Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-37399 | |
Entity Registrant Name | KEARNY FINANCIAL CORP. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 30-0870244 | |
Entity Address, Address Line One | 120 Passaic Ave. | |
Entity Address, City or Town | Fairfield | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07004 | |
City Area Code | 973 | |
Local Phone Number | 244-4500 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | KRNY | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 67,567,771 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Entity Central Index Key | 0001617242 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Assets | ||
Cash and amounts due from depository institutions | $ 22,849 | $ 26,094 |
Interest-bearing deposits in other banks | 73,227 | 75,521 |
Cash and cash equivalents | 96,076 | 101,615 |
Investment securities available for sale (amortized cost of $1,430,572 and $1,462,124, respectively) | 1,263,176 | 1,344,093 |
Investment securities held to maturity (fair value of $99,548 and $108,118, respectively) | 115,943 | 118,291 |
Loans held-for-sale | 12,936 | 28,874 |
Loans receivable | 5,656,370 | 5,417,845 |
Less: allowance for credit losses on loans | (47,613) | (47,058) |
Net loans receivable | 5,608,757 | 5,370,787 |
Premises and equipment | 52,642 | 53,281 |
Federal Home Loan Bank (“FHLB”) of New York stock | 44,957 | 47,144 |
Accrued interest receivable | 23,817 | 20,466 |
Goodwill | 210,895 | 210,895 |
Core deposit intangibles | 2,876 | 3,020 |
Bank owned life insurance | 289,690 | 289,177 |
Deferred income tax assets, net | 54,278 | 49,350 |
Other real estate owned | 178 | 178 |
Other assets | 113,369 | 82,712 |
Total Assets | 7,889,590 | 7,719,883 |
Deposits: | ||
Non-interest-bearing | 683,406 | 653,899 |
Interest-bearing | 5,424,872 | 5,208,357 |
Total deposits | 6,108,278 | 5,862,256 |
Borrowings | 851,454 | 901,337 |
Advance payments by borrowers for taxes | 16,555 | 16,746 |
Other liabilities | 38,329 | 45,544 |
Total Liabilities | 7,014,616 | 6,825,883 |
Stockholders' Equity | ||
Preferred stock, $0.01 par value, 100,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $0.01 par value; 800,000,000 shares authorized; 67,937,671 shares and 68,666,323 shares issued and outstanding, respectively | 680 | 687 |
Paid-in capital | 520,245 | 528,396 |
Retained earnings | 454,710 | 445,451 |
Unearned employee stock ownership plan shares; 2,508,720 shares and 2,558,895 shares, respectively | (24,321) | (24,807) |
Accumulated other comprehensive loss | (76,340) | (55,727) |
Total Stockholders' Equity | 874,974 | 894,000 |
Total Liabilities and Stockholders' Equity | $ 7,889,590 | $ 7,719,883 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Available-for-sale, amortized cost | $ 1,430,572 | $ 1,462,124 |
Held-to-maturity, fair value | $ 99,548 | $ 108,118 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 800,000,000 | 800,000,000 |
Common stock, shares issued (in shares) | 67,937,671 | 68,666,323 |
Common stock, shares outstanding (in shares) | 67,937,671 | 68,666,323 |
Employee Stock Ownership Plan (ESOP), Number of Suspense Shares (in shares) | 2,508,720 | 2,558,895 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Interest Income | ||
Loans | $ 52,935 | $ 48,230 |
Taxable investment securities | 10,439 | 8,212 |
Tax-exempt investment securities | 285 | 333 |
Other interest-earning assets | 761 | 431 |
Total Interest Income | 64,420 | 57,206 |
Interest Expense | ||
Deposits | 10,869 | 4,065 |
Borrowings | 5,020 | 3,551 |
Total Interest Expense | 15,889 | 7,616 |
Net Interest Income | 48,531 | 49,590 |
Provision for (reversal of) credit losses | 670 | (5,400) |
Net Interest Income after Provision for (Reversal of) Credit Losses | 47,861 | 54,990 |
Non-Interest Income | ||
Fees and service charges | 763 | 607 |
Gain on sale and call of securities | 0 | 1 |
Gain on sale of loans | 395 | 1,006 |
Income from bank owned life insurance | 3,698 | 1,561 |
Electronic banking fees and charges | 506 | 407 |
Other income | 555 | 218 |
Total Non-Interest Income | 5,917 | 3,800 |
Non-Interest Expense | ||
Salaries and employee benefits | 20,348 | 18,617 |
Net occupancy expense of premises | 3,090 | 4,547 |
Equipment and systems | 3,662 | 3,825 |
Advertising and marketing | 747 | 392 |
Federal deposit insurance premium | 906 | 492 |
Directors' compensation | 340 | 803 |
Other expense | 2,895 | 3,127 |
Total Non-Interest Expense | 31,988 | 31,803 |
Income before Income Taxes | 21,790 | 26,987 |
Income tax expense | 5,255 | 7,272 |
Net Income | $ 16,535 | $ 19,715 |
Net Income per Common Share (EPS) | ||
Earnings Per Share, Basic (dollars per share) | $ 0.25 | $ 0.26 |
Earnings Per Share, Diluted (dollars per share) | $ 0.25 | $ 0.26 |
Weighted Average Number of Common Shares Outstanding | ||
Weighted Average Number of Shares Outstanding, Basic (dollars per share) | 65,737 | 74,537 |
Weighted Average Number of Shares Outstanding, Diluted (dollars per share) | 65,756 | 74,556 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 16,535 | $ 19,715 |
Other Comprehensive (Loss) Income, net of tax: | ||
Net unrealized loss on securities available for sale | (35,179) | (4,981) |
Net realized gain on sale and call of securities available for sale | 0 | (1) |
Fair value adjustments on derivatives | 14,590 | 1,164 |
Benefit plan adjustments | (24) | 10 |
Total Other Comprehensive Loss | (20,613) | (3,808) |
Total Comprehensive (Loss) Income | $ (4,078) | $ 15,907 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Paid-In Capital | Retained Earnings | Unearned ESOP Shares | Accumulated Other Comprehensive Income |
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 | 78,965,000 | |||||
Net Income | 19,715 | 19,715 | ||||
Other comprehensive loss, net of income tax | (3,808) | (3,808) | ||||
ESOP shares committed to be released (50 shares) | 620 | 133 | 487 | |||
Stock repurchases (in shares) | (3,158,000) | |||||
Stock repurchases (in value) | (38,996) | $ (32) | (38,964) | |||
Stock-based compensation expense | 1,418 | 1,418 | ||||
Cancellation of shares issued for restricted stock awards (in shares) | (7,000) | |||||
Cancellation of shares issued for restricted stock awards (in value) | (89) | (89) | ||||
Cash dividends declared ($0.10 per common share) | (7,381) | (7,381) | ||||
Balance (in value) at Sep. 30, 2021 | 1,014,423 | $ 758 | 616,894 | 420,701 | (26,266) | 2,336 |
Balance (in shares) at Sep. 30, 2021 | 75,800,000 | |||||
Balance (in value) at Jun. 30, 2022 | $ 894,000 | $ 687 | 528,396 | 445,451 | (24,807) | (55,727) |
Balance (in shares) at Jun. 30, 2022 | 68,666,323 | 68,666,000 | ||||
Net Income | $ 16,535 | 16,535 | ||||
Other comprehensive loss, net of income tax | (20,613) | (20,613) | ||||
ESOP shares committed to be released (50 shares) | 576 | 90 | 486 | |||
Stock repurchases (in shares) | (760,000) | |||||
Stock repurchases (in value) | (8,693) | $ (8) | (8,685) | |||
Issuance of stuck under stock benefit plans (in shares) | (61,000) | |||||
Issuance of stuck under stock benefit plans (in value) | $ (1) | 1 | ||||
Stock-based compensation expense | 786 | 786 | ||||
Cancellation of shares issued for restricted stock awards (in shares) | (29,000) | |||||
Cancellation of shares issued for restricted stock awards (in value) | (341) | (341) | ||||
Cash dividends declared ($0.10 per common share) | (7,276) | (7,276) | ||||
Balance (in value) at Sep. 30, 2022 | $ 874,974 | $ 680 | $ 520,245 | $ 454,710 | $ (24,321) | $ (76,340) |
Balance (in shares) at Sep. 30, 2022 | 67,937,671 | 67,938,000 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares shares in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
ESOP shares committed to be released, shares | 50 | 50 |
Dividends declared per common share | $ 0.11 | $ 0.10 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 16,535 | $ 19,715 |
Adjustment to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of premises and equipment | 1,472 | 1,502 |
Net accretion of yield adjustments | (1,541) | (1,845) |
Deferred income taxes | 3,307 | 3,120 |
Amortization of intangible assets | 144 | 181 |
(Accretion) amortization of benefit plans’ unrecognized net (gain) loss | (33) | 20 |
Provision for (reversal of) credit losses | 670 | (5,400) |
Loans originated for sale | (39,657) | (60,620) |
Proceeds from sale of mortgage loans held-for-sale | 57,151 | 65,234 |
Gain on sale of mortgage loans held-for-sale, net | (340) | (1,006) |
Realized gain on sale/call of investment securities available for sale | 0 | (1) |
Realized gain on sale of loans receivable | (55) | 0 |
Realized loss (gain) on disposition of premises and equipment | 52 | (1) |
Increase in cash surrender value of bank owned life insurance | (2,397) | (1,561) |
ESOP and stock-based compensation expense | 1,362 | 2,038 |
Increase in interest receivable | (3,351) | (179) |
(Increase) decrease in other assets | (5,340) | 963 |
Increase in interest payable | 2,980 | 5 |
Decrease increase in other liabilities | (10,254) | (16,751) |
Net Cash Provided by Operating Activities | 20,705 | 5,414 |
Purchases of: | ||
Investment securities available for sale | 0 | (82,000) |
Proceeds from: | ||
Repayments/calls/maturities of investment securities available for sale | 31,288 | 99,889 |
Repayments/calls/maturities of investment securities held to maturity | 2,324 | 605 |
Purchase of loans | (656) | (19,601) |
Net (increase) decrease in loans receivable | (241,986) | 83,205 |
Proceeds from sale of loans receivable | 706 | 0 |
Purchase of interest rate contracts | (758) | 0 |
Additions to premises and equipment | (885) | (400) |
Proceeds from death benefit of bank owned life insurance | 1,884 | 0 |
Proceeds from cash settlement of premises and equipment | 0 | 1 |
Purchase of FHLB stock | (28,188) | 0 |
Redemption of FHLB stock | 30,375 | 0 |
Net Cash (Used in) Provided by Investing Activities | (205,896) | 81,699 |
Cash Flows from Financing Activities: | ||
Net increase (decrease) in deposits | 246,120 | (89,927) |
Repayment of term FHLB advances | (1,420,000) | (390,000) |
Proceeds from term FHLB advances | 1,565,000 | 390,000 |
Net (decrease) increase in other short-term borrowings | (195,000) | 35,000 |
Net (decrease) increase in advance payments by borrowers for taxes | (191) | 470 |
Repurchase and cancellation of common stock of Kearny Financial Corp. | (8,693) | (38,996) |
Cancellation of shares repurchased on vesting to pay taxes | (341) | (89) |
Dividends paid | (7,243) | (7,356) |
Net Cash Provided by (Used in) Financing Activities | 179,652 | (100,898) |
Net Decrease in Cash and Cash Equivalents | (5,539) | (13,785) |
Cash and Cash Equivalents - Beginning | 101,615 | 67,855 |
Cash and Cash Equivalents - Ending | 96,076 | 54,070 |
Cash paid during the period for: | ||
Income taxes, net of refunds | 6,018 | 6,011 |
Interest | 12,909 | 7,611 |
Non-cash investing and financing activities: | ||
Transfers from loans receivable to loans receivable held-for-sale | $ 1,216 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The unaudited consolidated financial statements include the accounts of Kearny Financial Corp. (the “Company”), its wholly-owned subsidiary, Kearny Bank (the “Bank”) and the Bank’s wholly-owned subsidiary, CJB Investment Corp. The Company conducts its business principally through the Bank. Management prepared the unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), including the elimination of all significant inter-company accounts and transactions during consolidation. Basis of Presentation The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include the information or footnotes necessary for a complete presentation of financial condition, income, comprehensive income, changes in stockholders’ equity and cash flows in conformity with GAAP. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the unaudited consolidated financial statements have been included. The results of operations for the three months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the entire fiscal year or any other period. The data in the consolidated statement of financial condition at June 30, 2022 was derived from the Company’s 2022 Annual Report on Form 10-K. That data, along with the interim unaudited financial information presented in the consolidated statements of financial condition, income, comprehensive income, changes in stockholders’ equity and cash flows should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in the Company’s 2022 Annual Report on Form 10-K. The accounting and reporting policies of the Company conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1, Summary of Significant Accounting Policies, included in the Company’s 2022 Annual Report on Form 10-K. There have been no material changes to the Company’s significant accounting policies since June 30, 2022. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of September 30, 2022, 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. Dividend On October 27, 2022, the Company declared a quarterly cash dividend of $0.11 per share, payable on November 23, 2022 to stockholders of record as of November 9, 2022. Sale of Former Branch Location On September 20, 2022, the Bank entered into an agreement for the sale of a branch location. The branch location ceased operations subsequent to September 30, 2022 as part of a branch relocation. The sale transaction closed on October 31, 2022 and the Company recognized a pre-tax gain of approximately $2.9 million. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Sep. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS In March 2022, the Financial Accounting Standards Board (the “FASB”) issued ASU 2022-02, “Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” to improve the usefulness of information provided to investors about certain loan refinancings, restructurings and writeoffs. ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings by creditors and enhances disclosure requirements for certain modifications made to borrowers experiencing financial difficulty. In addition, ASU 2022-02 requires public business entities to disclose current-period gross writeoffs for financing receivables and net investments in leases by year of origination in the vintage disclosures. For entities that have adopted ASU 2016-13, the amendments in ASU 2022-02 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted if an entity has adopted ASU 2016-13, including adoption in an interim period. If an entity elects to early adopt the amendments in ASU 2022-02, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. An entity may elect to early adopt the amendments about TDRs and related disclosure enhancements separately from the amendments related to vintage disclosures. The amendments in ASU 2022-02 should be applied prospectively, but for the amendments related to the recognition and measurement of TDRs, an entity has the option to apply a modified retrospective transition method that would result in a cumulative-effect adjustment to retained earnings in the period of adoption. The Company is currently evaluating the impact of the adoption of this ASU on its consolidated financial statements. Adoption of New Accounting Standards In March 2022, the FASB issued ASU 2022-01, “Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method” which clarifies the guidance in ASC 815 on fair value hedge accounting of interest rate risk for portfolios of financial assets. This ASU amends the guidance in ASU 2017-12 (released in August 2017) that, among other things, established the last-of-layer method to enable fair value hedge accounting for these portfolios to be more accessible. ASU 2022-01 expands the current last-of-layer method to allow multiple hedged layers of a single closed portfolio under this method. To reflect that expansion, the last-of-layer method is renamed the portfolio layer method. The scope of last-of-layer hedging will be expanded so that the portfolio layer method can be utilized for nonprepayable financial assets. In addition, ASU 2022-01 specifies eligible hedging instruments in a single-layer hedge, provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method, and specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. For public business entities, the amendments in ASU 2022-01 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted on any date on or after the issuance of ASU 2022-01 for any entity that has adopted the amendments in ASU 2017-12 for the corresponding period. The Company adopted this ASU on July 1, 2022 on a prospective basis; therefore, there was no impact to its consolidated financial statements upon adoption. |
Securities
Securities | 3 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | 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: September 30, 2022 Amortized Gross Gross Allowance for Fair (In Thousands) Available for sale: Debt securities: Obligations of state and political subdivisions $ 28,477 $ 3 $ 1,022 $ — $ 27,458 Asset-backed securities 160,685 — 2,604 — 158,081 Collateralized loan obligations 313,938 — 11,091 — 302,847 Corporate bonds 159,820 — 14,207 — 145,613 Total debt securities 662,920 3 28,924 — 633,999 Mortgage-backed securities: Collateralized mortgage obligations (1) 6,889 — 571 — 6,318 Residential pass-through securities (1) 580,440 3 112,354 — 468,089 Commercial pass-through securities (1) 180,323 — 25,553 — 154,770 Total mortgage-backed securities 767,652 3 138,478 — 629,177 Total securities available for sale $ 1,430,572 $ 6 $ 167,402 $ — $ 1,263,176 ___________________________ (1) Government-sponsored enterprises. June 30, 2022 Amortized Gross Gross Allowance for Fair (In Thousands) Available for sale: Debt securities: Obligations of state and political subdivisions $ 28,485 $ 39 $ 89 $ — $ 28,435 Asset-backed securities 169,506 — 2,949 — 166,557 Collateralized loan obligations 315,693 — 7,880 — 307,813 Corporate bonds 159,871 175 6,649 — 153,397 Total debt securities 673,555 214 17,567 — 656,202 Mortgage-backed securities: Collateralized mortgage obligations (1) 7,451 — 329 — 7,122 Residential pass-through securities (1) 595,337 45 80,624 — 514,758 Commercial pass-through securities (1) 185,781 1 19,771 — 166,011 Total mortgage-backed securities 788,569 46 100,724 — 687,891 Total securities available for sale $ 1,462,124 $ 260 $ 118,291 $ — $ 1,344,093 ___________________________ (1) Government-sponsored enterprises. September 30, 2022 Amortized Gross Gross Allowance for Fair (In Thousands) Held to maturity: Debt securities: Obligations of state and political subdivisions $ 19,830 $ — $ 608 $ — $ 19,222 Total debt securities 19,830 — 608 — 19,222 Mortgage-backed securities: Residential pass-through securities (1) 83,840 — 13,489 — 70,351 Commercial pass-through securities (1) 12,273 — 2,298 — 9,975 Total mortgage-backed securities 96,113 — 15,787 — 80,326 Total securities held to maturity $ 115,943 $ — $ 16,395 $ — $ 99,548 ___________________________ (1) Government-sponsored enterprises. June 30, 2022 Amortized Gross Gross Allowance for Fair (In Thousands) Held to maturity: Debt securities: Obligations of state and political subdivisions $ 21,159 $ 44 $ 78 $ — $ 21,125 Total debt securities 21,159 44 78 — 21,125 Mortgage-backed securities: Residential pass-through securities (1) 84,851 — 8,587 — 76,264 Commercial pass-through securities (1) 12,281 — 1,552 — 10,729 Total mortgage-backed securities 97,132 — 10,139 — 86,993 Total securities held to maturity $ 118,291 $ 44 $ 10,217 $ — $ 108,118 ___________________________ (1) Government-sponsored enterprises. Excluding the balances of mortgage-backed securities, the following tables present the amortized cost and estimated fair values of debt securities available for sale and held to maturity, by contractual maturity, at September 30, 2022: September 30, 2022 Amortized Fair (In Thousands) Available for sale debt securities: Due in one year or less $ 2,621 $ 2,610 Due after one year through five years 19,184 18,501 Due after five years through ten years 330,083 314,193 Due after ten years 311,032 298,695 Total $ 662,920 $ 633,999 September 30, 2022 Amortized Fair (In Thousands) Held to maturity debt securities: Due in one year or less $ 4,574 $ 4,548 Due after one year through five years 13,555 13,070 Due after five years through ten years 1,701 1,604 Due after ten years — — Total $ 19,830 $ 19,222 During the three months ended September 30, 2022 and 2021, there were no gains or losses recognized on sales of securities available for sale or securities held to maturity. During the three months ended September 30, 2022, there were no gains recognized on the call of securities available for sale. During the three months ended September 30, 2021, calls of securities available for sale resulted in a gross gain of $1,000. 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: September 30, June 30, (In Thousands) Securities pledged: Pledged for borrowings at the FHLB of New York $ 162,538 $ 178,048 Pledged to secure public funds on deposit 404,240 357,841 Pledged for potential borrowings at the Federal Reserve Bank of New York 370,149 378,071 Total carrying value of securities pledged $ 936,927 $ 913,960 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 September 30, 2022 and June 30, 2022: September 30, 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Number of Securities Fair Unrealized (Dollars in Thousands) Securities Available for Sale: Obligations of state and political subdivisions $ 26,456 $ 1,022 $ — $ — 71 $ 26,456 $ 1,022 Asset-backed securities 153,235 2,566 4,846 38 15 158,081 2,604 Collateralized loan obligations 190,147 7,000 112,700 4,091 24 302,847 11,091 Corporate bonds 135,184 12,636 10,429 1,571 31 145,613 14,207 Collateralized mortgage obligations 6,318 571 — — 6 6,318 571 Commercial pass-through securities 57,838 5,451 96,932 20,102 22 154,770 25,553 Residential pass-through securities 147,704 24,211 319,903 88,143 119 467,607 112,354 Total $ 716,882 $ 53,457 $ 544,810 $ 113,945 288 $ 1,261,692 $ 167,402 June 30, 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Number of Securities Fair Unrealized (Dollars in Thousands) Securities Available for Sale: Obligations of state and political subdivisions $ 11,310 $ 89 $ — $ — 30 $ 11,310 $ 89 Asset-backed securities 161,303 2,928 5,254 21 15 166,557 2,949 Collateralized loan obligations 236,967 6,435 70,846 1,445 24 307,813 7,880 Corporate bonds 129,407 6,464 3,815 185 27 133,222 6,649 Collateralized mortgage obligations 7,122 329 — — 6 7,122 329 Commercial pass-through securities 63,045 3,194 102,817 16,577 21 165,862 19,771 Residential pass-through securities 237,928 26,566 274,197 54,058 106 512,125 80,624 Total $ 847,082 $ 46,005 $ 456,929 $ 72,286 229 $ 1,304,011 $ 118,291 The following table presents the gross unrecognized 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 unrecognized loss position within the held to maturity portfolio at September 30, 2022 and June 30, 2022: September 30, 2022 Less than 12 Months 12 Months or More Total Fair Unrecognized Fair Unrecognized Number of Securities Fair Unrecognized (Dollars in Thousands) Securities Held to Maturity: Obligations of state and political subdivisions $ 19,222 $ 608 $ — $ — 39 $ 19,222 $ 608 Commercial pass-through securities 9,976 2,298 — — 1 9,976 2,298 Residential pass-through securities 70,350 13,489 — — 8 70,350 13,489 Total $ 99,548 $ 16,395 $ — $ — 48 $ 99,548 $ 16,395 June 30, 2022 Less than 12 Months 12 Months or More Total Fair Unrecognized Fair Unrecognized Number of Securities Fair Unrecognized (Dollars in Thousands) Securities Held to Maturity: Obligations of state and political subdivisions $ 8,681 $ 78 $ — $ — 15 $ 8,681 $ 78 Commercial pass-through securities 10,729 1,552 — — 1 10,729 1,552 Residential pass-through securities 76,264 8,587 — — 8 76,264 8,587 Total $ 95,674 $ 10,217 $ — $ — 24 $ 95,674 $ 10,217 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 from 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 if 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 September 30, 2022. 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. No allowance for credit losses was recorded at September 30, 2022 on available for sale securities. |
Loans Receivable
Loans Receivable | 3 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Loans Receivable | LOANS RECEIVABLE The following table sets forth the composition of the Company’s loan portfolio at September 30, 2022 and June 30, 2022: September 30, June 30, (In Thousands) Commercial loans: Multi-family mortgage $ 2,570,297 $ 2,409,090 Nonresidential mortgage 1,040,688 1,019,838 Commercial business 186,361 176,807 Construction 166,052 140,131 Total commercial loans 3,963,398 3,745,866 One- to four-family residential mortgage 1,666,730 1,645,816 Consumer loans: Home equity loans 43,269 42,028 Other consumer 2,869 2,866 Total consumer loans 46,138 44,894 Total loans 5,676,266 5,436,576 Unaccreted yield adjustments (1) (19,896) (18,731) Total loans receivable, net of yield adjustments $ 5,656,370 $ 5,417,845 ___________________________ (1) At September 30, 2022, included a fair value adjustment to the carrying amount of hedged one- to four-family residential mortgage loans. 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 September 30, 2022 and June 30, 2022, by loan segment: Payment Status 30-59 Days 60-89 Days 90 Days and Over Total Past Due Current Total (In Thousands) Multi-family mortgage $ — $ — $ 10,842 $ 10,842 $ 2,559,455 $ 2,570,297 Nonresidential mortgage 20 918 18,102 19,040 1,021,648 1,040,688 Commercial business — 8 325 333 186,028 186,361 Construction — — — — 166,052 166,052 One- to four-family residential mortgage 1,305 1,009 2,326 4,640 1,662,090 1,666,730 Home equity loans 153 — 24 177 43,092 43,269 Other consumer — — — — 2,869 2,869 Total loans $ 1,478 $ 1,935 $ 31,619 $ 35,032 $ 5,641,234 $ 5,676,266 Payment Status 30-59 Days 60-89 Days 90 Days and Over Total Past Due Current Total (In Thousands) Multi-family mortgage $ 3,148 $ 3,056 $ 7,788 $ 13,992 $ 2,395,098 $ 2,409,090 Nonresidential mortgage 4,026 — 18,132 22,158 997,680 1,019,838 Commercial business 98 57 155 310 176,497 176,807 Construction — — — — 140,131 140,131 One- to four-family residential mortgage 1,525 253 3,455 5,233 1,640,583 1,645,816 Home equity loans 28 35 — 63 41,965 42,028 Other consumer — — — — 2,866 2,866 Total loans $ 8,825 $ 3,401 $ 29,530 $ 41,756 $ 5,394,820 $ 5,436,576 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 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 the Company expects to receive all remaining principal and interest 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 months ended September 30, 2022 and 2021. The following tables present information relating to the Company’s nonperforming loans as of September 30, 2022 and June 30, 2022: Performance Status 90 Days and Over Past Due Accruing Nonaccrual Loans with Allowance for Credit Losses Nonaccrual Loans with no Allowance for Credit Losses Total Nonperforming Performing Total (In Thousands) Multi-family mortgage $ — $ 8,317 $ 18,089 $ 26,406 $ 2,543,891 $ 2,570,297 Nonresidential mortgage — 12,328 19,021 31,349 1,009,339 1,040,688 Commercial business — 275 50 325 186,036 186,361 Construction — — 1,402 1,402 164,650 166,052 One- to four-family residential mortgage — 4,420 4,584 9,004 1,657,726 1,666,730 Home equity loans — — 88 88 43,181 43,269 Other consumer — — — — 2,869 2,869 Total loans $ — $ 25,340 $ 43,234 $ 68,574 $ 5,607,692 $ 5,676,266 Performance Status 90 Days and Over Past Due Accruing Nonaccrual Loans with Allowance for Credit Losses Nonaccrual Loans with no Allowance for Credit Losses Total Nonperforming Performing Total (In Thousands) Multi-family mortgage $ — $ 8,367 $ 18,286 $ 26,653 $ 2,382,437 $ 2,409,090 Nonresidential mortgage — 12,602 19,292 31,894 987,944 1,019,838 Commercial business — 212 81 293 176,514 176,807 Construction — — 1,561 1,561 138,570 140,131 One- to four-family residential mortgage — 3,543 4,946 8,489 1,637,327 1,645,816 Home equity loans — 302 1,129 1,431 40,597 42,028 Other consumer — — — — 2,866 2,866 Total loans $ — $ 25,026 $ 45,295 $ 70,321 $ 5,366,255 $ 5,436,576 Troubled Debt Restructurings (“TDRs”) TDRs are loans where the Company has modified the contractual terms of the loan as a result of the financial condition of the borrower. Subsequent to their modification, TDRs are placed on non-accrual until such time as satisfactory payment performance has been demonstrated, at which time the loan may be returned to accrual status. 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 $20.8 million and $22.2 million as of September 30, 2022 and June 30, 2022, respectively. The allowance for credit losses associated with the TDRs presented in the tables below totaled $403,000 and $365,000 as of September 30, 2022 and June 30, 2022, respectively. As of September 30, 2022, the Company had commitments to lend additional funds totaling $92,000 to borrowers whose loans had been restructured in a TDR. The following tables present total TDR loans at September 30, 2022 and June 30, 2022: September 30, 2022 Accrual Non-accrual Total # of Loans Amount # of Loans Amount # of Loans Amount (Dollars In Thousands) Commercial loans: Multi-family mortgage — $ — 2 $ 5,582 2 $ 5,582 Nonresidential mortgage 3 190 1 395 4 585 Commercial business 4 3,578 — — 4 3,578 Construction — — 1 1,402 1 1,402 Total commercial loans 7 3,768 4 7,379 11 11,147 One- to four-family residential mortgage 27 3,723 18 4,419 45 8,142 Consumer loans: Home equity loans 6 1,454 1 35 7 1,489 Total 40 $ 8,945 23 $ 11,833 63 $ 20,778 June 30, 2022 Accrual Non-accrual Total # of Loans Amount # of Loans Amount # of Loans Amount (Dollars In Thousands) Commercial loans: Multi-family mortgage — $ — 2 $ 5,626 2 $ 5,626 Nonresidential mortgage 4 389 2 1,565 6 1,954 Commercial business 5 3,631 2 82 7 3,713 Construction — — 1 1,561 1 1,561 Total commercial loans 9 4,020 7 8,834 16 12,854 One- to four-family residential mortgage 29 4,488 16 3,314 45 7,802 Consumer loans: Home equity loans 5 164 2 1,364 7 1,528 Total 43 $ 8,672 25 $ 13,512 68 $ 22,184 The following tables present information regarding TDRs that occurred during the three months ended September 30, 2022 and 2021: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 # of Loans Pre- Post- # of Loans Pre- Post- (Dollars In Thousands) Multi-family mortgage — $ — $ — 1 $ 2,987 $ 2,972 One- to four-family residential mortgage 1 435 435 — — — Home equity loans 1 35 35 — — — Total 2 $ 470 $ 470 1 $ 2,987 $ 2,972 During the three months ended September 30, 2022, there were charge-offs of $10,000 related to TDRs. During the three months ended September 30, 2021, there were no charge-offs related to TDRs. During the three months ended September 30, 2022 and 2021, there were no defaults of TDRs. 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 three months ended September 30, 2022 and 2021, capitalized prior past due amounts and modified the repayment terms. Individually Analyzed Loans Individually analyzed loans include loans which do not share similar risk characteristics with other loans. TDRs 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 September 30, 2022, the carrying value of individually analyzed loans, including loans acquired with deteriorated credit quality that were individually analyzed, totaled $68.6 million, of which $62.7 million were considered collateral dependent. For collateral dependent loans where management has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and repayment of the loan is to be provided substantially through the operation or sale of the collateral, the allowance for credit losses 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 12 for additional disclosure regarding fair value of individually analyzed collateral dependent loans. The following table presents the carrying value and related allowance of collateral dependent individually analyzed loans at the dates indicated: September 30, 2022 June 30, 2022 Carrying Value Related Allowance Carrying Value Related Allowance (In Thousands) Commercial loans: Multi-family mortgage $ 26,406 $ 755 $ 26,653 $ 849 Nonresidential mortgage (1) 30,985 2,580 30,733 2,696 Commercial business (2) — — — — Construction 1,402 — 1,561 — Total commercial loans 58,793 3,335 58,947 3,545 One- to four-family residential mortgage (3) 3,895 51 4,305 77 Consumer loans: Home equity loans (3) 35 — 35 — Total $ 62,723 $ 3,386 $ 63,287 $ 3,622 ___________________________ (1) Secured by income-producing nonresidential property. (2) Secured by business assets. (3) Secured by one- to four-family residential properties. 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 are considered uncollectible or of so little value that their continuance as assets is not warranted. The following table presents the risk category of loans as of September 30, 2022 by loan segment and vintage year: Term Loans by Origination Year for Fiscal Years ended June 30, 2023 2022 2021 2020 2019 Prior Revolving Loans Total (In Thousands) Multi-family mortgage: Pass $ 229,047 $ 960,324 $ 244,070 $ 206,625 $ 258,937 $ 638,115 $ — $ 2,537,118 Special Mention — — — — — 6,773 — 6,773 Substandard — — — — 9,667 16,739 — 26,406 Doubtful — — — — — — — — Total multi-family mortgage 229,047 960,324 244,070 206,625 268,604 661,627 — 2,570,297 Nonresidential mortgage: Pass 53,919 230,708 86,743 53,439 60,353 511,563 6,000 1,002,725 Special Mention — — — — — 586 — 586 Substandard — — 717 — 933 35,727 — 37,377 Doubtful — — — — — — — — Total nonresidential mortgage 53,919 230,708 87,460 53,439 61,286 547,876 6,000 1,040,688 Commercial business: Pass 8,035 41,099 37,369 10,214 2,897 10,682 71,005 181,301 Special Mention — — — 58 183 2,960 8 3,209 Substandard — — 37 285 — 1,398 131 1,851 Doubtful — — — — — — — — Total commercial business 8,035 41,099 37,406 10,557 3,080 15,040 71,144 186,361 Construction loans: Pass 1,759 21,598 113,806 11,387 3,019 7,346 5,735 164,650 Special Mention — — — — — — — — Substandard — — — — — 1,402 — 1,402 Doubtful — — — — — — — — Total construction loans 1,759 21,598 113,806 11,387 3,019 8,748 5,735 166,052 Residential mortgage: Pass 62,773 469,622 515,419 84,535 48,612 472,149 375 1,653,485 Special Mention — — — — 1,192 499 — 1,691 Substandard — — — — 82 11,472 — 11,554 Doubtful — — — — — — — — Total residential mortgage 62,773 469,622 515,419 84,535 49,886 484,120 375 1,666,730 Home equity loans: Pass 2,642 2,873 675 1,587 2,843 8,740 22,224 41,584 Special Mention — — — — — — — — Substandard — — — — 118 1,439 128 1,685 Doubtful — — — — — — — — Total home equity loans 2,642 2,873 675 1,587 2,961 10,179 22,352 43,269 Other consumer loans Pass 204 346 285 465 357 1,101 35 2,793 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — 76 76 Other consumer loans 204 346 285 465 357 1,101 111 2,869 Total loans $ 358,379 $ 1,726,570 $ 999,121 $ 368,595 $ 389,193 $ 1,728,691 $ 105,717 $ 5,676,266 The following table presents the risk category of loans as of June 30, 2022 by loan segment and vintage year: Term Loans by Origination Year for Fiscal Years ended June 30, 2022 2021 2020 2019 2018 Prior Revolving Loans Total (In Thousands) Multi-family mortgage: Pass $ 963,263 $ 250,385 $ 211,101 $ 264,174 $ 248,058 $ 438,642 $ — $ 2,375,623 Special Mention — — — — — 6,814 — 6,814 Substandard — — — 9,821 5,935 10,897 — 26,653 Doubtful — — — — — — — — Total multi-family mortgage 963,263 250,385 211,101 273,995 253,993 456,353 — 2,409,090 Nonresidential mortgage: Pass 231,777 87,309 53,983 60,714 49,285 491,849 6,052 980,969 Special Mention — — — — — 591 — 591 Substandard — 720 — 933 4,026 32,599 — 38,278 Doubtful — — — — — — — — Total nonresidential mortgage 231,777 88,029 53,983 61,647 53,311 525,039 6,052 1,019,838 Commercial business: Pass 46,888 38,791 12,155 3,581 4,861 6,455 58,662 171,393 Special Mention — — 62 186 2,173 873 215 3,509 Substandard — 38 319 — 1,347 61 58 1,823 Doubtful — — — — — 80 2 82 Total commercial business 46,888 38,829 12,536 3,767 8,381 7,469 58,937 176,807 Construction loans: Pass 16,407 95,526 10,337 3,039 6,509 1,017 5,735 138,570 Special Mention — — — — — — — — Substandard — — — — — 1,561 — 1,561 Doubtful — — — — — — — — Total construction loans 16,407 95,526 10,337 3,039 6,509 2,578 5,735 140,131 Residential mortgage: Pass 472,160 524,163 88,645 49,316 55,139 442,517 374 1,632,314 Special Mention — — — 1,205 — 621 — 1,826 Substandard — — — 83 — 11,593 — 11,676 Doubtful — — — — — — — — Total residential mortgage 472,160 524,163 88,645 50,604 55,139 454,731 374 1,645,816 Home equity loans: Pass 3,197 692 1,681 3,117 2,027 7,321 22,334 40,369 Special Mention — — — — — — — — Substandard — — — 120 — 1,539 — 1,659 Doubtful — — — — — — — — Total home equity loans 3,197 692 1,681 3,237 2,027 8,860 22,334 42,028 Other consumer loans Pass 442 308 471 375 258 895 34 2,783 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — 83 83 Other consumer loans 442 308 471 375 258 895 117 2,866 Total loans $ 1,734,134 $ 997,932 $ 378,754 $ 396,664 $ 379,618 $ 1,455,925 $ 93,549 $ 5,436,576 Mortgage Loans in Foreclosure The Company may obtain physical possession of one- to four-family real estate collateralizing a residential mortgage loan or nonresidential real estate collateralizing a nonresidential mortgage loan via foreclosure or through an in-substance repossession. As of September 30, 2022, the Company 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, the Company held five residential mortgage loans with aggregate carrying values totaling $1.0 million and one nonresidential mortgage loan with a carrying value of $13.3 million which were in the process of foreclosure. As of June 30, 2022, the Company 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, the Company held seven residential mortgage loans with aggregate carrying values totaling $1.5 million which were in the process of foreclosure. |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Allowance for Credit Losses | ALLOWANCE FOR CREDIT LOSSES Allowance for Credit Losses on Loans Receivable The following tables present the balance of the allowance for credit losses at September 30, 2022 and June 30, 2022. The balance of the allowance for credit losses is based on an expected loss methodology, referred to as the “CECL” methodology. The tables identify the valuation allowances attributable to specifically identified impairments on individually analyzed loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans collectively evaluated. The tables include the underlying balance of loans receivable applicable to each category as of those dates. Allowance for Credit Losses Loans Loans Loans individually Loans collectively Total allowance for credit losses (In Thousands) Multi-family mortgage $ — $ — $ 755 $ 25,491 $ 26,246 Nonresidential mortgage — 68 2,580 6,504 9,152 Commercial business — 6 5 1,961 1,972 Construction — — — 1,120 1,120 One- to four-family residential mortgage 25 172 164 8,440 8,801 Home equity loans — 2 — 242 244 Other consumer — — — 78 78 Total loans $ 25 $ 248 $ 3,504 $ 43,836 $ 47,613 Balance of Loans Receivable Loans Loans Loans individually Loans collectively Total loans (In Thousands) Multi-family mortgage $ — $ — $ 26,406 $ 2,543,891 $ 2,570,297 Nonresidential mortgage 364 3,763 30,985 1,005,576 1,040,688 Commercial business — 1,267 325 184,769 186,361 Construction — 5,735 1,402 158,915 166,052 One- to four-family residential mortgage 79 5,377 8,925 1,652,349 1,666,730 Home equity loans 26 350 62 42,831 43,269 Other consumer — — — 2,869 2,869 Total loans $ 469 $ 16,492 $ 68,105 $ 5,591,200 $ 5,676,266 Unaccreted yield adjustments (19,896) Loans receivable, net of yield adjustments $ 5,656,370 Allowance for Credit Losses Loans Loans Loans individually Loans collectively Total allowance for credit losses (In Thousands) Multi-family mortgage $ — $ — $ 849 $ 24,472 $ 25,321 Nonresidential mortgage — 73 2,696 7,821 10,590 Commercial business — 9 16 1,767 1,792 Construction — — — 1,486 1,486 One- to four-family residential mortgage — 229 148 7,163 7,540 Home equity loans 26 — — 219 245 Other consumer — — — 84 84 Total loans $ 26 $ 311 $ 3,709 $ 43,012 $ 47,058 Balance of Loans Receivable Loans Loans Loans individually Loans collectively Total loans (In Thousands) Multi-family mortgage $ — $ — $ 26,653 $ 2,382,437 $ 2,409,090 Nonresidential mortgage 377 5,033 31,517 982,911 1,019,838 Commercial business — 1,267 293 175,247 176,807 Construction — 5,735 1,561 132,835 140,131 One- to four-family residential mortgage 87 6,460 8,402 1,630,867 1,645,816 Home equity loans 329 58 1,102 40,539 42,028 Other consumer — — — 2,866 2,866 Total loans $ 793 $ 18,553 $ 69,528 $ 5,347,702 $ 5,436,576 Unaccreted yield adjustments (18,731) Loans receivable, net of yield adjustments $ 5,417,845 The following tables present the activity in the allowance for credit losses on loans for the three months ended September 30, 2022 and 2021. Changes in the Allowance for Credit Losses Balance at Charge-offs Recoveries Provision for Balance at (In Thousands) Multi-family mortgage $ 25,321 $ — $ — $ 925 $ 26,246 Nonresidential mortgage 10,590 (10) — (1,428) 9,152 Commercial business 1,792 (118) 12 286 1,972 Construction 1,486 — — (366) 1,120 One- to four-family residential mortgage 7,540 — — 1,261 8,801 Home equity loans 245 — — (1) 244 Other consumer 84 — 1 (7) 78 Total loans $ 47,058 $ (128) $ 13 $ 670 $ 47,613 Changes in the Allowance for Credit Losses Balance at Charge-offs Recoveries (Reversal of) Balance at (In Thousands) Multi-family mortgage $ 28,450 $ (104) $ — $ (3,364) $ 24,982 Nonresidential mortgage 16,243 (813) — (1,585) 13,845 Commercial business 2,086 (160) 97 (29) 1,994 Construction 1,170 — — 260 1,430 One- to four-family residential mortgage 9,747 — 2 (620) 9,129 Home equity loans 433 — — (115) 318 Other consumer 36 (2) — 53 87 Total loans $ 58,165 $ (1,079) $ 99 $ (5,400) $ 51,785 Allowance for Credit Losses on Off Balance Sheet Commitments The following table presents the activity in the allowance for credit losses on off balance sheet commitments recorded in other non-interest expense for the three months ended September 30, 2022 and 2021: Three Months Ended 2022 2021 (In Thousands) Balance at beginning of the period $ 1,041 $ 1,708 Reversal of credit losses (288) (124) Balance at end of the period $ 753 $ 1,584 |
Deposits
Deposits | 3 Months Ended |
Sep. 30, 2022 | |
Deposits [Abstract] | |
Deposits | DEPOSITS Deposits are summarized as follows: September 30, June 30, (In Thousands) Non-interest-bearing demand $ 683,406 $ 653,899 Interest-bearing demand 2,382,411 2,265,597 Savings 982,916 1,053,198 Certificates of deposits 2,059,545 1,889,562 Total deposits $ 6,108,278 $ 5,862,256 |
Borrowings
Borrowings | 3 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings | BORROWINGS Borrowings at September 30, 2022 and June 30, 2022 consisted of the following: September 30, June 30, (In Thousands) FHLB advances $ 796,454 $ 651,337 Overnight borrowings (1) 55,000 250,000 Total borrowings $ 851,454 $ 901,337 ___________________________ (1) At September 30, 2022 and June 30, 2022, represents FHLB overnight line of credit borrowings. Fixed rate advances from the FHLB of New York mature as follows: September 30, 2022 June 30, 2022 Balance Weighted Balance Weighted (Dollars in Thousands) By remaining period to maturity: Less than one year $ 665,000 3.20 % $ 520,000 2.04 % One to two years 22,500 2.63 22,500 2.63 Two to three years 103,500 2.68 103,500 2.68 Three to four years 6,500 2.82 6,500 2.82 Four to five years — — — — Greater than five years — — — — Total advances 797,500 3.11 % 652,500 2.17 % Unamortized fair value adjustments (1,046) (1,163) Total advances, net of fair value adjustments $ 796,454 $ 651,337 At September 30, 2022, FHLB advances and overnight line of credit borrowings were collateralized by the FHLB capital stock owned by the Bank and mortgage loans and securities with carrying values totaling approximately $3.88 billion and $162.5 million, respectively. At June 30, 2022, FHLB advances and overnight line of credit borrowings were collateralized by the FHLB capital stock owned by the Bank and mortgage loans and securities with carrying values totaling approximately $3.58 billion and $178.0 million, respectively. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 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 and assets. Fair Values of Derivative Instruments on the Statement of Financial Condition The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Statements of Financial Condition as of September 30, 2022 and June 30, 2022: September 30, 2022 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (In Thousands) Derivatives designated as hedging instruments: Interest rate contracts Other assets $ 66,511 Other liabilities $ — Total $ 66,511 $ — June 30, 2022 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (In Thousands) Derivatives designated as hedging instruments: Interest rate contracts Other assets $ 41,223 Other liabilities $ — Total $ 41,223 $ — Cash Flow Hedges of Interest Rate Risk The Company’s uses derivatives to add stability to interest expense and interest income and to manage its exposure to interest rate movements. The Company has entered into interest rate swaps, interest rate caps and an interest rate floor as part of its interest rate risk management strategy. These interest rate products are designated as cash flow hedges. As of September 30, 2022, the Company had a total of 10 interest rate swaps and caps with a total notional amount of $875.0 million hedging specific wholesale funding and one interest rate floor with a notional amount of $100.0 million hedging floating-rate available for sale securities. For derivatives designated as cash flow hedges, the gain or loss on the derivative is recorded in other comprehensive income (loss), net of tax, and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. For cash flow hedges on the Company’s wholesale funding positions, amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s hedged variable rate wholesale funding positions. During the three months ended September 30, 2022, the Company reclassified $1.6 million as a reduction in interest expense. During the next twelve months, the Company estimates that $20.6 million will be reclassified as a reduction in interest expense. For cash flow hedges on the Company’s assets, amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest income as interest payments are received on the Company’s hedged variable rate assets. The table below presents the pre-tax effects of the Company’s derivative instruments designated as cash flow hedges on the Consolidated Statements of Income for the three months ended September 30, 2022 and 2021: Three Months Ended 2022 2021 (In Thousands) Amount of gain recognized in other comprehensive income $ 22,170 $ 154 Amount of gain (loss) reclassified from accumulated other comprehensive income to interest expense 1,620 (1,497) Fair Value Hedges of Interest Rate Risk The Company is exposed to changes in the fair value of certain of its fixed-rate assets due to changes in benchmark interest rates. The Company uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate. Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for the Company receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. Such derivatives are used to hedge the changes in fair value of certain of its pools of fixed rate assets. As of September 30, 2022, the Company had one interest rate swap with a notional amount of $150.0 million hedging fixed-rate residential mortgage loans. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivatives as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. The table below presents the effects of the Company’s derivative instruments designated as fair value hedges on the Consolidated Statements of Income for the three months ended September 30, 2022. There were no fair value hedges for the three months ended September 30, 2021: Three Months Ended 2022 (In Thousands) Loss on hedged items recorded in interest income on loans $ (4,033) Gain on hedge recorded in interest income on loans 3,927 As of September 30, 2022, the following amounts were recorded on the Statement of Financial Condition related to cumulative basis adjustment for fair value hedges. There were no fair value hedges at June 30, 2022: September 30, (In Thousands) Loans receivable: Carrying amount of the hedged assets (1) $ 145,967 Fair value hedging adjustment included in the carrying amount of the hedged assets (4,033) ___________________________________ (1) This amount includes the amortized cost basis of the closed portfolio of loans receivable used to designate the hedging relationship in which the hedged item is the stated amount of assets in the closed portfolio anticipated to be outstanding for the designated hedge period. At September 30, 2022, the amortized cost basis of the closed portfolio used in this hedging relationship was $272.8 million. Offsetting Derivatives The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives in the Consolidated Statements of Financial Condition as of September 30, 2022 and June 30, 2022, respectively. The net amounts presented for derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Consolidated Statements of Financial Condition. September 30, 2022 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 $ 66,511 $ — $ 66,511 $ — $ — $ 66,511 Total $ 66,511 $ — $ 66,511 $ — $ — $ 66,511 June 30, 2022 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 $ 41,223 $ — $ 41,223 $ — $ — $ 41,223 Total $ 41,223 $ — $ 41,223 $ — $ — $ 41,223 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. At September 30, 2022, none of the Company’s derivatives were in a net liability position. As required under the enforceable master netting arrangement with its derivatives counterparties, at September 30, 2022, the Company was not required to post financial collateral. In addition to the derivative instruments noted above, the Company’s pipeline of loans held for sale at September 30, 2022 and June 30, 2022, included $12.8 million and $20.3 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 the Company’s financial condition or results of operations. |
Benefit Plans
Benefit Plans | 3 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Benefit Plans | 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, Atlas Bank Retirement Income Plan and Supplemental Executive Retirement Plan: Three Months Ended Affected Line Item in the Consolidated 2022 2021 (In Thousands) Service cost $ 117 $ 138 Salaries and employee benefits Interest cost 96 69 Other expense Amortization of unrecognized (gain) loss (6) 20 Other expense Expected return on assets (25) (28) Other expense Net periodic benefit cost $ 182 $ 199 2021 Equity Incentive Plan During the three months ended September 30, 2022, the Company granted 323,218 restricted stock units (“RSUs”) comprised of 238,121 service-based RSUs and 85,097 performance-based RSUs. The service-based RSUs will vest in three tranches over a period of three years and the performance-based RSUs will cliff vest upon the achievement of performance measures over the three-year period ending June 30, 2025. The number of performance-based RSUs that will vest, if any, will depend on whether, and to what extent, the performance measures are achieved. Common stock will be issued from authorized shares upon the vesting of the RSUs. |
Income Taxes
Income Taxes | 3 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The following table presents a reconciliation between the reported income taxes for the periods presented and the income taxes which would be computed by applying the federal income tax rate of 21% to income for the three months ended September 30, 2022 and 2021: Three Months Ended 2022 2021 (Dollars in Thousands) Income before income taxes $ 21,790 $ 26,987 Statutory federal tax rate 21 % 21 % Federal income tax expense at statutory rate $ 4,576 $ 5,667 (Reduction) increase in income taxes resulting from: Tax exempt interest (59) (70) State tax, net of federal tax effect 1,420 2,128 Incentive stock option compensation expense 3 23 Income from bank-owned life insurance (775) (328) Other items, net 90 (148) Total income tax expense $ 5,255 $ 7,272 Effective income tax rate 24.12 % 26.95 % |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 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. 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 September 30, 2022 and June 30, 2022: Investment Securities Available for Sale The Company’s available for sale investment securities are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the securities’ terms and conditions, among other things. From time to time, the Company validates prices supplied by the independent pricing service by comparison to prices obtained from third-party sources or derived using internal models. Derivatives The Company has contracted with a third party vendor to provide periodic valuations for its interest rate derivatives to determine the fair value of its interest rate caps and swaps. The vendor utilizes standard valuation methodologies applicable to interest rate derivatives such as discounted cash flow analysis and extensions of the Black-Scholes model. Such valuations are based upon readily observable market data and are therefore considered Level 2 valuations by the Company. Those assets measured at fair value on a recurring basis are summarized below: September 30, 2022 Quoted Significant Significant Total (In Thousands) Assets: Debt securities available for sale: Obligations of state and political subdivisions $ — $ 27,458 $ — $ 27,458 Asset-backed securities — 158,081 — 158,081 Collateralized loan obligations — 302,847 — 302,847 Corporate bonds — 145,613 — 145,613 Total debt securities — 633,999 — 633,999 Mortgage-backed securities available for sale: Collateralized mortgage obligations — 6,318 — 6,318 Residential pass-through securities — 468,089 — 468,089 Commercial pass-through securities — 154,770 — 154,770 Total mortgage-backed securities — 629,177 — 629,177 Total securities available for sale $ — $ 1,263,176 $ — $ 1,263,176 Interest rate contracts $ — $ 66,511 $ — $ 66,511 Total assets $ — $ 1,329,687 $ — $ 1,329,687 June 30, 2022 Quoted Prices Significant Significant Total (In Thousands) Assets: Debt securities available for sale: Obligations of state and political subdivisions $ — $ 28,435 $ — $ 28,435 Asset-backed securities — 166,557 — 166,557 Collateralized loan obligations — 307,813 — 307,813 Corporate bonds — 153,397 — 153,397 Total debt securities — 656,202 — 656,202 Mortgage-backed securities available for sale: Collateralized mortgage obligations — 7,122 — 7,122 Residential pass-through securities — 514,758 — 514,758 Commercial pass-through securities — 166,011 — 166,011 Total mortgage-backed securities — 687,891 — 687,891 Total securities available for sale $ — $ 1,344,093 $ — $ 1,344,093 Interest rate contracts $ — $ 41,223 $ — $ 41,223 Total assets $ — $ 1,385,316 $ — $ 1,385,316 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 September 30, 2022 and June 30, 2022: Individually Analyzed Collateral Dependent Loans The fair value of collateral dependent loans that are individually analyzed 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. Individually analyzed collateral dependent loans are considered a Level 3 valuation by the Company. Other Real Estate Owned Other real estate owned is recorded at estimated fair value, less estimated selling costs when acquired, thus establishing a new cost basis. Fair value is generally based on independent appraisals. These appraisals include adjustments to comparable assets based on the appraisers’ market knowledge and experience. When an asset is acquired, the excess of the loan balance over fair value, less estimated selling costs, is charged to the allowance for credit losses. If further declines in the estimated fair value of the asset occur, a write-down is recorded through expense. The valuation of foreclosed assets is subjective in nature and may be adjusted in the future because of changes in economic conditions. Those assets measured at fair value on a non-recurring basis are summarized below: September 30, 2022 Quoted Prices Significant Significant Total (In Thousands) Collateral dependent loans: Residential mortgage $ — $ — $ 2,033 $ 2,033 Multi-family mortgage — — 7,562 7,562 Nonresidential mortgage — — 10,934 10,934 Total $ — $ — $ 20,529 $ 20,529 Other real estate owned, net: Residential $ — $ — $ 178 $ 178 Total $ — $ — $ 178 $ 178 June 30, 2022 Quoted Prices Significant Significant Total (In Thousands) Collateral dependent loans: Residential mortgage $ — $ — $ 2,035 $ 2,035 Multi-family mortgage — — 7,517 7,517 Nonresidential mortgage — — 11,479 11,479 Total $ — $ — $ 21,031 $ 21,031 Other real estate owned, net: Residential $ — $ — $ 178 $ 178 Total $ — $ — $ 178 $ 178 The following tables present 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: September 30, 2022 Fair Valuation Unobservable Range Weighted (Dollars in Thousands) Collateral dependent loans: Residential mortgage $ 2,033 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 7% - 10% 9.05 % Multi-family mortgage 7,562 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 10% - 11% 10.66 % Nonresidential mortgage 10,934 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 9% - 19% 14.28 % Total $ 20,529 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, 2022 Fair Valuation Unobservable Range Weighted (Dollars in Thousands) Collateral dependent loans: Residential mortgage $ 2,035 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 7% - 10% 8.97 % Multi-family mortgage 7,517 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 10% - 12% 11.06 % Nonresidential mortgage 11,479 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 9% - 18% 12.72 % Total $ 21,031 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 of collateral dependent 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 collateral dependent loans and other real estate owned is adjusted to reflect management’s estimates of selling costs including, but not limited to, real estate brokerage commissions and title transfer fees. (3) The fair value of other real estate owned is generally determined based upon the lower of an independent appraisal of the property’s fair value or the applicable listing price or contracted sales price. At September 30, 2022, collateral dependent loans valued using Level 3 inputs comprised loans with principal balance totaling $23.9 million and valuation allowance of $3.4 million reflecting an aggregate fair value of $20.5 million. By comparison, at June 30, 2022, collateral dependent loans valued using Level 3 inputs comprised loans with principal balance totaling $24.6 million and valuation allowance of $3.6 million reflecting an aggregate fair value of $21.0 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 September 30, 2022 and June 30, 2022, the Company held other real estate owned totaling $178,000, respectively, whose carrying value was written down utilizing Level 3 inputs. The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of September 30, 2022 and June 30, 2022: September 30, 2022 Carrying Fair Quoted Significant Significant (In Thousands) Financial assets: Cash and cash equivalents $ 96,076 $ 96,076 $ 96,076 $ — $ — Investment securities available for sale 1,263,176 1,263,176 — 1,263,176 — Investment securities held to maturity 115,943 99,548 — 99,548 — Loans held-for-sale 12,936 12,772 — 12,772 — Net loans receivable 5,608,757 5,308,136 — — 5,308,136 FHLB Stock 44,957 — — — — Interest receivable 23,817 23,817 24 7,215 16,578 Interest rate contracts 66,511 66,511 — 66,511 — Financial liabilities: Deposits 6,108,278 6,068,334 4,048,733 — 2,019,601 Borrowings 851,454 847,489 — — 847,489 Interest payable on deposits 3,130 3,130 588 — 2,542 Interest payable on borrowings 2,182 2,182 — — 2,182 Interest rate contracts — — — — — June 30, 2022 Carrying Fair Quoted Significant Significant (In Thousands) Financial assets: Cash and cash equivalents $ 101,615 $ 101,615 $ 101,615 $ — $ — Investment securities available for sale 1,344,093 1,344,093 — 1,344,093 — Investment securities held to maturity 118,291 108,118 — 108,118 — Loans held-for-sale 28,874 28,831 — 28,831 — Net loans receivable 5,370,787 5,215,079 — — 5,215,079 FHLB Stock 47,144 — — — — Interest receivable 20,466 20,466 2 5,210 15,254 Interest rate contracts 41,223 41,223 — 41,223 — Financial liabilities: Deposits 5,862,256 5,839,035 3,972,694 — 1,866,341 Borrowings 901,337 900,505 — — 900,505 Interest payable on deposits 722 722 147 — 575 Interest payable on borrowings 1,611 1,611 — — 1,611 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 (Loss)
Comprehensive Income (Loss) | 3 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Comprehensive Income (Loss) | COMPREHENSIVE INCOME (LOSS) The components of accumulated other comprehensive loss included in stockholders’ equity at September 30, 2022 and June 30, 2022 are as follows: September 30, June 30, (In Thousands) Net unrealized loss on securities available for sale $ (167,396) $ (118,031) Tax effect 48,290 34,104 Net of tax amount (119,106) (83,927) Fair value adjustments on derivatives 60,355 39,805 Tax effect (17,502) (11,542) Net of tax amount 42,853 28,263 Benefit plan adjustments (122) (89) Tax effect 35 26 Net of tax amount (87) (63) Total accumulated other comprehensive loss $ (76,340) $ (55,727) Other comprehensive loss and related tax effects for the three months ended September 30, 2022 and 2021 are presented in the following table: Three Months Ended 2022 2021 (In Thousands) Net unrealized holding loss on securities available for sale $ (49,365) $ (7,046) Net realized gain on sale and call of securities available for sale (1) — (1) Fair value adjustments on derivatives 20,550 1,651 (Accretion) amortization of benefit plan net actuarial (gain) loss (33) 20 Other comprehensive loss before taxes (28,848) (5,376) Tax effect 8,235 1,568 Total other comprehensive loss $ (20,613) $ (3,808) ___________________________________ (1) Represents amounts reclassified out of accumulated other comprehensive income and included in gain on sale of securities on the Consolidated Statements of Income. |
Net Income Per Common Share ("E
Net Income Per Common Share ("EPS") | 3 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share (EPS) | NET INCOME PER COMMON SHARE (“EPS”) The following schedule shows the Company’s earnings per share calculations for the periods presented: Three Months Ended September 30, 2022 2021 (In Thousands, Except Per Share Data) Net income $ 16,535 $ 19,715 Weighted average number of common shares outstanding - basic 65,737 74,537 Effect of dilutive securities 19 19 Weighted average number of common shares outstanding - diluted 65,756 74,556 Basic earnings per share $ 0.25 $ 0.26 Diluted earnings per share $ 0.25 $ 0.26 Stock options for 2,965,000 and 3,115,000 shares of common stock were not considered in computing diluted earnings per share for the three months ended September 30, 2022 and 2021, respectively, because they were considered anti-dilutive. In addition, 323,218 RSUs were not considered in computing diluted earnings per share for the three months ended September 30, 2022 because they were considered anti-dilutive. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The unaudited consolidated financial statements include the accounts of Kearny Financial Corp. (the “Company”), its wholly-owned subsidiary, Kearny Bank (the “Bank”) and the Bank’s wholly-owned subsidiary, CJB Investment Corp. The Company conducts its business principally through the Bank. Management prepared the unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), including the elimination of all significant inter-company accounts and transactions during consolidation. |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include the information or footnotes necessary for a complete presentation of financial condition, income, comprehensive income, changes in stockholders’ equity and cash flows in conformity with GAAP. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the unaudited consolidated financial statements have been included. The results of operations for the three months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the entire fiscal year or any other period. The data in the consolidated statement of financial condition at June 30, 2022 was derived from the Company’s 2022 Annual Report on Form 10-K. That data, along with the interim unaudited financial information presented in the consolidated statements of financial condition, income, comprehensive income, changes in stockholders’ equity and cash flows should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in the Company’s 2022 Annual Report on Form 10-K. The accounting and reporting policies of the Company conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1, Summary of Significant Accounting Policies, included in the Company’s 2022 Annual Report on Form 10-K. There have been no material changes to the Company’s significant accounting policies since June 30, 2022. |
Adoption of New Accounting Standards | In March 2022, the Financial Accounting Standards Board (the “FASB”) issued ASU 2022-02, “Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” to improve the usefulness of information provided to investors about certain loan refinancings, restructurings and writeoffs. ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings by creditors and enhances disclosure requirements for certain modifications made to borrowers experiencing financial difficulty. In addition, ASU 2022-02 requires public business entities to disclose current-period gross writeoffs for financing receivables and net investments in leases by year of origination in the vintage disclosures. For entities that have adopted ASU 2016-13, the amendments in ASU 2022-02 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted if an entity has adopted ASU 2016-13, including adoption in an interim period. If an entity elects to early adopt the amendments in ASU 2022-02, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. An entity may elect to early adopt the amendments about TDRs and related disclosure enhancements separately from the amendments related to vintage disclosures. The amendments in ASU 2022-02 should be applied prospectively, but for the amendments related to the recognition and measurement of TDRs, an entity has the option to apply a modified retrospective transition method that would result in a cumulative-effect adjustment to retained earnings in the period of adoption. The Company is currently evaluating the impact of the adoption of this ASU on its consolidated financial statements. Adoption of New Accounting Standards In March 2022, the FASB issued ASU 2022-01, “Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method” |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Amortized Cost, Gross Unrealized Gains and Losses and Fair Values of 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: September 30, 2022 Amortized Gross Gross Allowance for Fair (In Thousands) Available for sale: Debt securities: Obligations of state and political subdivisions $ 28,477 $ 3 $ 1,022 $ — $ 27,458 Asset-backed securities 160,685 — 2,604 — 158,081 Collateralized loan obligations 313,938 — 11,091 — 302,847 Corporate bonds 159,820 — 14,207 — 145,613 Total debt securities 662,920 3 28,924 — 633,999 Mortgage-backed securities: Collateralized mortgage obligations (1) 6,889 — 571 — 6,318 Residential pass-through securities (1) 580,440 3 112,354 — 468,089 Commercial pass-through securities (1) 180,323 — 25,553 — 154,770 Total mortgage-backed securities 767,652 3 138,478 — 629,177 Total securities available for sale $ 1,430,572 $ 6 $ 167,402 $ — $ 1,263,176 ___________________________ (1) Government-sponsored enterprises. June 30, 2022 Amortized Gross Gross Allowance for Fair (In Thousands) Available for sale: Debt securities: Obligations of state and political subdivisions $ 28,485 $ 39 $ 89 $ — $ 28,435 Asset-backed securities 169,506 — 2,949 — 166,557 Collateralized loan obligations 315,693 — 7,880 — 307,813 Corporate bonds 159,871 175 6,649 — 153,397 Total debt securities 673,555 214 17,567 — 656,202 Mortgage-backed securities: Collateralized mortgage obligations (1) 7,451 — 329 — 7,122 Residential pass-through securities (1) 595,337 45 80,624 — 514,758 Commercial pass-through securities (1) 185,781 1 19,771 — 166,011 Total mortgage-backed securities 788,569 46 100,724 — 687,891 Total securities available for sale $ 1,462,124 $ 260 $ 118,291 $ — $ 1,344,093 ___________________________ |
Amortized Cost, Gross Unrecognized Gains and Losses and Fair Values of Securities | September 30, 2022 Amortized Gross Gross Allowance for Fair (In Thousands) Held to maturity: Debt securities: Obligations of state and political subdivisions $ 19,830 $ — $ 608 $ — $ 19,222 Total debt securities 19,830 — 608 — 19,222 Mortgage-backed securities: Residential pass-through securities (1) 83,840 — 13,489 — 70,351 Commercial pass-through securities (1) 12,273 — 2,298 — 9,975 Total mortgage-backed securities 96,113 — 15,787 — 80,326 Total securities held to maturity $ 115,943 $ — $ 16,395 $ — $ 99,548 ___________________________ (1) Government-sponsored enterprises. June 30, 2022 Amortized Gross Gross Allowance for Fair (In Thousands) Held to maturity: Debt securities: Obligations of state and political subdivisions $ 21,159 $ 44 $ 78 $ — $ 21,125 Total debt securities 21,159 44 78 — 21,125 Mortgage-backed securities: Residential pass-through securities (1) 84,851 — 8,587 — 76,264 Commercial pass-through securities (1) 12,281 — 1,552 — 10,729 Total mortgage-backed securities 97,132 — 10,139 — 86,993 Total securities held to maturity $ 118,291 $ 44 $ 10,217 $ — $ 108,118 ___________________________ (1) Government-sponsored enterprises. |
Schedule Of Available For Sale Securities Pledged | The carrying value of securities pledged for borrowings at the FHLB and other institutions, and securities pledged for public funds and other purposes, were as follows as of the dates presented below: September 30, June 30, (In Thousands) Securities pledged: Pledged for borrowings at the FHLB of New York $ 162,538 $ 178,048 Pledged to secure public funds on deposit 404,240 357,841 Pledged for potential borrowings at the Federal Reserve Bank of New York 370,149 378,071 Total carrying value of securities pledged $ 936,927 $ 913,960 |
Held-to-maturity Securities | |
Stratification by Contractual Maturity of Securities | Excluding the balances of mortgage-backed securities, the following tables present the amortized cost and estimated fair values of debt securities available for sale and held to maturity, by contractual maturity, at September 30, 2022: September 30, 2022 Amortized Fair (In Thousands) Available for sale debt securities: Due in one year or less $ 2,621 $ 2,610 Due after one year through five years 19,184 18,501 Due after five years through ten years 330,083 314,193 Due after ten years 311,032 298,695 Total $ 662,920 $ 633,999 September 30, 2022 Amortized Fair (In Thousands) Held to maturity debt securities: Due in one year or less $ 4,574 $ 4,548 Due after one year through five years 13,555 13,070 Due after five years through ten years 1,701 1,604 Due after ten years — — Total $ 19,830 $ 19,222 |
Schedule of Fair Values and Gross Unrealized and Unrecognized Losses on Investments | The following table presents the gross unrecognized 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 unrecognized loss position within the held to maturity portfolio at September 30, 2022 and June 30, 2022: September 30, 2022 Less than 12 Months 12 Months or More Total Fair Unrecognized Fair Unrecognized Number of Securities Fair Unrecognized (Dollars in Thousands) Securities Held to Maturity: Obligations of state and political subdivisions $ 19,222 $ 608 $ — $ — 39 $ 19,222 $ 608 Commercial pass-through securities 9,976 2,298 — — 1 9,976 2,298 Residential pass-through securities 70,350 13,489 — — 8 70,350 13,489 Total $ 99,548 $ 16,395 $ — $ — 48 $ 99,548 $ 16,395 June 30, 2022 Less than 12 Months 12 Months or More Total Fair Unrecognized Fair Unrecognized Number of Securities Fair Unrecognized (Dollars in Thousands) Securities Held to Maturity: Obligations of state and political subdivisions $ 8,681 $ 78 $ — $ — 15 $ 8,681 $ 78 Commercial pass-through securities 10,729 1,552 — — 1 10,729 1,552 Residential pass-through securities 76,264 8,587 — — 8 76,264 8,587 Total $ 95,674 $ 10,217 $ — $ — 24 $ 95,674 $ 10,217 |
Available-for-sale Securities | |
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 September 30, 2022 and June 30, 2022: September 30, 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Number of Securities Fair Unrealized (Dollars in Thousands) Securities Available for Sale: Obligations of state and political subdivisions $ 26,456 $ 1,022 $ — $ — 71 $ 26,456 $ 1,022 Asset-backed securities 153,235 2,566 4,846 38 15 158,081 2,604 Collateralized loan obligations 190,147 7,000 112,700 4,091 24 302,847 11,091 Corporate bonds 135,184 12,636 10,429 1,571 31 145,613 14,207 Collateralized mortgage obligations 6,318 571 — — 6 6,318 571 Commercial pass-through securities 57,838 5,451 96,932 20,102 22 154,770 25,553 Residential pass-through securities 147,704 24,211 319,903 88,143 119 467,607 112,354 Total $ 716,882 $ 53,457 $ 544,810 $ 113,945 288 $ 1,261,692 $ 167,402 June 30, 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Number of Securities Fair Unrealized (Dollars in Thousands) Securities Available for Sale: Obligations of state and political subdivisions $ 11,310 $ 89 $ — $ — 30 $ 11,310 $ 89 Asset-backed securities 161,303 2,928 5,254 21 15 166,557 2,949 Collateralized loan obligations 236,967 6,435 70,846 1,445 24 307,813 7,880 Corporate bonds 129,407 6,464 3,815 185 27 133,222 6,649 Collateralized mortgage obligations 7,122 329 — — 6 7,122 329 Commercial pass-through securities 63,045 3,194 102,817 16,577 21 165,862 19,771 Residential pass-through securities 237,928 26,566 274,197 54,058 106 512,125 80,624 Total $ 847,082 $ 46,005 $ 456,929 $ 72,286 229 $ 1,304,011 $ 118,291 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | The following table sets forth the composition of the Company’s loan portfolio at September 30, 2022 and June 30, 2022: September 30, June 30, (In Thousands) Commercial loans: Multi-family mortgage $ 2,570,297 $ 2,409,090 Nonresidential mortgage 1,040,688 1,019,838 Commercial business 186,361 176,807 Construction 166,052 140,131 Total commercial loans 3,963,398 3,745,866 One- to four-family residential mortgage 1,666,730 1,645,816 Consumer loans: Home equity loans 43,269 42,028 Other consumer 2,869 2,866 Total consumer loans 46,138 44,894 Total loans 5,676,266 5,436,576 Unaccreted yield adjustments (1) (19,896) (18,731) Total loans receivable, net of yield adjustments $ 5,656,370 $ 5,417,845 ___________________________ (1) At September 30, 2022, included a fair value adjustment to the carrying amount of hedged one- to four-family residential mortgage loans. |
Contractual Payment Status of Past Loans Receivable | The following tables present the payment status of past due loans as of September 30, 2022 and June 30, 2022, by loan segment: Payment Status 30-59 Days 60-89 Days 90 Days and Over Total Past Due Current Total (In Thousands) Multi-family mortgage $ — $ — $ 10,842 $ 10,842 $ 2,559,455 $ 2,570,297 Nonresidential mortgage 20 918 18,102 19,040 1,021,648 1,040,688 Commercial business — 8 325 333 186,028 186,361 Construction — — — — 166,052 166,052 One- to four-family residential mortgage 1,305 1,009 2,326 4,640 1,662,090 1,666,730 Home equity loans 153 — 24 177 43,092 43,269 Other consumer — — — — 2,869 2,869 Total loans $ 1,478 $ 1,935 $ 31,619 $ 35,032 $ 5,641,234 $ 5,676,266 Payment Status 30-59 Days 60-89 Days 90 Days and Over Total Past Due Current Total (In Thousands) Multi-family mortgage $ 3,148 $ 3,056 $ 7,788 $ 13,992 $ 2,395,098 $ 2,409,090 Nonresidential mortgage 4,026 — 18,132 22,158 997,680 1,019,838 Commercial business 98 57 155 310 176,497 176,807 Construction — — — — 140,131 140,131 One- to four-family residential mortgage 1,525 253 3,455 5,233 1,640,583 1,645,816 Home equity loans 28 35 — 63 41,965 42,028 Other consumer — — — — 2,866 2,866 Total loans $ 8,825 $ 3,401 $ 29,530 $ 41,756 $ 5,394,820 $ 5,436,576 |
Performance Status of Loans Receivable | The following tables present information relating to the Company’s nonperforming loans as of September 30, 2022 and June 30, 2022: Performance Status 90 Days and Over Past Due Accruing Nonaccrual Loans with Allowance for Credit Losses Nonaccrual Loans with no Allowance for Credit Losses Total Nonperforming Performing Total (In Thousands) Multi-family mortgage $ — $ 8,317 $ 18,089 $ 26,406 $ 2,543,891 $ 2,570,297 Nonresidential mortgage — 12,328 19,021 31,349 1,009,339 1,040,688 Commercial business — 275 50 325 186,036 186,361 Construction — — 1,402 1,402 164,650 166,052 One- to four-family residential mortgage — 4,420 4,584 9,004 1,657,726 1,666,730 Home equity loans — — 88 88 43,181 43,269 Other consumer — — — — 2,869 2,869 Total loans $ — $ 25,340 $ 43,234 $ 68,574 $ 5,607,692 $ 5,676,266 Performance Status 90 Days and Over Past Due Accruing Nonaccrual Loans with Allowance for Credit Losses Nonaccrual Loans with no Allowance for Credit Losses Total Nonperforming Performing Total (In Thousands) Multi-family mortgage $ — $ 8,367 $ 18,286 $ 26,653 $ 2,382,437 $ 2,409,090 Nonresidential mortgage — 12,602 19,292 31,894 987,944 1,019,838 Commercial business — 212 81 293 176,514 176,807 Construction — — 1,561 1,561 138,570 140,131 One- to four-family residential mortgage — 3,543 4,946 8,489 1,637,327 1,645,816 Home equity loans — 302 1,129 1,431 40,597 42,028 Other consumer — — — — 2,866 2,866 Total loans $ — $ 25,026 $ 45,295 $ 70,321 $ 5,366,255 $ 5,436,576 |
Troubled Debt Restructurings of Loans Receivable | The following tables present total TDR loans at September 30, 2022 and June 30, 2022: September 30, 2022 Accrual Non-accrual Total # of Loans Amount # of Loans Amount # of Loans Amount (Dollars In Thousands) Commercial loans: Multi-family mortgage — $ — 2 $ 5,582 2 $ 5,582 Nonresidential mortgage 3 190 1 395 4 585 Commercial business 4 3,578 — — 4 3,578 Construction — — 1 1,402 1 1,402 Total commercial loans 7 3,768 4 7,379 11 11,147 One- to four-family residential mortgage 27 3,723 18 4,419 45 8,142 Consumer loans: Home equity loans 6 1,454 1 35 7 1,489 Total 40 $ 8,945 23 $ 11,833 63 $ 20,778 June 30, 2022 Accrual Non-accrual Total # of Loans Amount # of Loans Amount # of Loans Amount (Dollars In Thousands) Commercial loans: Multi-family mortgage — $ — 2 $ 5,626 2 $ 5,626 Nonresidential mortgage 4 389 2 1,565 6 1,954 Commercial business 5 3,631 2 82 7 3,713 Construction — — 1 1,561 1 1,561 Total commercial loans 9 4,020 7 8,834 16 12,854 One- to four-family residential mortgage 29 4,488 16 3,314 45 7,802 Consumer loans: Home equity loans 5 164 2 1,364 7 1,528 Total 43 $ 8,672 25 $ 13,512 68 $ 22,184 The following tables present information regarding TDRs that occurred during the three months ended September 30, 2022 and 2021: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 # of Loans Pre- Post- # of Loans Pre- Post- (Dollars In Thousands) Multi-family mortgage — $ — $ — 1 $ 2,987 $ 2,972 One- to four-family residential mortgage 1 435 435 — — — Home equity loans 1 35 35 — — — Total 2 $ 470 $ 470 1 $ 2,987 $ 2,972 |
Carrying Value of Collateral Dependent Individually Analyzed Loans | The following table presents the carrying value and related allowance of collateral dependent individually analyzed loans at the dates indicated: September 30, 2022 June 30, 2022 Carrying Value Related Allowance Carrying Value Related Allowance (In Thousands) Commercial loans: Multi-family mortgage $ 26,406 $ 755 $ 26,653 $ 849 Nonresidential mortgage (1) 30,985 2,580 30,733 2,696 Commercial business (2) — — — — Construction 1,402 — 1,561 — Total commercial loans 58,793 3,335 58,947 3,545 One- to four-family residential mortgage (3) 3,895 51 4,305 77 Consumer loans: Home equity loans (3) 35 — 35 — Total $ 62,723 $ 3,386 $ 63,287 $ 3,622 ___________________________ (1) Secured by income-producing nonresidential property. (2) Secured by business assets. (3) Secured by one- to four-family residential properties. |
Credit-Rating Classification of Loans Receivable | The following table presents the risk category of loans as of September 30, 2022 by loan segment and vintage year: Term Loans by Origination Year for Fiscal Years ended June 30, 2023 2022 2021 2020 2019 Prior Revolving Loans Total (In Thousands) Multi-family mortgage: Pass $ 229,047 $ 960,324 $ 244,070 $ 206,625 $ 258,937 $ 638,115 $ — $ 2,537,118 Special Mention — — — — — 6,773 — 6,773 Substandard — — — — 9,667 16,739 — 26,406 Doubtful — — — — — — — — Total multi-family mortgage 229,047 960,324 244,070 206,625 268,604 661,627 — 2,570,297 Nonresidential mortgage: Pass 53,919 230,708 86,743 53,439 60,353 511,563 6,000 1,002,725 Special Mention — — — — — 586 — 586 Substandard — — 717 — 933 35,727 — 37,377 Doubtful — — — — — — — — Total nonresidential mortgage 53,919 230,708 87,460 53,439 61,286 547,876 6,000 1,040,688 Commercial business: Pass 8,035 41,099 37,369 10,214 2,897 10,682 71,005 181,301 Special Mention — — — 58 183 2,960 8 3,209 Substandard — — 37 285 — 1,398 131 1,851 Doubtful — — — — — — — — Total commercial business 8,035 41,099 37,406 10,557 3,080 15,040 71,144 186,361 Construction loans: Pass 1,759 21,598 113,806 11,387 3,019 7,346 5,735 164,650 Special Mention — — — — — — — — Substandard — — — — — 1,402 — 1,402 Doubtful — — — — — — — — Total construction loans 1,759 21,598 113,806 11,387 3,019 8,748 5,735 166,052 Residential mortgage: Pass 62,773 469,622 515,419 84,535 48,612 472,149 375 1,653,485 Special Mention — — — — 1,192 499 — 1,691 Substandard — — — — 82 11,472 — 11,554 Doubtful — — — — — — — — Total residential mortgage 62,773 469,622 515,419 84,535 49,886 484,120 375 1,666,730 Home equity loans: Pass 2,642 2,873 675 1,587 2,843 8,740 22,224 41,584 Special Mention — — — — — — — — Substandard — — — — 118 1,439 128 1,685 Doubtful — — — — — — — — Total home equity loans 2,642 2,873 675 1,587 2,961 10,179 22,352 43,269 Other consumer loans Pass 204 346 285 465 357 1,101 35 2,793 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — 76 76 Other consumer loans 204 346 285 465 357 1,101 111 2,869 Total loans $ 358,379 $ 1,726,570 $ 999,121 $ 368,595 $ 389,193 $ 1,728,691 $ 105,717 $ 5,676,266 The following table presents the risk category of loans as of June 30, 2022 by loan segment and vintage year: Term Loans by Origination Year for Fiscal Years ended June 30, 2022 2021 2020 2019 2018 Prior Revolving Loans Total (In Thousands) Multi-family mortgage: Pass $ 963,263 $ 250,385 $ 211,101 $ 264,174 $ 248,058 $ 438,642 $ — $ 2,375,623 Special Mention — — — — — 6,814 — 6,814 Substandard — — — 9,821 5,935 10,897 — 26,653 Doubtful — — — — — — — — Total multi-family mortgage 963,263 250,385 211,101 273,995 253,993 456,353 — 2,409,090 Nonresidential mortgage: Pass 231,777 87,309 53,983 60,714 49,285 491,849 6,052 980,969 Special Mention — — — — — 591 — 591 Substandard — 720 — 933 4,026 32,599 — 38,278 Doubtful — — — — — — — — Total nonresidential mortgage 231,777 88,029 53,983 61,647 53,311 525,039 6,052 1,019,838 Commercial business: Pass 46,888 38,791 12,155 3,581 4,861 6,455 58,662 171,393 Special Mention — — 62 186 2,173 873 215 3,509 Substandard — 38 319 — 1,347 61 58 1,823 Doubtful — — — — — 80 2 82 Total commercial business 46,888 38,829 12,536 3,767 8,381 7,469 58,937 176,807 Construction loans: Pass 16,407 95,526 10,337 3,039 6,509 1,017 5,735 138,570 Special Mention — — — — — — — — Substandard — — — — — 1,561 — 1,561 Doubtful — — — — — — — — Total construction loans 16,407 95,526 10,337 3,039 6,509 2,578 5,735 140,131 Residential mortgage: Pass 472,160 524,163 88,645 49,316 55,139 442,517 374 1,632,314 Special Mention — — — 1,205 — 621 — 1,826 Substandard — — — 83 — 11,593 — 11,676 Doubtful — — — — — — — — Total residential mortgage 472,160 524,163 88,645 50,604 55,139 454,731 374 1,645,816 Home equity loans: Pass 3,197 692 1,681 3,117 2,027 7,321 22,334 40,369 Special Mention — — — — — — — — Substandard — — — 120 — 1,539 — 1,659 Doubtful — — — — — — — — Total home equity loans 3,197 692 1,681 3,237 2,027 8,860 22,334 42,028 Other consumer loans Pass 442 308 471 375 258 895 34 2,783 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — 83 83 Other consumer loans 442 308 471 375 258 895 117 2,866 Total loans $ 1,734,134 $ 997,932 $ 378,754 $ 396,664 $ 379,618 $ 1,455,925 $ 93,549 $ 5,436,576 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Allowance for Credit Losses and Balance of Loans Receivable | The following tables present the balance of the allowance for credit losses at September 30, 2022 and June 30, 2022. The balance of the allowance for credit losses is based on an expected loss methodology, referred to as the “CECL” methodology. The tables identify the valuation allowances attributable to specifically identified impairments on individually analyzed loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans collectively evaluated. The tables include the underlying balance of loans receivable applicable to each category as of those dates. Allowance for Credit Losses Loans Loans Loans individually Loans collectively Total allowance for credit losses (In Thousands) Multi-family mortgage $ — $ — $ 755 $ 25,491 $ 26,246 Nonresidential mortgage — 68 2,580 6,504 9,152 Commercial business — 6 5 1,961 1,972 Construction — — — 1,120 1,120 One- to four-family residential mortgage 25 172 164 8,440 8,801 Home equity loans — 2 — 242 244 Other consumer — — — 78 78 Total loans $ 25 $ 248 $ 3,504 $ 43,836 $ 47,613 Balance of Loans Receivable Loans Loans Loans individually Loans collectively Total loans (In Thousands) Multi-family mortgage $ — $ — $ 26,406 $ 2,543,891 $ 2,570,297 Nonresidential mortgage 364 3,763 30,985 1,005,576 1,040,688 Commercial business — 1,267 325 184,769 186,361 Construction — 5,735 1,402 158,915 166,052 One- to four-family residential mortgage 79 5,377 8,925 1,652,349 1,666,730 Home equity loans 26 350 62 42,831 43,269 Other consumer — — — 2,869 2,869 Total loans $ 469 $ 16,492 $ 68,105 $ 5,591,200 $ 5,676,266 Unaccreted yield adjustments (19,896) Loans receivable, net of yield adjustments $ 5,656,370 Allowance for Credit Losses Loans Loans Loans individually Loans collectively Total allowance for credit losses (In Thousands) Multi-family mortgage $ — $ — $ 849 $ 24,472 $ 25,321 Nonresidential mortgage — 73 2,696 7,821 10,590 Commercial business — 9 16 1,767 1,792 Construction — — — 1,486 1,486 One- to four-family residential mortgage — 229 148 7,163 7,540 Home equity loans 26 — — 219 245 Other consumer — — — 84 84 Total loans $ 26 $ 311 $ 3,709 $ 43,012 $ 47,058 Balance of Loans Receivable Loans Loans Loans individually Loans collectively Total loans (In Thousands) Multi-family mortgage $ — $ — $ 26,653 $ 2,382,437 $ 2,409,090 Nonresidential mortgage 377 5,033 31,517 982,911 1,019,838 Commercial business — 1,267 293 175,247 176,807 Construction — 5,735 1,561 132,835 140,131 One- to four-family residential mortgage 87 6,460 8,402 1,630,867 1,645,816 Home equity loans 329 58 1,102 40,539 42,028 Other consumer — — — 2,866 2,866 Total loans $ 793 $ 18,553 $ 69,528 $ 5,347,702 $ 5,436,576 Unaccreted yield adjustments (18,731) Loans receivable, net of yield adjustments $ 5,417,845 The following tables present the activity in the allowance for credit losses on loans for the three months ended September 30, 2022 and 2021. Changes in the Allowance for Credit Losses Balance at Charge-offs Recoveries Provision for Balance at (In Thousands) Multi-family mortgage $ 25,321 $ — $ — $ 925 $ 26,246 Nonresidential mortgage 10,590 (10) — (1,428) 9,152 Commercial business 1,792 (118) 12 286 1,972 Construction 1,486 — — (366) 1,120 One- to four-family residential mortgage 7,540 — — 1,261 8,801 Home equity loans 245 — — (1) 244 Other consumer 84 — 1 (7) 78 Total loans $ 47,058 $ (128) $ 13 $ 670 $ 47,613 Changes in the Allowance for Credit Losses Balance at Charge-offs Recoveries (Reversal of) Balance at (In Thousands) Multi-family mortgage $ 28,450 $ (104) $ — $ (3,364) $ 24,982 Nonresidential mortgage 16,243 (813) — (1,585) 13,845 Commercial business 2,086 (160) 97 (29) 1,994 Construction 1,170 — — 260 1,430 One- to four-family residential mortgage 9,747 — 2 (620) 9,129 Home equity loans 433 — — (115) 318 Other consumer 36 (2) — 53 87 Total loans $ 58,165 $ (1,079) $ 99 $ (5,400) $ 51,785 |
Allowance for Credit Losses on Financing Receivables Off Balance Sheet Commitments | The following table presents the activity in the allowance for credit losses on off balance sheet commitments recorded in other non-interest expense for the three months ended September 30, 2022 and 2021: Three Months Ended 2022 2021 (In Thousands) Balance at beginning of the period $ 1,041 $ 1,708 Reversal of credit losses (288) (124) Balance at end of the period $ 753 $ 1,584 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Deposits [Abstract] | |
Schedule of Deposits | Deposits are summarized as follows: September 30, June 30, (In Thousands) Non-interest-bearing demand $ 683,406 $ 653,899 Interest-bearing demand 2,382,411 2,265,597 Savings 982,916 1,053,198 Certificates of deposits 2,059,545 1,889,562 Total deposits $ 6,108,278 $ 5,862,256 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | Borrowings at September 30, 2022 and June 30, 2022 consisted of the following: September 30, June 30, (In Thousands) FHLB advances $ 796,454 $ 651,337 Overnight borrowings (1) 55,000 250,000 Total borrowings $ 851,454 $ 901,337 ___________________________ (1) At September 30, 2022 and June 30, 2022, represents FHLB overnight line of credit borrowings. |
Schedule of Fixed Rate Advances from FHLB | Fixed rate advances from the FHLB of New York mature as follows: September 30, 2022 June 30, 2022 Balance Weighted Balance Weighted (Dollars in Thousands) By remaining period to maturity: Less than one year $ 665,000 3.20 % $ 520,000 2.04 % One to two years 22,500 2.63 22,500 2.63 Two to three years 103,500 2.68 103,500 2.68 Three to four years 6,500 2.82 6,500 2.82 Four to five years — — — — Greater than five years — — — — Total advances 797,500 3.11 % 652,500 2.17 % Unamortized fair value adjustments (1,046) (1,163) Total advances, net of fair value adjustments $ 796,454 $ 651,337 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Financial Instruments as well as Their Classification on Statement of Financial Condition | The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Statements of Financial Condition as of September 30, 2022 and June 30, 2022: September 30, 2022 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (In Thousands) Derivatives designated as hedging instruments: Interest rate contracts Other assets $ 66,511 Other liabilities $ — Total $ 66,511 $ — June 30, 2022 Asset Derivatives Liability Derivatives Location Fair Value Location Fair Value (In Thousands) Derivatives designated as hedging instruments: Interest rate contracts Other assets $ 41,223 Other liabilities $ — Total $ 41,223 $ — As of September 30, 2022, the following amounts were recorded on the Statement of Financial Condition related to cumulative basis adjustment for fair value hedges. There were no fair value hedges at June 30, 2022: September 30, (In Thousands) Loans receivable: Carrying amount of the hedged assets (1) $ 145,967 Fair value hedging adjustment included in the carrying amount of the hedged assets (4,033) ___________________________________ |
Pre-tax Effects of Derivative Instruments on Consolidated Statements of Income | The table below presents the pre-tax effects of the Company’s derivative instruments designated as cash flow hedges on the Consolidated Statements of Income for the three months ended September 30, 2022 and 2021: Three Months Ended 2022 2021 (In Thousands) Amount of gain recognized in other comprehensive income $ 22,170 $ 154 Amount of gain (loss) reclassified from accumulated other comprehensive income to interest expense 1,620 (1,497) |
Derivative Instruments, Gain (Loss) | The table below presents the effects of the Company’s derivative instruments designated as fair value hedges on the Consolidated Statements of Income for the three months ended September 30, 2022. There were no fair value hedges for the three months ended September 30, 2021: Three Months Ended 2022 (In Thousands) Loss on hedged items recorded in interest income on loans $ (4,033) Gain on hedge recorded in interest income on loans 3,927 |
Offsetting Derivatives | The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives in the Consolidated Statements of Financial Condition as of September 30, 2022 and June 30, 2022, respectively. The net amounts presented for derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Consolidated Statements of Financial Condition. September 30, 2022 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 $ 66,511 $ — $ 66,511 $ — $ — $ 66,511 Total $ 66,511 $ — $ 66,511 $ — $ — $ 66,511 June 30, 2022 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 $ 41,223 $ — $ 41,223 $ — $ — $ 41,223 Total $ 41,223 $ — $ 41,223 $ — $ — $ 41,223 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Benefit Expense | 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, Atlas Bank Retirement Income Plan and Supplemental Executive Retirement Plan: Three Months Ended Affected Line Item in the Consolidated 2022 2021 (In Thousands) Service cost $ 117 $ 138 Salaries and employee benefits Interest cost 96 69 Other expense Amortization of unrecognized (gain) loss (6) 20 Other expense Expected return on assets (25) (28) Other expense Net periodic benefit cost $ 182 $ 199 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | The following table presents a reconciliation between the reported income taxes for the periods presented and the income taxes which would be computed by applying the federal income tax rate of 21% to income for the three months ended September 30, 2022 and 2021: Three Months Ended 2022 2021 (Dollars in Thousands) Income before income taxes $ 21,790 $ 26,987 Statutory federal tax rate 21 % 21 % Federal income tax expense at statutory rate $ 4,576 $ 5,667 (Reduction) increase in income taxes resulting from: Tax exempt interest (59) (70) State tax, net of federal tax effect 1,420 2,128 Incentive stock option compensation expense 3 23 Income from bank-owned life insurance (775) (328) Other items, net 90 (148) Total income tax expense $ 5,255 $ 7,272 Effective income tax rate 24.12 % 26.95 % |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured At Fair Value on a Recurring Basis | Those assets measured at fair value on a recurring basis are summarized below: September 30, 2022 Quoted Significant Significant Total (In Thousands) Assets: Debt securities available for sale: Obligations of state and political subdivisions $ — $ 27,458 $ — $ 27,458 Asset-backed securities — 158,081 — 158,081 Collateralized loan obligations — 302,847 — 302,847 Corporate bonds — 145,613 — 145,613 Total debt securities — 633,999 — 633,999 Mortgage-backed securities available for sale: Collateralized mortgage obligations — 6,318 — 6,318 Residential pass-through securities — 468,089 — 468,089 Commercial pass-through securities — 154,770 — 154,770 Total mortgage-backed securities — 629,177 — 629,177 Total securities available for sale $ — $ 1,263,176 $ — $ 1,263,176 Interest rate contracts $ — $ 66,511 $ — $ 66,511 Total assets $ — $ 1,329,687 $ — $ 1,329,687 June 30, 2022 Quoted Prices Significant Significant Total (In Thousands) Assets: Debt securities available for sale: Obligations of state and political subdivisions $ — $ 28,435 $ — $ 28,435 Asset-backed securities — 166,557 — 166,557 Collateralized loan obligations — 307,813 — 307,813 Corporate bonds — 153,397 — 153,397 Total debt securities — 656,202 — 656,202 Mortgage-backed securities available for sale: Collateralized mortgage obligations — 7,122 — 7,122 Residential pass-through securities — 514,758 — 514,758 Commercial pass-through securities — 166,011 — 166,011 Total mortgage-backed securities — 687,891 — 687,891 Total securities available for sale $ — $ 1,344,093 $ — $ 1,344,093 Interest rate contracts $ — $ 41,223 $ — $ 41,223 Total assets $ — $ 1,385,316 $ — $ 1,385,316 |
Schedule of Assets Measured At Fair Value on a Non-recurring Basis | Those assets measured at fair value on a non-recurring basis are summarized below: September 30, 2022 Quoted Prices Significant Significant Total (In Thousands) Collateral dependent loans: Residential mortgage $ — $ — $ 2,033 $ 2,033 Multi-family mortgage — — 7,562 7,562 Nonresidential mortgage — — 10,934 10,934 Total $ — $ — $ 20,529 $ 20,529 Other real estate owned, net: Residential $ — $ — $ 178 $ 178 Total $ — $ — $ 178 $ 178 June 30, 2022 Quoted Prices Significant Significant Total (In Thousands) Collateral dependent loans: Residential mortgage $ — $ — $ 2,035 $ 2,035 Multi-family mortgage — — 7,517 7,517 Nonresidential mortgage — — 11,479 11,479 Total $ — $ — $ 21,031 $ 21,031 Other real estate owned, net: Residential $ — $ — $ 178 $ 178 Total $ — $ — $ 178 $ 178 |
Schedule of Quantitative Information about Level 3 Fair Value Measurements | The following tables present 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: September 30, 2022 Fair Valuation Unobservable Range Weighted (Dollars in Thousands) Collateral dependent loans: Residential mortgage $ 2,033 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 7% - 10% 9.05 % Multi-family mortgage 7,562 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 10% - 11% 10.66 % Nonresidential mortgage 10,934 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 9% - 19% 14.28 % Total $ 20,529 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, 2022 Fair Valuation Unobservable Range Weighted (Dollars in Thousands) Collateral dependent loans: Residential mortgage $ 2,035 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 7% - 10% 8.97 % Multi-family mortgage 7,517 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 10% - 12% 11.06 % Nonresidential mortgage 11,479 Market valuation of underlying collateral (1) Adjustments to reflect current conditions/selling costs (2) 9% - 18% 12.72 % Total $ 21,031 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 of collateral dependent 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 collateral dependent loans and other real estate owned is adjusted to reflect management’s estimates of selling costs including, but not limited to, real estate brokerage commissions and title transfer fees. (3) The fair value of other real estate owned is generally determined based upon the lower of an independent appraisal of the property’s fair value or the applicable listing price or contracted sales price. |
Schedule of Carrying Amounts and Fair Values of Financial Instruments | The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of September 30, 2022 and June 30, 2022: September 30, 2022 Carrying Fair Quoted Significant Significant (In Thousands) Financial assets: Cash and cash equivalents $ 96,076 $ 96,076 $ 96,076 $ — $ — Investment securities available for sale 1,263,176 1,263,176 — 1,263,176 — Investment securities held to maturity 115,943 99,548 — 99,548 — Loans held-for-sale 12,936 12,772 — 12,772 — Net loans receivable 5,608,757 5,308,136 — — 5,308,136 FHLB Stock 44,957 — — — — Interest receivable 23,817 23,817 24 7,215 16,578 Interest rate contracts 66,511 66,511 — 66,511 — Financial liabilities: Deposits 6,108,278 6,068,334 4,048,733 — 2,019,601 Borrowings 851,454 847,489 — — 847,489 Interest payable on deposits 3,130 3,130 588 — 2,542 Interest payable on borrowings 2,182 2,182 — — 2,182 Interest rate contracts — — — — — June 30, 2022 Carrying Fair Quoted Significant Significant (In Thousands) Financial assets: Cash and cash equivalents $ 101,615 $ 101,615 $ 101,615 $ — $ — Investment securities available for sale 1,344,093 1,344,093 — 1,344,093 — Investment securities held to maturity 118,291 108,118 — 108,118 — Loans held-for-sale 28,874 28,831 — 28,831 — Net loans receivable 5,370,787 5,215,079 — — 5,215,079 FHLB Stock 47,144 — — — — Interest receivable 20,466 20,466 2 5,210 15,254 Interest rate contracts 41,223 41,223 — 41,223 — Financial liabilities: Deposits 5,862,256 5,839,035 3,972,694 — 1,866,341 Borrowings 901,337 900,505 — — 900,505 Interest payable on deposits 722 722 147 — 575 Interest payable on borrowings 1,611 1,611 — — 1,611 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive loss included in stockholders’ equity at September 30, 2022 and June 30, 2022 are as follows: September 30, June 30, (In Thousands) Net unrealized loss on securities available for sale $ (167,396) $ (118,031) Tax effect 48,290 34,104 Net of tax amount (119,106) (83,927) Fair value adjustments on derivatives 60,355 39,805 Tax effect (17,502) (11,542) Net of tax amount 42,853 28,263 Benefit plan adjustments (122) (89) Tax effect 35 26 Net of tax amount (87) (63) Total accumulated other comprehensive loss $ (76,340) $ (55,727) |
Schedule of Comprehensive (Loss) Income | Other comprehensive loss and related tax effects for the three months ended September 30, 2022 and 2021 are presented in the following table: Three Months Ended 2022 2021 (In Thousands) Net unrealized holding loss on securities available for sale $ (49,365) $ (7,046) Net realized gain on sale and call of securities available for sale (1) — (1) Fair value adjustments on derivatives 20,550 1,651 (Accretion) amortization of benefit plan net actuarial (gain) loss (33) 20 Other comprehensive loss before taxes (28,848) (5,376) Tax effect 8,235 1,568 Total other comprehensive loss $ (20,613) $ (3,808) ___________________________________ (1) Represents amounts reclassified out of accumulated other comprehensive income and included in gain on sale of securities on the Consolidated Statements of Income. |
Net Income Per Common Share (_2
Net Income Per Common Share ("EPS") (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Calculations | The following schedule shows the Company’s earnings per share calculations for the periods presented: Three Months Ended September 30, 2022 2021 (In Thousands, Except Per Share Data) Net income $ 16,535 $ 19,715 Weighted average number of common shares outstanding - basic 65,737 74,537 Effect of dilutive securities 19 19 Weighted average number of common shares outstanding - diluted 65,756 74,556 Basic earnings per share $ 0.25 $ 0.26 Diluted earnings per share $ 0.25 $ 0.26 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Oct. 27, 2022 | Dec. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Subsequent Event [Line Items] | ||||
Dividends declared per common share | $ 0.11 | $ 0.10 | ||
Scenario Forecast [Member] | ||||
Subsequent Event [Line Items] | ||||
Gain (loss) on disposition of property plant equipment | $ 2,900 | |||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividends declared per common share | $ 0.11 |
Securities - Securities Availab
Securities - Securities Available for Sale (Detail) - USD ($) | Sep. 30, 2022 | Jun. 30, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 1,430,572,000 | $ 1,462,124,000 |
Gross Unrealized Gains | 6,000 | 260,000 |
Gross Unrealized Losses | 167,402,000 | 118,291,000 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 1,263,176,000 | 1,344,093,000 |
Debt securities: | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 662,920,000 | 673,555,000 |
Gross Unrealized Gains | 3,000 | 214,000 |
Gross Unrealized Losses | 28,924,000 | 17,567,000 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 633,999,000 | 656,202,000 |
Obligations of state and political subdivisions | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 28,477,000 | 28,485,000 |
Gross Unrealized Gains | 3,000 | 39,000 |
Gross Unrealized Losses | 1,022,000 | 89,000 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 27,458,000 | 28,435,000 |
Asset-backed securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 160,685,000 | 169,506,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 2,604,000 | 2,949,000 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 158,081,000 | 166,557,000 |
Collateralized Loan Obligations | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 313,938,000 | 315,693,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 11,091,000 | 7,880,000 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 302,847,000 | 307,813,000 |
Corporate bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 159,820,000 | 159,871,000 |
Gross Unrealized Gains | 0 | 175,000 |
Gross Unrealized Losses | 14,207,000 | 6,649,000 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 145,613,000 | 153,397,000 |
Mortgage-backed securities: | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 767,652,000 | 788,569,000 |
Gross Unrealized Gains | 3,000 | 46,000 |
Gross Unrealized Losses | 138,478,000 | 100,724,000 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 629,177,000 | 687,891,000 |
Collateralized Mortgage Obligations | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 6,889,000 | 7,451,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 571,000 | 329,000 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 6,318,000 | 7,122,000 |
Residential pass-through securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 580,440,000 | 595,337,000 |
Gross Unrealized Gains | 3,000 | 45,000 |
Gross Unrealized Losses | 112,354,000 | 80,624,000 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 468,089,000 | 514,758,000 |
Commercial pass-through securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 180,323,000 | 185,781,000 |
Gross Unrealized Gains | 0 | 1,000 |
Gross Unrealized Losses | 25,553,000 | 19,771,000 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | $ 154,770,000 | $ 166,011,000 |
Securities - Securities Held to
Securities - Securities Held to Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | $ 115,943 | $ 118,291 |
Gross Unrecognized Gains | 0 | 44 |
Gross Unrecognized Losses | 16,395 | 10,217 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 99,548 | 108,118 |
Debt securities: | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | 19,830 | 21,159 |
Gross Unrecognized Gains | 0 | 44 |
Gross Unrecognized Losses | 608 | 78 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 19,222 | 21,125 |
Obligations of state and political subdivisions | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | 19,830 | 21,159 |
Gross Unrecognized Gains | 0 | 44 |
Gross Unrecognized Losses | 608 | 78 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 19,222 | 21,125 |
Mortgage-backed securities: | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | 96,113 | 97,132 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | 15,787 | 10,139 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 80,326 | 86,993 |
Residential pass-through securities | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | 83,840 | 84,851 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | 13,489 | 8,587 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 70,351 | 76,264 |
Commercial pass-through securities | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | 12,273 | 12,281 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | 2,298 | 1,552 |
Allowance for Credit Losses | 0 | 0 |
Fair Value | $ 9,975 | $ 10,729 |
Securities - Stratification by
Securities - Stratification by Contractual Maturity of Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Amortized Cost | ||
Amortized Cost | $ 1,430,572 | $ 1,462,124 |
Fair Value | ||
Fair Value | 1,263,176 | 1,344,093 |
Amortized Cost | ||
Amortized Cost | 115,943 | 118,291 |
Fair Value | ||
Fair Value | 99,548 | 108,118 |
Debt securities: | ||
Amortized Cost | ||
Due in one year or less | 2,621 | |
Due after one year through five years | 19,184 | |
Due after five years through ten years | 330,083 | |
Due after ten years | 311,032 | |
Amortized Cost | 662,920 | 673,555 |
Fair Value | ||
Due in one year or less | 2,610 | |
Due after one year through five years | 18,501 | |
Due after five years through ten years | 314,193 | |
Due after ten years | 298,695 | |
Fair Value | 633,999 | 656,202 |
Amortized Cost | ||
Due in one year or less | 4,574 | |
Due after one year through five years | 13,555 | |
Due after five years through ten years | 1,701 | |
Due after ten years | 0 | |
Amortized Cost | 19,830 | 21,159 |
Fair Value | ||
Due in one year or less | 4,548 | |
Due after one year through five years | 13,070 | |
Due after five years through ten years | 1,604 | |
Due after ten years | 0 | |
Fair Value | $ 19,222 | $ 21,125 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | |
Schedule Of Available For Sale Securities [Line Items] | |||
Gain (loss) on sale of securities | $ 0 | ||
Allowance for Credit Losses | 0 | $ 0 | |
Allowance for Credit Losses | 0 | $ 0 | |
Calls of securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Gross realized gains | $ 0 | $ 1,000 |
Securities - Schedule of Availa
Securities - Schedule of Available for Sale Securities Pledged (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Carrying value of securities pledged | $ 936,927 | $ 913,960 |
FHLB of New York | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Carrying value of securities pledged | 162,538 | 178,048 |
Secure Public Funds On Deposit | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Carrying value of securities pledged | 404,240 | 357,841 |
Federal Reserve ("FRB") | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Carrying value of securities pledged | $ 370,149 | $ 378,071 |
Securities - Schedule of Fair V
Securities - Schedule of Fair Values and Gross Unrealized and Unrecognized Losses on Investments (Detail) $ in Thousands | Sep. 30, 2022 USD ($) Security | Jun. 30, 2022 USD ($) Security |
Securities Available-for-sale | ||
Less than 12 Months: Fair Value | $ 716,882 | $ 847,082 |
Less than 12 Months: Unrealized Losses | 53,457 | 46,005 |
12 Months or More: Fair Value | 544,810 | 456,929 |
12 Months or More: Unrealized Losses | $ 113,945 | $ 72,286 |
Total: Number of Securities | Security | 288 | 229 |
Total: Fair Value | $ 1,261,692 | $ 1,304,011 |
Total: Unrealized Losses | 167,402 | 118,291 |
Securities Held to Maturity | ||
Less than 12 Months: Fair value | 99,548 | 95,674 |
Less than 12 Months: Unrecognized Losses | 16,395 | 10,217 |
12 Months or More: Fair Value | 0 | 0 |
12 Months or More: Unrecognized Losses | $ 0 | $ 0 |
Total: Number of Securities | Security | 48 | 24 |
Fair Value: Total | $ 99,548 | $ 95,674 |
Total: Unrecognized Losses | 16,395 | 10,217 |
Obligations of state and political subdivisions | ||
Securities Available-for-sale | ||
Less than 12 Months: Fair Value | 26,456 | 11,310 |
Less than 12 Months: Unrealized Losses | 1,022 | 89 |
12 Months or More: Fair Value | 0 | 0 |
12 Months or More: Unrealized Losses | $ 0 | $ 0 |
Total: Number of Securities | Security | 71 | 30 |
Total: Fair Value | $ 26,456 | $ 11,310 |
Total: Unrealized Losses | 1,022 | 89 |
Securities Held to Maturity | ||
Less than 12 Months: Fair value | 19,222 | 8,681 |
Less than 12 Months: Unrecognized Losses | $ 608 | $ 78 |
Total: Number of Securities | Security | 39 | 15 |
Fair Value: Total | $ 19,222 | $ 8,681 |
Total: Unrecognized Losses | 608 | 78 |
Asset-backed securities | ||
Securities Available-for-sale | ||
Less than 12 Months: Fair Value | 153,235 | 161,303 |
Less than 12 Months: Unrealized Losses | 2,566 | 2,928 |
12 Months or More: Fair Value | 4,846 | 5,254 |
12 Months or More: Unrealized Losses | $ 38 | $ 21 |
Total: Number of Securities | Security | 15 | 15 |
Total: Fair Value | $ 158,081 | $ 166,557 |
Total: Unrealized Losses | 2,604 | 2,949 |
Collateralized loan obligations | ||
Securities Available-for-sale | ||
Less than 12 Months: Fair Value | 190,147 | 236,967 |
Less than 12 Months: Unrealized Losses | 7,000 | 6,435 |
12 Months or More: Fair Value | 112,700 | 70,846 |
12 Months or More: Unrealized Losses | $ 4,091 | $ 1,445 |
Total: Number of Securities | Security | 24 | 24 |
Total: Fair Value | $ 302,847 | $ 307,813 |
Total: Unrealized Losses | 11,091 | 7,880 |
Corporate bonds | ||
Securities Available-for-sale | ||
Less than 12 Months: Fair Value | 135,184 | 129,407 |
Less than 12 Months: Unrealized Losses | 12,636 | 6,464 |
12 Months or More: Fair Value | 10,429 | 3,815 |
12 Months or More: Unrealized Losses | $ 1,571 | $ 185 |
Total: Number of Securities | Security | 31 | 27 |
Total: Fair Value | $ 145,613 | $ 133,222 |
Total: Unrealized Losses | 14,207 | 6,649 |
Collateralized mortgage obligations | ||
Securities Available-for-sale | ||
Less than 12 Months: Fair Value | 6,318 | 7,122 |
Less than 12 Months: Unrealized Losses | 571 | 329 |
12 Months or More: Fair Value | 0 | 0 |
12 Months or More: Unrealized Losses | $ 0 | $ 0 |
Total: Number of Securities | Security | 6 | 6 |
Total: Fair Value | $ 6,318 | $ 7,122 |
Total: Unrealized Losses | 571 | 329 |
Commercial pass-through securities | ||
Securities Available-for-sale | ||
Less than 12 Months: Fair Value | 57,838 | 63,045 |
Less than 12 Months: Unrealized Losses | 5,451 | 3,194 |
12 Months or More: Fair Value | 96,932 | 102,817 |
12 Months or More: Unrealized Losses | $ 20,102 | $ 16,577 |
Total: Number of Securities | Security | 22 | 21 |
Total: Fair Value | $ 154,770 | $ 165,862 |
Total: Unrealized Losses | 25,553 | 19,771 |
Securities Held to Maturity | ||
Less than 12 Months: Fair value | 9,976 | 10,729 |
Less than 12 Months: Unrecognized Losses | $ 2,298 | $ 1,552 |
Total: Number of Securities | Security | 1 | 1 |
Fair Value: Total | $ 9,976 | $ 10,729 |
Total: Unrecognized Losses | 2,298 | 1,552 |
Residential pass-through securities | ||
Securities Available-for-sale | ||
Less than 12 Months: Fair Value | 147,704 | 237,928 |
Less than 12 Months: Unrealized Losses | 24,211 | 26,566 |
12 Months or More: Fair Value | 319,903 | 274,197 |
12 Months or More: Unrealized Losses | $ 88,143 | $ 54,058 |
Total: Number of Securities | Security | 119 | 106 |
Total: Fair Value | $ 467,607 | $ 512,125 |
Total: Unrealized Losses | 112,354 | 80,624 |
Securities Held to Maturity | ||
Less than 12 Months: Fair value | 70,350 | 76,264 |
Less than 12 Months: Unrecognized Losses | $ 13,489 | $ 8,587 |
Total: Number of Securities | Security | 8 | 8 |
Fair Value: Total | $ 70,350 | $ 76,264 |
Total: Unrecognized Losses | $ 13,489 | $ 8,587 |
Loans Receivable - Schedule of
Loans Receivable - Schedule of Loans Receivable (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | $ 5,676,266 | $ 5,436,576 |
Unaccreted yield adjustments | (19,896) | (18,731) |
Loans receivable | 5,656,370 | 5,417,845 |
Commercial Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 3,963,398 | 3,745,866 |
Commercial Loan | Multi-family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,570,297 | 2,409,090 |
Commercial Loan | Nonresidential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1,040,688 | 1,019,838 |
Commercial Loan | Commercial business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 186,361 | 176,807 |
Commercial Loan | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 166,052 | 140,131 |
One-to Four-Family Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1,666,730 | 1,645,816 |
Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 46,138 | 44,894 |
Consumer Loans | Home equity loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 43,269 | 42,028 |
Consumer Loans | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | $ 2,869 | $ 2,866 |
Loans Receivable - Contractual
Loans Receivable - Contractual Payment Status of Loans Receivable (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | $ 5,676,266 | $ 5,436,576 |
Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 35,032 | 41,756 |
30-59 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1,478 | 8,825 |
60-89 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1,935 | 3,401 |
90 days and over | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 31,619 | 29,530 |
Not Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 5,641,234 | 5,394,820 |
Commercial Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 3,963,398 | 3,745,866 |
Commercial Loan | Multi-family mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,570,297 | 2,409,090 |
Commercial Loan | Nonresidential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1,040,688 | 1,019,838 |
Commercial Loan | Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 186,361 | 176,807 |
Commercial Loan | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 166,052 | 140,131 |
Commercial Loan | Past Due | Multi-family mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 10,842 | 13,992 |
Commercial Loan | Past Due | Nonresidential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 19,040 | 22,158 |
Commercial Loan | Past Due | Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 333 | 310 |
Commercial Loan | Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 |
Commercial Loan | 30-59 days | Multi-family mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 3,148 |
Commercial Loan | 30-59 days | Nonresidential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 20 | 4,026 |
Commercial Loan | 30-59 days | Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 98 |
Commercial Loan | 30-59 days | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 |
Commercial Loan | 60-89 days | Multi-family mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 3,056 |
Commercial Loan | 60-89 days | Nonresidential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 918 | 0 |
Commercial Loan | 60-89 days | Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 8 | 57 |
Commercial Loan | 60-89 days | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 |
Commercial Loan | 90 days and over | Multi-family mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 10,842 | 7,788 |
Commercial Loan | 90 days and over | Nonresidential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 18,102 | 18,132 |
Commercial Loan | 90 days and over | Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 325 | 155 |
Commercial Loan | 90 days and over | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 |
Commercial Loan | Not Past Due | Multi-family mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,559,455 | 2,395,098 |
Commercial Loan | Not Past Due | Nonresidential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1,021,648 | 997,680 |
Commercial Loan | Not Past Due | Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 186,028 | 176,497 |
Commercial Loan | Not Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 166,052 | 140,131 |
One-to Four-Family Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1,666,730 | 1,645,816 |
One-to Four-Family Residential Mortgage | Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 4,640 | 5,233 |
One-to Four-Family Residential Mortgage | 30-59 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1,305 | 1,525 |
One-to Four-Family Residential Mortgage | 60-89 days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1,009 | 253 |
One-to Four-Family Residential Mortgage | 90 days and over | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,326 | 3,455 |
One-to Four-Family Residential Mortgage | Not Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1,662,090 | 1,640,583 |
Consumer Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 46,138 | 44,894 |
Consumer Loans | Home equity loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 43,269 | 42,028 |
Consumer Loans | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,869 | 2,866 |
Consumer Loans | Past Due | Home equity loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 177 | 63 |
Consumer Loans | Past Due | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 |
Consumer Loans | 30-59 days | Home equity loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 153 | 28 |
Consumer Loans | 30-59 days | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 |
Consumer Loans | 60-89 days | Home equity loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 35 |
Consumer Loans | 60-89 days | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 |
Consumer Loans | 90 days and over | Home equity loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 24 | 0 |
Consumer Loans | 90 days and over | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 |
Consumer Loans | Not Past Due | Home equity loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 43,092 | 41,965 |
Consumer Loans | Not Past Due | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | $ 2,869 | $ 2,866 |
Loans Receivable - Performance
Loans Receivable - Performance Status of Loans Receivable (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | $ 5,676,266 | $ 5,436,576 |
Commercial Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 3,963,398 | 3,745,866 |
One-to Four-Family Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1,666,730 | 1,645,816 |
Consumer Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 46,138 | 44,894 |
Performing | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 5,607,692 | 5,366,255 |
Performing | One-to Four-Family Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1,657,726 | 1,637,327 |
Nonperforming | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days and Over Past Due Accruing | 0 | 0 |
Nonaccrual Loans with Allowance for Credit Losses | 25,340 | 25,026 |
Nonaccrual Loans with no Allowance for Credit Losses | 43,234 | 45,295 |
Financing receivable, before allowance for credit loss, fee and loan in process | 68,574 | 70,321 |
Nonperforming | One-to Four-Family Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days and Over Past Due Accruing | 0 | 0 |
Nonaccrual Loans with Allowance for Credit Losses | 4,420 | 3,543 |
Nonaccrual Loans with no Allowance for Credit Losses | 4,584 | 4,946 |
Financing receivable, before allowance for credit loss, fee and loan in process | 9,004 | 8,489 |
Multi-family mortgage | Commercial Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,570,297 | 2,409,090 |
Multi-family mortgage | Performing | Commercial Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,543,891 | 2,382,437 |
Multi-family mortgage | Nonperforming | Commercial Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days and Over Past Due Accruing | 0 | 0 |
Nonaccrual Loans with Allowance for Credit Losses | 8,317 | 8,367 |
Nonaccrual Loans with no Allowance for Credit Losses | 18,089 | 18,286 |
Financing receivable, before allowance for credit loss, fee and loan in process | 26,406 | 26,653 |
Nonresidential mortgage | Commercial Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1,040,688 | 1,019,838 |
Nonresidential mortgage | Performing | Commercial Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 1,009,339 | 987,944 |
Nonresidential mortgage | Nonperforming | Commercial Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days and Over Past Due Accruing | 0 | 0 |
Nonaccrual Loans with Allowance for Credit Losses | 12,328 | 12,602 |
Nonaccrual Loans with no Allowance for Credit Losses | 19,021 | 19,292 |
Financing receivable, before allowance for credit loss, fee and loan in process | 31,349 | 31,894 |
Commercial business | Commercial Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 186,361 | 176,807 |
Commercial business | Performing | Commercial Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 186,036 | 176,514 |
Commercial business | Nonperforming | Commercial Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days and Over Past Due Accruing | 0 | 0 |
Nonaccrual Loans with Allowance for Credit Losses | 275 | 212 |
Nonaccrual Loans with no Allowance for Credit Losses | 50 | 81 |
Financing receivable, before allowance for credit loss, fee and loan in process | 325 | 293 |
Construction | Commercial Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 166,052 | 140,131 |
Construction | Performing | Commercial Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 164,650 | 138,570 |
Construction | Nonperforming | Commercial Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days and Over Past Due Accruing | 0 | 0 |
Nonaccrual Loans with Allowance for Credit Losses | 0 | 0 |
Nonaccrual Loans with no Allowance for Credit Losses | 1,402 | 1,561 |
Financing receivable, before allowance for credit loss, fee and loan in process | 1,402 | 1,561 |
Home equity loans | Consumer Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 43,269 | 42,028 |
Home equity loans | Performing | Consumer Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 43,181 | 40,597 |
Home equity loans | Nonperforming | Consumer Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days and Over Past Due Accruing | 0 | 0 |
Nonaccrual Loans with Allowance for Credit Losses | 0 | 302 |
Nonaccrual Loans with no Allowance for Credit Losses | 88 | 1,129 |
Financing receivable, before allowance for credit loss, fee and loan in process | 88 | 1,431 |
Other consumer | Consumer Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,869 | 2,866 |
Other consumer | Performing | Consumer Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 2,869 | 2,866 |
Other consumer | Nonperforming | Consumer Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days and Over Past Due Accruing | 0 | 0 |
Nonaccrual Loans with Allowance for Credit Losses | 0 | 0 |
Nonaccrual Loans with no Allowance for Credit Losses | 0 | 0 |
Financing receivable, before allowance for credit loss, fee and loan in process | $ 0 | $ 0 |
Loans Receivable - Troubled Deb
Loans Receivable - Troubled Debt Restructurings of Loans Receivable (Details) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2022 USD ($) numberOfLoans Loan | Sep. 30, 2021 USD ($) Loan | Jun. 30, 2022 USD ($) numberOfLoans | |
Financing Receivable Modifications [Line Items] | |||
Number of Loans | numberOfLoans | 63 | 68 | |
Amount | $ 20,778 | $ 22,184 | |
Number of Loans | Loan | 2 | 1 | |
Pre-modification outstanding recorded investment | $ 470 | $ 2,987 | |
Post-modification outstanding recorded investment | $ 470 | $ 2,972 | |
Accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | numberOfLoans | 40 | 43 | |
Amount | $ 8,945 | $ 8,672 | |
Non-accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | numberOfLoans | 23 | 25 | |
Amount | $ 11,833 | $ 13,512 | |
Commercial Loan | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | numberOfLoans | 11 | 16 | |
Amount | $ 11,147 | $ 12,854 | |
Commercial Loan | Accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | numberOfLoans | 7 | 9 | |
Amount | $ 3,768 | $ 4,020 | |
Commercial Loan | Non-accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | numberOfLoans | 4 | 7 | |
Amount | $ 7,379 | $ 8,834 | |
Commercial Loan | Multi-family mortgage | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | numberOfLoans | 2 | 2 | |
Amount | $ 5,582 | $ 5,626 | |
Number of Loans | Loan | 0 | 1 | |
Pre-modification outstanding recorded investment | $ 0 | $ 2,987 | |
Post-modification outstanding recorded investment | $ 0 | $ 2,972 | |
Commercial Loan | Multi-family mortgage | Accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | numberOfLoans | 0 | 0 | |
Amount | $ 0 | $ 0 | |
Commercial Loan | Multi-family mortgage | Non-accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | numberOfLoans | 2 | 2 | |
Amount | $ 5,582 | $ 5,626 | |
Commercial Loan | Nonresidential mortgage | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | numberOfLoans | 4 | 6 | |
Amount | $ 585 | $ 1,954 | |
Commercial Loan | Nonresidential mortgage | Accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | numberOfLoans | 3 | 4 | |
Amount | $ 190 | $ 389 | |
Commercial Loan | Nonresidential mortgage | Non-accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | numberOfLoans | 1 | 2 | |
Amount | $ 395 | $ 1,565 | |
Commercial Loan | Commercial business | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | numberOfLoans | 4 | 7 | |
Amount | $ 3,578 | $ 3,713 | |
Commercial Loan | Commercial business | Accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | numberOfLoans | 4 | 5 | |
Amount | $ 3,578 | $ 3,631 | |
Commercial Loan | Commercial business | Non-accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | numberOfLoans | 0 | 2 | |
Amount | $ 0 | $ 82 | |
Commercial Loan | Construction | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | numberOfLoans | 1 | 1 | |
Amount | $ 1,402 | $ 1,561 | |
Commercial Loan | Construction | Accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | numberOfLoans | 0 | 0 | |
Amount | $ 0 | $ 0 | |
Commercial Loan | Construction | Non-accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | numberOfLoans | 1 | 1 | |
Amount | $ 1,402 | $ 1,561 | |
One-to Four-Family Residential Mortgage | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | numberOfLoans | 45 | 45 | |
Amount | $ 8,142 | $ 7,802 | |
Number of Loans | Loan | 1 | 0 | |
Pre-modification outstanding recorded investment | $ 435 | $ 0 | |
Post-modification outstanding recorded investment | $ 435 | $ 0 | |
One-to Four-Family Residential Mortgage | Accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | numberOfLoans | 27 | 29 | |
Amount | $ 3,723 | $ 4,488 | |
One-to Four-Family Residential Mortgage | Non-accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | numberOfLoans | 18 | 16 | |
Amount | $ 4,419 | $ 3,314 | |
Consumer Loans | Home equity loans | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | numberOfLoans | 7 | 7 | |
Amount | $ 1,489 | $ 1,528 | |
Number of Loans | Loan | 1 | 0 | |
Pre-modification outstanding recorded investment | $ 35 | $ 0 | |
Post-modification outstanding recorded investment | $ 35 | $ 0 | |
Consumer Loans | Home equity loans | Accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | numberOfLoans | 6 | 5 | |
Amount | $ 1,454 | $ 164 | |
Consumer Loans | Home equity loans | Non-accrual | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | numberOfLoans | 1 | 2 | |
Amount | $ 35 | $ 1,364 |
Loans Receivable - Schedule O_2
Loans Receivable - Schedule Of Carrying Value Of Collateral Dependent Individually Analyzed Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, individually evaluated for impairment | $ 68,600 | |
Collateral Pledged | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, individually evaluated for impairment | 62,723 | $ 63,287 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 3,386 | 3,622 |
Commercial Loan | Collateral Pledged | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, individually evaluated for impairment | 58,793 | 58,947 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 3,335 | 3,545 |
Commercial Loan | Multi-family mortgage | Collateral Pledged | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, individually evaluated for impairment | 26,406 | 26,653 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 755 | 849 |
Commercial Loan | Nonresidential mortgage | Collateral Pledged | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, individually evaluated for impairment | 30,985 | 30,733 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 2,580 | 2,696 |
Commercial Loan | Commercial business | Collateral Pledged | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, individually evaluated for impairment | 0 | 0 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 |
Commercial Loan | Construction | Collateral Pledged | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, individually evaluated for impairment | 1,402 | 1,561 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 |
One-to Four-Family Residential Mortgage | Collateral Pledged | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, individually evaluated for impairment | 3,895 | 4,305 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 51 | 77 |
Consumer Loans | Home equity loans | Collateral Pledged | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivable, individually evaluated for impairment | 35 | 35 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | $ 0 | $ 0 |
Loans Receivable - Credit-Ratin
Loans Receivable - Credit-Rating Classification of Loans Receivable (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | $ 358,379 | $ 1,734,134 |
Originated fiscal year before current fiscal year | 1,726,570 | 997,932 |
Originated two years before current fiscal year | 999,121 | 378,754 |
Originated three years before current fiscal year | 368,595 | 396,664 |
Originated four years before current fiscal year | 389,193 | 379,618 |
Originated more than five years before current fiscal year | 1,728,691 | 1,455,925 |
Revolving Loans | 105,717 | 93,549 |
Financing receivable, before allowance for credit loss, fee and loan in process | 5,676,266 | 5,436,576 |
Commercial Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 3,963,398 | 3,745,866 |
Commercial Loan | Multi-family mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 229,047 | 963,263 |
Originated fiscal year before current fiscal year | 960,324 | 250,385 |
Originated two years before current fiscal year | 244,070 | 211,101 |
Originated three years before current fiscal year | 206,625 | 273,995 |
Originated four years before current fiscal year | 268,604 | 253,993 |
Originated more than five years before current fiscal year | 661,627 | 456,353 |
Revolving Loans | 0 | 0 |
Financing receivable, before allowance for credit loss, fee and loan in process | 2,570,297 | 2,409,090 |
Commercial Loan | Nonresidential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 53,919 | 231,777 |
Originated fiscal year before current fiscal year | 230,708 | 88,029 |
Originated two years before current fiscal year | 87,460 | 53,983 |
Originated three years before current fiscal year | 53,439 | 61,647 |
Originated four years before current fiscal year | 61,286 | 53,311 |
Originated more than five years before current fiscal year | 547,876 | 525,039 |
Revolving Loans | 6,000 | 6,052 |
Financing receivable, before allowance for credit loss, fee and loan in process | 1,040,688 | 1,019,838 |
Commercial Loan | Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 8,035 | 46,888 |
Originated fiscal year before current fiscal year | 41,099 | 38,829 |
Originated two years before current fiscal year | 37,406 | 12,536 |
Originated three years before current fiscal year | 10,557 | 3,767 |
Originated four years before current fiscal year | 3,080 | 8,381 |
Originated more than five years before current fiscal year | 15,040 | 7,469 |
Revolving Loans | 71,144 | 58,937 |
Financing receivable, before allowance for credit loss, fee and loan in process | 186,361 | 176,807 |
Commercial Loan | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 1,759 | 16,407 |
Originated fiscal year before current fiscal year | 21,598 | 95,526 |
Originated two years before current fiscal year | 113,806 | 10,337 |
Originated three years before current fiscal year | 11,387 | 3,039 |
Originated four years before current fiscal year | 3,019 | 6,509 |
Originated more than five years before current fiscal year | 8,748 | 2,578 |
Revolving Loans | 5,735 | 5,735 |
Financing receivable, before allowance for credit loss, fee and loan in process | 166,052 | 140,131 |
One-to Four-Family Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 62,773 | 472,160 |
Originated fiscal year before current fiscal year | 469,622 | 524,163 |
Originated two years before current fiscal year | 515,419 | 88,645 |
Originated three years before current fiscal year | 84,535 | 50,604 |
Originated four years before current fiscal year | 49,886 | 55,139 |
Originated more than five years before current fiscal year | 484,120 | 454,731 |
Revolving Loans | 375 | 374 |
Financing receivable, before allowance for credit loss, fee and loan in process | 1,666,730 | 1,645,816 |
Consumer Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivable, before allowance for credit loss, fee and loan in process | 46,138 | 44,894 |
Consumer Loans | Home equity loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 2,642 | 3,197 |
Originated fiscal year before current fiscal year | 2,873 | 692 |
Originated two years before current fiscal year | 675 | 1,681 |
Originated three years before current fiscal year | 1,587 | 3,237 |
Originated four years before current fiscal year | 2,961 | 2,027 |
Originated more than five years before current fiscal year | 10,179 | 8,860 |
Revolving Loans | 22,352 | 22,334 |
Financing receivable, before allowance for credit loss, fee and loan in process | 43,269 | 42,028 |
Consumer Loans | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 204 | 442 |
Originated fiscal year before current fiscal year | 346 | 308 |
Originated two years before current fiscal year | 285 | 471 |
Originated three years before current fiscal year | 465 | 375 |
Originated four years before current fiscal year | 357 | 258 |
Originated more than five years before current fiscal year | 1,101 | 895 |
Revolving Loans | 111 | 117 |
Financing receivable, before allowance for credit loss, fee and loan in process | 2,869 | 2,866 |
Pass | Commercial Loan | Multi-family mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 229,047 | 963,263 |
Originated fiscal year before current fiscal year | 960,324 | 250,385 |
Originated two years before current fiscal year | 244,070 | 211,101 |
Originated three years before current fiscal year | 206,625 | 264,174 |
Originated four years before current fiscal year | 258,937 | 248,058 |
Originated more than five years before current fiscal year | 638,115 | 438,642 |
Revolving Loans | 0 | 0 |
Financing receivable, before allowance for credit loss, fee and loan in process | 2,537,118 | 2,375,623 |
Pass | Commercial Loan | Nonresidential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 53,919 | 231,777 |
Originated fiscal year before current fiscal year | 230,708 | 87,309 |
Originated two years before current fiscal year | 86,743 | 53,983 |
Originated three years before current fiscal year | 53,439 | 60,714 |
Originated four years before current fiscal year | 60,353 | 49,285 |
Originated more than five years before current fiscal year | 511,563 | 491,849 |
Revolving Loans | 6,000 | 6,052 |
Financing receivable, before allowance for credit loss, fee and loan in process | 1,002,725 | 980,969 |
Pass | Commercial Loan | Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 8,035 | 46,888 |
Originated fiscal year before current fiscal year | 41,099 | 38,791 |
Originated two years before current fiscal year | 37,369 | 12,155 |
Originated three years before current fiscal year | 10,214 | 3,581 |
Originated four years before current fiscal year | 2,897 | 4,861 |
Originated more than five years before current fiscal year | 10,682 | 6,455 |
Revolving Loans | 71,005 | 58,662 |
Financing receivable, before allowance for credit loss, fee and loan in process | 181,301 | 171,393 |
Pass | Commercial Loan | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 1,759 | 16,407 |
Originated fiscal year before current fiscal year | 21,598 | 95,526 |
Originated two years before current fiscal year | 113,806 | 10,337 |
Originated three years before current fiscal year | 11,387 | 3,039 |
Originated four years before current fiscal year | 3,019 | 6,509 |
Originated more than five years before current fiscal year | 7,346 | 1,017 |
Revolving Loans | 5,735 | 5,735 |
Financing receivable, before allowance for credit loss, fee and loan in process | 164,650 | 138,570 |
Pass | One-to Four-Family Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 62,773 | 472,160 |
Originated fiscal year before current fiscal year | 469,622 | 524,163 |
Originated two years before current fiscal year | 515,419 | 88,645 |
Originated three years before current fiscal year | 84,535 | 49,316 |
Originated four years before current fiscal year | 48,612 | 55,139 |
Originated more than five years before current fiscal year | 472,149 | 442,517 |
Revolving Loans | 375 | 374 |
Financing receivable, before allowance for credit loss, fee and loan in process | 1,653,485 | 1,632,314 |
Pass | Consumer Loans | Home equity loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 2,642 | 3,197 |
Originated fiscal year before current fiscal year | 2,873 | 692 |
Originated two years before current fiscal year | 675 | 1,681 |
Originated three years before current fiscal year | 1,587 | 3,117 |
Originated four years before current fiscal year | 2,843 | 2,027 |
Originated more than five years before current fiscal year | 8,740 | 7,321 |
Revolving Loans | 22,224 | 22,334 |
Financing receivable, before allowance for credit loss, fee and loan in process | 41,584 | 40,369 |
Pass | Consumer Loans | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 204 | 442 |
Originated fiscal year before current fiscal year | 346 | 308 |
Originated two years before current fiscal year | 285 | 471 |
Originated three years before current fiscal year | 465 | 375 |
Originated four years before current fiscal year | 357 | 258 |
Originated more than five years before current fiscal year | 1,101 | 895 |
Revolving Loans | 35 | 34 |
Financing receivable, before allowance for credit loss, fee and loan in process | 2,793 | 2,783 |
Special Mention | Commercial Loan | Multi-family mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 0 | 0 |
Originated fiscal year before current fiscal year | 0 | 0 |
Originated two years before current fiscal year | 0 | 0 |
Originated three years before current fiscal year | 0 | 0 |
Originated four years before current fiscal year | 0 | 0 |
Originated more than five years before current fiscal year | 6,773 | 6,814 |
Revolving Loans | 0 | 0 |
Financing receivable, before allowance for credit loss, fee and loan in process | 6,773 | 6,814 |
Special Mention | Commercial Loan | Nonresidential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 0 | 0 |
Originated fiscal year before current fiscal year | 0 | 0 |
Originated two years before current fiscal year | 0 | 0 |
Originated three years before current fiscal year | 0 | 0 |
Originated four years before current fiscal year | 0 | 0 |
Originated more than five years before current fiscal year | 586 | 591 |
Revolving Loans | 0 | 0 |
Financing receivable, before allowance for credit loss, fee and loan in process | 586 | 591 |
Special Mention | Commercial Loan | Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 0 | 0 |
Originated fiscal year before current fiscal year | 0 | 0 |
Originated two years before current fiscal year | 0 | 62 |
Originated three years before current fiscal year | 58 | 186 |
Originated four years before current fiscal year | 183 | 2,173 |
Originated more than five years before current fiscal year | 2,960 | 873 |
Revolving Loans | 8 | 215 |
Financing receivable, before allowance for credit loss, fee and loan in process | 3,209 | 3,509 |
Special Mention | Commercial Loan | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 0 | 0 |
Originated fiscal year before current fiscal year | 0 | 0 |
Originated two years before current fiscal year | 0 | 0 |
Originated three years before current fiscal year | 0 | 0 |
Originated four years before current fiscal year | 0 | 0 |
Originated more than five years before current fiscal year | 0 | 0 |
Revolving Loans | 0 | 0 |
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 |
Special Mention | One-to Four-Family Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 0 | 0 |
Originated fiscal year before current fiscal year | 0 | 0 |
Originated two years before current fiscal year | 0 | 0 |
Originated three years before current fiscal year | 0 | 1,205 |
Originated four years before current fiscal year | 1,192 | 0 |
Originated more than five years before current fiscal year | 499 | 621 |
Revolving Loans | 0 | 0 |
Financing receivable, before allowance for credit loss, fee and loan in process | 1,691 | 1,826 |
Special Mention | Consumer Loans | Home equity loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 0 | 0 |
Originated fiscal year before current fiscal year | 0 | 0 |
Originated two years before current fiscal year | 0 | 0 |
Originated three years before current fiscal year | 0 | 0 |
Originated four years before current fiscal year | 0 | 0 |
Originated more than five years before current fiscal year | 0 | 0 |
Revolving Loans | 0 | 0 |
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 |
Special Mention | Consumer Loans | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 0 | 0 |
Originated fiscal year before current fiscal year | 0 | 0 |
Originated two years before current fiscal year | 0 | 0 |
Originated three years before current fiscal year | 0 | 0 |
Originated four years before current fiscal year | 0 | 0 |
Originated more than five years before current fiscal year | 0 | 0 |
Revolving Loans | 0 | 0 |
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 |
Substandard | Commercial Loan | Multi-family mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 0 | 0 |
Originated fiscal year before current fiscal year | 0 | 0 |
Originated two years before current fiscal year | 0 | 0 |
Originated three years before current fiscal year | 0 | 9,821 |
Originated four years before current fiscal year | 9,667 | 5,935 |
Originated more than five years before current fiscal year | 16,739 | 10,897 |
Revolving Loans | 0 | 0 |
Financing receivable, before allowance for credit loss, fee and loan in process | 26,406 | 26,653 |
Substandard | Commercial Loan | Nonresidential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 0 | 0 |
Originated fiscal year before current fiscal year | 0 | 720 |
Originated two years before current fiscal year | 717 | 0 |
Originated three years before current fiscal year | 0 | 933 |
Originated four years before current fiscal year | 933 | 4,026 |
Originated more than five years before current fiscal year | 35,727 | 32,599 |
Revolving Loans | 0 | 0 |
Financing receivable, before allowance for credit loss, fee and loan in process | 37,377 | 38,278 |
Substandard | Commercial Loan | Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 0 | 0 |
Originated fiscal year before current fiscal year | 0 | 38 |
Originated two years before current fiscal year | 37 | 319 |
Originated three years before current fiscal year | 285 | 0 |
Originated four years before current fiscal year | 0 | 1,347 |
Originated more than five years before current fiscal year | 1,398 | 61 |
Revolving Loans | 131 | 58 |
Financing receivable, before allowance for credit loss, fee and loan in process | 1,851 | 1,823 |
Substandard | Commercial Loan | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 0 | 0 |
Originated fiscal year before current fiscal year | 0 | 0 |
Originated two years before current fiscal year | 0 | 0 |
Originated three years before current fiscal year | 0 | 0 |
Originated four years before current fiscal year | 0 | 0 |
Originated more than five years before current fiscal year | 1,402 | 1,561 |
Revolving Loans | 0 | 0 |
Financing receivable, before allowance for credit loss, fee and loan in process | 1,402 | 1,561 |
Substandard | One-to Four-Family Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 0 | 0 |
Originated fiscal year before current fiscal year | 0 | 0 |
Originated two years before current fiscal year | 0 | 0 |
Originated three years before current fiscal year | 0 | 83 |
Originated four years before current fiscal year | 82 | 0 |
Originated more than five years before current fiscal year | 11,472 | 11,593 |
Revolving Loans | 0 | 0 |
Financing receivable, before allowance for credit loss, fee and loan in process | 11,554 | 11,676 |
Substandard | Consumer Loans | Home equity loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 0 | 0 |
Originated fiscal year before current fiscal year | 0 | 0 |
Originated two years before current fiscal year | 0 | 0 |
Originated three years before current fiscal year | 0 | 120 |
Originated four years before current fiscal year | 118 | 0 |
Originated more than five years before current fiscal year | 1,439 | 1,539 |
Revolving Loans | 128 | 0 |
Financing receivable, before allowance for credit loss, fee and loan in process | 1,685 | 1,659 |
Substandard | Consumer Loans | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 0 | 0 |
Originated fiscal year before current fiscal year | 0 | 0 |
Originated two years before current fiscal year | 0 | 0 |
Originated three years before current fiscal year | 0 | 0 |
Originated four years before current fiscal year | 0 | 0 |
Originated more than five years before current fiscal year | 0 | 0 |
Revolving Loans | 0 | 0 |
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 |
Doubtful | Commercial Loan | Multi-family mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 0 | 0 |
Originated fiscal year before current fiscal year | 0 | 0 |
Originated two years before current fiscal year | 0 | 0 |
Originated three years before current fiscal year | 0 | 0 |
Originated four years before current fiscal year | 0 | 0 |
Originated more than five years before current fiscal year | 0 | 0 |
Revolving Loans | 0 | 0 |
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 |
Doubtful | Commercial Loan | Nonresidential mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 0 | 0 |
Originated fiscal year before current fiscal year | 0 | 0 |
Originated two years before current fiscal year | 0 | 0 |
Originated three years before current fiscal year | 0 | 0 |
Originated four years before current fiscal year | 0 | 0 |
Originated more than five years before current fiscal year | 0 | 0 |
Revolving Loans | 0 | 0 |
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 |
Doubtful | Commercial Loan | Commercial business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 0 | 0 |
Originated fiscal year before current fiscal year | 0 | 0 |
Originated two years before current fiscal year | 0 | 0 |
Originated three years before current fiscal year | 0 | 0 |
Originated four years before current fiscal year | 0 | 0 |
Originated more than five years before current fiscal year | 0 | 80 |
Revolving Loans | 0 | 2 |
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 82 |
Doubtful | Commercial Loan | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 0 | 0 |
Originated fiscal year before current fiscal year | 0 | 0 |
Originated two years before current fiscal year | 0 | 0 |
Originated three years before current fiscal year | 0 | 0 |
Originated four years before current fiscal year | 0 | 0 |
Originated more than five years before current fiscal year | 0 | 0 |
Revolving Loans | 0 | 0 |
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 |
Doubtful | One-to Four-Family Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 0 | 0 |
Originated fiscal year before current fiscal year | 0 | 0 |
Originated two years before current fiscal year | 0 | 0 |
Originated three years before current fiscal year | 0 | 0 |
Originated four years before current fiscal year | 0 | 0 |
Originated more than five years before current fiscal year | 0 | 0 |
Revolving Loans | 0 | 0 |
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 |
Doubtful | Consumer Loans | Home equity loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 0 | 0 |
Originated fiscal year before current fiscal year | 0 | 0 |
Originated two years before current fiscal year | 0 | 0 |
Originated three years before current fiscal year | 0 | 0 |
Originated four years before current fiscal year | 0 | 0 |
Originated more than five years before current fiscal year | 0 | 0 |
Revolving Loans | 0 | 0 |
Financing receivable, before allowance for credit loss, fee and loan in process | 0 | 0 |
Doubtful | Consumer Loans | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Originated current fiscal year | 0 | 0 |
Originated fiscal year before current fiscal year | 0 | 0 |
Originated two years before current fiscal year | 0 | 0 |
Originated three years before current fiscal year | 0 | 0 |
Originated four years before current fiscal year | 0 | 0 |
Originated more than five years before current fiscal year | 0 | 0 |
Revolving Loans | 76 | 83 |
Financing receivable, before allowance for credit loss, fee and loan in process | $ 76 | $ 83 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2022 USD ($) Property Loan | Sep. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) Property Loan | |
Financing Receivable Recorded Investment [Line Items] | |||
Troubled debt restructuring | $ 20,778 | $ 22,184 | |
Troubled debt restructuring, allowance for credit loss | 403 | $ 365 | |
Financing receivable, troubled debt restructuring, commitment to lend | 92 | ||
TDR charge-offs | 10 | $ 0 | |
TDR defaults | 0 | $ 0 | |
Financing receivable, individually evaluated for impairment | $ 68,600 | ||
Real estate acquired through foreclosure, number of properties | Property | 1 | 1 | |
Real estate acquired through foreclosure | $ 178 | $ 178 | |
Number of loans in process of foreclosure | Loan | 5 | 7 | |
Mortgage loans in process of foreclosure, carrying value | $ 1,000 | $ 1,500 | |
Commercial business | Nonresidential mortgage | |||
Financing Receivable Recorded Investment [Line Items] | |||
Number of loans in process of foreclosure | Loan | 1 | ||
Mortgage loans in process of foreclosure, carrying value | $ 13,300 | ||
Collateral Pledged | |||
Financing Receivable Recorded Investment [Line Items] | |||
Financing receivable, individually evaluated for impairment | $ 62,723 | $ 63,287 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Allowance for Credit Losses and Balance of Loans Receivable (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit loss, excluding accrued interest | $ 47,613 | $ 47,058 | $ 51,785 | $ 58,165 |
Loans individually analyzed | 68,600 | |||
Financing receivable, before allowance for credit loss, fee and loan in process | 5,676,266 | 5,436,576 | ||
Unaccreted yield adjustments | (19,896) | (18,731) | ||
Loans receivable | 5,656,370 | 5,417,845 | ||
Multi-family mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit loss, excluding accrued interest | 26,246 | 25,321 | ||
Commercial Loan | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, before allowance for credit loss, fee and loan in process | 3,963,398 | 3,745,866 | ||
Commercial Loan | Multi-family mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit loss, excluding accrued interest | 26,246 | 25,321 | 24,982 | 28,450 |
Financing receivable, before allowance for credit loss, fee and loan in process | 2,570,297 | 2,409,090 | ||
Commercial Loan | Nonresidential mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit loss, excluding accrued interest | 9,152 | 10,590 | 13,845 | 16,243 |
Financing receivable, before allowance for credit loss, fee and loan in process | 1,040,688 | 1,019,838 | ||
Commercial Loan | Commercial business | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit loss, excluding accrued interest | 1,972 | 1,792 | 1,994 | 2,086 |
Financing receivable, before allowance for credit loss, fee and loan in process | 186,361 | 176,807 | ||
Commercial Loan | Construction | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit loss, excluding accrued interest | 1,120 | 1,486 | 1,430 | 1,170 |
Financing receivable, before allowance for credit loss, fee and loan in process | 166,052 | 140,131 | ||
One-to Four-Family Residential Mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit loss, excluding accrued interest | 8,801 | 7,540 | 9,129 | 9,747 |
Financing receivable, before allowance for credit loss, fee and loan in process | 1,666,730 | 1,645,816 | ||
Consumer Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, before allowance for credit loss, fee and loan in process | 46,138 | 44,894 | ||
Consumer Loans | Home equity loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit loss, excluding accrued interest | 244 | 245 | 318 | 433 |
Financing receivable, before allowance for credit loss, fee and loan in process | 43,269 | 42,028 | ||
Consumer Loans | Other consumer | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit loss, excluding accrued interest | 78 | 84 | $ 87 | $ 36 |
Financing receivable, before allowance for credit loss, fee and loan in process | 2,869 | 2,866 | ||
Receivables Acquired with Deteriorated Credit Quality | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 25 | 26 | ||
Loans acquired with deteriorated credit quality collectively evaluated | 248 | 311 | ||
Loans individually analyzed | 469 | 793 | ||
Loans collectively evaluated | 16,492 | 18,553 | ||
Receivables Acquired with Deteriorated Credit Quality | Multi-family mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 | ||
Loans acquired with deteriorated credit quality collectively evaluated | 0 | 0 | ||
Receivables Acquired with Deteriorated Credit Quality | Commercial Loan | Multi-family mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans individually analyzed | 0 | 0 | ||
Loans collectively evaluated | 0 | 0 | ||
Receivables Acquired with Deteriorated Credit Quality | Commercial Loan | Nonresidential mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 | ||
Loans acquired with deteriorated credit quality collectively evaluated | 68 | 73 | ||
Loans individually analyzed | 364 | 377 | ||
Loans collectively evaluated | 3,763 | 5,033 | ||
Receivables Acquired with Deteriorated Credit Quality | Commercial Loan | Commercial business | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 | ||
Loans acquired with deteriorated credit quality collectively evaluated | 6 | 9 | ||
Loans individually analyzed | 0 | 0 | ||
Loans collectively evaluated | 1,267 | 1,267 | ||
Receivables Acquired with Deteriorated Credit Quality | Commercial Loan | Construction | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 | ||
Loans acquired with deteriorated credit quality collectively evaluated | 0 | 0 | ||
Loans individually analyzed | 0 | 0 | ||
Loans collectively evaluated | 5,735 | 5,735 | ||
Receivables Acquired with Deteriorated Credit Quality | One-to Four-Family Residential Mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 25 | 0 | ||
Loans acquired with deteriorated credit quality collectively evaluated | 172 | 229 | ||
Loans individually analyzed | 79 | 87 | ||
Loans collectively evaluated | 5,377 | 6,460 | ||
Receivables Acquired with Deteriorated Credit Quality | Consumer Loans | Home equity loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 26 | ||
Loans acquired with deteriorated credit quality collectively evaluated | 2 | 0 | ||
Loans individually analyzed | 26 | 329 | ||
Loans collectively evaluated | 350 | 58 | ||
Receivables Acquired with Deteriorated Credit Quality | Consumer Loans | Other consumer | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 | ||
Loans acquired with deteriorated credit quality collectively evaluated | 0 | 0 | ||
Loans individually analyzed | 0 | 0 | ||
Loans collectively evaluated | 0 | 0 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 3,504 | 3,709 | ||
Loans acquired with deteriorated credit quality collectively evaluated | 43,836 | 43,012 | ||
Loans individually analyzed | 68,105 | 69,528 | ||
Loans collectively evaluated | 5,591,200 | 5,347,702 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Multi-family mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 755 | 849 | ||
Loans acquired with deteriorated credit quality collectively evaluated | 25,491 | 24,472 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial Loan | Multi-family mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans individually analyzed | 26,406 | 26,653 | ||
Loans collectively evaluated | 2,543,891 | 2,382,437 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial Loan | Nonresidential mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 2,580 | 2,696 | ||
Loans acquired with deteriorated credit quality collectively evaluated | 6,504 | 7,821 | ||
Loans individually analyzed | 30,985 | 31,517 | ||
Loans collectively evaluated | 1,005,576 | 982,911 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial Loan | Commercial business | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 5 | 16 | ||
Loans acquired with deteriorated credit quality collectively evaluated | 1,961 | 1,767 | ||
Loans individually analyzed | 325 | 293 | ||
Loans collectively evaluated | 184,769 | 175,247 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial Loan | Construction | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 | ||
Loans acquired with deteriorated credit quality collectively evaluated | 1,120 | 1,486 | ||
Loans individually analyzed | 1,402 | 1,561 | ||
Loans collectively evaluated | 158,915 | 132,835 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | One-to Four-Family Residential Mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 164 | 148 | ||
Loans acquired with deteriorated credit quality collectively evaluated | 8,440 | 7,163 | ||
Loans individually analyzed | 8,925 | 8,402 | ||
Loans collectively evaluated | 1,652,349 | 1,630,867 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer Loans | Home equity loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 | ||
Loans acquired with deteriorated credit quality collectively evaluated | 242 | 219 | ||
Loans individually analyzed | 62 | 1,102 | ||
Loans collectively evaluated | 42,831 | 40,539 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer Loans | Other consumer | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 | ||
Loans acquired with deteriorated credit quality collectively evaluated | 78 | 84 | ||
Loans individually analyzed | 0 | 0 | ||
Loans collectively evaluated | $ 2,869 | $ 2,866 |
Allowance for Credit Losses - C
Allowance for Credit Losses - Changes in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 47,058 | $ 58,165 |
Charge-offs | (128) | (1,079) |
Recoveries | 13 | 99 |
Provision for (reversal of) credit losses | 670 | (5,400) |
Ending balance | 47,613 | 51,785 |
Multi-family mortgage | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 25,321 | |
Ending balance | 26,246 | |
Commercial Loan | Multi-family mortgage | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 25,321 | 28,450 |
Charge-offs | 0 | (104) |
Recoveries | 0 | 0 |
Provision for (reversal of) credit losses | 925 | (3,364) |
Ending balance | 26,246 | 24,982 |
Commercial Loan | Nonresidential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 10,590 | 16,243 |
Charge-offs | (10) | (813) |
Recoveries | 0 | 0 |
Provision for (reversal of) credit losses | (1,428) | (1,585) |
Ending balance | 9,152 | 13,845 |
Commercial Loan | Commercial business | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 1,792 | 2,086 |
Charge-offs | (118) | (160) |
Recoveries | 12 | 97 |
Provision for (reversal of) credit losses | 286 | (29) |
Ending balance | 1,972 | 1,994 |
Commercial Loan | Construction | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 1,486 | 1,170 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision for (reversal of) credit losses | (366) | 260 |
Ending balance | 1,120 | 1,430 |
One-to Four-Family Residential Mortgage | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 7,540 | 9,747 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 2 |
Provision for (reversal of) credit losses | 1,261 | (620) |
Ending balance | 8,801 | 9,129 |
Consumer Loans | Home equity loans | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 245 | 433 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision for (reversal of) credit losses | (1) | (115) |
Ending balance | 244 | 318 |
Consumer Loans | Other consumer | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 84 | 36 |
Charge-offs | 0 | (2) |
Recoveries | 1 | 0 |
Provision for (reversal of) credit losses | (7) | 53 |
Ending balance | $ 78 | $ 87 |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Allowance for Credit Losses on Financing Receivables Off Balance Sheet Commitments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||
Balance at beginning of the period | $ 1,041 | $ 1,708 |
Reversal of credit losses | (288) | (124) |
Balance at end of the period | $ 753 | $ 1,584 |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Deposits [Abstract] | ||
Non-interest-bearing demand | $ 683,406 | $ 653,899 |
Interest-bearing demand | 2,382,411 | 2,265,597 |
Savings | 982,916 | 1,053,198 |
Certificates of deposits | 2,059,545 | 1,889,562 |
Total deposits | $ 6,108,278 | $ 5,862,256 |
Borrowings - Schedule of Borrow
Borrowings - Schedule of Borrowings (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Debt Instrument [Line Items] | ||
Short-term Debt | $ 851,454 | $ 901,337 |
FHLB advances | ||
Debt Instrument [Line Items] | ||
Short-term Debt | 796,454 | 651,337 |
Overnight borrowings | ||
Debt Instrument [Line Items] | ||
Short-term Debt | $ 55,000 | $ 250,000 |
Borrowings - Schedule of Fixed
Borrowings - Schedule of Fixed Rate Advances from FHLB (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Balance | ||
Less than one year | $ 665,000 | $ 520,000 |
One to two years | 22,500 | 22,500 |
Two to three years | 103,500 | 103,500 |
Three to four years | 6,500 | 6,500 |
Four to five years | 0 | 0 |
Greater than five years | 0 | 0 |
Federal home loan bank, advances, total | 797,500 | 652,500 |
Unamortized fair value adjustments | (1,046) | (1,163) |
Total advances, net of fair value adjustments | $ 796,454 | $ 651,337 |
Weighted Average Interest Rate | ||
Less than one year | 3.20% | 2.04% |
One to two years | 2.63% | 2.63% |
Two to three years | 2.68% | 2.68% |
Three to four years | 2.82% | 2.82% |
Four to five years | 0% | 0% |
Greater than five years | 0% | 0% |
Weighted Average | ||
Weighted Average Interest Rate | ||
Total | 3.11% | 2.17% |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Jun. 30, 2022 |
Mortgage-Backed Securities [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, advances, general debt obligations, disclosures, collateral pledged | $ 162.5 | $ 178 |
Investment in Federal Home Loan Bank Stock [Member] | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank, advances, general debt obligations, disclosures, collateral pledged | $ 3,880 | $ 3,580 |
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 - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Other assets | ||
Derivative [Line Items] | ||
Fair Value | $ 66,511 | $ 41,223 |
Other liabilities | ||
Derivative [Line Items] | ||
Fair Value | 0 | 0 |
Interest Rate Contract | Other assets | ||
Derivative [Line Items] | ||
Fair Value | 66,511 | 41,223 |
Interest Rate Contract | Other liabilities | ||
Derivative [Line Items] | ||
Fair Value | $ 0 | $ 0 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Additional Information (Detail) | 3 Months Ended | ||
Sep. 30, 2022 USD ($) Instrument | Sep. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | |
Derivative [Line Items] | |||
Reclassifications to interest expense | $ 1,620,000 | $ (1,497,000) | |
Derivative liability | 0 | ||
Interest Expense | |||
Derivative [Line Items] | |||
Estimated cash flow hedge gain (loss) to be reclassified in next twelve months | 20,600,000 | ||
Loan Origination Commitments | |||
Derivative [Line Items] | |||
Pipeline of loans held-for-sale | 12,800,000 | $ 20,300,000 | |
Cash Flow Hedges | |||
Derivative [Line Items] | |||
Reclassifications to interest expense | $ (1,600,000) | ||
Cash Flow Hedges | Interest Rate Swaps | |||
Derivative [Line Items] | |||
Number of interest rate derivative instruments held | Instrument | 10 | ||
Derivative, notional amount | $ 875,000,000 | ||
Cash Flow Hedges | Interest Rate Floor | |||
Derivative [Line Items] | |||
Number of interest rate derivative instruments held | Instrument | 1 | ||
Derivative, notional amount | $ 100,000,000 | ||
Fair Value Hedging | Interest Rate Swaps | |||
Derivative [Line Items] | |||
Number of interest rate derivative instruments held | Instrument | 1 | ||
Derivative, notional amount | $ 150,000,000 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Pre-tax Effects of Derivative Instruments on Consolidated Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Amount of gain recognized in other comprehensive income | $ 22,170 | $ 154 |
Amount of gain (loss) reclassified from accumulated other comprehensive income to interest expense | $ 1,620 | $ (1,497) |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities- Effects of Derivative Instruments on Income Statement (Detail) - Interest Rate Swaps $ in Thousands | 3 Months Ended |
Sep. 30, 2022 USD ($) | |
Derivative [Line Items] | |
Loss on hedged items recorded in interest income on loans | $ (4,033) |
Gain on hedge recorded in interest income on loans | $ 3,927 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities- Effects of Derivative Instruments on Balance Sheet (Detail) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Derivative [Line Items] | ||
Loans receivable | $ 5,656,370 | $ 5,417,845 |
Closed Portfolio Segment | ||
Derivative [Line Items] | ||
Loans receivable | 272,800 | |
Interest Rate Swaps | ||
Derivative [Line Items] | ||
Carrying amount of the hedged assets | 145,967 | |
Fair value hedging adjustment included in the carrying amount of the hedged assets | $ (4,033) |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Fixed Rate Advances from FHLB (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Derivative [Line Items] | ||
Gross Amount Recognized | $ 66,511 | $ 41,223 |
Gross Amounts Offset | 0 | |
Net Amounts Presented | 66,511 | 41,223 |
Financial Instruments | 0 | 0 |
Cash Collateral Received | 0 | 0 |
Net Amount | 66,511 | 41,223 |
Interest Rate Contract | ||
Derivative [Line Items] | ||
Gross Amount Recognized | 66,511 | 41,223 |
Gross Amounts Offset | 0 | 0 |
Net Amounts Presented | 66,511 | 41,223 |
Financial Instruments | 0 | 0 |
Cash Collateral Received | 0 | 0 |
Net Amount | $ 66,511 | $ 41,223 |
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 - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | $ 117 | $ 138 |
Interest cost | 96 | 69 |
Amortization of unrecognized (gain) loss | (6) | 20 |
Expected return on assets | (25) | (28) |
Net periodic benefit cost | $ 182 | $ 199 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) - 2021 Equity Incentive Plan | 3 Months Ended |
Sep. 30, 2022 shares | |
RSU Member | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Shares granted | 323,218 |
Service Based RSU | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Shares granted | 238,121 |
Service Based RSU | Tranche Three | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Service-based RSUs, vest in period | 3 years |
Performance Based RSU | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Shares granted | 85,097 |
Performance Based RSU | Tranche Three | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Performance based RSUs vested period | 3 years |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Statutory federal tax rate | 21% | 21% |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||
Income before income taxes | $ 21,790 | $ 26,987 |
Statutory federal tax rate | 21% | 21% |
Federal income tax expense at statutory rate | $ 4,576 | $ 5,667 |
(Reduction) increase in income taxes resulting from: | ||
Tax exempt interest | (59) | (70) |
State tax, net of federal tax effect | 1,420 | 2,128 |
Incentive stock option compensation expense | 3 | 23 |
Income from bank-owned life insurance | (775) | (328) |
Other items, net | 90 | (148) |
Total income tax expense | $ 5,255 | $ 7,272 |
Effective income tax rate | 24.12% | 26.95% |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Assets Measured At Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Assets: | ||
Fair Value | $ 1,263,176 | $ 1,344,093 |
Interest rate contracts | 66,511 | 41,223 |
Assets, fair value | 1,329,687 | 1,385,316 |
Debt securities: | ||
Assets: | ||
Fair Value | 633,999 | 656,202 |
Obligations of state and political subdivisions | ||
Assets: | ||
Fair Value | 27,458 | 28,435 |
Asset-backed securities | ||
Assets: | ||
Fair Value | 158,081 | 166,557 |
Collateralized loan obligations | ||
Assets: | ||
Fair Value | 302,847 | 307,813 |
Corporate bonds | ||
Assets: | ||
Fair Value | 145,613 | 153,397 |
Mortgage-backed securities: | ||
Assets: | ||
Fair Value | 629,177 | 687,891 |
Collateralized mortgage obligations | ||
Assets: | ||
Fair Value | 6,318 | 7,122 |
Residential pass-through securities | ||
Assets: | ||
Fair Value | 468,089 | 514,758 |
Commercial pass-through securities | ||
Assets: | ||
Fair Value | 154,770 | 166,011 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Fair Value | 0 | 0 |
Interest rate contracts | 0 | 0 |
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Debt securities: | ||
Assets: | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Obligations of state and political subdivisions | ||
Assets: | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Asset-backed securities | ||
Assets: | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized loan obligations | ||
Assets: | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate bonds | ||
Assets: | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities: | ||
Assets: | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized mortgage obligations | ||
Assets: | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Residential pass-through securities | ||
Assets: | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial pass-through securities | ||
Assets: | ||
Fair Value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Fair Value | 1,263,176 | 1,344,093 |
Interest rate contracts | 66,511 | 41,223 |
Assets, fair value | 1,329,687 | 1,385,316 |
Significant Other Observable Inputs (Level 2) | Debt securities: | ||
Assets: | ||
Fair Value | 633,999 | 656,202 |
Significant Other Observable Inputs (Level 2) | Obligations of state and political subdivisions | ||
Assets: | ||
Fair Value | 27,458 | 28,435 |
Significant Other Observable Inputs (Level 2) | Asset-backed securities | ||
Assets: | ||
Fair Value | 158,081 | 166,557 |
Significant Other Observable Inputs (Level 2) | Collateralized loan obligations | ||
Assets: | ||
Fair Value | 302,847 | 307,813 |
Significant Other Observable Inputs (Level 2) | Corporate bonds | ||
Assets: | ||
Fair Value | 145,613 | 153,397 |
Significant Other Observable Inputs (Level 2) | Mortgage-backed securities: | ||
Assets: | ||
Fair Value | 629,177 | 687,891 |
Significant Other Observable Inputs (Level 2) | Collateralized mortgage obligations | ||
Assets: | ||
Fair Value | 6,318 | 7,122 |
Significant Other Observable Inputs (Level 2) | Residential pass-through securities | ||
Assets: | ||
Fair Value | 468,089 | 514,758 |
Significant Other Observable Inputs (Level 2) | Commercial pass-through securities | ||
Assets: | ||
Fair Value | 154,770 | 166,011 |
Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Fair Value | 0 | 0 |
Interest rate contracts | 0 | 0 |
Assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Debt securities: | ||
Assets: | ||
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Obligations of state and political subdivisions | ||
Assets: | ||
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Asset-backed securities | ||
Assets: | ||
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Collateralized loan obligations | ||
Assets: | ||
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Corporate bonds | ||
Assets: | ||
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Mortgage-backed securities: | ||
Assets: | ||
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Collateralized mortgage obligations | ||
Assets: | ||
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Residential pass-through securities | ||
Assets: | ||
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Commercial pass-through securities | ||
Assets: | ||
Fair Value | 0 | 0 |
Interest Rate Contract | ||
Assets: | ||
Interest rate contracts | 66,511 | 41,223 |
Interest Rate Contract | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Interest rate contracts | 0 | 0 |
Interest Rate Contract | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Interest rate contracts | 66,511 | 41,223 |
Interest Rate Contract | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Interest rate contracts | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Schedule of Assets Measured At Fair Value on a Non-recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | $ 20,529 | $ 21,031 |
Other real estate owned | 178 | 178 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | 20,529 | 21,031 |
Other real estate owned | 178 | 178 |
Fair Value, Measurements, Nonrecurring | Residential pass-through securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | 2,033 | 2,035 |
Fair Value, Measurements, Nonrecurring | Multi-family mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | 7,562 | 7,517 |
Fair Value, Measurements, Nonrecurring | Nonresidential mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | 10,934 | 11,479 |
Fair Value, Measurements, Nonrecurring | Residential | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other real estate owned | 178 | 178 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | Residential pass-through securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | Multi-family mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | Nonresidential mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | Residential | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other real estate owned | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | Residential pass-through securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | Multi-family mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | Nonresidential mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | Residential | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other real estate owned | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | 20,529 | 21,031 |
Other real estate owned | 178 | 178 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | Residential pass-through securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | 2,033 | 2,035 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | Multi-family mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | 7,562 | 7,517 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | Nonresidential mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | 10,934 | 11,479 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | Residential | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 178 | $ 178 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments- Quantitive Information on Assed Value, Non Recurring (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | $ 20,529 | $ 21,031 |
Other real estate owned | 178 | 178 |
Market valuation of underlying collateral | Measurement Input, Cost to Sell | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 178 | $ 178 |
Valuation Techniques | Market valuation of underlying collateral | Market valuation of underlying collateral |
Unobservable Input | Adjustments to reflect current conditions/selling costs | Adjustments to reflect current conditions/selling costs |
Other real estate owned, measurement input | 0.0600 | 0.0600 |
Market valuation of underlying collateral | Measurement Input, Cost to Sell | Residential mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | $ 2,033 | $ 2,035 |
Valuation Techniques | Market valuation of underlying collateral | Market valuation of underlying collateral |
Unobservable Input | Adjustments to reflect current conditions/selling costs | Adjustments to reflect current conditions/selling costs |
Market valuation of underlying collateral | Measurement Input, Cost to Sell | Multi-family mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | $ 7,562 | $ 7,517 |
Valuation Techniques | Market valuation of underlying collateral | Market valuation of underlying collateral |
Unobservable Input | Adjustments to reflect current conditions/selling costs | Adjustments to reflect current conditions/selling costs |
Market valuation of underlying collateral | Measurement Input, Cost to Sell | Nonresidential mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans | $ 10,934 | $ 11,479 |
Valuation Techniques | Market valuation of underlying collateral | Market valuation of underlying collateral |
Unobservable Input | Adjustments to reflect current conditions/selling costs | Adjustments to reflect current conditions/selling costs |
Market valuation of underlying collateral | Minimum | Measurement Input, Cost to Sell | Residential mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, measurement input | 0.07 | 0.07 |
Market valuation of underlying collateral | Minimum | Measurement Input, Cost to Sell | Multi-family mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, measurement input | 0.10 | 0.10 |
Market valuation of underlying collateral | Minimum | Measurement Input, Cost to Sell | Nonresidential mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, measurement input | 0.09 | 0.09 |
Market valuation of underlying collateral | Maximum | Measurement Input, Cost to Sell | Residential mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, measurement input | 0.10 | 0.10 |
Market valuation of underlying collateral | Maximum | Measurement Input, Cost to Sell | Multi-family mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, measurement input | 0.11 | 0.12 |
Market valuation of underlying collateral | Maximum | Measurement Input, Cost to Sell | Nonresidential mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, measurement input | 0.19 | 0.18 |
Market valuation of underlying collateral | Weighted Average | Measurement Input, Cost to Sell | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other real estate owned, measurement input | 0.0600 | 0.0600 |
Market valuation of underlying collateral | Weighted Average | Measurement Input, Cost to Sell | Residential mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, measurement input | 0.0905 | 0.0897 |
Market valuation of underlying collateral | Weighted Average | Measurement Input, Cost to Sell | Multi-family mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, measurement input | 0.1066 | 0.1106 |
Market valuation of underlying collateral | Weighted Average | Measurement Input, Cost to Sell | Nonresidential mortgage | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Collateral dependent loans, measurement input | 0.1428 | 0.1272 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 1,329,687 | $ 1,385,316 |
Other real estate owned | 178 | 178 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other real estate owned | 178 | 178 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financing receivable, before allowance | 23,900 | 24,600 |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 3,400 | 3,600 |
Assets, fair value | 20,500 | 21,000 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 178 | $ 178 |
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 | Sep. 30, 2022 | Jun. 30, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | $ 1,263,176 | $ 1,344,093 |
Debt securities, held-to-maturity, amortized cost, after allowance for credit loss | 115,943 | 118,291 |
Fair Value | 99,548 | 108,118 |
Loans held-for-sale | 12,936 | 28,874 |
5608757000 | 5,608,757 | 5,370,787 |
Accrued interest receivable | 23,817 | 20,466 |
Interest rate contracts | 66,511 | 41,223 |
Interest payable on deposits | 2,542 | |
Interest payable on borrowings | 2,182 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 96,076 | 101,615 |
Fair Value | 0 | 0 |
Fair Value | 0 | 0 |
Loans held-for-sale | 0 | 0 |
5608757000 | 0 | 0 |
FHLB Stock | 0 | 0 |
Accrued interest receivable | 24 | 2 |
Interest rate contracts | 0 | 0 |
Deposits | 4,048,733 | 3,972,694 |
Borrowings | 0 | 0 |
Interest payable on deposits | 588 | 147 |
Interest payable on borrowings | 0 | 0 |
Interest rate contracts | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Fair Value | 1,263,176 | 1,344,093 |
Fair Value | 99,548 | 108,118 |
Loans held-for-sale | 12,772 | 28,831 |
5608757000 | 0 | 0 |
FHLB Stock | 0 | 0 |
Accrued interest receivable | 7,215 | 5,210 |
Interest rate contracts | 66,511 | 41,223 |
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Interest payable on deposits | 0 | 0 |
Interest payable on borrowings | 0 | 0 |
Interest rate contracts | 0 | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Fair Value | 0 | 0 |
Fair Value | 0 | 0 |
Loans held-for-sale | 0 | 0 |
5608757000 | 5,308,136 | 5,215,079 |
FHLB Stock | 0 | 0 |
Accrued interest receivable | 16,578 | 15,254 |
Interest rate contracts | 0 | 0 |
Deposits | 2,019,601 | |
Borrowings | 847,489 | |
Interest rate contracts | 0 | |
Carrying Amount [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 96,076 | 101,615 |
Fair Value | 1,263,176 | 1,344,093 |
Debt securities, held-to-maturity, amortized cost, after allowance for credit loss | 115,943 | 118,291 |
Loans held-for-sale | 12,936 | 28,874 |
5608757000 | 5,608,757 | 5,370,787 |
FHLB Stock | 44,957 | 47,144 |
Accrued interest receivable | 23,817 | 20,466 |
Interest rate contracts | 66,511 | 41,223 |
Deposits | 6,108,278 | 5,862,256 |
Borrowings | 851,454 | 901,337 |
Interest payable on deposits | 3,130 | 722 |
Interest payable on borrowings | 2,182 | 1,611 |
Interest rate contracts | 0 | |
Fair Value [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 96,076 | 101,615 |
Fair Value | 1,263,176 | 1,344,093 |
Fair Value | 99,548 | 108,118 |
Loans held-for-sale | 12,772 | 28,831 |
5608757000 | 5,308,136 | 5,215,079 |
FHLB Stock | 0 | 0 |
Accrued interest receivable | 23,817 | 20,466 |
Interest rate contracts | 66,511 | 41,223 |
Deposits | 6,068,334 | 5,839,035 |
Borrowings | 847,489 | 900,505 |
Interest payable on deposits | 3,130 | 722 |
Interest payable on borrowings | 2,182 | 1,611 |
Interest rate contracts | $ 0 | |
Fair Value [Member] | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Deposits | 1,866,341 | |
Borrowings | 900,505 | |
Interest payable on deposits | 575 | |
Interest payable on borrowings | $ 1,611 |
Comprehensive Income (Loss) - S
Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Total Stockholders' Equity | $ 874,974 | $ 894,000 | $ 1,014,423 | $ 1,042,944 |
Total accumulated other comprehensive loss | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Total Stockholders' Equity | (76,340) | (55,727) | $ 2,336 | $ 6,144 |
Net unrealized loss on securities available for sale | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
AOCI before tax, attributable to parent | (167,396) | (118,031) | ||
Tax effect | 48,290 | 34,104 | ||
Total Stockholders' Equity | (119,106) | (83,927) | ||
Fair value adjustments on derivatives | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
AOCI before tax, attributable to parent | 60,355 | 39,805 | ||
Tax effect | (17,502) | (11,542) | ||
Total Stockholders' Equity | 42,853 | 28,263 | ||
Benefit plan adjustments | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
AOCI before tax, attributable to parent | (122) | (89) | ||
Tax effect | 35 | 26 | ||
Total Stockholders' Equity | $ (87) | $ (63) |
Comprehensive Income (Loss) -_2
Comprehensive Income (Loss) - Schedule of Comprehensive (Loss) Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Other comprehensive loss before taxes | $ (28,848) | $ (5,376) | |
Tax effect | (8,235) | (1,568) | |
Total other comprehensive loss | (20,613) | (3,808) | |
Net unrealized loss on securities available for sale | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
OCI, before reclassifications, before tax | (49,365) | (7,046) | |
Reclassification from AOCI, before tax | [1] | 0 | (1) |
Fair value adjustments on derivatives | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
OCI, before reclassifications, before tax | 20,550 | 1,651 | |
Benefit plan adjustments | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Reclassification from AOCI, before tax | $ (33) | $ 20 | |
[1]Represents amounts reclassified out of accumulated other comprehensive income and included in gain on sale of securities on the Consolidated Statements of Income. |
Net Income Per Common Share (_3
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 | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||
Net Income | $ 16,535 | $ 19,715 |
Weighted average number of common shares outstanding - basic (in shares) | 65,737 | 74,537 |
Effect of dilutive securities (in shares) | 19 | 19 |
Weighted average number of common shares outstanding - diluted (in shares) | 65,756 | 74,556 |
Basic earnings per share (dollars per share) | $ 0.25 | $ 0.26 |
Diluted earnings per share (dollars per share) | $ 0.25 | $ 0.26 |
Net Income Per Common Share (_4
Net Income Per Common Share ("EPS") - Additional Information (Detail) - shares | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Number of stock options anti-dilutive (in shares) | 2,965,000 | 3,115,000 |
Restricted Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Number of stock options anti-dilutive (in shares) | 323,218 |