Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2019 | Nov. 06, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | PCSB | |
Entity Registrant Name | PCSB Financial Corp | |
Entity Central Index Key | 0001691337 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 17,715,339 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-38065 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 81-4710738 | |
Entity Address, Address Line One | 2651 Strang Blvd | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Yorktown Heights | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10598 | |
City Area Code | 914 | |
Local Phone Number | 248-7272 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
ASSETS | ||
Cash and due from banks | $ 36,544 | $ 58,756 |
Federal funds sold | 1,253 | 1,273 |
Total cash and cash equivalents | 37,797 | 60,029 |
Investment securities: | ||
Held to maturity debt securities, at amortized cost (fair value of $315,901, and $346,243, respectively) | 314,165 | 345,545 |
Available for sale debt securities, at fair value | 64,842 | 72,228 |
Total investment securities | 379,007 | 417,773 |
Loans receivable, net of allowance for loan losses of $5,993 and $5,664, respectively | 1,163,254 | 1,093,121 |
Accrued interest receivable | 5,494 | 4,797 |
FHLB stock | 6,254 | 6,255 |
Premises and equipment, net | 23,946 | 11,802 |
Deferred tax asset, net | 2,291 | 2,478 |
Foreclosed real estate | 856 | 1,158 |
Bank-owned life insurance | 24,428 | 24,291 |
Goodwill | 6,106 | 6,106 |
Other intangible assets | 298 | 323 |
Other assets | 8,877 | 9,446 |
Total assets | 1,658,608 | 1,637,579 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Interest bearing deposits | 1,092,338 | 1,084,442 |
Non-interest bearing deposits | 141,567 | 141,379 |
Total deposits | 1,233,905 | 1,225,821 |
Mortgage escrow funds | 7,553 | 9,355 |
Advances from FHLB | 111,185 | 111,216 |
Other liabilities | 24,443 | 9,880 |
Total liabilities | 1,377,086 | 1,356,272 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred stock ($0.01 par value, 10,000,000 shares authorized, no shares issued or outstanding as of September 30, 2019 and June 30, 2019) | ||
Common stock ($0.01 par value, 200,000,000 shares authorized, 18,712,295 shares issued as of September 30, 2019 and June 30, 2019, respectively, and 17,624,239 and 17,804,039 shares outstanding as of September 30, 2019 and June 30, 2019, respectively) | 187 | 187 |
Additional paid in capital | 183,198 | 182,129 |
Retained earnings | 136,670 | 134,500 |
Unearned compensation - ESOP | (11,870) | (12,114) |
Accumulated other comprehensive loss, net of income taxes | (4,834) | (5,090) |
Treasury stock, at cost (1,088,056 and 908,256 shares as of September 30, 2019 and June 30, 2019, respectively) | (21,829) | (18,305) |
Total shareholders' equity | 281,522 | 281,307 |
Total liabilities and shareholders' equity | $ 1,658,608 | $ 1,637,579 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Statement Of Financial Position [Abstract] | ||
Held to maturity investment securities, fair value | $ 315,901 | $ 346,243 |
Allowance for loan losses | $ 5,993 | $ 5,664 |
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 | 18,712,295 |
Common Stock, shares outstanding | 17,624,239 | 17,804,039 |
Treasury Stock, Shares | 1,088,056 | 908,256 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Interest and dividend income | ||
Loans receivable | $ 13,036,000 | $ 9,898,000 |
Investment securities | 2,692,000 | 2,366,000 |
Federal funds and other | 298,000 | 345,000 |
Total interest and dividend income | 16,026,000 | 12,609,000 |
Interest expense | ||
Deposits and escrow interest | 3,301,000 | 2,056,000 |
FHLB advances | 727,000 | 89,000 |
Total interest expense | 4,028,000 | 2,145,000 |
Net interest income | 11,998,000 | 10,464,000 |
Provision for loan losses | 335,000 | 58,000 |
Net interest income after provision for loan losses | 11,663,000 | 10,406,000 |
Noninterest income | ||
Fees and service charges | 402,000 | 418,000 |
Bank-owned life insurance | 137,000 | 140,000 |
Swap income | 170,000 | 71,000 |
Other | 56,000 | 12,000 |
Total noninterest income | 765,000 | 641,000 |
Noninterest expense | ||
Salaries and employee benefits | 5,764,000 | 5,140,000 |
Occupancy and equipment | 1,315,000 | 1,241,000 |
Communication and data processing | 531,000 | 472,000 |
Professional fees | 404,000 | 369,000 |
Postage, printing, stationary and supplies | 140,000 | 138,000 |
FDIC assessment | 93,000 | |
Advertising | 100,000 | 87,000 |
Amortization of intangible assets | 24,000 | 28,000 |
Other operating expenses | 509,000 | 440,000 |
Total noninterest expense | 8,787,000 | 8,008,000 |
Net income before income tax expense | 3,641,000 | 3,039,000 |
Income tax expense | 812,000 | 710,000 |
Net income | $ 2,829,000 | $ 2,329,000 |
Earnings per common share: | ||
Basic | $ 0.18 | $ 0.14 |
Diluted | $ 0.18 | $ 0.14 |
Weighted average common shares outstanding: | ||
Basic | 15,979,762 | 16,869,100 |
Diluted | 16,082,276 | 16,869,100 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Net income | $ 2,829 | $ 2,329 |
Unrealized gains (losses) on available for sale debt securities: | ||
Net change in unrealized gains/losses before reclassification adjustment | 181 | (153) |
Net change in unrealized gains/losses | 181 | (153) |
Tax effect | (38) | 32 |
Net of tax | 143 | (121) |
Defined benefit pension plan and supplemental retirement plans: | ||
Total other comprehensive income | 256 | 1 |
Comprehensive income | 3,085 | 2,330 |
Pension Benefits [Member] | ||
Defined benefit pension plan and supplemental retirement plans: | ||
Reclassification adjustment for amortization of prior service cost and net gain included in net periodic pension cost | 133 | 145 |
Tax effect | (29) | (30) |
Net of tax | 104 | 115 |
SERP Benefits [Member] | ||
Defined benefit pension plan and supplemental retirement plans: | ||
Reclassification adjustment for amortization of prior service cost and net gain included in net periodic pension cost | 11 | 9 |
Tax effect | (2) | (2) |
Net of tax | $ 9 | $ 7 |
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, 2018 | $ 287,559 | $ 182 | $ 179,045 | $ 128,365 | $ (13,083) | $ (6,950) | |
Begining Balance (in shares) at Jun. 30, 2018 | 18,165,110 | ||||||
Net income | 2,329 | 2,329 | |||||
Other comprehensive income (loss) | 1 | 1 | |||||
Common stock dividends declared | (505) | (505) | |||||
ESOP shares committed to be released | 493 | 249 | 244 | ||||
Ending Balance at Sep. 30, 2018 | 289,877 | $ 182 | 179,294 | 130,189 | (12,839) | (6,949) | |
Ending Balance (in shares) at Sep. 30, 2018 | 18,165,110 | ||||||
Beginning Balance at Jun. 30, 2019 | 281,307 | $ 187 | 182,129 | 134,500 | (12,114) | $ (18,305) | (5,090) |
Begining Balance (in shares) at Jun. 30, 2019 | 17,804,039 | ||||||
Net income | 2,829 | 2,829 | |||||
Other comprehensive income (loss) | 256 | 256 | |||||
Common stock dividends declared | (659) | (659) | |||||
Repurchase of common stock | (3,524) | (3,524) | |||||
Repurchase of common stock (in shares) | (179,800) | ||||||
Stock-based compensation | 830 | 830 | |||||
ESOP shares committed to be released | 483 | 239 | 244 | ||||
Ending Balance at Sep. 30, 2019 | $ 281,522 | $ 187 | $ 183,198 | $ 136,670 | $ (11,870) | $ (21,829) | $ (4,834) |
Ending Balance (in shares) at Sep. 30, 2019 | 17,624,239 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Statement Of Stockholders Equity [Abstract] | ||
Common stock dividends declared (per share) | $ 0.04 | $ 0.03 |
ESOP shares committed to be released (in shares) | 24,419 | 24,419 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
OPERATING ACTIVITIES | ||
Net income | $ 2,829,000 | $ 2,329,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 335,000 | 58,000 |
Depreciation and amortization | 311,000 | 299,000 |
Amortization of net premiums on securities and net deferred loan origination costs | 494,000 | 482,000 |
Net increase in accrued interest receivable | (697,000) | (389,000) |
Net gain on sales of foreclosed real estate | (47,000) | |
Stock-based compensation | 830,000 | |
ESOP compensation | 483,000 | 493,000 |
Earnings from cash surrender value of BOLI | (137,000) | (140,000) |
Net accretion of purchase account adjustments | (198,000) | (96,000) |
Other adjustments, principally net changes in other assets and liabilities | 1,064,000 | (1,205,000) |
Net cash provided by operating activities | 5,267,000 | 1,831,000 |
Purchases of investment securities: | ||
Held to maturity | (1,169,000) | |
Maturities and calls of investment securities: | ||
Held to maturity | 33,185,000 | 13,984,000 |
Available for sale | 7,492,000 | 3,710,000 |
Loan principal disbursement, net | (26,762,000) | (3,266,000) |
Purchase of loans | (44,065,000) | |
Net redemption of FHLB stock | 1,000 | 1,000 |
Purchase of bank premises and equipment, net of sales | (127,000) | (219,000) |
Proceeds from sales of foreclosed real estate | 709,000 | |
Net cash (used in) provided by investing activities | (29,567,000) | 13,041,000 |
FINANCING ACTIVITIES | ||
Net increase (decrease) in deposits | 8,084,000 | (4,336,000) |
Repayment of long-term FHLB advances | (31,000) | (31,000) |
Net decrease in mortgage escrow funds | (1,802,000) | (3,822,000) |
Common stock dividends paid | (659,000) | (505,000) |
Repurchase of common stock | (3,524,000) | |
Net cash provided by (used in) financing activities | 2,068,000 | (8,694,000) |
Net (decrease) increase in cash and cash equivalents | (22,232,000) | 6,178,000 |
Cash and cash equivalents at beginning of period | 60,029,000 | 62,145,000 |
Cash and cash equivalents at end of period | 37,797,000 | 68,323,000 |
Cash paid for: | ||
Interest | 3,883,000 | 2,122,000 |
Income taxes (net of refunds) | 821,000 | 830,000 |
Loans transferred to foreclosed real estate and other assets | 360,000 | $ 294,000 |
ASU 2016-13 [Member] | ||
Cash paid for: | ||
Establishment of right to use lease asset (ASU 2016-13) | $ 12,687,000 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Sep. 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 NYSDFS. Basis of Presentation The unaudited consolidated financial statements contained herein reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. Such adjustments are the only adjustments reflected in the consolidated financial statements contained herein. The results of operations for the current period presented are not necessarily indicative of the results of operations that may be expected for the entire current fiscal year. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended June 30, 2019, included in the Company's Annual Report on Form 10-K. Certain prior period amounts have been reclassified to conform to the current presentation. Reclassifications had no effect on prior period net income or equity. Use of Estimates |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Sep. 30, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 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 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 also requires 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. The Company recorded a right to use asset totaling $11.9 million and lease liability totaling $12.0 million on the balance sheet for Company’s outstanding lease obligations on July 1, 2019. The right to use asset is disclosed within premises and equipment and the lease liability is disclosed within other liabilities on the balance sheet. 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. The adoption of ASU 2017-08 on July 1, 2019 did not have a material impact on the Company’s consolidated financial statements. Future Application of Accounting Pronouncements Previously Issued 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. In October 2019, the FASB unanimously voted to delay the implementation of the standard for three years 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 is subject to the delayed implementation. Therefore, t he amendments in this update will be effective for the Company for the fiscal year beginning on July 1, 2023, including interim periods within that fiscal year. 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 has engaged 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. |
Investment Securities
Investment Securities | 3 Months Ended |
Sep. 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 debt securities at September 30, 2019 and June 30, 2019 were as follows: September 30, 2019 Amortized Gross Unrealized/Unrecognized Fair Cost Gains Losses Value (in thousands) Available for sale: U.S. Government and agency obligations $ 31,017 $ 5 $ (60 ) $ 30,962 Corporate and other debt securities 8,335 57 - 8,392 Mortgage-backed securities – residential 25,572 42 (126 ) 25,488 Total available for sale $ 64,924 $ 104 $ (186 ) $ 64,842 Held to maturity: U.S. Government and agency obligations $ 79,550 $ 198 $ (132 ) $ 79,616 Corporate and other debt securities 34,032 371 (597 ) 33,806 Mortgage-backed securities – residential 127,859 1,225 (251 ) 128,833 Mortgage-backed securities – collateralized mortgage obligations 50,382 562 (92 ) 50,852 Mortgage-backed securities – commercial 22,342 472 (20 ) 22,794 Total held to maturity $ 314,165 $ 2,828 $ (1,092 ) $ 315,901 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 No securities were sold during the three months ended September 30, 2019 or 2018. The following table presents the fair value and carrying amount of debt securities at September 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 1 year or less $ 34,551 $ 34,483 $ 23,018 $ 22,988 1 to 5 years 49,999 50,089 16,334 16,366 5 to 10 years 25,032 24,675 - - Mortgage-backed securities and other 204,583 206,654 25,572 25,488 Total $ 314,165 $ 315,901 $ 64,924 $ 64,842 Pledged securities had carrying amounts of $198.4 million and $166.4 million at September 30, 2019 and June 30, 2019, 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 September 30, 2019 and June 30, 2019 September 30, 2019 Less than 12 months 12 months or greater 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 $ 2,995 $ (3 ) $ 23,971 $ (57 ) $ 26,966 $ (60 ) Corporate and other debt securities - - - - - - Mortgage-backed securities – residential 2,258 (2 ) 15,399 (124 ) 17,657 (126 ) Total available for sale $ 5,253 $ (5 ) $ 39,370 $ (181 ) $ 44,623 $ (186 ) Held to maturity: U.S. Government and agency obligations $ 6,994 $ (6 ) $ 42,426 $ (126 ) $ 49,420 $ (132 ) Corporate and other debt securities 19,403 (597 ) - - 19,403 (597 ) Mortgage-backed securities – residential 23,546 (76 ) 15,716 (175 ) 39,262 (251 ) Mortgage-backed securities – collateralized mortgage obligations 5,643 (15 ) 9,027 (77 ) 14,670 (92 ) Mortgage-backed securities – commercial - - 3,451 (20 ) 3,451 (20 ) Total held to maturity $ 55,586 $ (694 ) $ 70,620 $ (398 ) $ 126,206 $ (1,092 ) June 30, 2019 Less than 12 months 12 months or greater 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 ) As of September 30, 2019, the Company’s securities portfolio consisted of $379.0 million in securities, of which 105 securities with a fair value of $170.8 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. As of 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 There were no securities as of September 30, 2019 or June 30, 2019 for which the Company believes it is not probable that it will collect all amounts due according to the contractual terms of the security. Management believes the unrealized losses are primarily a result of changes in 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 September 30, 2019 or June 30, 2019. |
Loans Receivable
Loans Receivable | 3 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Loans Receivable | Note 4. Loans Receivable Loans receivable are summarized as follows (in thousands): September 30, June 30, 2019 2019 Mortgage loans: Residential $ 264,251 $ 265,167 Commercial 726,315 651,396 Construction 18,830 13,231 Net deferred loan origination costs 1,202 1,031 Total mortgage loans 1,010,598 930,825 Commercial and consumer loans: Commercial loans 125,926 133,614 Home equity lines of credit 31,503 33,204 Consumer and overdrafts 437 365 Net deferred loan origination costs 783 777 Total commercial and consumer loans 158,649 167,960 Total loans receivable 1,169,247 1,098,785 Allowance for loan losses (5,993 ) (5,664 ) Loans receivable, net $ 1,163,254 $ 1,093,121 In 2015, the Company 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 three months ended September 30, 2019 and 2018 (in thousands): Three Months Ended September 30, 2019 Beginning Allowance Provision (credit) Charge-offs Recoveries Ending Allowance Originated: Residential $ 363 $ (23 ) $ - $ 3 $ 343 Commercial 3,853 461 - - 4,314 Construction 159 63 - - 222 Commercial loans 1,130 (89 ) - - 1,041 Home equity lines of credit 65 (9 ) - 5 61 Consumer and overdrafts 11 15 (18 ) 4 12 Acquired: Residential 83 (83 ) - - - Total $ 5,664 $ 335 $ (18 ) $ 12 $ 5,993 Three Months Ended September 30, 2018 Beginning Allowance Provision (credit) Charge-offs Recoveries Ending Allowance Originated: Residential $ 386 $ (29 ) $ - $ 2 $ 359 Commercial 3,073 57 - - 3,130 Construction 505 (12 ) - - 493 Commercial loans 780 45 - - 825 Home equity lines of credit 80 (11 ) - - 69 Consumer and overdrafts 7 8 (7 ) 2 10 Acquired: Residential 73 - - - 73 Total $ 4,904 $ 58 $ (7 ) $ 4 $ 4,959 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 September 30, 2019 and June 30, 2019 (in thousands): September 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 $ 2,469 $ 261,025 $ 757 $ 264,251 $ 124 $ 219 $ - $ 343 Commercial 1,408 724,021 886 726,315 - 4,314 - 4,314 Construction - 18,830 - 18,830 - 222 - 222 Commercial loans 2,001 123,925 - 125,926 39 1,002 - 1,041 Home equity lines of credit 689 30,660 154 31,503 4 57 - 61 Consumer and overdrafts - 437 - 437 - 12 - 12 Total $ 6,567 $ 1,158,898 $ 1,797 $ 1,167,262 $ 167 $ 5,826 $ - $ 5,993 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 The following tables present information related to loans individually evaluated for impairment (excluding loans acquired with deteriorated credit quality) by portfolio segment as of September 30, 2019 and June 30, 2019 (in thousands): September 30, 2019 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses With no related allowance recorded: Residential $ 1,756 $ 1,732 $ - Commercial 1,461 1,408 - Commercial loans 5,071 1,821 - Home equity lines of credit 676 678 - With an allowance recorded: Residential 719 737 124 Commercial loans 180 180 39 Home equity lines of credit 11 11 4 Total $ 9,874 $ 6,567 $ 167 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 The tables below present the average recorded investment and interest income recognized on loans individually evaluated for impairment, by portfolio segment, for the three months ended September 30, 2019 and 2018 (in thousands): Three months ended Three months ended September 30, 2019 September 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential $ 1,735 $ 6 $ 1,845 $ 28 Commercial 1,411 12 1,621 39 Commercial loans 1,825 50 2,377 143 Home equity lines of credit 680 - 326 6 With an allowance recorded: Residential 738 3 450 11 Construction - - 2,260 - Commercial loans 180 1 64 2 Home equity lines of credit 11 - 11 - Total $ 6,580 $ 72 $ 8,954 $ 229 The following table presents the recorded investment in nonaccrual loans and in loans past due over 90 days and still on accrual status, by portfolio segment, as of September 30, 2019 and June 30, 2019 (in thousands): Loans Past Due Over 90 Days Nonaccrual and Still Accruing September 30, June 30, September 30, June 30, 2019 2019 2019 2019 Originated: Residential $ 1,241 $ 536 $ - $ - Commercial loans 150 150 - - Home equity lines of credit 381 383 - - Consumer and overdrafts - - - 1 Acquired: Residential 789 795 - - Commercial 568 568 - - Home equity lines of credit 296 294 - - Total $ 3,425 $ 2,726 $ - $ 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 $418,000 and $501,000 as of September 30, 2019 and June 30, 2019, 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 portfolio segment as of September 30, 2019 and June 30, 2019 (in thousands): September 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 $ - $ 397 $ 796 $ 1,193 $ 218,646 $ 219,839 Commercial - - - - 678,403 678,403 Construction - - - - 18,830 18,830 Commercial loans - - 150 150 125,596 125,746 Home equity lines of credit - - 313 313 27,455 27,768 Consumer and overdrafts - - - - 422 422 Total originated - 397 1,259 1,656 1,069,352 1,071,008 Acquired: Residential - 217 213 430 43,982 44,412 Commercial - - 568 568 47,344 47,912 Commercial loans - - - - 180 180 Home equity lines of credit 21 - 363 384 3,351 3,735 Consumer and overdrafts - - - - 15 15 Total acquired 21 217 1,144 1,382 94,872 96,254 Total $ 21 $ 614 $ 2,403 $ 3,038 $ 1,164,224 $ 1,167,262 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 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 both September 30, 2019 and June 30, 2019, the Company had 14 loans classified as troubled debt restructurings totaling $4.1 million, including $3.1 million and $3.2 million, respectively, of loans still accruing. The Company has allocated $129,000 and $135,000, respectively, of specific reserves to customers whose loan terms have been modified in troubled debt restructurings as of September 30, 2019 and June 30, 2019. The Company has not committed to lend additional amounts to customers with outstanding loans that are classified as troubled debt restructurings. The Company did not modify any loans in troubled debt restructurings during the three months three months The Company had one troubled debt restructuring, a residential mortgage with a carrying amount of $370,000, default in the three months ended September 30, 2019 that was modified in the twelve months prior to default. This default resulted in no charge-off nor an increase to the allowance for loan losses. The Company had no troubled debt restructurings for which there was a payment default in the three months ended September 30, 2018, that were modified in the twelve months prior to default. 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 portfolio segment is as follows (in thousands): September 30, 2019 Pass Special Mention Substandard Total Originated: Residential $ 218,193 $ 396 $ 1,250 $ 219,839 Commercial 674,956 337 3,110 678,403 Construction 18,830 - - 18,830 Commercial loans 118,113 4,070 3,563 125,746 Home equity lines of credit 27,344 72 352 27,768 Consumer and overdrafts 422 - - 422 Total originated 1,057,858 4,875 8,275 1,071,008 Acquired: Residential 43,056 206 1,150 44,412 Commercial 42,962 3,496 1,454 47,912 Commercial loans 180 - - 180 Home equity lines of credit 3,285 67 383 3,735 Consumer and overdrafts 15 - - 15 Total acquired 89,498 3,769 2,987 96,254 Total $ 1,147,356 $ 8,644 $ 11,262 $ 1,167,262 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 Purchased Credit Impaired Loans The Company has acquired loans for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount of those loans as of September 30, 2019 and June 30, 2019 is as follows (in thousands): September 30, June 30, 2019 2019 Residential $ 757 $ 1,186 Commercial 886 890 Home equity lines of credit 154 156 Carrying amount, net of allowance of $0 and $83, respectively $ 1,797 $ 2,232 The allowance for loan losses on purchased credit impaired loans decreased $83,000 during the three months ended September 30, 2019. Accretable yield, or income expected to be collected, for acquired loans is as follows (in thousands): Three Months Ended September 30, 2019 2018 Beginning balance $ 192 $ 245 New loans acquired - - Accretion income (10 ) (13 ) Reclassification from non-accretable difference - - Disposals - - Ending balance $ 182 $ 232 |
Other Comprehensive Loss
Other Comprehensive Loss | 3 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Other Comprehensive Loss | Note 5. 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 Unrealized loss on pension benefits Unrealized loss on SERP benefits Total Balance at July 1, 2019 $ (209 ) $ (4,631 ) $ (250 ) $ (5,090 ) Other comprehensive income before reclassifications 181 - - 181 Amounts reclassified from accumulated other comprehensive income - 133 11 144 Less tax effect (38 ) (29 ) (2 ) (69 ) Net other comprehensive income 143 104 9 256 Balance at September 30, 2019 $ (66 ) $ (4,527 ) $ (241 ) $ (4,834 ) Net unrealized gain (loss) on available for sale securities Unrealized loss on pension benefits Unrealized loss on SERP benefits Total Balance at July 1, 2018 $ (1,536 ) $ (5,150 ) $ (264 ) $ (6,950 ) Other comprehensive loss before reclassifications (153 ) - - (153 ) Amounts reclassified from accumulated other comprehensive income - 145 9 154 Less tax effect 32 (30 ) (2 ) - Net other comprehensive (loss) income (121 ) 115 7 1 Balance at September 30, 2018 $ (1,657 ) $ (5,035 ) $ (257 ) $ (6,949 ) |
Post-Retirement Benefits
Post-Retirement Benefits | 3 Months Ended |
Sep. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Post-Retirement Benefits | Note 6 . 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 for benefits attributed to service to date but also those expected to be earned in the future. Supplemental Executive Retirement Plans The Company also maintains unfunded and non-qualified supplemental executive retirement plans ("SERP") to provide pension benefits in addition to those provided under the qualified pension plan. Net periodic benefit cost and other amounts recognized in other comprehensive income for the three months ended September 30, 2019 and 2018 (in thousands): Three Months Ended Three Months Ended September 30, 2019 September 30, 2018 Defined Benefit Plan Supplemental Retirement Plans Defined Benefit Plan Supplemental Retirement Plans Service cost $ - $ 79 $ - $ 148 Interest cost 180 31 250 26 Expected return on plan assets (479 ) - (513 ) - Amortization of prior net loss 133 11 145 9 Settlement charges - - - - Net periodic (benefit) cost $ (166 ) $ 121 $ (118 ) $ 183 The Company made no contributions to the defined benefit plan during the three months ended September 30, 2019. 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 ESOP is a tax-qualified retirement plan for the benefit of Company employees. On April 20, 2017, 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 September 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. Dividends on allocated shares increase participant accounts and are used to purchase additional shares of stock. Participants receive the shares at the end of employment. Shares held by the ESOP include the following (dollars in thousands): September 30, 2019 June 30, 2019 Allocated to participants 258,852 234,059 Unearned 1,186,991 1,211,410 Total ESOP shares 1,445,843 1,445,469 Fair value of unearned shares $ 23,728 $ 24,531 Total compensation expense recognized in connection with the ESOP for the three |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 7. 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 Foreclosed 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 September 30, 2019 Measured on a recurring basis: Available for sale securities: U.S. Government and agency obligations $ - $ 30,962 $ - $ 30,962 Corporate and other debt securities - 8,392 - 8,392 Mortgage-backed securities – residential - 25,488 - 25,488 Derivatives – interest rate contracts - 3,222 - 3,222 Total assets at fair value $ - $ 68,064 $ - $ 68,064 Derivatives – interest rate contracts $ - $ 3,222 $ - $ 3,222 Total liabilities at fair value $ - $ 3,222 $ - $ 3,222 Measured on a non-recurring basis: Impaired loans: Residential mortgages $ - $ - $ 614 $ 614 Commercial loans - - 141 141 Home equity lines of credit - - 7 7 Foreclosed real estate - - 856 856 Total assets at fair value $ - $ - $ 1,618 $ 1,618 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 There were no transfers between levels within the fair value hierarchy during the three months ended September 30, 2019 and 2018. Impaired loans in the preceding table had a carrying amount of $928,000, and a remaining valuation allowance of $167,000 at September 30, 2019, as compared to $937,000 and $173,000, respectively, as of June 30, 2019. Impaired loans measured at fair value incurred no net charge-offs and resulted in a credit for loan losses of $6,000 during the three months ended September 30, 2019. Impaired loans measured at fair value as of September 30, 2018 incurred no net charge-offs and resulted in a credit for loan losses of $5,000 during the three months ended September 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 September 30, 2019 and June 30, 2019 (dollars in thousands): Valuation Unobservable Range or Fair Value Technique(s) Input(s) Rate Used September 30, 2019 Impaired loans - residential mortgages $ 614 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 6.3% Foreclosed real estate 856 Sales comparison Adjustments for differences in sales comparables -8.0% to 5.9% 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% 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 September 30, 2019 Financial assets: Cash and cash equivalents $ 37,797 $ 37,797 $ - $ - $ 37,797 Investment securities held to maturity 314,165 - 315,901 - 315,901 Investment securities available for sale 64,842 - 64,842 - 64,842 Loans receivable, net 1,163,254 - - 1,162,995 1,162,995 Accrued interest receivable 5,494 - 1,545 3,949 5,494 FHLB stock 6,254 N/A N/A N/A N/A Derivative assets - interest rate contracts 3,222 - 3,222 - 3,222 Financial liabilities: Demand, NOW, money market deposits and savings accounts 767,531 767,531 - - 767,531 Time deposits 466,374 - 472,330 - 472,330 Mortgage escrow funds 7,553 7,553 - - 7,553 Accrued interest payable 354 2 352 - 354 FHLB advances 111,185 - 112,043 - 112,043 Derivative liabilities - interest rate contracts 3,222 - 3,222 - 3,222 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 Time deposits 455,395 - 460,554 - 460,554 Mortgage escrow funds 9,355 9,355 - - 9,355 Accrued interest payable 209 16 193 209 FHLB advances 111,216 - 111,818 - 111,818 Derivative liabilities - interest rate contracts 1,339 - 1,339 - 1,339 The methods of determining the fair value of assets and liabilities presented in the table above are consistent with our methodologies disclosed in the Company's Consolidated Financial Statements included in the Annual Report on Form 10-K. |
Regulatory Capital
Regulatory Capital | 3 Months Ended |
Sep. 30, 2019 | |
Banking And Thrift [Abstract] | |
Regulatory Capital | Note 8. Regulatory Capital The following is a summary of the Bank’s actual capital amounts and ratios as of September 30, 2019 and June 30, 2019, 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 September 30, 2019 PCSB Bank Leverage (Tier 1) $ 212,970 12.9 % $ 66,066 4.0 % $ 82,583 5.0 % Risk-based: Common Tier 1 212,970 17.2 55,863 4.5 80,691 6.5 Tier 1 212,970 17.2 74,484 6.0 99,312 8.0 Total 218,963 17.6 99,312 8.0 124,140 10.0 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 In addition to the ratios above, the Basel III Capital Rules have 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. Management believes that as of September 30, 2019 and June 30, 2019, the Bank met all capital adequacy requirements to which it was subject, including the capital conservation buffer of 2.5%, as of September 30, 2019 and June 30, 2019, respectively. 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. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 9. 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 three months ended September 30, 2019 and 2018. Three Months Ended September 30, 2019 2018 (amounts in thousands, except share and per share data) Net income applicable to common stock $ 2,829 $ 2,329 Average number of common shares outstanding 17,178,824 18,165,110 Less: Average unallocated ESOP shares (1,199,062 ) (1,296,010 ) Average number of common shares outstanding used to calculate basic earnings per common share 15,979,762 16,869,100 Effect of equity-based awards 102,514 - Average number of common shares outstanding used to calculate diluted earnings per common share 16,082,276 16,869,100 Earnings per common share: Basic $ 0.18 $ 0.14 Diluted $ 0.18 $ 0.14 Stock options for 1,339,293 shares of common stock were not considered in computing diluted earnings per common share for the three months ended September 30, 2019 because they were antidilutive. There were no potentially dilutive common stock equivalents outstanding during the three months ended September 30, 2018. |
Derivatives and Hedging
Derivatives and Hedging | 3 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging | Note 10. Derivatives and Hedging 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 following table presents summary information about the interest rate swaps as of September 30, 2019 and June 30, 2019. September 30, June 30, 2019 2019 (dollars in thousands) Notional amounts $ 96,288 $ 68,535 Weighted average pay rates 3.65 % 3.89 % Weighted average receive rates 3.65 % 3.89 % Weighted average maturity 9.68 years 9.84 years Fair value of combined interest rate swaps $ - $ - |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 3 Months Ended |
Sep. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue From Contracts With Customers | Note 11. Revenue From Contracts With Customers 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 three months ended September 30, 2019 and 2018, fees and services charges totaled $402,000 and $418,000, respectively, of which and $372,000 and $392,000, 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 September 30, 2019 and 2018, fees and service charges on deposit accounts were $255,000 and $287,000, 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 three months ended September 30, 2019 and 2018, interchange income was $117,000 and $105,000, 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 three months ended September 30, 2019, the Company recorded $47,000 gain on sale of foreclosed real estate, compared to no gain on sale of foreclosed real estate recorded in the prior year. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | Note 12. 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 $830,000 for the three months ended September 30, 2019. No compensation cost was incurred for the three months ended September 30, 2018. Restricted Stock Awards (“RSAs”) RSAs provide for the issuance of shares to both employees and non-employee directors. These awards generally 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 September 30, 2019. The following table presents a summary of RSA activity during the period ended September 30, 2019. Number of Shares Weighted-Average Grant Date Fair Value Unvested granted shares outstanding at July 1, 2019 547,185 $ 19.02 Shares granted - - Shares vested - - Shares forfeited - - Unvested granted shares at September 30, 2019 547,185 $ 19.02 As of September 30, 2019, there was $8.5 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 4.1 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 generally 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. As of September 30, 2019, there was $5.1 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 4.1 years. Total shares available for grant under the Plan are 1,816,511, of which 1,339,293 shares were issued as of September 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, 2019 1,339,293 $ 19.04 Options granted - - Options expired - - Options exercised - - Options outstanding at September 30, 2019 1,339,293 $ 19.04 9.1 $ 1,277 Exercisable at September 30, 2019 - $ - - $ - |
Leases
Leases | 3 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | Note 13. Leases Effective July 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842). As of September 30, 2019, the Company leases real estate for eleven branch offices and two administrative offices, including its corporate headquarters, under various operating lease agreements. The Company’s leases have maturities which range from 2020 to 2041, some of which include lessee options to extend the lease term. The weighted average remaining life of the lease term for these leases was 10.1 years as of September 30, 2019. The operating lease asset and lease liability are determined at the commencement date of the lease based on the present value of the lease payments. As most of our leases do not provide an implicit rate, the Company used its incremental borrowing rate, the rate of interest to borrow on a collateralized basis for a similar term, at the lease commencement date. The Company utilized a weighted average discount rate of 2.37% in determining the lease liability as of September 30, 2019. The Company made a policy election to exclude the recognition requirements of ASU 2016-02 to short-term leases, those leases with original terms of 12 months or less. Short-term lease payments are recognized in the income statement on a straight-line basis over the lease term. The Company had no short-term lease cost for the three months ended September 30, 2019. Certain leases may include one or more options to renew. The exercise of lease renewal options is typically at the Company’s discretion and are included in the operating lease liability if it is reasonably certain that the renewal option will be exercised. Certain real estate leases may contain lease and non-lease components, such as common area maintenance charges, real estate taxes, and insurance, which are generally accounted for separately and are not included in the measurement of the lease liability since they are generally able to be segregated. The Company does not sublease any of its leased properties. There were no sale and leaseback transactions, leveraged leases or lease transactions with related parties during the three months ended September 30, 2019. Total operating lease costs were $473,000 for the three months ended September 30, 2019. The right-of-use asset, included in premises and equipment, net, was $12.3 million as of September 30, 2019 and the corresponding lease liability, included in other liabilities was $12.6 million as of September 30, 2019. Future minimum lease payments for the fiscal years ending June 30 th (dollars in thousands) 2020 $ 1,609 2021 1,960 2022 1,937 2023 1,850 2024 1,479 Thereafter 5,661 Total future minimum lease payments (undiscounted) 14,496 Discounting effect on cash flows (1,904 ) Lease liability (discounted) $ 12,592 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 14. Subsequent Events Subsequent to September 30, 2019, and through November 6, 2019, the Company repurchased 91,100 shares of common stock, at an average cost of $19.97 per share. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Sep. 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 NYSDFS. |
Basis of Presentation | Basis of Presentation The unaudited consolidated financial statements contained herein reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. Such adjustments are the only adjustments reflected in the consolidated financial statements contained herein. The results of operations for the current period presented are not necessarily indicative of the results of operations that may be expected for the entire current fiscal year. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended June 30, 2019, included in the Company's Annual Report on Form 10-K. Certain prior period amounts have been reclassified to conform to the current presentation. Reclassifications had no effect on prior period net income or equity. |
Use of Estimates | Use of Estimates |
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 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 also requires 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. The Company recorded a right to use asset totaling $11.9 million and lease liability totaling $12.0 million on the balance sheet for Company’s outstanding lease obligations on July 1, 2019. The right to use asset is disclosed within premises and equipment and the lease liability is disclosed within other liabilities on the balance sheet. 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. The adoption of ASU 2017-08 on July 1, 2019 did not have a material impact on the Company’s consolidated financial statements. Future Application of Accounting Pronouncements Previously Issued 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. In October 2019, the FASB unanimously voted to delay the implementation of the standard for three years 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 is subject to the delayed implementation. Therefore, t he amendments in this update will be effective for the Company for the fiscal year beginning on July 1, 2023, including interim periods within that fiscal year. 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 has engaged 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. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Sep. 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 Debt Securities | The amortized cost, gross unrealized/unrecognized gains and losses and fair value of available for sale and held to maturity debt securities at September 30, 2019 and June 30, 2019 were as follows: September 30, 2019 Amortized Gross Unrealized/Unrecognized Fair Cost Gains Losses Value (in thousands) Available for sale: U.S. Government and agency obligations $ 31,017 $ 5 $ (60 ) $ 30,962 Corporate and other debt securities 8,335 57 - 8,392 Mortgage-backed securities – residential 25,572 42 (126 ) 25,488 Total available for sale $ 64,924 $ 104 $ (186 ) $ 64,842 Held to maturity: U.S. Government and agency obligations $ 79,550 $ 198 $ (132 ) $ 79,616 Corporate and other debt securities 34,032 371 (597 ) 33,806 Mortgage-backed securities – residential 127,859 1,225 (251 ) 128,833 Mortgage-backed securities – collateralized mortgage obligations 50,382 562 (92 ) 50,852 Mortgage-backed securities – commercial 22,342 472 (20 ) 22,794 Total held to maturity $ 314,165 $ 2,828 $ (1,092 ) $ 315,901 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 |
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 September 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 1 year or less $ 34,551 $ 34,483 $ 23,018 $ 22,988 1 to 5 years 49,999 50,089 16,334 16,366 5 to 10 years 25,032 24,675 - - Mortgage-backed securities and other 204,583 206,654 25,572 25,488 Total $ 314,165 $ 315,901 $ 64,924 $ 64,842 |
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 September 30, 2019 and June 30, 2019 September 30, 2019 Less than 12 months 12 months or greater 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 $ 2,995 $ (3 ) $ 23,971 $ (57 ) $ 26,966 $ (60 ) Corporate and other debt securities - - - - - - Mortgage-backed securities – residential 2,258 (2 ) 15,399 (124 ) 17,657 (126 ) Total available for sale $ 5,253 $ (5 ) $ 39,370 $ (181 ) $ 44,623 $ (186 ) Held to maturity: U.S. Government and agency obligations $ 6,994 $ (6 ) $ 42,426 $ (126 ) $ 49,420 $ (132 ) Corporate and other debt securities 19,403 (597 ) - - 19,403 (597 ) Mortgage-backed securities – residential 23,546 (76 ) 15,716 (175 ) 39,262 (251 ) Mortgage-backed securities – collateralized mortgage obligations 5,643 (15 ) 9,027 (77 ) 14,670 (92 ) Mortgage-backed securities – commercial - - 3,451 (20 ) 3,451 (20 ) Total held to maturity $ 55,586 $ (694 ) $ 70,620 $ (398 ) $ 126,206 $ (1,092 ) June 30, 2019 Less than 12 months 12 months or greater 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 ) |
Loans Receivable (Tables)
Loans Receivable (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Summary of Loans Receivable | Loans receivable are summarized as follows (in thousands): September 30, June 30, 2019 2019 Mortgage loans: Residential $ 264,251 $ 265,167 Commercial 726,315 651,396 Construction 18,830 13,231 Net deferred loan origination costs 1,202 1,031 Total mortgage loans 1,010,598 930,825 Commercial and consumer loans: Commercial loans 125,926 133,614 Home equity lines of credit 31,503 33,204 Consumer and overdrafts 437 365 Net deferred loan origination costs 783 777 Total commercial and consumer loans 158,649 167,960 Total loans receivable 1,169,247 1,098,785 Allowance for loan losses (5,993 ) (5,664 ) Loans receivable, net $ 1,163,254 $ 1,093,121 |
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 three months ended September 30, 2019 and 2018 (in thousands): Three Months Ended September 30, 2019 Beginning Allowance Provision (credit) Charge-offs Recoveries Ending Allowance Originated: Residential $ 363 $ (23 ) $ - $ 3 $ 343 Commercial 3,853 461 - - 4,314 Construction 159 63 - - 222 Commercial loans 1,130 (89 ) - - 1,041 Home equity lines of credit 65 (9 ) - 5 61 Consumer and overdrafts 11 15 (18 ) 4 12 Acquired: Residential 83 (83 ) - - - Total $ 5,664 $ 335 $ (18 ) $ 12 $ 5,993 Three Months Ended September 30, 2018 Beginning Allowance Provision (credit) Charge-offs Recoveries Ending Allowance Originated: Residential $ 386 $ (29 ) $ - $ 2 $ 359 Commercial 3,073 57 - - 3,130 Construction 505 (12 ) - - 493 Commercial loans 780 45 - - 825 Home equity lines of credit 80 (11 ) - - 69 Consumer and overdrafts 7 8 (7 ) 2 10 Acquired: Residential 73 - - - 73 Total $ 4,904 $ 58 $ (7 ) $ 4 $ 4,959 |
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 September 30, 2019 and June 30, 2019 (in thousands): September 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 $ 2,469 $ 261,025 $ 757 $ 264,251 $ 124 $ 219 $ - $ 343 Commercial 1,408 724,021 886 726,315 - 4,314 - 4,314 Construction - 18,830 - 18,830 - 222 - 222 Commercial loans 2,001 123,925 - 125,926 39 1,002 - 1,041 Home equity lines of credit 689 30,660 154 31,503 4 57 - 61 Consumer and overdrafts - 437 - 437 - 12 - 12 Total $ 6,567 $ 1,158,898 $ 1,797 $ 1,167,262 $ 167 $ 5,826 $ - $ 5,993 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 |
Summary of Loans Individually Evaluated for Impairment (Excluding Loans Acquired with Deteriorated Credit Quality) by Portfolio Segment | The following tables present information related to loans individually evaluated for impairment (excluding loans acquired with deteriorated credit quality) by portfolio segment as of September 30, 2019 and June 30, 2019 (in thousands): September 30, 2019 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses With no related allowance recorded: Residential $ 1,756 $ 1,732 $ - Commercial 1,461 1,408 - Commercial loans 5,071 1,821 - Home equity lines of credit 676 678 - With an allowance recorded: Residential 719 737 124 Commercial loans 180 180 39 Home equity lines of credit 11 11 4 Total $ 9,874 $ 6,567 $ 167 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 |
Summary of Average Recorded Investment and Interest Income Recognized on Loans Individually Evaluated for Impairment, by Portfolio Segment | The tables below present the average recorded investment and interest income recognized on loans individually evaluated for impairment, by portfolio segment, for the three months ended September 30, 2019 and 2018 (in thousands): Three months ended Three months ended September 30, 2019 September 30, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential $ 1,735 $ 6 $ 1,845 $ 28 Commercial 1,411 12 1,621 39 Commercial loans 1,825 50 2,377 143 Home equity lines of credit 680 - 326 6 With an allowance recorded: Residential 738 3 450 11 Construction - - 2,260 - Commercial loans 180 1 64 2 Home equity lines of credit 11 - 11 - Total $ 6,580 $ 72 $ 8,954 $ 229 |
Nonaccrual Loans and in Loans Past Due over 90 Days Still on Accrual Status by Portfolio Segment | The following table presents the recorded investment in nonaccrual loans and in loans past due over 90 days and still on accrual status, by portfolio segment, as of September 30, 2019 and June 30, 2019 (in thousands): Loans Past Due Over 90 Days Nonaccrual and Still Accruing September 30, June 30, September 30, June 30, 2019 2019 2019 2019 Originated: Residential $ 1,241 $ 536 $ - $ - Commercial loans 150 150 - - Home equity lines of credit 381 383 - - Consumer and overdrafts - - - 1 Acquired: Residential 789 795 - - Commercial 568 568 - - Home equity lines of credit 296 294 - - Total $ 3,425 $ 2,726 $ - $ 1 |
Aging of Recorded Investment in Past Due Loans by Portfolio Segment | The following tables present the aging of the recorded investment in past due loans by portfolio segment as of September 30, 2019 and June 30, 2019 (in thousands): September 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 $ - $ 397 $ 796 $ 1,193 $ 218,646 $ 219,839 Commercial - - - - 678,403 678,403 Construction - - - - 18,830 18,830 Commercial loans - - 150 150 125,596 125,746 Home equity lines of credit - - 313 313 27,455 27,768 Consumer and overdrafts - - - - 422 422 Total originated - 397 1,259 1,656 1,069,352 1,071,008 Acquired: Residential - 217 213 430 43,982 44,412 Commercial - - 568 568 47,344 47,912 Commercial loans - - - - 180 180 Home equity lines of credit 21 - 363 384 3,351 3,735 Consumer and overdrafts - - - - 15 15 Total acquired 21 217 1,144 1,382 94,872 96,254 Total $ 21 $ 614 $ 2,403 $ 3,038 $ 1,164,224 $ 1,167,262 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 |
Summary of Risk Category of Loans by Portfolio Segment | Based on the most recent analysis performed, the risk category of loans by portfolio segment is as follows (in thousands): September 30, 2019 Pass Special Mention Substandard Total Originated: Residential $ 218,193 $ 396 $ 1,250 $ 219,839 Commercial 674,956 337 3,110 678,403 Construction 18,830 - - 18,830 Commercial loans 118,113 4,070 3,563 125,746 Home equity lines of credit 27,344 72 352 27,768 Consumer and overdrafts 422 - - 422 Total originated 1,057,858 4,875 8,275 1,071,008 Acquired: Residential 43,056 206 1,150 44,412 Commercial 42,962 3,496 1,454 47,912 Commercial loans 180 - - 180 Home equity lines of credit 3,285 67 383 3,735 Consumer and overdrafts 15 - - 15 Total acquired 89,498 3,769 2,987 96,254 Total $ 1,147,356 $ 8,644 $ 11,262 $ 1,167,262 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 |
Schedule of Carrying Amount of Purchased Credit Impaired Loans | The carrying amount of those loans as of September 30, 2019 and June 30, 2019 is as follows (in thousands): September 30, June 30, 2019 2019 Residential $ 757 $ 1,186 Commercial 886 890 Home equity lines of credit 154 156 Carrying amount, net of allowance of $0 and $83, respectively $ 1,797 $ 2,232 |
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): Three Months Ended September 30, 2019 2018 Beginning balance $ 192 $ 245 New loans acquired - - Accretion income (10 ) (13 ) Reclassification from non-accretable difference - - Disposals - - Ending balance $ 182 $ 232 |
Other Comprehensive Loss (Table
Other Comprehensive Loss (Tables) | 3 Months Ended |
Sep. 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 Unrealized loss on pension benefits Unrealized loss on SERP benefits Total Balance at July 1, 2019 $ (209 ) $ (4,631 ) $ (250 ) $ (5,090 ) Other comprehensive income before reclassifications 181 - - 181 Amounts reclassified from accumulated other comprehensive income - 133 11 144 Less tax effect (38 ) (29 ) (2 ) (69 ) Net other comprehensive income 143 104 9 256 Balance at September 30, 2019 $ (66 ) $ (4,527 ) $ (241 ) $ (4,834 ) Net unrealized gain (loss) on available for sale securities Unrealized loss on pension benefits Unrealized loss on SERP benefits Total Balance at July 1, 2018 $ (1,536 ) $ (5,150 ) $ (264 ) $ (6,950 ) Other comprehensive loss before reclassifications (153 ) - - (153 ) Amounts reclassified from accumulated other comprehensive income - 145 9 154 Less tax effect 32 (30 ) (2 ) - Net other comprehensive (loss) income (121 ) 115 7 1 Balance at September 30, 2018 $ (1,657 ) $ (5,035 ) $ (257 ) $ (6,949 ) |
Post-Retirement Benefits (Table
Post-Retirement Benefits (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income | Net periodic benefit cost and other amounts recognized in other comprehensive income for the three months ended September 30, 2019 and 2018 (in thousands): Three Months Ended Three Months Ended September 30, 2019 September 30, 2018 Defined Benefit Plan Supplemental Retirement Plans Defined Benefit Plan Supplemental Retirement Plans Service cost $ - $ 79 $ - $ 148 Interest cost 180 31 250 26 Expected return on plan assets (479 ) - (513 ) - Amortization of prior net loss 133 11 145 9 Settlement charges - - - - Net periodic (benefit) cost $ (166 ) $ 121 $ (118 ) $ 183 |
Shares Held by ESOP | Shares held by the ESOP include the following (dollars in thousands): September 30, 2019 June 30, 2019 Allocated to participants 258,852 234,059 Unearned 1,186,991 1,211,410 Total ESOP shares 1,445,843 1,445,469 Fair value of unearned shares $ 23,728 $ 24,531 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Sep. 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 September 30, 2019 Measured on a recurring basis: Available for sale securities: U.S. Government and agency obligations $ - $ 30,962 $ - $ 30,962 Corporate and other debt securities - 8,392 - 8,392 Mortgage-backed securities – residential - 25,488 - 25,488 Derivatives – interest rate contracts - 3,222 - 3,222 Total assets at fair value $ - $ 68,064 $ - $ 68,064 Derivatives – interest rate contracts $ - $ 3,222 $ - $ 3,222 Total liabilities at fair value $ - $ 3,222 $ - $ 3,222 Measured on a non-recurring basis: Impaired loans: Residential mortgages $ - $ - $ 614 $ 614 Commercial loans - - 141 141 Home equity lines of credit - - 7 7 Foreclosed real estate - - 856 856 Total assets at fair value $ - $ - $ 1,618 $ 1,618 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 |
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 September 30, 2019 and June 30, 2019 (dollars in thousands): Valuation Unobservable Range or Fair Value Technique(s) Input(s) Rate Used September 30, 2019 Impaired loans - residential mortgages $ 614 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 6.3% Foreclosed real estate 856 Sales comparison Adjustments for differences in sales comparables -8.0% to 5.9% 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% |
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 September 30, 2019 Financial assets: Cash and cash equivalents $ 37,797 $ 37,797 $ - $ - $ 37,797 Investment securities held to maturity 314,165 - 315,901 - 315,901 Investment securities available for sale 64,842 - 64,842 - 64,842 Loans receivable, net 1,163,254 - - 1,162,995 1,162,995 Accrued interest receivable 5,494 - 1,545 3,949 5,494 FHLB stock 6,254 N/A N/A N/A N/A Derivative assets - interest rate contracts 3,222 - 3,222 - 3,222 Financial liabilities: Demand, NOW, money market deposits and savings accounts 767,531 767,531 - - 767,531 Time deposits 466,374 - 472,330 - 472,330 Mortgage escrow funds 7,553 7,553 - - 7,553 Accrued interest payable 354 2 352 - 354 FHLB advances 111,185 - 112,043 - 112,043 Derivative liabilities - interest rate contracts 3,222 - 3,222 - 3,222 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 Time deposits 455,395 - 460,554 - 460,554 Mortgage escrow funds 9,355 9,355 - - 9,355 Accrued interest payable 209 16 193 209 FHLB advances 111,216 - 111,818 - 111,818 Derivative liabilities - interest rate contracts 1,339 - 1,339 - 1,339 |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 3 Months Ended |
Sep. 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 September 30, 2019 and June 30, 2019, 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 September 30, 2019 PCSB Bank Leverage (Tier 1) $ 212,970 12.9 % $ 66,066 4.0 % $ 82,583 5.0 % Risk-based: Common Tier 1 212,970 17.2 55,863 4.5 80,691 6.5 Tier 1 212,970 17.2 74,484 6.0 99,312 8.0 Total 218,963 17.6 99,312 8.0 124,140 10.0 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 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Sep. 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 three months ended September 30, 2019 and 2018. Three Months Ended September 30, 2019 2018 (amounts in thousands, except share and per share data) Net income applicable to common stock $ 2,829 $ 2,329 Average number of common shares outstanding 17,178,824 18,165,110 Less: Average unallocated ESOP shares (1,199,062 ) (1,296,010 ) Average number of common shares outstanding used to calculate basic earnings per common share 15,979,762 16,869,100 Effect of equity-based awards 102,514 - Average number of common shares outstanding used to calculate diluted earnings per common share 16,082,276 16,869,100 Earnings per common share: Basic $ 0.18 $ 0.14 Diluted $ 0.18 $ 0.14 |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 3 Months Ended |
Sep. 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 September 30, 2019 and June 30, 2019. September 30, June 30, 2019 2019 (dollars in thousands) Notional amounts $ 96,288 $ 68,535 Weighted average pay rates 3.65 % 3.89 % Weighted average receive rates 3.65 % 3.89 % Weighted average maturity 9.68 years 9.84 years Fair value of combined interest rate swaps $ - $ - |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Sep. 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 September 30, 2019. Number of Shares Weighted-Average Grant Date Fair Value Unvested granted shares outstanding at July 1, 2019 547,185 $ 19.02 Shares granted - - Shares vested - - Shares forfeited - - Unvested granted shares at September 30, 2019 547,185 $ 19.02 |
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, 2019 1,339,293 $ 19.04 Options granted - - Options expired - - Options exercised - - Options outstanding at September 30, 2019 1,339,293 $ 19.04 9.1 $ 1,277 Exercisable at September 30, 2019 - $ - - $ - |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments | Future minimum lease payments for the fiscal years ending June 30 th (dollars in thousands) 2020 $ 1,609 2021 1,960 2022 1,937 2023 1,850 2024 1,479 Thereafter 5,661 Total future minimum lease payments (undiscounted) 14,496 Discounting effect on cash flows (1,904 ) Lease liability (discounted) $ 12,592 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
Sep. 30, 2019Subsidiary | |
Basis Of Presentation [Abstract] | |
Number of subsidiaries | 2 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jul. 01, 2019 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Operating lease, liability | $ 12,592 | |
ASU 2016-02 [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Operating lease ,right-of-use asset | $ 11,900 | |
Operating lease, liability | $ 12,000 |
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 Debt Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Schedule of Investments [Line Items] | ||
Available for sale, Amortized Cost | $ 64,924 | $ 72,491 |
Available for sale, Gross Unrealized/Unrecognized Gains | 104 | 48 |
Available for sale, Gross Unrealized/Unrecognized Losses | (186) | (311) |
Available for sale, Fair Value | 64,842 | 72,228 |
Held to maturity, Amortized Cost | 314,165 | 345,545 |
Held to maturity, Gross Unrealized/Unrecognized Gains | 2,828 | 1,905 |
Held to maturity, Gross Unrealized/Unrecognized Losses | (1,092) | (1,207) |
Held to maturity, Fair Value | 315,901 | 346,243 |
U.S. Government and Agency Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Amortized Cost | 31,017 | 37,027 |
Available for sale, Gross Unrealized/Unrecognized Gains | 5 | 5 |
Available for sale, Gross Unrealized/Unrecognized Losses | (60) | (121) |
Available for sale, Fair Value | 30,962 | 36,911 |
Held to maturity, Amortized Cost | 79,550 | 96,545 |
Held to maturity, Gross Unrealized/Unrecognized Gains | 198 | 192 |
Held to maturity, Gross Unrealized/Unrecognized Losses | (132) | (246) |
Held to maturity, Fair Value | 79,616 | 96,491 |
Corporate and Other Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Amortized Cost | 8,335 | 8,349 |
Available for sale, Gross Unrealized/Unrecognized Gains | 57 | 20 |
Available for sale, Gross Unrealized/Unrecognized Losses | (9) | |
Available for sale, Fair Value | 8,392 | 8,360 |
Held to maturity, Amortized Cost | 34,032 | 34,033 |
Held to maturity, Gross Unrealized/Unrecognized Gains | 371 | 133 |
Held to maturity, Gross Unrealized/Unrecognized Losses | (597) | (413) |
Held to maturity, Fair Value | 33,806 | 33,753 |
Mortgage-backed Securities - Residential [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Amortized Cost | 25,572 | 27,115 |
Available for sale, Gross Unrealized/Unrecognized Gains | 42 | 23 |
Available for sale, Gross Unrealized/Unrecognized Losses | (126) | (181) |
Available for sale, Fair Value | 25,488 | 26,957 |
Held to maturity, Amortized Cost | 127,859 | 133,602 |
Held to maturity, Gross Unrealized/Unrecognized Gains | 1,225 | 818 |
Held to maturity, Gross Unrealized/Unrecognized Losses | (251) | (372) |
Held to maturity, Fair Value | 128,833 | 134,048 |
Mortgage-backed Securities - Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Held to maturity, Amortized Cost | 50,382 | 52,940 |
Held to maturity, Gross Unrealized/Unrecognized Gains | 562 | 311 |
Held to maturity, Gross Unrealized/Unrecognized Losses | (92) | (147) |
Held to maturity, Fair Value | 50,852 | 53,104 |
Mortgage-backed Securities - Commercial [Member] | ||
Schedule of Investments [Line Items] | ||
Held to maturity, Amortized Cost | 22,342 | 28,425 |
Held to maturity, Gross Unrealized/Unrecognized Gains | 472 | 451 |
Held to maturity, Gross Unrealized/Unrecognized Losses | (20) | (29) |
Held to maturity, Fair Value | $ 22,794 | $ 28,847 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 3 Months Ended | ||
Sep. 30, 2019USD ($)Security | Sep. 30, 2018USD ($) | Jun. 30, 2019USD ($)Security | |
Investments Debt And Equity Securities [Abstract] | |||
Sale of investment securities | $ 0 | $ 0 | |
Carrying amounts of securities pledged | 198,400,000 | $ 166,400,000 | |
Total investment securities | $ 379,007,000 | $ 417,773,000 | |
Number of securities in unrealized loss position | Security | 105 | 135 | |
Fair value of securities in unrealized loss position | $ 170,800,000 | $ 229,200,000 | |
Other-than-temporarily impaired securities | Security | 0 | 0 |
Investment Securities - Fair Va
Investment Securities - Fair Value and Carrying Amount of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Investments Debt And Equity Securities [Abstract] | ||
Held to maturity, carrying amount, 1 year or less | $ 34,551 | |
Held to maturity, carrying amount, 1 to 5 years | 49,999 | |
Held to maturity, carrying amount, 5 to 10 years | 25,032 | |
Held to maturity, carrying amount, Mortgage-backed securities and other | 204,583 | |
Held to maturity, Amortized Cost | 314,165 | $ 345,545 |
Held to maturity, fair value, 1 year or less | 34,483 | |
Held to maturity, fair value, 1 to 5 years | 50,089 | |
Held to maturity, fair value, 5 to 10 years | 24,675 | |
Held to maturity, fair value, Mortgage-backed securities and other | 206,654 | |
Held to maturity, fair value, Total | 315,901 | 346,243 |
Available for sale, amortized cost, 1 year or less | 23,018 | |
Available for sale, amortized cost, 1 to 5 years | 16,334 | |
Available for sale, amortized cost, Mortgage-backed securities and other | 25,572 | |
Available for sale, Amortized Cost | 64,924 | 72,491 |
Available for sale, fair value, 1 year or less | 22,988 | |
Available for sale, fair value, 1 to 5 years | 16,366 | |
Available for sale, fair value, Mortgage-backed securities and other | 25,488 | |
Available for sale, fair value, Total | $ 64,842 | $ 72,228 |
Investment Securities - Investm
Investment Securities - Investment Securities with Fair Value and Unrealized Losses (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Schedule of Investments [Line Items] | ||
Available for sale, Less than 12 months, Fair Value | $ 5,253 | |
Available for sale, Less than 12 months, Unrealized/Unrecognized Loss | (5) | |
Available for sale, 12 months or greater, Fair Value | 39,370 | $ 60,188 |
Available for sale, 12 months or greater, Unrealized/Unrecognized Loss | (181) | (311) |
Available for sale, Total, Fair Value | 44,623 | 60,188 |
Available for sale, Total, Unrealized/Unrecognized Loss | (186) | (311) |
Held to maturity, Less than 12 months, Fair Value | 55,586 | 18,753 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (694) | (439) |
Held to maturity, 12 months or greater, Fair Value | 70,620 | 150,298 |
Held to maturity, 12 months or greater, Unrealized/ Unrecognized Loss | (398) | (768) |
Held to maturity, Total, Fair Value | 126,206 | 169,051 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (1,092) | (1,207) |
U.S. Government and Agency Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Less than 12 months, Fair Value | 2,995 | |
Available for sale, Less than 12 months, Unrealized/Unrecognized Loss | (3) | |
Available for sale, 12 months or greater, Fair Value | 23,971 | 32,919 |
Available for sale, 12 months or greater, Unrealized/Unrecognized Loss | (57) | (121) |
Available for sale, Total, Fair Value | 26,966 | 32,919 |
Available for sale, Total, Unrealized/Unrecognized Loss | (60) | (121) |
Held to maturity, Less than 12 months, Fair Value | 6,994 | |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (6) | |
Held to maturity, 12 months or greater, Fair Value | 42,426 | 59,306 |
Held to maturity, 12 months or greater, Unrealized/ Unrecognized Loss | (126) | (246) |
Held to maturity, Total, Fair Value | 49,420 | 59,306 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (132) | (246) |
Corporate and Other Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, 12 months or greater, Fair Value | 3,269 | |
Available for sale, 12 months or greater, Unrealized/Unrecognized Loss | (9) | |
Available for sale, Total, Fair Value | 3,269 | |
Available for sale, Total, Unrealized/Unrecognized Loss | (9) | |
Held to maturity, Less than 12 months, Fair Value | 19,403 | 17,087 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (597) | (413) |
Held to maturity, Total, Fair Value | 19,403 | 17,087 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (597) | (413) |
Mortgage-backed Securities - Residential [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Less than 12 months, Fair Value | 2,258 | |
Available for sale, Less than 12 months, Unrealized/Unrecognized Loss | (2) | |
Available for sale, 12 months or greater, Fair Value | 15,399 | 24,000 |
Available for sale, 12 months or greater, Unrealized/Unrecognized Loss | (124) | (181) |
Available for sale, Total, Fair Value | 17,657 | 24,000 |
Available for sale, Total, Unrealized/Unrecognized Loss | (126) | (181) |
Held to maturity, Less than 12 months, Fair Value | 23,546 | 1,666 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (76) | (26) |
Held to maturity, 12 months or greater, Fair Value | 15,716 | 54,648 |
Held to maturity, 12 months or greater, Unrealized/ Unrecognized Loss | (175) | (346) |
Held to maturity, Total, Fair Value | 39,262 | 56,314 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (251) | (372) |
Mortgage-backed Securities - Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Held to maturity, Less than 12 months, Fair Value | 5,643 | |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (15) | |
Held to maturity, 12 months or greater, Fair Value | 9,027 | 29,372 |
Held to maturity, 12 months or greater, Unrealized/ Unrecognized Loss | (77) | (147) |
Held to maturity, Total, Fair Value | 14,670 | 29,372 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (92) | (147) |
Mortgage-backed Securities - Commercial [Member] | ||
Schedule of Investments [Line Items] | ||
Held to maturity, 12 months or greater, Fair Value | 3,451 | 6,972 |
Held to maturity, 12 months or greater, Unrealized/ Unrecognized Loss | (20) | (29) |
Held to maturity, Total, Fair Value | 3,451 | 6,972 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | $ (20) | $ (29) |
Loans Receivable - Summary of L
Loans Receivable - Summary of Loans Receivable (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | $ 1,167,262 | $ 1,096,977 | ||
Loans receivable | 1,169,247 | 1,098,785 | ||
Allowance for loan losses | (5,993) | (5,664) | $ (4,959) | $ (4,904) |
Loans receivable, net | 1,163,254 | 1,093,121 | ||
Residential [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | 264,251 | 265,167 | ||
Commercial [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | 726,315 | 651,396 | ||
Allowance for loan losses | (4,314) | (3,853) | ||
Construction [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | 18,830 | 13,231 | ||
Allowance for loan losses | (222) | (159) | ||
Commercial Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | 125,926 | 133,614 | ||
Allowance for loan losses | (1,041) | (1,130) | ||
Home Equity Lines Of Credit [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | 31,503 | 33,204 | ||
Allowance for loan losses | (61) | (65) | ||
Consumer and Overdrafts [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | 437 | 365 | ||
Allowance for loan losses | (12) | (11) | ||
Mortgage Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Net deferred loan origination costs | 1,202 | 1,031 | ||
Loans receivable | 1,010,598 | 930,825 | ||
Commercial and Consumer Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Net deferred loan origination costs | 783 | 777 | ||
Loans receivable | $ 158,649 | $ 167,960 |
Loans Receivable - Summary of A
Loans Receivable - Summary of Activity in Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | $ 5,664 | $ 4,904 |
Allowance for Loan Losses, Provision (credit) | 335 | 58 |
Allowance for Loan Losses, Charge-offs | (18) | (7) |
Allowance for Loan Losses, Recoveries | 12 | 4 |
Allowance for Loan Losses, Ending Allowance | 5,993 | 4,959 |
Commercial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 3,853 | |
Allowance for Loan Losses, Ending Allowance | 4,314 | |
Construction [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 159 | |
Allowance for Loan Losses, Ending Allowance | 222 | |
Commercial Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 1,130 | |
Allowance for Loan Losses, Ending Allowance | 1,041 | |
Home Equity Lines Of Credit [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 65 | |
Allowance for Loan Losses, Ending Allowance | 61 | |
Consumer and Overdrafts [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 11 | |
Allowance for Loan Losses, Ending Allowance | 12 | |
Originated [Member] | Residential [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 363 | 386 |
Allowance for Loan Losses, Provision (credit) | (23) | (29) |
Allowance for Loan Losses, Recoveries | 3 | 2 |
Allowance for Loan Losses, Ending Allowance | 343 | 359 |
Originated [Member] | Commercial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 3,853 | 3,073 |
Allowance for Loan Losses, Provision (credit) | 461 | 57 |
Allowance for Loan Losses, Ending Allowance | 4,314 | 3,130 |
Originated [Member] | Construction [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 159 | 505 |
Allowance for Loan Losses, Provision (credit) | 63 | (12) |
Allowance for Loan Losses, Ending Allowance | 222 | 493 |
Originated [Member] | Commercial Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 1,130 | 780 |
Allowance for Loan Losses, Provision (credit) | (89) | 45 |
Allowance for Loan Losses, Ending Allowance | 1,041 | 825 |
Originated [Member] | Home Equity Lines Of Credit [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 65 | 80 |
Allowance for Loan Losses, Provision (credit) | (9) | (11) |
Allowance for Loan Losses, Recoveries | 5 | |
Allowance for Loan Losses, Ending Allowance | 61 | 69 |
Originated [Member] | Consumer and Overdrafts [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 11 | 7 |
Allowance for Loan Losses, Provision (credit) | 15 | 8 |
Allowance for Loan Losses, Charge-offs | (18) | (7) |
Allowance for Loan Losses, Recoveries | 4 | 2 |
Allowance for Loan Losses, Ending Allowance | 12 | 10 |
Acquired [Member] | Residential [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 83 | 73 |
Allowance for Loan Losses, Provision (credit) | $ (83) | |
Allowance for Loan Losses, Ending Allowance | $ 73 |
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 | Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Individually Evaluated for Impairment | $ 6,567 | $ 5,897 | ||
Loans, Collectively Evaluated for Impairment | 1,158,898 | 1,088,765 | ||
Total | 1,167,262 | 1,096,977 | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 167 | 173 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 5,826 | 5,408 | ||
Allowance for Loan Losses, Total | 5,993 | 5,664 | $ 4,959 | $ 4,904 |
Originated And Acquired Loans | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Total | 5,993 | 5,664 | ||
Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Acquired With Deteriorated Credit Quality | 1,797 | 2,315 | ||
Allowance for Loan Losses, Acquired With Deteriorated Credit Quality | 0 | 83 | ||
Residential [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Individually Evaluated for Impairment | 2,469 | 1,774 | ||
Loans, Collectively Evaluated for Impairment | 261,025 | 262,124 | ||
Total | 264,251 | 265,167 | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 124 | 130 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 219 | 233 | ||
Residential [Member] | Originated And Acquired Loans | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Total | 343 | 446 | ||
Residential [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Acquired With Deteriorated Credit Quality | 757 | 1,269 | ||
Allowance for Loan Losses, Acquired With Deteriorated Credit Quality | 0 | 83 | ||
Commercial [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Individually Evaluated for Impairment | 1,408 | 1,418 | ||
Loans, Collectively Evaluated for Impairment | 724,021 | 649,088 | ||
Total | 726,315 | 651,396 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 4,314 | 3,853 | ||
Allowance for Loan Losses, Total | 4,314 | 3,853 | ||
Commercial [Member] | Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Acquired With Deteriorated Credit Quality | 886 | 890 | ||
Allowance for Loan Losses, Acquired With Deteriorated Credit Quality | 0 | 0 | ||
Construction [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans, Collectively Evaluated for Impairment | 18,830 | 13,231 | ||
Total | 18,830 | 13,231 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 222 | 159 | ||
Allowance for Loan Losses, Total | 222 | 159 | ||
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 | 2,001 | 2,016 | ||
Loans, Collectively Evaluated for Impairment | 123,925 | 131,598 | ||
Total | 125,926 | 133,614 | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 39 | 39 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,002 | 1,091 | ||
Allowance for Loan Losses, Total | 1,041 | 1,130 | ||
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 | 689 | ||
Loans, Collectively Evaluated for Impairment | 30,660 | 32,359 | ||
Total | 31,503 | 33,204 | ||
Allowance for Loan Losses, Individually Evaluated for Impairment | 4 | 4 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 57 | 61 | ||
Allowance for Loan Losses, Total | 61 | 65 | ||
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 | 154 | 156 | ||
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 | 437 | 365 | ||
Total | 437 | 365 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 12 | 11 | ||
Allowance for Loan Losses, Total | $ 12 | $ 11 |
Loans Receivable - Summary of_2
Loans Receivable - Summary of Loans Individually Evaluated for Impairment (Excluding Loans Acquired with Deteriorated Credit Quality) by Portfolio Segment (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Financing Receivable Impaired [Line Items] | ||
Impaired loans, unpaid principal balance | $ 9,874 | $ 6,203 |
Impaired loans, recorded investment | 6,567 | 5,897 |
Allowance for loan losses | 167 | 173 |
Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 1,756 | 1,061 |
Impaired loans with no related allowance recorded, recorded investment | 1,732 | 1,028 |
Impaired loans with an allowance recorded, unpaid principal balance | 719 | 723 |
Impaired loans with an allowance recorded, recorded investment | 737 | 746 |
Impaired loans, recorded investment | 2,469 | 1,774 |
Allowance for loan losses | 124 | 130 |
Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 1,461 | 1,471 |
Impaired loans with no related allowance recorded, recorded investment | 1,408 | 1,418 |
Impaired loans, recorded investment | 1,408 | 1,418 |
Commercial Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 5,071 | 2,007 |
Impaired loans with no related allowance recorded, recorded investment | 1,821 | 1,836 |
Impaired loans with an allowance recorded, unpaid principal balance | 180 | 180 |
Impaired loans with an allowance recorded, recorded investment | 180 | 180 |
Impaired loans, recorded investment | 2,001 | 2,016 |
Allowance for loan losses | 39 | 39 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 676 | 750 |
Impaired loans with no related allowance recorded, recorded investment | 678 | 678 |
Impaired loans with an allowance recorded, unpaid principal balance | 11 | 11 |
Impaired loans with an allowance recorded, recorded investment | 11 | 11 |
Impaired loans, recorded investment | 689 | 689 |
Allowance for loan losses | $ 4 | $ 4 |
Loans Receivable - Summary of_3
Loans Receivable - Summary of Average Recorded Investment and Interest Income Recognized on Loans Individually Evaluated for Impairment, by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable Impaired [Line Items] | ||
Impaired loans average recorded investment | $ 6,580 | $ 8,954 |
Impaired loans interest income recognized | 72 | 229 |
Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, average recorded investment | 1,735 | 1,845 |
Impaired loans with no related allowance recorded, interest income recognized | 6 | 28 |
Impaired loans with an allowance recorded, average recorded investment | 738 | 450 |
Impaired loans with an allowance recorded, interest income recognized | 3 | 11 |
Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, average recorded investment | 1,411 | 1,621 |
Impaired loans with no related allowance recorded, interest income recognized | 12 | 39 |
Construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with an allowance recorded, average recorded investment | 2,260 | |
Commercial Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, average recorded investment | 1,825 | 2,377 |
Impaired loans with no related allowance recorded, interest income recognized | 50 | 143 |
Impaired loans with an allowance recorded, average recorded investment | 180 | 64 |
Impaired loans with an allowance recorded, interest income recognized | 1 | 2 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, average recorded investment | 680 | 326 |
Impaired loans with no related allowance recorded, interest income recognized | 6 | |
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 Portfolio Segment (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 3,425 | $ 2,726 |
Loans Past Due Over 90 Days and Still Accruing | 1 | |
Originated [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 1,241 | 536 |
Originated [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 150 | 150 |
Originated [Member] | Consumer and Overdrafts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Past Due Over 90 Days and Still Accruing | 1 | |
Originated [Member] | Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 381 | 383 |
Acquired [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 789 | 795 |
Acquired [Member] | Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 296 | 294 |
Acquired [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 568 | $ 568 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019USD ($)Loan | Sep. 30, 2018USD ($)Loan | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)Loan | |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Number of loans classified as troubled debt restructurings | Loan | 14 | 14 | ||
Value of loans classified as troubled debt restructurings | $ 4,100,000 | $ 4,100,000 | ||
Troubled debt restructuring with carrying amount | 3,100,000 | $ 428,000 | $ 3,200,000 | |
Specific reserves | $ 129,000 | 135,000 | ||
Troubled debt restructurings, number of modified loans | Loan | 2 | |||
Troubled debt restructurings for which there was a payment default | Loan | 1 | 0 | ||
Increase (decrease) allowance for loan loss | $ (83,000) | |||
Residential [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Troubled debt restructuring with carrying amount | 370,000 | |||
Troubled debt restructurings, number of modified loans | Loan | 1 | |||
Increase (decrease) allowance for loan loss | 0 | |||
Home Equity Lines Of Credit [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Troubled debt restructurings, number of modified loans | Loan | 1 | |||
90 Days or More Past Due [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Acquired loans accounted for as purchased credit impaired loans | $ 418,000 | $ 501,000 |
Loans Receivable - Aging of Rec
Loans Receivable - Aging of Recorded Investment in Past Due Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 3,038 | $ 2,869 |
Current | 1,164,224 | 1,094,108 |
Total | 1,167,262 | 1,096,977 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 21 | 564 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 614 | 333 |
90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,403 | 1,972 |
Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 264,251 | 265,167 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 726,315 | 651,396 |
Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 18,830 | 13,231 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 125,926 | 133,614 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 31,503 | 33,204 |
Consumer and Overdrafts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | 437 | 365 |
Originated [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,656 | 893 |
Current | 1,069,352 | 994,277 |
Total | 1,071,008 | 995,170 |
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 | 397 | 150 |
Originated [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,259 | 399 |
Originated [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,193 | 86 |
Current | 218,646 | 217,970 |
Total | 219,839 | 218,056 |
Originated [Member] | Residential [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 397 | |
Originated [Member] | Residential [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 796 | 86 |
Originated [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 678,403 | 600,675 |
Total | 678,403 | 600,675 |
Originated [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 18,830 | 13,231 |
Total | 18,830 | 13,231 |
Originated [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 150 | 150 |
Current | 125,596 | 133,286 |
Total | 125,746 | 133,436 |
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 | 150 | |
Originated [Member] | Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 313 | 656 |
Current | 27,455 | 28,767 |
Total | 27,768 | 29,423 |
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 | 313 | 312 |
Originated [Member] | Consumer and Overdrafts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1 | |
Current | 422 | 348 |
Total | 422 | 349 |
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 | 1,382 | 1,976 |
Current | 94,872 | 99,831 |
Total | 96,254 | 101,807 |
Acquired [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 21 | 220 |
Acquired [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 217 | 183 |
Acquired [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,144 | 1,573 |
Acquired [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 430 | 1,045 |
Current | 43,982 | 46,066 |
Total | 44,412 | 47,111 |
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 | 217 | 116 |
Acquired [Member] | Residential [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 213 | 709 |
Acquired [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 568 | 568 |
Current | 47,344 | 50,153 |
Total | 47,912 | 50,721 |
Acquired [Member] | Commercial [Member] | 90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 568 | 568 |
Acquired [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 180 | 178 |
Total | 180 | 178 |
Acquired [Member] | Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 384 | 363 |
Current | 3,351 | 3,418 |
Total | 3,735 | 3,781 |
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 | 21 | |
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 | 363 | 296 |
Acquired [Member] | Consumer and Overdrafts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 15 | 16 |
Total | $ 15 | $ 16 |
Loans Receivable - Summary of R
Loans Receivable - Summary of Risk Category of Loans by Portfolio Segment (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 1,167,262 | $ 1,096,977 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,147,356 | 1,076,801 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 8,644 | 11,716 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 11,262 | 8,460 |
Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 264,251 | 265,167 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 726,315 | 651,396 |
Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 18,830 | 13,231 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 125,926 | 133,614 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 31,503 | 33,204 |
Consumer and Overdrafts [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 437 | 365 |
Originated [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,071,008 | 995,170 |
Originated [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,057,858 | 982,591 |
Originated [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,875 | 7,900 |
Originated [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 8,275 | 4,679 |
Originated [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 219,839 | 218,056 |
Originated [Member] | Residential [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 218,193 | 216,438 |
Originated [Member] | Residential [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 396 | 1,071 |
Originated [Member] | Residential [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,250 | 547 |
Originated [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 678,403 | 600,675 |
Originated [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 674,956 | 600,216 |
Originated [Member] | Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 337 | 339 |
Originated [Member] | Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,110 | 120 |
Originated [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 18,830 | 13,231 |
Originated [Member] | Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 18,830 | 13,231 |
Originated [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 125,746 | 133,436 |
Originated [Member] | Commercial Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 118,113 | 123,361 |
Originated [Member] | Commercial Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,070 | 6,423 |
Originated [Member] | Commercial Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,563 | 3,652 |
Originated [Member] | Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 27,768 | 29,423 |
Originated [Member] | Home Equity Lines Of Credit [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 27,344 | 28,996 |
Originated [Member] | Home Equity Lines Of Credit [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 72 | 67 |
Originated [Member] | Home Equity Lines Of Credit [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 352 | 360 |
Originated [Member] | Consumer and Overdrafts [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 422 | 349 |
Originated [Member] | Consumer and Overdrafts [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 422 | 349 |
Acquired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 96,254 | 101,807 |
Acquired [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 89,498 | 94,210 |
Acquired [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,769 | 3,816 |
Acquired [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,987 | 3,781 |
Acquired [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 44,412 | 47,111 |
Acquired [Member] | Residential [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 43,056 | 44,959 |
Acquired [Member] | Residential [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 206 | 211 |
Acquired [Member] | Residential [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,150 | 1,941 |
Acquired [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 47,912 | 50,721 |
Acquired [Member] | Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 42,962 | 45,726 |
Acquired [Member] | Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,496 | 3,537 |
Acquired [Member] | Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,454 | 1,458 |
Acquired [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 180 | 178 |
Acquired [Member] | Commercial Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 180 | 178 |
Acquired [Member] | Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,735 | 3,781 |
Acquired [Member] | Home Equity Lines Of Credit [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,285 | 3,331 |
Acquired [Member] | Home Equity Lines Of Credit [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 67 | 68 |
Acquired [Member] | Home Equity Lines Of Credit [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 383 | 382 |
Acquired [Member] | Consumer and Overdrafts [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 15 | 16 |
Acquired [Member] | Consumer and Overdrafts [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 15 | $ 16 |
Loans Receivable - Schedule of
Loans Receivable - Schedule of Carrying Amount of Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | $ 1,163,254 | $ 1,093,121 |
Acquired with Deteriorated Credit Quality [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | 1,797 | 2,232 |
Acquired with Deteriorated Credit Quality [Member] | Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | 757 | 1,186 |
Acquired with Deteriorated Credit Quality [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | 886 | 890 |
Acquired with Deteriorated Credit Quality [Member] | Home Equity Lines Of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | $ 154 | $ 156 |
Loans Receivable - Schedule o_2
Loans Receivable - Schedule of Carrying Amount of Purchased Credit Impaired Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 |
Acquired with Deteriorated Credit Quality [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans, allowance | $ 0 | $ 83 |
Loans Receivable - Summary of_4
Loans Receivable - Summary of Accretable Yield, or Income Expected to be Collected for Acquired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities [Abstract] | ||
Beginning balance | $ 192 | $ 245 |
Accretion income | (10) | (13) |
Ending balance | $ 182 | $ 232 |
Other Comprehensive Loss - Summ
Other Comprehensive Loss - Summary of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 281,307 | $ 287,559 |
Total other comprehensive income | 256 | 1 |
Ending Balance | 281,522 | 289,877 |
Net Unrealized Gain (Loss) on Available for Sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (209) | (1,536) |
Other comprehensive (loss) income before reclassifications | 181 | (153) |
Less tax effect | (38) | 32 |
Total other comprehensive income | 143 | (121) |
Ending Balance | (66) | (1,657) |
Unrealized Losses on Retirement Plans [Member] | Pension Benefits [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (4,631) | (5,150) |
Amounts reclassified from accumulated other comprehensive income | 133 | 145 |
Less tax effect | (29) | (30) |
Total other comprehensive income | 104 | 115 |
Ending Balance | (4,527) | (5,035) |
Unrealized Losses on Retirement Plans [Member] | SERP Benefits [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (250) | (264) |
Amounts reclassified from accumulated other comprehensive income | 11 | 9 |
Less tax effect | (2) | (2) |
Total other comprehensive income | 9 | 7 |
Ending Balance | (241) | (257) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (5,090) | (6,950) |
Other comprehensive (loss) income before reclassifications | 181 | (153) |
Amounts reclassified from accumulated other comprehensive income | 144 | 154 |
Less tax effect | (69) | |
Total other comprehensive income | 256 | 1 |
Ending Balance | $ (4,834) | $ (6,949) |
Post-Retirement Benefits - Addi
Post-Retirement Benefits - Additional Information (Detail) - USD ($) | Sep. 30, 2019 | Apr. 20, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 |
Compensation And Retirement Disclosure [Abstract] | |||||
Effective date of freezing of the defined benefit pension plan | May 1, 2017 | ||||
Defined benefit plan, contributions by employer | $ 0 | ||||
ESOP shares | 1,445,843 | 1,453,209 | 1,445,843 | 1,445,469 | |
Stock price | $ 10 | ||||
ESOP payable term | 15 years | ||||
ESOP prime rate percentage | 5.50% | ||||
ESOP borrowing | $ 12,600,000 | $ 12,600,000 | |||
Number of shares committed to be released per year through 2032 | 96,881 | 96,881 | |||
ESOP Compensation | $ 483,000 | $ 493,000 |
Post-Retirement Benefits - Sche
Post-Retirement Benefits - Schedule of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Employee Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $ 180 | $ 250 |
Expected return on plan assets | (479) | (513) |
Amortization of prior net loss | 133 | 145 |
Net periodic (benefit) cost | (166) | (118) |
Supplemental Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior net loss | 11 | 9 |
Service cost | 79 | 148 |
Interest cost | 31 | 26 |
Net periodic (benefit) cost | $ 121 | $ 183 |
Post-Retirement Benefits - Shar
Post-Retirement Benefits - Shares Held by ESOP (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Apr. 20, 2017 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Allocated to participants | 258,852 | 234,059 | |
Unearned | 1,186,991 | 1,211,410 | |
Total ESOP shares | 1,445,843 | 1,445,469 | 1,453,209 |
Fair value of unearned shares | $ 23,728 | $ 24,531 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Additional Information (Detail) | 3 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value transfers between levels | $ 0 | $ 0 | ||
Carrying amount of loans | 1,163,254,000 | $ 1,093,121,000 | ||
Remaining valuation allowance | 5,993,000 | 4,959,000 | 5,664,000 | $ 4,904,000 |
Net charge-offs | 18,000 | 7,000 | ||
Provision for loan losses | 335,000 | 58,000 | ||
Impaired Loans [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Carrying amount of loans | 928,000 | 937,000 | ||
Remaining valuation allowance | 167,000 | $ 173,000 | ||
Net charge-offs | 0 | 0 | ||
Provision for loan losses | $ 6,000 | $ 5,000 | ||
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 | Sep. 30, 2019 | Jun. 30, 2019 |
Measured on a Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 68,064 | $ 73,567 |
Total liabilities at fair value | 3,222 | 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 | 30,962 | 36,911 |
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 | 8,392 | 8,360 |
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 | 25,488 | 26,957 |
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 | 1,618 | 1,417 |
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 | 614 | 616 |
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 | 141 |
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 | 856 | 653 |
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 | 3,222 | 1,339 |
Total liabilities at fair value | 3,222 | 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 | 68,064 | 73,567 |
Total liabilities at fair value | 3,222 | 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 | 30,962 | 36,911 |
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 | 8,392 | 8,360 |
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 | 25,488 | 26,957 |
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 | 3,222 | 1,339 |
Total liabilities at fair value | 3,222 | 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 | 1,618 | 1,417 |
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 | 614 | 616 |
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 | 141 |
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 | $ 856 | $ 653 |
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 | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) |
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 | $ 1,618 | $ 1,417 |
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 | 1,618 | 1,417 |
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 | 614 | 616 |
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 | 614 | 616 |
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 | 614 | 616 |
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 | 141 |
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 | 141 |
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 | 141 |
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 | $ 7 |
Range or Rate Used | 0.063 | 0.062 |
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] | 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 | 0.060 |
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] | 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 | 0.070 |
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 | $ 856 | $ 653 |
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 | $ 856 | $ 653 |
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) | (0.080) |
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 | 0.059 | 0.450 |
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 | Sep. 30, 2019 | Jun. 30, 2019 |
Financial assets: | ||
Investment securities held to maturity | $ 315,901 | $ 346,243 |
Investment securities available for sale | 64,842 | 72,228 |
Carrying Amount [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 37,797 | 60,029 |
Investment securities held to maturity | 314,165 | 345,545 |
Investment securities available for sale | 64,842 | 72,228 |
Loans receivable, net | 1,163,254 | 1,093,121 |
Accrued interest receivable | 5,494 | 4,797 |
FHLB stock | 6,254 | 6,255 |
Financial liabilities: | ||
Mortgage escrow funds | 7,553 | 9,355 |
Accrued interest payable | 354 | 209 |
FHLB advances | 111,185 | 111,216 |
Carrying Amount [Member] | Derivatives – Interest Rate Contracts [Member] | ||
Financial assets: | ||
Derivative assets - interest rate contracts | 3,222 | 1,339 |
Financial liabilities: | ||
Derivative liabilities - interest rate contracts | 3,222 | 1,339 |
Carrying Amount [Member] | Demand, NOW, Money Market Deposits and Savings Accounts [Member] | ||
Financial liabilities: | ||
Time deposits | 767,531 | 770,426 |
Carrying Amount [Member] | Time Deposits [Member] | ||
Financial liabilities: | ||
Time deposits | 466,374 | 455,395 |
Total [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 37,797 | 60,029 |
Investment securities held to maturity | 315,901 | 346,243 |
Investment securities available for sale | 64,842 | 72,228 |
Loans receivable, net | 1,162,995 | 1,092,878 |
Accrued interest receivable | 5,494 | 4,797 |
Financial liabilities: | ||
Mortgage escrow funds | 7,553 | 9,355 |
Accrued interest payable | 354 | 209 |
FHLB advances | 112,043 | 111,818 |
Total [Member] | Derivatives – Interest Rate Contracts [Member] | ||
Financial assets: | ||
Derivative assets - interest rate contracts | 3,222 | 1,339 |
Financial liabilities: | ||
Derivative liabilities - interest rate contracts | 3,222 | 1,339 |
Total [Member] | Demand, NOW, Money Market Deposits and Savings Accounts [Member] | ||
Financial liabilities: | ||
Time deposits | 767,531 | 770,426 |
Total [Member] | Time Deposits [Member] | ||
Financial liabilities: | ||
Time deposits | 472,330 | 460,554 |
Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 37,797 | 60,029 |
Financial liabilities: | ||
Mortgage escrow funds | 7,553 | 9,355 |
Accrued interest payable | 2 | 16 |
Level 1 [Member] | Demand, NOW, Money Market Deposits and Savings Accounts [Member] | ||
Financial liabilities: | ||
Time deposits | 767,531 | 770,426 |
Level 2 [Member] | ||
Financial assets: | ||
Investment securities held to maturity | 315,901 | 346,243 |
Investment securities available for sale | 64,842 | 72,228 |
Accrued interest receivable | 1,545 | 1,330 |
Financial liabilities: | ||
Accrued interest payable | 352 | 193 |
FHLB advances | 112,043 | 111,818 |
Level 2 [Member] | Derivatives – Interest Rate Contracts [Member] | ||
Financial assets: | ||
Derivative assets - interest rate contracts | 3,222 | 1,339 |
Financial liabilities: | ||
Derivative liabilities - interest rate contracts | 3,222 | 1,339 |
Level 2 [Member] | Time Deposits [Member] | ||
Financial liabilities: | ||
Time deposits | 472,330 | 460,554 |
Level 3 [Member] | ||
Financial assets: | ||
Loans receivable, net | 1,162,995 | 1,092,878 |
Accrued interest receivable | $ 3,949 | $ 3,467 |
Regulatory Capital - Additional
Regulatory Capital - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Sep. 30, 2019 | Jun. 30, 2019 | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total consolidated assets | $ 3,000,000,000 | |
Capital conservation buffer percentage at beginning period | 2.50% | 2.50% |
Minimum [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Capital conservation buffer percentage required under regulatory | 2.50% |
Regulatory Capital - Summary of
Regulatory Capital - 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 | Sep. 30, 2019 | Jun. 30, 2019 |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Leverage (Tier 1), Bank Actual Amount | $ 212,970 | $ 209,885 |
Common Tier 1, Bank Actual Amount | 212,970 | 209,885 |
Tier 1, Bank Actual Amount | 212,970 | 209,885 |
Total, Bank Actual Amount | $ 218,963 | $ 215,549 |
Leverage (Tier 1), Bank Actual Ratio | 12.90% | 13.80% |
Common Tier 1, Bank Actual Ratio | 17.20% | 18.00% |
Tier 1, Bank Actual Ratio | 17.20% | 18.00% |
Total, Bank Actual Ratio | 17.60% | 18.40% |
Leverage (Tier 1), For Capital Adequacy Purposes Amount | $ 66,066 | $ 60,774 |
Common Tier 1, For Capital Adequacy Purposes Amount | 55,863 | 52,579 |
Tier 1, For Capital Adequacy Purposes Amount | 74,484 | 70,105 |
Total, For Capital Adequacy Purposes Amount | $ 99,312 | $ 93,474 |
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 Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Leverage (Tier 1), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 82,583 | $ 75,968 |
Common Tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 80,691 | 75,948 |
Tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 99,312 | 93,474 |
Total, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 124,140 | $ 116,842 |
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% |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||
Net income applicable to common stock | $ 2,829 | $ 2,329 |
Average number of common shares outstanding | 17,178,824 | 18,165,110 |
Less: Average unallocated ESOP shares | (1,199,062) | (1,296,010) |
Average number of common shares outstanding used to calculate basic earnings per common share | 15,979,762 | 16,869,100 |
Effect of equity-based awards | 102,514 | |
Average number of common shares outstanding used to calculate diluted earnings per common share | 16,082,276 | 16,869,100 |
Earnings per common share: | ||
Basic | $ 0.18 | $ 0.14 |
Diluted | $ 0.18 | $ 0.14 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Sep. 30, 2019 | Sep. 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 |
Derivatives and Hedging - Summa
Derivatives and Hedging - Summary Information About Interest Rate Swaps (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Notional amounts | $ 96,288,000 | $ 68,535,000 |
Weighted average pay rates | 3.65% | 3.89% |
Weighted average receive rates | 3.65% | 3.89% |
Weighted average maturity | 9 years 8 months 4 days | 9 years 10 months 2 days |
Revenue From Contracts With C_2
Revenue From Contracts With Customers - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation Of Revenue [Line Items] | ||
Fees and service charges | $ 402,000 | $ 418,000 |
Revenue from contracts with customers | 372,000 | 392,000 |
Fees and Service Charges on Deposit Accounts [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contracts with customers | 255,000 | 287,000 |
Interchange Income [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contracts with customers | 117,000 | 105,000 |
Gain/Losses on Sales of Foreclosed Real Estate [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 47,000 | $ 0 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Oct. 24, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation | $ 830,000 | ||
Stock Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ 5,100,000 | ||
Expected weighted-average period for cost recognition | 4 years 1 month 6 days | ||
Restricted Stock Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ 8,500,000 | ||
Expected weighted-average period for cost recognition | 4 years 1 month 6 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 | $ 830,000 | $ 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 | 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) | 3 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of Shares, Unvested granted shares outstanding beginning balance | shares | 547,185 |
Number of Shares, Unvested granted shares outstanding ending balance | shares | 547,185 |
Weighted-Average Grant Date Fair Value, Unvested granted shares outstanding beginning balance | $ / shares | $ 19.02 |
Weighted-Average Grant Date Fair Value, Unvested granted shares outstanding ending balance | $ / shares | $ 19.02 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Activity Related to Stock Options Granted under Plan (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended |
Sep. 30, 2019USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of Options, outstanding beginning balance | shares | 1,339,293 |
Number of Options, outstanding ending balance | shares | 1,339,293 |
Weighted-Average Exercise Price, Option outstanding beginning balance | $ / shares | $ 19.04 |
Weighted-Average Exercise Price, Option outstanding ending balance | $ / shares | $ 19.04 |
Weighted-Average Remaining Contractual Years, Option outstanding | 9 years 1 month 6 days |
Aggregate Intrinsic Value, Option outstanding | $ | $ 1,277 |
Leases - Additional Information
Leases - Additional Information (Detail) | 3 Months Ended |
Sep. 30, 2019USD ($)BranchOfficeAdministrativeOffice | |
Lessee Lease Description [Line Items] | |
Number of branch offices in real estate lease | BranchOffice | 11 |
Number of administrative office in real estate lease | AdministrativeOffice | 2 |
Lease maturity start year | 2020 |
Lease maturity end year | 2041 |
Lease option to extend | some of which include lessee options to extend the lease term. |
Operating lease, weighted average remaining lease term | 10 years 1 month 6 days |
Lessee, operating lease, description | The operating lease asset and lease liability are determined at the commencement date of the lease based on the present value of the lease payments. |
Operating lease, weighted average discount rate, percent | 2.37% |
Short-term lease cost | $ 0 |
Sale and leaseback transactions with related parties | 0 |
Operating lease, cost | 473,000 |
Operating lease, liability | 12,592,000 |
Premises And Equipment [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease ,right-of-use asset | 12,300,000 |
Other Liabilities [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease, liability | $ 12,600,000 |
Maximum [Member] | |
Lessee Lease Description [Line Items] | |
Lessee, operating lease, original term | 12 months |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 1,609 |
2021 | 1,960 |
2022 | 1,937 |
2023 | 1,850 |
2024 | 1,479 |
Thereafter | 5,661 |
Total future minimum lease payments (undiscounted) | 14,496 |
Discounting effect on cash flows | (1,904) |
Lease liability (discounted) | $ 12,592 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Common Stock [Member] - $ / shares | 1 Months Ended | 3 Months Ended |
Nov. 06, 2019 | Sep. 30, 2019 | |
Subsequent Event [Line Items] | ||
Number of shares repurchased | 179,800 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Number of shares repurchased | 91,100 | |
Average cost per share | $ 19.97 |