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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kearny Financial Corporation | NASDAQ:KRNY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.175 | 2.44% | 7.355 | 7.33 | 7.34 | 7.40 | 7.09 | 7.22 | 215,370 | 20:09:01 |
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 30-0870244 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | ||||
120 Passaic Ave., Fairfield, New Jersey | 07004 | ||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, $0.01 par value | KRNY | The NASDAQ Stock Market LLC |
Large accelerated filer | x | Accelerated filer | o | |||||||||||
Non-accelerated filer | o | Smaller reporting company | o | |||||||||||
Emerging growth company | o |
Page Number | ||||||||
September 30, 2022 | June 30, 2022 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Cash and amounts due from depository institutions | $ | 22,849 | $ | 26,094 | |||||||
Interest-bearing deposits in other banks | 73,227 | 75,521 | |||||||||
Cash and cash equivalents | 96,076 | 101,615 | |||||||||
Investment securities available for sale (amortized cost of $1,430,572 and $1,462,124, respectively) | 1,263,176 | 1,344,093 | |||||||||
Investment securities held to maturity (fair value of $99,548 and $108,118, respectively) | 115,943 | 118,291 | |||||||||
Loans held-for-sale | 12,936 | 28,874 | |||||||||
Loans receivable | 5,656,370 | 5,417,845 | |||||||||
Less: allowance for credit losses on loans | (47,613) | (47,058) | |||||||||
Net loans receivable | 5,608,757 | 5,370,787 | |||||||||
Premises and equipment | 52,642 | 53,281 | |||||||||
Federal Home Loan Bank (“FHLB”) of New York stock | 44,957 | 47,144 | |||||||||
Accrued interest receivable | 23,817 | 20,466 | |||||||||
Goodwill | 210,895 | 210,895 | |||||||||
Core deposit intangibles | 2,876 | 3,020 | |||||||||
Bank owned life insurance | 289,690 | 289,177 | |||||||||
Deferred income tax assets, net | 54,278 | 49,350 | |||||||||
Other real estate owned | 178 | 178 | |||||||||
Other assets | 113,369 | 82,712 | |||||||||
Total Assets | $ | 7,889,590 | $ | 7,719,883 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Liabilities | |||||||||||
Deposits: | |||||||||||
Non-interest-bearing | $ | 683,406 | $ | 653,899 | |||||||
Interest-bearing | 5,424,872 | 5,208,357 | |||||||||
Total deposits | 6,108,278 | 5,862,256 | |||||||||
Borrowings | 851,454 | 901,337 | |||||||||
Advance payments by borrowers for taxes | 16,555 | 16,746 | |||||||||
Other liabilities | 38,329 | 45,544 | |||||||||
Total Liabilities | 7,014,616 | 6,825,883 | |||||||||
Stockholders' Equity | |||||||||||
Preferred stock, $0.01 par value, 100,000,000 shares authorized; none issued and outstanding | — | — | |||||||||
Common stock, $0.01 par value; 800,000,000 shares authorized; 67,937,671 shares and 68,666,323 shares issued and outstanding, respectively | 680 | 687 | |||||||||
Paid-in capital | 520,245 | 528,396 | |||||||||
Retained earnings | 454,710 | 445,451 | |||||||||
Unearned employee stock ownership plan shares; 2,508,720 shares and 2,558,895 shares, respectively | (24,321) | (24,807) | |||||||||
Accumulated other comprehensive loss | (76,340) | (55,727) | |||||||||
Total Stockholders' Equity | 874,974 | 894,000 | |||||||||
Total Liabilities and Stockholders' Equity | $ | 7,889,590 | $ | 7,719,883 |
Three Months Ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Interest Income | ||||||||||||||
Loans | $ | 52,935 | $ | 48,230 | ||||||||||
Taxable investment securities | 10,439 | 8,212 | ||||||||||||
Tax-exempt investment securities | 285 | 333 | ||||||||||||
Other interest-earning assets | 761 | 431 | ||||||||||||
Total Interest Income | 64,420 | 57,206 | ||||||||||||
Interest Expense | ||||||||||||||
Deposits | 10,869 | 4,065 | ||||||||||||
Borrowings | 5,020 | 3,551 | ||||||||||||
Total Interest Expense | 15,889 | 7,616 | ||||||||||||
Net Interest Income | 48,531 | 49,590 | ||||||||||||
Provision for (reversal of) credit losses | 670 | (5,400) | ||||||||||||
Net Interest Income after Provision for (Reversal of) Credit Losses | 47,861 | 54,990 | ||||||||||||
Non-Interest Income | ||||||||||||||
Fees and service charges | 763 | 607 | ||||||||||||
Gain on sale and call of securities | — | 1 | ||||||||||||
Gain on sale of loans | 395 | 1,006 | ||||||||||||
Income from bank owned life insurance | 3,698 | 1,561 | ||||||||||||
Electronic banking fees and charges | 506 | 407 | ||||||||||||
Other income | 555 | 218 | ||||||||||||
Total Non-Interest Income | 5,917 | 3,800 | ||||||||||||
Non-Interest Expense | ||||||||||||||
Salaries and employee benefits | 20,348 | 18,617 | ||||||||||||
Net occupancy expense of premises | 3,090 | 4,547 | ||||||||||||
Equipment and systems | 3,662 | 3,825 | ||||||||||||
Advertising and marketing | 747 | 392 | ||||||||||||
Federal deposit insurance premium | 906 | 492 | ||||||||||||
Directors' compensation | 340 | 803 | ||||||||||||
Other expense | 2,895 | 3,127 | ||||||||||||
Total Non-Interest Expense | 31,988 | 31,803 | ||||||||||||
Income before Income Taxes | 21,790 | 26,987 | ||||||||||||
Income tax expense | 5,255 | 7,272 | ||||||||||||
Net Income | $ | 16,535 | $ | 19,715 | ||||||||||
Net Income per Common Share (EPS) | ||||||||||||||
Basic | $ | 0.25 | $ | 0.26 | ||||||||||
Diluted | $ | 0.25 | $ | 0.26 | ||||||||||
Weighted Average Number of Common Shares Outstanding | ||||||||||||||
Basic | 65,737 | 74,537 | ||||||||||||
Diluted | 65,756 | 74,556 |
Three Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Net Income | $ | 16,535 | $ | 19,715 | |||||||
Other Comprehensive (Loss) Income, net of tax: | |||||||||||
Net unrealized loss on securities available for sale | (35,179) | (4,981) | |||||||||
Net realized gain on sale and call of securities available for sale | — | (1) | |||||||||
Fair value adjustments on derivatives | 14,590 | 1,164 | |||||||||
Benefit plan adjustments | (24) | 10 | |||||||||
Total Other Comprehensive Loss | (20,613) | (3,808) | |||||||||
Total Comprehensive (Loss) Income | $ | (4,078) | $ | 15,907 |
Common Stock | Paid-In Capital | Retained Earnings | Unearned ESOP Shares | Accumulated Other Comprehensive Income | Total | ||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
Balance - June 30, 2021 | 78,965 | $ | 790 | $ | 654,396 | $ | 408,367 | $ | (26,753) | $ | 6,144 | $ | 1,042,944 | ||||||||||||||||||||||||||||
Net income | — | — | — | 19,715 | — | — | 19,715 | ||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of income tax | — | — | — | — | — | (3,808) | (3,808) | ||||||||||||||||||||||||||||||||||
ESOP shares committed to be released (50 shares) | — | — | 133 | — | 487 | — | 620 | ||||||||||||||||||||||||||||||||||
Share repurchases | (3,158) | (32) | (38,964) | — | — | — | (38,996) | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 1,418 | — | — | — | 1,418 | ||||||||||||||||||||||||||||||||||
Cancellation of shares issued for restricted stock awards | (7) | — | (89) | — | — | — | (89) | ||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.10 per common share) | — | — | — | (7,381) | — | — | (7,381) | ||||||||||||||||||||||||||||||||||
Balance - September 30, 2021 | 75,800 | $ | 758 | $ | 616,894 | $ | 420,701 | $ | (26,266) | $ | 2,336 | $ | 1,014,423 |
Common Stock | Paid-In Capital | Retained Earnings | Unearned ESOP Shares | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
Balance - June 30, 2022 | 68,666 | $ | 687 | $ | 528,396 | $ | 445,451 | $ | (24,807) | $ | (55,727) | $ | 894,000 | ||||||||||||||||||||||||||||
Net income | — | — | — | 16,535 | — | — | 16,535 | ||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of income tax | — | — | — | — | — | (20,613) | (20,613) | ||||||||||||||||||||||||||||||||||
ESOP shares committed to be released (50 shares) | — | — | 90 | — | 486 | — | 576 | ||||||||||||||||||||||||||||||||||
Stock repurchases | (760) | (8) | (8,685) | — | — | — | (8,693) | ||||||||||||||||||||||||||||||||||
Issuance of stock under stock benefit plans | 61 | 1 | (1) | — | — | — | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 786 | — | — | — | 786 | ||||||||||||||||||||||||||||||||||
Cancellation of shares issued for restricted stock awards | (29) | — | (341) | — | — | — | (341) | ||||||||||||||||||||||||||||||||||
Cash dividends declared ($0.11 per common share) | — | — | — | (7,276) | — | — | (7,276) | ||||||||||||||||||||||||||||||||||
Balance - September 30, 2022 | 67,938 | $ | 680 | $ | 520,245 | $ | 454,710 | $ | (24,321) | $ | (76,340) | $ | 874,974 |
Three Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income | $ | 16,535 | $ | 19,715 | |||||||
Adjustment to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization of premises and equipment | 1,472 | 1,502 | |||||||||
Net accretion of yield adjustments | (1,541) | (1,845) | |||||||||
Deferred income taxes | 3,307 | 3,120 | |||||||||
Amortization of intangible assets | 144 | 181 | |||||||||
(Accretion) amortization of benefit plans’ unrecognized net (gain) loss | (33) | 20 | |||||||||
Provision for (reversal of) credit losses | 670 | (5,400) | |||||||||
Loans originated for sale | (39,657) | (60,620) | |||||||||
Proceeds from sale of mortgage loans held-for-sale | 57,151 | 65,234 | |||||||||
Gain on sale of mortgage loans held-for-sale, net | (340) | (1,006) | |||||||||
Realized gain on sale/call of investment securities available for sale | — | (1) | |||||||||
Realized gain on sale of loans receivable | (55) | — | |||||||||
Realized loss (gain) on disposition of premises and equipment | 52 | (1) | |||||||||
Increase in cash surrender value of bank owned life insurance | (2,397) | (1,561) | |||||||||
ESOP and stock-based compensation expense | 1,362 | 2,038 | |||||||||
Increase in interest receivable | (3,351) | (179) | |||||||||
(Increase) decrease in other assets | (5,340) | 963 | |||||||||
Increase in interest payable | 2,980 | 5 | |||||||||
Decrease increase in other liabilities | (10,254) | (16,751) | |||||||||
Net Cash Provided by Operating Activities | 20,705 | 5,414 | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Purchases of: | |||||||||||
Investment securities available for sale | — | (82,000) | |||||||||
Proceeds from: | |||||||||||
Repayments/calls/maturities of investment securities available for sale | 31,288 | 99,889 | |||||||||
Repayments/calls/maturities of investment securities held to maturity | 2,324 | 605 | |||||||||
Purchase of loans | (656) | (19,601) | |||||||||
Net (increase) decrease in loans receivable | (241,986) | 83,205 | |||||||||
Proceeds from sale of loans receivable | 706 | — | |||||||||
Purchase of interest rate contracts | (758) | — | |||||||||
Additions to premises and equipment | (885) | (400) | |||||||||
Proceeds from death benefit of bank owned life insurance | 1,884 | — | |||||||||
Proceeds from cash settlement of premises and equipment | — | 1 | |||||||||
Purchase of FHLB stock | (28,188) | — | |||||||||
Redemption of FHLB stock | 30,375 | — | |||||||||
Net Cash (Used in) Provided by Investing Activities | (205,896) | 81,699 |
Three Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash Flows from Financing Activities: | |||||||||||
Net increase (decrease) in deposits | 246,120 | (89,927) | |||||||||
Repayment of term FHLB advances | (1,420,000) | (390,000) | |||||||||
Proceeds from term FHLB advances | 1,565,000 | 390,000 | |||||||||
Net (decrease) increase in other short-term borrowings | (195,000) | 35,000 | |||||||||
Net (decrease) increase in advance payments by borrowers for taxes | (191) | 470 | |||||||||
Repurchase and cancellation of common stock of Kearny Financial Corp. | (8,693) | (38,996) | |||||||||
Cancellation of shares repurchased on vesting to pay taxes | (341) | (89) | |||||||||
Dividends paid | (7,243) | (7,356) | |||||||||
Net Cash Provided by (Used in) Financing Activities | 179,652 | (100,898) | |||||||||
Net Decrease in Cash and Cash Equivalents | (5,539) | (13,785) | |||||||||
Cash and Cash Equivalents - Beginning | 101,615 | 67,855 | |||||||||
Cash and Cash Equivalents - Ending | $ | 96,076 | $ | 54,070 | |||||||
Supplemental Disclosures of Cash Flows Information: | |||||||||||
Cash paid during the period for: | |||||||||||
Income taxes, net of refunds | $ | 6,018 | $ | 6,011 | |||||||
Interest | $ | 12,909 | $ | 7,611 | |||||||
Non-cash investing and financing activities: | |||||||||||
Transfers from loans receivable to loans receivable held-for-sale | $ | 1,216 | $ | — | |||||||
September 30, 2022 | |||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||
Obligations of state and political subdivisions | $ | 28,477 | $ | 3 | $ | 1,022 | $ | — | $ | 27,458 | |||||||||||||||||||
Asset-backed securities | 160,685 | — | 2,604 | — | 158,081 | ||||||||||||||||||||||||
Collateralized loan obligations | 313,938 | — | 11,091 | — | 302,847 | ||||||||||||||||||||||||
Corporate bonds | 159,820 | — | 14,207 | — | 145,613 | ||||||||||||||||||||||||
Total debt securities | 662,920 | 3 | 28,924 | — | 633,999 | ||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||
Collateralized mortgage obligations (1) | 6,889 | — | 571 | — | 6,318 | ||||||||||||||||||||||||
Residential pass-through securities (1) | 580,440 | 3 | 112,354 | — | 468,089 | ||||||||||||||||||||||||
Commercial pass-through securities (1) | 180,323 | — | 25,553 | — | 154,770 | ||||||||||||||||||||||||
Total mortgage-backed securities | 767,652 | 3 | 138,478 | — | 629,177 | ||||||||||||||||||||||||
Total securities available for sale | $ | 1,430,572 | $ | 6 | $ | 167,402 | $ | — | $ | 1,263,176 |
June 30, 2022 | |||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||
Obligations of state and political subdivisions | $ | 28,485 | $ | 39 | $ | 89 | $ | — | $ | 28,435 | |||||||||||||||||||
Asset-backed securities | 169,506 | — | 2,949 | — | 166,557 | ||||||||||||||||||||||||
Collateralized loan obligations | 315,693 | — | 7,880 | — | 307,813 | ||||||||||||||||||||||||
Corporate bonds | 159,871 | 175 | 6,649 | — | 153,397 | ||||||||||||||||||||||||
Total debt securities | 673,555 | 214 | 17,567 | — | 656,202 | ||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||
Collateralized mortgage obligations (1) | 7,451 | — | 329 | — | 7,122 | ||||||||||||||||||||||||
Residential pass-through securities (1) | 595,337 | 45 | 80,624 | — | 514,758 | ||||||||||||||||||||||||
Commercial pass-through securities (1) | 185,781 | 1 | 19,771 | — | 166,011 | ||||||||||||||||||||||||
Total mortgage-backed securities | 788,569 | 46 | 100,724 | — | 687,891 | ||||||||||||||||||||||||
Total securities available for sale | $ | 1,462,124 | $ | 260 | $ | 118,291 | $ | — | $ | 1,344,093 |
September 30, 2022 | |||||||||||||||||||||||||||||
Amortized Cost | Gross Unrecognized Gains | Gross Unrecognized Losses | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||
Obligations of state and political subdivisions | $ | 19,830 | $ | — | $ | 608 | $ | — | $ | 19,222 | |||||||||||||||||||
Total debt securities | 19,830 | — | 608 | — | 19,222 | ||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||
Residential pass-through securities (1) | 83,840 | — | 13,489 | — | 70,351 | ||||||||||||||||||||||||
Commercial pass-through securities (1) | 12,273 | — | 2,298 | — | 9,975 | ||||||||||||||||||||||||
Total mortgage-backed securities | 96,113 | — | 15,787 | — | 80,326 | ||||||||||||||||||||||||
Total securities held to maturity | $ | 115,943 | $ | — | $ | 16,395 | $ | — | $ | 99,548 |
June 30, 2022 | |||||||||||||||||||||||||||||
Amortized Cost | Gross Unrecognized Gains | Gross Unrecognized Losses | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Held to maturity: | |||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||
Obligations of state and political subdivisions | $ | 21,159 | $ | 44 | $ | 78 | $ | — | $ | 21,125 | |||||||||||||||||||
Total debt securities | 21,159 | 44 | 78 | — | 21,125 | ||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||
Residential pass-through securities (1) | 84,851 | — | 8,587 | — | 76,264 | ||||||||||||||||||||||||
Commercial pass-through securities (1) | 12,281 | — | 1,552 | — | 10,729 | ||||||||||||||||||||||||
Total mortgage-backed securities | 97,132 | — | 10,139 | — | 86,993 | ||||||||||||||||||||||||
Total securities held to maturity | $ | 118,291 | $ | 44 | $ | 10,217 | $ | — | $ | 108,118 |
September 30, 2022 | |||||||||||
Amortized Cost | Fair Value | ||||||||||
(In Thousands) | |||||||||||
Available for sale debt securities: | |||||||||||
Due in one year or less | $ | 2,621 | $ | 2,610 | |||||||
Due after one year through five years | 19,184 | 18,501 | |||||||||
Due after five years through ten years | 330,083 | 314,193 | |||||||||
Due after ten years | 311,032 | 298,695 | |||||||||
Total | $ | 662,920 | $ | 633,999 |
September 30, 2022 | |||||||||||
Amortized Cost | Fair Value | ||||||||||
(In Thousands) | |||||||||||
Held to maturity debt securities: | |||||||||||
Due in one year or less | $ | 4,574 | $ | 4,548 | |||||||
Due after one year through five years | 13,555 | 13,070 | |||||||||
Due after five years through ten years | 1,701 | 1,604 | |||||||||
Due after ten years | — | — | |||||||||
Total | $ | 19,830 | $ | 19,222 |
September 30, 2022 | June 30, 2022 | ||||||||||
(In Thousands) | |||||||||||
Securities pledged: | |||||||||||
Pledged for borrowings at the FHLB of New York | $ | 162,538 | $ | 178,048 | |||||||
Pledged to secure public funds on deposit | 404,240 | 357,841 | |||||||||
Pledged for potential borrowings at the Federal Reserve Bank of New York | 370,149 | 378,071 | |||||||||
Total carrying value of securities pledged | $ | 936,927 | $ | 913,960 |
September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||
Securities Available for Sale: | |||||||||||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | $ | 26,456 | $ | 1,022 | $ | — | $ | — | 71 | $ | 26,456 | $ | 1,022 | ||||||||||||||||||||||||||||
Asset-backed securities | 153,235 | 2,566 | 4,846 | 38 | 15 | 158,081 | 2,604 | ||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 190,147 | 7,000 | 112,700 | 4,091 | 24 | 302,847 | 11,091 | ||||||||||||||||||||||||||||||||||
Corporate bonds | 135,184 | 12,636 | 10,429 | 1,571 | 31 | 145,613 | 14,207 | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 6,318 | 571 | — | — | 6 | 6,318 | 571 | ||||||||||||||||||||||||||||||||||
Commercial pass-through securities | 57,838 | 5,451 | 96,932 | 20,102 | 22 | 154,770 | 25,553 | ||||||||||||||||||||||||||||||||||
Residential pass-through securities | 147,704 | 24,211 | 319,903 | 88,143 | 119 | 467,607 | 112,354 | ||||||||||||||||||||||||||||||||||
Total | $ | 716,882 | $ | 53,457 | $ | 544,810 | $ | 113,945 | 288 | $ | 1,261,692 | $ | 167,402 |
June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Number of Securities | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||
Securities Available for Sale: | |||||||||||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | $ | 11,310 | $ | 89 | $ | — | $ | — | 30 | $ | 11,310 | $ | 89 | ||||||||||||||||||||||||||||
Asset-backed securities | 161,303 | 2,928 | 5,254 | 21 | 15 | 166,557 | 2,949 | ||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 236,967 | 6,435 | 70,846 | 1,445 | 24 | 307,813 | 7,880 | ||||||||||||||||||||||||||||||||||
Corporate bonds | 129,407 | 6,464 | 3,815 | 185 | 27 | 133,222 | 6,649 | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 7,122 | 329 | — | — | 6 | 7,122 | 329 | ||||||||||||||||||||||||||||||||||
Commercial pass-through securities | 63,045 | 3,194 | 102,817 | 16,577 | 21 | 165,862 | 19,771 | ||||||||||||||||||||||||||||||||||
Residential pass-through securities | 237,928 | 26,566 | 274,197 | 54,058 | 106 | 512,125 | 80,624 | ||||||||||||||||||||||||||||||||||
Total | $ | 847,082 | $ | 46,005 | $ | 456,929 | $ | 72,286 | 229 | $ | 1,304,011 | $ | 118,291 |
September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||
Fair Value | Unrecognized Losses | Fair Value | Unrecognized Losses | Number of Securities | Fair Value | Unrecognized Losses | |||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||
Securities Held to Maturity: | |||||||||||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | $ | 19,222 | $ | 608 | $ | — | $ | — | 39 | $ | 19,222 | $ | 608 | ||||||||||||||||||||||||||||
Commercial pass-through securities | 9,976 | 2,298 | — | — | 1 | 9,976 | 2,298 | ||||||||||||||||||||||||||||||||||
Residential pass-through securities | 70,350 | 13,489 | — | — | 8 | 70,350 | 13,489 | ||||||||||||||||||||||||||||||||||
Total | $ | 99,548 | $ | 16,395 | $ | — | $ | — | 48 | $ | 99,548 | $ | 16,395 |
June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||
Fair Value | Unrecognized Losses | Fair Value | Unrecognized Losses | Number of Securities | Fair Value | Unrecognized Losses | |||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||
Securities Held to Maturity: | |||||||||||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | $ | 8,681 | $ | 78 | $ | — | $ | — | 15 | $ | 8,681 | $ | 78 | ||||||||||||||||||||||||||||
Commercial pass-through securities | 10,729 | 1,552 | — | — | 1 | 10,729 | 1,552 | ||||||||||||||||||||||||||||||||||
Residential pass-through securities | 76,264 | 8,587 | — | — | 8 | 76,264 | 8,587 | ||||||||||||||||||||||||||||||||||
Total | $ | 95,674 | $ | 10,217 | $ | — | $ | — | 24 | $ | 95,674 | $ | 10,217 |
September 30, 2022 | June 30, 2022 | ||||||||||
(In Thousands) | |||||||||||
Commercial loans: | |||||||||||
Multi-family mortgage | $ | 2,570,297 | $ | 2,409,090 | |||||||
Nonresidential mortgage | 1,040,688 | 1,019,838 | |||||||||
Commercial business | 186,361 | 176,807 | |||||||||
Construction | 166,052 | 140,131 | |||||||||
Total commercial loans | 3,963,398 | 3,745,866 | |||||||||
One- to four-family residential mortgage | 1,666,730 | 1,645,816 | |||||||||
Consumer loans: | |||||||||||
Home equity loans | 43,269 | 42,028 | |||||||||
Other consumer | 2,869 | 2,866 | |||||||||
Total consumer loans | 46,138 | 44,894 | |||||||||
Total loans | 5,676,266 | 5,436,576 | |||||||||
Unaccreted yield adjustments (1) | (19,896) | (18,731) | |||||||||
Total loans receivable, net of yield adjustments | $ | 5,656,370 | $ | 5,417,845 |
Payment Status September 30, 2022 | |||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days and Over | Total Past Due | Current | Total | ||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||
Multi-family mortgage | $ | — | $ | — | $ | 10,842 | $ | 10,842 | $ | 2,559,455 | $ | 2,570,297 | |||||||||||||||||||||||
Nonresidential mortgage | 20 | 918 | 18,102 | 19,040 | 1,021,648 | 1,040,688 | |||||||||||||||||||||||||||||
Commercial business | — | 8 | 325 | 333 | 186,028 | 186,361 | |||||||||||||||||||||||||||||
Construction | — | — | — | — | 166,052 | 166,052 | |||||||||||||||||||||||||||||
One- to four-family residential mortgage | 1,305 | 1,009 | 2,326 | 4,640 | 1,662,090 | 1,666,730 | |||||||||||||||||||||||||||||
Home equity loans | 153 | — | 24 | 177 | 43,092 | 43,269 | |||||||||||||||||||||||||||||
Other consumer | — | — | — | — | 2,869 | 2,869 | |||||||||||||||||||||||||||||
Total loans | $ | 1,478 | $ | 1,935 | $ | 31,619 | $ | 35,032 | $ | 5,641,234 | $ | 5,676,266 |
Payment Status June 30, 2022 | |||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days and Over | Total Past Due | Current | Total | ||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||
Multi-family mortgage | $ | 3,148 | $ | 3,056 | $ | 7,788 | $ | 13,992 | $ | 2,395,098 | $ | 2,409,090 | |||||||||||||||||||||||
Nonresidential mortgage | 4,026 | — | 18,132 | 22,158 | 997,680 | 1,019,838 | |||||||||||||||||||||||||||||
Commercial business | 98 | 57 | 155 | 310 | 176,497 | 176,807 | |||||||||||||||||||||||||||||
Construction | — | — | — | — | 140,131 | 140,131 | |||||||||||||||||||||||||||||
One- to four-family residential mortgage | 1,525 | 253 | 3,455 | 5,233 | 1,640,583 | 1,645,816 | |||||||||||||||||||||||||||||
Home equity loans | 28 | 35 | — | 63 | 41,965 | 42,028 | |||||||||||||||||||||||||||||
Other consumer | — | — | — | — | 2,866 | 2,866 | |||||||||||||||||||||||||||||
Total loans | $ | 8,825 | $ | 3,401 | $ | 29,530 | $ | 41,756 | $ | 5,394,820 | $ | 5,436,576 |
Performance Status September 30, 2022 | |||||||||||||||||||||||||||||||||||
90 Days and Over Past Due Accruing | Nonaccrual Loans with Allowance for Credit Losses | Nonaccrual Loans with no Allowance for Credit Losses | Total Nonperforming | Performing | Total | ||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||
Multi-family mortgage | $ | — | $ | 8,317 | $ | 18,089 | $ | 26,406 | $ | 2,543,891 | $ | 2,570,297 | |||||||||||||||||||||||
Nonresidential mortgage | — | 12,328 | 19,021 | 31,349 | 1,009,339 | 1,040,688 | |||||||||||||||||||||||||||||
Commercial business | — | 275 | 50 | 325 | 186,036 | 186,361 | |||||||||||||||||||||||||||||
Construction | — | — | 1,402 | 1,402 | 164,650 | 166,052 | |||||||||||||||||||||||||||||
One- to four-family residential mortgage | — | 4,420 | 4,584 | 9,004 | 1,657,726 | 1,666,730 | |||||||||||||||||||||||||||||
Home equity loans | — | — | 88 | 88 | 43,181 | 43,269 | |||||||||||||||||||||||||||||
Other consumer | — | — | — | — | 2,869 | 2,869 | |||||||||||||||||||||||||||||
Total loans | $ | — | $ | 25,340 | $ | 43,234 | $ | 68,574 | $ | 5,607,692 | $ | 5,676,266 |
Performance Status June 30, 2022 | |||||||||||||||||||||||||||||||||||
90 Days and Over Past Due Accruing | Nonaccrual Loans with Allowance for Credit Losses | Nonaccrual Loans with no Allowance for Credit Losses | Total Nonperforming | Performing | Total | ||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||
Multi-family mortgage | $ | — | $ | 8,367 | $ | 18,286 | $ | 26,653 | $ | 2,382,437 | $ | 2,409,090 | |||||||||||||||||||||||
Nonresidential mortgage | — | 12,602 | 19,292 | 31,894 | 987,944 | 1,019,838 | |||||||||||||||||||||||||||||
Commercial business | — | 212 | 81 | 293 | 176,514 | 176,807 | |||||||||||||||||||||||||||||
Construction | — | — | 1,561 | 1,561 | 138,570 | 140,131 | |||||||||||||||||||||||||||||
One- to four-family residential mortgage | — | 3,543 | 4,946 | 8,489 | 1,637,327 | 1,645,816 | |||||||||||||||||||||||||||||
Home equity loans | — | 302 | 1,129 | 1,431 | 40,597 | 42,028 | |||||||||||||||||||||||||||||
Other consumer | — | — | — | — | 2,866 | 2,866 | |||||||||||||||||||||||||||||
Total loans | $ | — | $ | 25,026 | $ | 45,295 | $ | 70,321 | $ | 5,366,255 | $ | 5,436,576 |
September 30, 2022 | |||||||||||||||||||||||||||||||||||
Accrual | Non-accrual | Total | |||||||||||||||||||||||||||||||||
# of Loans | Amount | # of Loans | Amount | # of Loans | Amount | ||||||||||||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
Multi-family mortgage | — | $ | — | 2 | $ | 5,582 | 2 | $ | 5,582 | ||||||||||||||||||||||||||
Nonresidential mortgage | 3 | 190 | 1 | 395 | 4 | 585 | |||||||||||||||||||||||||||||
Commercial business | 4 | 3,578 | — | — | 4 | 3,578 | |||||||||||||||||||||||||||||
Construction | — | — | 1 | 1,402 | 1 | 1,402 | |||||||||||||||||||||||||||||
Total commercial loans | 7 | 3,768 | 4 | 7,379 | 11 | 11,147 | |||||||||||||||||||||||||||||
One- to four-family residential mortgage | 27 | 3,723 | 18 | 4,419 | 45 | 8,142 | |||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||||
Home equity loans | 6 | 1,454 | 1 | 35 | 7 | 1,489 | |||||||||||||||||||||||||||||
Total | 40 | $ | 8,945 | 23 | $ | 11,833 | 63 | $ | 20,778 |
June 30, 2022 | |||||||||||||||||||||||||||||||||||
Accrual | Non-accrual | Total | |||||||||||||||||||||||||||||||||
# of Loans | Amount | # of Loans | Amount | # of Loans | Amount | ||||||||||||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
Multi-family mortgage | — | $ | — | 2 | $ | 5,626 | 2 | $ | 5,626 | ||||||||||||||||||||||||||
Nonresidential mortgage | 4 | 389 | 2 | 1,565 | 6 | 1,954 | |||||||||||||||||||||||||||||
Commercial business | 5 | 3,631 | 2 | 82 | 7 | 3,713 | |||||||||||||||||||||||||||||
Construction | — | — | 1 | 1,561 | 1 | 1,561 | |||||||||||||||||||||||||||||
Total commercial loans | 9 | 4,020 | 7 | 8,834 | 16 | 12,854 | |||||||||||||||||||||||||||||
One- to four-family residential mortgage | 29 | 4,488 | 16 | 3,314 | 45 | 7,802 | |||||||||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||||||
Home equity loans | 5 | 164 | 2 | 1,364 | 7 | 1,528 | |||||||||||||||||||||||||||||
Total | 43 | $ | 8,672 | 25 | $ | 13,512 | 68 | $ | 22,184 |
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||
# of Loans | Pre- modification Recorded Investment | Post- modification Recorded Investment | # of Loans | Pre- modification Recorded Investment | Post- modification Recorded Investment | ||||||||||||||||||||||||||||||
(Dollars In Thousands) | |||||||||||||||||||||||||||||||||||
Multi-family mortgage | — | $ | — | $ | — | 1 | $ | 2,987 | $ | 2,972 | |||||||||||||||||||||||||
One- to four-family residential mortgage | 1 | 435 | 435 | — | — | — | |||||||||||||||||||||||||||||
Home equity loans | 1 | 35 | 35 | — | — | — | |||||||||||||||||||||||||||||
Total | 2 | $ | 470 | $ | 470 | 1 | $ | 2,987 | $ | 2,972 |
September 30, 2022 | June 30, 2022 | ||||||||||||||||||||||
Carrying Value | Related Allowance | Carrying Value | Related Allowance | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||
Multi-family mortgage | $ | 26,406 | $ | 755 | $ | 26,653 | $ | 849 | |||||||||||||||
Nonresidential mortgage (1) | 30,985 | 2,580 | 30,733 | 2,696 | |||||||||||||||||||
Commercial business (2) | — | — | — | — | |||||||||||||||||||
Construction | 1,402 | — | 1,561 | — | |||||||||||||||||||
Total commercial loans | 58,793 | 3,335 | 58,947 | 3,545 | |||||||||||||||||||
One- to four-family residential mortgage (3) | 3,895 | 51 | 4,305 | 77 | |||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||
Home equity loans (3) | 35 | — | 35 | — | |||||||||||||||||||
Total | $ | 62,723 | $ | 3,386 | $ | 63,287 | $ | 3,622 |
Term Loans by Origination Year for Fiscal Years ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Total | ||||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Multi-family mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 229,047 | $ | 960,324 | $ | 244,070 | $ | 206,625 | $ | 258,937 | $ | 638,115 | $ | — | $ | 2,537,118 | |||||||||||||||||||||||||||||||
Special Mention | — | — | — | — | — | 6,773 | — | 6,773 | |||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | 9,667 | 16,739 | — | 26,406 | |||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total multi-family mortgage | 229,047 | 960,324 | 244,070 | 206,625 | 268,604 | 661,627 | — | 2,570,297 | |||||||||||||||||||||||||||||||||||||||
Nonresidential mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | 53,919 | 230,708 | 86,743 | 53,439 | 60,353 | 511,563 | 6,000 | 1,002,725 | |||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | — | — | 586 | — | 586 | |||||||||||||||||||||||||||||||||||||||
Substandard | — | — | 717 | — | 933 | 35,727 | — | 37,377 | |||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total nonresidential mortgage | 53,919 | 230,708 | 87,460 | 53,439 | 61,286 | 547,876 | 6,000 | 1,040,688 | |||||||||||||||||||||||||||||||||||||||
Commercial business: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | 8,035 | 41,099 | 37,369 | 10,214 | 2,897 | 10,682 | 71,005 | 181,301 | |||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | 58 | 183 | 2,960 | 8 | 3,209 | |||||||||||||||||||||||||||||||||||||||
Substandard | — | — | 37 | 285 | — | 1,398 | 131 | 1,851 | |||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total commercial business | 8,035 | 41,099 | 37,406 | 10,557 | 3,080 | 15,040 | 71,144 | 186,361 | |||||||||||||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | 1,759 | 21,598 | 113,806 | 11,387 | 3,019 | 7,346 | 5,735 | 164,650 | |||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | 1,402 | — | 1,402 | |||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total construction loans | 1,759 | 21,598 | 113,806 | 11,387 | 3,019 | 8,748 | 5,735 | 166,052 | |||||||||||||||||||||||||||||||||||||||
Residential mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | 62,773 | 469,622 | 515,419 | 84,535 | 48,612 | 472,149 | 375 | 1,653,485 | |||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | — | 1,192 | 499 | — | 1,691 | |||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | 82 | 11,472 | — | 11,554 | |||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total residential mortgage | 62,773 | 469,622 | 515,419 | 84,535 | 49,886 | 484,120 | 375 | 1,666,730 | |||||||||||||||||||||||||||||||||||||||
Home equity loans: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | 2,642 | 2,873 | 675 | 1,587 | 2,843 | 8,740 | 22,224 | 41,584 | |||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | 118 | 1,439 | 128 | 1,685 | |||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total home equity loans | 2,642 | 2,873 | 675 | 1,587 | 2,961 | 10,179 | 22,352 | 43,269 | |||||||||||||||||||||||||||||||||||||||
Other consumer loans | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | 204 | 346 | 285 | 465 | 357 | 1,101 | 35 | 2,793 | |||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | 76 | 76 | |||||||||||||||||||||||||||||||||||||||
Other consumer loans | 204 | 346 | 285 | 465 | 357 | 1,101 | 111 | 2,869 | |||||||||||||||||||||||||||||||||||||||
Total loans | $ | 358,379 | $ | 1,726,570 | $ | 999,121 | $ | 368,595 | $ | 389,193 | $ | 1,728,691 | $ | 105,717 | $ | 5,676,266 |
Term Loans by Origination Year for Fiscal Years ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Total | ||||||||||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Multi-family mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 963,263 | $ | 250,385 | $ | 211,101 | $ | 264,174 | $ | 248,058 | $ | 438,642 | $ | — | $ | 2,375,623 | |||||||||||||||||||||||||||||||
Special Mention | — | — | — | — | — | 6,814 | — | 6,814 | |||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 9,821 | 5,935 | 10,897 | — | 26,653 | |||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total multi-family mortgage | 963,263 | 250,385 | 211,101 | 273,995 | 253,993 | 456,353 | — | 2,409,090 | |||||||||||||||||||||||||||||||||||||||
Nonresidential mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | 231,777 | 87,309 | 53,983 | 60,714 | 49,285 | 491,849 | 6,052 | 980,969 | |||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | — | — | 591 | — | 591 | |||||||||||||||||||||||||||||||||||||||
Substandard | — | 720 | — | 933 | 4,026 | 32,599 | — | 38,278 | |||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total nonresidential mortgage | 231,777 | 88,029 | 53,983 | 61,647 | 53,311 | 525,039 | 6,052 | 1,019,838 | |||||||||||||||||||||||||||||||||||||||
Commercial business: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | 46,888 | 38,791 | 12,155 | 3,581 | 4,861 | 6,455 | 58,662 | 171,393 | |||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | 62 | 186 | 2,173 | 873 | 215 | 3,509 | |||||||||||||||||||||||||||||||||||||||
Substandard | — | 38 | 319 | — | 1,347 | 61 | 58 | 1,823 | |||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | 80 | 2 | 82 | |||||||||||||||||||||||||||||||||||||||
Total commercial business | 46,888 | 38,829 | 12,536 | 3,767 | 8,381 | 7,469 | 58,937 | 176,807 | |||||||||||||||||||||||||||||||||||||||
Construction loans: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | 16,407 | 95,526 | 10,337 | 3,039 | 6,509 | 1,017 | 5,735 | 138,570 | |||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | 1,561 | — | 1,561 | |||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total construction loans | 16,407 | 95,526 | 10,337 | 3,039 | 6,509 | 2,578 | 5,735 | 140,131 | |||||||||||||||||||||||||||||||||||||||
Residential mortgage: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | 472,160 | 524,163 | 88,645 | 49,316 | 55,139 | 442,517 | 374 | 1,632,314 | |||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | 1,205 | — | 621 | — | 1,826 | |||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 83 | — | 11,593 | — | 11,676 | |||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total residential mortgage | 472,160 | 524,163 | 88,645 | 50,604 | 55,139 | 454,731 | 374 | 1,645,816 | |||||||||||||||||||||||||||||||||||||||
Home equity loans: | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | 3,197 | 692 | 1,681 | 3,117 | 2,027 | 7,321 | 22,334 | 40,369 | |||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 120 | — | 1,539 | — | 1,659 | |||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total home equity loans | 3,197 | 692 | 1,681 | 3,237 | 2,027 | 8,860 | 22,334 | 42,028 | |||||||||||||||||||||||||||||||||||||||
Other consumer loans | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | 442 | 308 | 471 | 375 | 258 | 895 | 34 | 2,783 | |||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | 83 | 83 | |||||||||||||||||||||||||||||||||||||||
Other consumer loans | 442 | 308 | 471 | 375 | 258 | 895 | 117 | 2,866 | |||||||||||||||||||||||||||||||||||||||
Total loans | $ | 1,734,134 | $ | 997,932 | $ | 378,754 | $ | 396,664 | $ | 379,618 | $ | 1,455,925 | $ | 93,549 | $ | 5,436,576 |
Allowance for Credit Losses September 30, 2022 | |||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality individually analyzed | Loans acquired with deteriorated credit quality collectively evaluated | Loans individually analyzed | Loans collectively evaluated | Total allowance for credit losses | |||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Multi-family mortgage | $ | — | $ | — | $ | 755 | $ | 25,491 | $ | 26,246 | |||||||||||||||||||
Nonresidential mortgage | — | 68 | 2,580 | 6,504 | 9,152 | ||||||||||||||||||||||||
Commercial business | — | 6 | 5 | 1,961 | 1,972 | ||||||||||||||||||||||||
Construction | — | — | — | 1,120 | 1,120 | ||||||||||||||||||||||||
One- to four-family residential mortgage | 25 | 172 | 164 | 8,440 | 8,801 | ||||||||||||||||||||||||
Home equity loans | — | 2 | — | 242 | 244 | ||||||||||||||||||||||||
Other consumer | — | — | — | 78 | 78 | ||||||||||||||||||||||||
Total loans | $ | 25 | $ | 248 | $ | 3,504 | $ | 43,836 | $ | 47,613 |
Balance of Loans Receivable September 30, 2022 | |||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality individually analyzed | Loans acquired with deteriorated credit quality collectively evaluated | Loans individually analyzed | Loans collectively evaluated | Total loans | |||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Multi-family mortgage | $ | — | $ | — | $ | 26,406 | $ | 2,543,891 | $ | 2,570,297 | |||||||||||||||||||
Nonresidential mortgage | 364 | 3,763 | 30,985 | 1,005,576 | 1,040,688 | ||||||||||||||||||||||||
Commercial business | — | 1,267 | 325 | 184,769 | 186,361 | ||||||||||||||||||||||||
Construction | — | 5,735 | 1,402 | 158,915 | 166,052 | ||||||||||||||||||||||||
One- to four-family residential mortgage | 79 | 5,377 | 8,925 | 1,652,349 | 1,666,730 | ||||||||||||||||||||||||
Home equity loans | 26 | 350 | 62 | 42,831 | 43,269 | ||||||||||||||||||||||||
Other consumer | — | — | — | 2,869 | 2,869 | ||||||||||||||||||||||||
Total loans | $ | 469 | $ | 16,492 | $ | 68,105 | $ | 5,591,200 | $ | 5,676,266 | |||||||||||||||||||
Unaccreted yield adjustments | (19,896) | ||||||||||||||||||||||||||||
Loans receivable, net of yield adjustments | $ | 5,656,370 |
Allowance for Credit Losses June 30, 2022 | |||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality individually analyzed | Loans acquired with deteriorated credit quality collectively evaluated | Loans individually analyzed | Loans collectively evaluated | Total allowance for credit losses | |||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Multi-family mortgage | $ | — | $ | — | $ | 849 | $ | 24,472 | $ | 25,321 | |||||||||||||||||||
Nonresidential mortgage | — | 73 | 2,696 | 7,821 | 10,590 | ||||||||||||||||||||||||
Commercial business | — | 9 | 16 | 1,767 | 1,792 | ||||||||||||||||||||||||
Construction | — | — | — | 1,486 | 1,486 | ||||||||||||||||||||||||
One- to four-family residential mortgage | — | 229 | 148 | 7,163 | 7,540 | ||||||||||||||||||||||||
Home equity loans | 26 | — | — | 219 | 245 | ||||||||||||||||||||||||
Other consumer | — | — | — | 84 | 84 | ||||||||||||||||||||||||
Total loans | $ | 26 | $ | 311 | $ | 3,709 | $ | 43,012 | $ | 47,058 |
Balance of Loans Receivable June 30, 2022 | |||||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality individually analyzed | Loans acquired with deteriorated credit quality collectively evaluated | Loans individually analyzed | Loans collectively evaluated | Total loans | |||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Multi-family mortgage | $ | — | $ | — | $ | 26,653 | $ | 2,382,437 | $ | 2,409,090 | |||||||||||||||||||
Nonresidential mortgage | 377 | 5,033 | 31,517 | 982,911 | 1,019,838 | ||||||||||||||||||||||||
Commercial business | — | 1,267 | 293 | 175,247 | 176,807 | ||||||||||||||||||||||||
Construction | — | 5,735 | 1,561 | 132,835 | 140,131 | ||||||||||||||||||||||||
One- to four-family residential mortgage | 87 | 6,460 | 8,402 | 1,630,867 | 1,645,816 | ||||||||||||||||||||||||
Home equity loans | 329 | 58 | 1,102 | 40,539 | 42,028 | ||||||||||||||||||||||||
Other consumer | — | — | — | 2,866 | 2,866 | ||||||||||||||||||||||||
Total loans | $ | 793 | $ | 18,553 | $ | 69,528 | $ | 5,347,702 | $ | 5,436,576 | |||||||||||||||||||
Unaccreted yield adjustments | (18,731) | ||||||||||||||||||||||||||||
Loans receivable, net of yield adjustments | $ | 5,417,845 |
Changes in the Allowance for Credit Losses Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||
Balance at June 30, 2022 | Charge-offs | Recoveries | Provision for (reversal of) credit losses | Balance at September 30, 2022 | |||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Multi-family mortgage | $ | 25,321 | $ | — | $ | — | $ | 925 | $ | 26,246 | |||||||||||||||||||
Nonresidential mortgage | 10,590 | (10) | — | (1,428) | 9,152 | ||||||||||||||||||||||||
Commercial business | 1,792 | (118) | 12 | 286 | 1,972 | ||||||||||||||||||||||||
Construction | 1,486 | — | — | (366) | 1,120 | ||||||||||||||||||||||||
One- to four-family residential mortgage | 7,540 | — | — | 1,261 | 8,801 | ||||||||||||||||||||||||
Home equity loans | 245 | — | — | (1) | 244 | ||||||||||||||||||||||||
Other consumer | 84 | — | 1 | (7) | 78 | ||||||||||||||||||||||||
Total loans | $ | 47,058 | $ | (128) | $ | 13 | $ | 670 | $ | 47,613 |
Changes in the Allowance for Credit Losses Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||
Balance at June 30, 2021 | Charge-offs | Recoveries | (Reversal of) provision for credit losses | Balance at September 30, 2021 | |||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Multi-family mortgage | $ | 28,450 | $ | (104) | $ | — | $ | (3,364) | $ | 24,982 | |||||||||||||||||||
Nonresidential mortgage | 16,243 | (813) | — | (1,585) | 13,845 | ||||||||||||||||||||||||
Commercial business | 2,086 | (160) | 97 | (29) | 1,994 | ||||||||||||||||||||||||
Construction | 1,170 | — | — | 260 | 1,430 | ||||||||||||||||||||||||
One- to four-family residential mortgage | 9,747 | — | 2 | (620) | 9,129 | ||||||||||||||||||||||||
Home equity loans | 433 | — | — | (115) | 318 | ||||||||||||||||||||||||
Other consumer | 36 | (2) | — | 53 | 87 | ||||||||||||||||||||||||
Total loans | $ | 58,165 | $ | (1,079) | $ | 99 | $ | (5,400) | $ | 51,785 |
Three Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
(In Thousands) | |||||||||||
Balance at beginning of the period | $ | 1,041 | $ | 1,708 | |||||||
Reversal of credit losses | (288) | (124) | |||||||||
Balance at end of the period | $ | 753 | $ | 1,584 |
September 30, 2022 | June 30, 2022 | ||||||||||
(In Thousands) | |||||||||||
Non-interest-bearing demand | $ | 683,406 | $ | 653,899 | |||||||
Interest-bearing demand | 2,382,411 | 2,265,597 | |||||||||
Savings | 982,916 | 1,053,198 | |||||||||
Certificates of deposits | 2,059,545 | 1,889,562 | |||||||||
Total deposits | $ | 6,108,278 | $ | 5,862,256 |
September 30, 2022 | June 30, 2022 | ||||||||||
(In Thousands) | |||||||||||
FHLB advances | $ | 796,454 | $ | 651,337 | |||||||
Overnight borrowings (1) | 55,000 | 250,000 | |||||||||
Total borrowings | $ | 851,454 | $ | 901,337 |
September 30, 2022 | June 30, 2022 | ||||||||||||||||||||||
Balance | Weighted Average Interest Rate | Balance | Weighted Average Interest Rate | ||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||
By remaining period to maturity: | |||||||||||||||||||||||
Less than one year | $ | 665,000 | 3.20 | % | $ | 520,000 | 2.04 | % | |||||||||||||||
One to two years | 22,500 | 2.63 | 22,500 | 2.63 | |||||||||||||||||||
Two to three years | 103,500 | 2.68 | 103,500 | 2.68 | |||||||||||||||||||
Three to four years | 6,500 | 2.82 | 6,500 | 2.82 | |||||||||||||||||||
Four to five years | — | — | — | — | |||||||||||||||||||
Greater than five years | — | — | — | — | |||||||||||||||||||
Total advances | 797,500 | 3.11 | % | 652,500 | 2.17 | % | |||||||||||||||||
Unamortized fair value adjustments | (1,046) | (1,163) | |||||||||||||||||||||
Total advances, net of fair value adjustments | $ | 796,454 | $ | 651,337 |
September 30, 2022 | |||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||
Location | Fair Value | Location | Fair Value | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||
Interest rate contracts | Other assets | $ | 66,511 | Other liabilities | $ | — | |||||||||||||||||
Total | $ | 66,511 | $ | — |
June 30, 2022 | |||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||
Location | Fair Value | Location | Fair Value | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||
Interest rate contracts | Other assets | $ | 41,223 | Other liabilities | $ | — | |||||||||||||||||
Total | $ | 41,223 | $ | — |
Three Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
(In Thousands) | |||||||||||
Amount of gain recognized in other comprehensive income | $ | 22,170 | $ | 154 | |||||||
Amount of gain (loss) reclassified from accumulated other comprehensive income to interest expense | 1,620 | (1,497) |
Three Months Ended September 30, | |||||
2022 | |||||
(In Thousands) | |||||
Loss on hedged items recorded in interest income on loans | $ | (4,033) | |||
Gain on hedge recorded in interest income on loans | 3,927 |
September 30, 2022 | |||||
(In Thousands) | |||||
Loans receivable: | |||||
Carrying amount of the hedged assets(1) | $ | 145,967 | |||
Fair value hedging adjustment included in the carrying amount of the hedged assets | (4,033) |
September 30, 2022 | |||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset | |||||||||||||||||||||||||||||||||||
Gross Amount Recognized | Gross Amounts Offset | Net Amounts Presented | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 66,511 | $ | — | $ | 66,511 | $ | — | $ | — | $ | 66,511 | |||||||||||||||||||||||
Total | $ | 66,511 | $ | — | $ | 66,511 | $ | — | $ | — | $ | 66,511 | |||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset | |||||||||||||||||||||||||||||||||||
Gross Amount Recognized | Gross Amounts Offset | Net Amounts Presented | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 41,223 | $ | — | $ | 41,223 | $ | — | $ | — | $ | 41,223 | |||||||||||||||||||||||
Total | $ | 41,223 | $ | — | $ | 41,223 | $ | — | $ | — | $ | 41,223 | |||||||||||||||||||||||
Three Months Ended September 30, | Affected Line Item in the Consolidated Statements of Income | ||||||||||||||||
2022 | 2021 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
Service cost | $ | 117 | $ | 138 | Salaries and employee benefits | ||||||||||||
Interest cost | 96 | 69 | Other expense | ||||||||||||||
Amortization of unrecognized (gain) loss | (6) | 20 | Other expense | ||||||||||||||
Expected return on assets | (25) | (28) | Other expense | ||||||||||||||
Net periodic benefit cost | $ | 182 | $ | 199 |
Three Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
(Dollars in Thousands) | |||||||||||
Income before income taxes | $ | 21,790 | $ | 26,987 | |||||||
Statutory federal tax rate | 21 | % | 21 | % | |||||||
Federal income tax expense at statutory rate | $ | 4,576 | $ | 5,667 | |||||||
(Reduction) increase in income taxes resulting from: | |||||||||||
Tax exempt interest | (59) | (70) | |||||||||
State tax, net of federal tax effect | 1,420 | 2,128 | |||||||||
Incentive stock option compensation expense | 3 | 23 | |||||||||
Income from bank-owned life insurance | (775) | (328) | |||||||||
Other items, net | 90 | (148) | |||||||||
Total income tax expense | $ | 5,255 | $ | 7,272 | |||||||
Effective income tax rate | 24.12 | % | 26.95 | % |
Level 1: | Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. | ||||
Level 2: | Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability or inputs that are derived principally from, or corroborated by, market data by correlation or other means. | ||||
Level 3: | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. |
September 30, 2022 | |||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Debt securities available for sale: | |||||||||||||||||||||||
Obligations of state and political subdivisions | $ | — | $ | 27,458 | $ | — | $ | 27,458 | |||||||||||||||
Asset-backed securities | — | 158,081 | — | 158,081 | |||||||||||||||||||
Collateralized loan obligations | — | 302,847 | — | 302,847 | |||||||||||||||||||
Corporate bonds | — | 145,613 | — | 145,613 | |||||||||||||||||||
Total debt securities | — | 633,999 | — | 633,999 | |||||||||||||||||||
Mortgage-backed securities available for sale: | |||||||||||||||||||||||
Collateralized mortgage obligations | — | 6,318 | — | 6,318 | |||||||||||||||||||
Residential pass-through securities | — | 468,089 | — | 468,089 | |||||||||||||||||||
Commercial pass-through securities | — | 154,770 | — | 154,770 | |||||||||||||||||||
Total mortgage-backed securities | — | 629,177 | — | 629,177 | |||||||||||||||||||
Total securities available for sale | $ | — | $ | 1,263,176 | $ | — | $ | 1,263,176 | |||||||||||||||
Interest rate contracts | $ | — | $ | 66,511 | $ | — | $ | 66,511 | |||||||||||||||
Total assets | $ | — | $ | 1,329,687 | $ | — | $ | 1,329,687 | |||||||||||||||
June 30, 2022 | |||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Debt securities available for sale: | |||||||||||||||||||||||
Obligations of state and political subdivisions | $ | — | $ | 28,435 | $ | — | $ | 28,435 | |||||||||||||||
Asset-backed securities | — | 166,557 | — | 166,557 | |||||||||||||||||||
Collateralized loan obligations | — | 307,813 | — | 307,813 | |||||||||||||||||||
Corporate bonds | — | 153,397 | — | 153,397 | |||||||||||||||||||
Total debt securities | — | 656,202 | — | 656,202 | |||||||||||||||||||
Mortgage-backed securities available for sale: | |||||||||||||||||||||||
Collateralized mortgage obligations | — | 7,122 | — | 7,122 | |||||||||||||||||||
Residential pass-through securities | — | 514,758 | — | 514,758 | |||||||||||||||||||
Commercial pass-through securities | — | 166,011 | — | 166,011 | |||||||||||||||||||
Total mortgage-backed securities | — | 687,891 | — | 687,891 | |||||||||||||||||||
Total securities available for sale | $ | — | $ | 1,344,093 | $ | — | $ | 1,344,093 | |||||||||||||||
Interest rate contracts | $ | — | $ | 41,223 | $ | — | $ | 41,223 | |||||||||||||||
Total assets | $ | — | $ | 1,385,316 | $ | — | $ | 1,385,316 | |||||||||||||||
September 30, 2022 | |||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Collateral dependent loans: | |||||||||||||||||||||||
Residential mortgage | $ | — | $ | — | $ | 2,033 | $ | 2,033 | |||||||||||||||
Multi-family mortgage | — | — | 7,562 | 7,562 | |||||||||||||||||||
Nonresidential mortgage | — | — | 10,934 | 10,934 | |||||||||||||||||||
Total | $ | — | $ | — | $ | 20,529 | $ | 20,529 | |||||||||||||||
Other real estate owned, net: | |||||||||||||||||||||||
Residential | $ | — | $ | — | $ | 178 | $ | 178 | |||||||||||||||
Total | $ | — | $ | — | $ | 178 | $ | 178 |
June 30, 2022 | |||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Collateral dependent loans: | |||||||||||||||||||||||
Residential mortgage | $ | — | $ | — | $ | 2,035 | $ | 2,035 | |||||||||||||||
Multi-family mortgage | — | — | 7,517 | 7,517 | |||||||||||||||||||
Nonresidential mortgage | — | — | 11,479 | 11,479 | |||||||||||||||||||
Total | $ | — | $ | — | $ | 21,031 | $ | 21,031 | |||||||||||||||
Other real estate owned, net: | |||||||||||||||||||||||
Residential | $ | — | $ | — | $ | 178 | $ | 178 | |||||||||||||||
Total | $ | — | $ | — | $ | 178 | $ | 178 |
September 30, 2022 | |||||||||||||||||||||||||||||
Fair Value | Valuation Techniques | Unobservable Input | Range | Weighted Average | |||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Collateral dependent loans: | |||||||||||||||||||||||||||||
Residential mortgage | $ | 2,033 | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 7% - 10% | 9.05 | % | ||||||||||||||||||||
Multi-family mortgage | 7,562 | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 10% - 11% | 10.66 | % | |||||||||||||||||||||
Nonresidential mortgage | 10,934 | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 9% - 19% | 14.28 | % | |||||||||||||||||||||
Total | $ | 20,529 | |||||||||||||||||||||||||||
Other real estate owned, net: | |||||||||||||||||||||||||||||
Residential | $ | 178 | Market valuation of underlying collateral | (3) | Adjustments to reflect current conditions/selling costs | (2) | 6.00% | 6.00 | % | ||||||||||||||||||||
Total | $ | 178 |
June 30, 2022 | |||||||||||||||||||||||||||||
Fair Value | Valuation Techniques | Unobservable Input | Range | Weighted Average | |||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Collateral dependent loans: | |||||||||||||||||||||||||||||
Residential mortgage | $ | 2,035 | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 7% - 10% | 8.97 | % | ||||||||||||||||||||
Multi-family mortgage | 7,517 | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 10% - 12% | 11.06 | % | |||||||||||||||||||||
Nonresidential mortgage | 11,479 | Market valuation of underlying collateral | (1) | Adjustments to reflect current conditions/selling costs | (2) | 9% - 18% | 12.72 | % | |||||||||||||||||||||
Total | $ | 21,031 | |||||||||||||||||||||||||||
Other real estate owned, net: | |||||||||||||||||||||||||||||
Residential | $ | 178 | Market valuation of underlying collateral | (3) | Adjustments to reflect current conditions/selling costs | (2) | 6.00% | 6.00 | % | ||||||||||||||||||||
Total | $ | 178 |
September 30, 2022 | |||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 96,076 | $ | 96,076 | $ | 96,076 | $ | — | $ | — | |||||||||||||||||||
Investment securities available for sale | 1,263,176 | 1,263,176 | — | 1,263,176 | — | ||||||||||||||||||||||||
Investment securities held to maturity | 115,943 | 99,548 | — | 99,548 | — | ||||||||||||||||||||||||
Loans held-for-sale | 12,936 | 12,772 | — | 12,772 | — | ||||||||||||||||||||||||
Net loans receivable | 5,608,757 | 5,308,136 | — | — | 5,308,136 | ||||||||||||||||||||||||
FHLB Stock | 44,957 | — | — | — | — | ||||||||||||||||||||||||
Interest receivable | 23,817 | 23,817 | 24 | 7,215 | 16,578 | ||||||||||||||||||||||||
Interest rate contracts | 66,511 | 66,511 | — | 66,511 | — | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits | 6,108,278 | 6,068,334 | 4,048,733 | — | 2,019,601 | ||||||||||||||||||||||||
Borrowings | 851,454 | 847,489 | — | — | 847,489 | ||||||||||||||||||||||||
Interest payable on deposits | 3,130 | 3,130 | 588 | — | 2,542 | ||||||||||||||||||||||||
Interest payable on borrowings | 2,182 | 2,182 | — | — | 2,182 | ||||||||||||||||||||||||
Interest rate contracts | — | — | — | — | — |
June 30, 2022 | |||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 101,615 | $ | 101,615 | $ | 101,615 | $ | — | $ | — | |||||||||||||||||||
Investment securities available for sale | 1,344,093 | 1,344,093 | — | 1,344,093 | — | ||||||||||||||||||||||||
Investment securities held to maturity | 118,291 | 108,118 | — | 108,118 | — | ||||||||||||||||||||||||
Loans held-for-sale | 28,874 | 28,831 | — | 28,831 | — | ||||||||||||||||||||||||
Net loans receivable | 5,370,787 | 5,215,079 | — | — | 5,215,079 | ||||||||||||||||||||||||
FHLB Stock | 47,144 | — | — | — | — | ||||||||||||||||||||||||
Interest receivable | 20,466 | 20,466 | 2 | 5,210 | 15,254 | ||||||||||||||||||||||||
Interest rate contracts | 41,223 | 41,223 | — | 41,223 | — | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits | 5,862,256 | 5,839,035 | 3,972,694 | — | 1,866,341 | ||||||||||||||||||||||||
Borrowings | 901,337 | 900,505 | — | — | 900,505 | ||||||||||||||||||||||||
Interest payable on deposits | 722 | 722 | 147 | — | 575 | ||||||||||||||||||||||||
Interest payable on borrowings | 1,611 | 1,611 | — | — | 1,611 | ||||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | ||||||||||
(In Thousands) | |||||||||||
Net unrealized loss on securities available for sale | $ | (167,396) | $ | (118,031) | |||||||
Tax effect | 48,290 | 34,104 | |||||||||
Net of tax amount | (119,106) | (83,927) | |||||||||
Fair value adjustments on derivatives | 60,355 | 39,805 | |||||||||
Tax effect | (17,502) | (11,542) | |||||||||
Net of tax amount | 42,853 | 28,263 | |||||||||
Benefit plan adjustments | (122) | (89) | |||||||||
Tax effect | 35 | 26 | |||||||||
Net of tax amount | (87) | (63) | |||||||||
Total accumulated other comprehensive loss | $ | (76,340) | $ | (55,727) |
Three Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
(In Thousands) | |||||||||||
Net unrealized holding loss on securities available for sale | $ | (49,365) | $ | (7,046) | |||||||
Net realized gain on sale and call of securities available for sale (1) | — | (1) | |||||||||
Fair value adjustments on derivatives | 20,550 | 1,651 | |||||||||
(Accretion) amortization of benefit plan net actuarial (gain) loss | (33) | 20 | |||||||||
Other comprehensive loss before taxes | (28,848) | (5,376) | |||||||||
Tax effect | 8,235 | 1,568 | |||||||||
Total other comprehensive loss | $ | (20,613) | $ | (3,808) |
Three Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
(In Thousands, Except Per Share Data) | |||||||||||
Net income | $ | 16,535 | $ | 19,715 | |||||||
Weighted average number of common shares outstanding - basic | 65,737 | 74,537 | |||||||||
Effect of dilutive securities | 19 | 19 | |||||||||
Weighted average number of common shares outstanding - diluted | 65,756 | 74,556 | |||||||||
Basic earnings per share | $ | 0.25 | $ | 0.26 | |||||||
Diluted earnings per share | $ | 0.25 | $ | 0.26 |
September 30, 2022 | June 30, 2022 | Increase/ (Decrease) | |||||||||||||||
(In Thousands) | |||||||||||||||||
Commercial loans: | |||||||||||||||||
Multi-family mortgage | $ | 2,570,297 | $ | 2,409,090 | $ | 161,207 | |||||||||||
Nonresidential mortgage | 1,040,688 | 1,019,838 | 20,850 | ||||||||||||||
Commercial business | 186,361 | 176,807 | 9,554 | ||||||||||||||
Construction | 166,052 | 140,131 | 25,921 | ||||||||||||||
Total commercial loans | 3,963,398 | 3,745,866 | 217,532 | ||||||||||||||
One- to four-family residential mortgage | 1,666,730 | 1,645,816 | 20,914 | ||||||||||||||
Consumer loans: | |||||||||||||||||
Home equity loans | 43,269 | 42,028 | 1,241 | ||||||||||||||
Other consumer | 2,869 | 2,866 | 3 | ||||||||||||||
Total consumer loans | 46,138 | 44,894 | 1,244 | ||||||||||||||
Total loans | 5,676,266 | 5,436,576 | 239,690 | ||||||||||||||
Unaccreted yield adjustments | (19,896) | (18,731) | (1,165) | ||||||||||||||
Allowance for credit losses | (47,613) | (47,058) | (555) | ||||||||||||||
Net loans receivable | $ | 5,608,757 | $ | 5,370,787 | $ | 237,970 |
September 30, 2022 | June 30, 2022 | ||||||||||||||||||||||
Balance | LTV | Balance | LTV | ||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||
Commercial mortgage loans: | |||||||||||||||||||||||
Multi-family mortgage | $ | 2,570,297 | 64 | % | $ | 2,409,090 | 64 | % | |||||||||||||||
Nonresidential mortgage | 1,040,688 | 54 | 1,019,838 | 54 | |||||||||||||||||||
Construction | 166,052 | 61 | 140,131 | 61 | |||||||||||||||||||
Total commercial mortgage loans | 3,777,037 | 61 | 3,569,059 | 61 | |||||||||||||||||||
One- to four-family residential mortgage | 1,666,730 | 62 | 1,645,816 | 62 | |||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||
Home equity loans | 43,269 | 47 | 42,028 | 46 | |||||||||||||||||||
Total mortgage loans | $ | 5,487,036 | 61 | % | $ | 5,256,903 | 61 | % |
September 30, 2022 | June 30, 2022 | Increase/ (Decrease) | |||||||||||||||
(In Thousands) | |||||||||||||||||
Non-interest-bearing deposits | $ | 683,406 | $ | 653,899 | $ | 29,507 | |||||||||||
Interest-bearing deposits: | |||||||||||||||||
Interest-bearing demand | 2,382,411 | 2,265,597 | 116,814 | ||||||||||||||
Savings | 982,916 | 1,053,198 | (70,282) | ||||||||||||||
Certificates of deposit | 2,059,545 | 1,889,562 | 169,983 | ||||||||||||||
Interest-bearing deposits | 5,424,872 | 5,208,357 | 216,515 | ||||||||||||||
Total deposits | $ | 6,108,278 | $ | 5,862,256 | $ | 246,022 |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest | Average Yield/ Cost | Average Balance | Interest | Average Yield/ Cost | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Loans receivable (1) | $ | 5,553,996 | $ | 52,935 | 3.81 | % | $ | 4,835,676 | $ | 48,230 | 3.99 | % | |||||||||||||||||||||||
Taxable investment securities (2) | 1,516,974 | 10,439 | 2.75 | 1,649,953 | 8,212 | 1.99 | |||||||||||||||||||||||||||||
Tax-exempt securities (2) | 48,973 | 285 | 2.33 | 59,115 | 333 | 2.25 | |||||||||||||||||||||||||||||
Other interest-earning assets (3) | 88,038 | 761 | 3.46 | 85,749 | 431 | 2.01 | |||||||||||||||||||||||||||||
Total interest-earning assets | 7,207,981 | 64,420 | 3.57 | 6,630,493 | 57,206 | 3.45 | |||||||||||||||||||||||||||||
Non-interest-earning assets | 570,225 | 616,735 | |||||||||||||||||||||||||||||||||
Total assets | $ | 7,778,206 | $ | 7,247,228 | |||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 2,354,340 | 5,391 | 0.92 | $ | 1,954,271 | 1,147 | 0.23 | |||||||||||||||||||||||||||
Savings | 1,019,343 | 595 | 0.23 | 1,102,865 | 334 | 0.12 | |||||||||||||||||||||||||||||
Certificates of deposit | 2,014,922 | 4,883 | 0.97 | 1,798,473 | 2,584 | 0.57 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 5,388,605 | 10,869 | 0.81 | 4,855,609 | 4,065 | 0.33 | |||||||||||||||||||||||||||||
Federal Home Loan Bank advances | 642,399 | 4,301 | 2.68 | 665,915 | 3,544 | 2.13 | |||||||||||||||||||||||||||||
Other borrowings | 127,456 | 719 | 2.26 | 28,532 | 7 | 0.10 | |||||||||||||||||||||||||||||
Borrowings | 769,855 | 5,020 | 2.61 | 694,447 | 3,551 | 2.05 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 6,158,460 | 15,889 | 1.03 | 5,550,056 | 7,616 | 0.55 | |||||||||||||||||||||||||||||
Non-interest-bearing liabilities (4) | 724,055 | 667,164 | |||||||||||||||||||||||||||||||||
Total liabilities | 6,882,515 | 6,217,220 | |||||||||||||||||||||||||||||||||
Stockholders' equity | 895,691 | 1,030,008 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 7,778,206 | $ | 7,247,228 | |||||||||||||||||||||||||||||||
Net interest income | $ | 48,531 | $ | 49,590 | |||||||||||||||||||||||||||||||
Interest rate spread (5) | 2.54 | % | 2.90 | % | |||||||||||||||||||||||||||||||
Net interest margin (6) | 2.69 | % | 2.99 | % | |||||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 1.17 | 1.19 |
At September 30, 2022 | |||||||||||||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 683,381 | 12.67 | % | $ | 431,361 | 8.00 | % | $ | 539,202 | 10.00 | % | |||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | 648,894 | 12.03 | % | 323,521 | 6.00 | % | 431,361 | 8.00 | % | ||||||||||||||||||||||||||
Common equity tier 1 capital (to risk-weighted assets) | 648,894 | 12.03 | % | 242,641 | 4.50 | % | 350,481 | 6.50 | % | ||||||||||||||||||||||||||
Tier 1 capital (to adjusted total assets) | 648,894 | 8.44 | % | 307,371 | 4.00 | % | 384,214 | 5.00 | % |
At June 30, 2022 | |||||||||||||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 672,274 | 13.10 | % | $ | 410,429 | 8.00 | % | $ | 513,036 | 10.00 | % | |||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | 642,336 | 12.52 | % | 307,822 | 6.00 | % | 410,429 | 8.00 | % | ||||||||||||||||||||||||||
Common equity tier 1 capital (to risk-weighted assets) | 642,336 | 12.52 | % | 230,866 | 4.50 | % | 333,473 | 6.50 | % | ||||||||||||||||||||||||||
Tier 1 capital (to adjusted total assets) | 642,336 | 8.70 | % | 295,163 | 4.00 | % | 368,954 | 5.00 | % |
At September 30, 2022 | |||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 781,745 | 14.49 | % | $ | 431,480 | 8.00 | % | |||||||||||||||
Tier 1 capital (to risk-weighted assets) | 747,258 | 13.85 | % | 323,610 | 6.00 | % | |||||||||||||||||
Common equity tier 1 capital (to risk-weighted assets) | 747,258 | 13.85 | % | 242,707 | 4.50 | % | |||||||||||||||||
Tier 1 capital (to adjusted total assets) | 747,258 | 9.72 | % | 307,523 | 4.00 | % |
At June 30, 2022 | |||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 778,253 | 15.17 | % | $ | 410,515 | 8.00 | % | |||||||||||||||
Tier 1 capital (to risk-weighted assets) | 748,315 | 14.58 | % | 307,886 | 6.00 | % | |||||||||||||||||
Common equity tier 1 capital (to risk-weighted assets) | 748,315 | 14.58 | % | 230,914 | 4.50 | % | |||||||||||||||||
Tier 1 capital (to adjusted total assets) | 748,315 | 10.14 | % | 295,290 | 4.00 | % |
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||
1 to 12 Months | 13 to 24 Months | |||||||||||||||||||||||||||||||||||||
Change in Interest Rates | EVE | % Change in EVE | NII | % Change in NII | NII | % Change in NII | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||
+300 bps | $ | 971,747 | (19.96) | % | $ | 177,190 | (8.98) | % | $ | 205,836 | (2.54) | % | ||||||||||||||||||||||||||
+200 bps | 1,045,963 | (13.84) | % | 182,019 | (6.50) | % | 206,157 | (2.39) | % | |||||||||||||||||||||||||||||
+100 bps | 1,142,340 | (5.91) | % | 188,856 | (2.99) | % | 210,753 | (0.21) | % | |||||||||||||||||||||||||||||
0 bps | 1,214,042 | — | 194,671 | — | 211,200 | — | ||||||||||||||||||||||||||||||||
-100 bps | 1,238,227 | 1.99 | % | 192,785 | (0.97) | % | 201,861 | (4.42) | % | |||||||||||||||||||||||||||||
-200 bps | 1,222,117 | 0.67 | % | 187,805 | (3.53) | % | 187,633 | (11.16) | % | |||||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||
1 to 12 Months | 13 to 24 Months | |||||||||||||||||||||||||||||||||||||
Change in Interest Rates | EVE | % Change in EVE | NII | % Change in NII | NII | % Change in NII | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||
+300 bps | $ | 1,089,795 | (15.37) | % | $ | 178,865 | (13.62) | % | $ | 214,839 | (1.68) | % | ||||||||||||||||||||||||||
+200 bps | 1,156,219 | (10.21) | % | 187,601 | (9.40) | % | 215,528 | (1.36) | % | |||||||||||||||||||||||||||||
+100 bps | 1,239,935 | (3.71) | % | 198,126 | (4.32) | % | 219,594 | 0.50 | % | |||||||||||||||||||||||||||||
0 bps | 1,287,700 | — | 207,069 | — | 218,501 | — | ||||||||||||||||||||||||||||||||
-100 bps | 1,272,203 | (1.20) | % | 205,241 | (0.88) | % | 204,568 | (6.38) | % |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
July 1-31, 2022 | 325,145 | $ | 11.15 | 325,145 | — | |||||||||||||||||||||
August 1-31, 2022 | 218,657 | $ | 12.03 | 218,657 | 3,781,343 | |||||||||||||||||||||
September 1-30, 2022 | 216,004 | $ | 11.28 | 216,004 | 3,565,339 | |||||||||||||||||||||
Total | 759,806 | $ | 11.44 | 759,806 | 3,565,339 |
3.1 | ||||||||
3.2 | ||||||||
4 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101 | The following materials from the Company’s Form 10-Q for the quarter ended September 30, 2022, formatted in Inline XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Financial Condition, (ii) the Consolidated Statements of Income; (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Stockholder’s Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements. | |||||||
101.INS | Inline XBRL Instance Document (The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document) | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
KEARNY FINANCIAL CORP. | ||||||||
Date: November 7, 2022 | By: | /s/ Craig L. Montanaro | ||||||
Craig L. Montanaro | ||||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
Date: November 7, 2022 | By: | /s/ Keith Suchodolski | ||||||
Keith Suchodolski | ||||||||
Senior Executive Vice President and Chief Financial Officer | ||||||||
(Principal Financial and Accounting Officer) |
1 Year Kearny Financial Chart |
1 Month Kearny Financial Chart |
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