Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Sep. 09, 2020 | Dec. 31, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PCSB | ||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Security Exchange Name | NASDAQ | ||
Entity Registrant Name | PCSB FINANCIAL CORPORATION | ||
Entity Central Index Key | 0001691337 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 302.6 | ||
Entity Common Stock, Shares Outstanding | 16,801,237 | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity Incorporation, State or Country Code | MD | ||
Entity File Number | 001-38065 | ||
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 Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Proxy Statement for the 2020 Annual Meeting of Stockholders (Part III). |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
ASSETS | ||
Cash and due from banks | $ 135,045 | $ 58,756 |
Federal funds sold | 1,257 | 1,273 |
Total cash and cash equivalents | 136,302 | 60,029 |
Investment securities: | ||
Held to maturity debt securities, at amortized cost (fair value of $281,497 and $346,243, respectively) | 275,772 | 345,545 |
Available for sale debt securities, at fair value | 37,426 | 72,228 |
Total investment securities | 313,198 | 417,773 |
Loans receivable, net of allowance for loan losses of $8,639 and $5,664, respectively | 1,260,947 | 1,093,121 |
Accrued interest receivable | 6,880 | 4,797 |
FHLB stock | 6,308 | 6,255 |
Premises and equipment, net | 20,853 | 11,802 |
Deferred tax asset, net | 3,129 | 2,478 |
Foreclosed real estate | 1,158 | |
Bank-owned life insurance | 25,019 | 24,291 |
Goodwill | 6,106 | 6,106 |
Other intangible assets | 229 | 323 |
Other assets | 12,958 | 9,446 |
Total assets | 1,791,929 | 1,637,579 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Interest bearing deposits | 1,181,357 | 1,084,442 |
Non interest-bearing deposits | 191,898 | 141,379 |
Total deposits | 1,373,255 | 1,225,821 |
Mortgage escrow funds | 10,123 | 9,355 |
Advances from FHLB | 106,089 | 111,216 |
Other liabilities | 28,749 | 9,880 |
Total liabilities | 1,518,216 | 1,356,272 |
Commitments and contingencies (Notes 1 and 9) | ||
Shareholders' equity: | ||
Preferred stock ($0.01 par value, 10,000,000 shares authorized, no shares issued or outstanding as of June 30, 2020 and June 30, 2019) | ||
Common stock ($0.01 par value, 200,000,000 shares authorized, 18,712,295 shares issued as of June 30, 2020 and June 30, 2019, respectively, 16,898,137 and 17,804,039 shares outstanding as of June 30, 2020 and June 30, 2019, respectively) | 187 | 187 |
Additional paid in capital | 186,200 | 182,129 |
Retained earnings | 141,288 | 134,500 |
Unearned compensation - ESOP | (11,145) | (12,114) |
Accumulated other comprehensive loss, net of income taxes | (6,403) | (5,090) |
Treasury stock, at cost (1,814,158 and 908,256 shares as of June 30, 2020 and June 30, 2019, respectively) | (36,414) | (18,305) |
Total shareholders' equity | 273,713 | 281,307 |
Total liabilities and shareholders' equity | $ 1,791,929 | $ 1,637,579 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Statement Of Financial Position [Abstract] | ||
Held to maturity investment securities, fair value | $ 281,497 | $ 346,243 |
Allowance for loan losses | $ 8,639 | $ 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 | 16,898,137 | 17,804,039 |
Treasury Stock, Shares | 1,814,158 | 908,256 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Interest and dividend income | |||
Loans receivable | $ 52,107,000 | $ 41,619,000 | |
Investment securities | 8,870,000 | 10,022,000 | |
Federal funds and other | 933,000 | 1,806,000 | |
Total interest and dividend income | 61,910,000 | 53,447,000 | |
Interest expense | |||
Deposits and escrow interest | 12,775,000 | 10,177,000 | |
FHLB advances | 2,456,000 | 566,000 | |
Total interest expense | 15,231,000 | 10,743,000 | |
Net interest income | 46,679,000 | 42,704,000 | |
Provision for loan losses | 3,064,000 | 808,000 | |
Net interest income after provision for loan losses | 43,615,000 | 41,896,000 | |
Noninterest income | |||
Fees and service charges | 1,397,000 | 1,763,000 | |
Swap income | [1] | 984,000 | 507,000 |
Bank-owned life insurance | [1] | 528,000 | 544,000 |
Gains on sales of securities, net | [1] | 38,000 | 62,000 |
Other | 122,000 | 226,000 | |
Total noninterest income | 3,069,000 | 3,102,000 | |
Noninterest expense | |||
Salaries and employee benefits | 22,934,000 | 21,611,000 | |
Occupancy and equipment | 5,223,000 | 5,185,000 | |
Communications and data processing | 2,061,000 | 1,953,000 | |
Professional fees | 1,739,000 | 1,551,000 | |
Postage, printing, stationary and supplies | 584,000 | 586,000 | |
Advertising | 400,000 | 349,000 | |
Amortization of intangible assets | 94,000 | 110,000 | |
FDIC assessment | 87,000 | 421,000 | |
Loss on other receivable | 90,000 | ||
Other operating expenses | 1,512,000 | 2,138,000 | |
Total noninterest expense | 34,634,000 | 33,994,000 | |
Net income before income tax expense | 12,050,000 | 11,004,000 | |
Income tax expense | 2,691,000 | 2,686,000 | |
Net income | $ 9,359,000 | $ 8,318,000 | |
Earnings per common share: | |||
Basic | $ 0.60 | $ 0.50 | |
Diluted | $ 0.60 | $ 0.50 | |
Weighted average common shares outstanding: | |||
Basic | 15,648,627 | 16,492,760 | |
Diluted | 15,674,169 | 16,527,117 | |
[1] | Not within the scope of ASC 606 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Net Income | $ 9,359 | $ 8,318 |
Unrealized gains (losses) on available for sale debt securities: | ||
Net change in unrealized gains/losses before reclassification adjustment | 826 | 1,741 |
Reclassification adjustment for gains realized in net income | (21) | (62) |
Net change in unrealized gains/losses | 805 | 1,679 |
Tax effect | (168) | (352) |
Net of tax | 637 | 1,327 |
Defined benefit pension plan and supplemental retirement plans: | ||
Total other comprehensive (loss) income | (1,313) | 1,860 |
Comprehensive income | 8,046 | 10,178 |
Pension Benefits [Member] | ||
Defined benefit pension plan and supplemental retirement plans: | ||
Net loss arising during the period | (3,428) | (486) |
Reclassification adjustment for amortization of prior service cost and net gain included in net periodic pension cost | 929 | 1,144 |
Net change in unrealized gains/losses | (2,499) | 658 |
Tax effect | 525 | (139) |
Net of tax | (1,974) | 519 |
SERP Benefits [Member] | ||
Defined benefit pension plan and supplemental retirement plans: | ||
Net loss arising during the period | (13) | (19) |
Reclassification adjustment for amortization of prior service cost and net gain included in net periodic pension cost | 45 | 36 |
Net change in unrealized gains/losses | 32 | 17 |
Tax effect | (8) | (3) |
Net of tax | $ 24 | $ 14 |
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) | |
Beginning Balance (in shares) at Jun. 30, 2018 | 18,165,110 | ||||||
Net Income | 8,318 | 8,318 | |||||
Other comprehensive income (loss) | 1,860 | 1,860 | |||||
Common stock dividends declared | (2,183) | (2,183) | |||||
Repurchase of common stock | (18,305) | $ (18,305) | |||||
Repurchase of common stock (in shares) | (908,256) | ||||||
Restricted stock awards granted | $ 5 | (5) | |||||
Restricted stock awards granted (in shares) | 547,185 | ||||||
Stock-based compensation | 2,140 | 2,140 | |||||
ESOP shares committed to be released | 1,918 | 949 | 969 | ||||
Ending Balance at Jun. 30, 2019 | 281,307 | $ 187 | 182,129 | 134,500 | (12,114) | (18,305) | (5,090) |
Ending Balance (in shares) at Jun. 30, 2019 | 17,804,039 | ||||||
Net Income | 9,359 | 9,359 | |||||
Other comprehensive income (loss) | (1,313) | (1,313) | |||||
Common stock dividends declared | (2,571) | (2,571) | |||||
Repurchase of common stock | (17,789) | (17,789) | |||||
Repurchase of common stock (in shares) | (890,021) | ||||||
Shares withheld related to income tax withholding | (320) | (320) | |||||
Shares withheld related to income tax withholding (in shares) | (15,881) | ||||||
Stock-based compensation | 3,316 | 3,316 | |||||
ESOP shares committed to be released | 1,724 | 755 | 969 | ||||
Ending Balance at Jun. 30, 2020 | $ 273,713 | $ 187 | $ 186,200 | $ 141,288 | $ (11,145) | $ (36,414) | $ (6,403) |
Ending Balance (in shares) at Jun. 30, 2020 | 16,898,137 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Of Stockholders Equity [Abstract] | ||
Common stock dividends declared (per share) | $ 0.16 | $ 0.13 |
ESOP shares committed to be released (in shares) | 96,881 | 96,881 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
OPERATING ACTIVITIES | |||
Net income | $ 9,359 | $ 8,318 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan loss | 3,064 | 808 | |
Depreciation and amortization | 2,965 | 1,178 | |
Amortization of net premiums on securities and deposits, and net deferred loan origination costs | 1,627 | 1,277 | |
Deferred income tax credit, net of valuation reserves | (465) | (350) | |
Net increase in accrued interest receivable | (2,083) | (439) | |
Net gains on sales of foreclosed real estate | (87) | (24) | |
Net gains on sale of securities | [1] | (38) | (62) |
Gains on sale of bank premises | [1] | (156) | |
Write-downs on foreclosed real estate | 21 | ||
Stock-based compensation | 3,316 | 2,140 | |
ESOP compensation | 1,724 | 1,918 | |
Earnings from cash surrender value of BOLI | (528) | (544) | |
Net accretion of purchase accounting adjustments | (577) | (357) | |
Other adjustments, principally net changes in other assets and liabilities | (196) | (741) | |
Net cash provided by operating activities | 18,081 | 12,987 | |
Purchases of investment securities: | |||
Held to maturity | (55,183) | (57,925) | |
Available for sale | (1,954) | ||
Sales of investment securities available for sale | 4,245 | 14,021 | |
Maturities and calls of investment securities: | |||
Held to maturity | 126,237 | 64,988 | |
Available for sale | 33,017 | 20,711 | |
Loan principal disbursement, net | (127,125) | (112,034) | |
Purchase of loans | (44,065) | (80,833) | |
Net purchase of FHLB stock | (53) | (4,205) | |
Purchase of bank premises and equipment, net of sales | (700) | (1,116) | |
Purchase of BOLI | (200) | ||
Proceeds from sales of foreclosed real estate | 1,578 | 487 | |
Net cash used in investing activities | (64,203) | (155,906) | |
FINANCING ACTIVITIES | |||
Net increase in deposits | 147,434 | 68,364 | |
Net (decrease) increase in short-term FHLB advances | (50,000) | 60,000 | |
Proceeds from long-term FHLB advances | 50,000 | 42,500 | |
Repayment of long-term FHLB advances | (5,127) | (10,125) | |
Net increase in mortgage escrow funds | 768 | 552 | |
Common stock dividends paid | (2,571) | (2,183) | |
Repurchase of shares from employees for income tax withholding purposes | (320) | ||
Repurchase of common stock | (17,789) | (18,305) | |
Net cash provided by financing activities | 122,395 | 140,803 | |
Net increase (decrease) in cash and cash equivalents | 76,273 | (2,116) | |
Cash and cash equivalents at beginning of period | 60,029 | 62,145 | |
Cash and cash equivalents at end of period | 136,302 | 60,029 | |
Cash paid for: | |||
Interest | 15,196 | 10,688 | |
Income taxes (net of refunds) | 2,134 | 2,933 | |
Loans transferred to foreclosed real estate and other assets | 333 | $ 1,182 | |
ASU 2016-13 [Member] | |||
Cash paid for: | |||
Establishment of right to use asset (ASU 2016-13) | $ 12,687 | ||
[1] | Not within the scope of ASC 606 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation Nature of Operations PCSB Bank is a community-oriented financial institution that provides financial services to individuals and businesses within its market area of Putnam, Southern Dutchess, Rockland and Westchester Counties in New York. The Bank is a state-chartered commercial bank and its deposits are insured up to applicable limits by the Deposit Insurance Fund of the Federal Deposit Insurance Corporation (“FDIC”). The Bank’s primary regulators are the FDIC and the New York State Department of Financial Services. Basis of Presentation UpCounty Realty Corp. (formerly PCSB Realty Ltd.) Use of Estimates Cash Flows Investment Securities Debt securities available for sale are reported at fair value. Unrealized gains and losses on debt securities available for sale are excluded from earnings and reported as accumulated other comprehensive income or loss (a separate component of equity), net of related income taxes. Discounts on debt securities are amortized to interest income on a level-yield basis over the terms of the securities, while premiums are amortized on a level-yield basis to the earlier of the call date or term of the security. Realized gains and losses on sales of debt securities are determined based on the amortized cost of the specific securities sold. Management evaluates securities for other-than-temporary impairment (OTTI) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. Loans Receivable Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, unamortized purchase premiums and discounts, and an allowance for loan losses. Interest income is accrued on the unpaid principal balance. Interest income on loans is discontinued at the time the loan is ninety days delinquent unless the loan is well secured and in process of collection. Loan purchase premiums and discounts are amortized over the contractual term of the loans Loan origination fees and certain direct loan origination costs are deferred and amortized to interest income as an adjustment to yield over the contractual term of the loans. Unamortized fees and costs on prepaid loans are recognized in interest income at the time of prepayment. Purchased Credit Impaired Loans Such purchased credit impaired loans are accounted for individually or aggregated into pools of loans based on common risk characteristics, such as credit score, loan type, and date of origination. The Company estimates the amount and timing of expected cash flows for each loan or pool, and the expected cash flows in excess of amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan’s or pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, an allowance is recorded as a provision for loan losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. Allowance for Loan Losses Establishing the allowance for loan losses involves significant management judgments utilizing the best information available at the time. Those judgments are subject to further examination by the Bank’s regulators. Future adjustments to the allowance for loan losses may be necessary based on changes in economic and real estate market conditions, further information obtained regarding known problem loans, the identification of additional problem loans, and other factors. The allowance consists o f specific and general components. The specific component relates to loans that are individually classified as impaired . A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for loans evaluated under the Company’s normal loan review procedures. Loans evaluated on an individual basis for impairment may be measured by the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. If the fair value of an impaired loan is less than its recorded investment, an impairment allowance is recognized and included in the allowance for loan losses. Troubled debt restructurings are separately identified for impairment disclosures and are initially measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. The general component of the allowance covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over a thirty-six month period, with heaviest weight placed on the most recent periods. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: lending policies, underwriting, charge-off and collection procedures; national and local economic trends and conditions; trends in nature and volume of the loan portfolio; experience, ability, and depth of lending management and other relevant staff; trends in delinquencies, classified loans and restructurings; quality of the loan review system and Board oversight; value of underlying collateral for collateral dependent loans; existence and effect of concentrations and levels; and effects of external factors, such as competition, legal and regulatory factors. The following portfolio segments have been identified: residential, commercial mortgage, construction, commercial, home equity and consumer and overdrafts. The risk characteristics of each of the identified portfolio segments are as follows: Residential Loans – residential loans are generally made on the basis of the borrower’s ability to make repayment from his or her employment income or other income and are secured by real property whose value tends to be more easily ascertainable. Repayment of residential loans is subject to adverse employment conditions in the local economy leading to increased default rates and decreased market values from oversupply in a geographic area. In general, these loans depend on the borrower’s continuing financial stability and, therefore, are likely to be adversely affected by various factors, including job loss, divorce, illness, or personal bankruptcy. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans. Commercial Mortgage – commercial mortgage loans, including multifamily real estate loans, are secured by multifamily and nonresidential real estate and generally have larger balances and involve a greater degree of risk than residential real estate loans. Repayment of commercial mortgage loans depend on the global cash flow analysis of the borrower and the net operating income of the property, the borrower’s expertise, credit history and profitability, and the value of the underlying property. Of primary concern in commercial real estate lending is the borrower’s creditworthiness and the cash flow generated from the property securing the loan. As a result, repayment of such loans may be subject, to a greater extent than residential real estate loans, to adverse conditions in the real estate market or the economy. Commercial real estate is also subject to adverse market conditions that cause a decrease in market value or lease rates, obsolescence in location or function and market conditions associated with over supply of units in a specific region. Construction Loans – construction financing is generally considered to involve a higher degree of risk of loss than long-term financing on improved, occu pied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the property’s value at completion of construction and the estimated cost of construction. During the construction phase, a number of factors could result in delays and cost overruns. If the estimate of construction costs proves to be inaccurate, additional funds may be required to be advanced in excess of the amount originally committed to permit completion of the building. If the estimate of value proves to be inaccurate, the value of the building may be insufficient to assure full repayment if liquidation is required. If foreclosure is required on a building before or at completion due to a default, there can be no assurance that all of the u npaid balance of, and accrued interest on, the loan as well as related foreclosure and holding costs will be recovered. Commercial – commercial loans are generally of higher risk than other types of loans and typically are made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business. As a result, the availability of funds for the repayment of commercial loans may depend substantially on the success of the business itself. Furthermore, any collateral securing such loans may depreciate over time, may be difficult to appraise, and may fluctuate in value. Home Equity Lines of Credit – home equity lines of credit consist of both fixed and variable interest rate products. These are primarily home equity loans to residential mortgage customers within our primary market area. These loans generally will not exceed a combined (i.e., first and second mortgage) loan-to-value ratio of 75% percent at origination. Consumer and overdraft loans – consumer loans generally have shorter terms and higher interest rates than one-to-four family mortgage loans. In addition, consumer loans expand the products and services we offer to better meet the financial services needs of our customers. Consumer loans generally involve greater credit risk than residential mortgage loans because of the difference in the underlying collateral. Repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment of the outstanding loan balance because of the greater likelihood of damage to, loss of, or depreciation in the underlying collateral. The remaining deficiency often does not warrant further substantial collection efforts against the borrower beyond obtaining a deficiency judgment. In addition, consumer loan collections depend on the borrower’s personal financial stability. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans. Foreclosed Real Estate Federal Home Loan Bank (FHLB) Stock Premises and Equipment Bank Owned Life Insurance (BOLI) net cash surrender value of the policies, as well as insurance proceeds received, are reflected in non-interest income on the consolidated statements of operations and are not subject to income taxes. Goodwill and Other Intangible Assets The Company has selected June 30th as the date to perform the annual impairment test, with an impairment loss recorded if indicated. In assessing impairment, we have the option to perform a qualitative analysis to determine whether the existence of events or circumstances leads to a determination that it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount. If, after assessing the totality of such events or circumstances, we determine it is not more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, then we would not be required to perform a quantitative impairment test. Otherwise, the Company compares the fair value of the reporting unit with its carrying amount, including goodwill. An impairment loss is recorded in current period earnings to the extent the carrying amount of the reporting unit exceeds its fair value. Other intangible assets, consisting of a core deposit intangible asset arising from a whole bank acquisition, are amortized on an accelerated method over their estimated useful lives of 10 years. Loan Commitments and Related Financial Instruments Derivatives Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. The documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the deri vative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings. Income Taxes Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in future years. The effect on deferred tax assets and liabilities of a change in tax laws or rates is recognized in the period that includes the enactment date of the change. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. Earnings Per Share include stock options and unvested restricted stock. Earnings and dividends per share are restated for all stock splits and stock dividends through the date of the issuance of the financial statements. Stock-Based Compensation: Compensation cost is recognized for stock options and restricted stock awards issued to employees and non-employee directors based on the fair value of these awards at the grant date. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. The Company’s policy is to recognize forfeitures as they occur. Employee Benefit Plans: Employee 401(k) expense is the amount of matching contributions. Pension expense is the net of service and interest cost, return on plan assets and amortization of gains and losses not immediately recognized. SERP expense is the net of interest cost and service cost, which allocates the benefits over years of service. The Holding Company and Bank maintain the PCSB Bank Employee Stock Ownership Plan (the “ESOP”). Compensat ion expense related to the ESOP is recorded during the period in which the shares become committed to be released to participants. The compensation expense is measured based upon the average fair market value of the stock during the period, and, to the ext ent that the fair value of the shares committed to be released differs from the original cost of such shares, the difference is recorded as an adjustment to additional paid-in capital. Loss Contingencies Fair Value of Financial Instruments Segment Reporting Risks and Uncertainties: The COVID-19 pandemic has created extensive disruptions to the global and U.S. economies and to the lives of individuals throughout the world. The New York City Metropolitan area and environs have some of the highest incidence of COVID-19 in the nation, and the neighboring Tri-State area of New Jersey and Connecticut also has been particularly affected by COVID-19. Governments, businesses, and the public have taken unprecedented actions to contain the spread of COVID-19 and to mitigate its effects, including quarantines, travel bans, shelter-in-place orders, closures and phased re-opening of businesses and schools, fiscal and monetary stimulus, and legislation designed to deliver financial aid and other relief. While the scope, duration, and full effects of COVID-19 are rapidly evolving and not fully known, the pandemic and the efforts to contain it have disrupted global economic activity, adversely affected the functioning of financial markets, impacted market interest rates, increased economic and market uncertainty, and disrupted trade and supply chains. The ultimate financial impact is unknown at this time. However, if these actions are sustained, it may adversely impact several industries within our geographic footprint and impair the ability of the Company’s customers to fulfill their contractual obligations to the Company. This could cause the Company to experience a material adverse effect on our business operations, asset valuations, financial condition, and results of operations. Material adverse impacts may include, but are not limited to, the valuation impairments of the Company’s intangible assets, investments, loans, or deferred tax assets. It is reasonably possible that the Company’s allowance for loan loss estimate as of June 30, 2020 will change in the near term and could result in a material change to the Company’s provision for loan losses, earnings and capital. Reclassifications |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Jun. 30, 2020 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | N ote 2 . Recent Accounting Pronouncements The pronouncements discussed below are not intended to be an all-inclusive list, but rather only those pronouncements that could potentially have a material impact on our financial position, results of operations or disclosures. Accounting Standards Adopted in the Period In 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 | 12 Months Ended |
Jun. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | Note 3 . Investment Securities The amortized cost, gross unrealized/unrecognized gains and losses and fair value of available for sale and held to maturity securities at June 30, 2020 and 2019 were as follows: June 30, 2020 Amortized Gross Unrealized/Unrecognized Fair Cost Gains Losses Value (in thousands) Available for sale: U.S. Government and agency obligations $ 11,002 $ 47 $ - $ 11,049 Corporate and other debt securities 5,038 82 - 5,120 Mortgage-backed securities – residential 20,844 428 (15 ) 21,257 Total available for sale $ 36,884 $ 557 $ (15 ) $ 37,426 Held to maturity: U.S. Government and agency obligations $ 42,001 $ 454 $ (5 ) $ 42,450 Corporate and other debt securities 52,790 332 (1,510 ) 51,612 Mortgage-backed securities – residential 117,160 4,291 (17 ) 121,434 Mortgage-backed securities – collateralized mortgage obligations 45,047 1,487 (31 ) 46,503 Mortgage-backed securities – commercial 18,774 724 - 19,498 Total held to maturity $ 275,772 $ 7,288 $ (1,563 ) $ 281,497 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 For the year ended June 30, 2020, the Company sold $4.7 million of securities which resulted in $38,000 of gross realized gains, which included the disposal of $426,000 of securities classified as held to maturity, resulting in $17,000 of gross realized gains. For the year ended June 30, 2019, the Company sold securities with a carrying amount of $14.0 million, resulting in $62,000 of gross realized gains, which included the disposal of $1.3 million of securities classified as held to maturity, resulting in $72,000 of gross realized gains. These held to maturity securities were comprised of seasoned mortgage-backed securities where the Company collected a substantial portion (at least 85%) of the principal outstanding at acquisition due to prepayments or scheduled payments payable in equal installments, comparing both principal and interest over terms. The following table presents the fair value and carrying amount of debt securities at June 30, 2020 by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Held to maturity Available for sale Carrying Fair Amortized Fair Amount Value Cost Value (in thousands) 1 year or less $ 15,001 $ 15,099 $ 10,002 $ 10,037 1 to 5 years 32,000 32,114 6,038 6,132 5 to 10 years 38,633 37,554 - - 10 years and over 5,188 5,136 - - Mortgage-backed securities and other 184,950 191,594 20,844 21,257 Total $ 275,772 $ 281,497 $ 36,884 $ 37,426 Securities pledged had carrying amounts of $182.2 million and $166.4 million at June 30, 2020 and 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 June 30, 2020 and 2019: June 30, 2020 Less than 12 months Greater than 12 months Total Unrealized/ Unrealized/ Unrealized/ Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Loss Value Loss Value Loss (in thousands) Available for sale: Mortgage-backed securities – residential $ 1,450 $ (15 ) $ - $ - $ 1,450 $ (15 ) Total available for sale $ 1,450 $ (15 ) $ - $ - $ 1,450 $ (15 ) Held to maturity: U.S. Government and agency obligations $ 11,995 $ (5 ) $ - $ - $ 11,995 $ (5 ) Corporate and other debt securities 30,751 (1,055 ) 12,045 (455 ) 42,796 (1,510 ) Mortgage-backed securities – residential 5,130 (17 ) - - 5,130 (17 ) Mortgage-backed securities – collateralized mortgage obligations 2,627 (31 ) - - 2,627 (31 ) Total held to maturity $ 50,503 $ (1,108 ) $ 12,045 $ (455 ) $ 62,548 $ (1,563 ) June 30, 2019 Less than 12 months Greater than 12 months Total Unrealized/ Unrealized/ Unrealized/ Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Loss Value Loss Value Loss (in thousands) Available for sale U.S. Government and agency obligations $ - $ - $ 32,919 $ (121 ) $ 32,919 $ (121 ) Corporate and other debt securities - - 3,269 (9 ) 3,269 (9 ) Mortgage-backed securities – residential - - 24,000 (181 ) 24,000 (181 ) Total available for sale $ - $ - $ 60,188 $ (311 ) $ 60,188 $ (311 ) Held to maturity U.S. Government and agency obligations $ - $ - $ 59,306 $ (246 ) $ 59,306 $ (246 ) Corporate and other debt securities 17,087 (413 ) - - 17,087 (413 ) Mortgage-backed securities – residential 1,666 (26 ) 54,648 (346 ) 56,314 (372 ) Mortgage-backed securities – collateralized mortgage obligations - - 29,372 (147 ) 29,372 (147 ) Mortgage-backed securities – commercial - - 6,972 (29 ) 6,972 (29 ) Total held to maturity $ 18,753 $ (439 ) $ 150,298 $ (768 ) $ 169,051 $ (1,207 ) For the year ended June 30, 2020, the Company’s securities portfolio consisted of $313.2 million in securities, of which 22 securities with a fair value of $64.0 million were in an unrealized loss position. The majority of unrealized losses are related to the Company’s corporate and other debt securities. These securities are internally pass rated and are subject to quarterly credit monitoring. There were no securities for which the Company believes it is not probable that it will collect all amounts due according to the contractual terms of the security as of June 30, 2020 and 2019. Management believes the unrealized losses are primarily a result of changing interest rates. The Company has determined that it does not intend to sell, or it is more likely than not that it will not be required to sell, its securities that are in an unrealized loss position prior to the recovery of its amortized cost basis. Therefore, the Company did not consider any securities to be other-than-temporarily impaired as of June 30, 2020 and 2019. |
Loans Receivable
Loans Receivable | 12 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Loans Receivable | Note 4 . Loans Receivable Loans receivable are summarized as follows (in thousands): June 30, 2020 2019 Mortgage loans: Residential $ 255,382 $ 265,167 Commercial 807,106 651,396 Construction 11,053 13,231 Net deferred loan origination costs 739 1,031 Total mortgages 1,074,280 930,825 Commercial and consumer loans: Commercial loans (1) 164,257 133,614 Home equity lines of credit 29,838 33,204 Consumer and overdrafts 481 365 Net deferred loan origination costs 730 777 Total commercial and consumer loans 195,306 167,960 Total loans receivable 1,269,586 1,098,785 Allowance for loan losses (8,639 ) (5,664 ) Loans receivable, net $ 1,260,947 $ 1,093,121 (1) Includes $49.6 million of PPP loans as of June 30, 2020 and none in the prior year. In 2015, the Bank completed a merger with CMS Bancorp and its wholly owned subsidiary, CMS Bank. References to acquired loans in this note pertain only to those loans acquired as part of the merger. The following tables present the activity in the allowance for loan losses by portfolio segment for the years ended June 30, 2020 and 2019 (in thousands): For the year ended June 30, 2020 Beginning Allowance Provision (Credit) Charge-offs Recoveries Ending Allowance Originated: Residential $ 363 $ 1 $ - $ 9 $ 373 Commercial 3,853 2,935 - 125 6,913 Construction 159 6 - - 165 Commercial loans 1,130 155 (181 ) 20 1,124 Home equity lines of credit 65 (17 ) - 12 60 Consumer and overdrafts 11 36 (51 ) 8 4 Acquired: Residential 83 (52 ) (31 ) - - Total $ 5,664 $ 3,064 $ (263 ) $ 174 $ 8,639 For the year ended June 30, 2019 Beginning Allowance Provision (Credit) Charge-offs Recoveries Ending Allowance Originated: Residential $ 386 $ (33 ) $ - $ 10 $ 363 Commercial 3,073 894 (114 ) - 3,853 Construction 505 (442 ) - 96 159 Commercial loans 780 348 - 2 1,130 Home equity lines of credit 80 (15 ) - - 65 Consumer and overdrafts 7 31 (34 ) 7 11 Acquired: Residential 73 10 - - 83 Commercial - 15 (15 ) - - Total $ 4,904 $ 808 $ (163 ) $ 115 $ 5,664 The following tables present the balance in the allowance for loan losses and the recorded investment in loans, excluding net deferred fees and accrued interest, by portfolio segment, and based on impairment method as of June 30, 2020 and 2019 (in thousands): June 30, 2020 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 $ 2,448 $ 252,195 $ 739 $ 255,382 $ 118 $ 255 $ - $ 373 Commercial - 806,224 882 807,106 - 6,913 - 6,913 Construction - 11,053 - 11,053 - 165 - 165 Commercial loans 1,921 162,336 - 164,257 1 1,123 - 1,124 Home equity lines of credit 350 29,349 139 29,838 4 56 - 60 Consumer and overdrafts - 481 - 481 - 4 - 4 Total $ 4,719 $ 1,261,638 $ 1,760 $ 1,268,117 $ 123 $ 8,516 $ - $ 8,639 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 class of loans as of and for the years ended June 30, 2020 and 2019 (in thousands): June 30, 2020 Unpaid Principal Balance Recorded Investment Allowance for loan losses With no related allowance recorded: Residential $ 2,123 $ 2,013 $ - Commercial loans 2,067 1,897 - Home equity lines of credit 326 339 - With an allowance recorded: Residential 372 435 118 Commercial loans 24 24 1 Home equity lines of credit 11 11 4 Total $ 4,923 $ 4,719 $ 123 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 For the year ended For the year ended June 30, 2020 June 30, 2019 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential $ 2,149 $ 48 $ 1,377 $ 20 Commercial 728 149 1,496 51 Commercial loans 2,163 205 2,064 200 Home equity lines of credit 468 15 577 7 With an allowance recorded: Residential 375 14 753 14 Construction - - 869 - Commercial loans 38 2 50 11 Home equity lines of credit 85 7 11 - Total $ 6,006 $ 440 $ 7,197 $ 303 The following table presents the recorded investment in nonaccrual loans and in loans past due over 90 days still on accrual status, by class of loans as of June 30, 2020 and 2019 (in thousands): Loans Past Due Over 90 Days Nonaccrual and Still Accruing June 30, June 30, June 30, June 30, 2020 2019 2020 2019 Originated: Residential $ 1,230 $ 536 $ - $ - Commercial loans - 150 - - Home equity lines of credit 42 383 - - Consumer and overdrafts - - - 1 Acquired: Residential 227 795 - - Commercial - 568 - - Home equity lines of credit 296 294 - - Total $ 1,795 $ 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 $392,000 and $501,000 as of June 30, 2020 and 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 class of loans as of June 30, 2020 and 2019 (in thousands): June 30, 2020 30-59 60-89 90 Days or Days Past Days Past More Past Total Past Due Due Due Due Current (1) Total Originated: Residential $ - $ 10 $ 579 $ 589 $ 216,212 $ 216,801 Commercial - - - - 768,037 768,037 Construction - - - - 11,053 11,053 Commercial loans 76 - - 76 163,991 164,067 Home equity lines of credit 44 - 42 86 26,687 26,773 Consumer and overdrafts - - - - 469 469 Total originated 120 10 621 751 1,186,449 1,187,200 Acquired: Residential 495 - 227 722 37,859 38,581 Commercial - - - - 39,069 39,069 Commercial loans - - - - 190 190 Home equity lines of credit - - 296 296 2,769 3,065 Consumer and overdrafts - - - - 12 12 Total acquired 495 - 523 1,018 79,899 80,917 Total $ 615 $ 10 $ 1,144 $ 1,769 $ 1,266,348 $ 1,268,117 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 (1). Troubled Debt Restructurings The terms of certain loans were modified as troubled debt restructurings. The modification of the terms of such loans included one or a combination of the following: a reduction of the stated interest rate of the loan; an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; or a permanent reduction of the recorded investment in the loan. As of June 30, 2020 and 2019, the Company had 14 and 13 loans classified as troubled debt restructurings totaling $3.3 million and $4.1 million, respectively, including $2.9 million and $3.2 million, respectively, of loans still accruing. The Company has allocated $123,000 and $135,000, respectively, of specific reserves to customers whose loan terms have been modified in troubled debt restructurings as of June 30, 2020 and 2019, and has committed to lend an additional $25,000 to one customer with an outstanding loan that is classified as a troubled debt restructuring. The following table presents loans by modified in troubled debt restructurings that occurred during the years ended June 30, 2020 and 2019 (dollars in thousands): Number of loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Year Ended June 30, 2020 Commercial loans 2 $ 195 $ 172 Total 2 $ 195 $ 172 Year Ended June 30, 2019 Residential mortgage 3 $ 1,115 $ 1,110 Home equity lines of credit 1 73 73 Total 4 $ 1,188 $ 1,183 The Company had one troubled debt restructuring incur a payment default in the year ended June 30, 2020 that was modified in the twelve months prior to default. This default resulted in no charge-offs or additional provision for loan losses. The Company had no troubled debt restructurings for which there was a payment default in the year ended June 30, 2019 that were modified in the twelve months prior to default. 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. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law. Section 4013 of the CARES Act, “Temporary Relief From Troubled Debt Restructurings,” provides banks the option to temporarily suspend certain requirements under U.S. GAAP related to troubled debt restructurings (“TDR”) for a limited period of time to account for the effects of COVID-19. Additionally, on April 7, 2020, the banking agencies, including the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation, issued a statement, “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working With Customers Affected by the Coronavirus (Revised)” (“Interagency Statement”), to encourage banks to work prudently with borrowers and to describe the agencies’ interpretation of how accounting rules under ASC 310-40, “Troubled Debt Restructurings by Creditors,” apply to certain COVID-19-related modifications. In accordance with emergency regulations promulgated by New York State Department of Financial Services, financial institutions are required to provide payment accommodations, which may include payment deferrals, to any consumer and small businesses who can demonstrate financial hardship caused by COVID-19. As of June 30, 2020, the Company has granted loan payment deferrals for 105 residential mortgage loans and home equity lines of credit totaling $30.7 million, as well as deferrals for 215 commercial mortgage, commercial loan and construction loans totaling $185.5 million. In accordance with the CARES Act and Interagency Statement, these modifications were not considered troubled debt restructurings. 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-de scribed process and loans in groups of homogenous loans are considered to be pass rated loans. These loans are monitored based on delinquency and performance. Based on the most recent analysis performed, the risk category of loans by class of loans is as f ollows (in thousands): June 30, 2020 Pass Special Mention Substandard Total Originated: Residential $ 215,072 $ 489 $ 1,240 $ 216,801 Commercial 764,861 3,176 - 768,037 Construction 11,053 - - 11,053 Commercial loans 159,947 201 3,919 164,067 Home equity lines of credit 26,265 442 66 26,773 Consumer and overdrafts 469 - - 469 Total originated 1,177,667 4,308 5,225 1,187,200 Acquired: Residential 37,532 198 851 38,581 Commercial 38,187 - 882 39,069 Commercial loans 190 - - 190 Home equity lines of credit 2,629 56 380 3,065 Consumer and overdrafts 12 - - 12 Total acquired 78,550 254 2,113 80,917 Total $ 1,256,217 $ 4,562 $ 7,338 $ 1,268,117 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 As of June 30, 2020, of the $216.2 million in loans granted COVID-19 related payment deferrals, $211.0 million were pass-rated, with $198,000 and $4.9 million rated special mention and substandard, respectively. Purchased Credit Impaired Loans The Company has acquired loans for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount of those loans as follows (in thousands): June 30, 2020 2019 Residential $ 739 $ 1,186 Commercial 882 890 Home equity lines of credit 139 156 Carrying amount, net of allowance of $0 and $83, respectively $ 1,760 $ 2,232 Accretable yield, or income expected to be collected, for acquired loans is as follows (in thousands): Year ended June 30, 2020 2019 Beginning balance $ 192 $ 245 New loans acquired - - Accretion income (36 ) (53 ) Reclassification from non-accretable difference - - Disposals - - Ending balance $ 156 $ 192 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Jun. 30, 2020 | |
Property Plant And Equipment [Abstract] | |
Premises and Equipment | Note 5 . Premises and Equipment Premises and equipment are summarized as follows at June 30 (in thousands): 2020 2019 Land $ 1,326 $ 1,997 Building and Leasehold improvements 13,086 13,753 Furniture, fixtures and equipment 7,361 6,808 Construction and improvements in process 34 15 21,807 22,573 Less: accumulated depreciation and amortization (11,930 ) (10,771 ) Total 9,877 11,802 Right to use lease asset 10,976 - Total Bank premises and equipment, net $ 20,853 $ 11,802 Right to use lease assets as of June 30, 2020 of $11.0 million included $11.9 million of assets recorded upon the adoption of ASU 2016-02 on July 1, 2020 and $796,000 of lease assets acquired during the current year, partially offset by amortization of $1.7 million for the current year. Prior period amounts include no right to use lease assets. Depreciation expense was $1.2 million and $1.1 million for the years ended June 30, 2020 and 2019, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Jun. 30, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 6 . Goodwill and Intangible Assets The change in goodwill during the years ended June 30, 2020 and 2019 are as follows (in thousands): 2020 2019 Balance at July 1, $ 6,106 $ 6,106 Impairment - - Total at June 30, $ 6,106 $ 6,106 Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. The Company tests for goodwill impairment on an annual basis as of June 30 th charges were required to be recorded in the year ended June 30, 2020 or 2019 Acquired Intangible Assets: Acquired intangible assets were as follows at June 30 (in thousands): 2020 2019 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Core deposit intangible $ 887 $ (658 ) $ 887 $ (564 ) Aggregate amortization expense was $94,000 and $110,000 for the years ended June 30, 2020 and 2019, respectively. Estimated amortization expense for each of the next five fiscal years ended June 30 (in thousands): 2021 $ 78 2022 62 2023 46 2024 30 2025 13 |
Deposits
Deposits | 12 Months Ended |
Jun. 30, 2020 | |
Deposits [Abstract] | |
Deposits | Note 7 . Deposits Deposit balances are summarized as follows at June 30 (in thousands): 2020 2019 Demand $ 191,898 $ 141,379 NOW Accounts 151,797 123,069 Money market accounts 239,942 148,134 Savings 343,352 357,844 Time deposits 446,266 455,395 Total $ 1,373,255 $ 1,225,821 Time deposits that meet or exceed the FDIC insurance limit of $250,000 were $143.2 million and $149.0 million at June 30, 2020 and 2019, respectively. Scheduled maturities of time deposits were as follows as of June 30 (in thousands): 2020 2019 Within 1 year $ 270,435 $ 221,832 1 year to 2 years 63,771 112,394 2 years to 3 years 32,259 41,211 3 years to 4 years 70,452 33,538 4 years to 5 years 9,349 46,420 Total $ 446,266 $ 455,395 Deposits of local governments held by PCSB Bank were $44.1 million and $40.1 million at June 30, 2020 and 2019, respectively. Additionally, as of June 30, 2020 and 2019, deposits included $67.5 million and $77.5 million of brokered time deposits with remaining maturities between 6 and 44 months. |
FHLB and Other Borrowings
FHLB and Other Borrowings | 12 Months Ended |
Jun. 30, 2020 | |
Federal Home Loan Banks [Abstract] | |
FHLB and Other Borrowings | Note 8 . FHLB and Other Borrowings Borrowings consist of advances from the FHLBNY. As of June 30, 2020, FHLB advances consisted of $102.5 million of short and long-term advances with original maturities ranging from 9 to 42 months, as well as a $3.6 million amortizing term loan with a balloon payment of $2.8 million in 2026. The maturity schedule of advances is summarized as follows as of June 30 (dollars in thousands): 2020 2019 Amount Due Weighted Avg. Rate Amount Due Weighted Avg. Rate Within 1 year $ 40,131 1.81 % $ 65,128 2.29 % 1 year to 2 years 17,635 2.11 30,131 2.10 2 years to 3 years 40,138 1.79 7,635 3.22 3 years to 4 years 5,142 3.31 138 2.62 4 years to 5 years 146 2.62 5,142 3.31 Thereafter 2,897 2.62 3,042 2.62 Total $ 106,089 1.95 % $ 111,216 2.36 % As a member of the FHLBNY, the Bank had access to funds in the form of FHLB advances of approximately $218.4 million and $291.2 million at June 30, 2020 and 2019, of which $106.1 million and $111.2 million was outstanding as of each respective period. Advances are secured by the Bank’s investment in FHLB stock and by a blanket security agreement. This agreement requires the Bank to maintain as collateral certain qualifying assets (such as U.S. Government agency and MBS) with a discounted fair value, as defined, at least equal to 110% of any outstanding advances. At June 30, 2020, the Bank also had access to funds of approximately $108.7 million in the form of secured borrowings through the discount window of the FRB. Collateral for these borrowings may include qualifying assets, such as one-to-four family residential loans. The Bank had no outstanding FRB borrowings as of June 30, 2020 or 2019. Additionally, as of June 30, 2020 we had $25.0 million of fed funds lines of credit, none of which was outstanding. |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9 . Commitments and Contingencies Financial Instruments with Off-Balance-Sheet Risk described in Note 1 The contract amounts of credit-related financial instruments reflect the extent of the Company’s involvement with those classes of financial instruments. The Company’s exposure to credit loss in the event of non-performance by the counterparty is represented by the contract amount. The Company uses the same credit policies in extending commitments, lines of credit and standby letters of credit as it does for on-balance sheet instruments. The contract amounts of credit-related financial instruments at June 30, are summarized below (in thousands): 2020 2019 Unused lines of credit $ 141,070 $ 121,555 Commitments to originate loans 48,123 67,859 Standby letter of credit 1,820 1,688 Lines of credit (including undisbursed construction loans) and commitments to originate loans are agreements to lend to a customer as long as there is no violation of any condition established in the contract. These agreements generally have fixed expiration dates or other termination clauses and may require payment o f a fee. Since certain lines of credit and commitments are expected to expire without being funded, the contract amounts do not necessarily represent future cash requirements. In extending lines of credit and commitments, the Company evaluates each custome r’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the customer. The Company issues financial standby letters of credit that are irrevocable undertakings by the Company to guarantee payment of a specified financial obligation. Most of the Company’s financial standby letters of credit arise in connection with lending relationships and have terms of one year or less. The maximum potential future payments the Company could be required to make equals the contract amount of standby letters of credit shown in the preceding table. The Company’s recognized liability for financial standby letters of credit was insignificant at June 30, 2020 and 2019. Legal Proceedings Company |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 10 . Accumulated Other Comprehensive Income (Loss) The following is a summary of the accumulated other comprehensive income (loss) balances, net of tax (in thousands): Net unrealized gain (loss) on available for sale securities (1) Unrealized loss on pension benefits (2) Unrealized loss on SERP benefits (2) Total Balance at July 1, 2019 $ (209 ) $ (4,631 ) $ (250 ) $ (5,090 ) Other comprehensive income (loss) before reclassifications 826 (3,428 ) (13 ) (2,615 ) Amounts reclassified from accumulated other comprehensive (loss) income (21 ) 929 45 953 Tax effect (168 ) 525 (8 ) 349 Net other comprehensive income (loss) 637 (1,974 ) 24 (1,313 ) Balance at June 30, 2020 $ 428 $ (6,605 ) $ (226 ) $ (6,403 ) Net unrealized gain (loss) on available for sale securities (1) Unrealized loss on pension benefits (2) Unrealized loss on SERP benefits (2) Total Balance at July 1, 2018 $ (1,536 ) $ (5,150 ) $ (264 ) $ (6,950 ) Other comprehensive income (loss) before reclassifications 1,741 (486 ) (19 ) 1,236 Amounts reclassified from accumulated other comprehensive (loss) income (62 ) 1,144 36 1,118 Tax effect (352 ) (139 ) (3 ) (494 ) Net other comprehensive income 1,327 519 14 1,860 Balance at June 30, 2019 $ (209 ) $ (4,631 ) $ (250 ) $ (5,090 ) (1) (2) |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 11 . Earnings Per Share Basic EPS is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated in a similar matter, except that the denominator includes the number of additional common shares that would have been outstanding if potentially dilutive common shares were issued using the treasury stock method. Dilutive financial instruments include stock options and unvested restricted stock. The following table provides factors used in the earnings per share computation for the years ended June 30 th 2020 2019 (amounts in thousands, except share and per share data) Net income applicable to common stock $ 9,359 $ 8,318 Average number of common shares outstanding 16,811,359 17,752,473 Less: Average unallocated ESOP shares (1,162,732 ) (1,259,713 ) Average number of common shares outstanding used to calculate basic earnings per common share 15,648,627 16,492,760 Effect of equity-based awards 25,542 34,357 Average number of common shares outstanding used to calculate diluted earnings per common share 15,674,169 16,527,117 Earnings per Common share: Basic $ 0.60 $ 0.50 Diluted $ 0.60 $ 0.50 Stock options for 1,339,293 shares of common stock were not considered in computing dilutive earnings per common share for the years ended June 30, 2020 and 2019 because they were antidilutive. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 12 . Fair Value of Financial Instruments Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as general classification of such instruments pursuant to the valuation hierarchy, is set forth below. While management believes the Company’s valuation methodologies are appropriate and consistent with other financial institutions, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Investment Securities : The fair values of securities available for sale are determined by obtaini ng quoted prices on nationally recognized securities exchanges (Level 1 inputs), matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs), or a broker's opinion of value (Level 3 inputs). Impaired Loans Foreclosed Real Estate Real estate owned properties are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Appraisals for both collateral-dependent impaired loans and real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, a member of the Credit Department, as well as a third-party specialist, where deemed appropriate, reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. Once appraisals are considered appropriate, management discounts the appraised value for estimated selling costs, such as legal, broker, and property maintenance and insurance costs. The most recent analysis performed indicated discount rates ranging between 10% and 20% should be applied to properties with appraisals performed. Derivatives Assets and liabilities measured at fair value are summarized below (in thousands): Fair Value Measurements Level 1 Level 2 Level 3 Total June 30, 2020 Measured on a recurring basis: Available for sale securities: U.S. Government and agency obligations $ - $ 11,049 $ - $ 11,049 Corporate and other debt securities - 5,120 - 5,120 Mortgage-backed securities – residential - 21,257 - 21,257 Derivatives - interest rate contracts - 8,305 - 8,305 Total assets at fair value $ - $ 45,731 $ - $ 45,731 Derivatives - interest rate contracts $ - $ 8,305 $ - $ 8,305 Total liabilities at fair value $ - $ 8,305 $ - $ 8,305 Measured on a non-recurring basis: Impaired loans: Residential mortgages $ - $ - $ 316 $ 316 Commercial loans - - 100 100 Home equity lines of credit - - 8 8 Total assets at fair value $ - $ - $ 424 $ 424 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 Impaired loans in the table above had a carrying amount of $546,000 and a remaining valuation allowance of $123,000 at June 30, 2020, incurred no net charge-offs and resulted in a credit for loan losses of $6,000 during the year ended June 30, 2020. Impaired loans in the table above had a carrying amount of $937,000 and a remaining valuation allowance of $173,000 at June 30, 2019, and incurred no net charge-offs and resulted in an additional provision for loan losses of $40,000 during the year ended June 30, 2019. The following tables present quantitative information about Level 3 fair value measurements for selected financial instruments measured at fair value on a non-recurring basis at June 30, 2020 and 2019 (dollars in thousands): Fair Value Valuation Technique(s) Unobservable Input(s) Range or Rate Used June 30, 2020 Impaired loans - residential mortgages $ 316 Discounted cash flow Discount rate 5.4% to 6.3% Impaired loans - commercial loans 100 Discounted cash flow Discount rate 6.8% to 7.5% Impaired loans - home equity lines of credit 8 Discounted cash flow Discount rate 6.3% 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 6.3% 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 June 30, 2020 Financial assets: Cash and cash equivalents $ 136,302 $ 136,302 $ - $ - $ 136,302 Investment securities held to maturity 275,772 - 276,847 4,650 281,497 Investment securities available for sale 37,426 - 37,426 - 37,426 Loans receivable, net 1,260,947 - - 1,240,440 1,240,440 Accrued interest receivable 6,880 - 997 5,883 6,880 FHLB stock 6,308 N/A N/A N/A N/A Derivative assets - interest rate contracts 8,305 - 8,305 - 8,305 Financial liabilities: Demand, NOW, money market deposits and savings accounts 926,989 926,989 - - 926,989 Accrued interest payable 246 1 245 - 246 Time deposits 446,266 - 456,109 - 456,109 Mortgage escrow funds 10,123 10,123 - - 10,123 FHLB advances 106,089 - 110,937 - 110,937 Derivative liabilities - interest rate contracts 8,305 - 8,305 - 8,305 June 30, 2019 Financial assets: Cash and cash equivalents $ 60,029 $ 60,029 $ - $ - $ 60,029 Investment securities held to maturity 345,545 - 346,243 - 346,243 Investment securities available for sale 72,228 - 72,228 - 72,228 Loans receivable, net 1,093,121 - - 1,092,878 1,092,878 Accrued interest receivable 4,797 - 1,330 3,467 4,797 FHLB stock 6,255 N/A N/A N/A N/A Derivative assets - interest rate contracts 1,339 - 1,339 - 1,339 Financial liabilities: Demand, NOW, money market deposits and savings accounts 770,426 770,426 - - 770,426 Accrued interest payable 209 18 191 - 209 Time deposits 455,395 - 460,554 - 460,554 Mortgage escrow funds 9,355 9,355 - - 9,355 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 13 . Income Taxes The components of income tax expense (benefit) are summarized as follows for the years ended June 30 (in thousands): 2020 2019 Current tax expense (benefit) Federal $ 3,089 $ 2,624 State 67 412 3,156 3,036 Deferred tax expense (benefit) Federal (444 ) (329 ) State (48 ) (91 ) (492 ) (420 ) State tax valuation allowances, net of federal benefit 27 70 Total $ 2,691 $ 2,686 The Company utilizes a calendar year tax year. 2020 2019 Federal statutory rate 21.00 % 21.00 % Tax at federal statutory rate $ 2,530 $ 2,311 State Taxes, net of federal benefit 48 310 Tax-exempt income (56 ) (66 ) BOLI income (111 ) (114 ) Other Compensation 36 32 ESOP Compensation 159 199 Other, net 85 14 Total $ 2,691 $ 2,686 Effective tax rate 22.34 % 24.41 % Year-end deferred tax assets and liabilities were due to the following (in thousands): 2020 2019 Deferred Tax Assets: Allowance for Loan Losses $ 2,269 $ 1,419 Other comprehensive loss (defined benefit plans) 1,816 1,298 Deferred compensation 951 879 Charitable contribution carryforward 307 671 Stock based compensation 729 498 Depreciation of premises and equipment 416 416 Other comprehensive loss (securities) - 55 Lease liabilities 2,942 - Other 16 544 Total deferred tax assets 9,446 5,780 Deferred Tax Liabilities: Prepaid pension costs 2,482 2,416 Deferred loan costs and fees, net 376 466 Other comprehensive income (securities) 114 - Right to use lease asset 2,883 - Total deferred tax liabilities 5,855 2,882 Deferred tax asset valuation allowance (462 ) (420 ) Net deferred tax asset $ 3,129 $ 2,478 The Company has an apportioned New York State net operating loss carryforward of approximately $1.4 million which will begin to expire in 2034. In addition, the Company has approximately $1.4 million of charitable contribution carryforwards that may be carried forward up to 5 years and will begin to expire in 2022. In 2014, New York State enacted comprehensive tax reform provisions with significant impact on financial institutions. As a result of this legislation, beginning on January 1, 2015, the Company calculated its tax obligation to New York based upon the greater of a calculated income tax liability, a tax liability based upon average equity capital or a fixed minimum fee. As a result of the Company’s ability to deduct a portion of the dividends paid by its captive REIT subsidiary, PCSB Funding Corp., it is more likely than not the Company will generate New York tax losses in future years and therefore calculate its New York tax liability on the basis of average equity capital or a fixed minimum fee. Consequently, the Company maintains a valuation allowance against its net New York deferred tax asset, as it is unlikely this deferred tax asset will impact the Company's New York tax liability in future years. Management has determined that it is not required to establish a valuation allowance against any other deferred tax assets in accordance with accounting principles generally accepted in the United States of America Retained earnings at June 30, 2020 included approximately $2.8 million for which deferred income taxes of approximately $588,000 have not been provided. The retained earnings amount represents the base year allocation of income to bad debt deductions for tax purposes only. Base year reserves are subject to recapture if the Bank makes certain non-dividend contributions, repurchases any of its stock, pays dividends in excess of tax earnings and profits, or ceases to maintain a bank charter. Under ASC 740, this amount is treated as a permanent difference and deferred taxes are not recognized unless it appears that it will be reduced and result in taxable income in the foreseeable future. Events that would result in taxation of these reserves include failure to qualify as a bank for tax purposes or distributions in complete or partial liquidation. The Company is subject to U.S. federal income tax as well as income tax of the states of New York, New Jersey and Connecticut. The Company’s New York State tax returns are currently undergoing routine audit for tax years 2016 through 2018. The Company’s federal and other state income tax retur ns are subject to examination for years after December 31, 2016. At June 30, 2020 and 2019, the Company had no unrecognized tax benefits recorded. The Company does not expect the total amount of unrecognized tax benefits to significantly increase or decrease in the next twelve months. |
Post-Retirement Benefits
Post-Retirement Benefits | 12 Months Ended |
Jun. 30, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Post-Retirement Benefits | Note 14 . Post-Retirement Benefits Employee Pension Plan The Company maintains a non-contributory defined benefit pension plan that covers employees meeting specific requirements as to age and length of service. The Company’s contributions to this qualified plan are determined on the basis of (i) the maximum amount that can be deducted for federal income tax purposes, and (ii) the amount determined by a consulting actuary as necessary to avoid an accumulated funding deficiency as defined by the Employee Retirement Income Security Act of 1974 (ERISA). Contributions are intended to provide not only for benefits attributed to service to date, but also those expected to be earned in the future. The following is a summary of the plan’s funded status as of June 30 (the measurement date for financial reporting purposes) (in thousands): 2020 2019 Change in benefit obligation: Beginning benefit obligation $ 22,356 $ 24,764 Interest Cost 720 1,000 Actuarial Loss 2,290 (327 ) Benefits Paid (948 ) (929 ) Settlements (1,115 ) (2,152 ) Ending benefit obligation 23,303 22,356 Change in plan assets, at fair value: Beginning plan assets 26,133 27,975 Actual return 777 1,239 Benefits paid (948 ) (929 ) Settlements (1,115 ) (2,152 ) Ending Plan assets 24,847 26,133 Funded Status $ 1,544 $ 3,777 Accumulated Benefit Obligation $ 23,303 $ 22,356 The following is a summary of net period pension cost (benefit), contributions and benefits paid for the years ended June 30 (in thousands): 2020 2019 Net period pension (benefit) cost $ (266 ) $ 92 Benefits paid 948 929 Pre-tax amounts recognized in accumulated other comprehensive loss included net losses of $3.4 million and $486,000 for the years ended June 30, 2020 and 2019, respectively. Pre-tax amounts included in accumulated other comprehensive income were $8.3 million and $5.9 million as of June 30, 2020 and 2019. Net periodic pension cost and other amounts recognized in other comprehensive income for the years ended June 30 (in thousands): 2020 2019 Interest Cost $ 720 $ 1,000 Expected return on plan assets (1,915 ) (2,052 ) Amortization of prior net loss 529 580 Settlement charge 400 564 Net periodic (credit) cost $ (266 ) $ 92 The estimated net loss and past service cost for the pension plan that will be amortized from accumulated other comprehensive income into net periodic benefit costs during the year ending June 30, 2021, are $959,000 and $0, respectively. Contributions: Estimated Future Payments 2021 $ 1,131 2022 1,163 2023 1,175 2024 1,056 2025 1,028 Following five years 5,614 Assumptions Weighted-average assumptions used to determine net periodic pension cost are described in the table below. Year ended June 30, 2020 2019 Discount Rate 3.31 % 4.14 % Expected return on plan assets 7.50 % 7.50 % Plan Assets Plan assets are invested in a series of diversified investment funds of RSI Retirement Trust (“the Trust”). The investment funds include equity mutual funds, bond mutual funds, or commingled trust funds, each with its own investment objectives, investment strategies and risks. The Trust has been given discretion by the Company to determine the appropriate strategic asset allocation, as governed by the Trust’s Statement of Investment Objectives and Guidelines. The long-term objective is to be invested 65% in equity securities (equity mutual funds), 34% in debt securities (bond mutual funds) and 1% in cash equivalents. The bond fund portion may be temporarily increased to 50% in order to lessen the volatility of asset values. Asset rebalancing is performed at least annually, with interim adjustments made if the investment mix varies by more than 10% from the target allocation. The weighted average expected long-term rate of return is estimated based on current trends in the plan assets as well as projected future rates of returns on those assets. The long-term rate of return assumption was set based on historical returns earned by equities and fixed income securities, adjusted to reflect expectations of future returns as applied to the plan’s target allocation of asset classes. Equities and fixed income securities were assumed to earn real rates of return in the ranges of 6% to 8% and 3% to 5%, respectively. The long-term inflation rate was estimated to be 2.5%. When these overall return expectations are applied to the plan’s target allocation, the result is an expected rate of return of 7.50%. The plan is only permitted to invest in assets approved by the RSI Trustee Board. All other investments are prohibited. The Company’s actual pension plan asset allocation and target allocation by asset category are as follows: Percentage of Plan Target Assets at Year-End Asset Category Allocation 2020 2019 Equity mutual funds and common/collective trusts 65 % 63 % 60 % Fixed income common/collective trusts 34 % 36 % 37 % Cash equivalents 1 % 1 % 3 % Total 100 % 100 % 100 % Equity, Debt, Investment Funds and Other Securities The fair value of the plan assets at June 30 t h Fair Value Measurements Using Quoted Prices Significant In Active Other Significant Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) June 30, 2020 Plan assets Equity mutual funds and common/collective trusts $ 15,623 $ - $ 15,623 $ - Fixed income common/collective trusts 8,910 - 8,910 - Cash equivalents 313 313 - - Total $ 24,846 $ 313 $ 24,533 $ - June 30, 2019 Plan assets Equity mutual funds and common/collective trusts $ 15,837 $ - $ 15,837 $ - Fixed income common/collective trusts 9,618 - 9,618 - Cash equivalents 678 678 - - Total $ 26,133 $ 678 $ 25,455 $ - Defined Contribution Retirement Plan The Company maintains a defined contribution plan for eligible employees hired after October 1, 2012. On May 1, 2017, the Company suspended contributions, resulting in no expense for the years ended June 30, 2020 and 2019, respectively. 401(k) Plan The Company maintains a defined contribution plan for eligible employees under Section 401(k) of the Internal Revenue Code. All full-time employees who have attained age twenty-one and have a minimum of one year of service may elect to participate in the plan, by making contributions ranging from 1% to 25% of their compensation. The Company m ade no matching contributions during the years ended June 30, 2020 and 2019, resulting in no expense for these years. Supplemental Retirement Plan The Company also maintains unfunded and non-qualified supplemental retirement plans to provide pension benefits in addition to those provided under the qualified pension plan. The accrued benefit cost for the supplemental plans was approximately $3.9 million and $3.7 million at June 30, 2020 and 2019, respectively, (included in other liabilities in the consolidated statements of financial condition). Included in accumulated other comprehensive income were pre-tax net losses of $286,000 and $318,000 for the supplemental retirement plans as of June 30, 2020 and 2019, respectively. The projected benefit obligation and accumulated benefit obligation were $3.9 million and $3.7 million as of June 30, 2020 and 2019, respectively. Pension expense for the supplemental plans was $500,000 and $613,000 for the years ended June 30, 2020 and 2019, respectively. Supplemental retirement plan benefits of $272,000 Net periodic pension cost and other amounts recognized in other comprehensive income for the years ended June 30 (in thousands): 2020 2019 Service cost $ 338 $ 455 Interest cost 117 122 Amortization of prior net loss 45 36 Net periodic cost $ 500 $ 613 The estimated net loss for the supplemental plans that will be amortized from accumulated other comprehensive income into net periodic benefit costs during the year ending June 30, 2021, is $55,000. The following benefit payments, which reflect expected future service, are expected for the years ending June 30 (in thousands): 2021 $ 272 2022 272 2023 3,424 2024 136 2025 - Following five years - As of June 30, 2020, the assumed discount rates used for the supplemental plans range from 2.40% to 3.17%. Employee Stock Ownership Plan On January 1, 2017, the Company established an Employee Stock Ownership Plan (“ESOP”) to provide eligible employees the opportunity to own Company stock. The plan is a tax-qualified retirement plan for the benefit of Company employees. The Company granted a loan to the ESOP for the purchase of 1,453,209 shares of the Company’s common stock at a price of $10.00 per share. The loan obtained by the ESOP from the Company to purchase the common stock is payable annually over 15 years at a rate per annum equal to the Prime Rate, reset annually on January 1st (4.75% for 2020). Loan payments are principally funded by cash contributions from the Bank. The loan is secured by the shares purchased, which are held in a suspense account for allocation among participants as the loan is repaid. The balance of the ESOP loan at June 30, 2020 was $11.6 million. Contributions are allocated to el igible participants on the basis of compensation, subject to federal tax limits. The number of shares committed to be released annually is 96,881 through 2032. Shares held by the ESOP include the following at June 30 th 2020 2019 Allocated to participants 327,206 241,804 Unearned 1,114,529 1,211,405 Total ESOP shares 1,441,735 1,453,209 Fair value of unearned shares $ 14,132 $ 24,531 Total compensation expense recognized in connection with the ESOP for the year ended June 30, 2020 and 2019 was $1.7 million and $1.9 million, respectively. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Jun. 30, 2020 | |
Banking And Thrift Other Disclosures [Abstract] | |
Regulatory Matters | Note 15 . Regulatory Matters The following is a summary of the Bank’s actual capital amounts and ratios as of June 30, 2020 and 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 June 30, 2020: Leverage (Tier 1) $ 220,310 12.5 % $ 70,432 4.0 % $ 88,040 5.0 % Risk-based: Common Tier 1 220,310 17.0 58,389 4.5 84,339 6.5 Tier 1 220,310 17.0 77,852 6.0 103,802 8.0 Total 228,949 17.6 103,802 8.0 129,753 10.0 June 30, 2019: 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 established that community banking institutions must maintain a capital conservation buffer of common equity Tier 1 capital in an amount greater than 2.5% of total risk-weighted assets to avoid being subject to limitations on capital distributions and discretionary bonus payments to executive officers. The implementation of the capital conservation buffer began on January 1, 2016 at the 0.625% level and was phased in over a four-year Management believes that as of June 30, 2020 and 2019, the Bank met all capital adequacy requirements to which it was subject, including the capital conservation buffer. Further, the most recent FDIC notification categorized the Bank as a well-capitalized institution un der the prompt corrective action regulations. There have been no conditions or events since that notification that management believes have changed the Bank’s capital classification. |
Related Party Disclosures
Related Party Disclosures | 12 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Disclosures | Note 16. Related Party Disclosures The Company's authority to extend credit to its directors, executive officers, and stockholders owning 10% or more of the Holding Company's outstanding common stock, as well as to entities controlled by such persons, is additionally governed by the requirements of Sections 22(g) and 22(h) of the FRA and Regulation O of the FRB enacted thereunder. Among other matters, these provisions require that extensions of credit to insiders: (i) be made on terms substantially the same as, and follow credit underwriting procedures not less stringent than, those prevailing for comparable transactions with unaffiliated persons and that do not involve more than the normal risk of repayment or present other unfavorable features; and (ii) not exceed certain amount limitations individually and in the aggregate, which limits are based, in part, on the amount of the bank's capital. Regulation O additionally requires that extensions of credit in excess of certain limits be approved in advance by the Bank's board of directors. New York banking regulations impose certain limits and requirements on various transactions with "insiders," as defined in the New York banking regulations to include certain executive officers, directors and principal stockholders. At and for the years ended June 30, 2020 and 2019, the Company and the Bank had no insider loans. |
Derivatives and Hedging
Derivatives and Hedging | 12 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging | Note 17 Derivatives not designated as hedges may be used to manage the Company’s exposure to interest rate movements or to provide service to customers. The Company executes interest rate swaps with commercial lending customers to facilitate their respective risk management strategies. These interest rate swaps with customers are simultaneously offset by interest rate swaps that the Company executes with a third party in order to minimize the net risk exposure resulting from such transactions. These interest rate swap agreements do not qualify for hedge accounting treatment, and therefore changes in fair value are reported in current period earnings. The following table presents summary information about the interest rate swaps as of June 30 th 2020 2019 (dollars in thousands) Notional amounts $ 159,242 $ 68,535 Weighted average pay rates 2.54 % 3.89 % Weighted average receive rates 2.54 % 3.89 % Weighted average maturity 9.31 years 9.84 years Fair value of combined interest rate swaps $ - $ - |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 12 Months Ended |
Jun. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue From Contracts With Customers | Note 18 In accordance with ASC 606, 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 For the Year Ended June 30, 2020 2019 (in thousands) Noninterest income: Service charges on deposits $ 831 $ 1,181 Interchange fees 430 432 Other (1) 136 150 Fees and service charges 1,397 1,763 Swap income (1) 984 507 Bank-owned life insurance (1) 528 544 Gains on sales of securities, net (1) 38 62 Net gain on sale of foreclosed real estate 87 24 Net gain on sale of bank premises (1) - 156 Other (1) 35 46 Other noninterest income 122 226 Total noninterest income $ 3,069 $ 3,102 (1) 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. 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. 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. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | Note 19. Stock-Based Compensation On October 24, 2018, the Company’s shareholders approved the PCSB Financial Corporation 2018 Equity Incentive Plan (the “Plan”), which permits the grant of stock options and restricted stock and/or restricted stock units. The total number of shares that may be granted under the Plan is 2,543,115, of which 1,816,511 shares may be granted as stock options and 726,604 shares may be granted as restricted stock and restricted stock units. Total compensation cost that has been charged against income for the Plan was $3.3 million and $2.1 million for the years ended June 30, 2020 and 2019, respectively. Restricted Stock Awards (“RSAs”) RSAs provide for the issuance of shares to both employees and non-employee directors. These awards vest over a 5-year period, with 20% vesting each year on the anniversary of the award. All awards were made at the fair value of common stock on the grant date. Compensation expense is recognized over the vesting period of the awards based on the fair value of the stock at grant date. The fair value of the stock was determined to be the closing price of the stock on the NASDAQ exchange. Total shares available for grant under the Plan are 726,604, of which 547,185 shares were granted as of June 30, 2020. The following table presents a summary of RSA activity during the year ended June 30, 2020. Number of Shares Weighted-Average Grant Date Fair Value Unvested allocated shares outstanding at July 1, 2019 547,185 $ 19.02 Shares granted - - Shares vested (109,448 ) 19.02 Shares forfeited - - Unvested allocated shares at June 30, 2020 437,737 $ 19.02 As of June 30, 2020, there was $7.0 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 3.4 years. Stock Option Awards Stock options awarded to employees under the Plan are considered incentive stock options (ISOs), up to applicable limits. Option awards are generally granted with an exercise price equal to the market price of the Company’s common stock at the date of grant. Those issued to non-employee directors, as well as those exceeding ISO limitations, are considered non-qualified stock options (NQSOs). Options vest over a 5-year period, with 20% vesting each year on the anniversary of the award, however may not vest more rapidly than over a three-year 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 June 30, 2020, there was $4.1 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 3.4 years. Total shares available for grant under the Plan are 1,816,511, of which 1,339,293 shares were issued as of June 30, 2020. The following table presents a summary of activity related to stock options granted under the Plan, and changes during the year 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 $ 1,625 Options granted - - Options expired - - Options exercised - - Options outstanding at June 30, 2020 1,339,293 $ 19.04 8.4 $ - Exercisable at June 30, 2020 267,859 $ 19.04 8.4 $ - |
Leases
Leases | 12 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | Note 20 As of June 30, 2020, the Company leases real estate for eleven branch offices and one administrative office, including its corporate headquarters, under various operating lease agreements. The Company’s leases have maturities which range from 2021 to 2041, some of which include lessee options to extend the lease term. The weighted average remaining life of the lease terms for these leases was 10.0 years as of June 30, 2020. 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 2.42% in determining the lease liability as of June 30, 2020. 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 year ended June 30, 2020. 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 year ended June 30, 2020. For the year ended June 30, 2020, total operating lease costs was $2.0 million, and is included in occupancy and equipment expense. The right-of-use asset, included in premises and equipment, net, was $11.0 million and the corresponding lease liability, included in other liabilities, was $11.2 million as of June 30, 2020, respectively. Future minimum lease payments for the fiscal years ending June 30 th (dollars in thousands) 2021 $ 1,960 2022 1,937 2023 1,850 2024 1,479 2025 1,186 Thereafter 4,475 Total future minimum lease payments (undiscounted) 12,887 Discounting effect on cash flows (1,689 ) Lease liability (discounted) $ 11,198 |
Parent Company Only Financial S
Parent Company Only Financial Statements | 12 Months Ended |
Jun. 30, 2020 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Parent Company Only Financial Statements | Note 21 The following are the financial statements of the Company (Parent only) as of and for the years ended June 30, 2020 and 2019 (in thousands). June 30, 2020 2019 Assets Cash and cash equivalents $ 41,170 $ 55,626 Investment in Bank 220,222 211,205 ESOP loan receivable 11,626 12,594 Other assets 829 1,936 Total assets $ 273,847 $ 281,361 Liabilities and shareholders' equity Other liabilities $ 134 $ 54 Shareholders' equity 273,713 281,307 Total liabilities and shareholders' equity $ 273,847 $ 281,361 Years Ended June 30, 2020 2019 Interest income $ 672 $ 715 Equity in income of Bank 9,362 8,318 Other non-interest expenses 676 715 Income before income tax 9,358 8,318 Income tax (benefit) expense (1 ) - Net income $ 9,359 $ 8,318 Year Ended June 30, 2020 2019 Cash Flows from Operating Activities: Net income $ 9,359 $ 8,318 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in income of Bank (9,362 ) (8,318 ) Deferred tax expense 418 213 Net decrease (increase) in accrued interest receivable 64 (89 ) Other adjustments, principally net changes in other assets and liabilities 4,022 1,932 Net cash provided by operating activities 4,501 2,056 Cash Flows from Investing Activities: Decrease in ESOP loan 968 969 Net cash provided by investing activities 968 969 Cash Flows from Financing Activities: Common stock dividends declared (2,571 ) (2,183 ) Allocation of ESOP shares 755 949 Repurchase of common stock (17,789 ) (18,305 ) Repurchase of shares from employees for income tax withholding purposes (320 ) - Net cash used in financing activities (19,925 ) (19,539 ) Net decrease in cash and cash equivalents (14,456 ) (16,514 ) Cash and cash equivalents at beginning of year 55,626 72,140 Cash and cash equivalents at end of year $ 41,170 $ 55,626 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 22 . Subsequent Events On August 20, 2020, a repurchase program was authorized by the Board of Directors to repurchase up to 844,907 shares, or 5% of the Company’s common stock. S ubsequent to June 30, 2020, and through September 9, |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 12 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations PCSB Bank is a community-oriented financial institution that provides financial services to individuals and businesses within its market area of Putnam, Southern Dutchess, Rockland and Westchester Counties in New York. The Bank is a state-chartered commercial bank and its deposits are insured up to applicable limits by the Deposit Insurance Fund of the Federal Deposit Insurance Corporation (“FDIC”). The Bank’s primary regulators are the FDIC and the New York State Department of Financial Services. |
Basis of Presentation | Basis of Presentation UpCounty Realty Corp. (formerly PCSB Realty Ltd.) |
Use of Estimates | Use of Estimates |
Cash Flows | Cash Flows |
Investment Securities | Investment Securities Debt securities available for sale are reported at fair value. Unrealized gains and losses on debt securities available for sale are excluded from earnings and reported as accumulated other comprehensive income or loss (a separate component of equity), net of related income taxes. Discounts on debt securities are amortized to interest income on a level-yield basis over the terms of the securities, while premiums are amortized on a level-yield basis to the earlier of the call date or term of the security. Realized gains and losses on sales of debt securities are determined based on the amortized cost of the specific securities sold. Management evaluates securities for other-than-temporary impairment (OTTI) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. |
Loans Receivable | Loans Receivable Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of deferred loan fees and costs, unamortized purchase premiums and discounts, and an allowance for loan losses. Interest income is accrued on the unpaid principal balance. Interest income on loans is discontinued at the time the loan is ninety days delinquent unless the loan is well secured and in process of collection. Loan purchase premiums and discounts are amortized over the contractual term of the loans Loan origination fees and certain direct loan origination costs are deferred and amortized to interest income as an adjustment to yield over the contractual term of the loans. Unamortized fees and costs on prepaid loans are recognized in interest income at the time of prepayment. |
Purchased Credit Impaired Loans | Purchased Credit Impaired Loans Such purchased credit impaired loans are accounted for individually or aggregated into pools of loans based on common risk characteristics, such as credit score, loan type, and date of origination. The Company estimates the amount and timing of expected cash flows for each loan or pool, and the expected cash flows in excess of amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan’s or pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, an allowance is recorded as a provision for loan losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. |
Allowance For Loan Losses | Allowance for Loan Losses Establishing the allowance for loan losses involves significant management judgments utilizing the best information available at the time. Those judgments are subject to further examination by the Bank’s regulators. Future adjustments to the allowance for loan losses may be necessary based on changes in economic and real estate market conditions, further information obtained regarding known problem loans, the identification of additional problem loans, and other factors. The allowance consists o f specific and general components. The specific component relates to loans that are individually classified as impaired . A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for loans evaluated under the Company’s normal loan review procedures. Loans evaluated on an individual basis for impairment may be measured by the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. If the fair value of an impaired loan is less than its recorded investment, an impairment allowance is recognized and included in the allowance for loan losses. Troubled debt restructurings are separately identified for impairment disclosures and are initially measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is considered to be a collateral dependent loan, the loan is reported at the fair value of the collateral. For troubled debt restructurings that subsequently default, the Company determines the amount of reserve in accordance with the accounting policy for the allowance for loan losses. The general component of the allowance covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over a thirty-six month period, with heaviest weight placed on the most recent periods. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: lending policies, underwriting, charge-off and collection procedures; national and local economic trends and conditions; trends in nature and volume of the loan portfolio; experience, ability, and depth of lending management and other relevant staff; trends in delinquencies, classified loans and restructurings; quality of the loan review system and Board oversight; value of underlying collateral for collateral dependent loans; existence and effect of concentrations and levels; and effects of external factors, such as competition, legal and regulatory factors. The following portfolio segments have been identified: residential, commercial mortgage, construction, commercial, home equity and consumer and overdrafts. The risk characteristics of each of the identified portfolio segments are as follows: Residential Loans – residential loans are generally made on the basis of the borrower’s ability to make repayment from his or her employment income or other income and are secured by real property whose value tends to be more easily ascertainable. Repayment of residential loans is subject to adverse employment conditions in the local economy leading to increased default rates and decreased market values from oversupply in a geographic area. In general, these loans depend on the borrower’s continuing financial stability and, therefore, are likely to be adversely affected by various factors, including job loss, divorce, illness, or personal bankruptcy. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans. Commercial Mortgage – commercial mortgage loans, including multifamily real estate loans, are secured by multifamily and nonresidential real estate and generally have larger balances and involve a greater degree of risk than residential real estate loans. Repayment of commercial mortgage loans depend on the global cash flow analysis of the borrower and the net operating income of the property, the borrower’s expertise, credit history and profitability, and the value of the underlying property. Of primary concern in commercial real estate lending is the borrower’s creditworthiness and the cash flow generated from the property securing the loan. As a result, repayment of such loans may be subject, to a greater extent than residential real estate loans, to adverse conditions in the real estate market or the economy. Commercial real estate is also subject to adverse market conditions that cause a decrease in market value or lease rates, obsolescence in location or function and market conditions associated with over supply of units in a specific region. Construction Loans – construction financing is generally considered to involve a higher degree of risk of loss than long-term financing on improved, occu pied real estate. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the property’s value at completion of construction and the estimated cost of construction. During the construction phase, a number of factors could result in delays and cost overruns. If the estimate of construction costs proves to be inaccurate, additional funds may be required to be advanced in excess of the amount originally committed to permit completion of the building. If the estimate of value proves to be inaccurate, the value of the building may be insufficient to assure full repayment if liquidation is required. If foreclosure is required on a building before or at completion due to a default, there can be no assurance that all of the u npaid balance of, and accrued interest on, the loan as well as related foreclosure and holding costs will be recovered. Commercial – commercial loans are generally of higher risk than other types of loans and typically are made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business. As a result, the availability of funds for the repayment of commercial loans may depend substantially on the success of the business itself. Furthermore, any collateral securing such loans may depreciate over time, may be difficult to appraise, and may fluctuate in value. Home Equity Lines of Credit – home equity lines of credit consist of both fixed and variable interest rate products. These are primarily home equity loans to residential mortgage customers within our primary market area. These loans generally will not exceed a combined (i.e., first and second mortgage) loan-to-value ratio of 75% percent at origination. Consumer and overdraft loans – consumer loans generally have shorter terms and higher interest rates than one-to-four family mortgage loans. In addition, consumer loans expand the products and services we offer to better meet the financial services needs of our customers. Consumer loans generally involve greater credit risk than residential mortgage loans because of the difference in the underlying collateral. Repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment of the outstanding loan balance because of the greater likelihood of damage to, loss of, or depreciation in the underlying collateral. The remaining deficiency often does not warrant further substantial collection efforts against the borrower beyond obtaining a deficiency judgment. In addition, consumer loan collections depend on the borrower’s personal financial stability. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans. |
Foreclosed Real Estate | Foreclosed Real Estate |
Federal Home Loan Bank (FHLB) Stock | Federal Home Loan Bank (FHLB) Stock |
Premises and Equipment | Premises and Equipment |
Bank Owned Life Insurance (BOLI) | Bank Owned Life Insurance (BOLI) net cash surrender value of the policies, as well as insurance proceeds received, are reflected in non-interest income on the consolidated statements of operations and are not subject to income taxes. |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets The Company has selected June 30th as the date to perform the annual impairment test, with an impairment loss recorded if indicated. In assessing impairment, we have the option to perform a qualitative analysis to determine whether the existence of events or circumstances leads to a determination that it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount. If, after assessing the totality of such events or circumstances, we determine it is not more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, then we would not be required to perform a quantitative impairment test. Otherwise, the Company compares the fair value of the reporting unit with its carrying amount, including goodwill. An impairment loss is recorded in current period earnings to the extent the carrying amount of the reporting unit exceeds its fair value. Other intangible assets, consisting of a core deposit intangible asset arising from a whole bank acquisition, are amortized on an accelerated method over their estimated useful lives of 10 years. |
Loan Commitments And Related Financial Instruments | Loan Commitments and Related Financial Instruments |
Derivatives | Derivatives Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. The documentation includes linking fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the deri vative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transactions will affect earnings. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in future years. The effect on deferred tax assets and liabilities of a change in tax laws or rates is recognized in the period that includes the enactment date of the change. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. |
Earnings Per Share | Earnings Per Share include stock options and unvested restricted stock. Earnings and dividends per share are restated for all stock splits and stock dividends through the date of the issuance of the financial statements. |
Stock-Based Compensation | Stock-Based Compensation: Compensation cost is recognized for stock options and restricted stock awards issued to employees and non-employee directors based on the fair value of these awards at the grant date. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. The Company’s policy is to recognize forfeitures as they occur. |
Employee Benefit Plans | Employee Benefit Plans: Employee 401(k) expense is the amount of matching contributions. Pension expense is the net of service and interest cost, return on plan assets and amortization of gains and losses not immediately recognized. SERP expense is the net of interest cost and service cost, which allocates the benefits over years of service. The Holding Company and Bank maintain the PCSB Bank Employee Stock Ownership Plan (the “ESOP”). Compensat ion expense related to the ESOP is recorded during the period in which the shares become committed to be released to participants. The compensation expense is measured based upon the average fair market value of the stock during the period, and, to the ext ent that the fair value of the shares committed to be released differs from the original cost of such shares, the difference is recorded as an adjustment to additional paid-in capital. |
Loss Contingencies | Loss Contingencies |
Fair Value of Financial Instrument | Fair Value of Financial Instruments |
Segment Reporting | Segment Reporting |
Risks and Uncertainties | Risks and Uncertainties: The COVID-19 pandemic has created extensive disruptions to the global and U.S. economies and to the lives of individuals throughout the world. The New York City Metropolitan area and environs have some of the highest incidence of COVID-19 in the nation, and the neighboring Tri-State area of New Jersey and Connecticut also has been particularly affected by COVID-19. Governments, businesses, and the public have taken unprecedented actions to contain the spread of COVID-19 and to mitigate its effects, including quarantines, travel bans, shelter-in-place orders, closures and phased re-opening of businesses and schools, fiscal and monetary stimulus, and legislation designed to deliver financial aid and other relief. While the scope, duration, and full effects of COVID-19 are rapidly evolving and not fully known, the pandemic and the efforts to contain it have disrupted global economic activity, adversely affected the functioning of financial markets, impacted market interest rates, increased economic and market uncertainty, and disrupted trade and supply chains. The ultimate financial impact is unknown at this time. However, if these actions are sustained, it may adversely impact several industries within our geographic footprint and impair the ability of the Company’s customers to fulfill their contractual obligations to the Company. This could cause the Company to experience a material adverse effect on our business operations, asset valuations, financial condition, and results of operations. Material adverse impacts may include, but are not limited to, the valuation impairments of the Company’s intangible assets, investments, loans, or deferred tax assets. It is reasonably possible that the Company’s allowance for loan loss estimate as of June 30, 2020 will change in the near term and could result in a material change to the Company’s provision for loan losses, earnings and capital. |
Reclassification | Reclassifications |
Recent Accounting Pronouncements | The pronouncements discussed below are not intended to be an all-inclusive list, but rather only those pronouncements that could potentially have a material impact on our financial position, results of operations or disclosures. Accounting Standards Adopted in the Period In 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) | 12 Months Ended |
Jun. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Amortized Cost, Gross Unrealized/Unrecognized Gains and Losses and Fair Value of Available for Sale and Held to Maturity Securities | The amortized cost, gross unrealized/unrecognized gains and losses and fair value of available for sale and held to maturity securities at June 30, 2020 and 2019 were as follows: June 30, 2020 Amortized Gross Unrealized/Unrecognized Fair Cost Gains Losses Value (in thousands) Available for sale: U.S. Government and agency obligations $ 11,002 $ 47 $ - $ 11,049 Corporate and other debt securities 5,038 82 - 5,120 Mortgage-backed securities – residential 20,844 428 (15 ) 21,257 Total available for sale $ 36,884 $ 557 $ (15 ) $ 37,426 Held to maturity: U.S. Government and agency obligations $ 42,001 $ 454 $ (5 ) $ 42,450 Corporate and other debt securities 52,790 332 (1,510 ) 51,612 Mortgage-backed securities – residential 117,160 4,291 (17 ) 121,434 Mortgage-backed securities – collateralized mortgage obligations 45,047 1,487 (31 ) 46,503 Mortgage-backed securities – commercial 18,774 724 - 19,498 Total held to maturity $ 275,772 $ 7,288 $ (1,563 ) $ 281,497 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 June 30, 2020 by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Held to maturity Available for sale Carrying Fair Amortized Fair Amount Value Cost Value (in thousands) 1 year or less $ 15,001 $ 15,099 $ 10,002 $ 10,037 1 to 5 years 32,000 32,114 6,038 6,132 5 to 10 years 38,633 37,554 - - 10 years and over 5,188 5,136 - - Mortgage-backed securities and other 184,950 191,594 20,844 21,257 Total $ 275,772 $ 281,497 $ 36,884 $ 37,426 |
Investment Securities with Fair Value and Unrealized Losses | The following table provides information regarding investment securities with unrealized/unrecognized losses, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position at June 30, 2020 and 2019: June 30, 2020 Less than 12 months Greater than 12 months Total Unrealized/ Unrealized/ Unrealized/ Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Loss Value Loss Value Loss (in thousands) Available for sale: Mortgage-backed securities – residential $ 1,450 $ (15 ) $ - $ - $ 1,450 $ (15 ) Total available for sale $ 1,450 $ (15 ) $ - $ - $ 1,450 $ (15 ) Held to maturity: U.S. Government and agency obligations $ 11,995 $ (5 ) $ - $ - $ 11,995 $ (5 ) Corporate and other debt securities 30,751 (1,055 ) 12,045 (455 ) 42,796 (1,510 ) Mortgage-backed securities – residential 5,130 (17 ) - - 5,130 (17 ) Mortgage-backed securities – collateralized mortgage obligations 2,627 (31 ) - - 2,627 (31 ) Total held to maturity $ 50,503 $ (1,108 ) $ 12,045 $ (455 ) $ 62,548 $ (1,563 ) June 30, 2019 Less than 12 months Greater than 12 months Total Unrealized/ Unrealized/ Unrealized/ Fair Unrecognized Fair Unrecognized Fair Unrecognized Value Loss Value Loss Value Loss (in thousands) Available for sale U.S. Government and agency obligations $ - $ - $ 32,919 $ (121 ) $ 32,919 $ (121 ) Corporate and other debt securities - - 3,269 (9 ) 3,269 (9 ) Mortgage-backed securities – residential - - 24,000 (181 ) 24,000 (181 ) Total available for sale $ - $ - $ 60,188 $ (311 ) $ 60,188 $ (311 ) Held to maturity U.S. Government and agency obligations $ - $ - $ 59,306 $ (246 ) $ 59,306 $ (246 ) Corporate and other debt securities 17,087 (413 ) - - 17,087 (413 ) Mortgage-backed securities – residential 1,666 (26 ) 54,648 (346 ) 56,314 (372 ) Mortgage-backed securities – collateralized mortgage obligations - - 29,372 (147 ) 29,372 (147 ) Mortgage-backed securities – commercial - - 6,972 (29 ) 6,972 (29 ) Total held to maturity $ 18,753 $ (439 ) $ 150,298 $ (768 ) $ 169,051 $ (1,207 ) |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Summary of Loans Receivable | Loans receivable are summarized as follows (in thousands): June 30, 2020 2019 Mortgage loans: Residential $ 255,382 $ 265,167 Commercial 807,106 651,396 Construction 11,053 13,231 Net deferred loan origination costs 739 1,031 Total mortgages 1,074,280 930,825 Commercial and consumer loans: Commercial loans (1) 164,257 133,614 Home equity lines of credit 29,838 33,204 Consumer and overdrafts 481 365 Net deferred loan origination costs 730 777 Total commercial and consumer loans 195,306 167,960 Total loans receivable 1,269,586 1,098,785 Allowance for loan losses (8,639 ) (5,664 ) Loans receivable, net $ 1,260,947 $ 1,093,121 (1) Includes $49.6 million of PPP loans as of June 30, 2020 and none in the prior year. |
Summary of Activity in Allowance for Loan Losses by Portfolio Segment | The following tables present the activity in the allowance for loan losses by portfolio segment for the years ended June 30, 2020 and 2019 (in thousands): For the year ended June 30, 2020 Beginning Allowance Provision (Credit) Charge-offs Recoveries Ending Allowance Originated: Residential $ 363 $ 1 $ - $ 9 $ 373 Commercial 3,853 2,935 - 125 6,913 Construction 159 6 - - 165 Commercial loans 1,130 155 (181 ) 20 1,124 Home equity lines of credit 65 (17 ) - 12 60 Consumer and overdrafts 11 36 (51 ) 8 4 Acquired: Residential 83 (52 ) (31 ) - - Total $ 5,664 $ 3,064 $ (263 ) $ 174 $ 8,639 For the year ended June 30, 2019 Beginning Allowance Provision (Credit) Charge-offs Recoveries Ending Allowance Originated: Residential $ 386 $ (33 ) $ - $ 10 $ 363 Commercial 3,073 894 (114 ) - 3,853 Construction 505 (442 ) - 96 159 Commercial loans 780 348 - 2 1,130 Home equity lines of credit 80 (15 ) - - 65 Consumer and overdrafts 7 31 (34 ) 7 11 Acquired: Residential 73 10 - - 83 Commercial - 15 (15 ) - - Total $ 4,904 $ 808 $ (163 ) $ 115 $ 5,664 |
Summary of Balance in Allowance for Loan Losses and Recorded investment in Loans by Portfolio Segment, and Based on Impairment Method | The following tables present the balance in the allowance for loan losses and the recorded investment in loans, excluding net deferred fees and accrued interest, by portfolio segment, and based on impairment method as of June 30, 2020 and 2019 (in thousands): June 30, 2020 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 $ 2,448 $ 252,195 $ 739 $ 255,382 $ 118 $ 255 $ - $ 373 Commercial - 806,224 882 807,106 - 6,913 - 6,913 Construction - 11,053 - 11,053 - 165 - 165 Commercial loans 1,921 162,336 - 164,257 1 1,123 - 1,124 Home equity lines of credit 350 29,349 139 29,838 4 56 - 60 Consumer and overdrafts - 481 - 481 - 4 - 4 Total $ 4,719 $ 1,261,638 $ 1,760 $ 1,268,117 $ 123 $ 8,516 $ - $ 8,639 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 Class of Loans | The following tables present information related to loans individually evaluated for impairment (excluding loans acquired with deteriorated credit quality) by class of loans as of and for the years ended June 30, 2020 and 2019 (in thousands): June 30, 2020 Unpaid Principal Balance Recorded Investment Allowance for loan losses With no related allowance recorded: Residential $ 2,123 $ 2,013 $ - Commercial loans 2,067 1,897 - Home equity lines of credit 326 339 - With an allowance recorded: Residential 372 435 118 Commercial loans 24 24 1 Home equity lines of credit 11 11 4 Total $ 4,923 $ 4,719 $ 123 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 Class of Loans | For the year ended For the year ended June 30, 2020 June 30, 2019 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential $ 2,149 $ 48 $ 1,377 $ 20 Commercial 728 149 1,496 51 Commercial loans 2,163 205 2,064 200 Home equity lines of credit 468 15 577 7 With an allowance recorded: Residential 375 14 753 14 Construction - - 869 - Commercial loans 38 2 50 11 Home equity lines of credit 85 7 11 - Total $ 6,006 $ 440 $ 7,197 $ 303 |
Nonaccrual Loans and in Loans Past Due over 90 Days Still on Accrual Status by Class of Loans | The following table presents the recorded investment in nonaccrual loans and in loans past due over 90 days still on accrual status, by class of loans as of June 30, 2020 and 2019 (in thousands): Loans Past Due Over 90 Days Nonaccrual and Still Accruing June 30, June 30, June 30, June 30, 2020 2019 2020 2019 Originated: Residential $ 1,230 $ 536 $ - $ - Commercial loans - 150 - - Home equity lines of credit 42 383 - - Consumer and overdrafts - - - 1 Acquired: Residential 227 795 - - Commercial - 568 - - Home equity lines of credit 296 294 - - Total $ 1,795 $ 2,726 $ - $ 1 |
Aging of Recorded Investment in Past Due Loans by Class of Loans | The following tables present the aging of the recorded investment in past due loans by class of loans as of June 30, 2020 and 2019 (in thousands): June 30, 2020 30-59 60-89 90 Days or Days Past Days Past More Past Total Past Due Due Due Due Current (1) Total Originated: Residential $ - $ 10 $ 579 $ 589 $ 216,212 $ 216,801 Commercial - - - - 768,037 768,037 Construction - - - - 11,053 11,053 Commercial loans 76 - - 76 163,991 164,067 Home equity lines of credit 44 - 42 86 26,687 26,773 Consumer and overdrafts - - - - 469 469 Total originated 120 10 621 751 1,186,449 1,187,200 Acquired: Residential 495 - 227 722 37,859 38,581 Commercial - - - - 39,069 39,069 Commercial loans - - - - 190 190 Home equity lines of credit - - 296 296 2,769 3,065 Consumer and overdrafts - - - - 12 12 Total acquired 495 - 523 1,018 79,899 80,917 Total $ 615 $ 10 $ 1,144 $ 1,769 $ 1,266,348 $ 1,268,117 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 (1). |
Summary of Loans by Class Modified in Troubled Debt Restructurings | The following table presents loans by modified in troubled debt restructurings that occurred during the years ended June 30, 2020 and 2019 (dollars in thousands): Number of loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Year Ended June 30, 2020 Commercial loans 2 $ 195 $ 172 Total 2 $ 195 $ 172 Year Ended June 30, 2019 Residential mortgage 3 $ 1,115 $ 1,110 Home equity lines of credit 1 73 73 Total 4 $ 1,188 $ 1,183 |
Summary of Risk Category of Loans by Class of Loans | Based on the most recent analysis performed, the risk category of loans by class of loans is as f ollows (in thousands): June 30, 2020 Pass Special Mention Substandard Total Originated: Residential $ 215,072 $ 489 $ 1,240 $ 216,801 Commercial 764,861 3,176 - 768,037 Construction 11,053 - - 11,053 Commercial loans 159,947 201 3,919 164,067 Home equity lines of credit 26,265 442 66 26,773 Consumer and overdrafts 469 - - 469 Total originated 1,177,667 4,308 5,225 1,187,200 Acquired: Residential 37,532 198 851 38,581 Commercial 38,187 - 882 39,069 Commercial loans 190 - - 190 Home equity lines of credit 2,629 56 380 3,065 Consumer and overdrafts 12 - - 12 Total acquired 78,550 254 2,113 80,917 Total $ 1,256,217 $ 4,562 $ 7,338 $ 1,268,117 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 follows (in thousands): June 30, 2020 2019 Residential $ 739 $ 1,186 Commercial 882 890 Home equity lines of credit 139 156 Carrying amount, net of allowance of $0 and $83, respectively $ 1,760 $ 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): Year ended June 30, 2020 2019 Beginning balance $ 192 $ 245 New loans acquired - - Accretion income (36 ) (53 ) Reclassification from non-accretable difference - - Disposals - - Ending balance $ 156 $ 192 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Property Plant And Equipment [Abstract] | |
Summary of Premises and Equipment | Premises and equipment are summarized as follows at June 30 (in thousands): 2020 2019 Land $ 1,326 $ 1,997 Building and Leasehold improvements 13,086 13,753 Furniture, fixtures and equipment 7,361 6,808 Construction and improvements in process 34 15 21,807 22,573 Less: accumulated depreciation and amortization (11,930 ) (10,771 ) Total 9,877 11,802 Right to use lease asset 10,976 - Total Bank premises and equipment, net $ 20,853 $ 11,802 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Change in Goodwill | The change in goodwill during the years ended June 30, 2020 and 2019 are as follows (in thousands): 2020 2019 Balance at July 1, $ 6,106 $ 6,106 Impairment - - Total at June 30, $ 6,106 $ 6,106 |
Schedule of Acquired Intangible Assets | Acquired Intangible Assets: Acquired intangible assets were as follows at June 30 (in thousands): 2020 2019 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Core deposit intangible $ 887 $ (658 ) $ 887 $ (564 ) |
Schedule of Estimated Amortization Expense | Estimated amortization expense for each of the next five fiscal years ended June 30 (in thousands): 2021 $ 78 2022 62 2023 46 2024 30 2025 13 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Deposits [Abstract] | |
Summary of Deposit Balances | Deposit balances are summarized as follows at June 30 (in thousands): 2020 2019 Demand $ 191,898 $ 141,379 NOW Accounts 151,797 123,069 Money market accounts 239,942 148,134 Savings 343,352 357,844 Time deposits 446,266 455,395 Total $ 1,373,255 $ 1,225,821 |
Scheduled Maturities of Time Deposits | Scheduled maturities of time deposits were as follows as of June 30 (in thousands): 2020 2019 Within 1 year $ 270,435 $ 221,832 1 year to 2 years 63,771 112,394 2 years to 3 years 32,259 41,211 3 years to 4 years 70,452 33,538 4 years to 5 years 9,349 46,420 Total $ 446,266 $ 455,395 |
FHLB and Other Borrowings (Tabl
FHLB and Other Borrowings (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Federal Home Loan Banks [Abstract] | |
Maturity Schedule of Advances | The maturity schedule of advances is summarized as follows as of June 30 (dollars in thousands): 2020 2019 Amount Due Weighted Avg. Rate Amount Due Weighted Avg. Rate Within 1 year $ 40,131 1.81 % $ 65,128 2.29 % 1 year to 2 years 17,635 2.11 30,131 2.10 2 years to 3 years 40,138 1.79 7,635 3.22 3 years to 4 years 5,142 3.31 138 2.62 4 years to 5 years 146 2.62 5,142 3.31 Thereafter 2,897 2.62 3,042 2.62 Total $ 106,089 1.95 % $ 111,216 2.36 % |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Contract Amounts of Credit-related Financial Instruments | The contract amounts of credit-related financial instruments at June 30, are summarized below (in thousands): 2020 2019 Unused lines of credit $ 141,070 $ 121,555 Commitments to originate loans 48,123 67,859 Standby letter of credit 1,820 1,688 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Summary of Accumulated Other Comprehensive Income (Loss) | The following is a summary of the accumulated other comprehensive income (loss) balances, net of tax (in thousands): Net unrealized gain (loss) on available for sale securities (1) Unrealized loss on pension benefits (2) Unrealized loss on SERP benefits (2) Total Balance at July 1, 2019 $ (209 ) $ (4,631 ) $ (250 ) $ (5,090 ) Other comprehensive income (loss) before reclassifications 826 (3,428 ) (13 ) (2,615 ) Amounts reclassified from accumulated other comprehensive (loss) income (21 ) 929 45 953 Tax effect (168 ) 525 (8 ) 349 Net other comprehensive income (loss) 637 (1,974 ) 24 (1,313 ) Balance at June 30, 2020 $ 428 $ (6,605 ) $ (226 ) $ (6,403 ) Net unrealized gain (loss) on available for sale securities (1) Unrealized loss on pension benefits (2) Unrealized loss on SERP benefits (2) Total Balance at July 1, 2018 $ (1,536 ) $ (5,150 ) $ (264 ) $ (6,950 ) Other comprehensive income (loss) before reclassifications 1,741 (486 ) (19 ) 1,236 Amounts reclassified from accumulated other comprehensive (loss) income (62 ) 1,144 36 1,118 Tax effect (352 ) (139 ) (3 ) (494 ) Net other comprehensive income 1,327 519 14 1,860 Balance at June 30, 2019 $ (209 ) $ (4,631 ) $ (250 ) $ (5,090 ) (1) (2) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following table provides factors used in the earnings per share computation for the years ended June 30 th 2020 2019 (amounts in thousands, except share and per share data) Net income applicable to common stock $ 9,359 $ 8,318 Average number of common shares outstanding 16,811,359 17,752,473 Less: Average unallocated ESOP shares (1,162,732 ) (1,259,713 ) Average number of common shares outstanding used to calculate basic earnings per common share 15,648,627 16,492,760 Effect of equity-based awards 25,542 34,357 Average number of common shares outstanding used to calculate diluted earnings per common share 15,674,169 16,527,117 Earnings per Common share: Basic $ 0.60 $ 0.50 Diluted $ 0.60 $ 0.50 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value | Assets and liabilities measured at fair value are summarized below (in thousands): Fair Value Measurements Level 1 Level 2 Level 3 Total June 30, 2020 Measured on a recurring basis: Available for sale securities: U.S. Government and agency obligations $ - $ 11,049 $ - $ 11,049 Corporate and other debt securities - 5,120 - 5,120 Mortgage-backed securities – residential - 21,257 - 21,257 Derivatives - interest rate contracts - 8,305 - 8,305 Total assets at fair value $ - $ 45,731 $ - $ 45,731 Derivatives - interest rate contracts $ - $ 8,305 $ - $ 8,305 Total liabilities at fair value $ - $ 8,305 $ - $ 8,305 Measured on a non-recurring basis: Impaired loans: Residential mortgages $ - $ - $ 316 $ 316 Commercial loans - - 100 100 Home equity lines of credit - - 8 8 Total assets at fair value $ - $ - $ 424 $ 424 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 June 30, 2020 and 2019 (dollars in thousands): Fair Value Valuation Technique(s) Unobservable Input(s) Range or Rate Used June 30, 2020 Impaired loans - residential mortgages $ 316 Discounted cash flow Discount rate 5.4% to 6.3% Impaired loans - commercial loans 100 Discounted cash flow Discount rate 6.8% to 7.5% Impaired loans - home equity lines of credit 8 Discounted cash flow Discount rate 6.3% 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 6.3% 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 June 30, 2020 Financial assets: Cash and cash equivalents $ 136,302 $ 136,302 $ - $ - $ 136,302 Investment securities held to maturity 275,772 - 276,847 4,650 281,497 Investment securities available for sale 37,426 - 37,426 - 37,426 Loans receivable, net 1,260,947 - - 1,240,440 1,240,440 Accrued interest receivable 6,880 - 997 5,883 6,880 FHLB stock 6,308 N/A N/A N/A N/A Derivative assets - interest rate contracts 8,305 - 8,305 - 8,305 Financial liabilities: Demand, NOW, money market deposits and savings accounts 926,989 926,989 - - 926,989 Accrued interest payable 246 1 245 - 246 Time deposits 446,266 - 456,109 - 456,109 Mortgage escrow funds 10,123 10,123 - - 10,123 FHLB advances 106,089 - 110,937 - 110,937 Derivative liabilities - interest rate contracts 8,305 - 8,305 - 8,305 June 30, 2019 Financial assets: Cash and cash equivalents $ 60,029 $ 60,029 $ - $ - $ 60,029 Investment securities held to maturity 345,545 - 346,243 - 346,243 Investment securities available for sale 72,228 - 72,228 - 72,228 Loans receivable, net 1,093,121 - - 1,092,878 1,092,878 Accrued interest receivable 4,797 - 1,330 3,467 4,797 FHLB stock 6,255 N/A N/A N/A N/A Derivative assets - interest rate contracts 1,339 - 1,339 - 1,339 Financial liabilities: Demand, NOW, money market deposits and savings accounts 770,426 770,426 - - 770,426 Accrued interest payable 209 18 191 - 209 Time deposits 455,395 - 460,554 - 460,554 Mortgage escrow funds 9,355 9,355 - - 9,355 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) are summarized as follows for the years ended June 30 (in thousands): 2020 2019 Current tax expense (benefit) Federal $ 3,089 $ 2,624 State 67 412 3,156 3,036 Deferred tax expense (benefit) Federal (444 ) (329 ) State (48 ) (91 ) (492 ) (420 ) State tax valuation allowances, net of federal benefit 27 70 Total $ 2,691 $ 2,686 |
Schedule of Effective Income Tax Rate Reconciliation | Effective tax rates differ from the federal statutory rate applied to income before income taxes due to the following (dollars in thousands): 2020 2019 Federal statutory rate 21.00 % 21.00 % Tax at federal statutory rate $ 2,530 $ 2,311 State Taxes, net of federal benefit 48 310 Tax-exempt income (56 ) (66 ) BOLI income (111 ) (114 ) Other Compensation 36 32 ESOP Compensation 159 199 Other, net 85 14 Total $ 2,691 $ 2,686 Effective tax rate 22.34 % 24.41 % |
Schedule of Deferred Tax Assets and Liabilities | Year-end deferred tax assets and liabilities were due to the following (in thousands): 2020 2019 Deferred Tax Assets: Allowance for Loan Losses $ 2,269 $ 1,419 Other comprehensive loss (defined benefit plans) 1,816 1,298 Deferred compensation 951 879 Charitable contribution carryforward 307 671 Stock based compensation 729 498 Depreciation of premises and equipment 416 416 Other comprehensive loss (securities) - 55 Lease liabilities 2,942 - Other 16 544 Total deferred tax assets 9,446 5,780 Deferred Tax Liabilities: Prepaid pension costs 2,482 2,416 Deferred loan costs and fees, net 376 466 Other comprehensive income (securities) 114 - Right to use lease asset 2,883 - Total deferred tax liabilities 5,855 2,882 Deferred tax asset valuation allowance (462 ) (420 ) Net deferred tax asset $ 3,129 $ 2,478 |
Post-Retirement Benefits (Table
Post-Retirement Benefits (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |
Shares Held by ESOP | Shares held by the ESOP include the following at June 30 th 2020 2019 Allocated to participants 327,206 241,804 Unearned 1,114,529 1,211,405 Total ESOP shares 1,441,735 1,453,209 Fair value of unearned shares $ 14,132 $ 24,531 |
Employee Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Summary of Plan's Funded Status | The following is a summary of the plan’s funded status as of June 30 (the measurement date for financial reporting purposes) (in thousands): 2020 2019 Change in benefit obligation: Beginning benefit obligation $ 22,356 $ 24,764 Interest Cost 720 1,000 Actuarial Loss 2,290 (327 ) Benefits Paid (948 ) (929 ) Settlements (1,115 ) (2,152 ) Ending benefit obligation 23,303 22,356 Change in plan assets, at fair value: Beginning plan assets 26,133 27,975 Actual return 777 1,239 Benefits paid (948 ) (929 ) Settlements (1,115 ) (2,152 ) Ending Plan assets 24,847 26,133 Funded Status $ 1,544 $ 3,777 Accumulated Benefit Obligation $ 23,303 $ 22,356 |
Summary of Net Period Pension Cost (Benefit), Contributions and Benefits Paid | The following is a summary of net period pension cost (benefit), contributions and benefits paid for the years ended June 30 (in thousands): 2020 2019 Net period pension (benefit) cost $ (266 ) $ 92 Benefits paid 948 929 |
Schedule of Net Periodic Pension Cost and Other Amounts Recognized in Other Comprehensive Income | Net periodic pension cost and other amounts recognized in other comprehensive income for the years ended June 30 (in thousands): 2020 2019 Interest Cost $ 720 $ 1,000 Expected return on plan assets (1,915 ) (2,052 ) Amortization of prior net loss 529 580 Settlement charge 400 564 Net periodic (credit) cost $ (266 ) $ 92 |
Schedule of Benefit Payments which Reflects Expected Future Service | The following benefit payments are expected for the years ending June 30, (in thousands): 2021 $ 1,131 2022 1,163 2023 1,175 2024 1,056 2025 1,028 Following five years 5,614 |
Schedule of Weighted-Average Assumptions Used to Determine Net Periodic Pension Cost | Weighted-average assumptions used to determine net periodic pension cost are described in the table below. Year ended June 30, 2020 2019 Discount Rate 3.31 % 4.14 % Expected return on plan assets 7.50 % 7.50 % |
Schedule of Actual Pension Plan Asset Allocation and Target Allocation by Asset Category | The Company’s actual pension plan asset allocation and target allocation by asset category are as follows: Percentage of Plan Target Assets at Year-End Asset Category Allocation 2020 2019 Equity mutual funds and common/collective trusts 65 % 63 % 60 % Fixed income common/collective trusts 34 % 36 % 37 % Cash equivalents 1 % 1 % 3 % Total 100 % 100 % 100 % |
Schedule of Fair Value of Plan Assets | The fair value of the plan assets at June 30 t h Fair Value Measurements Using Quoted Prices Significant In Active Other Significant Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) June 30, 2020 Plan assets Equity mutual funds and common/collective trusts $ 15,623 $ - $ 15,623 $ - Fixed income common/collective trusts 8,910 - 8,910 - Cash equivalents 313 313 - - Total $ 24,846 $ 313 $ 24,533 $ - June 30, 2019 Plan assets Equity mutual funds and common/collective trusts $ 15,837 $ - $ 15,837 $ - Fixed income common/collective trusts 9,618 - 9,618 - Cash equivalents 678 678 - - Total $ 26,133 $ 678 $ 25,455 $ - |
Supplemental Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Periodic Pension Cost and Other Amounts Recognized in Other Comprehensive Income | Net periodic pension cost and other amounts recognized in other comprehensive income for the years ended June 30 (in thousands): 2020 2019 Service cost $ 338 $ 455 Interest cost 117 122 Amortization of prior net loss 45 36 Net periodic cost $ 500 $ 613 |
Schedule of Benefit Payments which Reflects Expected Future Service | The following benefit payments, which reflect expected future service, are expected for the years ending June 30 (in thousands): 2021 $ 272 2022 272 2023 3,424 2024 136 2025 - Following five years - |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Banking And Thrift Other Disclosures [Abstract] | |
Summary of Bank's Actual Capital Amounts and Ratios Compared to Required Ratios for Minimum Capital Adequacy and for Classification as Well Capitalized | The following is a summary of the Bank’s actual capital amounts and ratios as of June 30, 2020 and 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 June 30, 2020: Leverage (Tier 1) $ 220,310 12.5 % $ 70,432 4.0 % $ 88,040 5.0 % Risk-based: Common Tier 1 220,310 17.0 58,389 4.5 84,339 6.5 Tier 1 220,310 17.0 77,852 6.0 103,802 8.0 Total 228,949 17.6 103,802 8.0 129,753 10.0 June 30, 2019: 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 |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary Information About Interest Rate Swaps | The following table presents summary information about the interest rate swaps as of June 30 th 2020 2019 (dollars in thousands) Notional amounts $ 159,242 $ 68,535 Weighted average pay rates 2.54 % 3.89 % Weighted average receive rates 2.54 % 3.89 % Weighted average maturity 9.31 years 9.84 years Fair value of combined interest rate swaps $ - $ - |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Noninterest Income | For the Year Ended June 30, 2020 2019 (in thousands) Noninterest income: Service charges on deposits $ 831 $ 1,181 Interchange fees 430 432 Other (1) 136 150 Fees and service charges 1,397 1,763 Swap income (1) 984 507 Bank-owned life insurance (1) 528 544 Gains on sales of securities, net (1) 38 62 Net gain on sale of foreclosed real estate 87 24 Net gain on sale of bank premises (1) - 156 Other (1) 35 46 Other noninterest income 122 226 Total noninterest income $ 3,069 $ 3,102 (1) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of RSA Activity | The following table presents a summary of RSA activity during the year ended June 30, 2020. Number of Shares Weighted-Average Grant Date Fair Value Unvested allocated shares outstanding at July 1, 2019 547,185 $ 19.02 Shares granted - - Shares vested (109,448 ) 19.02 Shares forfeited - - Unvested allocated shares at June 30, 2020 437,737 $ 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 year 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 $ 1,625 Options granted - - Options expired - - Options exercised - - Options outstanding at June 30, 2020 1,339,293 $ 19.04 8.4 $ - Exercisable at June 30, 2020 267,859 $ 19.04 8.4 $ - |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments | Future minimum lease payments for the fiscal years ending June 30 th (dollars in thousands) 2021 $ 1,960 2022 1,937 2023 1,850 2024 1,479 2025 1,186 Thereafter 4,475 Total future minimum lease payments (undiscounted) 12,887 Discounting effect on cash flows (1,689 ) Lease liability (discounted) $ 11,198 |
Parent Company Only Financial_2
Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Consolidated Balance Sheets | The following are the financial statements of the Company (Parent only) as of and for the years ended June 30, 2020 and 2019 (in thousands). June 30, 2020 2019 Assets Cash and cash equivalents $ 41,170 $ 55,626 Investment in Bank 220,222 211,205 ESOP loan receivable 11,626 12,594 Other assets 829 1,936 Total assets $ 273,847 $ 281,361 Liabilities and shareholders' equity Other liabilities $ 134 $ 54 Shareholders' equity 273,713 281,307 Total liabilities and shareholders' equity $ 273,847 $ 281,361 |
Consolidated Statements of Operations | Years Ended June 30, 2020 2019 Interest income $ 672 $ 715 Equity in income of Bank 9,362 8,318 Other non-interest expenses 676 715 Income before income tax 9,358 8,318 Income tax (benefit) expense (1 ) - Net income $ 9,359 $ 8,318 |
Consolidated Statements of Cash Flows | Year Ended June 30, 2020 2019 Cash Flows from Operating Activities: Net income $ 9,359 $ 8,318 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in income of Bank (9,362 ) (8,318 ) Deferred tax expense 418 213 Net decrease (increase) in accrued interest receivable 64 (89 ) Other adjustments, principally net changes in other assets and liabilities 4,022 1,932 Net cash provided by operating activities 4,501 2,056 Cash Flows from Investing Activities: Decrease in ESOP loan 968 969 Net cash provided by investing activities 968 969 Cash Flows from Financing Activities: Common stock dividends declared (2,571 ) (2,183 ) Allocation of ESOP shares 755 949 Repurchase of common stock (17,789 ) (18,305 ) Repurchase of shares from employees for income tax withholding purposes (320 ) - Net cash used in financing activities (19,925 ) (19,539 ) Net decrease in cash and cash equivalents (14,456 ) (16,514 ) Cash and cash equivalents at beginning of year 55,626 72,140 Cash and cash equivalents at end of year $ 41,170 $ 55,626 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | 12 Months Ended | |
Jun. 30, 2020USD ($)SubsidiarySegment | Jun. 30, 2019USD ($) | |
Basis Of Presentation [Line Items] | ||
Number of subsidiaries | Subsidiary | 2 | |
Trading securities | $ 0 | |
Other intangible assets, estimated useful life | 10 years | |
Tax position recognized largest amount of tax benefit greater than likely realized percentage | 50.00% | |
Tax benefit related to taxo positions | $ 0 | $ 0 |
Provision for loan losses | 3,064,000 | $ 808,000 |
COVID-19 Pandemic [Member] | ||
Basis Of Presentation [Line Items] | ||
Provision for loan losses | $ 1,900,000 | |
Financial Service Operations [Member] | ||
Basis Of Presentation [Line Items] | ||
Number of reportable operating segments | Segment | 1 | |
Maximum [Member] | Home Equity Lines of Credit [Member] | ||
Basis Of Presentation [Line Items] | ||
Loan-to-value ratio | 75.00% |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - Additional Information (Details) - USD ($) | Jun. 30, 2020 | Jul. 01, 2019 | Jun. 30, 2019 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Operating lease ,right-of-use asset | $ 10,976,000 | $ 0 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet | ||
Operating lease, liability | $ 11,198,000 | ||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | ||
ASU 2016-02 [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Operating lease ,right-of-use asset | $ 11,900,000 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet | ||
Operating lease, liability | $ 12,000,000 | ||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities |
Investment Securities - Schedul
Investment Securities - Schedule of Amortized Cost, Gross Unrealized/Unrecognized Gains and Losses and Fair Value of Available for Sale and Held to Maturity Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Schedule of Investments [Line Items] | ||
Available for sale, Amortized Cost | $ 36,884 | $ 72,491 |
Available for sale, Gross Unrealized/Unrecognized Gains | 557 | 48 |
Available for sale, Gross Unrealized/Unrecognized Losses | (15) | (311) |
Available for sale, Fair Value | 37,426 | 72,228 |
Held to maturity, Amortized Cost | 275,772 | 345,545 |
Held to maturity, Gross Unrealized/Unrecognized Gains | 7,288 | 1,905 |
Held to maturity, Gross Unrealized/Unrecognized Losses | (1,563) | (1,207) |
Held to maturity, Fair Value | 281,497 | 346,243 |
U.S. Government and Agency Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Amortized Cost | 11,002 | 37,027 |
Available for sale, Gross Unrealized/Unrecognized Gains | 47 | 5 |
Available for sale, Gross Unrealized/Unrecognized Losses | (121) | |
Available for sale, Fair Value | 11,049 | 36,911 |
Held to maturity, Amortized Cost | 42,001 | 96,545 |
Held to maturity, Gross Unrealized/Unrecognized Gains | 454 | 192 |
Held to maturity, Gross Unrealized/Unrecognized Losses | (5) | (246) |
Held to maturity, Fair Value | 42,450 | 96,491 |
Corporate and Other Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Amortized Cost | 5,038 | 8,349 |
Available for sale, Gross Unrealized/Unrecognized Gains | 82 | 20 |
Available for sale, Gross Unrealized/Unrecognized Losses | (9) | |
Available for sale, Fair Value | 5,120 | 8,360 |
Held to maturity, Amortized Cost | 52,790 | 34,033 |
Held to maturity, Gross Unrealized/Unrecognized Gains | 332 | 133 |
Held to maturity, Gross Unrealized/Unrecognized Losses | (1,510) | (413) |
Held to maturity, Fair Value | 51,612 | 33,753 |
Mortgage-backed Securities - Residential [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Amortized Cost | 20,844 | 27,115 |
Available for sale, Gross Unrealized/Unrecognized Gains | 428 | 23 |
Available for sale, Gross Unrealized/Unrecognized Losses | (15) | (181) |
Available for sale, Fair Value | 21,257 | 26,957 |
Held to maturity, Amortized Cost | 117,160 | 133,602 |
Held to maturity, Gross Unrealized/Unrecognized Gains | 4,291 | 818 |
Held to maturity, Gross Unrealized/Unrecognized Losses | (17) | (372) |
Held to maturity, Fair Value | 121,434 | 134,048 |
Mortgage-backed Securities - Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Held to maturity, Amortized Cost | 45,047 | 52,940 |
Held to maturity, Gross Unrealized/Unrecognized Gains | 1,487 | 311 |
Held to maturity, Gross Unrealized/Unrecognized Losses | (31) | (147) |
Held to maturity, Fair Value | 46,503 | 53,104 |
Mortgage-backed Securities - Commercial [Member] | ||
Schedule of Investments [Line Items] | ||
Held to maturity, Amortized Cost | 18,774 | 28,425 |
Held to maturity, Gross Unrealized/Unrecognized Gains | 724 | 451 |
Held to maturity, Gross Unrealized/Unrecognized Losses | (29) | |
Held to maturity, Fair Value | $ 19,498 | $ 28,847 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 12 Months Ended | ||
Jun. 30, 2020USD ($)Security | Jun. 30, 2019USD ($)Security | ||
Investments Debt And Equity Securities [Abstract] | |||
Sale of investment securities | $ 4,700,000 | $ 14,000,000 | |
Gross realized gains or losses on investment securities | [1] | 38,000 | 62,000 |
Disposal of securities held to maturity | 426,000 | 1,300,000 | |
Gross realized gains from sale of securities held to maturity | $ 17,000 | 72,000 | |
Held to maturity substantial portion of principal outstanding percentage | 85.00% | ||
Carrying amounts of securities pledged | $ 182,200,000 | 166,400,000 | |
Total investment securities | $ 313,198,000 | $ 417,773,000 | |
Number of securities in unrealized loss position | Security | 22 | ||
Fair value of securities in unrealized loss position | $ 64,000,000 | ||
Other-than-temporarily impaired securities | Security | 0 | 0 | |
[1] | Not within the scope of ASC 606 |
Investment Securities - Fair Va
Investment Securities - Fair Value and Carrying Amount of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Investments Debt And Equity Securities [Abstract] | ||
Held to maturity, carrying amount, 1 year or less | $ 15,001 | |
Held to maturity, carrying amount, 1 to 5 years | 32,000 | |
Held to maturity, carrying amount, 5 to 10 years | 38,633 | |
Held to maturity carrying amount, 10 years and over | 5,188 | |
Held to maturity, carrying amount, Mortgage-backed securities and other | 184,950 | |
Held to maturity, Amortized Cost | 275,772 | $ 345,545 |
Held to maturity, fair value, 1 year or less | 15,099 | |
Held to maturity, fair value, 1 to 5 years | 32,114 | |
Held to maturity, fair value, 5 to 10 years | 37,554 | |
Held to maturity, fair value, 10 years and over | 5,136 | |
Held to maturity, fair value, Mortgage-backed securities and other | 191,594 | |
Held to maturity, fair value, Total | 281,497 | 346,243 |
Available for sale, amortized cost, 1 year or less | 10,002 | |
Available for sale, amortized cost, 1 to 5 years | 6,038 | |
Available for sale, amortized cost, Mortgage-backed securities and other | 20,844 | |
Available for sale, Amortized Cost | 36,884 | 72,491 |
Available for sale, fair value, 1 year or less | 10,037 | |
Available for sale, fair value, 1 to 5 years | 6,132 | |
Available for sale, fair value, Mortgage-backed securities and other | 21,257 | |
Available for sale, fair value, Total | $ 37,426 | $ 72,228 |
Investment Securities - Investm
Investment Securities - Investment Securities with Fair Value and Unrealized Losses (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Schedule of Investments [Line Items] | ||
Available for sale, Less than 12 months, Fair Value | $ 1,450 | |
Available for sale, Less than 12 months, Unrealized/Unrecognized Loss | (15) | |
Available for sale, Greater than 12 months, Fair Value | $ 60,188 | |
Available for sale, Greater than 12 months, Unrealized/Unrecognized Loss | (311) | |
Available for sale, Total, Fair Value | 1,450 | 60,188 |
Available for sale, Total, Unrealized/Unrecognized Loss | (15) | (311) |
Held to maturity, Less than 12 months, Fair Value | 50,503 | 18,753 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (1,108) | (439) |
Held to maturity, Greater than 12 months, Fair Value | 12,045 | 150,298 |
Held to maturity, Greater than 12 months,Unrealized/ Unrecognized Loss | (455) | (768) |
Held to maturity, Total, Fair Value | 62,548 | 169,051 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (1,563) | (1,207) |
Mortgage-backed Securities - Residential [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Less than 12 months, Fair Value | 1,450 | |
Available for sale, Less than 12 months, Unrealized/Unrecognized Loss | (15) | |
Available for sale, Greater than 12 months, Fair Value | 24,000 | |
Available for sale, Greater than 12 months, Unrealized/Unrecognized Loss | (181) | |
Available for sale, Total, Fair Value | 1,450 | 24,000 |
Available for sale, Total, Unrealized/Unrecognized Loss | (15) | (181) |
Held to maturity, Less than 12 months, Fair Value | 5,130 | 1,666 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (17) | (26) |
Held to maturity, Greater than 12 months, Fair Value | 54,648 | |
Held to maturity, Greater than 12 months,Unrealized/ Unrecognized Loss | (346) | |
Held to maturity, Total, Fair Value | 5,130 | 56,314 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (17) | (372) |
U.S. Government and Agency Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Greater than 12 months, Fair Value | 32,919 | |
Available for sale, Greater than 12 months, Unrealized/Unrecognized Loss | (121) | |
Available for sale, Total, Fair Value | 32,919 | |
Available for sale, Total, Unrealized/Unrecognized Loss | (121) | |
Held to maturity, Less than 12 months, Fair Value | 11,995 | |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (5) | |
Held to maturity, Greater than 12 months, Fair Value | 59,306 | |
Held to maturity, Greater than 12 months,Unrealized/ Unrecognized Loss | (246) | |
Held to maturity, Total, Fair Value | 11,995 | 59,306 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (5) | (246) |
Corporate and Other Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale, Greater than 12 months, Fair Value | 3,269 | |
Available for sale, Greater than 12 months, 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 | 30,751 | 17,087 |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (1,055) | (413) |
Held to maturity, Greater than 12 months, Fair Value | 12,045 | |
Held to maturity, Greater than 12 months,Unrealized/ Unrecognized Loss | (455) | |
Held to maturity, Total, Fair Value | 42,796 | 17,087 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | (1,510) | (413) |
Mortgage-backed Securities - Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Held to maturity, Less than 12 months, Fair Value | 2,627 | |
Held to maturity, Less than 12 months, Unrealized/ Unrecognized Loss | (31) | |
Held to maturity, Greater than 12 months, Fair Value | 29,372 | |
Held to maturity, Greater than 12 months,Unrealized/ Unrecognized Loss | (147) | |
Held to maturity, Total, Fair Value | 2,627 | 29,372 |
Held to maturity, Total, Unrealized/ Unrecognized Loss | $ (31) | (147) |
Mortgage-backed Securities - Commercial [Member] | ||
Schedule of Investments [Line Items] | ||
Held to maturity, Greater than 12 months, Fair Value | 6,972 | |
Held to maturity, Greater than 12 months,Unrealized/ Unrecognized Loss | (29) | |
Held to maturity, Total, Fair Value | 6,972 | |
Held to maturity, Total, Unrealized/ Unrecognized Loss | $ (29) |
Loans Receivable - Summary of L
Loans Receivable - Summary of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | $ 1,268,117 | $ 1,096,977 | ||
Loans receivable | 1,269,586 | 1,098,785 | ||
Allowance for loan losses | (8,639) | (5,664) | $ (4,904) | |
Loans receivable, net | 1,260,947 | 1,093,121 | ||
Residential [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | 255,382 | 265,167 | ||
Commercial [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | 807,106 | 651,396 | ||
Allowance for loan losses | (6,913) | (3,853) | ||
Construction [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | 11,053 | 13,231 | ||
Allowance for loan losses | (165) | (159) | ||
Commercial Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | [1] | 164,257 | 133,614 | |
Allowance for loan losses | (1,124) | (1,130) | ||
Home Equity Lines Of Credit [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | 29,838 | 33,204 | ||
Allowance for loan losses | (60) | (65) | ||
Consumer and Overdrafts [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans receivable, before fees | 481 | 365 | ||
Allowance for loan losses | (4) | (11) | ||
Mortgage Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Net deferred loan origination costs | 739 | 1,031 | ||
Loans receivable | 1,074,280 | 930,825 | ||
Commercial and Consumer Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Net deferred loan origination costs | 730 | 777 | ||
Loans receivable | $ 195,306 | $ 167,960 | ||
[1] | Includes $49.6 million of PPP loans as of June 30, 2020 and none in the prior year. |
Loans Receivable - Summary of_2
Loans Receivable - Summary of Loans Receivable (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans receivable | $ 1,268,117 | $ 1,096,977 | |
Commercial Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans receivable | [1] | 164,257 | 133,614 |
Commercial Loans [Member] | PPP Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans receivable | $ 49,600 | $ 0 | |
[1] | Includes $49.6 million of PPP loans as of June 30, 2020 and none in the prior year. |
Loans Receivable - Summary of A
Loans Receivable - Summary of Activity in Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | $ 5,664 | $ 4,904 |
Allowance for Loan Losses, Provision (Credit) | 3,064 | 808 |
Allowance for Loan Losses, Charge-offs | (263) | (163) |
Allowance for Loan Losses, Recoveries | 174 | 115 |
Allowance for Loan Losses, Ending Allowance | 8,639 | 5,664 |
Commercial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 3,853 | |
Allowance for Loan Losses, Ending Allowance | 6,913 | 3,853 |
Construction [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 159 | |
Allowance for Loan Losses, Ending Allowance | 165 | 159 |
Commercial Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 1,130 | |
Allowance for Loan Losses, Ending Allowance | 1,124 | 1,130 |
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 | 60 | 65 |
Consumer and Overdrafts [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Beginning Allowance | 11 | |
Allowance for Loan Losses, Ending Allowance | 4 | 11 |
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) | 1 | (33) |
Allowance for Loan Losses, Recoveries | 9 | 10 |
Allowance for Loan Losses, Ending Allowance | 373 | 363 |
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) | 2,935 | 894 |
Allowance for Loan Losses, Charge-offs | (114) | |
Allowance for Loan Losses, Recoveries | 125 | |
Allowance for Loan Losses, Ending Allowance | 6,913 | 3,853 |
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) | 6 | (442) |
Allowance for Loan Losses, Recoveries | 96 | |
Allowance for Loan Losses, Ending Allowance | 165 | 159 |
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) | 155 | 348 |
Allowance for Loan Losses, Charge-offs | (181) | |
Allowance for Loan Losses, Recoveries | 20 | 2 |
Allowance for Loan Losses, Ending Allowance | 1,124 | 1,130 |
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) | (17) | (15) |
Allowance for Loan Losses, Recoveries | 12 | |
Allowance for Loan Losses, Ending Allowance | 60 | 65 |
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) | 36 | 31 |
Allowance for Loan Losses, Charge-offs | (51) | (34) |
Allowance for Loan Losses, Recoveries | 8 | 7 |
Allowance for Loan Losses, Ending Allowance | 4 | 11 |
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) | (52) | 10 |
Allowance for Loan Losses, Charge-offs | $ (31) | |
Allowance for Loan Losses, Ending Allowance | 83 | |
Acquired [Member] | Commercial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Allowance for Loan Losses, Provision (Credit) | 15 | |
Allowance for Loan Losses, Charge-offs | $ (15) |
Loans Receivable - Summary of B
Loans Receivable - Summary of Balance in Allowance for Loan Losses and Recorded investment in Loans by Portfolio Segment, and Based on Impairment Method (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans, Individually Evaluated for Impairment | $ 4,719 | $ 5,897 | |
Loans, Collectively Evaluated for Impairment | 1,261,638 | 1,088,765 | |
Total | 1,268,117 | 1,096,977 | |
Allowance for loan losses, Individually Evaluated for Impairment | 123 | 173 | |
Allowance for loan losses, Collectively Evaluated for Impairment | 8,516 | 5,408 | |
Allowance for loan losses, Total | 8,639 | 5,664 | $ 4,904 |
Originated And Acquired Loans | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, Total | 8,639 | 5,664 | |
Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans, Acquired With Deteriorated Credit Quality | 1,760 | 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 | 2,448 | 1,774 | |
Loans, Collectively Evaluated for Impairment | 252,195 | 262,124 | |
Total | 255,382 | 265,167 | |
Allowance for loan losses, Individually Evaluated for Impairment | 118 | 130 | |
Allowance for loan losses, Collectively Evaluated for Impairment | 255 | 233 | |
Residential [Member] | Originated And Acquired Loans | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, Total | 373 | 446 | |
Residential [Member] | Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans, Acquired With Deteriorated Credit Quality | 739 | 1,269 | |
Allowance for loan losses, Acquired With Deteriorated Credit Quality | 83 | ||
Commercial [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans, Individually Evaluated for Impairment | 1,418 | ||
Loans, Collectively Evaluated for Impairment | 806,224 | 649,088 | |
Total | 807,106 | 651,396 | |
Allowance for loan losses, Collectively Evaluated for Impairment | 6,913 | 3,853 | |
Allowance for loan losses, Total | 6,913 | 3,853 | |
Commercial [Member] | Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans, Acquired With Deteriorated Credit Quality | 882 | 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 | 11,053 | 13,231 | |
Total | 11,053 | 13,231 | |
Allowance for loan losses, Collectively Evaluated for Impairment | 165 | 159 | |
Allowance for loan losses, Total | 165 | 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 | 1,921 | 2,016 | |
Loans, Collectively Evaluated for Impairment | 162,336 | 131,598 | |
Total | 164,257 | 133,614 | |
Allowance for loan losses, Individually Evaluated for Impairment | 1 | 39 | |
Allowance for loan losses, Collectively Evaluated for Impairment | 1,123 | 1,091 | |
Allowance for loan losses, Total | 1,124 | 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 | 350 | 689 | |
Loans, Collectively Evaluated for Impairment | 29,349 | 32,359 | |
Total | 29,838 | 33,204 | |
Allowance for loan losses, Individually Evaluated for Impairment | 4 | 4 | |
Allowance for loan losses, Collectively Evaluated for Impairment | 56 | 61 | |
Allowance for loan losses, Total | 60 | 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 | 139 | 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 | 481 | 365 | |
Total | 481 | 365 | |
Allowance for loan losses, Collectively Evaluated for Impairment | 4 | 11 | |
Allowance for loan losses, Total | $ 4 | $ 11 |
Loans Receivable - Summary of_3
Loans Receivable - Summary of Loans Individually Evaluated for Impairment (Excluding Loans Acquired with Deteriorated Credit Quality) by Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Financing Receivable Impaired [Line Items] | ||
Impaired loans, unpaid principal balance | $ 4,923 | $ 6,203 |
Impaired loans, recorded investment | 4,719 | 5,897 |
Allowance for loan losses | 123 | 173 |
Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 2,123 | 1,061 |
Impaired loans with no related allowance recorded, recorded investment | 2,013 | 1,028 |
Impaired loans with an allowance recorded, unpaid principal balance | 372 | 723 |
Impaired loans with an allowance recorded, recorded investment | 435 | 746 |
Impaired loans, recorded investment | 2,448 | 1,774 |
Allowance for loan losses | 118 | 130 |
Commercial Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 2,067 | 2,007 |
Impaired loans with no related allowance recorded, recorded investment | 1,897 | 1,836 |
Impaired loans with an allowance recorded, unpaid principal balance | 24 | 180 |
Impaired loans with an allowance recorded, recorded investment | 24 | 180 |
Impaired loans, recorded investment | 1,921 | 2,016 |
Allowance for loan losses | 1 | 39 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 326 | 750 |
Impaired loans with no related allowance recorded, recorded investment | 339 | 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 | 350 | 689 |
Allowance for loan losses | $ 4 | 4 |
Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, unpaid principal balance | 1,471 | |
Impaired loans with no related allowance recorded, recorded investment | 1,418 | |
Impaired loans, recorded investment | $ 1,418 |
Loans Receivable - Summary of_4
Loans Receivable - Summary of Average Recorded Investment and Interest Income Recognized on Loans Individually Evaluated for Impairment, by Class of Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Financing Receivable Impaired [Line Items] | ||
Impaired loans average recorded investment | $ 6,006 | $ 7,197 |
Impaired loans interest income recognized | 440 | 303 |
Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, average recorded investment | 2,149 | 1,377 |
Impaired loans with no related allowance recorded, interest income recognized | 48 | 20 |
Impaired loans with an allowance recorded, average recorded investment | 375 | 753 |
Impaired loans with an allowance recorded, interest income recognized | 14 | 14 |
Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, average recorded investment | 728 | 1,496 |
Impaired loans with no related allowance recorded, interest income recognized | 149 | 51 |
Construction [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with an allowance recorded, average recorded investment | 869 | |
Commercial Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, average recorded investment | 2,163 | 2,064 |
Impaired loans with no related allowance recorded, interest income recognized | 205 | 200 |
Impaired loans with an allowance recorded, average recorded investment | 38 | 50 |
Impaired loans with an allowance recorded, interest income recognized | 2 | 11 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with no related allowance recorded, average recorded investment | 468 | 577 |
Impaired loans with no related allowance recorded, interest income recognized | 15 | 7 |
Impaired loans with an allowance recorded, average recorded investment | 85 | $ 11 |
Impaired loans with an allowance recorded, interest income recognized | $ 7 |
Loans Receivable - Nonaccrual L
Loans Receivable - Nonaccrual Loans and in Loans Past Due over 90 Days Still on Accrual Status by Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | $ 1,795 | $ 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 | 1,230 | 536 |
Originated [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 150 | |
Originated [Member] | Home Equity Lines Of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 42 | 383 |
Originated [Member] | Consumer and Overdrafts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Past Due Over 90 Days and Still Accruing | 1 | |
Acquired [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual | 227 | 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 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) | 12 Months Ended | ||
Jun. 30, 2020USD ($)LoanCustomer | Jun. 30, 2019USD ($)LoanCustomer | ||
Loans and Leases Receivable Disclosure [Line Items] | |||
Number of loans classified as troubled debt restructurings | Loan | 14 | 13 | |
Value of loans classified as troubled debt restructurings | $ 3,300,000 | $ 4,100,000 | |
Troubled debt restructuring with carrying amount | 2,900,000 | 3,200,000 | |
Specific reserves | 123,000 | 135,000 | |
Commitment to lend to customers in addition to outstanding loans classified as troubled debt restructurings | $ 25,000 | $ 25,000 | |
Number of customers, commitment to lend in addition to outstanding loans classified as troubled debt restructurings | Customer | 1 | 1 | |
Troubled debt restructurings for which there was a payment default | Loan | 1 | 0 | |
Increase allowance for loan loss | $ 0 | ||
Loans receivable | 1,269,586,000 | $ 1,098,785,000 | |
Loans granted | 1,266,348,000 | [1] | 1,094,108,000 |
COVID-19 Pandemic [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans granted | 216,200,000 | ||
COVID-19 Pandemic [Member] | Pass [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans granted | 211,000,000 | ||
COVID-19 Pandemic [Member] | Special Mention [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans granted | 198,000 | ||
COVID-19 Pandemic [Member] | Substandard [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans granted | $ 4,900,000 | ||
COVID-19 Pandemic [Member] | Loan Payment Deferrals [Member] | Residential Mortgage Loans and Home Equity Line of Credit [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Number of loans | Loan | 105 | ||
Loans receivable | $ 30,700,000 | ||
COVID-19 Pandemic [Member] | Loan Payment Deferrals [Member] | Commercial Mortgage, Commercial Loan and Construction Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Number of loans | Loan | 215 | ||
Loans receivable | $ 185,500,000 | ||
90 Days or More Past Due [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Acquired loans accounted for as purchased credit impaired loans | $ 392,000 | $ 501,000 | |
[1] |
Loans Receivable - Aging of Rec
Loans Receivable - Aging of Recorded Investment in Past Due Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | $ 1,769 | $ 2,869 | ||
Current | 1,266,348 | [1] | 1,094,108 | |
Total | 1,268,117 | 1,096,977 | ||
30-59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 615 | 564 | ||
60-89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 10 | 333 | ||
90 Days or More Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 1,144 | 1,972 | ||
Residential [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total | 255,382 | 265,167 | ||
Commercial [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total | 807,106 | 651,396 | ||
Construction [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total | 11,053 | 13,231 | ||
Commercial Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total | [2] | 164,257 | 133,614 | |
Home Equity Lines Of Credit [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total | 29,838 | 33,204 | ||
Consumer and Overdrafts [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total | 481 | 365 | ||
Originated [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 751 | 893 | ||
Current | 1,186,449 | [1] | 994,277 | |
Total | 1,187,200 | 995,170 | ||
Originated [Member] | 30-59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 120 | 344 | ||
Originated [Member] | 60-89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 10 | 150 | ||
Originated [Member] | 90 Days or More Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 621 | 399 | ||
Originated [Member] | Residential [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 589 | 86 | ||
Current | 216,212 | [1] | 217,970 | |
Total | 216,801 | 218,056 | ||
Originated [Member] | Residential [Member] | 60-89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 10 | |||
Originated [Member] | Residential [Member] | 90 Days or More Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 579 | 86 | ||
Originated [Member] | Commercial [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 768,037 | [1] | 600,675 | |
Total | 768,037 | 600,675 | ||
Originated [Member] | Construction [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 11,053 | [1] | 13,231 | |
Total | 11,053 | 13,231 | ||
Originated [Member] | Commercial Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 76 | 150 | ||
Current | 163,991 | [1] | 133,286 | |
Total | 164,067 | 133,436 | ||
Originated [Member] | Commercial Loans [Member] | 30-59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 76 | |||
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] | Home Equity Lines Of Credit [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 86 | 656 | ||
Current | 26,687 | [1] | 28,767 | |
Total | 26,773 | 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 | 44 | 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 | 42 | 312 | ||
Originated [Member] | Consumer and Overdrafts [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 1 | |||
Current | 469 | [1] | 348 | |
Total | 469 | 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 | 1,018 | 1,976 | ||
Current | 79,899 | [1] | 99,831 | |
Total | 80,917 | 101,807 | ||
Acquired [Member] | 30-59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 495 | 220 | ||
Acquired [Member] | 60-89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 183 | |||
Acquired [Member] | 90 Days or More Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 523 | 1,573 | ||
Acquired [Member] | Residential [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 722 | 1,045 | ||
Current | 37,859 | [1] | 46,066 | |
Total | 38,581 | 47,111 | ||
Acquired [Member] | Residential [Member] | 30-59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 495 | 220 | ||
Acquired [Member] | Residential [Member] | 60-89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 116 | |||
Acquired [Member] | Residential [Member] | 90 Days or More Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 227 | 709 | ||
Acquired [Member] | Commercial [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 568 | |||
Current | 39,069 | [1] | 50,153 | |
Total | 39,069 | 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 | |||
Acquired [Member] | Commercial Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 190 | [1] | 178 | |
Total | 190 | 178 | ||
Acquired [Member] | Home Equity Lines Of Credit [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 296 | 363 | ||
Current | 2,769 | [1] | 3,418 | |
Total | 3,065 | 3,781 | ||
Acquired [Member] | Home Equity Lines Of Credit [Member] | 60-89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 67 | |||
Acquired [Member] | Home Equity Lines Of Credit [Member] | 90 Days or More Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 296 | 296 | ||
Acquired [Member] | Consumer and Overdrafts [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 12 | [1] | 16 | |
Total | $ 12 | $ 16 | ||
[1] | ||||
[2] | Includes $49.6 million of PPP loans as of June 30, 2020 and none in the prior year. |
Loans Receivable - Summary of_5
Loans Receivable - Summary of Loans by Class Modified in Troubled Debt Restructurings (Detail) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020USD ($)Loan | Jun. 30, 2019USD ($)Loan | |
Financing Receivable Modifications [Line Items] | ||
Number of loans | Loan | 2 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 195 | $ 1,188 |
Post-Modification Outstanding Recorded Investment | $ 172 | $ 1,183 |
Residential [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of loans | Loan | 3 | |
Pre-Modification Outstanding Recorded Investment | $ 1,115 | |
Post-Modification Outstanding Recorded Investment | $ 1,110 | |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of loans | Loan | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 73 | |
Post-Modification Outstanding Recorded Investment | $ 73 | |
Commercial Loans [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of loans | Loan | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 195 | |
Post-Modification Outstanding Recorded Investment | $ 172 |
Loans Receivable - Summary of R
Loans Receivable - Summary of Risk Category of Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 1,268,117 | $ 1,096,977 | |
Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,256,217 | 1,076,801 | |
Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,562 | 11,716 | |
Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 7,338 | 8,460 | |
Residential [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 255,382 | 265,167 | |
Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 807,106 | 651,396 | |
Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 11,053 | 13,231 | |
Commercial Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | [1] | 164,257 | 133,614 |
Home Equity Lines Of Credit [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 29,838 | 33,204 | |
Consumer and Overdrafts [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 481 | 365 | |
Originated [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,187,200 | 995,170 | |
Originated [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,177,667 | 982,591 | |
Originated [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,308 | 7,900 | |
Originated [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 5,225 | 4,679 | |
Originated [Member] | Residential [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 216,801 | 218,056 | |
Originated [Member] | Residential [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 215,072 | 216,438 | |
Originated [Member] | Residential [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 489 | 1,071 | |
Originated [Member] | Residential [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,240 | 547 | |
Originated [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 768,037 | 600,675 | |
Originated [Member] | Commercial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 764,861 | 600,216 | |
Originated [Member] | Commercial [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 3,176 | 339 | |
Originated [Member] | Commercial [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 120 | ||
Originated [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 11,053 | 13,231 | |
Originated [Member] | Construction [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 11,053 | 13,231 | |
Originated [Member] | Commercial Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 164,067 | 133,436 | |
Originated [Member] | Commercial Loans [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 159,947 | 123,361 | |
Originated [Member] | Commercial Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 201 | 6,423 | |
Originated [Member] | Commercial Loans [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 3,919 | 3,652 | |
Originated [Member] | Home Equity Lines Of Credit [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 26,773 | 29,423 | |
Originated [Member] | Home Equity Lines Of Credit [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 26,265 | 28,996 | |
Originated [Member] | Home Equity Lines Of Credit [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 442 | 67 | |
Originated [Member] | Home Equity Lines Of Credit [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 66 | 360 | |
Originated [Member] | Consumer and Overdrafts [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 469 | 349 | |
Originated [Member] | Consumer and Overdrafts [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 469 | 349 | |
Acquired [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 80,917 | 101,807 | |
Acquired [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 78,550 | 94,210 | |
Acquired [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 254 | 3,816 | |
Acquired [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,113 | 3,781 | |
Acquired [Member] | Residential [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 38,581 | 47,111 | |
Acquired [Member] | Residential [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 37,532 | 44,959 | |
Acquired [Member] | Residential [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 198 | 211 | |
Acquired [Member] | Residential [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 851 | 1,941 | |
Acquired [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 39,069 | 50,721 | |
Acquired [Member] | Commercial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 38,187 | 45,726 | |
Acquired [Member] | Commercial [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 3,537 | ||
Acquired [Member] | Commercial [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 882 | 1,458 | |
Acquired [Member] | Commercial Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 190 | 178 | |
Acquired [Member] | Commercial Loans [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 190 | 178 | |
Acquired [Member] | Home Equity Lines Of Credit [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 3,065 | 3,781 | |
Acquired [Member] | Home Equity Lines Of Credit [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,629 | 3,331 | |
Acquired [Member] | Home Equity Lines Of Credit [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 56 | 68 | |
Acquired [Member] | Home Equity Lines Of Credit [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 380 | 382 | |
Acquired [Member] | Consumer and Overdrafts [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 12 | 16 | |
Acquired [Member] | Consumer and Overdrafts [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 12 | $ 16 | |
[1] | Includes $49.6 million of PPP loans as of June 30, 2020 and none in the prior year. |
Loans Receivable - Schedule of
Loans Receivable - Schedule of Carrying Amount of Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | $ 1,260,947 | $ 1,093,121 |
Acquired with Deteriorated Credit Quality [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | 1,760 | 2,232 |
Acquired with Deteriorated Credit Quality [Member] | Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | 739 | 1,186 |
Acquired with Deteriorated Credit Quality [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount of loans | 882 | 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 | $ 139 | $ 156 |
Loans Receivable - Schedule o_2
Loans Receivable - Schedule of Carrying Amount of Purchased Credit Impaired Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | 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_6
Loans Receivable - Summary of Accretable Yield, or Income Expected to be Collected for Acquired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities [Abstract] | ||
Beginning balance | $ 192 | $ 245 |
Accretion income | (36) | (53) |
Ending balance | $ 156 | $ 192 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Detail) - USD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | $ 21,807,000 | $ 22,573,000 |
Less: accumulated depreciation and amortization | (11,930,000) | (10,771,000) |
Total | 9,877,000 | 11,802,000 |
Operating lease ,right-of-use asset | 10,976,000 | 0 |
Total Bank premises and equipment, net | 20,853,000 | 11,802,000 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | 1,326,000 | 1,997,000 |
Building and Leasehold improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | 13,086,000 | 13,753,000 |
Furniture, fixtures and equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | 7,361,000 | 6,808,000 |
Construction and improvements in process [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | $ 34,000 | $ 15,000 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jul. 01, 2020 | Jul. 01, 2019 | |
Property Plant And Equipment [Line Items] | ||||
Right to use lease assets | $ 10,976,000 | $ 0 | ||
Lease assets acquired during current year | 796,000 | |||
Amortization of right-of-use asset | 1,700,000 | |||
Depreciation expense | $ 1,200,000 | $ 1,100,000 | ||
ASU 2016-02 [Member] | ||||
Property Plant And Equipment [Line Items] | ||||
Right to use lease assets | $ 11,900,000 | |||
Subsequent Event [Member] | ASU 2016-02 [Member] | ||||
Property Plant And Equipment [Line Items] | ||||
Right to use lease assets | $ 11,900,000 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Change in Goodwill (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Beginning Balance | $ 6,106,000 | $ 6,106,000 |
Impairment | 0 | 0 |
Ending Balance | $ 6,106,000 | $ 6,106,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Impairment of goodwill | $ 0 | $ 0 |
Amortization of intangible assets | $ 94,000 | $ 110,000 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Acquired Intangible Assets (Detail) - Core Deposit Intangible [Member] - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Goodwill And Intangible Assets Disclosure [Line Items] | ||
Amortized intangible assets, Gross Carrying Amount | $ 887 | $ 887 |
Amortized intangible assets, Accumulated Amortization | $ (658) | $ (564) |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Schedule of Estimated Amortization Expense (Detail) $ in Thousands | Jun. 30, 2020USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2021 | $ 78 |
2022 | 62 |
2023 | 46 |
2024 | 30 |
2025 | $ 13 |
Deposits - Summary of Deposit B
Deposits - Summary of Deposit Balances (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Deposits [Abstract] | ||
Demand | $ 191,898 | $ 141,379 |
NOW Accounts | 151,797 | 123,069 |
Money market accounts | 239,942 | 148,134 |
Savings | 343,352 | 357,844 |
Time deposits | 446,266 | 455,395 |
Total deposits | $ 1,373,255 | $ 1,225,821 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Deposits [Line Items] | ||
Time deposits, meet or exceed FDIC insurance limit of $250,000 | $ 143.2 | $ 149 |
Brokered time deposits | $ 67.5 | 77.5 |
Minimum [Member] | ||
Deposits [Line Items] | ||
Brokered time deposits remaining maturities period | 6 months | |
Maximum [Member] | ||
Deposits [Line Items] | ||
Brokered time deposits remaining maturities period | 44 months | |
PCSB Bank [Member] | ||
Deposits [Line Items] | ||
Deposits of local governments | $ 44.1 | $ 40.1 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Time Deposits (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Deposits [Abstract] | ||
Within 1 year | $ 270,435 | $ 221,832 |
1 year to 2 years | 63,771 | 112,394 |
2 years to 3 years | 32,259 | 41,211 |
3 years to 4 years | 70,452 | 33,538 |
4 years to 5 years | 9,349 | 46,420 |
Total | $ 446,266 | $ 455,395 |
FHLB and Other Borrowings - Add
FHLB and Other Borrowings - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Federal Home Loan Bank Advances [Line Items] | ||
Advances from Federal Home Loan Bank | $ 106,089,000 | $ 111,216,000 |
Percentage of outstanding advances to be maintained as collateral | 110.00% | |
Secured borrowings | $ 108,700,000 | |
FRB borrowings outstanding | 0 | 0 |
Federal Home Loan Bank of New York [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Advances from Federal Home Loan Bank | 106,089,000 | 111,216,000 |
Advances from federal home loan banks accessible | 218,400,000 | $ 291,200,000 |
Fed funds lines of credit | 25,000,000 | |
Outstanding fed funds lines of credit | 0 | |
Federal Home Loan Bank of New York [Member] | Original Maturities Ranging From 9 To 42 Months [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Advances from Federal Home Loan Bank | 102,500,000 | |
Federal Home Loan Bank of New York [Member] | FHLB Advances [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Balloon payment in 2026 | 2,800,000 | |
Federal Home Loan Bank of New York [Member] | Amortizing Term Loan [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Advances from Federal Home Loan Bank | $ 3,600,000 | |
Federal Home Loan Bank of New York [Member] | Minimum [Member] | FHLB Advances [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
FHLB short term advances, original maturities | 9 months | |
Federal Home Loan Bank of New York [Member] | Maximum [Member] | FHLB Advances [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
FHLB short term advances, original maturities | 42 months |
FHLB and Other Borrowings - Mat
FHLB and Other Borrowings - Maturity Schedule of Advances (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Federal Home Loan Bank Advances [Line Items] | ||
Amount Due, Total | $ 106,089 | $ 111,216 |
Federal Home Loan Bank of New York [Member] | ||
Federal Home Loan Bank Advances [Line Items] | ||
Amount Due, Within 1 year | 40,131 | 65,128 |
Amount Due, 1 year to 2 years | 17,635 | 30,131 |
Amount Due, 2 years to 3 years | 40,138 | 7,635 |
Amount Due, 3 years to 4 years | 5,142 | 138 |
Amount Due, 4 years to 5 years | 146 | 5,142 |
Amount Due, Thereafter | 2,897 | 3,042 |
Amount Due, Total | $ 106,089 | $ 111,216 |
Weighted Avg Rate, Within 1 year | 1.81% | 2.29% |
Weighted Avg Rate, 1 year to 2 years | 2.11% | 2.10% |
Weighted Avg Rate, 2 years to 3 years | 1.79% | 3.22% |
Weighted Avg Rate, 3 years to 4 years | 3.31% | 2.62% |
Weighted Avg Rate, 4 years to 5 years | 2.62% | 3.31% |
Weighted Avg Rate, Thereafter | 2.62% | 2.62% |
Weighted Avg Rate, Total | 1.95% | 2.36% |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Contract Amounts of Credit-related Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Standby Letter of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Credit related financial instruments | $ 1,820 | $ 1,688 |
Commitments to Originate Loans [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Credit related financial instruments | 48,123 | 67,859 |
Unused Lines of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Credit related financial instruments | $ 141,070 | $ 121,555 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Summary of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 281,307 | $ 287,559 | |
Total other comprehensive (loss) income | (1,313) | 1,860 | |
Ending Balance | 273,713 | 281,307 | |
Net Unrealized Gain (Loss) on Available for Sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | [1] | (209) | (1,536) |
Other comprehensive income (loss) before reclassifications | [1] | 826 | 1,741 |
Amounts reclassified from accumulated other comprehensive (loss) income | [1] | (21) | (62) |
Tax effect | [1] | (168) | (352) |
Total other comprehensive (loss) income | [1] | 637 | 1,327 |
Ending Balance | [1] | 428 | (209) |
Unrealized Losses on Retirement Plans [Member] | Pension Benefits [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | [2] | (4,631) | (5,150) |
Other comprehensive income (loss) before reclassifications | [2] | (3,428) | (486) |
Amounts reclassified from accumulated other comprehensive (loss) income | [2] | 929 | 1,144 |
Tax effect | [2] | 525 | (139) |
Total other comprehensive (loss) income | [2] | (1,974) | 519 |
Ending Balance | [2] | (6,605) | (4,631) |
Unrealized Losses on Retirement Plans [Member] | SERP Benefits [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | [2] | (250) | (264) |
Other comprehensive income (loss) before reclassifications | [2] | (13) | (19) |
Amounts reclassified from accumulated other comprehensive (loss) income | [2] | 45 | 36 |
Tax effect | [2] | (8) | (3) |
Total other comprehensive (loss) income | [2] | 24 | 14 |
Ending Balance | [2] | (226) | (250) |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (5,090) | (6,950) | |
Other comprehensive income (loss) before reclassifications | (2,615) | 1,236 | |
Amounts reclassified from accumulated other comprehensive (loss) income | 953 | 1,118 | |
Tax effect | 349 | (494) | |
Total other comprehensive (loss) income | (1,313) | 1,860 | |
Ending Balance | $ (6,403) | $ (5,090) | |
[1] | Amounts reclassified from accumulated other comprehensive income are recorded in the Statement of Operations as part of "gains on sales of securities" | ||
[2] | Amounts reclassified from accumulated other comprehensive income are recorded in the Statement of Operations as part of "other operating expenses" |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||
Net income applicable to common stock | $ 9,359 | $ 8,318 |
Average number of common shares outstanding | 16,811,359 | 17,752,473 |
Less: Average unallocated ESOP shares | (1,162,732) | (1,259,713) |
Average number of common shares outstanding used to calculate basic earnings per common share | 15,648,627 | 16,492,760 |
Effect of equity-based awards | 25,542 | 34,357 |
Average number of common shares outstanding used to calculate diluted earnings per common share | 15,674,169 | 16,527,117 |
Earnings per Common share: | ||
Basic | $ 0.60 | $ 0.50 |
Diluted | $ 0.60 | $ 0.50 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
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 | 1,339,293 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Additional Information (Detail) | 12 Months Ended | ||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying amount of loans | $ 1,260,947,000 | $ 1,093,121,000 | |
Remaining valuation allowance | 8,639,000 | 5,664,000 | $ 4,904,000 |
Net charge-offs | 263,000 | 163,000 | |
Provision for loan losses | 3,064,000 | 808,000 | |
Impaired Loans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying amount of loans | 546,000 | 937,000 | |
Remaining valuation allowance | 123,000 | 173,000 | |
Net charge-offs | 0 | 0 | |
Provision for loan losses | $ 6,000 | $ 40,000 | |
Minimum [Member] | Measurement Input, Discount Rates [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Discount rates | 0.10 | ||
Maximum [Member] | Measurement Input, Discount Rates [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Discount rates | 0.20 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | 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 | $ 45,731 | $ 73,567 |
Total liabilities at fair value | 8,305 | 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 | 11,049 | 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 | 5,120 | 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 | 21,257 | 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 | 424 | 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 | 316 | 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 | 100 | 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 | 8 | 7 |
Foreclosed Real Estate [Member] | Measured on a Non-Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 653 | |
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 | 8,305 | 1,339 |
Total liabilities at fair value | 8,305 | 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 | 45,731 | 73,567 |
Total liabilities at fair value | 8,305 | 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 | 11,049 | 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 | 5,120 | 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 | 21,257 | 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 | 8,305 | 1,339 |
Total liabilities at fair value | 8,305 | 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 | 424 | 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 | 316 | 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 | 100 | 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 | $ 8 | 7 |
Level 3 [Member] | Foreclosed Real Estate [Member] | Measured on a Non-Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 653 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Summary of Quantitative Information about Level 3 Fair Value Measurements for Selected Financial Instruments Measured at Fair Value on Non-recurring Basis (Detail) $ in Thousands | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) |
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 | $ 424 | $ 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 | 424 | 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 | 316 | 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 | 316 | 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 | 316 | 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 | 100 | 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 | 100 | 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 | 100 | 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 | 8 | 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 | 8 | 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 | $ 8 | $ 7 |
Range or Rate Used | 0.063 | 0.063 |
Measured on a Non-Recurring Basis [Member] | Foreclosed Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 653 | |
Measured on a Non-Recurring Basis [Member] | Foreclosed Real Estate [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 653 | |
Debt Securities, Available-for-sale, Valuation Technique [Extensible List] | pcsb:ValuationTechniqueSalesComparisonMember | |
Debt Securities, Available-for-sale, Measurement Input [Extensible List] | us-gaap:MeasurementInputComparabilityAdjustmentMember | |
Measured on a Non-Recurring Basis [Member] | Minimum [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] | ||
Range or Rate Used | 0.054 | 0.054 |
Measured on a Non-Recurring Basis [Member] | Minimum [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] | ||
Range or Rate Used | 0.068 | 0.060 |
Measured on a Non-Recurring Basis [Member] | Minimum [Member] | Foreclosed Real Estate [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range or Rate Used | (0.080) | |
Measured on a Non-Recurring Basis [Member] | Maximum [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] | ||
Range or Rate Used | 0.063 | 0.063 |
Measured on a Non-Recurring Basis [Member] | Maximum [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] | ||
Range or Rate Used | 0.075 | 0.070 |
Measured on a Non-Recurring Basis [Member] | Maximum [Member] | Foreclosed Real Estate [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range or Rate Used | 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 | Jun. 30, 2020 | Jun. 30, 2019 |
Financial assets: | ||
Investment securities held to maturity | $ 281,497 | $ 346,243 |
Investment securities available for sale | 37,426 | 72,228 |
Carrying Amount [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 136,302 | 60,029 |
Investment securities held to maturity | 275,772 | 345,545 |
Investment securities available for sale | 37,426 | 72,228 |
Loans receivable, net | 1,260,947 | 1,093,121 |
Accrued interest receivable | 6,880 | 4,797 |
FHLB stock | 6,308 | 6,255 |
Financial liabilities: | ||
Accrued interest payable | 246 | 209 |
Mortgage escrow funds | 10,123 | 9,355 |
FHLB advances | 106,089 | |
Carrying Amount [Member] | Derivatives – Interest Rate Contracts [Member] | ||
Financial assets: | ||
Derivative assets - interest rate contracts | 8,305 | 1,339 |
Financial liabilities: | ||
Derivative liabilities - interest rate contracts | 8,305 | |
Carrying Amount [Member] | Demand, NOW, Money Market Deposits and Savings Accounts [Member] | ||
Financial liabilities: | ||
Time deposits | 926,989 | 770,426 |
Carrying Amount [Member] | Time Deposits [Member] | ||
Financial liabilities: | ||
Time deposits | 446,266 | 455,395 |
Total [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 136,302 | 60,029 |
Investment securities held to maturity | 281,497 | 346,243 |
Investment securities available for sale | 37,426 | 72,228 |
Loans receivable, net | 1,240,440 | 1,092,878 |
Accrued interest receivable | 6,880 | 4,797 |
Financial liabilities: | ||
Accrued interest payable | 246 | 209 |
Mortgage escrow funds | 10,123 | 9,355 |
FHLB advances | 110,937 | |
Total [Member] | Derivatives – Interest Rate Contracts [Member] | ||
Financial assets: | ||
Derivative assets - interest rate contracts | 8,305 | 1,339 |
Financial liabilities: | ||
Derivative liabilities - interest rate contracts | 8,305 | |
Total [Member] | Demand, NOW, Money Market Deposits and Savings Accounts [Member] | ||
Financial liabilities: | ||
Time deposits | 926,989 | 770,426 |
Total [Member] | Time Deposits [Member] | ||
Financial liabilities: | ||
Time deposits | 456,109 | 460,554 |
Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 136,302 | 60,029 |
Financial liabilities: | ||
Accrued interest payable | 1 | 18 |
Mortgage escrow funds | 10,123 | 9,355 |
Level 1 [Member] | Demand, NOW, Money Market Deposits and Savings Accounts [Member] | ||
Financial liabilities: | ||
Time deposits | 926,989 | 770,426 |
Level 2 [Member] | ||
Financial assets: | ||
Investment securities held to maturity | 276,847 | 346,243 |
Investment securities available for sale | 37,426 | 72,228 |
Accrued interest receivable | 997 | 1,330 |
Financial liabilities: | ||
Accrued interest payable | 245 | 191 |
FHLB advances | 110,937 | |
Level 2 [Member] | Derivatives – Interest Rate Contracts [Member] | ||
Financial assets: | ||
Derivative assets - interest rate contracts | 8,305 | 1,339 |
Financial liabilities: | ||
Derivative liabilities - interest rate contracts | 8,305 | |
Level 2 [Member] | Time Deposits [Member] | ||
Financial liabilities: | ||
Time deposits | 456,109 | 460,554 |
Level 3 [Member] | ||
Financial assets: | ||
Investment securities held to maturity | 4,650 | |
Loans receivable, net | 1,240,440 | 1,092,878 |
Accrued interest receivable | $ 5,883 | $ 3,467 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Current tax expense (benefit) | ||
Federal | $ 3,089 | $ 2,624 |
State | 67 | 412 |
Total current tax expense (benefit) | 3,156 | 3,036 |
Deferred tax expense (benefit) | ||
Federal | (444) | (329) |
State | (48) | (91) |
Total deferred tax expense | (492) | (420) |
State tax valuation allowances, net of federal benefit | 27 | 70 |
Total | $ 2,691 | $ 2,686 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory rate | 21.00% | 21.00% |
Tax at federal statutory rate | $ 2,530 | $ 2,311 |
State Taxes, net of federal benefit | 48 | 310 |
Tax-exempt income | (56) | (66) |
BOLI income | (111) | (114) |
Other Compensation | 36 | 32 |
ESOP Compensation | 159 | 199 |
Other, net | 85 | 14 |
Total | $ 2,691 | $ 2,686 |
Effective tax rate | 22.34% | 24.41% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Deferred Tax Assets: | ||
Allowance for Loan Losses | $ 2,269 | $ 1,419 |
Other comprehensive loss (defined benefit plans) | 1,816 | 1,298 |
Deferred compensation | 951 | 879 |
Charitable contribution carryforward | 307 | 671 |
Stock based compensation | 729 | 498 |
Depreciation of premises and equipment | 416 | 416 |
Other comprehensive loss (securities) | 55 | |
Lease liabilities | 2,942 | |
Other | 16 | 544 |
Total deferred tax assets | 9,446 | 5,780 |
Deferred Tax Liabilities: | ||
Prepaid pension costs | 2,482 | 2,416 |
Deferred loan costs and fees, net | 376 | 466 |
Other comprehensive income (securities) | 114 | |
Right to use lease asset | 2,883 | |
Total deferred tax liabilities | 5,855 | 2,882 |
Deferred tax asset valuation allowance | (462) | (420) |
Net deferred tax asset | $ 3,129 | $ 2,478 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Income Taxes [Line Items] | ||
Charitable contribution carryforwards | $ 1,400,000 | |
Charitable contribution carryforwards expiration year | 2022 | |
Reclassification from deferred income tax to retained earnings | $ 2,800,000 | |
Deferred tax liabilities not been recognized of retained earnings | 588,000 | |
Unrecognized tax benefits recorded | $ 0 | $ 0 |
Unrecognized tax benefits to significantly increase or decrease in the next twelve months | 0 | |
New York State [Member] | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards, net | $ 1,400,000 | |
Operating loss carryforwards expiration year | 2034 | |
Maximum [Member] | ||
Income Taxes [Line Items] | ||
Charitable contribution carryforwards expiration period | 5 years |
Post-Retirement Benefits - Addi
Post-Retirement Benefits - Additional Information (Detail) - USD ($) | Jan. 01, 2017 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Effective date of freezing of the defined benefit pension plan | May 1, 2017 | |||
Defined benefit plan, contributions by employer | $ 0 | |||
Percentage of investment in plan assets | 100.00% | 100.00% | ||
Estimated long-term inflation rate | 2.50% | |||
Expected return on plan assets | 7.50% | |||
ESOP shares | 1,453,209 | 1,441,735 | 1,453,209 | |
Stock price | $ 10 | |||
ESOP payable term | 15 years | |||
ESOP prime rate percentage | 4.75% | |||
ESOP borrowing | $ 11,600,000 | |||
Number of shares committed to be released per year through 2032 | 96,881 | |||
ESOP Compensation | $ 1,724,000 | $ 1,918,000 | ||
Equity Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of investment in plan assets | 63.00% | 60.00% | ||
Equity Mutual Funds [Member] | Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected return on plan assets | 6.00% | |||
Equity Mutual Funds [Member] | Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected return on plan assets | 8.00% | |||
Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of investment in plan assets | 1.00% | 3.00% | ||
Fixed Income Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of investment in plan assets | 36.00% | 37.00% | ||
Fixed Income Securities [Member] | Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected return on plan assets | 3.00% | |||
Fixed Income Securities [Member] | Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected return on plan assets | 5.00% | |||
Scenario Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, contributions by employer | $ 0 | |||
Employee Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net loss | $ 3,400,000 | $ 486,000 | ||
Pre-tax amounts included in accumulated other comprehensive income | $ 8,300,000 | $ 5,900,000 | ||
Assumed discount rates used | 2.40% | 3.31% | ||
Temporary increase in percentage of bond fund portion | 50.00% | |||
Expected return on plan assets | 7.50% | 7.50% | ||
Benefits Paid | $ 948,000 | $ 929,000 | ||
Employee Pension Plan [Member] | Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Asset rebalancing threshold | 10.00% | |||
Employee Pension Plan [Member] | Equity Mutual Funds [Member] | Long-Term Objective [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of investment in plan assets | 65.00% | |||
Employee Pension Plan [Member] | Debt Securities [Member] | Long-Term Objective [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of investment in plan assets | 34.00% | |||
Employee Pension Plan [Member] | Cash Equivalents [Member] | Long-Term Objective [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of investment in plan assets | 1.00% | |||
Employee Pension Plan [Member] | Scenario Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net loss | 959,000 | |||
Prior service (credit) cost | 0 | |||
Defined Contribution Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan, description | The Company maintains a defined contribution plan for eligible employees hired after October 1, 2012. | |||
Defined contribution plan for eligible employee who hired after | Oct. 1, 2012 | |||
Plan expense | $ 0 | 0 | ||
401 (k) Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan expense | $ 0 | 0 | ||
Defined contribution plan, minimum age for eligibility to receive contribution | 21 years | |||
Defined contribution plan, minimum period of service to receive contribution | 1 year | |||
Employee contribution minimum percentage rate | 1.00% | |||
Rate of contribution receive by employee on salary | 25.00% | |||
Employer matching contribution | $ 0 | 0 | ||
Supplemental Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net loss | 286,000 | 318,000 | ||
Accrued benefit cost | 3,900,000 | 3,700,000 | ||
Projected benefit obligation and accumulated benefit obligation | 3,900,000 | 3,700,000 | ||
Pension expense | 500,000 | 613,000 | ||
Benefits Paid | $ 272,000 | $ 272,000 | ||
Supplemental Retirement Plan [Member] | Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Assumed discount rates used | 2.40% | |||
Rates of compensation increases used | 2.40% | |||
Supplemental Retirement Plan [Member] | Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Assumed discount rates used | 3.17% | |||
Rates of compensation increases used | 3.17% | |||
Supplemental Retirement Plan [Member] | Scenario Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated amortization of net loss | $ 55,000 |
Post-Retirement Benefits - Summ
Post-Retirement Benefits - Summary of Plan's Funded Status (Detail) - Employee Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Change in benefit obligation: | ||
Beginning benefit obligation | $ 22,356 | $ 24,764 |
Interest Cost | 720 | 1,000 |
Actuarial Loss | 2,290 | (327) |
Benefits Paid | (948) | (929) |
Settlements | (1,115) | (2,152) |
Ending benefit obligation | 23,303 | 22,356 |
Change in plan assets, at fair value: | ||
Beginning plan assets | 26,133 | 27,975 |
Actual return | 777 | 1,239 |
Benefits paid | (948) | (929) |
Settlements | (1,115) | (2,152) |
Ending Plan assets | 24,847 | 26,133 |
Funded Status | 1,544 | 3,777 |
Accumulated Benefit Obligation | $ 23,303 | $ 22,356 |
Post-Retirement Benefits - Su_2
Post-Retirement Benefits - Summary of Net Period Pension Cost (Benefit), Contributions and Benefits Paid (Detail) - Employee Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Net period pension (benefit) cost | $ (266) | $ 92 |
Benefits paid | $ 948 | $ 929 |
Post-Retirement Benefits - Sche
Post-Retirement Benefits - Schedule of Net Periodic Pension Cost and Other Amounts Recognized in Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Employee Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest Cost | $ 720 | $ 1,000 |
Expected return on plan assets | (1,915) | (2,052) |
Amortization of prior net loss | 529 | 580 |
Settlement charge | 400 | 564 |
Net periodic (credit) cost | (266) | 92 |
Interest cost | 720 | 1,000 |
Supplemental Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of prior net loss | 45 | 36 |
Service cost | 338 | 455 |
Interest cost | 117 | 122 |
Net periodic cost | $ 500 | $ 613 |
Post-Retirement Benefits - Sc_2
Post-Retirement Benefits - Schedule of Benefit Payments which Reflects Expected Future Service (Detail) $ in Thousands | Jun. 30, 2020USD ($) |
Employee Pension Plan [Member] | |
Defined Benefit Plan Estimated Future Benefit Payments [Line Items] | |
2021 | $ 1,131 |
2022 | 1,163 |
2023 | 1,175 |
2024 | 1,056 |
2025 | 1,028 |
Following five years | 5,614 |
Supplemental Retirement Plan [Member] | |
Defined Benefit Plan Estimated Future Benefit Payments [Line Items] | |
2021 | 272 |
2022 | 272 |
2023 | 3,424 |
2024 | $ 136 |
Post-Retirement Benefits - Sc_3
Post-Retirement Benefits - Schedule of Weighted-Average Assumptions Used to Determine Net Periodic Pension Cost (Detail) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Expected return on plan assets | 7.50% | |
Employee Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 3.31% | 4.14% |
Expected return on plan assets | 7.50% | 7.50% |
Post-Retirement Benefits - Sc_4
Post-Retirement Benefits - Schedule of Actual Pension Plan Asset Allocation and Target Allocation by Asset Category (Detail) | Jun. 30, 2020 | Jun. 30, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 100.00% | |
Percentage of Plan Assets | 100.00% | 100.00% |
Equity Mutual Funds And Common/Collective Trusts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 65.00% | |
Percentage of Plan Assets | 63.00% | 60.00% |
Fixed Income Common/Collective Trusts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 34.00% | |
Percentage of Plan Assets | 36.00% | 37.00% |
Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 1.00% | |
Percentage of Plan Assets | 1.00% | 3.00% |
Post-Retirement Benefits - Sc_5
Post-Retirement Benefits - Schedule of Fair Value of Plan Assets (Detail) - Employee Pension Plan [Member] - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 24,847 | $ 26,133 | $ 27,975 |
Carrying Amount [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 24,846 | 26,133 | |
Estimate of Fair Value Measurement [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 313 | 678 | |
Estimate of Fair Value Measurement [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 24,533 | 25,455 | |
Equity Mutual Funds And Common/Collective Trusts [Member] | Carrying Amount [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 15,623 | 15,837 | |
Equity Mutual Funds And Common/Collective Trusts [Member] | Estimate of Fair Value Measurement [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 15,623 | 15,837 | |
Fixed Income Common/Collective Trusts [Member] | Carrying Amount [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,910 | 9,618 | |
Fixed Income Common/Collective Trusts [Member] | Estimate of Fair Value Measurement [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,910 | 9,618 | |
Cash Equivalents [Member] | Carrying Amount [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 313 | 678 | |
Cash Equivalents [Member] | Estimate of Fair Value Measurement [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 313 | $ 678 |
Post-Retirement Benefits - Shar
Post-Retirement Benefits - Shares Held by ESOP (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | Jan. 01, 2017 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Allocated to participants | 327,206 | 241,804 | |
Unearned | 1,114,529 | 1,211,405 | |
Total ESOP shares | 1,441,735 | 1,453,209 | 1,453,209 |
Fair value of unearned shares | $ 14,132 | $ 24,531 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) | 12 Months Ended |
Jun. 30, 2020USD ($) | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Total consolidated assets | $ 3,000,000,000 |
Capital conservation buffer, phase period | 4 years |
Minimum [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Capital conservation buffer percentage required under regulatory | 2.50% |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Bank's Actual Capital Amounts and Ratios Compared to Required Ratios for Minimum Capital Adequacy and for Classification as Well Capitalized (Detail) - PCSB Bank [Member] $ in Thousands | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Leverage (Tier 1), Bank Actual Amount | $ 220,310 | $ 209,885 |
Common Tier 1, Bank Actual Amount | 220,310 | 209,885 |
Tier 1, Bank Actual Amount | 220,310 | 209,885 |
Total, Bank Actual Amount | $ 228,949 | $ 215,549 |
Leverage (Tier 1), Bank Actual Ratio | 12.5 | 13.8 |
Common Tier 1, Bank Actual Ratio | 17 | 18 |
Tier 1, Bank Actual Ratio | 17 | 18 |
Total, Bank Actual Ratio | 17.6 | 18.4 |
Leverage (Tier 1), For Capital Adequacy Purposes Amount | $ 70,432 | $ 60,774 |
Common Tier 1, For Capital Adequacy Purposes Amount | 58,389 | 52,579 |
Tier 1, For Capital Adequacy Purposes Amount | 77,852 | 70,105 |
Total, For Capital Adequacy Purposes Amount | $ 103,802 | $ 93,474 |
Leverage (Tier 1), For Capital Adequacy Purposes Ratio | 4 | 4 |
Common Tier 1, For Capital Adequacy Purposes Ratio | 4.50% | 4.50% |
Tier 1, For Capital Adequacy Purposes Ratio | 6 | 6 |
Total, For Captial Adequacy Purposes Ratio | 8 | 8 |
Leverage (Tier 1), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 88,040 | $ 75,968 |
Common Tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 84,339 | 75,948 |
Tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 103,802 | 93,474 |
Total, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 129,753 | $ 116,842 |
Leverage (Tier 1), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5 | 5 |
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 | 8 |
Total, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10 | 10 |
Related Party Disclosures - Add
Related Party Disclosures - Additional Information (Detail) - USD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
PCSB Bank [Member] | ||
Related Party Transaction [Line Items] | ||
Insider loans | $ 0 | $ 0 |
Derivatives and Hedging - Summa
Derivatives and Hedging - Summary Information About Interest Rate Swaps (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Notional amounts | $ 159,242,000 | $ 68,535,000 |
Weighted average pay rates | 2.54% | 3.89% |
Weighted average receive rates | 2.54% | 3.89% |
Weighted average maturity | 9 years 3 months 21 days | 9 years 10 months 2 days |
Revenue From Contracts With C_3
Revenue From Contracts With Customers - Schedule of Noninterest Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Noninterest income | |||
Service charges on deposits | $ 831 | $ 1,181 | |
Interchange fees | 430 | 432 | |
Other | [1] | 136 | 150 |
Fees and service charges | 1,397 | 1,763 | |
Swap income | [1] | 984 | 507 |
Bank-owned life insurance | [1] | 528 | 544 |
Gains on sales of securities, net | [1] | 38 | 62 |
Net gain on sale of foreclosed real estate | 87 | 24 | |
Net gain on sale of bank premises | [1] | 156 | |
Other | [1] | 35 | 46 |
Other noninterest income | 122 | 226 | |
Total noninterest income | $ 3,069 | $ 3,102 | |
[1] | Not within the scope of ASC 606 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Oct. 24, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation | $ 3,316 | $ 2,140 | |
Stock Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ 4,100 | ||
Expected weighted-average period for cost recognition | 3 years 4 months 24 days | ||
Restricted Stock Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ 7,000 | ||
Expected weighted-average period for cost recognition | 3 years 4 months 24 days | ||
2018 Equity Incentive Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares authorized for issuance | 2,543,115 | ||
Stock-based compensation | $ 3,300 | $ 2,100 | |
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) | 12 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of Shares, Unvested allocated shares outstanding beginning balance | shares | 547,185 |
Number of Shares, vested | shares | (109,448) |
Number of Shares, Unvested allocated shares outstanding ending balance | shares | 437,737 |
Weighted-Average Grant Date Fair Value, Unvested allocated shares outstanding beginning balance | $ / shares | $ 19.02 |
Weighted-Average Grant Date Fair Value, Shares vested | $ / shares | 19.02 |
Weighted-Average Grant Date Fair Value, Unvested allocated 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) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of Options, outstanding beginning balance | 1,339,293 | |
Number of Options, outstanding ending balance | 1,339,293 | |
Number of Option, Exercisable at December 31, 2018 | 267,859 | |
Weighted-Average Exercise Price, Option outstanding beginning balance | $ 19.04 | |
Weighted-Average Exercise Price, Option outstanding ending balance | 19.04 | |
Weighted-Average Excercise Price, Exercisable at December 31, 2018 | $ 19.04 | |
Weighted-Average Remaining Contractual Years, Option outstanding | 8 years 4 months 24 days | |
Weighted-Average Remaining Contractual Years, Option Exercisable | 8 years 4 months 24 days | |
Aggregate Intrinsic Value, Option outstanding | $ 1,625 |
Leases - Additional Information
Leases - Additional Information (Detail) | 12 Months Ended | |
Jun. 30, 2020USD ($)BranchOfficeAdministrativeOffice | Jun. 30, 2019USD ($) | |
Lessee Lease Description [Line Items] | ||
Number of branch offices in real estate lease | BranchOffice | 11 | |
Number of administrative office in real estate lease | AdministrativeOffice | 1 | |
Lease maturity start year | 2021 | |
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 terms | 10 years | |
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 | 2.42% | |
Short-term lease cost | $ 0 | |
Sale and leaseback transactions with related parties | 0 | |
Operating lease ,right-of-use asset | $ 10,976,000 | $ 0 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet | |
Operating lease, liability | $ 11,198,000 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | |
Occupancy and Equipment Expense [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating lease, cost | $ 2,000,000 | |
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 | Jun. 30, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 1,960 |
2022 | 1,937 |
2023 | 1,850 |
2024 | 1,479 |
2025 | 1,186 |
Thereafter | 4,475 |
Total future minimum lease payments (undiscounted) | 12,887 |
Discounting effect on cash flows | (1,689) |
Lease liability (discounted) | $ 11,198 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities |
Parent Company Only Financial_3
Parent Company Only Financial Statements - Parent Company Only Financial Statements (Consolidated Balance Sheets) (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Assets | |||
Cash and cash equivalents | $ 136,302 | $ 60,029 | $ 62,145 |
Other assets | 12,958 | 9,446 | |
Total assets | 1,791,929 | 1,637,579 | |
Liabilities and shareholders' equity | |||
Other liabilities | 28,749 | 9,880 | |
Shareholders' equity | 273,713 | 281,307 | 287,559 |
Total liabilities and shareholders' equity | 1,791,929 | 1,637,579 | |
Parent Company [Member] | |||
Assets | |||
Cash and cash equivalents | 41,170 | 55,626 | $ 72,140 |
Investment in Bank | 220,222 | 211,205 | |
ESOP loan receivable | 11,626 | 12,594 | |
Other assets | 829 | 1,936 | |
Total assets | 273,847 | 281,361 | |
Liabilities and shareholders' equity | |||
Other liabilities | 134 | 54 | |
Shareholders' equity | 273,713 | 281,307 | |
Total liabilities and shareholders' equity | $ 273,847 | $ 281,361 |
Parent Company Only Financial_4
Parent Company Only Financial Statements - Parent Company Only Financial Statements (Consolidated Statements of Operations) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Condensed Income Statements Captions [Line Items] | ||
Interest income | $ 46,679 | $ 42,704 |
Other non-interest expenses | 1,512 | 2,138 |
Net income before income tax expense | 12,050 | 11,004 |
Income tax expense | 2,691 | 2,686 |
Net income | 9,359 | 8,318 |
Parent Company [Member] | ||
Condensed Income Statements Captions [Line Items] | ||
Interest income | 672 | 715 |
Equity in income of Bank | 9,362 | 8,318 |
Other non-interest expenses | 676 | 715 |
Net income before income tax expense | 9,358 | 8,318 |
Income tax expense | (1) | |
Net income | $ 9,359 | $ 8,318 |
Parent Company Only Financial_5
Parent Company Only Financial Statements - Parent Company Only Financial Statements (Consolidated Statements of Cash Flows) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash Flows from Operating Activities: | ||
Net income | $ 9,359 | $ 8,318 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Deferred tax expense | (465) | (350) |
Net increase in accrued interest receivable | (2,083) | (439) |
Other adjustments, principally net changes in other assets and liabilities | (196) | (741) |
Net cash provided by operating activities | 18,081 | 12,987 |
Cash Flows from Investing Activities: | ||
Net cash used in investing activities | (64,203) | (155,906) |
Cash Flows from Financing Activities: | ||
Common stock dividends paid | (2,571) | (2,183) |
Repurchase of common stock | (17,789) | (18,305) |
Repurchase of shares from employees for income tax withholding purposes | (320) | |
Net cash provided by financing activities | 122,395 | 140,803 |
Net decrease in cash and cash equivalents | 76,273 | (2,116) |
Cash and cash equivalents at beginning of period | 60,029 | 62,145 |
Cash and cash equivalents at end of period | 136,302 | 60,029 |
Parent Company [Member] | ||
Cash Flows from Operating Activities: | ||
Net income | 9,359 | 8,318 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Equity in income of Bank | (9,362) | (8,318) |
Deferred tax expense | 418 | 213 |
Net increase in accrued interest receivable | 64 | (89) |
Other adjustments, principally net changes in other assets and liabilities | 4,022 | 1,932 |
Net cash provided by operating activities | 4,501 | 2,056 |
Cash Flows from Investing Activities: | ||
Decrease in ESOP loan | 968 | 969 |
Net cash used in investing activities | 968 | 969 |
Cash Flows from Financing Activities: | ||
Common stock dividends paid | (2,571) | (2,183) |
Allocation of ESOP shares | 755 | 949 |
Repurchase of common stock | (17,789) | (18,305) |
Repurchase of shares from employees for income tax withholding purposes | (320) | |
Net cash provided by financing activities | (19,925) | (19,539) |
Net decrease in cash and cash equivalents | (14,456) | (16,514) |
Cash and cash equivalents at beginning of period | 55,626 | 72,140 |
Cash and cash equivalents at end of period | $ 41,170 | $ 55,626 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Common Stock [Member] - $ / shares | Aug. 20, 2020 | Sep. 09, 2020 | Jun. 30, 2020 | Jun. 30, 2019 |
Subsequent Event [Line Items] | ||||
Number of shares repurchased | 890,021 | 908,256 | ||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Percentage of number of shares authorized to be repurchased | 5.00% | |||
Number of shares repurchased | 96,900 | |||
Average cost per share | $ 13.07 | |||
Subsequent Event [Member] | Maximum [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of shares authorized to be repurchased | 844,907 |