Loan Quality and Allowance for Loan Losses (Tables)

6 Months Ended

Dec. 31, 2018

Receivables [Abstract]

Allowance for Loan Losses and Balance of Loans Receivable

The following tables present the balance of the allowance for loan losses at December 31, 2018 and June 30, 2018 based upon the calculation methodology as described in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2018. The tables identify the valuation allowances attributable to specifically identified impairments on individually evaluated loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans evaluated collectively. The tables include the underlying balance of loans receivable applicable to each category as of those dates as well as the activity in the allowance for loan losses for the three and six months ended December 31, 2018 and December 31, 2017. Unless otherwise noted, the balance of loans reported in the tables below excludes yield adjustments and the allowance for loan loss.

Allowance for Loan Losses
At December 31, 2018
	Residential Mortgage		Multi-Family Mortgage		Non- Residential Mortgage		Construction		Commercial Business		Home Equity Loans		Other Consumer		Total
	(In Thousands)
Balance of allowance for loan losses:
Loans acquired with deteriorated   credit quality	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Loans individually   evaluated for impairment		41		-		-		-		311		-		-		352
Loans collectively   evaluated for impairment		2,936		17,095		9,918		305		2,203		464		253		33,174
Total allowance for loan losses	$	2,977	$	17,095	$	9,918	$	305	$	2,514	$	464	$	253	$	33,526

Balance of Loans Receivable
At December 31, 2018
	Residential Mortgage		Multi-Family Mortgage		Non- Residential Mortgage		Construction		Commercial Business		Home Equity Loans		Other Consumer		Total
	(In Thousands)
Balance of loans receivable:
Loans acquired with deteriorated   credit quality	$	90	$	-	$	-	$	-	$	257	$	-	$	-	$	347
Loans individually   evaluated for impairment		13,856		89		7,993		-		2,067		1,558		-		25,563
Loans collectively   evaluated for impairment		1,320,338		1,974,320		1,294,590		28,405		67,735		94,443		6,834		4,786,665
Total loans	$	1,334,284	$	1,974,409	$	1,302,583	$	28,405	$	70,059	$	96,001	$	6,834	$	4,812,575
Unaccreted yield   adjustments																(59,183	)
Loans receivable, net of    yield adjustments															$	4,753,392

Allowance for Loan Losses
Three Months Ended December 31, 2018
	Residential Mortgage			Multi-Family Mortgage		Non- Residential Mortgage			Construction		Commercial Business			Home Equity Loans		Other Consumer			Total
	(In Thousands)
Changes in the allowance for loan   losses for the three months ended   December 31, 2018:
At September 30, 2018:	$	2,594		$	16,317	$	9,945		$	293	$	2,803		$	434	$	345		$	32,731
Total charge offs		(1	)		-		-			-		(166	)		-		(32	)		(199	)
Total recoveries		-			-		1			-		-			-		22			23
Total provisions		384			778		(28	)		12		(123	)		30		(82	)		971
Total allowance for loan losses	$	2,977		$	17,095	$	9,918		$	305	$	2,514		$	464	$	253		$	33,526

Allowance for Loan Losses
Six Months Ended December 31, 2018
	Residential Mortgage			Multi-Family Mortgage		Non- Residential Mortgage			Construction		Commercial Business			Home Equity Loans		Other Consumer			Total
	(In Thousands)
Changes in the allowance for loan   losses for the six months ended   December 31, 2018:
At June 30, 2018:	$	2,479		$	14,946	$	9,787		$	258	$	2,552		$	430	$	413		$	30,865
Total charge offs		(83	)		-		(54	)		-		(185	)		-		(139	)		(461	)
Total recoveries		-			-		2			-		-			-		49			51
Total provisions		581			2,149		183			47		147			34		(70	)		3,071
Total allowance for loan losses	$	2,977		$	17,095	$	9,918		$	305	$	2,514		$	464	$	253		$	33,526

Allowance for Loan Losses
Three Months Ended December 31, 2017
	Residential Mortgage			Multi-Family Mortgage		Non- Residential Mortgage			Construction		Commercial Business		Home Equity Loans			Other Consumer			Total
	(In Thousands)
Changes in the allowance for loan   losses for the three months ended   December 31, 2017:
At September 30, 2017:	$	2,501		$	13,807	$	9,893		$	89	$	1,948	$	470		$	737		$	29,445
Total charge offs		(143	)		-		-			-		-		-			(263	)		(406	)
Total recoveries		57			-		-			-		-		-			34			91
Total provisions		25			102		(228	)		157		758		(13	)		135			936
Total allowance for loan losses	$	2,440		$	13,909	$	9,665		$	246	$	2,706	$	457		$	643		$	30,066

Allowance for Loan Losses
Six Months Ended December 31, 2017
	Residential Mortgage			Multi-Family Mortgage			Non- Residential Mortgage			Construction		Commercial Business			Home Equity Loans			Other Consumer			Total
	(In Thousands)
Changes in the allowance for loan   losses for the six months ended   December 31, 2017:
At June 30, 2017:	$	2,384		$	13,941		$	9,939		$	35	$	1,709		$	501		$	777		$	29,286
Total charge offs		(410	)		-			(38	)		-		(6	)		-			(560	)		(1,014	)
Total recoveries		77			-			-			-		34			65			52			228
Total provisions		389			(32	)		(236	)		211		969			(109	)		374			1,566
Total allowance for loan losses	$	2,440		$	13,909		$	9,665		$	246	$	2,706		$	457		$	643		$	30,066

Allowance for Loan Losses
At June 30, 2018
	Residential Mortgage		Multi-Family Mortgage		Non- Residential Mortgage		Construction		Commercial Business		Home Equity Loans		Other Consumer		Total
	(In Thousands)
Balance of allowance for loan losses:
Loans acquired with deteriorated   credit quality	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Loans individually   evaluated for impairment		79		-		-		-		227		-		-		306
Loans collectively   evaluated for impairment		2,400		14,946		9,787		258		2,325		430		413		30,559
Total allowance for loan losses	$	2,479	$	14,946	$	9,787	$	258	$	2,552	$	430	$	413	$	30,865

Balance of Loans Receivable
At June 30, 2018
	Residential Mortgage		Multi-Family Mortgage		Non- Residential Mortgage		Construction		Commercial Business		Home Equity Loans		Other Consumer		Total
	(In Thousands)
Balance of loans receivable:
Loans acquired with deteriorated   credit quality	$	99	$	-	$	-	$	-	$	269	$	-	$	-		368
Loans individually   evaluated for impairment		11,931		116		5,344		-		3,921		1,601		-		22,913
Loans collectively   evaluated for impairment		1,285,423		1,758,468		1,297,617		23,271		81,635		89,160		9,060		4,544,634
Total loans	$	1,297,453	$	1,758,584	$	1,302,961	$	23,271	$	85,825	$	90,761	$	9,060	$	4,567,915
Unaccreted yield   adjustments																(66,567	)
Loans receivable, net of    yield adjustments															$	4,501,348

Credit-Rating Classification of Loans Receivable

The following tables present key indicators of credit quality regarding the Company’s loan portfolio based upon loan classification and contractual payment status at December 31, 2018 and June 30, 2018 based upon the methodology for identifying and reporting such loans as described in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2018.

Credit-Rating Classification of Loans Receivable
At December 31, 2018
	Residential Mortgage		Multi-Family Mortgage		Non- Residential Mortgage		Construction		Commercial Business		Home Equity Loans		Other Consumer		Total
	(In Thousands)
Non-classified	$	1,319,107	$	1,973,190	$	1,288,964	$	28,405	$	64,254	$	94,151	$	6,765	$	4,774,836
Classified:
Special Mention		486		1,130		1,130		-		2,818		29		34		5,627
Substandard		14,691		89		12,489		-		2,903		1,821		34		32,027
Doubtful		-		-		-		-		84		-		1		85
Loss		-		-		-		-		-		-		-		-
Total classified loans		15,177		1,219		13,619		-		5,805		1,850		69		37,739
Total loans	$	1,334,284	$	1,974,409	$	1,302,583	$	28,405	$	70,059	$	96,001	$	6,834	$	4,812,575

Credit-Rating Classification of Loans Receivable
At June 30, 2018
	Residential Mortgage		Multi-Family Mortgage		Non- Residential Mortgage		Construction		Commercial Business		Home Equity Loans		Other Consumer		Total
	(In Thousands)
Non-classified	$	1,283,040	$	1,758,468	$	1,295,076	$	23,271	$	80,947	$	88,831	$	8,937	$	4,538,570
Classified:
Special Mention		493		-		-		-		13		25		61		592
Substandard		13,920		116		7,885		-		4,865		1,905		61		28,752
Doubtful		-		-		-		-		-		-		1		1
Loss		-		-		-		-		-		-		-		-
Total classified loans		14,413		116		7,885		-		4,878		1,930		123		29,345
Total loans	$	1,297,453	$	1,758,584	$	1,302,961	$	23,271	$	85,825	$	90,761	$	9,060	$	4,567,915

Contractual Payment Status of Loans Receivable

Contractual Payment Status of Loans Receivable
At December 31, 2018
	Residential Mortgage		Multi-Family Mortgage		Non- Residential Mortgage		Construction		Commercial Business		Home Equity Loans		Other Consumer		Total
	(In Thousands)
Current	$	1,324,533	$	1,974,409	$	1,295,530	$	28,405	$	69,564	$	95,738	$	6,748	$	4,794,927
Past due:
30-59 days		2,428		-		5,076		-		169		8		21		7,702
60-89 days		1,664		-		-		-		50		28		33		1,775
90+ days		5,659		-		1,977		-		276		227		32		8,171
Total past due		9,751		-		7,053		-		495		263		86		17,648
Total loans	$	1,334,284	$	1,974,409	$	1,302,583	$	28,405	$	70,059	$	96,001	$	6,834	$	4,812,575

Contractual Payment Status of Loans Receivable
At June 30, 2018
	Residential Mortgage		Multi-Family Mortgage		Non- Residential Mortgage		Construction		Commercial Business		Home Equity Loans		Other Consumer		Total
	(In Thousands)
Current	$	1,290,428	$	1,758,584	$	1,300,570	$	23,271	$	85,065	$	90,375	$	8,917	$	4,557,210
Past due:
30-59 days		1,457		-		1,015		-		247		104		24		2,847
60-89 days		475		-		-		-		-		44		59		578
90+ days		5,093		-		1,376		-		513		238		60		7,280
Total past due		7,025		-		2,391		-		760		386		143		10,705
Total loans	$	1,297,453	$	1,758,584	$	1,302,961	$	23,271	$	85,825	$	90,761	$	9,060	$	4,567,915

Performance Status of Loans Receivable

The following tables present information relating to the Company’s nonperforming and impaired loans at December 31, 2018 and June 30, 2018 based upon the methodology for identifying and reporting such loans as described in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2018. Loans reported as “90+ days past due accruing” in the table immediately below are also reported in the preceding contractual payment status table under the heading “90+ days past due.”

Performance Status of Loans Receivable
At December 31, 2018
	Residential Mortgage		Multi-Family Mortgage		Non- Residential Mortgage		Construction		Commercial Business		Home Equity Loans		Other Consumer		Total
	(In Thousands)
Performing	$	1,323,105	$	1,974,320	$	1,294,882	$	28,405	$	69,183	$	95,103	$	6,802	$	4,791,800
Nonperforming:
90+ days past due accruing		-		-		-		-		-		-		32		32
Nonaccrual		11,179		89		7,701		-		876		898		-		20,743
Total nonperforming		11,179		89		7,701		-		876		898		32		20,775
Total loans	$	1,334,284	$	1,974,409	$	1,302,583	$	28,405	$	70,059	$	96,001	$	6,834	$	4,812,575

Performance Status of Loans Receivable
At June 30, 2018
	Residential Mortgage		Multi-Family Mortgage		Non- Residential Mortgage		Construction		Commercial Business		Home Equity Loans		Other Consumer		Total
	(In Thousands)
Performing	$	1,288,261	$	1,758,468	$	1,297,621	$	23,271	$	84,587	$	89,848	$	9,000	$	4,551,056
Nonperforming:
90+ days past due accruing		-		-		-		-		-		-		60		60
Nonaccrual		9,192		116		5,340		-		1,238		913		-		16,799
Total nonperforming		9,192		116		5,340		-		1,238		913		60		16,859
Total loans	$	1,297,453	$	1,758,584	$	1,302,961	$	23,271	$	85,825	$	90,761	$	9,060	$	4,567,915

Impairment Status of Loans Receivable

Impairment Status of Loans Receivable
At December 31, 2018
	Residential Mortgage			Multi-Family Mortgage		Non- Residential Mortgage		Construction		Commercial Business			Home Equity Loans		Other Consumer		Total
	(In Thousands)
Carrying value of impaired loans:
Non-impaired loans	$	1,320,338		$	1,974,320	$	1,294,590	$	28,405	$	67,735		$	94,443	$	6,834	$	4,786,665
Impaired loans:
Impaired loans with no allowance   for impairment		13,531			89		7,993		-		2,012			1,558		-		25,183
Impaired loans with allowance   for impairment:
Recorded investment		415			-		-		-		312			-		-		727
Allowance for impairment		(41	)		-		-		-		(311	)		-		-		(352	)
Balance of impaired loans net   of allowance for impairment		374			-		-		-		1			-		-		375
Total impaired loans, excluding   allowance for impairment:		13,946			89		7,993		-		2,324			1,558		-		25,910
Total loans	$	1,334,284		$	1,974,409	$	1,302,583	$	28,405	$	70,059		$	96,001	$	6,834	$	4,812,575
Unpaid principal balance   of impaired loans:
Total impaired loans	$	19,133		$	930	$	11,516	$	106	$	6,067		$	2,758	$	-	$	40,510

Impairment Status of Loans Receivable
At June 30, 2018
	Residential Mortgage			Multi-Family Mortgage		Non- Residential Mortgage		Construction		Commercial Business			Home Equity Loans		Other Consumer		Total
	(In Thousands)
Carrying value of impaired loans:
Non-impaired loans	$	1,285,423		$	1,758,468	$	1,297,617	$	23,271	$	81,635		$	89,160	$	9,060	$	4,544,634
Impaired loans:
Impaired loans with no allowance   for impairment		11,255			116		5,344		-		3,963			1,601		-		22,279
Impaired loans with allowance   for impairment:
Recorded investment		775			-		-		-		227			-		-		1,002
Allowance for impairment		(79	)		-		-		-		(227	)		-		-		(306	)
Balance of impaired loans net   of allowance for impairment		696			-		-		-		-			-		-		696
Total impaired loans, excluding   allowance for impairment:		12,030			116		5,344		-		4,190			1,601		-		23,281
Total loans	$	1,297,453		$	1,758,584	$	1,302,961	$	23,271	$	85,825		$	90,761	$	9,060	$	4,567,915
Unpaid principal balance   of impaired loans:
Total impaired loans	$	16,263		$	930	$	10,033	$	106	$	7,671		$	2,702	$	-	$	37,705

Impairment Status of Loans Receivable
Three and Six Months Ended December 31, 2018 and 2017
	Residential Mortgage		Multi-Family Mortgage		Non- Residential Mortgage		Construction		Commercial Business		Home Equity Loans		Other Consumer		Total
	(In Thousands)
For the three months ended   December 31, 2018:
Average balance of impaired loans	$	13,228	$	95	$	8,146	$	-	$	2,644	$	1,571	$	-	$	25,684
Interest earned on impaired loans	$	33	$	-	$	-	$	-	$	27	$	8	$	-	$	68
For the six months ended   December 31, 2018:
Average balance of impaired loans	$	12,718	$	101	$	7,626	$	-	$	2,468	$	1,566	$	-	$	24,479
Interest earned on impaired loans	$	65	$	-	$	-	$	-	$	29	$	17	$	-	$	111
For the three months ended   December 31, 2017:
Average balance of impaired loans	$	8,860	$	141	$	7,254	$	63	$	2,865	$	1,579	$	-	$	20,762
Interest earned on impaired loans	$	31	$	-	$	2	$	-	$	1	$	7	$	-	$	41
For the six months ended   December 31, 2017:
Average balance of impaired loans	$	9,441	$	146	$	6,755	$	196	$	2,836	$	1,747	$	-	$	21,121
Interest earned on impaired loans	$	66	$	-	$	4	$	-	$	2	$	15	$	-	$	87

Troubled Debt Restructurings of Loans Receivable

The following table presents information regarding the restructuring of the Company’s troubled debts during the six months ended December 31, 2018 and December 31, 2017, and any defaults during those periods of troubled debt restructurings (“TDRs”) that were restructured within 12 months of the date of default.  

Troubled Debt Restructurings of Loans Receivable
Six Months Ended December 31, 2018
	Residential Mortgage		Multi-Family Mortgage		Non- Residential Mortgage		Construction		Commercial Business		Home Equity Loans		Other Consumer		Total
	(Dollars in Thousands)
Troubled debt restructuring activity   for the six months ended   December 31, 2018:
Number of loans		1		-		1		-		6		-		-		8
Pre-modification outstanding   recorded investment	$	271	$	-	$	2,957	$	-	$	1,468	$	-	$	-	$	4,696
Post-modification outstanding   recorded investment		270		-		2,955		-		1,488		-		-		4,713
Reserves included in and charge offs against the allowance for loan loss recognized at modification		2		-		2		-		-		-		-		4
Troubled debt restructuring defaults   for the six months ended   December 31, 2018:
Number of loans		-		-		-		-		-		-		-		-
Outstanding recorded investment	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Troubled Debt Restructurings of Loans Receivable
Six Months Ended December 31, 2017
	Residential Mortgage		Multi-Family Mortgage		Non- Residential Mortgage		Construction		Commercial Business		Home Equity Loans		Other Consumer		Total
	(Dollars in Thousands)
Troubled debt restructuring activity   for the six months ended   December 31, 2017:
Number of loans		2		-		1		-		-		-		-		3
Pre-modification outstanding   recorded investment	$	449	$	-	$	179	$	-	$	-	$	-	$	-	$	628
Post-modification outstanding   recorded investment		414		-		201		-		-		-		-		615
Reserves included in and charge offs against the allowance for loan loss recognized at modification		87		-		-		-		-		-		-		87
Troubled debt restructuring defaults   for the six months ended   December 31, 2017:
Number of loans		-		-		-		-		-		-		-		-
Outstanding recorded investment	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-