | ||
Nonaccrual loans with no allowance for credit losses | 24,575 | ||
Total nonperforming | 37,187 | 23,936 | |
Nonperforming Loans [Member] | Nonperforming Financing Receivable [Member] | Commercial Business [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Nonaccrual | 236 | ||
Nonaccrual loans with no allowance for credit losses | 676 | ||
Total nonperforming | 912 | 592 | |
Nonperforming Loans [Member] | Nonperforming Financing Receivable [Member] | Construction [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Nonaccrual loans with no allowance for credit losses | 2,228 | ||
Total nonperforming | 2,228 | ||
Nonperforming Loans [Member] | Nonperforming Financing Receivable [Member] | Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Nonaccrual | 7,422 | ||
Nonaccrual loans with no allowance for credit losses | 11,748 | ||
Total nonperforming | 19,170 | 8,359 | |
Nonperforming Loans [Member] | Nonperforming Financing Receivable [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
90 days and over past due accruing | 5 | ||
Total nonperforming | 5 | ||
Nonperforming Loans [Member] | Nonperforming Financing Receivable [Member] | Multi-Family Mortgage [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Nonaccrual | 8,300 | ||
Nonaccrual loans with no allowance for credit losses | 10,226 | ||
Total nonperforming | 18,526 | 2,962 | |
Nonperforming Loans [Member] | Home Equity Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 47,871 | 82,920 | |
Nonaccrual | 842 | ||
Nonperforming Loans [Member] | Home Equity Loans [Member] | Performing Financing Receivable [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 46,127 | 82,078 | |
Nonperforming Loans [Member] | Home Equity Loans [Member] | Nonperforming Financing Receivable [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Nonaccrual | 452 | ||
Nonaccrual loans with no allowance for credit losses | 1,292 | ||
Total nonperforming | $ 1,744 | $ 842 | |
[1] | Includes Paycheck Protection Program (“PPP”) loans of $10.2 million and $69.0 million as of June 30, 2021 and June 30, 2020, respectively. |
Loans Receivable - Troubled Deb
Loans Receivable - Troubled Debt Restructurings of Loans Receivable (Details) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021USD ($)Loan | Jun. 30, 2020USD ($)Loan | |
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 7 | 13 |
Pre-modification outstanding recorded investment | $ 947 | $ 9,299 |
Post-modification outstanding recorded investment | $ 951 | $ 9,229 |
One-to Four-Family Residential Mortgage [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 4 | 5 |
Pre-modification outstanding recorded investment | $ 877 | $ 1,285 |
Post-modification outstanding recorded investment | $ 881 | $ 1,220 |
Home Equity Loans [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 3 | 1 |
Pre-modification outstanding recorded investment | $ 70 | $ 82 |
Post-modification outstanding recorded investment | $ 70 | $ 81 |
Non-Residential Mortgage [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 1 | |
Pre-modification outstanding recorded investment | $ 521 | |
Post-modification outstanding recorded investment | $ 517 | |
Commercial Business [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 5 | |
Pre-modification outstanding recorded investment | $ 4,349 | |
Post-modification outstanding recorded investment | $ 4,415 | |
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 | |
Troubled Debt Restructurings [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 63 | 70 |
Amount | $ 17,800 | $ 21,522 |
Troubled Debt Restructurings [Member] | One-to Four-Family Residential Mortgage [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 38 | 34 |
Amount | $ 5,621 | $ 6,218 |
Troubled Debt Restructurings [Member] | Home Equity Loans [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 7 | 14 |
Amount | $ 227 | $ 1,163 |
Troubled Debt Restructurings [Member] | Commercial Loan [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 18 | 22 |
Amount | $ 11,952 | $ 14,141 |
Troubled Debt Restructurings [Member] | Accrual [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 26 | 32 |
Amount | $ 6,235 | $ 8,413 |
Troubled Debt Restructurings [Member] | Accrual [Member] | One-to Four-Family Residential Mortgage [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 18 | 14 |
Amount | $ 2,216 | $ 2,407 |
Troubled Debt Restructurings [Member] | Accrual [Member] | Home Equity Loans [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 4 | 12 |
Amount | $ 159 | $ 715 |
Troubled Debt Restructurings [Member] | Accrual [Member] | Commercial Loan [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 4 | 6 |
Amount | $ 3,860 | $ 5,291 |
Troubled Debt Restructurings [Member] | Non-accrual [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 37 | 38 |
Amount | $ 11,565 | $ 13,109 |
Troubled Debt Restructurings [Member] | Non-accrual [Member] | One-to Four-Family Residential Mortgage [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 20 | 20 |
Amount | $ 3,405 | $ 3,811 |
Troubled Debt Restructurings [Member] | Non-accrual [Member] | Home Equity Loans [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 3 | 2 |
Amount | $ 68 | $ 448 |
Troubled Debt Restructurings [Member] | Non-accrual [Member] | Commercial Loan [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 14 | 16 |
Amount | $ 8,092 | $ 8,850 |
Troubled Debt Restructurings [Member] | Non-Residential Mortgage [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 7 | 10 |
Amount | $ 2,380 | $ 5,554 |
Troubled Debt Restructurings [Member] | Non-Residential Mortgage [Member] | Accrual [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 1 | 1 |
Amount | $ 105 | $ 112 |
Troubled Debt Restructurings [Member] | Non-Residential Mortgage [Member] | Non-accrual [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 6 | 9 |
Amount | $ 2,275 | $ 5,442 |
Troubled Debt Restructurings [Member] | Commercial Business [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 9 | 11 |
Amount | $ 4,448 | $ 5,625 |
Troubled Debt Restructurings [Member] | Commercial Business [Member] | Accrual [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 3 | 5 |
Amount | $ 3,755 | $ 5,179 |
Troubled Debt Restructurings [Member] | Commercial Business [Member] | Non-accrual [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 6 | 6 |
Amount | $ 693 | $ 446 |
Troubled Debt Restructurings [Member] | Construction [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 1 | |
Amount | $ 2,228 | |
Troubled Debt Restructurings [Member] | Construction [Member] | Non-accrual [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 1 | |
Amount | $ 2,228 | |
Troubled Debt Restructurings [Member] | Multi-Family Mortgage [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 1 | 1 |
Amount | $ 2,896 | $ 2,962 |
Troubled Debt Restructurings [Member] | Multi-Family Mortgage [Member] | Non-accrual [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 1 | 1 |
Amount | $ 2,896 | $ 2,962 |
Loans Receivable - Schedule o_3
Loans Receivable - Schedule of Carrying Value Of Collateral Dependent Individually Analyzed Loans (Detail) - USD ($) $ in Thousands | Jul. 10, 2020 | Jun. 30, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance | $ (3,901) | ||
Individually Analyzed Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | $ 59,243 | ||
Balance | 6,512 | ||
Individually Analyzed Loans [Member] | One-to Four-Family Residential Mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | [1] | 7,612 | |
Balance | [1] | 420 | |
Individually Analyzed Loans [Member] | Home Equity Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | [1] | 31 | |
Individually Analyzed Loans [Member] | Commercial Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | 51,600 | ||
Balance | 6,092 | ||
Individually Analyzed Loans [Member] | Commercial Loan [Member] | Non-Residential Mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | [2] | 32,891 | |
Balance | [2] | 4,724 | |
Individually Analyzed Loans [Member] | Commercial Loan [Member] | Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | [3] | 183 | |
Individually Analyzed Loans [Member] | Multi-Family Mortgage [Member] | Commercial Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of Loans | 18,526 | ||
Balance | $ 1,368 | ||
[1] | Secured by one- to four-family residential properties. | ||
[2] | Secured by income-producing nonresidential property. | ||
[3] | Secured by business assets. |
Loans Receivable - Impairment S
Loans Receivable - Impairment Status of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Non-impaired loans | $ 4,748,747 | $ 4,494,981 | |
Impaired loans with no allowance for impairment | 43,316 | ||
Recorded investment | 1,806 | ||
Allowance for impairment | (89) | ||
Balance of impaired loans net of allowance for impairment | 1,717 | ||
Total impaired loans, excluding allowance for impairment: | 45,122 | ||
Unpaid principal balance of impaired loans | 53,151 | ||
Loans and Leases Receivable, Gross | 4,880,310 | 4,540,103 | |
Unpaid principal balance of impaired loans: | 45,122 | ||
Home Equity Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Non-impaired loans | 46,062 | 81,363 | |
Impaired loans with no allowance for impairment | 1,557 | ||
Total impaired loans, excluding allowance for impairment: | 1,557 | ||
Unpaid principal balance of impaired loans | 1,950 | ||
Loans and Leases Receivable, Gross | 47,871 | 82,920 | |
Unpaid principal balance of impaired loans: | 1,557 | ||
Multi-Family Mortgage [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Non-impaired loans | 2,015,135 | 2,056,606 | |
Impaired loans with no allowance for impairment | 2,962 | ||
Total impaired loans, excluding allowance for impairment: | 2,962 | ||
Unpaid principal balance of impaired loans | 3,544 | ||
Loans and Leases Receivable, Gross | 2,039,260 | 2,059,568 | |
Unpaid principal balance of impaired loans: | 2,962 | ||
Non-Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Non-impaired loans | 1,016,413 | 936,805 | |
Impaired loans with no allowance for impairment | 22,516 | ||
Recorded investment | 1,532 | ||
Allowance for impairment | (41) | ||
Balance of impaired loans net of allowance for impairment | 1,491 | ||
Total impaired loans, excluding allowance for impairment: | 24,048 | ||
Unpaid principal balance of impaired loans | 25,898 | ||
Loans and Leases Receivable, Gross | 1,079,444 | 960,853 | |
Unpaid principal balance of impaired loans: | 24,048 | ||
Commercial Business [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Non-impaired loans | 165,506 | 132,999 | |
Impaired loans with no allowance for impairment | 5,622 | ||
Recorded investment | 167 | ||
Allowance for impairment | (47) | ||
Balance of impaired loans net of allowance for impairment | 120 | ||
Total impaired loans, excluding allowance for impairment: | 5,789 | ||
Unpaid principal balance of impaired loans | 8,778 | ||
Loans and Leases Receivable, Gross | [1] | 168,951 | 138,788 |
Unpaid principal balance of impaired loans: | 5,789 | ||
Construction [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Non-impaired loans | 78,606 | 20,961 | |
Unpaid principal balance of impaired loans | 73 | ||
Loans and Leases Receivable, Gross | 93,804 | 20,961 | |
Residential Mortgage [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Non-impaired loans | 1,423,766 | 1,262,256 | |
Impaired loans with no allowance for impairment | 10,659 | ||
Recorded investment | 107 | ||
Allowance for impairment | (1) | ||
Balance of impaired loans net of allowance for impairment | 106 | ||
Total impaired loans, excluding allowance for impairment: | 10,766 | ||
Unpaid principal balance of impaired loans | 12,908 | ||
Loans and Leases Receivable, Gross | 1,447,721 | 1,273,022 | |
Unpaid principal balance of impaired loans: | 10,766 | ||
Other Consumer [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Non-impaired loans | 3,259 | 3,991 | |
Loans and Leases Receivable, Gross | $ 3,259 | $ 3,991 | |
[1] | Includes Paycheck Protection Program (“PPP”) loans of $10.2 million and $69.0 million as of June 30, 2021 and June 30, 2020, respectively. |
Loans Receivable - Credit-Ratin
Loans Receivable - Credit-Rating Classification of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | $ 4,880,310 | $ 4,540,103 | |||||
Home Equity Loans [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 47,871 | 82,920 | |||||
Non-Residential Mortgage [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 1,079,444 | 960,853 | |||||
Commercial Business [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | [1] | 168,951 | 138,788 | ||||
Construction [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 93,804 | 20,961 | |||||
Residential Mortgage [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 1,447,721 | 1,273,022 | |||||
Other Consumer [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 3,259 | 3,991 | |||||
Term Loan Amortized Cost [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 1,028,561 | 500,255 | $ 574,903 | $ 531,566 | $ 774,870 | $ 1,366,848 | |
Term Loan Amortized Cost [Member] | Home Equity Loans [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 834 | 2,508 | 4,585 | 2,778 | 2,252 | 10,126 | |
Term Loan Amortized Cost [Member] | Non-Residential Mortgage [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 100,345 | 77,146 | 79,955 | 73,696 | 284,343 | 457,809 | |
Term Loan Amortized Cost [Member] | Commercial Business [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 44,555 | 19,064 | 4,861 | 16,432 | 4,399 | 13,513 | |
Term Loan Amortized Cost [Member] | Construction [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 40,332 | 17,404 | 11,203 | 13,860 | 1,641 | 3,629 | |
Term Loan Amortized Cost [Member] | Residential Mortgage [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 560,543 | 125,646 | 71,821 | 75,265 | 120,706 | 493,365 | |
Term Loan Amortized Cost [Member] | Other Consumer [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 550 | 517 | 633 | 256 | 127 | 1,044 | |
Pass [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 4,484,846 | ||||||
Pass [Member] | Home Equity Loans [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 45,532 | 81,120 | |||||
Pass [Member] | Non-Residential Mortgage [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 1,000,585 | 932,202 | |||||
Pass [Member] | Commercial Business [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 162,728 | 132,818 | |||||
Pass [Member] | Construction [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 91,557 | 20,961 | |||||
Pass [Member] | Residential Mortgage [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 1,422,020 | 1,258,246 | |||||
Pass [Member] | Other Consumer [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 3,171 | 3,979 | |||||
Pass [Member] | Term Loan Amortized Cost [Member] | Home Equity Loans [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 834 | 2,508 | 4,585 | 2,778 | 2,241 | 7,798 | |
Pass [Member] | Term Loan Amortized Cost [Member] | Non-Residential Mortgage [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 99,602 | 77,146 | 56,435 | 64,616 | 254,940 | 441,696 | |
Pass [Member] | Term Loan Amortized Cost [Member] | Commercial Business [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 44,514 | 18,988 | 4,701 | 12,654 | 3,322 | 12,892 | |
Pass [Member] | Term Loan Amortized Cost [Member] | Construction [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 40,332 | 17,404 | 11,203 | 13,860 | 1,641 | 1,382 | |
Pass [Member] | Term Loan Amortized Cost [Member] | Residential Mortgage [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 560,543 | 124,606 | 69,917 | 74,754 | 119,238 | 472,587 | |
Pass [Member] | Term Loan Amortized Cost [Member] | Other Consumer [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 550 | 517 | 633 | 256 | 127 | 1,044 | |
Special Mention | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 9,187 | ||||||
Special Mention | Home Equity Loans [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 393 | 157 | |||||
Special Mention | Non-Residential Mortgage [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 40,980 | 4,373 | |||||
Special Mention | Commercial Business [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 3,722 | 2,585 | |||||
Special Mention | Residential Mortgage [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 1,945 | 981 | |||||
Special Mention | Other Consumer [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 5 | ||||||
Special Mention | Term Loan Amortized Cost [Member] | Home Equity Loans [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 393 | ||||||
Special Mention | Term Loan Amortized Cost [Member] | Non-Residential Mortgage [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 23,520 | 4,146 | 8,801 | 4,513 | |||
Special Mention | Term Loan Amortized Cost [Member] | Commercial Business [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 2,304 | 945 | 12 | ||||
Special Mention | Term Loan Amortized Cost [Member] | Residential Mortgage [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 1,233 | 712 | |||||
Substandard | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 46,069 | ||||||
Substandard | Home Equity Loans [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 1,946 | 1,643 | |||||
Substandard | Non-Residential Mortgage [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 37,879 | 24,278 | |||||
Substandard | Commercial Business [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 2,072 | 3,385 | |||||
Substandard | Construction [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 2,247 | ||||||
Substandard | Residential Mortgage [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 23,756 | 13,795 | |||||
Substandard | Other Consumer [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 1 | 6 | |||||
Substandard | Term Loan Amortized Cost [Member] | Home Equity Loans [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 11 | 1,935 | |||||
Substandard | Term Loan Amortized Cost [Member] | Non-Residential Mortgage [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 743 | 4,934 | 20,602 | 11,600 | |||
Substandard | Term Loan Amortized Cost [Member] | Commercial Business [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 41 | 76 | 160 | 1,474 | 132 | 189 | |
Substandard | Term Loan Amortized Cost [Member] | Construction [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 2,247 | ||||||
Substandard | Term Loan Amortized Cost [Member] | Residential Mortgage [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 1,040 | 671 | 511 | 1,468 | 20,066 | ||
Doubtful | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 1 | ||||||
Doubtful | Commercial Business [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 429 | ||||||
Doubtful | Other Consumer [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 87 | 1 | |||||
Doubtful | Term Loan Amortized Cost [Member] | Commercial Business [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 420 | ||||||
Revolving Credit Facility | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 103,307 | ||||||
Revolving Credit Facility | Home Equity Loans [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 24,788 | ||||||
Revolving Credit Facility | Non-Residential Mortgage [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 6,150 | ||||||
Revolving Credit Facility | Commercial Business [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 66,127 | ||||||
Revolving Credit Facility | Construction [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 5,735 | ||||||
Revolving Credit Facility | Residential Mortgage [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 375 | ||||||
Revolving Credit Facility | Other Consumer [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 132 | ||||||
Revolving Credit Facility | Pass [Member] | Home Equity Loans [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 24,788 | ||||||
Revolving Credit Facility | Pass [Member] | Non-Residential Mortgage [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 6,150 | ||||||
Revolving Credit Facility | Pass [Member] | Commercial Business [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 65,657 | ||||||
Revolving Credit Facility | Pass [Member] | Construction [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 5,735 | ||||||
Revolving Credit Facility | Pass [Member] | Residential Mortgage [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 375 | ||||||
Revolving Credit Facility | Pass [Member] | Other Consumer [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 44 | ||||||
Revolving Credit Facility | Special Mention | Commercial Business [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 461 | ||||||
Revolving Credit Facility | Substandard | Other Consumer [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 1 | ||||||
Revolving Credit Facility | Doubtful | Commercial Business [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 9 | ||||||
Revolving Credit Facility | Doubtful | Other Consumer [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 87 | ||||||
Multi-Family Mortgage [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 2,039,260 | 2,059,568 | |||||
Multi-Family Mortgage [Member] | Term Loan Amortized Cost [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 281,402 | 257,970 | 401,845 | 349,279 | 361,402 | 387,362 | |
Multi-Family Mortgage [Member] | Pass [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 1,973,826 | 2,055,520 | |||||
Multi-Family Mortgage [Member] | Pass [Member] | Term Loan Amortized Cost [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 281,402 | 257,970 | 374,871 | 341,304 | 343,370 | 374,909 | |
Multi-Family Mortgage [Member] | Special Mention | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | 37,941 | 1,086 | |||||
Multi-Family Mortgage [Member] | Special Mention | Term Loan Amortized Cost [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | $ 26,974 | 5,079 | 4,834 | 1,054 | |||
Multi-Family Mortgage [Member] | Substandard | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | $ 27,493 | $ 2,962 | |||||
Multi-Family Mortgage [Member] | Substandard | Term Loan Amortized Cost [Member] | |||||||
Multi-family mortgage: | |||||||
Loans and Leases Receivable, Gross | $ 2,896 | $ 13,198 | $ 11,399 | ||||
[1] | Includes Paycheck Protection Program (“PPP”) loans of $10.2 million and $69.0 million as of June 30, 2021 and June 30, 2020, respectively. |
Loans Receivable - Acquisition
Loans Receivable - Acquisition Amount of MSB Purchased Loans (Detail) $ in Thousands | Jul. 10, 2020USD ($) |
Receivables [Abstract] | |
Purchase price of PCD loans at acquisition | $ 69,415 |
Allowance for credit losses at acquisition | (3,901) |
Non-credit discount at acquisition | (167) |
Amortized cost of acquired PCD loans at acquisition | $ 65,347 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Allowance for Credit Losses and Balance of Loans Receivable (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans receivable allowance for credit loss | $ 58,165 | |||
Allowance | 37,327 | $ 33,274 | $ 30,865 | |
Loans individually evaluated | 3,874 | 89 | ||
Loans collectively evaluated | 50,332 | 37,238 | ||
Total allowance for credit losses | 58,165 | |||
Loans individually evaluated | 69,068 | 44,823 | ||
Loans collectively evaluated | 4,748,747 | 4,494,981 | ||
Loans and Leases Receivable, Gross | 4,880,310 | 4,540,103 | ||
Loans receivable, Unaccreted yield adjustments | (28,916) | (41,706) | ||
Loans receivable | 4,851,394 | 4,498,397 | ||
Allowance | 58,165 | 37,327 | 33,274 | |
Impact of adopting Topic 326 | 19,640 | |||
Total charge offs | (1,612) | (189) | (1,283) | |
Total recoveries | 30 | 45 | 136 | |
Initial allowance on PCD loans | 3,901 | |||
(Reversal of) provision for credit losses | (1,121) | 4,197 | 3,556 | |
Non-Residential Mortgage [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans receivable allowance for credit loss | 16,243 | |||
Allowance | 8,763 | 9,672 | 9,787 | |
Loans individually evaluated | 2,025 | 41 | ||
Loans collectively evaluated | 10,826 | 8,722 | ||
Total allowance for credit losses | 16,243 | |||
Loans individually evaluated | 30,668 | 24,048 | ||
Loans collectively evaluated | 1,016,413 | 936,805 | ||
Loans and Leases Receivable, Gross | 1,079,444 | 960,853 | ||
Allowance | 16,243 | 8,763 | 9,672 | |
Impact of adopting Topic 326 | 2,390 | |||
Total charge offs | (80) | (54) | ||
Total recoveries | 10 | 6 | ||
Initial allowance on PCD loans | 1,720 | |||
(Reversal of) provision for credit losses | 3,450 | (919) | (67) | |
Commercial Business [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans receivable allowance for credit loss | 2,086 | |||
Allowance | 1,926 | 2,467 | 2,552 | |
Loans individually evaluated | 33 | 47 | ||
Loans collectively evaluated | 2,038 | 1,879 | ||
Total allowance for credit losses | 2,086 | |||
Loans individually evaluated | 729 | 5,567 | ||
Loans collectively evaluated | 165,506 | 132,999 | ||
Loans and Leases Receivable, Gross | [1] | 168,951 | 138,788 | |
Allowance | 2,086 | 1,926 | 2,467 | |
Impact of adopting Topic 326 | (421) | |||
Total charge offs | (1,446) | (50) | (861) | |
Total recoveries | 17 | 2 | 47 | |
Initial allowance on PCD loans | 1,007 | |||
(Reversal of) provision for credit losses | 1,003 | (493) | 729 | |
Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans receivable allowance for credit loss | 1,170 | |||
Allowance | 236 | 136 | 258 | |
Loans collectively evaluated | 1,121 | 236 | ||
Total allowance for credit losses | 1,170 | |||
Loans individually evaluated | 2,228 | |||
Loans collectively evaluated | 78,606 | 20,961 | ||
Loans and Leases Receivable, Gross | 93,804 | 20,961 | ||
Allowance | 1,170 | 236 | 136 | |
Impact of adopting Topic 326 | 80 | |||
Initial allowance on PCD loans | 99 | |||
(Reversal of) provision for credit losses | 755 | 100 | (122) | |
Residential Mortgage [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans receivable allowance for credit loss | 9,747 | |||
Allowance | 4,860 | 3,377 | 2,479 | |
Loans individually evaluated | 447 | 1 | ||
Loans collectively evaluated | 8,974 | 4,859 | ||
Total allowance for credit losses | 9,747 | |||
Loans individually evaluated | 15,553 | 10,689 | ||
Loans collectively evaluated | 1,423,766 | 1,262,256 | ||
Loans and Leases Receivable, Gross | 1,447,721 | 1,273,022 | ||
Allowance | 9,747 | 4,860 | 3,377 | |
Impact of adopting Topic 326 | 9,106 | |||
Total charge offs | (13) | (83) | ||
Total recoveries | 4 | |||
Initial allowance on PCD loans | 720 | |||
(Reversal of) provision for credit losses | (4,930) | 1,483 | 981 | |
Other Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans receivable allowance for credit loss | 36 | |||
Allowance | 58 | 172 | 413 | |
Loans collectively evaluated | 36 | 58 | ||
Total allowance for credit losses | 36 | |||
Loans collectively evaluated | 3,259 | 3,991 | ||
Loans and Leases Receivable, Gross | 3,259 | 3,991 | ||
Allowance | 36 | 58 | 172 | |
Impact of adopting Topic 326 | (15) | |||
Total charge offs | (41) | (139) | (285) | |
Total recoveries | 9 | 33 | 83 | |
(Reversal of) provision for credit losses | 25 | (8) | (39) | |
Multi-Family Mortgage [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans receivable allowance for credit loss | 28,450 | |||
Allowance | 20,916 | 16,959 | 14,946 | |
Loans individually evaluated | 1,368 | |||
Loans collectively evaluated | 26,927 | 20,916 | ||
Total allowance for credit losses | 28,450 | |||
Loans individually evaluated | 18,526 | 2,962 | ||
Loans collectively evaluated | 2,015,135 | 2,056,606 | ||
Loans and Leases Receivable, Gross | 2,039,260 | 2,059,568 | ||
Allowance | 28,450 | 20,916 | 16,959 | |
Impact of adopting Topic 326 | 8,408 | |||
Initial allowance on PCD loans | 250 | |||
(Reversal of) provision for credit losses | (1,124) | 3,957 | 2,013 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans receivable allowance for credit loss | 2,843 | |||
Loans acquired with deteriorated credit quality collectively analyzed | 1,116 | |||
Total allowance for credit losses | 2,843 | |||
Loans acquired with deteriorated credit quality individually evaluated | 10,699 | 299 | ||
Loans acquired with deteriorated credit quality collectively evaluated | 51,796 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | Non-Residential Mortgage [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans receivable allowance for credit loss | 2,700 | |||
Loans acquired with deteriorated credit quality collectively analyzed | 692 | |||
Total allowance for credit losses | 2,700 | |||
Loans acquired with deteriorated credit quality individually evaluated | 6,519 | |||
Loans acquired with deteriorated credit quality collectively evaluated | 25,844 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Business [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans acquired with deteriorated credit quality collectively analyzed | 15 | |||
Loans acquired with deteriorated credit quality individually evaluated | 183 | 222 | ||
Loans acquired with deteriorated credit quality collectively evaluated | 2,533 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans acquired with deteriorated credit quality collectively analyzed | 49 | |||
Loans acquired with deteriorated credit quality collectively evaluated | 12,970 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans receivable allowance for credit loss | 122 | |||
Loans acquired with deteriorated credit quality collectively analyzed | 204 | |||
Total allowance for credit losses | 122 | |||
Loans acquired with deteriorated credit quality individually evaluated | 3,617 | 77 | ||
Loans acquired with deteriorated credit quality collectively evaluated | 4,785 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | Multi-Family Mortgage [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans acquired with deteriorated credit quality collectively analyzed | 155 | |||
Loans acquired with deteriorated credit quality collectively evaluated | 5,599 | |||
Home Equity Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans receivable allowance for credit loss | 433 | |||
Allowance | 568 | 491 | 430 | |
Loans individually evaluated | 1 | |||
Loans collectively evaluated | 410 | 568 | ||
Total allowance for credit losses | 433 | |||
Loans individually evaluated | 1,364 | 1,557 | ||
Loans collectively evaluated | 46,062 | 81,363 | ||
Loans and Leases Receivable, Gross | 47,871 | 82,920 | ||
Allowance | 433 | 568 | 491 | |
Impact of adopting Topic 326 | 92 | |||
Total charge offs | (32) | |||
Initial allowance on PCD loans | 105 | |||
(Reversal of) provision for credit losses | (300) | $ 77 | $ 61 | |
Home Equity Loans [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans receivable allowance for credit loss | 21 | |||
Loans acquired with deteriorated credit quality collectively analyzed | 1 | |||
Total allowance for credit losses | 21 | |||
Loans acquired with deteriorated credit quality individually evaluated | 380 | |||
Loans acquired with deteriorated credit quality collectively evaluated | $ 65 | |||
[1] | Includes Paycheck Protection Program (“PPP”) loans of $10.2 million and $69.0 million as of June 30, 2021 and June 30, 2020, respectively. |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Allowance for Credit Losses on Financing Receivables Off Balance Sheet Commitments (Detail) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021USD ($) | ||
Receivables [Abstract] | ||
Impact of adopting Topic 326 | $ 536 | [1] |
Provision recorded in other non-interest expense | (1,172) | |
Total allowance for credit losses on off balance sheet commitments | $ 1,708 | |
[1] | Adoption of CECL accounting standard effective July 1, 2020. |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Weighted average remaining lease term for operating leases | 7 years 11 months 15 days | |
Operating lease, weighted average discount rate | 2.40% | |
Operating Lease, Cost | $ 3,800,000 | $ 4,000,000 |
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 | 17,100,000 | 16,500,000 |
Operating lease, liabilities | $ 17,800,000 | $ 17,100,000 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Rental Commitments for Operating Leases (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Less than one year | $ 3,604 | $ 3,212 |
After one year but within two years | 2,998 | 3,004 |
After two years but within three years | 2,372 | 2,405 |
After three years but within four years | 1,917 | 1,739 |
After four years but within five years | 1,759 | 1,509 |
Greater than five years | 7,205 | 7,373 |
Total undiscounted cash flows | 19,855 | 19,242 |
Less: discount on cash flows | (2,028) | (2,115) |
Other Liabilities | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Total lease liability | $ 17,827 | $ 17,127 |
Premises and Equipment - Proper
Premises and Equipment - Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 100,222 | $ 97,722 |
Less accumulated depreciation and amortization | 43,884 | 40,333 |
Total premises and equipment | 56,338 | 57,389 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 12,192 | 12,376 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 47,535 | 46,219 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 12,075 | 10,234 |
Furnishings and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 28,349 | 24,719 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 71 | $ 4,174 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expense on premises and equipment | $ 5,862 | $ 4,647 | $ 4,322 |
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, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Core Deposit Intangibles, Balance | $ 3,995 | $ 5,160 | $ 6,295 |
Acquisition of MSB Financial Corp. | 690 | ||
Amortization | (980) | (1,165) | (1,135) |
Core Deposit Intangibles, Balance | 3,705 | 3,995 | 5,160 |
Goodwill | 210,895 | 210,895 | 210,895 |
Acquisition of MSB Financial Corp. | 0 | 0 | 0 |
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, 2021USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2022 | $ 685 |
2023 | 563 |
2024 | 526 |
2025 | 495 |
2026 | 467 |
Thereafter | $ 969 |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Deposits [Abstract] | ||
Non-interest bearing demand: Amount | $ 593,718 | $ 419,138 |
Interest-bearing demand: Amount | 1,902,478 | 1,264,151 |
Savings: Amount | 1,111,364 | 906,597 |
Certificates of deposit: Amount | 1,877,746 | 1,840,396 |
Total deposits | $ 5,485,306 | $ 4,430,282 |
Non-interest-bearing demand, Weighted Average Interest Rate | 0.00% | 0.00% |
Interest-bearing demand, Weighted Average Interest Rate | 0.18% | 0.54% |
Savings, Weighted Average Interest Rate | 0.13% | 0.83% |
Certificates of deposit, Weighted Average Interest Rate | 0.57% | 1.79% |
Total deposits, Weighted Average Interest Rate | 0.28% | 1.07% |
Deposits - Schedule of Brokered
Deposits - Schedule of Brokered Deposits (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Deposits [Abstract] | ||
Certificates of deposits | $ 458,616 | $ 31,379 |
Total brokered deposits | $ 458,616 | $ 31,379 |
Certificates of deposits | 0.10% | 2.16% |
Total brokered deposits | 0.10% | 2.16% |
Deposits - Certificates of Depo
Deposits - Certificates of Deposit By Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Deposits [Abstract] | ||
One year or less | $ 1,510,761 | |
After one year to two years | 246,754 | |
After two years to three years | 41,230 | |
After three years to four years | 41,913 | |
After four years to five years | 30,790 | |
After five years | 6,298 | |
Total certificates of deposit | $ 1,877,746 | $ 1,840,396 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Deposits [Abstract] | ||
Time Deposits, $250,000 or More | $ 635.3 | $ 297 |
Borrowings - Schedule of Fixed
Borrowings - Schedule of Fixed Rate Advances from FHLB (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, Advances, Balance, Less than one year | $ 390,000 | $ 865,000 |
Federal Home Loan Bank, Advances, Balance Due in One to two years | 145,000 | 27,000 |
Federal Home Loan Bank, Advances, Balance Due in two to three years | 22,500 | 145,000 |
Federal Home Loan Bank, Advances, Balance Due in three to four years | 103,500 | 22,500 |
Federal Home Loan Bank, Advances, Balance Due in four to five years | 6,500 | 103,500 |
Federal Home Loan Bank, Advances, Balance greater than five years | 6,500 | |
Federal Home Loan Bank, Advances, Total | 667,500 | 1,169,500 |
Federal Home Loan Bank, Advances, Unamortized Fair Value Adjustments | (1,624) | (2,071) |
Total Federal Home Loan Bank, Advances, After Fair Value Adjustments | $ 665,876 | $ 1,167,429 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in less than one year | 0.33% | 0.45% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in one to two years | 3.04% | 2.85% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in two to three years | 2.63% | 3.04% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in three to four years | 2.68% | 2.63% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in four to five years | 2.82% | 2.68% |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Due in greater than five years | 2.82% | |
Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Weighted Average Interest Rate | 1.38% | 1.08% |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Debt Instrument [Line Items] | ||
Other borrowings, sweep accounts | $ 0 | $ 5.7 |
Borrowings for liquidity management purposes | 20 | 0 |
Collateralized Mortgage Backed Securities | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, advances, general debt obligations, disclosures, collateral pledged | 170.1 | 155.3 |
Investment in Federal Home Loan Bank Stock [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, advances, general debt obligations, disclosures, collateral pledged | $ 3,270 | $ 3,210 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Fair Values of Derivative Financial Instruments as well as Their Classification on Statement of Financial Condition (Detail) - Derivatives Designated as Hedging Instruments [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Other Assets [Member] | ||
Derivative [Line Items] | ||
Fair Value | $ 1,832 | $ 235 |
Other Liabilities | ||
Derivative [Line Items] | ||
Fair Value | 673 | 18,177 |
Interest Rate Contract [Member] | Other Assets [Member] | ||
Derivative [Line Items] | ||
Fair Value | 1,832 | 235 |
Interest Rate Contract [Member] | Other Liabilities | ||
Derivative [Line Items] | ||
Fair Value | $ 673 | $ 18,177 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Additional Information (Detail) | 12 Months Ended | ||
Jun. 30, 2021USD ($)Instrument | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | |
Derivative [Line Items] | |||
Pipeline of loans held-for-sale | $ 48,400,000 | ||
Loan Origination Commitments [Member] | |||
Derivative [Line Items] | |||
Pipeline of loans held-for-sale | 48,400,000 | $ 127,200,000 | |
Counter Party [Member] | |||
Derivative [Line Items] | |||
Termination Value Of Derivatives | 1,100,000 | ||
Financial collateral not included as offsetting amounts | 673,000 | 18,200,000 | |
Interest Expense [Member] | |||
Derivative [Line Items] | |||
Estimated cash flow hedge gain (loss) to be reclassified in next twelve months | 5,400,000 | ||
Cash Flow Hedges [Member] | |||
Derivative [Line Items] | |||
Reclassifications to interest expense | $ (8,281,000) | $ 1,870,000 | $ 6,753,000 |
Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | |||
Derivative [Line Items] | |||
Number of interest rate derivative instruments held | Instrument | 12 | ||
Derivative, notional amount | $ 1,040,000,000 |
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, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Derivative [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI on Derivatives | $ 10,825 | $ (21,264) | $ (21,409) |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | (8,281) | 1,870 | 6,753 |
Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI on Derivatives | 10,825 | (21,264) | (21,409) |
Interest Rate Contract [Member] | Interest Expense [Member] | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | $ (8,281) | $ 1,870 | $ 6,753 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Offsetting Derivatives (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Derivative [Line Items] | ||
Gross Amount Recognized, Assets | $ 6,847 | $ 592 |
Gross Amounts Offset, Assets | (5,015) | (357) |
Net Amounts Presented, Assets | 1,832 | 235 |
Net Amount, Assets | 1,832 | 235 |
Gross Amount Recognized, Liabilities | 5,688 | 18,534 |
Gross Amounts Offset, Liabilities | (5,015) | (357) |
Net Amounts Presented, Liabilities | 673 | 18,177 |
Gross Amounts Not Offset, Cash Collateral Posted, Liabilities | (673) | (18,177) |
Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Gross Amount Recognized, Assets | 6,847 | 592 |
Gross Amounts Offset, Assets | (5,015) | (357) |
Net Amounts Presented, Assets | 1,832 | 235 |
Net Amount, Assets | 1,832 | 235 |
Gross Amount Recognized, Liabilities | 5,688 | 18,534 |
Gross Amounts Offset, Liabilities | (5,015) | (357) |
Net Amounts Presented, Liabilities | 673 | 18,177 |
Gross Amounts Not Offset, Cash Collateral Posted, Liabilities | $ (673) | $ (18,177) |
Benefit Plans - Schedule of Net
Benefit Plans - Schedule of Net Periodic Benefit Expense (Detail) - Benefit Equalization Plan, Postretirement Welfare Plan, Directors Consultation and Retirement Plan and Atlas Bank Retirement Income Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Salaries and Employee Benefits [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 106 | $ 78 | $ 54 |
Miscellaneous Non Interest Expense [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Interest cost | 262 | 326 | 378 |
Amortization of unrecognized loss | 83 | 19 | 43 |
Expected return on assets | (113) | (112) | (112) |
Net periodic benefit cost | $ 338 | $ 311 | $ 363 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
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 | |
Common stock, par value | $ 0.01 | $ 0.01 | |
ESOP Compensation Expense | $ 2,069,000 | $ 2,354,000 | $ 2,464,000 |
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 | 102.31% | 104.08% | |
Multiemployer Plans, Plan Contributions | $ 253,200,000 | $ 138,300,000 | |
Multiemployer Plans, Plan Expenses | $ 329,000 | 340,000 | 967,000 |
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 | $ 1,335,000 | 1,147,000 | 1,047,000 |
Benefit Equalization Plan ("BEP") [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
ESOP Compensation Expense | 37,000 | 24,000 | 47,000 |
ESOP Liability | 18,000 | 20,000 | |
Defined Benefit Plan, Accumulated Other Comprehensive Income Net (Losses) Gains, after Tax | (1,029,000) | (1,157,000) | |
Defined Benefit Plan, Benefits Paid | 239,000 | 237,000 | 235,000 |
Defined Benefit Plan, Contributions by Employer | 239,000 | 237,000 | 235,000 |
Defined benefit plan, expected future benefit payments, next twelve months | 238,000 | ||
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 | (496,000) | (523,000) | |
Defined Benefit Plan, Benefits Paid | 148,000 | 117,000 | |
Defined benefit plan, expected future benefit payments, next twelve months | 146,000 | ||
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 | 230,000 | 240,000 | |
Defined Benefit Plan, Benefits Paid | 12,000 | 11,000 | 6,000 |
Defined Benefit Plan, Contributions by Employer | 12,000 | 11,000 | 6,000 |
Defined benefit plan, expected future benefit payments, next twelve months | 44,000 | ||
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 | 203,000 | 30,000 | |
Defined Benefit Plan, Benefits Paid | 69,000 | 60,000 | 60,000 |
Defined Benefit Plan, Contributions by Employer | 69,000 | $ 60,000 | $ 60,000 |
Defined benefit plan, expected future benefit payments, next twelve months | 71,000 | ||
Defined benefit plan, future amortization of gain (loss) | $ 0 | ||
Second Step Conversion and Stock Offering [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Unearned Employee Stock Ownership Plan shares | 2,409,764 | ||
Additional Shares In ESOP | 3,612,500 | ||
Common stock, par value | $ 10 | ||
ESOP Outstanding Principal And Interest | $ 3,800,000 | ||
Employer Additional Loan to ESOP | 36,100,000 | ||
ESOP Outstanding Loan Principal Amount | $ 30,000,000 |
Benefit Plans - Schedule of Emp
Benefit Plans - Schedule of Employee Stock Ownership Plan (ESOP) Disclosures (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Compensation And Retirement Disclosure [Abstract] | ||
Allocated shares | 2,021,000 | 1,924,000 |
Total shares distributed to employees | 1,141,000 | 1,038,000 |
Shares committed to be released | 100,000 | 100,000 |
Unearned shares | 2,759,594 | 2,960,289 |
Total ESOP shares | 6,022,000 | 6,022,000 |
Fair value of unearned ESOP shares | $ 32,982 | $ 24,213 |
Benefit Plans - Schedule of N_2
Benefit Plans - Schedule of Net Funded Status (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | |||
Change in benefit obligation: | |||
Projected benefit obligation - beginning | $ 2,285,000 | $ 2,553,000 | |
Interest cost | 61,000 | 77,000 | $ 108,000 |
Actuarial gain | (49,000) | (228,000) | |
Benefit payments | (148,000) | (117,000) | |
Projected benefit obligation - ending | 2,149,000 | 2,285,000 | 2,553,000 |
Change in plan assets: | |||
Fair value of assets - beginning | 3,299,000 | 3,223,000 | |
Actual return on assets | 69,000 | 193,000 | |
Benefit payments | (148,000) | (117,000) | |
Fair value of assets - ending | 3,220,000 | 3,299,000 | 3,223,000 |
Reconciliation of funded status: | |||
Projected benefit obligation | (2,149,000) | (2,285,000) | (2,553,000) |
Fair value of assets - ending | 3,220,000 | 3,299,000 | 3,223,000 |
Funded status included in other assets / liabilities | 1,071,000 | 1,014,000 | |
Accumulated benefit obligation | $ (2,149,000) | $ (2,285,000) | |
Discount rate | 3.00% | 2.75% | |
Benefit Equalization Plan ("BEP") [Member] | |||
Change in benefit obligation: | |||
Projected benefit obligation - beginning | $ 3,206,000 | $ 3,105,000 | |
Interest cost | 85,000 | 112,000 | 125,000 |
Actuarial gain | (53,000) | 226,000 | |
Benefit payments | (239,000) | (237,000) | (235,000) |
Projected benefit obligation - ending | 2,999,000 | 3,206,000 | 3,105,000 |
Change in plan assets: | |||
Benefit payments | (239,000) | (237,000) | |
Contributions | 239,000 | 237,000 | 235,000 |
Reconciliation of funded status: | |||
Projected benefit obligation | (2,999,000) | (3,206,000) | (3,105,000) |
Funded status included in other assets / liabilities | (2,999,000) | (3,206,000) | |
Accumulated benefit obligation | $ (2,999,000) | $ (3,206,000) | |
Discount rate | 3.00% | 2.75% | |
Postretirement Welfare Plan [Member] | |||
Change in benefit obligation: | |||
Projected benefit obligation - beginning | $ 991,000 | $ 710,000 | |
Service cost | 106,000 | 78,000 | 54,000 |
Interest cost | 27,000 | 26,000 | 26,000 |
Actuarial gain | (4,000) | 188,000 | |
Benefit payments | (12,000) | (11,000) | (6,000) |
Projected benefit obligation - ending | 1,108,000 | 991,000 | 710,000 |
Change in plan assets: | |||
Benefit payments | (12,000) | (11,000) | |
Contributions | 12,000 | 11,000 | 6,000 |
Reconciliation of funded status: | |||
Projected benefit obligation | (1,108,000) | (991,000) | (710,000) |
Funded status included in other assets / liabilities | $ (1,108,000) | $ (991,000) | |
Discount rate | 3.00% | 2.75% | |
Salary increase rate | 3.25% | 3.25% | |
Directors' Consultation and Retirement Plan ("DCRP") [Member] | |||
Change in benefit obligation: | |||
Projected benefit obligation - beginning | $ 3,269,000 | $ 2,975,000 | |
Interest cost | 89,000 | 110,000 | 119,000 |
Actuarial gain | (173,000) | 244,000 | |
Benefit payments | (69,000) | (60,000) | (60,000) |
Projected benefit obligation - ending | 3,116,000 | 3,269,000 | 2,975,000 |
Change in plan assets: | |||
Benefit payments | (69,000) | (60,000) | |
Contributions | 69,000 | 60,000 | 60,000 |
Reconciliation of funded status: | |||
Projected benefit obligation | (3,116,000) | (3,269,000) | $ (2,975,000) |
Funded status included in other assets / liabilities | (3,116,000) | (3,269,000) | |
Accumulated benefit obligation | $ (3,116,000) | $ (3,269,000) | |
Discount rate | 3.00% | 2.75% |
Benefit Plans - Schedule of N_3
Benefit Plans - Schedule of Net Benefit Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Interest cost | $ 61 | $ 77 | $ 108 |
Expected return on assets | (113) | (112) | (112) |
Amortization of net actuarial (gain) loss | 22 | 4 | 57 |
Net periodic benefit cost | $ (30) | $ (31) | $ 53 |
Discount rate | 2.75% | 3.75% | 4.25% |
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 | $ 85 | $ 112 | $ 125 |
Amortization of net actuarial (gain) loss | 75 | 56 | 44 |
Net periodic benefit cost | $ 160 | $ 168 | $ 169 |
Discount rate | 2.75% | 3.75% | 4.25% |
Postretirement Welfare Plan [Member] | |||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 106 | $ 78 | $ 54 |
Interest cost | 27 | 26 | 26 |
Amortization of net actuarial (gain) loss | (14) | (41) | (49) |
Net periodic benefit cost | $ 119 | $ 63 | $ 31 |
Discount rate | 2.75% | 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 | $ 89 | $ 110 | $ 119 |
Amortization of net actuarial (gain) loss | (9) | ||
Net periodic benefit cost | $ 89 | $ 110 | $ 110 |
Discount rate | 2.75% | 3.75% | 4.25% |
Benefit Plans - Schedule of Exp
Benefit Plans - Schedule of Expected Benefit Payments (Detail) | Jun. 30, 2021USD ($) |
Atlas Bank Retirement Income Plan ("ABRIP") [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2022 | $ 146,000 |
2023 | 144,000 |
2024 | 141,000 |
2025 | 142,000 |
2026 | 143,000 |
2027-2031 | 657,000 |
Benefit Equalization Plan ("BEP") [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2022 | 238,000 |
2023 | 235,000 |
2024 | 231,000 |
2025 | 228,000 |
2026 | 223,000 |
2027-2031 | 1,030,000 |
Postretirement Welfare Plan [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2022 | 44,000 |
2023 | 52,000 |
2024 | 61,000 |
2025 | 70,000 |
2026 | 84,000 |
2027-2031 | 522,000 |
Directors' Consultation and Retirement Plan ("DCRP") [Member] | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2022 | 71,000 |
2023 | 91,000 |
2024 | 111,000 |
2025 | 149,000 |
2026 | 167,000 |
2027-2031 | $ 1,178,000 |
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, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |||
Prudential Guaranteed Deposit Fund | $ 3,220 | $ 3,299 | $ 3,223 |
Prudential Guaranteed Deposit Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prudential Guaranteed Deposit Fund | 3,220 | 3,299 | |
Prudential Guaranteed Deposit Fund [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prudential Guaranteed Deposit Fund | $ 3,220 | $ 3,299 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Percentage of net income for dividend payout ratio | 50.00% | ||
Stock option exercise (in shares) | 41,412 | 0 | 48,314 |
Vested options, aggregate intrinsic value | $ 158,000 | $ 235,000 | |
Share-based payment award, number of shares issued | 41,412 | ||
Cash proceeds from stock option | $ 373,000 | $ 423,000 | 423,000 |
Income tax benefit | $ 47,000 | 69,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 743,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,100,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 6 months | ||
Employee Stock Option [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based Compensation Expense | $ 1,800,000 | 1,800,000 | 2,000,000 |
Tax Benefit (Expense) from Compensation Expense | $ 422,000 | $ 432,000 | $ 453,000 |
Restricted Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 53,706 | 0 | 233,000 |
Share-based Compensation Expense | $ 3,800,000 | $ 4,000,000 | $ 4,100,000 |
Tax Benefit from Compensation Expense | 1,400,000 | 1,500,000 | 1,500,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 3,300,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years 10 months 24 days | ||
Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 4,200,000 | $ 4,200,000 | 4,100,000 |
Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 423,676 | ||
Restricted Stock [Member] | Vesting Contingent on Performance and Service Conditions [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 27,000 | ||
Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 160,000 | 227,000 | |
Stock Compensation Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based Compensation Expense | $ 5,700,000 | $ 5,900,000 | $ 6,100,000 |
2016 Equity Incentive Plan [Member] | Employee Stock Option [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [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] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based Payment Award, Number of Shares Authorized | 1,523,696 | ||
Share-based Payment Award, Number of Shares Available for Grant | 0 | ||
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] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based Payment Award, Award Vesting Period | 5 years | 5 years |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Assumptions to Estimate the Fair Value of the Options Granted (Detail) - $ / shares | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [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 | 0 years | 4 years 10 months 24 days |
Weighted average fair value of options granted | $ 2.54 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of the Company's Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Beginning - Options Outstanding | 3,294,000 | ||
Exercised - Options | (41,412) | 0 | (48,314) |
Ending - Options Outstanding | 3,253,000 | 3,294,000 | |
Exercisable - Options | 2,510,000 | ||
Beginning - Weighted Average Exercise Price | $ 14.90 | ||
Exercised - Weighted Average Exercise Price | 9 | ||
Ending - Weighted Average Exercise Price | 14.97 | $ 14.90 | |
Exercisable - Weighted Average Exercise Price | $ 15 | ||
Weighted Average Remaining Contractual Term | 5 years 6 months | 6 years 6 months | |
Granted - Weighted Average Remaining Contractual Term | 0 years | ||
Exercised - Weighted Average Remaining Contractual Term | 2 years 6 months | ||
Exercisable - Weighted Average Remaining Contractual Term | 5 years 4 months 24 days | ||
Beginning - Options Outstanding - Aggregate Intrinsic Value | $ 11 | ||
Ending - Options Outstanding - Aggregate Intrinsic Value | 177 | $ 11 | |
Exercisable - Aggregate Intrinsic Value | $ 177 |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of the Status of the Company's Non-vested Restricted Share Awards (Detail) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Granted - Non-vested Restricted Shares | 53,706 | 0 | 233,000 |
Ending - Non-vested Restricted Shares | 423,676 | ||
Vesting Contingent on Service Conditions [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Beginning - Non-vested Restricted Shares | 420,000 | ||
Granted - Non-vested Restricted Shares | 27,000 | ||
Vested - Non-vested Restricted Shares | (183,000) | ||
Ending - Non-vested Restricted Shares | 264,000 | 420,000 | |
Beginning - Non-vested Weighted Average Grant Date Fair Value | $ 14.86 | ||
Granted - Non-vested Weighted Average Grant Date Fair Value | 13.11 | ||
Vested - Non-vested Weighted Average Grant Date Fair Value | 15.07 | ||
Ending - Non-vested Weighted Average Grant Date Fair Value | $ 14.54 | $ 14.86 | |
Vesting Contingent on Performance and Service Conditions [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Beginning - Non-vested Restricted Shares | 227,000 | ||
Granted - Non-vested Restricted Shares | 27,000 | ||
Vested - Non-vested Restricted Shares | (94,000) | ||
Ending - Non-vested Restricted Shares | 160,000 | 227,000 | |
Beginning - Non-vested Weighted Average Grant Date Fair Value | $ 14.69 | ||
Granted - Non-vested Weighted Average Grant Date Fair Value | 13.11 | ||
Vested - Non-vested Weighted Average Grant Date Fair Value | 14.95 | ||
Ending - Non-vested Weighted Average Grant Date Fair Value | $ 14.27 | $ 14.69 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
May 31, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | May 26, 2021 | Jan. 22, 2021 | Oct. 19, 2020 | Mar. 31, 2019 | Jan. 01, 2019 | 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, 2021, applications for capital distributions from the Bank to the Company were approved by federal banking regulators in the amount of $40.0 million, $45.0 million and $50.0 million which was paid by the Bank to the Company in October 2020, January 2021 and May 2021, respectively. | ||||||||||||
Payments of capital distribution | $ 50,000,000 | $ 45,000,000 | $ 40,000,000 | ||||||||||
Percentage of dividends payable | 75.00% | ||||||||||||
Payments of dividends by bank | $ 43,900,000 | $ 30,000,000 | |||||||||||
New common equity Tier 1 capital ratio | 4.50% | 4.50% | |||||||||||
Tier 1 capital ratio | 6.00% | 6.00% | |||||||||||
Total capital ratio | 8.00% | 8.00% | |||||||||||
Tier 1 leverage ratio | 4.00% | 4.00% | |||||||||||
Capital to risk weighted assets | 19.65% | 23.61% | |||||||||||
Shares repurchased during period, value | $ 119,021,000 | $ 69,782,000 | $ 141,708,000 | ||||||||||
Four Share Repurchase Program, Announced in March 2019 [Member] | |||||||||||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||||||||||||
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% | ||||||||||||
Temporarily suspending stock repurchase plan. | On March 25, 2020, that plan was temporarily suspended due to the risks and uncertainties associated with the COVID-19 pandemic. | ||||||||||||
Share repurchase plan, number of shares authorized to repurchase | 761,030 | ||||||||||||
Shares repurchased during period, value | $ 117,900,000 | ||||||||||||
Shares repurchased average cost per share | $ 12.79 | ||||||||||||
Fifth Share Repurchase Program [Member] | |||||||||||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||||||||||||
Share repurchase plan, number of shares authorized to repurchase | 4,475,523 | ||||||||||||
Share repurchase plan, shares authorized to repurchase as percentage of outstanding shares | 5.00% | ||||||||||||
Shares repurchased during period, value | $ 46,900,000 | ||||||||||||
Shares repurchased average cost per share | $ 10.48 | ||||||||||||
Sixth Share Repurchase Program [Member] | |||||||||||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||||||||||||
Share repurchase plan, number of shares authorized to repurchase | 4,210,520 | ||||||||||||
Share repurchase plan, shares authorized to repurchase as percentage of outstanding shares | 5.00% | ||||||||||||
Shares repurchased during period, value | $ 51,100,000 | ||||||||||||
Shares repurchased average cost per share | $ 12.15 | ||||||||||||
Seventh Share Repurchase Program [Member] | |||||||||||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||||||||||||
Share repurchase plan, number of shares authorized to repurchase | 4,064,649 | ||||||||||||
Share repurchase plan, shares authorized to repurchase as percentage of outstanding shares | 5.00% | ||||||||||||
Shares repurchased during period | 1,120,000 | ||||||||||||
Shares repurchased during period, value | $ 14,200,000 | ||||||||||||
Shares repurchased average cost per share | $ 12.65 | ||||||||||||
Shares authorized to repurchase | 27.60% | ||||||||||||
Fourth, Fifth, Sixth and Seventh Share Repurchase Program [Member] | |||||||||||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||||||||||||
Shares repurchased during period | 10,567,073 | ||||||||||||
Shares repurchased during period, value | $ 119,000,000 | ||||||||||||
Shares repurchased average cost per share | $ 11.26 | ||||||||||||
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, 2021 | Jun. 30, 2020 |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 872,823 | $ 906,058 |
Tier 1 capital (to risk-weighted assets), Actual, Amount | 837,677 | 868,731 |
Core (Tier 1) capital (to adjusted total assets), Actual, Amount | 837,677 | 868,731 |
Tangible capital (to adjusted total assets), Actual, Amount | $ 837,677 | $ 868,731 |
Total capital (to risk-weighted assets), Actual, Ratio | 19.65% | 23.61% |
Tier 1 capital (to risk-weighted assets), Actual, Ratio | 18.86% | 22.64% |
Core (Tier 1) capital (to adjusted total assets), Actual, Ratio | 18.86% | 22.64% |
Tangible capital (to adjusted total assets), Actual, Ratio | 11.76% | 13.27% |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | $ 355,274 | $ 306,958 |
Tier 1 capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | 266,456 | 230,219 |
Core (Tier 1) capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | 199,842 | 172,664 |
Tangible capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | $ 284,877 | $ 261,783 |
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 | $ 761,883 | $ 816,577 |
Tier 1 capital (to risk-weighted assets), Actual, Amount | 726,737 | 779,250 |
Core (Tier 1) capital (to adjusted total assets), Actual, Amount | 726,737 | 779,250 |
Tangible capital (to adjusted total assets), Actual, Amount | $ 726,737 | $ 779,250 |
Total capital (to risk-weighted assets), Actual, Ratio | 17.22% | 21.38% |
Tier 1 capital (to risk-weighted assets), Actual, Ratio | 16.42% | 20.40% |
Core (Tier 1) capital (to adjusted total assets), Actual, Ratio | 16.42% | 20.40% |
Tangible capital (to adjusted total assets), Actual, Ratio | 10.23% | 11.95% |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | $ 353,970 | $ 305,562 |
Tier 1 capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | 265,477 | 229,172 |
Core (Tier 1) capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | 199,108 | 171,879 |
Tangible capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | $ 284,114 | $ 260,893 |
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 | $ 442,462 | $ 381,953 |
Tier 1 capital (to risk-weighted assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | 353,970 | 305,562 |
Core (Tier 1) capital (to adjusted total assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | 287,600 | 248,269 |
Tangible capital (to adjusted total assets), To be Well Capitalized under Prompt Corrective Action Provisions, Amount | $ 355,142 | $ 326,116 |
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, 2021 | Jun. 30, 2020 |
Stockholders Equity Note [Abstract] | ||
Total capital (to risk-weighted assets), Actual, Amount | $ 872,823 | $ 906,058 |
Tier 1 capital (to risk-weighted assets), Actual, Amount | 837,677 | 868,731 |
Core (Tier 1) capital (to adjusted total assets), Actual, Amount | 837,677 | 868,731 |
Tangible capital (to adjusted total assets), Actual, Amount | $ 837,677 | $ 868,731 |
Total capital (to risk-weighted assets), Actual, Ratio | 19.65% | 23.61% |
Tier 1 capital (to risk-weighted assets), Actual, Ratio | 18.86% | 22.64% |
Core (Tier 1) capital (to adjusted total assets), Actual, Ratio | 18.86% | 22.64% |
Tangible capital (to adjusted total assets), Actual, Ratio | 11.76% | 13.27% |
Total capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | $ 355,274 | $ 306,958 |
Tier 1 capital (to risk-weighted assets), For Capital Adequacy Purposes, Amount | 266,456 | 230,219 |
Core (Tier 1) capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | 199,842 | 172,664 |
Tangible capital (to adjusted total assets), For Capital Adequacy Purposes, Amount | $ 284,877 | $ 261,783 |
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, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |||||||||||
Current tax expense: Federal | $ 12,051 | $ 6,745 | $ 5,656 | ||||||||
Current tax expense: State | 5,058 | 4,877 | 3,733 | ||||||||
Current tax expense: Total | 17,109 | 11,622 | 9,389 | ||||||||
Deferred tax expense: Federal | 2,673 | 1,153 | 3,842 | ||||||||
Deferred tax expense: State | 2,016 | 235 | 368 | ||||||||
Deferred tax expense: Total | 4,689 | 1,388 | 4,210 | ||||||||
Valuation allowance | (535) | (723) | 328 | ||||||||
Total income tax expense | $ 7,033 | $ 5,732 | $ 5,614 | $ 2,884 | $ 4,698 | $ 225 | $ 3,547 | $ 3,817 | $ 21,263 | $ 12,287 | $ 13,927 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Disclosure [Line Items] | |||
Federal income tax rate | 21.00% | 21.00% | 21.00% |
Bad debt reserve for tax purposes of qualified lender | $ 38,400,000 | ||
Valuation allowances,associated with capital loss carryforwards | $ 535,000 | ||
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, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |||||||||||
Income before income taxes | $ 25,516 | $ 22,155 | $ 22,562 | $ 14,263 | $ 18,387 | $ 9,479 | $ 14,199 | $ 15,187 | $ 84,496 | $ 57,252 | $ 56,069 |
Federal income tax rate | 21.00% | 21.00% | 21.00% | ||||||||
Federal income tax expense at statutory rate | $ 17,744 | $ 12,023 | $ 11,774 | ||||||||
(Reduction) increases in income taxes resulting from: Tax exempt interest | (345) | (497) | (589) | ||||||||
(Reduction) increases in income taxes resulting from: State tax, net of federal tax effect | 5,464 | 3,914 | 3,510 | ||||||||
(Reduction) increases in income taxes resulting from: Incentive stock options compensation expense | 85 | 78 | 88 | ||||||||
(Reduction) increases in income taxes resulting from: Income from bank-owned life insurance | (1,255) | (1,314) | (1,329) | ||||||||
(Reduction) increases in income taxes resulting from: Disqualifying disposition on incentive stock options | (33) | (24) | |||||||||
(Reduction) increases in income taxes resulting from: Non-deductible merger-related expenses | 49 | 148 | |||||||||
(Reductions) increases in income taxes resulting from: Bargain purchase gain | (641) | ||||||||||
Tax benefit arising from the adoption of the CARES Act provisions | (1,624) | ||||||||||
(Reductions) increases in income taxes resulting from: Other items, net | 730 | 282 | 169 | ||||||||
Income Tax Expense Benefit Before Valuation Allowance | 21,798 | 13,010 | 13,599 | ||||||||
Valuation allowance | (535) | (723) | 328 | ||||||||
Total income tax expense | $ 7,033 | $ 5,732 | $ 5,614 | $ 2,884 | $ 4,698 | $ 225 | $ 3,547 | $ 3,817 | $ 21,263 | $ 12,287 | $ 13,927 |
Effective income tax rate | 25.16% | 21.46% | 24.84% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Income Tax Disclosure [Abstract] | ||
Deferred income taxes, net | $ 8,417 | $ 11,668 |
Deferred income tax assets: Accumulated other comprehensive income - Defined benefit plans | 326 | 416 |
Deferred income tax assets: Derivatives | 94 | 5,730 |
Deferred income tax assets: Allowance for credit losses | 17,376 | 11,047 |
Deferred income tax assets: Benefit plans | 2,432 | 2,290 |
Deferred income tax assets: Compensation | 1,616 | 1,287 |
Deferred income tax assets: Stock based compensation | 2,937 | 2,482 |
Deferred income tax assets: Uncollected interest | 1,484 | 1,362 |
Deferred income tax assets: Depreciation | 1,691 | 268 |
Deferred income tax assets: Net operating loss carryover | 5 | 6 |
Deferred income tax assets: Capital loss carryforward | 313 | 329 |
Deferred income tax assets: Other items | 1,048 | 1,049 |
Deferred Tax Assets, Gross, Total | 37,739 | 37,934 |
Deferred income tax assets: Valuation allowance | (535) | |
Deferred Tax Assets, Net of valuation allowance, Total | 37,739 | 37,399 |
Deferred income tax liabilities: Loan fees and costs | 620 | |
Deferred income tax liabilities: Unrealized gain on securities available for sale | 2,882 | 6,541 |
Deferred income tax liabilities: Goodwill | 4,560 | 4,655 |
Deferred income tax liabilities: Other items | 354 | 723 |
Deferred Tax Liabilities, Gross, Total | 8,416 | 11,919 |
Net deferred income tax asset | $ 29,323 | $ 25,480 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Commitments [Line Items] | ||
Pipeline of loans held-for-sale | $ 48,400,000 | |
Standby Letters of Credit [Member] | ||
Commitments [Line Items] | ||
Other Commitment | 739,000 | $ 217,000 |
Unused Lines Of Credit [Member] | ||
Commitments [Line Items] | ||
Commitments To Originate Loans | $ 512,200,000 | $ 145,100,000 |
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, 2021 | Jun. 30, 2020 |
Assets: | ||
Securities available for sale, Fair value | $ 652,851 | |
Mortgage-backed securities available for sale | 1,051,041 | $ 819,148 |
Securities available for sale | 1,676,864 | 1,385,703 |
Interest rate contracts | 1,832 | 235 |
Total assets | 1,678,696 | 1,385,938 |
Liabilities: | ||
Interest rate contracts | 673 | 18,177 |
Total liabilities | 673 | 18,177 |
Interest Rate Contract [Member] | ||
Assets: | ||
Interest rate contracts | 1,832 | 235 |
Liabilities: | ||
Interest rate contracts | 673 | 18,177 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | 1,051,041 | 819,148 |
Securities available for sale | 1,676,864 | 1,385,703 |
Total assets | 1,678,696 | 1,385,938 |
Liabilities: | ||
Total liabilities | 673 | 18,177 |
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Contract [Member] | ||
Assets: | ||
Interest rate contracts | 1,832 | 235 |
Liabilities: | ||
Interest rate contracts | 673 | 18,177 |
Debt Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 625,823 | 566,555 |
Debt Securities [Member] | Trust Preferred Securities Subject to Mandatory Redemption | ||
Assets: | ||
Securities available for sale, Fair value | 2,627 | |
Debt Securities [Member] | Obligations of State and Political Subdivisions [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 34,603 | 54,054 |
Debt Securities [Member] | Asset-backed Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 242,989 | 172,447 |
Debt Securities [Member] | Collateralized Loan Obligations [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 189,880 | 193,788 |
Debt Securities [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 158,351 | 143,639 |
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 625,823 | 566,555 |
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Trust Preferred Securities Subject to Mandatory Redemption | ||
Assets: | ||
Securities available for sale, Fair value | 2,627 | |
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Obligations of State and Political Subdivisions [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 34,603 | 54,054 |
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Asset-backed Securities [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 242,989 | 172,447 |
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Collateralized Loan Obligations [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 189,880 | 193,788 |
Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Securities available for sale, Fair value | 158,351 | 143,639 |
Collateralized Mortgage Obligations Excluding Pass Through Securities | ||
Assets: | ||
Mortgage-backed securities available for sale | 13,739 | 30,903 |
Collateralized Mortgage Obligations Excluding Pass Through Securities | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | 13,739 | 30,903 |
Residential Pass-Through Securities [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | 744,491 | 561,954 |
Residential Pass-Through Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | 744,491 | 561,954 |
Commercial Mortgage Backed Securities | ||
Assets: | ||
Mortgage-backed securities available for sale | 292,811 | 226,291 |
Commercial Mortgage Backed Securities | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Mortgage-backed securities available for sale | $ 292,811 | $ 226,291 |
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, 2021 | Jun. 30, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 1,678,696,000 | $ 1,385,938,000 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 178,000 | 178,000 |
Fair Value, Measurements, Nonrecurring [Member] | Multi-Family Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 6,932,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 18,662,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 3,051,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Non-Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 8,679,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 178,000 | 178,000 |
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 178,000 | 178,000 |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 4,750,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 2,339,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Non-Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 2,282,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Commercial Business [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 129,000 | |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 1,678,696,000 | 1,385,938,000 |
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 18,700,000 | 4,800,000 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Multi-Family Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 6,932,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 18,662,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 3,051,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Non-Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 8,679,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 178,000 | 178,000 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 178,000 | 178,000 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 4,750,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 2,339,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Non-Residential Mortgage [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 2,282,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Commercial Business [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 129,000 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Schedule of Quantitative Information about Level 3 Fair Value Measurements (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | $ 1,678,696 | $ 1,385,938 | ||
Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | $ 178 | $ 178 | ||
Valuation Techniques | Market valuation of underlying collateral | Market valuation of underlying collateral | [1] | |
Unobservable Input | [2] | Adjustments to reflect current conditions/selling costs | Adjustments to reflect current conditions/selling costs | |
Range | 6.00% | |||
Weighted Average | 6.00% | 6.00% | ||
Fair Value, Measurements, Nonrecurring [Member] | Multi-Family Mortgage [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | $ 6,932 | |||
Fair Value, Measurements, Nonrecurring [Member] | Minimum [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range | 6.00% | |||
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | 18,662 | |||
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Residential Mortgage [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | 3,051 | |||
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Non-Residential Mortgage [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | 8,679 | |||
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent 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 | 18,662 | |||
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Multi-Family Mortgage [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | $ 6,932 | |||
Valuation Techniques | Market valuation of underlying collateral | |||
Unobservable Input | [2] | Adjustments to reflect current conditions/selling costs | ||
Weighted Average | 10.39% | |||
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Residential Mortgage [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | $ 3,051 | |||
Valuation Techniques | [1] | Market valuation of underlying collateral | ||
Unobservable Input | [2] | Adjustments to reflect current conditions/selling costs | ||
Weighted Average | 9.77% | |||
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Non-Residential Mortgage [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | $ 8,679 | |||
Valuation Techniques | [1] | Market valuation of underlying collateral | ||
Unobservable Input | [2] | Adjustments to reflect current conditions/selling costs | ||
Weighted Average | 14.48% | |||
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Minimum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Multi-Family Mortgage [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range | 10.00% | |||
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Minimum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Residential Mortgage [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range | 7.00% | |||
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Minimum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Non-Residential Mortgage [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range | 9.00% | |||
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Maximum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Multi-Family Mortgage [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range | 11.00% | |||
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Maximum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Residential Mortgage [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range | 9.00% | |||
Fair Value, Measurements, Nonrecurring [Member] | Collateral Dependent Loans [Member] | Market Valuation of Underlying Collateral [Member] | Maximum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Non-Residential Mortgage [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range | 12.00% | |||
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | $ 178 | $ 178 | ||
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned | Residential Mortgage [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | 178 | 178 | ||
Fair Value, Measurements, Nonrecurring [Member] | Other Real Estate Owned | Market Valuation of Underlying Collateral [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | $ 178 | 178 | ||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | 4,750 | |||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Residential Mortgage [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | 2,339 | |||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Non-Residential Mortgage [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | 2,282 | |||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Commercial Business [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | 129 | |||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | 4,750 | |||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Residential Mortgage [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | $ 2,339 | |||
Valuation Techniques | [1] | Market valuation of underlying collateral | ||
Unobservable Input | [2] | Adjustments to reflect current conditions/selling costs | ||
Weighted Average | 8.17% | |||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Non-Residential Mortgage [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | $ 2,282 | |||
Valuation Techniques | [1] | Market valuation of underlying collateral | ||
Unobservable Input | [2] | Adjustments to reflect current conditions/selling costs | ||
Weighted Average | 10.27% | |||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Commercial Business [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Assets, Fair Value | $ 129 | |||
Valuation Techniques | [1] | Market valuation of underlying collateral | ||
Unobservable Input | [2] | Adjustments to reflect current conditions/selling costs | ||
Weighted Average | 0.00% | |||
Fair Value, Measurements, Nonrecurring [Member] | Impaired Loans [Member] | Market Valuation of Underlying Collateral [Member] | Minimum [Member] | Adjustments to Reflect Current Conditions or Selling Costs [Member] | Residential Mortgage [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Range | 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 | 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 | 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 | 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 | 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 | 10.00% | |||
[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 limited to, real estate brokerage commissions and title transfer fees. |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 1,678,696,000 | $ 1,385,938,000 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 3,874,000 | 89,000 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 178,000 | 178,000 |
Impaired Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 4,750,000 | |
Other Real Estate Owned | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 178,000 | 178,000 |
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 18,700,000 | 4,800,000 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 6,500,000 | 89,000 |
Loans and Leases Receivable, Gross | 25,200,000 | 4,800,000 |
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 4,750,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Other Real Estate Owned | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 178,000 | $ 178,000 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 1,676,864 | $ 1,385,703 |
Investment securities held to maturity, amortized cost | 38,138 | 32,556 |
Investment securities held to maturity | 39,610 | 34,069 |
Interest rate contracts,assets | 1,832 | 235 |
Interest rate contracts,liabilities | 673 | 18,177 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,676,864 | 1,385,703 |
Carrying Amount [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 67,855 | 180,967 |
Investment securities available for sale | 1,676,864 | 1,385,703 |
Investment securities held to maturity, amortized cost | 38,138 | 32,556 |
Loans held-for-sale | 16,492 | 20,789 |
Net loans receivable | 4,793,229 | 4,461,070 |
FHLB Stock | 36,615 | 58,654 |
Interest receivable | 19,362 | 17,373 |
Interest rate contracts,assets | 1,832 | 235 |
Deposits | 5,485,306 | 4,430,282 |
Borrowings | 685,876 | 1,173,165 |
Interest payable on deposits | 145 | 395 |
Interest payable on borrowings | 1,335 | 1,723 |
Interest rate contracts,liabilities | 673 | 18,177 |
Estimate of Fair Value Measurement | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 67,855 | 180,967 |
Investment securities available for sale | 1,676,864 | 1,385,703 |
Investment securities held to maturity | 39,610 | 34,069 |
Loans held-for-sale | 16,934 | 21,550 |
Net loans receivable | 4,830,136 | 4,462,232 |
Interest receivable | 19,362 | 17,373 |
Interest rate contracts,assets | 1,832 | 235 |
Deposits | 5,490,923 | 4,449,877 |
Borrowings | 701,419 | 1,215,529 |
Interest payable on deposits | 145 | 395 |
Interest payable on borrowings | 1,335 | 1,723 |
Interest rate contracts,liabilities | 673 | 18,177 |
Estimate of Fair Value Measurement | 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 | 67,855 | 180,967 |
Interest receivable | 1 | 4 |
Deposits | 3,607,560 | 2,589,886 |
Interest payable on deposits | 96 | 295 |
Estimate of Fair Value Measurement | 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 | 1,676,864 | 1,385,703 |
Investment securities held to maturity | 39,610 | 34,069 |
Loans held-for-sale | 16,934 | 21,550 |
Interest receivable | 4,238 | 4,154 |
Interest rate contracts,assets | 1,832 | 235 |
Interest rate contracts,liabilities | 673 | 18,177 |
Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net loans receivable | 4,830,136 | 4,462,232 |
Interest receivable | 15,123 | 13,215 |
Deposits | 1,883,363 | 1,859,991 |
Borrowings | 701,419 | 1,215,529 |
Interest payable on deposits | 49 | 100 |
Interest payable on borrowings | $ 1,335 | $ 1,723 |
Comprehensive Income - Schedule
Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Total Stockholders' Equity | $ 1,042,944 | $ 1,084,177 | $ 1,127,159 | $ 1,268,748 |
Net Unrealized Gain on Securities Available for Sale [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Net unrealized gain on securities available for sale | 10,011 | 22,482 | ||
Tax effect | (2,882) | (6,541) | ||
Total Stockholders' Equity | 7,129 | 15,941 | ||
Fair Value Adjustments on Derivatives [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Net unrealized gain on securities available for sale | (312) | (19,418) | ||
Tax effect | 94 | 5,730 | ||
Total Stockholders' Equity | (218) | (13,688) | ||
Benefit Plan Adjustments [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Net unrealized gain on securities available for sale | (1,093) | (1,412) | ||
Tax effect | 326 | 416 | ||
Total Stockholders' Equity | (767) | (996) | ||
Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Total Stockholders' Equity | $ 6,144 | $ 1,257 | $ 2,839 | $ 18,535 |
Comprehensive Income - Schedu_2
Comprehensive Income - Schedule of Comprehensive Income (loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Comprehensive Income Net Of Tax [Abstract] | ||||
Net unrealized holding (loss) gain on securities available for sale | $ (11,704) | $ 22,758 | $ 5,973 | |
Amortization of net unrealized holding gain (loss) on securities available for sale transferred to held to maturity | [1] | 596 | 291 | |
Net realized (gain) loss on securities available for sale | [2] | (767) | (2,251) | 323 |
Fair value adjustments on derivatives | 19,106 | (23,134) | (28,165) | |
Amortization of actuarial loss | [3] | 83 | 19 | 43 |
Net actuarial gain (loss) | 236 | (348) | (313) | |
Net change in benefit plan accrued expense | 319 | (329) | (270) | |
Other comprehensive income (loss) before taxes | 6,954 | (2,360) | (21,848) | |
Tax effect | (2,067) | 778 | 6,152 | |
Total Other Comprehensive Income (Loss) | $ 4,887 | $ (1,582) | $ (15,696) | |
[1] | Represents amounts reclassified out of accumulated other comprehensive income and included in interest income on taxable securities. | |||
[2] | Represents amounts reclassified out of accumulated other comprehensive income and included in gain on sale of securities on the consolidated statements of income. | |||
[3] | Represents amounts reclassified out of accumulated other comprehensive income and included in the computation of net periodic pension expense. See Note 13 – Benefit Plans for additional information. |
Revenue Recognition - Non Inter
Revenue Recognition - Non Interest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Non-Interest Income | ||||||||||||
Loan-related fees and charges | [1] | $ 4,210 | $ 5,020 | $ 3,909 | ||||||||
Gain (loss) on sale and call of securities | [1] | 767 | 2,250 | (323) | ||||||||
Gain on sale of loans | [1] | 5,574 | 3,186 | 580 | ||||||||
Loss on sale and write down of other real estate owned | (28) | (11) | ||||||||||
Income from bank owned life insurance | [1] | 6,267 | 6,225 | 6,339 | ||||||||
Bargain purchase gain | [1] | 3,053 | ||||||||||
Other income | [1] | 1,751 | 194 | 475 | ||||||||
Total Non-Interest Income | $ 4,398 | $ 5,466 | $ 7,154 | $ 7,733 | $ 5,002 | $ 6,201 | $ 4,554 | $ 3,962 | 24,751 | 19,719 | 13,555 | |
Deposit Related Fees and Charges | ||||||||||||
Non-Interest Income | ||||||||||||
Fees and service charges | 1,412 | 1,626 | 1,536 | |||||||||
Electronic Banking Fees and Charges (Interchange Income) | ||||||||||||
Non-Interest Income | ||||||||||||
Fees and service charges | $ 1,717 | $ 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, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and amounts due from depository institutions | $ 21,463 | $ 20,391 | ||
Investment securities available for sale, at fair value (amortized cost $1,666,853), net of allowance for credit losses of $0 at June 30, 2021 | 1,676,864 | 1,385,703 | ||
Loans receivable | 4,851,394 | 4,498,397 | ||
Other assets | 51,431 | 40,746 | ||
Total Assets | 7,283,735 | 6,758,175 | ||
Other liabilities | 53,857 | 53,982 | ||
Stockholders' equity | 1,042,944 | 1,084,177 | $ 1,127,159 | $ 1,268,748 |
Total Liabilities and Stockholders' Equity | 7,283,735 | 6,758,175 | ||
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and amounts due from depository institutions | 66,191 | 42,632 | ||
Investment securities available for sale, at fair value (amortized cost $1,666,853), net of allowance for credit losses of $0 at June 30, 2021 | 15,000 | 15,000 | ||
Loans receivable | 29,959 | 31,661 | ||
Investment in subsidiary | 932,004 | 994,696 | ||
Other assets | 624 | 1,109 | ||
Total Assets | 1,043,778 | 1,085,098 | ||
Other liabilities | 834 | 921 | ||
Stockholders' equity | 1,042,944 | 1,084,177 | ||
Total Liabilities and Stockholders' Equity | $ 1,043,778 | $ 1,085,098 |
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, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Interest income | $ 56,770 | $ 58,313 | $ 58,393 | $ 60,884 | $ 57,351 | $ 58,776 | $ 57,182 | $ 59,899 | $ 234,360 | $ 233,208 | $ 237,333 |
Directors' compensation | 2,993 | 3,079 | 3,044 | ||||||||
Income before Income Taxes | 25,516 | 22,155 | 22,562 | 14,263 | 18,387 | 9,479 | 14,199 | 15,187 | 84,496 | 57,252 | 56,069 |
Income tax expense | 7,033 | 5,732 | 5,614 | 2,884 | 4,698 | 225 | 3,547 | 3,817 | 21,263 | 12,287 | 13,927 |
Net Income | $ 18,483 | $ 16,423 | $ 16,948 | $ 11,379 | $ 13,689 | $ 9,254 | $ 10,652 | $ 11,370 | 63,233 | 44,965 | 42,142 |
Comprehensive income | 68,120 | 43,383 | 26,446 | ||||||||
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Dividends from subsidiary | 178,918 | 30,039 | 255,117 | ||||||||
Interest income | 1,993 | 2,108 | 2,162 | ||||||||
Equity in undistributed (loss) earnings of subsidiaries | (114,969) | 14,984 | (212,868) | ||||||||
Total income | 65,942 | 47,131 | 44,411 | ||||||||
Directors' compensation | 308 | 332 | 340 | ||||||||
Other expenses | 2,660 | 1,853 | 1,922 | ||||||||
Total expense | 2,968 | 2,185 | 2,262 | ||||||||
Income before Income Taxes | 62,974 | 44,946 | 42,149 | ||||||||
Income tax expense | (259) | (19) | 7 | ||||||||
Net Income | 63,233 | 44,965 | 42,142 | ||||||||
Comprehensive income | $ 68,120 | $ 43,383 | $ 26,446 |
Parent Only Financial Informa_5
Parent Only Financial Information - Condensed Statements of Cash Flows (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Cash Flows from Operating Activities: | |||||||||||
Net Income | $ 18,483,000 | $ 16,423,000 | $ 16,948,000 | $ 11,379,000 | $ 13,689,000 | $ 9,254,000 | $ 10,652,000 | $ 11,370,000 | $ 63,233,000 | $ 44,965,000 | $ 42,142,000 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||||||||||
(Increase) decrease in other assets | (4,454,000) | (35,290,000) | 2,508,000 | ||||||||
Increase (decrease) in other liabilities | 17,295,000 | 17,885,000 | (2,911,000) | ||||||||
Net Cash Provided by Operating Activities | 75,417,000 | 19,324,000 | 39,001,000 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Net cash acquired in acquisition | 4,296,000 | ||||||||||
Net Cash (Used in) Provided by Investing Activities | (83,971,000) | 85,467,000 | (147,945,000) | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Exercise of stock options | 373,000 | 423,000 | 423,000 | ||||||||
Dividends paid | (28,648,000) | (24,121,000) | (34,747,000) | ||||||||
Cancellation of shares repurchased on vesting to pay taxes | (803,000) | (1,083,000) | (989,000) | ||||||||
Net Cash (Used in) Provided by Financing Activities | (104,558,000) | 37,241,000 | 19,015,000 | ||||||||
Cash and Cash Equivalents - Beginning | 180,967,000 | 180,967,000 | |||||||||
Cash and Cash Equivalents - Ending | 67,855,000 | 180,967,000 | 67,855,000 | 180,967,000 | |||||||
Parent Company [Member] | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net Income | 63,233,000 | 44,965,000 | 42,142,000 | ||||||||
Adjustment to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in undistributed earnings of subsidiaries | 114,969,000 | (14,984,000) | 212,868,000 | ||||||||
(Increase) decrease in other assets | 484,000 | (583,000) | 1,116,000 | ||||||||
Increase (decrease) in other liabilities | 160,000 | (50,000) | (9,000) | ||||||||
Net Cash Provided by Operating Activities | 178,846,000 | 29,348,000 | 256,117,000 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Repayment of loan to ESOP | 1,702,000 | 1,645,000 | 1,596,000 | ||||||||
Net cash acquired in acquisition | (9,008,000) | ||||||||||
Other, net | 118,000 | ||||||||||
Net Cash (Used in) Provided by Investing Activities | (7,188,000) | 1,645,000 | 1,596,000 | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Exercise of stock options | 373,000 | 423,000 | |||||||||
Dividends paid | (28,648,000) | (24,121,000) | (34,747,000) | ||||||||
Repurchase and cancellation of common stock of Kearny Financial Corp. | (119,021,000) | (69,782,000) | (141,708,000) | ||||||||
Cancellation of shares repurchased on vesting to pay taxes | (803,000) | (1,083,000) | (989,000) | ||||||||
Net Cash (Used in) Provided by Financing Activities | (148,099,000) | (94,986,000) | (177,021,000) | ||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 23,559,000 | (63,993,000) | 80,692,000 | ||||||||
Cash and Cash Equivalents - Beginning | $ 42,632,000 | $ 106,625,000 | 42,632,000 | 106,625,000 | 25,933,000 | ||||||
Cash and Cash Equivalents - Ending | $ 66,191,000 | $ 42,632,000 | $ 66,191,000 | $ 42,632,000 | $ 106,625,000 |
Net Income Per Common Share (_2
Net Income Per Common Share (EPS) - Schedule of Earnings Per Share Calculations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |||||||||||
Net Income | $ 18,483 | $ 16,423 | $ 16,948 | $ 11,379 | $ 13,689 | $ 9,254 | $ 10,652 | $ 11,370 | $ 63,233 | $ 44,965 | $ 42,142 |
Basic | 77,658 | 80,673 | 85,120 | 86,008 | 80,678 | 81,339 | 82,831 | 84,756 | 82,387 | 82,409 | 91,054 |
Effect of dilutive securities | 4 | 21 | 46 | ||||||||
Weighted average number of common shares outstanding- diluted | 77,680 | 80,690 | 85,123 | 86,009 | 80,680 | 81,358 | 82,876 | 84,793 | 82,391 | 82,430 | 91,100 |
Basic | $ 0.24 | $ 0.20 | $ 0.20 | $ 0.13 | $ 0.17 | $ 0.11 | $ 0.13 | $ 0.13 | $ 0.77 | $ 0.55 | $ 0.46 |
Diluted | $ 0.24 | $ 0.20 | $ 0.20 | $ 0.13 | $ 0.17 | $ 0.11 | $ 0.13 | $ 0.13 | $ 0.77 | $ 0.55 | $ 0.46 |
Net Income per Common Share (_3
Net Income per Common Share (EPS) - Additional Information (Detail) - shares | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Stock Options [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Number of stock options anti-dilutive | 3,246,138 | 3,115,000 | 3,269,000 |
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, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 56,770 | $ 58,313 | $ 58,393 | $ 60,884 | $ 57,351 | $ 58,776 | $ 57,182 | $ 59,899 | $ 234,360 | $ 233,208 | $ 237,333 |
Interest expense | 8,607 | 10,682 | 13,840 | 16,722 | 16,901 | 21,166 | 22,575 | 23,212 | 49,851 | 83,854 | 82,020 |
Net Interest Income | 48,163 | 47,631 | 44,553 | 44,162 | 40,450 | 37,610 | 34,607 | 36,687 | 184,509 | 149,354 | 155,313 |
(Reversal of) Provision for credit losses | (4,941) | 1,126 | (1,365) | 4,059 | 174 | 6,270 | (1,465) | (782) | (1,121) | 4,197 | 3,556 |
Net Interest Income after (Reversal of) Provision for Credit Losses | 53,104 | 46,505 | 45,918 | 40,103 | 40,276 | 31,340 | 36,072 | 37,469 | 185,630 | 145,157 | 151,757 |
Non-interest income | 4,398 | 5,466 | 7,154 | 7,733 | 5,002 | 6,201 | 4,554 | 3,962 | 24,751 | 19,719 | 13,555 |
Non-interest expense | 31,986 | 29,816 | 30,510 | 33,573 | 26,891 | 28,062 | 26,427 | 26,244 | 125,885 | 107,624 | 109,243 |
Income before Income Taxes | 25,516 | 22,155 | 22,562 | 14,263 | 18,387 | 9,479 | 14,199 | 15,187 | 84,496 | 57,252 | 56,069 |
Income taxes | 7,033 | 5,732 | 5,614 | 2,884 | 4,698 | 225 | 3,547 | 3,817 | 21,263 | 12,287 | 13,927 |
Net Income | $ 18,483 | $ 16,423 | $ 16,948 | $ 11,379 | $ 13,689 | $ 9,254 | $ 10,652 | $ 11,370 | $ 63,233 | $ 44,965 | $ 42,142 |
Net income per common share: | |||||||||||
Basic | $ 0.24 | $ 0.20 | $ 0.20 | $ 0.13 | $ 0.17 | $ 0.11 | $ 0.13 | $ 0.13 | $ 0.77 | $ 0.55 | $ 0.46 |
Diluted | $ 0.24 | $ 0.20 | $ 0.20 | $ 0.13 | $ 0.17 | $ 0.11 | $ 0.13 | $ 0.13 | $ 0.77 | $ 0.55 | $ 0.46 |
Weighted average number of common shares outstanding: | |||||||||||
Basic | 77,658 | 80,673 | 85,120 | 86,008 | 80,678 | 81,339 | 82,831 | 84,756 | 82,387 | 82,409 | 91,054 |
Diluted | 77,680 | 80,690 | 85,123 | 86,009 | 80,680 | 81,358 | 82,876 | 84,793 | 82,391 | 82,430 | 91,100 |
Dividends declared per common share | $ 0.10 | $ 0.09 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.07 | $ 0.06 | $ 0.35 | $ 0.29 | $ 0.37 |