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 |
) |
|
$ |
- |
|
|