Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Sep. 13, 2018 | Dec. 29, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PCSB | ||
Entity Registrant Name | PCSB Financial Corp | ||
Entity Central Index Key | 1,691,337 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 306.8 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 18,165,110 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
ASSETS | ||
Cash and due from banks | $ 60,684 | $ 59,115 |
Federal funds sold | 1,461 | 1,371 |
Total cash and cash equivalents | 62,145 | 60,486 |
Investment securities: | ||
Held to maturity investment securities, at amortized cost (fair value of $343,188 and $383,588, respectively) | 353,183 | 383,551 |
Available for sale securities, at fair value | 105,504 | 111,889 |
Total investment securities | 458,687 | 495,440 |
Loans receivable, net of allowance for loan losses of $4,904 and $5,150, respectively | 902,336 | 809,648 |
Accrued interest receivable | 4,358 | 3,693 |
Federal Home Loan Bank stock | 2,050 | 3,132 |
Premises and equipment, net | 11,598 | 12,959 |
Deferred tax asset, net | 2,622 | 4,770 |
Foreclosed real estate | 460 | 977 |
Bank-owned life insurance | 23,747 | 23,179 |
Goodwill | 6,106 | 6,106 |
Other intangible assets | 433 | 559 |
Other assets | 5,645 | 5,509 |
Total assets | 1,480,187 | 1,426,458 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Interest bearing deposits | 1,025,574 | 952,109 |
Non-interest bearing deposits | 131,883 | 136,352 |
Total deposits | 1,157,457 | 1,088,461 |
Mortgage escrow funds | 8,803 | 8,084 |
Advances from Federal Home Loan Bank | 18,841 | 42,598 |
Other liabilities | 7,527 | 7,469 |
Total liabilities | 1,192,628 | 1,146,612 |
Commitments and contingencies (Notes 1, 4 and 10) | ||
Shareholders' equity: | ||
Preferred stock ($0.01 par value, 10,000,000 shares authorized, no shares issued or outstanding as of June 30, 2018 and June 30, 2017) | ||
Common stock ($0.01 par value, 200,000,000 shares authorized, 18,165,110 shares issued and outstanding as of June 30, 2018 and June 30, 2017) | 182 | 182 |
Additional paid in capital | 179,045 | 177,993 |
Retained earnings | 128,365 | 121,148 |
Unearned compensation - ESOP | (13,083) | (14,262) |
Accumulated other comprehensive loss, net of income taxes | (6,950) | (5,215) |
Total shareholders' equity | 287,559 | 279,846 |
Total liabilities and shareholders' equity | $ 1,480,187 | $ 1,426,458 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Statement Of Financial Position [Abstract] | ||
Held to maturity investment securities, fair value | $ 343,188 | $ 383,588 |
Allowance for loan losses | $ 4,904 | $ 5,150 |
Preferred Stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, shares, issued | 18,165,110 | 18,165,110 |
Common Stock, shares outstanding | 18,165,110 | 18,165,110 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest and dividend income | |||
Loans | $ 37,798,000 | $ 33,664,000 | $ 32,832,000 |
Investment securities | 9,266,000 | 6,661,000 | 5,897,000 |
Federal funds and other | 896,000 | 633,000 | 315,000 |
Total interest and dividend income | 47,960,000 | 40,958,000 | 39,044,000 |
Interest expense | |||
Deposits and escrow interest | 5,554,000 | 5,083,000 | 4,613,000 |
FHLB advances | 769,000 | 210,000 | 199,000 |
Total interest expense | 6,323,000 | 5,293,000 | 4,812,000 |
Net interest income | 41,637,000 | 35,665,000 | 34,232,000 |
Provision for loan losses | 414,000 | 823,000 | 1,859,000 |
Net interest income after provision for loan losses | 41,223,000 | 34,842,000 | 32,373,000 |
Noninterest income | |||
Fees and service charges | 1,070,000 | 1,178,000 | 1,053,000 |
Bank-owned life insurance | 568,000 | 622,000 | 458,000 |
Gains on sale of securities | 236,000 | 0 | 0 |
Settlement on acquired loan | 1,615,000 | ||
Other | 645,000 | 669,000 | 440,000 |
Total noninterest income | 2,519,000 | 4,084,000 | 1,951,000 |
Noninterest expense | |||
Salaries and employee benefits | 19,235,000 | 16,901,000 | 16,961,000 |
Occupancy and equipment | 5,193,000 | 5,864,000 | 5,122,000 |
Communications and data processing | 1,974,000 | 1,768,000 | 1,790,000 |
Professional fees | 1,709,000 | 1,308,000 | 1,644,000 |
Postage, printing, stationary and supplies | 578,000 | 547,000 | 681,000 |
Loss on other receivable | 570,000 | ||
Advertising | 456,000 | 529,000 | 388,000 |
FDIC assessment | 328,000 | 558,000 | 888,000 |
Amortization of intangible assets | 126,000 | 143,000 | 158,000 |
Charitable foundation contribution | 5,000,000 | ||
Merger and acquisition related expenses | 790,000 | ||
Other operating expenses | 1,947,000 | 1,813,000 | 1,843,000 |
Total noninterest expense | 32,116,000 | 34,431,000 | 30,265,000 |
Net income before income tax expense | 11,626,000 | 4,495,000 | 4,059,000 |
Income tax expense | 5,022,000 | 1,266,000 | 1,133,000 |
Net income | $ 6,604,000 | $ 3,229,000 | $ 2,926,000 |
Earnings per common share: | |||
Basic | $ 0.39 | ||
Diluted | $ 0.39 | ||
Weighted average common shares outstanding - basic and diluted | 16,802,894 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net Income | $ 6,604 | $ 3,229 | $ 2,926 |
Unrealized gains (losses) on available for sale securities: | |||
Net change in unrealized gains/losses before reclassification adjustment | (1,835) | (735) | 255 |
Reclassification adjustment for gains realized in net income | (164) | ||
Net change in unrealized gains/losses | (1,999) | (735) | 255 |
Tax effect | 558 | 249 | (55) |
Net of tax | (1,441) | (486) | 200 |
Defined benefit pension plan and supplemental retirement plans: | |||
Total other comprehensive (loss) income | (618) | 2,755 | (3,248) |
Comprehensive income (loss) | 5,986 | 5,984 | (322) |
Pension Benefits [Member] | |||
Defined benefit pension plan and supplemental retirement plans: | |||
Net gain (loss) arising during the period | 335 | 3,973 | (5,022) |
Reclassification adjustment for amortization of prior service cost and net gain (loss) included in net periodic pension cost | 725 | 89 | 398 |
Net change in unrealized gains/losses | 1,060 | 4,062 | (4,624) |
Tax effect | (270) | (1,381) | 1,252 |
Net of tax | 790 | 2,681 | (3,372) |
SERP Benefits [Member] | |||
Defined benefit pension plan and supplemental retirement plans: | |||
Net gain (loss) arising during the period | 10 | (755) | 89 |
Reclassification adjustment for amortization of prior service cost and net gain (loss) included in net periodic pension cost | 34 | 93 | 84 |
Net change in unrealized gains/losses | 44 | (662) | 173 |
Tax effect | (11) | 1,222 | (249) |
Net of tax | $ 33 | $ 560 | $ (76) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | PCSB Community Foundation [Member] | Common Stock [Member] | Common Stock [Member]PCSB Community Foundation [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]PCSB Community Foundation [Member] | Retained Earnings [Member] | Unallocated Common Stock of ESOP [Member] | Accumulated Other Comprehensive Loss [Member] | |
Beginning Balance at Jun. 30, 2015 | $ 110,271 | $ 114,993 | $ (4,722) | |||||||
Net Income | 2,926 | 2,926 | ||||||||
Other comprehensive income | (3,248) | (3,248) | ||||||||
Ending Balance at Jun. 30, 2016 | 109,949 | 117,919 | (7,970) | |||||||
Net Income | 3,229 | 3,229 | ||||||||
Other comprehensive income | 2,755 | 2,755 | ||||||||
Issuance of common stock | 174,604 | $ 179 | $ 174,425 | |||||||
Issuance of common stock (in shares) | 17,826,408 | |||||||||
Issuance of common stock to PCSB Community Foundation | $ 3,387 | $ 3 | $ 3,384 | |||||||
Issuance of common stock to PCSB Community Foundation (in shares) | 338,702 | |||||||||
Stock purchased by the ESOP | (14,532) | $ (14,532) | ||||||||
ESOP shares committed to be released | 454 | 184 | 270 | |||||||
Ending Balance at Jun. 30, 2017 | 279,846 | $ 182 | 177,993 | 121,148 | (14,262) | (5,215) | ||||
Ending Balance (in shares) at Jun. 30, 2017 | 18,165,110 | |||||||||
Net Income | 6,604 | 6,604 | ||||||||
Other comprehensive income | (618) | (618) | ||||||||
Reclassification of certain tax effects on other comprehensive income | [1] | 1,117 | (1,117) | |||||||
Common stock dividends declared ($0.03 per share) | (504) | (504) | ||||||||
Issuance of common stock | [2] | (17) | (17) | |||||||
ESOP shares committed to be released | 2,248 | 1,069 | 1,179 | |||||||
Ending Balance at Jun. 30, 2018 | $ 287,559 | $ 182 | $ 179,045 | $ 128,365 | $ (13,083) | $ (6,950) | ||||
Ending Balance (in shares) at Jun. 30, 2018 | 18,165,110 | |||||||||
[1] | The adoption of ASU 2018-02 requires the reclassification from accumulated other comprehensive income to retained earnings of certain stranded income tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act of 2017. Refer to Footnote 2 - Recent Accounting Pronouncements for additional information | |||||||||
[2] | Represents costs incurred in association with the Company's initial public offering completed in the prior period |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Statement Of Stockholders Equity [Abstract] | ||
ESOP shares committed to be released (in shares) | 117,948 | 26,975 |
Common stock dividends declared (per share) | $ 0.03 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
OPERATING ACTIVITIES | |||
Net income | $ 6,604,000 | $ 3,229,000 | $ 2,926,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan loss | 414,000 | 823,000 | 1,859,000 |
Depreciation and amortization | 1,432,000 | 1,427,000 | 1,265,000 |
Amortization of net premiums on securities and net deferred loan origination costs | 1,679,000 | 1,002,000 | 943,000 |
Deferred income tax expense (credit), net of valuation reserves | 2,425,000 | (26,000) | 1,299,000 |
Net increase in accrued interest receivable | (665,000) | (332,000) | (127,000) |
Net loss (gain) on sale of foreclosed real estate | 7,000 | (99,000) | (9,000) |
Net gains on sale of securities | (236,000) | 0 | 0 |
Write-downs on foreclosed real estate | 30,000 | ||
Contribution to PCSB Community Foundation | 3,387,000 | ||
ESOP Compensation | 2,248,000 | 454,000 | |
Earnings from cash surrender value of BOLI | (568,000) | (622,000) | (458,000) |
Net accretion of purchase account adjustments | (563,000) | (820,000) | (1,352,000) |
Other adjustments, principally net changes in other assets and liabilities | 1,834,000 | (588,000) | (431,000) |
Net cash provided by operating activities | 14,611,000 | 7,835,000 | 5,945,000 |
Purchases of investment securities: | |||
Held to maturity | (51,218,000) | (195,566,000) | (112,896,000) |
Available for sale | (27,498,000) | (23,314,000) | (56,420,000) |
Sales of investment securities available for sale | 7,511,000 | ||
Maturities and calls of investment securities: | |||
Held to maturity | 80,997,000 | 72,152,000 | 107,656,000 |
Available for sale | 24,202,000 | 32,750,000 | 33,058,000 |
Principal repayments net of disbursement for loan originations | (818,000) | (1,131,000) | (14,314,000) |
Purchase of loans | (93,166,000) | (30,926,000) | (43,981,000) |
Net redemption (purchase) of FHLB stock | 1,082,000 | (1,085,000) | (328,000) |
Purchase of bank premises and equipment | (753,000) | (3,469,000) | (3,902,000) |
Purchase of BOLI | (11,275,000) | ||
Proceeds from sale of foreclosed real estate | 1,249,000 | 2,121,000 | 1,030,000 |
Net cash used in investing activities | (58,412,000) | (148,468,000) | (101,372,000) |
FINANCING ACTIVITIES | |||
Net increase (decrease) in deposits | 69,019,000 | (24,109,000) | 52,778,000 |
Net increase (decrease) in short-term FHLB advances | (23,636,000) | 23,636,000 | (5,019,000) |
Proceeds from long-term FHLB advances | 15,000,000 | 20,100,000 | |
Repayment of long-term FHLB advances | (121,000) | (16,119,000) | (9,000,000) |
Net increase in mortgage escrow funds | 719,000 | 1,061,000 | 385,000 |
Common stock dividends paid | (504,000) | ||
Issuance of common stock | (17,000) | 160,072,000 | |
Net cash provided by financing activities | 45,460,000 | 159,541,000 | 59,244,000 |
Net increase (decrease) in cash and cash equivalents | 1,659,000 | 18,908,000 | (36,183,000) |
Cash and cash equivalents: | |||
Cash and cash equivalents at beginning of period | 60,486,000 | 41,578,000 | 77,761,000 |
Cash and cash equivalents at end of period | 62,145,000 | 60,486,000 | 41,578,000 |
Cash paid for: | |||
Interest | 6,204,000 | 5,293,000 | 4,814,000 |
Income taxes (net of refunds) | 2,766,000 | 1,100,000 | (351,000) |
Loans transferred to foreclosed real estate and other assets | $ 739,000 | $ 2,075,000 | $ 1,575,000 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation Nature of Operations PCSB Bank is a community-oriented financial institution that provides financial services to individuals and businesses within its market area of Putnam, Southern Dutchess, Rockland and Westchester Counties in New York. The Bank is a state-chartered stock savings bank and its deposits are insured up to applicable limits by the Deposit Insurance Fund of the Federal Deposit Insurance Corporation (“FDIC”). The Bank’s primary regulators are the FDIC and the New York State Department of Financial Services. Merger with CMS Bancorp Basis of Presentation UpCounty Realty Corp. (formerly PCSB Realty Ltd.) Use of Estimates Cash Flows Securities Securities available for sale are reported at fair value. Unrealized gains and losses on securities available for sale are excluded from earnings and reported as accumulated other comprehensive income or loss (a separate component of equity), net of related income taxes. Premiums and discounts on debt securities are amortized to interest income on a level-yield basis over the terms of the securities. Realized gains and losses on sales of securities are determined based on the amortized cost of the specific securities sold. Management evaluates securities for other-than-temporary impairment (OTTI) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. For equity securities, the entire amount of impairment is recognized through earnings. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, unamortized purchase premiums and discounts, and an allowance for loan losses. Interest income is accrued on the unpaid principal balance. Interest income on loans is discontinued at the time the loan is ninety days delinquent unless the loan is well secured and in process of collection. Loan purchase premiums and discounts are amortized over the contractual term of the loans Loan origination fees and certain direct loan origination costs are deferred and amortized to interest income as an adjustment to yield over the contractual term of the loans. Unamortized fees and costs on prepaid loans are recognized in interest income at the time of prepayment. Purchased Credit Impaired Loans Such purchased credit impaired loans are accounted for individually or aggregated into pools of loans based on common risk characteristics, such as credit score, loan type, and date of origination. The Company estimates the amount and timing of expected cash flows for each loan or pool, and the expected cash flows in excess of amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan’s or pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, an allowance is recorded as a provision for loan losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. Allowance for Loan Losses Establishing the allowance for loan losses involves significant management judgments utilizing the best information available at the time. Those judgments are subject to further examination by the Bank’s regulators. Future adjustments to the allowance for loan losses may be necessary based on changes in economic and real estate market conditions, further information obtained regarding known problem loans, the identification of additional problem loans, and other factors. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for loans evaluated under the Company’s normal loan review procedures. Loans evaluated on an individual basis for impairment may be measured by the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. The Company’s impaired loans are generally collateral dependent. If the fair value of an impaired loan is less than its recorded investment, an impairment allowance is recognized and included in the allowance for loan losses. Troubled debt restructurings are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. The general component of the allowance covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over a thirty-six month period, with heaviest weight placed on the most recent periods. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: lending policies, underwriting, charge-off and collection procedures; national and local economic trends and conditions; trends in nature and volume of the loan portfolio; experience, ability, and depth of lending management and other relevant staff; trends in delinquencies, classified loans and restructurings; quality of the loan review system and Board oversight; value of underlying collateral for collateral dependent loans; existence and effect of concentrations and levels; and effects of external factors, such as competition, legal and regulatory factors. The following portfolio segments have been identified: residential, commercial mortgage, construction, commercial, home equity and consumer and overdrafts. The risk characteristics of each of the identified portfolio segments are as follows: Residential Loans – residential loans are generally made on the basis of the borrower’s ability to make repayment from his or her employment income or other income, and are secured by real property whose value tends to be more easily ascertainable. Repayment of residential loans is subject to adverse employment conditions in the local economy leading to increased default rates and decreased market values from oversupply in a geographic area. In general, these loans depend on the borrower’s continuing financial stability and, therefore, are likely to be adversely affected by various factors, including job loss, divorce, illness, or personal bankruptcy. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans. Commercial Mortgage – commercial mortgage loans, including multifamily real estate loans, are secured by multifamily and nonresidential real estate and generally have larger balances and involve a greater degree of risk than residential real estate loans. Repayment of commercial mortgage loans depend on the global cash flow analysis of the borrower and the net operating income of the property, the borrower’s expertise, credit history and profitability, and the value of the underlying property. Of primary concern in commercial real estate lending is the borrower’s creditworthiness and the cash flow generated from the property securing the loan. As a result, repayment of such loans may be subject, to a greater extent than residential real estate loans, to adverse conditions in the real estate market or the economy. Commercial real estate is also subject to adverse market conditions that cause a decrease in market value or lease rates, obsolescence in location or function and market conditions associated with over supply of units in a specific region. Construction – construction financing is generally considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the property’s value at completion of construction and the estimated cost of construction. During the construction phase, a number of factors could result in delays and cost overruns. If the estimate of construction costs proves to be inaccurate, additional funds may be required to be advanced in excess of the amount originally committed to permit completion of the building. If the estimate of value proves to be inaccurate, the value of the building may be insufficient to assure full repayment if liquidation is required. If foreclosure is required on a building before or at completion due to a default, there can be no assurance that all of the unpaid balance of, and accrued interest on, the loan as well as related foreclosure and holding costs will be recovered. Commercial – commercial loans are generally of higher risk than other types of loans and typically are made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business. As a result, the availability of funds for the repayment of commercial loans may depend substantially on the success of the business itself. Furthermore, any collateral securing such loans may depreciate over time, may be difficult to appraise, and may fluctuate in value. Home Equity Lines of Credit – home equity lines of credit consist of both fixed and variable interest rate products. These are primarily home equity loans to residential mortgage customers within the footprint of the primary lending territory. These loans generally will not exceed a combined (i.e., first and second mortgage) loan-to-value ratio of 75 percent at origination. Consumer and overdraft loans – consumer loans generally have shorter terms and higher interest rates than one-to-four family mortgage loans. In addition, consumer loans expand the products and services we offer to better meet the financial services needs of our customers. Consumer loans generally involve greater credit risk than residential mortgage loans because of the difference in the underlying collateral. Repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment of the outstanding loan balance because of the greater likelihood of damage to, loss of, or depreciation in the underlying collateral. The remaining deficiency often does not warrant further substantial collection efforts against the borrower beyond obtaining a deficiency judgment. In addition, consumer loan collections depend on the borrower’s personal financial stability. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans. Foreclosed Real Estate Federal Home Loan Bank (FHLB) Stock Premises and Equipment Bank Owned Life Insurance (BOLI) Goodwill and Other Intangible Assets Other intangible assets, consisting of a core deposit intangible asset arising from a whole bank acquisition, are amortized on an accelerated method over their estimated useful lives of 10 years. Loan Commitments and Related Financial Instruments Income Taxes Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in future years. The effect on deferred tax assets and liabilities of a change in tax laws or rates is recognized in the period that includes the enactment date of the change. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. Employee Benefit Plans: Employee 401(k) expense is the amount of matching contributions. Pension expense is the net of service and interest cost, return on plan assets and amortization of gains and losses not immediately recognized. SERP expense is the net of interest cost and service cost, which allocates the benefits over years of service. The Holding Company and Bank maintain the PCSB Bank Employee Stock Ownership Plan (the “ESOP”). Compensation expense related to the ESOP is recorded during the period in which the shares become committed to be released to participants. The compensation expense is measured based upon the average fair market value of the stock during the period, and, to the extent that the fair value of the shares committed to be released differs from the original cost of such shares, the difference is recorded as an adjustment to additional paid-in capital. Loss Contingencies Fair Value of Financial Instruments Segment Reporting Reclassifications Earnings per share |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | N ote 2 . Recent Accounting Pronouncements The pronouncements discussed below are not intended to be an all-inclusive list, but rather only those pronouncements that could potentially have a material impact on our financial position, results of operations or disclosures. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 “Revenue from Contracts with Customers,” and was later amended by ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12 and 2016-20. These updates provide a comprehensive framework for addressing revenue recognition issues that can be applied to all contracts with customers. The amendments also include improved disclosures to enable users of financial statements to better understand the nature, amount, timing and uncertainty of revenue that is recognized. While the guidance in ASU 2014-09 supersedes most existing industry-specific revenue recognition accounting guidance, much of PCSB Bank’s revenue comes from financial instruments such as debt securities and loans that are outside the scope of the guidance. The Company’s material revenue streams that are in the scope of ASU 2014-09 are fees on deposit accounts (including interchange fees) and foreclosed real estate gains and losses. All other revenue streams are immaterial or are in the scope of other GAAP requirements which take precedence and therefore are not in the scope of ASU 2014-09. Based on the Company’s analysis, ASU 2014-09 will not materially change the recognition of revenue on service fees on deposit accounts as the contracts are day to day and recognized as the service is provided. Gains and losses on the sale of foreclosed real estate are generally accounted for under ASC 610. However, ASU 2014-09 also added a new Subtopic 610-20 which addresses the recognition of gains and losses on the transfer of nonfinancial and in-substance nonfinancial assets. Gain and loss recognition is not expected to change except for foreclosed real estate and other nonfinancial asset sales that are financed by the Company. In the case of financed sales, the Company will need to evaluate each contract to determine whether each contract criteria are met, including whether it is probable that it will collect substantially all consideration to which it is entitled. The Company will also need to evaluate whether the financing terms offered to the buyer of the nonfinancial asset are market terms when determining the transaction price. The Company has evaluated the impact of ASU 2014-09 and the amendments upon adoption as of July 1, 2018. In evaluating this standard, management has determined that the majority of revenue earned by the Company is from revenue streams not included in the scope of this standard and for in scope revenue streams management determined that, based on the modified retrospective method, a cumulative-effect adjustment to opening retained earnings as a result of adopting this standard is not needed. ASU 2014-09 will require additional disclosures beginning with the quarter ending September 30, 2018. In January 2016, the FASB issued ASU 2016-01, an amendment to “Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in ASU 2016-01 are intended to improve the recognition, measurement, presentation and disclosure of financial assets and liabilities to provide users of financial statements with information that is more useful for decision-making purposes. Among other changes, ASU 2016-01 would: (1) require equity securities to be reclassified out of available for sale and measured at fair value with changes in fair value recognized through net income but would allow equity securities that do not have readily determinable fair values to be re-measured at fair value either upon the occurrence of an observable price change or upon identification of an impairment, (2) simplify the impairment assessment of such equity securities and would require enhanced disclosure about these investments, (3) require separate presentation of financial assets and liabilities by measurement category and type of instrument, such as securities or loans, on the balance sheet or in the notes, and would eliminate certain other disclosures relating to the methods and assumptions used to estimate fair value for financial assets measured at amortized cost on the balance sheet, and (4) require the use of an exit price notion when measuring the fair value of financial instruments. The Company has evaluated the impact of ASU 2016-01 and subsequent amendments upon adoption on July 1, 2018 and has concluded that there is not a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 “Leases.” ASU 2016-02 affects any entity that enters into a lease and is intended to increase the transparency and comparability of financial statements among organizations. The ASU requires, among other changes, a lessee to recognize on its balance sheet a lease asset and a lease liability for those leases previously classified as operating leases. The lease asset would represent the right to use the underlying asset for the lease term and the lease liability would represent the discounted value of the required lease payments to the lessor. The ASU would also require entities to disclose key information about leasing arrangements. The amendments in this update will be effective for the Company for the fiscal year beginning on July 1, 2019, including interim periods within that fiscal year. Early adoption is permitted. The Company currently leases eleven branches and two administrative offices. ASU 2016-02 will result in the establishment of a right to use asset and corresponding lease obligation, the materiality of which has yet to be determined by management, however the ASU is not expected to have a material impact on the Company’s consolidated results of operations or disclosures. In June 2016, the FASB issued ASU 2016-13 “Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 affects entities holding financial assets that are not accounted for at fair value through net income, including loans, debt securities, and other financial assets. The ASU requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected by recording an allowance for current expected credit losses. The amendments in this update will be effective for the Company for the fiscal year beginning on July 1, 2020, including interim periods within that fiscal year. Early adoption is permitted beginning after December 15, 2018, including interim periods within those fiscal years. The Company is actively working through the provisions of the Update. Management has established a steering committee which is identifying the methodologies and the additional data requirements necessary to implement the Update and is evaluating the need for a third-party software service provider to assist in the Company's implementation. In January 2017, the FASB issued ASU 2017-04 “Intangibles – Goodwill and Other (Topic 350).” In March 2017, the FASB issued ASU 2017-07 “Compensation – Retirement Benefits”. The ASU requires companies that offer employee defined pension plans, other postretirement benefit plans, or other types of benefit plans accounted for under Topic 715 to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. Management has evaluated the impact of ASU 2017-07 upon adoption on July 1, 2018 and has concluded that there is not a material impact on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU 2017-08 "Receivables - Non-Refundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities." The ASU requires premiums on callable debt securities to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The amendments in this update will be effective for the Company for the fiscal year beginning on July 1, 2020, including interim periods within that fiscal year. Early adoption is permitted beginning after December 15, 2018, including interim periods within those fiscal years. ASU 2017-08 will not have a material impact on the Company’s consolidated financial position, results of operations or disclosures. On February 14, 2018, the FASB issued ASU 2018-02 "Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of certain tax effects from accumulated other comprehensive income." The ASU intended to help organizations reclassify certain stranded income tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act of 2017. The ASU requires the reclassification of stranded tax effects within accumulated other comprehensive income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the TAX Cuts and Job Act 2017 (or portion thereof) is recorded. The amount of the reclassification is the difference between the historical corporate income tax rate (34 percent) and the newly enacted 21 percent corporate income tax rate. The Company has elected to early adopt the ASU as of March 31, 2018, resulting in a $1.1 million reclassification between accumulated other comprehensive income and retained earnings. There is no impact to current earnings and no prior period information has been retroactively adjusted as a result of implementing the ASU. No additional reclassifications will be required in the future periods as a result of this guidance. The ASU is applied specifically to the impacts of the Tax Cuts and Jobs Act of 2017 and is not effective for other or future state or federal tax law changes. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Shareholders' Equity | Note 3. Shareholders' Equity The Company completed its IPO on April 20, 2017, in connection with the Bank’s mutual-to-stock conversion, resulting in gross proceeds of $178.3 million, through the sale of 17,826,408 shares, including 1,453,209 shares sold to the PCSB Bank Employee Stock Ownership Plan (ESOP), at the offering price of $10.00 per share. In addition, the Company also contributed 338,702 shares of its common stock and $1.6 million in cash to the PCSB Community Foundation. Expenses related to the offering were approximately $3.7 million, which resulted in net proceeds of approximately $174.6 million prior to the contribution to PCSB Community Foundation. The Company lent approximately $14.5 million to the ESOP and retained approximately $87.3 million of the net proceeds of the offering prior to the contribution to PCSB Community Foundation. The remainder of the net proceeds was contributed to the Bank. Prior to the IPO, the Company had no outstanding shares. |
Investment Securities
Investment Securities | 12 Months Ended |
Jun. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | Note 4 . Investment Securities The amortized cost, gross unrealized/unrecognized gains and losses and fair value of available for sale and held to maturity securities at June 30, 2018 and 2017 were as follows: June 30, 2018 Amortized Gross Unrealized/Unrecognized Fair Cost Gains Losses Value (Dollars in thousands) Available for sale: U.S. Government and agency obligations $ 64,389 $ - $ (959 ) $ 63,430 Corporate and other debt securities 8,406 - (171 ) 8,235 Mortgage-backed securities – residential 34,619 81 (893 ) 33,807 Equity securities 32 - - 32 Total available for sale $ 107,446 $ 81 $ (2,023 ) $ 105,504 Held to maturity: U.S. Government and agency obligations $ 122,048 $ - $ (2,274 ) $ 119,774 Corporate and other debt securities 4,000 - (126 ) 3,874 Mortgage-backed securities – residential 140,478 32 (4,846 ) 135,664 Mortgage-backed securities – collateralized mortgage obligations 53,547 - (1,815 ) 51,732 Mortgage-backed securities – commercial 33,110 11 (977 ) 32,144 Total held to maturity $ 353,183 $ 43 $ (10,038 ) $ 343,188 June 30, 2017 Amortized Gross Unrealized/Unrecognized Fair Cost Gains Losses Value (Dollars in thousands) Available for sale: U.S. Government and agency obligations $ 63,630 $ 31 $ (216 ) $ 63,445 Corporate and other debt securities 8,460 58 (36 ) 8,482 Mortgage-backed securities – residential 39,710 363 (143 ) 39,930 Equity securities 32 - - 32 Total available for sale $ 111,832 $ 452 $ (395 ) $ 111,889 Held to maturity: U.S. Government and agency obligations $ 155,559 $ 23 $ (574 ) $ 155,008 Corporate and other debt securities 999 - - 999 Mortgage-backed securities – residential 143,452 828 (497 ) 143,783 Mortgage-backed securities – collateralized mortgage obligations 59,476 146 (235 ) 59,387 Mortgage-backed securities – commercial 24,065 412 (66 ) 24,411 Total held to maturity $ 383,551 $ 1,409 $ (1,372 ) $ 383,588 For the year ended June 30, 2018, the Company sold securities with a carrying amount of $8.6 million, resulting in $236,000 of net realized gains. Included was a disposal of $1.3 million of securities classified as held to maturity, resulting in net realized gains of $72,000. These securities were comprised of seasoned mortgage-backed securities where the Company collected a substantial portion (at least 85%) of the principal outstanding at acquisition due to prepayments or scheduled payments payable in equal installments, comparing both principal and interest over terms. There were no sales of or realized gains or losses on investment securities for the years ended June 30, 2017 or 2016. The following table presents the fair value and carrying amount of debt securities at June 30, 2018 and 2017, by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Held to maturity Available for sale Carrying Fair Amortized Fair Amount Value Cost Value (in thousands) June 30, 2018: 1 year or less $ 25,504 $ 25,342 $ 12,402 $ 12,353 1 to 5 years 96,544 94,432 58,393 57,335 5 to 10 years - - 2,000 1,977 Mortgage-backed securities and other 231,135 223,414 34,619 33,807 Total $ 353,183 $ 343,188 $ 107,414 $ 105,472 Held to maturity Available for sale Carrying Fair Amortized Fair Amount Value Cost Value (in thousands) June 30, 2017: 1 year or less $ 50,486 $ 50,413 $ 16,005 $ 15,988 1 to 5 years 106,073 105,594 54,085 53,975 5 to 10 years - - 2,000 1,964 Mortgage-backed securities and other 226,992 227,581 39,710 39,930 Total $ 383,551 $ 383,588 $ 111,800 $ 111,857 Securities pledged had carrying amounts of $140.5 million and $95.5 million at June 30, 2018 and 2017, respectively, and were pledged principally to secure FHLB advances and public deposits. The following table provides information regarding investment securities with unrealized/unrecognized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position at June 30, 2018 and 2017: June 30, 2018 Less than 12 months Greater than 12 months Total Unrealized/ Unrealized/ Unrealized/ Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Loss Value Loss Value Loss (in thousands) Available for sale: U.S. Government and agency obligations $ 41,762 $ (569 ) $ 21,668 $ (390 ) $ 63,430 $ (959 ) Corporate and other debt securities 6,258 (148 ) 1,977 (23 ) 8,235 (171 ) Mortgage-backed securities – residential 13,397 (379 ) 14,718 (514 ) 28,115 (893 ) Total available for sale $ 61,417 $ (1,096 ) $ 38,363 $ (927 ) $ 99,780 $ (2,023 ) Held to maturity: U.S. Government and agency obligations $ 46,163 $ (871 ) $ 71,611 $ (1,403 ) $ 117,774 $ (2,274 ) Corporate and other debt securities 3,874 (126 ) - - 3,874 (126 ) Mortgage-backed securities – residential 102,496 (3,338 ) 32,490 (1,508 ) 134,986 (4,846 ) Mortgage-backed securities – collateralized mortgage obligations 31,124 (884 ) 20,608 (931 ) 51,732 (1,815 ) Mortgage-backed securities – commercial 21,762 (582 ) 8,629 (395 ) 30,391 (977 ) Total held to maturity $ 205,419 $ (5,801 ) $ 133,338 $ (4,237 ) $ 338,757 $ (10,038 ) June 30, 2017 Less than 12 months Greater than 12 months Total Unrealized/ Unrealized/ Unrealized/ Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Loss Value Loss Value Loss (in thousands) Available for sale U.S. Government and agency obligations $ 41,900 $ (200 ) $ 3,993 $ (16 ) $ 45,893 $ (216 ) Corporate and other debt securities 1,964 (36 ) - - 1,964 (36 ) Mortgage-backed securities – residential 18,861 (111 ) 3,200 (32 ) 22,061 (143 ) Total available for sale $ 62,725 $ (347 ) $ 7,193 $ (48 ) $ 69,918 $ (395 ) Held to maturity U.S. Government and agency obligations $ 113,511 $ (531 ) $ 5,981 $ (43 ) $ 119,492 $ (574 ) Corporate and other debt securities 999 - - - 999 0 Mortgage-backed securities – residential 39,754 (467 ) 1,626 (30 ) 41,380 (497 ) Mortgage-backed securities – collateralized mortgage obligations 26,622 (141 ) 4,444 (94 ) 31,066 (235 ) Mortgage-backed securities – commercial 9,092 (66 ) - - 9,092 (66 ) Total held to maturity $ 189,978 $ (1,205 ) $ 12,051 $ (167 ) $ 202,029 $ (1,372 ) For the year ended June 30, 2018, the Company’s securities portfolio consisted of $458.7 million in securities, of which 254 securities with a fair value of $438.5 million were in an unrealized loss position. The majority of unrealized losses are related to the Company’s U.S. Government and agency obligations and mortgage-backed securities. For the year ended June 30, 2017, the Company’s securities portfolio consisted of $495.4 million in securities, of which 156 securities with a fair value of $271.9 million were in an unrealized loss position. The majority of unrealized losses are related to the Company’s U.S. Government and agency obligations and mortgage-backed securities. There were no securities for which the Company believes it is not probable that it will collect all amounts due according to the contractual terms of the security as of June 30, 2018 and 2017. Management believes the unrealized losses are primarily a result of changing interest rates. The Company has determined that it does not intend to sell, or it is not more likely than not that it will be required to sell, its securities that are in an unrealized loss position prior to the recovery of its amortized cost basis. Therefore, the Company did not consider any securities to be other-than-temporarily impaired as of June 30, 2018 and 2017. |
Loans Receivable
Loans Receivable | 12 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Loans Receivable | Note 5. Loans Receivable Loans receivable are summarized as follows at June 30 (in thousands): June 30, 2018 2017 Mortgage loans: Residential $ 250,578 $ 217,778 Commercial 495,265 437,651 Construction 17,352 22,404 Net deferred loan origination costs 1,041 397 Total mortgages 764,236 678,230 Commercial and consumer loans: Commercial loans 104,135 93,631 Home equity lines of credit 37,395 41,927 Consumer and overdrafts 745 233 Net deferred loan origination costs 729 777 Total commercial and consumer loans 143,004 136,568 Total loans receivable 907,240 814,798 Allowance for loan losses (4,904 ) (5,150 ) Loans receivable, net $ 902,336 $ 809,648 In 2015, the Bank completed a merger with CMS Bancorp and its wholly owned subsidiary, CMS Bank. References to acquired loans in this note pertain only to those loans acquired as part of the merger. The following tables present the activity in the allowance for loan losses by portfolio segment for the years ended June 30, 2018, 2017 and 2016 (in thousands): For the year ended June 30, 2018 Beginning Allowance Provision (Credit) Charge-offs Recoveries Ending Allowance Originated: Residential $ 360 $ 161 $ (136 ) $ 1 $ 386 Commercial 2,589 114 - 370 3,073 Construction 1,150 352 (997 ) - 505 Commercial loans 949 (335 ) (54 ) 220 780 Home equity lines of credit 76 45 (60 ) 19 80 Consumer and overdrafts - 30 (23 ) - 7 Acquired: - Residential 26 47 - - 73 Total $ 5,150 $ 414 $ (1,270 ) $ 610 $ 4,904 For the year ended June 30, 2017 Beginning Allowance Provision (Credit) Charge-offs Recoveries Ending Allowance Originated: Residential $ 237 $ 290 $ (237 ) $ 70 $ 360 Commercial 2,149 421 - 19 2,589 Construction 269 989 (108 ) - 1,150 Commercial loans 1,313 (944 ) (741 ) 1,321 949 Home equity lines of credit 73 3 - - 76 Consumer and overdrafts 1 (5 ) - 4 - Acquired: - Residential - 64 (38 ) - 26 Commercial loans - 2 (2 ) - - Consumer and overdrafts - 3 (3 ) - - Total $ 4,042 $ 823 $ (1,129 ) $ 1,414 $ 5,150 For the year ended June 30, 2016 Beginning Allowance Provision (Credit) Charge-offs Recoveries Ending Allowance Originated: Residential $ 193 $ 444 $ (400 ) $ - $ 237 Commercial 1,766 215 (10 ) 178 2,149 Construction 100 (23 ) - 192 269 Commercial loans 1,793 1,172 (1,677 ) 25 1,313 Home equity lines of credit 69 28 (24 ) - 73 Consumer and overdrafts - 23 (22 ) - 1 Total $ 3,921 $ 1,859 $ (2,133 ) $ 395 $ 4,042 The following tables present the balance in the allowance for loan losses and the recorded investment in loans, excluding net deferred fees and accrued interest, by portfolio segment, and based on impairment method as of June 30, 2018 and June 30, 2017 (in thousands): June 30, 2018 Loans Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired With Deteriorated Credit Quality Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired With Deteriorated Credit Quality Total Residential $ 2,360 $ 246,913 $ 1,305 $ 250,578 $ 154 $ 232 $ 73 $ 459 Commercial 1,683 492,105 1,477 495,265 - 3,073 - 3,073 Construction 2,260 15,092 - 17,352 276 229 - 505 Commercial loans 2,451 101,684 - 104,135 9 771 - 780 Home equity lines of credit 360 36,867 168 37,395 12 68 - 80 Consumer and overdrafts - 745 - 745 - 7 - 7 Total $ 9,114 $ 893,406 $ 2,950 $ 905,470 $ 451 $ 4,380 $ 73 $ 4,904 June 30, 2017 Loans Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired With Deteriorated Credit Quality Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired With Deteriorated Credit Quality Total Residential $ 4,471 $ 211,983 $ 1,324 $ 217,778 $ 131 $ 229 $ 26 $ 386 Commercial 2,411 433,416 1,824 437,651 - 2,589 - 2,589 Construction 3,661 18,743 - 22,404 997 153 - 1,150 Commercial loans 6,169 87,420 42 93,631 9 940 - 949 Home equity lines of credit 610 41,140 177 41,927 5 71 - 76 Consumer and overdrafts - 233 - 233 - - - - Total $ 17,322 $ 792,935 $ 3,367 $ 813,624 $ 1,142 $ 3,982 $ 26 $ 5,150 The following tables present information related to loans individually evaluated for impairment (excluding loans acquired with deteriorated credit quality) by class of loans as of and for the years ended June 30, 2018, 2017 and 2016 (in thousands): June 30, 2018 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses With no related allowance recorded: Residential $ 1,659 $ 1,576 $ - Commercial 1,765 1,683 - Commercial loans 2,254 2,098 - Home equity lines of credit 341 341 - With an allowance recorded: Residential 742 784 154 Construction 3,257 2,260 276 Commercial loans 353 353 9 Home equity lines of credit 84 19 12 Total $ 10,455 $ 9,114 $ 451 June 30, 2017 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses With no related allowance recorded: Residential $ 4,216 $ 4,014 $ - Commercial 2,935 2,411 - Construction 404 404 - Commercial loans 9,433 4,979 - Home equity lines of credit 599 599 - With an allowance recorded: Residential 395 457 131 Construction 3,257 3,257 997 Commercial loans 1,190 1,190 9 Home equity lines of credit 11 11 5 Total $ 22,440 $ 17,322 $ 1,142 For the year ended For the year ended For the year ended June 30, 2018 June 30, 2017 June 30, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential $ 3,041 $ 184 $ 4,238 $ 42 $ 5,577 $ 6 Commercial 2,350 248 2,448 137 9,324 88 Construction 93 17 406 12 13 - Commercial loans 3,457 1,049 5,065 239 10,755 71 Home equity lines of credit 507 22 599 (2 ) 430 - With an allowance recorded: Residential 453 15 432 15 - - Construction 2,720 - 3,015 71 132 - Commercial loans 1,491 66 1,224 61 422 12 Home equity lines of credit 11 - 11 - - - Total $ 14,123 $ 1,601 $ 17,438 $ 575 $ 26,653 $ 177 The following table presents the recorded investment in nonaccrual loans and in loans past due over 90 days still on accrual status, by class of loans as of June 30, 2018 and June 30, 2017 (in thousands): Loans Past Due Over 90 Days Nonaccrual and Still Accruing June 30, June 30, June 30, June 30, 2018 2017 2018 2017 Originated: Residential $ 604 $ 2,581 $ - $ - Commercial 262 - - - Construction 2,260 3,661 - - Commercial loans 788 2,959 - - Home equity lines of credit 45 302 - - Acquired: Residential 1,308 1,776 - - Commercial 532 497 - - Home equity lines of credit 303 296 - - Total $ 6,102 $ 12,072 $ - $ - Nonperforming loans include both smaller-balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. The table above excludes acquired loans that are accounted for as purchased credit impaired loans totaling $1.8 million and $2.7 million as of June 30, 2018 and June 30, 2017, respectively. Such loans are excluded because the loans are in pools that are considered performing. The discounts arising from recording these loans at fair value upon acquisition were due in part to credit quality and the accretable yield is being recognized as interest income over the life of the loans based on expected cash flows. The following tables present the aging of the recorded investment in past due loans by class of loans as of June 30, 2018 and June 30, 2017 (in thousands): June 30, 2018 90 Days or 30-59 60-89 More Past Total Past Days Past Due Days Past Due Due Due Current Total Originated: Residential $ - $ 394 $ 210 $ 604 $ 194,986 $ 195,590 Commercial - - 262 262 420,320 420,582 Construction - - 2,260 2,260 15,092 17,352 Commercial loans - - 500 500 102,767 103,267 Home equity lines of credit - - 45 45 32,311 32,356 Consumer and overdrafts - - - - 733 733 Total originated - 394 3,277 3,671 766,209 769,880 Acquired: Residential - 232 1,806 2,038 52,950 54,988 Commercial - - 1,112 1,112 73,571 74,683 Construction - - - - - - Commercial loans - - - - 868 868 Home equity lines of credit 30 - 296 326 4,713 5,039 Consumer and overdrafts - - - - 12 12 Total acquired 30 232 3,214 3,476 132,114 135,590 Total $ 30 $ 626 $ 6,491 $ 7,147 $ 898,323 $ 905,470 June 30, 2017 90 Days or 30-59 60-89 More Past Total Past Days Past Due Days Past Due Due Due Current Total Originated: Residential $ 94 $ 275 $ 1,973 $ 2,342 $ 153,390 $ 155,732 Commercial - - - - 355,247 355,247 Construction - - 3,661 3,661 18,743 22,404 Commercial loans - - 544 544 88,449 88,993 Home equity lines of credit - 199 103 302 35,246 35,548 Consumer and overdrafts - - - - 211 211 Total originated 94 474 6,281 6,849 651,286 658,135 Acquired: Residential 237 463 1,472 2,172 59,874 62,046 Commercial - - 1,054 1,054 81,350 82,404 Construction - - - - - - Commercial loans - - - - 4,638 4,638 Home equity lines of credit - - 296 296 6,083 6,379 Consumer and overdrafts - - - 22 22 Total acquired 237 463 2,822 3,522 151,967 155,489 Total $ 331 $ 937 $ 9,103 $ 10,371 $ 803,253 $ 813,624 Troubled Debt Restructurings The terms of certain loans were modified as troubled debt restructurings. The modification of the terms of such loans included one or a combination of the following: a reduction of the stated interest rate of the loan; an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; or a permanent reduction of the recorded investment in the loan. As of June 30, 2018 and June 30, 2017, the Company had 12 and 20 loans classified as troubled debt restructurings totaling $3.8 million and $9.9 million, respectively. The Company has allocated $139,000 and $145,000, respectively, of specific reserves to customers whose loan terms have been modified in troubled debt restructurings as of June 30, 2018 and June 30, 2017, and has not committed to lend additional amounts to customers with outstanding loans that are classified as troubled debt restructurings. The following table presents loans by modified in troubled debt restructurings that occurred during the years ended June 30, 2018, 2017 and 2016 (dollars in thousands): Number of loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Year ended June 30, 2018: Commercial loans 1 $ 275 $ 289 Total 1 $ 275 $ 289 Year ended June 30, 2017: Residential 1 $ 165 $ 210 Commercial loans 1 276 276 Total 2 $ 441 $ 486 Year ended June 30, 2016: Residential 3 $ 1,697 $ 1,697 Commercial 1 1,178 1,178 Commercial loans 1 64 64 Home equity lines of credit 1 200 200 Total 4 $ 3,139 $ 3,139 The Company had two troubled debt restructurings, both commercial loans, for which there was a payment default in the year ended June 30, 2018 that were modified in the twelve months prior to default, which resulted in a $2,000 increase to the allowance for loan loss. There were two troubled debt restructurings, one residential mortgage and one home equity line of credit, for which there was a payment default in the year ended June 30, 2017 that were modified in the twelve months prior to default, and resulted in no increase to the allowance for loan loss. There was one such default, on a residential mortgage, in the year ended June 30, 2016 which resulted in no increase to the allowance for loan losses. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis includes non-homogeneous loans, such as commercial and commercial real estate loans. This analysis is performed on a monthly basis. The Company utilized the same grading process for acquired loans as it does for originated loans. The Company uses the following definitions for risk ratings: Special Mention – Loans classified as special mention have a potential weakness that deserves management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution's credit position at some future date. Substandard – Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful – Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans not meeting the criteria above that are analyzed individually as part of the above-described process and loans in groups of homogenous loans are considered to be pass rated loans. These loans are monitored based on delinquency and performance. Based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands): June 30, 2018 Pass Special Mention Substandard Total Originated: Residential $ 194,341 $ 571 $ 678 $ 195,590 Commercial 418,370 - 2,212 420,582 Construction 15,092 - 2,260 17,352 Commercial loans 98,205 167 4,895 103,267 Home equity lines of credit 32,167 144 45 32,356 Consumer and overdrafts 733 - - 733 Total originated 758,908 882 10,090 769,880 Acquired: Residential 51,858 249 2,881 54,988 Commercial 71,832 842 2,009 74,683 Construction - - - - Commercial loans 857 11 - 868 Home equity lines of credit 4,641 - 398 5,039 Consumer and overdrafts 12 - - 12 Total acquired 129,200 1,102 5,288 135,590 Total $ 888,108 $ 1,984 $ 15,378 $ 905,470 June 30, 2017 Pass Special Mention Substandard Total Originated: Residential $ 153,165 $ - $ 2,567 $ 155,732 Commercial 352,203 134 2,910 355,247 Construction 18,743 - 3,661 22,404 Commercial loans 79,406 - 9,587 88,993 Home equity lines of credit 35,246 58 244 35,548 Consumer and overdrafts 211 - 211 Total originated 638,974 192 18,969 658,135 Acquired: Residential 58,665 - 3,381 62,046 Commercial 80,082 - 2,322 82,404 Construction - - - - Commercial loans 4,638 - - 4,638 Home equity lines of credit 5,906 - 473 6,379 Consumer and overdrafts 22 - - 22 Total acquired 149,313 - 6,176 155,489 Total $ 788,287 $ 192 $ 25,145 $ 813,624 Purchased Credit Impaired Loans The Company has acquired loans for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount of those loans as of June 30, 2018 and 2017 is as follows (in thousands): June 30, June 30, 2018 2017 Residential $ 1,232 $ 1,298 Commercial 1,477 1,824 Commercial loans - 42 Home equity lines of credit 168 177 Carrying amount, net of allowance of $73 and $26, respectively $ 2,877 $ 3,341 Accretable yield, or income expected to be collected, for acquired loans is as follows (in thousands): Year ended June 30, 2018 2017 2016 Beginning balance $ 403 $ 578 $ 713 New loans acquired - - - Accretion income (70 ) (190 ) (185 ) Reclassification from non-accretable difference 5 15 132 Disposals (93 ) - (82 ) Ending balance $ 245 $ 403 $ 578 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Jun. 30, 2018 | |
Property Plant And Equipment [Abstract] | |
Premises and Equipment | Note 6. Premises and Equipment Premises and equipment are summarized as follows at June 30 (in thousands): 2018 2017 Land $ 1,997 $ 1,997 Building and Leasehold improvements 13,430 11,128 Furniture, fixtures and equipment 6,096 5,841 Construction and improvements in process 355 3,015 21,878 21,981 Less: accumulated depreciation and amortization (10,280 ) (9,022 ) Total Bank premises and equipment, net $ 11,598 $ 12,959 Depreciation expense was $1.3 million, $1.3 million and $1.1 million for the years ended June 30, 2018, 2017 and 2016, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 7 . Goodwill and Intangible Assets The change in goodwill during the years ended June 30, 2018, 2017 and 2016 are as follows (in thousands): 2018 2017 2016 Balance at July 1 $ 6,106 $ 6,106 $ 5,843 Adjustment to CMS goodwill - - 263 Impairment - - - Total at June 30 $ 6,106 $ 6,106 $ 6,106 Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. The Company tests for goodwill impairment on an annual basis as of June 30 th Acquired Intangible Assets: Acquired intangible assets were as follows at June 30 (in thousands): 2018 2017 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Core deposit intangible $ 887 $ (454 ) $ 887 $ (328 ) Aggregate amortization expense was $126,000, $143,000 and $158,000 for the years ended June 30, 2018, 2017 and 2016, respectively. Estimated amortization expense for each of the next five fiscal years ended June 30 (in thousands): 2019 $ 110 2020 94 2021 78 2022 62 2023 46 |
Deposits
Deposits | 12 Months Ended |
Jun. 30, 2018 | |
Deposits [Abstract] | |
Deposits | Note 8 . Deposits Deposit balances are summarized as follows at June 30, 2018 and 2017 (in thousands): 2018 2017 Demand $ 131,883 $ 136,361 NOW Accounts 117,875 115,527 Money market accounts 49,885 29,097 Savings 465,441 512,697 Time deposits 392,373 294,779 Total $ 1,157,457 $ 1,088,461 Time deposits that meet or exceed the FDIC insurance limit of $250,000 were $116.0 million and $49.2 million at June 30, 2018 and 2017, respectively. Scheduled maturities of time deposits were as follows as of June 30, 2018 and 2017 and exclude fair value adjustments on acquired time deposits (in thousands): 2018 2017 Within 1 year $ 183,276 $ 107,097 1 year to 2 years 49,350 62,331 2 years to 3 years 56,746 31,143 3 years to 4 years 56,458 41,508 4 years to 5 years 46,339 52,503 Thereafter 204 197 Total $ 392,373 $ 294,779 Deposits of local governments held by PCSB Commercial Bank were $39.1 million and $38.4 million at June 30, 2018 and 2017, respectively. Additionally, as of June 30, 2018, deposits included $60.0 million of brokered time deposits with remaining maturities between five and 47 months. We had no brokered deposits as of June 30, 2017. |
FHLB and Other Borrowings
FHLB and Other Borrowings | 12 Months Ended |
Jun. 30, 2018 | |
Federal Home Loan Banks [Abstract] | |
FHLB and Other Borrowings | Note 9 . FHLB and Other Borrowings Borrowings consist of advances from the Federal Home Loan Bank of New York. As of June 30, 2018, FHLB advances consisted of $15.0 million of short and long-term advances with original maturities ranging from 3 to 18 months, as well as a $3.8 million amortizing term loan with a balloon payment of $2.8 million in 2026. The maturity schedule of advances is summarized as follows as of June 30 (dollars in thousands): 2018 2017 Amount Due Weighted Avg. Rate Amount Due Weighted Avg. Rate Within 1 year $ 10,125 1.70 % $ 23,757 1.27 % 1 year to 2 years 5,128 1.81 10,125 1.70 2 years to 3 years 131 2.62 5,128 1.81 3 years to 4 years 135 2.62 131 2.62 4 years to 5 years 138 2.62 135 2.62 Thereafter 3,184 2.62 3,322 2.62 Total $ 18,841 1.91 % $ 42,598 1.55 % As a member of the FHLB of New York, the Bank had access to funds in the form of FHLB advances of approximately $314.9 million and $350.7 million from the Federal Home Loan Bank of New York, at June 30, 2018 and June 30, 2017, $18.8 million and $42.6 million of which was outstanding as of June 30, 2018 and June 30, 2017, respectively. Advances are secured by the Bank’s investment in FHLB stock and by a blanket security agreement. This agreement requires the Bank to maintain as collateral certain qualifying assets (such as U.S. Government agency and MBSs) with a discounted fair value, as defined, at least equal to 110% of any outstanding advances. At June 30, 2018, the Bank also had access to funds of approximately $122.1 million in the form of secured borrowings through the discount window of the Federal Reserve Bank of New York. Collateral for these borrowings may include qualifying assets, such as one-to-four family residential loans. The Bank had no outstanding FRB borrowings as of June 30, 2018 or 2017. |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10 . Commitments and Contingencies Financial Instruments with Off-Balance-Sheet Risk described in Note 1 The contract amounts of credit-related financial instruments reflect the extent of the Company’s involvement with those classes of financial instruments. The Company’s exposure to credit loss in the event of non-performance by the counterparty is represented by the contract amount. The Company uses the same credit policies in extending commitments, lines of credit and standby letters of credit as it does for on-balance sheet instruments. The contract amounts of credit-related financial instruments at June 30, 2018 and 2017, are summarized below (in thousands): 2018 2017 Commitments to originate loans $ 102,644 $ 77,600 Unused lines of credit 56,553 45,439 Standby letter of credit 1,420 705 Lines of credit (including undisbursed construction loans) and commitments to originate loans are agreements to lend to a customer as long as there is no violation of any condition established in the contract. These agreements generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since certain lines of credit and commitments are expected to expire without being funded, the contract amounts do not necessarily represent future cash requirements. In extending lines of credit and commitments, the Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the customer. The Company issues financial standby letters of credit that are irrevocable undertakings by the Company to guarantee payment of a specified financial obligation. Most of the Company’s financial standby letters of credit arise in connection with lending relationships and have terms of one year or less. The maximum potential future payments the Company could be required to make equals the contract amount of standby letters of credit shown in the preceding table. The Company’s recognized liability for financial standby letters of credit was insignificant at June 30, 2018 and 2017. Operating Lease Commitments Within 1 year $ 2,145 1 year to 2 years 2,026 2 year to 3 years 1,737 3 year to 4 years 1,675 4 year to 5 years 1,639 Thereafter 8,283 Total $ 17,505 Legal Proceedings Company |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Comprehensive Income | Note 11 . Comprehensive Income The following is a summary of the accumulated other comprehensive income (loss) balances, net of tax (in thousands): Net unrealized gain (loss) on available for sale securities Unrealized loss on pension benefits Unrealized loss on SERP benefits Total Balance at July 1, 2017 $ 37 $ (5,002 ) $ (250 ) $ (5,215 ) Other comprehensive income before reclassifications (1,835 ) 335 10 (1,490 ) Amounts reclassified from accumulated other comprehensive income (164 ) 725 34 595 Tax effect 558 (270 ) (11 ) 277 Net other comprehensive income (1,441 ) 790 33 (618 ) Reclassification of certain tax effects on other comprehensive income (1) (132 ) (938 ) (47 ) (1,117 ) Balance at June 30, 2018 $ (1,536 ) $ (5,150 ) $ (264 ) $ (6,950 ) Net unrealized gain (loss) on available for sale securities Unrealized loss on pension benefits Unrealized loss on SERP benefits Total Balance at July 1, 2016 $ 523 $ (7,683 ) $ (810 ) $ (7,970 ) Other comprehensive income before reclassifications (735 ) 3,973 (755 ) 2,483 Amounts reclassified from accumulated other comprehensive income — 89 93 182 Tax effect 249 (1,381 ) 1,222 90 Net other comprehensive income (486 ) 2,681 560 2,755 Balance at June 30, 2017 $ 37 $ (5,002 ) $ (250 ) $ (5,215 ) Net unrealized gain (loss) on available for sale securities Unrealized loss on pension benefits Unrealized loss on SERP benefits Total Balance at July 1, 2015 $ 323 $ (4,311 ) $ (734 ) $ (4,722 ) Other comprehensive income before reclassifications 255 (5,022 ) 89 (4,678 ) Amounts reclassified from accumulated other comprehensive income — 398 84 482 Tax effect (55 ) 1,252 (249 ) 948 Net other comprehensive income 200 (3,372 ) (76 ) (3,248 ) Balance at June 30, 2016 $ 523 $ (7,683 ) $ (810 ) $ (7,970 ) (1) Represents the impact of adopting ASU 2018-02 requiring the reclassification of certain stranded income tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act of 2017 from accumulated other comprehensive income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act of 2017 (or portion thereof) is recorded. The amount of the reclassification is the difference between the historical corporate income tax rate (34 percent) and the newly enacted 21 percent corporate income tax rate. The reclassification is as of March 31, 2018; no prior period information has been retroactively adjusted as a result of implementing the ASU. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 12 . Earnings Per Share Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. There were no potentially dilutive common stock equivalents during the year ended June 30, 2018. Due to the IPO taking place on April 20, 2017, earnings per share for the year-ended June 30, 2017 was deemed not meaningful by management. Year ended June 30, 2018 (dollars in thousands, except per share data) Net income applicable to common stock $ 6,604 Average number of common shares outstanding 18,165,110 Less: Average unallocated ESOP shares 1,362,216 Average number of common shares outstanding used to calculate basic earnings per common share 16,802,894 Earnings per Common share: Basic $ 0.39 Diluted $ 0.39 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 13 . Fair Value of Financial Instruments Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as general classification of such instruments pursuant to the valuation hierarchy, is set forth below. While management believes the Company’s valuation methodologies are appropriate and consistent with other financial institutions, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Investment Securities Impaired Loans Foreclosed Real Estate Real estate owned properties are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Appraisals for both collateral-dependent impaired loans and real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, a member of the Credit Department, as well as a third-party specialist, where deemed appropriate, reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. Once appraisals are considered appropriate, management discounts the appraised value for estimated selling costs, such as legal, broker, and property maintenance and insurance costs. The most recent analysis performed indicated discount rates ranging between 10% and 20% should be applied to properties with appraisals performed. Assets and liabilities measured at fair value are summarized below (in thousands): Fair Value Measurements Level 1 Level 2 Level 3 Total June 30, 2018: Measured on a recurring basis: Available for sale securities: U.S. Government and agency obligations $ - $ 63,430 $ - $ 63,430 Corporate and other debt securities - 8,235 - 8,235 Mortgage-backed securities – residential - 33,807 - 33,807 Equity securities - 32 - 32 Total assets at fair value $ - $ 105,504 $ - $ 105,504 Measured on a non-recurring basis: Impaired loans: Residential mortgages $ - $ - $ 688 $ 688 Construction - - 1,984 1,984 Commercial loans - - 845 845 Home equity lines of credit - - 7 7 Foreclosed real estate - - 460 460 Total assets at fair value $ - $ - $ 3,984 $ 3,984 Fair Value Measurements Level 1 Level 2 Level 3 Total June 30, 2017 Measured on a recurring basis: Available for sale securities: U.S. Government and agency obligations $ - $ 63,445 $ - $ 63,445 Corporate and other debt securities - 8,482 - 8,482 Mortgage-backed securities – residential - 39,930 - 39,930 Equity securities - 32 - 32 Total assets at fair value $ - $ 111,889 $ - $ 111,889 Measured on a non-recurring basis: Impaired loans: Residential mortgages $ - $ - $ 1,126 $ 1,126 Construction - - 2,260 2,260 Commercial loans - - 1,681 1,681 Home equity lines of credit - - 5 5 Foreclosed real estate - - 977 977 Total assets at fair value $ - $ - $ 6,049 $ 6,049 Impaired loans in the table above had a carrying amount of $3.9 million, a remaining valuation allowance of $451,000 at June 30, 2018, incurred $1.1 million of net charge-offs during the year ended June 30, 2018, and resulted in an additional provision for loan losses of $435,000. Impaired loans as of June 30, 2017 in the table above had a carrying amount of $6.3 million, a remaining valuation allowance of $1.1 million at June 30, 2017, and incurred $245,000 of net charge-offs during the year ended June 30, 2017, which resulted in an additional provision for loan losses of $1.4 million for the year. The following tables present quantitative information about Level 3 fair value measurements for selected financial instruments measured at fair value on a non-recurring basis at June 30, 2018 and June 30, 2017 (dollars in thousands): Valuation Unobservable Range or Fair Value Technique(s) Input(s) Rate Used June 30, 2018: Impaired loans - residential mortgages $ 688 Sales comparison Adjustments for differences in sales comparables -5.1% to 20.9% Discounted cash flow Discount rate 5.4% to 6.3% Impaired loans - construction 1,984 Sales contract Discount to sales contract 9.8% Impaired loans - commercial loans 845 Discounted cash flow Discount rate 5.3% to 7.5% Sales contract Discount to sales contract 9.8% Impaired loans - home equity lines of credit 7 Sales comparison Adjustments for differences in sales comparables -5.1% to 20.9% Discounted cash flow Discount rate 6.3% Foreclosed real estate 460 Sales comparison Adjustments for differences in sales comparables -8.1% to -0.4% June 30, 2017: Impaired loans - residential mortgages $ 1,126 Sales comparison Adjustments for differences in sales comparables -5.1% to 7.8% Discounted cash flow Discount rate 5.4% to 6.3% Impaired loans - construction 2,260 Cost approach Discount for distressed property 50.0% Impaired loans - commercial loans 1,681 Discounted cash flow Discount rate 6.0% to 7.5% Sales comparison Adjustments for differences in sales comparables 0.0% Impaired loans - home equity lines of credit 5 Discounted cash flow Discount rate 6.3% Foreclosed real estate 977 Sales comparison Adjustments for differences in sales comparables -23.4% to 7.2% The following is a summary of the carrying amounts and estimated fair values of the Company’s financial assets and liabilities (none of which are held for trading purposes) (in thousands): Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total June 30, 2018: Financial assets: Cash and cash equivalents $ 62,145 $ 62,145 $ - $ - $ 62,145 Investment securities held to maturity 353,183 - 343,188 - 343,188 Investment securities available for sale 105,504 - 105,504 - 105,504 Loans receivable, net 902,336 - - 882,319 882,319 Accrued interest receivable 4,358 - 1,402 2,956 4,358 Federal Home Loan Bank stock 2,050 N/A N/A N/A N/A Financial liabilities: Demand, NOW, money market deposits and savings accounts 765,084 765,084 - - 765,084 Time deposits 392,373 - 394,205 - 394,205 Mortgage escrow funds 8,803 8,803 - - 8,803 FHLB advances 18,841 - 20,574 - 20,574 June 30, 2017: Financial assets: Cash and cash equivalents $ 60,486 $ 60,486 $ - $ - $ 60,486 Investment securities held to maturity 383,551 - 383,318 270 383,588 Investment securities available for sale 111,889 - 111,889 - 111,889 Loans receivable, net 809,648 - - 817,814 817,814 Accrued interest receivable 3,693 - 1,243 2,450 3,693 Federal Home Loan Bank stock 3,132 N/A N/A N/A N/A Financial liabilities: Demand, NOW, money market deposits and savings accounts 793,681 793,681 - - 793,681 Time deposits 294,780 - 297,508 - 297,508 Mortgage escrow funds 8,084 8,084 - - 8,084 FHLB advances 42,598 - 45,504 - 45,504 The methods and assumptions, not previously presented, used to estimate fair values are described as follows: Cash and Cash Equivalents Loans Receivable, Net FHLB Stock Accrued Interest Receivable Deposits and escrow funds FHLB Advances Off Balance Sheet Instruments |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Note 14 . Income Taxes The components of income tax expense (benefit) are summarized as follows for the years ended June 30 (in thousands): 2018 2017 2016 Current tax expense (benefit) Federal $ 2,577 $ 1,344 $ (6 ) State 20 (52 ) (476 ) 2,597 1,292 (482 ) Deferred tax expense (benefit) Federal 2,414 (52 ) 1,216 State 313 (21 ) 250 2,727 (73 ) 1,466 State tax valuation allowances, net of federal benefit (302 ) 47 149 Total $ 5,022 $ 1,266 $ 1,133 On December 22, 2017, as part of the Tax Cuts and Jobs Act, the federal government enacted comprehensive tax reform containing provisions with a number of impacts on corporate income taxes, the most significant of which provides a decrease in the corporate income tax rate from 34% to 21% for tax years beginning on or after January 1, 2018. The company is required to re-measure as of the date the law is enacted, its net deferred tax asset to reflect the income tax rate expected to be effective when deferred tax positions will be realized. As a result, the Company recorded a re-measurement charge through income tax expense of $1.6 million for the year ended June 30, 2018. The Company utilizes a calendar year tax year. As a result of the aforementioned tax reform, a “blended” federal statutory rate of 28.06% is used for 2018, based on the daily weighted average statutory rate effective throughout the fiscal year. Effective tax rates differ from federal statutory rate applied to income before income taxes due to the following (in thousands): 2018 2017 2016 Federal statutory rate 28.06 % 34.00 % 34.00 % Tax at federal statutory rate $ 3,262 $ 1,529 $ 1,380 State Taxes, net of federal benefit 24 — — Tax-exempt income (61 ) (47 ) (49 ) BOLI income (157 ) (211 ) (156 ) ESOP Compensation 300 63 — Deferred tax re-remeasurement charge 1,570 — — Other, net 84 (68 ) (42 ) Total $ 5,022 $ 1,266 $ 1,133 Effective tax rate 43.20 % 28.16 % 27.91 % Year-end deferred tax assets and liabilities were due to the following (in thousands): 2018 2017 Deferred Tax Assets: Allowance for Loan Losses $ 1,222 $ 1,983 Deferred compensation 836 1,071 Accrued incentive compensation 110 — Purchase accounting adjustments 70 277 Deferred rent 182 380 Other compensation loss (defined benefit plans) 1,439 2,706 Depreciation of premises and equipment 413 405 NOL carryforward 131 602 Charitable contribution carryforward 949 1,820 Nonaccrual loan interest 118 540 Other comprehensive loss (securities) 408 — Other — 104 Total deferred tax assets 5,878 9,888 Deferred Tax Liabilities: Prepaid pension costs $ 2,424 $ 3,622 Deferred loan costs and fees, net 451 457 Other comprehensive income (securities) — 19 Other 31 368 Total deferred tax liabilities 2,906 4,466 Deferred tax asset valuation allowance (350 ) (652 ) Net Deferred Tax Asset $ 2,622 $ 4,770 The Company has an apportioned New York State net operating loss carryforward of approximately $2.1 million which will begin to expire in 2034. In addition, the Company has approximately $3.8 million of charitable contribution carryforwards that may be carried forward up to 5 years and will begin to expire in 2022. In 2014, New York State enacted comprehensive tax reform provisions with significant impact on financial institutions. As a result of this legislation, beginning on January 1, 2015, the Company calculated its tax obligation to New York based upon the largest of a calculated income tax liability, a tax liability based upon average equity capital or a fixed minimum fee. It is more likely than not the Company will generate New York tax losses in future years and therefore calculate its New York tax liability on the basis of average equity capital or a fixed minimum fee. Consequently, the Company maintains a valuation allowance against its net New York deferred tax asset, as it is unlikely this deferred tax asset will impact the Company's New York tax liability in future years. Management has determined that it is not required to establish a valuation allowance against any other deferred tax assets in accordance with accounting principles generally accepted in the United States of America Retained earnings at June 30, 2018 included approximately $2.8 million for which deferred income taxes of approximately $588,000 have not been provided. The retained earnings amount represents the base year allocation of income to bad debt deductions for tax purposes only. Base year reserves are subject to recapture if the Bank makes certain non-dividend contributions, repurchases any of its stock, pays dividends in excess of tax earnings and profits, or ceases to maintain a bank charter. Under ASC 740, this amount is treated as a permanent difference and deferred taxes are not recognized unless it appears that it will be reduced and result in taxable income in the foreseeable future. Events that would result in taxation of these reserves include failure to qualify as a bank for tax purposes or distributions in complete or partial liquidation. The Company is subject to U.S. federal income tax as well as income tax of the states of New York, New Jersey and Connecticut. The Company’s federal and state income tax returns are subject to examination for years after December 31, 2014. At June 30, 2018 and 2017, the Company had no unrecognized tax benefits recorded. The Company does not expect the total amount of unrecognized tax benefits to significantly increase or decrease in the next twelve months. |
Post-Retirement Benefits
Post-Retirement Benefits | 12 Months Ended |
Jun. 30, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Post-Retirement Benefits | Note 15 . Post-Retirement Benefits Employee Pension Plan The following is a summary of the plan’s funded status as of June 30, 2018 and 2017 (the measurement date for financial reporting purposes) (in thousands): 2018 2017 Change in benefit obligation: Beginning benefit obligation $ 25,614 $ 28,670 Service Cost - 602 Interest Cost 968 1,002 Actuarial Loss 8 (2,013 ) Benefits Paid (868 ) (828 ) Settlements (958 ) (1,301 ) Curtailment - (518 ) Ending benefit obligation 24,764 25,614 Change in plan assets, at fair value: Beginning plan assets 27,444 23,215 Actual return 2,357 3,358 Employer contributions - 3,000 Benefits paid (868 ) (828 ) Settlements (958 ) (1,301 ) Ending Plan assets 27,975 27,444 Funded Status $ 3,211 $ 1,830 Accumulated Benefit Obligation $ 24,764 $ 25,614 The following is a summary of net period pension cost, contributions and benefits paid for the years ended June 30 (in thousands): 2018 2017 Net period pension cost $ (321 ) $ (224 ) Employer contributions - 3,000 Benefits paid 868 828 Pre-tax amounts recognized in accumulated other comprehensive loss was $6.5 million and $7.6 million for the years ended June 30, 2018 and 2017 respectively. Net periodic pension cost and other amounts recognized in other comprehensive income for the years ended June 30 (in thousands): 2018 2017 2016 Service cost $ - $ 602 $ 626 Interest cost 968 1,002 1,086 Expected return on plan assets (2,014 ) (1,917 ) (1,796 ) Amortization of prior net loss 725 1,200 854 Amortization of prior service cost - (192 ) (287 ) Gain on curtailment - (919 ) - New past service liability - - - Net periodic cost $ (321 ) $ (224 ) $ 483 The estimated net loss and past service cost for the pension plan that will be amortized from accumulated other comprehensive income into net periodic benefit costs during the year ending June 30, 2019, are $580,000 and $0, respectively. Contributions: Estimated Future Payments 2019 $ 1,232 2020 1,259 2021 1,303 2022 1,347 2023 1,365 Following five years 7,202 Assumptions Weighted-average assumptions used to determine net periodic pension cost are described in the table below. Year ended June 30, 2018 2017 Discount Rate 3.87 % 4.04 % Expected return on plan assets 7.50 % 7.50 % Plan Assets Plan assets are invested in a series of diversified investment funds of RSI Retirement Trust (“the Trust”). The investment funds include equity mutual funds, bond mutual funds, or commingled trust funds, each with its own investment objectives, investment strategies and risks. The Trust has been given discretion by the Company to determine the appropriate strategic asset allocation, as governed by the Trust’s Statement of Investment Objectives and Guidelines. The long-term objective is to be invested 65% in equity securities (equity mutual funds), 34% in debt securities (bond mutual funds) and 1% in cash equivalents. The bond fund portion may be temporarily increased to 50% in order to lessen the volatility of asset values. Asset rebalancing is performed at least annually, with interim adjustments made if the investment mix varies by more than 10% from the target allocation. The weighted average expected long-term rate of return is estimated based on current trends in the plan assets as well as projected future rates of returns on those assets. The long-term rate of return assumption was set based on historical returns earned by equities and fixed income securities, adjusted to reflect expectations of future returns as applied to the plan’s target allocation of asset classes. Equities and fixed income securities were assumed to earn real rates of return in the ranges of 6% to 8% and 3% to 5%, respectively. The long-term inflation rate was estimated to be 2.5%. When these overall return expectations are applied to the plan’s target allocation, the result is an expected rate of return of 7.50%. The plan is only permitted to invest in assets approved by the RSI Trustee Board. All other investments are prohibited. The Company’s actual pension plan asset allocation and target allocation by asset category are as follows: Percentage of Plan Target Assets at Year-End Asset Category Allocation 2018 2017 Equity mutual funds and common/collective trusts 65 % 67 % 65 % Fixed income common/collective trusts 34 % 32 % 34 % Cash equivalents 1 % 1 % 1 % Total 100 % 100 % 100 % Equity, Debt, Investment Funds and Other Securities The fair value of the plan assets at June 30, 2018 and 2017, by asset category, is as follows (in thousands): Fair Value Measurements Using Quoted Prices Significant In Active Other Significant Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) June 30, 2018 Plan assets Equity mutual funds and common/collective trusts $ 18,914 $ - $ 18,914 $ - Fixed income common/collective trusts 8,893 - 8,893 - Cash equivalents 168 168 - - Total $ 27,975 $ 168 $ 27,807 $ - June 30, 2017 Plan assets Equity mutual funds and common/collective trusts $ 17,704 $ - $ 17,704 $ - Fixed income common/collective trusts 9,451 - 9,451 - Cash equivalents 289 289 - - Total $ 27,444 $ 289 $ 27,155 $ - Defined Contribution Retirement Plan 401(k) Plan Acquired Pension Plan Supplemental Retirement Plan The Company also maintains unfunded and non-qualified supplemental retirement plans to provide pension benefits in addition to those provided under the qualified pension plan. The accrued benefit cost for the supplemental plans was approximately $3.4 million and $3.0 million at June 30, 2018 and 2017 (included in other liabilities in the consolidated statements of financial condition). Included in accumulated other comprehensive income were pre-tax net losses of $335,000 and $379,000 for the supplemental retirement plans as of June 30, 2018 and 2017, respectively. The projected benefit obligation and accumulated benefit obligation were $3.4 million as of the June 30, 2018 measurement date and $3.0 million as of June 30, 2017 measurement date. Pension expense for the supplemental plans was $655,000, $615,000 and $539,000 for the years ended June 30, 2018, 2017 and 2016, respectively. Supplemental retirement plan benefits of $272,000 were paid in each of the years ended June 30, 2018, 2017 and 2016. Net periodic pension cost and other amounts recognized in other comprehensive income for the years ended June 30 (in thousands): 2018 2017 2016 Service cost $ 518 $ 398 $ 322 Interest cost 103 124 133 Amortization of prior net loss 34 93 84 Net periodic cost $ 655 $ 615 $ 539 The estimated net loss for the supplemental plans that will be amortized from accumulated other comprehensive income into net periodic benefit costs during the year ending June 30, 2019, is $37,000. The following benefit payments, which reflect expected future service, are expected for the years ending June 30 (in thousands): 2019 $ 272 2020 272 2021 3,336 2022 272 2023 272 Following five years 136 As of June 30, 2018, the assumed discount rates used for the supplemental plans range from 3.16% to 4.14%. Employee Stock Ownership Plan On January 1, 2017, the Company established an Employee Stock Ownership Plan (“ESOP”) to provide eligible employees the opportunity to own Company stock. The plan is a tax-qualified retirement plan for the benefit of Company employees. The Company granted a loan to the ESOP for the purchase of 1,453,209 shares of the Company’s common stock at a price of $10.00 per share. The loan obtained by the ESOP from the Company to purchase the common stock is payable annually over 15 years at a rate per annum equal to the Prime Rate, reset annually on January 1st (4.50% for 2018). Loan payments are principally funded by cash contributions from the Bank. The loan is secured by the shares purchased, which are held in a suspense account for allocation among participants as the loan is repaid. The balance of the ESOP loan at June 30, 2018 was $13.6 million. Contributions are allocated to eligible participants on the basis of compensation, subject to federal tax limits. The number of shares committed to be released annually is 96,881 through 2032. Shares held by the ESOP include the following (dollars in thousands): 2018 2017 Allocated to participants 144,923 26,975 Unearned 1,308,286 1,426,234 Total ESOP shares 1,453,209 1,453,209 Fair value of unearned shares $ 25,996 $ 24,332 Total compensation expense recognized in connection with the ESOP for the year ended June 30, 2018 and June 30, 2017 was $2.2 million and $454,000, respectively. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Jun. 30, 2018 | |
Banking And Thrift [Abstract] | |
Regulatory Matters | Note 16 . Regulatory Matters The following is a summary of the Company’s and Bank’s actual capital amounts and ratios as of June 30, 2018 and June 30, 2017, compared to the required ratios for minimum capital adequacy and for classification as well capitalized (dollars in thousands): To Be Well Capitalized For Capital Under Prompt Adequacy Corrective Action Bank Actual Purposes Provisions Amount Ratio Amount Ratio Amount Ratio June 30, 2018: PCSB Bank Leverage (Tier 1) $ 200,488 13.6 % $ 58,924 4.0 % $ 73,655 5.0 % Risk-based: Common Tier 1 200,488 21.1 42,745 4.5 61,743 6.5 Tier 1 200,488 21.1 56,994 6.0 75,991 8.0 Total 205,392 21.6 75,991 8.0 94,989 10.0 PCSB Financial Corporation Leverage (Tier 1) $ 287,991 19.5 % $ 58,948 4.0 % N/A N/A Risk-based: Common Tier 1 287,991 30.3 42,783 4.5 N/A N/A Tier 1 287,991 30.3 57,044 6.0 N/A N/A Total 292,895 30.8 76,058 8.0 N/A N/A June 30, 2017: PCSB Bank Leverage (Tier 1) $ 190,990 13.7 % $ 55,949 4.0 % $ 69,936 5.0 % Risk-based: Common Tier 1 190,990 21.7 39,631 4.5 57,245 6.5 Tier 1 190,990 21.7 52,841 6.0 70,455 8.0 Total 196,140 22.3 70,455 8.0 88,069 10.0 PCSB Financial Corporation Leverage (Tier 1) $ 278,528 20.0 % $ 55,839 4.0 % N/A N/A Risk-based: Common Tier 1 278,528 31.6 39,631 4.5 N/A N/A Tier 1 278,528 31.6 52,841 6.0 N/A N/A Total 283,678 32.2 70,455 8.0 N/A N/A In addition to the ratios above, the Basel III Capital Rules established that community banking institutions must maintain a capital conservation buffer of common equity Tier 1 capital in an amount greater than 2.5% of total risk-weighted assets to avoid being subject to limitations on capital distributions and discretionary bonus payments to executive officers. The implementation of the capital conservation buffer began on January 1, 2016 at the 0.625% level and will be phased in over a four-year period (increasing by that amount on each subsequent January 1, until it reaches 2.5% on January 1, 2019). Management believes that as of June 30, 2018 and June 30, 2017, the Bank and Company each met all capital adequacy requirements to which they were subject, including the capital conservation buffer of 1.875% as of June 30, 2018 and 1.250% as of June 30, 2017. Further, the most recent FDIC notification categorized the Bank as a well-capitalized institution under the prompt corrective action regulations. There have been no conditions or events since that notification that management believes have changed the Bank’s capital classification. |
Related Party Disclosures
Related Party Disclosures | 12 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Disclosures | Note 17 . Related Party Disclosures The Company's authority to extend credit to its directors, executive officers, and stockholders owning 10% or more of the Holding Company's outstanding common stock, as well as to entities controlled by such persons, is additionally governed by the requirements of Sections 22(g) and 22(h) of the FRA and Regulation O of the FRB enacted thereunder. Among other matters, these provisions require that extensions of credit to insiders: (i) be made on terms substantially the same as, and follow credit underwriting procedures not less stringent than, those prevailing for comparable transactions with unaffiliated persons and that do not involve more than the normal risk of repayment or present other unfavorable features; and (ii) not exceed certain amount limitations individually and in the aggregate, which limits are based, in part, on the amount of the bank's capital. Regulation O additionally requires that extensions of credit in excess of certain limits be approved in advance by the bank's board of directors. New York banking regulations impose certain limits and requirements on various transactions with "insiders," as defined in the New York banking regulations to include certain executive officers, directors and principal stockholders. For the year ended June 30, 2018 and 2017, the Company and the Bank had no insider loans. |
Parent Company Only Financial S
Parent Company Only Financial Statements | 12 Months Ended |
Jun. 30, 2018 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Parent Company Only Financial Statements | Note 18 The following are the financial statements of the Company (Parent only) as of and for the years ended June 30, 2018 and June 30, 2017 (in thousands). The Company was established as of December 9, 2016; therefore, financial information prior to that date is not available. June 30, 2018 2017 Assets Cash and cash equivalents $ 72,140 $ 71,273 Investment in Bank 200,058 192,308 ESOP Loan receivable 13,563 14,532 Other Assets 1,798 1,888 Total Assets $ 287,559 $ 280,001 Liabilities and stockholders' equity Other Liabilities $ - $ 155 Stockholders' equity 287,559 279,846 Total Liabilities and stockholders' equity $ 287,559 $ 280,001 Years Ended June 30, 2018 2017 Interest Income $ 668 $ 125 Equity in income of Bank 7,188 1,055 Contribution to PCSB Foundation — 5,000 Other non-interest expenses 689 105 Income (loss) before income tax 7,167 (3,925 ) Income tax expense (benefit) 563 (1,693 ) Net Income (loss) $ 6,604 $ (2,232 ) Year Ended June 30, 2018 2017 Cash Flows from Operating Activities: Net income (loss) $ 6,604 $ (2,232 ) Adjustments to reconcile net income to net cash provided by operating activities: Equity in income of Bank (7,188 ) (1,055 ) Issuance of common stock to PCSB Foundation — 3,387 Deferred tax expense (benefit) 733 (1,482 ) Net increase in accrued interest receivable (230 ) (113 ) Other adjustments, principally net changes in other assets and liabilities (569 ) (138 ) Net cash used in operating activities (650 ) (1,633 ) Cash Flows from Investing Activities: Investment in PCSB Bank — (87,350 ) Decrease (increase) in ESOP loan 969 (14,532 ) Net cash provided by (used in) investing activities 969 (101,882 ) Cash Flows from Financing Activities: Common stock dividends declared (504 ) — Allocation of ESOP shares 1,069 184 Issuance of common stock (17 ) 174,604 Net cash provided by financing activities 548 174,788 Net increase in cash and cash equivalents 867 71,273 Cash and cash equivalents at beginning of year 71,273 — Cash and cash equivalents at end of year $ 72,140 $ 71,273 |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Jun. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | Note 19 . Quarterly Financial Information (unaudited) 2018 2017 In thousands, except per share amounts Fourth Third Second First Fourth Third Second First Interest income $ 13,358 $ 11,648 $ 11,657 $ 11,297 $ 10,723 $ 10,276 $ 9,850 $ 10,109 Interest expense 1,926 1,505 1,471 1,421 1,318 1,318 1,323 1,334 Net interest income 11,432 10,143 10,186 9,876 9,405 8,958 8,527 8,775 Provision for loan losses 25 54 200 135 - 235 562 26 Non-interest income (1) 601 512 692 714 647 626 2,259 552 Non-interest expense (2) 8,264 7,833 8,125 7,894 12,859 6,580 7,794 7,198 Income before taxes 3,744 2,768 2,553 2,561 (2,807 ) 2,769 2,430 2,103 Income tax expense (3) 1,075 591 2,551 805 (1,017 ) 878 758 647 Net Income (loss) $ 2,669 $ 2,177 $ 2 $ 1,756 $ (1,790 ) $ 1,891 $ 1,672 $ 1,456 Earnings per share Basic $ 0.16 $ 0.13 $ - $ 0.10 N/A N/A N/A N/A Diluted $ 0.16 $ 0.13 $ - $ 0.10 N/A N/A N/A N/A (1) Non-interest income for the second quarter of 2017 includes a $1.6 million settlement on a loan charged-off by CMS Bank before the 2015 merger. (2) Non-interest expense for the fourth quarter of 2017 includes a $5.0 million contribution expense related to Company’s establishment of the PCSB Community Foundation. (3) Income tax expense for the second quarter of 2018 includes $1.6 million charge reflecting a re-measurement of our deferred tax assets resulting from a decrease in the corporate income tax rate from 34% to 21%. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations PCSB Bank is a community-oriented financial institution that provides financial services to individuals and businesses within its market area of Putnam, Southern Dutchess, Rockland and Westchester Counties in New York. The Bank is a state-chartered stock savings bank and its deposits are insured up to applicable limits by the Deposit Insurance Fund of the Federal Deposit Insurance Corporation (“FDIC”). The Bank’s primary regulators are the FDIC and the New York State Department of Financial Services. |
Merger with CMS Bancorp | Merger with CMS Bancorp |
Basis of Presentation | Basis of Presentation UpCounty Realty Corp. (formerly PCSB Realty Ltd.) |
Use of Estimates | Use of Estimates |
Cash Flows | Cash Flows |
Securities | Securities Securities available for sale are reported at fair value. Unrealized gains and losses on securities available for sale are excluded from earnings and reported as accumulated other comprehensive income or loss (a separate component of equity), net of related income taxes. Premiums and discounts on debt securities are amortized to interest income on a level-yield basis over the terms of the securities. Realized gains and losses on sales of securities are determined based on the amortized cost of the specific securities sold. Management evaluates securities for other-than-temporary impairment (OTTI) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. For equity securities, the entire amount of impairment is recognized through earnings. |
Loans | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, unamortized purchase premiums and discounts, and an allowance for loan losses. Interest income is accrued on the unpaid principal balance. Interest income on loans is discontinued at the time the loan is ninety days delinquent unless the loan is well secured and in process of collection. Loan purchase premiums and discounts are amortized over the contractual term of the loans Loan origination fees and certain direct loan origination costs are deferred and amortized to interest income as an adjustment to yield over the contractual term of the loans. Unamortized fees and costs on prepaid loans are recognized in interest income at the time of prepayment. |
Purchased Credit Impaired Loans | Purchased Credit Impaired Loans Such purchased credit impaired loans are accounted for individually or aggregated into pools of loans based on common risk characteristics, such as credit score, loan type, and date of origination. The Company estimates the amount and timing of expected cash flows for each loan or pool, and the expected cash flows in excess of amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan’s or pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, an allowance is recorded as a provision for loan losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. |
Allowance For Loan Losses | Allowance for Loan Losses Establishing the allowance for loan losses involves significant management judgments utilizing the best information available at the time. Those judgments are subject to further examination by the Bank’s regulators. Future adjustments to the allowance for loan losses may be necessary based on changes in economic and real estate market conditions, further information obtained regarding known problem loans, the identification of additional problem loans, and other factors. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for loans evaluated under the Company’s normal loan review procedures. Loans evaluated on an individual basis for impairment may be measured by the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. The Company’s impaired loans are generally collateral dependent. If the fair value of an impaired loan is less than its recorded investment, an impairment allowance is recognized and included in the allowance for loan losses. Troubled debt restructurings are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. The general component of the allowance covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over a thirty-six month period, with heaviest weight placed on the most recent periods. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: lending policies, underwriting, charge-off and collection procedures; national and local economic trends and conditions; trends in nature and volume of the loan portfolio; experience, ability, and depth of lending management and other relevant staff; trends in delinquencies, classified loans and restructurings; quality of the loan review system and Board oversight; value of underlying collateral for collateral dependent loans; existence and effect of concentrations and levels; and effects of external factors, such as competition, legal and regulatory factors. The following portfolio segments have been identified: residential, commercial mortgage, construction, commercial, home equity and consumer and overdrafts. The risk characteristics of each of the identified portfolio segments are as follows: Residential Loans – residential loans are generally made on the basis of the borrower’s ability to make repayment from his or her employment income or other income, and are secured by real property whose value tends to be more easily ascertainable. Repayment of residential loans is subject to adverse employment conditions in the local economy leading to increased default rates and decreased market values from oversupply in a geographic area. In general, these loans depend on the borrower’s continuing financial stability and, therefore, are likely to be adversely affected by various factors, including job loss, divorce, illness, or personal bankruptcy. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans. Commercial Mortgage – commercial mortgage loans, including multifamily real estate loans, are secured by multifamily and nonresidential real estate and generally have larger balances and involve a greater degree of risk than residential real estate loans. Repayment of commercial mortgage loans depend on the global cash flow analysis of the borrower and the net operating income of the property, the borrower’s expertise, credit history and profitability, and the value of the underlying property. Of primary concern in commercial real estate lending is the borrower’s creditworthiness and the cash flow generated from the property securing the loan. As a result, repayment of such loans may be subject, to a greater extent than residential real estate loans, to adverse conditions in the real estate market or the economy. Commercial real estate is also subject to adverse market conditions that cause a decrease in market value or lease rates, obsolescence in location or function and market conditions associated with over supply of units in a specific region. Construction – construction financing is generally considered to involve a higher degree of risk of loss than long-term financing on improved, occupied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the property’s value at completion of construction and the estimated cost of construction. During the construction phase, a number of factors could result in delays and cost overruns. If the estimate of construction costs proves to be inaccurate, additional funds may be required to be advanced in excess of the amount originally committed to permit completion of the building. If the estimate of value proves to be inaccurate, the value of the building may be insufficient to assure full repayment if liquidation is required. If foreclosure is required on a building before or at completion due to a default, there can be no assurance that all of the unpaid balance of, and accrued interest on, the loan as well as related foreclosure and holding costs will be recovered. Commercial – commercial loans are generally of higher risk than other types of loans and typically are made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business. As a result, the availability of funds for the repayment of commercial loans may depend substantially on the success of the business itself. Furthermore, any collateral securing such loans may depreciate over time, may be difficult to appraise, and may fluctuate in value. Home Equity Lines of Credit – home equity lines of credit consist of both fixed and variable interest rate products. These are primarily home equity loans to residential mortgage customers within the footprint of the primary lending territory. These loans generally will not exceed a combined (i.e., first and second mortgage) loan-to-value ratio of 75 percent at origination. Consumer and overdraft loans – consumer loans generally have shorter terms and higher interest rates than one-to-four family mortgage loans. In addition, consumer loans expand the products and services we offer to better meet the financial services needs of our customers. Consumer loans generally involve greater credit risk than residential mortgage loans because of the difference in the underlying collateral. Repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment of the outstanding loan balance because of the greater likelihood of damage to, loss of, or depreciation in the underlying collateral. The remaining deficiency often does not warrant further substantial collection efforts against the borrower beyond obtaining a deficiency judgment. In addition, consumer loan collections depend on the borrower’s personal financial stability. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans. |
Foreclosed Real Estate | Foreclosed Real Estate |
Federal Home Loan Bank (FHLB) Stock | Federal Home Loan Bank (FHLB) Stock |
Premises and Equipment | Premises and Equipment |
Bank Owned Life Insurance (BOLI) | Bank Owned Life Insurance (BOLI) |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets Other intangible assets, consisting of a core deposit intangible asset arising from a whole bank acquisition, are amortized on an accelerated method over their estimated useful lives of 10 years. |
Loan Commitments And Related Financial Instruments | Loan Commitments and Related Financial Instruments |
Income Taxes | Income Taxes Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in future years. The effect on deferred tax assets and liabilities of a change in tax laws or rates is recognized in the period that includes the enactment date of the change. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. |
Employee Benefit Plans | Employee Benefit Plans: Employee 401(k) expense is the amount of matching contributions. Pension expense is the net of service and interest cost, return on plan assets and amortization of gains and losses not immediately recognized. SERP expense is the net of interest cost and service cost, which allocates the benefits over years of service. The Holding Company and Bank maintain the PCSB Bank Employee Stock Ownership Plan (the “ESOP”). Compensation expense related to the ESOP is recorded during the period in which the shares become committed to be released to participants. The compensation expense is measured based upon the average fair market value of the stock during the period, and, to the extent that the fair value of the shares committed to be released differs from the original cost of such shares, the difference is recorded as an adjustment to additional paid-in capital. |
Loss Contingencies | Loss Contingencies |
Fair Value of Financial Instrument | Fair Value of Financial Instruments |
Segment Reporting | Segment Reporting |
Reclassification | Reclassifications |
Earnings per share | Earnings per share |
Recent Accounting Pronouncements | The pronouncements discussed below are not intended to be an all-inclusive list, but rather only those pronouncements that could potentially have a material impact on our financial position, results of operations or disclosures. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 “Revenue from Contracts with Customers,” and was later amended by ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12 and 2016-20. These updates provide a comprehensive framework for addressing revenue recognition issues that can be applied to all contracts with customers. The amendments also include improved disclosures to enable users of financial statements to better understand the nature, amount, timing and uncertainty of revenue that is recognized. While the guidance in ASU 2014-09 supersedes most existing industry-specific revenue recognition accounting guidance, much of PCSB Bank’s revenue comes from financial instruments such as debt securities and loans that are outside the scope of the guidance. The Company’s material revenue streams that are in the scope of ASU 2014-09 are fees on deposit accounts (including interchange fees) and foreclosed real estate gains and losses. All other revenue streams are immaterial or are in the scope of other GAAP requirements which take precedence and therefore are not in the scope of ASU 2014-09. Based on the Company’s analysis, ASU 2014-09 will not materially change the recognition of revenue on service fees on deposit accounts as the contracts are day to day and recognized as the service is provided. Gains and losses on the sale of foreclosed real estate are generally accounted for under ASC 610. However, ASU 2014-09 also added a new Subtopic 610-20 which addresses the recognition of gains and losses on the transfer of nonfinancial and in-substance nonfinancial assets. Gain and loss recognition is not expected to change except for foreclosed real estate and other nonfinancial asset sales that are financed by the Company. In the case of financed sales, the Company will need to evaluate each contract to determine whether each contract criteria are met, including whether it is probable that it will collect substantially all consideration to which it is entitled. The Company will also need to evaluate whether the financing terms offered to the buyer of the nonfinancial asset are market terms when determining the transaction price. The Company has evaluated the impact of ASU 2014-09 and the amendments upon adoption as of July 1, 2018. In evaluating this standard, management has determined that the majority of revenue earned by the Company is from revenue streams not included in the scope of this standard and for in scope revenue streams management determined that, based on the modified retrospective method, a cumulative-effect adjustment to opening retained earnings as a result of adopting this standard is not needed. ASU 2014-09 will require additional disclosures beginning with the quarter ending September 30, 2018. In January 2016, the FASB issued ASU 2016-01, an amendment to “Recognition and Measurement of Financial Assets and Financial Liabilities.” The amendments in ASU 2016-01 are intended to improve the recognition, measurement, presentation and disclosure of financial assets and liabilities to provide users of financial statements with information that is more useful for decision-making purposes. Among other changes, ASU 2016-01 would: (1) require equity securities to be reclassified out of available for sale and measured at fair value with changes in fair value recognized through net income but would allow equity securities that do not have readily determinable fair values to be re-measured at fair value either upon the occurrence of an observable price change or upon identification of an impairment, (2) simplify the impairment assessment of such equity securities and would require enhanced disclosure about these investments, (3) require separate presentation of financial assets and liabilities by measurement category and type of instrument, such as securities or loans, on the balance sheet or in the notes, and would eliminate certain other disclosures relating to the methods and assumptions used to estimate fair value for financial assets measured at amortized cost on the balance sheet, and (4) require the use of an exit price notion when measuring the fair value of financial instruments. The Company has evaluated the impact of ASU 2016-01 and subsequent amendments upon adoption on July 1, 2018 and has concluded that there is not a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 “Leases.” ASU 2016-02 affects any entity that enters into a lease and is intended to increase the transparency and comparability of financial statements among organizations. The ASU requires, among other changes, a lessee to recognize on its balance sheet a lease asset and a lease liability for those leases previously classified as operating leases. The lease asset would represent the right to use the underlying asset for the lease term and the lease liability would represent the discounted value of the required lease payments to the lessor. The ASU would also require entities to disclose key information about leasing arrangements. The amendments in this update will be effective for the Company for the fiscal year beginning on July 1, 2019, including interim periods within that fiscal year. Early adoption is permitted. The Company currently leases eleven branches and two administrative offices. ASU 2016-02 will result in the establishment of a right to use asset and corresponding lease obligation, the materiality of which has yet to be determined by management, however the ASU is not expected to have a material impact on the Company’s consolidated results of operations or disclosures. In June 2016, the FASB issued ASU 2016-13 “Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 affects entities holding financial assets that are not accounted for at fair value through net income, including loans, debt securities, and other financial assets. The ASU requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected by recording an allowance for current expected credit losses. The amendments in this update will be effective for the Company for the fiscal year beginning on July 1, 2020, including interim periods within that fiscal year. Early adoption is permitted beginning after December 15, 2018, including interim periods within those fiscal years. The Company is actively working through the provisions of the Update. Management has established a steering committee which is identifying the methodologies and the additional data requirements necessary to implement the Update and is evaluating the need for a third-party software service provider to assist in the Company's implementation. In January 2017, the FASB issued ASU 2017-04 “Intangibles – Goodwill and Other (Topic 350).” In March 2017, the FASB issued ASU 2017-07 “Compensation – Retirement Benefits”. The ASU requires companies that offer employee defined pension plans, other postretirement benefit plans, or other types of benefit plans accounted for under Topic 715 to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. Management has evaluated the impact of ASU 2017-07 upon adoption on July 1, 2018 and has concluded that there is not a material impact on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU 2017-08 "Receivables - Non-Refundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities." The ASU requires premiums on callable debt securities to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The amendments in this update will be effective for the Company for the fiscal year beginning on July 1, 2020, including interim periods within that fiscal year. Early adoption is permitted beginning after December 15, 2018, including interim periods within those fiscal years. ASU 2017-08 will not have a material impact on the Company’s consolidated financial position, results of operations or disclosures. On February 14, 2018, the FASB issued ASU 2018-02 "Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of certain tax effects from accumulated other comprehensive income." The ASU intended to help organizations reclassify certain stranded income tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act of 2017. The ASU requires the reclassification of stranded tax effects within accumulated other comprehensive income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the TAX Cuts and Job Act 2017 (or portion thereof) is recorded. The amount of the reclassification is the difference between the historical corporate income tax rate (34 percent) and the newly enacted 21 percent corporate income tax rate. The Company has elected to early adopt the ASU as of March 31, 2018, resulting in a $1.1 million reclassification between accumulated other comprehensive income and retained earnings. There is no impact to current earnings and no prior period information has been retroactively adjusted as a result of implementing the ASU. No additional reclassifications will be required in the future periods as a result of this guidance. The ASU is applied specifically to the impacts of the Tax Cuts and Jobs Act of 2017 and is not effective for other or future state or federal tax law changes. |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Amortized Cost, Gross Unrealized/Unrecognized Gains and Losses and Fair Value of Available for Sale and Held to Maturity Securities | The amortized cost, gross unrealized/unrecognized gains and losses and fair value of available for sale and held to maturity securities at June 30, 2018 and 2017 were as follows: June 30, 2018 Amortized Gross Unrealized/Unrecognized Fair Cost Gains Losses Value (Dollars in thousands) Available for sale: U.S. Government and agency obligations $ 64,389 $ - $ (959 ) $ 63,430 Corporate and other debt securities 8,406 - (171 ) 8,235 Mortgage-backed securities – residential 34,619 81 (893 ) 33,807 Equity securities 32 - - 32 Total available for sale $ 107,446 $ 81 $ (2,023 ) $ 105,504 Held to maturity: U.S. Government and agency obligations $ 122,048 $ - $ (2,274 ) $ 119,774 Corporate and other debt securities 4,000 - (126 ) 3,874 Mortgage-backed securities – residential 140,478 32 (4,846 ) 135,664 Mortgage-backed securities – collateralized mortgage obligations 53,547 - (1,815 ) 51,732 Mortgage-backed securities – commercial 33,110 11 (977 ) 32,144 Total held to maturity $ 353,183 $ 43 $ (10,038 ) $ 343,188 June 30, 2017 Amortized Gross Unrealized/Unrecognized Fair Cost Gains Losses Value (Dollars in thousands) Available for sale: U.S. Government and agency obligations $ 63,630 $ 31 $ (216 ) $ 63,445 Corporate and other debt securities 8,460 58 (36 ) 8,482 Mortgage-backed securities – residential 39,710 363 (143 ) 39,930 Equity securities 32 - - 32 Total available for sale $ 111,832 $ 452 $ (395 ) $ 111,889 Held to maturity: U.S. Government and agency obligations $ 155,559 $ 23 $ (574 ) $ 155,008 Corporate and other debt securities 999 - - 999 Mortgage-backed securities – residential 143,452 828 (497 ) 143,783 Mortgage-backed securities – collateralized mortgage obligations 59,476 146 (235 ) 59,387 Mortgage-backed securities – commercial 24,065 412 (66 ) 24,411 Total held to maturity $ 383,551 $ 1,409 $ (1,372 ) $ 383,588 |
Fair Value and Carrying Amount of Debt Securities by Contractual Maturity | The following table presents the fair value and carrying amount of debt securities at June 30, 2018 and 2017, by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Held to maturity Available for sale Carrying Fair Amortized Fair Amount Value Cost Value (in thousands) June 30, 2018: 1 year or less $ 25,504 $ 25,342 $ 12,402 $ 12,353 1 to 5 years 96,544 94,432 58,393 57,335 5 to 10 years - - 2,000 1,977 Mortgage-backed securities and other 231,135 223,414 34,619 33,807 Total $ 353,183 $ 343,188 $ 107,414 $ 105,472 Held to maturity Available for sale Carrying Fair Amortized Fair Amount Value Cost Value (in thousands) June 30, 2017: 1 year or less $ 50,486 $ 50,413 $ 16,005 $ 15,988 1 to 5 years 106,073 105,594 54,085 53,975 5 to 10 years - - 2,000 1,964 Mortgage-backed securities and other 226,992 227,581 39,710 39,930 Total $ 383,551 $ 383,588 $ 111,800 $ 111,857 |
Investment Securities with Fair Value and Unrealized Losses | The following table provides information regarding investment securities with unrealized/unrecognized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position at June 30, 2018 and 2017: June 30, 2018 Less than 12 months Greater than 12 months Total Unrealized/ Unrealized/ Unrealized/ Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Loss Value Loss Value Loss (in thousands) Available for sale: U.S. Government and agency obligations $ 41,762 $ (569 ) $ 21,668 $ (390 ) $ 63,430 $ (959 ) Corporate and other debt securities 6,258 (148 ) 1,977 (23 ) 8,235 (171 ) Mortgage-backed securities – residential 13,397 (379 ) 14,718 (514 ) 28,115 (893 ) Total available for sale $ 61,417 $ (1,096 ) $ 38,363 $ (927 ) $ 99,780 $ (2,023 ) Held to maturity: U.S. Government and agency obligations $ 46,163 $ (871 ) $ 71,611 $ (1,403 ) $ 117,774 $ (2,274 ) Corporate and other debt securities 3,874 (126 ) - - 3,874 (126 ) Mortgage-backed securities – residential 102,496 (3,338 ) 32,490 (1,508 ) 134,986 (4,846 ) Mortgage-backed securities – collateralized mortgage obligations 31,124 (884 ) 20,608 (931 ) 51,732 (1,815 ) Mortgage-backed securities – commercial 21,762 (582 ) 8,629 (395 ) 30,391 (977 ) Total held to maturity $ 205,419 $ (5,801 ) $ 133,338 $ (4,237 ) $ 338,757 $ (10,038 ) June 30, 2017 Less than 12 months Greater than 12 months Total Unrealized/ Unrealized/ Unrealized/ Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Loss Value Loss Value Loss (in thousands) Available for sale U.S. Government and agency obligations $ 41,900 $ (200 ) $ 3,993 $ (16 ) $ 45,893 $ (216 ) Corporate and other debt securities 1,964 (36 ) - - 1,964 (36 ) Mortgage-backed securities – residential 18,861 (111 ) 3,200 (32 ) 22,061 (143 ) Total available for sale $ 62,725 $ (347 ) $ 7,193 $ (48 ) $ 69,918 $ (395 ) Held to maturity U.S. Government and agency obligations $ 113,511 $ (531 ) $ 5,981 $ (43 ) $ 119,492 $ (574 ) Corporate and other debt securities 999 - - - 999 0 Mortgage-backed securities – residential 39,754 (467 ) 1,626 (30 ) 41,380 (497 ) Mortgage-backed securities – collateralized mortgage obligations 26,622 (141 ) 4,444 (94 ) 31,066 (235 ) Mortgage-backed securities – commercial 9,092 (66 ) - - 9,092 (66 ) Total held to maturity $ 189,978 $ (1,205 ) $ 12,051 $ (167 ) $ 202,029 $ (1,372 ) |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Summary of Loans Receivable | Loans receivable are summarized as follows at June 30 (in thousands): June 30, 2018 2017 Mortgage loans: Residential $ 250,578 $ 217,778 Commercial 495,265 437,651 Construction 17,352 22,404 Net deferred loan origination costs 1,041 397 Total mortgages 764,236 678,230 Commercial and consumer loans: Commercial loans 104,135 93,631 Home equity lines of credit 37,395 41,927 Consumer and overdrafts 745 233 Net deferred loan origination costs 729 777 Total commercial and consumer loans 143,004 136,568 Total loans receivable 907,240 814,798 Allowance for loan losses (4,904 ) (5,150 ) Loans receivable, net $ 902,336 $ 809,648 |
Summary of Activity in Allowance for Loan Losses by Portfolio Segment | The following tables present the activity in the allowance for loan losses by portfolio segment for the years ended June 30, 2018, 2017 and 2016 (in thousands): For the year ended June 30, 2018 Beginning Allowance Provision (Credit) Charge-offs Recoveries Ending Allowance Originated: Residential $ 360 $ 161 $ (136 ) $ 1 $ 386 Commercial 2,589 114 - 370 3,073 Construction 1,150 352 (997 ) - 505 Commercial loans 949 (335 ) (54 ) 220 780 Home equity lines of credit 76 45 (60 ) 19 80 Consumer and overdrafts - 30 (23 ) - 7 Acquired: - Residential 26 47 - - 73 Total $ 5,150 $ 414 $ (1,270 ) $ 610 $ 4,904 For the year ended June 30, 2017 Beginning Allowance Provision (Credit) Charge-offs Recoveries Ending Allowance Originated: Residential $ 237 $ 290 $ (237 ) $ 70 $ 360 Commercial 2,149 421 - 19 2,589 Construction 269 989 (108 ) - 1,150 Commercial loans 1,313 (944 ) (741 ) 1,321 949 Home equity lines of credit 73 3 - - 76 Consumer and overdrafts 1 (5 ) - 4 - Acquired: - Residential - 64 (38 ) - 26 Commercial loans - 2 (2 ) - - Consumer and overdrafts - 3 (3 ) - - Total $ 4,042 $ 823 $ (1,129 ) $ 1,414 $ 5,150 For the year ended June 30, 2016 Beginning Allowance Provision (Credit) Charge-offs Recoveries Ending Allowance Originated: Residential $ 193 $ 444 $ (400 ) $ - $ 237 Commercial 1,766 215 (10 ) 178 2,149 Construction 100 (23 ) - 192 269 Commercial loans 1,793 1,172 (1,677 ) 25 1,313 Home equity lines of credit 69 28 (24 ) - 73 Consumer and overdrafts - 23 (22 ) - 1 Total $ 3,921 $ 1,859 $ (2,133 ) $ 395 $ 4,042 |
Summary of Balance in Allowance for Loan Losses and Recorded investment in Loans by Portfolio Segment, and Based on Impairment Method | The following tables present the balance in the allowance for loan losses and the recorded investment in loans, excluding net deferred fees and accrued interest, by portfolio segment, and based on impairment method as of June 30, 2018 and June 30, 2017 (in thousands): June 30, 2018 Loans Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired With Deteriorated Credit Quality Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired With Deteriorated Credit Quality Total Residential $ 2,360 $ 246,913 $ 1,305 $ 250,578 $ 154 $ 232 $ 73 $ 459 Commercial 1,683 492,105 1,477 495,265 - 3,073 - 3,073 Construction 2,260 15,092 - 17,352 276 229 - 505 Commercial loans 2,451 101,684 - 104,135 9 771 - 780 Home equity lines of credit 360 36,867 168 37,395 12 68 - 80 Consumer and overdrafts - 745 - 745 - 7 - 7 Total $ 9,114 $ 893,406 $ 2,950 $ 905,470 $ 451 $ 4,380 $ 73 $ 4,904 June 30, 2017 Loans Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired With Deteriorated Credit Quality Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired With Deteriorated Credit Quality Total Residential $ 4,471 $ 211,983 $ 1,324 $ 217,778 $ 131 $ 229 $ 26 $ 386 Commercial 2,411 433,416 1,824 437,651 - 2,589 - 2,589 Construction 3,661 18,743 - 22,404 997 153 - 1,150 Commercial loans 6,169 87,420 42 93,631 9 940 - 949 Home equity lines of credit 610 41,140 177 41,927 5 71 - 76 Consumer and overdrafts - 233 - 233 - - - - Total $ 17,322 $ 792,935 $ 3,367 $ 813,624 $ 1,142 $ 3,982 $ 26 $ 5,150 |
Summary of Loans Individually Evaluated for Impairment (Excluding Loans Acquired with Deteriorated Credit Quality) by Class of Loans | The following tables present information related to loans individually evaluated for impairment (excluding loans acquired with deteriorated credit quality) by class of loans as of and for the years ended June 30, 2018, 2017 and 2016 (in thousands): June 30, 2018 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses With no related allowance recorded: Residential $ 1,659 $ 1,576 $ - Commercial 1,765 1,683 - Commercial loans 2,254 2,098 - Home equity lines of credit 341 341 - With an allowance recorded: Residential 742 784 154 Construction 3,257 2,260 276 Commercial loans 353 353 9 Home equity lines of credit 84 19 12 Total $ 10,455 $ 9,114 $ 451 June 30, 2017 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses With no related allowance recorded: Residential $ 4,216 $ 4,014 $ - Commercial 2,935 2,411 - Construction 404 404 - Commercial loans 9,433 4,979 - Home equity lines of credit 599 599 - With an allowance recorded: Residential 395 457 131 Construction 3,257 3,257 997 Commercial loans 1,190 1,190 9 Home equity lines of credit 11 11 5 Total $ 22,440 $ 17,322 $ 1,142 |
Summary of Average Recorded Investment and Interest Income Recognized on Loans Individually Evaluated for Impairment, by Class of Loans | For the year ended For the year ended For the year ended June 30, 2018 June 30, 2017 June 30, 2016 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential $ 3,041 $ 184 $ 4,238 $ 42 $ 5,577 $ 6 Commercial 2,350 248 2,448 137 9,324 88 Construction 93 17 406 12 13 - Commercial loans 3,457 1,049 5,065 239 10,755 71 Home equity lines of credit 507 22 599 (2 ) 430 - With an allowance recorded: Residential 453 15 432 15 - - Construction 2,720 - 3,015 71 132 - Commercial loans 1,491 66 1,224 61 422 12 Home equity lines of credit 11 - 11 - - - Total $ 14,123 $ 1,601 $ 17,438 $ 575 $ 26,653 $ 177 |
Nonaccrual Loans and in Loans Past Due over 90 Days Still on Accrual Status by Class of Loans | The following table presents the recorded investment in nonaccrual loans and in loans past due over 90 days still on accrual status, by class of loans as of June 30, 2018 and June 30, 2017 (in thousands): Loans Past Due Over 90 Days Nonaccrual and Still Accruing June 30, June 30, June 30, June 30, 2018 2017 2018 2017 Originated: Residential $ 604 $ 2,581 $ - $ - Commercial 262 - - - Construction 2,260 3,661 - - Commercial loans 788 2,959 - - Home equity lines of credit 45 302 - - Acquired: Residential 1,308 1,776 - - Commercial 532 497 - - Home equity lines of credit 303 296 - - Total $ 6,102 $ 12,072 $ - $ - |
Aging of Recorded Investment in Past Due Loans by Class of Loans | The following tables present the aging of the recorded investment in past due loans by class of loans as of June 30, 2018 and June 30, 2017 (in thousands): June 30, 2018 90 Days or 30-59 60-89 More Past Total Past Days Past Due Days Past Due Due Due Current Total Originated: Residential $ - $ 394 $ 210 $ 604 $ 194,986 $ 195,590 Commercial - - 262 262 420,320 420,582 Construction - - 2,260 2,260 15,092 17,352 Commercial loans - - 500 500 102,767 103,267 Home equity lines of credit - - 45 45 32,311 32,356 Consumer and overdrafts - - - - 733 733 Total originated - 394 3,277 3,671 766,209 769,880 Acquired: Residential - 232 1,806 2,038 52,950 54,988 Commercial - - 1,112 1,112 73,571 74,683 Construction - - - - - - Commercial loans - - - - 868 868 Home equity lines of credit 30 - 296 326 4,713 5,039 Consumer and overdrafts - - - - 12 12 Total acquired 30 232 3,214 3,476 132,114 135,590 Total $ 30 $ 626 $ 6,491 $ 7,147 $ 898,323 $ 905,470 June 30, 2017 90 Days or 30-59 60-89 More Past Total Past Days Past Due Days Past Due Due Due Current Total Originated: Residential $ 94 $ 275 $ 1,973 $ 2,342 $ 153,390 $ 155,732 Commercial - - - - 355,247 355,247 Construction - - 3,661 3,661 18,743 22,404 Commercial loans - - 544 544 88,449 88,993 Home equity lines of credit - 199 103 302 35,246 35,548 Consumer and overdrafts - - - - 211 211 Total originated 94 474 6,281 6,849 651,286 658,135 Acquired: Residential 237 463 1,472 2,172 59,874 62,046 Commercial - - 1,054 1,054 81,350 82,404 Construction - - - - - - Commercial loans - - - - 4,638 4,638 Home equity lines of credit - - 296 296 6,083 6,379 Consumer and overdrafts - - - 22 22 Total acquired 237 463 2,822 3,522 151,967 155,489 Total $ 331 $ 937 $ 9,103 $ 10,371 $ 803,253 $ 813,624 |
Summary of Loans by Class Modified in Troubled Debt Restructurings | The following table presents loans by modified in troubled debt restructurings that occurred during the years ended June 30, 2018, 2017 and 2016 (dollars in thousands): Number of loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Year ended June 30, 2018: Commercial loans 1 $ 275 $ 289 Total 1 $ 275 $ 289 Year ended June 30, 2017: Residential 1 $ 165 $ 210 Commercial loans 1 276 276 Total 2 $ 441 $ 486 Year ended June 30, 2016: Residential 3 $ 1,697 $ 1,697 Commercial 1 1,178 1,178 Commercial loans 1 64 64 Home equity lines of credit 1 200 200 Total 4 $ 3,139 $ 3,139 |
Summary of Risk Category of Loans by Class of Loans | Based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands): June 30, 2018 Pass Special Mention Substandard Total Originated: Residential $ 194,341 $ 571 $ 678 $ 195,590 Commercial 418,370 - 2,212 420,582 Construction 15,092 - 2,260 17,352 Commercial loans 98,205 167 4,895 103,267 Home equity lines of credit 32,167 144 45 32,356 Consumer and overdrafts 733 - - 733 Total originated 758,908 882 10,090 769,880 Acquired: Residential 51,858 249 2,881 54,988 Commercial 71,832 842 2,009 74,683 Construction - - - - Commercial loans 857 11 - 868 Home equity lines of credit 4,641 - 398 5,039 Consumer and overdrafts 12 - - 12 Total acquired 129,200 1,102 5,288 135,590 Total $ 888,108 $ 1,984 $ 15,378 $ 905,470 June 30, 2017 Pass Special Mention Substandard Total Originated: Residential $ 153,165 $ - $ 2,567 $ 155,732 Commercial 352,203 134 2,910 355,247 Construction 18,743 - 3,661 22,404 Commercial loans 79,406 - 9,587 88,993 Home equity lines of credit 35,246 58 244 35,548 Consumer and overdrafts 211 - 211 Total originated 638,974 192 18,969 658,135 Acquired: Residential 58,665 - 3,381 62,046 Commercial 80,082 - 2,322 82,404 Construction - - - - Commercial loans 4,638 - - 4,638 Home equity lines of credit 5,906 - 473 6,379 Consumer and overdrafts 22 - - 22 Total acquired 149,313 - 6,176 155,489 Total $ 788,287 $ 192 $ 25,145 $ 813,624 |
Schedule of Carrying Amount of Purchased Credit Impaired Loans | The carrying amount of those loans as of June 30, 2018 and 2017 is as follows (in thousands): June 30, June 30, 2018 2017 Residential $ 1,232 $ 1,298 Commercial 1,477 1,824 Commercial loans - 42 Home equity lines of credit 168 177 Carrying amount, net of allowance of $73 and $26, respectively $ 2,877 $ 3,341 |
Summary of Accretable Yield, or Income Expected to be Collected for Acquired Loans | Accretable yield, or income expected to be collected, for acquired loans is as follows (in thousands): Year ended June 30, 2018 2017 2016 Beginning balance $ 403 $ 578 $ 713 New loans acquired - - - Accretion income (70 ) (190 ) (185 ) Reclassification from non-accretable difference 5 15 132 Disposals (93 ) - (82 ) Ending balance $ 245 $ 403 $ 578 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Property Plant And Equipment [Abstract] | |
Summary of Premises and Equipment | Premises and equipment are summarized as follows at June 30 (in thousands): 2018 2017 Land $ 1,997 $ 1,997 Building and Leasehold improvements 13,430 11,128 Furniture, fixtures and equipment 6,096 5,841 Construction and improvements in process 355 3,015 21,878 21,981 Less: accumulated depreciation and amortization (10,280 ) (9,022 ) Total Bank premises and equipment, net $ 11,598 $ 12,959 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Change in Goodwill | The change in goodwill during the years ended June 30, 2018, 2017 and 2016 are as follows (in thousands): 2018 2017 2016 Balance at July 1 $ 6,106 $ 6,106 $ 5,843 Adjustment to CMS goodwill - - 263 Impairment - - - Total at June 30 $ 6,106 $ 6,106 $ 6,106 |
Schedule of Acquired Intangible Assets | Acquired Intangible Assets: Acquired intangible assets were as follows at June 30 (in thousands): 2018 2017 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Core deposit intangible $ 887 $ (454 ) $ 887 $ (328 ) |
Schedule of Estimated Amortization Expense | Estimated amortization expense for each of the next five fiscal years ended June 30 (in thousands): 2019 $ 110 2020 94 2021 78 2022 62 2023 46 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Deposits [Abstract] | |
Summary of Deposit Balances | Deposit balances are summarized as follows at June 30, 2018 and 2017 (in thousands): 2018 2017 Demand $ 131,883 $ 136,361 NOW Accounts 117,875 115,527 Money market accounts 49,885 29,097 Savings 465,441 512,697 Time deposits 392,373 294,779 Total $ 1,157,457 $ 1,088,461 |
Scheduled Maturities of Time Deposits | Scheduled maturities of time deposits were as follows as of June 30, 2018 and 2017 and exclude fair value adjustments on acquired time deposits (in thousands): 2018 2017 Within 1 year $ 183,276 $ 107,097 1 year to 2 years 49,350 62,331 2 years to 3 years 56,746 31,143 3 years to 4 years 56,458 41,508 4 years to 5 years 46,339 52,503 Thereafter 204 197 Total $ 392,373 $ 294,779 |
FHLB and Other Borrowings (Tabl
FHLB and Other Borrowings (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Federal Home Loan Banks [Abstract] | |
Maturity Schedule of Advances | The maturity schedule of advances is summarized as follows as of June 30 (dollars in thousands): 2018 2017 Amount Due Weighted Avg. Rate Amount Due Weighted Avg. Rate Within 1 year $ 10,125 1.70 % $ 23,757 1.27 % 1 year to 2 years 5,128 1.81 10,125 1.70 2 years to 3 years 131 2.62 5,128 1.81 3 years to 4 years 135 2.62 131 2.62 4 years to 5 years 138 2.62 135 2.62 Thereafter 3,184 2.62 3,322 2.62 Total $ 18,841 1.91 % $ 42,598 1.55 % |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Contract Amounts of Credit-related Financial Instruments | The contract amounts of credit-related financial instruments at June 30, 2018 and 2017, are summarized below (in thousands): 2018 2017 Commitments to originate loans $ 102,644 $ 77,600 Unused lines of credit 56,553 45,439 Standby letter of credit 1,420 705 |
Summary of Rent Commitments Before Considering Renewal Options | Rent commitments, before considering renewal options that generally are present, were as follows as of June 30, 2018 (in thousands): Within 1 year $ 2,145 1 year to 2 years 2,026 2 year to 3 years 1,737 3 year to 4 years 1,675 4 year to 5 years 1,639 Thereafter 8,283 Total $ 17,505 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Summary of Accumulated Other Comprehensive Income (Loss) | The following is a summary of the accumulated other comprehensive income (loss) balances, net of tax (in thousands): Net unrealized gain (loss) on available for sale securities Unrealized loss on pension benefits Unrealized loss on SERP benefits Total Balance at July 1, 2017 $ 37 $ (5,002 ) $ (250 ) $ (5,215 ) Other comprehensive income before reclassifications (1,835 ) 335 10 (1,490 ) Amounts reclassified from accumulated other comprehensive income (164 ) 725 34 595 Tax effect 558 (270 ) (11 ) 277 Net other comprehensive income (1,441 ) 790 33 (618 ) Reclassification of certain tax effects on other comprehensive income (1) (132 ) (938 ) (47 ) (1,117 ) Balance at June 30, 2018 $ (1,536 ) $ (5,150 ) $ (264 ) $ (6,950 ) Net unrealized gain (loss) on available for sale securities Unrealized loss on pension benefits Unrealized loss on SERP benefits Total Balance at July 1, 2016 $ 523 $ (7,683 ) $ (810 ) $ (7,970 ) Other comprehensive income before reclassifications (735 ) 3,973 (755 ) 2,483 Amounts reclassified from accumulated other comprehensive income — 89 93 182 Tax effect 249 (1,381 ) 1,222 90 Net other comprehensive income (486 ) 2,681 560 2,755 Balance at June 30, 2017 $ 37 $ (5,002 ) $ (250 ) $ (5,215 ) Net unrealized gain (loss) on available for sale securities Unrealized loss on pension benefits Unrealized loss on SERP benefits Total Balance at July 1, 2015 $ 323 $ (4,311 ) $ (734 ) $ (4,722 ) Other comprehensive income before reclassifications 255 (5,022 ) 89 (4,678 ) Amounts reclassified from accumulated other comprehensive income — 398 84 482 Tax effect (55 ) 1,252 (249 ) 948 Net other comprehensive income 200 (3,372 ) (76 ) (3,248 ) Balance at June 30, 2016 $ 523 $ (7,683 ) $ (810 ) $ (7,970 ) (1) Represents the impact of adopting ASU 2018-02 requiring the reclassification of certain stranded income tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act of 2017 from accumulated other comprehensive income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act of 2017 (or portion thereof) is recorded. The amount of the reclassification is the difference between the historical corporate income tax rate (34 percent) and the newly enacted 21 percent corporate income tax rate. The reclassification is as of March 31, 2018; no prior period information has been retroactively adjusted as a result of implementing the ASU. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | Year ended June 30, 2018 (dollars in thousands, except per share data) Net income applicable to common stock $ 6,604 Average number of common shares outstanding 18,165,110 Less: Average unallocated ESOP shares 1,362,216 Average number of common shares outstanding used to calculate basic earnings per common share 16,802,894 Earnings per Common share: Basic $ 0.39 Diluted $ 0.39 |
Fair Value of Financial Instr38
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value | Assets and liabilities measured at fair value are summarized below (in thousands): Fair Value Measurements Level 1 Level 2 Level 3 Total June 30, 2018: Measured on a recurring basis: Available for sale securities: U.S. Government and agency obligations $ - $ 63,430 $ - $ 63,430 Corporate and other debt securities - 8,235 - 8,235 Mortgage-backed securities – residential - 33,807 - 33,807 Equity securities - 32 - 32 Total assets at fair value $ - $ 105,504 $ - $ 105,504 Measured on a non-recurring basis: Impaired loans: Residential mortgages $ - $ - $ 688 $ 688 Construction - - 1,984 1,984 Commercial loans - - 845 845 Home equity lines of credit - - 7 7 Foreclosed real estate - - 460 460 Total assets at fair value $ - $ - $ 3,984 $ 3,984 Fair Value Measurements Level 1 Level 2 Level 3 Total June 30, 2017 Measured on a recurring basis: Available for sale securities: U.S. Government and agency obligations $ - $ 63,445 $ - $ 63,445 Corporate and other debt securities - 8,482 - 8,482 Mortgage-backed securities – residential - 39,930 - 39,930 Equity securities - 32 - 32 Total assets at fair value $ - $ 111,889 $ - $ 111,889 Measured on a non-recurring basis: Impaired loans: Residential mortgages $ - $ - $ 1,126 $ 1,126 Construction - - 2,260 2,260 Commercial loans - - 1,681 1,681 Home equity lines of credit - - 5 5 Foreclosed real estate - - 977 977 Total assets at fair value $ - $ - $ 6,049 $ 6,049 |
Summary of Quantitative Information about Level 3 Fair Value Measurements for Selected Financial Instruments Measured at Fair Value on Non-recurring Basis | The following tables present quantitative information about Level 3 fair value measurements for selected financial instruments measured at fair value on a non-recurring basis at June 30, 2018 and June 30, 2017 (dollars in thousands): Valuation Unobservable Range or Fair Value Technique(s) Input(s) Rate Used June 30, 2018: Impaired loans - residential mortgages $ 688 Sales comparison Adjustments for differences in sales comparables -5.1% to 20.9% Discounted cash flow Discount rate 5.4% to 6.3% Impaired loans - construction 1,984 Sales contract Discount to sales contract 9.8% Impaired loans - commercial loans 845 Discounted cash flow Discount rate 5.3% to 7.5% Sales contract Discount to sales contract 9.8% Impaired loans - home equity lines of credit 7 Sales comparison Adjustments for differences in sales comparables -5.1% to 20.9% Discounted cash flow Discount rate 6.3% Foreclosed real estate 460 Sales comparison Adjustments for differences in sales comparables -8.1% to -0.4% June 30, 2017: Impaired loans - residential mortgages $ 1,126 Sales comparison Adjustments for differences in sales comparables -5.1% to 7.8% Discounted cash flow Discount rate 5.4% to 6.3% Impaired loans - construction 2,260 Cost approach Discount for distressed property 50.0% Impaired loans - commercial loans 1,681 Discounted cash flow Discount rate 6.0% to 7.5% Sales comparison Adjustments for differences in sales comparables 0.0% Impaired loans - home equity lines of credit 5 Discounted cash flow Discount rate 6.3% Foreclosed real estate 977 Sales comparison Adjustments for differences in sales comparables -23.4% to 7.2% |
Summary of Carrying Amounts and Estimated Fair Values of Bank's Financial Assets and Liabilities | The following is a summary of the carrying amounts and estimated fair values of the Company’s financial assets and liabilities (none of which are held for trading purposes) (in thousands): Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total June 30, 2018: Financial assets: Cash and cash equivalents $ 62,145 $ 62,145 $ - $ - $ 62,145 Investment securities held to maturity 353,183 - 343,188 - 343,188 Investment securities available for sale 105,504 - 105,504 - 105,504 Loans receivable, net 902,336 - - 882,319 882,319 Accrued interest receivable 4,358 - 1,402 2,956 4,358 Federal Home Loan Bank stock 2,050 N/A N/A N/A N/A Financial liabilities: Demand, NOW, money market deposits and savings accounts 765,084 765,084 - - 765,084 Time deposits 392,373 - 394,205 - 394,205 Mortgage escrow funds 8,803 8,803 - - 8,803 FHLB advances 18,841 - 20,574 - 20,574 June 30, 2017: Financial assets: Cash and cash equivalents $ 60,486 $ 60,486 $ - $ - $ 60,486 Investment securities held to maturity 383,551 - 383,318 270 383,588 Investment securities available for sale 111,889 - 111,889 - 111,889 Loans receivable, net 809,648 - - 817,814 817,814 Accrued interest receivable 3,693 - 1,243 2,450 3,693 Federal Home Loan Bank stock 3,132 N/A N/A N/A N/A Financial liabilities: Demand, NOW, money market deposits and savings accounts 793,681 793,681 - - 793,681 Time deposits 294,780 - 297,508 - 297,508 Mortgage escrow funds 8,084 8,084 - - 8,084 FHLB advances 42,598 - 45,504 - 45,504 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) are summarized as follows for the years ended June 30 (in thousands): 2018 2017 2016 Current tax expense (benefit) Federal $ 2,577 $ 1,344 $ (6 ) State 20 (52 ) (476 ) 2,597 1,292 (482 ) Deferred tax expense (benefit) Federal 2,414 (52 ) 1,216 State 313 (21 ) 250 2,727 (73 ) 1,466 State tax valuation allowances, net of federal benefit (302 ) 47 149 Total $ 5,022 $ 1,266 $ 1,133 |
Schedule of Effective Income Tax Rate Reconciliation | Effective tax rates differ from federal statutory rate applied to income before income taxes due to the following (in thousands): 2018 2017 2016 Federal statutory rate 28.06 % 34.00 % 34.00 % Tax at federal statutory rate $ 3,262 $ 1,529 $ 1,380 State Taxes, net of federal benefit 24 — — Tax-exempt income (61 ) (47 ) (49 ) BOLI income (157 ) (211 ) (156 ) ESOP Compensation 300 63 — Deferred tax re-remeasurement charge 1,570 — — Other, net 84 (68 ) (42 ) Total $ 5,022 $ 1,266 $ 1,133 Effective tax rate 43.20 % 28.16 % 27.91 % |
Schedule of Deferred Tax Assets and Liabilities | Year-end deferred tax assets and liabilities were due to the following (in thousands): 2018 2017 Deferred Tax Assets: Allowance for Loan Losses $ 1,222 $ 1,983 Deferred compensation 836 1,071 Accrued incentive compensation 110 — Purchase accounting adjustments 70 277 Deferred rent 182 380 Other compensation loss (defined benefit plans) 1,439 2,706 Depreciation of premises and equipment 413 405 NOL carryforward 131 602 Charitable contribution carryforward 949 1,820 Nonaccrual loan interest 118 540 Other comprehensive loss (securities) 408 — Other — 104 Total deferred tax assets 5,878 9,888 Deferred Tax Liabilities: Prepaid pension costs $ 2,424 $ 3,622 Deferred loan costs and fees, net 451 457 Other comprehensive income (securities) — 19 Other 31 368 Total deferred tax liabilities 2,906 4,466 Deferred tax asset valuation allowance (350 ) (652 ) Net Deferred Tax Asset $ 2,622 $ 4,770 |
Post-Retirement Benefits (Table
Post-Retirement Benefits (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |
Shares Held by ESOP | Shares held by the ESOP include the following (dollars in thousands): 2018 2017 Allocated to participants 144,923 26,975 Unearned 1,308,286 1,426,234 Total ESOP shares 1,453,209 1,453,209 Fair value of unearned shares $ 25,996 $ 24,332 |
Employee Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Summary of Plan's Funded Status | The following is a summary of the plan’s funded status as of June 30, 2018 and 2017 (the measurement date for financial reporting purposes) (in thousands): 2018 2017 Change in benefit obligation: Beginning benefit obligation $ 25,614 $ 28,670 Service Cost - 602 Interest Cost 968 1,002 Actuarial Loss 8 (2,013 ) Benefits Paid (868 ) (828 ) Settlements (958 ) (1,301 ) Curtailment - (518 ) Ending benefit obligation 24,764 25,614 Change in plan assets, at fair value: Beginning plan assets 27,444 23,215 Actual return 2,357 3,358 Employer contributions - 3,000 Benefits paid (868 ) (828 ) Settlements (958 ) (1,301 ) Ending Plan assets 27,975 27,444 Funded Status $ 3,211 $ 1,830 Accumulated Benefit Obligation $ 24,764 $ 25,614 |
Summary of Net Period Pension Cost, Contributions and Benefits Paid | The following is a summary of net period pension cost, contributions and benefits paid for the years ended June 30 (in thousands): 2018 2017 Net period pension cost $ (321 ) $ (224 ) Employer contributions - 3,000 Benefits paid 868 828 |
Schedule of Net Periodic Pension Cost and Other Amounts Recognized in Other Comprehensive Income | Net periodic pension cost and other amounts recognized in other comprehensive income for the years ended June 30 (in thousands): 2018 2017 2016 Service cost $ - $ 602 $ 626 Interest cost 968 1,002 1,086 Expected return on plan assets (2,014 ) (1,917 ) (1,796 ) Amortization of prior net loss 725 1,200 854 Amortization of prior service cost - (192 ) (287 ) Gain on curtailment - (919 ) - New past service liability - - - Net periodic cost $ (321 ) $ (224 ) $ 483 |
Schedule of Benefit Payments which Reflects Expected Future Service | The following benefit payments are expected for the years ending June 30, (in thousands): 2019 $ 1,232 2020 1,259 2021 1,303 2022 1,347 2023 1,365 Following five years 7,202 |
Schedule of Weighted-Average Assumptions Used to Determine Net Periodic Pension Cost | Weighted-average assumptions used to determine net periodic pension cost are described in the table below. Year ended June 30, 2018 2017 Discount Rate 3.87 % 4.04 % Expected return on plan assets 7.50 % 7.50 % |
Schedule of Actual Pension Plan Asset Allocation and Target Allocation by Asset Category | The Company’s actual pension plan asset allocation and target allocation by asset category are as follows: Percentage of Plan Target Assets at Year-End Asset Category Allocation 2018 2017 Equity mutual funds and common/collective trusts 65 % 67 % 65 % Fixed income common/collective trusts 34 % 32 % 34 % Cash equivalents 1 % 1 % 1 % Total 100 % 100 % 100 % |
Schedule of Fair Value of Plan Assets | The fair value of the plan assets at June 30, 2018 and 2017, by asset category, is as follows (in thousands): Fair Value Measurements Using Quoted Prices Significant In Active Other Significant Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) June 30, 2018 Plan assets Equity mutual funds and common/collective trusts $ 18,914 $ - $ 18,914 $ - Fixed income common/collective trusts 8,893 - 8,893 - Cash equivalents 168 168 - - Total $ 27,975 $ 168 $ 27,807 $ - June 30, 2017 Plan assets Equity mutual funds and common/collective trusts $ 17,704 $ - $ 17,704 $ - Fixed income common/collective trusts 9,451 - 9,451 - Cash equivalents 289 289 - - Total $ 27,444 $ 289 $ 27,155 $ - |
Supplemental Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Periodic Pension Cost and Other Amounts Recognized in Other Comprehensive Income | Net periodic pension cost and other amounts recognized in other comprehensive income for the years ended June 30 (in thousands): 2018 2017 2016 Service cost $ 518 $ 398 $ 322 Interest cost 103 124 133 Amortization of prior net loss 34 93 84 Net periodic cost $ 655 $ 615 $ 539 |
Schedule of Benefit Payments which Reflects Expected Future Service | The following benefit payments, which reflect expected future service, are expected for the years ending June 30 (in thousands): 2019 $ 272 2020 272 2021 3,336 2022 272 2023 272 Following five years 136 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Banking And Thrift [Abstract] | |
Summary of Company's and Bank's Actual Capital Amounts and Ratios Compared to Required Ratios for Minimum Capital Adequacy and for Classification as Well Capitalized | The following is a summary of the Company’s and Bank’s actual capital amounts and ratios as of June 30, 2018 and June 30, 2017, compared to the required ratios for minimum capital adequacy and for classification as well capitalized (dollars in thousands): To Be Well Capitalized For Capital Under Prompt Adequacy Corrective Action Bank Actual Purposes Provisions Amount Ratio Amount Ratio Amount Ratio June 30, 2018: PCSB Bank Leverage (Tier 1) $ 200,488 13.6 % $ 58,924 4.0 % $ 73,655 5.0 % Risk-based: Common Tier 1 200,488 21.1 42,745 4.5 61,743 6.5 Tier 1 200,488 21.1 56,994 6.0 75,991 8.0 Total 205,392 21.6 75,991 8.0 94,989 10.0 PCSB Financial Corporation Leverage (Tier 1) $ 287,991 19.5 % $ 58,948 4.0 % N/A N/A Risk-based: Common Tier 1 287,991 30.3 42,783 4.5 N/A N/A Tier 1 287,991 30.3 57,044 6.0 N/A N/A Total 292,895 30.8 76,058 8.0 N/A N/A June 30, 2017: PCSB Bank Leverage (Tier 1) $ 190,990 13.7 % $ 55,949 4.0 % $ 69,936 5.0 % Risk-based: Common Tier 1 190,990 21.7 39,631 4.5 57,245 6.5 Tier 1 190,990 21.7 52,841 6.0 70,455 8.0 Total 196,140 22.3 70,455 8.0 88,069 10.0 PCSB Financial Corporation Leverage (Tier 1) $ 278,528 20.0 % $ 55,839 4.0 % N/A N/A Risk-based: Common Tier 1 278,528 31.6 39,631 4.5 N/A N/A Tier 1 278,528 31.6 52,841 6.0 N/A N/A Total 283,678 32.2 70,455 8.0 N/A N/A |
Parent Company Only Financial42
Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Consolidated Balance Sheets | The following are the financial statements of the Company (Parent only) as of and for the years ended June 30, 2018 and June 30, 2017 (in thousands). The Company was established as of December 9, 2016; therefore, financial information prior to that date is not available. June 30, 2018 2017 Assets Cash and cash equivalents $ 72,140 $ 71,273 Investment in Bank 200,058 192,308 ESOP Loan receivable 13,563 14,532 Other Assets 1,798 1,888 Total Assets $ 287,559 $ 280,001 Liabilities and stockholders' equity Other Liabilities $ - $ 155 Stockholders' equity 287,559 279,846 Total Liabilities and stockholders' equity $ 287,559 $ 280,001 |
Consolidated Statements of Operations | Years Ended June 30, 2018 2017 Interest Income $ 668 $ 125 Equity in income of Bank 7,188 1,055 Contribution to PCSB Foundation — 5,000 Other non-interest expenses 689 105 Income (loss) before income tax 7,167 (3,925 ) Income tax expense (benefit) 563 (1,693 ) Net Income (loss) $ 6,604 $ (2,232 ) |
Consolidated Statements of Cash Flows | Year Ended June 30, 2018 2017 Cash Flows from Operating Activities: Net income (loss) $ 6,604 $ (2,232 ) Adjustments to reconcile net income to net cash provided by operating activities: Equity in income of Bank (7,188 ) (1,055 ) Issuance of common stock to PCSB Foundation — 3,387 Deferred tax expense (benefit) 733 (1,482 ) Net increase in accrued interest receivable (230 ) (113 ) Other adjustments, principally net changes in other assets and liabilities (569 ) (138 ) Net cash used in operating activities (650 ) (1,633 ) Cash Flows from Investing Activities: Investment in PCSB Bank — (87,350 ) Decrease (increase) in ESOP loan 969 (14,532 ) Net cash provided by (used in) investing activities 969 (101,882 ) Cash Flows from Financing Activities: Common stock dividends declared (504 ) — Allocation of ESOP shares 1,069 184 Issuance of common stock (17 ) 174,604 Net cash provided by financing activities 548 174,788 Net increase in cash and cash equivalents 867 71,273 Cash and cash equivalents at beginning of year 71,273 — Cash and cash equivalents at end of year $ 72,140 $ 71,273 |
Quarterly Financial Informati43
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | 2018 2017 In thousands, except per share amounts Fourth Third Second First Fourth Third Second First Interest income $ 13,358 $ 11,648 $ 11,657 $ 11,297 $ 10,723 $ 10,276 $ 9,850 $ 10,109 Interest expense 1,926 1,505 1,471 1,421 1,318 1,318 1,323 1,334 Net interest income 11,432 10,143 10,186 9,876 9,405 8,958 8,527 8,775 Provision for loan losses 25 54 200 135 - 235 562 26 Non-interest income (1) 601 512 692 714 647 626 2,259 552 Non-interest expense (2) 8,264 7,833 8,125 7,894 12,859 6,580 7,794 7,198 Income before taxes 3,744 2,768 2,553 2,561 (2,807 ) 2,769 2,430 2,103 Income tax expense (3) 1,075 591 2,551 805 (1,017 ) 878 758 647 Net Income (loss) $ 2,669 $ 2,177 $ 2 $ 1,756 $ (1,790 ) $ 1,891 $ 1,672 $ 1,456 Earnings per share Basic $ 0.16 $ 0.13 $ - $ 0.10 N/A N/A N/A N/A Diluted $ 0.16 $ 0.13 $ - $ 0.10 N/A N/A N/A N/A (1) Non-interest income for the second quarter of 2017 includes a $1.6 million settlement on a loan charged-off by CMS Bank before the 2015 merger. (2) Non-interest expense for the fourth quarter of 2017 includes a $5.0 million contribution expense related to Company’s establishment of the PCSB Community Foundation. (3) Income tax expense for the second quarter of 2018 includes $1.6 million charge reflecting a re-measurement of our deferred tax assets resulting from a decrease in the corporate income tax rate from 34% to 21%. |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | 12 Months Ended | |
Jun. 30, 2018USD ($)SubsidiarySegment | Jun. 30, 2017USD ($) | |
Basis Of Presentation [Line Items] | ||
Number of subsidiaries | Subsidiary | 3 | |
Trading securities | $ 0 | |
Other intangible assets, estimated useful life | 10 years | |
Tax position recognized largest amount of tax benefit greater than likely realized percentage | 50.00% | |
Tax benefit related to taxo positions | $ 0 | $ 0 |
Dilutive instruments | $ 0 | $ 0 |
Financial Service Operations [Member] | ||
Basis Of Presentation [Line Items] | ||
Number of reportable operating segments | Segment | 1 | |
Maximum [Member] | Home Equity Lines of Credit [Member] | ||
Basis Of Presentation [Line Items] | ||
Loan-to-value ratio | 75.00% |
Recent Accounting Pronounceme45
Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||||
Corporate income tax rate | 21.00% | 34.00% | 28.06% | 34.00% | 34.00% | |
Retained Earnings [Member] | ||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||||
Reclassification of certain tax effects on other comprehensive income | [1] | $ 1,117 | ||||
Accumulated Other Comprehensive Income [Member] | ||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||||
Reclassification of certain tax effects on other comprehensive income | [1] | $ (1,117) | ||||
[1] | The adoption of ASU 2018-02 requires the reclassification from accumulated other comprehensive income to retained earnings of certain stranded income tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act of 2017. Refer to Footnote 2 - Recent Accounting Pronouncements for additional information |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Apr. 20, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Apr. 19, 2017 |
Subsidiary Sale Of Stock [Line Items] | ||||
Initial public offering in connection with banks's mutual-to-stock conversion completion date | Apr. 20, 2017 | |||
Gross proceeds from offering | $ 178.3 | |||
Sale of stock | 17,826,408 | |||
Expenses related to offering | $ 3.7 | |||
Net proceeds from offering | 174.6 | |||
ESOP borrowing | $ 13.6 | |||
Amount retained from net proceeds of the offering prior to the contribution | $ 87.3 | |||
Common Stock, shares outstanding | 18,165,110 | 18,165,110 | 0 | |
PCSB Bank Employee Stock Ownership Plan [Member] | ||||
Subsidiary Sale Of Stock [Line Items] | ||||
Sale of stock | 1,453,209 | |||
Stock price | $ 10 | |||
ESOP borrowing | $ 14.5 | |||
PCSB Community Foundation [Member] | ||||
Subsidiary Sale Of Stock [Line Items] | ||||
Contributions in shares | 338,702 | |||
Contributions in cash | $ 1.6 |
Investment Securities - Schedul
Investment Securities - Schedule of Amortized Cost, Gross Unrealized/Unrecognized Gains and Losses and Fair Value of Available for Sale and Held to Maturity Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Schedule of Investments [Line Items] | ||
Available for sale, Amortized Cost | $ 107,446 | $ 111,832 |
Available for sale, Gross Unrealized/Unrecognized Gains | 81 | 452 |
Available for sale, Gross Unrealized/Unrecognized Losses | (2,023) | (395) |
Available for sale, Fair Value | 105,504 | 111,889 |
Held to maturity, Amortized Cost | 353,183 | 383,551 |
Held to maturity, Gross Unrealized/Unrecognized Gains | 43 | 1,409 |
Held to maturity, Gross Unrealized/Unrecognized Losses | (10,038) | (1,372) |
Held to maturity, Fair Value | 343,188 | 383,588 |
U.S. Government and Agency Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Amortized Cost | 64,389 | 63,630 |
Available for sale, Gross Unrealized/Unrecognized Gains | 31 | |
Available for sale, Gross Unrealized/Unrecognized Losses | (959) | (216) |
Available for sale, Fair Value | 63,430 | 63,445 |
Held to maturity, Amortized Cost | 122,048 | 155,559 |
Held to maturity, Gross Unrealized/Unrecognized Gains | 23 | |
Held to maturity, Gross Unrealized/Unrecognized Losses | (2,274) | (574) |
Held to maturity, Fair Value | 119,774 | 155,008 |
Corporate and Other Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Amortized Cost | 8,406 | 8,460 |
Available for sale, Gross Unrealized/Unrecognized Gains | 58 | |
Available for sale, Gross Unrealized/Unrecognized Losses | (171) | (36) |
Available for sale, Fair Value | 8,235 | 8,482 |
Held to maturity, Amortized Cost | 4,000 | 999 |
Held to maturity, Gross Unrealized/Unrecognized Losses | (126) | 0 |
Held to maturity, Fair Value | 3,874 | 999 |
Mortgage-backed Securities - Residential [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Amortized Cost | 34,619 | 39,710 |
Available for sale, Gross Unrealized/Unrecognized Gains | 81 | 363 |
Available for sale, Gross Unrealized/Unrecognized Losses | (893) | (143) |
Available for sale, Fair Value | 33,807 | 39,930 |
Held to maturity, Amortized Cost | 140,478 | 143,452 |
Held to maturity, Gross Unrealized/Unrecognized Gains | 32 | 828 |
Held to maturity, Gross Unrealized/Unrecognized Losses | (4,846) | (497) |
Held to maturity, Fair Value | 135,664 | 143,783 |
Equity Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Amortized Cost | 32 | 32 |
Available for sale, Fair Value | 32 | 32 |
Mortgage-backed Securities - Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Held to maturity, Amortized Cost | 53,547 | 59,476 |
Held to maturity, Gross Unrealized/Unrecognized Gains | 146 | |
Held to maturity, Gross Unrealized/Unrecognized Losses | (1,815) | (235) |
Held to maturity, Fair Value | 51,732 | 59,387 |
Mortgage-backed Securities - Commercial [Member] | ||
Schedule of Investments [Line Items] | ||
Held to maturity, Amortized Cost | 33,110 | 24,065 |
Held to maturity, Gross Unrealized/Unrecognized Gains | 11 | 412 |
Held to maturity, Gross Unrealized/Unrecognized Losses | (977) | (66) |
Held to maturity, Fair Value | $ 32,144 | $ 24,411 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 12 Months Ended | ||
Jun. 30, 2018USD ($)Security | Jun. 30, 2017USD ($)Security | Jun. 30, 2016USD ($) | |
Schedule of Investments [Line Items] | |||
Sale of investment securities | $ 8,600,000 | ||
Realized gains or losses on investment securities | 236,000 | $ 0 | $ 0 |
Disposal of securities held to maturity | 1,300,000 | ||
Realized gains from sale of securities held to maturity | 72,000 | ||
Carrying amounts of securities pledged | 140,500,000 | 95,500,000 | |
Total investment securities | $ 458,687,000 | $ 495,440,000 | |
Number of securities in unrealized loss position | Security | 254 | 156 | |
Fair value of securities in unrealized loss position | $ 438,500,000 | $ 271,900,000 | |
Other-than-temporarily impaired securities | $ 0 | $ 0 | |
Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Held to maturity substantial portion of principal outstanding percentage | 85.00% |
Investment Securities - Fair Va
Investment Securities - Fair Value and Carrying Amount of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Investments Debt And Equity Securities [Abstract] | ||
Held to maturity, carrying amount, 1 year or less | $ 25,504 | $ 50,486 |
Held to maturity, carrying amount, 1 to 5 years | 96,544 | 106,073 |
Held to maturity, carrying amount, Mortgage-backed securities and other | 231,135 | 226,992 |
Held to maturity, Amortized Cost | 353,183 | 383,551 |
Held to maturity, fair value, 1 year or less | 25,342 | 50,413 |
Held to maturity, fair value, 1 to 5 years | 94,432 | 105,594 |
Held to maturity, fair value, Mortgage-backed securities and other | 223,414 | 227,581 |
Held to maturity, fair value, Total | 343,188 | 383,588 |
Available for sale, amortized cost, 1 year or less | 12,402 | 16,005 |
Available for sale, amortized cost, 1 to 5 years | 58,393 | 54,085 |
Available for sale, amortized cost, 5 to 10 years | 2,000 | 2,000 |
Available for sale, amortized cost, Mortgage-backed securities and other | 34,619 | 39,710 |
Available for sale, amortized cost, Total | 107,414 | 111,800 |
Available for sale, fair value, 1 year or less | 12,353 | 15,988 |
Available for sale, fair value, 1 to 5 years | 57,335 | 53,975 |
Available for sale, fair value, 5 to 10 years | 1,977 | 1,964 |
Available for sale, fair value, Mortgage-backed securities and other | 33,807 | 39,930 |
Available for sale, fair value, Total | $ 105,472 | $ 111,857 |
Investment Securities - Investm
Investment Securities - Investment Securities with Fair Value and Unrealized Losses (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Schedule of Investments [Line Items] | ||
Available for sale, Less than 12 months, Fair Value | $ 61,417 | $ 62,725 |
Available for sale, Less than 12 months, Unrealized/Unrecognized Loss | (1,096) | (347) |
Available for sale, Greater than 12 months, Fair Value | 38,363 | 7,193 |
Available for sale, Greater than 12 months, Unrealized/Unrecognized Loss | (927) | (48) |
Available for sale, Total, Fair Value | 99,780 | 69,918 |
Available for sale, Total, Unrealized/Unrecognized Loss | (2,023) | (395) |
Held to maturity, Less than 12 months, Fair Value | 205,419 | 189,978 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (5,801) | (1,205) |
Held to maturity, Greater than 12 months, Fair Value | 133,338 | 12,051 |
Held to maturity, Greater than 12 months,Unrealized/ Unrecognized Loss | (4,237) | (167) |
Held to maturity, Total, Fair Value | 338,757 | 202,029 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (10,038) | (1,372) |
U.S. Government and Agency Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Less than 12 months, Fair Value | 41,762 | 41,900 |
Available for sale, Less than 12 months, Unrealized/Unrecognized Loss | (569) | (200) |
Available for sale, Greater than 12 months, Fair Value | 21,668 | 3,993 |
Available for sale, Greater than 12 months, Unrealized/Unrecognized Loss | (390) | (16) |
Available for sale, Total, Fair Value | 63,430 | 45,893 |
Available for sale, Total, Unrealized/Unrecognized Loss | (959) | (216) |
Held to maturity, Less than 12 months, Fair Value | 46,163 | 113,511 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (871) | (531) |
Held to maturity, Greater than 12 months, Fair Value | 71,611 | 5,981 |
Held to maturity, Greater than 12 months,Unrealized/ Unrecognized Loss | (1,403) | (43) |
Held to maturity, Total, Fair Value | 117,774 | 119,492 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (2,274) | (574) |
Corporate and Other Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Less than 12 months, Fair Value | 6,258 | 1,964 |
Available for sale, Less than 12 months, Unrealized/Unrecognized Loss | (148) | (36) |
Available for sale, Greater than 12 months, Fair Value | 1,977 | |
Available for sale, Greater than 12 months, Unrealized/Unrecognized Loss | (23) | |
Available for sale, Total, Fair Value | 8,235 | 1,964 |
Available for sale, Total, Unrealized/Unrecognized Loss | (171) | (36) |
Held to maturity, Less than 12 months, Fair Value | 3,874 | 999 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (126) | |
Held to maturity, Total, Fair Value | 3,874 | 999 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (126) | 0 |
Mortgage-backed Securities - Residential [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Less than 12 months, Fair Value | 13,397 | 18,861 |
Available for sale, Less than 12 months, Unrealized/Unrecognized Loss | (379) | (111) |
Available for sale, Greater than 12 months, Fair Value | 14,718 | 3,200 |
Available for sale, Greater than 12 months, Unrealized/Unrecognized Loss | (514) | (32) |
Available for sale, Total, Fair Value | 28,115 | 22,061 |
Available for sale, Total, Unrealized/Unrecognized Loss | (893) | (143) |
Held to maturity, Less than 12 months, Fair Value | 102,496 | 39,754 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (3,338) | (467) |
Held to maturity, Greater than 12 months, Fair Value | 32,490 | 1,626 |
Held to maturity, Greater than 12 months,Unrealized/ Unrecognized Loss | (1,508) | (30) |
Held to maturity, Total, Fair Value | 134,986 | 41,380 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (4,846) | (497) |
Mortgage-backed Securities - Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Held to maturity, Less than 12 months, Fair Value | 31,124 | 26,622 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (884) | (141) |
Held to maturity, Greater than 12 months, Fair Value | 20,608 | 4,444 |
Held to maturity, Greater than 12 months,Unrealized/ Unrecognized Loss | (931) | (94) |
Held to maturity, Total, Fair Value | 51,732 | 31,066 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (1,815) | (235) |
Mortgage-backed Securities - Commercial [Member] | ||
Schedule of Investments [Line Items] | ||
Held to maturity, Less than 12 months, Fair Value | 21,762 | 9,092 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (582) | (66) |
Held to maturity, Greater than 12 months, Fair Value | 8,629 | |
Held to maturity, Greater than 12 months,Unrealized/ Unrecognized Loss | (395) | |
Held to maturity, Total, Fair Value | 30,391 | 9,092 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | $ (977) | $ (66) |
Loans Receivable - Summary of L
Loans Receivable - Summary of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | $ 905,470 | $ 813,624 | ||
Loans receivable | 907,240 | 814,798 | ||
Allowance for loan losses | (4,904) | (5,150) | $ (4,042) | $ (3,921) |
Loans receivable, net | 902,336 | 809,648 | ||
Residential [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | 250,578 | 217,778 | ||
Commercial [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | 495,265 | 437,651 | ||
Allowance for loan losses | (3,073) | (2,589) | ||
Construction [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | 17,352 | 22,404 | ||
Allowance for loan losses | (505) | (1,150) | ||
Commercial Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | 104,135 | 93,631 | ||
Allowance for loan losses | (780) | (949) | ||
Home Equity Lines Of Credit [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | 37,395 | 41,927 | ||
Allowance for loan losses | (80) | (76) | ||
Consumer and Overdrafts [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | 745 | 233 | ||
Allowance for loan losses | (7) | |||
Mortgage Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Net deferred loan origination costs | 1,041 | 397 | ||
Loans receivable | 764,236 | 678,230 | ||
Commercial and Consumer Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Net deferred loan origination costs | 729 | 777 | ||
Loans receivable | $ 143,004 | $ 136,568 |
Loans Receivable - Summary of A
Loans Receivable - Summary of Activity in Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||
Allowance for Loan Losses, Beginning Allowance | $ 5,150 | $ 4,042 | $ 5,150 | $ 4,042 | $ 3,921 | |||||
Allowance for Loan Losses, Provision (Credit) | $ 25 | $ 54 | $ 200 | 135 | $ 235 | $ 562 | 26 | 414 | 823 | 1,859 |
Allowance for Loan Losses, Charge-offs | (1,270) | (1,129) | (2,133) | |||||||
Allowance for Loan Losses, Recoveries | 610 | 1,414 | 395 | |||||||
Allowance for Loan Losses, Ending Allowance | 4,904 | 4,904 | 5,150 | 4,042 | ||||||
Commercial [Member] | ||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||
Allowance for Loan Losses, Beginning Allowance | 2,589 | 2,589 | ||||||||
Allowance for Loan Losses, Ending Allowance | 3,073 | 3,073 | 2,589 | |||||||
Construction [Member] | ||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||
Allowance for Loan Losses, Beginning Allowance | 1,150 | 1,150 | ||||||||
Allowance for Loan Losses, Ending Allowance | 505 | 505 | 1,150 | |||||||
Commercial Loans [Member] | ||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||
Allowance for Loan Losses, Beginning Allowance | 949 | 949 | ||||||||
Allowance for Loan Losses, Ending Allowance | 780 | 780 | 949 | |||||||
Home Equity Lines Of Credit [Member] | ||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||
Allowance for Loan Losses, Beginning Allowance | 76 | 76 | ||||||||
Allowance for Loan Losses, Ending Allowance | 80 | 80 | 76 | |||||||
Consumer and Overdrafts [Member] | ||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||
Allowance for Loan Losses, Ending Allowance | 7 | 7 | ||||||||
Originated [Member] | Residential [Member] | ||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||
Allowance for Loan Losses, Beginning Allowance | 360 | 237 | 360 | 237 | 193 | |||||
Allowance for Loan Losses, Provision (Credit) | 161 | 290 | 444 | |||||||
Allowance for Loan Losses, Charge-offs | (136) | (237) | (400) | |||||||
Allowance for Loan Losses, Recoveries | 1 | 70 | ||||||||
Allowance for Loan Losses, Ending Allowance | 386 | 386 | 360 | 237 | ||||||
Originated [Member] | Commercial [Member] | ||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||
Allowance for Loan Losses, Beginning Allowance | 2,589 | 2,149 | 2,589 | 2,149 | 1,766 | |||||
Allowance for Loan Losses, Provision (Credit) | 114 | 421 | 215 | |||||||
Allowance for Loan Losses, Charge-offs | (10) | |||||||||
Allowance for Loan Losses, Recoveries | 370 | 19 | 178 | |||||||
Allowance for Loan Losses, Ending Allowance | 3,073 | 3,073 | 2,589 | 2,149 | ||||||
Originated [Member] | Construction [Member] | ||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||
Allowance for Loan Losses, Beginning Allowance | 1,150 | 269 | 1,150 | 269 | 100 | |||||
Allowance for Loan Losses, Provision (Credit) | 352 | 989 | (23) | |||||||
Allowance for Loan Losses, Charge-offs | (997) | (108) | ||||||||
Allowance for Loan Losses, Recoveries | 192 | |||||||||
Allowance for Loan Losses, Ending Allowance | 505 | 505 | 1,150 | 269 | ||||||
Originated [Member] | Commercial Loans [Member] | ||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||
Allowance for Loan Losses, Beginning Allowance | 949 | 1,313 | 949 | 1,313 | 1,793 | |||||
Allowance for Loan Losses, Provision (Credit) | (335) | (944) | 1,172 | |||||||
Allowance for Loan Losses, Charge-offs | (54) | (741) | (1,677) | |||||||
Allowance for Loan Losses, Recoveries | 220 | 1,321 | 25 | |||||||
Allowance for Loan Losses, Ending Allowance | 780 | 780 | 949 | 1,313 | ||||||
Originated [Member] | Home Equity Lines Of Credit [Member] | ||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||
Allowance for Loan Losses, Beginning Allowance | 76 | 73 | 76 | 73 | 69 | |||||
Allowance for Loan Losses, Provision (Credit) | 45 | 3 | 28 | |||||||
Allowance for Loan Losses, Charge-offs | (60) | (24) | ||||||||
Allowance for Loan Losses, Recoveries | 19 | |||||||||
Allowance for Loan Losses, Ending Allowance | 80 | 80 | 76 | 73 | ||||||
Originated [Member] | Consumer and Overdrafts [Member] | ||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||
Allowance for Loan Losses, Beginning Allowance | $ 1 | 1 | ||||||||
Allowance for Loan Losses, Provision (Credit) | 30 | (5) | 23 | |||||||
Allowance for Loan Losses, Charge-offs | (23) | (22) | ||||||||
Allowance for Loan Losses, Recoveries | 4 | |||||||||
Allowance for Loan Losses, Ending Allowance | 7 | 7 | $ 1 | |||||||
Acquired [Member] | Residential [Member] | ||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||
Allowance for Loan Losses, Beginning Allowance | $ 26 | 26 | ||||||||
Allowance for Loan Losses, Provision (Credit) | 47 | 64 | ||||||||
Allowance for Loan Losses, Charge-offs | (38) | |||||||||
Allowance for Loan Losses, Ending Allowance | $ 73 | $ 73 | 26 | |||||||
Acquired [Member] | Commercial Loans [Member] | ||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||
Allowance for Loan Losses, Provision (Credit) | 2 | |||||||||
Allowance for Loan Losses, Charge-offs | (2) | |||||||||
Acquired [Member] | Consumer and Overdrafts [Member] | ||||||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||||||
Allowance for Loan Losses, Provision (Credit) | 3 | |||||||||
Allowance for Loan Losses, Charge-offs | $ (3) |
Loans Receivable - Summary of B
Loans Receivable - Summary of Balance in Allowance for Loan Losses and Recorded investment in Loans by Portfolio Segment, and Based on Impairment Method (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Individually Evaluated for Impairment | $ 9,114 | $ 17,322 | ||
Loans, Collectively Evaluated for Impairment | 893,406 | 792,935 | ||
Total | 905,470 | 813,624 | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 451 | 1,142 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 4,380 | 3,982 | ||
Allowance for Loan Losses, Total | 4,904 | 5,150 | $ 4,042 | $ 3,921 |
Originated And Acquired Loans | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Total | 4,904 | 5,150 | ||
Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Acquired With Deteriorated Credit Quality | 2,950 | 3,367 | ||
Allowance for Loan Losses, Acquired With Deteriorated Credit Quality | 73 | 26 | ||
Residential [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Individually Evaluated for Impairment | 2,360 | 4,471 | ||
Loans, Collectively Evaluated for Impairment | 246,913 | 211,983 | ||
Total | 250,578 | 217,778 | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 154 | 131 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 232 | 229 | ||
Residential [Member] | Originated And Acquired Loans | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Total | 459 | 386 | ||
Residential [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Acquired With Deteriorated Credit Quality | 1,305 | 1,324 | ||
Allowance for Loan Losses, Acquired With Deteriorated Credit Quality | 73 | 26 | ||
Commercial [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Individually Evaluated for Impairment | 1,683 | 2,411 | ||
Loans, Collectively Evaluated for Impairment | 492,105 | 433,416 | ||
Total | 495,265 | 437,651 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 3,073 | 2,589 | ||
Allowance for Loan Losses, Total | 3,073 | 2,589 | ||
Commercial [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Acquired With Deteriorated Credit Quality | 1,477 | 1,824 | ||
Allowance for Loan Losses, Acquired With Deteriorated Credit Quality | 0 | 0 | ||
Construction [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Individually Evaluated for Impairment | 2,260 | 3,661 | ||
Loans, Collectively Evaluated for Impairment | 15,092 | 18,743 | ||
Total | 17,352 | 22,404 | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 276 | 997 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 229 | 153 | ||
Allowance for Loan Losses, Total | 505 | 1,150 | ||
Construction [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Acquired With Deteriorated Credit Quality | 0 | 0 | ||
Commercial Loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Individually Evaluated for Impairment | 2,451 | 6,169 | ||
Loans, Collectively Evaluated for Impairment | 101,684 | 87,420 | ||
Total | 104,135 | 93,631 | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 9 | 9 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 771 | 940 | ||
Allowance for Loan Losses, Total | 780 | 949 | ||
Commercial Loans [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Acquired With Deteriorated Credit Quality | 42 | |||
Allowance for Loan Losses, Acquired With Deteriorated Credit Quality | 0 | 0 | ||
Home Equity Lines Of Credit [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Individually Evaluated for Impairment | 360 | 610 | ||
Loans, Collectively Evaluated for Impairment | 36,867 | 41,140 | ||
Total | 37,395 | 41,927 | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 12 | 5 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 68 | 71 | ||
Allowance for Loan Losses, Total | 80 | 76 | ||
Home Equity Lines Of Credit [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Acquired With Deteriorated Credit Quality | 168 | 177 | ||
Allowance for Loan Losses, Acquired With Deteriorated Credit Quality | 0 | 0 | ||
Consumer and Overdrafts [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Collectively Evaluated for Impairment | 745 | 233 | ||
Total | 745 | $ 233 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 7 | |||
Allowance for Loan Losses, Total | $ 7 |
Loans Receivable - Summary of54
Loans Receivable - Summary of Loans Individually Evaluated for Impairment (Excluding Loans Acquired with Deteriorated Credit Quality) by Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Financing Receivable Impaired [Line Items] | ||
Impaired loans, unpaid principal balance | $ 10,455 | $ 22,440 |
Impaired loans, recorded investment | 9,114 | 17,322 |
Allowance for loan losses | 451 | 1,142 |
Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 1,659 | 4,216 |
Impaired loans with no related allowance recorded, recorded investment | 1,576 | 4,014 |
Impaired loans with an allowance recorded, unpaid principal balance | 742 | 395 |
Impaired loans with an allowance recorded, recorded investment | 784 | 457 |
Impaired loans, recorded investment | 2,360 | 4,471 |
Allowance for loan losses | 154 | 131 |
Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 1,765 | 2,935 |
Impaired loans with no related allowance recorded, recorded investment | 1,683 | 2,411 |
Impaired loans, recorded investment | 1,683 | 2,411 |
Commercial Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 2,254 | 9,433 |
Impaired loans with no related allowance recorded, recorded investment | 2,098 | 4,979 |
Impaired loans with an allowance recorded, unpaid principal balance | 353 | 1,190 |
Impaired loans with an allowance recorded, recorded investment | 353 | 1,190 |
Impaired loans, recorded investment | 2,451 | 6,169 |
Allowance for loan losses | 9 | 9 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 341 | 599 |
Impaired loans with no related allowance recorded, recorded investment | 341 | 599 |
Impaired loans with an allowance recorded, unpaid principal balance | 84 | 11 |
Impaired loans with an allowance recorded, recorded investment | 19 | 11 |
Impaired loans, recorded investment | 360 | 610 |
Allowance for loan losses | 12 | 5 |
Construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 404 | |
Impaired loans with no related allowance recorded, recorded investment | 404 | |
Impaired loans with an allowance recorded, unpaid principal balance | 3,257 | 3,257 |
Impaired loans with an allowance recorded, recorded investment | 2,260 | 3,257 |
Impaired loans, recorded investment | 2,260 | 3,661 |
Allowance for loan losses | $ 276 | $ 997 |
Loans Receivable - Summary of55
Loans Receivable - Summary of Average Recorded Investment and Interest Income Recognized on Loans Individually Evaluated for Impairment, by Class of Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Financing Receivable Impaired [Line Items] | |||
Impaired loans average recorded investment | $ 14,123 | $ 17,438 | $ 26,653 |
Impaired loans interest income recognized | 1,601 | 575 | 177 |
Residential [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Impaired loans with no related allowance recorded, average recorded investment | 3,041 | 4,238 | 5,577 |
Impaired loans with no related allowance recorded, interest income recognized | 184 | 42 | 6 |
Impaired loans with an allowance recorded, average recorded investment | 453 | 432 | |
Impaired loans with an allowance recorded, interest income recognized | 15 | 15 | |
Commercial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Impaired loans with no related allowance recorded, average recorded investment | 2,350 | 2,448 | 9,324 |
Impaired loans with no related allowance recorded, interest income recognized | 248 | 137 | 88 |
Construction [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Impaired loans with no related allowance recorded, average recorded investment | 93 | 406 | 13 |
Impaired loans with no related allowance recorded, interest income recognized | 17 | 12 | |
Impaired loans with an allowance recorded, average recorded investment | 2,720 | 3,015 | 132 |
Impaired loans with an allowance recorded, interest income recognized | 71 | ||
Commercial Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Impaired loans with no related allowance recorded, average recorded investment | 3,457 | 5,065 | 10,755 |
Impaired loans with no related allowance recorded, interest income recognized | 1,049 | 239 | 71 |
Impaired loans with an allowance recorded, average recorded investment | 1,491 | 1,224 | 422 |
Impaired loans with an allowance recorded, interest income recognized | 66 | 61 | 12 |
Home Equity Lines Of Credit [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Impaired loans with no related allowance recorded, average recorded investment | 507 | 599 | $ 430 |
Impaired loans with no related allowance recorded, interest income recognized | 22 | (2) | |
Impaired loans with an allowance recorded, average recorded investment | $ 11 | $ 11 |
Loans Receivable - Nonaccrual L
Loans Receivable - Nonaccrual Loans and in Loans Past Due over 90 Days Still on Accrual Status by Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 6,102 | $ 12,072 |
Originated [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 604 | 2,581 |
Originated [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 262 | |
Originated [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 2,260 | 3,661 |
Originated [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 788 | 2,959 |
Originated [Member] | Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 45 | 302 |
Acquired [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 1,308 | 1,776 |
Acquired [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 532 | 497 |
Acquired [Member] | Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 303 | $ 296 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) | 12 Months Ended | ||
Jun. 30, 2018USD ($)Loan | Jun. 30, 2017USD ($)Loan | Jun. 30, 2016USD ($)Loan | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Acquired loans accounted for as purchased credit impaired loans | $ 1,800,000 | $ 2,700,000 | |
Number of loans classified as troubled debt restructurings | Loan | 12 | 20 | |
Value of loans classified as troubled debt restructurings | $ 3,800,000 | $ 9,900,000 | |
Specific reserves | $ 139,000 | $ 145,000 | |
Troubled debt restructurings for which there was a payment default | Loan | 2 | ||
Commercial Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Troubled debt restructurings for which there was a payment default | Loan | 2 | ||
Increase allowance for loan loss | $ 2,000 | ||
Residential [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Troubled debt restructurings for which there was a payment default | Loan | 1 | 1 | |
Increase allowance for loan loss | $ 0 | $ 0 | |
Home Equity Lines Of Credit [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Troubled debt restructurings for which there was a payment default | Loan | 1 | ||
Increase allowance for loan loss | $ 0 |
Loans Receivable - Aging of Rec
Loans Receivable - Aging of Recorded Investment in Past Due Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 7,147 | $ 10,371 |
Current | 898,323 | 803,253 |
Total | 905,470 | 813,624 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 30 | 331 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 626 | 937 |
90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,491 | 9,103 |
Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 250,578 | 217,778 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 495,265 | 437,651 |
Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 17,352 | 22,404 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 104,135 | 93,631 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 37,395 | 41,927 |
Consumer and Overdrafts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 745 | 233 |
Originated [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,671 | 6,849 |
Current | 766,209 | 651,286 |
Total | 769,880 | 658,135 |
Originated [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 94 | |
Originated [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 394 | 474 |
Originated [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,277 | 6,281 |
Originated [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 604 | 2,342 |
Current | 194,986 | 153,390 |
Total | 195,590 | 155,732 |
Originated [Member] | Residential [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 94 | |
Originated [Member] | Residential [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 394 | 275 |
Originated [Member] | Residential [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 210 | 1,973 |
Originated [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 262 | |
Current | 420,320 | 355,247 |
Total | 420,582 | 355,247 |
Originated [Member] | Commercial [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 262 | |
Originated [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,260 | 3,661 |
Current | 15,092 | 18,743 |
Total | 17,352 | 22,404 |
Originated [Member] | Construction [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,260 | 3,661 |
Originated [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 500 | 544 |
Current | 102,767 | 88,449 |
Total | 103,267 | 88,993 |
Originated [Member] | Commercial Loans [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 500 | 544 |
Originated [Member] | Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 45 | 302 |
Current | 32,311 | 35,246 |
Total | 32,356 | 35,548 |
Originated [Member] | Home Equity Lines Of Credit [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 199 | |
Originated [Member] | Home Equity Lines Of Credit [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 45 | 103 |
Originated [Member] | Consumer and Overdrafts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 733 | 211 |
Total | 733 | 211 |
Acquired [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,476 | 3,522 |
Current | 132,114 | 151,967 |
Total | 135,590 | 155,489 |
Acquired [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 30 | 237 |
Acquired [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 232 | 463 |
Acquired [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,214 | 2,822 |
Acquired [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,038 | 2,172 |
Current | 52,950 | 59,874 |
Total | 54,988 | 62,046 |
Acquired [Member] | Residential [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 237 | |
Acquired [Member] | Residential [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 232 | 463 |
Acquired [Member] | Residential [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,806 | 1,472 |
Acquired [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,112 | 1,054 |
Current | 73,571 | 81,350 |
Total | 74,683 | 82,404 |
Acquired [Member] | Commercial [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,112 | 1,054 |
Acquired [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 868 | 4,638 |
Total | 868 | 4,638 |
Acquired [Member] | Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 326 | 296 |
Current | 4,713 | 6,083 |
Total | 5,039 | 6,379 |
Acquired [Member] | Home Equity Lines Of Credit [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 30 | |
Acquired [Member] | Home Equity Lines Of Credit [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 296 | 296 |
Acquired [Member] | Consumer and Overdrafts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 12 | 22 |
Total | $ 12 | $ 22 |
Loans Receivable - Summary of59
Loans Receivable - Summary of Loans by Class Modified in Troubled Debt Restructurings (Detail) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018USD ($)Loan | Jun. 30, 2017USD ($)Loan | Jun. 30, 2016USD ($)Loan | |
Financing Receivable Modifications [Line Items] | |||
Number of loans | Loan | 1 | 2 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 275 | $ 441 | $ 3,139 |
Post-Modification Outstanding Recorded Investment | $ 289 | $ 486 | $ 3,139 |
Commercial Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of loans | Loan | 1 | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 275 | $ 276 | $ 64 |
Post-Modification Outstanding Recorded Investment | $ 289 | $ 276 | $ 64 |
Residential [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of loans | Loan | 1 | 3 | |
Pre-Modification Outstanding Recorded Investment | $ 165 | $ 1,697 | |
Post-Modification Outstanding Recorded Investment | $ 210 | $ 1,697 | |
Commercial [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of loans | Loan | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 1,178 | ||
Post-Modification Outstanding Recorded Investment | $ 1,178 | ||
Home Equity Lines Of Credit [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of loans | Loan | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 200 | ||
Post-Modification Outstanding Recorded Investment | $ 200 |
Loans Receivable - Summary of R
Loans Receivable - Summary of Risk Category of Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 905,470 | $ 813,624 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 888,108 | 788,287 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,984 | 192 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 15,378 | 25,145 |
Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 250,578 | 217,778 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 495,265 | 437,651 |
Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 17,352 | 22,404 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 104,135 | 93,631 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 37,395 | 41,927 |
Consumer and Overdrafts [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 745 | 233 |
Originated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 769,880 | 658,135 |
Originated [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 758,908 | 638,974 |
Originated [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 882 | 192 |
Originated [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 10,090 | 18,969 |
Originated [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 195,590 | 155,732 |
Originated [Member] | Residential [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 194,341 | 153,165 |
Originated [Member] | Residential [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 571 | |
Originated [Member] | Residential [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 678 | 2,567 |
Originated [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 420,582 | 355,247 |
Originated [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 418,370 | 352,203 |
Originated [Member] | Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 134 | |
Originated [Member] | Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,212 | 2,910 |
Originated [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 17,352 | 22,404 |
Originated [Member] | Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 15,092 | 18,743 |
Originated [Member] | Construction [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,260 | 3,661 |
Originated [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 103,267 | 88,993 |
Originated [Member] | Commercial Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 98,205 | 79,406 |
Originated [Member] | Commercial Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 167 | |
Originated [Member] | Commercial Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,895 | 9,587 |
Originated [Member] | Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 32,356 | 35,548 |
Originated [Member] | Home Equity Lines Of Credit [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 32,167 | 35,246 |
Originated [Member] | Home Equity Lines Of Credit [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 144 | 58 |
Originated [Member] | Home Equity Lines Of Credit [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 45 | 244 |
Originated [Member] | Consumer and Overdrafts [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 733 | 211 |
Originated [Member] | Consumer and Overdrafts [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 733 | 211 |
Acquired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 135,590 | 155,489 |
Acquired [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 129,200 | 149,313 |
Acquired [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,102 | |
Acquired [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5,288 | 6,176 |
Acquired [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 54,988 | 62,046 |
Acquired [Member] | Residential [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 51,858 | 58,665 |
Acquired [Member] | Residential [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 249 | |
Acquired [Member] | Residential [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,881 | 3,381 |
Acquired [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 74,683 | 82,404 |
Acquired [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 71,832 | 80,082 |
Acquired [Member] | Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 842 | |
Acquired [Member] | Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,009 | 2,322 |
Acquired [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 868 | 4,638 |
Acquired [Member] | Commercial Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 857 | 4,638 |
Acquired [Member] | Commercial Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 11 | |
Acquired [Member] | Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5,039 | 6,379 |
Acquired [Member] | Home Equity Lines Of Credit [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,641 | 5,906 |
Acquired [Member] | Home Equity Lines Of Credit [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 398 | 473 |
Acquired [Member] | Consumer and Overdrafts [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 12 | 22 |
Acquired [Member] | Consumer and Overdrafts [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 12 | $ 22 |
Loans Receivable - Schedule of
Loans Receivable - Schedule of Carrying Amount of Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | $ 902,336 | $ 809,648 |
Acquired with Deteriorated Credit Quality [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | 2,877 | 3,341 |
Acquired with Deteriorated Credit Quality [Member] | Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | 1,232 | 1,298 |
Acquired with Deteriorated Credit Quality [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | 1,477 | 1,824 |
Acquired with Deteriorated Credit Quality [Member] | Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | 42 | |
Acquired with Deteriorated Credit Quality [Member] | Home Equity Lines Of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | $ 168 | $ 177 |
Loans Receivable - Schedule o62
Loans Receivable - Schedule of Carrying Amount of Purchased Credit Impaired Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Acquired with Deteriorated Credit Quality [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans, allowance | $ 73 | $ 26 |
Loans Receivable - Summary of63
Loans Receivable - Summary of Accretable Yield, or Income Expected to be Collected for Acquired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities [Abstract] | |||
Beginning balance | $ 403 | $ 578 | $ 713 |
Accretion income | (70) | (190) | (185) |
Reclassification from non-accretable difference | 5 | 15 | 132 |
Disposals | (93) | (82) | |
Ending balance | $ 245 | $ 403 | $ 578 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | $ 21,878 | $ 21,981 |
Less: accumulated depreciation and amortization | (10,280) | (9,022) |
Total Bank premises and equipment, net | 11,598 | 12,959 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | 1,997 | 1,997 |
Building and Leasehold improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | 13,430 | 11,128 |
Furniture, fixtures and equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | 6,096 | 5,841 |
Construction and improvements in process [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | $ 355 | $ 3,015 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expense | $ 1.3 | $ 1.3 | $ 1.1 |
Goodwill and Intangible Asset66
Goodwill and Intangible Assets - Schedule of Change in Goodwill (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Goodwill [Line Items] | |||
Beginning Balance | $ 6,106,000 | $ 6,106,000 | $ 5,843,000 |
Impairment | 0 | 0 | 0 |
Ending Balance | $ 6,106,000 | $ 6,106,000 | 6,106,000 |
CMS Bancorp [Member] | |||
Goodwill [Line Items] | |||
Adjustment to CMS goodwill | $ 263,000 |
Goodwill and Intangible Asset67
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Impairment of goodwill | $ 0 | $ 0 | $ 0 |
Amortization of intangible assets | $ 126,000 | $ 143,000 | $ 158,000 |
Goodwill and Intangible Asset68
Goodwill and Intangible Assets - Schedule of Acquired Intangible Assets (Detail) - Core Deposit Intangible [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Goodwill And Intangible Assets Disclosure [Line Items] | ||
Amortized intangible assets, Gross Carrying Amount | $ 887 | $ 887 |
Amortized intangible assets, Accumulated Amortization | $ (454) | $ (328) |
Goodwill and Intangible Asset69
Goodwill and Intangible Assets - Schedule of Estimated Amortization Expense (Detail) $ in Thousands | Jun. 30, 2018USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2,019 | $ 110 |
2,020 | 94 |
2,021 | 78 |
2,022 | 62 |
2,023 | $ 46 |
Deposits - Summary of Deposit B
Deposits - Summary of Deposit Balances (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Deposits [Abstract] | ||
Demand | $ 131,883 | $ 136,361 |
NOW Accounts | 117,875 | 115,527 |
Money market accounts | 49,885 | 29,097 |
Savings | 465,441 | 512,697 |
Time deposits | 392,373 | 294,779 |
Total deposits | $ 1,157,457 | $ 1,088,461 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Deposits [Line Items] | ||
Time deposits, meet or exceed FDIC insurance limit of $250,000 | $ 116,000,000 | $ 49,200,000 |
Brokered time deposits | $ 60,000,000 | 0 |
Minimum [Member] | ||
Deposits [Line Items] | ||
Brokered time deposits remaining maturities period | 5 months | |
Maximum [Member] | ||
Deposits [Line Items] | ||
Brokered time deposits remaining maturities period | 47 months | |
PCSB Commercial Bank [Member] | ||
Deposits [Line Items] | ||
Deposits of local governments | $ 39,100,000 | $ 38,400,000 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Time Deposits (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Deposits [Abstract] | ||
Within 1 year | $ 183,276 | $ 107,097 |
1 year to 2 years | 49,350 | 62,331 |
2 years to 3 years | 56,746 | 31,143 |
3 years to 4 years | 56,458 | 41,508 |
4 years to 5 years | 46,339 | 52,503 |
Thereafter | 204 | 197 |
Total | $ 392,373 | $ 294,779 |
FHLB and Other Borrowings - Add
FHLB and Other Borrowings - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Federal Home Loan Bank Advances [Line Items] | ||
Advances from Federal Home Loan Bank | $ 18,841,000 | $ 42,598,000 |
Percentage of outstanding advances to be maintained as collateral | 110.00% | |
Secured borrowings | $ 122,100,000 | |
FRB borrowings outstanding | 0 | 0 |
Federal Home Loan Bank of New York [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Advances from Federal Home Loan Bank | 18,841,000 | 42,598,000 |
Advances from federal home loan banks accessible | 314,900,000 | $ 350,700,000 |
Federal Home Loan Bank of New York [Member] | Original Maturities Ranging From 3 To 18 Months [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Advances from Federal Home Loan Bank | 15,000,000 | |
Federal Home Loan Bank of New York [Member] | FHLB Advances [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Balloon payment in 2026 | 2,800,000 | |
Federal Home Loan Bank of New York [Member] | Amortizing Term Loan [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Advances from Federal Home Loan Bank | $ 3,800,000 | |
Federal Home Loan Bank of New York [Member] | Minimum [Member] | FHLB Advances [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
FHLB short term advances, original maturities | 3 months | |
Federal Home Loan Bank of New York [Member] | Maximum [Member] | FHLB Advances [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
FHLB short term advances, original maturities | 18 months |
FHLB and Other Borrowings - Mat
FHLB and Other Borrowings - Maturity Schedule of Advances (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Federal Home Loan Bank Advances [Line Items] | ||
Amount Due, Total | $ 18,841 | $ 42,598 |
Federal Home Loan Bank of New York [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Amount Due, Within 1 year | 10,125 | 23,757 |
Amount Due, 1 year to 2 years | 5,128 | 10,125 |
Amount Due, 2 years to 3 years | 131 | 5,128 |
Amount Due, 3 years to 4 years | 135 | 131 |
Amount Due, 4 years to 5 years | 138 | 135 |
Amount Due, Thereafter | 3,184 | 3,322 |
Amount Due, Total | $ 18,841 | $ 42,598 |
Weighted Avg Rate, Within 1 year | 1.70% | 1.27% |
Weighted Avg Rate, 1 year to 2 years | 1.81% | 1.70% |
Weighted Avg Rate, 2 years to 3 years | 2.62% | 1.81% |
Weighted Avg Rate, 3 years to 4 years | 2.62% | 2.62% |
Weighted Avg Rate, 4 years to 5 years | 2.62% | 2.62% |
Weighted Avg Rate, Thereafter | 2.62% | 2.62% |
Weighted Avg Rate, Total | 1.91% | 1.55% |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Contract Amounts of Credit-related Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Standby Letter of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Credit related financial instruments | $ 1,420 | $ 705 |
Commitments to Originate Loans [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Credit related financial instruments | 102,644 | 77,600 |
Unused Lines of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Credit related financial instruments | $ 56,553 | $ 45,439 |
Commitments and Contingencies76
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |||
Rent expense under operating leases | $ 1.9 | $ 2.7 | $ 2.1 |
Commitments and Contingencies77
Commitments and Contingencies - Summary of Rent Commitments Before Considering Renewal Options (Detail) $ in Thousands | Jun. 30, 2018USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Within 1 year | $ 2,145 |
1 year to 2 years | 2,026 |
2 year to 3 years | 1,737 |
3 year to 4 years | 1,675 |
4 year to 5 years | 1,639 |
Thereafter | 8,283 |
Total | $ 17,505 |
Comprehensive Income - Summary
Comprehensive Income - Summary of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 279,846 | $ 109,949 | $ 110,271 | |
Total other comprehensive (loss) income | (618) | 2,755 | (3,248) | |
Ending Balance | 287,559 | 279,846 | 109,949 | |
Net Unrealized Gain (Loss) on Available for Sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 37 | 523 | 323 | |
Other comprehensive income before reclassifications | (1,835) | (735) | 255 | |
Amounts reclassified from accumulated other comprehensive income | (164) | |||
Tax effect | 558 | 249 | (55) | |
Total other comprehensive (loss) income | (1,441) | (486) | 200 | |
Reclassification of certain tax effects on other comprehensive income | (132) | |||
Ending Balance | (1,536) | 37 | 523 | |
Unrealized Losses on Retirement Plans [Member] | Pension Benefits [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (5,002) | (7,683) | (4,311) | |
Other comprehensive income before reclassifications | 335 | 3,973 | (5,022) | |
Amounts reclassified from accumulated other comprehensive income | 725 | 89 | 398 | |
Tax effect | (270) | (1,381) | 1,252 | |
Total other comprehensive (loss) income | 790 | 2,681 | (3,372) | |
Reclassification of certain tax effects on other comprehensive income | (938) | |||
Ending Balance | (5,150) | (5,002) | (7,683) | |
Unrealized Losses on Retirement Plans [Member] | SERP Benefits [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (250) | (810) | (734) | |
Other comprehensive income before reclassifications | 10 | (755) | 89 | |
Amounts reclassified from accumulated other comprehensive income | 34 | 93 | 84 | |
Tax effect | (11) | 1,222 | (249) | |
Total other comprehensive (loss) income | 33 | 560 | (76) | |
Reclassification of certain tax effects on other comprehensive income | (47) | |||
Ending Balance | (264) | (250) | (810) | |
Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (5,215) | (7,970) | (4,722) | |
Other comprehensive income before reclassifications | (1,490) | 2,483 | (4,678) | |
Amounts reclassified from accumulated other comprehensive income | 595 | 182 | 482 | |
Tax effect | 277 | 90 | 948 | |
Total other comprehensive (loss) income | (618) | 2,755 | (3,248) | |
Reclassification of certain tax effects on other comprehensive income | [1] | (1,117) | ||
Ending Balance | $ (6,950) | $ (5,215) | $ (7,970) | |
[1] | The adoption of ASU 2018-02 requires the reclassification from accumulated other comprehensive income to retained earnings of certain stranded income tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act of 2017. Refer to Footnote 2 - Recent Accounting Pronouncements for additional information |
Comprehensive Income - Summar79
Comprehensive Income - Summary of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Equity [Abstract] | |||||
Corporate income tax rate | 21.00% | 34.00% | 28.06% | 34.00% | 34.00% |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) | 12 Months Ended |
Jun. 30, 2018shares | |
Earnings Per Share [Abstract] | |
Number of dilutive potential common stock equivalents | 0 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Net income applicable to common stock | $ 2,669 | $ 2,177 | $ 2 | $ 1,756 | $ (1,790) | $ 1,891 | $ 1,672 | $ 1,456 | $ 6,604 | $ 3,229 | $ 2,926 |
Average number of common shares outstanding | 18,165,110 | ||||||||||
Less: Average unallocated ESOP shares | 1,362,216 | ||||||||||
Average number of common shares outstanding used to calculate basic earnings per common share | 16,802,894 | ||||||||||
Earnings per Common share: | |||||||||||
Basic | $ 0.16 | $ 0.13 | $ 0.10 | $ 0.39 | |||||||
Diluted | $ 0.16 | $ 0.13 | $ 0.10 | $ 0.39 |
Fair Value of Financial Instr82
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Carrying amount of loans | $ 902,336,000 | $ 902,336,000 | $ 809,648,000 | ||||||||
Remaining valuation allowance | 4,904,000 | 4,904,000 | 5,150,000 | $ 4,042,000 | $ 3,921,000 | ||||||
Net charge-offs | 1,270,000 | 1,129,000 | 2,133,000 | ||||||||
Provision for loan losses | 25,000 | $ 54,000 | $ 200,000 | $ 135,000 | $ 235,000 | $ 562,000 | $ 26,000 | 414,000 | 823,000 | $ 1,859,000 | |
Impaired Loans [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Carrying amount of loans | 3,900,000 | 3,900,000 | 6,300,000 | ||||||||
Remaining valuation allowance | $ 451,000 | 451,000 | 1,100,000 | ||||||||
Net charge-offs | 1,100,000 | 245,000 | |||||||||
Provision for loan losses | $ 435,000 | $ 1,400,000 | |||||||||
Minimum [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Discount rates | 10.00% | ||||||||||
Maximum [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Discount rates | 20.00% |
Fair Value of Financial Instr83
Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Measured on a Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 105,504 | $ 111,889 |
Measured on a Recurring Basis [Member] | U.S. Government and Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 63,430 | 63,445 |
Measured on a Recurring Basis [Member] | Corporate and Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 8,235 | 8,482 |
Measured on a Recurring Basis [Member] | Mortgage-backed Securities - Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 33,807 | 39,930 |
Measured on a Recurring Basis [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 32 | 32 |
Measured on a Recurring Basis [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 105,504 | 111,889 |
Measured on a Recurring Basis [Member] | Level 2 [Member] | U.S. Government and Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 63,430 | 63,445 |
Measured on a Recurring Basis [Member] | Level 2 [Member] | Corporate and Other Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 8,235 | 8,482 |
Measured on a Recurring Basis [Member] | Level 2 [Member] | Mortgage-backed Securities - Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 33,807 | 39,930 |
Measured on a Recurring Basis [Member] | Level 2 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 32 | 32 |
Measured on a Non-Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 3,984 | 6,049 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Residential Mortgages [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 688 | 1,126 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Construction [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 1,984 | 2,260 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Commercial Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 845 | 1,681 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Home Equity Lines Of Credit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 7 | 5 |
Measured on a Non-Recurring Basis [Member] | Foreclosed Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 460 | 977 |
Measured on a Non-Recurring Basis [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 3,984 | 6,049 |
Measured on a Non-Recurring Basis [Member] | Level 3 [Member] | Impaired Loans [Member] | Residential Mortgages [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 688 | 1,126 |
Measured on a Non-Recurring Basis [Member] | Level 3 [Member] | Impaired Loans [Member] | Construction [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 1,984 | 2,260 |
Measured on a Non-Recurring Basis [Member] | Level 3 [Member] | Impaired Loans [Member] | Commercial Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 845 | 1,681 |
Measured on a Non-Recurring Basis [Member] | Level 3 [Member] | Impaired Loans [Member] | Home Equity Lines Of Credit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 7 | 5 |
Measured on a Non-Recurring Basis [Member] | Level 3 [Member] | Foreclosed Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 460 | $ 977 |
Fair Value of Financial Instr84
Fair Value of Financial Instruments - Summary of Quantitative Information about Level 3 Fair Value Measurements for Selected Financial Instruments Measured at Fair Value on Non-recurring Basis (Detail) - Measured on a Non-Recurring Basis [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value | $ 3,984 | $ 6,049 |
Level 3 [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value | $ 3,984 | $ 6,049 |
Valuation Technique(s) | Sales contract | Sales comparison |
Unobservable Input(s) | Discount to sales contract | Adjustments for differences in sales comparables |
Range or Rate Used | 9.80% | 0.00% |
Impaired Loans [Member] | Level 3 [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Valuation Technique(s) | Discounted cash flow | Discounted cash flow |
Unobservable Input(s) | Discount rate | Discount rate |
Range or Rate Used | 6.30% | |
Impaired Loans [Member] | Residential [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value | $ 688 | $ 1,126 |
Impaired Loans [Member] | Residential [Member] | Level 3 [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value | $ 688 | $ 1,126 |
Valuation Technique(s) | Sales comparison | Sales comparison |
Unobservable Input(s) | Adjustments for differences in sales comparables | Adjustments for differences in sales comparables |
Impaired Loans [Member] | Construction [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value | $ 1,984 | $ 2,260 |
Impaired Loans [Member] | Construction [Member] | Level 3 [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value | $ 1,984 | $ 2,260 |
Valuation Technique(s) | Sales contract | Cost approach |
Unobservable Input(s) | Discount to sales contract | Discount for distressed property |
Range or Rate Used | 9.80% | 50.00% |
Impaired Loans [Member] | Home Equity Lines Of Credit [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value | $ 7 | $ 5 |
Impaired Loans [Member] | Home Equity Lines Of Credit [Member] | Level 3 [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value | $ 7 | $ 5 |
Valuation Technique(s) | Sales comparison | Discounted cash flow |
Unobservable Input(s) | Adjustments for differences in sales comparables | Discount rate |
Range or Rate Used | 6.30% | |
Impaired Loans [Member] | Commercial Loans [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value | $ 845 | $ 1,681 |
Impaired Loans [Member] | Commercial Loans [Member] | Level 3 [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value | $ 845 | $ 1,681 |
Valuation Technique(s) | Discounted cash flow | Discounted cash flow |
Unobservable Input(s) | Discount rate | Discount rate |
Foreclosed Real Estate [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value | $ 460 | $ 977 |
Foreclosed Real Estate [Member] | Level 3 [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value | $ 460 | $ 977 |
Valuation Technique(s) | Sales comparison | Sales comparison |
Unobservable Input(s) | Adjustments for differences in sales comparables | Adjustments for differences in sales comparables |
Minimum [Member] | Level 3 [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range or Rate Used | 5.40% | 5.40% |
Minimum [Member] | Impaired Loans [Member] | Residential [Member] | Level 3 [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range or Rate Used | (5.10%) | (5.10%) |
Minimum [Member] | Impaired Loans [Member] | Home Equity Lines Of Credit [Member] | Level 3 [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range or Rate Used | (5.10%) | |
Minimum [Member] | Impaired Loans [Member] | Commercial Loans [Member] | Level 3 [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range or Rate Used | 5.30% | 6.00% |
Minimum [Member] | Foreclosed Real Estate [Member] | Level 3 [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range or Rate Used | (8.10%) | (23.40%) |
Maximum [Member] | Level 3 [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range or Rate Used | 6.30% | 6.30% |
Maximum [Member] | Impaired Loans [Member] | Residential [Member] | Level 3 [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range or Rate Used | 20.90% | 7.80% |
Maximum [Member] | Impaired Loans [Member] | Home Equity Lines Of Credit [Member] | Level 3 [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range or Rate Used | 20.90% | |
Maximum [Member] | Impaired Loans [Member] | Commercial Loans [Member] | Level 3 [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range or Rate Used | 7.50% | 7.50% |
Maximum [Member] | Foreclosed Real Estate [Member] | Level 3 [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Range or Rate Used | (0.40%) | 7.20% |
Fair Value of Financial Instr85
Fair Value of Financial Instruments - Summary of Carrying Amounts and Estimated Fair Values of Bank's Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Financial assets: | ||
Investment securities held to maturity | $ 343,188 | $ 383,588 |
Investment securities available for sale | 105,504 | 111,889 |
Carrying Amount [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 62,145 | 60,486 |
Investment securities held to maturity | 353,183 | 383,551 |
Investment securities available for sale | 105,504 | 111,889 |
Loans receivable, net | 902,336 | 809,648 |
Accrued interest receivable | 4,358 | 3,693 |
Federal Home Loan Bank stock | 2,050 | 3,132 |
Financial liabilities: | ||
Mortgage escrow funds | 8,803 | 8,084 |
FHLB advances | 18,841 | 42,598 |
Carrying Amount [Member] | Demand, NOW, Money Market Deposits and Savings Accounts [Member] | ||
Financial liabilities: | ||
Time deposits | 765,084 | 793,681 |
Carrying Amount [Member] | Time Deposits [Member] | ||
Financial liabilities: | ||
Time deposits | 392,373 | 294,780 |
Total [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 62,145 | 60,486 |
Investment securities held to maturity | 343,188 | 383,588 |
Investment securities available for sale | 105,504 | 111,889 |
Loans receivable, net | 882,319 | 817,814 |
Accrued interest receivable | 4,358 | 3,693 |
Financial liabilities: | ||
Mortgage escrow funds | 8,803 | 8,084 |
FHLB advances | 20,574 | 45,504 |
Total [Member] | Demand, NOW, Money Market Deposits and Savings Accounts [Member] | ||
Financial liabilities: | ||
Time deposits | 765,084 | 793,681 |
Total [Member] | Time Deposits [Member] | ||
Financial liabilities: | ||
Time deposits | 394,205 | 297,508 |
Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 62,145 | 60,486 |
Financial liabilities: | ||
Mortgage escrow funds | 8,803 | 8,084 |
Level 1 [Member] | Demand, NOW, Money Market Deposits and Savings Accounts [Member] | ||
Financial liabilities: | ||
Time deposits | 765,084 | 793,681 |
Level 2 [Member] | ||
Financial assets: | ||
Investment securities held to maturity | 343,188 | 383,318 |
Investment securities available for sale | 105,504 | 111,889 |
Accrued interest receivable | 1,402 | 1,243 |
Financial liabilities: | ||
FHLB advances | 20,574 | 45,504 |
Level 2 [Member] | Time Deposits [Member] | ||
Financial liabilities: | ||
Time deposits | 394,205 | 297,508 |
Level 3 [Member] | ||
Financial assets: | ||
Investment securities held to maturity | 270 | |
Loans receivable, net | 882,319 | 817,814 |
Accrued interest receivable | $ 2,956 | $ 2,450 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Current tax expense (benefit) | |||||||||||
Federal | $ 2,577 | $ 1,344 | $ (6) | ||||||||
State | 20 | (52) | (476) | ||||||||
Total current tax expense (benefit) | 2,597 | 1,292 | (482) | ||||||||
Deferred tax expense (benefit) | |||||||||||
Federal | 2,414 | (52) | 1,216 | ||||||||
State | 313 | (21) | 250 | ||||||||
Total deferred tax expense | 2,727 | (73) | 1,466 | ||||||||
State tax valuation allowances, net of federal benefit | (302) | 47 | 149 | ||||||||
Total | $ 1,075 | $ 591 | $ 2,551 | $ 805 | $ (1,017) | $ 878 | $ 758 | $ 647 | $ 5,022 | $ 1,266 | $ 1,133 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Taxes [Line Items] | ||||||
Corporate income tax rate | 21.00% | 34.00% | 28.06% | 34.00% | 34.00% | |
Re-measurement charge (benefit) through income tax expense | $ 1,600,000 | $ 1,600,000 | ||||
Effective date for change in corporate income tax rate | Jan. 1, 2018 | |||||
Charitable contribution carryforwards | $ 3,800,000 | $ 3,800,000 | ||||
Charitable contribution carryforwards expiration year | 2,022 | |||||
Reclassification from deferred income tax to retained earnings | $ 2,800,000 | |||||
Deferred tax liabilities not been recognized of retained earnings | 588,000 | |||||
Unrecognized tax benefits recorded | 0 | $ 0 | $ 0 | |||
Unrecognized tax benefits to significantly increase or decrease in the next twelve months | 0 | |||||
New York State [Member] | ||||||
Income Taxes [Line Items] | ||||||
Operating loss carryforwards, net | $ 2,100,000 | $ 2,100,000 | ||||
Operating loss carryforwards expiration year | 2,034 | |||||
Maximum [Member] | ||||||
Income Taxes [Line Items] | ||||||
Charitable contribution carryforwards expiration period | 5 years |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||||
Federal statutory rate | 21.00% | 34.00% | 28.06% | 34.00% | 34.00% | ||||||||
Tax at federal statutory rate | $ 3,262 | $ 1,529 | $ 1,380 | ||||||||||
State Taxes, net of federal benefit | 24 | ||||||||||||
Tax-exempt income | (61) | (47) | (49) | ||||||||||
BOLI income | (157) | (211) | (156) | ||||||||||
ESOP Compensation | 300 | 63 | |||||||||||
Deferred tax re-remeasurement charge | 1,570 | ||||||||||||
Other, net | 84 | (68) | (42) | ||||||||||
Total | $ 1,075 | $ 591 | $ 2,551 | $ 805 | $ (1,017) | $ 878 | $ 758 | $ 647 | $ 5,022 | $ 1,266 | $ 1,133 | ||
Effective tax rate | 43.20% | 28.16% | 27.91% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Deferred Tax Assets: | ||
Allowance for Loan Losses | $ 1,222 | $ 1,983 |
Deferred compensation | 836 | 1,071 |
Accrued incentive compensation | 110 | |
Purchase accounting adjustments | 70 | 277 |
Deferred rent | 182 | 380 |
Other compensation loss (defined benefit plans) | 1,439 | 2,706 |
Depreciation of premises and equipment | 413 | 405 |
NOL carryforward | 131 | 602 |
Charitable contribution carryforward | 949 | 1,820 |
Nonaccrual loan interest | 118 | 540 |
Other comprehensive loss (securities) | 408 | |
Other | 104 | |
Total deferred tax assets | 5,878 | 9,888 |
Deferred Tax Liabilities: | ||
Prepaid pension costs | 2,424 | 3,622 |
Deferred loan costs and fees, net | 451 | 457 |
Other comprehensive income (securities) | 19 | |
Other | 31 | 368 |
Total deferred tax liabilities | 2,906 | 4,466 |
Deferred tax asset valuation allowance | (350) | (652) |
Net Deferred Tax Asset | $ 2,622 | $ 4,770 |
Post-Retirement Benefits - Addi
Post-Retirement Benefits - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailment gain from reduction to salaries and employee benefits expense | $ 919,000 | |||
Effective date of freezing of the defined benefit pension plan | May 1, 2017 | |||
Defined benefit plan, contributions by employer | $ 0 | |||
Percentage of investment in plan assets | 100.00% | 100.00% | ||
Estimated long-term inflation rate | 2.50% | |||
Expected return on plan assets | 7.50% | |||
ESOP shares | 1,453,209 | 1,453,209 | ||
Stock price | $ 10 | |||
ESOP payable term | 15 years | |||
ESOP prime rate percentage | 4.50% | |||
ESOP borrowing | $ 13,600,000 | |||
Number of shares committed to be released per year through 2032 | 96,881 | |||
ESOP Compensation | $ 2,248,000 | $ 454,000 | ||
Equity Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of investment in plan assets | 67.00% | 65.00% | ||
Equity Mutual Funds [Member] | Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected return on plan assets | 6.00% | |||
Equity Mutual Funds [Member] | Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected return on plan assets | 8.00% | |||
Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of investment in plan assets | 1.00% | 1.00% | ||
Fixed Income Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of investment in plan assets | 32.00% | 34.00% | ||
Fixed Income Securities [Member] | Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected return on plan assets | 3.00% | |||
Fixed Income Securities [Member] | Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected return on plan assets | 5.00% | |||
Scenario Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, contributions by employer | $ 0 | |||
Employee Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pre-tax amounts recognized in accumulated other comprehensive loss | $ 6,500,000 | $ 7,600,000 | ||
Defined benefit plan, contributions by employer | $ 3,000,000 | |||
Assumed discount rates used | 4.14% | 3.87% | ||
Temporary increase in percentage of bond fund portion | 50.00% | |||
Expected return on plan assets | 7.50% | 7.50% | ||
Benefits Paid | $ 868,000 | $ 828,000 | ||
Employee Pension Plan [Member] | Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Asset rebalancing threshold | 10.00% | |||
Employee Pension Plan [Member] | Equity Mutual Funds [Member] | Long-Term Objective [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of investment in plan assets | 65.00% | |||
Employee Pension Plan [Member] | Debt Securities [Member] | Long-Term Objective [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of investment in plan assets | 34.00% | |||
Employee Pension Plan [Member] | Cash Equivalents [Member] | Long-Term Objective [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of investment in plan assets | 1.00% | |||
Employee Pension Plan [Member] | Scenario Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net loss | 580,000 | |||
Prior service (credit) cost | 0 | |||
Defined Contribution Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan, description | The Company maintained a defined contribution plan for eligible employees hired after October 1, 2012. All full-time employees who have attained age twenty-one and have a minimum of one year of service received a contribution to their 401(k) account equal to 5% of their salary. | |||
Defined contribution plan for eligible employee who hired after | Oct. 1, 2012 | |||
Defined contribution plan, minimum age for eligibility to receive contribution | 21 years | |||
Defined contribution plan, minimum period of service to receive contribution | 1 year | |||
Rate of contribution receive by employee on salary | 5.00% | |||
Plan expense | $ 0 | 120,000 | $ 162,000 | |
401 (k) Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan, minimum age for eligibility to receive contribution | 21 years | |||
Defined contribution plan, minimum period of service to receive contribution | 1 year | |||
Rate of contribution receive by employee on salary | 10.00% | |||
Employee contribution minimum percentage rate | 2.00% | |||
Employer matching contribution, percent of match | 75.00% | |||
Employer matching contribution, percent of employee gross pay | 6.00% | |||
Defined contribution savings plan expense | $ 414,000 | 418,000 | 410,000 | |
Defined benefit plan effective date of suspension | Jul. 1, 2018 | |||
Acquired Pension Plan [Member] | CMS Bancorp [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Termination of pension plan and chargeable to earning | 629,000 | |||
Supplemental Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net loss | $ 335,000 | 379,000 | ||
Accrued benefit cost | 3,400,000 | 3,000,000 | ||
Projected benefit obligation and accumulated benefit obligation | 3,400,000 | 3,000,000 | ||
Pension expense | 655,000 | 615,000 | 539,000 | |
Benefits Paid | $ 272,000 | $ 272,000 | $ 272,000 | |
Supplemental Retirement Plan [Member] | Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Assumed discount rates used | 3.16% | |||
Rates of compensation increases used | 3.16% | |||
Supplemental Retirement Plan [Member] | Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Assumed discount rates used | 4.14% | |||
Rates of compensation increases used | 4.14% | |||
Supplemental Retirement Plan [Member] | Scenario Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated amortization of net loss | $ 37,000 |
Post-Retirement Benefits - Summ
Post-Retirement Benefits - Summary of Plan's Funded Status (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Change in plan assets, at fair value: | ||
Employer contributions | $ 0 | |
Employee Pension Plan [Member] | ||
Change in benefit obligation: | ||
Beginning benefit obligation | 25,614,000 | $ 28,670,000 |
Service Cost | 602,000 | |
Interest Cost | 968,000 | 1,002,000 |
Actuarial Loss | 8,000 | (2,013,000) |
Benefits Paid | (868,000) | (828,000) |
Settlements | (958,000) | (1,301,000) |
Curtailment | (518,000) | |
Ending benefit obligation | 24,764,000 | 25,614,000 |
Change in plan assets, at fair value: | ||
Beginning plan assets | 27,444,000 | 23,215,000 |
Actual return | 2,357,000 | 3,358,000 |
Employer contributions | 3,000,000 | |
Benefits paid | (868,000) | (828,000) |
Settlements | (958,000) | (1,301,000) |
Ending Plan assets | 27,975,000 | 27,444,000 |
Funded Status | 3,211,000 | 1,830,000 |
Accumulated Benefit Obligation | $ 24,764,000 | $ 25,614,000 |
Post-Retirement Benefits - Su92
Post-Retirement Benefits - Summary of Net Period Pension Cost, Contributions and Benefits Paid (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Employer contributions | $ 0 | |
Employee Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net period pension cost | (321,000) | $ (224,000) |
Employer contributions | 3,000,000 | |
Benefits paid | $ 868,000 | $ 828,000 |
Post-Retirement Benefits - Sche
Post-Retirement Benefits - Schedule of Net Periodic Pension Cost and Other Amounts Recognized in Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Employee Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 602 | $ 626 | |
Interest cost | $ 968 | 1,002 | 1,086 |
Expected return on plan assets | (2,014) | (1,917) | (1,796) |
Amortization of prior net loss | 725 | 1,200 | 854 |
Amortization of prior service cost | (192) | (287) | |
Gain on curtailment | (919) | ||
New past service liability | 602 | 626 | |
Net periodic cost | (321) | (224) | 483 |
Service cost | 602 | ||
Interest cost | 968 | 1,002 | |
Supplemental Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of prior net loss | 34 | 93 | 84 |
Service cost | 518 | 398 | 322 |
Interest cost | 103 | 124 | 133 |
Net periodic cost | $ 655 | $ 615 | $ 539 |
Post-Retirement Benefits - Sc94
Post-Retirement Benefits - Schedule of Benefit Payments which Reflects Expected Future Service (Detail) $ in Thousands | Jun. 30, 2018USD ($) |
Employee Pension Plan [Member] | |
Defined Benefit Plan Estimated Future Benefit Payments [Line Items] | |
2,019 | $ 1,232 |
2,020 | 1,259 |
2,021 | 1,303 |
2,022 | 1,347 |
2,023 | 1,365 |
Following five years | 7,202 |
Supplemental Retirement Plan [Member] | |
Defined Benefit Plan Estimated Future Benefit Payments [Line Items] | |
2,019 | 272 |
2,020 | 272 |
2,021 | 3,336 |
2,022 | 272 |
2,023 | 272 |
Following five years | $ 136 |
Post-Retirement Benefits - Sc95
Post-Retirement Benefits - Schedule of Weighted-Average Assumptions Used to Determine Net Periodic Pension Cost (Detail) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Expected return on plan assets | 7.50% | |
Employee Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 3.87% | 4.04% |
Expected return on plan assets | 7.50% | 7.50% |
Post-Retirement Benefits - Sc96
Post-Retirement Benefits - Schedule of Actual Pension Plan Asset Allocation and Target Allocation by Asset Category (Detail) | Jun. 30, 2018 | Jun. 30, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 100.00% | |
Percentage of Plan Assets | 100.00% | 100.00% |
Equity Mutual Funds And Common/Collective Trusts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 65.00% | |
Percentage of Plan Assets | 67.00% | 65.00% |
Fixed Income Common/Collective Trusts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 34.00% | |
Percentage of Plan Assets | 32.00% | 34.00% |
Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 1.00% | |
Percentage of Plan Assets | 1.00% | 1.00% |
Post-Retirement Benefits - Sc97
Post-Retirement Benefits - Schedule of Fair Value of Plan Assets (Detail) - Employee Pension Plan [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 27,975 | $ 27,444 | $ 23,215 |
Carrying Amount [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 27,975 | 27,444 | |
Estimate of Fair Value Measurement [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 168 | 289 | |
Estimate of Fair Value Measurement [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 27,807 | 27,155 | |
Equity Mutual Funds And Common/Collective Trusts [Member] | Carrying Amount [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18,914 | 17,704 | |
Equity Mutual Funds And Common/Collective Trusts [Member] | Estimate of Fair Value Measurement [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18,914 | 17,704 | |
Fixed Income Common/Collective Trusts [Member] | Carrying Amount [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,893 | 9,451 | |
Fixed Income Common/Collective Trusts [Member] | Estimate of Fair Value Measurement [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,893 | 9,451 | |
Cash Equivalents [Member] | Carrying Amount [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 168 | 289 | |
Cash Equivalents [Member] | Estimate of Fair Value Measurement [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 168 | $ 289 |
Post-Retirement Benefits - Shar
Post-Retirement Benefits - Shares Held by ESOP (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Allocated to participants | 144,923 | 26,975 |
Unearned | 1,308,286 | 1,426,234 |
Total ESOP shares | 1,453,209 | 1,453,209 |
Fair value of unearned shares | $ 25,996 | $ 24,332 |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Company's and Bank's Actual Capital Amounts and Ratios Compared to Required Ratios for Minimum Capital Adequacy and for Classification as Well Capitalized (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Leverage (Tier 1), Bank Actual Amount | $ 287,991 | $ 278,528 |
Common Tier 1, Bank Actual Amount | 287,991 | 278,528 |
Tier 1, Bank Actual Amount | 287,991 | 278,528 |
Total, Bank Actual Amount | $ 292,895 | $ 283,678 |
Leverage (Tier 1), Bank Actual Ratio | 19.50% | 20.00% |
Common Tier 1, Bank Actual Ratio | 30.30% | 31.60% |
Tier 1, Bank Actual Ratio | 30.30% | 31.60% |
Total, Bank Actual Ratio | 30.80% | 32.20% |
Leverage (Tier 1), For Capital Adequacy Purposes Amount | $ 58,948 | $ 55,839 |
Common Tier 1, For Capital Adequacy Purposes Amount | 42,783 | 39,631 |
Tier 1, For Capital Adequacy Purposes Amount | 57,044 | 52,841 |
Total, For Capital Adequacy Purposes Amount | $ 76,058 | $ 70,455 |
Leverage (Tier 1), For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Common Tier 1, For Capital Adequacy Purposes Ratio | 4.50% | 4.50% |
Tier 1, For Capital Adequacy Purposes Ratio | 6.00% | 6.00% |
Total, For Captial Adequacy Purposes Ratio | 8.00% | 8.00% |
PCSB Commercial Bank [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Leverage (Tier 1), Bank Actual Amount | $ 200,488 | $ 190,990 |
Common Tier 1, Bank Actual Amount | 200,488 | 190,990 |
Tier 1, Bank Actual Amount | 200,488 | 190,990 |
Total, Bank Actual Amount | $ 205,392 | $ 196,140 |
Leverage (Tier 1), Bank Actual Ratio | 13.60% | 13.70% |
Common Tier 1, Bank Actual Ratio | 21.10% | 21.70% |
Tier 1, Bank Actual Ratio | 21.10% | 21.70% |
Total, Bank Actual Ratio | 21.60% | 22.30% |
Leverage (Tier 1), For Capital Adequacy Purposes Amount | $ 58,924 | $ 55,949 |
Common Tier 1, For Capital Adequacy Purposes Amount | 42,745 | 39,631 |
Tier 1, For Capital Adequacy Purposes Amount | 56,994 | 52,841 |
Total, For Capital Adequacy Purposes Amount | $ 75,991 | $ 70,455 |
Leverage (Tier 1), For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Common Tier 1, For Capital Adequacy Purposes Ratio | 4.50% | 4.50% |
Tier 1, For Capital Adequacy Purposes Ratio | 6.00% | 6.00% |
Total, For Captial Adequacy Purposes Ratio | 8.00% | 8.00% |
Leverage (Tier 1), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 73,655 | $ 69,936 |
Common Tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 61,743 | 57,245 |
Tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 75,991 | 70,455 |
Total, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 94,989 | $ 88,069 |
Leverage (Tier 1), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Common Tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 8.00% |
Total, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Capital conservation buffer, phase period | 4 years | |
Capital conservation buffer percentage at beginning period | 1.875% | 1.25% |
Minimum [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Capital conservation buffer percentage required under regulatory | 2.50% |
Related Party Disclosures - Add
Related Party Disclosures - Additional Information (Detail) - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
PCSB Bank [Member] | ||
Related Party Transaction [Line Items] | ||
Insider loans | $ 0 | $ 0 |
Parent Company Only Financia102
Parent Company Only Financial Statements - Additional Information (Detail) | 12 Months Ended |
Jun. 30, 2018 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Date of establishment | Dec. 9, 2016 |
Parent Company Only Financia103
Parent Company Only Financial Statements - Parent Company Only Financial Statements (Consolidated Balance Sheets) (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Assets | ||||
Cash and cash equivalents | $ 62,145 | $ 60,486 | $ 41,578 | $ 77,761 |
Other Assets | 5,645 | 5,509 | ||
Total assets | 1,480,187 | 1,426,458 | ||
Liabilities and stockholders' equity | ||||
Other Liabilities | 7,527 | 7,469 | ||
Stockholders' equity | 287,559 | 279,846 | $ 109,949 | $ 110,271 |
Total liabilities and shareholders' equity | 1,480,187 | 1,426,458 | ||
Parent Company [Member] | ||||
Assets | ||||
Cash and cash equivalents | 72,140 | 71,273 | ||
Investment in Bank | 200,058 | 192,308 | ||
ESOP Loan receivable | 13,563 | 14,532 | ||
Other Assets | 1,798 | 1,888 | ||
Total assets | 287,559 | 280,001 | ||
Liabilities and stockholders' equity | ||||
Other Liabilities | 155 | |||
Stockholders' equity | 287,559 | 279,846 | ||
Total liabilities and shareholders' equity | $ 287,559 | $ 280,001 |
Parent Company Only Financia104
Parent Company Only Financial Statements - Parent Company Only Financial Statements (Consolidated Statements of Operations) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Condensed Income Statements Captions [Line Items] | |||||||||||
Interest Income | $ 11,432 | $ 10,143 | $ 10,186 | $ 9,876 | $ 9,405 | $ 8,958 | $ 8,527 | $ 8,775 | $ 41,637 | $ 35,665 | $ 34,232 |
Contribution to PCSB Foundation | 5,000 | ||||||||||
Other non-interest expenses | 1,947 | 1,813 | 1,843 | ||||||||
Net income before income tax expense | 3,744 | 2,768 | 2,553 | 2,561 | (2,807) | 2,769 | 2,430 | 2,103 | 11,626 | 4,495 | 4,059 |
Income tax expense (benefit) | 1,075 | 591 | 2,551 | 805 | (1,017) | 878 | 758 | 647 | 5,022 | 1,266 | 1,133 |
Net income | $ 2,669 | $ 2,177 | $ 2 | $ 1,756 | $ (1,790) | $ 1,891 | $ 1,672 | $ 1,456 | 6,604 | 3,229 | $ 2,926 |
Parent Company [Member] | |||||||||||
Condensed Income Statements Captions [Line Items] | |||||||||||
Interest Income | 668 | 125 | |||||||||
Equity in income of Bank | 7,188 | 1,055 | |||||||||
Contribution to PCSB Foundation | 5,000 | ||||||||||
Other non-interest expenses | 689 | 105 | |||||||||
Net income before income tax expense | 7,167 | (3,925) | |||||||||
Income tax expense (benefit) | 563 | (1,693) | |||||||||
Net income | $ 6,604 | $ (2,232) |
Parent Company Only Financia105
Parent Company Only Financial Statements - Parent Company Only Financial Statements (Consolidated Statements of Cash Flows) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Flows from Operating Activities: | |||
Net income (loss) | $ 6,604 | $ 3,229 | $ 2,926 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Deferred tax expense (benefit) | 2,425 | (26) | 1,299 |
Net increase in accrued interest receivable | (665) | (332) | (127) |
Other adjustments, principally net changes in other assets and liabilities | 1,834 | (588) | (431) |
Net cash provided by operating activities | 14,611 | 7,835 | 5,945 |
Cash Flows from Investing Activities: | |||
Net cash used in investing activities | (58,412) | (148,468) | (101,372) |
Cash Flows from Financing Activities: | |||
Common stock dividends declared | (504) | ||
Issuance of common stock | (17) | 160,072 | |
Net cash provided by financing activities | 45,460 | 159,541 | 59,244 |
Net increase (decrease) in cash and cash equivalents | 1,659 | 18,908 | (36,183) |
Cash and cash equivalents at beginning of period | 60,486 | 41,578 | 77,761 |
Cash and cash equivalents at end of period | 62,145 | 60,486 | $ 41,578 |
Parent Company [Member] | |||
Cash Flows from Operating Activities: | |||
Net income (loss) | 6,604 | (2,232) | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in income of Bank | (7,188) | (1,055) | |
Issuance of common stock to PCSB Foundation | 3,387 | ||
Deferred tax expense (benefit) | 733 | (1,482) | |
Net increase in accrued interest receivable | (230) | (113) | |
Other adjustments, principally net changes in other assets and liabilities | (569) | (138) | |
Net cash provided by operating activities | (650) | (1,633) | |
Cash Flows from Investing Activities: | |||
Investment in PCSB Bank | (87,350) | ||
Decrease (increase) in ESOP loan | 969 | (14,532) | |
Net cash used in investing activities | 969 | (101,882) | |
Cash Flows from Financing Activities: | |||
Common stock dividends declared | (504) | ||
Allocation of ESOP shares | 1,069 | 184 | |
Issuance of common stock | (17) | 174,604 | |
Net cash provided by financing activities | 548 | 174,788 | |
Net increase (decrease) in cash and cash equivalents | 867 | 71,273 | |
Cash and cash equivalents at beginning of period | 71,273 | ||
Cash and cash equivalents at end of period | $ 72,140 | $ 71,273 |
Quarterly Financial Informat106
Quarterly Financial Information (Unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 13,358 | $ 11,648 | $ 11,657 | $ 11,297 | $ 10,723 | $ 10,276 | $ 9,850 | $ 10,109 | $ 47,960 | $ 40,958 | $ 39,044 |
Interest expense | 1,926 | 1,505 | 1,471 | 1,421 | 1,318 | 1,318 | 1,323 | 1,334 | 6,323 | 5,293 | 4,812 |
Net interest income | 11,432 | 10,143 | 10,186 | 9,876 | 9,405 | 8,958 | 8,527 | 8,775 | 41,637 | 35,665 | 34,232 |
Provision for loan losses | 25 | 54 | 200 | 135 | 235 | 562 | 26 | 414 | 823 | 1,859 | |
Non-interest income | 601 | 512 | 692 | 714 | 647 | 626 | 2,259 | 552 | 2,519 | 4,084 | 1,951 |
Non-interest expense | 8,264 | 7,833 | 8,125 | 7,894 | 12,859 | 6,580 | 7,794 | 7,198 | 32,116 | 34,431 | 30,265 |
Net income before income tax expense | 3,744 | 2,768 | 2,553 | 2,561 | (2,807) | 2,769 | 2,430 | 2,103 | 11,626 | 4,495 | 4,059 |
Income tax expense | 1,075 | 591 | 2,551 | 805 | (1,017) | 878 | 758 | 647 | 5,022 | 1,266 | 1,133 |
Net income | $ 2,669 | $ 2,177 | $ 2 | $ 1,756 | $ (1,790) | $ 1,891 | $ 1,672 | $ 1,456 | $ 6,604 | $ 3,229 | $ 2,926 |
Earnings per share | |||||||||||
Basic | $ 0.16 | $ 0.13 | $ 0.10 | $ 0.39 | |||||||
Diluted | $ 0.16 | $ 0.13 | $ 0.10 | $ 0.39 |
Quarterly Financial Informat107
Quarterly Financial Information (Unaudited) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Re-measurement of deferred tax asset | $ 1.6 | $ 1.6 | ||||||
Corporate income tax rate | 21.00% | 34.00% | 28.06% | 34.00% | 34.00% | |||
CMS Bancorp [Member] | ||||||||
Charged-off on loan settlement | $ 1.6 | |||||||
PCSB Community Foundation [Member] | ||||||||
Contribution expenses | $ 5 |