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Derivative Instruments and Hedging Activities (Tables)
12 Months Ended
Jun. 30, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Fair Values of Derivative Financial Instruments as well as Their Classification on Statement of Financial Condition

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Statement of Financial Condition as of June 30, 2018 and June 30, 2017:

 

 

June 30, 2018

 

 

Asset Derivatives

 

 

Liability Derivatives

 

 

Location

 

Fair Value

 

 

Location

 

Fair Value

 

 

(In Thousands)

 

Derivatives designated as hedging

   instruments:

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

Other assets

 

$

31,881

 

 

Other liabilities

 

$

-

 

Interest rate caps

Other assets

 

 

-

 

 

Other liabilities

 

 

-

 

Total

 

 

$

31,881

 

 

 

 

$

-

 

 

 

June 30, 2017

 

 

Asset Derivatives

 

 

Liability Derivatives

 

 

Location

 

Fair Value

 

 

Location

 

Fair Value

 

 

(In Thousands)

 

Derivatives designated as hedging

   instruments:

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

Other assets

 

$

7,670

 

 

Other liabilities

 

$

298

 

Interest rate caps

Other assets

 

 

140

 

 

Other liabilities

 

 

-

 

Total

 

 

$

7,810

 

 

 

 

$

298

 

 

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

Note 13 – Derivative Instruments and Hedging Activities (continued)

The table below presents the pre-tax effects of the Company’s derivative instruments on the Consolidated Statements of Income as of June 30, 2018, June 30, 2017 and June 30, 2016:

 

 

Year Ended June 30, 2018

 

 

Amount of Gain

(Loss) Recognized

in OCI on

Derivatives

 

 

Location of Gain

(Loss) Reclassified

from Accumulated

OCI into Income

 

Amount of Gain

(Loss) Reclassified

from Accumulated

OCI into Income

 

 

(In Thousands)

 

Derivatives in cash flow

   hedging relationships:

 

 

 

 

 

 

 

 

 

Interest rate swaps

$

22,656

 

 

Interest expense

 

$

(1,853

)

Interest rate caps

 

78

 

 

Interest expense

 

 

(973

)

Total

$

22,734

 

 

 

 

$

(2,826

)

 

 

 

 

 

Year Ended June 30, 2017

 

 

Amount of Gain

(Loss) Recognized

in OCI on

Derivatives

 

 

Location of Gain

(Loss) Reclassified

from Accumulated

OCI into Income

 

Amount of Gain

(Loss) Reclassified

from Accumulated

OCI into Income

 

 

(In Thousands)

 

Derivatives in cash flow

   hedging relationships:

 

 

 

 

 

 

 

 

 

Interest rate swaps

$

20,826

 

 

Interest expense

 

$

(5,914

)

Interest rate caps

 

79

 

 

Interest expense

 

 

(820

)

Total

$

20,905

 

 

 

 

$

(6,734

)

 

 

Year Ended June 30, 2016

 

 

Amount of Gain

(Loss) Recognized

in OCI on

Derivatives

 

 

Location of Gain

(Loss) Reclassified

from Accumulated

OCI into Income

 

Amount of Gain

(Loss) Reclassified

from Accumulated

OCI into Income

 

 

(In Thousands)

 

Derivatives in cash flow

   hedging relationships:

 

 

 

 

 

 

 

 

 

Interest rate swaps

$

(17,116

)

 

Interest expense

 

$

(7,311

)

Interest rate caps

 

(734

)

 

Interest expense

 

 

(352

)

Total

$

(17,850

)

 

 

 

$

(7,663

)

 

Offsetting Derivatives

The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives in the Consolidated Statement of Condition as of June 30, 2018 and June 30, 2017, 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 Statement of Condition.

 

 

June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 swaps

$

31,881

 

 

$

-

 

 

$

31,881

 

 

$

-

 

 

$

(31,620

)

 

$

261

 

Interest rate caps

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Total

$

31,881

 

 

$

-

 

 

$

31,881

 

 

$

-

 

 

$

(31,620

)

 

$

261

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 swaps

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

Interest rate caps

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Total

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

June 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 swaps

$

12,839

 

 

$

(5,169

)

 

$

7,670

 

 

$

-

 

 

$

(5,770

)

 

$

1,900

 

Interest rate caps

 

140

 

 

 

-

 

 

 

140

 

 

 

-

 

 

 

-

 

 

 

140

 

Total

$

12,979

 

 

$

(5,169

)

 

$

7,810

 

 

$

-

 

 

$

(5,770

)

 

$

2,040

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 swaps

$

5,467

 

 

$

(5,169

)

 

$

298

 

 

$

-

 

 

$

(298

)

 

$

-

 

Interest rate caps

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Total

$

5,467

 

 

$

(5,169

)

 

$

298

 

 

$

-

 

 

$

(298

)

 

$

-