Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Sep. 06, 2019 | Dec. 31, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PCSB | ||
Entity Registrant Name | PCSB Financial Corp | ||
Entity Central Index Key | 0001691337 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 312.4 | ||
Entity Common Stock, Shares Outstanding | 17,655,539 | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity Incorporation, State Country Name | Maryland | ||
Entity File Number | 001-38065 | ||
Entity Tax Identification Number | 814710738 | ||
Entity Address, Address Line One | 2651 Strang Blvd., Suite 100 | ||
Entity Address, City or Town | Yorktown Heights | ||
Entity Address, State or Province | New York | ||
Entity Address, Postal Zip Code | 10598 | ||
City Area Code | 914 | ||
Local Phone Number | 248-7272 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
ASSETS | ||
Cash and due from banks | $ 58,756 | $ 60,684 |
Federal funds sold | 1,273 | 1,461 |
Total cash and cash equivalents | 60,029 | 62,145 |
Investment securities: | ||
Held to maturity investment securities, at amortized cost (fair value of $346,243 and $343,188, respectively) | 345,545 | 353,183 |
Available for sale securities, at fair value | 72,228 | 105,472 |
Total investment securities | 417,773 | 458,655 |
Loans receivable, net of allowance for loan losses of $5,664 and $4,904, respectively | 1,093,121 | 902,336 |
Accrued interest receivable | 4,797 | 4,358 |
FHLB stock | 6,255 | 2,050 |
Premises and equipment, net | 11,802 | 11,598 |
Deferred tax asset, net | 2,478 | 2,622 |
Foreclosed real estate | 1,158 | 460 |
Bank-owned life insurance | 24,291 | 23,747 |
Goodwill | 6,106 | 6,106 |
Other intangible assets | 323 | 433 |
Other assets | 9,446 | 5,677 |
Total assets | 1,637,579 | 1,480,187 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Interest bearing deposits | 1,084,442 | 1,025,574 |
Non-interest bearing deposits | 141,379 | 131,883 |
Total deposits | 1,225,821 | 1,157,457 |
Mortgage escrow funds | 9,355 | 8,803 |
Advances from FHLB | 111,216 | 18,841 |
Other liabilities | 9,880 | 7,527 |
Total liabilities | 1,356,272 | 1,192,628 |
Commitments and contingencies (Notes 1 and 9) | ||
Shareholders' equity: | ||
Preferred stock ($0.01 par value, 10,000,000 shares authorized, no shares issued or outstanding as of June 30, 2019 and June 30, 2018) | ||
Common stock ($0.01 par value, 200,000,000 shares authorized, 18,712,295 and 18,165,110 shares issued, and 17,804,039 and 18,165,110 shares outstanding as of June 30, 2019 and June 30, 2018, respectively) | 187 | 182 |
Additional paid in capital | 182,129 | 179,045 |
Retained earnings | 134,500 | 128,365 |
Unearned compensation - ESOP | (12,114) | (13,083) |
Accumulated other comprehensive loss, net of income taxes | (5,090) | (6,950) |
Treasury stock, at cost (908,256 shares as of June 30, 2019 and no shares as of June 30, 2018) | (18,305) | |
Total shareholders' equity | 281,307 | 287,559 |
Total liabilities and shareholders' equity | $ 1,637,579 | $ 1,480,187 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Statement Of Financial Position [Abstract] | ||
Held to maturity investment securities, fair value | $ 346,243 | $ 343,188 |
Allowance for loan losses | $ 5,664 | $ 4,904 |
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 | 18,712,295 | 18,165,110 |
Common Stock, shares outstanding | 17,804,039 | 18,165,110 |
Treasury Stock, Shares | 908,256 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Interest and dividend income | ||
Loans | $ 41,619,000 | $ 37,798,000 |
Investment securities | 10,022,000 | 9,266,000 |
Federal funds and other | 1,806,000 | 896,000 |
Total interest and dividend income | 53,447,000 | 47,960,000 |
Interest expense | ||
Deposits and escrow interest | 10,177,000 | 5,554,000 |
FHLB advances | 566,000 | 769,000 |
Total interest expense | 10,743,000 | 6,323,000 |
Net interest income | 42,704,000 | 41,637,000 |
Provision for loan losses | 808,000 | 414,000 |
Net interest income after provision for loan losses | 41,896,000 | 41,223,000 |
Noninterest income | ||
Fees and service charges | 1,763,000 | 1,529,000 |
Bank-owned life insurance | 544,000 | 568,000 |
Swap income | 507,000 | |
Gains on sales of securities | 62,000 | 236,000 |
Other | 226,000 | 186,000 |
Total noninterest income | 3,102,000 | 2,519,000 |
Noninterest expense | ||
Salaries and employee benefits | 21,611,000 | 19,419,000 |
Occupancy and equipment | 5,185,000 | 5,193,000 |
Communications and data processing | 1,953,000 | 1,974,000 |
Professional fees | 1,551,000 | 1,709,000 |
Postage, printing, stationary and supplies | 586,000 | 578,000 |
FDIC assessment | 421,000 | 328,000 |
Advertising | 349,000 | 456,000 |
Amortization of intangible assets | 110,000 | 126,000 |
Loss on other receivable | 90,000 | 570,000 |
Other operating expenses | 2,138,000 | 1,763,000 |
Total noninterest expense | 33,994,000 | 32,116,000 |
Net income before income tax expense | 11,004,000 | 11,626,000 |
Income tax expense | 2,686,000 | 5,022,000 |
Net income | $ 8,318,000 | $ 6,604,000 |
Earnings per common share: | ||
Basic | $ 0.50 | $ 0.39 |
Diluted | $ 0.50 | $ 0.39 |
Weighted average common shares: | ||
Basic | 16,492,760 | 16,802,894 |
Diluted | 16,527,117 | 16,802,894 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Net Income | $ 8,318 | $ 6,604 |
Unrealized gains (losses) on available for sale securities: | ||
Net change in unrealized gains/losses before reclassification adjustment | 1,741 | (1,835) |
Reclassification adjustment for gains realized in net income | (62) | (164) |
Net change in unrealized gains/losses | 1,679 | (1,999) |
Tax effect | (352) | 558 |
Net of tax | 1,327 | (1,441) |
Defined benefit pension plan and supplemental retirement plans: | ||
Total other comprehensive income (loss) | 1,860 | (618) |
Comprehensive income | 10,178 | 5,986 |
Pension Benefits [Member] | ||
Defined benefit pension plan and supplemental retirement plans: | ||
Net (loss) gain arising during the period | (486) | 335 |
Reclassification adjustment for amortization of prior service cost and net gain included in net periodic pension cost | 1,144 | 725 |
Net change in unrealized gains/losses | 658 | 1,060 |
Tax effect | (139) | (270) |
Net of tax | 519 | 790 |
SERP Benefits [Member] | ||
Defined benefit pension plan and supplemental retirement plans: | ||
Net (loss) gain arising during the period | (19) | 10 |
Reclassification adjustment for amortization of prior service cost and net gain included in net periodic pension cost | 36 | 34 |
Net change in unrealized gains/losses | 17 | 44 |
Tax effect | (3) | (11) |
Net of tax | $ 14 | $ 33 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Unallocated Common Stock of ESOP [Member] | Treasury Stock, at Cost [Member] | Accumulated Other Comprehensive Loss [Member] | ||
Beginning Balance at Jun. 30, 2017 | $ 279,846 | $ 182 | $ 177,993 | $ 121,148 | $ (14,262) | $ (5,215) | |||
Beginning Balance (in shares) at Jun. 30, 2017 | 18,165,110 | ||||||||
Net Income | 6,604 | 6,604 | |||||||
Other comprehensive income (loss) | (618) | (618) | |||||||
Reclassification of certain tax effects on other comprehensive income | [1] | 1,117 | (1,117) | [2] | |||||
Common stock dividends declared | (504) | (504) | |||||||
Issuance of common stock | [3] | (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 | ||||||||
Net Income | 8,318 | 8,318 | |||||||
Other comprehensive income (loss) | 1,860 | 1,860 | |||||||
Common stock dividends declared | (2,183) | (2,183) | |||||||
Repurchase of common stock | (18,305) | $ (18,305) | |||||||
Repurchase of common stock (in shares) | (908,256) | ||||||||
Restricted stock awards granted | $ 5 | (5) | |||||||
Restricted stock awards granted (in shares) | 547,185 | ||||||||
Stock-based compensation | 2,140 | 2,140 | |||||||
ESOP shares committed to be released | 1,918 | 949 | 969 | ||||||
Ending Balance at Jun. 30, 2019 | $ 281,307 | $ 187 | $ 182,129 | $ 134,500 | $ (12,114) | $ (18,305) | $ (5,090) | ||
Ending Balance (in shares) at Jun. 30, 2019 | 17,804,039 | ||||||||
[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 13 - Income Taxes for additional information. | ||||||||
[2] | 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. | ||||||||
[3] | Represents costs incurred in association with the Company's initial public offering completed in the prior period. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Stockholders Equity [Abstract] | ||
Common stock dividends declared (per share) | $ 0.13 | $ 0.03 |
ESOP shares committed to be released (in shares) | 96,881 | 117,948 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
OPERATING ACTIVITIES | ||
Net income | $ 8,318 | $ 6,604 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan loss | 808 | 414 |
Depreciation and amortization | 1,178 | 1,432 |
Amortization of net premiums on securities and deposits, and net deferred loan origination costs | 1,277 | 1,679 |
Deferred income tax (credit) expense, net of valuation reserves | (350) | 2,425 |
Net increase in accrued interest receivable | (439) | (665) |
Net (gain) loss on sales of foreclosed real estate | (24) | 7 |
Net gains on sale of securities | (62) | (236) |
Net gain on sale of bank premises | (156) | |
Write-downs on foreclosed real estate | 21 | |
Stock-based compensation | 2,140 | |
ESOP compensation | 1,918 | 2,248 |
Earnings from cash surrender value of BOLI | (544) | (568) |
Net accretion of purchase account adjustments | (357) | (563) |
Other adjustments, principally net changes in other assets and liabilities | (741) | 1,834 |
Net cash provided by operating activities | 12,987 | 14,611 |
Purchases of investment securities: | ||
Held to maturity | (57,925) | (51,218) |
Available for sale | (27,498) | |
Sales of investment securities available for sale | 14,021 | 7,511 |
Maturities and calls of investment securities: | ||
Held to maturity | 64,988 | 80,997 |
Available for sale | 20,711 | 24,202 |
Loan principal disbursement, net | (112,034) | (818) |
Purchase of loans | (80,833) | (93,166) |
Net (purchase) redemption of FHLB stock | (4,205) | 1,082 |
Purchase of bank premises and equipment, net of sales | (1,116) | (753) |
Proceeds from sales of foreclosed real estate | 487 | 1,249 |
Net cash used in investing activities | (155,906) | (58,412) |
FINANCING ACTIVITIES | ||
Net increase in deposits | 68,364 | 69,019 |
Net increase (decrease) in short-term FHLB advances | 60,000 | (23,636) |
Proceeds from long-term FHLB advances | 42,500 | |
Repayment of long-term FHLB advances | (10,125) | (121) |
Net increase in mortgage escrow funds | 552 | 719 |
Common stock dividends paid | (2,183) | (504) |
Issuance of common stock | (17) | |
Repurchase of common stock | (18,305) | |
Net cash provided by financing activities | 140,803 | 45,460 |
Net (decrease) increase in cash and cash equivalents | (2,116) | 1,659 |
Cash and cash equivalents at beginning of period | 62,145 | 60,486 |
Cash and cash equivalents at end of period | 60,029 | 62,145 |
Cash paid for: | ||
Interest | 10,688 | 6,204 |
Income taxes (net of refunds) | 2,933 | 2,766 |
Loans transferred to foreclosed real estate and other assets | $ 1,182 | $ 739 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Jun. 30, 2019 | |
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 commercial 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. Basis of Presentation UpCounty Realty Corp. (formerly PCSB Realty Ltd.) Use of Estimates Cash Flows Investment Securities Debt securities available for sale are reported at fair value. Unrealized gains and losses on debt 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 debt 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. Loans Receivable 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. 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 initially 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 our primary market area. 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 Derivatives Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. The documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings. 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. Earnings Per Share include stock options and unvested restricted stock. Earnings and dividends per share are restated for all stock splits and stock dividends through the date of the issuance of the financial statements. Stock-Based Compensation: Compensation cost is recognized for stock options and restricted stock awards issued to employees and non-employee directors based on the fair value of these awards at the grant date. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. The Company’s policy is to recognize forfeitures as they occur. 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 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Jun. 30, 2019 | |
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. Accounting Standards Adopted in the Period 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 the Company’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. Additional disclosures required under ASU 2014-09 are contained in Note 18. 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 adoption of ASU 2016-01, and subsequent amendments, on July 1, 2018 did not have a material impact on the Company’s consolidated financial statements. 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. The adoption of ASU 2017-07 resulted in non-service costs (credits) of $250,000 and $(184,000) to be included in other operating expense for the year ended June 30, 2019 and 2018, respectively. In November 2016, the FASB issued ASU 2016-18 “Statement of Cash Flows - Restricted Cash.” This ASU provides guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows. The amendments in this update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The adoption of ASU 2016-18 on July 1, 2018 did not have a material impact on the Company’s consolidated financial statements. Future Application of Accounting Pronouncements Previously Issued 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 longer than 12 months 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 Company currently leases eleven branches and two administrative offices. The Company adopted this standard and the related amendments (collectively "ASC 842") on July 1, 2019 and utilized the modified retrospective approach provided by ASU 2018-11, "Leases (Topic 842): Targeted Improvements," that allowed for a cumulative effect adjustment in the period of adoption. Under this method of adoption, the comparative information in the consolidated financial statements has not been revised and continues to be reported under the previously applicable lease accounting guidance (ASC 840). We also utilized the package of practical expedients permitted under the transition guidance which included the carry-forward of historical lease classification. We anticipate the adoption of ASU 2016-02 on July 1, 2019 will result in the establishment of a right to use asset and a corresponding lease obligation of no more than 1% of consolidated assets. There will be no impact on the Company’s consolidated results of operations as a result of this adoption. 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. Management is currently evaluating the impact that ASU 2016-13 will have on the Company’s consolidated financial position, results of operations and disclosures. In June 2019, the FASB voted to propose a delay for the implementation of the standard until January 2023 for certain companies, including small reporting companies (as defined by the SEC), non-SEC public companies and private companies. The Company currently qualifies as a small reporting company and would be subject to the proposed delay if approved. In January 2017, the FASB issued ASU 2017-04 “Intangibles – Goodwill and Other (Topic 350).” 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. Management elected to adopt ASU 2017-08 on July 1, 2019 which will result in no material impacts on the Company’s consolidated financial statements. |
Investment Securities
Investment Securities | 12 Months Ended |
Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | Note 3 . 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, 2019 and 2018 were as follows: June 30, 2019 Amortized Gross Unrealized/Unrecognized Fair Cost Gains Losses Value (in thousands) Available for sale: U.S. Government and agency obligations $ 37,027 $ 5 $ (121 ) $ 36,911 Corporate and other debt securities 8,349 20 (9 ) 8,360 Mortgage-backed securities – residential 27,115 23 (181 ) 26,957 Total available for sale $ 72,491 $ 48 $ (311 ) $ 72,228 Held to maturity: U.S. Government and agency obligations $ 96,545 $ 192 $ (246 ) $ 96,491 Corporate and other debt securities 34,033 133 (413 ) 33,753 Mortgage-backed securities – residential 133,602 818 (372 ) 134,048 Mortgage-backed securities – collateralized mortgage obligations 52,940 311 (147 ) 53,104 Mortgage-backed securities – commercial 28,425 451 (29 ) 28,847 Total held to maturity $ 345,545 $ 1,905 $ (1,207 ) $ 346,243 June 30, 2018 Amortized Gross Unrealized/Unrecognized Fair Cost Gains Losses Value (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 Total available for sale $ 107,414 $ 81 $ (2,023 ) $ 105,472 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 For the year ended June 30, 2019, the Company sold $14.0 million of securities resulting in $62,000 of gross realized gains. For the year ended June 30, 2018, the Company sold securities with a carrying amount of $8.6 million, resulting in $236,000 of gross realized gains, which included the disposal of $1.3 million of securities classified as held to maturity, resulting in $72,000 of gross realized gains. These held to maturity 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. The following table presents the fair value and carrying amount of debt securities at June 30, 2019 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) 1 year or less $ 38,550 $ 38,429 $ 25,015 $ 24,950 1 to 5 years 62,995 63,055 20,361 20,321 5 to 10 years 25,033 24,701 - - Mortgage-backed securities and other 218,967 220,058 27,115 26,957 Total $ 345,545 $ 346,243 $ 72,491 $ 72,228 Securities pledged had carrying amounts of $166.4 million and $140.5 million at June 30, 2019 and 2018, 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, 2019 and 2018: June 30, 2019 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 $ - $ - $ 32,919 $ (121 ) $ 32,919 $ (121 ) Corporate and other debt securities - - 3,269 (9 ) 3,269 (9 ) Mortgage-backed securities – residential - - 24,000 (181 ) 24,000 (181 ) Total available for sale $ - $ - $ 60,188 $ (311 ) $ 60,188 $ (311 ) Held to maturity: U.S. Government and agency obligations $ - $ - $ 59,306 $ (246 ) $ 59,306 $ (246 ) Corporate and other debt securities 17,087 (413 ) - - 17,087 (413 ) Mortgage-backed securities – residential 1,666 (26 ) 54,648 (346 ) 56,314 (372 ) Mortgage-backed securities – collateralized mortgage obligations - - 29,372 (147 ) 29,372 (147 ) Mortgage-backed securities – commercial - - 6,972 (29 ) 6,972 (29 ) Total held to maturity $ 18,753 $ (439 ) $ 150,298 $ (768 ) $ 169,051 $ (1,207 ) 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 ) For the year ended June 30, 2019, the Company’s securities portfolio consisted of $417.8 million in securities, of which 135 securities with a fair value of $229.2 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, 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. 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, 2019 and 2018. 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, 2019 and 2018. |
Loans Receivable
Loans Receivable | 12 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Loans Receivable | Note 4 . Loans Receivable Loans receivable are summarized as follows (in thousands): June 30, 2019 2018 Mortgage loans: Residential $ 265,167 $ 250,578 Commercial 651,396 495,265 Construction 13,231 17,352 Net deferred loan origination costs 1,031 1,041 Total mortgages 930,825 764,236 Commercial and consumer loans: Commercial loans 133,614 104,135 Home equity lines of credit 33,204 37,395 Consumer and overdrafts 365 745 Net deferred loan origination costs 777 729 Total commercial and consumer loans 167,960 143,004 Total loans receivable 1,098,785 907,240 Allowance for loan losses (5,664 ) (4,904 ) Loans receivable, net $ 1,093,121 $ 902,336 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, 2019 and 2018 (in thousands): For the year ended June 30, 2019 Beginning Allowance Provision (Credit) Charge-offs Recoveries Ending Allowance Originated: Residential $ 386 $ (33 ) $ - $ 10 $ 363 Commercial 3,073 894 (114 ) - 3,853 Construction 505 (442 ) - 96 159 Commercial loans 780 348 - 2 1,130 Home equity lines of credit 80 (15 ) - - 65 Consumer and overdrafts 7 31 (34 ) 7 11 Acquired: Residential 73 10 - - 83 Commercial - 15 (15 ) - - Total $ 4,904 $ 808 $ (163 ) $ 115 $ 5,664 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 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, 2019 and 2018 (in thousands): June 30, 2019 Loans Allowance for loan losses 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 $ 1,774 $ 262,124 $ 1,269 $ 265,167 $ 130 $ 233 $ 83 $ 446 Commercial 1,418 649,088 890 651,396 - 3,853 - 3,853 Construction - 13,231 - 13,231 - 159 - 159 Commercial loans 2,016 131,598 - 133,614 39 1,091 - 1,130 Home equity lines of credit 689 32,359 156 33,204 4 61 - 65 Consumer and overdrafts - 365 - 365 - 11 - 11 Total $ 5,897 $ 1,088,765 $ 2,315 $ 1,096,977 $ 173 $ 5,408 $ 83 $ 5,664 June 30, 2018 Loans Allowance for loan losses 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 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, 2019 and 2018 (in thousands): June 30, 2019 Unpaid Principal Balance Recorded Investment Allowance for loan losses With no related allowance recorded: Residential $ 1,061 $ 1,028 $ - Commercial 1,471 1,418 - Commercial loans 2,007 1,836 - Home equity lines of credit 750 678 - With an allowance recorded: Residential 723 746 130 Commercial loans 180 180 39 Home equity lines of credit 11 11 4 Total $ 6,203 $ 5,897 $ 173 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 For the year ended For the year ended June 30, 2019 June 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential $ 1,377 $ 20 $ 3,041 $ 184 Commercial 1,496 51 2,350 248 Construction - - 93 17 Commercial loans 2,064 200 3,457 1,049 Home equity lines of credit 577 7 507 22 With an allowance recorded: Residential 753 14 453 15 Construction 869 - 2,720 - Commercial loans 50 11 1,491 66 Home equity lines of credit 11 - 11 - Total $ 7,197 $ 303 $ 14,123 $ 1,601 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, 2019 and 2018 (in thousands): Loans Past Due Over 90 Days Nonaccrual and Still Accruing June 30, June 30, June 30, June 30, 2019 2018 2019 2018 Originated: Residential $ 536 $ 604 $ - $ - Commercial - 262 - - Construction - 2,260 - - Commercial loans 150 788 - - Home equity lines of credit 383 45 - - Consumer and overdrafts - - 1 - Acquired: Residential 795 1,308 - - Commercial 568 532 - - Home equity lines of credit 294 303 - - Total $ 2,726 $ 6,102 $ 1 $ - 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 $501,000 and $1.8 million as of June 30, 2019 and 2018, 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, 2019 and 2018 (in thousands): June 30, 2019 30-59 60-89 90 Days or Days Past Days Past More Past Total Past Due Due Due Due Current Total Originated: Residential $ - $ - $ 86 $ 86 $ 217,970 $ 218,056 Commercial - - - - 600,675 600,675 Construction - - - - 13,231 13,231 Commercial loans - 150 - 150 133,286 133,436 Home equity lines of credit 344 - 312 656 28,767 29,423 Consumer and overdrafts - - 1 1 348 349 Total originated 344 150 399 893 994,277 995,170 Acquired: Residential 220 116 709 1,045 46,066 47,111 Commercial - - 568 568 50,153 50,721 Commercial loans - - - - 178 178 Home equity lines of credit - 67 296 363 3,418 3,781 Consumer and overdrafts - - - - 16 16 Total acquired 220 183 1,573 1,976 99,831 101,807 Total $ 564 $ 333 $ 1,972 $ 2,869 $ 1,094,108 $ 1,096,977 June 30, 2018 30-59 60-89 90 Days or Days Past Days Past More Past Total Past Due 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 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 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, 2019 and 2018, the Company had 14 and 12 loans classified as troubled debt restructurings totaling $4.1 million and $3.8 million, respectively, including $3.2 million and $3.0 million, respectively, of loans still accruing. The Company has allocated $135,000 and $139,000, respectively, of specific reserves to customers whose loan terms have been modified in troubled debt restructurings as of June 30, 2019 and 2018, 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, 2019 and 2018 (dollars in thousands): Number of loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Year Ended June 30, 2019 Residential mortgage 3 $ 1,115 $ 1,110 Home equity lines of credit 1 73 73 Total 4 $ 1,188 $ 1,183 Year Ended June 30, 2018 Commercial loans 1 $ 275 $ 289 Total 1 $ 275 $ 289 The Company had no troubled debt restructurings for which there was a payment default in the year ended June 30, 2019 that were modified in the twelve months prior to default. There were 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 in the allowance for loan loss. 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, 2019 Pass Special Mention Substandard Total Originated: Residential $ 216,438 $ 1,071 $ 547 $ 218,056 Commercial 600,216 339 120 600,675 Construction 13,231 - - 13,231 Commercial loans 123,361 6,423 3,652 133,436 Home equity lines of credit 28,996 67 360 29,423 Consumer and overdrafts 349 - - 349 Total originated 982,591 7,900 4,679 995,170 Acquired: Residential 44,959 211 1,941 47,111 Commercial 45,726 3,537 1,458 50,721 Commercial loans 178 - - 178 Home equity lines of credit 3,331 68 382 3,781 Consumer and overdrafts 16 - - 16 Total acquired 94,210 3,816 3,781 101,807 Total $ 1,076,801 $ 11,716 $ 8,460 $ 1,096,977 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 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 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 follows (in thousands): June 30, 2019 2018 Residential $ 1,186 $ 1,232 Commercial 890 1,477 Home equity lines of credit 156 168 Carrying amount, net of allowance of $83 and $73, respectively $ 2,232 $ 2,877 Accretable yield, or income expected to be collected, for acquired loans is as follows (in thousands): Year ended June 30, 2019 2018 Beginning balance $ 245 $ 403 New loans acquired - - Accretion income (53 ) (70 ) Reclassification from non-accretable difference - 5 Disposals - (93 ) Ending balance $ 192 $ 245 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Jun. 30, 2018 | |
Property Plant And Equipment [Abstract] | |
Premises and Equipment | Note 5 . Premises and Equipment Premises and equipment are summarized as follows at June 30 (in thousands): 2019 2018 Land $ 1,997 $ 1,997 Building and Leasehold improvements 13,753 13,430 Furniture, fixtures and equipment 6,808 6,096 Construction and improvements in process 15 355 22,573 21,878 Less: accumulated depreciation and amortization (10,771 ) (10,280 ) Total Bank premises and equipment, net $ 11,802 $ 11,598 Depreciation expense was $1.1 million and $1.3 million for the years ended June 30, 2019 and 2018, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Jun. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 6 . Goodwill and Intangible Assets The change in goodwill during the years ended June 30, 2019 and 2018 are as follows (in thousands): 2019 2018 Balance at July 1, $ 6,106 $ 6,106 Impairment - - Total at June 30, $ 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): 2019 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Core deposit intangible $ 887 $ (564 ) $ 887 $ (454 ) Aggregate amortization expense was $110,000 and $126,000 for the years ended June 30, 2019 and 2018, respectively. Estimated amortization expense for each of the next five fiscal years ended June 30 (in thousands): 2020 $ 94 2021 78 2022 62 2023 46 2024 and after 43 |
Deposits
Deposits | 12 Months Ended |
Jun. 30, 2019 | |
Deposits [Abstract] | |
Deposits | Note 7 . Deposits Deposit balances are summarized as follows at June 30, 2019 and 2018 (in thousands): 2019 2018 Demand $ 141,379 $ 131,883 NOW Accounts 123,069 117,875 Money market accounts 148,134 49,885 Savings 357,844 465,441 Time deposits 455,395 392,373 Total $ 1,225,821 $ 1,157,457 Time deposits that meet or exceed the FDIC insurance limit of $250,000 were $149.0 million and $116.0 million at June 30, 2019 and 2018, respectively. Scheduled maturities of time deposits were as follows as of June 30, 2019 and 2018 (in thousands): 2019 2018 Within 1 year $ 221,832 $ 183,276 1 year to 2 years 112,394 49,350 2 years to 3 years 41,211 56,746 3 years to 4 years 33,538 56,458 4 years to 5 years 46,420 46,339 Thereafter - 204 Total $ 455,395 $ 392,373 Deposits of local governments held by PCSB Bank were $40.1 million and $39.1 million at June 30, 2019 and 2018, respectively. Additionally, as of June 30, 2019 and 2018, deposits included $77.5 million and $60.0 million of brokered time deposits with remaining maturities between 9 and 36 months. |
FHLB and Other Borrowings
FHLB and Other Borrowings | 12 Months Ended |
Jun. 30, 2019 | |
Federal Home Loan Banks [Abstract] | |
FHLB and Other Borrowings | Note 8 . FHLB and Other Borrowings Borrowings consist of advances from the FHLBNY. As of June 30, 2019, FHLB advances consisted of $107.5 million of short and long-term advances with original maturities ranging from 3 to 54 months, as well as a $3.7 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): 2019 2018 Amount Due Weighted Avg. Rate Amount Due Weighted Avg. Rate Within 1 year $ 65,128 2.29 % $ 10,125 1.70 % 1 year to 2 years 30,131 2.10 5,128 1.81 2 years to 3 years 7,635 3.22 131 2.62 3 years to 4 years 138 2.62 135 2.62 4 years to 5 years 5,142 3.31 138 2.62 Thereafter 3,042 2.62 3,184 2.62 Total $ 111,216 2.36 % $ 18,841 1.91 % As a member of the FHLBNY, the Bank had access to funds in the form of FHLB advances of approximately $291.2 million and $314.9 million at June 30, 2019 and 2018, of which $111.2 million and $18.8 million was outstanding as of each respective period. 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, 2019, the Bank also had access to funds of approximately $118.0 million in the form of secured borrowings through the discount window of the FRB. 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, 2019 or 2018. |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9 . 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, 2019 and 2018, are summarized below (in thousands): 2019 2018 Commitments to originate loans $ 136,770 $ 102,644 Unused lines of credit 52,644 56,553 Standby letter of credit 1,688 1,420 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, 2019 and 2018. Operating Lease Commitments Within 1 year $ 1,733 1 year to 2 years 1,794 2 year to 3 years 1,770 3 year to 4 years 1,683 4 year to 5 years 1,313 Thereafter 5,647 Total $ 13,940 Legal Proceedings Company |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 10 . Accumulated Other Comprehensive 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 (1) Unrealized loss on pension benefits (2) Unrealized loss on SERP benefits (2) Total Balance at July 1, 2018 $ (1,536 ) $ (5,150 ) $ (264 ) $ (6,950 ) Other comprehensive income (loss) before reclassifications 1,741 (486 ) (19 ) 1,236 Amounts reclassified from accumulated other comprehensive (loss) income (62 ) 1,144 36 1,118 Tax effect (352 ) (139 ) (3 ) (494 ) Net other comprehensive income 1,327 519 14 1,860 Balance at June 30, 2019 $ (209 ) $ (4,631 ) $ (250 ) $ (5,090 ) Net unrealized gain (loss) on available for sale securities (1) Unrealized loss on pension benefits (2) Unrealized loss on SERP benefits (2) Total Balance at July 1, 2017 $ 37 $ (5,002 ) $ (250 ) $ (5,215 ) Other comprehensive (loss) income before reclassifications (1,835 ) 335 10 (1,490 ) Amounts reclassified from accumulated other comprehensive (loss) income (164 ) 725 34 595 Tax effect 558 (270 ) (11 ) 277 Net other comprehensive (loss) income (1,441 ) 790 33 (618 ) Reclassification of certain tax effects on other comprehensive (loss) (3) (132 ) (938 ) (47 ) (1,117 ) Balance at June 30, 2018 $ (1,536 ) $ (5,150 ) $ (264 ) $ (6,950 ) (1) (2) ( 3 ) |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 11 . Earnings Per Share Basic EPS is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated in a similar matter, except that the denominator includes the number of additional common shares that would have been outstanding if potentially dilutive common shares were issued using the treasury stock method. Dilutive financial instruments include stock options and unvested restricted stock. The following table provides factors used in the earnings per share computation for the years ended June 30, 2019 and 2018. Year Ended June 30, 2019 2018 (amounts in thousands, except share and per share data) Net income applicable to common stock $ 8,318 $ 6,604 Average number of common shares outstanding 17,752,473 18,165,110 Less: Average unallocated ESOP shares (1,259,713 ) (1,362,216 ) Average number of common shares outstanding used to calculate basic earnings per common share 16,492,760 16,802,894 Effect of equity-based awards 34,357 - Average number of common shares outstanding used to calculate diluted earnings per common share 16,527,117 16,802,894 Earnings per Common share: Basic $ 0.50 $ 0.39 Diluted $ 0.50 $ 0.39 Stock options for 1,339,293 shares of common stock were not considered in computing dilutive earnings per common share for the year ended June 30, 2019 because they were antidilutive. There were no potentially dilutive common stock equivalents during the year ended June 30, 2018. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 12 . 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. Derivatives Assets and liabilities measured at fair value are summarized below (in thousands): Fair Value Measurements Level 1 Level 2 Level 3 Total June 30, 2019 Measured on a recurring basis: Available for sale securities: U.S. Government and agency obligations $ - $ 36,911 $ - $ 36,911 Corporate and other debt securities - 8,360 - 8,360 Mortgage-backed securities – residential - 26,957 - 26,957 Derivatives - interest rate contracts - 1,339 - 1,339 Total assets at fair value $ - $ 73,567 $ - $ 73,567 Derivatives - interest rate contracts $ - $ 1,339 $ - $ 1,339 Total liabilities at fair value $ - $ 1,339 $ - $ 1,339 Measured on a non-recurring basis: Impaired loans: Residential mortgages $ - $ - $ 616 $ 616 Commercial loans - - 141 141 Home equity lines of credit - - 7 7 Foreclosed real estate - - 653 653 Total assets at fair value $ - $ - $ 1,417 $ 1,417 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 Total assets at fair value $ - $ 105,472 $ - $ 105,472 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 Impaired loans in the table above had a carrying amount of $937,000 and a remaining valuation allowance of $173,000 at June 30, 2019, incurred no net charge-offs and resulted in an additional provision for loan losses of $40,000 during the year ended June 30, 2019. Impaired loans in the table above had a carrying amount of $3.9 million and a remaining valuation allowance of $451,000 at June 30, 2018, and incurred $1.1 million of net charge-offs and resulted in an additional provision for loan losses of $435,000 during the year ended June 30, 2018. 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, 2019 and 2018 (dollars in thousands): Valuation Unobservable Range or Fair Value Technique(s) Input(s) Rate Used June 30, 2019 Impaired loans - residential mortgages $ 616 Discounted cash flow Discount rate 5.4% to 6.3% Impaired loans - commercial loans 141 Discounted cash flow Discount rate 6.0% to 7.0% Impaired loans - home equity lines of credit 7 Discounted cash flow Discount rate 6.2% Foreclosed real estate 653 Sales comparison Adjustments for differences in sales comparables -8.0% to 45.0% 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% 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, 2019 Financial assets: Cash and cash equivalents $ 60,029 $ 60,029 $ - $ - $ 60,029 Investment securities held to maturity 345,545 - 346,243 - 346,243 Investment securities available for sale 72,228 - 72,228 - 72,228 Loans receivable, net 1,093,121 - - 1,092,878 1,092,878 Accrued interest receivable 4,797 - 1,330 3,467 4,797 FHLB stock 6,255 N/A N/A N/A N/A Derivative assets - interest rate contracts 1,339 - 1,339 - 1,339 Financial liabilities: Demand, NOW, money market deposits and savings accounts 770,426 770,426 - - 770,426 Accrued interest payable 209 16 193 209 Time deposits 455,395 - 460,554 - 460,554 Mortgage escrow funds 9,355 9,355 - - 9,355 FHLB advances 111,216 - 111,818 - 111,818 Derivative liabilities - interest rate contracts 1,339 - 1,339 - 1,339 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 FHLB 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 Accrued interest payable 154 7 147 154 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 In connection with the adoption of ASU 2016-01 on July 1, 2018, we refined our methodology to estimate the fair value of our loan portfolio using an exit price notion resulting in prior periods no longer being comparable. The exit price notion requires determination of the price at which willing market participants would transact at the measurement date under current market conditions depending on facts and circumstances, such as origination rates, credit risk, transaction costs, liquidity, national and regional market trends and other adjustments, utilizing publicly available rates and indices. The application of an exit price notion requires the use of significant judgment. The prior period estimate of loans receivable, net was determined using an entrance price methodology based only on the discounted value of contracted cash flows based on prevailing interest rates. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Note 13 . Income Taxes The components of income tax expense (benefit) are summarized as follows for the years ended June 30 (in thousands): 2019 2018 Current tax expense (benefit) Federal $ 2,624 $ 2,577 State 412 20 3,036 2,597 Deferred tax expense (benefit) Federal (329 ) 2,414 State (91 ) 313 (420 ) 2,727 State tax valuation allowances, net of federal benefit 70 (302 ) Total $ 2,686 $ 5,022 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 was required to re-measure as of the date the law was 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 the year ended June 30, 2018, based on the daily weighted average statutory rate effective throughout the fiscal year. Effective tax rates differ from the federal statutory rate applied to income before income taxes due to the following (dollars in thousands): 2019 2018 Federal statutory rate 21.00 % 28.06 % Tax at federal statutory rate $ 2,311 $ 3,262 State Taxes, net of federal benefit 310 24 Tax-exempt income (66 ) (61 ) BOLI income (114 ) (157 ) ESOP Compensation 199 300 Deferred tax re-remeasurement charge - 1,570 Other, net 46 84 Total $ 2,686 $ 5,022 Effective tax rate 24.41 % 43.20 % Year-end deferred tax assets and liabilities were due to the following (in thousands): 2019 2018 Deferred Tax Assets: Allowance for Loan Losses $ 1,419 $ 1,222 Other comprehensive loss (defined benefit plans) 1,298 1,439 Deferred compensation 879 836 Charitable contribution carryforward 671 949 Stock based compensation 498 - Depreciation of premises and equipment 416 413 Other comprehensive loss (securities) 55 408 Other 544 611 Total deferred tax assets 5,780 5,878 Deferred Tax Liabilities: Prepaid pension costs 2,416 2,424 Deferred loan costs and fees, net 466 451 Other - 31 Total deferred tax liabilities 2,882 2,906 Deferred tax asset valuation allowance (420 ) (350 ) Net deferred tax asset $ 2,478 $ 2,622 The Company has an apportioned New York State net operating loss carryforward of approximately $1.7 million which will begin to expire in 2034. In addition, the Company has approximately $2.7 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 greater of a calculated income tax liability, a tax liability based upon average equity capital or a fixed minimum fee. As a result of the Company’s ability to deduct a portion of the dividends paid by its captive REIT subsidiary, PCSB Funding Corp., 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, 2019 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, 2015. At June 30, 2019 and 2018, 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, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Post-Retirement Benefits | Note 14 . Post-Retirement Benefits Employee Pension Plan The Company maintains a non-contributory defined benefit pension plan that covers employees meeting specific requirements as to age and length of service. The Company’s contributions to this qualified plan are determined on the basis of (i) the maximum amount that can be deducted for federal income tax purposes, and (ii) the amount determined by a consulting actuary as necessary to avoid an accumulated funding deficiency as defined by the Employee Retirement Income Security Act of 1974 (ERISA). Contributions are intended to provide not only for benefits attributed to service to date, but also those expected to be earned in the future. The following is a summary of the plan’s funded status as of June 30, 2019 and 2018 (the measurement date for financial reporting purposes) (in thousands): 2019 2018 Change in benefit obligation: Beginning benefit obligation $ 24,764 $ 25,614 Interest Cost 1,000 968 Actuarial Loss (327 ) 8 Benefits Paid (929 ) (868 ) Settlements (2,152 ) (958 ) Ending benefit obligation 22,356 24,764 Change in plan assets, at fair value: Beginning plan assets 27,975 27,444 Actual return 1,239 2,357 Benefits paid (929 ) (868 ) Settlements (2,152 ) (958 ) Ending Plan assets 26,133 27,975 Funded Status $ 3,777 $ 3,211 Accumulated Benefit Obligation $ 22,356 $ 24,764 The following is a summary of net period pension cost (benefit), contributions and benefits paid for the years ended June 30 (in thousands): 2019 2018 Net period pension cost (benefit) $ 92 $ (321 ) Benefits paid 929 868 Pre-tax amounts recognized in accumulated other comprehensive loss were $5.9 million and $6.5 million for the years ended June 30, 2019 and 2018 respectively. Net periodic pension cost and other amounts recognized in other comprehensive income for the years ended June 30 (in thousands): 2019 2018 Interest cost $ 1,000 $ 968 Expected return on plan assets (2,052 ) (2,014 ) Amortization of prior net loss 1,144 725 Net periodic cost (benefit) $ 92 $ (321 ) 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, 2020, are $528,000 and $0, respectively. Contributions: Estimated Future Payments 2020 $ 1,217 2021 1,239 2022 1,275 2023 1,312 2024 1,315 Following five years 6,027 Assumptions Weighted-average assumptions used to determine net periodic pension cost are described in the table below. Year ended June 30, 2019 2018 Discount Rate 3.31 % 3.87 % 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 2019 2018 Equity mutual funds and common/collective trusts 65 % 60 % 67 % Fixed income common/collective trusts 34 % 37 % 32 % Cash equivalents 1 % 3 % 1 % Total 100 % 100 % 100 % Equity, Debt, Investment Funds and Other Securities The fair value of the plan assets at June 30, 2019 and 2018, 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, 2019 Plan assets Equity mutual funds and common/collective trusts $ 15,837 $ - $ 15,837 $ - Fixed income common/collective trusts 9,618 - 9,618 - Cash equivalents 678 678 - - Total $ 26,133 $ 678 $ 25,455 $ - 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 $ - Defined Contribution Retirement Plan The Company maintains a defined contribution plan for eligible employees hired after October 1, 2012. On February 15, 2017, the Board of Directors approved the freezing of this plan effective May 1, 2017. As a result, the Company had no expense for the year ended June 30, 2019 or 2018. 401(k) Plan The Company maintains a defined contribution plan for eligible employees under Section 401(k) of the Internal Revenue Code. All full-time employees who have attained age twenty-one and have a minimum of one year of service may elect to participate in the plan, by making contributions ranging from 1% to 25% of their compensation. On June 20, 2018, the Board of Directors approved the suspension of the Company match effective July 1, 2018. Prior to July 1, 2018, the Company made matching contributions equal to 75% of the participant’s contributions up to 6% of compensation. Savings plan expense was $0 and $414,000 for the years ended June 30, 2019 and 2018, respectively. 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 $3.7 million and $3.4 million at June 30, 2019 and 2018, respectively, (included in other liabilities in the consolidated statements of financial condition). Included in accumulated other comprehensive income were pre-tax net losses of $318,000 and $335,000 for the supplemental retirement plans as of June 30, 2019 and 2018, respectively. The projected benefit obligation and accumulated benefit obligation were $3.7 million and $3.4 million as of the June 30, 2019 and 2018, respectively. Pension expense for the supplemental plans was $613,000 and $655,000 for the years ended June 30, 2019 and 2018, respectively. Supplemental retirement plan benefits of $272,000 were paid in each of the years ended June 30, 2019 and 2018. Net periodic pension cost and other amounts recognized in other comprehensive income for the years ended June 30 (in thousands): 2019 2018 Service cost $ 455 $ 518 Interest cost 122 103 Amortization of prior net loss 36 34 Net periodic cost $ 613 $ 655 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, 2020, is $45,000. The following benefit payments, which reflect expected future service, are expected for the years ending June 30 (in thousands): 2020 $ 272 2021 272 2022 3,180 2023 272 2024 136 Following five years - As of June 30, 2019, the assumed discount rates used for the supplemental plans range from 3.31% to 4.24%. 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 (5.50% for 2019). 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, 2019 was $12.6 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): 2019 2018 Allocated to participants 241,804 144,923 Unearned 1,211,405 1,308,286 Total ESOP shares 1,453,209 1,453,209 Fair value of unearned shares $ 24,531 $ 25,996 Total compensation expense recognized in connection with the ESOP for the year ended June 30, 2019 and 2018 was $1.9 million and $2.2 million, respectively. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Jun. 30, 2019 | |
Banking And Thrift [Abstract] | |
Regulatory Matters | Note 15 . Regulatory Matters The following is a summary of the Bank’s actual capital amounts and ratios as of June 30, 2019 and 2018, compared to the required ratios for minimum capital adequacy and for classification as well capitalized (dollars in thousands). As a result of the Economic Growth, Regulatory Relief, and Consumer Protection Act passed by Congress in 2018, the Company is no longer subject to consolidated capital requirements, as the Company’s total consolidated assets do not exceed $3 billion. To Be Well Capitalized For Capital Under Prompt Adequacy Corrective Action Bank Actual Purposes Provisions Amount Ratio Amount Ratio Amount Ratio June 30, 2019: PCSB Bank Leverage (Tier 1) $ 209,885 13.8 % $ 60,774 4.0 % $ 75,968 5.0 % Risk-based: Common Tier 1 209,885 18.0 52,579 4.5 75,948 6.5 Tier 1 209,885 18.0 70,105 6.0 93,474 8.0 Total 215,549 18.4 93,474 8.0 116,842 10.0 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 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 was phased in over a four-year period through January 1, 2019. As of January 1, 2019, the conservation buffer was fully phased in. Management believes that as of June 30, 2019 and 2018, the Bank met all capital adequacy requirements to which it was subject, including the capital conservation buffer of 2.5% as of June 30, 2019 and 1.875% as of June 30, 2018. 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, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Disclosures | Note 16. 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 years ended June 30, 2019 and 2018, the Company and the Bank had no insider loans. |
Derivatives and Hedging
Derivatives and Hedging | 12 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging | Note 17 Derivatives not designated as hedges may be used to manage the Company’s exposure to interest rate movements or to provide service to customers. The Company executes interest rate swaps with commercial lending customers to facilitate their respective risk management strategies. These interest rate swaps with customers are simultaneously offset by interest rate swaps that the Company executes with a third party in order to minimize the net risk exposure resulting from such transactions. These interest rate swap agreements do not qualify for hedge accounting treatment, and therefore changes in fair value are reported in current period earnings. The Company had no interest rate swaps as of June 30, 2018. The following table presents summary information about the interest rate swaps as of June 30, 2019: June 30, 2019 (dollars in thousands) Notional amounts $ 68,535 Weighted average pay rates 3.89 % Weighted average receive rates 3.89 % Weighted average maturity 9.84 years Fair value of combined interest rate swaps $ - |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 12 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue From Contracts With Customers | Note 18 The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) In accordance with ASU 2014-09, revenue is recognized when a customer obtains control of promised services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these services. The Company applies the following five steps to properly recognize revenue: 1. Identify the contract with a customer 2. Identify the performance obligations in the contract 3. Determine the transaction price 4. Allocate the transaction price to performance obligations in the contract 5. Recognize revenue when (or as) the Company satisfies a performance obligation The Company’s revenue streams that are within the scope of the accounting standard are: (1) fees and service charges on deposit accounts (including interchange fees), which, are included on the Consolidated Statements of Operations as “Fees and service charges” and (2) gains on the sale of foreclosed real estate. For the years ended June 30, 2019 and 2018, fees and services charges totaled $1.8 million and $1.5 million, respectively, of which and $1.6 million and $1.3 million, respectively, were revenue streams within the scope of the accounting standard. Fees and Service Charges on Deposit Accounts . The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as ATM use fees, stop payments, statement rendering, and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of the month, representing the period over which the Company satisfied the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. For the years ended June 30, 2019 and 2018, fees and service charges on deposit accounts were $1.2 million and $882,000, respectively. Interchange Income . The Company earns interchange fees from debit cardholder transactions conducted through various payment networks. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. For the years ended June 30, 2019 and 2018, interchange income was $432,000 and $390,000, respectively. Gain/Losses on Sales of Foreclosed Real Estate . The Company records a gain or loss from the sale of foreclosed real estate when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of foreclosed real estate to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the foreclosed real estate asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction price and related gain (loss) on sale if a significant financing component is present. For the year ended June 30, 2019, the Company recorded $24,000 gain on sale of foreclosed real estate, compared to $7,000 loss on sale of foreclosed real estate recorded in the prior year. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | Note 19. Stock-Based Compensation On October 24, 2018, the Company’s shareholders approved the PCSB Financial Corporation 2018 Equity Incentive Plan (the “Plan”), which permits the grant of stock options and restricted stock and/or restricted stock units. The total number of shares that may be granted under the Plan is 2,543,115, of which 1,816,511 shares may be granted as stock options and 726,604 shares may be granted as restricted stock and restricted stock units. Total compensation cost that has been charged against income for the Plan was $2.1 million for the year ended June 30, 2019. No compensation cost was incurred for the year ended June 30, 2018. Restricted Stock Awards RSAs provide for the issuance of shares to both employees and non-employee directors. These awards vest over a 5-year period, with 20% vesting each year on the anniversary of the award. All awards were made at the fair value of common stock on the grant date. Compensation expense is recognized over the vesting period of the awards based on the fair value of the stock at grant date. The fair value of the stock was determined to be the closing price of the stock on the NASDAQ exchange. Total shares available for grant under the Plan are 726,604, of which 547,185 shares were issued as of June 30, 2019. The following table presents a summary of RSA activity during the period ended June 30, 2019. Number of Shares Weighted-Average Grant Date Fair Value Unvested allocated shares outstanding at July 1, 2018 - $ - Shares granted 547,185 19.02 Shares vested - - Shares forfeited - - Unvested allocated shares at June 30, 2019 547,185 $ 19.02 As of June 30, 2019, there was $9.1 million of total unrecognized compensation cost related to nonvested shares granted under the Plan. The cost is expected to be recognized over a weighted-average period of 4.4 years. Stock Option Awards Stock options awarded to employees under the Plan are considered incentive stock options (ISOs), up to applicable limits. Option awards are generally granted with an exercise price equal to the market price of the Company’s common stock at the date of grant. Those issued to non-employee directors, as well as those exceeding ISO limitations, are considered non-qualified stock options (NQSOs). Options vest over a 5-year period, with 20% vesting each year on the anniversary of the award, however may not vest more rapidly than over a three-year period, and have a contractual term of 10 years. The Company has a policy of using shares held as a treasury stock to satisfy share option exercises. Currently, the Company has a sufficient number of treasury shares to satisfy the current level of exercisable share options. The fair value of each option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model that uses the assumptions noted in the following table. Expected volatilities are based on the historical volatilities of a peer group of publicly-traded financial institutions. The expected term of options granted is based on the simplified “mid-point” approach which utilizes the weighted average vesting period and contractual term. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. The fair value of options granted during the current year was determined using the following weighted-average assumptions as of grant date. Risk-free interest rate 3.03 % Expected term (in years) 6.5 Expected stock price volatility 18.26 % Dividend yield 0.63 % Weighted average fair value of options granted $ 4.61 As of June 30, 2019, there was $5.4 million of total unrecognized compensation cost related to non-vested stock options granted under the Plan. The cost is expected to be recognized over a weighted-average period of 4.4 years. Total shares available for grant under the Plan are 1,816,511, of which 1,339,293 shares were issued as of June 30, 2019. The following table presents a summary of activity related to stock options granted under the Plan, and changes during the period then ended: Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Years Aggregate Intrinsic Value (dollars in thousands, except share and per share data) Options outstanding at July 1, 2018 - $ - $ - Options granted 1,339,293 19.04 Options expired - - Options exercised - - Options outstanding at June 30, 2019 1,339,293 $ 19.04 9.4 $ 1,625 Exercisable at June 30, 2019 - $ - $ - |
Parent Company Only Financial S
Parent Company Only Financial Statements | 12 Months Ended |
Jun. 30, 2019 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Parent Company Only Financial Statements | Note 20 The following are the financial statements of the Company (Parent only) as of and for the years ended June 30, 2019 and 2018 (in thousands). June 30, 2019 2018 Assets Cash and cash equivalents $ 55,626 $ 72,140 Investment in Bank 211,205 200,058 ESOP loan receivable 12,594 13,563 Other assets 1,936 1,798 Total assets $ 281,361 $ 287,559 Liabilities and shareholders' equity Other liabilities $ 54 $ - Shareholders' equity 281,307 287,559 Total liabilities and shareholders' equity $ 281,361 $ 287,559 Years Ended June 30, 2019 2018 Interest income $ 715 $ 668 Equity in income of Bank 8,318 7,188 Other non-interest expenses 715 689 Income before income tax 8,318 7,167 Income tax expense - 563 Net income $ 8,318 $ 6,604 Year Ended June 30, 2019 2018 Cash Flows from Operating Activities: Net income $ 8,318 $ 6,604 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in income of Bank (8,318 ) (7,188 ) Deferred tax expense 213 733 Net increase in accrued interest receivable (89 ) (230 ) Other adjustments, principally net changes in other assets and liabilities 1,932 (569 ) Net cash provided by (used in) operating activities 2,056 (650 ) Cash Flows from Investing Activities: Decrease in ESOP loan 969 969 Net cash provided by investing activities 969 969 Cash Flows from Financing Activities: Common stock dividends declared (2,183 ) (504 ) Allocation of ESOP shares 949 1,069 Issuance of common stock - (17 ) Repurchase of common stock (18,305 ) - Net cash (used in) provided by financing activities (19,539 ) 548 Net (decrease) increase in cash and cash equivalents (16,514 ) 867 Cash and cash equivalents at beginning of year 72,140 71,273 Cash and cash equivalents at end of year $ 55,626 $ 72,140 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 21 . Subsequent Events Subsequent to June 30, 2019, and through September 6, 2019, the Company repurchased 148,500 shares of common stock, at an average cost of $19.54 per share. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 12 Months Ended |
Jun. 30, 2019 | |
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 commercial 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. |
Basis of Presentation | Basis of Presentation UpCounty Realty Corp. (formerly PCSB Realty Ltd.) |
Use of Estimates | Use of Estimates |
Cash Flows | Cash Flows |
Investment Securities | Investment Securities Debt securities available for sale are reported at fair value. Unrealized gains and losses on debt 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 debt 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. |
Loans Receivable | Loans Receivable 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. 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 initially 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 our primary market area. 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 |
Derivatives | Derivatives Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. The documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings. |
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. |
Earnings Per Share | Earnings Per Share include stock options and unvested restricted stock. Earnings and dividends per share are restated for all stock splits and stock dividends through the date of the issuance of the financial statements. |
Stock-Based Compensation | Stock-Based Compensation: Compensation cost is recognized for stock options and restricted stock awards issued to employees and non-employee directors based on the fair value of these awards at the grant date. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. The Company’s policy is to recognize forfeitures as they occur. |
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 |
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. Accounting Standards Adopted in the Period 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 the Company’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. Additional disclosures required under ASU 2014-09 are contained in Note 18. 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 adoption of ASU 2016-01, and subsequent amendments, on July 1, 2018 did not have a material impact on the Company’s consolidated financial statements. 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. The adoption of ASU 2017-07 resulted in non-service costs (credits) of $250,000 and $(184,000) to be included in other operating expense for the year ended June 30, 2019 and 2018, respectively. In November 2016, the FASB issued ASU 2016-18 “Statement of Cash Flows - Restricted Cash.” This ASU provides guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows. The amendments in this update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The adoption of ASU 2016-18 on July 1, 2018 did not have a material impact on the Company’s consolidated financial statements. Future Application of Accounting Pronouncements Previously Issued 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 longer than 12 months 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 Company currently leases eleven branches and two administrative offices. The Company adopted this standard and the related amendments (collectively "ASC 842") on July 1, 2019 and utilized the modified retrospective approach provided by ASU 2018-11, "Leases (Topic 842): Targeted Improvements," that allowed for a cumulative effect adjustment in the period of adoption. Under this method of adoption, the comparative information in the consolidated financial statements has not been revised and continues to be reported under the previously applicable lease accounting guidance (ASC 840). We also utilized the package of practical expedients permitted under the transition guidance which included the carry-forward of historical lease classification. We anticipate the adoption of ASU 2016-02 on July 1, 2019 will result in the establishment of a right to use asset and a corresponding lease obligation of no more than 1% of consolidated assets. There will be no impact on the Company’s consolidated results of operations as a result of this adoption. 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. Management is currently evaluating the impact that ASU 2016-13 will have on the Company’s consolidated financial position, results of operations and disclosures. In June 2019, the FASB voted to propose a delay for the implementation of the standard until January 2023 for certain companies, including small reporting companies (as defined by the SEC), non-SEC public companies and private companies. The Company currently qualifies as a small reporting company and would be subject to the proposed delay if approved. In January 2017, the FASB issued ASU 2017-04 “Intangibles – Goodwill and Other (Topic 350).” 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. Management elected to adopt ASU 2017-08 on July 1, 2019 which will result in no material impacts on the Company’s consolidated financial statements. |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
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, 2019 and 2018 were as follows: June 30, 2019 Amortized Gross Unrealized/Unrecognized Fair Cost Gains Losses Value (in thousands) Available for sale: U.S. Government and agency obligations $ 37,027 $ 5 $ (121 ) $ 36,911 Corporate and other debt securities 8,349 20 (9 ) 8,360 Mortgage-backed securities – residential 27,115 23 (181 ) 26,957 Total available for sale $ 72,491 $ 48 $ (311 ) $ 72,228 Held to maturity: U.S. Government and agency obligations $ 96,545 $ 192 $ (246 ) $ 96,491 Corporate and other debt securities 34,033 133 (413 ) 33,753 Mortgage-backed securities – residential 133,602 818 (372 ) 134,048 Mortgage-backed securities – collateralized mortgage obligations 52,940 311 (147 ) 53,104 Mortgage-backed securities – commercial 28,425 451 (29 ) 28,847 Total held to maturity $ 345,545 $ 1,905 $ (1,207 ) $ 346,243 June 30, 2018 Amortized Gross Unrealized/Unrecognized Fair Cost Gains Losses Value (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 Total available for sale $ 107,414 $ 81 $ (2,023 ) $ 105,472 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 |
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, 2019 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) 1 year or less $ 38,550 $ 38,429 $ 25,015 $ 24,950 1 to 5 years 62,995 63,055 20,361 20,321 5 to 10 years 25,033 24,701 - - Mortgage-backed securities and other 218,967 220,058 27,115 26,957 Total $ 345,545 $ 346,243 $ 72,491 $ 72,228 |
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, 2019 and 2018: June 30, 2019 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 $ - $ - $ 32,919 $ (121 ) $ 32,919 $ (121 ) Corporate and other debt securities - - 3,269 (9 ) 3,269 (9 ) Mortgage-backed securities – residential - - 24,000 (181 ) 24,000 (181 ) Total available for sale $ - $ - $ 60,188 $ (311 ) $ 60,188 $ (311 ) Held to maturity: U.S. Government and agency obligations $ - $ - $ 59,306 $ (246 ) $ 59,306 $ (246 ) Corporate and other debt securities 17,087 (413 ) - - 17,087 (413 ) Mortgage-backed securities – residential 1,666 (26 ) 54,648 (346 ) 56,314 (372 ) Mortgage-backed securities – collateralized mortgage obligations - - 29,372 (147 ) 29,372 (147 ) Mortgage-backed securities – commercial - - 6,972 (29 ) 6,972 (29 ) Total held to maturity $ 18,753 $ (439 ) $ 150,298 $ (768 ) $ 169,051 $ (1,207 ) 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 ) |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Summary of Loans Receivable | Loans receivable are summarized as follows (in thousands): June 30, 2019 2018 Mortgage loans: Residential $ 265,167 $ 250,578 Commercial 651,396 495,265 Construction 13,231 17,352 Net deferred loan origination costs 1,031 1,041 Total mortgages 930,825 764,236 Commercial and consumer loans: Commercial loans 133,614 104,135 Home equity lines of credit 33,204 37,395 Consumer and overdrafts 365 745 Net deferred loan origination costs 777 729 Total commercial and consumer loans 167,960 143,004 Total loans receivable 1,098,785 907,240 Allowance for loan losses (5,664 ) (4,904 ) Loans receivable, net $ 1,093,121 $ 902,336 |
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, 2019 and 2018 (in thousands): For the year ended June 30, 2019 Beginning Allowance Provision (Credit) Charge-offs Recoveries Ending Allowance Originated: Residential $ 386 $ (33 ) $ - $ 10 $ 363 Commercial 3,073 894 (114 ) - 3,853 Construction 505 (442 ) - 96 159 Commercial loans 780 348 - 2 1,130 Home equity lines of credit 80 (15 ) - - 65 Consumer and overdrafts 7 31 (34 ) 7 11 Acquired: Residential 73 10 - - 83 Commercial - 15 (15 ) - - Total $ 4,904 $ 808 $ (163 ) $ 115 $ 5,664 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 |
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, 2019 and 2018 (in thousands): June 30, 2019 Loans Allowance for loan losses 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 $ 1,774 $ 262,124 $ 1,269 $ 265,167 $ 130 $ 233 $ 83 $ 446 Commercial 1,418 649,088 890 651,396 - 3,853 - 3,853 Construction - 13,231 - 13,231 - 159 - 159 Commercial loans 2,016 131,598 - 133,614 39 1,091 - 1,130 Home equity lines of credit 689 32,359 156 33,204 4 61 - 65 Consumer and overdrafts - 365 - 365 - 11 - 11 Total $ 5,897 $ 1,088,765 $ 2,315 $ 1,096,977 $ 173 $ 5,408 $ 83 $ 5,664 June 30, 2018 Loans Allowance for loan losses 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 |
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, 2019 and 2018 (in thousands): June 30, 2019 Unpaid Principal Balance Recorded Investment Allowance for loan losses With no related allowance recorded: Residential $ 1,061 $ 1,028 $ - Commercial 1,471 1,418 - Commercial loans 2,007 1,836 - Home equity lines of credit 750 678 - With an allowance recorded: Residential 723 746 130 Commercial loans 180 180 39 Home equity lines of credit 11 11 4 Total $ 6,203 $ 5,897 $ 173 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 |
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 June 30, 2019 June 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential $ 1,377 $ 20 $ 3,041 $ 184 Commercial 1,496 51 2,350 248 Construction - - 93 17 Commercial loans 2,064 200 3,457 1,049 Home equity lines of credit 577 7 507 22 With an allowance recorded: Residential 753 14 453 15 Construction 869 - 2,720 - Commercial loans 50 11 1,491 66 Home equity lines of credit 11 - 11 - Total $ 7,197 $ 303 $ 14,123 $ 1,601 |
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, 2019 and 2018 (in thousands): Loans Past Due Over 90 Days Nonaccrual and Still Accruing June 30, June 30, June 30, June 30, 2019 2018 2019 2018 Originated: Residential $ 536 $ 604 $ - $ - Commercial - 262 - - Construction - 2,260 - - Commercial loans 150 788 - - Home equity lines of credit 383 45 - - Consumer and overdrafts - - 1 - Acquired: Residential 795 1,308 - - Commercial 568 532 - - Home equity lines of credit 294 303 - - Total $ 2,726 $ 6,102 $ 1 $ - |
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, 2019 and 2018 (in thousands): June 30, 2019 30-59 60-89 90 Days or Days Past Days Past More Past Total Past Due Due Due Due Current Total Originated: Residential $ - $ - $ 86 $ 86 $ 217,970 $ 218,056 Commercial - - - - 600,675 600,675 Construction - - - - 13,231 13,231 Commercial loans - 150 - 150 133,286 133,436 Home equity lines of credit 344 - 312 656 28,767 29,423 Consumer and overdrafts - - 1 1 348 349 Total originated 344 150 399 893 994,277 995,170 Acquired: Residential 220 116 709 1,045 46,066 47,111 Commercial - - 568 568 50,153 50,721 Commercial loans - - - - 178 178 Home equity lines of credit - 67 296 363 3,418 3,781 Consumer and overdrafts - - - - 16 16 Total acquired 220 183 1,573 1,976 99,831 101,807 Total $ 564 $ 333 $ 1,972 $ 2,869 $ 1,094,108 $ 1,096,977 June 30, 2018 30-59 60-89 90 Days or Days Past Days Past More Past Total Past Due 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 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 |
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, 2019 and 2018 (dollars in thousands): Number of loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Year Ended June 30, 2019 Residential mortgage 3 $ 1,115 $ 1,110 Home equity lines of credit 1 73 73 Total 4 $ 1,188 $ 1,183 Year Ended June 30, 2018 Commercial loans 1 $ 275 $ 289 Total 1 $ 275 $ 289 |
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, 2019 Pass Special Mention Substandard Total Originated: Residential $ 216,438 $ 1,071 $ 547 $ 218,056 Commercial 600,216 339 120 600,675 Construction 13,231 - - 13,231 Commercial loans 123,361 6,423 3,652 133,436 Home equity lines of credit 28,996 67 360 29,423 Consumer and overdrafts 349 - - 349 Total originated 982,591 7,900 4,679 995,170 Acquired: Residential 44,959 211 1,941 47,111 Commercial 45,726 3,537 1,458 50,721 Commercial loans 178 - - 178 Home equity lines of credit 3,331 68 382 3,781 Consumer and overdrafts 16 - - 16 Total acquired 94,210 3,816 3,781 101,807 Total $ 1,076,801 $ 11,716 $ 8,460 $ 1,096,977 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 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 |
Schedule of Carrying Amount of Purchased Credit Impaired Loans | The carrying amount of those loans as follows (in thousands): June 30, 2019 2018 Residential $ 1,186 $ 1,232 Commercial 890 1,477 Home equity lines of credit 156 168 Carrying amount, net of allowance of $83 and $73, respectively $ 2,232 $ 2,877 |
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, 2019 2018 Beginning balance $ 245 $ 403 New loans acquired - - Accretion income (53 ) (70 ) Reclassification from non-accretable difference - 5 Disposals - (93 ) Ending balance $ 192 $ 245 |
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): 2019 2018 Land $ 1,997 $ 1,997 Building and Leasehold improvements 13,753 13,430 Furniture, fixtures and equipment 6,808 6,096 Construction and improvements in process 15 355 22,573 21,878 Less: accumulated depreciation and amortization (10,771 ) (10,280 ) Total Bank premises and equipment, net $ 11,802 $ 11,598 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Change in Goodwill | The change in goodwill during the years ended June 30, 2019 and 2018 are as follows (in thousands): 2019 2018 Balance at July 1, $ 6,106 $ 6,106 Impairment - - Total at June 30, $ 6,106 $ 6,106 |
Schedule of Acquired Intangible Assets | Acquired Intangible Assets: Acquired intangible assets were as follows at June 30 (in thousands): 2019 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Core deposit intangible $ 887 $ (564 ) $ 887 $ (454 ) |
Schedule of Estimated Amortization Expense | Estimated amortization expense for each of the next five fiscal years ended June 30 (in thousands): 2020 $ 94 2021 78 2022 62 2023 46 2024 and after 43 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Deposits [Abstract] | |
Summary of Deposit Balances | Deposit balances are summarized as follows at June 30, 2019 and 2018 (in thousands): 2019 2018 Demand $ 141,379 $ 131,883 NOW Accounts 123,069 117,875 Money market accounts 148,134 49,885 Savings 357,844 465,441 Time deposits 455,395 392,373 Total $ 1,225,821 $ 1,157,457 |
Scheduled Maturities of Time Deposits | Scheduled maturities of time deposits were as follows as of June 30, 2019 and 2018 (in thousands): 2019 2018 Within 1 year $ 221,832 $ 183,276 1 year to 2 years 112,394 49,350 2 years to 3 years 41,211 56,746 3 years to 4 years 33,538 56,458 4 years to 5 years 46,420 46,339 Thereafter - 204 Total $ 455,395 $ 392,373 |
FHLB and Other Borrowings (Tabl
FHLB and Other Borrowings (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
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): 2019 2018 Amount Due Weighted Avg. Rate Amount Due Weighted Avg. Rate Within 1 year $ 65,128 2.29 % $ 10,125 1.70 % 1 year to 2 years 30,131 2.10 5,128 1.81 2 years to 3 years 7,635 3.22 131 2.62 3 years to 4 years 138 2.62 135 2.62 4 years to 5 years 5,142 3.31 138 2.62 Thereafter 3,042 2.62 3,184 2.62 Total $ 111,216 2.36 % $ 18,841 1.91 % |
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, 2019 and 2018, are summarized below (in thousands): 2019 2018 Commitments to originate loans $ 136,770 $ 102,644 Unused lines of credit 52,644 56,553 Standby letter of credit 1,688 1,420 |
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, 2019 (in thousands): Within 1 year $ 1,733 1 year to 2 years 1,794 2 year to 3 years 1,770 3 year to 4 years 1,683 4 year to 5 years 1,313 Thereafter 5,647 Total $ 13,940 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
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 (1) Unrealized loss on pension benefits (2) Unrealized loss on SERP benefits (2) Total Balance at July 1, 2018 $ (1,536 ) $ (5,150 ) $ (264 ) $ (6,950 ) Other comprehensive income (loss) before reclassifications 1,741 (486 ) (19 ) 1,236 Amounts reclassified from accumulated other comprehensive (loss) income (62 ) 1,144 36 1,118 Tax effect (352 ) (139 ) (3 ) (494 ) Net other comprehensive income 1,327 519 14 1,860 Balance at June 30, 2019 $ (209 ) $ (4,631 ) $ (250 ) $ (5,090 ) Net unrealized gain (loss) on available for sale securities (1) Unrealized loss on pension benefits (2) Unrealized loss on SERP benefits (2) Total Balance at July 1, 2017 $ 37 $ (5,002 ) $ (250 ) $ (5,215 ) Other comprehensive (loss) income before reclassifications (1,835 ) 335 10 (1,490 ) Amounts reclassified from accumulated other comprehensive (loss) income (164 ) 725 34 595 Tax effect 558 (270 ) (11 ) 277 Net other comprehensive (loss) income (1,441 ) 790 33 (618 ) Reclassification of certain tax effects on other comprehensive (loss) (3) (132 ) (938 ) (47 ) (1,117 ) Balance at June 30, 2018 $ (1,536 ) $ (5,150 ) $ (264 ) $ (6,950 ) (1) (2) ( 3 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following table provides factors used in the earnings per share computation for the years ended June 30, 2019 and 2018. Year Ended June 30, 2019 2018 (amounts in thousands, except share and per share data) Net income applicable to common stock $ 8,318 $ 6,604 Average number of common shares outstanding 17,752,473 18,165,110 Less: Average unallocated ESOP shares (1,259,713 ) (1,362,216 ) Average number of common shares outstanding used to calculate basic earnings per common share 16,492,760 16,802,894 Effect of equity-based awards 34,357 - Average number of common shares outstanding used to calculate diluted earnings per common share 16,527,117 16,802,894 Earnings per Common share: Basic $ 0.50 $ 0.39 Diluted $ 0.50 $ 0.39 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
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, 2019 Measured on a recurring basis: Available for sale securities: U.S. Government and agency obligations $ - $ 36,911 $ - $ 36,911 Corporate and other debt securities - 8,360 - 8,360 Mortgage-backed securities – residential - 26,957 - 26,957 Derivatives - interest rate contracts - 1,339 - 1,339 Total assets at fair value $ - $ 73,567 $ - $ 73,567 Derivatives - interest rate contracts $ - $ 1,339 $ - $ 1,339 Total liabilities at fair value $ - $ 1,339 $ - $ 1,339 Measured on a non-recurring basis: Impaired loans: Residential mortgages $ - $ - $ 616 $ 616 Commercial loans - - 141 141 Home equity lines of credit - - 7 7 Foreclosed real estate - - 653 653 Total assets at fair value $ - $ - $ 1,417 $ 1,417 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 Total assets at fair value $ - $ 105,472 $ - $ 105,472 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 |
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, 2019 and 2018 (dollars in thousands): Valuation Unobservable Range or Fair Value Technique(s) Input(s) Rate Used June 30, 2019 Impaired loans - residential mortgages $ 616 Discounted cash flow Discount rate 5.4% to 6.3% Impaired loans - commercial loans 141 Discounted cash flow Discount rate 6.0% to 7.0% Impaired loans - home equity lines of credit 7 Discounted cash flow Discount rate 6.2% Foreclosed real estate 653 Sales comparison Adjustments for differences in sales comparables -8.0% to 45.0% 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% |
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, 2019 Financial assets: Cash and cash equivalents $ 60,029 $ 60,029 $ - $ - $ 60,029 Investment securities held to maturity 345,545 - 346,243 - 346,243 Investment securities available for sale 72,228 - 72,228 - 72,228 Loans receivable, net 1,093,121 - - 1,092,878 1,092,878 Accrued interest receivable 4,797 - 1,330 3,467 4,797 FHLB stock 6,255 N/A N/A N/A N/A Derivative assets - interest rate contracts 1,339 - 1,339 - 1,339 Financial liabilities: Demand, NOW, money market deposits and savings accounts 770,426 770,426 - - 770,426 Accrued interest payable 209 16 193 209 Time deposits 455,395 - 460,554 - 460,554 Mortgage escrow funds 9,355 9,355 - - 9,355 FHLB advances 111,216 - 111,818 - 111,818 Derivative liabilities - interest rate contracts 1,339 - 1,339 - 1,339 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 FHLB 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 Accrued interest payable 154 7 147 154 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 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
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): 2019 2018 Current tax expense (benefit) Federal $ 2,624 $ 2,577 State 412 20 3,036 2,597 Deferred tax expense (benefit) Federal (329 ) 2,414 State (91 ) 313 (420 ) 2,727 State tax valuation allowances, net of federal benefit 70 (302 ) Total $ 2,686 $ 5,022 |
Schedule of Effective Income Tax Rate Reconciliation | Effective tax rates differ from the federal statutory rate applied to income before income taxes due to the following (dollars in thousands): 2019 2018 Federal statutory rate 21.00 % 28.06 % Tax at federal statutory rate $ 2,311 $ 3,262 State Taxes, net of federal benefit 310 24 Tax-exempt income (66 ) (61 ) BOLI income (114 ) (157 ) ESOP Compensation 199 300 Deferred tax re-remeasurement charge - 1,570 Other, net 46 84 Total $ 2,686 $ 5,022 Effective tax rate 24.41 % 43.20 % |
Schedule of Deferred Tax Assets and Liabilities | Year-end deferred tax assets and liabilities were due to the following (in thousands): 2019 2018 Deferred Tax Assets: Allowance for Loan Losses $ 1,419 $ 1,222 Other comprehensive loss (defined benefit plans) 1,298 1,439 Deferred compensation 879 836 Charitable contribution carryforward 671 949 Stock based compensation 498 - Depreciation of premises and equipment 416 413 Other comprehensive loss (securities) 55 408 Other 544 611 Total deferred tax assets 5,780 5,878 Deferred Tax Liabilities: Prepaid pension costs 2,416 2,424 Deferred loan costs and fees, net 466 451 Other - 31 Total deferred tax liabilities 2,882 2,906 Deferred tax asset valuation allowance (420 ) (350 ) Net deferred tax asset $ 2,478 $ 2,622 |
Post-Retirement Benefits (Table
Post-Retirement Benefits (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |
Shares Held by ESOP | Shares held by the ESOP include the following (dollars in thousands): 2019 2018 Allocated to participants 241,804 144,923 Unearned 1,211,405 1,308,286 Total ESOP shares 1,453,209 1,453,209 Fair value of unearned shares $ 24,531 $ 25,996 |
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, 2019 and 2018 (the measurement date for financial reporting purposes) (in thousands): 2019 2018 Change in benefit obligation: Beginning benefit obligation $ 24,764 $ 25,614 Interest Cost 1,000 968 Actuarial Loss (327 ) 8 Benefits Paid (929 ) (868 ) Settlements (2,152 ) (958 ) Ending benefit obligation 22,356 24,764 Change in plan assets, at fair value: Beginning plan assets 27,975 27,444 Actual return 1,239 2,357 Benefits paid (929 ) (868 ) Settlements (2,152 ) (958 ) Ending Plan assets 26,133 27,975 Funded Status $ 3,777 $ 3,211 Accumulated Benefit Obligation $ 22,356 $ 24,764 |
Summary of Net Period Pension Cost (Benefit), Contributions and Benefits Paid | The following is a summary of net period pension cost (benefit), contributions and benefits paid for the years ended June 30 (in thousands): 2019 2018 Net period pension cost (benefit) $ 92 $ (321 ) Benefits paid 929 868 |
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): 2019 2018 Interest cost $ 1,000 $ 968 Expected return on plan assets (2,052 ) (2,014 ) Amortization of prior net loss 1,144 725 Net periodic cost (benefit) $ 92 $ (321 ) |
Schedule of Benefit Payments which Reflects Expected Future Service | The following benefit payments are expected for the years ending June 30, (in thousands): 2020 $ 1,217 2021 1,239 2022 1,275 2023 1,312 2024 1,315 Following five years 6,027 |
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, 2019 2018 Discount Rate 3.31 % 3.87 % 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 2019 2018 Equity mutual funds and common/collective trusts 65 % 60 % 67 % Fixed income common/collective trusts 34 % 37 % 32 % Cash equivalents 1 % 3 % 1 % Total 100 % 100 % 100 % |
Schedule of Fair Value of Plan Assets | The fair value of the plan assets at June 30, 2019 and 2018, 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, 2019 Plan assets Equity mutual funds and common/collective trusts $ 15,837 $ - $ 15,837 $ - Fixed income common/collective trusts 9,618 - 9,618 - Cash equivalents 678 678 - - Total $ 26,133 $ 678 $ 25,455 $ - 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 $ - |
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): 2019 2018 Service cost $ 455 $ 518 Interest cost 122 103 Amortization of prior net loss 36 34 Net periodic cost $ 613 $ 655 |
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): 2020 $ 272 2021 272 2022 3,180 2023 272 2024 136 Following five years - |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Banking And Thrift [Abstract] | |
Summary of 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 Bank’s actual capital amounts and ratios as of June 30, 2019 and 2018, compared to the required ratios for minimum capital adequacy and for classification as well capitalized (dollars in thousands). As a result of the Economic Growth, Regulatory Relief, and Consumer Protection Act passed by Congress in 2018, the Company is no longer subject to consolidated capital requirements, as the Company’s total consolidated assets do not exceed $3 billion. To Be Well Capitalized For Capital Under Prompt Adequacy Corrective Action Bank Actual Purposes Provisions Amount Ratio Amount Ratio Amount Ratio June 30, 2019: PCSB Bank Leverage (Tier 1) $ 209,885 13.8 % $ 60,774 4.0 % $ 75,968 5.0 % Risk-based: Common Tier 1 209,885 18.0 52,579 4.5 75,948 6.5 Tier 1 209,885 18.0 70,105 6.0 93,474 8.0 Total 215,549 18.4 93,474 8.0 116,842 10.0 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 |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary Information About Interest Rate Swaps | The following table presents summary information about the interest rate swaps as of June 30, 2019: June 30, 2019 (dollars in thousands) Notional amounts $ 68,535 Weighted average pay rates 3.89 % Weighted average receive rates 3.89 % Weighted average maturity 9.84 years Fair value of combined interest rate swaps $ - |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of RSA Activity | The following table presents a summary of RSA activity during the period ended June 30, 2019. Number of Shares Weighted-Average Grant Date Fair Value Unvested allocated shares outstanding at July 1, 2018 - $ - Shares granted 547,185 19.02 Shares vested - - Shares forfeited - - Unvested allocated shares at June 30, 2019 547,185 $ 19.02 |
Fair Value of Option Granted Using Weighted-Average Assumptions | The fair value of options granted during the current year was determined using the following weighted-average assumptions as of grant date. Risk-free interest rate 3.03 % Expected term (in years) 6.5 Expected stock price volatility 18.26 % Dividend yield 0.63 % Weighted average fair value of options granted $ 4.61 |
Summary of Activity Related to Stock Options Granted under Plan | The following table presents a summary of activity related to stock options granted under the Plan, and changes during the period then ended: Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Years Aggregate Intrinsic Value (dollars in thousands, except share and per share data) Options outstanding at July 1, 2018 - $ - $ - Options granted 1,339,293 19.04 Options expired - - Options exercised - - Options outstanding at June 30, 2019 1,339,293 $ 19.04 9.4 $ 1,625 Exercisable at June 30, 2019 - $ - $ - |
Parent Company Only Financial_2
Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
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, 2019 and 2018 (in thousands). June 30, 2019 2018 Assets Cash and cash equivalents $ 55,626 $ 72,140 Investment in Bank 211,205 200,058 ESOP loan receivable 12,594 13,563 Other assets 1,936 1,798 Total assets $ 281,361 $ 287,559 Liabilities and shareholders' equity Other liabilities $ 54 $ - Shareholders' equity 281,307 287,559 Total liabilities and shareholders' equity $ 281,361 $ 287,559 |
Consolidated Statements of Operations | Years Ended June 30, 2019 2018 Interest income $ 715 $ 668 Equity in income of Bank 8,318 7,188 Other non-interest expenses 715 689 Income before income tax 8,318 7,167 Income tax expense - 563 Net income $ 8,318 $ 6,604 |
Consolidated Statements of Cash Flows | Year Ended June 30, 2019 2018 Cash Flows from Operating Activities: Net income $ 8,318 $ 6,604 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in income of Bank (8,318 ) (7,188 ) Deferred tax expense 213 733 Net increase in accrued interest receivable (89 ) (230 ) Other adjustments, principally net changes in other assets and liabilities 1,932 (569 ) Net cash provided by (used in) operating activities 2,056 (650 ) Cash Flows from Investing Activities: Decrease in ESOP loan 969 969 Net cash provided by investing activities 969 969 Cash Flows from Financing Activities: Common stock dividends declared (2,183 ) (504 ) Allocation of ESOP shares 949 1,069 Issuance of common stock - (17 ) Repurchase of common stock (18,305 ) - Net cash (used in) provided by financing activities (19,539 ) 548 Net (decrease) increase in cash and cash equivalents (16,514 ) 867 Cash and cash equivalents at beginning of year 72,140 71,273 Cash and cash equivalents at end of year $ 55,626 $ 72,140 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | 12 Months Ended | |
Jun. 30, 2019USD ($)SubsidiarySegment | Jun. 30, 2018USD ($) | |
Basis Of Presentation [Line Items] | ||
Number of subsidiaries | Subsidiary | 2 | |
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 |
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 Pronounceme_2
Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jul. 01, 2019 | |
ASU 2017-07 [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Non-service costs (credits) included in other operating expense | $ 250,000 | $ (184,000) | |
ASU 2016-02 [Member] | Subsequent Event [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Maximum percentage of consolidated assets for right of use asset | 1.00% | ||
Maximum percentage of consolidated assets for lease obligation | 1.00% |
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, 2019 | Jun. 30, 2018 |
Schedule of Investments [Line Items] | ||
Available for sale, Amortized Cost | $ 72,491 | $ 107,414 |
Available for sale, Gross Unrealized/Unrecognized Gains | 48 | 81 |
Available for sale, Gross Unrealized/Unrecognized Losses | (311) | (2,023) |
Available for sale, Fair Value | 72,228 | 105,472 |
Held to maturity, Amortized Cost | 345,545 | 353,183 |
Held to maturity, Gross Unrealized/Unrecognized Gains | 1,905 | 43 |
Held to maturity, Gross Unrealized/Unrecognized Losses | (1,207) | (10,038) |
Held to maturity, Fair Value | 346,243 | 343,188 |
U.S. Government and Agency Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Amortized Cost | 37,027 | 64,389 |
Available for sale, Gross Unrealized/Unrecognized Gains | 5 | |
Available for sale, Gross Unrealized/Unrecognized Losses | (121) | (959) |
Available for sale, Fair Value | 36,911 | 63,430 |
Held to maturity, Amortized Cost | 96,545 | 122,048 |
Held to maturity, Gross Unrealized/Unrecognized Gains | 192 | |
Held to maturity, Gross Unrealized/Unrecognized Losses | (246) | (2,274) |
Held to maturity, Fair Value | 96,491 | 119,774 |
Corporate and Other Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Amortized Cost | 8,349 | 8,406 |
Available for sale, Gross Unrealized/Unrecognized Gains | 20 | |
Available for sale, Gross Unrealized/Unrecognized Losses | (9) | (171) |
Available for sale, Fair Value | 8,360 | 8,235 |
Held to maturity, Amortized Cost | 34,033 | 4,000 |
Held to maturity, Gross Unrealized/Unrecognized Gains | 133 | |
Held to maturity, Gross Unrealized/Unrecognized Losses | (413) | (126) |
Held to maturity, Fair Value | 33,753 | 3,874 |
Mortgage-backed Securities - Residential [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Amortized Cost | 27,115 | 34,619 |
Available for sale, Gross Unrealized/Unrecognized Gains | 23 | 81 |
Available for sale, Gross Unrealized/Unrecognized Losses | (181) | (893) |
Available for sale, Fair Value | 26,957 | 33,807 |
Held to maturity, Amortized Cost | 133,602 | 140,478 |
Held to maturity, Gross Unrealized/Unrecognized Gains | 818 | 32 |
Held to maturity, Gross Unrealized/Unrecognized Losses | (372) | (4,846) |
Held to maturity, Fair Value | 134,048 | 135,664 |
Mortgage-backed Securities - Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Held to maturity, Amortized Cost | 52,940 | 53,547 |
Held to maturity, Gross Unrealized/Unrecognized Gains | 311 | |
Held to maturity, Gross Unrealized/Unrecognized Losses | (147) | (1,815) |
Held to maturity, Fair Value | 53,104 | 51,732 |
Mortgage-backed Securities - Commercial [Member] | ||
Schedule of Investments [Line Items] | ||
Held to maturity, Amortized Cost | 28,425 | 33,110 |
Held to maturity, Gross Unrealized/Unrecognized Gains | 451 | 11 |
Held to maturity, Gross Unrealized/Unrecognized Losses | (29) | (977) |
Held to maturity, Fair Value | $ 28,847 | $ 32,144 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 12 Months Ended | |
Jun. 30, 2019USD ($)Security | Jun. 30, 2018USD ($)Security | |
Schedule of Investments [Line Items] | ||
Sale of investment securities | $ 14,000,000 | $ 8,600,000 |
Gross realized gains or losses on investment securities | 62,000 | 236,000 |
Disposal of securities held to maturity | 1,300,000 | |
Gross realized gains from sale of securities held to maturity | 72,000 | |
Carrying amounts of securities pledged | 166,400,000 | 140,500,000 |
Total investment securities | $ 417,773,000 | $ 458,655,000 |
Number of securities in unrealized loss position | Security | 135 | 254 |
Fair value of securities in unrealized loss position | $ 229,200,000 | $ 438,500,000 |
Other-than-temporarily impaired securities | Security | 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, 2019 | Jun. 30, 2018 |
Investments Debt And Equity Securities [Abstract] | ||
Held to maturity, carrying amount, 1 year or less | $ 38,550 | |
Held to maturity, carrying amount, 1 to 5 years | 62,995 | |
Held to maturity, carrying amount, 5 to 10 years | 25,033 | |
Held to maturity, carrying amount, Mortgage-backed securities and other | 218,967 | |
Held to maturity, Amortized Cost | 345,545 | $ 353,183 |
Held to maturity, fair value, 1 year or less | 38,429 | |
Held to maturity, fair value, 1 to 5 years | 63,055 | |
Held to maturity, fair value, 5 to 10 years | 24,701 | |
Held to maturity, fair value, Mortgage-backed securities and other | 220,058 | |
Held to maturity, fair value, Total | 346,243 | 343,188 |
Available for sale, amortized cost, 1 year or less | 25,015 | |
Available for sale, amortized cost, 1 to 5 years | 20,361 | |
Available for sale, amortized cost, Mortgage-backed securities and other | 27,115 | |
Available for sale, Amortized Cost | 72,491 | 107,414 |
Available for sale, fair value, 1 year or less | 24,950 | |
Available for sale, fair value, 1 to 5 years | 20,321 | |
Available for sale, fair value, Mortgage-backed securities and other | 26,957 | |
Available for sale, fair value, Total | $ 72,228 | $ 105,472 |
Investment Securities - Investm
Investment Securities - Investment Securities with Fair Value and Unrealized Losses (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Schedule of Investments [Line Items] | ||
Available for sale, Less than 12 months, Fair Value | $ 61,417 | |
Available for sale, Less than 12 months, Unrealized/Unrecognized Loss | (1,096) | |
Available for sale, Greater than 12 months, Fair Value | $ 60,188 | 38,363 |
Available for sale, Greater than 12 months, Unrealized/Unrecognized Loss | (311) | (927) |
Available for sale, Total, Fair Value | 60,188 | 99,780 |
Available for sale, Total, Unrealized/Unrecognized Loss | (311) | (2,023) |
Held to maturity, Less than 12 months, Fair Value | 18,753 | 205,419 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (439) | (5,801) |
Held to maturity, Greater than 12 months, Fair Value | 150,298 | 133,338 |
Held to maturity, Greater than 12 months,Unrealized/ Unrecognized Loss | (768) | (4,237) |
Held to maturity, Total, Fair Value | 169,051 | 338,757 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (1,207) | (10,038) |
U.S. Government and Agency Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Less than 12 months, Fair Value | 41,762 | |
Available for sale, Less than 12 months, Unrealized/Unrecognized Loss | (569) | |
Available for sale, Greater than 12 months, Fair Value | 32,919 | 21,668 |
Available for sale, Greater than 12 months, Unrealized/Unrecognized Loss | (121) | (390) |
Available for sale, Total, Fair Value | 32,919 | 63,430 |
Available for sale, Total, Unrealized/Unrecognized Loss | (121) | (959) |
Held to maturity, Less than 12 months, Fair Value | 46,163 | |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (871) | |
Held to maturity, Greater than 12 months, Fair Value | 59,306 | 71,611 |
Held to maturity, Greater than 12 months,Unrealized/ Unrecognized Loss | (246) | (1,403) |
Held to maturity, Total, Fair Value | 59,306 | 117,774 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (246) | (2,274) |
Corporate and Other Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Less than 12 months, Fair Value | 6,258 | |
Available for sale, Less than 12 months, Unrealized/Unrecognized Loss | (148) | |
Available for sale, Greater than 12 months, Fair Value | 3,269 | 1,977 |
Available for sale, Greater than 12 months, Unrealized/Unrecognized Loss | (9) | (23) |
Available for sale, Total, Fair Value | 3,269 | 8,235 |
Available for sale, Total, Unrealized/Unrecognized Loss | (9) | (171) |
Held to maturity, Less than 12 months, Fair Value | 17,087 | 3,874 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (413) | (126) |
Held to maturity, Total, Fair Value | 17,087 | 3,874 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (413) | (126) |
Mortgage-backed Securities - Residential [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Less than 12 months, Fair Value | 13,397 | |
Available for sale, Less than 12 months, Unrealized/Unrecognized Loss | (379) | |
Available for sale, Greater than 12 months, Fair Value | 24,000 | 14,718 |
Available for sale, Greater than 12 months, Unrealized/Unrecognized Loss | (181) | (514) |
Available for sale, Total, Fair Value | 24,000 | 28,115 |
Available for sale, Total, Unrealized/Unrecognized Loss | (181) | (893) |
Held to maturity, Less than 12 months, Fair Value | 1,666 | 102,496 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (26) | (3,338) |
Held to maturity, Greater than 12 months, Fair Value | 54,648 | 32,490 |
Held to maturity, Greater than 12 months,Unrealized/ Unrecognized Loss | (346) | (1,508) |
Held to maturity, Total, Fair Value | 56,314 | 134,986 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (372) | (4,846) |
Mortgage-backed Securities - Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Held to maturity, Less than 12 months, Fair Value | 31,124 | |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (884) | |
Held to maturity, Greater than 12 months, Fair Value | 29,372 | 20,608 |
Held to maturity, Greater than 12 months,Unrealized/ Unrecognized Loss | (147) | (931) |
Held to maturity, Total, Fair Value | 29,372 | 51,732 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (147) | (1,815) |
Mortgage-backed Securities - Commercial [Member] | ||
Schedule of Investments [Line Items] | ||
Held to maturity, Less than 12 months, Fair Value | 21,762 | |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (582) | |
Held to maturity, Greater than 12 months, Fair Value | 6,972 | 8,629 |
Held to maturity, Greater than 12 months,Unrealized/ Unrecognized Loss | (29) | (395) |
Held to maturity, Total, Fair Value | 6,972 | 30,391 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | $ (29) | $ (977) |
Loans Receivable - Summary of L
Loans Receivable - Summary of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans receivable, before fees | $ 1,096,977 | $ 905,470 | |
Loans receivable | 1,098,785 | 907,240 | |
Allowance for loan losses | (5,664) | (4,904) | $ (5,150) |
Loans receivable, net | 1,093,121 | 902,336 | |
Residential [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans receivable, before fees | 265,167 | 250,578 | |
Commercial [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans receivable, before fees | 651,396 | 495,265 | |
Allowance for loan losses | (3,853) | (3,073) | |
Construction [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans receivable, before fees | 13,231 | 17,352 | |
Allowance for loan losses | (159) | (505) | |
Commercial Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans receivable, before fees | 133,614 | 104,135 | |
Allowance for loan losses | (1,130) | (780) | |
Home Equity Lines Of Credit [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans receivable, before fees | 33,204 | 37,395 | |
Allowance for loan losses | (65) | (80) | |
Consumer and Overdrafts [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans receivable, before fees | 365 | 745 | |
Allowance for loan losses | (11) | (7) | |
Mortgage Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Net deferred loan origination costs | 1,031 | 1,041 | |
Loans receivable | 930,825 | 764,236 | |
Commercial and Consumer Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Net deferred loan origination costs | 777 | 729 | |
Loans receivable | $ 167,960 | $ 143,004 |
Loans Receivable - Summary of A
Loans Receivable - Summary of Activity in Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | $ 4,904 | $ 5,150 |
Allowance for Loan Losses, Provision (Credit) | 808 | 414 |
Allowance for Loan Losses, Charge-offs | (163) | (1,270) |
Allowance for Loan Losses, Recoveries | 115 | 610 |
Allowance for Loan Losses, Ending Allowance | 5,664 | 4,904 |
Commercial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 3,073 | |
Allowance for Loan Losses, Ending Allowance | 3,853 | 3,073 |
Construction [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 505 | |
Allowance for Loan Losses, Ending Allowance | 159 | 505 |
Commercial Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 780 | |
Allowance for Loan Losses, Ending Allowance | 1,130 | 780 |
Home Equity Lines Of Credit [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 80 | |
Allowance for Loan Losses, Ending Allowance | 65 | 80 |
Consumer and Overdrafts [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 7 | |
Allowance for Loan Losses, Ending Allowance | 11 | 7 |
Originated [Member] | Residential [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 386 | 360 |
Allowance for Loan Losses, Provision (Credit) | (33) | 161 |
Allowance for Loan Losses, Charge-offs | (136) | |
Allowance for Loan Losses, Recoveries | 10 | 1 |
Allowance for Loan Losses, Ending Allowance | 363 | 386 |
Originated [Member] | Commercial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 3,073 | 2,589 |
Allowance for Loan Losses, Provision (Credit) | 894 | 114 |
Allowance for Loan Losses, Charge-offs | (114) | |
Allowance for Loan Losses, Recoveries | 370 | |
Allowance for Loan Losses, Ending Allowance | 3,853 | 3,073 |
Originated [Member] | Construction [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 505 | 1,150 |
Allowance for Loan Losses, Provision (Credit) | (442) | 352 |
Allowance for Loan Losses, Charge-offs | (997) | |
Allowance for Loan Losses, Recoveries | 96 | |
Allowance for Loan Losses, Ending Allowance | 159 | 505 |
Originated [Member] | Commercial Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 780 | 949 |
Allowance for Loan Losses, Provision (Credit) | 348 | (335) |
Allowance for Loan Losses, Charge-offs | (54) | |
Allowance for Loan Losses, Recoveries | 2 | 220 |
Allowance for Loan Losses, Ending Allowance | 1,130 | 780 |
Originated [Member] | Home Equity Lines Of Credit [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 80 | 76 |
Allowance for Loan Losses, Provision (Credit) | (15) | 45 |
Allowance for Loan Losses, Charge-offs | (60) | |
Allowance for Loan Losses, Recoveries | 19 | |
Allowance for Loan Losses, Ending Allowance | 65 | 80 |
Originated [Member] | Consumer and Overdrafts [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 7 | |
Allowance for Loan Losses, Provision (Credit) | 31 | 30 |
Allowance for Loan Losses, Charge-offs | (34) | (23) |
Allowance for Loan Losses, Recoveries | 7 | |
Allowance for Loan Losses, Ending Allowance | 11 | 7 |
Acquired [Member] | Residential [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 73 | 26 |
Allowance for Loan Losses, Provision (Credit) | 10 | 47 |
Allowance for Loan Losses, Ending Allowance | 83 | $ 73 |
Acquired [Member] | Commercial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Provision (Credit) | 15 | |
Allowance for Loan Losses, Charge-offs | $ (15) |
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, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans, Individually Evaluated for Impairment | $ 5,897 | $ 9,114 | |
Loans, Collectively Evaluated for Impairment | 1,088,765 | 893,406 | |
Total | 1,096,977 | 905,470 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 173 | 451 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 5,408 | 4,380 | |
Allowance for Loan Losses, Total | 5,664 | 4,904 | $ 5,150 |
Originated And Acquired Loans | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for Loan Losses, Total | 5,664 | 4,904 | |
Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans, Acquired With Deteriorated Credit Quality | 2,315 | 2,950 | |
Allowance for Loan Losses, Acquired With Deteriorated Credit Quality | 83 | 73 | |
Residential [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans, Individually Evaluated for Impairment | 1,774 | 2,360 | |
Loans, Collectively Evaluated for Impairment | 262,124 | 246,913 | |
Total | 265,167 | 250,578 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 130 | 154 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 233 | 232 | |
Residential [Member] | Originated And Acquired Loans | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for Loan Losses, Total | 446 | 459 | |
Residential [Member] | Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans, Acquired With Deteriorated Credit Quality | 1,269 | 1,305 | |
Allowance for Loan Losses, Acquired With Deteriorated Credit Quality | 83 | 73 | |
Commercial [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans, Individually Evaluated for Impairment | 1,418 | 1,683 | |
Loans, Collectively Evaluated for Impairment | 649,088 | 492,105 | |
Total | 651,396 | 495,265 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 3,853 | 3,073 | |
Allowance for Loan Losses, Total | 3,853 | 3,073 | |
Commercial [Member] | Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans, Acquired With Deteriorated Credit Quality | 890 | 1,477 | |
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 | ||
Loans, Collectively Evaluated for Impairment | 13,231 | 15,092 | |
Total | 13,231 | 17,352 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 276 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 159 | 229 | |
Allowance for Loan Losses, Total | 159 | 505 | |
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 | 2,016 | 2,451 | |
Loans, Collectively Evaluated for Impairment | 131,598 | 101,684 | |
Total | 133,614 | 104,135 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 39 | 9 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,091 | 771 | |
Allowance for Loan Losses, Total | 1,130 | 780 | |
Commercial Loans [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 | |
Home Equity Lines Of Credit [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans, Individually Evaluated for Impairment | 689 | 360 | |
Loans, Collectively Evaluated for Impairment | 32,359 | 36,867 | |
Total | 33,204 | 37,395 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 4 | 12 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 61 | 68 | |
Allowance for Loan Losses, Total | 65 | 80 | |
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 | 156 | 168 | |
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 | 365 | 745 | |
Total | 365 | 745 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 11 | 7 | |
Allowance for Loan Losses, Total | $ 11 | $ 7 |
Loans Receivable - Summary of_2
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, 2019 | Jun. 30, 2018 |
Financing Receivable Impaired [Line Items] | ||
Impaired loans, unpaid principal balance | $ 6,203 | $ 10,455 |
Impaired loans, recorded investment | 5,897 | 9,114 |
Allowance for loan losses | 173 | 451 |
Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 1,061 | 1,659 |
Impaired loans with no related allowance recorded, recorded investment | 1,028 | 1,576 |
Impaired loans with an allowance recorded, unpaid principal balance | 723 | 742 |
Impaired loans with an allowance recorded, recorded investment | 746 | 784 |
Impaired loans, recorded investment | 1,774 | 2,360 |
Allowance for loan losses | 130 | 154 |
Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 1,471 | 1,765 |
Impaired loans with no related allowance recorded, recorded investment | 1,418 | 1,683 |
Impaired loans, recorded investment | 1,418 | 1,683 |
Commercial Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 2,007 | 2,254 |
Impaired loans with no related allowance recorded, recorded investment | 1,836 | 2,098 |
Impaired loans with an allowance recorded, unpaid principal balance | 180 | 353 |
Impaired loans with an allowance recorded, recorded investment | 180 | 353 |
Impaired loans, recorded investment | 2,016 | 2,451 |
Allowance for loan losses | 39 | 9 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 750 | 341 |
Impaired loans with no related allowance recorded, recorded investment | 678 | 341 |
Impaired loans with an allowance recorded, unpaid principal balance | 11 | 84 |
Impaired loans with an allowance recorded, recorded investment | 11 | 19 |
Impaired loans, recorded investment | 689 | 360 |
Allowance for loan losses | $ 4 | 12 |
Construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with an allowance recorded, unpaid principal balance | 3,257 | |
Impaired loans with an allowance recorded, recorded investment | 2,260 | |
Impaired loans, recorded investment | 2,260 | |
Allowance for loan losses | $ 276 |
Loans Receivable - Summary of_3
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, 2019 | Jun. 30, 2018 | |
Financing Receivable Impaired [Line Items] | ||
Impaired loans average recorded investment | $ 7,197 | $ 14,123 |
Impaired loans interest income recognized | 303 | 1,601 |
Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, average recorded investment | 1,377 | 3,041 |
Impaired loans with no related allowance recorded, interest income recognized | 20 | 184 |
Impaired loans with an allowance recorded, average recorded investment | 753 | 453 |
Impaired loans with an allowance recorded, interest income recognized | 14 | 15 |
Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, average recorded investment | 1,496 | 2,350 |
Impaired loans with no related allowance recorded, interest income recognized | 51 | 248 |
Construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, average recorded investment | 93 | |
Impaired loans with no related allowance recorded, interest income recognized | 17 | |
Impaired loans with an allowance recorded, average recorded investment | 869 | 2,720 |
Commercial Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, average recorded investment | 2,064 | 3,457 |
Impaired loans with no related allowance recorded, interest income recognized | 200 | 1,049 |
Impaired loans with an allowance recorded, average recorded investment | 50 | 1,491 |
Impaired loans with an allowance recorded, interest income recognized | 11 | 66 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, average recorded investment | 577 | 507 |
Impaired loans with no related allowance recorded, interest income recognized | 7 | 22 |
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, 2019 | Jun. 30, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 2,726 | $ 6,102 |
Loans Past Due Over 90 Days and Still Accruing | 1 | |
Originated [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 536 | 604 |
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 | |
Originated [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 150 | 788 |
Originated [Member] | Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 383 | 45 |
Originated [Member] | Consumer and Overdrafts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Past Due Over 90 Days and Still Accruing | 1 | |
Acquired [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 795 | 1,308 |
Acquired [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 568 | 532 |
Acquired [Member] | Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 294 | $ 303 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) | 12 Months Ended | |
Jun. 30, 2019USD ($)Loan | Jun. 30, 2018USD ($)Loan | |
Loans and Leases Receivable Disclosure [Line Items] | ||
Acquired loans accounted for as purchased credit impaired loans | $ 501,000 | $ 1,800,000 |
Number of loans classified as troubled debt restructurings | Loan | 14 | 12 |
Value of loans classified as troubled debt restructurings | $ 4,100,000 | $ 3,800,000 |
Troubled debt restructuring with carrying amount | 3,200,000 | 3,000,000 |
Specific reserves | $ 135,000 | $ 139,000 |
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 |
Loans Receivable - Aging of Rec
Loans Receivable - Aging of Recorded Investment in Past Due Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 2,869 | $ 7,147 |
Current | 1,094,108 | 898,323 |
Total | 1,096,977 | 905,470 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 564 | 30 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 333 | 626 |
90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,972 | 6,491 |
Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 265,167 | 250,578 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 651,396 | 495,265 |
Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 13,231 | 17,352 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 133,614 | 104,135 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 33,204 | 37,395 |
Consumer and Overdrafts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 365 | 745 |
Originated [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 893 | 3,671 |
Current | 994,277 | 766,209 |
Total | 995,170 | 769,880 |
Originated [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 344 | |
Originated [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 150 | 394 |
Originated [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 399 | 3,277 |
Originated [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 86 | 604 |
Current | 217,970 | 194,986 |
Total | 218,056 | 195,590 |
Originated [Member] | Residential [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 394 | |
Originated [Member] | Residential [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 86 | 210 |
Originated [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 262 | |
Current | 600,675 | 420,320 |
Total | 600,675 | 420,582 |
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 | |
Current | 13,231 | 15,092 |
Total | 13,231 | 17,352 |
Originated [Member] | Construction [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,260 | |
Originated [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 150 | 500 |
Current | 133,286 | 102,767 |
Total | 133,436 | 103,267 |
Originated [Member] | Commercial Loans [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 150 | |
Originated [Member] | Commercial Loans [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 500 | |
Originated [Member] | Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 656 | 45 |
Current | 28,767 | 32,311 |
Total | 29,423 | 32,356 |
Originated [Member] | Home Equity Lines Of Credit [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 344 | |
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 | 312 | 45 |
Originated [Member] | Consumer and Overdrafts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1 | |
Current | 348 | 733 |
Total | 349 | 733 |
Originated [Member] | Consumer and Overdrafts [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1 | |
Acquired [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,976 | 3,476 |
Current | 99,831 | 132,114 |
Total | 101,807 | 135,590 |
Acquired [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 220 | 30 |
Acquired [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 183 | 232 |
Acquired [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,573 | 3,214 |
Acquired [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,045 | 2,038 |
Current | 46,066 | 52,950 |
Total | 47,111 | 54,988 |
Acquired [Member] | Residential [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 220 | |
Acquired [Member] | Residential [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 116 | 232 |
Acquired [Member] | Residential [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 709 | 1,806 |
Acquired [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 568 | 1,112 |
Current | 50,153 | 73,571 |
Total | 50,721 | 74,683 |
Acquired [Member] | Commercial [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 568 | 1,112 |
Acquired [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 178 | 868 |
Total | 178 | 868 |
Acquired [Member] | Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 363 | 326 |
Current | 3,418 | 4,713 |
Total | 3,781 | 5,039 |
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] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 67 | |
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 | 16 | 12 |
Total | $ 16 | $ 12 |
Loans Receivable - Summary of_4
Loans Receivable - Summary of Loans by Class Modified in Troubled Debt Restructurings (Detail) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019USD ($)Loan | Jun. 30, 2018USD ($)Loan | |
Financing Receivable Modifications [Line Items] | ||
Number of loans | Loan | 4 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 1,188 | $ 275 |
Post-Modification Outstanding Recorded Investment | $ 1,183 | $ 289 |
Residential [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of loans | Loan | 3 | |
Pre-Modification Outstanding Recorded Investment | $ 1,115 | |
Post-Modification Outstanding Recorded Investment | $ 1,110 | |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of loans | Loan | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 73 | |
Post-Modification Outstanding Recorded Investment | $ 73 | |
Commercial Loans [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of loans | Loan | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 275 | |
Post-Modification Outstanding Recorded Investment | $ 289 |
Loans Receivable - Summary of R
Loans Receivable - Summary of Risk Category of Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 1,096,977 | $ 905,470 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,076,801 | 888,108 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 11,716 | 1,984 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 8,460 | 15,378 |
Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 265,167 | 250,578 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 651,396 | 495,265 |
Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 13,231 | 17,352 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 133,614 | 104,135 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 33,204 | 37,395 |
Consumer and Overdrafts [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 365 | 745 |
Originated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 995,170 | 769,880 |
Originated [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 982,591 | 758,908 |
Originated [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 7,900 | 882 |
Originated [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,679 | 10,090 |
Originated [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 218,056 | 195,590 |
Originated [Member] | Residential [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 216,438 | 194,341 |
Originated [Member] | Residential [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,071 | 571 |
Originated [Member] | Residential [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 547 | 678 |
Originated [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 600,675 | 420,582 |
Originated [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 600,216 | 418,370 |
Originated [Member] | Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 339 | |
Originated [Member] | Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 120 | 2,212 |
Originated [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 13,231 | 17,352 |
Originated [Member] | Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 13,231 | 15,092 |
Originated [Member] | Construction [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,260 | |
Originated [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 133,436 | 103,267 |
Originated [Member] | Commercial Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 123,361 | 98,205 |
Originated [Member] | Commercial Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6,423 | 167 |
Originated [Member] | Commercial Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,652 | 4,895 |
Originated [Member] | Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 29,423 | 32,356 |
Originated [Member] | Home Equity Lines Of Credit [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 28,996 | 32,167 |
Originated [Member] | Home Equity Lines Of Credit [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 67 | 144 |
Originated [Member] | Home Equity Lines Of Credit [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 360 | 45 |
Originated [Member] | Consumer and Overdrafts [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 349 | 733 |
Originated [Member] | Consumer and Overdrafts [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 349 | 733 |
Acquired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 101,807 | 135,590 |
Acquired [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 94,210 | 129,200 |
Acquired [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,816 | 1,102 |
Acquired [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,781 | 5,288 |
Acquired [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 47,111 | 54,988 |
Acquired [Member] | Residential [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 44,959 | 51,858 |
Acquired [Member] | Residential [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 211 | 249 |
Acquired [Member] | Residential [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,941 | 2,881 |
Acquired [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 50,721 | 74,683 |
Acquired [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 45,726 | 71,832 |
Acquired [Member] | Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,537 | 842 |
Acquired [Member] | Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,458 | 2,009 |
Acquired [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 178 | 868 |
Acquired [Member] | Commercial Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 178 | 857 |
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 | 3,781 | 5,039 |
Acquired [Member] | Home Equity Lines Of Credit [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,331 | 4,641 |
Acquired [Member] | Home Equity Lines Of Credit [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 68 | |
Acquired [Member] | Home Equity Lines Of Credit [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 382 | 398 |
Acquired [Member] | Consumer and Overdrafts [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 16 | 12 |
Acquired [Member] | Consumer and Overdrafts [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 16 | $ 12 |
Loans Receivable - Schedule of
Loans Receivable - Schedule of Carrying Amount of Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | $ 1,093,121 | $ 902,336 |
Acquired with Deteriorated Credit Quality [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | 2,232 | 2,877 |
Acquired with Deteriorated Credit Quality [Member] | Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | 1,186 | 1,232 |
Acquired with Deteriorated Credit Quality [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | 890 | 1,477 |
Acquired with Deteriorated Credit Quality [Member] | Home Equity Lines Of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | $ 156 | $ 168 |
Loans Receivable - Schedule o_2
Loans Receivable - Schedule of Carrying Amount of Purchased Credit Impaired Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Acquired with Deteriorated Credit Quality [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans, allowance | $ 83 | $ 73 |
Loans Receivable - Summary of_5
Loans Receivable - Summary of Accretable Yield, or Income Expected to be Collected for Acquired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities [Abstract] | ||
Beginning balance | $ 245 | $ 403 |
Accretion income | (53) | (70) |
Reclassification from non-accretable difference | 5 | |
Disposals | (93) | |
Ending balance | $ 192 | $ 245 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | $ 22,573 | $ 21,878 |
Less: accumulated depreciation and amortization | (10,771) | (10,280) |
Total Bank premises and equipment, net | 11,802 | 11,598 |
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 | 13,753 | 13,430 |
Furniture, fixtures and equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | 6,808 | 6,096 |
Construction and improvements in process [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | $ 15 | $ 355 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Property Plant And Equipment [Abstract] | ||
Depreciation expense | $ 1.1 | $ 1.3 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Change in Goodwill (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Beginning Balance | $ 6,106,000 | $ 6,106,000 |
Impairment | 0 | 0 |
Ending Balance | $ 6,106,000 | $ 6,106,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Impairment of goodwill | $ 0 | $ 0 |
Amortization of intangible assets | $ 110,000 | $ 126,000 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Acquired Intangible Assets (Detail) - Core Deposit Intangible [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Goodwill And Intangible Assets Disclosure [Line Items] | ||
Amortized intangible assets, Gross Carrying Amount | $ 887 | $ 887 |
Amortized intangible assets, Accumulated Amortization | $ (564) | $ (454) |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Schedule of Estimated Amortization Expense (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2020 | $ 94 |
2021 | 78 |
2022 | 62 |
2023 | 46 |
2024 and after | $ 43 |
Deposits - Summary of Deposit B
Deposits - Summary of Deposit Balances (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Deposits [Abstract] | ||
Demand | $ 141,379 | $ 131,883 |
NOW Accounts | 123,069 | 117,875 |
Money market accounts | 148,134 | 49,885 |
Savings | 357,844 | 465,441 |
Time deposits | 455,395 | 392,373 |
Total deposits | $ 1,225,821 | $ 1,157,457 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2019 | |
Deposits [Line Items] | ||
Time deposits, meet or exceed FDIC insurance limit of $250,000 | $ 116 | $ 149 |
Brokered time deposits | $ 60 | 77.5 |
Minimum [Member] | ||
Deposits [Line Items] | ||
Brokered time deposits remaining maturities period | 9 months | |
Maximum [Member] | ||
Deposits [Line Items] | ||
Brokered time deposits remaining maturities period | 36 months | |
PCSB Bank [Member] | ||
Deposits [Line Items] | ||
Deposits of local governments | $ 39.1 | $ 40.1 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Time Deposits (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Deposits [Abstract] | ||
Within 1 year | $ 221,832 | $ 183,276 |
1 year to 2 years | 112,394 | 49,350 |
2 years to 3 years | 41,211 | 56,746 |
3 years to 4 years | 33,538 | 56,458 |
4 years to 5 years | 46,420 | 46,339 |
Thereafter | 204 | |
Total | $ 455,395 | $ 392,373 |
FHLB and Other Borrowings - Add
FHLB and Other Borrowings - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Federal Home Loan Bank Advances [Line Items] | ||
Advances from Federal Home Loan Bank | $ 111,216,000 | $ 18,841,000 |
Percentage of outstanding advances to be maintained as collateral | 110.00% | |
Secured borrowings | $ 118,000,000 | |
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 | 111,216,000 | 18,841,000 |
Advances from federal home loan banks accessible | 291,200,000 | $ 314,900,000 |
Federal Home Loan Bank of New York [Member] | Original Maturities Ranging From 3 To 54 Months [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Advances from Federal Home Loan Bank | 107,500,000 | |
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 | $ 3,700,000 | |
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 | 54 months |
FHLB and Other Borrowings - Mat
FHLB and Other Borrowings - Maturity Schedule of Advances (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Federal Home Loan Bank Advances [Line Items] | ||
Amount Due, Total | $ 111,216 | $ 18,841 |
Federal Home Loan Bank of New York [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Amount Due, Within 1 year | 65,128 | 10,125 |
Amount Due, 1 year to 2 years | 30,131 | 5,128 |
Amount Due, 2 years to 3 years | 7,635 | 131 |
Amount Due, 3 years to 4 years | 138 | 135 |
Amount Due, 4 years to 5 years | 5,142 | 138 |
Amount Due, Thereafter | 3,042 | 3,184 |
Amount Due, Total | $ 111,216 | $ 18,841 |
Weighted Avg Rate, Within 1 year | 2.29% | 1.70% |
Weighted Avg Rate, 1 year to 2 years | 2.10% | 1.81% |
Weighted Avg Rate, 2 years to 3 years | 3.22% | 2.62% |
Weighted Avg Rate, 3 years to 4 years | 2.62% | 2.62% |
Weighted Avg Rate, 4 years to 5 years | 3.31% | 2.62% |
Weighted Avg Rate, Thereafter | 2.62% | 2.62% |
Weighted Avg Rate, Total | 2.36% | 1.91% |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Contract Amounts of Credit-related Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Standby Letter of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Credit related financial instruments | $ 1,688 | $ 1,420 |
Commitments to Originate Loans [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Credit related financial instruments | 136,770 | 102,644 |
Unused Lines of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Credit related financial instruments | $ 52,644 | $ 56,553 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Rent expense under operating leases | $ 2.1 | $ 1.9 |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Rent Commitments Before Considering Renewal Options (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Within 1 year | $ 1,733 |
1 year to 2 years | 1,794 |
2 year to 3 years | 1,770 |
3 year to 4 years | 1,683 |
4 year to 5 years | 1,313 |
Thereafter | 5,647 |
Total | $ 13,940 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Summary of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 287,559 | $ 279,846 | |
Total other comprehensive income (loss) | 1,860 | (618) | |
Ending Balance | 281,307 | 287,559 | |
Net Unrealized Gain (Loss) on Available for Sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | [1] | (1,536) | 37 |
Other comprehensive income (loss) before reclassifications | [1] | 1,741 | (1,835) |
Amounts reclassified from accumulated other comprehensive (loss) income | [1] | (62) | (164) |
Tax effect | [1] | (352) | 558 |
Total other comprehensive income (loss) | [1] | 1,327 | (1,441) |
Reclassification of certain tax effects on other comprehensive (loss) | [1],[2] | (132) | |
Ending Balance | [1] | (209) | (1,536) |
Unrealized Losses on Retirement Plans [Member] | Pension Benefits [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | [3] | (5,150) | (5,002) |
Other comprehensive income (loss) before reclassifications | [3] | (486) | 335 |
Amounts reclassified from accumulated other comprehensive (loss) income | [3] | 1,144 | 725 |
Tax effect | [3] | (139) | (270) |
Total other comprehensive income (loss) | [3] | 519 | 790 |
Reclassification of certain tax effects on other comprehensive (loss) | [2],[3] | (938) | |
Ending Balance | [3] | (4,631) | (5,150) |
Unrealized Losses on Retirement Plans [Member] | SERP Benefits [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | [3] | (264) | (250) |
Other comprehensive income (loss) before reclassifications | [3] | (19) | 10 |
Amounts reclassified from accumulated other comprehensive (loss) income | [3] | 36 | 34 |
Tax effect | [3] | (3) | (11) |
Total other comprehensive income (loss) | [3] | 14 | 33 |
Reclassification of certain tax effects on other comprehensive (loss) | [2],[3] | (47) | |
Ending Balance | [3] | (250) | (264) |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (6,950) | (5,215) | |
Other comprehensive income (loss) before reclassifications | 1,236 | (1,490) | |
Amounts reclassified from accumulated other comprehensive (loss) income | 1,118 | 595 | |
Tax effect | (494) | 277 | |
Total other comprehensive income (loss) | 1,860 | (618) | |
Reclassification of certain tax effects on other comprehensive (loss) | [2],[4] | (1,117) | |
Ending Balance | $ (5,090) | $ (6,950) | |
[1] | Amounts reclassified from accumulated other comprehensive income are recorded in the Statement of Operations as part of "gains on sales of securities" | ||
[2] | 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. | ||
[3] | Amounts reclassified from accumulated other comprehensive income are recorded in the Statement of Operations as part of "other operating expenses" | ||
[4] | 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 13 - Income Taxes for additional information. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Summary of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | |
Equity [Abstract] | ||||
Corporate income tax rate | 21.00% | 34.00% | 21.00% | 28.06% |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||
Net income applicable to common stock | $ 8,318 | $ 6,604 |
Average number of common shares outstanding | 17,752,473 | 18,165,110 |
Less: Average unallocated ESOP shares | (1,259,713) | (1,362,216) |
Average number of common shares outstanding used to calculate basic earnings per common share | 16,492,760 | 16,802,894 |
Effect of equity-based awards | 34,357 | |
Average number of common shares outstanding used to calculate diluted earnings per common share | 16,527,117 | 16,802,894 |
Earnings per Common share: | ||
Basic | $ 0.50 | $ 0.39 |
Diluted | $ 0.50 | $ 0.39 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Number of dilutive potential common stock equivalents | 0 | |
Stock Options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 1,339,293 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Additional Information (Detail) | 12 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying amount of loans | $ 1,093,121,000 | $ 902,336,000 | |
Remaining valuation allowance | 5,664,000 | 4,904,000 | $ 5,150,000 |
Net charge-offs | 163,000 | 1,270,000 | |
Provision for loan losses | 808,000 | 414,000 | |
Impaired Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying amount of loans | 937,000 | 3,900,000 | |
Remaining valuation allowance | 173,000 | 451,000 | |
Net charge-offs | 0 | 1,100,000 | |
Provision for loan losses | $ 40,000 | $ 435,000 | |
Minimum [Member] | Measurement Input, Discount Rates [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Discount rates | 0.10 | ||
Maximum [Member] | Measurement Input, Discount Rates [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Discount rates | 0.20 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Measured on a Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 73,567 | $ 105,472 |
Total liabilities at fair value | 1,339 | |
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 | 36,911 | 63,430 |
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 | 8,360 | 8,235 |
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 | 26,957 | 33,807 |
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 | 1,417 | 3,984 |
Impaired Loans [Member] | Residential Mortgages [Member] | 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 | 616 | 688 |
Impaired Loans [Member] | Commercial Loans [Member] | 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 | 141 | 845 |
Impaired Loans [Member] | Construction [Member] | 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 | 1,984 | |
Impaired Loans [Member] | Home Equity Lines Of Credit [Member] | 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 | 7 | 7 |
Foreclosed Real Estate [Member] | 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 | 653 | 460 |
Derivatives – Interest Rate Contracts [Member] | Measured on a Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 1,339 | |
Total liabilities at fair value | 1,339 | |
Level 2 [Member] | Measured on a Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 73,567 | 105,472 |
Total liabilities at fair value | 1,339 | |
Level 2 [Member] | 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 | 36,911 | 63,430 |
Level 2 [Member] | 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 | 8,360 | 8,235 |
Level 2 [Member] | 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 | 26,957 | 33,807 |
Level 2 [Member] | Derivatives – Interest Rate Contracts [Member] | Measured on a Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 1,339 | |
Total liabilities at fair value | 1,339 | |
Level 3 [Member] | 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 | 1,417 | 3,984 |
Level 3 [Member] | Impaired Loans [Member] | Residential Mortgages [Member] | 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 | 616 | 688 |
Level 3 [Member] | Impaired Loans [Member] | Commercial Loans [Member] | 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 | 141 | 845 |
Level 3 [Member] | Impaired Loans [Member] | Construction [Member] | 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 | 1,984 | |
Level 3 [Member] | Impaired Loans [Member] | Home Equity Lines Of Credit [Member] | 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 | 7 | 7 |
Level 3 [Member] | Foreclosed Real Estate [Member] | 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 | $ 653 | $ 460 |
Fair Value of Financial Instr_5
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) $ in Thousands | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) |
Minimum [Member] | Measurement Input, Discount Rates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range or Rate Used | 0.10 | |
Maximum [Member] | Measurement Input, Discount Rates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range or Rate Used | 0.20 | |
Measured on a Non-Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 1,417 | $ 3,984 |
Measured on a Non-Recurring Basis [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,417 | 3,984 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 616 | 688 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Residential [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 616 | 688 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Residential [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 616 | |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Residential [Member] | Level 3 [Member] | Sales Comparison [Member] | Adjustments for Differences in Sales Comparables [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 688 | |
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] | ||
Fair Value | 7 | 7 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Home Equity Lines Of Credit [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 7 | $ 7 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Home Equity Lines Of Credit [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 7 | |
Range or Rate Used | 0.062 | 0.063 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Home Equity Lines Of Credit [Member] | Level 3 [Member] | Sales Comparison [Member] | Adjustments for Differences in Sales Comparables [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 7 | |
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] | ||
Fair Value | $ 141 | 845 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Commercial Loans [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 141 | 845 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Commercial Loans [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 141 | $ 845 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Commercial Loans [Member] | Level 3 [Member] | Sales Contract [Member] | Measurement Input Discount To Sales Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range or Rate Used | 0.098 | |
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] | ||
Fair Value | $ 1,984 | |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Construction [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 1,984 | |
Debt Securities, Available-for-sale, Valuation Technique [Extensible List] | pcsb:ValuationTechniqueSalesContractMember | |
Debt Securities, Available-for-sale, Measurement Input [Extensible List] | pcsb:MeasurementInputAdjustmentsForDifferencesInSalesComparablesMember | |
Range or Rate Used | 0.098 | |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Minimum [Member] | Residential [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range or Rate Used | 0.054 | 0.054 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Minimum [Member] | Residential [Member] | Level 3 [Member] | Sales Comparison [Member] | Adjustments for Differences in Sales Comparables [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range or Rate Used | (0.051) | |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Minimum [Member] | Home Equity Lines Of Credit [Member] | Level 3 [Member] | Sales Comparison [Member] | Adjustments for Differences in Sales Comparables [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range or Rate Used | (0.051) | |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Minimum [Member] | Commercial Loans [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range or Rate Used | 0.060 | 0.053 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Maximum [Member] | Residential [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range or Rate Used | 0.063 | 0.063 |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Maximum [Member] | Residential [Member] | Level 3 [Member] | Sales Comparison [Member] | Adjustments for Differences in Sales Comparables [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range or Rate Used | 0.209 | |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Maximum [Member] | Home Equity Lines Of Credit [Member] | Level 3 [Member] | Sales Comparison [Member] | Adjustments for Differences in Sales Comparables [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range or Rate Used | 0.209 | |
Measured on a Non-Recurring Basis [Member] | Impaired Loans [Member] | Maximum [Member] | Commercial Loans [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range or Rate Used | 0.070 | 0.075 |
Measured on a Non-Recurring Basis [Member] | Foreclosed Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 653 | $ 460 |
Measured on a Non-Recurring Basis [Member] | Foreclosed Real Estate [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 653 | $ 460 |
Debt Securities, Available-for-sale, Valuation Technique [Extensible List] | pcsb:ValuationTechniqueSalesComparisonMember | pcsb:ValuationTechniqueSalesComparisonMember |
Debt Securities, Available-for-sale, Measurement Input [Extensible List] | us-gaap:MeasurementInputComparabilityAdjustmentMember | us-gaap:MeasurementInputComparabilityAdjustmentMember |
Measured on a Non-Recurring Basis [Member] | Foreclosed Real Estate [Member] | Minimum [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range or Rate Used | (0.080) | (0.081) |
Measured on a Non-Recurring Basis [Member] | Foreclosed Real Estate [Member] | Maximum [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range or Rate Used | 0.450 | (0.004) |
Fair Value of Financial Instr_6
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, 2019 | Jun. 30, 2018 |
Financial assets: | ||
Investment securities held to maturity | $ 346,243 | $ 343,188 |
Investment securities available for sale | 72,228 | 105,472 |
Carrying Amount [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 60,029 | 62,145 |
Investment securities held to maturity | 345,545 | 353,183 |
Investment securities available for sale | 72,228 | 105,504 |
Loans receivable, net | 1,093,121 | 902,336 |
Accrued interest receivable | 4,797 | 4,358 |
FHLB stock | 6,255 | 2,050 |
Financial liabilities: | ||
Accrued interest payable | 209 | 154 |
Mortgage escrow funds | 9,355 | 8,803 |
FHLB advances | 111,216 | 18,841 |
Carrying Amount [Member] | Derivatives – Interest Rate Contracts [Member] | ||
Financial assets: | ||
Derivative assets - interest rate contracts | 1,339 | |
Financial liabilities: | ||
Derivative liabilities - interest rate contracts | 1,339 | |
Carrying Amount [Member] | Demand, NOW, Money Market Deposits and Savings Accounts [Member] | ||
Financial liabilities: | ||
Time deposits | 770,426 | 765,084 |
Carrying Amount [Member] | Time Deposits [Member] | ||
Financial liabilities: | ||
Time deposits | 455,395 | 392,373 |
Total [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 60,029 | 62,145 |
Investment securities held to maturity | 346,243 | 343,188 |
Investment securities available for sale | 72,228 | 105,504 |
Loans receivable, net | 1,092,878 | 882,319 |
Accrued interest receivable | 4,797 | 4,358 |
Financial liabilities: | ||
Accrued interest payable | 209 | 154 |
Mortgage escrow funds | 9,355 | 8,803 |
FHLB advances | 111,818 | 20,574 |
Total [Member] | Derivatives – Interest Rate Contracts [Member] | ||
Financial assets: | ||
Derivative assets - interest rate contracts | 1,339 | |
Financial liabilities: | ||
Derivative liabilities - interest rate contracts | 1,339 | |
Total [Member] | Demand, NOW, Money Market Deposits and Savings Accounts [Member] | ||
Financial liabilities: | ||
Time deposits | 770,426 | 765,084 |
Total [Member] | Time Deposits [Member] | ||
Financial liabilities: | ||
Time deposits | 460,554 | 394,205 |
Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 60,029 | 62,145 |
Financial liabilities: | ||
Accrued interest payable | 16 | 7 |
Mortgage escrow funds | 9,355 | 8,803 |
Level 1 [Member] | Demand, NOW, Money Market Deposits and Savings Accounts [Member] | ||
Financial liabilities: | ||
Time deposits | 770,426 | 765,084 |
Level 2 [Member] | ||
Financial assets: | ||
Investment securities held to maturity | 346,243 | 343,188 |
Investment securities available for sale | 72,228 | 105,504 |
Accrued interest receivable | 1,330 | 1,402 |
Financial liabilities: | ||
Accrued interest payable | 193 | 147 |
FHLB advances | 111,818 | 20,574 |
Level 2 [Member] | Derivatives – Interest Rate Contracts [Member] | ||
Financial assets: | ||
Derivative assets - interest rate contracts | 1,339 | |
Financial liabilities: | ||
Derivative liabilities - interest rate contracts | 1,339 | |
Level 2 [Member] | Time Deposits [Member] | ||
Financial liabilities: | ||
Time deposits | 460,554 | 394,205 |
Level 3 [Member] | ||
Financial assets: | ||
Loans receivable, net | 1,092,878 | 882,319 |
Accrued interest receivable | $ 3,467 | $ 2,956 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Current tax expense (benefit) | ||
Federal | $ 2,624 | $ 2,577 |
State | 412 | 20 |
Total current tax expense (benefit) | 3,036 | 2,597 |
Deferred tax expense (benefit) | ||
Federal | (329) | 2,414 |
State | (91) | 313 |
Total deferred tax expense | (420) | 2,727 |
State tax valuation allowances, net of federal benefit | 70 | (302) |
Total | $ 2,686 | $ 5,022 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Taxes [Line Items] | ||||
Corporate income tax rate | 21.00% | 34.00% | 21.00% | 28.06% |
Re-measurement charge (benefit) through income tax expense | $ 1,600,000 | |||
Effective date for change in corporate income tax rate | Jan. 1, 2018 | |||
Charitable contribution carryforwards | $ 2,700,000 | |||
Charitable contribution carryforwards expiration year | 2022 | |||
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 | ||
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 | $ 1,700,000 | |||
Operating loss carryforwards expiration year | 2034 | |||
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 | |
Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Federal statutory rate | 21.00% | 34.00% | 21.00% | 28.06% |
Tax at federal statutory rate | $ 2,311 | $ 3,262 | ||
State Taxes, net of federal benefit | 310 | 24 | ||
Tax-exempt income | (66) | (61) | ||
BOLI income | (114) | (157) | ||
ESOP Compensation | 199 | 300 | ||
Deferred tax re-remeasurement charge | 1,570 | |||
Other, net | 46 | 84 | ||
Total | $ 2,686 | $ 5,022 | ||
Effective tax rate | 24.41% | 43.20% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Deferred Tax Assets: | ||
Allowance for Loan Losses | $ 1,419 | $ 1,222 |
Other comprehensive loss (defined benefit plans) | 1,298 | 1,439 |
Deferred compensation | 879 | 836 |
Charitable contribution carryforward | 671 | 949 |
Stock based compensation | 498 | |
Depreciation of premises and equipment | 416 | 413 |
Other comprehensive loss (securities) | 55 | 408 |
Other | 544 | 611 |
Total deferred tax assets | 5,780 | 5,878 |
Deferred Tax Liabilities: | ||
Prepaid pension costs | 2,416 | 2,424 |
Deferred loan costs and fees, net | 466 | 451 |
Other | 31 | |
Total deferred tax liabilities | 2,882 | 2,906 |
Deferred tax asset valuation allowance | (420) | (350) |
Net deferred tax asset | $ 2,478 | $ 2,622 |
Post-Retirement Benefits - Addi
Post-Retirement Benefits - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
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 | 5.50% | ||
ESOP borrowing | $ 12,600,000 | ||
Number of shares committed to be released per year through 2032 | 96,881 | ||
ESOP Compensation | $ 1,918,000 | $ 2,248,000 | |
Equity Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of investment in plan assets | 60.00% | 67.00% | |
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 | 3.00% | 1.00% | |
Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of investment in plan assets | 37.00% | 32.00% | |
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 | $ 5,900,000 | $ 6,500,000 | |
Assumed discount rates used | 3.31% | 4.14% | |
Temporary increase in percentage of bond fund portion | 50.00% | ||
Expected return on plan assets | 7.50% | 7.50% | |
Benefits Paid | $ 929,000 | $ 868,000 | |
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 | 528,000 | ||
Prior service (credit) cost | 0 | ||
Defined Contribution Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, description | The Company maintains a defined contribution plan for eligible employees hired after October 1, 2012. | ||
Defined contribution plan for eligible employee who hired after | Oct. 1, 2012 | ||
Plan expense | $ 0 | 0 | |
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 | ||
Employee contribution minimum percentage rate | 1.00% | ||
Rate of contribution receive by employee on salary | 25.00% | ||
Employer matching contribution, percent of match | 75.00% | ||
Employer matching contribution, percent of employee gross pay | 6.00% | ||
Defined contribution savings plan expense | $ 0 | 414,000 | |
Defined benefit plan effective date of suspension | Jul. 1, 2018 | ||
Supplemental Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net loss | $ 318,000 | 335,000 | |
Accrued benefit cost | 3,700,000 | 3,400,000 | |
Projected benefit obligation and accumulated benefit obligation | 3,700,000 | 3,400,000 | |
Pension expense | 613,000 | 655,000 | |
Benefits Paid | $ 272,000 | $ 272,000 | |
Supplemental Retirement Plan [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed discount rates used | 3.31% | ||
Rates of compensation increases used | 3.31% | ||
Supplemental Retirement Plan [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed discount rates used | 4.24% | ||
Rates of compensation increases used | 4.24% | ||
Supplemental Retirement Plan [Member] | Scenario Forecast [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated amortization of net loss | $ 45,000 |
Post-Retirement Benefits - Summ
Post-Retirement Benefits - Summary of Plan's Funded Status (Detail) - Employee Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Change in benefit obligation: | ||
Beginning benefit obligation | $ 24,764 | $ 25,614 |
Interest Cost | 1,000 | 968 |
Actuarial Loss | (327) | 8 |
Benefits Paid | (929) | (868) |
Settlements | (2,152) | (958) |
Ending benefit obligation | 22,356 | 24,764 |
Change in plan assets, at fair value: | ||
Beginning plan assets | 27,975 | 27,444 |
Actual return | 1,239 | 2,357 |
Benefits paid | (929) | (868) |
Settlements | (2,152) | (958) |
Ending Plan assets | 26,133 | 27,975 |
Funded Status | 3,777 | 3,211 |
Accumulated Benefit Obligation | $ 22,356 | $ 24,764 |
Post-Retirement Benefits - Su_2
Post-Retirement Benefits - Summary of Net Period Pension Cost (Benefit), Contributions and Benefits Paid (Detail) - Employee Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Net period pension cost (benefit) | $ 92 | $ (321) |
Benefits paid | $ 929 | $ 868 |
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, 2019 | Jun. 30, 2018 | |
Employee Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $ 1,000 | $ 968 |
Expected return on plan assets | (2,052) | (2,014) |
Amortization of prior net loss | 1,144 | 725 |
Net periodic cost (benefit) | 92 | (321) |
Interest cost | 1,000 | 968 |
Supplemental Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior net loss | 36 | 34 |
Service cost | 455 | 518 |
Interest cost | 122 | 103 |
Net periodic cost | $ 613 | $ 655 |
Post-Retirement Benefits - Sc_2
Post-Retirement Benefits - Schedule of Benefit Payments which Reflects Expected Future Service (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Employee Pension Plan [Member] | |
Defined Benefit Plan Estimated Future Benefit Payments [Line Items] | |
2020 | $ 1,217 |
2021 | 1,239 |
2022 | 1,275 |
2023 | 1,312 |
2024 | 1,315 |
Following five years | 6,027 |
Supplemental Retirement Plan [Member] | |
Defined Benefit Plan Estimated Future Benefit Payments [Line Items] | |
2020 | 272 |
2021 | 272 |
2022 | 3,180 |
2023 | 272 |
2024 | $ 136 |
Post-Retirement Benefits - Sc_3
Post-Retirement Benefits - Schedule of Weighted-Average Assumptions Used to Determine Net Periodic Pension Cost (Detail) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
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 | 3.31% | 3.87% |
Expected return on plan assets | 7.50% | 7.50% |
Post-Retirement Benefits - Sc_4
Post-Retirement Benefits - Schedule of Actual Pension Plan Asset Allocation and Target Allocation by Asset Category (Detail) | Jun. 30, 2019 | Jun. 30, 2018 |
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 | 60.00% | 67.00% |
Fixed Income Common/Collective Trusts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 34.00% | |
Percentage of Plan Assets | 37.00% | 32.00% |
Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 1.00% | |
Percentage of Plan Assets | 3.00% | 1.00% |
Post-Retirement Benefits - Sc_5
Post-Retirement Benefits - Schedule of Fair Value of Plan Assets (Detail) - Employee Pension Plan [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 26,133 | $ 27,975 | $ 27,444 |
Carrying Amount [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 26,133 | 27,975 | |
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 | 678 | 168 | |
Estimate of Fair Value Measurement [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 25,455 | 27,807 | |
Equity Mutual Funds And Common/Collective Trusts [Member] | Carrying Amount [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 15,837 | 18,914 | |
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 | 15,837 | 18,914 | |
Fixed Income Common/Collective Trusts [Member] | Carrying Amount [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,618 | 8,893 | |
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 | 9,618 | 8,893 | |
Cash Equivalents [Member] | Carrying Amount [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 678 | 168 | |
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 | $ 678 | $ 168 |
Post-Retirement Benefits - Shar
Post-Retirement Benefits - Shares Held by ESOP (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Allocated to participants | 241,804 | 144,923 |
Unearned | 1,211,405 | 1,308,286 |
Total ESOP shares | 1,453,209 | 1,453,209 |
Fair value of unearned shares | $ 24,531 | $ 25,996 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total consolidated assets | $ 3,000,000,000 | |
Capital conservation buffer, phase period | 4 years | |
Capital conservation buffer percentage at beginning period | 2.50% | 1.875% |
Minimum [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Capital conservation buffer percentage required under regulatory | 2.50% |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Bank's Actual Capital Amounts and Ratios Compared to Required Ratios for Minimum Capital Adequacy and for Classification as Well Capitalized (Detail) - PCSB Bank [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Leverage (Tier 1), Bank Actual Amount | $ 209,885 | $ 200,488 |
Common Tier 1, Bank Actual Amount | 209,885 | 200,488 |
Tier 1, Bank Actual Amount | 209,885 | 200,488 |
Total, Bank Actual Amount | $ 215,549 | $ 205,392 |
Leverage (Tier 1), Bank Actual Ratio | 13.80% | 13.60% |
Common Tier 1, Bank Actual Ratio | 18.00% | 21.10% |
Tier 1, Bank Actual Ratio | 18.00% | 21.10% |
Total, Bank Actual Ratio | 18.40% | 21.60% |
Leverage (Tier 1), For Capital Adequacy Purposes Amount | $ 60,774 | $ 58,924 |
Common Tier 1, For Capital Adequacy Purposes Amount | 52,579 | 42,745 |
Tier 1, For Capital Adequacy Purposes Amount | 70,105 | 56,994 |
Total, For Capital Adequacy Purposes Amount | $ 93,474 | $ 75,991 |
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 | $ 75,968 | $ 73,655 |
Common Tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 75,948 | 61,743 |
Tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 93,474 | 75,991 |
Total, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 116,842 | $ 94,989 |
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% |
Related Party Disclosures - Add
Related Party Disclosures - Additional Information (Detail) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
PCSB Bank [Member] | ||
Related Party Transaction [Line Items] | ||
Insider loans | $ 0 | $ 0 |
Derivatives and Hedging - Addit
Derivatives and Hedging - Additional Information (Detail) | Jun. 30, 2018USD ($) |
Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Interest rate swaps | $ 0 |
Derivatives and Hedging - Summa
Derivatives and Hedging - Summary Information About Interest Rate Swaps (Detail) | 12 Months Ended |
Jun. 30, 2019USD ($) | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Notional amounts | $ 68,535,000 |
Weighted average pay rates | 3.89% |
Weighted average receive rates | 3.89% |
Weighted average maturity | 9 years 10 months 2 days |
Revenue From Contracts With C_2
Revenue From Contracts With Customers - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation Of Revenue [Line Items] | ||
Fees and service charges | $ 1,763,000 | $ 1,529,000 |
Revenue from contracts with customers | 1,600,000 | 1,300,000 |
Fees and Service Charges on Deposit Accounts [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,200,000 | 882,000 |
Interchange Income [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contracts with customers | 432,000 | 390,000 |
Gain/Losses on Sales of Foreclosed Real Estate [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 24,000 | $ (7,000) |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Oct. 24, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation | $ 2,140,000 | ||
Number of other than stock options granted | 547,185 | ||
Number of shares granted | 1,339,293 | ||
Stock Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ 5,400,000 | ||
Expected weighted-average period for cost recognition | 4 years 4 months 24 days | ||
Restricted Stock Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ 9,100,000 | ||
Expected weighted-average period for cost recognition | 4 years 4 months 24 days | ||
2018 Equity Incentive Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares authorized for issuance | 2,543,115 | ||
Stock-based compensation | $ 2,100,000 | $ 0 | |
2018 Equity Incentive Plan [Member] | Stock Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares authorized for issuance | 1,816,511 | ||
Contractual term | 10 years | ||
Number of shares granted | 1,339,293 | ||
2018 Equity Incentive Plan [Member] | Stock Options [Member] | Annual Vesting on Each Anniversary [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Awards vesting percentage for year | 20.00% | ||
2018 Equity Incentive Plan [Member] | Stock Options [Member] | Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 5 years | ||
2018 Equity Incentive Plan [Member] | Stock Options [Member] | Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
2018 Equity Incentive Plan [Member] | Restricted Stock and Restricted Stock Units [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares authorized for issuance | 726,604 | ||
2018 Equity Incentive Plan [Member] | Restricted Stock Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of other than stock options granted | 547,185 | ||
Number of shares available for grant | 726,604 | ||
2018 Equity Incentive Plan [Member] | Restricted Stock Awards [Member] | Annual Vesting on Each Anniversary [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Awards vesting percentage for year | 20.00% | ||
2018 Equity Incentive Plan [Member] | Restricted Stock Awards [Member] | Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vesting period | 5 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of RSA activity (Detail) | 12 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of Shares, granted | shares | 547,185 |
Number of Shares, Unvested allocated shares outstanding ending balance | shares | 547,185 |
Weighted-Average Grant Date Fair Value, Shares granted | $ / shares | $ 19.02 |
Weighted-Average Grant Date Fair Value, Unvested allocated shares outstanding ending balance | $ / shares | $ 19.02 |
Stock-Based Compensation - Fair
Stock-Based Compensation - Fair Value of Option Granted Using Weighted-Average Assumptions (Detail) | 12 Months Ended |
Jun. 30, 2019$ / shares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Risk-free interest rate | 3.03% |
Expected term (in years) | 6 years 6 months |
Expected stock price volatility | 18.26% |
Dividend yield | 0.63% |
Weighted average fair value of options granted | $ 4.61 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Activity Related to Stock Options Granted under Plan (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Jun. 30, 2019USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of Options, granted | shares | 1,339,293 |
Number of Options, outstanding ending balance | shares | 1,339,293 |
Weighted-Average Exercise Price, Option granted | $ / shares | $ 19.04 |
Weighted-Average Exercise Price, Option outstanding ending balance | $ / shares | $ 19.04 |
Weighted-Average Remaining Contractual Years, Option outstanding | 9 years 4 months 24 days |
Aggregate Intrinsic Value, Option outstanding | $ | $ 1,625 |
Parent Company Only Financial_3
Parent Company Only Financial Statements - Parent Company Only Financial Statements (Consolidated Balance Sheets) (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Assets | |||
Cash and cash equivalents | $ 60,029 | $ 62,145 | $ 60,486 |
Other assets | 9,446 | 5,677 | |
Total assets | 1,637,579 | 1,480,187 | |
Liabilities and shareholders' equity | |||
Other liabilities | 9,880 | 7,527 | |
Shareholders' equity | 281,307 | 287,559 | 279,846 |
Total liabilities and shareholders' equity | 1,637,579 | 1,480,187 | |
Parent Company [Member] | |||
Assets | |||
Cash and cash equivalents | 55,626 | 72,140 | $ 71,273 |
Investment in Bank | 211,205 | 200,058 | |
ESOP loan receivable | 12,594 | 13,563 | |
Other assets | 1,936 | 1,798 | |
Total assets | 281,361 | 287,559 | |
Liabilities and shareholders' equity | |||
Other liabilities | 54 | ||
Shareholders' equity | 281,307 | 287,559 | |
Total liabilities and shareholders' equity | $ 281,361 | $ 287,559 |
Parent Company Only Financial_4
Parent Company Only Financial Statements - Parent Company Only Financial Statements (Consolidated Statements of Operations) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Condensed Income Statements Captions [Line Items] | ||
Interest income | $ 42,704 | $ 41,637 |
Other non-interest expenses | 2,138 | 1,763 |
Net income before income tax expense | 11,004 | 11,626 |
Income tax expense | 2,686 | 5,022 |
Net income | 8,318 | 6,604 |
Parent Company [Member] | ||
Condensed Income Statements Captions [Line Items] | ||
Interest income | 715 | 668 |
Equity in income of Bank | 8,318 | 7,188 |
Other non-interest expenses | 715 | 689 |
Net income before income tax expense | 8,318 | 7,167 |
Income tax expense | 563 | |
Net income | $ 8,318 | $ 6,604 |
Parent Company Only Financial_5
Parent Company Only Financial Statements - Parent Company Only Financial Statements (Consolidated Statements of Cash Flows) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flows from Operating Activities: | ||
Net income | $ 8,318 | $ 6,604 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Deferred tax expense | (350) | 2,425 |
Net increase in accrued interest receivable | (439) | (665) |
Other adjustments, principally net changes in other assets and liabilities | (741) | 1,834 |
Net cash provided by operating activities | 12,987 | 14,611 |
Cash Flows from Investing Activities: | ||
Net cash used in investing activities | (155,906) | (58,412) |
Cash Flows from Financing Activities: | ||
Common stock dividends paid | (2,183) | (504) |
Issuance of common stock | (17) | |
Repurchase of common stock | (18,305) | |
Net cash provided by financing activities | 140,803 | 45,460 |
Net (decrease) increase in cash and cash equivalents | (2,116) | 1,659 |
Cash and cash equivalents at beginning of period | 62,145 | 60,486 |
Cash and cash equivalents at end of period | 60,029 | 62,145 |
Parent Company [Member] | ||
Cash Flows from Operating Activities: | ||
Net income | 8,318 | 6,604 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Equity in income of Bank | (8,318) | (7,188) |
Deferred tax expense | 213 | 733 |
Net increase in accrued interest receivable | (89) | (230) |
Other adjustments, principally net changes in other assets and liabilities | 1,932 | (569) |
Net cash provided by operating activities | 2,056 | (650) |
Cash Flows from Investing Activities: | ||
Decrease in ESOP loan | 969 | 969 |
Net cash used in investing activities | 969 | 969 |
Cash Flows from Financing Activities: | ||
Common stock dividends paid | (2,183) | (504) |
Allocation of ESOP shares | 949 | 1,069 |
Issuance of common stock | (17) | |
Repurchase of common stock | (18,305) | |
Net cash provided by financing activities | (19,539) | 548 |
Net (decrease) increase in cash and cash equivalents | (16,514) | 867 |
Cash and cash equivalents at beginning of period | 72,140 | 71,273 |
Cash and cash equivalents at end of period | $ 55,626 | $ 72,140 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Common Stock [Member] - $ / shares | 2 Months Ended | 12 Months Ended |
Sep. 06, 2019 | Jun. 30, 2019 | |
Subsequent Event [Line Items] | ||
Number of shares repurchased | 908,256 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Number of shares repurchased | 148,500 | |
Average cost per share | $ 19.54 |