☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
Delaware
|
|
30-0628335
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification Number)
|
|
Large accelerated filer
|
☒
|
|
Accelerated filer
|
|
☐
|
|
Non-accelerated filer
|
|
☐
|
|
Smaller Reporting company
|
|
☐
|
|
|
Emerging growth company
|
|
☐
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange on which registered
|
||
Common
|
ORIT
|
The NASDAQ Stock Market
|
|
|
|
|
Page
|
|
|
|
|
Item 1.
|
3
|
|
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3
|
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4
|
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|
|
|
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5
|
|
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6
|
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|
|
|
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7
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8
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Item 2.
|
38
|
|
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|
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Item 3.
|
40
|
|
|
|
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Item 4.
|
52
|
|
|
|
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|
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|
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|
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Item 1.
|
52
|
|
|
|
|
Item 1A.
|
52
|
|
|
|
|
Item 2.
|
52
|
|
|
|
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Item 3.
|
52
|
|
|
|
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Item 4.
|
52
|
|
|
|
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Item 5.
|
52
|
|
|
|
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Item 6.
|
53
|
|
|
|
|
|
54
|
|
September 30,
2019
|
June 30,
2019
|
||||||
(unaudited)
|
(audited)
|
|||||||
Assets
|
||||||||
Cash on hand and in banks
|
$
|
20,312
|
$
|
19,145
|
||||
Federal funds sold and short term investments
|
6,831
|
7,366
|
||||||
Cash and cash equivalents
|
27,143
|
26,511
|
||||||
Loans, net
|
3,421,268
|
3,491,322
|
||||||
Equity securities
|
1,344
|
1,358
|
||||||
Debt securities available for sale, at market value
|
30,578
|
32,752
|
||||||
Debt securities held to maturity, fair value of $325,054 and $334,179, respectively
|
321,871
|
332,215
|
||||||
Bank Owned Life Insurance (at cash surrender value)
|
101,490
|
100,872
|
||||||
Federal Home Loan Bank of New York (“FHLB”) stock at cost
|
23,007
|
25,925
|
||||||
Accrued interest receivable
|
11,979
|
11,935
|
||||||
Real estate owned
|
—
|
557
|
||||||
Office properties and equipment, net
|
14,796
|
12,904
|
||||||
Deferred tax assets, net
|
32,231
|
31,045
|
||||||
Other assets
|
3,951
|
3,120
|
||||||
Total Assets
|
$
|
3,989,658
|
$
|
4,070,516
|
||||
Liabilities
|
||||||||
Deposits
|
$
|
2,936,546
|
$
|
2,923,244
|
||||
Borrowings
|
426,563
|
521,555
|
||||||
Advance payments by borrowers for taxes and insurance
|
23,952
|
24,607
|
||||||
Other liabilities
|
73,297
|
71,963
|
||||||
Total Liabilities
|
3,460,358
|
3,541,369
|
||||||
Stockholders’ Equity
|
||||||||
Common stock, $0.01 par value; 150,000,000 shares authorized; 56,245,065 shares issued; 45,100,052 shares outstanding at September 30, 2019 and 45,097,052 shares outstanding at June 30, 2019.
|
562
|
562
|
||||||
Additional paid-in capital
|
515,868
|
515,491
|
||||||
Non-vested restricted stock awards
|
(190
|
)
|
(216
|
)
|
||||
Treasury stock, at cost; 11,145,013 shares at September 30, 2019 and 11,148,013 shares at June 30, 2019.
|
(153,050
|
)
|
(153,091
|
)
|
||||
Unallocated common stock held by the employee stock ownership plan
|
(14,733
|
)
|
(15,085
|
)
|
||||
Retained earnings
|
183,533
|
182,032
|
||||||
Accumulated other comprehensive income, net of tax
|
(2,690
|
)
|
(546
|
)
|
||||
Total Stockholders’ Equity
|
529,300
|
529,147
|
||||||
Total Liabilities and Stockholders’ Equity
|
$
|
3,989,658
|
$
|
4,070,516
|
|
Three Months ended September 30,
|
|||||||
2019
|
2018
|
|||||||
(unaudited)
|
||||||||
Interest income:
|
||||||||
Interest on loans
|
$
|
37,257
|
$
|
35,952
|
||||
Dividends on FHLB stock
|
405
|
448
|
||||||
Equity securities
|
11
|
10
|
||||||
Interest on debt securities available for sale
|
184
|
240
|
||||||
Interest on debt securities held to maturity
|
1,986
|
1,929
|
||||||
Interest on federal funds sold and short term investments
|
54
|
22
|
||||||
Total interest income
|
39,897
|
38,601
|
||||||
Interest expense:
|
||||||||
Deposits
|
12,289
|
9,037
|
||||||
Borrowings
|
3,145
|
3,269
|
||||||
Total interest expense
|
15,434
|
12,306
|
||||||
Net interest income before provision for loan losses
|
24,463
|
26,295
|
||||||
Reversal of provision for loan losses
|
—
|
(2,000
|
)
|
|||||
Net interest income after provision for loan losses
|
24,463
|
28,295
|
||||||
Non-interest income:
|
||||||||
Fees and service charges
|
367
|
312
|
||||||
Bank-owned life insurance
|
618
|
624
|
||||||
Gains on sale of OREO
|
29
|
—
|
||||||
Change in fair value of equity securities
|
(14
|
)
|
(119
|
)
|
||||
Other income
|
2
|
4
|
||||||
Total non-interest income
|
1,002
|
821
|
||||||
Non-interest expense:
|
||||||||
Compensation, payroll taxes and fringe benefits
|
6,233
|
6,331
|
||||||
Advertising
|
142
|
143
|
||||||
Office occupancy and equipment expense
|
723
|
760
|
||||||
Data processing service fees
|
540
|
499
|
||||||
Federal insurance premiums
|
—
|
300
|
||||||
Other expenses
|
1,209
|
2,594
|
||||||
Total non-interest expense
|
8,847
|
10,627
|
||||||
Income before income tax expense
|
16,618
|
18,489
|
||||||
Income tax expense
|
4,318
|
5,092
|
||||||
Net income
|
$
|
12,300
|
$
|
13,397
|
||||
Earnings per basic common share
|
$
|
0.28
|
$
|
0.30
|
||||
Earnings per diluted common share
|
$
|
0.28
|
$
|
0.30
|
|
Three months ended
September 30,
|
|||||||
2019
|
2018
|
|||||||
(unaudited)
|
||||||||
Net of tax:
|
||||||||
Net income
|
$
|
12,300
|
$
|
13,397
|
||||
Other comprehensive income
|
||||||||
Change in unrealized holding gain (loss) on debt securities available for sale
|
56
|
(119
|
)
|
|||||
Amortization related to post-retirement obligations
|
9
|
8
|
||||||
Change in funded status of retirement obligations
|
(384
|
)
|
—
|
|||||
Net change in unrealized (loss) gain on interest rate swaps
|
(1,825
|
)
|
874
|
|||||
Total other comprehensive (loss) income
|
(2,144
|
)
|
763
|
|||||
Total comprehensive income
|
$
|
10,156
|
$
|
14,160
|
|
Shares
Outstanding
|
Common
stock
|
Additional
paid-in
capital
|
Non-vested
restricted stock
awards
|
Treasury
stock
|
Unallocated
common stock
held by ESOP
|
Retained
earnings
|
Accumulated
other
comprehensive
income (loss),
net of tax
|
Total
stockholders'
equity
|
|||||||||||||||||||||||||||
Balance at June 30, 2018
|
46,616,646
|
$
|
562
|
$
|
514,002
|
$
|
(176
|
)
|
$
|
(129,433
|
)
|
$
|
(16,631
|
)
|
$
|
179,799
|
$
|
11,223
|
$
|
559,346
|
||||||||||||||||
Net income
|
—
|
—
|
—
|
—
|
—
|
—
|
13,397
|
—
|
13,397
|
|||||||||||||||||||||||||||
Other comprehensive income , net of tax
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
763
|
763
|
|||||||||||||||||||||||||||
Cash dividends declared (0.25 per share)
|
—
|
—
|
—
|
—
|
—
|
—
|
(11,134
|
)
|
—
|
(11,134
|
)
|
|||||||||||||||||||||||||
Purchase of treasury stock
|
(18,788
|
)
|
—
|
—
|
—
|
(292
|
)
|
—
|
—
|
—
|
(292
|
)
|
||||||||||||||||||||||||
Issuance of restricted stock awards
|
10,000
|
—
|
—
|
(135
|
)
|
135
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||||
Compensation cost for stock options and restricted stock
|
—
|
—
|
43
|
—
|
—
|
—
|
—
|
—
|
43
|
|||||||||||||||||||||||||||
ESOP shares allocated or committed to be released
|
—
|
—
|
328
|
—
|
—
|
350
|
—
|
—
|
678
|
|||||||||||||||||||||||||||
Exercise of stock options
|
12,000
|
—
|
—
|
—
|
161
|
—
|
(18
|
)
|
—
|
143
|
||||||||||||||||||||||||||
Reclassification due to the adoption of ASU No. 2016-01
|
—
|
—
|
—
|
—
|
—
|
—
|
658
|
(658
|
)
|
—
|
||||||||||||||||||||||||||
Balance at September 30, 2018
|
46,619,858
|
$
|
562
|
$
|
514,373
|
$
|
(311
|
)
|
$
|
(129,429
|
)
|
$
|
(16,281
|
)
|
$
|
182,702
|
$
|
11,328
|
$
|
562,944
|
||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019
|
45,097,052
|
$
|
562
|
$
|
515,491
|
$
|
(216
|
)
|
$
|
(153,091
|
)
|
$
|
(15,085
|
)
|
$
|
182,032
|
$
|
(546
|
)
|
$
|
529,147
|
|||||||||||||||
Net income
|
—
|
—
|
—
|
—
|
—
|
—
|
12,300
|
—
|
12,300
|
|||||||||||||||||||||||||||
Other comprehensive loss, net of tax
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(2,144
|
)
|
(2,144
|
)
|
|||||||||||||||||||||||||
Cash dividends declared (0.25 per share)
|
—
|
—
|
—
|
—
|
—
|
—
|
(10,800
|
)
|
—
|
(10,800
|
)
|
|||||||||||||||||||||||||
Compensation cost for stock options and restricted stock
|
—
|
—
|
24
|
—
|
—
|
—
|
—
|
—
|
24
|
|||||||||||||||||||||||||||
ESOP shares allocated or committed to be released
|
—
|
—
|
385
|
—
|
—
|
352
|
—
|
—
|
737
|
|||||||||||||||||||||||||||
Exercise of stock options
|
3,000
|
—
|
—
|
—
|
41
|
—
|
(5
|
)
|
—
|
36
|
||||||||||||||||||||||||||
Vesting of restricted stock awards
|
—
|
—
|
(32
|
)
|
26
|
—
|
—
|
6
|
—
|
—
|
||||||||||||||||||||||||||
Balance at September 30, 2019
|
45,100,052
|
$
|
562
|
$
|
515,868
|
$
|
(190
|
)
|
$
|
(153,050
|
)
|
$
|
(14,733
|
)
|
$
|
183,533
|
$
|
(2,690
|
)
|
$
|
529,300
|
|
Three months ended
September 30,
|
|||||||
|
2019
|
2018
|
||||||
|
(unaudited)
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
12,300
|
$
|
13,397
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
ESOP and stock-based compensation expense
|
761
|
721
|
||||||
Tax benefit from stock-based compensation
|
1
|
1
|
||||||
Depreciation of premises and equipment
|
174
|
196
|
||||||
Net amortization and accretion of premiums and discounts on securities
|
301
|
324
|
||||||
Reversal of provision for loan losses
|
—
|
(2,000
|
)
|
|||||
Amortization and accretion of deferred loan fees, net
|
(636
|
)
|
(551
|
)
|
||||
Decrease in deferred taxes
|
354
|
595
|
||||||
Fair value adjustment for equity securities
|
14
|
119
|
||||||
Gain on sale of real estate owned
|
(29
|
)
|
—
|
|||||
Increase in cash surrender value of bank owned life insurance
|
(618
|
)
|
(623
|
)
|
||||
Increase in accrued interest receivable
|
(44
|
)
|
(631
|
)
|
||||
Increase in other assets
|
(6,649
|
)
|
(1,438
|
)
|
||||
Increase in other liabilities
|
1,333
|
533
|
||||||
Net cash provided by operating activities
|
7,262
|
10,643
|
||||||
Cash flows from investing activities:
|
||||||||
Net decrease in loans receivable
|
70,690
|
41,469
|
||||||
Purchase of mortgage loans
|
—
|
(7,896
|
)
|
|||||
Purchase of debt securities held to maturity
|
(7,469
|
)
|
—
|
|||||
Purchase of Federal Home Loan Bank stock
|
(3,141
|
)
|
(12,563
|
)
|
||||
Proceeds from payments, calls and maturities of debt securities available for sale
|
2,234
|
3,285
|
||||||
Proceeds from payments, calls and maturities of debt securities held to maturity
|
17,531
|
15,381
|
||||||
Proceeds from redemption of Federal Home Loan Bank stock
|
6,059
|
15,624
|
||||||
Proceeds from sale of real estate owned
|
586
|
—
|
||||||
Purchase of fixed assets
|
(11
|
)
|
(64
|
)
|
||||
Net cash provided by investing activities
|
86,479
|
55,236
|
||||||
Cash flows from financing activities:
|
||||||||
Net increase in deposits
|
13,302
|
8,897
|
||||||
Purchase of treasury stock
|
—
|
(292
|
)
|
|||||
Dividends paid to shareholders
|
(10,800
|
)
|
(11,134
|
)
|
||||
Exercise of stock options
|
36
|
143
|
||||||
(Decrease) increase in advance payments by borrowers for taxes and insurance
|
(655
|
)
|
435
|
|||||
Proceeds from borrowed funds
|
—
|
45,000
|
||||||
Repayment of borrowed funds
|
(94,992
|
)
|
(115,213
|
)
|
||||
Net cash used in financing activities
|
(93,109
|
)
|
(72,164
|
)
|
||||
Net increase (decrease) in cash and cash equivalents
|
632
|
(6,285
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
26,511
|
34,848
|
||||||
Cash and cash equivalents at end of period
|
$
|
27,143
|
$
|
28,563
|
||||
Supplemental cash flow information:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$
|
15,478
|
$
|
12,210
|
||||
Income taxes
|
$
|
4,705
|
$
|
5,079
|
||||
Noncash item for lease adoption ASU 2016-02
|
$
|
2,208
|
$
|
—
|
|
Three months ended
September 30,
|
|||||||
2019
|
2018
|
|||||||
(In thousands, except per share data)
|
||||||||
Net income
|
$
|
12,300
|
$
|
13,397
|
||||
Weighted average common shares outstanding—basic
|
43,286
|
44,640
|
||||||
Effect of dilutive stock options outstanding
|
668
|
632
|
||||||
Weighted average common shares outstanding—diluted
|
43,954
|
45,272
|
||||||
Earnings per share-basic
|
$
|
0.28
|
$
|
0.30
|
||||
Earnings per share-diluted
|
$
|
0.28
|
$
|
0.30
|
|
|
|
|
|
Three Months ended September 30, 2018
|
Option shares granted
|
|
20,000
|
Expected dividend yield
|
|
7.47%
|
Expected volatility
|
|
17.68%
|
Risk-free interest rate
|
|
2.82%
|
Expected option life (in years)
|
|
6.5
|
|
Number of
Stock
Options
|
Weighted
Average
Grant Date
Fair Value
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Life (years)
|
||||||||||||
Outstanding at June 30, 2019
|
2,222,691
|
$
|
2.64
|
$
|
12.16
|
2.4
|
||||||||||
Exercised
|
(3,000
|
)
|
2.71
|
11.95
|
2.0
|
|||||||||||
Outstanding at September 30, 2019
|
2,219,691
|
$
|
2.64
|
$
|
12.16
|
2.2
|
||||||||||
Exercisable at September 30, 2019
|
2,150,091
|
$
|
2.69
|
$
|
12.05
|
2.0
|
|
Number of
Shares
Awarded
|
Weighted
Average
Grant Date
Fair Value
|
||||||
Non-vested at June 30, 2019
|
16,800
|
$
|
15.97
|
|||||
Vested
|
(2,000
|
)
|
16.15
|
|||||
Non-vested at September 30, 2019
|
14,800
|
$
|
15.95
|
|
Retirement Plan
|
BEP Plan
|
Medical Plan
|
|||||||||||||||||||||
Three Months Ended September 30,
|
||||||||||||||||||||||||
2019
|
2018
|
2019
|
2018
|
2019
|
2018
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
Service cost
|
$
|
35
|
$
|
31
|
$
|
—
|
$
|
—
|
$
|
17
|
$
|
11
|
||||||||||||
Interest cost
|
49
|
54
|
11
|
13
|
52
|
59
|
||||||||||||||||||
Amortization of unrecognized:
|
||||||||||||||||||||||||
Net loss
|
—
|
—
|
12
|
8
|
1
|
—
|
||||||||||||||||||
Total
|
$
|
84
|
$
|
85
|
$
|
23
|
$
|
21
|
$
|
70
|
$
|
70
|
|
September 30,
2019
|
June 30,
2019
|
||||||
|
(In thousands)
|
|||||||
Residential
|
$
|
260,651
|
$
|
267,011
|
||||
Residential commercial real estate
|
2,018,584
|
2,086,314
|
||||||
Grocery/credit retail commercial real estate
|
469,753
|
482,831
|
||||||
Other commercial real estate
|
689,078
|
683,739
|
||||||
Construction and land loans
|
20,705
|
9,170
|
||||||
Total loans
|
3,458,771
|
3,529,065
|
||||||
Less:
|
||||||||
Unearned deferred fees and discounts, net
|
8,895
|
9,147
|
||||||
Allowance for loan losses
|
28,608
|
28,596
|
||||||
Loans, net
|
$
|
3,421,268
|
$
|
3,491,322
|
|
Three months ended
September 30,
|
|||||||
(In thousands)
|
||||||||
2019
|
2018
|
|||||||
Balance at beginning of period
|
$
|
28,596
|
$
|
30,562
|
||||
Reversal of provision for loan losses
|
—
|
(2,000
|
)
|
|||||
Recoveries of loans previously charged off
|
12
|
3
|
||||||
Loans charged off
|
—
|
—
|
||||||
Balance at end of period
|
$
|
28,608
|
$
|
28,565
|
|
Three months ended September 30, 2019
|
|||||||||||||||||||||||
Residential
|
Residential
commercial
real estate
|
Grocery/credit
retail
commercial
real estate
|
Other
commercial
real estate
|
Construction
and land
loans
|
Total
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Beginning balance
|
$
|
2,321
|
$
|
15,694
|
$
|
3,249
|
$
|
6,968
|
$
|
364
|
$
|
28,596
|
||||||||||||
Charge-offs
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Recoveries
|
12
|
—
|
—
|
—
|
—
|
12
|
||||||||||||||||||
Provisions
|
(585
|
)
|
405
|
(97
|
)
|
(117
|
)
|
394
|
—
|
|||||||||||||||
Ending balance
|
$
|
1,748
|
$
|
16,099
|
$
|
3,152
|
$
|
6,851
|
$
|
758
|
$
|
28,608
|
|
Three Months ended September 30, 2018
|
|||||||||||||||||||||||
Residential
|
Residential
commercial
real estate
|
Grocery/credit
retail
commercial
real estate
|
Other
commercial
real estate
|
Construction
and land
loans
|
Total
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Beginning balance
|
$
|
1,990
|
$
|
17,259
|
$
|
3,015
|
$
|
7,828
|
$
|
470
|
$
|
30,562
|
||||||||||||
Charge-offs
|
—
|
—
|
—
|
—
|
—
|
—
|
||||||||||||||||||
Recoveries
|
3
|
—
|
—
|
—
|
—
|
3
|
||||||||||||||||||
Provisions
|
107
|
(1,825
|
)
|
118
|
(52
|
)
|
(348
|
)
|
(2,000
|
)
|
||||||||||||||
Ending balance
|
$
|
2,100
|
$
|
15,434
|
$
|
3,133
|
$
|
7,776
|
$
|
122
|
$
|
28,565
|
|
At September 30, 2019
|
|||||||||||||||||||||||
|
Residential
|
Residential
commercial
real estate
|
Grocery/credit
retail
commercial
real estate
|
Other
commercial
real estate
|
Construction
and land
loans
|
Total
|
||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||
Collectively evaluated for impairment
|
1,748
|
16,099
|
3,152
|
6,851
|
758
|
28,608
|
||||||||||||||||||
Total
|
$
|
1,748
|
$
|
16,099
|
$
|
3,152
|
$
|
6,851
|
$
|
758
|
$
|
28,608
|
||||||||||||
Loans receivable:
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
2,090
|
$
|
—
|
$
|
—
|
$
|
3,476
|
$
|
—
|
$
|
5,566
|
||||||||||||
Collectively evaluated for impairment
|
258,561
|
2,018,584
|
469,753
|
685,602
|
20,705
|
3,453,205
|
||||||||||||||||||
Total
|
$
|
260,651
|
$
|
2,018,584
|
$
|
469,753
|
$
|
689,078
|
$
|
20,705
|
$
|
3,458,771
|
|
At June 30, 2019
|
|||||||||||||||||||||||
|
Residential
|
Residential
commercial
real estate
|
Grocery/credit
retail
commercial
real estate
|
Other
commercial
real estate
|
Construction
and land
loans
|
Total
|
||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||
Collectively evaluated for impairment
|
2,321
|
15,694
|
3,249
|
6,968
|
364
|
28,596
|
||||||||||||||||||
Total
|
$
|
2,321
|
$
|
15,694
|
$
|
3,249
|
$
|
6,968
|
$
|
364
|
$
|
28,596
|
||||||||||||
Loans receivable:
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
5,580
|
$
|
—
|
$
|
—
|
$
|
3,758
|
$
|
—
|
$
|
9,338
|
||||||||||||
Collectively evaluated for impairment
|
261,431
|
2,086,314
|
482,831
|
679,981
|
9,170
|
3,519,727
|
||||||||||||||||||
Total
|
$
|
267,011
|
$
|
2,086,314
|
$
|
482,831
|
$
|
683,739
|
$
|
9,170
|
$
|
3,529,065
|
|
At September 30, 2019
|
|||||||||||||||||||||||
|
Satisfactory
|
Pass/Watch
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||||
Residential
|
$
|
238,533
|
$
|
17,483
|
$
|
1,009
|
$
|
3,626
|
$
|
—
|
$
|
260,651
|
||||||||||||
Residential commercial real estate
|
1,998,795
|
18,253
|
1,536
|
—
|
—
|
2,018,584
|
||||||||||||||||||
Grocery/credit retail commercial real estate
|
466,915
|
2,838
|
—
|
—
|
—
|
469,753
|
||||||||||||||||||
Other commercial real estate
|
620,558
|
60,445
|
4,417
|
3,658
|
—
|
689,078
|
||||||||||||||||||
Construction and land loans
|
20,705
|
—
|
—
|
—
|
—
|
20,705
|
||||||||||||||||||
Total
|
$
|
3,345,506
|
$
|
99,019
|
$
|
6,962
|
$
|
7,284
|
$
|
—
|
$
|
3,458,771
|
|
At June 30, 2019
|
|||||||||||||||||||||||
|
Satisfactory
|
Pass/Watch
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||||
Residential
|
$
|
241,524
|
$
|
17,965
|
$
|
351
|
$
|
7,171
|
$
|
—
|
$
|
267,011
|
||||||||||||
Residential commercial real estate
|
2,068,384
|
16,385
|
1,545
|
—
|
—
|
2,086,314
|
||||||||||||||||||
Grocery/credit retail commercial real estate
|
479,963
|
2,868
|
—
|
—
|
—
|
482,831
|
||||||||||||||||||
Other commercial real estate
|
617,061
|
58,219
|
4,246
|
4,213
|
—
|
683,739
|
||||||||||||||||||
Construction and land loans
|
9,170
|
—
|
—
|
—
|
—
|
9,170
|
||||||||||||||||||
Total
|
$
|
3,416,102
|
$
|
95,437
|
$
|
6,142
|
$
|
11,384
|
$
|
—
|
$
|
3,529,065
|
|
At September 30, 2019
|
|||||||||||||||||||||||||||
|
30-59 Days
Past Due
|
60-89
Days Past
Due
|
90 days
or More
Past Due
|
Total Past
Due
|
Current
|
Total Loans
|
Nonaccrual
(1)
|
|||||||||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||||||||
Residential
|
$
|
2,486
|
$
|
2,226
|
$
|
534
|
$
|
5,246
|
$
|
255,405
|
$
|
260,651
|
$
|
3,014
|
||||||||||||||
Residential commercial real estate
|
—
|
—
|
—
|
—
|
2,018,584
|
2,018,584
|
—
|
|||||||||||||||||||||
Grocery/credit retail commercial real estate
|
—
|
—
|
—
|
—
|
469,753
|
469,753
|
—
|
|||||||||||||||||||||
Other commercial real estate
|
420
|
187
|
—
|
607
|
688,471
|
689,078
|
3,476
|
|||||||||||||||||||||
Construction and land loans
|
—
|
—
|
—
|
—
|
20,705
|
20,705
|
—
|
|||||||||||||||||||||
Total
|
$
|
2,906
|
$
|
2,413
|
$
|
534
|
$
|
5,853
|
$
|
3,452,918
|
$
|
3,458,771
|
$
|
6,490
|
|
At June 30, 2019
|
|||||||||||||||||||||||||||
|
30-59 Days
Past Due
|
60-89
Days Past
Due
|
90 days
or More
Past Due
|
Total Past
Due
|
Current
|
Total Loans
|
Nonaccrual
(2)
|
|||||||||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||||||||
Residential
|
$
|
2,482
|
$
|
1,409
|
$
|
5,164
|
$
|
9,055
|
$
|
257,956
|
$
|
267,011
|
$
|
6,531
|
||||||||||||||
Residential commercial real estate
|
—
|
—
|
—
|
—
|
2,086,314
|
2,086,314
|
—
|
|||||||||||||||||||||
Grocery/credit retail commercial real estate
|
—
|
—
|
—
|
—
|
482,831
|
482,831
|
—
|
|||||||||||||||||||||
Other commercial real estate
|
1,789
|
—
|
—
|
1,789
|
681,950
|
683,739
|
3,522
|
|||||||||||||||||||||
Construction and land loans
|
—
|
—
|
—
|
—
|
9,170
|
9,170
|
—
|
|||||||||||||||||||||
Total
|
$
|
4,271
|
$
|
1,409
|
$
|
5,164
|
$
|
10,844
|
$
|
3,518,221
|
$
|
3,529,065
|
$
|
10,053
|
(1)
|
Included in nonaccrual loans at September 30, 2019 are residential loans totaling $350,000 that were 30-59 days past due; and residential loans totaling $952,000 that were 60-89 days past due; and residential loans totaling $1.2 and other commercial real estate loans totaling $3.5 million that were less than 30 days past due.
|
(2)
|
Included in nonaccrual loans at June 30, 2019 are residential loans totaling $30,000 that were 30-59 days past due; residential loans totaling $768,000 that were 60-89 days past due; and residential loans totaling $568,000 and other commercial real estate loans totaling $2.4 million that were less than 30 days past due.
|
|
At September 30, 2019
|
At June 30, 2019
|
||||||||||||||||||||||
Recorded
Investment
|
Unpaid
Principal
Balance
|
Allowance
|
Recorded
Investment
|
Unpaid
Principal
Balance
|
Allowance
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||||||
Residential
|
$
|
2,096
|
$
|
2,090
|
$
|
—
|
$
|
5,580
|
$
|
5,580
|
$
|
—
|
||||||||||||
Other commercial real estate
|
3,299
|
3,476
|
—
|
3,938
|
3,758
|
—
|
||||||||||||||||||
Total
|
$
|
5,395
|
$
|
5,566
|
$
|
—
|
$
|
9,518
|
$
|
9,338
|
$
|
—
|
|
Three months ended September 30,
|
|||||||||||||||
2019
|
2018
|
|||||||||||||||
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
|||||||||||||
(In thousands)
|
||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||
Residential
|
$
|
2,154
|
$
|
12
|
$
|
5,197
|
$
|
18
|
||||||||
Other commercial real estate
|
3,327
|
36
|
3,956
|
73
|
||||||||||||
|
$
|
5,481
|
$
|
48
|
$
|
9,153
|
$
|
91
|
||||||||
Cash basis interest income
|
$
|
48
|
$
|
49
|
|
Troubled Debt Restructurings
at September 30, 2019
|
Troubled Debt Restructurings
at June 30, 2019
|
||||||||||||||||||||||
|
Performing
|
Nonperforming
|
Total
|
Performing
|
Nonperforming
|
Total
|
||||||||||||||||||
|
(In thousands)
|
(In thousands)
|
||||||||||||||||||||||
Residential
|
$
|
—
|
$
|
167
|
$
|
167
|
$
|
—
|
$
|
167
|
$
|
167
|
||||||||||||
Other commercial real estate
|
—
|
1,085
|
1,085
|
236
|
1,096
|
1,332
|
||||||||||||||||||
Total
|
$
|
—
|
$
|
1,252
|
$
|
1,252
|
$
|
236
|
$
|
1,263
|
$
|
1,499
|
||||||||||||
Allowance
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
—
|
$
|
—
|
|
At September 30, 2019
|
|||||||||||||||
|
Amortized
cost
|
Gross
unrecognized
gains
|
Gross
unrecognized
losses
|
Fair value
|
||||||||||||
|
(In thousands)
|
|||||||||||||||
U.S. Government and Federal agency obligations
|
||||||||||||||||
Due in less than one year
|
$
|
5,000
|
$
|
—
|
$
|
9
|
$
|
4,991
|
||||||||
Mortgage-backed securities:
|
||||||||||||||||
Residential MBS
|
203,617
|
2,276
|
479
|
205,414
|
||||||||||||
Commercial MBS
|
26,788
|
871
|
1
|
27,658
|
||||||||||||
CMO
|
71,436
|
470
|
448
|
71,458
|
||||||||||||
Corporate Note
|
||||||||||||||||
Due in five to ten years
|
15,030
|
503
|
—
|
15,533
|
||||||||||||
|
$
|
321,871
|
$
|
4,120
|
$
|
937
|
$
|
325,054
|
|
At June 30, 2019
|
|||||||||||||||
|
Amortized
cost
|
Gross
unrecognized
gains
|
Gross
unrecognized
losses
|
Fair value
|
||||||||||||
|
(In thousands)
|
|||||||||||||||
U.S. Government and Federal agency obligations
|
||||||||||||||||
Due in less than one year
|
$
|
5,000
|
$
|
—
|
$
|
21
|
$
|
4,979
|
||||||||
Mortgage-backed securities:
|
||||||||||||||||
Residential MBS
|
207,587
|
1,952
|
639
|
208,900
|
||||||||||||
Commercial MBS
|
26,952
|
511
|
27
|
27,436
|
||||||||||||
CMO
|
77,643
|
434
|
512
|
77,565
|
||||||||||||
Corporate Note
|
||||||||||||||||
Due in five to ten years
|
15,033
|
266
|
—
|
15,299
|
||||||||||||
|
$
|
332,215
|
$
|
3,163
|
$
|
1,199
|
$
|
334,179
|
|
Three Months Ended
|
Three Months Ended
|
At
|
|||||||||
September 30, 2019
|
September 30, 2018
|
June 30, 2019
|
||||||||||
(dollars in thousands)
|
||||||||||||
Proceeds from sale of held-to-maturity debt securities
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||
Fair value of debt securities held-to-maturity pledged as collateral for advances
|
6,934
|
8,500
|
7,501
|
|||||||||
Fair value of debt securities held-to-maturity pledged for interest rate swap
|
—
|
—
|
—
|
|||||||||
Fair value of debt securities held-to-maturity pledged as collateral for municipal deposits
|
18,778
|
—
|
19,511
|
|||||||||
Other than temporary impairment charges on held-to-maturity debt securities
|
—
|
—
|
—
|
|
At September 30, 2019
|
|||||||||||||||||||||||
|
Less than 12 months
|
Greater than 12 months
|
Total
|
|||||||||||||||||||||
|
Fair value
|
Gross
unrecognized
losses
|
Fair value
|
Gross
unrecognized
losses
|
Fair value
|
Gross
unrecognized
losses
|
||||||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||||
U.S. Government and Federal agency obligations
|
||||||||||||||||||||||||
Due in less than one year
|
$
|
—
|
$
|
—
|
$
|
4,991
|
$
|
9
|
$
|
4,991
|
$
|
9
|
||||||||||||
Mortgage-backed securities:
|
||||||||||||||||||||||||
Residential MBS
|
63,869
|
191
|
41,176
|
288
|
105,045
|
479
|
||||||||||||||||||
Commercial MBS
|
4,364
|
1
|
—
|
—
|
4,364
|
1
|
||||||||||||||||||
CMO
|
17,446
|
110
|
28,716
|
338
|
46,162
|
448
|
||||||||||||||||||
|
$
|
85,679
|
$
|
302
|
$
|
74,883
|
$
|
635
|
$
|
160,562
|
$
|
937
|
|
At June 30, 2019
|
|||||||||||||||||||||||
|
Less than 12 months
|
Greater than 12 months
|
Total
|
|||||||||||||||||||||
|
Fair value
|
Gross
unrecognized
losses
|
Fair value
|
Gross
unrecognized
losses
|
Fair value
|
Gross
unrecognized
losses
|
||||||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||||
U.S. Government and Federal agency obligations
|
||||||||||||||||||||||||
Due in less than one year
|
$
|
—
|
$
|
—
|
$
|
4,979
|
$
|
21
|
$
|
4,979
|
$
|
21
|
||||||||||||
Mortgage-backed securities:
|
||||||||||||||||||||||||
Residential MBS
|
—
|
—
|
103,110
|
639
|
103,110
|
639
|
||||||||||||||||||
Commercial MBS
|
—
|
—
|
4,370
|
27
|
4,370
|
27
|
||||||||||||||||||
CMO
|
—
|
—
|
45,043
|
512
|
45,043
|
512
|
||||||||||||||||||
|
$
|
—
|
$
|
—
|
$
|
157,502
|
$
|
1,199
|
$
|
157,502
|
$
|
1,199
|
|
At September 30, 2019
|
|||||||||||||||
|
Amortized
cost
|
Gross
unrealized
gains
|
Gross
unrealized
losses
|
Fair value
|
||||||||||||
|
(In thousands)
|
|||||||||||||||
Mortgage-backed securities:
|
||||||||||||||||
Residential MBS
|
$
|
2
|
$
|
—
|
$
|
—
|
$
|
2
|
||||||||
Commercial MBS
|
3,882
|
—
|
7
|
3,875
|
||||||||||||
CMO
|
26,900
|
4
|
203
|
26,701
|
||||||||||||
|
$
|
30,784
|
$
|
4
|
$
|
210
|
$
|
30,578
|
|
At June 30, 2019
|
|||||||||||||||
|
Amortized
cost
|
Gross
unrealized
gains
|
Gross
unrealized
losses
|
Fair value
|
||||||||||||
|
(In thousands)
|
|||||||||||||||
Mortgage-backed securities:
|
||||||||||||||||
Residential MBS
|
$
|
9
|
$
|
—
|
$
|
—
|
$
|
9
|
||||||||
Commercial MBS
|
3,921
|
—
|
5
|
3,916
|
||||||||||||
CMO
|
29,108
|
3
|
284
|
28,827
|
||||||||||||
|
$
|
33,038
|
$
|
3
|
$
|
289
|
$
|
32,752
|
|
Three Months Ended
|
Three Months Ended
|
At
|
|||||||||
September 30, 2019
|
September 30, 2018
|
June 30, 2019
|
||||||||||
(dollars in thousands)
|
||||||||||||
Proceeds from sales of debt securities available for sale
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||
Fair value of debt securities available for sale pledged as collateral for advances
|
12,290
|
—
|
12,879
|
|||||||||
Fair value of debt securities available for sale pledged for interest rate swap
|
—
|
—
|
—
|
|||||||||
Fair value of debt securities available for sale pledged as collateral for municipal deposits
|
—
|
—
|
—
|
|||||||||
Other than temporary impairment charges on debt securities available for sale
|
—
|
—
|
—
|
|
At September 30, 2019
|
|||||||||||||||||||||||
|
Less than 12 months
|
Greater than 12 months
|
Total
|
|||||||||||||||||||||
|
Fair value
|
Gross
unrealized
losses
|
Fair value
|
Gross
unrealized
losses
|
Fair value
|
Gross
unrealized
losses
|
||||||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||||
Mortgage-backed securities:
|
||||||||||||||||||||||||
Commercial MBS
|
$
|
3,875
|
$
|
7
|
$
|
—
|
$
|
—
|
$
|
3,875
|
$
|
7
|
||||||||||||
CMO
|
4,305
|
8
|
20,991
|
195
|
25,296
|
203
|
||||||||||||||||||
|
$
|
8,180
|
$
|
15
|
$
|
20,991
|
$
|
195
|
$
|
29,171
|
$
|
210
|
|
At June 30, 2019
|
|||||||||||||||||||||||
|
Less than 12 months
|
Greater than 12 months
|
Total
|
|||||||||||||||||||||
|
Fair value
|
Gross
unrealized
losses
|
Fair value
|
Gross
unrealized
losses
|
Fair value
|
Gross
unrealized
losses
|
||||||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||||
Mortgage-backed securities:
|
||||||||||||||||||||||||
Commercial MBS
|
$
|
3,916
|
$
|
5
|
$
|
—
|
$
|
—
|
$
|
3,916
|
$
|
5
|
||||||||||||
CMO
|
—
|
$
|
—
|
27,063
|
284
|
$
|
27,063
|
$
|
284
|
|||||||||||||||
|
$
|
3,916
|
$
|
5
|
$
|
27,063
|
$
|
284
|
$
|
30,979
|
$
|
289
|
|
September 30,
2019
|
June 30,
2019
|
||||||
|
(Dollars in thousands)
|
|||||||
Checking accounts
|
$
|
688,899
|
$
|
668,453
|
||||
Money market deposit accounts
|
651,976
|
622,670
|
||||||
Savings accounts
|
378,272
|
383,763
|
||||||
Time deposits
|
1,217,399
|
1,248,358
|
||||||
|
$
|
2,936,546
|
$
|
2,923,244
|
|
Three Months Ended September 30,
|
|||||||
2019
|
2018
|
|||||||
(Dollars in thousands)
|
||||||||
Amount of (loss) gain recognized in other comprehensive income
|
$
|
(1,858
|
)
|
$
|
1,851
|
|||
Amount of unrealized gain (loss) reclassified from accumulated other comprehensive loss to interest expense
|
722
|
616
|
||||||
Net change in unrealized (loss) gain on interest rate swaps, before taxes
|
$
|
(2,580
|
)
|
$
|
1,235
|
|
Fair Value as of
September 30, 2019
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Unobservable
Inputs
(Level 3)
|
||||||||||||
|
(In thousands)
|
|||||||||||||||
Assets:
|
||||||||||||||||
Equity Securities
|
$
|
1,344
|
$
|
1,344
|
$
|
—
|
$
|
—
|
||||||||
Mortgage-backed securities available for sale
|
||||||||||||||||
Residential MBS
|
2
|
—
|
2
|
—
|
||||||||||||
Commercial MBS
|
3,875
|
—
|
3,875
|
—
|
||||||||||||
CMO
|
26,701
|
—
|
26,701
|
—
|
||||||||||||
Total debt securities available for sale
|
30,578
|
—
|
30,578
|
—
|
||||||||||||
Interest rate swaps
|
884
|
—
|
884
|
—
|
||||||||||||
Total assets measured on a recurring basis
|
$
|
32,806
|
$
|
1,344
|
$
|
31,462
|
$
|
—
|
||||||||
Liabilities:
|
||||||||||||||||
Interest rate swaps
|
$
|
(3,248
|
)
|
$
|
—
|
$
|
(3,248
|
)
|
$
|
—
|
|
Fair Value as of
June 30, 2019
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Unobservable
Inputs
(Level 3)
|
||||||||||||
|
(In thousands)
|
|||||||||||||||
Assets:
|
||||||||||||||||
Equity Securities
|
$
|
1,358
|
$
|
1,358
|
$
|
—
|
$
|
—
|
||||||||
Mortgage-backed securities available for sale
|
||||||||||||||||
Residential MBS
|
9
|
—
|
9
|
—
|
||||||||||||
Commercial MBS
|
3,916
|
—
|
3,916
|
—
|
||||||||||||
CMO
|
28,827
|
—
|
28,827
|
—
|
||||||||||||
Total debt securities available for sale
|
32,752
|
—
|
32,752
|
—
|
||||||||||||
Interest rate swaps
|
1,624
|
—
|
1,624
|
—
|
||||||||||||
Total assets measured on a recurring basis
|
$
|
35,734
|
$
|
1,358
|
$
|
34,376
|
$
|
—
|
||||||||
Liabilities:
|
||||||||||||||||
Interest rate swaps
|
$
|
(1,408
|
)
|
$
|
—
|
$
|
(1,408
|
)
|
$
|
—
|
|
Fair Value as of
September 30, 2019
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Unobservable
Inputs
(Level 3)
|
||||||||||||
(In thousands)
|
||||||||||||||||
Assets:
|
||||||||||||||||
Impaired loans:
|
||||||||||||||||
Other commercial real estate
|
$
|
1,016
|
$
|
—
|
$
|
—
|
$
|
1,016
|
||||||||
Total impaired loans
|
1,016
|
—
|
—
|
1,016
|
||||||||||||
Real estate owned
|
||||||||||||||||
Total real estate owned
|
—
|
—
|
—
|
—
|
||||||||||||
Total assets measured on a non-recurring basis
|
$
|
1,016
|
$
|
—
|
$
|
—
|
$
|
1,016
|
|
Fair Value as of
June 30, 2019
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Unobservable
Inputs
(Level 3)
|
||||||||||||
(In thousands)
|
||||||||||||||||
Assets:
|
||||||||||||||||
Impaired loans:
|
||||||||||||||||
Other commercial real estate
|
$
|
1,164
|
$
|
—
|
$
|
—
|
$
|
1,164
|
||||||||
Total impaired loans
|
1,164
|
—
|
—
|
1,164
|
||||||||||||
Real estate owned
|
||||||||||||||||
Other commercial real estate
|
557
|
—
|
—
|
557
|
||||||||||||
Total real estate owned
|
557
|
—
|
—
|
557
|
||||||||||||
Total assets measured on a non-recurring basis
|
$
|
1,721
|
$
|
—
|
$
|
—
|
$
|
1,721
|
|
September 30, 2019
|
|||||||||||||||||||
|
Carrying
Amount
|
Fair
Value
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Unobservable
Inputs
(Level 3)
|
|||||||||||||||
|
(In thousands)
|
|||||||||||||||||||
Financial assets:
|
||||||||||||||||||||
Debt securities held to maturity
|
$
|
321,871
|
$
|
325,054
|
$
|
—
|
$
|
325,054
|
$
|
—
|
||||||||||
Loans, net
|
3,421,268
|
3,408,434
|
—
|
—
|
3,408,434
|
|||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Time deposits
|
1,217,399
|
1,228,591
|
—
|
1,228,591
|
—
|
|||||||||||||||
Term borrowings
|
426,563
|
431,197
|
—
|
431,197
|
—
|
|
June 30, 2019
|
|||||||||||||||||||
|
Carrying
Amount
|
Fair
Value
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Unobservable
Inputs
(Level 3)
|
|||||||||||||||
|
(In thousands)
|
|||||||||||||||||||
Financial assets:
|
||||||||||||||||||||
Debt securities held to maturity
|
$
|
332,215
|
$
|
334,179
|
$
|
—
|
$
|
334,179
|
$
|
—
|
||||||||||
Loans, net
|
3,491,322
|
3,469,016
|
—
|
—
|
3,469,016
|
|||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Time deposits
|
1,248,358
|
1,255,282
|
—
|
1,255,282
|
—
|
|||||||||||||||
Term borrowings
|
490,755
|
493,674
|
—
|
493,674
|
—
|
|
Three Months ended September 30,
|
|||||||
2019
|
2018
|
|||||||
Gross:
|
||||||||
Net income
|
$
|
16,618
|
$
|
18,489
|
||||
Other comprehensive income
|
||||||||
Change in unrealized holding gain (loss) on debt securities available for sale
|
79
|
(153
|
)
|
|||||
Amortization related to post-retirement obligations
|
13
|
8
|
||||||
Change in funded status of retirement obligations
|
(547
|
)
|
—
|
|||||
Net change in unrealized (loss) gain on interest rate swaps
|
(2,580
|
)
|
1,235
|
|||||
Total other comprehensive (loss) income
|
(3,035
|
)
|
1,090
|
|||||
Total comprehensive income
|
13,583
|
19,579
|
||||||
Tax applicable to:
|
||||||||
Net income
|
4,318
|
5,092
|
||||||
Other comprehensive income
|
||||||||
Change in unrealized holding gain (loss) on debt securities available for sale
|
23
|
(34
|
)
|
|||||
Amortization related to post-retirement obligations
|
4
|
—
|
||||||
Change in funded status of retirement obligations
|
(163
|
)
|
—
|
|||||
Net change in unrealized (loss) gain on interest rate swaps
|
(755
|
)
|
361
|
|||||
Total other comprehensive (loss) income
|
(891
|
)
|
327
|
|||||
Total comprehensive income
|
3,427
|
5,419
|
||||||
Net of tax:
|
||||||||
Net income
|
12,300
|
13,397
|
||||||
Other comprehensive income
|
||||||||
Change in unrealized holding gain (loss) on debt securities available for sale
|
56
|
(119
|
)
|
|||||
Amortization related to post-retirement obligations
|
9
|
8
|
||||||
Change in funded status of retirement obligations
|
(384
|
)
|
—
|
|||||
Net change in unrealized (loss) gain on interest rate swaps
|
(1,825
|
)
|
874
|
|||||
Total other comprehensive (loss) income
|
(2,144
|
)
|
763
|
|||||
Total comprehensive income
|
$
|
10,156
|
$
|
14,160
|
|
Unrealized Holding (Loss)
Gain on Debt Securities
Available for Sale
|
Post Retirement
Obligations
|
Unrealized Holding Gain
(Loss) on Interest
Rate Swaps
|
Accumulated Other
Comprehensive Income (Loss),
Net of Tax
|
||||||||||||
Balance at June 30, 2019
|
$
|
(162
|
)
|
$
|
(288
|
)
|
$
|
(96
|
)
|
$
|
(546
|
)
|
||||
Net change
|
56
|
(375
|
)
|
(1,825
|
)
|
(2,144
|
)
|
|||||||||
Balance at September 30, 2019
|
$
|
(106
|
)
|
$
|
(663
|
)
|
$
|
(1,921
|
)
|
$
|
(2,690
|
)
|
||||
|
||||||||||||||||
Balance at June 30, 2018
|
$
|
(86
|
)
|
$
|
(314
|
)
|
$
|
11,623
|
$
|
11,223
|
||||||
Net change
|
(119
|
)
|
8
|
874
|
763
|
|||||||||||
Reclassification due to the adoption of ASU No. 2016-01
|
(658
|
)
|
—
|
—
|
(658
|
)
|
||||||||||
Balance at September 30, 2018
|
$
|
(863
|
)
|
$
|
(306
|
)
|
$
|
12,497
|
$
|
11,328
|
Accumulated Other Comprehensive Income (Loss) Component
|
Affected line item in the Consolidated
Statement of Income
|
Three Months ended
September 30,
2019
|
Three Months ended
September 30,
2018
|
|||||
Amortization related to post-retirement obligations (1)
|
||||||||
Net loss
|
Other expenses
|
$
|
13
|
$
|
8
|
|||
Total before tax
|
13
|
8
|
||||||
Income tax benefit
|
4
|
—
|
||||||
Net of tax
|
$
|
9
|
$
|
8
|
|
Three Months Ended
September 30,
|
|||||||
|
2019
|
2018
|
||||||
|
unaudited
|
|||||||
Fees and service charges for customer services:
|
||||||||
Service charges on deposits
|
$
|
112
|
$
|
125
|
||||
ATM and card interchange fees
|
141
|
131
|
||||||
Service charges on loans
|
114
|
56
|
||||||
Total fees and service charges
|
$
|
367
|
$
|
312
|
||||
Bank owned life insurance
|
618
|
624
|
||||||
Gains (losses) on sale of OREO
|
29
|
—
|
||||||
Change in fair value of equity securities
|
(14
|
)
|
(119
|
)
|
||||
Other income
|
2
|
4
|
||||||
Total non-interest income
|
$
|
1,002
|
$
|
821
|
·
|
fees generated when an Oritani cardholder uses a non-Oritani ATM
|
·
|
a non-Oritani cardholder uses an Oritani ATM
|
·
|
fees earned whenever the Bank's debit cards are processed through card payment networks such as Visa
|
·
|
fees earned through partnering with a third-party service firm to provide Oritani branded credit cards
|
|
September 30, 2019
|
|||
(Dollars in thousands)
|
||||
Operating lease right-of-use assets included in Office properties and equipment, net
|
$
|
2,055
|
||
Operating lease liabilities included in Other liabilities
|
2,057
|
|||
Weighted average remaining lease term, in years
|
4.6
|
|||
Weighted average discount rate
|
2.27
|
%
|
|
Three months ended
|
|||
September 30, 2019
|
||||
(Dollars in thousands)
|
||||
Lease cost
|
||||
Operating lease cost
|
$
|
209
|
||
Short-term lease cost
|
27
|
|||
Total lease cost (included in Office occupancy and equipment expense)
|
$
|
236
|
||
Cash paid toward operating lease liabilities
|
$
|
233
|
|
September 30, 2019
|
|||
(Dollars in thousands)
|
||||
2020
|
$
|
568
|
||
2021
|
576
|
|||
2022
|
389
|
|||
2023
|
310
|
|||
2024
|
179
|
|||
Thereafter
|
248
|
|||
Total lease payments
|
2,270
|
|||
less: imputed interest
|
(213
|
)
|
||
Total operating lease liabilities
|
$
|
2,057
|
|
9/30/2019
|
6/30/2019
|
3/31/2019
|
12/31/2018
|
9/30/2018
|
|||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||
Delinquency Totals
|
||||||||||||||||||||
30—59 days past due
|
$
|
2,556
|
$
|
3,146
|
$
|
1,648
|
$
|
2,890
|
$
|
15,261
|
||||||||||
60—89 days past due
|
1,461
|
641
|
975
|
8,431
|
356
|
|||||||||||||||
Nonaccrual
|
6,490
|
10,053
|
10,184
|
10,706
|
9,083
|
|||||||||||||||
Total
|
$
|
10,507
|
$
|
13,840
|
$
|
12,807
|
$
|
22,027
|
$
|
24,700
|
||||||||||
Non Performing Asset Totals
|
||||||||||||||||||||
Nonaccrual loans, per above
|
$
|
6,490
|
$
|
10,053
|
$
|
10,184
|
$
|
10,706
|
$
|
9,083
|
||||||||||
Real Estate Owned
|
—
|
557
|
636
|
636
|
1,564
|
|||||||||||||||
Total
|
$
|
6,490
|
$
|
10,610
|
$
|
10,820
|
$
|
11,342
|
$
|
10,647
|
||||||||||
Nonaccrual loans to total loans
|
0.19
|
%
|
0.28
|
%
|
0.29
|
%
|
0.30
|
%
|
0.26
|
%
|
||||||||||
Delinquent loans to total loans
|
0.30
|
%
|
0.39
|
%
|
0.36
|
%
|
0.63
|
%
|
0.70
|
%
|
||||||||||
Non performing assets to total assets
|
0.16
|
%
|
0.26
|
%
|
0.27
|
%
|
0.28
|
%
|
0.26
|
%
|
|
Average Balance Sheet and Yield/Rate Information
For the Three Months Ended (unaudited)
|
|||||||||||||||||||||||
|
September 30, 2019
|
September 30, 2018
|
||||||||||||||||||||||
|
Average
Outstanding
Balance
|
Interest
Earned/Paid
|
Average
Yield/Rate
|
Average
Outstanding
Balance
|
Interest
Earned/
Paid
|
Average
Yield/Rate
|
||||||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans (1)
|
$
|
3,459,868
|
$
|
37,257
|
4.31
|
%
|
$
|
3,527,085
|
$
|
35,952
|
4.08
|
%
|
||||||||||||
Federal Home Loan Bank Stock
|
23,658
|
405
|
6.85
|
%
|
27,648
|
448
|
6.48
|
%
|
||||||||||||||||
Equity securities
|
1,335
|
11
|
3.30
|
%
|
1,528
|
10
|
2.62
|
%
|
||||||||||||||||
Debt securities available for sale
|
31,992
|
184
|
2.30
|
%
|
41,977
|
240
|
2.29
|
%
|
||||||||||||||||
Debt securities held to maturity
|
327,458
|
1,986
|
2.43
|
%
|
333,989
|
1,929
|
2.31
|
%
|
||||||||||||||||
Federal funds sold and short term investments
|
8,612
|
54
|
2.51
|
%
|
4,339
|
22
|
2.03
|
%
|
||||||||||||||||
Total interest-earning assets
|
3,852,923
|
39,897
|
4.14
|
%
|
3,936,566
|
38,601
|
3.92
|
%
|
||||||||||||||||
Non-interest-earning assets
|
179,844
|
204,748
|
||||||||||||||||||||||
Total assets
|
$
|
4,032,767
|
$
|
4,141,314
|
||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Savings deposits
|
380,385
|
1,094
|
1.15
|
%
|
200,300
|
190
|
0.38
|
%
|
||||||||||||||||
Money market
|
637,726
|
2,078
|
1.30
|
%
|
756,447
|
2,057
|
1.09
|
%
|
||||||||||||||||
Checking accounts
|
673,614
|
2,244
|
1.33
|
%
|
723,404
|
1,659
|
0.92
|
%
|
||||||||||||||||
Time deposits
|
1,248,275
|
6,873
|
2.20
|
%
|
1,229,741
|
5,131
|
1.67
|
%
|
||||||||||||||||
Total deposits
|
2,940,000
|
12,289
|
1.67
|
%
|
2,909,892
|
9,037
|
1.24
|
%
|
||||||||||||||||
Borrowings
|
464,495
|
3,145
|
2.71
|
%
|
571,012
|
3,269
|
2.29
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
3,404,495
|
15,434
|
1.81
|
%
|
3,480,904
|
12,306
|
1.41
|
%
|
||||||||||||||||
Non-interest-bearing liabilities
|
98,821
|
99,550
|
||||||||||||||||||||||
Total liabilities
|
3,503,316
|
3,580,454
|
||||||||||||||||||||||
Stockholders’ equity
|
529,451
|
560,860
|
||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$
|
4,032,767
|
$
|
4,141,314
|
||||||||||||||||||||
Net interest income
|
$
|
24,463
|
$
|
26,295
|
||||||||||||||||||||
Net interest rate spread (2)
|
2.33
|
%
|
2.51
|
%
|
||||||||||||||||||||
Net interest-earning assets (3)
|
$
|
448,428
|
$
|
455,662
|
||||||||||||||||||||
Net interest margin (4)
|
2.54
|
%
|
2.67
|
%
|
||||||||||||||||||||
Average of interest-earning assets to interest-bearing liabilities
|
113.17
|
%
|
113.09
|
%
|
(1) |
Average outstanding balance includes nonaccrual loans and interest earned includes prepayment income.
|
(2) |
Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
|
(3) |
Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
|
(4) |
Net interest margin represents net interest income divided by average total interest-earning assets.
|
|
Three Months ended September 30,
|
Increase / (decrease)
|
||||||||||||||||||||||||||
|
2019
|
2018
|
||||||||||||||||||||||||||
|
Interest
Income
|
Yield
|
Interest
Income
|
Yield
|
Interest
Income
|
Average
Balance
|
Yield
|
|||||||||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||||||
Interest on mortgage loans
|
$
|
37,257
|
4.31
|
%
|
$
|
35,952
|
4.08
|
%
|
$
|
1,305
|
$
|
(67,217
|
)
|
0.23
|
%
|
|||||||||||||
Dividends on FHLB stock
|
405
|
6.85
|
%
|
448
|
6.48
|
%
|
(43
|
)
|
(3,990
|
)
|
0.37
|
%
|
||||||||||||||||
Equity securities
|
11
|
3.30
|
%
|
10
|
2.62
|
%
|
1
|
(193
|
)
|
0.68
|
%
|
|||||||||||||||||
Debt securities AFS
|
184
|
2.30
|
%
|
240
|
2.29
|
%
|
(56
|
)
|
(9,985
|
)
|
0.01
|
%
|
||||||||||||||||
Debt securities HTM
|
1,986
|
2.43
|
%
|
1,929
|
2.31
|
%
|
57
|
(6,531
|
)
|
0.12
|
%
|
|||||||||||||||||
Interest on federal funds sold and short term investments
|
54
|
2.51
|
%
|
22
|
2.03
|
%
|
32
|
4,273
|
0.48
|
%
|
||||||||||||||||||
Total interest income
|
$
|
39,897
|
4.14
|
%
|
$
|
38,601
|
3.92
|
%
|
$
|
1,296
|
$
|
(83,643
|
)
|
0.22
|
%
|
|
Three Months ended September 30,
|
Increase / (decrease)
|
||||||||||||||||||||||||||
|
2019
|
2018
|
||||||||||||||||||||||||||
|
Interest
Expense
|
Cost
|
Interest
Expense
|
Cost
|
Interest
Expense
|
Average
Balance
|
Cost
|
|||||||||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||||||
Savings deposits
|
$
|
1,094
|
1.15
|
%
|
$
|
190
|
0.38
|
%
|
$
|
904
|
$
|
180,085
|
0.77
|
%
|
||||||||||||||
Money market
|
2,078
|
1.30
|
%
|
2,057
|
1.09
|
%
|
21
|
(118,721
|
)
|
0.21
|
%
|
|||||||||||||||||
Checking accounts
|
2,244
|
1.33
|
%
|
1,659
|
0.92
|
%
|
585
|
(49,790
|
)
|
0.41
|
%
|
|||||||||||||||||
Time deposits
|
6,873
|
2.20
|
%
|
5,131
|
1.67
|
%
|
1,742
|
18,534
|
0.53
|
%
|
||||||||||||||||||
Total deposits
|
12,289
|
1.67
|
%
|
9,037
|
1.24
|
%
|
3,252
|
30,108
|
0.43
|
%
|
||||||||||||||||||
Borrowings
|
3,145
|
2.71
|
%
|
3,269
|
2.29
|
%
|
(124
|
)
|
(106,517
|
)
|
0.42
|
%
|
||||||||||||||||
Total interest expense
|
$
|
15,434
|
1.81
|
%
|
$
|
12,306
|
1.41
|
%
|
$
|
3,128
|
$
|
(76,409
|
)
|
0.40
|
%
|
Net Interest Income Before
|
Prepayment Penalty
|
Net Interest Income Before Provision, Excluding Prepayment
|
Including Prepayment Penalties
|
Excluding Prepayment Penalties
|
||||||||||||||||||||||||
Quarter Ended
|
Provision
|
Income
|
Penalties
|
Spread
|
Margin
|
Spread
|
Margin
|
|||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||
September 30, 2019
|
$
|
24,463
|
$
|
1,382
|
$
|
23,081
|
2.33
|
%
|
2.54
|
%
|
2.19
|
%
|
2.40
|
%
|
||||||||||||||
June 30, 2019
|
24,657
|
1,444
|
23,213
|
2.32
|
%
|
2.53
|
%
|
2.17
|
%
|
2.38
|
%
|
|||||||||||||||||
March 31, 2019
|
24,109
|
275
|
23,834
|
2.29
|
%
|
2.48
|
%
|
2.26
|
%
|
2.45
|
%
|
|||||||||||||||||
December 31, 2018
|
26,027
|
1,727
|
24,300
|
2.51
|
%
|
2.68
|
%
|
2.33
|
%
|
2.51
|
%
|
|||||||||||||||||
September 30, 2018
|
26,295
|
1,154
|
25,141
|
2.51
|
%
|
2.67
|
%
|
2.40
|
%
|
2.55
|
%
|
|
Three Months ended
September 30,
|
|||||||
|
2019
|
2018
|
||||||
|
(Dollars in thousands)
|
|||||||
Balance at beginning of period
|
$
|
28,596
|
$
|
30,562
|
||||
Provisions charged to operations
|
—
|
(2,000
|
)
|
|||||
Recoveries of loans previously charged off
|
12
|
3
|
||||||
Loans charged off
|
—
|
—
|
||||||
Balance at end of period
|
$
|
28,608
|
$
|
28,565
|
||||
Allowance for loan losses to total loans
|
0.83
|
%
|
0.81
|
%
|
||||
Net annualized (recoveries) charge-offs to average loans outstanding
|
—
|
%
|
—
|
%
|
|
September 30, 2019
|
|||||||||||||||
Actual
|
Required
|
|||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Company:
|
||||||||||||||||
Common Equity Tier 1 ("CET1") (to risk-weighted assets)
|
$
|
531,990
|
14.91
|
%
|
$
|
160,517
|
4.50
|
%
|
||||||||
Tier 1capital (to risk-weighted assets)
|
531,990
|
14.91
|
%
|
214,023
|
6.00
|
%
|
||||||||||
Total capital (to risk-weighted assets)
|
560,598
|
15.72
|
%
|
285,364
|
8.00
|
%
|
||||||||||
Tier 1 leverage capital (to average assets)
|
531,990
|
13.19
|
%
|
161,314
|
4.00
|
%
|
||||||||||
Capital Conservation Buffer
|
275,234
|
7.72
|
%
|
89,176
|
2.50
|
%
|
|
June 30, 2019
|
|||||||||||||||
Actual
|
Required
|
|||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Company:
|
||||||||||||||||
Common Equity Tier 1 ("CET1") (to risk-weighted assets)
|
$
|
529,692
|
14.57
|
%
|
$
|
163,558
|
4.50
|
%
|
||||||||
Tier 1capital (to risk-weighted assets)
|
529,692
|
14.57
|
%
|
218,078
|
6.00
|
%
|
||||||||||
Total capital (to risk-weighted assets)
|
558,288
|
15.36
|
%
|
290,770
|
8.00
|
%
|
||||||||||
Tier 1 leverage capital (to average assets)
|
529,692
|
12.98
|
%
|
163,288
|
4.00
|
%
|
||||||||||
Capital Conservation Buffer
|
267,518
|
7.36
|
%
|
90,866
|
2.50
|
%
|
|
September 30, 2019
|
|||||||||||||||||||||||
|
Actual
|
Required
|
Well-Capitalized
|
|||||||||||||||||||||
|
Amount
|
Rate
|
Amount
|
Rate
|
Amount
|
Rate
|
||||||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||
Bank:
|
||||||||||||||||||||||||
Common Equity Tier 1 ("CET1") (to risk weighted assets)
|
$
|
498,699
|
13.98
|
%
|
160,492
|
4.50
|
%
|
$
|
231,822
|
6.50
|
%
|
|||||||||||||
Tier 1 capital (to risk-weighted assets)
|
498,699
|
13.98
|
%
|
213,990
|
6.00
|
%
|
285,320
|
8.00
|
%
|
|||||||||||||||
Total capital (to risk-weighted assets)
|
527,307
|
14.79
|
%
|
285,320
|
8.00
|
%
|
356,650
|
10.00
|
%
|
|||||||||||||||
Tier 1 Leverage capital (to average assets)
|
498,699
|
12.37
|
%
|
161,284
|
4.00
|
%
|
201,605
|
5.00
|
%
|
|||||||||||||||
Capital conservation buffer
|
241,987
|
6.78
|
%
|
89,162
|
2.50
|
%
|
|
June 30, 2019
|
|||||||||||||||||||||||
|
Actual
|
Required
|
Well-Capitalized
|
|||||||||||||||||||||
|
Amount
|
Rate
|
Amount
|
Rate
|
Amount
|
Rate
|
||||||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||
Bank:
|
||||||||||||||||||||||||
Common Equity Tier 1 ("CET1") (to risk weighted assets)
|
$
|
485,683
|
13.36
|
%
|
$
|
163,533
|
4.50
|
%
|
$
|
236,215
|
6.50
|
%
|
||||||||||||
Tier 1 capital (to risk-weighted assets)
|
485,683
|
13.36
|
%
|
218,044
|
6.00
|
%
|
290,726
|
8.00
|
%
|
|||||||||||||||
Total capital (to risk-weighted assets)
|
514,279
|
14.15
|
%
|
290,726
|
8.00
|
%
|
363,407
|
10.00
|
%
|
|||||||||||||||
Tier 1 Leverage capital (to average assets)
|
485,683
|
11.90
|
%
|
163,258
|
4.00
|
%
|
204,073
|
5.00
|
%
|
|||||||||||||||
Capital conservation buffer
|
225,553
|
6.15
|
%
|
90,582
|
2.50
|
%
|
(i) |
originating multifamily and commercial real estate loans that generally tend to have shorter interest duration and generally have interest rates that reset in five years or less. The chart below provides maturity/repricing information for the entire loan portfolio, the majority of which is comprised of multifamily and commercial real estate loans;
|
(ii) |
investing in shorter duration securities and mortgage-backed securities;
|
(iii) |
obtaining general financing through FHLB advances with a fixed long term; and
|
(iv) |
utilizing interest rate swaps or other derivative instruments
|
Loan Portfolio by Reprice/Maturity Date
|
||||||||||||||||
At September 30, 2019
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Repricing or Maturing Within:
|
Amount
|
Weighted
Average Rate
|
% of Total Loans
|
Cumulative % of
Total Loans
|
||||||||||||
1 Year or less
|
$
|
$808,549
|
3.76
|
%
|
23.38
|
%
|
23.38
|
%
|
||||||||
1 - 3 years
|
1,077,781
|
3.74
|
%
|
31.16
|
%
|
54.54
|
%
|
|||||||||
3 - 5 years
|
961,910
|
4.26
|
%
|
27.81
|
%
|
82.35
|
%
|
|||||||||
5 - 7 years
|
143,087
|
4.27
|
%
|
4.14
|
%
|
86.49
|
%
|
|||||||||
7 to 10 years
|
152,354
|
4.75
|
%
|
4.40
|
%
|
90.89
|
%
|
|||||||||
Greater than 10 years
|
315,090
|
4.36
|
%
|
9.11
|
%
|
100.00
|
%
|
|||||||||
Total
|
$
|
$3,458,771
|
4.01
|
%
|
100.00
|
%
|
Estimated Increase
(Decrease) in NPV
|
NPV as a Percentage of
Present Value of Assets (3)
|
|||||||||||||||||||||
Change in Interest Rates (basis points) (1)
|
Estimated
NPV (2)
|
Amount
|
Percent
|
NPV Ratio (4)
|
Increase
(Decrease)
basis points
|
|||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||
+200
|
$
|
476,773
|
$
|
(60,298
|
)
|
(11.2
|
)%
|
12.4
|
%
|
(108
|
)
|
|||||||||||
+100
|
514,264
|
(22,807
|
)
|
(4.2
|
)%
|
13.1
|
%
|
(36
|
)
|
|||||||||||||
—
|
537,071
|
—
|
—
|
%
|
13.5
|
%
|
—
|
|||||||||||||||
(100
|
)
|
566,428
|
29,357
|
5.5
|
%
|
14.0
|
%
|
45
|
||||||||||||||
(200
|
)
|
587,634
|
50,563
|
9.4
|
%
|
14.2
|
%
|
72
|
(1) |
Assumes an instantaneous uniform change in interest rates at all maturities.
|
(2) |
NPV is the discounted present value of expected cash flows from assets, liabilities and off-balance sheet contracts.
|
(3) |
Present value of assets represents the discounted present value of incoming cash flows on interest-earning assets.
|
(4) |
NPV Ratio represents NPV divided by the present value of assets.
|
(a) |
Unregistered Sale of Equity Securities. There were no sales of unregistered securities during the period covered by this report.
|
(b) |
Use of Proceeds. Not applicable.
|
(c) |
Repurchase of Our Equity Securities. There were no repurchases of our equity securities during the period covered by this report.
|
3.1
|
|
|
3.2
|
|
|
4
|
|
|
31.1
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
31.2
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
32
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
101
|
Interactive data files pursuant to Rule 405 of Regulation S-T: (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 Stockholders' 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
|
*
|
Incorporated by reference to the Registration Statement on Form S-1 of Oritani Financial Corp. (file no. 333- 165226), as amended, filed with the Securities and Exchange Commission on March 5, 2010.
|
|
|
ORITANI FINANCIAL CORP.
|
|
|
|
|
|
Date:
|
November 12, 2019
|
/s/ Kevin J. Lynch
|
|
|
|
Kevin J. Lynch
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
|
Date:
|
November 12, 2019
|
/s/ John M. Fields, Jr.
|
|
|
|
John M. Fields, Jr.
|
|
|
|
Executive Vice President and Chief Financial Officer
|
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Oritani Financial Corp., a Delaware corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of
the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal
quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the
registrant's auditors and the audit committee of the registrant's board of directors:
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to
adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over
financial reporting.
|
|
|
|
|
Date:
|
November 12, 2019
|
|
/s/ Kevin J. Lynch
|
|
|
|
Kevin J. Lynch
|
|
|
|
President and Chief Executive Officer
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Oritani Financial Corp., a Delaware corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of
the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal
quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the
registrant's auditors and the audit committee of the registrant's board of directors:
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to
adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over
financial reporting.
|
|
|
|
|
Date:
|
November 12, 2019
|
|
/s/ John M. Fields, Jr.
|
|
|
|
John M. Fields, Jr.
|
|
|
|
Executive Vice President and Chief Financial Officer
|
1.
|
the Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
|
|
|
Date:
|
November 12, 2019
|
|
/s/ Kevin J. Lynch
|
|
|
|
Kevin J. Lynch
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
Date:
|
November 12, 2019
|
|
/s/ John M. Fields, Jr.
|
|
|
|
John M. Fields, Jr.
|
|
|
|
Executive Vice President and Chief Financial Officer
|