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Derivative Instruments and Hedging Activities (Tables)
9 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Values of Derivative Financial Instruments as well as Their Classification on Statement of Financial Condition

The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Statement of Financial Condition as of March 31, 2022 and June 30, 2021:

 

 

March 31, 2022

 

 

Asset Derivatives

 

 

Liability Derivatives

 

 

Location

 

Fair Value

 

 

Location

 

Fair Value

 

 

(In Thousands)

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

Interest rate contracts

Other assets

 

$

34,007

 

 

Other liabilities

 

$

-

 

Total

 

 

$

34,007

 

 

 

 

$

-

 

 

 

June 30, 2021

 

 

Asset Derivatives

 

 

Liability Derivatives

 

 

Location

 

Fair Value

 

 

Location

 

Fair Value

 

 

(In Thousands)

 

Derivatives designated as hedging instruments:

 

 

 

 

 

 

 

 

 

Interest rate contracts

Other assets

 

$

1,832

 

 

Other liabilities

 

$

673

 

Total

 

 

$

1,832

 

 

 

 

$

673

 

 

Pre-tax Effects of Derivative Instruments on Consolidated Statements of Income

The table below presents the pre-tax effects of the Company’s derivative instruments on the Consolidated Statements of Income for the three months and nine months ended March 31, 2022 and 2021:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

March 31,

 

 

March 31,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

(In Thousands)

 

 

(In Thousands)

 

Amount of gain recognized in other comprehensive income

$

23,343

 

 

$

13,075

 

 

$

28,607

 

 

$

14,353

 

Amount of loss reclassified from accumulated other comprehensive income
  to interest expense

 

(1,268

)

 

 

(1,987

)

 

 

(4,271

)

 

 

(6,576

)

 

Offsetting Derivatives

The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives in the Consolidated Statements of Financial Condition as of March 31, 2022 and June 30, 2021, respectively. The net amounts presented for derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Consolidated Statements of Financial Condition.

 

 

March 31, 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

$

34,158

 

 

$

(151

)

 

$

34,007

 

 

$

-

 

 

$

-

 

 

$

34,007

 

Total

$

34,158

 

 

$

(151

)

 

$

34,007

 

 

$

-

 

 

$

-

 

 

$

34,007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Amounts Not Offset

 

 

 

 

 

Gross Amount Recognized

 

 

Gross Amounts Offset

 

 

Net Amounts Presented

 

 

Financial Instruments

 

 

Cash Collateral Posted

 

 

Net Amount

 

 

(In Thousands)

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts

$

151

 

 

$

(151

)

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Total

$

151

 

 

$

(151

)

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

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

$

6,847

 

 

$

(5,015

)

 

$

1,832

 

 

$

-

 

 

$

-

 

 

$

1,832

 

Total

$

6,847

 

 

$

(5,015

)

 

$

1,832

 

 

$

-

 

 

$

-

 

 

$

1,832

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Amounts Not Offset

 

 

 

 

 

Gross Amount Recognized

 

 

Gross Amounts Offset

 

 

Net Amounts Presented

 

 

Financial Instruments

 

 

Cash Collateral Posted

 

 

Net Amount

 

 

(In Thousands)

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts

$

5,688

 

 

$

(5,015

)

 

$

673

 

 

$

-

 

 

$

(673

)

 

$

-

 

Total

$

5,688

 

 

$

(5,015

)

 

$

673

 

 

$

-

 

 

$

(673

)

 

$

-