☒ |
ANNUAL 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
|
11-3297463
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. employer identification number)
|
300 Cadman Plaza West, 8th Floor, Brooklyn, NY
|
11201
|
|
(Address of principal executive offices)
|
(Zip Code)
|
LARGE ACCELERATED FILER ☐
|
ACCELERATED FILER ☒
|
NON-ACCELERATED FILER ☐
|
SMALLER REPORTING COMPANY ☐
|
Page
|
||
PART I
|
||
Item 1.
|
||
F-3
|
||
F-4
|
||
F-5
|
||
F-7
|
||
F-8
|
||
F-9
|
||
F-11
|
||
F-12
|
||
F-12
|
||
F-12
|
||
F-13
|
||
Item 1A.
|
F-24
|
|
Item 1B.
|
F-33
|
|
Item 2.
|
F-33
|
|
Item 3.
|
F-33
|
|
Item 4.
|
F-33
|
|
PART II
|
||
Item 5.
|
F-33
|
|
Item 6.
|
F-36
|
|
Item 7.
|
F-38
|
|
Item 7A.
|
F-57
|
|
Item 8.
|
F-59
|
|
Item 9.
|
F-59
|
|
Item 9A.
|
F-59
|
|
Item 9B.
|
F-60
|
|
PART III
|
||
Item 10.
|
F-60
|
|
Item 11.
|
F-60
|
|
Item 12.
|
F-61
|
|
Item 13.
|
F-61
|
|
Item 14.
|
F-61
|
|
PART IV
|
||
Item 15.
|
F-61
|
|
F-62
|
· |
the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company’s control;
|
· |
there may be increases in competitive pressure among financial institutions or from non-financial institutions;
|
· |
the net interest margin is subject to material short-term fluctuation based upon market rates;
|
· |
changes in deposit flows, loan demand or real estate values may adversely affect the business of Dime Community Bank (f/k/a The Dime Savings Bank of Williamsburgh) (the “Bank”);
|
· |
changes in accounting principles, policies or guidelines may cause the Company’s financial condition to be perceived differently;
|
· |
changes in corporate and/or individual income tax laws may adversely affect the Company’s business or financial condition;
|
· |
general economic conditions, either nationally or locally in some or all areas in which the Company conducts business, or conditions in the securities markets or the banking industry, may be less favorable than the Company currently anticipates;
|
· |
legislation or regulatory changes may adversely affect the Company’s business;
|
· |
technological changes may be more difficult or expensive than the Company anticipates;
|
· |
success or consummation of new business initiatives may be more difficult or expensive than the Company anticipates;
|
· |
litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Company anticipates; and
|
· |
Other risks, as enumerated in the section entitled “Risk Factors.”
|
·
|
A reduction of interest rate has been made for the remaining term of the loan
|
·
|
The maturity date of the loan has been extended with a stated interest rate lower than the current market rate for new debt with similar risk
|
·
|
The outstanding principal amount and/or accrued interest have been reduced
|
Subsidiary
|
Year/ State of Incorporation
|
Primary Business Activities
|
Direct Subsidiaries of the Holding Company:
|
||
842 Manhattan Avenue Corp.
|
1995/ New York
|
Currently in the process of dissolution.
|
Dime Community Capital Trust I
|
2004/ Delaware
|
Statutory Trust (1)
|
Direct Subsidiaries of the Bank:
|
||
Boulevard Funding Corp.
|
1981 / New York
|
Management and ownership of real estate
|
Dime Insurance Agency Inc. (f/k/a Havemeyer Investments, Inc.)
|
1997 / New York
|
Sale of non-FDIC insured investment products
|
DSBW Preferred Funding Corp.
|
1998 / Delaware
|
Real Estate Investment Trust investing in multifamily
residential and commercial real estate loans
|
DSBW Residential Preferred Funding Corp.
|
1998 / Delaware
|
Real Estate Investment Trust investing in one- to
four-family real estate loans
|
Dime Reinvestment Corporation
|
2004 / Delaware
|
Community Development Entity. Currently inactive.
|
195 Havemeyer Corp.
|
2008 / New York
|
Management and ownership of real estate. Currently inactive.
|
DSB Holdings NY, LLC
|
2015 / New York
|
Management and ownership of real estate. Currently inactive.
|
(1)
|
Dime Community Capital Trust I was established for the exclusive purpose of issuing and selling capital securities and using the proceeds to acquire approximately $70.7 million of junior subordinated debt securities issued by the Holding Company. The junior subordinated debt securities (referred to in this Annual Report as “trust preferred securities payable”) bear an interest rate of 7.0%, mature on April 14, 2034, became callable at any time after April 2009, and are the sole assets of Dime Community Capital Trust I. In accordance with revised interpretation No. 46, “Consolidation of Variable Interest Entities, an interpretation of ARB No. 51,” Dime Community Capital Trust I is not consolidated with the Holding Company for financial reporting purposes.
|
Twelve Months Ended
December 31, 2016
|
Twelve Months Ended
December 31, 2015
|
|||||||||||||||||||||||
Quarter Ended
|
Dividends
Declared
|
High
Sales
Price
|
Low
Sales
Price
|
Dividends
Declared
|
High
Sales
Price
|
Low
Sales
Price
|
||||||||||||||||||
March 31st
|
$
|
0.14
|
$
|
17.96
|
$
|
15.61
|
$
|
0.14
|
$
|
16.49
|
$
|
14.73
|
||||||||||||
June 30th
|
0.14
|
18.87
|
16.37
|
0.14
|
17.66
|
15.46
|
||||||||||||||||||
September 30th
|
0.14
|
18.27
|
16.53
|
0.14
|
18.00
|
16.04
|
||||||||||||||||||
December 31st
|
0.14
|
20.45
|
16.10
|
0.14
|
18.45
|
16.20
|
Period
|
Total
Number
of Shares
Purchased
|
Average
Price Paid
Per Share
|
Total Number of
Shares Purchased as
Part of Publicly
Announced Programs (1)
|
Maximum Number of
Shares that May Yet be
Purchased Under the
Programs (1)
|
||||||
October 2016
|
‑
|
‑
|
‑
|
1,104,549
|
||||||
November 2016
|
‑
|
‑
|
‑
|
1,104,549
|
||||||
December 2016
|
‑
|
‑
|
‑
|
1,104,549
|
(1)
|
The twelfth stock repurchase program was publicly announced in June 2007, authorizing the purchase of up to 1,787,665 shares of the Common Stock, and has no expiration.
|
Period Ending December 31,
|
||||||
Index
|
2011
|
2012
|
2013
|
2014
|
2015
|
2016
|
Dime Community Bancshares, Inc.
|
100.00
|
114.74
|
145.02
|
144.63
|
160.80
|
191.03
|
NASDAQ Composite
|
100.00
|
117.45
|
164.57
|
188.84
|
201.98
|
219.89
|
SNL Thrift
|
100.00
|
121.63
|
156.09
|
167.88
|
188.78
|
231.23
|
At or for the Year Ended December 31,
|
||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
Selected Financial Condition Data:
|
||||||||||||||||||||
Total assets
|
$
|
6,005,430
|
$
|
5,032,872
|
$
|
4,497,107
|
$
|
4,028,190
|
$
|
3,905,399
|
||||||||||
Loans and loans held for sale (net of deferred costs or fees and the allowance for loan losses)
|
5,615,886
|
4,678,262
|
4,100,747
|
3,679,366
|
3,485,818
|
|||||||||||||||
MBS
|
3,558
|
431
|
26,409
|
31,543
|
49,021
|
|||||||||||||||
Investment securities (including FHLBNY capital stock)
|
60,670
|
77,912
|
76,139
|
78,863
|
88,762
|
|||||||||||||||
Federal funds sold and other short-term investments
|
-
|
-
|
250
|
-
|
-
|
|||||||||||||||
Goodwill
|
55,638
|
55,638
|
55,638
|
55,638
|
55,638
|
|||||||||||||||
Deposits
|
4,395,426
|
3,184,310
|
2,659,792
|
2,507,146
|
2,479,429
|
|||||||||||||||
Borrowings
|
901,805
|
1,237,405
|
1,244,405
|
980,680
|
913,180
|
|||||||||||||||
Stockholders' equity
|
565,868
|
493,947
|
459,725
|
435,506
|
391,574
|
|||||||||||||||
Selected Operating Data:
|
||||||||||||||||||||
Interest income
|
$
|
195,627
|
$
|
174,791
|
$
|
172,952
|
$
|
175,456
|
$
|
195,954
|
||||||||||
Interest expense
|
52,141
|
46,227
|
48,416
|
46,969
|
86,112
|
|||||||||||||||
Net interest income
|
143,486
|
128,564
|
124,536
|
128,487
|
109,842
|
|||||||||||||||
Provision (credit) for loan losses
|
2,118
|
(1,330
|
)
|
(1,872
|
)
|
369
|
3,921
|
|||||||||||||
Net interest income after provision (credit) for loan losses
|
141,368
|
129,894
|
126,408
|
128,118
|
105,921
|
|||||||||||||||
Non-interest income
|
75,934
|
8,616
|
9,038
|
7,463
|
23,849
|
|||||||||||||||
Non-interest expense
|
83,831
|
62,493
|
61,076
|
62,692
|
62,572
|
|||||||||||||||
Income before income tax
|
133,471
|
76,017
|
74,370
|
72,889
|
67,198
|
|||||||||||||||
Income tax expense
|
60,957
|
31,245
|
30,124
|
29,341
|
26,890
|
|||||||||||||||
Net income
|
$
|
72,514
|
$
|
44,772
|
$
|
44,246
|
$
|
43,548
|
$
|
40,308
|
At or for the Year Ended December 31,
|
||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
SELECTED FINANCIAL RATIOS AND OTHER DATA (1):
|
||||||||||||||||||||
Return on average assets
|
1.31
|
%
|
0.96
|
%
|
1.03
|
%
|
1.09
|
%
|
1.02
|
%
|
||||||||||
Return on average stockholders' equity
|
13.40
|
9.40
|
9.83
|
10.58
|
10.73
|
|||||||||||||||
Stockholders' equity to total assets at end of period
|
9.42
|
9.81
|
10.22
|
10.81
|
10.03
|
|||||||||||||||
Loans to deposits at end of period
|
128.23
|
147.50
|
154.87
|
147.56
|
141.42
|
|||||||||||||||
Loans to interest-earning assets at end of period
|
95.92
|
95.98
|
94.68
|
96.74
|
94.41
|
|||||||||||||||
Net interest spread (2)
|
2.52
|
2.72
|
2.84
|
3.19
|
2.58
|
|||||||||||||||
Net interest margin (3)
|
2.68
|
2.89
|
3.03
|
3.39
|
2.92
|
|||||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
116.85
|
116.64
|
115.98
|
116.49
|
114.83
|
|||||||||||||||
Non-interest expense to average assets
|
1.51
|
1.34
|
1.42
|
1.57
|
1.59
|
|||||||||||||||
Efficiency ratio (4)
|
55.48
|
45.98
|
46.28
|
46.23
|
52.58
|
|||||||||||||||
Effective tax rate
|
45.67
|
41.10
|
40.51
|
40.25
|
40.02
|
|||||||||||||||
Dividend payout ratio
|
28.43
|
45.53
|
45.53
|
45.53
|
47.86
|
|||||||||||||||
Per Share Data:
|
||||||||||||||||||||
Diluted earnings per share
|
$
|
1.97
|
$
|
1.23
|
$
|
1.23
|
$
|
1.23
|
$
|
1.17
|
||||||||||
Cash dividends paid per share
|
0.56
|
0.56
|
0.56
|
0.56
|
0.56
|
|||||||||||||||
Book value per share (5)
|
15.11
|
13.22
|
12.47
|
11.86
|
10.96
|
|||||||||||||||
Asset Quality Ratios and Other Data(1):
|
||||||||||||||||||||
Net charge-offs (recoveries)
|
$
|
97
|
$
|
(1,351
|
)
|
$
|
(212
|
)
|
$
|
766
|
$
|
3,707
|
||||||||
Total non-performing loans (6)
|
4,237
|
1,611
|
6,198
|
12,549
|
8,888
|
|||||||||||||||
OREO
|
-
|
148
|
18
|
18
|
-
|
|||||||||||||||
Non-performing TRUP CDOs
|
1,270
|
1,236
|
904
|
898
|
892
|
|||||||||||||||
Total non-performing assets
|
5,507
|
2,995
|
7,120
|
13,465
|
9,780
|
|||||||||||||||
Non-performing loans to total loans
|
0.08
|
%
|
0.03
|
%
|
0.15
|
%
|
0.34
|
%
|
0.25
|
%
|
||||||||||
Non-performing assets to total assets
|
0.09
|
0.06
|
0.16
|
0.33
|
0.25
|
|||||||||||||||
Allowance for Loan Losses to:
|
||||||||||||||||||||
Non-performing loans
|
484.68
|
%
|
1,149.22
|
%
|
298.37
|
%
|
160.59
|
%
|
231.21
|
%
|
||||||||||
Total loans (7)
|
0.36
|
0.39
|
0.45
|
0.54
|
0.59
|
|||||||||||||||
Regulatory Capital Ratios: (Bank only) (1)(8)
|
||||||||||||||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets
|
11.60
|
%
|
11.55
|
%
|
12.33
|
%
|
N/A
|
N/A
|
||||||||||||
Tier 1 Capital to Risk-Weighted Assets ("Tier 1 Capital Ratio")
|
11.60
|
11.55
|
12.33
|
N/A
|
N/A
|
|||||||||||||||
Total Capital to Risk-Weighted Assets ("Total Capital Ratio")
|
12.05
|
12.03
|
12.89
|
N/A
|
N/A
|
|||||||||||||||
Tier 1 Capital to Average Assets
|
8.95
|
9.17
|
9.64
|
N/A
|
N/A
|
|||||||||||||||
Earnings to Fixed Charges Ratios (9):
|
||||||||||||||||||||
Including interest on deposits
|
3.48x
|
|
2.60x
|
|
2.50x
|
|
2.51x
|
|
1.77x
|
|
||||||||||
Excluding interest on deposits
|
7.25
|
4.11
|
3.49
|
3.58
|
2.95
|
|||||||||||||||
Full Service Branches
|
25
|
25
|
25
|
25
|
26
|
(1) |
With the exception of end of period ratios, all ratios are based on average daily balances during the indicated periods. Asset Quality Ratios and Regulatory Capital Ratios are end of period ratios.
|
(2) |
The net interest spread represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities.
|
(3) |
The net interest margin represents net interest income as a percentage of average interest-earning assets.
|
(4) |
The efficiency ratio represents non-interest expense as a percentage of the sum of net interest income and non-interest income, excluding any gains or losses on sales of assets.
|
(5) |
Book value per share equals total stockholders' equity divided by shares outstanding at each period end.
|
(6) |
Includes non-performing loans designated as held for sale at period end.
|
(7) |
Total loans represent loans and loans held for sale, net of deferred fees and costs and unamortized premiums, and excluding (thus not reducing the aggregate balance by) the allowance for loan losses.
|
(8) |
Regulatory capital ratios are calculated based upon the Basel III capital rules that became effective on January 1, 2015. Pro forma ratios computed as of December 31, 2014 have been provided, however, periods prior to December 31, 2014 are not provided.
|
(9) |
Earnings to fixed charges ratio is a non-GAAP measure. For purposes of computing the ratios of earnings to fixed charges, earnings represent income before taxes, extraordinary items and the cumulative effect of accounting changes plus fixed charges. Fixed charges represent total interest expense, including and excluding interest on deposits.
|
For the Year Ended December 31,
|
||||||||||||||||||||||||||||||||||||
2016
|
2015
|
2014
|
||||||||||||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||||||
Average
Balance |
Interest
|
Average
Yield/ |
Average
Balance |
Interest
|
Average
Yield/ |
Average
Balance |
Interest
|
Average
Yield/ |
||||||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||||||||||||||
Real estate loans (1)
|
$
|
5,210,984
|
$
|
191,856
|
3.68
|
%
|
$
|
4,327,415
|
$
|
171,347
|
3.96
|
%
|
$
|
3,962,566
|
$
|
169,208
|
4.27
|
%
|
||||||||||||||||||
Other loans
|
1,745
|
115
|
6.59
|
1,562
|
93
|
5.95
|
1,954
|
105
|
5.37
|
|||||||||||||||||||||||||||
Investment securities
|
18,489
|
880
|
4.76
|
18,570
|
875
|
4.71
|
19,220
|
560
|
2.91
|
|||||||||||||||||||||||||||
MBS
|
1,216
|
20
|
1.64
|
6,111
|
186
|
3.04
|
27,658
|
914
|
3.30
|
|||||||||||||||||||||||||||
Federal funds sold and other short-term investments
|
118,576
|
2,756
|
2.32
|
89,837
|
2,290
|
2.55
|
92,609
|
2,165
|
2.34
|
|||||||||||||||||||||||||||
Total interest-earning assets
|
5,351,010
|
$
|
195,627
|
3.66
|
%
|
4,443,495
|
$
|
174,791
|
3.93
|
%
|
4,104,007
|
$
|
172,952
|
4.21
|
%
|
|||||||||||||||||||||
Non-interest earning assets
|
203,758
|
216,981
|
190,627
|
|||||||||||||||||||||||||||||||||
Total assets
|
$
|
5,554,768
|
$
|
4,660,476
|
$
|
4,294,634
|
||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity:
|
||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
89,197
|
$
|
230
|
0.26
|
%
|
$
|
76,210
|
$
|
244
|
0.32
|
%
|
$
|
79,455
|
$
|
222
|
0.28
|
%
|
||||||||||||||||||
Money Market accounts
|
2,063,787
|
17,293
|
0.84
|
1,370,531
|
10,133
|
0.74
|
1,113,104
|
6,265
|
0.56
|
|||||||||||||||||||||||||||
Savings accounts
|
367,311
|
182
|
0.05
|
370,439
|
183
|
0.05
|
377,930
|
188
|
0.05
|
|||||||||||||||||||||||||||
CDs
|
1,015,615
|
14,669
|
1.44
|
902,600
|
12,445
|
1.38
|
858,526
|
12,916
|
1.50
|
|||||||||||||||||||||||||||
Borrowed Funds (2)
|
1,043,515
|
19,767
|
1.89
|
1,089,700
|
23,222
|
2.13
|
1,109,532
|
28,825
|
2.60
|
|||||||||||||||||||||||||||
Total interest-bearing liabilities
|
4,579,425
|
$
|
52,141
|
1.14
|
%
|
3,809,480
|
$
|
46,227
|
1.21
|
%
|
3,538,547
|
$
|
48,416
|
1.37
|
%
|
|||||||||||||||||||||
Non-interest bearing checking accounts
|
263,527
|
220,134
|
177,163
|
|||||||||||||||||||||||||||||||||
Other non-interest-bearing liabilities
|
170,569
|
154,809
|
129,034
|
|||||||||||||||||||||||||||||||||
Total liabilities
|
5,013,521
|
4,184,423
|
3,844,744
|
|||||||||||||||||||||||||||||||||
Stockholders' equity
|
541,247
|
476,053
|
449,890
|
|||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
5,554,768
|
$
|
4,660,476
|
$
|
4,294,634
|
||||||||||||||||||||||||||||||
Net interest income
|
$
|
143,486
|
$
|
128,564
|
$
|
124,536
|
||||||||||||||||||||||||||||||
Net interest spread (3)
|
2.52
|
%
|
2.72
|
%
|
2.84
|
%
|
||||||||||||||||||||||||||||||
Net interest-earning assets
|
$
|
771,585
|
$
|
634,015
|
$
|
565,460
|
||||||||||||||||||||||||||||||
Net interest margin (4)
|
2.68
|
%
|
2.89
|
%
|
3.03
|
%
|
||||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
116.85
|
%
|
116.64
|
%
|
115.98
|
%
|
(1) |
In computing the average balance of real estate loans, non-performing loans have been included. Interest income on real estate loans includes loan fees. Interest income on real estate loans also includes applicable prepayment fees and late charges totaling $9.0 million, $11.3 million and $12.5 million during the years ended December 31, 2016, 2015 and 2014, respectively.
|
(2) |
Interest expense on borrowed funds includes $1.4 million of prepayment charge recognized during the year ended December 31, 2015. There were no such fees during the years ended December 31, 2016 or 2014. Absent the prepayment charge, the average cost of borrowings would have been 2.01% during the year ended December 31, 2015.
|
(3) |
Net interest spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities.
|
(4)
|
Net interest margin represents net interest income as a percentage of average interest-earning assets.
|
Years Ended December 31,
|
||||||||||||||||||||||||
2016 over 2015
Increase/ (Decrease) Due to
|
2015 over 2014
Increase/ (Decrease) Due to
|
|||||||||||||||||||||||
Volume
|
Rate
|
Total
|
Volume
|
Rate
|
Total
|
|||||||||||||||||||
Interest-earning assets:
|
(Dollars in Thousands)
|
|||||||||||||||||||||||
Real Estate Loans
|
$
|
22,030
|
$
|
(1,521
|
)
|
$
|
20,509
|
$
|
15,002
|
$
|
(12,863
|
)
|
$
|
2,139
|
||||||||||
Other loans
|
11
|
11
|
22
|
(22
|
)
|
10
|
(12
|
)
|
||||||||||||||||
Investment securities
|
(1
|
)
|
6
|
5
|
(25
|
)
|
340
|
315
|
||||||||||||||||
MBS
|
(99
|
)
|
(67
|
)
|
(166
|
)
|
(684
|
)
|
(44
|
)
|
(728
|
)
|
||||||||||||
Federal funds sold and other short-term investments
|
468
|
(2
|
)
|
466
|
(67
|
)
|
192
|
125
|
||||||||||||||||
Total
|
$
|
22,409
|
$
|
(1,573
|
)
|
$
|
20,836
|
$
|
14,204
|
$
|
(12,365
|
)
|
$
|
1,839
|
||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
37
|
$
|
(51
|
)
|
$
|
(14
|
)
|
$
|
(10
|
)
|
$
|
32
|
$
|
22
|
|||||||||
Money market accounts
|
5,458
|
1,702
|
7,160
|
1,657
|
2,211
|
3,868
|
||||||||||||||||||
Savings accounts
|
(2
|
)
|
1
|
(1
|
)
|
(4
|
)
|
(1
|
)
|
(5
|
)
|
|||||||||||||
CDs
|
1,620
|
604
|
2,224
|
611
|
(1,082
|
)
|
(471
|
)
|
||||||||||||||||
Borrowed funds
|
(912
|
)
|
(2,543
|
)
|
(3,455
|
)
|
(452
|
)
|
(5,151
|
)
|
(5,603
|
)
|
||||||||||||
Total
|
$
|
6,201
|
$
|
(287
|
)
|
$
|
5,914
|
$
|
1,802
|
$
|
(3,991
|
)
|
$
|
(2,189
|
)
|
|||||||||
Net change in net interest income
|
$
|
16,208
|
$
|
(1,286
|
)
|
$
|
14,922
|
$
|
12,402
|
$
|
(8,374
|
)
|
$
|
4,028
|
· |
During the period January 1, 2009 through December 31, 2016, FOMC monetary policies resulted in the maintenance of the overnight federal funds rate in a range of 0.0% to 0.75%, resulting in deposit and borrowing costs at historically low levels.
|
· |
Increased marketplace competition and refinancing activity on real estate loans, particularly during the period January 1, 2012 through December 31, 2016, resulted in an ongoing reduction in the average yield on real estate loans.
|
At or for the Year Ended December 31,
|
||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
Allowance for loan losses:
|
(Dollars in Thousands)
|
|||||||||||||||||||
Balance at beginning of period
|
$
|
18,514
|
$
|
18,493
|
$
|
20,153
|
$
|
20,550
|
$
|
20,254
|
||||||||||
Provision (credit) for loan losses
|
2,118
|
(1,330
|
)
|
(1,872
|
)
|
369
|
3,921
|
|||||||||||||
Charge-offs
|
||||||||||||||||||||
Multifamily residential
|
(92
|
)
|
(48
|
)
|
(87
|
)
|
(504
|
)
|
(2,478
|
)
|
||||||||||
Commercial real estate
|
(12
|
)
|
(44
|
)
|
(336
|
)
|
(400
|
)
|
(1,342
|
)
|
||||||||||
One- to four-family including condominium and cooperative apartment
|
(79
|
)
|
(115
|
)
|
(46
|
)
|
(117
|
)
|
(777
|
)
|
||||||||||
Construction
|
-
|
-
|
-
|
-
|
(3
|
)
|
||||||||||||||
Consumer
|
(3
|
)
|
(2
|
)
|
(9
|
)
|
(21
|
)
|
(10
|
)
|
||||||||||
Total charge-offs
|
(186
|
)
|
(209
|
)
|
(478
|
)
|
(1,042
|
)
|
(4,610
|
)
|
||||||||||
Recoveries
|
90
|
1,560
|
690
|
276
|
903
|
|||||||||||||||
Reserve for loan commitments transferred from other liabilities
|
-
|
-
|
-
|
-
|
82
|
|||||||||||||||
Balance at end of period
|
$
|
20,536
|
$
|
18,514
|
$
|
18,493
|
$
|
20,153
|
$
|
20,550
|
At December 31,
|
||||||||||||||||||||||||||||||||||||||||
2016
|
Percent
of Total
|
2015
|
Percent
of Total
|
2014
|
Percent
of Total
|
2013
|
Percent
of Total
|
2012
|
Percent
of Total
|
|||||||||||||||||||||||||||||||
Real Estate loans:
|
(Dollars in Thousands)
|
|||||||||||||||||||||||||||||||||||||||
Multifamily residential
|
$
|
4,592,282
|
81.59
|
%
|
$
|
3,752,328
|
80.02
|
%
|
$
|
3,292,753
|
80.05
|
%
|
$
|
2,917,380
|
78.97
|
%
|
$
|
2,671,533
|
76.30
|
%
|
||||||||||||||||||||
Commercial real estate
|
958,459
|
17.03
|
863,184
|
18.41
|
745,463
|
18.12
|
700,606
|
18.96
|
735,224
|
21.00
|
||||||||||||||||||||||||||||||
One- to four-family, including condominium and cooperative apartment
|
74,022
|
1.32
|
72,095
|
1.54
|
73,500
|
1.79
|
73,956
|
2.00
|
91,876
|
2.62
|
||||||||||||||||||||||||||||||
Construction and land acquisition
|
-
|
-
|
-
|
-
|
-
|
-
|
268
|
0.01
|
476
|
0.01
|
||||||||||||||||||||||||||||||
Total real estate loans
|
5,624,763
|
99.94
|
4,687,607
|
99.97
|
4,111,716
|
99.96
|
3,692,210
|
99.94
|
3,499,109
|
99.93
|
||||||||||||||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||||||||||||||||||
Depositor loans
|
445
|
0.01
|
557
|
0.01
|
677
|
0.01
|
763
|
0.02
|
712
|
0.02
|
||||||||||||||||||||||||||||||
Consumer installment and other
|
2,970
|
0.05
|
1,033
|
0.02
|
1,152
|
0.03
|
1,376
|
0.04
|
1,711
|
0.05
|
||||||||||||||||||||||||||||||
Total consumer loans
|
3,415
|
0.06
|
1,590
|
0.03
|
1,829
|
0.04
|
2,139
|
0.06
|
2,423
|
0.07
|
||||||||||||||||||||||||||||||
Gross loans
|
5,628,178
|
100.00
|
%
|
4,689,197
|
100.00
|
%
|
4,113,545
|
100.00
|
%
|
3,694,349
|
100.00
|
%
|
3,501,532
|
100.00
|
%
|
|||||||||||||||||||||||||
Net unearned costs
|
8,244
|
7,579
|
5,695
|
5,170
|
4,836
|
|||||||||||||||||||||||||||||||||||
Allowance for loan losses
|
(20,536
|
)
|
(18,514
|
)
|
(18,493
|
)
|
(20,153
|
)
|
(20,550
|
)
|
||||||||||||||||||||||||||||||
Loans, net
|
$
|
5,615,886
|
$
|
4,678,262
|
$
|
4,100,747
|
$
|
3,679,366
|
$
|
3,485,818
|
||||||||||||||||||||||||||||||
Loans serviced for others:
|
||||||||||||||||||||||||||||||||||||||||
One- to four-family, including condominium and cooperative apartment
|
$
|
3,453
|
$
|
4,374
|
$
|
5,215
|
$
|
6,746
|
$
|
8,786
|
||||||||||||||||||||||||||||||
Multifamily residential
|
17,625
|
18,735
|
19,038
|
240,517
|
353,034
|
|||||||||||||||||||||||||||||||||||
Total loans serviced for others
|
$
|
21,079
|
$
|
23,109
|
$
|
24,253
|
$
|
247,263
|
$
|
361,820
|
For the Year Ended December 31,
|
||||||||||||||||||||||||||||||||||||||||
2016
|
Percent of
Total
|
2015
|
Percent of
Total
|
2014
|
Percent of
Total
|
2013
|
Percent of
Total
|
2012
|
Percent of
Total
|
|||||||||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||||||||||
ARM
|
$
|
4,746,112
|
84.38
|
%
|
$
|
3,692,014
|
78.73
|
%
|
$
|
2,981,135
|
72.50
|
%
|
$
|
2,644,032
|
71.61
|
%
|
$
|
2,511,198
|
71.77
|
%
|
||||||||||||||||||||
Fixed-rate
|
878,651
|
15.62
|
997,183
|
21.27
|
1,130,581
|
27.50
|
1,048,178
|
28.39
|
987,911
|
28.23
|
||||||||||||||||||||||||||||||
Total loans
|
$
|
5,624,763
|
100.00
|
%
|
$
|
4,687,607
|
100.00
|
%
|
$
|
4,111,716
|
100.00
|
%
|
$
|
3,692,210
|
100.00
|
%
|
$
|
3,499,109
|
100.00
|
%
|
For the Year Ended December 31,
|
||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
Gross loans:
|
(Dollars in Thousands)
|
|||||||||||||||||||
At beginning of period
|
$
|
4,689,197
|
$
|
4,113,545
|
$
|
3,694,349
|
$
|
3,501,532
|
$
|
3,460,424
|
||||||||||
Real estate loans originated:
|
||||||||||||||||||||
Multifamily residential
|
1,321,242
|
1,098,841
|
748,067
|
872,421
|
942,326
|
|||||||||||||||
Commercial real estate
|
204,720
|
236,320
|
191,944
|
187,202
|
142,418
|
|||||||||||||||
One- to four-family, including condominium and cooperative apartment (1)
|
2,468
|
5,316
|
2,302
|
5,896
|
12,184
|
|||||||||||||||
Equity lines of credit on multifamily residential or commercial properties
|
5,547
|
3,389
|
4,657
|
7,578
|
2,764
|
|||||||||||||||
Construction and land acquisition
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total mortgage loans originated
|
1,533,977
|
1,343,866
|
946,970
|
1,073,097
|
1,099,692
|
|||||||||||||||
Other loans originated
|
3,073
|
1,334
|
1,263
|
1,354
|
1,414
|
|||||||||||||||
Total loans originated
|
1,537,050
|
1,345,200
|
948,223
|
1,074,451
|
1,101,106
|
|||||||||||||||
Loans purchased
|
157,782
|
99,745
|
225,604
|
52,031
|
30,425
|
|||||||||||||||
Less:
|
||||||||||||||||||||
Principal repayments (including satisfactions and refinances)
|
755,851
|
859,721
|
737,776
|
923,110
|
1,020,525
|
|||||||||||||||
Loans sold (2)
|
-
|
9,572
|
16,865
|
8,087
|
67,593
|
|||||||||||||||
Write down of principal balance for expected loss
|
-
|
-
|
-
|
1,685
|
2,305
|
|||||||||||||||
Loans transferred to OREO
|
-
|
-
|
-
|
783
|
-
|
|||||||||||||||
Gross loans at end of period
|
$
|
5,628,178
|
$
|
4,689,197
|
$
|
4,113,545
|
$
|
3,694,349
|
$
|
3,501,532
|
(1)
|
Includes one- to four-family home equity and home improvement loans.
|
(2) |
Includes $9.6 million, $3.9 million, $6.1 million and $30.9 million of note sales on problem loans from portfolio during the years ended December 31, 2015, 2014, 2013 and 2012, respectively.
|
Real Estate Loans
|
Consumer
Loans
|
Total
|
||||||||||
Amount due to Mature or Reprice During the Year Ending:
|
(Dollars in Thousands)
|
|||||||||||
December 31, 2017
|
$
|
373,809
|
$
|
3,415
|
$
|
377,224
|
||||||
December 31, 2018
|
649,592
|
-
|
649,592
|
|||||||||
December 31, 2019
|
886,921
|
-
|
886,921
|
|||||||||
December 31, 2020
|
1,042,586
|
-
|
1,042,586
|
|||||||||
December 31, 2021
|
996,719
|
-
|
996,719
|
|||||||||
Sub-total (within 5 years)
|
3,949,627
|
3,415
|
3,953,042
|
|||||||||
December 31, 2022 and beyond
|
1,675,136
|
-
|
1,675,136
|
|||||||||
TOTAL
|
$
|
5,624,763
|
$
|
3,415
|
$
|
5,628,178
|
Due after December 31, 2017
|
||||||||||||
Fixed
|
Adjustable
|
Total
|
||||||||||
(Dollars in Thousands)
|
||||||||||||
Real estate loans
|
$
|
824,086
|
$
|
4,426,868
|
$
|
5,250,954
|
||||||
Consumer loans
|
-
|
-
|
-
|
|||||||||
Total loans
|
$
|
824,086
|
$
|
4,426,868
|
$
|
5,250,954
|
At December 31,
|
||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
Non-accrual loans (1):
|
(Dollars in Thousands)
|
|||||||||||||||||||
One- to four-family residential, including condominium and cooperative apartment
|
$
|
1,012
|
$
|
1,113
|
$
|
1,310
|
$
|
1,242
|
$
|
938
|
||||||||||
Multifamily residential and residential mixed use real estate
|
2,675
|
287
|
167
|
1,197
|
507
|
|||||||||||||||
Commercial mixed use real estate
|
549
|
-
|
-
|
4,400
|
1,170
|
|||||||||||||||
Commercial real estate
|
-
|
207
|
4,717
|
5,707
|
6,265
|
|||||||||||||||
Consumer
|
1
|
4
|
4
|
3
|
8
|
|||||||||||||||
Non-accrual loans held for sale
|
-
|
-
|
-
|
-
|
560
|
|||||||||||||||
Total non-accrual loans
|
4,237
|
1,611
|
6,198
|
12,549
|
9,448
|
|||||||||||||||
Non-accrual one- to four-family and consumer loans deemed homogeneous loans (2)
|
(1,013
|
)
|
(1,116
|
)
|
(1,314
|
)
|
(980
|
)
|
(1,162
|
)
|
||||||||||
TDRs(1):
|
||||||||||||||||||||
One- to four-family residential, including condominium and cooperative apartment
|
407
|
598
|
605
|
934
|
948
|
|||||||||||||||
Multifamily residential and residential mixed use real estate
|
658
|
696
|
1,105
|
1,148
|
1,953
|
|||||||||||||||
Commercial mixed use real estate
|
4,261
|
4,344
|
4,400
|
-
|
729
|
|||||||||||||||
Commercial real estate
|
3,363
|
3,428
|
8,990
|
16,538
|
41,228
|
|||||||||||||||
Total TDRs
|
8,689
|
9,066
|
15,100
|
18,620
|
44,858
|
|||||||||||||||
Impaired loans
|
$
|
11,913
|
$
|
9,561
|
$
|
19,984
|
$
|
30,189
|
$
|
53,144
|
(1)
|
Total non-accrual loans include some loans that were modified in a manner that met the criteria for a TDR. There were no non-accruing TDRs at December 31, 2016. There were non-accruing TDRs which totaled $207,000, $4.7 million, $5.7 million, and $6.3 million at December 31, 2015, 2014, 2013, and 2012, respectively, which are included in the non-accrual loans total.
|
(2)
|
Smaller balance homogeneous loans, such as condominium or cooperative apartment and one-to four-family residential real estate loans with balances less than or equal to the Fannie Mae ("FNMA") conforming loan limits for high-cost areas such as the Bank's primary lending area (“FNMA Limits”) and consumer loans, are collectively evaluated for impairment, and accordingly, not separately identified for impairment disclosures.
|
At December 31,
|
||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||
Total non-accrual loans
|
$
|
4,237
|
$
|
1,611
|
$
|
6,198
|
$
|
12,549
|
$
|
9,448
|
||||||||||
Non-performing assets:
|
||||||||||||||||||||
Non-performing pooled trust preferred securities ("TRUP CDOs")
|
1,270
|
1,236
|
904
|
898
|
892
|
|||||||||||||||
OREO
|
-
|
148
|
18
|
18
|
-
|
|||||||||||||||
Total non-performing assets
|
5,507
|
2,995
|
7,120
|
13,465
|
10,340
|
|||||||||||||||
Ratios:
|
||||||||||||||||||||
Total non-accrual loans to total loans
|
0.08
|
%
|
0.03
|
%
|
0.15
|
%
|
0.34
|
%
|
0.25
|
%
|
||||||||||
Total non-performing assets to total assets
|
0.09
|
0.06
|
0.16
|
0.33
|
0.26
|
At December 31,
|
||||||||||||||||||||||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||||||||||||||||||||||
Allocated
Amount
|
Percent
of Loans
in Each
Category
to Total
Loans
|
Allocated
Amount
|
Percent
of Loans
in Each
Category
to Total
Loans
|
Allocated
Amount
|
Percent
of Loans
in Each
Category
to Total
Loans
|
Allocated
Amount
|
Percent
of Loans
in Each
Category
to Total
Loans
|
Allocated
Amount
|
Percent
of Loans
in Each
Category
to Total
Loans
|
|||||||||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||||||||||
Impaired loans
|
$
|
-
|
0.21
|
%
|
$
|
-
|
0.20
|
%
|
$
|
19
|
0.49
|
%
|
$
|
1,771
|
0.82
|
%
|
$
|
520
|
1.52
|
%
|
||||||||||||||||||||
Substandard loans not deemed impaired (1)
|
n/a
|
n/a
|
348
|
0.37
|
371
|
0.44
|
53
|
0.15
|
795
|
0.44
|
||||||||||||||||||||||||||||||
Special Mention loans (1)
|
n/a
|
n/a
|
88
|
0.37
|
228
|
0.81
|
185
|
0.92
|
145
|
0.54
|
||||||||||||||||||||||||||||||
Pass graded loans:
|
||||||||||||||||||||||||||||||||||||||||
Multifamily residential
|
16,555
|
81.56
|
13,942
|
79.69
|
13,600
|
79.38
|
13,743
|
78.49
|
14,118
|
75.99
|
||||||||||||||||||||||||||||||
Commercial real estate
|
3,816
|
16.86
|
3,902
|
17.88
|
4,156
|
17.15
|
4,189
|
17.81
|
4,750
|
19.08
|
||||||||||||||||||||||||||||||
One-to four- family including condominium and cooperative apartment
|
145
|
1.31
|
214
|
1.46
|
95
|
1.68
|
188
|
1.75
|
195
|
2.36
|
||||||||||||||||||||||||||||||
Construction and land acquisition
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||
Consumer
|
20
|
0.06
|
20
|
0.03
|
24
|
0.05
|
24
|
0.06
|
27
|
0.07
|
||||||||||||||||||||||||||||||
Total
|
$
|
20,536
|
100.00
|
%
|
$
|
18,514
|
100.00
|
%
|
$
|
18,493
|
100.00
|
%
|
$
|
20,153
|
100.00
|
%
|
$
|
20,550
|
100.00
|
%
|
(1) |
During the year ended December 31, 2016, the allowance methodology was refined such that there was not a component for Substandard and Special Mention loans. All non-impaired loans as of December 31, 2016 were considered Pass graded loans.
|
At or for the Year Ended December 31,
|
||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||
Total loans outstanding at end of period (1)
|
$
|
5,636,422
|
$
|
4,696,776
|
$
|
4,119,240
|
$
|
3,699,519
|
$
|
3,506,368
|
||||||||||
Average total loans outstanding during the period(1)
|
5,212,729
|
4,328,977
|
3,964,520
|
3,606,039
|
3,402,838
|
|||||||||||||||
Allowance balance at end of period
|
20,536
|
18,514
|
18,493
|
20,153
|
20,550
|
|||||||||||||||
Allowance for loan losses to total loans at end of period
|
0.36
|
%
|
0.39
|
%
|
0.45
|
%
|
0.54
|
%
|
0.59
|
%
|
||||||||||
Allowance for loan losses to total non-performing loans at end of period
|
484.68
|
1,149.22
|
298.37
|
160.59
|
231.21
|
|||||||||||||||
Allowance for loan losses to total non-performing loans and TDRs at end of period
|
158.87
|
170.10
|
71.09
|
64.66
|
42.58
|
|||||||||||||||
Ratio of net charge-offs to average loans outstanding during the period
|
NM
|
(0.03
|
)
|
(0.01
|
)
|
0.02
|
0.11
|
(1) |
Total loans represent gross loans (including loans held for sale), inclusive of deferred loan fees and discounts.
|
At December 31,
|
||||||||||||||||||||||||
2016
|
2015
|
2014
|
||||||||||||||||||||||
Amortized/
Historical
Cost (1)
|
Fair
Value
|
Amortized/
Historical
Cost (1)
|
Fair
Value
|
Amortized/
Historical
Cost (1)
|
Fair
Value
|
|||||||||||||||||||
MBS
|
(Dollars in Thousands)
|
|||||||||||||||||||||||
Available-for-Sale:
|
||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation ("FHLMC") pass through certificates
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
17,080
|
$
|
18,145
|
||||||||||||
FNMA pass through certificates
|
-
|
-
|
-
|
-
|
5,763
|
6,125
|
||||||||||||||||||
Government National Mortgage Association (“GNMA”) pass through certificates
|
360
|
372
|
418
|
431
|
1,311
|
1,337
|
||||||||||||||||||
Private issuer MBS
|
-
|
-
|
-
|
-
|
449
|
455
|
||||||||||||||||||
Agency issued Collateralized Mortgage Obligations ("CMOs")
|
3,247
|
3,186
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Private issuer CMOs
|
-
|
-
|
-
|
-
|
343
|
347
|
||||||||||||||||||
Total MBS available-for-sale
|
3,607
|
3,558
|
418
|
431
|
24,946
|
26,409
|
||||||||||||||||||
INVESTMENT SECURITIES
|
||||||||||||||||||||||||
TRUP CDOs held-to-maturity
|
5,378
|
7,296
|
5,242
|
7,051
|
5,367
|
6,263
|
||||||||||||||||||
Total investment securities held-to-maturity
|
5,378
|
7,296
|
5,242
|
7,051
|
5,367
|
6,263
|
||||||||||||||||||
Available-for-Sale:
|
||||||||||||||||||||||||
Federal agency obligations
|
-
|
-
|
-
|
-
|
70
|
70
|
||||||||||||||||||
Mutual funds
|
4,011
|
3,895
|
3,990
|
3,756
|
3,860
|
3,736
|
||||||||||||||||||
Total investment securities available-for-sale
|
4,011
|
3,895
|
3,990
|
3,756
|
3,930
|
3,806
|
||||||||||||||||||
Trading:
|
||||||||||||||||||||||||
Mutual funds
|
7,015
|
6,953
|
10,390
|
10,201
|
8,640
|
8,559
|
||||||||||||||||||
Total trading securities
|
7,015
|
6,953
|
10,390
|
10,201
|
8,640
|
8,559
|
||||||||||||||||||
TOTAL INVESTMENT SECURITIES AND MBS
|
$
|
20,011
|
$
|
21,702
|
$
|
20,040
|
$
|
21,439
|
$
|
42,883
|
$
|
45,037
|
(1) |
Amount is net of cumulative credit related Other than Temporary Impairment (“OTTI”) on TRUP CDOs held-to-maturity totaling $8.6 million, $8.7 million and $9.0 million at December 31, 2016, 2015 and 2014 respectively.
|
For the Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
(Dollars in Thousands)
|
||||||||||||
Amortized cost at beginning of period
|
$
|
418
|
$
|
24,946
|
$
|
29,962
|
||||||
(Sales) Purchases, net
|
3,267
|
(22,919
|
)
|
875
|
||||||||
Principal repayments
|
(59
|
)
|
(1,602
|
)
|
(5,863
|
)
|
||||||
Premium amortization, net
|
(19
|
)
|
(7
|
)
|
(28
|
)
|
||||||
Amortized cost at end of period
|
$
|
3,607
|
$
|
418
|
$
|
24,946
|
Amortized
Cost
|
Fair
Value
|
Weighted
Average
Yield
|
||||||||||
(Dollars in Thousands)
|
||||||||||||
Due within 1 year
|
$
|
-
|
$
|
-
|
-
|
%
|
||||||
Due after 1 year but within 5 years
|
3,247
|
3,186
|
4.28
|
|||||||||
Due after 5 years but within 10 years
|
-
|
-
|
-
|
|||||||||
Due after ten years
|
360
|
371
|
2.03
|
|||||||||
Total
|
$
|
3,607
|
$
|
3,558
|
4.06
|
%
|
At December 31, 2016
|
At December 31, 2015
|
At December 31, 2014
|
||||||||||||||||||||||||||||||||||
Amount
|
Percent
of Total
Deposits
|
Weighted
Average
Rate
|
Amount
|
Percent
of Total
Deposits
|
Weighted
Average
Rate
|
Amount
|
Percent
of Total
Deposits
|
Weighted
Average
Rate
|
||||||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||||||
Savings accounts
|
$
|
366,921
|
8.3
|
%
|
0.05
|
%
|
$
|
368,671
|
11.6
|
%
|
0.05
|
%
|
$
|
372,753
|
14.0
|
%
|
0.05
|
%
|
||||||||||||||||||
CDs
|
1,048,465
|
23.9
|
1.47
|
858,847
|
27.0
|
1.44
|
926,318
|
34.8
|
1.43
|
|||||||||||||||||||||||||||
Money market accounts
|
2,576,081
|
58.6
|
0.86
|
1,618,617
|
50.8
|
0.81
|
1,094,698
|
41.2
|
0.61
|
|||||||||||||||||||||||||||
Interest bearing checking accounts
|
106,525
|
2.4
|
0.08
|
78,994
|
2.5
|
0.08
|
78,430
|
2.9
|
0.08
|
|||||||||||||||||||||||||||
Non-interest bearing checking accounts
|
297,434
|
6.8
|
-
|
259,181
|
8.1
|
-
|
187,593
|
7.1
|
-
|
|||||||||||||||||||||||||||
Totals
|
$
|
4,395,426
|
100.0
|
%
|
0.86
|
%
|
$
|
3,184,310
|
100.0
|
%
|
0.81
|
%
|
$
|
2,659,792
|
100.0
|
%
|
0.76
|
%
|
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
(Dollars in Thousands)
|
||||||||||||
Deposits
|
$
|
8,674,460
|
$
|
6,306,645
|
$
|
4,052,651
|
||||||
Withdrawals
|
7,495,718
|
5,805,132
|
3,919,596
|
|||||||||
Deposits greater than Withdrawals
|
$
|
1,178,742
|
$
|
501,513
|
$
|
133,055
|
||||||
Interest credited
|
32,374
|
23,005
|
19,591
|
|||||||||
Total increase in deposits
|
$
|
1,211,116
|
$
|
524,518
|
$
|
152,646
|
Period to Maturity at December 31, 2016
|
Total at December 31,
|
|||||||||||||||||||||||||||
Interest Rate Range
|
One Year
or Less
|
Over One
Year to
Three
Years
|
Over
Three
Years to
Five
Years
|
Over Five
Years
|
2016
|
2015
|
2014
|
|||||||||||||||||||||
(Dollars in Thousands)
|
(Dollars in Thousands)
|
|||||||||||||||||||||||||||
1.00% and below
|
$
|
127,957
|
$
|
31,410
|
$
|
-
|
$
|
-
|
$
|
159,367
|
$
|
230,982
|
$
|
345,955
|
||||||||||||||
1.01% to 2.00%
|
278,818
|
369,690
|
56,870
|
2,650
|
708,028
|
425,120
|
310,993
|
|||||||||||||||||||||
2.01% to 3.00%
|
51,779
|
108,387
|
559
|
-
|
160,725
|
183,617
|
201,215
|
|||||||||||||||||||||
3.01% and above
|
1,246
|
19,056
|
-
|
43
|
20,345
|
19,128
|
68,155
|
|||||||||||||||||||||
Total
|
$
|
459,800
|
$
|
528,543
|
$
|
57,429
|
$
|
2,693
|
$
|
1,048,465
|
$
|
858,847
|
$
|
926,318
|
Maturity Date
|
Amount
|
Weighted
Average Rate
|
||||||
(Dollars in Thousands)
|
||||||||
Within three months
|
$
|
108,459
|
1.32
|
%
|
||||
After three but within six months
|
94,988
|
1.39
|
||||||
After six but within twelve months
|
52,639
|
1.17
|
||||||
After 12 months
|
340,927
|
1.66
|
||||||
Total
|
$
|
597,013
|
1.51
|
%
|
At or for the Year Ended December 31,
|
||||||||||||||||||||||||
2016
|
2015
|
2014
|
||||||||||||||||||||||
Amount
|
Average
Cost
|
Amount
|
Average
Cost
|
Amount
|
Average
Cost
|
|||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
Balance outstanding at end of period
|
$
|
831,125
|
1.57
|
%
|
$
|
1,166,725
|
1.32
|
%
|
$
|
1,173,725
|
1.74
|
%
|
||||||||||||
Weighted average balance outstanding during the period
|
972,179
|
1.45
|
1,019,020
|
1.65
|
1,039,203
|
2.28
|
||||||||||||||||||
Maximum balance outstanding at month end during period
|
1,277,125
|
1,166,725
|
1,173,725
|
Payments Due By Period
|
||||||||||||||||||||
CDs
|
Weighted
Average
Rate
|
Borrowings
|
Weighted
Average
Rate
|
Operating
Lease
Obligations |
||||||||||||||||
Less than one year
|
$
|
459,800
|
1.23
|
%
|
$
|
502,075
|
1.53
|
%
|
$
|
5,327
|
||||||||||
One year to three years
|
528,543
|
1.65
|
223,250
|
1.54
|
12,202
|
|||||||||||||||
Over three years to five years
|
57,429
|
1.64
|
105,800
|
1.85
|
11,886
|
|||||||||||||||
Over five years
|
2,693
|
1.64
|
70,680
|
7.00
|
30,783
|
|||||||||||||||
Total
|
$
|
1,048,465
|
1.47
|
%
|
$
|
901,805
|
2.00
|
%
|
$
|
60,198
|
Less than
One Year
|
One Year to
Three Years
|
Over Three
Years to Five
Years
|
Over Five
Years
|
Total
|
||||||||||||||||
Credit Commitments:
|
||||||||||||||||||||
Available lines of credit
|
$
|
38,737
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
38,737
|
||||||||||
Other loan commitments
|
115,216
|
-
|
-
|
-
|
115,216
|
|||||||||||||||
Total Off-Balance Sheet Arrangements
|
$
|
153,953
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
153,953
|
At December 31, 2016
|
At December 31, 2015
|
|||||||||||||||||||||||
EVE
|
Dollar
Change
|
Percentage
Change
|
EVE
|
Dollar
Change
|
Percentage
Change
|
|||||||||||||||||||
Rate Shock Scenario
|
(Dollars in Thousands)
|
|||||||||||||||||||||||
+ 200 Basis Points
|
$
|
508,155
|
$
|
(66,494
|
)
|
-11.6
|
%
|
$
|
515,779
|
$
|
(63,058
|
)
|
-12.2
|
%
|
||||||||||
Pre-Shock Scenario
|
574,649
|
-
|
-
|
578,837
|
-
|
-
|
Instantaneous Change in Interest rate of:
|
Percentage
Change in Net
Interest
Income
|
|||
+ 200 Basis Points
|
(11.7
|
)%
|
||
+ 100 Basis Points
|
(4.5
|
)
|
||
– 100 Basis Points
|
11.3
|
DIME COMMUNITY BANCSHARES, INC.
|
||
By:
|
/s/ KENNETH J. MAHON
|
|
Kenneth J. Mahon
|
||
President and Chief Executive Officer
|
Name
|
Title
|
/s/ VINCENT F. PALAGIANO
|
Chairman of the Board
|
Vincent F. Palagiano
|
|
/s/ MICHAEL P. DEVINE
|
Vice Chairman of the Board
|
Michael P. Devine
|
|
/s/ KENNETH J. MAHON
|
President, Chief Executive Officer and Director
|
Kenneth J. Mahon
|
(Principal Executive Officer)
|
/s/ MICHAEL PUCELLA
|
Executive Vice President and Chief Accounting Officer
|
Michael Pucella
|
(Principal Financial Officer)
|
/s/ ANTHONY BERGAMO
|
Director
|
Anthony Bergamo
|
|
/s/ STEVEN D. COHN
|
Director
|
Steven D. Cohn
|
|
/s/ PATRICK E. CURTIN
|
Director
|
Patrick E. Curtin
|
|
/s/ ROBERT C. GOLDEN
|
Director
|
Robert C. Golden
|
|
/s/ KATHLEEN M. NELSON
|
Director
|
Kathleen M. Nelson
|
|
/s/ JOSEPH J. PERRY
|
Director
|
Joseph J. Perry
|
|
/s/ OMER S.J. WILLIAMS
|
Director
|
Omer S.J. Williams
|
Page
|
|
Report of Independent Registered Public Accounting Firm
|
F-64
|
Consolidated Statements of Financial Condition at December 31, 2016 and 2015
|
F-65
|
Consolidated Statements of Operations and Comprehensive Income for the years ended
December 31, 2016, 2015 and 2014
|
F-66
|
Consolidated Statements of Changes in Stockholders' Equity for the years ended
December 31, 2016, 2015 and 2014
|
F-67
|
Consolidated Statements of Cash Flows for the years ended December 31, 2016, 2015 and 2014
|
F-68
|
Notes to Consolidated Financial Statements
|
F-69-F-112
|
December 31,
|
||||||||
2016
|
2015
|
|||||||
ASSETS:
|
||||||||
Cash and due from banks
|
$
|
113,503
|
$
|
64,154
|
||||
Total cash and cash equivalents
|
113,503
|
64,154
|
||||||
Investment securities held-to-maturity (estimated fair value of $7,296 and $7,051 at December 31, 2016 and December 31, 2015, respectively)(Fully unencumbered)
|
5,378
|
5,242
|
||||||
Investment securities available-for-sale, at fair value (Fully unencumbered)
|
3,895
|
3,756
|
||||||
Mortgage-backed securities (“MBS”) available-for-sale, at fair value (Fully unencumbered)
|
3,558
|
431
|
||||||
Trading securities
|
6,953
|
10,201
|
||||||
Loans:
|
||||||||
Real estate, net
|
5,633,007
|
4,695,186
|
||||||
Consumer loans
|
3,415
|
1,590
|
||||||
Less allowance for loan losses
|
(20,536
|
)
|
(18,514
|
)
|
||||
Total loans, net
|
5,615,886
|
4,678,262
|
||||||
Premises and fixed assets, net
|
18,405
|
15,150
|
||||||
Premises held for sale
|
1,379
|
8,799
|
||||||
Federal Home Loan Bank of New York ("FHLBNY") capital stock
|
44,444
|
58,713
|
||||||
Other real estate owned ("OREO")
|
-
|
148
|
||||||
Bank Owned Life Insurance ("BOLI")
|
86,328
|
85,019
|
||||||
Goodwill
|
55,638
|
55,638
|
||||||
Other assets
|
50,063
|
47,359
|
||||||
Total Assets
|
$
|
6,005,430
|
$
|
5,032,872
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Liabilities:
|
||||||||
Due to depositors:
|
||||||||
Interest bearing deposits
|
$
|
4,097,992
|
$
|
2,925,129
|
||||
Non-interest bearing deposits
|
297,434
|
259,181
|
||||||
Total deposits
|
4,395,426
|
3,184,310
|
||||||
Escrow and other deposits
|
103,001
|
77,130
|
||||||
FHLBNY advances
|
831,125
|
1,166,725
|
||||||
Trust Preferred securities payable
|
70,680
|
70,680
|
||||||
Other liabilities
|
39,330
|
40,080
|
||||||
Total Liabilities
|
5,439,562
|
4,538,925
|
||||||
COMMITMENTS AND CONTINGENCIES (See Note 16)
|
||||||||
Stockholders' Equity:
|
||||||||
Preferred stock ($0.01 par, 9,000,000 shares authorized, none issued or outstanding at December 31, 2016 and December 31, 2015)
|
-
|
-
|
||||||
Common stock ($0.01 par, 125,000,000 shares authorized, 53,572,745 shares and 53,326,753 shares issued at December 31, 2016 and December 31, 2015, respectively, and 37,445,853 shares and 37,371,992 shares outstanding at December 31, 2016 and December 31, 2015, respectively)
|
536
|
533
|
||||||
Additional paid-in capital
|
278,356
|
262,798
|
||||||
Retained earnings
|
503,539
|
451,606
|
||||||
Accumulated other comprehensive loss, net of deferred taxes
|
(5,939
|
)
|
(8,801
|
)
|
||||
Unallocated common stock of Employee Stock Ownership Plan ("ESOP")
|
-
|
(2,313
|
)
|
|||||
Unearned Restricted Stock Award common stock
|
(1,932
|
)
|
(2,271
|
)
|
||||
Common stock held by Benefit Maintenance Plan ("BMP")
|
(6,859
|
)
|
(9,354
|
)
|
||||
Treasury stock, at cost (16,116,892 shares and 15,954,761 shares at December 31, 2016 and December 31, 2015, respectively)
|
(201,833
|
)
|
(198,251
|
)
|
||||
Total Stockholders' Equity
|
565,868
|
493,947
|
||||||
Total Liabilities And Stockholders' Equity
|
$
|
6,005,430
|
$
|
5,032,872
|
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Interest income:
|
||||||||||||
Loans secured by real estate
|
$
|
191,856
|
$
|
171,347
|
$
|
169,208
|
||||||
Other loans
|
115
|
93
|
105
|
|||||||||
MBS
|
20
|
186
|
914
|
|||||||||
Investment securities
|
880
|
875
|
560
|
|||||||||
Other short-term investments
|
2,756
|
2,290
|
2,165
|
|||||||||
Total interest income
|
195,627
|
174,791
|
172,952
|
|||||||||
Interest expense:
|
||||||||||||
Deposits and escrow
|
32,374
|
23,005
|
19,591
|
|||||||||
Borrowed funds
|
19,767
|
23,222
|
28,825
|
|||||||||
Total interest expense
|
52,141
|
46,227
|
48,416
|
|||||||||
Net interest income
|
143,486
|
128,564
|
124,536
|
|||||||||
Provision (Credit) for loan losses
|
2,118
|
(1,330
|
)
|
(1,872
|
)
|
|||||||
Net interest income after provision for loan losses
|
141,368
|
129,894
|
126,408
|
|||||||||
Non-interest income:
|
||||||||||||
Service charges and other fees
|
3,429
|
3,323
|
3,191
|
|||||||||
Mortgage banking income
|
96
|
183
|
1,225
|
|||||||||
Net gain on securities(1) and other assets
|
123
|
1,273
|
952
|
|||||||||
Net gain on the sale of premises
|
68,183
|
-
|
649
|
|||||||||
Income from BOLI
|
2,734
|
2,405
|
1,743
|
|||||||||
Other
|
1,369
|
1,432
|
1,278
|
|||||||||
Total non-interest income
|
75,934
|
8,616
|
9,038
|
|||||||||
Non-interest expense:
|
||||||||||||
Salaries and employee benefits
|
34,854
|
31,350
|
32,462
|
|||||||||
Stock benefit plan compensation expense
|
14,651
|
3,640
|
3,817
|
|||||||||
Occupancy and equipment
|
12,103
|
10,514
|
10,177
|
|||||||||
Data processing costs
|
5,194
|
4,017
|
3,595
|
|||||||||
Advertising and marketing
|
4,121
|
2,685
|
1,922
|
|||||||||
Federal deposit insurance premiums
|
2,515
|
2,304
|
2,151
|
|||||||||
Other
|
10,393
|
7,983
|
6,952
|
|||||||||
Total non-interest expense
|
83,831
|
62,493
|
61,076
|
|||||||||
Income before income taxes
|
133,471
|
76,017
|
74,370
|
|||||||||
Income tax expense
|
60,957
|
31,245
|
30,124
|
|||||||||
Net income
|
$
|
72,514
|
$
|
44,772
|
$
|
44,246
|
||||||
Earnings per Share (“EPS”):
|
||||||||||||
Basic
|
$
|
1.97
|
$
|
1.24
|
$
|
1.23
|
||||||
Diluted
|
$
|
1.97
|
$
|
1.23
|
$
|
1.23
|
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Net Income
|
$
|
72,514
|
$
|
44,772
|
$
|
44,246
|
||||||
Other comprehensive income:
|
||||||||||||
Change in unrealized holding loss on securities held-to-maturity and transferred securities
|
85
|
116
|
97
|
|||||||||
Change in unrealized holding loss (gain) on securities available-for-sale
|
56
|
(1,560
|
)
|
(1,062
|
)
|
|||||||
Change in pension and other postretirement obligations
|
1,841
|
989
|
(5,942
|
)
|
||||||||
Change in unrealized gain on derivative asset
|
3,228
|
-
|
-
|
|||||||||
Other comprehensive gain (loss) before income taxes
|
5,210
|
(455
|
)
|
(6,907
|
)
|
|||||||
Deferred tax expense (benefit)
|
2,348
|
(201
|
)
|
(3,119
|
)
|
|||||||
Other comprehensive income (loss), net of tax
|
2,862
|
(254
|
)
|
(3,788
|
)
|
|||||||
Total comprehensive income
|
$
|
75,376
|
$
|
44,518
|
$
|
40,458
|
Number of
Shares
|
Common
Stock
|
Additional
Paid-in
Capital
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Loss, Net of
Deferred Taxes
|
Unallocated
Common
Stock of
ESOP
|
Unearned
Restricted
Stock
Award
Common
Stock
|
Common
Stock
Held by
BMP
|
Treasury
Stock, at
cost
|
Total
Stockholders’
Equity
|
|||||||||||||||||||||||||||||||
Beginning balance as of January 1, 2014
|
36,712,951
|
$
|
528
|
$
|
252,253
|
$
|
402,986
|
$
|
(4,759
|
)
|
$
|
(2,776
|
)
|
$
|
(3,193
|
)
|
$
|
(9,013
|
)
|
$
|
(200,520
|
)
|
$
|
435,506
|
||||||||||||||||
Net Income
|
-
|
-
|
-
|
44,246
|
-
|
-
|
-
|
-
|
-
|
44,246
|
||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax
|
-
|
-
|
-
|
-
|
(3,788
|
)
|
-
|
-
|
-
|
-
|
(3,788
|
)
|
||||||||||||||||||||||||||||
Exercise of stock options, net expired options
|
16,960
|
1
|
248
|
-
|
-
|
-
|
-
|
-
|
-
|
249
|
||||||||||||||||||||||||||||||
Release of shares, net of forfeitures
|
125,108
|
-
|
746
|
-
|
-
|
-
|
(1,849
|
)
|
(151
|
)
|
1,554
|
300
|
||||||||||||||||||||||||||||
Stock-based compensation
|
-
|
-
|
1,111
|
-
|
-
|
231
|
1,976
|
-
|
-
|
3,318
|
||||||||||||||||||||||||||||||
Cash dividends declared and paid
|
-
|
-
|
-
|
(20,106
|
)
|
-
|
-
|
-
|
-
|
-
|
(20,106
|
)
|
||||||||||||||||||||||||||||
Repurchase of common stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||
Ending balance as of December 31, 2014
|
36,855,019
|
529
|
254,358
|
427,126
|
(8,547
|
)
|
(2,545
|
)
|
(3,066
|
)
|
(9,164
|
)
|
(198,966
|
)
|
459,725
|
|||||||||||||||||||||||||
Net Income
|
-
|
-
|
-
|
44,772
|
-
|
-
|
-
|
-
|
-
|
44,772
|
||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax
|
-
|
-
|
-
|
-
|
(254
|
)
|
-
|
-
|
-
|
-
|
(254
|
)
|
||||||||||||||||||||||||||||
Exercise of stock options, net expired options
|
455,310
|
4
|
6,809
|
-
|
-
|
-
|
-
|
-
|
-
|
6,813
|
||||||||||||||||||||||||||||||
Release of shares, net of forfeitures
|
81,663
|
-
|
526
|
-
|
-
|
-
|
(1,061
|
)
|
(190
|
)
|
1,015
|
290
|
||||||||||||||||||||||||||||
Stock-based compensation
|
-
|
-
|
1,105
|
-
|
-
|
232
|
1,856
|
-
|
-
|
3,193
|
||||||||||||||||||||||||||||||
Cash dividends declared and paid
|
-
|
-
|
-
|
(20,292
|
)
|
-
|
-
|
-
|
-
|
-
|
(20,292
|
)
|
||||||||||||||||||||||||||||
Repurchase of common stock
|
(20,000
|
)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(300
|
)
|
(300
|
)
|
|||||||||||||||||||||||||||
Ending balance as of December 31, 2015
|
37,371,992
|
533
|
262,798
|
451,606
|
(8,801
|
)
|
(2,313
|
)
|
(2,271
|
)
|
(9,354
|
)
|
(198,251
|
)
|
493,947
|
|||||||||||||||||||||||||
Net Income
|
-
|
-
|
-
|
72,514
|
-
|
-
|
-
|
-
|
-
|
72,514
|
||||||||||||||||||||||||||||||
Other comprehensive income, net of tax
|
-
|
-
|
-
|
-
|
2,862
|
-
|
-
|
-
|
-
|
2,862
|
||||||||||||||||||||||||||||||
Exercise of stock options, net of expired options
|
245,992
|
3
|
3,567
|
-
|
-
|
-
|
-
|
-
|
-
|
3,570
|
||||||||||||||||||||||||||||||
Release of shares, net of forfeitures
|
85,137
|
-
|
659
|
-
|
-
|
-
|
(780
|
)
|
(222
|
)
|
708
|
365
|
||||||||||||||||||||||||||||
Stock-based compensation
|
-
|
-
|
1,276
|
-
|
-
|
231
|
1,119
|
-
|
349
|
2,975
|
||||||||||||||||||||||||||||||
Shares received to satisfy distribution of retirement benefits
|
(107,008
|
)
|
-
|
(2,717
|
)
|
-
|
-
|
-
|
-
|
2,717
|
(1,820
|
)
|
(1,820
|
)
|
||||||||||||||||||||||||||
Tax benefit from market valuation adjustment on distribution of BMP ESOP shares
|
-
|
-
|
717
|
-
|
-
|
-
|
-
|
-
|
-
|
717
|
||||||||||||||||||||||||||||||
ESOP Share Acquisition Loan payoff
|
(140,260
|
)
|
-
|
12,056
|
-
|
-
|
2,082
|
-
|
-
|
(2,819
|
)
|
11,319
|
||||||||||||||||||||||||||||
Cash dividends declared and paid
|
-
|
-
|
-
|
(20,581
|
)
|
-
|
-
|
-
|
-
|
-
|
(20,581
|
)
|
||||||||||||||||||||||||||||
Ending balance as of December 31, 2016
|
37,455,853
|
$
|
536
|
$
|
278,356
|
$
|
503,539
|
$
|
(5,939
|
)
|
$
|
-
|
$
|
(1,932
|
)
|
$
|
(6,859
|
)
|
$
|
(201,833
|
)
|
$
|
565,868
|
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||
Net Income
|
$
|
72,514
|
$
|
44,772
|
$
|
44,246
|
||||||
Adjustments to reconcile net income to net cash provided by operating activities
|
||||||||||||
Net gain on the sales of investment securities and MBS available-for-sale
|
-
|
(1,384
|
)
|
(997
|
)
|
|||||||
Net (gain) loss recognized on trading securities
|
(83
|
)
|
111
|
(13
|
)
|
|||||||
Net gain on the sale of OREO
|
(40
|
)
|
-
|
-
|
||||||||
Write-down of OREO
|
18
|
-
|
-
|
|||||||||
Net gain on sale of premises
|
(68,183
|
)
|
-
|
(649
|
)
|
|||||||
Net gain on sale of loans held for sale
|
-
|
-
|
(27
|
)
|
||||||||
Net depreciation, amortization and accretion
|
2,296
|
2,738
|
2,641
|
|||||||||
Stock plan compensation expense (excluding ESOP)
|
1,837
|
1,886
|
2,087
|
|||||||||
Prepayment of ESOP Share Acquisition Loan
|
11,319
|
-
|
-
|
|||||||||
ESOP compensation expense
|
1,138
|
1,307
|
1,230
|
|||||||||
Provision (Credit) for loan losses
|
2,118
|
(1,330
|
)
|
(1,872
|
)
|
|||||||
Credit to reduce the liability for loans sold with recourse
|
-
|
-
|
(1,040
|
)
|
||||||||
Increase in cash surrender value of BOLI
|
(2,250
|
)
|
(2,405
|
)
|
(1,743
|
)
|
||||||
Income recognized from mortality benefit on BOLI
|
(484
|
)
|
-
|
-
|
||||||||
Deferred income tax expense
|
1,097
|
6,883
|
771
|
|||||||||
Reduction in credit related other than temporary impairment (“OTTI”) amortized through interest income
|
(104
|
)
|
(228
|
)
|
-
|
|||||||
Excess tax benefit of stock benefit plans
|
(171
|
)
|
(303
|
)
|
(71
|
)
|
||||||
Changes in assets and liabilities:
|
||||||||||||
Increase in other assets
|
(2,942
|
)
|
(1,464
|
)
|
(2,873
|
)
|
||||||
Increase (Decrease) in other liabilities
|
1,979
|
(430
|
)
|
5,573
|
||||||||
Net cash provided by Operating Activities
|
20,059
|
50,153
|
47,263
|
|||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||
Proceeds from maturities of investment securities held-to-maturity
|
-
|
340
|
88
|
|||||||||
Proceeds from maturities and calls of investment securities available-for-sale
|
-
|
-
|
15,000
|
|||||||||
Proceeds from sales of investment securities available-for-sale
|
-
|
2,070
|
3,780
|
|||||||||
Proceeds from sales of MBS available-for-sale
|
-
|
24,307
|
-
|
|||||||||
Proceeds from sales of trading securities
|
3,648
|
1,340
|
7,115
|
|||||||||
Purchases of investment securities available-for-sale
|
(22
|
)
|
(2,134
|
)
|
(3,884
|
)
|
||||||
Purchases of MBS available-for-sale
|
(3,267
|
)
|
-
|
(875
|
)
|
|||||||
Acquisition of trading securities
|
(317
|
)
|
(3,090
|
)
|
(8,839
|
)
|
||||||
Principal collected on MBS available-for-sale
|
59
|
1,602
|
5,863
|
|||||||||
Purchase of BOLI
|
-
|
-
|
(25,000
|
)
|
||||||||
Purchases of loans
|
(157,782
|
)
|
(99,745
|
)
|
(225,604
|
)
|
||||||
Proceeds from sale of portfolio loans
|
-
|
9,572
|
16,892
|
|||||||||
Net increase in loans
|
(781,960
|
)
|
(486,142
|
)
|
(210,770
|
)
|
||||||
Proceeds from the sale of OREO and real estate owned
|
170
|
-
|
-
|
|||||||||
Proceeds from surrender of cash surrender value of BOLI
|
1,425
|
-
|
-
|
|||||||||
Proceeds from the sale of fixed assets and premises held for sale
|
75,899
|
-
|
4,273
|
|||||||||
Purchases of fixed assets, net
|
(5,774
|
)
|
(1,488
|
)
|
(1,618
|
)
|
||||||
Sale (Purchase) of FHLBNY capital stock, net
|
14,269
|
(306
|
)
|
(10,356
|
)
|
|||||||
Net cash used in Investing Activities
|
(853,652
|
)
|
(553,674
|
)
|
(433,935
|
)
|
||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||
Increase in due to depositors
|
1,211,116
|
524,518
|
152,646
|
|||||||||
Increase (Decrease) in escrow and other deposits
|
25,871
|
(14,791
|
)
|
22,517
|
||||||||
Repayments of FHLBNY advances
|
(3,178,500
|
)
|
(2,897,500
|
)
|
(1,224,500
|
)
|
||||||
Proceeds from FHLBNY advances
|
2,842,900
|
2,890,500
|
1,488,225
|
|||||||||
Proceeds from exercise of stock options
|
3,498
|
6,549
|
278
|
|||||||||
Excess tax benefit of stock benefit plans
|
171
|
303
|
71
|
|||||||||
Equity award distribution
|
287
|
251
|
201
|
|||||||||
BMP ESOP shares received to satisfy distribution of retirement benefits
|
(1,820
|
)
|
-
|
-
|
||||||||
Treasury shares repurchased
|
-
|
(300
|
)
|
-
|
||||||||
Cash dividends paid to stockholders
|
(20,581
|
)
|
(20,292
|
)
|
(20,106
|
)
|
||||||
Net cash provided by Financing Activities
|
882,942
|
489,238
|
419,332
|
|||||||||
INCREASE(DECREASE) IN CASH AND CASH EQUIVALENTS
|
49,349
|
|
(14,283
|
)
|
32,660
|
|||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
64,154
|
78,437
|
45,777
|
|||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
113,503
|
$
|
64,154
|
$
|
78,437
|
||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||||||
Cash paid for income taxes
|
$
|
58,383
|
$
|
25,659
|
$
|
29,035
|
||||||
Cash paid for interest
|
52,320
|
46,698
|
48,329
|
|||||||||
Loans transferred to OREO
|
-
|
130
|
-
|
|||||||||
Loans transferred to held for sale
|
-
|
9,572
|
16,865
|
|||||||||
Transfer of premises to held for sale
|
1,379
|
8,799
|
-
|
|||||||||
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity
|
51
|
125
|
65
|
|||||||||
Net increase (decrease) in non-credit component of OTTI of securities
|
(34
|
)
|
9
|
(32
|
)
|
1. |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
Buildings
|
2.22% to 2.50% per year
|
|
Leasehold improvements
|
Lesser of the useful life of the asset or the remaining non-cancelable terms of the related leases
|
|
Furniture, fixtures and equipment
|
10% per year
|
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Numerator:
|
||||||||||||
Net Income per the Consolidated Statements of Operations
|
$
|
72,514
|
$
|
44,772
|
$
|
44,246
|
||||||
Less: Dividends paid on earnings allocated to participating securities
|
(109
|
)
|
(136
|
)
|
(168
|
)
|
||||||
Income attributable to Common Stock
|
$
|
72,405
|
$
|
44,636
|
$
|
44,078
|
||||||
Weighted average common shares outstanding, including participating securities
|
36,898,951
|
36,477,854
|
36,174,962
|
|||||||||
Less: weighted average participating securities
|
(186,058
|
)
|
(245,037
|
)
|
(301,785
|
)
|
||||||
Weighted average common shares outstanding
|
36,712,893
|
36,232,817
|
35,873,177
|
|||||||||
Basic EPS
|
$
|
1.97
|
$
|
1.24
|
$
|
1.23
|
||||||
Income attributable to Common Stock
|
$
|
72,405
|
$
|
44,636
|
$
|
44,078
|
||||||
Weighted average common shares outstanding
|
36,712,893
|
36,232,817
|
35,873,177
|
|||||||||
Weighted average common equivalent shares outstanding
|
51,193
|
89,516
|
75,339
|
|||||||||
Weighted average common and equivalent shares outstanding
|
36,764,086
|
36,322,333
|
35,948,516
|
|||||||||
Diluted EPS
|
$
|
1.97
|
$
|
1.23
|
$
|
1.23
|
2. |
OTHER COMPREHENSIVE INCOME (LOSS)
|
Held-to-
Maturity
and
Transferred
Securities
|
Available-
for-Sale
Securities
|
Defined
Benefit
Plans
|
Derivative
Asset
|
Total
Accumulated
Other
Comprehensive
Income (Loss)
|
||||||||||||||||
Balance as of January 1, 2015
|
$
|
(826
|
)
|
$
|
736
|
$
|
(8,457
|
)
|
$
|
-
|
$
|
(8,547
|
)
|
|||||||
Other comprehensive income (loss) before reclassifications
|
66
|
(98
|
)
|
(500
|
)
|
-
|
(532
|
)
|
||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
-
|
(760
|
)
|
1,038
|
-
|
278
|
||||||||||||||
Net other comprehensive income (loss) during the period
|
66
|
(858
|
)
|
538
|
-
|
(254
|
)
|
|||||||||||||
Balance as of December 31, 2015
|
(760
|
)
|
(122
|
)
|
(7,919
|
)
|
-
|
(8,801
|
)
|
|||||||||||
Other comprehensive income before reclassifications
|
47
|
30
|
1,009
|
1,833
|
2,919
|
|||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
-
|
-
|
-
|
(57
|
)
|
(57
|
)
|
|||||||||||||
Net other comprehensive income during the period
|
47
|
30
|
1,009
|
1,776
|
2,862
|
|||||||||||||||
Balance as of December 31, 2016
|
$
|
(713
|
)
|
$
|
(92
|
)
|
$
|
(6,910
|
)
|
$
|
1,776
|
$
|
(5,939
|
)
|
For the year ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Change in unrealized holding loss on securities held-to-maturity and transferred securities:
|
||||||||||||
Accretion (Amortization) of previously recognized non-credit component of OTTI
|
$
|
34
|
$
|
(9
|
)
|
$
|
32
|
|||||
Change in unrealized loss on securities transferred to held-to-maturity
|
51
|
125
|
65
|
|||||||||
Net change
|
85
|
116
|
97
|
|||||||||
Tax expense
|
38
|
50
|
45
|
|||||||||
Net change in unrealized holding loss on securities held-to-maturity and transferred securities
|
47
|
66
|
52
|
|||||||||
Change in unrealized holding gain on securities available-for-sale:
|
||||||||||||
Change in net unrealized gain during the period
|
56
|
(176
|
)
|
(65
|
)
|
|||||||
Reclassification adjustment for net gains included in net gain on securities
|
-
|
(1,384
|
)
|
(997
|
)
|
|||||||
Net change
|
56
|
(1,560
|
)
|
(1,062
|
)
|
|||||||
Tax expense (benefit)
|
26
|
(702
|
)
|
(479
|
)
|
|||||||
Net change in unrealized holding gain on securities available-for-sale
|
30
|
(858
|
)
|
(583
|
)
|
|||||||
Change in pension and other postretirement obligations:
|
||||||||||||
Reclassification adjustment for expense included in salaries and employee benefits expense
|
1,841
|
1,890
|
1,044
|
|||||||||
Change in the net actuarial gain or loss
|
-
|
(901
|
)
|
(6,986
|
)
|
|||||||
Net change
|
1,841
|
989
|
(5,942
|
)
|
||||||||
Tax expense (benefit)
|
832
|
451
|
(2,685
|
)
|
||||||||
Net change in pension and other postretirement obligations
|
1,009
|
538
|
(3,257
|
)
|
||||||||
Change in unrealized loss on derivative asset:
|
||||||||||||
Change in net unrealized loss during the period
|
3,205
|
-
|
-
|
|||||||||
Reclassification adjustment for expense included in interest expense
|
23
|
-
|
-
|
|||||||||
Net change
|
3,228
|
-
|
-
|
|||||||||
Tax expense
|
1,452
|
-
|
-
|
|||||||||
Net change in unrealized loss on derivative asset
|
1,776
|
-
|
-
|
|||||||||
Other comprehensive income (loss)
|
$
|
2,862
|
$
|
(254
|
)
|
$
|
(3,788
|
)
|
3. |
INVESTMENT AND MORTGAGE-BACKED SECURITIES
|
At December 31, 2016
|
||||||||||||||||
Amortized
Cost (1)
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
Investment securities held-to-maturity:
|
||||||||||||||||
Pooled bank trust preferred securities (“TRUP CDOs”)
|
$
|
5,378
|
$
|
2,221
|
$
|
(303
|
)
|
$
|
7,296
|
|||||||
Investment securities available-for-sale:
|
||||||||||||||||
Registered Mutual Funds
|
4,011
|
62
|
(178
|
)
|
3,895
|
|||||||||||
Pass-through MBS issued by Government Sponsored Entities (“GSEs”)
|
360
|
12
|
-
|
372
|
||||||||||||
Agency Collateralized Mortgage Obligation (“CMO”)
|
3,247
|
-
|
(61
|
)
|
3,186
|
|||||||||||
Total investment securities available-for-sale
|
7,618
|
74
|
(239
|
)
|
7,453
|
|||||||||||
Total investment securities
|
$
|
12,996
|
$
|
2,295
|
$
|
(542
|
)
|
$
|
14,749
|
(1)
|
Amount represents the purchase amortized / historical cost less any OTTI charges (credit or non-credit related) previously recognized. For the TRUP CDOs, amount is also net of the $755 unamortized portion of the unrealized loss that was recognized in accumulated other comprehensive loss on September 1, 2008 (the day on which these securities were transferred from available-for-sale to held-to-maturity).
|
At December 31, 2015
|
||||||||||||||||
Amortized
Cost (1)
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
Investment securities held-to-maturity:
|
||||||||||||||||
TRUP CDOs
|
$
|
5,242
|
$
|
2,154
|
$
|
(345
|
)
|
$
|
7,051
|
|||||||
Investment securities available-for-sale:
|
||||||||||||||||
Registered Mutual Funds
|
3,990
|
25
|
(259
|
)
|
3,756
|
|||||||||||
Pass-through MBS issued by GSEs
|
418
|
13
|
-
|
431
|
||||||||||||
Total investment securities available-for-sale
|
4,408
|
38
|
(259
|
)
|
4,187
|
|||||||||||
Total investment securities
|
$
|
9,650
|
$
|
2,192
|
$
|
(604
|
)
|
$
|
11,238
|
(1)
|
Amount represents the purchase amortized/historical cost less any OTTI charges (credit or non-credit related) previously recognized. For the TRUP CDOs, amount is also net of the $807 unamortized portion of the unrealized loss that was recognized in accumulated other comprehensive loss on September 1, 2008 (the day on which these securities were transferred from available-for-sale to held-to-maturity).
|
At December 31, 2016
|
||||||||||||||||||||||||
Less than 12
Consecutive Months
|
12 Consecutive
Months or Longer
|
Total
|
||||||||||||||||||||||
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
|||||||||||||||||||
Investment securities held-to-maturity:
|
||||||||||||||||||||||||
TRUP CDOs
|
$
|
-
|
$
|
-
|
$
|
2,439
|
$
|
303
|
$
|
2,439
|
$
|
303
|
||||||||||||
Investment securities available-for-sale:
|
||||||||||||||||||||||||
Registered Mutual Funds
|
1,308
|
47
|
1,747
|
131
|
3,055
|
178
|
||||||||||||||||||
Agency CMO
|
3,186
|
61
|
-
|
-
|
3,186
|
61
|
At December 31, 2015
|
||||||||||||||||||||||||
Less than 12
Consecutive Months
|
12 Consecutive
Months or Longer
|
Total
|
||||||||||||||||||||||
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
|||||||||||||||||||
Investment securities held-to-maturity:
|
||||||||||||||||||||||||
TRUP CDOs
|
$
|
-
|
$
|
-
|
$
|
2,359
|
$
|
345
|
$
|
2,359
|
$
|
345
|
||||||||||||
Investment securities available-for-sale:
|
||||||||||||||||||||||||
Registered Mutual Funds
|
3,026
|
259
|
-
|
-
|
3,026
|
259
|
· |
Based upon an internal review of the collateral backing the TRUP CDOs portfolio, which accounted for current and prospective deferrals, the securities could reasonably be expected to continue making all contractual payments
|
· |
The Company does not intend to sell these securities prior to full recovery of their impairment
|
· |
There were no cash or working capital requirements nor contractual or regulatory obligations that would compel the Company to sell these securities prior to their forecasted recovery or maturity
|
· |
The securities have a pool of underlying issuers comprised primarily of banks
|
· |
None of the securities have exposure to real estate investment trust issued debt (which has experienced high default rates)
|
· |
The securities feature either a mandatory auction or a de-leveraging mechanism that could result in principal repayments to the Bank prior to the stated maturity of the security
|
· |
The securities are adequately collateralized
|
For the Year Ended
December 31,
|
||||||||
2016
|
2015
|
|||||||
Cumulative balance at the beginning of the period
|
$
|
807
|
$
|
932
|
||||
Amortization
|
(51
|
)
|
(125
|
)
|
||||
Cumulative balance at end of the period
|
$
|
756
|
$
|
807
|
At or for the Year Ended December 31, 2016
|
||||||||||||
Credit Related OTTI
Recognized in Earnings
|
Non-Credit OTTI
Recognized in
Accumulated Other
Comprehensive Loss
|
Total OTTI
Charge
|
||||||||||
Cumulative pre-tax balance at the beginning of the period
|
$
|
8,717
|
$
|
578
|
$
|
9,295
|
||||||
Amortization of previously recognized OTTI
|
(104
|
)
|
(34
|
)
|
(138
|
)
|
||||||
Cumulative pre-tax balance at end of the period
|
$
|
8,613
|
$
|
544
|
$
|
9,157
|
At or for the Year Ended
December 31, 2015
|
At or for the Year Ended
December 31, 2014
|
|||||||||||||||||||||||
Credit
Related
OTTI
Recognized
in Earnings
|
Non-Credit OTTI
Recognized in
Accumulated
Other
Comprehensive
Loss
|
Total
OTTI
Charge
|
Credit
Related
OTTI
Recognized
in Earnings
|
Non-Credit OTTI
Recognized in
Accumulated
Other
Comprehensive
Loss
|
Total
OTTI
Charge
|
|||||||||||||||||||
Cumulative pre-tax balance at the beginning of the period
|
$
|
8,945
|
$
|
569
|
$
|
9,514
|
$
|
8,945
|
$
|
601
|
$
|
9,546
|
||||||||||||
(Amortization) Accretion of previously recognized OTTI
|
(228
|
)
|
9
|
(219
|
)
|
-
|
(32
|
)
|
(32
|
)
|
||||||||||||||
Cumulative pre-tax balance at end of the period
|
$
|
8,717
|
$
|
578
|
$
|
9,295
|
$
|
8,945
|
$
|
569
|
$
|
9,514
|
At or For the Year
Ended December 31,
|
||||
2014
|
||||
Cumulative balance at the beginning of the period
|
$
|
106
|
||
Reduction of OTTI for securities sold during the period
|
(106
|
)
|
||
Cumulative balance at end of the period
|
$
|
-
|
4. |
LOANS RECEIVABLE AND CREDIT QUALITY
|
At December 31, 2016
|
||||||||||||||||||||
One- to Four-Family
Residential, Including
Condominium and
Cooperative
Apartment
|
Multifamily
Residential and
Residential
Mixed Use
|
Commercial
Mixed Use Real
Estate
|
Commercial
Real Estate
|
Total Real
Estate Loans
|
||||||||||||||||
Pass
|
$
|
72,325
|
$
|
4,589,838
|
$
|
398,139
|
$
|
546,568
|
$
|
5,606,870
|
||||||||||
Special Mention
|
212
|
3,488
|
535
|
525
|
4,760
|
|||||||||||||||
Substandard
|
1,485
|
7,200
|
5,465
|
7,227
|
21,377
|
|||||||||||||||
Doubtful
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total
|
$
|
74,022
|
$
|
4,600,526
|
$
|
404,139
|
$
|
554,320
|
$
|
5,633,007
|
At December 31, 2015
|
||||||||||||||||||||
One- to Four-Family
Residential, Including
Condominium and
Cooperative
Apartment
|
Multifamily
Residential and
Residential
Mixed Use
|
Commercial
Mixed Use Real
Estate
|
Commercial
Real Estate
|
Total Real
Estate Loans
|
||||||||||||||||
Not Graded(1)
|
$
|
7,698
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
7,698
|
||||||||||
Pass
|
61,256
|
3,743,298
|
370,110
|
473,242
|
4,647,906
|
|||||||||||||||
Special Mention
|
945
|
9,759
|
1,622
|
4,857
|
17,183
|
|||||||||||||||
Substandard
|
2,196
|
6,850
|
5,543
|
7,810
|
22,399
|
|||||||||||||||
Doubtful
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total
|
$
|
72,095
|
$
|
3,759,907
|
$
|
377,275
|
$
|
485,909
|
$
|
4,695,186
|
(1)
|
Amount comprised of fully performing one- to four-family residential and condominium and cooperative unit loans with balances equal to or less than the FNMA Limits.
|
At December 31,
|
||||||||
2016
|
2015
|
|||||||
Performing
|
$
|
3,414
|
$
|
1,586
|
||||
Non-accrual
|
1
|
4
|
||||||
Total
|
$
|
3,415
|
$
|
1,590
|
At December 31, 2016
|
||||||||||||||||||||||||||||
30 to 59
Days Past
Due
|
60 to 89
Days Past
Due
|
Accruing
Loans 90
Days or
More Past
Due
|
Non-
accrual (1)
|
Total Past
Due
|
Current
|
Total Loans
|
||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||||||
One- to four-family residential, including condominium and cooperative apartment
|
$
|
188
|
$
|
-
|
$
|
1,513
|
$
|
1,012
|
$
|
2,712
|
$
|
71,309
|
$
|
74,022
|
||||||||||||||
Multifamily residential and residential mixed use
|
-
|
-
|
1,557
|
2,675
|
4,232
|
4,596,294
|
4,600,526
|
|||||||||||||||||||||
Commercial mixed use real estate
|
-
|
-
|
-
|
549
|
549
|
403,590
|
404,139
|
|||||||||||||||||||||
Commercial real estate
|
1,732
|
-
|
-
|
-
|
1,732
|
552,588
|
554,320
|
|||||||||||||||||||||
Total real estate
|
$
|
1,920
|
$
|
-
|
$
|
3,070
|
$
|
4,236
|
$
|
9,226
|
$
|
5,623,781
|
$
|
5,633,007
|
||||||||||||||
Consumer
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
1
|
$
|
1
|
$
|
3,414
|
$
|
3,415
|
(1)
|
Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of December 31, 2016.
|
At December 31, 2015
|
||||||||||||||||||||||||||||
30 to 59
Days Past
Due
|
60 to 89
Days Past
Due
|
Accruing
Loans 90
Days or
More Past
Due
|
Non-
accrual (1)
|
Total Past
Due
|
Current
|
Total Loans
|
||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||||||
One- to four-family residential, including condominium and cooperative apartment
|
$
|
127
|
$
|
-
|
$
|
625
|
$
|
1,113
|
$
|
1,865
|
$
|
70,230
|
$
|
72,095
|
||||||||||||||
Multifamily residential and residential mixed use
|
2,235
|
-
|
2,514
|
287
|
5,036
|
3,754,871
|
3,759,907
|
|||||||||||||||||||||
Commercial mixed use real estate
|
-
|
406
|
406
|
-
|
812
|
376,463
|
377,275
|
|||||||||||||||||||||
Commercial real estate
|
200
|
-
|
987
|
207
|
1,394
|
484,515
|
485,909
|
|||||||||||||||||||||
Total real estate
|
$
|
2,562
|
$
|
406
|
$
|
4,532
|
$
|
1,607
|
$
|
9,107
|
$
|
4,686,079
|
$
|
4,695,186
|
||||||||||||||
Consumer
|
$
|
1
|
$
|
1
|
$
|
-
|
$
|
4
|
$
|
6
|
$
|
1,584
|
$
|
1,590
|
(1)
|
Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of December 31, 2015.
|
As of December 31, 2016
|
As of December 31, 2015
|
|||||||||||||||
No. of Loans
|
Balance
|
No. of Loans
|
Balance
|
|||||||||||||
Accruing TDRs:
|
||||||||||||||||
One- to four-family residential, including condominium and cooperative apartment
|
2
|
$
|
407
|
2
|
$
|
598
|
||||||||||
Multifamily residential and residential mixed use
|
3
|
658
|
3
|
696
|
||||||||||||
Commercial mixed use real estate
|
1
|
4,261
|
1
|
4,344
|
||||||||||||
Commercial real estate
|
1
|
3,363
|
1
|
3,428
|
||||||||||||
Non-accruing TDRs:
|
||||||||||||||||
Commercial real estate
|
-
|
-
|
1
|
207
|
||||||||||||
Total real estate
|
7
|
$
|
8,689
|
8
|
$
|
9,273
|
For the Year Ended December 31
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
One- to four-family residential, including condominium and cooperative apartment
|
||||||||||||
Number of Loans
|
1
|
-
|
-
|
|||||||||
Pre-Modification Outstanding Recorded Investment
|
$
|
33
|
$
|
-
|
-
|
|||||||
Post-Modification Outstanding Recorded Investment
|
33
|
-
|
-
|
|||||||||
Commercial mixed use real estate
|
||||||||||||
Number of Loans
|
-
|
-
|
1
|
|||||||||
Pre-Modification Outstanding Recorded Investment
|
$
|
-
|
$
|
-
|
$
|
4,400
|
||||||
Post-Modification Outstanding Recorded Investment
|
-
|
-
|
4,400
|
|||||||||
Commercial real estate
|
||||||||||||
Number of Loans
|
-
|
-
|
1
|
|||||||||
Pre-Modification Outstanding Recorded Investment
|
$
|
-
|
$
|
-
|
$
|
3,500
|
||||||
Post-Modification Outstanding Recorded Investment
|
-
|
-
|
3,500
|
|||||||||
Total number of loans
|
1
|
-
|
2
|
|||||||||
Total Pre-Modification Outstanding Recorded Investment
|
$
|
33
|
$
|
-
|
$
|
7,900
|
||||||
Total Post-Modification Outstanding Recorded Investment
|
$
|
33
|
$
|
-
|
$
|
7,900
|
5. |
ALLOWANCE FOR LOAN LOSSES
|
(i) |
Charge-off experience (including peer charge-off experience)
|
(ii) |
Economic conditions
|
(iii) |
Underwriting standards or experience
|
(iv) |
Loan concentrations
|
(v) |
Regulatory climate
|
(vi) |
Nature and volume of the portfolio
|
(vii) |
Changes in the quality and scope of the loan review function
|
Real Estate Loans
|
||||||||||||||||||||||||||||
One- to Four
Family
Residential,
Including
Condominium
and
Cooperative
Apartment
|
Multifamily
Residential
and
Residential
Mixed Use
|
Commercial
Mixed Use
Real Estate
|
Commercial
Real Estate
|
Construction
|
Total Real
Estate
|
Consumer
Loans
|
||||||||||||||||||||||
Beginning balance as of January 1, 2014
|
$
|
236
|
$
|
13,840
|
$
|
3,003
|
$
|
3,047
|
$
|
3
|
$
|
20,129
|
$
|
24
|
||||||||||||||
Provision (credit) for loan losses
|
(164
|
)
|
(76
|
)
|
(1,710
|
)
|
72
|
(3
|
)
|
(1,881
|
)
|
9
|
||||||||||||||||
Charge-offs
|
(46
|
)
|
(87
|
)
|
(30
|
)
|
(306
|
)
|
-
|
(469
|
)
|
(9
|
)
|
|||||||||||||||
Recoveries
|
124
|
175
|
381
|
10
|
-
|
690
|
-
|
|||||||||||||||||||||
Ending balance as of December 31, 2014
|
$
|
150
|
$
|
13,852
|
$
|
1,644
|
$
|
2,823
|
$
|
-
|
$
|
18,469
|
$
|
24
|
||||||||||||||
Provision (credit) for loan losses
|
222
|
309
|
21
|
(1,880
|
)
|
-
|
(1,328
|
)
|
(2
|
)
|
||||||||||||||||||
Charge-offs
|
(115
|
)
|
(48
|
)
|
(37
|
)
|
(7
|
)
|
-
|
(207
|
)
|
(2
|
)
|
|||||||||||||||
Recoveries
|
6
|
5
|
24
|
1,525
|
-
|
1,560
|
-
|
|||||||||||||||||||||
Ending balance as of December 31, 2015
|
$
|
263
|
$
|
14,118
|
$
|
1,652
|
$
|
2,461
|
$
|
-
|
$
|
18,494
|
$
|
20
|
||||||||||||||
Provision (credit) for loan losses
|
(48
|
)
|
2,473
|
58
|
(366
|
)
|
-
|
2,117
|
1
|
|||||||||||||||||||
Charge-offs
|
(79
|
)
|
(92
|
)
|
(12
|
)
|
-
|
-
|
(183
|
)
|
(3
|
)
|
||||||||||||||||
Recoveries
|
9
|
56
|
-
|
23
|
-
|
88
|
2
|
|||||||||||||||||||||
Ending balance as of December 31, 2016
|
$
|
145
|
$
|
16,555
|
$
|
1,698
|
$
|
2,118
|
$
|
-
|
$
|
20,516
|
$
|
20
|
At or for the Year Ended December 31, 2016
|
||||||||||||||||||||||||
Real Estate Loans
|
Consumer
Loans
|
|||||||||||||||||||||||
One- to Four Family
Residential,
Including
Condominium and
Cooperative
Apartment
|
Multifamily
Residential
and
Residential
Mixed Use
|
Commercial
Mixed Use Real
Estate
|
Commercial
Real Estate
|
Total Real
Estate
|
||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Ending allowance balance:
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Collectively evaluated for impairment
|
145
|
16,555
|
1,698
|
2,118
|
20,516
|
20
|
||||||||||||||||||
Total ending allowance balance
|
$
|
145
|
$
|
16,555
|
$
|
1,698
|
$
|
2,118
|
$
|
20,516
|
$
|
20
|
||||||||||||
Loans:
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
407
|
$
|
3,333
|
4,810
|
$
|
3,363
|
$
|
11,913
|
$
|
-
|
|||||||||||||
Collectively evaluated for impairment
|
73,615
|
4,597,193
|
399,329
|
550,957
|
5,621,094
|
3,415
|
||||||||||||||||||
Total ending loans balance
|
$
|
74,022
|
$
|
4,600,526
|
$
|
404,139
|
$
|
554,320
|
$
|
5,633,007
|
$
|
3,415
|
At or for the Year Ended December 31, 2015
|
||||||||||||||||||||||||
Real Estate Loans
|
Consumer
Loans
|
|||||||||||||||||||||||
One- to Four
Family Residential,
Including
Condominium and
Cooperative
Apartment
|
Multifamily
Residential
and
Residential
Mixed Use
|
Commercial
Mixed Use Real
Estate
|
Commercial
Real Estate
|
Total Real
Estate
|
||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Ending allowance balance:
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Collectively evaluated for impairment
|
263
|
14,118
|
1,652
|
2,461
|
18,494
|
20
|
||||||||||||||||||
Total ending allowance balance
|
$
|
263
|
$
|
14,118
|
$
|
1,652
|
$
|
2,461
|
$
|
18,494
|
$
|
20
|
||||||||||||
Loans:
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
598
|
$
|
983
|
$
|
4,345
|
$
|
3,635
|
$
|
9,561
|
$
|
-
|
||||||||||||
Collectively evaluated for impairment
|
71,497
|
3,758,924
|
372,930
|
482,274
|
4,685,625
|
1,590
|
||||||||||||||||||
Total ending loans balance
|
$
|
72,095
|
$
|
3,759,907
|
$
|
377,275
|
$
|
485,909
|
$
|
4,695,186
|
$
|
1,590
|
For the Year Ended December 31, 2016
|
For the Year Ended December 31, 2015
|
|||||||||||||||||||||||
Unpaid
Principal
Balance
|
Recorded
Investment(1)
|
Related
Allowance
|
Unpaid
Principal
Balance
|
Recorded
Investment(1)
|
Related
Allowance
|
|||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||||||
One- to Four Family Residential, Including Condominium and Cooperative Apartment
|
$
|
407
|
$
|
407
|
$
|
-
|
$
|
635
|
$
|
598
|
$
|
-
|
||||||||||||
Multifamily Residential and Residential Mixed Use
|
3,333
|
3,333
|
-
|
983
|
983
|
-
|
||||||||||||||||||
Commercial Mixed Use Real Estate
|
4,810
|
4,810
|
-
|
4,345
|
4,345
|
-
|
||||||||||||||||||
Commercial Real Estate
|
3,363
|
3,363
|
-
|
3,642
|
3,635
|
-
|
||||||||||||||||||
Total with no related allowance recorded
|
11,913
|
11,913
|
-
|
9,605
|
9,561
|
-
|
||||||||||||||||||
Ending balance
|
$
|
11,913
|
$
|
11,913
|
$
|
-
|
$
|
9,605
|
$
|
9,561
|
$
|
-
|
(1)
|
The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality.
|
For the Year Ended
December 31, 2016
|
For the Year Ended
December 31, 2015
|
For the Year Ended
December 31, 2014
|
||||||||||||||||||||||
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
|||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||||||
One- to Four Family Residential, Including Condominium and Cooperative Apartment
|
$
|
443
|
$
|
53
|
$
|
601
|
$
|
44
|
$
|
747
|
$
|
58
|
||||||||||||
Multifamily Residential and Residential Mixed Use
|
2,515
|
183
|
1,095
|
71
|
2,147
|
87
|
||||||||||||||||||
Commercial Mixed Use Real Estate
|
4,468
|
176
|
4,379
|
176
|
2,640
|
237
|
||||||||||||||||||
Commercial Real Estate
|
3,437
|
136
|
5,470
|
140
|
7,470
|
148
|
||||||||||||||||||
Total with no related allowance recorded
|
10,863
|
548
|
11,545
|
431
|
13,004
|
530
|
||||||||||||||||||
With related allowance recorded:
|
||||||||||||||||||||||||
One- to Four Family Residential, Including Condominium and Cooperative Apartment
|
-
|
-
|
-
|
-
|
41
|
-
|
||||||||||||||||||
Multifamily Residential and Residential Mixed Use
|
-
|
-
|
-
|
-
|
1,760
|
-
|
||||||||||||||||||
Commercial Mixed Use Real Estate
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Commercial Real Estate
|
-
|
-
|
1,100
|
97
|
9,317
|
495
|
||||||||||||||||||
Total with related allowance recorded
|
-
|
-
|
1,100
|
97
|
11,118
|
495
|
||||||||||||||||||
Ending balance
|
$
|
10,863
|
$
|
548
|
$
|
12,645
|
$
|
528
|
$
|
24,122
|
$
|
1,025
|
6. |
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE
|
At December 31,
|
||||||||
2016
|
2015
|
|||||||
Land
|
$
|
1,600
|
$
|
1,647
|
||||
Buildings
|
11,972
|
17,316
|
||||||
Leasehold improvements
|
18,590
|
12,125
|
||||||
Furniture, fixtures and equipment
|
14,964
|
14,756
|
||||||
Premises and fixed assets, gross
|
$
|
47,126
|
$
|
45,844
|
||||
Less: accumulated depreciation and amortization
|
(28,721
|
)
|
(30,694
|
)
|
||||
Premises and fixed assets, net
|
$
|
18,405
|
$
|
15,150
|
||||
Premises held for sale(1)
|
$
|
1,379
|
$
|
8,799
|
(1)
|
At December 31, 2016 and 2015, the Company had executed contracts of sale on real estate with net book values of $1,379 and $8,799, respectively.
|
7. |
FHLBNY CAPITAL STOCK
|
8. |
DUE TO DEPOSITORS
|
At December 31, 2016
|
At December 31, 2015
|
|||||||||||||||
Effective
Cost
|
Liability
|
Effective
Cost
|
Liability
|
|||||||||||||
Savings accounts
|
0.05
|
%
|
$
|
366,921
|
0.05
|
%
|
$
|
368,671
|
||||||||
Certificates of deposit ("CDs")
|
1.47
|
1,048,465
|
1.44
|
858,847
|
||||||||||||
Money market accounts
|
0.86
|
2,576,081
|
0.81
|
1,618,617
|
||||||||||||
Interest bearing checking accounts
|
0.08
|
106,525
|
0.08
|
78,994
|
||||||||||||
Non-interest bearing checking accounts
|
-
|
297,434
|
-
|
259,181
|
||||||||||||
TOTAL
|
0.86
|
%
|
$
|
4,395,426
|
0.81
|
%
|
$
|
3,184,310
|
Maturing
Balance
|
Weighted
Average
Interest
Rate
|
|||||||
2017
|
$
|
459,800
|
1.23
|
%
|
||||
2018
|
351,003
|
1.58
|
||||||
2019
|
177,540
|
1.81
|
||||||
2020
|
43,074
|
1.64
|
||||||
2021
|
14,355
|
1.64
|
||||||
2022 and beyond
|
2,693
|
1.64
|
||||||
TOTAL
|
$
|
1,048,465
|
1.47
|
%
|
9. |
DERIVATIVES AND HEDGING ACTIVITIES
|
At December 31, 2016
|
||||||||||||||||
Count
|
Notional
Amount
|
Fair Value
Assets
|
Fair Value
Liabilities
|
|||||||||||||
Derivatives designated as hedging instruments
|
||||||||||||||||
Interest Rate Products
|
4
|
$
|
90,000
|
$
|
3,228
|
$
|
-
|
|||||||||
Total derivatives designated as hedging instruments
|
4
|
$
|
90,000
|
$
|
3,228
|
$
|
-
|
Weighted average pay rates
|
1.24%
|
Weighted average receive rates
|
0.95%
|
Weighted average maturity
|
5.32 years
|
At or for the Year
Ended December 31, 2016
|
||||||||||||
Amount of Gain or
(Loss)
Recognized in Other
Comprehensive Income
(Effective Portion)
|
Amount of Gain or (Loss)
Reclassified from Other
Comprehensive Income
into Interest Expense
(Effective Portion)
|
Amount of Gain or
(Loss) Recognized in
Other
Non-Interest Expense
(Ineffective Portion)
|
||||||||||
Interest Rate Products
|
$
|
3,205
|
$
|
23
|
$
|
-
|
Gross
Amounts of
Recognized
Assets
|
Gross
Amounts
Offset in the
Statements
of Financial
Condition
|
Net
Amounts of
Assets
presented in
the
Statements
of Financial
Condition
|
Gross Amounts Not Offset in
the Statements of Financial
Condition
|
Net
Amount
|
||||||||||||||||||||
Financial
Instruments
|
Cash
Collateral
Received
|
|||||||||||||||||||||||
Included in other assets:
|
||||||||||||||||||||||||
Interest rate swaps related to FHLB Advances
|
$
|
3,228
|
$
|
-
|
$
|
3,228
|
$
|
-
|
$
|
-
|
$
|
3,228
|
10. |
FHLBNY ADVANCES
|
Maturing
Balance
|
Weighted Average
Interest Rate
|
|||||||
2017
|
$
|
502,075
|
1.53
|
%
|
||||
2018
|
92,100
|
1.56
|
||||||
2019
|
131,150
|
1.53
|
||||||
2020
|
92,800
|
1.73
|
||||||
2021
|
13,000
|
2.68
|
||||||
TOTAL
|
$
|
831,125
|
1.57
|
%
|
11. |
TRUST PREFERRED SECURITIES PAYABLE
|
12. |
INCOME TAXES
|
Year Ended
December 31, 2016
|
Year Ended
December 31, 2015
|
Year Ended
December 31, 2014
|
||||||||||||||||||||||||||||||||||
Federal
|
State
and City
|
Total
|
Federal
|
State
and City
|
Total
|
Federal
|
State
and City
|
Total
|
||||||||||||||||||||||||||||
Current
|
$
|
42,834
|
$
|
17,026
|
$
|
59,860
|
$
|
21,127
|
$
|
3,235
|
$
|
24,362
|
$
|
21,232
|
$
|
8,121
|
$
|
29,353
|
||||||||||||||||||
Deferred
|
702
|
395
|
1,097
|
2,269
|
4,614
|
6,883
|
540
|
231
|
771
|
|||||||||||||||||||||||||||
TOTAL
|
$
|
43,536
|
$
|
17,421
|
$
|
60,957
|
$
|
23,396
|
$
|
7,849
|
$
|
31,245
|
$
|
21,772
|
$
|
8,352
|
$
|
30,124
|
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Tax at Federal statutory rate
|
$
|
46,715
|
$
|
26,606
|
$
|
26,029
|
||||||
State and local taxes, net of federal income tax benefit
|
11,323
|
5,102
|
5,466
|
|||||||||
ESOP acceleration expense
|
3,962
|
-
|
-
|
|||||||||
Benefit plan differences
|
(54
|
)
|
(59
|
)
|
(156
|
)
|
||||||
Adjustments for prior period returns and tax items
|
(13
|
)
|
590
|
(164
|
)
|
|||||||
Investment in BOLI
|
(957
|
)
|
(842
|
)
|
(610
|
)
|
||||||
Other, net
|
(19
|
)
|
(152
|
)
|
(441
|
)
|
||||||
TOTAL
|
$
|
60,957
|
$
|
31,245
|
$
|
30,124
|
||||||
Effective tax rate
|
45.67
|
%
|
41.10
|
%
|
40.51
|
%
|
At December 31,
|
||||||||
Deferred tax assets:
|
2016
|
2015
|
||||||
Allowance for loan losses
|
$
|
9,203
|
$
|
8,303
|
||||
Employee benefit plans
|
15,630
|
18,849
|
||||||
Tax effect of other components of income on investment securities and MBS
|
-
|
722
|
||||||
Other
|
2,209
|
1,768
|
||||||
Total deferred tax assets
|
27,042
|
29,642
|
||||||
Deferred tax liabilities:
|
||||||||
Tax effect of other components of income on investment securities and MBS
|
766
|
-
|
||||||
Difference in book and tax carrying value of fixed assets
|
776
|
667
|
||||||
Difference in book and tax basis of unearned loan fees
|
3,021
|
2,761
|
||||||
Other
|
214
|
448
|
||||||
Total deferred tax liabilities
|
4,777
|
3,876
|
||||||
Net deferred tax asset (recorded in other assets)
|
$
|
22,265
|
$
|
25,766
|
13. |
401(K) PLAN AND ESOP
|
14. |
EMPLOYEE BENEFIT PLANS
|
At December 31,
|
||||||||
2016
|
2015
|
|||||||
Accumulated benefit obligation at end of period
|
$
|
25,297
|
$
|
25,396
|
||||
Reconciliation of Projected benefit obligation:
|
||||||||
Projected benefit obligation at beginning of period
|
$
|
25,396
|
$
|
27,635
|
||||
Interest cost
|
979
|
998
|
||||||
Actuarial loss (gain)
|
215
|
(1,796
|
)
|
|||||
Benefit payments
|
(1,293
|
)
|
(1,289
|
)
|
||||
Settlements
|
-
|
(152
|
)
|
|||||
Projected benefit obligation at end of period
|
25,297
|
25,396
|
||||||
Plan assets at fair value (investments in trust funds managed by trustee)
|
||||||||
Balance at beginning of period
|
22,676
|
24,457
|
||||||
Return (loss) on plan assets
|
1,957
|
(355
|
)
|
|||||
Contributions
|
15
|
15
|
||||||
Benefit payments
|
(1,293
|
)
|
(1,289
|
)
|
||||
Settlements
|
-
|
(152
|
)
|
|||||
Balance at end of period
|
23,355
|
22,676
|
||||||
Funded status at end of year
|
$
|
(1,942
|
)
|
$
|
(2,720
|
)
|
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Interest cost
|
$
|
979
|
$
|
998
|
$
|
1,003
|
||||||
Expected return on plan assets
|
(1,532
|
)
|
(1,656
|
)
|
(1,774
|
)
|
||||||
Amortization of unrealized loss
|
1,551
|
1,677
|
948
|
|||||||||
Net periodic cost
|
$
|
998
|
$
|
1,019
|
$
|
177
|
At December 31,
|
||||||||
2016
|
2015
|
|||||||
Balance at beginning of period
|
$
|
(12,001
|
)
|
$
|
(13,463
|
)
|
||
Amortization of unrealized loss
|
1,551
|
1,677
|
||||||
Gain (Loss) recognized during the year
|
210
|
(215
|
)
|
|||||
Balance at the end of the period
|
$
|
(10,240
|
)
|
$
|
(12,001
|
)
|
||
Period end component of accumulated other comprehensive loss, net of tax
|
$
|
5,613
|
6,582
|
At or for the Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Discount rate used for net periodic cost
|
3.98
|
%
|
3.72
|
%
|
4.56
|
%
|
||||||
Discount rate used to determine benefit obligation at period end
|
3.82
|
3.98
|
3.72
|
|||||||||
Expected long-term return on plan assets used for net periodic cost
|
7.00
|
7.00
|
7.50
|
|||||||||
Expected long-term return on plan assets used to determine benefit obligation at period end
|
7.00
|
7.00
|
7.00
|
At December 31,
|
||||||||
2016
|
2015
|
|||||||
Asset Category
|
||||||||
Equity securities
|
62
|
%
|
58
|
%
|
||||
Debt securities (bond mutual funds)
|
36
|
40
|
||||||
Cash equivalents
|
2
|
2
|
||||||
Total
|
100
|
%
|
100
|
%
|
Fair Value Measurements at December 31, 2016
|
||||||||||||||||
Description
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
Significant
Other
Observable
Inputs (Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
||||||||||||
Mutual Funds (all registered and publicly traded) :
|
||||||||||||||||
Domestic Large Cap
|
$
|
2,627
|
-
|
-
|
$
|
2,627
|
||||||||||
Domestic Mid Cap
|
1,189
|
-
|
-
|
1,189
|
||||||||||||
Domestic Small Cap
|
485
|
-
|
-
|
485
|
||||||||||||
International Equity
|
2,657
|
-
|
-
|
2,657
|
||||||||||||
Fixed Income
|
8,408
|
-
|
-
|
8,408
|
||||||||||||
Cash equivalents
|
366
|
-
|
-
|
366
|
||||||||||||
Common collective investment funds:
|
||||||||||||||||
Domestic Large Cap
|
-
|
4,784
|
-
|
4,784
|
||||||||||||
Domestic Mid Cap
|
-
|
638
|
-
|
638
|
||||||||||||
Domestic Small Cap
|
-
|
1,405
|
-
|
1,405
|
||||||||||||
International Equity
|
-
|
796
|
-
|
796
|
||||||||||||
Total Plan Assets
|
$
|
23,355
|
Fair Value Measurements at December 31, 2015
|
||||||||||||||||
Description
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
Significant
Other
Observable
Inputs (Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
||||||||||||
Mutual Funds (all registered and publicly traded) :
|
||||||||||||||||
Domestic Large Cap
|
$
|
2,617
|
-
|
-
|
$
|
2,617
|
||||||||||
Domestic Mid Cap
|
1,098
|
-
|
-
|
1,098
|
||||||||||||
Domestic Small Cap
|
402
|
-
|
-
|
402
|
||||||||||||
International Equity
|
2,551
|
-
|
-
|
2,551
|
||||||||||||
Fixed Income
|
9,140
|
-
|
-
|
9,140
|
||||||||||||
Cash equivalents
|
338
|
-
|
-
|
338
|
||||||||||||
Common collective investment funds:
|
||||||||||||||||
Domestic Large Cap
|
-
|
4,028
|
-
|
4,028
|
||||||||||||
Domestic Mid Cap
|
-
|
541
|
-
|
541
|
||||||||||||
Domestic Small Cap
|
-
|
1,184
|
-
|
1,184
|
||||||||||||
International Equity
|
-
|
777
|
-
|
777
|
||||||||||||
Total Plan Assets
|
$
|
22,676
|
Amount
|
||||
2017
|
$
|
1,602
|
||
2018
|
1,599
|
|||
2019
|
1,604
|
|||
2020
|
1,595
|
|||
2021
|
1,574
|
|||
2022 to 2026
|
7,634
|
At December 31,
|
||||||||
2016
|
2015
|
|||||||
Accumulated benefit obligation at end of period
|
$
|
11,351
|
$
|
11,062
|
||||
Reconciliation of projected benefit obligation:
|
||||||||
Projected benefit obligation at beginning of period
|
$
|
11,062
|
$
|
11,077
|
||||
Interest cost
|
392
|
375
|
||||||
Benefit payments
|
(234
|
)
|
(171
|
)
|
||||
Actuarial loss (gain)
|
131
|
(219
|
)
|
|||||
Projected benefit obligation at end of period
|
11,351
|
11,062
|
||||||
Plan assets at fair value:
|
||||||||
Balance at beginning of period
|
-
|
-
|
||||||
Contributions
|
234
|
171
|
||||||
Benefit payments
|
(234
|
)
|
(171
|
)
|
||||
Balance at end of period
|
-
|
-
|
||||||
Funded status at the end of the year:
|
$
|
(11,351
|
)
|
$
|
(11,062
|
)
|
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Interest cost
|
$
|
392
|
$
|
375
|
$
|
347
|
||||||
Amortization of unrealized loss
|
161
|
242
|
98
|
|||||||||
Net periodic cost
|
$
|
553
|
$
|
617
|
$
|
445
|
At December 31,
|
||||||||
2016
|
2015
|
|||||||
Balance at beginning of period
|
$
|
(2,788
|
)
|
$
|
(3,250
|
)
|
||
Amortization of unrealized loss
|
161
|
242
|
||||||
Gain (loss) recognized during the year
|
(131
|
)
|
220
|
|||||
Balance at the end of the period
|
$
|
(2,758
|
)
|
$
|
(2,788
|
)
|
||
Period end component of accumulated other comprehensive loss, net of tax
|
1,512
|
1,529
|
At or For the Year
Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Discount rate used for net periodic cost – BMP
|
3.54
|
%
|
3.39
|
%
|
4.00
|
%
|
||||||
Discount rate used for net periodic cost – Director Retirement Plan
|
3.67
|
3.49
|
4.22
|
|||||||||
Discount rate used to determine BMP benefit obligation at period end
|
3.46
|
3.54
|
3.39
|
|||||||||
Discount rate used to determine Director Retirement Plan benefit obligation at period end
|
3.53
|
3.67
|
3.49
|
Amount
|
||||
2017
|
$
|
932
|
||
2018
|
917
|
|||
2019
|
899
|
|||
2020
|
910
|
|||
2021
|
885
|
|||
2022 to 2026
|
4,154
|
(1)
|
Qualified employees who retired prior to April 1, 1991 receive the full medical coverage in effect at the time of retirement until their death at no cost to such retirees;
|
(2)
|
Qualified employees retiring on or after April 1, 1991 are eligible for medical benefits. Throughout retirement, the Bank will continue to pay the premiums for the coverage not to exceed the premium amount paid for the first year of retirement coverage. Should the premiums increase, the employee is required to pay the differential to maintain full medical coverage.
|
At December 31,
|
||||||||
2016
|
2015
|
|||||||
Accumulated benefit obligation at end of period
|
$
|
1,756
|
$
|
1,825
|
||||
Reconciliation of projected benefit obligation:
|
||||||||
Projected benefit obligation at beginning of period
|
$
|
1,825
|
$
|
4,284
|
||||
Service cost
|
-
|
9
|
||||||
Interest cost
|
63
|
94
|
||||||
Actuarial gain
|
(10
|
)
|
(143
|
)
|
||||
Benefit payments
|
(122
|
)
|
(89
|
)
|
||||
Curtailment
|
-
|
(2,330
|
)
|
|||||
Projected benefit obligation at end of period
|
1,756
|
1,825
|
||||||
Plan assets at fair value:
|
||||||||
Balance at beginning of period
|
-
|
-
|
||||||
Contributions
|
122
|
89
|
||||||
Benefit payments
|
(122
|
)
|
(89
|
)
|
||||
Balance at end of period
|
-
|
-
|
||||||
Funded status:
|
||||||||
Deficiency of plan assets over projected benefit obligation and accrued expense included in other liabilities
|
$ |
(1,756
|
)
|
$ |
(1,825
|
)
|
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Service cost
|
$
|
-
|
$
|
9
|
$
|
41
|
||||||
Interest cost
|
63
|
94
|
232
|
|||||||||
Curtailment gain(1)
|
-
|
(3,394
|
)
|
-
|
||||||||
Amortization of unrealized loss
|
(12
|
)
|
(19
|
)
|
-
|
|||||||
Net periodic (credit) cost
|
$
|
51
|
$
|
(3,310
|
)
|
$
|
273
|
(1) |
The Postretirement Plan was amended effective March 31, 2015, whereby post-amendment retirees are not eligible to participate in the plan. The amendment resulted in a curtailment gain.
|
At December 31,
|
||||||||
2016
|
2015
|
|||||||
Balance at beginning of period
|
$
|
351
|
$
|
1,292
|
||||
Amortization of unrealized loss
|
(12
|
)
|
(19
|
)
|
||||
Gain recognized during the year
|
10
|
142
|
||||||
Recognition of prior service cost
|
-
|
(1,064
|
)
|
|||||
Balance at the end of the period
|
$
|
349
|
$
|
351
|
||||
Period end component of accumulated other comprehensive loss, net of tax
|
(191
|
)
|
(192
|
)
|
At or for the Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Discount rate used for net periodic cost
|
3.58
|
%
|
3.80
|
%
|
4.72
|
%
|
||||||
Rate of increase in compensation levels used for net periodic cost
|
N/A
|
3.50
|
3.50
|
|||||||||
Discount rate used to determine benefit obligation at period end
|
3.48
|
3.58
|
3.80
|
|||||||||
Rate of increase in compensation levels used to determine benefit obligation at period end
|
N/A
|
3.50
|
3.50
|
Year Ending December 31,
|
||||
2017
|
$
|
113
|
||
2018
|
109
|
|||
2019
|
104
|
|||
2020
|
97
|
|||
2021
|
91
|
|||
2022 to 2026
|
348
|
15. |
STOCK-BASED COMPENSATION
|
Number of
Options
|
Weighted-Average
Exercise Price
|
Weighted-Average
Remaining
Contractual Years
|
Aggregate
Intrinsic Value
|
|||||||||||||
Options outstanding at January 1, 2015
|
979,916
|
$
|
14.74
|
|||||||||||||
Options granted
|
-
|
-
|
||||||||||||||
Options exercised
|
(455,310
|
)
|
14.39
|
|||||||||||||
Options that expired prior to exercise
|
(59,360
|
)
|
16.45
|
|||||||||||||
Options outstanding at December 31, 2015
|
465,246
|
$
|
14.87
|
1.4
|
$
|
1,690
|
||||||||||
Options granted
|
-
|
-
|
||||||||||||||
Options exercised
|
(245,992
|
)
|
14.22
|
|||||||||||||
Options that expired prior to exercise
|
(10,000
|
)
|
18.18
|
|||||||||||||
Options outstanding at December 31, 2016
|
209,254
|
$
|
15.48
|
2.2
|
$
|
966
|
||||||||||
Options vested and exercisable at December 31, 2016
|
209,254
|
$
|
15.48
|
2.2
|
$
|
966
|
For the Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Cash received for option exercise cost
|
$
|
3,498
|
$
|
6,549
|
$
|
278
|
||||||
Income tax benefit recognized
|
93
|
264
|
30
|
|||||||||
Intrinsic value of options exercised
|
826
|
1,143
|
6
|
|||||||||
Compensation expense recognized
|
-
|
31
|
110
|
|||||||||
Remaining unrecognized compensation expense
|
-
|
-
|
31
|
Outstanding Options
|
Vested Options
|
|||||||||||||||||
Amount
|
Weighted
Average
Contractual
Years Remaining
|
Amount
|
Weighted
Average
Contractual
Years Remaining
|
|||||||||||||||
Exercise Prices:
|
||||||||||||||||||
$
|
8.34
|
13,713
|
2.3
|
13,713
|
2.3
|
|||||||||||||
$
|
12.75
|
19,827
|
3.3
|
19,827
|
3.3
|
|||||||||||||
$
|
13.74
|
30,362
|
0.3
|
30,362
|
0.3
|
|||||||||||||
$
|
13.86
|
12,220
|
5.3
|
12,220
|
5.3
|
|||||||||||||
$
|
15.46
|
33,291
|
4.3
|
33,291
|
4.3
|
|||||||||||||
$
|
16.73
|
29,841
|
1.6
|
29,841
|
1.6
|
|||||||||||||
$
|
18.18
|
70,000
|
1.4
|
70,000
|
1.4
|
|||||||||||||
Total
|
209,254
|
2.2
|
209,254
|
2.2
|
Number of
Shares
|
Weighted-Average
Grant-Date
Fair Value
|
|||||||
Unvested allocated shares outstanding at January 1, 2015
|
289,660
|
$
|
15.13
|
|||||
Shares granted
|
68,069
|
15.92
|
||||||
Shares vested
|
(132,377
|
)
|
15.14
|
|||||
Shares forfeited
|
(1,458
|
)
|
15.57
|
|||||
Unvested allocated shares at December 31, 2015
|
223,894
|
$
|
15.36
|
|||||
Shares granted
|
60,675
|
18.11
|
||||||
Shares vested
|
(116,042
|
)
|
15.09
|
|||||
Shares forfeited
|
(16,118
|
)
|
16.29
|
|||||
Unvested allocated shares at December 31, 2016
|
152,409
|
$
|
16.56
|
For the Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Compensation expense recognized
|
$
|
1,549
|
$
|
1,855
|
$
|
1,976
|
||||||
Income tax benefit recognized
|
78
|
39
|
41
|
|||||||||
Weighted average remaining years for which compensation expense is to be recognized
|
1.6
|
1.0
|
1.2
|
Number of
Shares
|
Weighted-
Average Grant-
Date Fair Value
|
|||||||
Maximum aggregate share payout at January 1, 2016
|
28,044
|
$
|
17.35
|
|||||
Shares forfeited
|
(3,314
|
)
|
17.35
|
|||||
Maximum aggregate share payout at December 31, 2016
|
24,730
|
17.35
|
||||||
Minimum aggregate share payout
|
-
|
-
|
||||||
Likely aggregate share payout
|
7,350
|
$
|
17.35
|
16. |
COMMITMENTS AND CONTINGENCIES
|
Amount
|
||||
2017
|
$
|
5,327
|
||
2018
|
6,098
|
|||
2019
|
6,104
|
|||
2020
|
5,992
|
|||
2021
|
5,894
|
|||
Thereafter
|
30,783
|
|||
Total
|
$
|
60,198
|
17. |
FAIR VALUE OF FINANCIAL INSTRUMENTS
|
Fair Value Measurements at
December 31, 2016 Using
|
||||||||||||||||
Total
|
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
|||||||||||||
Financial Assets
|
||||||||||||||||
Trading securities (Registered Mutual Funds):
|
||||||||||||||||
Domestic Equity Mutual Funds
|
$
|
873
|
$
|
873
|
$
|
-
|
$
|
-
|
||||||||
International Equity Mutual Funds
|
213
|
213
|
-
|
-
|
||||||||||||
Fixed Income Mutual Funds
|
5,867
|
5,867
|
-
|
-
|
||||||||||||
Investment securities available-for-sale:
|
||||||||||||||||
Registered Mutual Funds:
|
||||||||||||||||
Domestic Equity Mutual Funds
|
1,356
|
1,356
|
-
|
-
|
||||||||||||
International Equity Mutual Funds
|
377
|
377
|
-
|
-
|
||||||||||||
Fixed Income Mutual Funds
|
2,162
|
2,162
|
-
|
-
|
||||||||||||
Pass-through MBS issued by GSEs
|
372
|
-
|
372
|
-
|
||||||||||||
Agency CMOs
|
3,186
|
-
|
3,186
|
-
|
||||||||||||
Derivative – interest rate product
|
3,228
|
-
|
3,228
|
-
|
Fair Value Measurements at
December 31, 2015 Using
|
||||||||||||||||
Total
|
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
|||||||||||||
Financial Assets
|
||||||||||||||||
Trading securities (Registered Mutual Funds):
|
||||||||||||||||
Domestic Equity Mutual Funds
|
$
|
1,053
|
$
|
1,053
|
$
|
-
|
$
|
-
|
||||||||
International Equity Mutual Funds
|
281
|
281
|
-
|
-
|
||||||||||||
Fixed Income Mutual Funds
|
8,867
|
8,867
|
-
|
-
|
||||||||||||
Investment securities available-for-sale:
|
||||||||||||||||
Registered Mutual Funds:
|
||||||||||||||||
Domestic Equity Mutual Funds
|
1,253
|
1,253
|
-
|
-
|
||||||||||||
International Equity Mutual Funds
|
383
|
383
|
-
|
-
|
||||||||||||
Fixed Income Mutual Funds
|
2,120
|
2,120
|
-
|
-
|
||||||||||||
Pass-through MBS issued by GSEs
|
431
|
-
|
431
|
-
|
Fair Value Measurements
at December 31, 2016 Using
|
||||||||||||||||||||
Carrying
Amount
|
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
Total
|
||||||||||||||||
Financial Assets:
|
||||||||||||||||||||
Cash and due from banks
|
$
|
113,503
|
$
|
113,503
|
$
|
-
|
$
|
-
|
$
|
113,503
|
||||||||||
Investment securities held to maturity (TRUP CDOs)
|
5,378
|
-
|
-
|
7,296
|
7,296
|
|||||||||||||||
Loans, net
|
5,615,886
|
-
|
-
|
5,609,034
|
5,609,034
|
|||||||||||||||
Accrued interest receivable
|
15,647
|
-
|
11
|
15,636
|
15,647
|
|||||||||||||||
FHLBNY capital stock
|
44,444
|
N/A
|
N/A
|
N/A
|
N/A
|
|||||||||||||||
Financial Liabilities:
|
||||||||||||||||||||
Savings, money market and checking accounts
|
3,346,961
|
3,346,961
|
-
|
-
|
3,346,961
|
|||||||||||||||
CDs
|
1,048,465
|
-
|
1,054,131
|
-
|
1,054,131
|
|||||||||||||||
Escrow and other deposits
|
103,001
|
103,001
|
-
|
-
|
103,001
|
|||||||||||||||
FHLBNY Advances
|
831,125
|
-
|
831,951
|
-
|
831,951
|
|||||||||||||||
Trust Preferred securities payable
|
70,680
|
-
|
69,973
|
-
|
69,973
|
|||||||||||||||
Accrued interest payable
|
2,080
|
-
|
2,080
|
-
|
2,080
|
Fair Value Measurements
at December 31, 2015 Using
|
||||||||||||||||||||
Carrying
Amount
|
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
Total
|
||||||||||||||||
Financial Assets:
|
||||||||||||||||||||
Cash and due from banks
|
$
|
64,154
|
$
|
64,154
|
$
|
-
|
$
|
-
|
$
|
64,154
|
||||||||||
Investment securities held to maturity (TRUP CDOs)
|
5,242
|
-
|
-
|
7,051
|
7,051
|
|||||||||||||||
Loans, net
|
4,678,262
|
-
|
-
|
4,722,803
|
4,722,803
|
|||||||||||||||
Accrued interest receivable
|
13,486
|
-
|
19
|
13,467
|
13,486
|
|||||||||||||||
FHLBNY capital stock
|
58,713
|
N/A
|
N/A
|
N/A
|
N/A
|
|||||||||||||||
Financial Liabilities:
|
||||||||||||||||||||
Savings, money market and checking accounts
|
2,325,463
|
2,325,463
|
-
|
-
|
2,325,463
|
|||||||||||||||
CDs
|
858,847
|
-
|
865,581
|
-
|
865,581
|
|||||||||||||||
Escrow and other deposits
|
77,130
|
77,130
|
-
|
-
|
77,130
|
|||||||||||||||
FHLBNY Advances
|
1,166,725
|
-
|
1,170,274
|
-
|
1,170,274
|
|||||||||||||||
Trust Preferred securities payable
|
70,680
|
-
|
69,973
|
-
|
69,973
|
|||||||||||||||
Accrued interest payable
|
2,259
|
-
|
2,259
|
-
|
2,259
|
18. |
REGULATORY MATTERS
|
Actual
|
For Capital
Adequacy Purposes(1)
|
To Be Categorized as
“Well Capitalized”(1)
|
||||||||||||||||||||||
As of December 31, 2016
|
Amount
|
Ratio
|
Amount
|
Minimum
Ratio
|
Amount
|
Minimum
Ratio
|
||||||||||||||||||
Tier 1 Capital / % of average total assets
|
||||||||||||||||||||||||
Bank
|
$
|
521,458
|
8.95
|
%
|
$
|
235,232
|
4.0
|
%
|
$
|
294,041
|
5.0
|
%
|
||||||||||||
Consolidated Company
|
516,170
|
10.03
|
235,402
|
4.0
|
N/A
|
N/A
|
||||||||||||||||||
Common equity Tier 1 capital / % of risk weighted assets
|
||||||||||||||||||||||||
Bank
|
521,458
|
11.60
|
202,337
|
4.5
|
292,265
|
6.5
|
||||||||||||||||||
Consolidated Company
|
516,170
|
11.44
|
203,104
|
4.5
|
N/A
|
N/A
|
||||||||||||||||||
Tier 1 Capital / % of risk weighted assets
|
||||||||||||||||||||||||
Bank
|
521,458
|
11.60
|
269,783
|
6.0
|
359,711
|
8.0
|
||||||||||||||||||
Consolidated Company
|
584,684
|
12.95
|
270,806
|
6.0
|
N/A
|
N/A
|
||||||||||||||||||
Total Capital / % of risk weighted assets
|
||||||||||||||||||||||||
Bank
|
542,019
|
12.05
|
359,711
|
8.0
|
449,639
|
10.0
|
||||||||||||||||||
Consolidated Company
|
605,245
|
13.41
|
361,074
|
8.0
|
N/A
|
N/A
|
(1) |
In accordance with the Basel III rules.
|
Actual
|
For Capital
Adequacy Purposes(1)
|
To Be Categorized as
“Well Capitalized”(1)
|
||||||||||||||||||||||
As of December 31, 2015
|
Amount
|
Ratio
|
Amount
|
Minimum
Ratio
|
Amount
|
Minimum
Ratio
|
||||||||||||||||||
Tier 1 Capital / % of average total assets
|
||||||||||||||||||||||||
Bank
|
$
|
440,374
|
9.17
|
%
|
$
|
194,314
|
4.0
|
%
|
$
|
242,892
|
5.0
|
%
|
||||||||||||
Consolidated Company
|
447,111
|
10.70
|
195,008
|
4.0
|
N/A
|
N/A
|
||||||||||||||||||
Common equity Tier 1 capital / % of risk weighted assets
|
||||||||||||||||||||||||
Bank
|
440,374
|
11.55
|
171,628
|
4.5
|
247,908
|
6.5
|
||||||||||||||||||
Consolidated Company
|
447,111
|
11.67
|
172,456
|
4.5
|
N/A
|
N/A
|
||||||||||||||||||
Tier 1 Capital / % of risk weighted assets
|
||||||||||||||||||||||||
Bank
|
440,374
|
11.55
|
228,838
|
6.0
|
305,117
|
8.0
|
||||||||||||||||||
Consolidated Company
|
515,626
|
13.45
|
229,941
|
6.0
|
N/A
|
N/A
|
||||||||||||||||||
Total Capital / % of risk weighted assets
|
||||||||||||||||||||||||
Bank
|
458,938
|
12.03
|
305,117
|
8.0
|
381,397
|
10.0
|
||||||||||||||||||
Consolidated Company
|
534,190
|
13.94
|
306,588
|
8.0
|
N/A
|
N/A
|
(1) |
In accordance with the Basel III rules.
|
19. |
UNAUDITED QUARTERLY FINANCIAL INFORMATION
|
For the three months ended
|
||||||||||||||||
March 31,
2016
|
June 30,
2016
|
September 30,
2016
|
December 31,
2016
|
|||||||||||||
Net interest income
|
$
|
34,631
|
$
|
35,610
|
$
|
35,347
|
$
|
37,898
|
||||||||
Provision (credit) for loan losses
|
(21
|
)
|
442
|
1,168
|
529
|
|||||||||||
Net interest income after provision for loan losses
|
34,652
|
35,168
|
34,179
|
37,369
|
||||||||||||
Non-interest income
|
69,741
|
2,305
|
2,071
|
1,817
|
||||||||||||
Non-interest expense
|
17,869
|
18,092
|
18,232
|
29,638
|
||||||||||||
Income before income taxes
|
86,524
|
19,381
|
18,018
|
9,548
|
||||||||||||
Income tax expense
|
36,487
|
8,173
|
7,481
|
8,816
|
||||||||||||
Net income
|
$
|
50,037
|
$
|
11,208
|
$
|
10,537
|
$
|
732
|
||||||||
EPS (1):
|
||||||||||||||||
Basic
|
$
|
1.37
|
$
|
0.30
|
$
|
0.29
|
$
|
0.02
|
||||||||
Diluted
|
$
|
1.36
|
$
|
0.30
|
$
|
0.29
|
$
|
0.02
|
(1)
|
The quarterly EPS amounts, when added, may not coincide with the full fiscal year EPS reported on the Consolidated Statements of Operations due to differences in the computed weighted average shares outstanding as well as rounding differences.
|
For the three months ended
|
||||||||||||||||
March 31,
2015
|
June 30,
2015
|
September 30,
2015
|
December 31,
2015
|
|||||||||||||
Net interest income
|
$
|
30,094
|
$
|
33,070
|
$
|
31,814
|
$
|
33,586
|
||||||||
Provision (credit) for loan losses
|
(172
|
)
|
(1,135
|
)
|
416
|
(439
|
)
|
|||||||||
Net interest income after provision for loan losses
|
30,266
|
34,205
|
31,398
|
34,025
|
||||||||||||
Non-interest income
|
3,301
|
1,677
|
1,899
|
1,739
|
||||||||||||
Non-interest expense
|
13,864
|
16,366
|
16,124
|
16,139
|
||||||||||||
Income before income taxes
|
19,703
|
19,516
|
17,173
|
19,625
|
||||||||||||
Income tax expense
|
7,925
|
7,987
|
7,092
|
8,241
|
||||||||||||
Net income
|
$
|
11,778
|
$
|
11,529
|
$
|
10,081
|
$
|
11,384
|
||||||||
EPS (1):
|
||||||||||||||||
Basic
|
$
|
0.33
|
$
|
0.32
|
$
|
0.28
|
$
|
0.31
|
||||||||
Diluted
|
$
|
0.33
|
$
|
0.32
|
$
|
0.28
|
$
|
0.31
|
(1)
|
The quarterly EPS amounts, when added, may not coincide with the full fiscal year EPS reported on the Consolidated Statements of Operations due to differences in the computed weighted average shares outstanding as well as rounding differences
|
20. |
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS
|
At December 31,
|
||||||||
2016
|
2015
|
|||||||
ASSETS:
|
||||||||
Cash and due from banks
|
$
|
49,152
|
$
|
57,014
|
||||
Investment securities available-for-sale
|
3,895
|
3,756
|
||||||
Trading securities
|
6,953
|
10,201
|
||||||
MBS available-for-sale
|
372
|
431
|
||||||
ESOP loan to subsidiary
|
-
|
3,028
|
||||||
Investment in subsidiaries
|
571,150
|
487,331
|
||||||
Other assets
|
6,020
|
3,867
|
||||||
Total assets
|
$
|
637,542
|
$
|
565,628
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY:
|
||||||||
Trust Preferred securities payable
|
$
|
70,680
|
$
|
70,680
|
||||
Other liabilities
|
994
|
1,001
|
||||||
Stockholders’ equity
|
565,868
|
493,947
|
||||||
Total liabilities and stockholders’ equity
|
$
|
637,542
|
$
|
565,628
|
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Net interest loss
|
$
|
(4,852
|
)
|
$
|
(4,779
|
)
|
$
|
(4,748
|
)
|
|||
Dividends received from Bank
|
12,000
|
16,000
|
18,050
|
|||||||||
Non-interest income
|
478
|
295
|
1,376
|
|||||||||
Non-interest expense
|
(668
|
)
|
(667
|
)
|
(643
|
)
|
||||||
Income before income taxes and equity in undistributed earnings of direct subsidiaries
|
6,958
|
10,849
|
14,035
|
|||||||||
Income tax credit
|
2,251
|
2,321
|
1,803
|
|||||||||
Income before equity in undistributed earnings of direct subsidiaries
|
9,209
|
13,170
|
15,838
|
|||||||||
Equity in undistributed earnings of subsidiaries
|
63,305
|
31,602
|
28,408
|
|||||||||
Net income
|
$
|
72,514
|
$
|
44,772
|
$
|
44,246
|
(1)
|
Other comprehensive income for the Holding Company approximated other comprehensive income for the consolidated Company during the years ended December 31, 2016, 2015 and 2014.
|
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Cash flows from Operating Activities:
|
||||||||||||
Net income
|
$
|
72,514
|
$
|
44,772
|
$
|
44,246
|
||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||
Equity in undistributed earnings of direct subsidiaries
|
(63,305
|
)
|
(31,602
|
)
|
(28,408
|
)
|
||||||
Net loss (gain) on the sale of investment securities available for sale
|
-
|
4
|
(997
|
)
|
||||||||
Net (gain) loss on trading securities
|
(83
|
)
|
108
|
45
|
||||||||
Increase in other assets
|
(2,206
|
)
|
(69
|
)
|
(489
|
)
|
||||||
(Decrease) Increase in other liabilities
|
(7
|
)
|
(560
|
)
|
1,680
|
|||||||
Net cash provided by operating activities
|
6,913
|
12,653
|
16,077
|
|||||||||
Cash flows from Investing Activities:
|
||||||||||||
Proceeds from sale of investment securities available-for-sale
|
-
|
2,000
|
3,780
|
|||||||||
Proceeds from the sale of trading securities
|
3,648
|
1,340
|
7,056
|
|||||||||
Purchases of investment securities available-for-sale
|
(22
|
)
|
(2,134
|
)
|
(3,884
|
)
|
||||||
Reimbursement from subsidiary, including purchases of investment securities available-for-sale
|
303
|
1,655
|
1,620
|
|||||||||
Net purchases of trading securities
|
(317
|
)
|
(3,090
|
)
|
(8,839
|
)
|
||||||
Principal collected on MBS available-for-sale
|
59
|
63
|
72
|
|||||||||
Principal repayments on ESOP loan
|
209
|
194
|
179
|
|||||||||
Net cash provided by (used in) investing activities
|
3,880
|
28
|
(16
|
)
|
||||||||
Cash flows from Financing Activities:
|
||||||||||||
Common Stock issued for exercise of stock options
|
3,669
|
6,549
|
278
|
|||||||||
Treasury shares repurchased
|
-
|
(300
|
)
|
-
|
||||||||
Equity award distribution
|
65
|
251
|
202
|
|||||||||
BMP ESOP shares received to satisfy distribution of retirement benefits
|
(1,820
|
)
|
-
|
-
|
||||||||
Cash dividends paid to stockholders
|
(20,569
|
)
|
(20,279
|
)
|
(20,094
|
)
|
||||||
Net cash used in financing activities
|
(18,655
|
)
|
(13,779
|
)
|
(19,614
|
)
|
||||||
Net decrease in cash and due from banks
|
(7,862
|
)
|
(1,098
|
)
|
(3,553
|
)
|
||||||
Cash and due from banks, beginning of period
|
57,014
|
58,112
|
61,665
|
|||||||||
Cash and due from banks, end of period
|
$
|
49,152
|
$
|
57,014
|
$
|
58,112
|
3(i)
|
Amended and Restated Certificate of Incorporation of Dime Community Bancshares, Inc. (1)
|
|
3(ii)
|
Amended and Restated Bylaws of Dime Community Bancshares, Inc. (22)
|
|
4.1
|
Amended and Restated Certificate of Incorporation of Dime Community Bancshares, Inc. [See Exhibit 3(i) hereto]
|
|
4.2
|
Amended and Restated Bylaws of Dime Community Bancshares, Inc. [See Exhibit 3(ii) hereto]
|
|
4.3
|
Draft Stock Certificate of Dime Community Bancshares, Inc. (2)
|
|
4.4
|
Second Amended and Restated Declaration of Trust, dated as of July 29, 2004, by and among Wilmington Trust Company, as Delaware Trustee, Wilmington Trust Company as Institutional Trustee, Dime Community Bancshares, Inc., as Sponsor, the Administrators of Dime Community Capital Trust I and the holders from time to time of undivided beneficial interests in the assets of Dime Community Capital Trust I (4)
|
|
4.5
|
Indenture, dated as of March 19, 2004, between Dime Community Bancshares, Inc. and Wilmington Trust Company, as trustee (4)
|
|
4.6
|
Series B Guarantee Agreement, dated as of July 29, 2004, executed and delivered by Dime Community Bancshares, Inc., as Guarantor and Wilmington Trust Company, as Guarantee Trustee, for the benefit of the holders from time to time of the Series B Capital Securities of Dime Community Capital Trust I (4)
|
|
10.3
|
Amended and Restated Employment Agreement between The Dime Savings Bank of Williamsburgh and Kenneth J. Mahon (10)
|
|
10.6
|
Employment Agreement between Dime Community Bancshares, Inc. and Kenneth J. Mahon (10)
|
|
10.7
|
Form of Employee Retention Agreement by and among The Dime Savings Bank of Williamsburgh, Dime Community Bancorp, Inc. and certain officers (12)
|
|
10.8
|
The Benefit Maintenance Plan of Dime Community Bancorp, Inc. (9)
|
|
10.9
|
Severance Pay Plan of The Dime Savings Bank of Williamsburgh (8)
|
|
10.10
|
Retirement Plan for Board Members of Dime Community Bancorp, Inc. (8)
|
|
10.12
|
Recognition and Retention Plan for Outside Directors, Officers and Employees of Dime Community Bancorp, Inc., as amended by amendments number 1 and 2 (3)
|
|
10.13
|
Form of stock option agreement for Outside Directors under Dime Community Bancshares, Inc. 1996 and 2001 Stock Option Plans for Outside Directors, Officers and Employees and the 2004 Stock Incentive Plan. (3)
|
|
10.14
|
Form of stock option agreement for officers and employees under Dime Community Bancshares, Inc. 1996 and 2001 Stock Option Plans for Outside Directors, Officers and Employees and the 2004 Stock Incentive Plan (3)
|
|
10.20
|
Dime Community Bancshares, Inc. 2001 Stock Option Plan for Outside Directors, Officers and Employees (11)
|
|
10.21
|
Dime Community Bancshares, Inc. 2004 Stock Incentive Plan for Outside Directors, Officers and Employees (7)
|
|
10.24
|
Waiver executed by Kenneth J. Mahon (6)
|
|
10.25
|
Form of restricted stock award notice for officers and employees under the 2004 Stock Incentive Plan (5)
|
|
10.27
|
Form of restricted stock award notice for outside directors under the 2004 Stock Incentive Plan (5)
|
|
10.28
|
Employee Retention Agreement between The Dime Savings Bank of Williamsburgh, Dime Community Bancshares, Inc. and Daniel Harris (8)
|
|
10.30
|
Adoption Agreement for Pentegra Services, Inc. Volume Submitter 401(K) Profit Sharing Plan (18)
|
|
10.31
|
Employee Stock Ownership Plan of Dime Community Bancshares, Inc. and Certain Affiliates (8)
|
|
10.32
|
Amendment to the Benefit Maintenance Plan (13)
|
|
10.33
|
Amendments One, Two and Three to the Employee Stock Ownership Plan of Dime Community Bancshares, Inc. and Certain Affiliates (14)
|
|
10.34
|
Dime Community Bancshares, Inc. 2013 Equity And Incentive Plan (15)
|
|
10.35
|
Form of restricted stock award notice for officers and employees under the 2013 Equity and Incentive Plan (16)
|
|
10.36
|
Form of restricted stock award notice for outside directors under the 2013 Equity and Incentive Plan (16)
|
|
10.37
|
The Dime Savings Bank of Williamsburgh 401(K) Savings Plan (18)
|
|
10.38
|
Amendment Number Four to the Employee Stock Ownership Plan of Dime Community Bancshares, Inc. and Certain Affiliates (17)
|
|
10.39
|
Amendment Number One to the Dime Savings Bank of Williamsburgh 401(K) Savings Plan (18)
|
|
10.40
|
Retirement and Consulting Agreement between Dime Community Bancshares, Inc. and Michael P. Devine (19)
|
|
10.41
|
Retirement and Consulting Agreement between Dime Community Bancshares, Inc. and Vincent F. Palagiano (20)
|
|
10.42
|
Form of performance share award notice for officers under 2013 Equity and Incentive Plan (21)
|
|
Employment and Change in Control Agreement between Dime Community Bank and Stuart Lubow
|
||
Employment and Change in Control Agreement between Dime Community Bank and Conrad Gunther
|
||
Purchase and Sale Agreement between The Dime Savings Bank of Williamsburgh and Tavros Capital Partners USA LLC
|
Purchase and Sale Agreement between The Dime Savings Bank of Williamsburgh and Havemeyer Owner BB LLC
|
||
Computation of ratio of earnings to fixed charges
|
||
Consent of Independent Registered Public Accounting Firm
|
||
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a)
|
||
Certification of Principal Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a)
|
||
Certification of Chief Executive Officer Pursuant to 18 U.S.C. 1350
|
||
Certification of Principal Financial Officer Pursuant to 18 U.S.C. 1350
|
||
101**
|
Pursuant to Rule 405 of Regulation S-T, the following financial information from the Company’s Quarterly Report on Form 10-Q for the period ended December 31, 2016 is formatted in XBRL (Extensible Business Reporting Language) interactive data files: (i) the Consolidated Balance Sheets as of December 31, 2016 and December 31, 2015, (ii) the Consolidated Statements of Income for each of the years ended December 31, 2016, 2015 and 2014, (iii) the Consolidated Statements of Comprehensive Income for each of the years ended December 31, 2016, 2015 and 2014, (iv) the Consolidated Statements of Changes in Stockholders' Equity for each of the years ended December 31, 2016, 2015 and 2014, (v) the Consolidated Statements of Cash Flows for each of the years ended December 31, 2016, 2015 and 2014, and (vi) the Notes to Consolidated Financial Statements.
|
**
|
Furnished, not filed, herewith.
|
(1)
|
Incorporated by reference to the registrant's Transition Report on Form 10-K for the transition period ended December 31, 2002 filed on March 28, 2003.
|
(2)
|
Incorporated by reference to the registrant's Annual Report on Form 10-K for the fiscal year ended June 30, 1998 filed on September 28, 1998.
|
(3)
|
Incorporated by reference to the registrant's Annual Report on Form 10-K for the fiscal year ended June 30, 1997 filed on September 26, 1997, and the Current Reports on Form 8-K filed on March 22, 2004 and March 29, 2005.
|
(4)
|
Incorporated by reference to Exhibits to the registrant’s Registration Statement No. 333-117743 on Form S-4 filed on July 29, 2004.
|
(5)
|
Incorporated by reference to the registrant's Current Report on Form 8-K filed on March 22, 2005.
|
(6)
|
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2005 filed on May 10, 2005.
|
(7)
|
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2008 filed on August 8, 2008.
|
(8)
|
Incorporated by reference to the registrant's Annual Report on Form 10-K for the year ended December 31, 2008 filed on March 16, 2009.
|
(9)
|
Incorporated by reference to the registrant's Current Report on Form 8-K filed on April 4, 2011.
|
(10)
|
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 filed on May 10, 2011.
|
(11)
|
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2011 filed on August 9, 2011.
|
(12)
|
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 filed on May 9, 2012.
|
(13)
|
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 filed on November 13, 2012.
|
(14)
|
Incorporated by reference to the registrant's Annual Report on Form 10-K for the year ended December 31, 2012 filed on March 15, 2013.
|
(15)
|
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 filed on August 9, 2013.
|
(16)
|
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 filed on August 5, 2014.
|
(17)
|
Incorporated by reference to the registrant's Annual Report on Form 10-K for the year ended December 31, 2014 filed on March 16, 2015.
|
(18)
|
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 filed on May 7, 2015.
|
(19)
|
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 filed on November 6, 2015.
|
(20)
|
Incorporated by reference to the registrant's Current Report on Form 8-K filed on June 30, 2016.
|
(21)
|
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 filed on August 9, 2016.
|
(22)
|
Incorporated by reference to the registrant's Current Report on Form 8-K filed on January 30, 2017.
|
DIME COMMUNITY BANK
|
||
By: |
/s/ KENNETH J. MAHON
|
|
Kenneth J. Mahon
|
||
President & Chief Executive Officer
|
||
DIME COMMUNITY BANCSHARES, INC.
|
||
(as guarantor)
|
||
By: |
/s/ KENNETH J. MAHON
|
|
Kenneth J. Mahon
|
||
President & Chief Executive Officer
|
||
/s/ STUART LUBOW | ||
Stuart Lubow |
DIME COMMUNITY BANK
|
||
By: |
/s/ KENNETH J. MAHON
|
|
Kenneth J. Mahon
|
||
President & Chief Executive Officer
|
||
DIME COMMUNITY BANCSHARES, INC. | ||
(as guarantor)
|
||
By: |
/s/ KENNETH J. MAHON
|
|
Kenneth J. Mahon
|
||
President & Chief Executive Officer
|
||
/s/ CONRAD GUNTHER
|
||
Conrad Gunther
|
Page
|
||
ARTICLE I
|
||
SALE OF PROPERTY
|
1
|
|
1.1
|
Sale
|
1
|
1.2
|
Excluded Property
|
2
|
1.3
|
Development Rights Survey
|
3
|
1.4
|
Access to Property
|
3
|
ARTICLE II
|
||
PURCHASE PRICE
|
3
|
|
2.1
|
Purchase Price
|
3
|
ARTICLE III
|
||
DEPOSIT
|
4
|
|
3.1
|
Deposit
|
4
|
3.2
|
Application of Deposit
|
4
|
3.3
|
Escrow Agent
|
5
|
ARTICLE IV
|
||
CLOSING, PRORATIONS AND CLOSING COSTS
|
7
|
|
4.1
|
Closing
|
7
|
4.2
|
Prorations
|
7
|
4.3
|
Transfer Taxes
|
7
|
4.4
|
Sales Taxes
|
8
|
4.5
|
Closing Costs
|
8
|
ARTICLE V
|
||
TITLE AND SURVEY MATTERS
|
8
|
|
5.1
|
Title
|
8
|
5.2
|
Violations
|
14
|
ARTICLE VI
|
||
REPRESENTATIONS AND WARRANTIES OF SELLER
|
14
|
|
6.1
|
General Representations
|
14
|
6.2
|
Seller's Knowledge
|
16
|
6.3
|
Survival
|
16
|
6.4
|
Limitation of Liability
|
17
|
6.5
|
Representations as a Condition to Closing
|
17
|
ARTICLE VII
|
||
"AS IS" SALE
|
18
|
|
ARTICLE VIII
|
||
REPRESENTATIONS AND WARRANTIES OF PURCHASER
|
18
|
|
8.1
|
Authority
|
18
|
8.2
|
Bankruptcy or Debt of Purchaser
|
19
|
8.3
|
No Financing Contingency
|
19
|
8.4
|
Purchaser's Acknowledgment
|
19
|
8.5
|
Patriot Act
|
20
|
ARTICLE IX
|
||
SELLER'S INTERIM OPERATING COVENANTS
|
21
|
|
9.1
|
Operations
|
21
|
9.2
|
Maintain Insurance
|
22
|
9.3
|
Notices of Violation; Other Notices
|
22
|
9.4
|
Permits and Licenses
|
22
|
9.5
|
Casualty and Condemnation
|
22
|
9.6
|
Leases
|
22
|
9.7
|
Zoning
|
22
|
9.8
|
Subdivision
|
22
|
9.9
|
Cornice Removal
|
23
|
ARTICLE X
|
||
CLOSING CONDITIONS
|
24
|
|
10.1
|
Conditions to Obligations of Seller
|
24
|
10.2
|
Conditions to Obligations of Purchaser
|
24
|
ARTICLE XI
|
||
CLOSING
|
25
|
|
11.1
|
Seller's Closing Obligations
|
25
|
11.2
|
Intentionally Omitted
|
27
|
11.3
|
Purchaser's Closing Obligations
|
27
|
ARTICLE XII
|
||
RISK OF LOSS
|
27
|
|
12.1
|
Casualty
|
27
|
12.2
|
Condemnation
|
28
|
12.3
|
General Obligations Law
|
29
|
ARTICLE XIII
|
||
DEFAULT
|
29
|
|
13.1
|
Default by Seller
|
29
|
13.2
|
Default by Purchaser
|
29
|
ARTICLE XIV
|
||
BROKERS
|
30
|
|
14.1
|
Brokerage Indemnity
|
30
|
ARTICLE XV
|
||
PUBLICATION AND CONFIDENTIALITY
|
30
|
|
15.1
|
Publication
|
30
|
15.2
|
Confidentiality
|
31
|
ARTICLE XVI
|
||
RESERVED
|
31
|
|
ARTICLE XVII
|
||
MISCELLANEOUS
|
31
|
|
17.1
|
Notices
|
31
|
17.2
|
Governing Law; Venue
|
32
|
17.3
|
Headings
|
33
|
17.4
|
Business Days
|
33
|
17.5
|
Counterpart Copies
|
33
|
17.6
|
Binding Effect
|
33
|
17.7
|
Successors and Assigns
|
33
|
17.8
|
Assignment
|
33
|
17.9
|
Interpretation
|
34
|
17.10
|
Entire Agreement
|
34
|
17.11
|
Severability
|
34
|
17.12
|
Survival
|
34
|
17.13
|
Exhibits
|
34
|
17.14
|
Limitation of Liability
|
34
|
17.15
|
Prevailing Party
|
34
|
17.16
|
Real Estate Reporting Person
|
35
|
17.17
|
No Recording
|
35
|
17.18
|
No Other Parties
|
35
|
17.19
|
Waiver of Trial by Jury
|
35
|
17.20
|
Cooperation
|
35
|
Exhibit A
|
–
|
Land
|
Exhibit B
|
–
|
Wire Instructions
|
Exhibit C
|
–
|
Form of Owner's Affidavit
|
Exhibit D-1
|
–
|
Form of Deed
|
Exhibit D-2
|
–
|
Form of General Assignment
|
Exhibit E
|
–
|
Form of Seller's Representation Certificate
|
Exhibit F
|
–
|
Form of FIRPTA Certificate
|
Exhibit G
|
–
|
Reserved
|
Exhibit H
|
–
|
Form of Zoning Lot and Development Agreement
|
Exhibit I
|
–
|
Form of Lease
|
Exhibit J
|
–
|
Form of Purchaser's Representation Certificate
|
Exhibit K
|
–
|
Outline of Tax Lot Subdivision
|
Exhibit L
|
–
|
Form of Waiver and Subordination
|
Exhibit M
|
–
|
Seller Premises
|
Exhibit N
|
–
|
Form of Declaration
|
Schedule 5.1.3
|
Permitted Exceptions
|
Schedule 6.1.9
|
Tax Proceedings
|
Schedule 6.1.10
|
Litigation
|
Schedule 6.1.11
|
Insurance Policies
|
To Seller:
|
||
The Dime Savings Bank of Williamsburgh
|
||
209 Havemeyer Street | ||
Brooklyn, New York 11211
|
||
Attention: Michael Pucella
|
||
Email: mpucella@dime.com
|
||
With a copy to:
|
||
Skadden, Arps, Slate, Meagher & Flom LLP
|
||
Four Times Square | ||
New York, New York 10036
|
||
Attention: Marco P. Caffuzzi, Esq.
|
||
Email: marco.caffuzzi@skadden.com
|
To Purchaser:
|
||
Tavros Capital Partners USA LLC
|
||
27 W 24th St., Suite 702
|
||
New York, NY 10010
|
||
Attention: Nicholas Silver
|
||
Email: nsilvers@tavroscapital.com
|
||
With a copy to:
|
||
Szenberg & Okun PLLC
|
||
152 West 57th Street, 22nd Fl
|
||
New York, NY 10019 | ||
Attention: Jacob Okun, Esq.
|
||
Email: jacob.okun@szenok.com
|
||
To Escrow Agent:
|
||
Title Associates, a division of Stewart Title Insurance Company
|
||
825 Third Avenue, 30th Floor | ||
New York, NY 10022
|
||
Attn: Jack Foley
|
||
Email: jfoley@titleassociates.com
|
SELLER:
|
||
THE DIME SAVINGS BANK OF WILLIAMSBURGH
|
||
By:
|
/s/ Michael P. Devine
|
|
Name: Michael P. Devine
|
||
Title: Vice Chairman & President
|
PURCHASER:
|
||
TAVROS CAPITAL PARTNERS USA LLC
|
||
By:
|
/s/ Nicholas Silvers
|
|
Name:
|
Nicholas Silvers
|
|
Title:
|
Authorized Signatory |
ESCROW AGENT:
|
||
STEWART TITLE INSURANCE COMPANY
|
||
By:
|
/s/ Kristin V. Bellouny
|
|
Name:
|
Kristin V. Bellouny
|
|
Title:
|
VP & Senior Underwriting Counsel
|
Page | ||
ARTICLE I | ||
SALE OF PROPERTY
|
1
|
|
1.1
|
Sale
|
1
|
1.2
|
Excluded Property
|
2
|
1.3
|
Reserved
|
2
|
1.4
|
Access to Property
|
2
|
ARTICLE II
|
||
PURCHASE PRICE
|
3
|
|
2.1
|
Purchase Price
|
3
|
ARTICLE III
|
||
DEPOSIT
|
4
|
|
3.1
|
Deposit
|
4
|
3.2
|
Application of Deposit
|
4
|
3.3
|
Escrow Agent
|
5
|
ARTICLE IV
|
||
CLOSING, PRORATIONS AND CLOSING COSTS
|
6
|
|
4.1
|
Closing
|
6
|
4.2
|
Prorations
|
7
|
4.3
|
Transfer Taxes
|
7
|
4.4
|
Sales Taxes
|
7
|
4.5
|
Closing Costs
|
8
|
ARTICLE V
|
||
TITLE AND SURVEY MATTERS
|
8
|
|
5.1
|
Title
|
8
|
5.2
|
Violations
|
12
|
RESERVED
|
|
13 |
ARTICLE VII
|
||
“AS IS” SALE
|
14
|
|
ARTICLE VIII
|
||
REPRESENTATIONS AND WARRANTIES OF PURCHASER
|
15
|
|
8.1
|
Authority
|
15
|
8.2
|
Bankruptcy or Debt of Purchaser
|
15
|
8.3
|
No Financing Contingency
|
15
|
8.4
|
Purchaser’s Acknowledgment
|
16
|
8.5
|
Patriot Act
|
16
|
ARTICLE IX
|
||
SELLER’S INTERIM OPERATING COVENANTS
|
18
|
|
9.1
|
Operations
|
18
|
9.2
|
Maintain Insurance
|
18
|
9.3
|
Notices of Violation; Other Notices
|
18
|
9.4
|
Permits and Licenses
|
18
|
9.5
|
Casualty and Condemnation
|
18
|
9.6
|
Leases
|
18
|
9.7
|
Zoning
|
19
|
9.8
|
Subdivision
|
19
|
ARTICLE X
|
||
CLOSING CONDITIONS
|
19
|
|
10.1
|
Conditions to Obligations of Seller
|
19
|
10.2
|
Conditions to Obligations of Purchaser
|
20
|
ARTICLE XI
|
||
CLOSING
|
21
|
|
11.1
|
Seller’s Closing Obligations
|
21
|
11.2
|
Intentionally Omitted
|
22
|
11.3
|
Purchaser’s Closing Obligations
|
22
|
RISK OF LOSS
|
23
|
|
12.1
|
Casualty
|
23
|
12.2
|
Condemnation
|
23
|
12.3
|
General Obligations Law
|
24
|
ARTICLE XIII
|
||
DEFAULT
|
24
|
|
13.1
|
Default by Seller
|
24
|
13.2
|
Default by Purchaser
|
25
|
ARTICLE XIV
|
||
BROKERS
|
25
|
|
14.1
|
Brokerage Indemnity
|
25
|
ARTICLE XV
|
||
PUBLICATION AND CONFIDENTIALITY
|
26 | |
15.1
|
Publication
|
26
|
15.2
|
Confidentiality
|
26
|
ARTICLE XVI
|
||
RESERVED
|
26
|
|
ARTICLE XVII
|
||
MISCELLANEOUS
|
26 | |
17.1
|
Notices
|
26
|
17.2
|
Governing Law; Venue
|
28
|
17.3
|
Headings
|
28
|
17.4
|
Business Days
|
28
|
17.5
|
Counterpart Copies
|
28
|
17.6
|
Binding Effect
|
28
|
17.7
|
Successors and Assigns
|
28
|
17.8
|
Assignment
|
29
|
17.9
|
Interpretation
|
29
|
17.10
|
Entire Agreement
|
29
|
17.11
|
Severability
|
29
|
17.12
|
Survival
|
29
|
17.13
|
Exhibits
|
30
|
17.14
|
Limitation of Liability
|
30
|
17.15
|
Prevailing Party
|
30
|
17.16
|
Real Estate Reporting Person
|
30
|
17.17
|
No Recording
|
30
|
17.18
|
No Other Parties
|
30
|
17.19
|
Waiver of Trial by Jury
|
30
|
17.20
|
Cooperation
|
31
|
Exhibit A
|
–
|
Land
|
Exhibit B
|
–
|
Wire Instructions
|
Exhibit C
|
–
|
Form of Owner’s Affidavit
|
Exhibit D-1
|
–
|
Form of Deed
|
Exhibit D-2
|
–
|
Form of General Assignment
|
Exhibit E
|
–
|
Reserved
|
Exhibit F
|
–
|
Form of FIRPTA Certificate
|
Exhibit G
|
–
|
Reserved
|
Exhibit H
|
–
|
Reserved
|
Exhibit I
|
– |
Form of Lease
|
Exhibit J
|
–
|
Form of Stipulation
|
Exhibit K
|
–
|
Form of Purchaser’s Representation Certificate
|
Exhibit L
|
–
|
Form of Declaration of Restrictions
|
Schedule 5.1.3
|
–
|
Permitted Exceptions
|
Schedule 6.1.3
|
–
|
Existing Contracts
|
Schedule 9.2
|
–
|
Description of Insurance Policies
|
SELLER:
|
|||
THE DIME SAVINGS BANK OF WILLIAMSBURGH
|
|||
By:
|
/s/ Michael Pucella
|
||
Name: Michael Pucella
|
|||
Title: EVP & CAO
|
PURCHASER:
|
|||
HAVEMEYER OWNER BB LLC | |||
By:
|
/s/ Nicholas Silvers
|
||
Name:
|
Nicholas Silvers
|
||
Title:
|
Authorized Signatory
|
||
PURCHASER'S AFFILIATE | |||
(for the purposes of section 9.8 hereof): | |||
HAVEMEYER OWNER BB LLC | |||
By:
|
/s/ Nicholas Silvers
|
||
Name: |
Nicholas Silvers
|
||
Title:
|
Authorized Signatory
|
ESCROW AGENT:
|
||
STEWART TITLE INSURANCE COMPANY
|
||
By:
|
/s/ Deborah M. Voytovich
|
|
Name:
|
Deborah M. Voytovich
|
|
Title:
|
V.P. & Underwriting Counsel
|
For the year ended December 31,
|
||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
Ratio of Earnings to Fixed Charges (Including Deposits)
|
||||||||||||||||||||
Earnings:
|
||||||||||||||||||||
Income before income taxes
|
$
|
133,471
|
$
|
76,018
|
$
|
74,370
|
$
|
72,889
|
$
|
67,198
|
||||||||||
Add: Fixed charges, net
|
53,732
|
47,454
|
49,503
|
48,128
|
87,121
|
|||||||||||||||
Income before income taxes and fixed charges, net
|
187,203
|
123,472
|
123,873
|
121,017
|
154,319
|
|||||||||||||||
Fixed charges
|
||||||||||||||||||||
Interest expense
|
$
|
52,141
|
$
|
46,226
|
$
|
48,416
|
$
|
46,969
|
$
|
86,112
|
||||||||||
One-third of rental expense
|
1,591
|
1,228
|
1,087
|
1,159
|
1,009
|
|||||||||||||||
Interest on unrecognized tax benefits
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total fixed charges
|
$
|
53,732
|
$
|
47,454
|
$
|
49,503
|
$
|
48,128
|
$
|
87,121
|
||||||||||
Ratio of Earnings to Fixed Charges
|
3.48
|
x
|
2.60
|
x
|
2.50
|
x
|
2.51
|
x
|
1.77
|
x
|
Ratio of Earnings to Fixed Charges (Including Deposits)
|
||||||||||||||||||||
Earnings:
|
||||||||||||||||||||
Income before income taxes
|
$
|
133,471
|
$
|
76,018
|
$
|
74,370
|
$
|
72,889
|
$
|
67,198
|
||||||||||
Add: Fixed charges, net
|
21,358
|
24,449
|
29,912
|
28,201
|
64,333
|
|||||||||||||||
Income before income taxes and fixed charges, net
|
154,829
|
100,467
|
104,282
|
101,090
|
131,531
|
|||||||||||||||
Fixed charges
|
||||||||||||||||||||
Interest expense
|
$
|
19,767
|
$
|
23,221
|
$
|
28,825
|
$
|
27,042
|
$
|
43,583
|
||||||||||
One-third of rental expense
|
1,591
|
1,228
|
1,087
|
1,159
|
1,009
|
|||||||||||||||
Interest on unrecognized tax benefits
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total fixed charges
|
$
|
21,358
|
$
|
24,449
|
$
|
29,912
|
$
|
28,201
|
$
|
44,592
|
||||||||||
Ratio of Earnings to Fixed Charges
|
7.25
|
x
|
4.11
|
x
|
3.49
|
x
|
3.58
|
x
|
2.95
|
x
|
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
|
a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonable 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: March 15, 2017
|
|
/s/ KENNETH J. MAHON
|
|
Kenneth J. Mahon
|
|
President and Chief Executive Officer
|
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
|
a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonable 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: March 15, 2017
|
||
/s/ MICHAEL PUCELLA
|
||
Michael Pucella
|
||
Executive Vice President and Chief Accounting Officer (Principal Financial Officer)
|
(1) |
The Report fully complies with the requirements of Section 13(a) 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.
|
March 15, 2017
|
||
Date
|
||
By:
|
/s/ KENNETH J. MAHON
|
|
Kenneth J. Mahon
|
||
President and Chief Executive Officer
|
(1) |
The Report fully complies with the requirements of Section 13(a) 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.
|
March 15, 2017
|
||
Date
|
||
By:
|
/s/ MICHAEL PUCELLA
|
|
Michael Pucella
|
||
Executive Vice President and Chief Accounting Officer (Principal Financial Officer)
|
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Document and Entity Information - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Mar. 15, 2017 |
Jun. 30, 2016 |
|
Document and Entity Information [Abstract] | |||
Entity Registrant Name | DIME COMMUNITY BANCSHARES INC | ||
Entity Central Index Key | 0001005409 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 524.9 | ||
Entity Common Stock, Shares Outstanding | 37,498,771 | ||
Document Fiscal Year Focus | 2016 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 |
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
ASSETS | ||
Investment securities held to maturity, fair value | $ 7,296 | $ 7,051 |
Stockholders' Equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 9,000,000 | 9,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 125,000,000 | 125,000,000 |
Common stock, shares issued (in shares) | 53,572,745 | 53,326,753 |
Common stock, shares outstanding (in shares) | 37,445,853 | 37,371,992 |
Treasury stock (in shares) | 16,116,892 | 15,954,761 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
Net Income | $ 72,514 | $ 44,772 | $ 44,246 |
Other comprehensive income: | |||
Change in unrealized holding loss on securities held-to-maturity and transferred securities | 85 | 116 | 97 |
Change in unrealized holding loss (gain) on securities available-for-sale | 56 | (1,560) | (1,062) |
Change in pension and other postretirement obligations | 1,841 | 989 | (5,942) |
Change in unrealized gain on derivative asset | 3,228 | 0 | 0 |
Other comprehensive gain (loss) before income taxes | 5,210 | (455) | (6,907) |
Deferred tax expense (benefit) | 2,348 | (201) | (3,119) |
Other comprehensive income (loss), net of tax | 2,862 | (254) | (3,788) |
Total comprehensive income | $ 75,376 | $ 44,518 | $ 40,458 |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Accumulated Other Comprehensive Loss, Net of Deferred Taxes [Member] |
Unallocated Common Stock of ESOP [Member] |
Unearned Restricted Stock Award Common Stock [Member] |
Common Stock Held by BMP [Member] |
Treasury Stock, at Cost [Member] |
Total |
---|---|---|---|---|---|---|---|---|---|
Balance at Dec. 31, 2013 | $ 528 | $ 252,253 | $ 402,986 | $ (4,759) | $ (2,776) | $ (3,193) | $ (9,013) | $ (200,520) | $ 435,506 |
Balance (in shares) at Dec. 31, 2013 | 36,712,951 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income | $ 0 | 0 | 44,246 | 0 | 0 | 0 | 0 | 0 | 44,246 |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | (3,788) | 0 | 0 | 0 | 0 | (3,788) |
Exercise of stock options, net expired options | $ 1 | 248 | 0 | 0 | 0 | 0 | 0 | 0 | 249 |
Exercise of stock options, net expired options (in shares) | 16,960 | ||||||||
Release of shares, net of forfeitures | $ 0 | 746 | 0 | 0 | 0 | (1,849) | (151) | 1,554 | 300 |
Release of shares, net of forfeitures (in shares) | 125,108 | ||||||||
Stock-based compensation | $ 0 | 1,111 | 0 | 0 | 231 | 1,976 | 0 | 0 | 3,318 |
Cash dividends declared and paid | 0 | 0 | (20,106) | 0 | 0 | 0 | 0 | 0 | (20,106) |
Repurchase of common stock | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Repurchase of common stock (in shares) | 0 | ||||||||
Balance at Dec. 31, 2014 | $ 529 | 254,358 | 427,126 | (8,547) | (2,545) | (3,066) | (9,164) | (198,966) | 459,725 |
Balance (in shares) at Dec. 31, 2014 | 36,855,019 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income | $ 0 | 0 | 44,772 | 0 | 0 | 0 | 0 | 0 | 44,772 |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | (254) | 0 | 0 | 0 | 0 | (254) |
Exercise of stock options, net expired options | $ 4 | 6,809 | 0 | 0 | 0 | 0 | 0 | 0 | 6,813 |
Exercise of stock options, net expired options (in shares) | 455,310 | ||||||||
Release of shares, net of forfeitures | $ 0 | 526 | 0 | 0 | 0 | (1,061) | (190) | 1,015 | 290 |
Release of shares, net of forfeitures (in shares) | 81,663 | ||||||||
Stock-based compensation | $ 0 | 1,105 | 0 | 0 | 232 | 1,856 | 0 | 0 | 3,193 |
Cash dividends declared and paid | 0 | 0 | (20,292) | 0 | 0 | 0 | 0 | 0 | (20,292) |
Repurchase of common stock | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | (300) | (300) |
Repurchase of common stock (in shares) | (20,000) | ||||||||
Balance at Dec. 31, 2015 | $ 533 | 262,798 | 451,606 | (8,801) | (2,313) | (2,271) | (9,354) | (198,251) | 493,947 |
Balance (in shares) at Dec. 31, 2015 | 37,371,992 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net Income | $ 0 | 0 | 72,514 | 0 | 0 | 0 | 0 | 0 | 72,514 |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 2,862 | 0 | 0 | 0 | 0 | 2,862 |
Exercise of stock options, net expired options | $ 3 | 3,567 | 0 | 0 | 0 | 0 | 0 | 0 | 3,570 |
Exercise of stock options, net expired options (in shares) | 245,992 | ||||||||
Release of shares, net of forfeitures | $ 0 | 659 | 0 | 0 | 0 | (780) | (222) | 708 | 365 |
Release of shares, net of forfeitures (in shares) | 85,137 | ||||||||
Stock-based compensation | $ 0 | 1,276 | 0 | 0 | 231 | 1,119 | 0 | 349 | 2,975 |
Shares received to satisfy distribution of retirement benefits | $ 0 | (2,717) | 0 | 0 | 0 | 0 | 2,717 | (1,820) | (1,820) |
Shares received to satisfy distribution of retirement benefits (in shares) | (107,008) | ||||||||
Tax benefit from market valuation adjustment on distribution of BMP ESOP shares | $ 0 | 717 | 0 | 0 | 0 | 0 | 0 | 0 | 717 |
ESOP Share Acquisition Loan payoff | $ 0 | 12,056 | 0 | 0 | 2,082 | 0 | 0 | (2,819) | 11,319 |
ESOP Share Acquisition Loan Payoff (in shares) | (140,260) | ||||||||
Cash dividends declared and paid | $ 0 | 0 | (20,581) | 0 | 0 | 0 | 0 | 0 | (20,581) |
Balance at Dec. 31, 2016 | $ 536 | $ 278,356 | $ 503,539 | $ (5,939) | $ 0 | $ (1,932) | $ (6,859) | $ (201,833) | $ 565,868 |
Balance (in shares) at Dec. 31, 2016 | 37,455,853 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | $ 72,514 | $ 44,772 | $ 44,246 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Net gain on the sales of investment securities and MBS available-for-sale | 0 | (1,384) | (997) |
Net (gain) loss recognized on trading securities | (83) | 111 | (13) |
Net gain on the sale of OREO | (40) | 0 | 0 |
Write-down of OREO | 18 | 0 | 0 |
Net gain on sale of premises | (68,183) | 0 | (649) |
Net gain on sale of loans held for sale | 0 | 0 | (27) |
Net depreciation, amortization and accretion | 2,296 | 2,738 | 2,641 |
Stock plan compensation expense (excluding ESOP) | 1,837 | 1,886 | 2,087 |
Prepayment of ESOP Share Acquisition Loan | 11,319 | 0 | 0 |
ESOP compensation expense | 1,138 | 1,307 | 1,230 |
Provision (Credit) for loan losses | 2,118 | (1,330) | (1,872) |
Credit to reduce the liability for loans sold with recourse | 0 | 0 | (1,040) |
Increase in cash surrender value of BOLI | (2,250) | (2,405) | (1,743) |
Income recognized from mortality benefit on BOLI | (484) | 0 | 0 |
Deferred income tax expense | 1,097 | 6,883 | 771 |
Reduction in credit related other than temporary impairment ("OTTI") amortized through interest income | (104) | (228) | 0 |
Excess tax benefit from stock benefit plans | (171) | (303) | (71) |
Changes in assets and liabilities: | |||
Increase in other assets | (2,942) | (1,464) | (2,873) |
Increase (Decrease) in other liabilities | 1,979 | (430) | 5,573 |
Net cash provided by Operating activities | 20,059 | 50,153 | 47,263 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from maturities of investment securities held-to-maturity | 0 | 340 | 88 |
Proceeds from maturities and calls of investment securities available-for-sale | 0 | 0 | 15,000 |
Proceeds from sales of investment securities available-for-sale | 0 | 2,070 | 3,780 |
Proceeds from sales of MBS available-for-sale | 0 | 24,307 | 0 |
Proceeds from the sales of trading securities | 3,648 | 1,340 | 7,115 |
Purchases of investment securities available-for-sale | (22) | (2,134) | (3,884) |
Purchases of MBS available-for-sale | (3,267) | 0 | (875) |
Acquisition of trading securities | (317) | (3,090) | (8,839) |
Principal collected on MBS available-for-sale | 59 | 1,602 | 5,863 |
Purchase of BOLI | 0 | 0 | (25,000) |
Purchases of loans | (157,782) | (99,745) | (225,604) |
Proceeds from sale of portfolio loans | 0 | 9,572 | 16,892 |
Net increase in loans | (781,960) | (486,142) | (210,770) |
Proceeds from the sale of OREO and real estate owned | 170 | 0 | 0 |
Proceeds from surrender of cash surrender value of BOLI | 1,425 | 0 | 0 |
Proceeds from the sale of fixed assets and premises held for sale | 75,899 | 0 | 4,273 |
Purchases of fixed assets, net | (5,774) | (1,488) | (1,618) |
Sale (Purchase) of FHLBNY capital stock, net | 14,269 | (306) | (10,356) |
Net cash used in Investing Activities | (853,652) | (553,674) | (433,935) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Increase in due to depositors | 1,211,116 | 524,518 | 152,646 |
Increase (Decrease) in escrow and other deposits | 25,871 | (14,791) | 22,517 |
Repayments of FHLBNY advances | (3,178,500) | (2,897,500) | (1,224,500) |
Proceeds from FHLBNY advances | 2,842,900 | 2,890,500 | 1,488,225 |
Proceeds from exercise of stock options | 3,498 | 6,549 | 278 |
Excess tax benefit from stock benefit plans | 171 | 303 | 71 |
Equity award distribution | 287 | 251 | 201 |
BMP ESOP shares received to satisfy distribution of retirement benefits | (1,820) | 0 | 0 |
Treasury shares repurchased | 0 | (300) | 0 |
Cash dividends paid to stockholders | (20,581) | (20,292) | (20,106) |
Net cash provided by Financing Activities | 882,942 | 489,238 | 419,332 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 49,349 | (14,283) | 32,660 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 64,154 | 78,437 | 45,777 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 113,503 | 64,154 | 78,437 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Cash paid for income taxes | 58,383 | 25,659 | 29,035 |
Cash paid for interest | 52,320 | 46,698 | 48,329 |
Loans transferred to OREO | 0 | 130 | 0 |
Loans transferred to held for sale | 0 | 9,572 | 16,865 |
Transfer of premises to held for sale | 1,379 | 8,799 | 0 |
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity | 51 | 125 | 65 |
Net increase (decrease) in non-credit component of OTTI of securities | $ (34) | $ 9 | $ (32) |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUMMARY OF ACCOUNTING POLICIES [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Nature of Operations - Dime Community Bancshares, Inc. (the "Holding Company" and together with its direct and indirect subsidiaries, the "Company") is a Delaware corporation organized by Dime Community Bank (f/k/a The Dime Savings Bank of Williamsburgh) (the "Bank") for the purpose of acquiring all of the capital stock of the Bank issued in the Bank's conversion to stock ownership on June 26, 1996. At December 31, 2016, the significant assets of the Holding Company were the capital stock of the Bank and investments retained by the Holding Company. The liabilities of the Holding Company were comprised primarily of a $70,680 trust preferred securities payable maturing in 2034, and currently callable. The Company is subject to the financial reporting requirements of the Securities Exchange Act of 1934, as amended. The Bank was originally founded in 1864 as a New York State-chartered mutual savings bank, and currently operates as a New York State-chartered stock savings bank. Effective August 1, 2016, the Bank changed its name from The Dime Savings Bank of Williamsburgh to Dime Community Bank. The new name more accurately reflects the Bank’s evolving business model and emphasizes its broader geographic and business reach while retaining the Bank’s mission to be in and of the communities it serves, including the virtual on line community. The Bank has been a community-oriented financial institution providing financial services and loans for housing within its market areas. The Holding Company neither owns nor leases any property, but instead uses the back office of the Bank, located in the Brooklyn Heights section of the borough of Brooklyn, New York. The Bank maintains its principal office in the Williamsburg section of the borough of Brooklyn, New York. As of December 31, 2016, the Bank had twenty-five retail banking offices located throughout the boroughs of Brooklyn, Queens, and the Bronx, and in Nassau County, New York. The Bank opened two additional branches located in Brooklyn, New York in February 2017. Summary of Significant Accounting Policies – Management believes that the accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America ("GAAP"). The following is a description of the significant policies. Principles of Consolidation - The accompanying consolidated financial statements include the accounts of the Holding Company and its subsidiaries (with the exception of its special purpose entity, Dime Community Capital Trust I), and the Bank and its subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. Use of Estimates - To prepare consolidated financial statements in conformity with GAAP, management makes judgments, estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. Cash and Cash Equivalents: Cash and cash equivalents include cash and deposits with other financial institutions with maturities fewer than 90 days. Net cash flows are reported for customer loan and deposit transactions, and interest bearing deposits in other financial institutions. Investment Securities and MBS - Debt securities that have readily determinable fair values are carried at fair value unless they are held-to-maturity. Debt securities are classified as held-to-maturity and carried at amortized cost only if the Company has a positive intent and ability to hold them to maturity. If not classified as held-to-maturity, such securities are classified as securities available-for-sale or trading. Equity securities and mutual fund investments (fixed income or equity in nature) are classified as either available-for-sale or trading securities and carried at fair value. Unrealized holding gains or losses on securities available-for-sale that are deemed temporary are excluded from net income and reported net of income taxes as other comprehensive income or loss. While the Holding Company had a small portfolio of mutual fund investments designated as trading at both December 31, 2016 and December 31, 2015, neither the Holding Company nor the Bank actively acquires securities for the purpose of engaging in trading activities. Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for MBS where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. The Company evaluates securities for OTTI at least quarterly, and more frequently when economic or market conditions warrant such an evaluation. In making its evaluation of OTTI for debt securities, the Company initially considers whether: (1) it intends to sell the security, or (2) it is more likely than not that it will be required to sell the security prior to recovery of its amortized cost basis. If either of these criteria is satisfied, an OTTI charge is recognized in the statement of income equal to the full amount of the decline in fair value below amortized cost. For debt securities, if neither of these criteria is satisfied, however, the Company does not expect to recover the entire amortized cost basis, an OTTI loss has occurred that must be separated into two categories: (a) the amount related to credit loss, and (b) the amount related to other factors. In assessing the level of OTTI attributable to credit loss, the Company compares the present value of expected cash flows to the amortized cost basis of the security. The portion of OTTI determined to result from credit-related factors is recognized through earnings, while the portion of the OTTI related to other factors is recognized in other comprehensive income. When OTTI is recognized on a debt security, its amortized cost basis is reduced to reflect the credit-related component. In determining whether OTTI exists on an equity security, the Company considers the following: 1) the duration and severity of the impairment; 2) the Company’s ability and intent to hold the security until it recovers in value (as well as the likelihood of such a recovery in the near term); and 3) whether it is more likely than not that the Company will be required to sell such security before recovery of its individual amortized cost basis less any unrecognized loss. Should OTTI be determined to have occurred based upon this analysis, it is fully recognized through earnings. Loans - Loans that the Bank has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal amount outstanding (as adjusted for any amounts charged-off), net of unearned fees or costs, unamortized premiums and the allowance for loan losses. Interest income on loans is recorded using the level yield method. Loan origination fees and certain direct loan origination costs are deferred and amortized as yield adjustments over the contractual loan terms. Past due status is based upon the contractual terms of the loan. Accrual of interest is generally discontinued on a loan that meets any of the following three criteria: (i) full payment of principal or interest is not expected; (ii) principal or interest has been in default for a period of 90 days or more and the loan is not both deemed to be well secured and in the process of collection; or (iii) an election has otherwise been made to maintain the loan on a cash basis due to deterioration in the financial condition of the borrower. Such non-accrual determination practices are applied consistently to all loans regardless of their internal classification or designation. Upon entering non-accrual status, the Bank reverses all outstanding accrued interest receivable. Management may elect to continue the accrual of interest when a loan that otherwise meets the criteria for non-accrual status is in the process of collection and the estimated fair value and cash flows of the underlying collateral property are sufficient to satisfy the outstanding principal balance (including any outstanding advances related to the loan) and accrued interest. Management may also elect to continue the accrual of interest on a loan that would otherwise meet the criteria for non-accrual status when its delinquency relates solely to principal amounts due, it is well secured and refinancing activities have commenced on the loan. Such elections have not been commonplace. The Bank generally initiates foreclosure proceedings when a delinquent loan enters non-accrual status, and typically does not accept partial payments once foreclosure proceedings have commenced. At some point during foreclosure proceedings, the Bank procures current appraisal information in order to prepare an estimate of the fair value of the underlying collateral. If a foreclosure action is instituted and the loan is not brought current, paid in full, or refinanced before the foreclosure action is completed, the property securing the loan is transferred to OREO status. The Bank generally utilizes all available remedies, such as note sales in lieu of foreclosure, in an effort to resolve non-accrual loans as quickly and prudently as possible in consideration of market conditions, the physical condition of the property and any other mitigating circumstances. In the event that a non-accrual loan is subsequently brought current, it is returned to accrual status once the doubt concerning collectability has been removed and the borrower has demonstrated performance in accordance with the loan terms and conditions for a period of at least six months. A loan is considered impaired when, based on then current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays or shortfalls generally are not classified as impaired. Management determines the significance of payment delays and shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is typically measured using the difference between the outstanding loan principal balance and either: 1) the likely realizable value of a note sale; 2) the fair value of the underlying collateral, net of likely disposal costs, if repayment is expected to come from liquidation of the collateral; or 3) the present value of estimated future cash flows (using the loan’s pre-modification rate for some performing troubled debt restructurings (“TDRs”)). If a TDR is substantially performing in accordance with its restructured terms, management will look to either the potential net liquidation proceeds of the underlying collateral property or the present value of the expected cash flows from the debt service in measuring impairment (whichever is deemed most appropriate under the circumstances). If a TDR has re-defaulted, generally the likely realizable net proceeds from either a note sale or the liquidation of the collateral is considered when measuring impairment. Measured impairment is either charged off immediately or, in limited instances, recognized as an allocated reserve within the allowance for loan losses. See Note 5 for a discussion of TDRs. Allowance for Loan Losses and Reserve for Loan Commitments - The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. Measured impairment is either charged off immediately or, in limited instances, recognized as an allocated reserve within the allowance for loan losses. All multifamily residential, mixed use, commercial real estate and construction loans that are deemed to meet the definition of impaired are individually evaluated for impairment. In addition, all condominium or cooperative apartment and one- to four-family residential loans with balances greater than the Fannie Mae ("FNMA") conforming loan limits for high-cost areas such as the Bank's primary lending area ("FNMA Limits") that are deemed to meet the definition of impaired are individually evaluated for impairment. Loans for which the terms have been modified in a manner that meets the criteria of a TDR are deemed to be impaired and individually evaluated for impairment. If a TDR is substantially performing in accordance with its restructured terms, management will look to either the potential net liquidation proceeds of the underlying collateral property or the present value of the expected cash flows from the debt service in measuring impairment (whichever is deemed most appropriate under the circumstances). If a TDR has defaulted, the likely realizable net proceeds from either a note sale or the liquidation of collateral is generally considered when measuring impairment. Smaller balance homogeneous loans, such as condominium or cooperative apartment and one-to four-family residential real estate loans with balances less than or equal to the FNMA Limits and consumer loans, are collectively evaluated for impairment, and accordingly, not separately identified for impairment disclosures. In determining both the specific and the general components of the allowance for loan losses, the Company has identified the following portfolio segments: 1) real estate loans; and 2) consumer loans. Consumer loans represent a nominal portion of the Company’s loan portfolio. Within these segments, the Bank analyzes the allowance based upon the underlying collateral type. The underlying methodology utilized to assess the adequacy of the allowance for loan losses is summarized in Note 5. The Bank maintains a separate reserve within other liabilities associated with commitments to fund future loans that have been accepted by the borrower. This reserve is determined based upon the historical loss experience of similar loans owned by the Bank at each period end. Any changes in this reserve amount are recognized through earnings as a component of non-interest expense. Loans Held for Sale - Mortgage loans originated and intended for sale in the secondary market, as well as identified problem loans which are subject to an executed note sale agreement, are carried at the lower of aggregate cost or net realizable proceeds. Multifamily residential and mixed-use loans sold are generally sold with servicing rights retained. There were no problem loans re-classified to held for sale during the year ended December 31, 2016. During the years ended December 31, 2015 and 2014, the Bank re-classified certain problematic loans for which it had an executed pending note sale agreement as held for sale. Such loans are carried at the lower of cost or their expected net realizable proceeds. Derivatives – The Company has a derivative contract designated as a hedge of the variability of cash flows to be received or paid related to a recognized liability (“Cash Flow Hedge”). The gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. Changes in the fair value of derivatives that are not highly effective in hedging the changes in expected cash flows of the hedged item are recognized immediately in current earnings as non-interest income. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific liabilities on the balance sheet. The Company also formally assesses, both at the hedge’s inception and on an on-going basis, whether the derivative instruments that are used are highly effective in offsetting changes in or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in cash flows of the hedged item, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a cash flow hedge is discontinued but the hedged cash flows are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transaction will affect earnings. OREO - Properties acquired as a result of foreclosure on a mortgage loan or a deed in lieu of foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. Physical possession of residential real estate collateralizing a consumer mortgage loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through execution of a deed in lieu of foreclosure or through a similar legal agreement. These assets are subsequently accounted for at the lower of cost or fair value less estimated costs to sell. Declines in the recorded balance subsequent to acquisition by the Company are recorded through expense. Operating costs after acquisition are expensed. Premises and Fixed Assets, Net - Land is stated at original cost. Buildings and furniture, fixtures and equipment are stated at cost less accumulated depreciation. Depreciation is computed by the straight-line method over the estimated useful lives of the properties as follows:
Premises Held for Sale – Premises held for sale are carried at the lower of the recorded balance or their likely disposal value. Upon being re-classified as held for sale, depreciation is no longer recognized on these assets. Accounting for Goodwill and Other Intangible Assets – An impairment test is required to be performed at least annually for goodwill acquired in a business combination. The Company performs impairment tests of goodwill as of December 31st of each year. As of December 31, 2016 and 2015, the Company concluded that no impairment of goodwill existed. As of both December 31, 2016 and 2015, the Company had goodwill totaling $55,638. BOLI – BOLI is carried at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or amounts due that are probable at settlement. Increases in the contract value are recorded as non-interest income in the consolidated statements of operations and insurance proceeds received are recorded as a reduction of the contract value. Income Taxes – Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount deemed more likely than not to be realized. A tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not satisfying the "more likely than not" test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to tax matters in income tax expense. The Company had no uncertain tax positions at December 31, 2016 or 2015. Employee Benefits – The Bank maintains the Dime Community Bank 401(k) Plan [the "401(k) Plan"] for substantially all of its employees, and the Retirement Plan of Dime Community Bank (the "Employee Retirement Plan"), both of which are tax qualified under the Internal Revenue Code. The Bank also maintains the Postretirement Welfare Plan of Dime Community Bank (the "Postretirement Benefit Plan"), providing additional postretirement benefits to certain retirees, which requires accrual of postretirement benefits (such as health care benefits) during the years an employee provides services, a Retirement Plan for its outside Directors (the “Director Retirement Plan”), and the BMP that provides additional benefits to certain of its officers. As the sponsor of a single employer defined benefit plan, the Company must do the following for the Employee Retirement Plan, a portion of the BMP, the Director Retirement Plan and the Postretirement Benefit Plan: (1) recognize the funded status of the benefit plans in its statements of financial condition, measured as the difference between plan assets at fair value (with limited exceptions) and the benefit obligation. For a pension plan, the benefit obligation is the projected benefit obligation; for any other postretirement benefit plan, such as a retiree health care plan, the benefit obligation is the accumulated postretirement benefit obligation; (2) recognize as a component of other comprehensive income, net of tax, the gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic benefit or cost. Amounts recognized in accumulated other comprehensive income, including the gains or losses, prior service costs or credits, and the transition asset or obligation are adjusted as they are subsequently recognized as components of net periodic benefit cost; (3) measure defined benefit plan assets and obligations as of the date of the employer’s fiscal year-end statements of financial condition (with limited exceptions); and (4) disclose in the notes to financial statements additional information about certain effects on net periodic benefit cost for the next fiscal year that arise from delayed recognition of the gains or losses, prior service costs or credits, and transition asset or obligation. The Holding Company and Bank maintain the ESOP. Compensation expense related to the ESOP is recorded during the period in which the shares become committed to be released to participants. The compensation expense is measured based upon the average fair market value of the stock during the period, and, to the extent that the fair value of the shares committed to be released differs from the original cost of such shares, the difference is recorded as an adjustment to additional paid-in capital. Cash dividends are paid on all ESOP shares, and reduce retained earnings accordingly. The Holding Company and Bank maintain the Dime Community Bancshares, Inc. 2004 Stock Incentive Plan for Outside Directors, Officers and Employees and the Dime Community Bancshares, Inc. 2013 Equity and Incentive Plan (collectively the "Stock Plans"); which are discussed more fully in Note 14. Under the Stock Plans, compensation cost is recognized for stock options and restricted stock awards issued to employees based on the fair value of the awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Holding Company’s common stock (“Common Stock”) at the date of grant is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. Basic and Diluted EPS -Basic EPS is computed by dividing net income by the weighted-average common shares outstanding during the reporting period. Diluted EPS is computed using the same method as basic EPS, but reflects the potential dilution that would occur if "in the money" stock options were exercised and converted into Common Stock, and likely aggregate Long-term Incentive Plan (“LTIP”) share payout. In determining the weighted average shares outstanding for basic and diluted EPS, treasury stock and unallocated ESOP shares are excluded and vested restricted stock award shares are included. Unvested restricted stock award shares are recognized as a special class of securities under ASC 260. The following is a reconciliation of the numerator and denominator of basic EPS and diluted EPS for the periods indicated:
Common stock equivalents resulting from the dilutive effect of "in-the-money" stock options are calculated based upon the excess of the average market value of the Common Stock over the exercise price of outstanding options. There were approximately 77,432, 126,172 and 293,272 weighted average options for the years ended December 31, 2016, 2015, and 2014, respectively, that were not considered in the calculation of diluted EPS since the sum of their exercise price and unrecognized compensation cost exceeded the average market value during the relevant period. For information about the calculation of likely aggregate LTIP share payout, see Note 15. Comprehensive Income - Comprehensive income for the years ended December 31, 2016, 2015 and 2014 included changes in the unrealized gain or loss on available-for-sale securities, changes in the unfunded status of defined benefit plans, the non-credit component of OTTI, a transfer loss related to securities transferred from available-for-sale to held-to-maturity, and changes in the unrealized gain or loss on derivatives. Under GAAP, all of these items bypass net income and are typically reported as components of stockholders' equity. All comprehensive income adjustment items are presented net of applicable tax effect. Comprehensive and accumulated comprehensive income are summarized in Note 2. Disclosures About Segments of an Enterprise and Related Information - The Company has one reportable segment, "Community Banking." All of the Company's activities are interrelated, and each activity is dependent and assessed based on the manner in which it supports the other activities of the Company. For example, lending is dependent upon the ability of the Bank to fund itself with retail deposits and other borrowings and to manage interest rate and credit risk. Accordingly, all significant operating decisions are based upon analysis of the Company as one operating segment or unit. For the years ended December 31, 2016, 2015 and 2014, there was no customer that accounted for more than 10% of the Company's consolidated revenue. Reclassification – There have been no material reclassifications to prior year amounts to conform to their current presentation. Recently Issued Accounting Standards - In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 impacts any entity that either enters into contracts with customers to transfer goods or services, or that enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (e.g., insurance or lease contracts). Under ASU 2014-09, an entity is required to recognize revenue for the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires disclosure of sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, as well as qualitative and quantitative disclosure related to contracts with certain customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal Versus Agent Consideration - Reporting Revenue Gross Versus Net. The objective of the ASU is to align the recognition of revenue with the transfer of promised goods or services provided to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this ASU affect the guidance in ASU 2014-09, which is not yet effective. Both ASU 2014-09 and the amendment are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company is evaluating the potential impact of ASU 2014-09 and the amendment on its consolidated financial statements, but it is not expected to have a material impact. In January 2016, the FASB issued ASU 2016-01, an amendment to Recognition and Measurement of Financial Assets and Financial Liabilities (Subtopic 825-10). The objectives of the ASU are to: (1) require equity investments to be measured at fair value, with changes in fair value recognized in net income, (2) simplify the impairment assessment of equity investments without readily determinable fair values, (3) eliminate the requirement to disclose methods and significant assumptions used to estimate fair value for financial instruments measured at amortized cost on the balance sheet, (4) require the use of the exit price notion when measuring the fair value of financial instruments, and (5) clarify the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The amendments in this ASU are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company is evaluating the potential impact of ASU 2016-01 on its consolidated financial statements, but it is not expected to have a material impact. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 requires companies that lease valuable assets to recognize on their balance sheets the assets and liabilities generated by contracts longer than a year. The amendments in this update are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018, however, early adoption is permitted. The Company is evaluating the potential impact of ASU 2016-02 on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The objectives of the ASU are to simplify accounting for the tax consequences of a stock payment and amend the manner in which excess tax benefits and a business's payments to satisfy the tax obligation for recipients of the shares should be classified. The amendments: (i) allow companies to estimate the number of stock awards they expect to vest, and (ii) revise the withholding requirements for classifying stock awards as equity. The amendments in this ASU became effective for public companies on January 1, 2017 and did not have a material impact on the Company's consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), which requires the measurement of all expected credit losses for financial assets held at the reporting date be based on historical experience, current condition, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. This guidance also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. For the Company, this guidance is effective for fiscal years and interim periods beginning after December 31, 2019. The Company is currently evaluating this guidance to determine the impact on its consolidated financial statements. The Company expects to recognize a one-time cumulative effect increase to the allowance for loan losses as of the beginning of the reporting period in which the ASU takes effect, however, cannot yet determine the magnitude of the impact on the consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), which provides guidance on eight specific cash flow issues in order to reduce diversity in the manner in which certain cash receipts and cash payments are presented and classified in the statements of cash flows. The amendments in this ASU are effective for public companies for fiscal years beginning after December 15, 2018, however, early adoption is permitted. The Company elected to adopt these updates as of December 31, 2016, and there was no material impact on its consolidated financial statements. |
OTHER COMPREHENSIVE INCOME (LOSS) |
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OTHER COMPREHENSIVE INCOME (LOSS) |
Activity in accumulated other comprehensive income (loss), net of tax, was as follows:
The before and after tax amounts allocated to each component of other comprehensive income (loss) are presented in the table below for the periods indicated.
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INVESTMENT AND MORTGAGE-BACKED SECURITIES |
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INVESTMENT AND MORTGAGE-BACKED SECURITIES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT AND MORTGAGE-BACKED SECURITIES |
At December 31, 2016 and 2015, there were no holdings of investment securities of any one issuer in an amount greater than 10% of stockholders' equity. The following tables summarize the major categories of securities owned by the Company (excluding trading securities) for the periods indicated:
The held-to-maturity TRUP CDOs had a weighted average term to maturity of 18.0 years at December 31, 2016. At December 31, 2016, available-for-sale pass-through MBS issued by GSEs possessed a weighted average contractual maturity of 11.1 years and a weighted average estimated duration of 1.0 year. As of December 31, 2016, the available-for-sale agency CMO security had a weighted average term to maturity of 3.1 years. There were no sales of investment securities held-to-maturity during the years ended December 31, 2016, 2015 or 2014. There were no sales of registered mutual funds during the year ended December 31, 2016. During the year ended December 31, 2015, gross proceeds from the sales of registered mutual funds totaled $2,070. Gross gains of $4 and gross losses of $8 were recognized on these sales. During the year ended December 31, 2014, gross proceeds from the sales of registered mutual funds totaled $3,780. A gross gain of $997 was recognized on these sales and there were no gross recognized losses. There were no sales of available-for-sale pass-through MBS issued by GSEs during the years ended December 31, 2016 or 2014. Proceeds from the sales of available-for-sale pass-through MBS issued by GSEs totaled $24,307 during the year ended December 31, 2015. Gross gains of $1,395 and gross losses of $7 were recognized on these sales. There were no sales of agency CMO securities available-for-sale during the years ended December 31, 2016, 2015 or 2014. Tax provisions related to the gains on sales of registered mutual funds and MBS available-for-sale recognized during the years ended December 31, 2016, 2015 and 2014 are disclosed in the consolidated statements of comprehensive income. The following table summarizes the gross unrealized losses and fair value of investment securities aggregated by investment category and the length of time the securities were in a continuous unrealized loss position for the periods indicated:
TRUP CDOs That Have Maintained an Unrealized Holding Loss for 12 or More Consecutive Months At December 31, 2016, there were two TRUP CDOs with unrealized holding losses 12 or more consecutive months. The impairment of one of those TRUP CDOs was deemed temporary, as management believed that the full recorded balance of the investments would be realized. In making this determination, management considered the following:
The unrealized loss on the second TRUP CDO with unrealized holding losses for 12 or more consecutive months was considered to be other than temporary. See below for a discussion of OTTI. TRUP CDOs with OTTI On September 1, 2008, the Bank transferred eight TRUP CDOs (i.e., investment securities primarily secured by the preferred debt obligations of a pool of U.S. banks with a small portion secured by debt obligations of insurance companies) with an amortized cost of $19,922 from its available-for-sale portfolio to its held-to-maturity portfolio. Based upon the lack of an orderly market for these securities, management determined that a formal election to hold them to maturity was consistent with its initial investment decision. On the date of transfer, the unrealized loss of $8,420 on these securities continued to be recognized as a component of accumulated other comprehensive loss within the Company's consolidated stockholders' equity (net of income tax benefit), and was expected to be amortized over the remaining average life of the securities, which approximated 21.1 years on a weighted average basis. Activity related to this transfer loss was as follows:
As of each reporting period through December 31, 2016, the Company has applied the protocol established by ASC 320-10-65 in order to determine whether OTTI existed for its TRUP CDOs and/or to measure, for TRUP CDOs that have been determined to be other than temporarily impaired, the credit related and non-credit related components of OTTI. As of December 31, 2016, four TRUP CDOs were determined to meet the criteria for OTTI based upon this analysis. The following table provides a reconciliation of the pre-tax OTTI charges recognized on the Company's TRUP CDOs:
There was no activity related to OTTI charges recognized on the Company's registered mutual funds during the year ended December 31, 2016 or 2015. The following table provides a reconciliation of the pre-tax OTTI charges recognized on the Company's registered mutual funds for the year ended December 31, 2014:
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LOANS RECEIVABLE AND CREDIT QUALITY |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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LOANS RECEIVABLE AND CREDIT QUALITY [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS RECEIVABLE AND CREDIT QUALITY |
Loans are reported at the principal amount outstanding (as adjusted for any amounts charged-off), net of unearned fees or costs, unamortized premiums and the allowance for loan losses. Interest income on loans is recorded using the level yield method. Under this method, discount accretion and premium amortization are included in interest income. Loan origination fees and certain direct loan origination costs are deferred and amortized as yield adjustments over the contractual loan terms. Credit Quality Indicators On a quarterly basis, the Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as: current financial information, historical payment experience, credit structure, loan documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying them as to credit risk. This analysis includes all loans, such as multifamily residential, mixed use residential (i.e., loans in which the aggregate rental income of the underlying collateral property is generated from both residential and commercial units, but fifty percent or more of such income is generated from the residential units), mixed use commercial real estate (i.e., loans in which the aggregate rental income of the underlying collateral property is generated from both residential and commercial units, but over fifty percent of such income is generated from the commercial units), commercial real estate, as well as one-to four family residential and cooperative and condominium apartment loans with balances in excess of the FNMA Limits that are deemed to meet the definition of impaired. Prior to the year ended December 31, 2016, the analysis of one-to-four family residential and cooperative and condominium apartment loans included only loans with balances in excess of the FNMA Limits that were deemed to meet the definition of impaired. The Company uses the following definitions for risk ratings: Special Mention – Loans classified as special mention have a potential weakness that deserves management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Bank's credit position at some future date. Substandard – Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Doubtful – Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of then existing facts, conditions, and values, highly questionable and improbable. The Bank had no loans classified as doubtful at December 31, 2016 or December 31, 2015. All real estate loans not classified as Special Mention, Substandard or Doubtful were deemed pass loans at both December 31, 2016 and December 31, 2015. The following is a summary of the credit risk profile of real estate loans (including deferred costs) by internally assigned grade as of the dates indicated:
For consumer loans, the Company evaluates credit quality based on payment activity. Consumer loans that are 90 days or more past due are placed on non-accrual status, while all remaining consumer loans are classified and evaluated as performing. The following is a summary of the credit risk profile of consumer loans by internally assigned grade:
The following is a summary of the past due status of the Company's investment in loans (excluding accrued interest) as of the dates indicated:
Accruing Loans 90 Days or More Past Due: The Bank continued accruing interest on four real estate loans with an aggregate outstanding balance of $3,070 at December 31, 2016, and twelve real estate loans with an aggregate outstanding balance of $4,532 at December 31, 2015, all of which were 90 days or more past due on their respective contractual maturity dates. These loans continued to make monthly payments consistent with their initial contractual amortization schedule exclusive of the balloon payments due at maturity. These loans were well secured and were expected to be refinanced, and, therefore, remained on accrual status and were deemed performing assets at the dates indicated above. TDRs The following table summarizes outstanding TDRs by underlying collateral type as of the dates indicated:
Accrual status for TDRs is determined separately for each TDR in accordance with the Bank’s policies for determining accrual or non-accrual status. At the time an agreement is entered into between the Bank and the borrower that results in the Bank's determination that a TDR has been created, the loan can be on either accrual or non-accrual status. If a loan is on non-accrual status at the time it is restructured, it continues to be classified as non-accrual until the borrower has demonstrated compliance with the modified loan terms for a period of at least six months. Conversely, if at the time of restructuring the loan is performing (and accruing); it will remain accruing throughout its restructured period, unless the loan subsequently meets any of the criteria for non-accrual status under the Bank’s policy and agency regulations. The Company has not restructured troubled consumer loans, as its consumer loan portfolio has not experienced any problem issues warranting restructuring. Therefore, all TDRs were collateralized by real estate at both December 31, 2016 and December 31, 2015. The following table summarizes loan modifications during the period that met the definition of a TDR for the periods indicated:
The Bank's allowance for loan losses at December 31, 2016 and 2015 included no allocated reserve associated with TDRs. Activity related to reserves associated with TDRs was immaterial during the years ended December 31, 2016 and 2015. As of December 31, 2016 and December 31, 2015, the Bank had no loan commitments to borrowers with outstanding TDRs. A TDR is considered to be in payment default once it is 90 days contractually past due under the modified terms. All TDRs are considered impaired loans and are evaluated individually for measurable impairment, if any. There were no TDRs which defaulted within twelve months following the modification during the years ended December 31, 2016, 2015 or 2014 (thus no significant impact to the allowance for loan losses during those periods). The Bank may grant short term extensions ranging from 6 to 12 months on certain loans to borrowers. These loans do not meet the definition of a TDR as they are modifications to borrowers who are not experiencing financial difficulty. Impaired Loans A loan is considered impaired when, based on then current information and events, it is probable that all contractual amounts due will not be collected in accordance with the terms of the loan. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays or shortfalls generally are not classified as impaired. Management determines the significance of payment delays and shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Bank considers TDRs and non-accrual multifamily residential, mixed-use and commercial real estate loans, along with non-accrual one- to four-family loans in excess of the FNMA Limits, to be impaired. Non-accrual one-to four-family loans equal to or less than the FNMA Limits, as well as all consumer loans, are considered homogeneous loan pools and are not required to be evaluated individually for impairment unless considered a TDR. Impairment is typically measured using the difference between the outstanding loan principal balance and either: 1) the likely realizable value of a note sale; 2) the fair value of the underlying collateral, net of likely disposal costs, if repayment is expected to come from liquidation of the collateral; or 3) the present value of estimated future cash flows (using the loan’s pre-modification rate for certain performing TDRs). If a TDR is substantially performing in accordance with its restructured terms, management will look to either the potential net liquidation proceeds of the underlying collateral or the present value of the expected cash flows from the debt service in measuring impairment (whichever is deemed most appropriate under the circumstances). If a TDR has re-defaulted, generally the likely realizable net proceeds from either a note sale or the liquidation of the collateral is considered when measuring impairment. Measured impairment is either charged off immediately or, in limited instances, recognized as an allocated reserve within the allowance for loan losses. Please refer to Note 5 for tabular information related to impaired loans. |
ALLOWANCE FOR LOAN LOSSES |
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ALLOWANCE FOR LOAN LOSSES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES |
The allowance for loan losses consists of specific and general components. At December 31, 2016, the Bank’s periodic evaluation of its allowance for loan losses (specific or general) was comprised of two primary components: (1) impaired loans and (2) pass graded loans. At December 31, 2015, the Bank’s periodic evaluation of its allowance for loan losses (specific or general) was comprised of four primary components: (1) impaired loans; (2) non-impaired substandard loans; (3) non-impaired special mention loans; and (4) pass graded loans. Within these components, the Company has identified the following portfolio segments for purposes of assessing its allowance for loan losses (specific or general): (1) real estate loans; and (2) consumer loans. Consumer loans were evaluated in aggregate as of both December 31, 2016 and December 31, 2015. Real Estate Loans Impaired Loan Component All multifamily residential, mixed use, commercial real estate and construction loans that are deemed to meet the definition of impaired are individually evaluated for impairment. In addition, all condominium or cooperative apartment and one- to four-family residential real estate loans in excess of the FNMA Limits are individually evaluated for impairment. Impairment is typically measured using the difference between the outstanding loan principal balance and either: (1) the likely realizable value of a note sale; (2) the fair value of the underlying collateral, net of likely disposal costs, if repayment is expected to come from liquidation of the collateral; or (3) the present value of estimated future cash flows (using the loan's pre-modification rate in the case of certain performing TDRs). For impaired loans on non-accrual status, either of the initial two measurements is utilized. All TDRs are considered impaired loans and are evaluated individually for measurable impairment, if any. If a TDR is substantially performing in accordance with its restructured terms, management will look to either the present value of the expected cash flows from the debt service or the potential net liquidation proceeds of the underlying collateral in measuring impairment (whichever is deemed most appropriate under the circumstances). If a TDR has re-defaulted, the likely realizable net proceeds from either a note sale or the liquidation of the collateral are generally considered when measuring impairment. While measured impairment is generally charged off immediately, impairment attributed to a reduction in the present value of expected cash flows of a performing TDR is generally reflected as an allocated reserve within the allowance for loan losses. At December 31, 2016 and December 31, 2015, there were no allocated reserves related to TDRs within the allowance for loan losses. Smaller balance homogeneous real estate loans, such as condominium or cooperative apartment and one-to four-family residential real estate loans with balances equal to or less than the FNMA Limits, are collectively evaluated for impairment, and accordingly, are not separately identified for impairment disclosures. Non-Impaired Loan Component as of December 31, 2016 During the year ended December 31, 2016, the Bank refined the calculation of the allowance for loan losses associated with non-impaired loans using third party software purchased by the Bank. The software model is substantially similar to the previous model used by the Bank whereby the primary drivers of the calculation are historical charge-offs by loan type and certain qualitative elements. The historical loss look-back period for Substandard and Special Mention non-impaired loans was expanded from the previously used twelve month period to a forty-eight month period, which is aligned with the same historical loss look-back period used for all Pass-graded loans. Management has evaluated the impact of these changes and concluded that they are not material to the overall allowance for non-impaired loans. The Bank initially looks to the underlying collateral type when determining the allowance for loan losses associated with pass graded real estate loans. The following underlying collateral types are analyzed separately: 1) one- to four family residential and condominium or cooperative apartments; 2) multifamily residential and residential mixed use; 3) commercial mixed use real estate, 4) commercial real estate; and 5) construction and land acquisition. Within the analysis of each underlying collateral type, the following elements are additionally considered and provided weighting in determining the allowance for loan losses for pass graded real estate loans:
The following is a brief synopsis of the manner in which each element is considered: (i) Charge-off experience - Loans within the pass graded loan portfolio are segmented by significant common characteristics, against which historical loss rates are applied to reflect probable incurred loss percentages. The Bank also reviews and considers the charge-off experience of peer banks in its lending marketplace in order to determine the existence of potential losses that could take a longer period to flow through its allowance for loan losses. (ii) Economic conditions - At both December 31, 2016 and December 31, 2015, the Bank assigned a loss allocation to its entire pass graded real estate loan portfolio based, in part, upon a review of economic conditions affecting the local real estate market. Specifically, the Bank considered both the level of, and recent trends in: 1) the local and national unemployment rate, 2) residential and commercial vacancy rates, 3) real estate sales and pricing, and 4) delinquencies in the Bank’s loan portfolio. (iii) Underwriting standards or experience - Underwriting standards are reviewed to ensure that changes in the Bank's lending policies and practices are adequately evaluated for risk and reflected in its analysis of potential credit losses. Loss expectations associated with changes in the Bank’s lending policies and practices, if any, are then incorporated into the methodology. (iv) Loan concentrations - The Bank regularly reviews its loan concentrations (borrower, collateral type and location) in order to ensure that heightened risk has not evolved that has not been captured through other factors. The risk component of loan concentrations is regularly evaluated for reserve adequacy. (v) Regulatory climate – Consideration is given to public statements made by the banking regulatory agencies that have a potential impact on the Bank’s loan portfolio and allowance for loan losses. (vi) Nature and volume of the portfolio – The Bank considers any significant changes in the overall nature and volume of its loan portfolio. (vii) Changes in the quality and scope of the loan review function – The Bank considers the potential impact upon its allowance for loan losses of any adverse change in the quality and scope of the loan review function. Substandard and Special Mention Non-Impaired Loan Components as of December 31, 2015 At December 31, 2015, the reserve allocated within the allowance for loan losses associated with non-impaired loans internally classified as Substandard or Special Mention reflected expected loss percentages on the Bank's pool of such loans that were derived based upon an analysis of historical losses over the previous twelve month period for each loan component. The loss percentage resulting from this analysis was then applied to the aggregate pool of non-impaired Substandard and Special Mention loans at December 31, 2015. The portion of the allowance for loan losses attributable to non-impaired Substandard loans was $348 at December 31, 2015. The portion of the allowance for loan losses attributable to non-impaired Special Mention loans was $88 at December 31, 2015. All non-impaired Substandard loans were deemed sufficiently well secured and performing to have remained on accrual status both prior and subsequent to their downgrade to the Substandard internal loan grade at December 31, 2016 and 2015. Consumer Loans Due to their small individual balances, the Bank does not evaluate individual consumer loans for impairment. Loss percentages are applied to aggregate consumer loans based upon both their delinquency status and loan type. These loss percentages are derived from a combination of the Company’s historical loss experience and/or nationally published loss data on such loans. Consumer loans in excess of 120 days delinquent are typically fully charged off against the allowance for loan losses. The following table presents data regarding the allowance for loan losses activity for the periods indicated:
The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of the periods indicated:
There were no impaired real estate loans with a related allowance recorded for the years ended December 31, 2016 or 2015. The following tables summarize impaired real estate loans with no related allowance recorded as of the periods indicated (by collateral type within the real estate loan segment):
The following table presents information for impaired loans for the periods indicated:
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PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE |
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PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE |
The following is a summary of premises and fixed assets, net and premises held for sale:
Depreciation and amortization expense amounted to approximately $2,223, $2,604 and $2,630 during the years ended December 31, 2016, 2015 and 2014, respectively. During the year ended December 31, 2016, the Company completed the sale of premises held for sale with an aggregate recorded balance of $8,799 at December 31, 2015. Proceeds from the sale were $75,899, and a gain of $68,183 was recognized on the sale. There were no sales of premises and fixed assets during the year ended December 31, 2015. Proceeds from the sales of premises and fixed assets were $4,273 during the year ended December 31, 2014. A gain of $649 was recognized on these sales. During the year ended December 31, 2016, the Company re-classified certain real estate utilized as a retail branch and principal office of the Company and the Bank to premises held for sale. The aggregate recorded balance of the premises held for sale was $1,379 at December 31, 2016, the outstanding balance upon transfer. The net proceeds from the sale are expected to exceed the current book value. |
FHLBNY CAPITAL STOCK |
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FHLBNY CAPITAL STOCK [Abstract] | |||
FHLBNY CAPITAL STOCK |
The Bank is a Savings Bank Member of the FHLBNY. Membership requires the purchase of shares of FHLBNY capital stock at $100 per share. The Bank owned 444,439 shares and 587,131 shares at December 31, 2016 and 2015, respectively. The Bank recorded dividend income on the FHLBNY capital stock of $2,501, $2,226 and $2,091 during the years ended December 31, 2016, 2015 and 2014, respectively. |
DUE TO DEPOSITORS |
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DUE TO DEPOSITORS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DUE TO DEPOSITORS |
Deposits are summarized as follows:
The following table presents a summary of scheduled maturities of CDs outstanding at December 31, 2016:
CDs that met or exceeded the Federal Deposit Insurance Corporation (“FDIC”) Insurance limit of two-hundred and fifty thousand dollars were approximately $203,308 and $138,022 at December 31, 2016 and 2015, respectively. |
DERIVATIVES AND HEDGING ACTIVITIES |
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DERIVATIVES AND HEDGING ACTIVITIES [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVES AND HEDGING ACTIVITIES |
Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated Other Comprehensive Loss and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the year ended December 31, 2016, such derivatives were used to hedge the variability in cash flows associated with wholesale borrowings, i.e., FHBLNY advances. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the year ended December 31, 2016, the Company did not record any hedge ineffectiveness. The Company did not have any derivatives outstanding prior to the year ended December 31, 2016. Amounts reported in accumulated other comprehensive loss related to derivatives are reclassified to interest expense as interest payments are paid on the Company’s liabilities. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statement of Financial Condition:
The table below presents the effect of the Company’s derivative financial instruments on the amount of gain or (loss) in the Consolidated Statements of Income as of December 31, 2016:
The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of December 31, 2016. The net amounts of 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 in the Consolidated Statements of Financial Condition. Offsetting of Derivative Assets as of December 31, 2016:
The Company’s agreements with each of its derivative counterparties state that if the Company defaults on any of its indebtedness, it could also be declared in default on its derivative obligations and could be required to terminate its derivative positions with the counterparty. The Company’s agreements with certain of its derivative counterparties state that if the Bank fails to maintain its status as a well-capitalized institution, the Bank could be required to terminate its derivative positions with the counterparty. As of December 31, 2016, the termination value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $3,377. If the Company had breached any of the above provisions at December 31, 2016, it could have been required to settle its obligations under the agreements at the termination value and would have been required to pay any additional amounts due in excess of amounts previously posted as collateral with the respective counterparty. There were no provisions breached for the period ended December 31, 2016. |
FHLBNY ADVANCES |
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FHLBNY ADVANCES [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLBNY ADVANCES |
The Bank had borrowings from the FHLBNY (''Advances'') totaling $831,125 and $1,166,725 at December 31, 2016 and 2015, respectively, all of which were fixed rate. The average interest cost of FHLBNY Advances was 1.45%, 1.65%, and 2.28% during the years ended December 31, 2016, 2015 and 2014, respectively. The average interest rate on outstanding FHLBNY Advances was 1.57% and 1.32% at December 31, 2016 and 2015, respectively. In accordance with its Advances, Collateral Pledge and Security Agreement with the FHLBNY, the Bank was eligible to borrow up to $2,096,600 as of December 31, 2016 and $1,754,957 as of December 31, 2015, and maintained sufficient qualifying collateral, as defined by the FHLBNY, with the FHLBNY (principally real estate loans), to secure Advances in excess of its borrowing limit at both December 31, 2016 and 2015. Certain of the FHLBNY Advances outstanding at December 31, 2016 contained call features that may be exercised by the FHLBNY. Prepayment penalties were associated with all fixed rate Advances outstanding as of December 31, 2016 and 2015. There were no prepayments of FHLBNY Advances during the years ended December 31, 2016 or 2014. During the year ended December 31, 2015, the Company prepaid $25,000 of FHLBNY Advances, incurring a prepayment cost of $1,362. The prepayment cost was recognized in interest expense. The following table presents a summary of scheduled maturities of FHLBNY Advances outstanding at December 31, 2016:
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TRUST PREFERRED SECURITIES PAYABLE |
12 Months Ended | ||
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Dec. 31, 2016 | |||
TRUST PREFERRED SECURITIES PAYABLE [Abstract] | |||
TRUST PREFERRED SECURITIES PAYABLE |
On March 19, 2004, the Holding Company completed an offering of trust preferred securities through Dime Community Capital Trust I, an unconsolidated special purpose entity formed for the purpose of the offering. The trust preferred securities bear a fixed interest rate of 7.0%, mature on April 14, 2034, and became callable without penalty at any time on or after April 15, 2009. The outstanding balance of the trust preferred securities was $70,680 at both December 31, 2016 and 2015. The Holding Company currently does not intend to call this debt. Interest expense recorded on the trust preferred securities totaled $5,024 during each of the years ended December 31, 2016, 2015 and 2014. |
INCOME TAXES |
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INCOME TAXES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES |
The Company's consolidated Federal, State and City income tax provisions were comprised of the following:
The preceding table excludes tax effects recorded directly to stockholders’ equity in connection with unrealized gains and losses on securities available-for-sale (including losses on such securities upon their transfer to held-to-maturity), stock-based compensation plans, and adjustments to other comprehensive income relating to the minimum pension liability, unrecognized gains of pension and other postretirement obligations and changes in the non-credit component of OTTI. These tax effects are disclosed as part of the presentation of the consolidated Statements of Changes in Stockholders’ Equity and Comprehensive Income. The provision for income taxes differed from that computed at the Federal statutory rate as follows:
Deferred tax assets and liabilities are recorded for temporary differences between the book and tax bases of assets and liabilities. The components of Federal, State and City deferred income tax assets and liabilities were as follows:
No valuation allowances were recognized on deferred tax assets during the years ended December 31, 2016 or 2015, since, at each period end, it was deemed more likely than not that the deferred tax assets would be fully realized. At December 31, 2016 and 2015, the Bank had accumulated bad debt reserves totaling $15,158 for which no provision for income tax was required to be recorded. These bad debt reserves could be subject to recapture into taxable income under certain circumstances, including a distribution of the bad debt benefits to the Holding Company or the failure of the Bank to qualify as a bank for federal income tax purposes. Should the reserves as of December 31, 2016 be fully recaptured, the Bank would recognize $6,844 in additional income tax expense. Should the reserves as of December 31, 2015 be fully recaptured, the Bank would recognize $6,844 in additional income tax expense. The Company expects to take no action in the foreseeable future that would require the establishment of a tax liability associated with these bad debt reserves. The Company is subject to regular examination by various tax authorities in jurisdictions in which it conducts significant business operations. The Company regularly assesses the likelihood of additional examinations in each of the tax jurisdictions resulting from ongoing assessments. Under current accounting rules, all tax positions adopted are subjected to two levels of evaluation. Initially, a determination is made, based on the technical merits of the position, as to whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes. In conducting this evaluation, management is required to presume that the position will be examined by the appropriate taxing authority possessing full knowledge of all relevant information. The second level of evaluation is the measurement of a tax position that satisfies the more-likely-than-not recognition threshold. This measurement is performed in order to determine the amount of benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50 percent likely to be realized upon ultimate settlement. The Company had no unrecognized tax benefits as of December 31, 2016 or 2015. The Company does not anticipate any material change to unrecognized tax benefits during the year ending December 31, 2017. As of December 31, 2016, the tax years ended December 31, 2013, 2014, 2015 and 2016 remained subject to examination by all of the Company's relevant tax jurisdictions. While the Company is currently under audit by certain taxing jurisdictions, no material impact to the financial statements is expected to result from these examinations. |
401(K) PLAN AND ESOP |
12 Months Ended | ||
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Dec. 31, 2016 | |||
401(K) PLAN AND ESOP [Abstract] | |||
401(K) PLAN AND ESOP |
401(K) Plan The Bank also maintains the 401(k) Plan, which covers substantially all of its employees. The Bank made discretionary contributions totaling $638, $692 and $701 to eligible 401(k) Plan participants during the years ended December 31, 2016, 2015 and 2014, respectively, which were recognized as a component of salaries and employee benefits expense. The 401(k) Plan owned participant investments in Common Stock for the accounts of participants totaling $11,723 and $9,721 at December 31, 2016 and 2015, respectively. ESOP The Holding Company adopted the ESOP in connection with the Bank's June 26, 1996 conversion to stock ownership. The ESOP borrowed $11,638 from the Holding Company and used the funds to purchase 3,927,825 shares of Common Stock. The loan was originally to be repaid principally from the Bank's discretionary contributions to the ESOP over a period of time not to exceed 10 years from the date of the conversion. Effective July 1, 2000, the loan agreement was amended to extend the repayment period to thirty years from the date of the conversion, with the right of optional prepayment. Shares purchased with the loan proceeds are held in a suspense account for allocation among participants as the loan is repaid. Shares released from the ESOP suspense account are allocated among participants on the basis of compensation, as defined in the plan, in the year of allocation. ESOP distributions vest at a rate of 25% per year of service, beginning after two years, with full vesting after five years or upon attainment of age 65, death, disability, retirement or a "change of control" of the Holding Company as defined in the ESOP. Common Stock allocated to participating employees as part of the annual allocation totaled 78,155 shares during each of the years ended December 31, 2016 and 2015. During the year ended December 31, 2016, the ESOP returned 140,260 shares from the suspense account to the Holding Company to pay off the outstanding $2,819 balance of the ESOP loan remaining after the 2016 annual share allocation. In conjunction with the prepayment of the outstanding loan balance, the remaining 563,127 shares were allocated to active participants in the plan as of December 31, 2016, resulting in a one-time, non-cash, non-tax deductible expense of $11,319 which is recorded in stock benefit plan compensation expense. The loan had an outstanding balance of $3,028 at December 31, 2015, and a fixed rate of 8.0%. ESOP benefit expense is recorded based upon the fair value of the award shares, and totaled $1,783, $1,754 and $1,730, for the years ended December 31, 2016, 2015 and 2014, respectively. Included in ESOP expense were dividends on unallocated Common Stock that were paid to participants. These dividends totaled $438, $481 and $525 during the years ended December 31, 2016, 2015 and 2014, respectively. The Company has received approval by its Board of Directors to merge the ESOP into the 401(k) Plan during 2017. |
EMPLOYEE BENEFIT PLANS |
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EMPLOYEE BENEFIT PLANS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS |
Employee Retirement Plan The Bank sponsors the Employee Retirement Plan, a tax-qualified, noncontributory, defined-benefit retirement plan. Prior to April 1, 2000, substantially all full-time employees of at least 21 years of age were eligible for participation after one year of service. Effective April 1, 2000, the Bank froze all participant benefits under the Employee Retirement Plan. For the years ended December 31, 2016 and 2015, the Bank used December 31st as its measurement date for the Employee Retirement Plan. The funded status of the Employee Retirement Plan was as follows:
The net periodic cost for the Employee Retirement Plan included the following components:
The change in accumulated other comprehensive income (loss) that resulted from the Employee Retirement Plan is summarized as follows:
Major assumptions utilized to determine the net periodic cost of the Employee Retirement Plan benefit obligations were as follows:
The Employee Retirement Plan assets are invested in two diversified investment portfolios of the Pentegra Retirement Trust (the “Trust”). The Trust, a private placement investment trust, has been granted discretion by the Bank to determine the appropriate strategic asset allocations (as governed by its Investment Policy Statement) to meet estimated plan liabilities. The Employee Retirement Plan’s asset allocation targets holding 65% of assets in equity securities via investment in the Long-Term Growth Equity Portfolio (“LTGE”), 34% in intermediate-term investment grade bonds via investment in the Long-Term Growth Fixed-Income Portfolio (“LTGFI”), and 1% in a cash equivalents portfolio (for liquidity). Asset rebalancing is performed at least annually, with interim adjustments when the investment mix varies in excess of 10% from the target. The LTGE is a diversified portfolio of six registered mutual funds and seven common collective trust funds. The LTGE holds a diversified mix of equity funds in order to gain exposure to the U.S. and non-U.S. equity markets. The common collective investment funds held by the LTGE were privately offered, and the Employee Retirement Plan's investment in these common collective investment funds was therefore valued by the fund managers of each respective fund based on the Employee Retirement Plan’s proportionate share of units of beneficial interest in the respective funds. All of the common collective investment funds are audited, and the overwhelming majority of assets held in these funds (which derive the unit value of the common collective investment funds) are actively traded in established marketplaces. The six registered mutual funds held by the LTGE are all actively traded on national securities exchanges and are valued at their quoted market prices. The LTGFI is a diversified portfolio that invests in four intermediate-term bond funds, all of which are registered mutual funds. These mutual funds are actively traded on national securities exchanges and are valued at their quoted market prices. The investment goal is to achieve investment results that will contribute to the proper funding of the Employee Retirement Plan by exceeding the rate of inflation over the long-term. In addition, investment managers for the trust function managing the assets of the Employee Retirement Plan are expected to provide a reasonable return on investment. Performance volatility is also monitored. Risk and volatility are further managed by the distinct investment objectives of each of the trust funds and the diversification within each fund. The weighted average allocation by asset category of the assets of the Employee Retirement Plan was summarized as follows:
The allocation percentages in the above table were consistent with future planned allocation percentages as of December 31, 2016 and 2015, respectively. The following tables present a summary of the Employee Retirement Plan’s investments measured at fair value on a recurring basis by level within the fair value hierarchy, as of the dates indicated. (See Note 17 for a discussion of the fair value hierarchy).
The expected long-term rate of return assumptions on Employee Retirement Plan assets were established based upon historical returns earned by equities and fixed income securities, adjusted to reflect expectations of future returns as applied to the Employee Retirement Plan's target allocation of asset classes. Equities and fixed income securities were assumed to earn real annual rates of return in the ranges of 4% to 9% and 0% to 5%, respectively. The long-term inflation rate was estimated to be 2.5%. When these overall return expectations were applied to the Employee Retirement Plan's target allocation, the expected annual rate of return was determined to be 7.00% at both December 31, 2016 and December 31, 2015. The Bank contributed $15 to the Employee Retirement Plan during the year ended December 31, 2016. The Bank expects to make contributions in the amount of $15 to the Employee Retirement Plan during the year ending December 31, 2017. Benefit payments are anticipated to be made as follows:
BMP and Director Retirement Plan The Holding Company and Bank maintain the BMP, which exists in order to compensate executive officers for any curtailments in benefits due to statutory limitations on benefit plans. As of December 31, 2016 and 2015, the BMP had investments, held in a rabbi trust, in the Common Stock of $11,981 and $14,402, respectively. Benefit accruals under the defined benefit portion of the BMP were suspended on April 1, 2000, when they were suspended under the Employee Retirement Plan. Effective July 1, 1996, the Company established the Director Retirement Plan to provide benefits to each eligible outside director commencing upon the earlier of termination of Board service or at age 75. The Director Retirement Plan was frozen on March 31, 2005, and only outside directors serving prior to that date are eligible for benefits. As of December 31, 2016 and 2015, the Bank used December 31st as its measurement date for both the BMP and Director Retirement Plan. The combined funded status of the defined benefit portions of the BMP and the Director Retirement Plan was as follows:
The combined net periodic cost for the defined benefit portions of the BMP and the Director Retirement Plan included the following components:
The combined change in accumulated other comprehensive income that resulted from the BMP and Director Retirement Plan is summarized as follows:
Major assumptions utilized to determine the net periodic cost and benefit obligations for both the BMP and Director Retirement Plan were as follows:
Both the BMP and Director Retirement Plan are unfunded non-qualified benefit plans that are not anticipated to ever hold assets for investment. Any contributions made to either the BMP or Director Retirement Plan are expected to be used immediately to pay benefits that accrue. The Bank contributed and made benefit payments in the amount of $69 on behalf of the BMP and $165 on behalf of the Directors Retirement Plan during the year ending December 31, 2016. During the year ended December 31, 2016, in addition to benefit payments from the defined benefit plan component of the BMP discussed above, a retired participant elected a gross lump-sum distribution of $7,736. The distribution was satisfied by 239,822 shares of Common Stock (market value of $4,088) held by the ESOP component of the BMP and cash of $3,648 funded by proceeds from the sale of trading securities held by the defined contribution plan components of the BMP. Gross gains of $3 and gross losses of $45 were recognized on these sales. As a result of the distribution, a non-cash tax benefit of $717 was recognized for the difference between market value and cost basis of the Common Stock held by the BMP, which reduces tax payable and increases Additional Paid-in Capital. Actuarial projections performed as of December 31, 2016 assumed the Bank will contribute $725 to the BMP and $208 to the Director Retirement Plan during the year ending December 31, 2017 in order to pay benefits due under the respective plans. During the year ending December 31, 2017, actuarial losses of $81 related to the BMP and $66 related to the Director Retirement Plan are anticipated to be recognized as a component of net periodic cost. Combined benefit payments under the BMP and Director Retirement Plan, which reflect expected future service (as appropriate), are anticipated to be made as follows:
There is no defined contribution cost incurred by the Holding Company or the Bank under the Director Retirement Plan. Defined contribution costs incurred by the Company related to the BMP were $744, $1,900 and $1,789 for the years ended December 31, 2016, 2015 and 2014, respectively. Postretirement Benefit Plan The Bank offers the Postretirement Benefit Plan to its retired employees who provided at least five consecutive years of credited service and were active employees prior to April 1, 1991, as follows:
Postretirement Benefit Plan benefits are available only to full-time employees who commence or commenced collecting retirement benefits from the Retirement Plan immediately upon termination of service from the Bank. The Bank reserves the right at any time, to the extent permitted by law, to change, terminate or discontinue any of the group benefits, and can exercise the maximum discretion permitted by law in administering, interpreting, modifying or taking any other action with respect to the plan or benefits. The Postretirement Plan was amended effective March 31, 2015 to eliminate plan participation for post-amendment retirees. The amendment resulted in a curtailment gain of $3,394 during the year ended December 31, 2015. The funded status of the Postretirement Benefit Plan was as follows:
The Postretirement Benefit Plan net periodic cost included the following components:
The change in accumulated other comprehensive income (loss) that resulted from the Postretirement Benefit Plan is summarized as follows:
Major assumptions utilized to determine the net periodic cost were as follows:
As of December 31, 2016, an escalation in the assumed medical care cost trend rates by 1% in each year would increase the net periodic cost by approximately $1. A decline in the assumed medical care cost trend rates by 1% in each year would decrease the net periodic cost by approximately $1. As of December 31, 2016 and 2015, the Bank used December 31st as its measurement date for the Postretirement Benefit Plan. The assumed medical care cost trend rate used in computing the accumulated Postretirement Benefit Plan obligation was 6.5% for 2017 and was assumed to decrease gradually to 5.0% in 2023 and remain at that level thereafter. An escalation in the assumed medical care cost trend rates by 1% in each year would increase the accumulated Postretirement Benefit Plan obligation by approximately $27. A decline in the assumed medical care cost trend rates by 1% in each year would reduce the accumulated Postretirement Benefit Plan obligation by approximately $25. GAAP provides guidance on both accounting for the effects of the Medicare Prescription Drug Improvement and Modernization Act of 2003 (the "Act") to employers that sponsor postretirement health care plans which provide prescription drug benefits, and measuring the accumulated postretirement benefit obligation ("APBO") and net periodic postretirement benefit cost, and the effects of the Act on the APBO. The Company determined that the benefits provided by the Postretirement Benefit Plan are actuarially equivalent to Medicare Part D under the Act. The effects of an expected subsidy on payments made under the Postretirement Benefit Plan were treated as an actuarial gain for purposes of calculating the APBO as of December 31, 2016 and 2015. The Company remains in the process of claiming this subsidy from the government, and, as a result, the Bank cannot determine the amount of subsidy it will ultimately receive. The Postretirement Benefit Plan is an unfunded non-qualified benefit plan that is not anticipated to ever hold assets for investment. Any contributions made to the Postretirement Benefit Plan are expected to be used immediately to pay benefits that accrue. Benefit payments under the Postretirement Benefit Plan, which reflect expected future service (as appropriate), are expected to be made as follows:
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STOCK-BASED COMPENSATION |
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STOCK-BASED COMPENSATION [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK-BASED COMPENSATION |
Stock Option Activity The Company has made stock option grants to outside Directors and certain officers under the Stock Plans. All option shares granted have a ten-year life. The option shares granted to the outside Directors vest over one year, while the option shares granted to officers vest ratably over four years. The exercise price of each option award was determined based upon the fair market value of the Common Stock on the respective grant dates. Compensation expense recorded during the years ended December 31, 2015 and 2014 was determined based upon the fair value of the option shares on the respective dates of grant, as determined utilizing a recognized option pricing methodology. There was no compensation expense recorded during the year ended December 31, 2016 as all options were fully vested during the year ended December 31, 2015. There were no stock options granted during the years ended December 31, 2016, 2015 and 2014. The following table presents a summary of activity related to stock options granted under the Stock Plans, and changes during the period then ended:
Information related to stock options under the Stock Plans during each period is as follows:
The range of exercise prices and weighted-average remaining contractual lives of both outstanding and vested options (by option exercise cost) as of December 31, 2016 were as follows:
Restricted Stock Awards The Company has made restricted stock award grants to outside Directors and certain officers under the 2004 Stock Incentive Plan. Awards made to the outside Directors vest over one year, while officer awards vest ratably over four years. All awards were made at the fair value of the Common Stock on the award date. Compensation expense on all restricted stock awards was thus recorded during the years ended December 31, 2016, 2015 and 2014 based upon the fair value of the shares on the respective dates of grant. The following table presents a summary of activity related to the restricted stock awards granted under the Stock Plans, and changes during the periods indicated:
Information related to restricted stock awards under the Stock Plans during each period is as follows:
LTIP During the years ended December 31, 2016, 2015 and 2014, the Company established long term incentive award programs to certain officers. The program for 2016 will ultimately be settled in cash and performance based shares, while the programs for 2015 and 2014 will ultimately be settled in cash only. For each award, threshold (50% of target), target (100% of target) and maximum (150% of target) payment opportunities are eligible to be earned over a three-year performance period based on the Company's relative performance on certain measurement goals. Both the measurement goals and the peer group utilized to determine the Company's relative performance are established at the onset of the measurement period and cannot be altered subsequently. At December 31, 2016, a liability totaling $1,324 was recorded for expected future payments under the long-term cash incentive payment plan. This liability reflected the expectation of the most likely payment outcome determined for each individual incentive award (based upon both period-to-date actual and estimated future results for each award period). During the years ended December 31, 2016, 2015 and 2014, total expense recognized related to LTIP cash awards were $443, $946 and $467, respectively. Performance based shares awarded to certain officers meet the criteria for equity-based accounting. The following table presents a summary of activity related to performance based equity awards and changes during the period:
Compensation expense recorded for performance based equity awards was $57 for the year ended December 31, 2016. There was no expense recognized during the years ended December 31, 2015 or 2014 as this award program was established during the year ended December 31, 2016. |
COMMITMENTS AND CONTINGENCIES |
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COMMITMENTS AND CONTINGENCIES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES |
Mortgage Loan Commitments and Lines of Credit At December 31, 2016 and 2015, the Bank had outstanding commitments to make real estate loans that were accepted by the borrower aggregating approximately $115,216 and $219,026, respectively. At both December 31, 2016 and 2015, the great majority of these commitments were to originate adjustable-rate real estate loans. Substantially all of the Bank's commitments expire within three months of their acceptance by the prospective borrower. The primary concentrations of credit risk associated with these commitments were geographical (as the majority of committed loans were collateralized by properties located in the New York City metropolitan area) and the proportion of the commitments comprised of multifamily residential and commercial real estate loans. Unused lines of credit available on one- to four-family residential, multifamily residential and commercial real estate loans totaled $34,774 at December 31, 2016 and $34,954 at December 31, 2015. At December 31, 2016, the Bank had an available line of credit with the FHLBNY equal to its excess borrowing capacity. At December 31, 2016, this amount approximated $1,265,000. Lease Commitments At December 31, 2016, aggregate minimum annual rental commitments on operating leases were as follows:
Rental expense for the years ended December 31, 2016, 2015 and 2014 totaled $5,854, $3,685, and $3,388, respectively. Litigation The Company is subject to certain pending and threatened legal actions which arise out of the normal course of business. Litigation is inherently unpredictable, particularly in proceedings where claimants seek substantial or indeterminate damages, or which are in their early stages. The Company cannot predict with certainty the actual loss or range of loss related to such legal proceedings, the manner in which they will be resolved, the timing of final resolution or the ultimate settlement. Consequently, the Company cannot estimate losses or ranges of losses related to such legal matters, even in instances where it is reasonably possible that a loss will be incurred. In the opinion of management, after consultation with counsel, the resolution of all ongoing legal proceedings will not have a material adverse effect on the consolidated financial condition or results of operations of the Company. The Company accounts for potential losses related to litigation in accordance with GAAP. |
FAIR VALUE OF FINANCIAL INSTRUMENTS |
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FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS |
The fair value hierarchy established under ASC 820-10 is summarized as follows: Level 1 Inputs – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the reporting entity has the ability to access at the measurement date. Level 2 Inputs – Significant other observable inputs such as any of the following: (1) quoted prices for similar assets or liabilities in active markets, (2) quoted prices for identical or similar assets or liabilities in markets that are not active, (3) inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates), or (4) inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). Level 3 Inputs – Significant unobservable inputs for the asset or liability. Significant unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). Significant unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Fair Value of Financial Assets and Liabilities The following tables present the assets measured at fair value on a recurring basis as of the dates indicated segmented by level within the fair value hierarchy. Financial assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. There were no financial liabilities measured at fair value on a recurring basis at December 31, 2016 or 2015.
The Company used the following methods and significant assumptions to estimate fair value. Investment securities The Company’s available-for-sale investment securities are reported at fair value, which were determined utilizing prices obtained from independent parties. The valuations obtained are based upon market data, and often utilize evaluated pricing models that vary by asset and incorporate available trade, bid and other market information. For securities that do not trade on a daily basis, pricing applications apply available information such as benchmarking and matrix pricing. The market inputs normally sought in the evaluation of securities include benchmark yields, reported trades, broker/dealer quotes (obtained only from market makers or broker/dealers recognized as market participants), issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. For certain securities, additional inputs may be used or some market inputs may not be applicable. Prioritization of inputs may vary on any given day based on market conditions. The pass-through MBS issued by GSEs all possessed the highest possible credit rating published by at least one established credit rating agency as of December 31, 2016 and December 31, 2015. Obtaining market values as of December 31, 2016 and December 31, 2015 for these securities utilizing significant observable inputs was not difficult due to their considerable demand. Derivatives Derivatives represent interest rate swaps and estimated fair values are based on valuation models using observable market data as of the measurement date (Level 2). There were no assets or liabilities measured at fair value on a non-recurring basis as of December 31, 2016 or 2015. Fair Value of Financial Instruments The carrying amounts and estimated fair values of financial instruments other than those measured at fair value on either a recurring or non-recurring basis at December 31, 2016 and December 31, 2015 were as follows:
The methods and assumptions used to estimate fair values are described as follows: Cash and Due From Banks The fair value is assumed to be equal to their carrying value as these amounts are due upon demand (deemed a Level 1 valuation). TRUP CDOs Held to Maturity At both December 31, 2016 and December 31, 2015, the Company owned seven TRUP CDOs classified as held-to-maturity. At December 31, 2016 and 2015, their estimated fair value was obtained utilizing broker quotations to estimate the fair value of TRUP CDOs. Despite improvement in the overall marketplace conditions, unobservable data was still deemed to have been utilized in the broker quotation pricing, warranting a determination of Level 3 valuation for these securities at December 31, 2016 and 2015. Loans, Net For adjustable rate loans repricing monthly or quarterly, and with no significant change in credit risk, fair values are based on carrying values. The fair value of all remaining loans receivable is determined by discounting anticipated future cash flows of the loans, net of anticipated prepayments, using a discount rate reflecting current market rates for loans with similar terms to borrowers of similar credit quality. The valuation method used for loans does not necessarily represent an exit price valuation methodology as defined under ASC 820. However, since the valuation methodology is deemed to be comparable to a Level 3 input, the fair value of loans receivable other than impaired loans measured at fair value is shown under the Level 3 valuation column. Accrued Interest Receivable The estimated fair value of accrued interest receivable approximates its carrying amount, and is deemed to be valued at an input level comparable to its underlying financial asset. FHLBNY Capital Stock It is not practicable to determine the fair value of FHLBNY capital stock due to restrictions placed on transferability. Deposits The fair value of savings, money market, and checking accounts is, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amount), which has been deemed a Level 1 valuation. The fair value of CDs is based upon the present value of contractual cash flows using current interest rates for instruments of the same remaining maturity (deemed a Level 2 valuation). Escrow and Other Deposits The fair value of escrow and other deposits is, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amount), which has been deemed a Level 1 valuation. FHLBNY Advances The fair value of FHLBNY Advances is measured by the discounted anticipated cash flows through contractual maturity or next interest repricing date, or an earlier call date if, as of the valuation date, the borrowing is expected to be called (deemed a Level 2 valuation). The carrying amount of accrued interest payable on FHLBNY Advances is its fair value and is deemed a Level 2 valuation. Trust Preferred Securities Payable The fair value of trust preferred securities payable is estimated using discounted cash flow analyses based on then current borrowing rates for similar types of borrowing arrangements (deemed a Level 2 valuation), and is provided to the Company quarterly independently by a market maker in the underlying security. Accrued Interest Payable The estimated fair value of accrued interest payable approximates its carrying amount, and is deemed to be valued at an input level comparable to its underlying financial liability. |
REGULATORY MATTERS |
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REGULATORY MATTERS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REGULATORY MATTERS |
The Bank is subject to regulation, examination, and supervision by the New York State Department of Financial Services and the FDIC. The Holding Company is subject to regulation, examination, and supervision by the Board of Governors of the Federal Reserve System. The final rules implementing the Basel Committee on Banking Supervision's capital guidelines for U.S. banks (the “Basel III Capital Rules”) became effective for the Holding Company and Bank on January 1, 2015, with full compliance with all of the requirements being phased in over a multi-year schedule, and fully phased in by January 1, 2019. The Basel III Capital Rules provide for the following minimum capital to risk-weighted assets ratios as of January 1, 2015: a) 4.5% based upon common equity tier 1 capital ("CET1"); b) 6.0% based upon tier 1 capital; and c) 8.0% based upon total regulatory capital. A minimum leverage ratio (tier 1 capital as a percentage of average consolidated assets) of 4.0% is also required under the Basel III Capital Rules. When fully phased in, the Basel III Capital Rules will additionally require institutions to retain a capital conservation buffer, composed entirely of CET1, of 2.5% above these required minimum capital ratio levels. Banking organizations that fail to maintain the minimum 2.5% capital conservation buffer could face restrictions on capital distributions or discretionary bonus payments to executive officers. Restrictions would begin phasing in where the banking organization’s capital conservation buffer was below 2.5% at the beginning of a quarter, and distributions and discretionary bonus payments would be completely prohibited if no capital conservation buffer exists. The implementation of the capital conservation buffer began on January 1, 2016 at 0.625% and will increase by 0.625% each subsequent January 1, until it reaches 2.5% on January 1, 2019. When the capital conservation buffer is fully phased in on January 1, 2019, the Holding Company and the Bank will effectively have the following minimum capital to risk-weighted assets ratios: a) 7.0% based upon CET1; b) 8.5% based upon tier 1 capital; and c) 10.5% based upon total regulatory capital. In accordance with the Basel III Capital Rules, the Holding Company and the Bank have elected to exclude all permissible components of accumulated other comprehensive income from computing regulatory capital. Management believes, as of December 31, 2016 and 2015, the Holding Company and Bank met all capital requirements to which they were subject. The Bank is also governed by numerous federal and state laws and regulations, including the FDIC Improvement Act of 1991, which established five categories of capital adequacy ranging from well capitalized to critically undercapitalized (although these items are not utilized to represent overall financial condition). The FDIC utilizes these categories of capital adequacy to determine various matters, including, but not limited to, prompt corrective action and deposit insurance premium assessment levels. Capital levels and adequacy classifications may also be subject to qualitative judgments by the Bank’s regulators regarding, among other factors, the components of capital and risk weighting. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions and asset growth are limited, and capital restoration plans are required. As of December 31, 2016 and 2015, the Bank satisfied all criteria necessary to be categorized as “well capitalized” under the regulatory framework for prompt corrective action. There have been no conditions or events since December 31, 2016 that management believes have changed the "well capitalized" categorization. Actual and required capital amounts and ratios as of the dates indicated are presented below:
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UNAUDITED QUARTERLY FINANCIAL INFORMATION |
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UNAUDITED QUARTERLY FINANCIAL INFORMATION [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UNAUDITED QUARTERLY FINANCIAL INFORMATION |
The following tables summarize the unaudited condensed consolidated results of operations for each of the quarters during the fiscal years ended December 31, 2016 and 2015:
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CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS |
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CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS |
The following statements of condition as of December 31, 2016 and 2015, and the related statements of operations and cash flows for the years ended December 31, 2016, 2015 and 2014, reflect the Holding Company’s investment in its wholly-owned subsidiaries, the Bank and 842 Manhattan Avenue Corp., and its unconsolidated subsidiary, Dime Community Capital Trust I, using, as deemed appropriate, the equity method of accounting: DIME COMMUNITY BANCSHARES, INC. CONDENSED STATEMENTS OF FINANCIAL CONDITION
DIME COMMUNITY BANCSHARES, INC. CONDENSED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (1)
DIME COMMUNITY BANCSHARES, INC. CONDENSED STATEMENTS OF CASH FLOWS
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NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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SUMMARY OF ACCOUNTING POLICIES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principles of Consolidation | Principles of Consolidation - The accompanying consolidated financial statements include the accounts of the Holding Company and its subsidiaries (with the exception of its special purpose entity, Dime Community Capital Trust I), and the Bank and its subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. |
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Use of Estimates | Use of Estimates - To prepare consolidated financial statements in conformity with GAAP, management makes judgments, estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. |
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Cash and Cash Equivalents | Cash and Cash Equivalents: Cash and cash equivalents include cash and deposits with other financial institutions with maturities fewer than 90 days. Net cash flows are reported for customer loan and deposit transactions, and interest bearing deposits in other financial institutions. |
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Investment Securities and MBS | Investment Securities and MBS - Debt securities that have readily determinable fair values are carried at fair value unless they are held-to-maturity. Debt securities are classified as held-to-maturity and carried at amortized cost only if the Company has a positive intent and ability to hold them to maturity. If not classified as held-to-maturity, such securities are classified as securities available-for-sale or trading. Equity securities and mutual fund investments (fixed income or equity in nature) are classified as either available-for-sale or trading securities and carried at fair value. Unrealized holding gains or losses on securities available-for-sale that are deemed temporary are excluded from net income and reported net of income taxes as other comprehensive income or loss. While the Holding Company had a small portfolio of mutual fund investments designated as trading at both December 31, 2016 and December 31, 2015, neither the Holding Company nor the Bank actively acquires securities for the purpose of engaging in trading activities. Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for MBS where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. The Company evaluates securities for OTTI at least quarterly, and more frequently when economic or market conditions warrant such an evaluation. In making its evaluation of OTTI for debt securities, the Company initially considers whether: (1) it intends to sell the security, or (2) it is more likely than not that it will be required to sell the security prior to recovery of its amortized cost basis. If either of these criteria is satisfied, an OTTI charge is recognized in the statement of income equal to the full amount of the decline in fair value below amortized cost. For debt securities, if neither of these criteria is satisfied, however, the Company does not expect to recover the entire amortized cost basis, an OTTI loss has occurred that must be separated into two categories: (a) the amount related to credit loss, and (b) the amount related to other factors. In assessing the level of OTTI attributable to credit loss, the Company compares the present value of expected cash flows to the amortized cost basis of the security. The portion of OTTI determined to result from credit-related factors is recognized through earnings, while the portion of the OTTI related to other factors is recognized in other comprehensive income. When OTTI is recognized on a debt security, its amortized cost basis is reduced to reflect the credit-related component. In determining whether OTTI exists on an equity security, the Company considers the following: 1) the duration and severity of the impairment; 2) the Company’s ability and intent to hold the security until it recovers in value (as well as the likelihood of such a recovery in the near term); and 3) whether it is more likely than not that the Company will be required to sell such security before recovery of its individual amortized cost basis less any unrecognized loss. Should OTTI be determined to have occurred based upon this analysis, it is fully recognized through earnings. |
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Loans | Loans - Loans that the Bank has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal amount outstanding (as adjusted for any amounts charged-off), net of unearned fees or costs, unamortized premiums and the allowance for loan losses. Interest income on loans is recorded using the level yield method. Loan origination fees and certain direct loan origination costs are deferred and amortized as yield adjustments over the contractual loan terms. Past due status is based upon the contractual terms of the loan. Accrual of interest is generally discontinued on a loan that meets any of the following three criteria: (i) full payment of principal or interest is not expected; (ii) principal or interest has been in default for a period of 90 days or more and the loan is not both deemed to be well secured and in the process of collection; or (iii) an election has otherwise been made to maintain the loan on a cash basis due to deterioration in the financial condition of the borrower. Such non-accrual determination practices are applied consistently to all loans regardless of their internal classification or designation. Upon entering non-accrual status, the Bank reverses all outstanding accrued interest receivable. Management may elect to continue the accrual of interest when a loan that otherwise meets the criteria for non-accrual status is in the process of collection and the estimated fair value and cash flows of the underlying collateral property are sufficient to satisfy the outstanding principal balance (including any outstanding advances related to the loan) and accrued interest. Management may also elect to continue the accrual of interest on a loan that would otherwise meet the criteria for non-accrual status when its delinquency relates solely to principal amounts due, it is well secured and refinancing activities have commenced on the loan. Such elections have not been commonplace. The Bank generally initiates foreclosure proceedings when a delinquent loan enters non-accrual status, and typically does not accept partial payments once foreclosure proceedings have commenced. At some point during foreclosure proceedings, the Bank procures current appraisal information in order to prepare an estimate of the fair value of the underlying collateral. If a foreclosure action is instituted and the loan is not brought current, paid in full, or refinanced before the foreclosure action is completed, the property securing the loan is transferred to OREO status. The Bank generally utilizes all available remedies, such as note sales in lieu of foreclosure, in an effort to resolve non-accrual loans as quickly and prudently as possible in consideration of market conditions, the physical condition of the property and any other mitigating circumstances. In the event that a non-accrual loan is subsequently brought current, it is returned to accrual status once the doubt concerning collectability has been removed and the borrower has demonstrated performance in accordance with the loan terms and conditions for a period of at least six months. A loan is considered impaired when, based on then current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays or shortfalls generally are not classified as impaired. Management determines the significance of payment delays and shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is typically measured using the difference between the outstanding loan principal balance and either: 1) the likely realizable value of a note sale; 2) the fair value of the underlying collateral, net of likely disposal costs, if repayment is expected to come from liquidation of the collateral; or 3) the present value of estimated future cash flows (using the loan’s pre-modification rate for some performing troubled debt restructurings (“TDRs”)). If a TDR is substantially performing in accordance with its restructured terms, management will look to either the potential net liquidation proceeds of the underlying collateral property or the present value of the expected cash flows from the debt service in measuring impairment (whichever is deemed most appropriate under the circumstances). If a TDR has re-defaulted, generally the likely realizable net proceeds from either a note sale or the liquidation of the collateral is considered when measuring impairment. Measured impairment is either charged off immediately or, in limited instances, recognized as an allocated reserve within the allowance for loan losses. See Note 5 for a discussion of TDRs. |
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Allowance for Loan Losses and Reserve for Loan Commitments | Allowance for Loan Losses and Reserve for Loan Commitments - The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. Measured impairment is either charged off immediately or, in limited instances, recognized as an allocated reserve within the allowance for loan losses. All multifamily residential, mixed use, commercial real estate and construction loans that are deemed to meet the definition of impaired are individually evaluated for impairment. In addition, all condominium or cooperative apartment and one- to four-family residential loans with balances greater than the Fannie Mae ("FNMA") conforming loan limits for high-cost areas such as the Bank's primary lending area ("FNMA Limits") that are deemed to meet the definition of impaired are individually evaluated for impairment. Loans for which the terms have been modified in a manner that meets the criteria of a TDR are deemed to be impaired and individually evaluated for impairment. If a TDR is substantially performing in accordance with its restructured terms, management will look to either the potential net liquidation proceeds of the underlying collateral property or the present value of the expected cash flows from the debt service in measuring impairment (whichever is deemed most appropriate under the circumstances). If a TDR has defaulted, the likely realizable net proceeds from either a note sale or the liquidation of collateral is generally considered when measuring impairment. Smaller balance homogeneous loans, such as condominium or cooperative apartment and one-to four-family residential real estate loans with balances less than or equal to the FNMA Limits and consumer loans, are collectively evaluated for impairment, and accordingly, not separately identified for impairment disclosures. In determining both the specific and the general components of the allowance for loan losses, the Company has identified the following portfolio segments: 1) real estate loans; and 2) consumer loans. Consumer loans represent a nominal portion of the Company’s loan portfolio. Within these segments, the Bank analyzes the allowance based upon the underlying collateral type. The underlying methodology utilized to assess the adequacy of the allowance for loan losses is summarized in Note 5. The Bank maintains a separate reserve within other liabilities associated with commitments to fund future loans that have been accepted by the borrower. This reserve is determined based upon the historical loss experience of similar loans owned by the Bank at each period end. Any changes in this reserve amount are recognized through earnings as a component of non-interest expense. |
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Loans Held for Sale | Loans Held for Sale - Mortgage loans originated and intended for sale in the secondary market, as well as identified problem loans which are subject to an executed note sale agreement, are carried at the lower of aggregate cost or net realizable proceeds. Multifamily residential and mixed-use loans sold are generally sold with servicing rights retained. There were no problem loans re-classified to held for sale during the year ended December 31, 2016. During the years ended December 31, 2015 and 2014, the Bank re-classified certain problematic loans for which it had an executed pending note sale agreement as held for sale. Such loans are carried at the lower of cost or their expected net realizable proceeds. |
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Derivatives | Derivatives – The Company has a derivative contract designated as a hedge of the variability of cash flows to be received or paid related to a recognized liability (“Cash Flow Hedge”). The gain or loss on the derivative is reported in other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. Changes in the fair value of derivatives that are not highly effective in hedging the changes in expected cash flows of the hedged item are recognized immediately in current earnings as non-interest income. Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flow statement the same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific liabilities on the balance sheet. The Company also formally assesses, both at the hedge’s inception and on an on-going basis, whether the derivative instruments that are used are highly effective in offsetting changes in or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in cash flows of the hedged item, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a cash flow hedge is discontinued but the hedged cash flows are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transaction will affect earnings. |
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OREO | OREO - Properties acquired as a result of foreclosure on a mortgage loan or a deed in lieu of foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. Physical possession of residential real estate collateralizing a consumer mortgage loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through execution of a deed in lieu of foreclosure or through a similar legal agreement. These assets are subsequently accounted for at the lower of cost or fair value less estimated costs to sell. Declines in the recorded balance subsequent to acquisition by the Company are recorded through expense. Operating costs after acquisition are expensed. |
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Premises and Fixed Assets, Net and Premises Held for Sale | Premises and Fixed Assets, Net - Land is stated at original cost. Buildings and furniture, fixtures and equipment are stated at cost less accumulated depreciation. Depreciation is computed by the straight-line method over the estimated useful lives of the properties as follows:
Premises Held for Sale – Premises held for sale are carried at the lower of the recorded balance or their likely disposal value. Upon being re-classified as held for sale, depreciation is no longer recognized on these assets. |
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Accounting for Goodwill and Other Intangible Assets | Accounting for Goodwill and Other Intangible Assets – An impairment test is required to be performed at least annually for goodwill acquired in a business combination. The Company performs impairment tests of goodwill as of December 31st of each year. As of December 31, 2016 and 2015, the Company concluded that no impairment of goodwill existed. As of both December 31, 2016 and 2015, the Company had goodwill totaling $55,638. |
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BOLI | BOLI – BOLI is carried at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or amounts due that are probable at settlement. Increases in the contract value are recorded as non-interest income in the consolidated statements of operations and insurance proceeds received are recorded as a reduction of the contract value. |
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Income Taxes | Income Taxes – Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount deemed more likely than not to be realized. A tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not satisfying the "more likely than not" test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to tax matters in income tax expense. The Company had no uncertain tax positions at December 31, 2016 or 2015. |
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Employee Benefits | Employee Benefits – The Bank maintains the Dime Community Bank 401(k) Plan [the "401(k) Plan"] for substantially all of its employees, and the Retirement Plan of Dime Community Bank (the "Employee Retirement Plan"), both of which are tax qualified under the Internal Revenue Code. The Bank also maintains the Postretirement Welfare Plan of Dime Community Bank (the "Postretirement Benefit Plan"), providing additional postretirement benefits to certain retirees, which requires accrual of postretirement benefits (such as health care benefits) during the years an employee provides services, a Retirement Plan for its outside Directors (the “Director Retirement Plan”), and the BMP that provides additional benefits to certain of its officers. As the sponsor of a single employer defined benefit plan, the Company must do the following for the Employee Retirement Plan, a portion of the BMP, the Director Retirement Plan and the Postretirement Benefit Plan: (1) recognize the funded status of the benefit plans in its statements of financial condition, measured as the difference between plan assets at fair value (with limited exceptions) and the benefit obligation. For a pension plan, the benefit obligation is the projected benefit obligation; for any other postretirement benefit plan, such as a retiree health care plan, the benefit obligation is the accumulated postretirement benefit obligation; (2) recognize as a component of other comprehensive income, net of tax, the gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic benefit or cost. Amounts recognized in accumulated other comprehensive income, including the gains or losses, prior service costs or credits, and the transition asset or obligation are adjusted as they are subsequently recognized as components of net periodic benefit cost; (3) measure defined benefit plan assets and obligations as of the date of the employer’s fiscal year-end statements of financial condition (with limited exceptions); and (4) disclose in the notes to financial statements additional information about certain effects on net periodic benefit cost for the next fiscal year that arise from delayed recognition of the gains or losses, prior service costs or credits, and transition asset or obligation. The Holding Company and Bank maintain the ESOP. Compensation expense related to the ESOP is recorded during the period in which the shares become committed to be released to participants. The compensation expense is measured based upon the average fair market value of the stock during the period, and, to the extent that the fair value of the shares committed to be released differs from the original cost of such shares, the difference is recorded as an adjustment to additional paid-in capital. Cash dividends are paid on all ESOP shares, and reduce retained earnings accordingly. The Holding Company and Bank maintain the Dime Community Bancshares, Inc. 2004 Stock Incentive Plan for Outside Directors, Officers and Employees and the Dime Community Bancshares, Inc. 2013 Equity and Incentive Plan (collectively the "Stock Plans"); which are discussed more fully in Note 14. Under the Stock Plans, compensation cost is recognized for stock options and restricted stock awards issued to employees based on the fair value of the awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Holding Company’s common stock (“Common Stock”) at the date of grant is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. |
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Basic and Diluted EPS | Basic and Diluted EPS -Basic EPS is computed by dividing net income by the weighted-average common shares outstanding during the reporting period. Diluted EPS is computed using the same method as basic EPS, but reflects the potential dilution that would occur if "in the money" stock options were exercised and converted into Common Stock, and likely aggregate Long-term Incentive Plan (“LTIP”) share payout. In determining the weighted average shares outstanding for basic and diluted EPS, treasury stock and unallocated ESOP shares are excluded and vested restricted stock award shares are included. Unvested restricted stock award shares are recognized as a special class of securities under ASC 260. The following is a reconciliation of the numerator and denominator of basic EPS and diluted EPS for the periods indicated:
Common stock equivalents resulting from the dilutive effect of "in-the-money" stock options are calculated based upon the excess of the average market value of the Common Stock over the exercise price of outstanding options. There were approximately 77,432, 126,172 and 293,272 weighted average options for the years ended December 31, 2016, 2015, and 2014, respectively, that were not considered in the calculation of diluted EPS since the sum of their exercise price and unrecognized compensation cost exceeded the average market value during the relevant period. For information about the calculation of likely aggregate LTIP share payout, see Note 15. |
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Comprehensive Income | Comprehensive Income - Comprehensive income for the years ended December 31, 2016, 2015 and 2014 included changes in the unrealized gain or loss on available-for-sale securities, changes in the unfunded status of defined benefit plans, the non-credit component of OTTI, a transfer loss related to securities transferred from available-for-sale to held-to-maturity, and changes in the unrealized gain or loss on derivatives. Under GAAP, all of these items bypass net income and are typically reported as components of stockholders' equity. All comprehensive income adjustment items are presented net of applicable tax effect. Comprehensive and accumulated comprehensive income are summarized in Note 2. |
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Disclosures About Segments of an Enterprise and Related Information | Disclosures About Segments of an Enterprise and Related Information - The Company has one reportable segment, "Community Banking." All of the Company's activities are interrelated, and each activity is dependent and assessed based on the manner in which it supports the other activities of the Company. For example, lending is dependent upon the ability of the Bank to fund itself with retail deposits and other borrowings and to manage interest rate and credit risk. Accordingly, all significant operating decisions are based upon analysis of the Company as one operating segment or unit. For the years ended December 31, 2016, 2015 and 2014, there was no customer that accounted for more than 10% of the Company's consolidated revenue. |
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Reclassification | Reclassification – There have been no material reclassifications to prior year amounts to conform to their current presentation. |
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Recently Issued Accounting Standards | Recently Issued Accounting Standards - In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 impacts any entity that either enters into contracts with customers to transfer goods or services, or that enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (e.g., insurance or lease contracts). Under ASU 2014-09, an entity is required to recognize revenue for the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires disclosure of sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, as well as qualitative and quantitative disclosure related to contracts with certain customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal Versus Agent Consideration - Reporting Revenue Gross Versus Net. The objective of the ASU is to align the recognition of revenue with the transfer of promised goods or services provided to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this ASU affect the guidance in ASU 2014-09, which is not yet effective. Both ASU 2014-09 and the amendment are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company is evaluating the potential impact of ASU 2014-09 and the amendment on its consolidated financial statements, but it is not expected to have a material impact. In January 2016, the FASB issued ASU 2016-01, an amendment to Recognition and Measurement of Financial Assets and Financial Liabilities (Subtopic 825-10). The objectives of the ASU are to: (1) require equity investments to be measured at fair value, with changes in fair value recognized in net income, (2) simplify the impairment assessment of equity investments without readily determinable fair values, (3) eliminate the requirement to disclose methods and significant assumptions used to estimate fair value for financial instruments measured at amortized cost on the balance sheet, (4) require the use of the exit price notion when measuring the fair value of financial instruments, and (5) clarify the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The amendments in this ASU are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company is evaluating the potential impact of ASU 2016-01 on its consolidated financial statements, but it is not expected to have a material impact. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 requires companies that lease valuable assets to recognize on their balance sheets the assets and liabilities generated by contracts longer than a year. The amendments in this update are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018, however, early adoption is permitted. The Company is evaluating the potential impact of ASU 2016-02 on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The objectives of the ASU are to simplify accounting for the tax consequences of a stock payment and amend the manner in which excess tax benefits and a business's payments to satisfy the tax obligation for recipients of the shares should be classified. The amendments: (i) allow companies to estimate the number of stock awards they expect to vest, and (ii) revise the withholding requirements for classifying stock awards as equity. The amendments in this ASU became effective for public companies on January 1, 2017 and did not have a material impact on the Company's consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), which requires the measurement of all expected credit losses for financial assets held at the reporting date be based on historical experience, current condition, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. This guidance also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. For the Company, this guidance is effective for fiscal years and interim periods beginning after December 31, 2019. The Company is currently evaluating this guidance to determine the impact on its consolidated financial statements. The Company expects to recognize a one-time cumulative effect increase to the allowance for loan losses as of the beginning of the reporting period in which the ASU takes effect, however, cannot yet determine the magnitude of the impact on the consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), which provides guidance on eight specific cash flow issues in order to reduce diversity in the manner in which certain cash receipts and cash payments are presented and classified in the statements of cash flows. The amendments in this ASU are effective for public companies for fiscal years beginning after December 15, 2018, however, early adoption is permitted. The Company elected to adopt these updates as of December 31, 2016, and there was no material impact on its consolidated financial statements. |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) |
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SUMMARY OF ACCOUNTING POLICIES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and Fixed Assets, Net | Depreciation is computed by the straight-line method over the estimated useful lives of the properties as follows:
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Reconciliation of the Numerator and Denominator of Basic EPS and Diluted EPS for the Periods | The following is a reconciliation of the numerator and denominator of basic EPS and diluted EPS for the periods indicated:
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OTHER COMPREHENSIVE INCOME (LOSS) (Tables) |
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity in Accumulated Other Comprehensive Income (Loss), Net of Tax | Activity in accumulated other comprehensive income (loss), net of tax, was as follows:
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Component of Other Comprehensive Income (Loss) | The before and after tax amounts allocated to each component of other comprehensive income (loss) are presented in the table below for the periods indicated.
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INVESTMENT AND MORTGAGE-BACKED SECURITIES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT AND MORTGAGE-BACKED SECURITIES [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Major Categories of Securities Owned by Entity | The following tables summarize the major categories of securities owned by the Company (excluding trading securities) for the periods indicated:
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Summary of Gross Unrealized Loss and Fair Value of Investment Securities Aggregated by Investment Category and Length of Time in a Continuous Unrealized Loss Position | The following table summarizes the gross unrealized losses and fair value of investment securities aggregated by investment category and the length of time the securities were in a continuous unrealized loss position for the periods indicated:
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Activity Related to Transfer Loss | Activity related to this transfer loss was as follows:
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Reconciliation of Pre-tax OTTI Charges Recognized | The following table provides a reconciliation of the pre-tax OTTI charges recognized on the Company's TRUP CDOs:
There was no activity related to OTTI charges recognized on the Company's registered mutual funds during the year ended December 31, 2016 or 2015. The following table provides a reconciliation of the pre-tax OTTI charges recognized on the Company's registered mutual funds for the year ended December 31, 2014:
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LOANS RECEIVABLE AND CREDIT QUALITY (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS RECEIVABLE AND CREDIT QUALITY [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the Credit Risk Profile of the Real Estate Loans | The following is a summary of the credit risk profile of real estate loans (including deferred costs) by internally assigned grade as of the dates indicated:
The following is a summary of the credit risk profile of consumer loans by internally assigned grade:
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Past Due Financing Receivables | The following is a summary of the past due status of the Company's investment in loans (excluding accrued interest) as of the dates indicated:
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Troubled Debt Restructurings on Financing Receivables | The following table summarizes outstanding TDRs by underlying collateral type as of the dates indicated:
The following table summarizes loan modifications during the period that met the definition of a TDR for the periods indicated:
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ALLOWANCE FOR LOAN LOSSES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance For Credit Losses For Impairment By Financing Receivables Class | The following table presents data regarding the allowance for loan losses activity for the periods indicated:
The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of the periods indicated:
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Summary of Impaired Real Estate Loans | The following tables summarize impaired real estate loans with no related allowance recorded as of the periods indicated (by collateral type within the real estate loan segment):
The following table presents information for impaired loans for the periods indicated:
|
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Premises and Fixed Assets | The following is a summary of premises and fixed assets, net and premises held for sale:
|
DUE TO DEPOSITORS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DUE TO DEPOSITORS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Deposits | Deposits are summarized as follows:
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Summary of Scheduled Maturities of CDs Outstanding | The following table presents a summary of scheduled maturities of CDs outstanding at December 31, 2016:
|
DERIVATIVES AND HEDGING ACTIVITIES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVES AND HEDGING ACTIVITIES [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Derivative Financial Instruments and Classification on Consolidated Statements of Financial Condition | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statement of Financial Condition:
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Effect of Derivative Financial Instruments on Consolidated Statements of Income | The table below presents the effect of the Company’s derivative financial instruments on the amount of gain or (loss) in the Consolidated Statements of Income as of December 31, 2016:
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Offsetting of Derivative Assets | Offsetting of Derivative Assets as of December 31, 2016:
|
FHLBNY ADVANCES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLBNY ADVANCES [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Future Maturities of FHLBNY Advances Outstanding | The following table presents a summary of scheduled maturities of FHLBNY Advances outstanding at December 31, 2016:
|
INCOME TAXES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Income Tax Provisions | The Company's consolidated Federal, State and City income tax provisions were comprised of the following:
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Effective Income Tax Rate Reconciliation | The provision for income taxes differed from that computed at the Federal statutory rate as follows:
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Components of Federal, State and City Deferred Income Tax Assets and Liabilities | Deferred tax assets and liabilities are recorded for temporary differences between the book and tax bases of assets and liabilities. The components of Federal, State and City deferred income tax assets and liabilities were as follows:
|
EMPLOYEE BENEFIT PLANS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Retirement Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Funded Status | The funded status of the Employee Retirement Plan was as follows:
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Schedule of Net Periodic Costs | The net periodic cost for the Employee Retirement Plan included the following components:
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Change in Accumulated Other Comprehensive Income (Loss) | The change in accumulated other comprehensive income (loss) that resulted from the Employee Retirement Plan is summarized as follows:
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Major Assumptions Utilized to Determine the Net Periodic Cost and Benefit Obligations | Major assumptions utilized to determine the net periodic cost of the Employee Retirement Plan benefit obligations were as follows:
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Schedule of Weighted Average Allocation by Asset | The weighted average allocation by asset category of the assets of the Employee Retirement Plan was summarized as follows:
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Summary of Plan's Investments Measured at Fair Value On Recurring Basis | The following tables present a summary of the Employee Retirement Plan’s investments measured at fair value on a recurring basis by level within the fair value hierarchy, as of the dates indicated. (See Note 17 for a discussion of the fair value hierarchy).
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Schedule of Benefit Payments | Benefit payments are anticipated to be made as follows:
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Postretirement Benefit Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Funded Status | The funded status of the Postretirement Benefit Plan was as follows:
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Schedule of Net Periodic Costs | The Postretirement Benefit Plan net periodic cost included the following components:
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Change in Accumulated Other Comprehensive Income (Loss) | The change in accumulated other comprehensive income (loss) that resulted from the Postretirement Benefit Plan is summarized as follows:
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Major Assumptions Utilized to Determine the Net Periodic Cost and Benefit Obligations | Major assumptions utilized to determine the net periodic cost were as follows:
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Schedule of Benefit Payments | Benefit payments under the Postretirement Benefit Plan, which reflect expected future service (as appropriate), are expected to be made as follows:
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BMP and Director Retirement Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Funded Status | The combined funded status of the defined benefit portions of the BMP and the Director Retirement Plan was as follows:
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Schedule of Net Periodic Costs | The combined net periodic cost for the defined benefit portions of the BMP and the Director Retirement Plan included the following components:
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Change in Accumulated Other Comprehensive Income (Loss) | The combined change in accumulated other comprehensive income that resulted from the BMP and Director Retirement Plan is summarized as follows:
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Major Assumptions Utilized to Determine the Net Periodic Cost and Benefit Obligations | Major assumptions utilized to determine the net periodic cost and benefit obligations for both the BMP and Director Retirement Plan were as follows:
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Schedule of Benefit Payments | Combined benefit payments under the BMP and Director Retirement Plan, which reflect expected future service (as appropriate), are anticipated to be made as follows:
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STOCK-BASED COMPENSATION (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK-BASED COMPENSATION [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Activity Related to Stock Options | The following table presents a summary of activity related to stock options granted under the Stock Plans, and changes during the period then ended:
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Information Related to Stock Option Plan | Information related to stock options under the Stock Plans during each period is as follows:
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Schedule of Stock Options Outstanding And Vested by Exercise Price Range | The range of exercise prices and weighted-average remaining contractual lives of both outstanding and vested options (by option exercise cost) as of December 31, 2016 were as follows:
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Summary of Activity Related to Restricted Stock Awards | The following table presents a summary of activity related to the restricted stock awards granted under the Stock Plans, and changes during the periods indicated:
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Information Related to Restricted Stock Award Plan | Information related to restricted stock awards under the Stock Plans during each period is as follows:
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Summary of Activity Related to Performance Based Equity Awards | The following table presents a summary of activity related to performance based equity awards and changes during the period:
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COMMITMENTS AND CONTINGENCIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Aggregate Minimum Annual Rental Commitments on Operating Leases | At December 31, 2016, aggregate minimum annual rental commitments on operating leases were as follows:
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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis | The following tables present the assets measured at fair value on a recurring basis as of the dates indicated segmented by level within the fair value hierarchy. Financial assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. There were no financial liabilities measured at fair value on a recurring basis at December 31, 2016 or 2015.
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Fair Value Measurements, Nonrecurring | The carrying amounts and estimated fair values of financial instruments other than those measured at fair value on either a recurring or non-recurring basis at December 31, 2016 and December 31, 2015 were as follows:
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REGULATORY MATTERS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REGULATORY MATTERS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Regulatory Capital Requirements | Actual and required capital amounts and ratios as of the dates indicated are presented below:
|
UNAUDITED QUARTERLY FINANCIAL INFORMATION (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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UNAUDITED QUARTERLY FINANCIAL INFORMATION [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | The following tables summarize the unaudited condensed consolidated results of operations for each of the quarters during the fiscal years ended December 31, 2016 and 2015:
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CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED STATEMENTS OF FINANCIAL CONDITION | The following statements of condition as of December 31, 2016 and 2015, and the related statements of operations and cash flows for the years ended December 31, 2016, 2015 and 2014, reflect the Holding Company’s investment in its wholly-owned subsidiaries, the Bank and 842 Manhattan Avenue Corp., and its unconsolidated subsidiary, Dime Community Capital Trust I, using, as deemed appropriate, the equity method of accounting: DIME COMMUNITY BANCSHARES, INC. CONDENSED STATEMENTS OF FINANCIAL CONDITION
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CONDENSED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME | DIME COMMUNITY BANCSHARES, INC. CONDENSED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (1)
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CONDENSED STATEMENTS OF CASH FLOWS | DIME COMMUNITY BANCSHARES, INC. CONDENSED STATEMENTS OF CASH FLOWS
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NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 28, 2017
RetailBranch
|
Dec. 31, 2016
USD ($)
RetailBranch
$ / shares
|
Sep. 30, 2016
USD ($)
$ / shares
|
Jun. 30, 2016
USD ($)
$ / shares
|
Mar. 31, 2016
USD ($)
$ / shares
|
Dec. 31, 2015
USD ($)
$ / shares
|
Sep. 30, 2015
USD ($)
$ / shares
|
Jun. 30, 2015
USD ($)
$ / shares
|
Mar. 31, 2015
USD ($)
$ / shares
|
Dec. 31, 2016
USD ($)
RetailBranch
Segment
$ / shares
shares
|
Dec. 31, 2015
USD ($)
$ / shares
shares
|
Dec. 31, 2014
USD ($)
$ / shares
shares
|
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Nature of Operations [Abstract] | ||||||||||||||||||||||
Trust Preferred securities payable | $ | $ 70,680 | $ 70,680 | $ 70,680 | $ 70,680 | ||||||||||||||||||
Number of retail branches | RetailBranch | 25 | 25 | ||||||||||||||||||||
Loans [Abstract] | ||||||||||||||||||||||
Number of months for which borrower is required to demonstrate performance in accordance with the loan terms and conditions prior to returning a loan to accrual status | 6 months | |||||||||||||||||||||
Accounting for Goodwill and Other Intangible Assets [Abstract] | ||||||||||||||||||||||
Goodwill | $ | $ 55,638 | 55,638 | $ 55,638 | 55,638 | ||||||||||||||||||
Numerator [Abstract] | ||||||||||||||||||||||
Net Income per the Consolidated Statements of Operations | $ | $ 732 | $ 10,537 | $ 11,208 | $ 50,037 | $ 11,384 | $ 10,081 | $ 11,529 | $ 11,778 | 72,514 | 44,772 | $ 44,246 | |||||||||||
Less: Dividends paid on earnings allocated to participating securities | $ | (109) | (136) | (168) | |||||||||||||||||||
Income attributable to Common Stock | $ | $ 72,405 | $ 44,636 | $ 44,078 | |||||||||||||||||||
Weighted average common shares outstanding, including participating securities (in shares) | 36,898,951 | 36,477,854 | 36,174,962 | |||||||||||||||||||
Less: weighted average participating securities (in shares) | (186,058) | (245,037) | (301,785) | |||||||||||||||||||
Weighted average common shares outstanding (in shares) | 36,712,893 | 36,232,817 | 35,873,177 | |||||||||||||||||||
Basic EPS (in dollars per share) | $ / shares | $ 0.02 | [1] | $ 0.29 | [1] | $ 0.30 | [1] | $ 1.37 | [1] | $ 0.31 | [1] | $ 0.28 | [1] | $ 0.32 | [1] | $ 0.33 | [1] | $ 1.97 | $ 1.24 | $ 1.23 | |||
Income attributable to Common Stock | $ | $ 72,405 | $ 44,636 | $ 44,078 | |||||||||||||||||||
Weighted average common shares outstanding (in shares) | 36,712,893 | 36,232,817 | 35,873,177 | |||||||||||||||||||
Weighted average common equivalent shares outstanding (in shares) | 51,193 | 89,516 | 75,339 | |||||||||||||||||||
Weighted average common equivalent shares outstanding (in shares) | 36,764,086 | 36,322,333 | 35,948,516 | |||||||||||||||||||
Diluted EPS (in dollars per share) | $ / shares | $ 0.02 | [1] | $ 0.29 | [1] | $ 0.30 | [1] | $ 1.36 | [1] | $ 0.31 | [1] | $ 0.28 | [1] | $ 0.32 | [1] | $ 0.33 | [1] | $ 1.97 | $ 1.23 | $ 1.23 | |||
Disclosure About Segments of an Enterprise and Related Information [Abstract] | ||||||||||||||||||||||
Number of reportable segments | Segment | 1 | |||||||||||||||||||||
Number of operating segments | Segment | 1 | |||||||||||||||||||||
Customer measurement threshold to revenue | 10.00% | |||||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Number of additional retail branches open | RetailBranch | 2 | |||||||||||||||||||||
Building [Member] | Minimum [Member] | ||||||||||||||||||||||
Premises and Fixed Assets, Net [Abstract] | ||||||||||||||||||||||
Percentage of Depreciation | 2.22% | |||||||||||||||||||||
Building [Member] | Maximum [Member] | ||||||||||||||||||||||
Premises and Fixed Assets, Net [Abstract] | ||||||||||||||||||||||
Percentage of Depreciation | 2.50% | |||||||||||||||||||||
Furniture, Fixtures and Equipment [Member] | ||||||||||||||||||||||
Premises and Fixed Assets, Net [Abstract] | ||||||||||||||||||||||
Percentage of Depreciation | 10.00% | |||||||||||||||||||||
Stock Options [Member] | ||||||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||||||||||
Weighted average shares excluded from earnings per share calculation (in shares) | 77,432 | 126,172 | 293,272 | |||||||||||||||||||
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OTHER COMPREHENSIVE INCOME (LOSS), Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | $ 493,947 | $ 459,725 | $ 435,506 |
Other comprehensive income (loss) before reclassifications | 2,919 | (532) | |
Amounts reclassified from accumulated other comprehensive income (loss) | (57) | 278 | |
Other comprehensive income (loss), net of tax | 2,862 | (254) | (3,788) |
Balance | 565,868 | 493,947 | 459,725 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (8,801) | (8,547) | (4,759) |
Balance | (5,939) | (8,801) | (8,547) |
Defined Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (7,919) | (8,457) | |
Other comprehensive income (loss) before reclassifications | 1,009 | (500) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 1,038 | |
Other comprehensive income (loss), net of tax | 1,009 | 538 | |
Balance | (6,910) | (7,919) | (8,457) |
Derivative Assets [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | 0 | 0 | |
Other comprehensive income (loss) before reclassifications | 1,833 | 0 | |
Amounts reclassified from accumulated other comprehensive income (loss) | (57) | 0 | |
Other comprehensive income (loss), net of tax | 1,776 | 0 | |
Balance | 1,776 | 0 | 0 |
Held-To-Maturity and Transferred Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (760) | (826) | |
Other comprehensive income (loss) before reclassifications | 47 | 66 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | |
Other comprehensive income (loss), net of tax | 47 | 66 | |
Balance | (713) | (760) | (826) |
Available-For-Sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (122) | 736 | |
Other comprehensive income (loss) before reclassifications | 30 | (98) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | (760) | |
Other comprehensive income (loss), net of tax | 30 | (858) | |
Balance | $ (92) | $ (122) | $ 736 |
OTHER COMPREHENSIVE INCOME (LOSS), Before and After Tax Amounts by Component (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Change in unrealized holding loss on securities held-to-maturity and transferred securities [Abstract] | |||
Accretion (Amortization) of previously recognized non-credit component of OTTI | $ 34 | $ (9) | $ 32 |
Change in unrealized loss on securities transferred to held-to-maturity | 51 | 125 | 65 |
Net change | 85 | 116 | 97 |
Tax expense | 38 | 50 | 45 |
Net change in unrealized holding loss on securities held-to-maturity and transferred securities | 47 | 66 | 52 |
Change in unrealized holding gain on securities available-for-sale [Abstract] | |||
Change in net unrealized gain during the period | 56 | (176) | (65) |
Reclassification adjustment for net gains included in net gain on securities | 0 | (1,384) | (997) |
Net change | 56 | (1,560) | (1,062) |
Tax expense (benefit) | 26 | (702) | (479) |
Net change in unrealized holding gain on securities available-for-sale | 30 | (858) | (583) |
Change in pension and other postretirement obligations [Abstract] | |||
Reclassification adjustment for expense included in salaries and employee benefits expense | 1,841 | 1,890 | 1,044 |
Change in the net actuarial gain or loss | 0 | (901) | (6,986) |
Net change | 1,841 | 989 | (5,942) |
Tax expense (benefit) | 832 | 451 | (2,685) |
Net change in pension and other postretirement obligations | 1,009 | 538 | (3,257) |
Change in unrealized loss on derivative asset [Abstract] | |||
Change in net unrealized loss during the period | 3,205 | 0 | 0 |
Reclassification adjustment for expense included in interest expense | 23 | 0 | 0 |
Net change | 3,228 | 0 | 0 |
Tax expense | 1,452 | 0 | 0 |
Net change in unrealized loss on derivative asset | 1,776 | 0 | 0 |
Other comprehensive income (loss), net of tax | $ 2,862 | $ (254) | $ (3,788) |
INVESTMENT AND MORTGAGE-BACKED SECURITIES, Major Categories of Securities Owned (Details) $ in Thousands |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 01, 2008
USD ($)
Security
|
Dec. 31, 2016
USD ($)
Issuer
|
Dec. 31, 2015
USD ($)
Issuer
|
Dec. 31, 2014
USD ($)
|
|||||||
Pooled bank trust preferred securities ("TRUP CDOs") [Abstract] | ||||||||||
Amortized Cost | $ 5,378 | $ 5,242 | ||||||||
Fair Value | 7,296 | 7,051 | ||||||||
Investment Securities Available For Sale [Abstract] | ||||||||||
Amortized Cost | 7,618 | [1] | 4,408 | [2] | ||||||
Gross Unrealized Gains | 74 | 38 | ||||||||
Gross Unrealized Losses | (239) | (259) | ||||||||
Fair Value | 7,453 | 4,187 | ||||||||
Total Investment Securities [Abstract] | ||||||||||
Amortized Cost | 12,996 | [1] | 9,650 | [2] | ||||||
Gross Unrealized Gains | 2,295 | 2,192 | ||||||||
Gross Unrealized Losses | (542) | (604) | ||||||||
Fair Value | $ 14,749 | $ 11,238 | ||||||||
Investment and Mortgage-Backed Securities [Abstract] | ||||||||||
Number of holdings in investment securities of a single issuer in amount greater than 10% of stockholders equity | Issuer | 0 | 0 | ||||||||
Proceeds from the sales of investment securities held-to-maturity | $ 0 | $ 0 | $ 0 | |||||||
Proceeds from sale of investment securities available-for-sale | 0 | 2,070 | 3,780 | |||||||
Proceeds from sales of mortgage backed securities available-for-sale | 0 | 24,307 | 0 | |||||||
Pooled Bank Trust Preferred Securities [Member] | ||||||||||
Pooled bank trust preferred securities ("TRUP CDOs") [Abstract] | ||||||||||
Amortized Cost | 5,378 | [1] | 5,242 | [2] | ||||||
Gross Unrealized Gains | 2,221 | 2,154 | ||||||||
Gross Unrealized Losses | (303) | (345) | ||||||||
Fair Value | 7,296 | 7,051 | ||||||||
Investment and Mortgage-Backed Securities [Abstract] | ||||||||||
Unamortized portion of the unrealized loss amount recognized | $ 755 | 807 | ||||||||
Weighted average term to maturity at period end | 18 years | |||||||||
Number of trust preferred securities transferred to available for sale from held to maturity | Security | 8 | |||||||||
Amortized cost of securities transferred | $ 19,922 | |||||||||
Unrealized loss on securities transferred recognized in accumulated other comprehensive income loss net of tax | $ 8,420 | |||||||||
The remaining average life at the time of transfer of the trust preferred securities that were transferred from available for sale to held to maturity | 21 years 1 month 6 days | |||||||||
Registered Mutual Funds [Member] | ||||||||||
Investment Securities Available For Sale [Abstract] | ||||||||||
Amortized Cost | $ 4,011 | [1] | 3,990 | [2] | ||||||
Gross Unrealized Gains | 62 | 25 | ||||||||
Gross Unrealized Losses | (178) | (259) | ||||||||
Fair Value | 3,895 | 3,756 | ||||||||
Investment and Mortgage-Backed Securities [Abstract] | ||||||||||
Proceeds from sale of investment securities available-for-sale | 0 | 2,070 | 3,780 | |||||||
Gross gain recognized on sale of investment securities available for sale | 4 | 997 | ||||||||
Gross loss recognized on sale of investment securities available for sale | 8 | 0 | ||||||||
Agency Collateralized Mortgage Obligation ("CMO") [Member] | ||||||||||
Investment Securities Available For Sale [Abstract] | ||||||||||
Amortized Cost | [1] | 3,247 | ||||||||
Gross Unrealized Gains | 0 | |||||||||
Gross Unrealized Losses | (61) | |||||||||
Fair Value | $ 3,186 | |||||||||
Investment and Mortgage-Backed Securities [Abstract] | ||||||||||
Weighted average term to maturity at period end | 3 years 1 month 6 days | |||||||||
Proceeds from sale of investment securities available-for-sale | $ 0 | 0 | 0 | |||||||
Pass-through MBS Issued by Government Sponsored Entities ("GSEs") | ||||||||||
Investment Securities Available For Sale [Abstract] | ||||||||||
Amortized Cost | 360 | [1] | 418 | [2] | ||||||
Gross Unrealized Gains | 12 | 13 | ||||||||
Gross Unrealized Losses | 0 | 0 | ||||||||
Fair Value | $ 372 | 431 | ||||||||
Investment and Mortgage-Backed Securities [Abstract] | ||||||||||
Weighted average term to maturity at period end | 11 years 1 month 6 days | |||||||||
Weighted average duration at period end | 1 year | |||||||||
Proceeds from sales of mortgage backed securities available-for-sale | $ 0 | 24,307 | $ 0 | |||||||
Gross gain recognized on sale of mortgage backed securities available for sale | 1,395 | |||||||||
Gross loss recognized on sale of mortgage backed securities available for sale | $ 7 | |||||||||
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INVESTMENT AND MORTGAGE-BACKED SECURITIES, Continuous Unrealized Loss Position (Details) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2016
USD ($)
Security
|
Dec. 31, 2015
USD ($)
|
|
Held-to-Maturity Securities, Gross Unrecognized Losses/Unrealized Losses [Abstract] | ||
Number of TRUP securities not deemed having OTTI | Security | 2 | |
Pooled Bank Trust Preferred Securities [Member] | ||
Held-to-Maturity Securities, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | $ 0 | $ 0 |
12 Consecutive Months or Longer | 2,439 | 2,359 |
Total | 2,439 | 2,359 |
Held-to-Maturity Securities, Gross Unrecognized Losses/Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 0 | 0 |
12 Consecutive Months or Longer | 303 | 345 |
Total | 303 | 345 |
Registered Mutual Funds [Member] | ||
Available-for-sale Securities, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | 1,308 | 3,026 |
12 Consecutive Months or Longer | 1,747 | 0 |
Total | 3,055 | 3,026 |
Available-for-sale Securities, Gross Unrecognized/Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 47 | 259 |
12 Consecutive Months or Longer | 131 | 0 |
Total | 178 | $ 259 |
Agency Collateralized Mortgage Obligation ("CMO") [Member] | ||
Available-for-sale Securities, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | 3,186 | |
12 Consecutive Months or Longer | 0 | |
Total | 3,186 | |
Available-for-sale Securities, Gross Unrecognized/Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 61 | |
12 Consecutive Months or Longer | 0 | |
Total | $ 61 |
INVESTMENT AND MORTGAGE-BACKED SECURITIES, Fiscal Year Maturity and Other Disclosures (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Transfers [Member] | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||
Cumulative balance at the beginning of the period | $ 807 | $ 932 | ||
Amortization | (51) | (125) | ||
Cumulative balance at end of the period | 756 | 807 | $ 932 | |
Pooled Bank Trust Preferred Securities [Member] | ||||
OTTI and Non-credit Losses Recognized in Earnings and AOCI [Abstract] | ||||
Cumulative pre-tax balance at the beginning of the period | 9,295 | 9,514 | 9,546 | |
Accretion (Amortization) of previously recognized OTTI | (138) | (219) | (32) | |
Cumulative pre-tax balance at end of the period | 9,157 | 9,295 | 9,514 | $ 9,546 |
Pooled Bank Trust Preferred Securities [Member] | Credit Related OTTI [Member] | ||||
OTTI and Non-credit Losses Recognized in Earnings and AOCI [Abstract] | ||||
Cumulative pre-tax balance at the beginning of the period | 8,717 | 8,945 | 8,945 | |
Accretion (Amortization) of previously recognized OTTI | (104) | (228) | 0 | |
Cumulative pre-tax balance at end of the period | 8,613 | 8,717 | 8,945 | 8,945 |
Pooled Bank Trust Preferred Securities [Member] | Non Credit Related OTTI [Member] | ||||
OTTI and Non-credit Losses Recognized in Earnings and AOCI [Abstract] | ||||
Cumulative pre-tax balance at the beginning of the period | 578 | 569 | 601 | |
Accretion (Amortization) of previously recognized OTTI | (34) | 9 | (32) | |
Cumulative pre-tax balance at end of the period | $ 544 | $ 578 | 569 | 601 |
Mutual Fund Investments [Member] | ||||
OTTI and Non-credit Losses Recognized in Earnings and AOCI [Abstract] | ||||
Cumulative pre-tax balance at the beginning of the period | $ 0 | 106 | ||
Reduction of OTTI securities sold during the period | (106) | |||
Cumulative pre-tax balance at end of the period | $ 0 |
LOANS RECEIVABLE AND CREDIT QUALITY, Credit Quality Indicators (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | $ 5,633,007 | $ 4,695,186 | |||
Total consumer loans | 3,415 | 1,590 | |||
Real Estate Loan [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | 5,633,007 | 4,695,186 | |||
Real Estate Loan [Member] | Not Graded [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | [1] | 7,698 | |||
Real Estate Loan [Member] | Pass [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | 5,606,870 | 4,647,906 | |||
Real Estate Loan [Member] | Special Mention [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | 4,760 | 17,183 | |||
Real Estate Loan [Member] | Substandard [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | 21,377 | 22,399 | |||
Real Estate Loan [Member] | Doubtful [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | 0 | 0 | |||
Real Estate Loan [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | 74,022 | 72,095 | |||
Real Estate Loan [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | Not Graded [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | [1] | 7,698 | |||
Real Estate Loan [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | Pass [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | 72,325 | 61,256 | |||
Real Estate Loan [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | Special Mention [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | 212 | 945 | |||
Real Estate Loan [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | Substandard [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | 1,485 | 2,196 | |||
Real Estate Loan [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | Doubtful [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | 0 | 0 | |||
Real Estate Loan [Member] | Multifamily Residential and Residential Mixed Use [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | 4,600,526 | 3,759,907 | |||
Real Estate Loan [Member] | Multifamily Residential and Residential Mixed Use [Member] | Not Graded [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | [1] | 0 | |||
Real Estate Loan [Member] | Multifamily Residential and Residential Mixed Use [Member] | Pass [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | 4,589,838 | 3,743,298 | |||
Real Estate Loan [Member] | Multifamily Residential and Residential Mixed Use [Member] | Special Mention [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | 3,488 | 9,759 | |||
Real Estate Loan [Member] | Multifamily Residential and Residential Mixed Use [Member] | Substandard [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | 7,200 | 6,850 | |||
Real Estate Loan [Member] | Multifamily Residential and Residential Mixed Use [Member] | Doubtful [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | 0 | 0 | |||
Real Estate Loan [Member] | Commercial Mixed Use Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | 404,139 | 377,275 | |||
Real Estate Loan [Member] | Commercial Mixed Use Real Estate [Member] | Not Graded [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | [1] | 0 | |||
Real Estate Loan [Member] | Commercial Mixed Use Real Estate [Member] | Pass [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | 398,139 | 370,110 | |||
Real Estate Loan [Member] | Commercial Mixed Use Real Estate [Member] | Special Mention [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | 535 | 1,622 | |||
Real Estate Loan [Member] | Commercial Mixed Use Real Estate [Member] | Substandard [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | 5,465 | 5,543 | |||
Real Estate Loan [Member] | Commercial Mixed Use Real Estate [Member] | Doubtful [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | 0 | 0 | |||
Real Estate Loan [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | 554,320 | 485,909 | |||
Real Estate Loan [Member] | Commercial Real Estate [Member] | Not Graded [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | [1] | 0 | |||
Real Estate Loan [Member] | Commercial Real Estate [Member] | Pass [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | 546,568 | 473,242 | |||
Real Estate Loan [Member] | Commercial Real Estate [Member] | Special Mention [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | 525 | 4,857 | |||
Real Estate Loan [Member] | Commercial Real Estate [Member] | Substandard [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | 7,227 | 7,810 | |||
Real Estate Loan [Member] | Commercial Real Estate [Member] | Doubtful [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total real estate loans | 0 | 0 | |||
Consumer Loans [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total consumer loans | 3,415 | 1,590 | |||
Consumer Loans [Member] | Performing [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total consumer loans | 3,414 | 1,586 | |||
Consumer Loans [Member] | Non-Accrual [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total consumer loans | $ 1 | $ 4 | |||
|
LOANS RECEIVABLE AND CREDIT QUALITY, Past Due (Details) $ in Thousands |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2016
USD ($)
Loan
|
Dec. 31, 2015
USD ($)
Loan
|
|||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total real estate loans | $ 5,633,007 | $ 4,695,186 | ||||||
Total consumer loans | $ 3,415 | $ 1,590 | ||||||
Number of real estate loans more than 90 days past due on contractual balloon payment | Loan | 4 | 12 | ||||||
Real Estate Loans [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Non-accrual | $ 4,236 | [1] | $ 1,607 | [2] | ||||
Total past due | 9,226 | 9,107 | ||||||
Current | 5,623,781 | 4,686,079 | ||||||
Total real estate loans | 5,633,007 | 4,695,186 | ||||||
Real Estate Loans [Member] | 30 to 59 Days Past Due [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 1,920 | 2,562 | ||||||
Real Estate Loans [Member] | 60 to 89 Days Past Due [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 0 | 406 | ||||||
Real Estate Loans [Member] | Accruing Loans 90 Days or More Past Due [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 3,070 | 4,532 | ||||||
Real Estate Loans [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Non-accrual | 1,012 | [1] | 1,113 | [2] | ||||
Total past due | 2,712 | 1,865 | ||||||
Current | 71,309 | 70,230 | ||||||
Total real estate loans | 74,022 | 72,095 | ||||||
Real Estate Loans [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | 30 to 59 Days Past Due [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 188 | 127 | ||||||
Real Estate Loans [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | 60 to 89 Days Past Due [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 0 | 0 | ||||||
Real Estate Loans [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | Accruing Loans 90 Days or More Past Due [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 1,513 | 625 | ||||||
Real Estate Loans [Member] | Multifamily Residential and Residential Mixed Use [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Non-accrual | 2,675 | [1] | 287 | [2] | ||||
Total past due | 4,232 | 5,036 | ||||||
Current | 4,596,294 | 3,754,871 | ||||||
Total real estate loans | 4,600,526 | 3,759,907 | ||||||
Real Estate Loans [Member] | Multifamily Residential and Residential Mixed Use [Member] | 30 to 59 Days Past Due [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 0 | 2,235 | ||||||
Real Estate Loans [Member] | Multifamily Residential and Residential Mixed Use [Member] | 60 to 89 Days Past Due [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 0 | 0 | ||||||
Real Estate Loans [Member] | Multifamily Residential and Residential Mixed Use [Member] | Accruing Loans 90 Days or More Past Due [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 1,557 | 2,514 | ||||||
Real Estate Loans [Member] | Commercial Mixed Use Real Estate [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Non-accrual | 549 | [1] | 0 | [2] | ||||
Total past due | 549 | 812 | ||||||
Current | 403,590 | 376,463 | ||||||
Total real estate loans | 404,139 | 377,275 | ||||||
Real Estate Loans [Member] | Commercial Mixed Use Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 0 | 0 | ||||||
Real Estate Loans [Member] | Commercial Mixed Use Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 0 | 406 | ||||||
Real Estate Loans [Member] | Commercial Mixed Use Real Estate [Member] | Accruing Loans 90 Days or More Past Due [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 0 | 406 | ||||||
Real Estate Loans [Member] | Commercial Real Estate [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Non-accrual | 0 | [1] | 207 | [2] | ||||
Total past due | 1,732 | 1,394 | ||||||
Current | 552,588 | 484,515 | ||||||
Total real estate loans | 554,320 | 485,909 | ||||||
Real Estate Loans [Member] | Commercial Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 1,732 | 200 | ||||||
Real Estate Loans [Member] | Commercial Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 0 | 0 | ||||||
Real Estate Loans [Member] | Commercial Real Estate [Member] | Accruing Loans 90 Days or More Past Due [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 0 | 987 | ||||||
Consumer [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Non-accrual | 1 | [1] | 4 | [2] | ||||
Total past due | 1 | 6 | ||||||
Current | 3,414 | 1,584 | ||||||
Total consumer loans | 3,415 | 1,590 | ||||||
Consumer [Member] | 30 to 59 Days Past Due [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 0 | 1 | ||||||
Consumer [Member] | 60 to 89 Days Past Due [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 0 | 1 | ||||||
Consumer [Member] | Accruing Loans 90 Days or More Past Due [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | $ 0 | $ 0 | ||||||
|
LOANS RECEIVABLE AND CREDIT QUALITY, Troubled Debt Restructurings (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016
USD ($)
Loan
|
Dec. 31, 2015
USD ($)
Loan
|
Dec. 31, 2014
USD ($)
Loan
|
|
Summary of activity related to TDRs for the period [Abstract] | |||
Allocated allowance on TDRs | $ 0 | $ 0 | |
Number of loan committed to borrowers | Loan | 0 | 0 | |
TDRs which defaulted within twelve months following the modification | Loan | 0 | 0 | 0 |
Minimum [Member] | |||
Summary of activity related to TDRs for the period [Abstract] | |||
Short term extensions grant period | 6 months | ||
Maximum [Member] | |||
Summary of activity related to TDRs for the period [Abstract] | |||
Short term extensions grant period | 12 months | ||
Real Estate Loans [Member] | |||
Troubled Debt Restructuring On Receivables [Abstract] | |||
Number of loans | Loan | 7 | 8 | |
Balance | $ 8,689 | $ 9,273 | |
Summary of activity related to TDRs for the period [Abstract] | |||
Loans modifications, number of loans | Loan | 1 | 0 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 33 | $ 0 | $ 7,900 |
Post-Modification Outstanding Recorded Investment | $ 33 | $ 0 | $ 7,900 |
Real Estate Loans [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | |||
Summary of activity related to TDRs for the period [Abstract] | |||
Loans modifications, number of loans | Loan | 1 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 33 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 33 | $ 0 | $ 0 |
Real Estate Loans [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | Accruing TDRs [Member] | |||
Troubled Debt Restructuring On Receivables [Abstract] | |||
Number of loans | Loan | 2 | 2 | |
Balance | $ 407 | $ 598 | |
Real Estate Loans [Member] | Multifamily Residential and Residential Mixed Use [Member] | Accruing TDRs [Member] | |||
Troubled Debt Restructuring On Receivables [Abstract] | |||
Number of loans | Loan | 3 | 3 | |
Balance | $ 658 | $ 696 | |
Real Estate Loans [Member] | Commercial Mixed Use Real Estate [Member] | |||
Summary of activity related to TDRs for the period [Abstract] | |||
Loans modifications, number of loans | Loan | 0 | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 4,400 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 4,400 |
Real Estate Loans [Member] | Commercial Mixed Use Real Estate [Member] | Accruing TDRs [Member] | |||
Troubled Debt Restructuring On Receivables [Abstract] | |||
Number of loans | Loan | 1 | 1 | |
Balance | $ 4,261 | $ 4,344 | |
Real Estate Loans [Member] | Commercial Real Estate [Member] | |||
Summary of activity related to TDRs for the period [Abstract] | |||
Loans modifications, number of loans | Loan | 0 | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 3,500 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 3,500 |
Real Estate Loans [Member] | Commercial Real Estate [Member] | Accruing TDRs [Member] | |||
Troubled Debt Restructuring On Receivables [Abstract] | |||
Number of loans | Loan | 1 | 1 | |
Balance | $ 3,363 | $ 3,428 | |
Real Estate Loans [Member] | Commercial Real Estate [Member] | Non-accruing TDRs [Member] | |||
Troubled Debt Restructuring On Receivables [Abstract] | |||
Number of loans | Loan | 0 | 1 | |
Balance | $ 0 | $ 207 |
ALLOWANCE FOR LOAN LOSSES, Allowance by Class of Loan (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Allocated allowance on TDRs within the allowance for loan losses | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Loans classified as Substandard analysis of historical losses period | 48 months | 12 months | |||||||||
Portion of allowance for loan losses attributable to non-impaired Substandard loans | 348 | $ 348 | |||||||||
Portion of allowance for loan losses attributable to non-impaired Special Mention loans | 88 | 88 | |||||||||
Allowance for loan losses [Roll Forward] | |||||||||||
Provision (credit) for loan losses | (529) | $ (1,168) | $ (442) | $ 21 | 439 | $ (416) | $ 1,135 | $ 172 | $ (2,118) | 1,330 | $ 1,872 |
Real Estate Loans [Member] | |||||||||||
Allowance for loan losses [Roll Forward] | |||||||||||
Beginning balance | 18,494 | 18,469 | 18,494 | 18,469 | 20,129 | ||||||
Provision (credit) for loan losses | 2,117 | (1,328) | (1,881) | ||||||||
Charge-offs | (183) | (207) | (469) | ||||||||
Recoveries | 88 | 1,560 | 690 | ||||||||
Ending balance | 20,516 | 18,494 | 20,516 | 18,494 | 18,469 | ||||||
Ending allowance balance [Abstract] | |||||||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | |||||||
Collectively evaluated for impairment | 20,516 | 18,494 | 20,516 | 18,494 | |||||||
Loans [Abstract] | |||||||||||
Individually evaluated for impairment | 11,913 | 9,561 | 11,913 | 9,561 | |||||||
Collectively evaluated for impairment | 5,621,094 | 4,685,625 | 5,621,094 | 4,685,625 | |||||||
Total ending loans balance | 5,633,007 | 4,695,186 | 5,633,007 | 4,695,186 | |||||||
Real Estate Loans [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | |||||||||||
Allowance for loan losses [Roll Forward] | |||||||||||
Beginning balance | 263 | 150 | 263 | 150 | 236 | ||||||
Provision (credit) for loan losses | (48) | 222 | (164) | ||||||||
Charge-offs | (79) | (115) | (46) | ||||||||
Recoveries | 9 | 6 | 124 | ||||||||
Ending balance | 145 | 263 | 145 | 263 | 150 | ||||||
Ending allowance balance [Abstract] | |||||||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | |||||||
Collectively evaluated for impairment | 145 | 263 | 145 | 263 | |||||||
Loans [Abstract] | |||||||||||
Individually evaluated for impairment | 407 | 598 | 407 | 598 | |||||||
Collectively evaluated for impairment | 73,615 | 71,497 | 73,615 | 71,497 | |||||||
Total ending loans balance | 74,022 | 72,095 | 74,022 | 72,095 | |||||||
Real Estate Loans [Member] | Multifamily Residential and Residential Mixed Use [Member] | |||||||||||
Allowance for loan losses [Roll Forward] | |||||||||||
Beginning balance | 14,118 | 13,852 | 14,118 | 13,852 | 13,840 | ||||||
Provision (credit) for loan losses | 2,473 | 309 | (76) | ||||||||
Charge-offs | (92) | (48) | (87) | ||||||||
Recoveries | 56 | 5 | 175 | ||||||||
Ending balance | 16,555 | 14,118 | 16,555 | 14,118 | 13,852 | ||||||
Ending allowance balance [Abstract] | |||||||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | |||||||
Collectively evaluated for impairment | 16,555 | 14,118 | 16,555 | 14,118 | |||||||
Loans [Abstract] | |||||||||||
Individually evaluated for impairment | 3,333 | 983 | 3,333 | 983 | |||||||
Collectively evaluated for impairment | 4,597,193 | 3,758,924 | 4,597,193 | 3,758,924 | |||||||
Total ending loans balance | 4,600,526 | 3,759,907 | 4,600,526 | 3,759,907 | |||||||
Real Estate Loans [Member] | Commercial Mixed Use Real Estate [Member] | |||||||||||
Allowance for loan losses [Roll Forward] | |||||||||||
Beginning balance | 1,652 | 1,644 | 1,652 | 1,644 | 3,003 | ||||||
Provision (credit) for loan losses | 58 | 21 | (1,710) | ||||||||
Charge-offs | (12) | (37) | (30) | ||||||||
Recoveries | 0 | 24 | 381 | ||||||||
Ending balance | 1,698 | 1,652 | 1,698 | 1,652 | 1,644 | ||||||
Ending allowance balance [Abstract] | |||||||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | |||||||
Collectively evaluated for impairment | 1,698 | 1,652 | 1,698 | 1,652 | |||||||
Loans [Abstract] | |||||||||||
Individually evaluated for impairment | 4,810 | 4,345 | 4,810 | 4,345 | |||||||
Collectively evaluated for impairment | 399,329 | 372,930 | 399,329 | 372,930 | |||||||
Total ending loans balance | 404,139 | 377,275 | 404,139 | 377,275 | |||||||
Real Estate Loans [Member] | Commercial Real Estate [Member] | |||||||||||
Allowance for loan losses [Roll Forward] | |||||||||||
Beginning balance | 2,461 | 2,823 | 2,461 | 2,823 | 3,047 | ||||||
Provision (credit) for loan losses | (366) | (1,880) | 72 | ||||||||
Charge-offs | 0 | (7) | (306) | ||||||||
Recoveries | 23 | 1,525 | 10 | ||||||||
Ending balance | 2,118 | 2,461 | 2,118 | 2,461 | 2,823 | ||||||
Ending allowance balance [Abstract] | |||||||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | |||||||
Collectively evaluated for impairment | 2,118 | 2,461 | 2,118 | 2,461 | |||||||
Loans [Abstract] | |||||||||||
Individually evaluated for impairment | 3,363 | 3,635 | 3,363 | 3,635 | |||||||
Collectively evaluated for impairment | 550,957 | 482,274 | 550,957 | 482,274 | |||||||
Total ending loans balance | 554,320 | 485,909 | 554,320 | 485,909 | |||||||
Real Estate Loans [Member] | Construction [Member] | |||||||||||
Allowance for loan losses [Roll Forward] | |||||||||||
Beginning balance | 0 | 0 | 0 | 0 | 3 | ||||||
Provision (credit) for loan losses | 0 | 0 | (3) | ||||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Recoveries | 0 | 0 | 0 | ||||||||
Ending balance | 0 | 0 | 0 | 0 | 0 | ||||||
Consumer Loans [Member] | |||||||||||
Allowance for loan losses [Roll Forward] | |||||||||||
Beginning balance | $ 20 | $ 24 | 20 | 24 | 24 | ||||||
Provision (credit) for loan losses | 1 | (2) | 9 | ||||||||
Charge-offs | (3) | (2) | (9) | ||||||||
Recoveries | 2 | 0 | 0 | ||||||||
Ending balance | 20 | 20 | 20 | 20 | $ 24 | ||||||
Ending allowance balance [Abstract] | |||||||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | |||||||
Collectively evaluated for impairment | 20 | 20 | 20 | 20 | |||||||
Loans [Abstract] | |||||||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | |||||||
Collectively evaluated for impairment | 3,415 | 1,590 | 3,415 | 1,590 | |||||||
Total ending loans balance | $ 3,415 | $ 1,590 | $ 3,415 | $ 1,590 |
ALLOWANCE FOR LOAN LOSSES, Impaired Real Estate Loans (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||
Unpaid Principal Balance [Abstract] | ||||||
With no related allowance recorded | $ 11,913 | $ 9,605 | ||||
Total | 11,913 | 9,605 | ||||
Recorded Investment [Abstract] | ||||||
With no related allowance recorded | [1] | 11,913 | 9,561 | |||
Total | [1] | 11,913 | 9,561 | |||
Related Allowance [Abstract] | ||||||
Related allowance | 0 | 0 | ||||
Average Recorded Investment [Abstract] | ||||||
With no related allowance recorded | 10,863 | 11,545 | $ 13,004 | |||
With related allowance recorded | 0 | 1,100 | 11,118 | |||
Total | 10,863 | 12,645 | 24,122 | |||
Interest Income Recognized [Abstract] | ||||||
With no related allowance recorded | 548 | 431 | 530 | |||
With related allowance recorded | 0 | 97 | 495 | |||
Total | 548 | 528 | 1,025 | |||
Real Estate Loans [Member] | ||||||
Related Allowance [Abstract] | ||||||
Related allowance | 0 | 0 | ||||
Real Estate Loans [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | ||||||
Unpaid Principal Balance [Abstract] | ||||||
With no related allowance recorded | 407 | 635 | ||||
Recorded Investment [Abstract] | ||||||
With no related allowance recorded | [1] | 407 | 598 | |||
Related Allowance [Abstract] | ||||||
Related allowance | 0 | 0 | ||||
Average Recorded Investment [Abstract] | ||||||
With no related allowance recorded | 443 | 601 | 747 | |||
With related allowance recorded | 0 | 0 | 41 | |||
Interest Income Recognized [Abstract] | ||||||
With no related allowance recorded | 53 | 44 | 58 | |||
With related allowance recorded | 0 | 0 | 0 | |||
Real Estate Loans [Member] | Multifamily Residential and Residential Mixed Use [Member] | ||||||
Unpaid Principal Balance [Abstract] | ||||||
With no related allowance recorded | 3,333 | 983 | ||||
Recorded Investment [Abstract] | ||||||
With no related allowance recorded | [1] | 3,333 | 983 | |||
Related Allowance [Abstract] | ||||||
Related allowance | 0 | 0 | ||||
Average Recorded Investment [Abstract] | ||||||
With no related allowance recorded | 2,515 | 1,095 | 2,147 | |||
With related allowance recorded | 0 | 0 | 1,760 | |||
Interest Income Recognized [Abstract] | ||||||
With no related allowance recorded | 183 | 71 | 87 | |||
With related allowance recorded | 0 | 0 | 0 | |||
Real Estate Loans [Member] | Commercial Mixed Use Real Estate [Member] | ||||||
Unpaid Principal Balance [Abstract] | ||||||
With no related allowance recorded | 4,810 | 4,345 | ||||
Recorded Investment [Abstract] | ||||||
With no related allowance recorded | [1] | 4,810 | 4,345 | |||
Related Allowance [Abstract] | ||||||
Related allowance | 0 | 0 | ||||
Average Recorded Investment [Abstract] | ||||||
With no related allowance recorded | 4,468 | 4,379 | 2,640 | |||
With related allowance recorded | 0 | 0 | 0 | |||
Interest Income Recognized [Abstract] | ||||||
With no related allowance recorded | 176 | 176 | 237 | |||
With related allowance recorded | 0 | 0 | 0 | |||
Real Estate Loans [Member] | Commercial Real Estate [Member] | ||||||
Unpaid Principal Balance [Abstract] | ||||||
With no related allowance recorded | 3,363 | 3,642 | ||||
Recorded Investment [Abstract] | ||||||
With no related allowance recorded | [1] | 3,363 | 3,635 | |||
Related Allowance [Abstract] | ||||||
Related allowance | 0 | 0 | ||||
Average Recorded Investment [Abstract] | ||||||
With no related allowance recorded | 3,437 | 5,470 | 7,470 | |||
With related allowance recorded | 0 | 1,100 | 9,317 | |||
Interest Income Recognized [Abstract] | ||||||
With no related allowance recorded | 136 | 140 | 148 | |||
With related allowance recorded | $ 0 | $ 97 | $ 495 | |||
|
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||
Property, Plant and Equipment, Net, by Type [Abstract] | |||||
Premises and fixed assets, gross | $ 47,126 | $ 45,844 | |||
Less: accumulated depreciation and amortization | (28,721) | (30,694) | |||
Premises and fixed assets, net | 18,405 | 15,150 | |||
Premises held for sale | [1] | 1,379 | 8,799 | ||
Depreciation and amortization expense | 2,223 | 2,604 | $ 2,630 | ||
Premises held for sale with aggregate recorded balance | 1,379 | 8,799 | |||
Proceeds from the sales of premises and fixed assets | 75,899 | 0 | 4,273 | ||
Gain recognized on the sale of fixed assets | 68,183 | 0 | $ 649 | ||
Land [Member] | |||||
Property, Plant and Equipment, Net, by Type [Abstract] | |||||
Premises and fixed assets, gross | 1,600 | 1,647 | |||
Buildings [Member] | |||||
Property, Plant and Equipment, Net, by Type [Abstract] | |||||
Premises and fixed assets, gross | 11,972 | 17,316 | |||
Leasehold Improvements [Member] | |||||
Property, Plant and Equipment, Net, by Type [Abstract] | |||||
Premises and fixed assets, gross | 18,590 | 12,125 | |||
Furniture, Fixtures and Equipment [Member] | |||||
Property, Plant and Equipment, Net, by Type [Abstract] | |||||
Premises and fixed assets, gross | $ 14,964 | $ 14,756 | |||
|
FHLBNY CAPITAL STOCK (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
FHLBNY CAPITAL STOCK [Abstract] | |||
FHLBNY capital stock (in dollars per share) | $ 100 | ||
FHLBNY capital stock (in shares) | 444,439 | 587,131 | |
Dividends income recognized on FHLBNY capital stock | $ 2,501 | $ 2,226 | $ 2,091 |
DUE TO DEPOSITORS (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Deposits [Abstract] | ||
Savings accounts | $ 366,921 | $ 368,671 |
Certificates of deposit ("CDs") | 1,048,465 | 858,847 |
Money market accounts | 2,576,081 | 1,618,617 |
Interest bearing checking accounts | 106,525 | 78,994 |
Non-interest bearing checking accounts | 297,434 | 259,181 |
Total deposits | $ 4,395,426 | $ 3,184,310 |
Weighted Average Rate Domestic Deposit Liabilities [Abstract] | ||
Savings accounts | 0.05% | 0.05% |
Certificates of deposit ("CDs") | 1.47% | 1.44% |
Money market accounts | 0.86% | 0.81% |
Interest bearing checking accounts | 0.08% | 0.08% |
Effective cost on noninterest bearing accounts | 0.00% | 0.00% |
TOTAL | 0.86% | 0.81% |
Maturities of Time Deposits [Abstract] | ||
2017 | $ 459,800 | |
2018 | 351,003 | |
2019 | 177,540 | |
2020 | 43,074 | |
2021 | 14,355 | |
2022 and beyond | 2,693 | |
TOTAL | $ 1,048,465 | |
Weighted Average Rate of Time Deposits [Abstract] | ||
2017 | 1.23% | |
2018 | 1.58% | |
2019 | 1.81% | |
2020 | 1.64% | |
2021 | 1.64% | |
2022 and beyond | 1.64% | |
TOTAL | 1.47% | |
Aggregate amount of CDs $250,000 or More | $ 203,308 | $ 138,022 |
DERIVATIVES AND HEDGING ACTIVITIES, Classification on Consolidated Statements of Financial Condition (Details) - Designated as Hedging Instrument [Member] $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2016
USD ($)
DerivativeInstrument
| |
Fair Value of Derivative Financial Instruments [Abstract] | |
Count | DerivativeInstrument | 4 |
Notional amount | $ 90,000 |
Fair value assets | 3,228 |
Fair value liabilities | $ 0 |
Weighted average pay rates | 1.24% |
Weighted average receive rates | 0.95% |
Weighted average maturity | 5 years 3 months 25 days |
Interest Rate Products [Member] | |
Fair Value of Derivative Financial Instruments [Abstract] | |
Hedge ineffectiveness | $ 0 |
Count | DerivativeInstrument | 4 |
Notional amount | $ 90,000 |
Fair value assets | 3,228 |
Fair value liabilities | $ 0 |
DERIVATIVES AND HEDGING ACTIVITIES, Effect on Consolidated Statements of Income (Details) - Interest Rate Products [Member] $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2016
USD ($)
| |
Interest Expense [Member] | |
Gain (Loss) on Derivative Financial Instruments [Abstract] | |
Amount of gain or (loss) reclassified from other comprehensive income (effective portion) | $ 23 |
Non-Interest Expense [Member] | |
Gain (Loss) on Derivative Financial Instruments [Abstract] | |
Amount of gain or (loss) recognized (ineffective portion) | 0 |
Other Comprehensive Income [Member] | |
Gain (Loss) on Derivative Financial Instruments [Abstract] | |
Amount of gain or (loss) recognized (effective portion) | $ 3,205 |
DERIVATIVES AND HEDGING ACTIVITIES, Offsetting of Derivative Assets (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2016
USD ($)
Provision
| |
Offsetting Derivative Assets [Abstract] | |
Fair value of derivative liability, including accrued interest | $ 3,377 |
Number of provisions breached | Provision | 0 |
Other Assets [Member] | Interest Rate Swaps Related to FHLB Advances [Member] | |
Offsetting Derivative Assets [Abstract] | |
Gross amounts of recognized assets | $ 3,228 |
Gross amounts offset in the statement of financial condition | 0 |
Net amounts of assets presented in the statements of financial condition | 3,228 |
Gross amounts not offset in the statement of financial condition, financial instruments | 0 |
Gross amounts not offset in the statement of financial condition, cash collateral received | 0 |
Net amount | $ 3,228 |
FHLBNY ADVANCES (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Average interest cost | 1.45% | 1.65% | 2.28% |
FHLBNY Borrowing Capacity | $ 2,096,600 | $ 1,754,957 | |
FHLBNY Advances prepaid | 0 | 25,000 | $ 0 |
Expense incurred on borrowing prepayment | 1,362 | ||
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | |||
2017 | 502,075 | ||
2018 | 92,100 | ||
2019 | 131,150 | ||
2020 | 92,800 | ||
2021 | 13,000 | ||
Total | $ 831,125 | $ 1,166,725 | |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate of Amounts Due [Abstract] | |||
2017 | 1.53% | ||
2018 | 1.56% | ||
2019 | 1.53% | ||
2020 | 1.73% | ||
2021 | 2.68% | ||
Weighted Average [Member] | |||
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate of Amounts Due [Abstract] | |||
Interest rate on outstanding FHLBNY advances | 1.57% | 1.32% |
TRUST PREFERRED SECURITIES PAYABLE (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
TRUST PREFERRED SECURITIES PAYABLE [Abstract] | |||
Interest rate | 7.00% | 7.00% | |
Trust preferred securities outstanding | $ 70,680 | $ 70,680 | |
Interest expense recorded on the trust preferred securities | $ 5,024 | $ 5,024 | $ 5,024 |
INCOME TAXES (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Current Income Tax Expense (Benefit) [Abstract] | |||||||||||
Federal | $ 42,834 | $ 21,127 | $ 21,232 | ||||||||
State and City | 17,026 | 3,235 | 8,121 | ||||||||
Current Income Tax Expense (Benefit), Total | 59,860 | 24,362 | 29,353 | ||||||||
Deferred Income Tax Expense (Benefit) [Abstract] | |||||||||||
Federal | 702 | 2,269 | 540 | ||||||||
State and City | 395 | 4,614 | 231 | ||||||||
Deferred Income Tax Expense (Benefit), Total | 1,097 | 6,883 | 771 | ||||||||
Federal, Total | 43,536 | 23,396 | 21,772 | ||||||||
State and City, Total | 17,421 | 7,849 | 8,352 | ||||||||
Income Tax Expense (Benefit), Total | $ 8,816 | $ 7,481 | $ 8,173 | $ 36,487 | $ 8,241 | $ 7,092 | $ 7,987 | $ 7,925 | 60,957 | 31,245 | 30,124 |
Income Tax Reconciliation [Abstract] | |||||||||||
Tax at Federal statutory rate | 46,715 | 26,606 | 26,029 | ||||||||
State and local taxes, net of federal income tax benefit | 11,323 | 5,102 | 5,466 | ||||||||
ESOP acceleration expense | 3,962 | 0 | 0 | ||||||||
Benefit plan differences | (54) | (59) | (156) | ||||||||
Adjustments for prior period returns and tax items | (13) | 590 | (164) | ||||||||
Investment in BOLI | (957) | (842) | (610) | ||||||||
Other, net | (19) | (152) | (441) | ||||||||
Income Tax Expense (Benefit), Total | 8,816 | $ 7,481 | $ 8,173 | $ 36,487 | 8,241 | $ 7,092 | $ 7,987 | $ 7,925 | $ 60,957 | $ 31,245 | $ 30,124 |
Effective tax rates | 45.67% | 41.10% | 40.51% | ||||||||
Deferred tax assets [Abstract] | |||||||||||
Allowance for loan losses | 9,203 | 8,303 | $ 9,203 | $ 8,303 | |||||||
Employee benefit plans | 15,630 | 18,849 | 15,630 | 18,849 | |||||||
Tax effect of other components of income on investment securities and MBS | 0 | 722 | 0 | 722 | |||||||
Other | 2,209 | 1,768 | 2,209 | 1,768 | |||||||
Total deferred tax assets | 27,042 | 29,642 | 27,042 | 29,642 | |||||||
Deferred tax liabilities [Abstract] | |||||||||||
Tax effect of other components of income on investment securities and MBS | 766 | 0 | 766 | 0 | |||||||
Difference in book and tax carrying value of fixed assets | 776 | 667 | 776 | 667 | |||||||
Difference in book and tax basis of unearned loan fees | 3,021 | 2,761 | 3,021 | 2,761 | |||||||
Other | 214 | 448 | 214 | 448 | |||||||
Total deferred tax liabilities | 4,777 | 3,876 | 4,777 | 3,876 | |||||||
Net deferred tax asset (recorded in other assets) | 22,265 | 25,766 | 22,265 | 25,766 | |||||||
Valuation allowance of deferred tax assets | 0 | 0 | 0 | 0 | |||||||
Bad debt reserve subject to recapture [Abstract] | |||||||||||
Accumulated bad debt reserves for which no provision for income tax was required to be recorded | 15,158 | 15,158 | 15,158 | 15,158 | |||||||
Additional income tax expense due to bad debt recapture | 6,844 | 6,844 | |||||||||
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 | $ 0 |
401(K) PLAN AND ESOP (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jun. 26, 1996 |
|
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
ESOP benefit expense | $ 1,138 | $ 1,307 | $ 1,230 | |
Pay off the outstanding loan amount | 11,319 | |||
401(K) Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer discretionary contributions | 638 | 692 | 701 | |
Investment in holding company's common stock | $ 11,723 | $ 9,721 | ||
ESOP [Member] | ||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
Borrowings from holding company | $ 11,638 | |||
Number of shares purchased in holding company common stock (in shares) | 3,927,825 | |||
Extended loan repayment term | 30 years | |||
ESOP distributions vesting percentage per year of service, beginning after two years | 25.00% | |||
Common stock allocated to participating employees, annual allocation (in shares) | 78,155 | 78,155 | ||
ESOP benefit expense | $ 1,783 | $ 1,754 | 1,730 | |
Dividends paid | $ 438 | 481 | $ 525 | |
Share loan payoff (in shares) | 140,260 | |||
Pay off the outstanding loan amount | $ 2,819 | |||
Shares allocated to active participants in the plan (in shares) | 563,127 | |||
One-time non-cash, non-tax deductible compensation expenses | $ 11,319 | |||
Loan outstanding balance | $ 3,028 | |||
Fixed interest rate | 8.00% | |||
ESOP [Member] | Minimum [Member] | ||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
ESOP distributions vesting period | 2 years | |||
ESOP [Member] | Maximum [Member] | ||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
Loan repayment term | 10 years | |||
ESOP distributions vesting period | 5 years | |||
ESOP distribution vesting age limit | 65 years |
EMPLOYEE BENEFIT PLANS (Details) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2016
USD ($)
Portfolio
Fund
shares
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
|||
Expected Future Benefit Payments [Abstract] | |||||
Lump-sum distribution for retired participant | $ 7,736 | ||||
Distribution of common stock (in shares) | shares | 239,822 | ||||
Component held by ESOP | $ 4,088 | ||||
Proceeds from the sales of trading securities | 3,648 | $ 1,340 | $ 7,115 | ||
Tax benefit from market valuation adjustment on distribution of BMP ESOP shares | 717 | ||||
Trading Securities [Member] | |||||
Expected Future Benefit Payments [Abstract] | |||||
Proceeds from the sales of trading securities | 3,648 | ||||
Gross gains recognized on sale of trading securities | 3 | ||||
Gross losses recognized on sale of trading securities | 45 | ||||
Employee Retirement Plan [Member] | |||||
Funded Status [Abstract] | |||||
Accumulated benefit obligation at end of period | 25,297 | 25,396 | |||
Reconciliation of Projected benefit obligation [Roll Forward] | |||||
Projected benefit obligation at beginning of period | 25,396 | 27,635 | |||
Interest cost | 979 | 998 | 1,003 | ||
Actuarial loss (gain) | 215 | (1,796) | |||
Benefit payments | (1,293) | (1,289) | |||
Settlements | 0 | (152) | |||
Projected benefit obligation at end of period | 25,297 | 25,396 | 27,635 | ||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 22,676 | 24,457 | |||
Return (loss) on plan assets | 1,957 | (355) | |||
Contributions | 15 | 15 | |||
Benefit payments | (1,293) | (1,289) | |||
Settlements | 0 | (152) | |||
Balance at end of period | 23,355 | 22,676 | 24,457 | ||
Funded status at end of year | (1,942) | (2,720) | |||
Net Periodic Cost [Abstract] | |||||
Interest cost | 979 | 998 | 1,003 | ||
Expected return on plan assets | (1,532) | (1,656) | (1,774) | ||
Amortization of unrealized loss | 1,551 | 1,677 | 948 | ||
Net periodic (credit) cost | 998 | 1,019 | 177 | ||
Change in Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||
Balance at beginning of period | (12,001) | (13,463) | |||
Amortization of unrealized loss | 1,551 | 1,677 | 948 | ||
Gain (loss) recognized during the year | 210 | (215) | |||
Balance at the end of the period | (10,240) | (12,001) | $ (13,463) | ||
Period end component of accumulated other comprehensive loss (net of tax) | $ 5,613 | $ 6,582 | |||
Assumptions Used in Calculations [Abstract] | |||||
Discount rate used for net periodic cost | 3.98% | 3.72% | 4.56% | ||
Discount rate used to determine benefit obligation at period end | 3.82% | 3.98% | 3.72% | ||
Expected long-term return on plan assets used for net periodic cost | 7.00% | 7.00% | 7.50% | ||
Expected long-term return on plan assets used to determine benefit obligation at period end | 7.00% | 7.00% | 7.00% | ||
Number of diversified investment portfolios | Portfolio | 2 | ||||
Percentage variance from the target allocation | 10.00% | ||||
Number of registered mutual funds in LTGE diversified portfolio | Fund | 6 | ||||
Number of common collective trust funds in Long-Term Growth Equity diversified portfolio | Fund | 7 | ||||
Number of intermediate-term bond in Long-Term Growth Equity diversified portfolio | Fund | 4 | ||||
Weighted average allocation by asset category of the assets [Abstract] | |||||
Weighted average allocation by asset | 100.00% | 100.00% | |||
Expected rate of return | 7.00% | 7.00% | |||
Long-term inflation rate | 2.50% | ||||
Expected contributions in the fiscal year | $ 15 | ||||
Actuarial losses anticipated to be recognized as a component of net periodic cost | 15 | ||||
Expected Future Benefit Payments [Abstract] | |||||
2017 | $ 1,602 | ||||
2018 | 1,599 | ||||
2019 | 1,604 | ||||
2020 | 1,595 | ||||
2021 | 1,574 | ||||
2022 to 2026 | 7,634 | ||||
Bank contribution benefit payments | $ 15 | 15 | |||
Employee Retirement Plan [Member] | Minimum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Eligibility age | 21 years | ||||
Eligibility service period | 1 year | ||||
Employee Retirement Plan [Member] | Fair Value [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | $ 22,676 | ||||
Balance at end of period | $ 23,355 | $ 22,676 | |||
Employee Retirement Plan [Member] | Equity Securities [Member] | |||||
Assumptions Used in Calculations [Abstract] | |||||
Asset allocations target | 65.00% | ||||
Weighted average allocation by asset category of the assets [Abstract] | |||||
Weighted average allocation by asset | 62.00% | 58.00% | |||
Employee Retirement Plan [Member] | Equity Securities [Member] | Minimum [Member] | |||||
Weighted average allocation by asset category of the assets [Abstract] | |||||
Expected rate of return | 4.00% | ||||
Employee Retirement Plan [Member] | Equity Securities [Member] | Maximum [Member] | |||||
Weighted average allocation by asset category of the assets [Abstract] | |||||
Expected rate of return | 9.00% | ||||
Employee Retirement Plan [Member] | Debt Securities (Bond Mutual Fund) [Member] | |||||
Assumptions Used in Calculations [Abstract] | |||||
Asset allocations target | 34.00% | ||||
Weighted average allocation by asset category of the assets [Abstract] | |||||
Weighted average allocation by asset | 36.00% | 40.00% | |||
Employee Retirement Plan [Member] | Domestic Large Cap, Mutual Fund [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | $ 2,617 | ||||
Balance at end of period | 2,627 | $ 2,617 | |||
Employee Retirement Plan [Member] | Domestic Large Cap, Mutual Fund [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 0 | ||||
Balance at end of period | 0 | 0 | |||
Employee Retirement Plan [Member] | Domestic Large Cap, Mutual Fund [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 0 | ||||
Balance at end of period | 0 | 0 | |||
Employee Retirement Plan [Member] | Domestic Large Cap, Mutual Fund [Member] | Fair Value [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 2,617 | ||||
Balance at end of period | 2,627 | 2,617 | |||
Employee Retirement Plan [Member] | Domestic Mid Cap, Mutual Fund [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 1,098 | ||||
Balance at end of period | 1,189 | 1,098 | |||
Employee Retirement Plan [Member] | Domestic Mid Cap, Mutual Fund [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 0 | ||||
Balance at end of period | 0 | 0 | |||
Employee Retirement Plan [Member] | Domestic Mid Cap, Mutual Fund [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 0 | ||||
Balance at end of period | 0 | 0 | |||
Employee Retirement Plan [Member] | Domestic Mid Cap, Mutual Fund [Member] | Fair Value [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 1,098 | ||||
Balance at end of period | 1,189 | 1,098 | |||
Employee Retirement Plan [Member] | Domestic Small Cap, Mutual Fund [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 402 | ||||
Balance at end of period | 485 | 402 | |||
Employee Retirement Plan [Member] | Domestic Small Cap, Mutual Fund [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 0 | ||||
Balance at end of period | 0 | 0 | |||
Employee Retirement Plan [Member] | Domestic Small Cap, Mutual Fund [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 0 | ||||
Balance at end of period | 0 | 0 | |||
Employee Retirement Plan [Member] | Domestic Small Cap, Mutual Fund [Member] | Fair Value [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 402 | ||||
Balance at end of period | 485 | 402 | |||
Employee Retirement Plan [Member] | International Equity, Mutual Fund [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 2,551 | ||||
Balance at end of period | 2,657 | 2,551 | |||
Employee Retirement Plan [Member] | International Equity, Mutual Fund [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 0 | ||||
Balance at end of period | 0 | 0 | |||
Employee Retirement Plan [Member] | International Equity, Mutual Fund [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 0 | ||||
Balance at end of period | 0 | 0 | |||
Employee Retirement Plan [Member] | International Equity, Mutual Fund [Member] | Fair Value [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 2,551 | ||||
Balance at end of period | $ 2,657 | 2,551 | |||
Employee Retirement Plan [Member] | Fixed Income, Mutual Fund [Member] | Minimum [Member] | |||||
Weighted average allocation by asset category of the assets [Abstract] | |||||
Expected rate of return | 0.00% | ||||
Employee Retirement Plan [Member] | Fixed Income, Mutual Fund [Member] | Maximum [Member] | |||||
Weighted average allocation by asset category of the assets [Abstract] | |||||
Expected rate of return | 5.00% | ||||
Employee Retirement Plan [Member] | Fixed Income, Mutual Fund [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | $ 9,140 | ||||
Balance at end of period | 8,408 | 9,140 | |||
Employee Retirement Plan [Member] | Fixed Income, Mutual Fund [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 0 | ||||
Balance at end of period | 0 | 0 | |||
Employee Retirement Plan [Member] | Fixed Income, Mutual Fund [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 0 | ||||
Balance at end of period | 0 | 0 | |||
Employee Retirement Plan [Member] | Fixed Income, Mutual Fund [Member] | Fair Value [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 9,140 | ||||
Balance at end of period | $ 8,408 | $ 9,140 | |||
Employee Retirement Plan [Member] | Cash Equivalents, Mutual Fund [Member] | |||||
Assumptions Used in Calculations [Abstract] | |||||
Asset allocations target | 1.00% | ||||
Weighted average allocation by asset category of the assets [Abstract] | |||||
Weighted average allocation by asset | 2.00% | 2.00% | |||
Employee Retirement Plan [Member] | Cash Equivalents, Mutual Fund [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | $ 338 | ||||
Balance at end of period | 366 | $ 338 | |||
Employee Retirement Plan [Member] | Cash Equivalents, Mutual Fund [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 0 | ||||
Balance at end of period | 0 | 0 | |||
Employee Retirement Plan [Member] | Cash Equivalents, Mutual Fund [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 0 | ||||
Balance at end of period | 0 | 0 | |||
Employee Retirement Plan [Member] | Cash Equivalents, Mutual Fund [Member] | Fair Value [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 338 | ||||
Balance at end of period | 366 | 338 | |||
Employee Retirement Plan [Member] | Domestic Large Cap, Common Collective Investment Fund [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 0 | ||||
Balance at end of period | 0 | 0 | |||
Employee Retirement Plan [Member] | Domestic Large Cap, Common Collective Investment Fund [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 4,028 | ||||
Balance at end of period | 4,784 | 4,028 | |||
Employee Retirement Plan [Member] | Domestic Large Cap, Common Collective Investment Fund [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 0 | ||||
Balance at end of period | 0 | 0 | |||
Employee Retirement Plan [Member] | Domestic Large Cap, Common Collective Investment Fund [Member] | Fair Value [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 4,028 | ||||
Balance at end of period | 4,784 | 4,028 | |||
Employee Retirement Plan [Member] | Domestic Mid Cap, Common Collective Trust Fund [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 0 | ||||
Balance at end of period | 0 | 0 | |||
Employee Retirement Plan [Member] | Domestic Mid Cap, Common Collective Trust Fund [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 541 | ||||
Balance at end of period | 638 | 541 | |||
Employee Retirement Plan [Member] | Domestic Mid Cap, Common Collective Trust Fund [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 0 | ||||
Balance at end of period | 0 | 0 | |||
Employee Retirement Plan [Member] | Domestic Mid Cap, Common Collective Trust Fund [Member] | Fair Value [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 541 | ||||
Balance at end of period | 638 | 541 | |||
Employee Retirement Plan [Member] | Domestic Small Cap, Common Collective Trust Fund [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 0 | ||||
Balance at end of period | 0 | 0 | |||
Employee Retirement Plan [Member] | Domestic Small Cap, Common Collective Trust Fund [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 1,184 | ||||
Balance at end of period | 1,405 | 1,184 | |||
Employee Retirement Plan [Member] | Domestic Small Cap, Common Collective Trust Fund [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 0 | ||||
Balance at end of period | 0 | 0 | |||
Employee Retirement Plan [Member] | Domestic Small Cap, Common Collective Trust Fund [Member] | Fair Value [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 1,184 | ||||
Balance at end of period | 1,405 | 1,184 | |||
Employee Retirement Plan [Member] | International Equity, Common Collective Trust Fund [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 0 | ||||
Balance at end of period | 0 | 0 | |||
Employee Retirement Plan [Member] | International Equity, Common Collective Trust Fund [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 777 | ||||
Balance at end of period | 796 | 777 | |||
Employee Retirement Plan [Member] | International Equity, Common Collective Trust Fund [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 0 | ||||
Balance at end of period | 0 | 0 | |||
Employee Retirement Plan [Member] | International Equity, Common Collective Trust Fund [Member] | Fair Value [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 777 | ||||
Balance at end of period | 796 | 777 | |||
BMP and the Director Retirement Plan [Member] | |||||
Funded Status [Abstract] | |||||
Accumulated benefit obligation at end of period | 11,351 | 11,062 | |||
Reconciliation of Projected benefit obligation [Roll Forward] | |||||
Projected benefit obligation at beginning of period | 11,062 | 11,077 | |||
Interest cost | 392 | 375 | $ 347 | ||
Actuarial loss (gain) | 131 | (219) | |||
Benefit payments | (234) | (171) | |||
Projected benefit obligation at end of period | 11,351 | 11,062 | 11,077 | ||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 0 | 0 | |||
Contributions | 234 | 171 | |||
Benefit payments | (234) | (171) | |||
Balance at end of period | 0 | 0 | 0 | ||
Funded status at end of year | (11,351) | (11,062) | |||
Net Periodic Cost [Abstract] | |||||
Interest cost | 392 | 375 | 347 | ||
Amortization of unrealized loss | 161 | 242 | 98 | ||
Net periodic (credit) cost | 553 | 617 | 445 | ||
Change in Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||
Balance at beginning of period | (2,788) | (3,250) | |||
Amortization of unrealized loss | 161 | 242 | 98 | ||
Gain (loss) recognized during the year | (131) | 220 | |||
Balance at the end of the period | (2,758) | (2,788) | (3,250) | ||
Period end component of accumulated other comprehensive loss (net of tax) | 1,512 | 1,529 | |||
Expected Future Benefit Payments [Abstract] | |||||
2017 | 932 | ||||
2018 | 917 | ||||
2019 | 899 | ||||
2020 | 910 | ||||
2021 | 885 | ||||
2022 to 2026 | 4,154 | ||||
Bank contribution benefit payments | 234 | 171 | |||
Postretirement Benefit Plan [Member] | |||||
Funded Status [Abstract] | |||||
Accumulated benefit obligation at end of period | 1,756 | 1,825 | |||
Reconciliation of Projected benefit obligation [Roll Forward] | |||||
Projected benefit obligation at beginning of period | 1,825 | 4,284 | |||
Service cost | 0 | 9 | 41 | ||
Interest cost | 63 | 94 | 232 | ||
Actuarial loss (gain) | (10) | (143) | |||
Benefit payments | (122) | (89) | |||
Curtailment | 0 | (2,330) | |||
Projected benefit obligation at end of period | 1,756 | 1,825 | 4,284 | ||
Plan assets at fair value [Roll Forward] | |||||
Balance at beginning of period | 0 | 0 | |||
Contributions | 122 | 89 | |||
Benefit payments | (122) | (89) | |||
Balance at end of period | 0 | 0 | 0 | ||
Funded Status [Abstract] | |||||
Deficiency of plan assets over projected benefit obligation and accrued expense included in other liabilities | (1,756) | (1,825) | |||
Net Periodic Cost [Abstract] | |||||
Service cost | 0 | 9 | 41 | ||
Interest cost | 63 | 94 | 232 | ||
Curtailment gain | [1] | 0 | (3,394) | 0 | |
Amortization of unrealized loss | (12) | (19) | 0 | ||
Net periodic (credit) cost | 51 | (3,310) | 273 | ||
Change in Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||
Balance at beginning of period | 351 | 1,292 | |||
Amortization of unrealized loss | (12) | (19) | 0 | ||
Gain (loss) recognized during the year | 10 | 142 | |||
Recognition of prior service cost | 0 | (1,064) | |||
Balance at the end of the period | 349 | 351 | $ 1,292 | ||
Period end component of accumulated other comprehensive loss (net of tax) | $ (191) | $ (192) | |||
Assumptions Used in Calculations [Abstract] | |||||
Discount rate used for net periodic cost | 3.58% | 3.80% | 4.72% | ||
Rate of increase in compensation levels used for net periodic cost | 3.50% | 3.50% | |||
Discount rate used to determine benefit obligation at period end | 3.48% | 3.58% | 3.80% | ||
Rate of increase in compensation levels used to determine benefit obligation at period end | 3.50% | 3.50% | |||
Expected Future Benefit Payments [Abstract] | |||||
2017 | $ 113 | ||||
2018 | 109 | ||||
2019 | 104 | ||||
2020 | 97 | ||||
2021 | 91 | ||||
2022 to 2026 | 348 | ||||
Bank contribution benefit payments | 122 | $ 89 | |||
Assumed Medical Care Cost Trend Rates [Abstract] | |||||
Increase the net periodic cost from an escalation in the assumed medical care cost trend rates by 1% in each year | 1 | ||||
Decrease the net periodic cost from a decline in the assumed medical care cost trend rates by 1% in each year | $ 1 | ||||
Health care cost trend rate assumed for next fiscal year | 6.50% | ||||
Ultimate health care cost trend rate | 5.00% | ||||
Effect of one percentage point increase on accumulated postretirement benefit obligation | $ 27 | ||||
Reduction in the accumulated Postretirement Benefit Plan obligation that would result from a decline in the assumed medical care cost trend rates by 1% in each year | 25 | ||||
Director Retirement Plan [Member] | |||||
Plan assets at fair value [Roll Forward] | |||||
Contributions | $ 165 | ||||
Assumptions Used in Calculations [Abstract] | |||||
Discount rate used for net periodic cost | 3.67% | 3.49% | 4.22% | ||
Discount rate used to determine benefit obligation at period end | 3.53% | 3.67% | 3.49% | ||
Weighted average allocation by asset category of the assets [Abstract] | |||||
Expected contributions in the fiscal year | $ 208 | ||||
Actuarial losses anticipated to be recognized as a component of net periodic cost | $ 66 | ||||
Expected Future Benefit Payments [Abstract] | |||||
Age of eligibility for outside director | 75 years | ||||
Bank contribution benefit payments | $ 165 | ||||
Defined contribution costs recognized | 0 | ||||
BMP [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Investment in holding company's common stock | 11,981 | $ 14,402 | |||
Plan assets at fair value [Roll Forward] | |||||
Contributions | $ 69 | ||||
Assumptions Used in Calculations [Abstract] | |||||
Discount rate used for net periodic cost | 3.54% | 3.39% | 4.00% | ||
Discount rate used to determine benefit obligation at period end | 3.46% | 3.54% | 3.39% | ||
Weighted average allocation by asset category of the assets [Abstract] | |||||
Expected contributions in the fiscal year | $ 725 | ||||
Actuarial losses anticipated to be recognized as a component of net periodic cost | 81 | ||||
Expected Future Benefit Payments [Abstract] | |||||
Bank contribution benefit payments | 69 | ||||
Defined contribution costs recognized | $ 744 | $ 1,900 | $ 1,789 | ||
|
STOCK-BASED COMPENSATION, Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Weighted-Average Exercise Price [Abstract] | |||
Compensation expense recognized | $ 2,975 | $ 3,193 | $ 3,318 |
Stock Options [Member] | |||
Stock Option Activity [Abstract] | |||
Expiration period | 10 years | ||
Number of Options [Roll Forward] | |||
Options outstanding, beginning of period (in shares) | 465,246 | 979,916 | |
Options granted (in shares) | 0 | 0 | 0 |
Options exercised (in shares) | (245,992) | (455,310) | |
Options that expired prior to exercised (in shares) | (10,000) | (59,360) | |
Options outstanding, end of period (in shares) | 209,254 | 465,246 | 979,916 |
Options vested and exercisable, end of period (in shares) | 209,254 | ||
Weighted-Average Exercise Price [Abstract] | |||
Weighted average exercise price of outstanding options - beginning of period (in dollars per share) | $ 14.87 | $ 14.74 | |
Weighted average exercise price of grants ( in dollars per share) | 0 | 0 | |
Weighted average exercise price of exercised options (in dollars per share) | 14.22 | 14.39 | |
Weighted average exercise price of options that expire prior to exercise (in dollars per share) | 18.18 | 16.45 | |
Weighted average exercise price of outstanding options - end of period (in dollars per share) | 15.48 | $ 14.87 | $ 14.74 |
Weighted average exercise price of vested options - end of period (in dollars per share) | $ 15.48 | ||
Weighted-average remaining contractual years of options outstanding | 2 years 2 months 12 days | 1 year 4 months 24 days | |
Weighted-average remaining contractual years of options vested and exercisable | 2 years 2 months 12 days | ||
Aggregate intrinsic value of options outstanding | $ 966 | $ 1,690 | |
Aggregate intrinsic value options vested and exercisable | 966 | ||
Cash received for option exercise cost | 3,498 | 6,549 | $ 278 |
Income tax benefit recognized | 93 | 264 | 30 |
Intrinsic value of options exercised | 826 | 1,143 | 6 |
Compensation expense recognized | 0 | 31 | 110 |
Remaining unrecognized compensation expense | $ 0 | $ 0 | $ 31 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | |||
Outstanding options, amount (in shares) | 209,254 | ||
Outstanding options, weighted average remaining contractual years remaining | 2 years 2 months 12 days | ||
Vested Options, amount (in shares) | 209,254 | ||
Vested options, weighted average contractual years remaining | 2 years 2 months 12 days | ||
Stock Options [Member] | Exercise Price $8.34 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | |||
Outstanding options, exercise prices (in dollars per share) | $ 8.34 | ||
Outstanding options, amount (in shares) | 13,713 | ||
Outstanding options, weighted average remaining contractual years remaining | 2 years 3 months 18 days | ||
Vested Options, amount (in shares) | 13,713 | ||
Vested options, weighted average contractual years remaining | 2 years 3 months 18 days | ||
Stock Options [Member] | Exercise Price $12.75 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | |||
Outstanding options, exercise prices (in dollars per share) | $ 12.75 | ||
Outstanding options, amount (in shares) | 19,827 | ||
Outstanding options, weighted average remaining contractual years remaining | 3 years 3 months 18 days | ||
Vested Options, amount (in shares) | 19,827 | ||
Vested options, weighted average contractual years remaining | 3 years 3 months 18 days | ||
Stock Options [Member] | Exercise Price $13.74 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | |||
Outstanding options, exercise prices (in dollars per share) | $ 13.74 | ||
Outstanding options, amount (in shares) | 30,362 | ||
Outstanding options, weighted average remaining contractual years remaining | 3 months 18 days | ||
Vested Options, amount (in shares) | 30,362 | ||
Vested options, weighted average contractual years remaining | 3 months 18 days | ||
Stock Options [Member] | Exercise Price $13.86 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | |||
Outstanding options, exercise prices (in dollars per share) | $ 13.86 | ||
Outstanding options, amount (in shares) | 12,220 | ||
Outstanding options, weighted average remaining contractual years remaining | 5 years 3 months 18 days | ||
Vested Options, amount (in shares) | 12,220 | ||
Vested options, weighted average contractual years remaining | 5 years 3 months 18 days | ||
Stock Options [Member] | Exercise Price $15.46 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | |||
Outstanding options, exercise prices (in dollars per share) | $ 15.46 | ||
Outstanding options, amount (in shares) | 33,291 | ||
Outstanding options, weighted average remaining contractual years remaining | 4 years 3 months 18 days | ||
Vested Options, amount (in shares) | 33,291 | ||
Vested options, weighted average contractual years remaining | 4 years 3 months 18 days | ||
Stock Options [Member] | Exercise Price $16.73 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | |||
Outstanding options, exercise prices (in dollars per share) | $ 16.73 | ||
Outstanding options, amount (in shares) | 29,841 | ||
Outstanding options, weighted average remaining contractual years remaining | 1 year 7 months 6 days | ||
Vested Options, amount (in shares) | 29,841 | ||
Vested options, weighted average contractual years remaining | 1 year 7 months 6 days | ||
Stock Options [Member] | Exercise Price $18.18 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | |||
Outstanding options, exercise prices (in dollars per share) | $ 18.18 | ||
Outstanding options, amount (in shares) | 70,000 | ||
Outstanding options, weighted average remaining contractual years remaining | 1 year 4 months 24 days | ||
Vested Options, amount (in shares) | 70,000 | ||
Vested options, weighted average contractual years remaining | 1 year 4 months 24 days | ||
Stock Options [Member] | Outside Directors [Member] | |||
Stock Option Activity [Abstract] | |||
Award vesting period | 1 year | ||
Stock Options [Member] | Certain Officers [Member] | |||
Stock Option Activity [Abstract] | |||
Award vesting period | 4 years |
STOCK-BASED COMPENSATION, Restricted Stock Awards and Long Term Cash Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Summary of Restricted Stock Awards [Roll Forward] | |||
Compensation expense recognized | $ 2,975 | $ 3,193 | $ 3,318 |
Long Term Cash Incentive Payment Plan [Abstract] | |||
Compensation expense recognized | $ 2,975 | $ 3,193 | $ 3,318 |
Restricted Stock [Member] | |||
Summary of Restricted Stock Awards [Roll Forward] | |||
Unvested allocated shares outstanding, beginning of period (in shares) | 223,894 | 289,660 | |
Shares granted (in shares) | 60,675 | 68,069 | |
Shares vested (in shares) | (116,042) | (132,377) | |
Shares forfeited (in shares) | (16,118) | (1,458) | |
Unvested allocated shares outstanding, end of period (in shares) | 152,409 | 223,894 | 289,660 |
Unvested allocated shares outstanding, beginning of period (in dollars per share) | $ 15.36 | $ 15.13 | |
Shares granted (in dollars per share) | 18.11 | 15.92 | |
Shares vested (in dollars per share) | 15.09 | 15.14 | |
Shares forfeited (in dollars per share) | 16.29 | 15.57 | |
Unvested allocated shares outstanding, end of period (in dollars per share) | $ 16.56 | $ 15.36 | $ 15.13 |
Compensation expense recognized | $ 1,549 | $ 1,855 | $ 1,976 |
Income tax benefit recognized | $ 78 | $ 39 | $ 41 |
Weighted average remaining years for which compensation expense is to be recognized | 1 year 7 months 6 days | 1 year | 1 year 2 months 12 days |
Long Term Cash Incentive Payment Plan [Abstract] | |||
Compensation expense recognized | $ 1,549 | $ 1,855 | $ 1,976 |
Restricted Stock [Member] | Outside Directors [Member] | |||
Restricted Stock Awards [Abstract] | |||
Award vesting period | 1 year | ||
Restricted Stock [Member] | Certain Officers [Member] | |||
Restricted Stock Awards [Abstract] | |||
Award vesting period | 4 years | ||
Long Term Cash Incentive Payment Plan [Member] | Certain Officers [Member] | |||
Summary of Restricted Stock Awards [Roll Forward] | |||
Compensation expense recognized | $ 443 | 946 | 467 |
Long Term Cash Incentive Payment Plan [Abstract] | |||
Percentage of threshold target for each award eligible to be earned based on relative performance | 50.00% | ||
Percentage of target for each award eligible to be earned based on relative performance | 100.00% | ||
Percentage of maximum target for each award eligible to be earned based on relative performance | 150.00% | ||
Measurement period goals related to long term cash incentive payment plan award payment | 3 years | ||
Liability for expected future cash -based long-term incentive payments | $ 1,324 | ||
Compensation expense recognized | $ 443 | $ 946 | $ 467 |
STOCK-BASED COMPENSATION, Performance Based Equity Awards (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Performance Based Equity Awards [Abstract] | |||
Compensation expense recognized | $ 2,975 | $ 3,193 | $ 3,318 |
Performance Based Equity Awards [Member] | |||
Number of Shares [Roll Forward] | |||
Shares forfeited (in shares) | (3,314) | ||
Likely aggregate share payout (in shares) | 7,350 | ||
Weighted-Average Grant-Date Fair Value [Abstract] | |||
Shares forfeited (in dollars per share) | $ 17.35 | ||
Likely aggregate share payout (in dollars per share) | $ 17.35 | ||
Performance Based Equity Awards [Abstract] | |||
Compensation expense recognized | $ 57 | $ 0 | $ 0 |
Performance Based Equity Awards [Member] | Minimum [Member] | |||
Number of Shares [Roll Forward] | |||
Aggregate share payout, end of period (in shares) | 0 | ||
Weighted-Average Grant-Date Fair Value [Abstract] | |||
Aggregate share payout, end of period (in dollars per share) | $ 0 | ||
Performance Based Equity Awards [Member] | Maximum [Member] | |||
Number of Shares [Roll Forward] | |||
Aggregate share payout, beginning of period (in shares) | 28,044 | ||
Aggregate share payout, end of period (in shares) | 24,730 | 28,044 | |
Weighted-Average Grant-Date Fair Value [Abstract] | |||
Aggregate share payout, beginning of period (in dollars per share) | $ 17.35 | ||
Aggregate share payout, end of period (in dollars per share) | $ 17.35 | $ 17.35 |
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Operating Leases, Future Minimum Payments Due [Abstract] | |||
2017 | $ 5,327 | ||
2018 | 6,098 | ||
2019 | 6,104 | ||
2020 | 5,992 | ||
2021 | 5,894 | ||
Thereafter | 30,783 | ||
Total | 60,198 | ||
Rental expense | 5,854 | $ 3,685 | $ 3,388 |
Unused Lines Of Credit Multifamily Residential and Commercial Real Estate Loans [Member] | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Unused Line of Credit with FHLBNY | 1,265,000 | ||
Commitments to Extend Credit [Member] | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Liability amount | 34,774 | 34,954 | |
Loan Origination Commitments [Member] | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Liability amount | $ 115,216 | $ 219,026 | |
Loan commitment expiration period | 3 months |
FAIR VALUE OF FINANCIAL INSTRUMENTS, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Recurring [Member] | ||
Trading securities (Registered Mutual Funds) [Abstract] | ||
Domestic Equity Mutual Funds | $ 873 | $ 1,053 |
International Equity Mutual Funds | 213 | 281 |
Fixed Income Mutual Funds | 5,867 | 8,867 |
Registered Mutual Funds [Abstract] | ||
Domestic Equity Mutual Funds | 1,356 | 1,253 |
International Equity Mutual Funds | 377 | 383 |
Fixed Income Mutual Funds | 2,162 | 2,120 |
Pass-through MBS issued by GSEs | 372 | 431 |
Agency CMOs | 3,186 | |
Derivative - interest rate product | 3,228 | |
Financial Liabilities [Abstract] | ||
Liabilities measured at fair value | 0 | 0 |
Recurring [Member] | Level 1 Inputs [Member] | ||
Trading securities (Registered Mutual Funds) [Abstract] | ||
Domestic Equity Mutual Funds | 873 | 1,053 |
International Equity Mutual Funds | 213 | 281 |
Fixed Income Mutual Funds | 5,867 | 8,867 |
Registered Mutual Funds [Abstract] | ||
Domestic Equity Mutual Funds | 1,356 | 1,253 |
International Equity Mutual Funds | 377 | 383 |
Fixed Income Mutual Funds | 2,162 | 2,120 |
Pass-through MBS issued by GSEs | 0 | 0 |
Agency CMOs | 0 | |
Derivative - interest rate product | 0 | |
Recurring [Member] | Level 2 Inputs [Member] | ||
Trading securities (Registered Mutual Funds) [Abstract] | ||
Domestic Equity Mutual Funds | 0 | 0 |
International Equity Mutual Funds | 0 | 0 |
Fixed Income Mutual Funds | 0 | 0 |
Registered Mutual Funds [Abstract] | ||
Domestic Equity Mutual Funds | 0 | 0 |
International Equity Mutual Funds | 0 | 0 |
Fixed Income Mutual Funds | 0 | 0 |
Pass-through MBS issued by GSEs | 372 | 431 |
Agency CMOs | 3,186 | |
Derivative - interest rate product | 3,228 | |
Recurring [Member] | Level 3 Inputs [Member] | ||
Trading securities (Registered Mutual Funds) [Abstract] | ||
Domestic Equity Mutual Funds | 0 | 0 |
International Equity Mutual Funds | 0 | 0 |
Fixed Income Mutual Funds | 0 | 0 |
Registered Mutual Funds [Abstract] | ||
Domestic Equity Mutual Funds | 0 | 0 |
International Equity Mutual Funds | 0 | 0 |
Fixed Income Mutual Funds | 0 | 0 |
Pass-through MBS issued by GSEs | 0 | 0 |
Agency CMOs | 0 | |
Derivative - interest rate product | 0 | |
Nonrecurring [Member] | ||
Registered Mutual Funds [Abstract] | ||
Assets measured at fair value | 0 | 0 |
Financial Liabilities [Abstract] | ||
Liabilities measured at fair value | $ 0 | $ 0 |
FAIR VALUE OF FINANCIAL INSTRUMENTS, Balance Sheet Groupings (Details) $ in Thousands |
Dec. 31, 2016
USD ($)
Security
|
Dec. 31, 2015
USD ($)
Security
|
---|---|---|
Financial Assets [Abstract] | ||
Investment securities held to maturity (TRUP CDOs) | $ 7,296 | $ 7,051 |
Financial Liabilities [Abstract] | ||
Trust preferred securities collateralized mortgage obligations, number | Security | 7 | 7 |
Carrying Amount [Member] | ||
Financial Assets [Abstract] | ||
Cash and due from banks | $ 113,503 | $ 64,154 |
Investment securities held to maturity (TRUP CDOs) | 5,378 | 5,242 |
Loans, net | 5,615,886 | 4,678,262 |
Accrued Interest Receivable | 15,647 | 13,486 |
FHLBNY capital stock | 44,444 | 58,713 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 3,346,961 | 2,325,463 |
CDs | 1,048,465 | 858,847 |
Escrow and other deposits | 103,001 | 77,130 |
FHLBNY advances | 831,125 | 1,166,725 |
Trust preferred securities payable | 70,680 | 70,680 |
Accrued interest payable | 2,080 | 2,259 |
Fair Value [Member] | ||
Financial Assets [Abstract] | ||
Cash and due from banks | 113,503 | 64,154 |
Investment securities held to maturity (TRUP CDOs) | 7,296 | 7,051 |
Loans, net | 5,609,034 | 4,722,803 |
Accrued Interest Receivable | 15,647 | 13,486 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 3,346,961 | 2,325,463 |
CDs | 1,054,131 | 865,581 |
Escrow and other deposits | 103,001 | 77,130 |
FHLBNY advances | 831,951 | 1,170,274 |
Trust preferred securities payable | 69,973 | 69,973 |
Accrued interest payable | 2,080 | 2,259 |
Fair Value [Member] | Level 1 Inputs [Member] | ||
Financial Assets [Abstract] | ||
Cash and due from banks | 113,503 | 64,154 |
Investment securities held to maturity (TRUP CDOs) | 0 | 0 |
Loans, net | 0 | 0 |
Accrued Interest Receivable | 0 | 0 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 3,346,961 | 2,325,463 |
CDs | 0 | 0 |
Escrow and other deposits | 103,001 | 77,130 |
FHLBNY advances | 0 | 0 |
Trust preferred securities payable | 0 | 0 |
Accrued interest payable | 0 | 0 |
Fair Value [Member] | Level 2 Inputs [Member] | ||
Financial Assets [Abstract] | ||
Cash and due from banks | 0 | 0 |
Investment securities held to maturity (TRUP CDOs) | 0 | 0 |
Loans, net | 0 | 0 |
Accrued Interest Receivable | 11 | 19 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 0 | 0 |
CDs | 1,054,131 | 865,581 |
Escrow and other deposits | 0 | 0 |
FHLBNY advances | 831,951 | 1,170,274 |
Trust preferred securities payable | 69,973 | 69,973 |
Accrued interest payable | 2,080 | 2,259 |
Fair Value [Member] | Level 3 Inputs [Member] | ||
Financial Assets [Abstract] | ||
Cash and due from banks | 0 | 0 |
Investment securities held to maturity (TRUP CDOs) | 7,296 | 7,051 |
Loans, net | 5,609,034 | 4,722,803 |
Accrued Interest Receivable | 15,636 | 13,467 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 0 | 0 |
CDs | 0 | 0 |
Escrow and other deposits | 0 | 0 |
FHLBNY advances | 0 | 0 |
Trust preferred securities payable | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |
REGULATORY MATTERS (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||||
---|---|---|---|---|---|---|---|
Bank [Member] | |||||||
Tier 1 capital to average total assets [Abstract] | |||||||
Tier 1 capital, Amount | $ 521,458 | $ 440,374 | |||||
For capital adequacy purposes, Amount | [1] | 235,232 | 194,314 | ||||
To be categorized as well capitalized, Amount | [1] | $ 294,041 | $ 242,892 | ||||
Tier 1 capital, Ratio | 8.95% | 9.17% | |||||
For capital adequacy purposes, Ratio | [1] | 4.00% | 4.00% | ||||
To be categorized as well capitalized, Ratio | [1] | 5.00% | 5.00% | ||||
Common equity tier 1 capital to risk-weighted assets [Abstract] | |||||||
Actual, Amount | $ 521,458 | $ 440,374 | |||||
For capital adequacy purposes, Amount | [1] | 202,337 | 171,628 | ||||
To be categorized as well capitalized, Amount | [1] | $ 292,265 | $ 247,908 | ||||
Actual, Ratio | 11.60% | 11.55% | |||||
For capital adequacy purposes, Ratio | [1] | 4.50% | 4.50% | ||||
To be categorized as well capitalized, Ratio | [1] | 6.50% | 6.50% | ||||
Tier 1 capital to risk-weighted assets [Abstract] | |||||||
Actual, Amount | $ 521,458 | $ 440,374 | |||||
For capital adequacy purposes, Amount | [1] | 269,783 | 228,838 | ||||
To be categorized as well capitalized, Amount | [1] | $ 359,711 | $ 305,117 | ||||
Actual, Ratio | 11.60% | 11.55% | |||||
For capital adequacy purposes, Ratio | [1] | 6.00% | 6.00% | ||||
To be categorized as well capitalized, Ratio | [1] | 8.00% | 8.00% | ||||
Total capital to risk-weighted assets [Abstract] | |||||||
Actual, Amount | $ 542,019 | $ 458,938 | |||||
For capital adequacy purposes, Amount | [1] | 359,711 | 305,117 | ||||
To be categorized as well capitalized, Amount | [1] | $ 449,639 | $ 381,397 | ||||
Actual, Ratio | 12.05% | 12.03% | |||||
For capital adequacy purposes, Ratio | [1] | 8.00% | 8.00% | ||||
To be categorized as well capitalized, Ratio | [1] | 10.00% | 10.00% | ||||
Consolidated Company [Member] | |||||||
Tier 1 capital to average total assets [Abstract] | |||||||
Tier 1 capital, Amount | $ 516,170 | $ 447,111 | |||||
For capital adequacy purposes, Amount | [1] | 235,402 | 195,008 | ||||
To be categorized as well capitalized, Amount | [2] | ||||||
Tier 1 capital, Ratio | 10.03% | 10.70% | |||||
For capital adequacy purposes, Ratio | [1] | 4.00% | 4.00% | ||||
To be categorized as well capitalized, Ratio | [2] | ||||||
Common equity tier 1 capital to risk-weighted assets [Abstract] | |||||||
Actual, Amount | $ 516,170 | $ 447,111 | |||||
For capital adequacy purposes, Amount | [1] | 203,104 | 172,456 | ||||
To be categorized as well capitalized, Amount | [2] | ||||||
Actual, Ratio | 11.44% | 11.67% | |||||
For capital adequacy purposes, Ratio | [1] | 4.50% | 4.50% | ||||
To be categorized as well capitalized, Ratio | [2] | ||||||
Tier 1 capital to risk-weighted assets [Abstract] | |||||||
Actual, Amount | $ 584,684 | $ 515,626 | |||||
For capital adequacy purposes, Amount | [1] | 270,806 | 229,941 | ||||
To be categorized as well capitalized, Amount | [2] | ||||||
Actual, Ratio | 12.95% | 13.45% | |||||
For capital adequacy purposes, Ratio | [1] | 6.00% | 6.00% | ||||
To be categorized as well capitalized, Ratio | [2] | ||||||
Total capital to risk-weighted assets [Abstract] | |||||||
Actual, Amount | $ 605,245 | $ 534,190 | |||||
For capital adequacy purposes, Amount | [1] | 361,074 | 306,588 | ||||
To be categorized as well capitalized, Amount | [2] | ||||||
Actual, Ratio | 13.41% | 13.94% | |||||
For capital adequacy purposes, Ratio | [1] | 8.00% | 8.00% | ||||
To be categorized as well capitalized, Ratio | [2] | ||||||
|
UNAUDITED QUARTERLY FINANCIAL INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||||||||
UNAUDITED QUARTERLY FINANCIAL INFORMATION [Abstract] | |||||||||||||||||||||
Net interest income | $ 37,898 | $ 35,347 | $ 35,610 | $ 34,631 | $ 33,586 | $ 31,814 | $ 33,070 | $ 30,094 | $ 143,486 | $ 128,564 | $ 124,536 | ||||||||||
Provision (Credit) for loan losses | 529 | 1,168 | 442 | (21) | (439) | 416 | (1,135) | (172) | 2,118 | (1,330) | (1,872) | ||||||||||
Net interest income after provision for loan losses | 37,369 | 34,179 | 35,168 | 34,652 | 34,025 | 31,398 | 34,205 | 30,266 | 141,368 | 129,894 | 126,408 | ||||||||||
Non-interest income | 1,817 | 2,071 | 2,305 | 69,741 | 1,739 | 1,899 | 1,677 | 3,301 | 75,934 | 8,616 | 9,038 | ||||||||||
Non-interest expense | 29,638 | 18,232 | 18,092 | 17,869 | 16,139 | 16,124 | 16,366 | 13,864 | 83,831 | 62,493 | 61,076 | ||||||||||
Income before income taxes | 9,548 | 18,018 | 19,381 | 86,524 | 19,625 | 17,173 | 19,516 | 19,703 | 133,471 | 76,017 | 74,370 | ||||||||||
Income tax expense | 8,816 | 7,481 | 8,173 | 36,487 | 8,241 | 7,092 | 7,987 | 7,925 | 60,957 | 31,245 | 30,124 | ||||||||||
Net income | $ 732 | $ 10,537 | $ 11,208 | $ 50,037 | $ 11,384 | $ 10,081 | $ 11,529 | $ 11,778 | $ 72,514 | $ 44,772 | $ 44,246 | ||||||||||
EPS | |||||||||||||||||||||
Basic (in dollars per share) | $ 0.02 | [1] | $ 0.29 | [1] | $ 0.30 | [1] | $ 1.37 | [1] | $ 0.31 | [1] | $ 0.28 | [1] | $ 0.32 | [1] | $ 0.33 | [1] | $ 1.97 | $ 1.24 | $ 1.23 | ||
Diluted (in dollars per share) | $ 0.02 | [1] | $ 0.29 | [1] | $ 0.30 | [1] | $ 1.36 | [1] | $ 0.31 | [1] | $ 0.28 | [1] | $ 0.32 | [1] | $ 0.33 | [1] | $ 1.97 | $ 1.23 | $ 1.23 | ||
|
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||
ASSETS [Abstract] | |||||||||||||||
Cash and due from banks | $ 113,503 | $ 64,154 | $ 113,503 | $ 64,154 | |||||||||||
Investment securities available-for-sale | 3,895 | 3,756 | 3,895 | 3,756 | |||||||||||
Trading securities | 6,953 | 10,201 | 6,953 | 10,201 | |||||||||||
MBS available-for-sale | 3,558 | 431 | 3,558 | 431 | |||||||||||
Other assets | 50,063 | 47,359 | 50,063 | 47,359 | |||||||||||
Total assets | 6,005,430 | 5,032,872 | 6,005,430 | 5,032,872 | |||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY [Abstract] | |||||||||||||||
Trust Preferred securities payable | 70,680 | 70,680 | 70,680 | 70,680 | |||||||||||
Other liabilities | 39,330 | 40,080 | 39,330 | 40,080 | |||||||||||
Stockholders' equity | 565,868 | 493,947 | 565,868 | 493,947 | $ 459,725 | $ 435,506 | |||||||||
Total liabilities and stockholders' equity | 6,005,430 | 5,032,872 | 6,005,430 | 5,032,872 | |||||||||||
CONDENSED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME | |||||||||||||||
Net interest loss | 37,898 | $ 35,347 | $ 35,610 | $ 34,631 | 33,586 | $ 31,814 | $ 33,070 | $ 30,094 | 143,486 | 128,564 | 124,536 | ||||
Non-interest income | 1,817 | 2,071 | 2,305 | 69,741 | 1,739 | 1,899 | 1,677 | 3,301 | 75,934 | 8,616 | 9,038 | ||||
Non-interest expense | 29,638 | 18,232 | 18,092 | 17,869 | 16,139 | 16,124 | 16,366 | 13,864 | 83,831 | 62,493 | 61,076 | ||||
Income tax credit | 8,816 | 7,481 | 8,173 | 36,487 | 8,241 | 7,092 | 7,987 | 7,925 | 60,957 | 31,245 | 30,124 | ||||
Net income | 732 | 10,537 | 11,208 | 50,037 | 11,384 | 10,081 | 11,529 | 11,778 | 72,514 | 44,772 | 44,246 | ||||
CONDENSED STATEMENTS OF CASH FLOWS [Abstract] | |||||||||||||||
Net income | 732 | $ 10,537 | $ 11,208 | 50,037 | 11,384 | $ 10,081 | $ 11,529 | 11,778 | 72,514 | 44,772 | 44,246 | ||||
Adjustments to reconcile net income to net cash provided by operating activities [Abstract] | |||||||||||||||
Increase in other assets | (2,942) | (1,464) | (2,873) | ||||||||||||
(Decrease) Increase in other liabilities | 1,979 | (430) | 5,573 | ||||||||||||
Net cash provided by Operating activities | 20,059 | 50,153 | 47,263 | ||||||||||||
Cash flows from Investing Activities [Abstract] | |||||||||||||||
Proceeds from sale of investment securities available-for-sale | 0 | 2,070 | 3,780 | ||||||||||||
Proceeds from the sale of trading securities | 3,648 | 1,340 | 7,115 | ||||||||||||
Purchases of investment securities available-for-sale | (22) | (2,134) | (3,884) | ||||||||||||
Net purchases of trading securities | (317) | (3,090) | (8,839) | ||||||||||||
Principal collected on MBS available-for-sale | 59 | 1,602 | 5,863 | ||||||||||||
Net cash used in Investing Activities | (853,652) | (553,674) | (433,935) | ||||||||||||
Cash flows from Financing Activities [Abstract] | |||||||||||||||
Treasury shares repurchased | 0 | (300) | 0 | ||||||||||||
Equity award distribution | 287 | 251 | 201 | ||||||||||||
BMP ESOP shares received to satisfy distribution of retirement benefits | (1,820) | 0 | 0 | ||||||||||||
Net cash provided by Financing Activities | 882,942 | 489,238 | 419,332 | ||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 49,349 | (14,283) | 32,660 | ||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 64,154 | 78,437 | 64,154 | 78,437 | 45,777 | ||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | 113,503 | 64,154 | 113,503 | 64,154 | 78,437 | ||||||||||
Holding Company [Member] | |||||||||||||||
ASSETS [Abstract] | |||||||||||||||
Cash and due from banks | 49,152 | 57,014 | 49,152 | 57,014 | |||||||||||
Investment securities available-for-sale | 3,895 | 3,756 | 3,895 | 3,756 | |||||||||||
Trading securities | 6,953 | 10,201 | 6,953 | 10,201 | |||||||||||
MBS available-for-sale | 372 | 431 | 372 | 431 | |||||||||||
ESOP loan to subsidiary | 0 | 3,028 | 0 | 3,028 | |||||||||||
Investment in subsidiaries | 571,150 | 487,331 | 571,150 | 487,331 | |||||||||||
Other assets | 6,020 | 3,867 | 6,020 | 3,867 | |||||||||||
Total assets | 637,542 | 565,628 | 637,542 | 565,628 | |||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY [Abstract] | |||||||||||||||
Trust Preferred securities payable | 70,680 | 70,680 | 70,680 | 70,680 | |||||||||||
Other liabilities | 994 | 1,001 | 994 | 1,001 | |||||||||||
Stockholders' equity | 565,868 | 493,947 | 565,868 | 493,947 | |||||||||||
Total liabilities and stockholders' equity | 637,542 | 565,628 | 637,542 | 565,628 | |||||||||||
CONDENSED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME | |||||||||||||||
Net interest loss | [1] | (4,852) | (4,779) | (4,748) | |||||||||||
Dividends received from Bank | [1] | 12,000 | 16,000 | 18,050 | |||||||||||
Non-interest income | [1] | 478 | 295 | 1,376 | |||||||||||
Non-interest expense | [1] | (668) | (667) | (643) | |||||||||||
Income before income taxes and equity in undistributed earnings of direct subsidiaries | [1] | 6,958 | 10,849 | 14,035 | |||||||||||
Income tax credit | [1] | 2,251 | 2,321 | 1,803 | |||||||||||
Income before equity in undistributed earnings of direct subsidiaries | [1] | 9,209 | 13,170 | 15,838 | |||||||||||
Equity in undistributed earnings of subsidiaries | [1] | 63,305 | 31,602 | 28,408 | |||||||||||
Net income | [1] | 72,514 | 44,772 | 44,246 | |||||||||||
CONDENSED STATEMENTS OF CASH FLOWS [Abstract] | |||||||||||||||
Net income | [1] | 72,514 | 44,772 | 44,246 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities [Abstract] | |||||||||||||||
Equity in undistributed earnings of direct subsidiaries | (63,305) | (31,602) | (28,408) | ||||||||||||
Net loss (gain) on the sale of investment securities available for sale | 0 | 4 | (997) | ||||||||||||
Net (gain) loss on trading securities | (83) | 108 | 45 | ||||||||||||
Increase in other assets | (2,206) | (69) | (489) | ||||||||||||
(Decrease) Increase in other liabilities | (7) | (560) | 1,680 | ||||||||||||
Net cash provided by Operating activities | 6,913 | 12,653 | 16,077 | ||||||||||||
Cash flows from Investing Activities [Abstract] | |||||||||||||||
Proceeds from sale of investment securities available-for-sale | 0 | 2,000 | 3,780 | ||||||||||||
Proceeds from the sale of trading securities | 3,648 | 1,340 | 7,056 | ||||||||||||
Purchases of investment securities available-for-sale | (22) | (2,134) | (3,884) | ||||||||||||
Reimbursement from subsidiary, including purchases of investment securities available-for-sale | 303 | 1,655 | 1,620 | ||||||||||||
Net purchases of trading securities | (317) | (3,090) | (8,839) | ||||||||||||
Principal collected on MBS available-for-sale | 59 | 63 | 72 | ||||||||||||
Principal repayments on ESOP loan | 209 | 194 | 179 | ||||||||||||
Net cash used in Investing Activities | 3,880 | 28 | (16) | ||||||||||||
Cash flows from Financing Activities [Abstract] | |||||||||||||||
Common Stock issued for exercise of stock options | 3,669 | 6,549 | 278 | ||||||||||||
Treasury shares repurchased | 0 | (300) | 0 | ||||||||||||
Equity award distribution | 65 | 251 | 202 | ||||||||||||
BMP ESOP shares received to satisfy distribution of retirement benefits | (1,820) | 0 | 0 | ||||||||||||
Cash dividends paid to stockholders | (20,569) | (20,279) | (20,094) | ||||||||||||
Net cash provided by Financing Activities | (18,655) | (13,779) | (19,614) | ||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (7,862) | (1,098) | (3,553) | ||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | $ 57,014 | $ 58,112 | 57,014 | 58,112 | 61,665 | ||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 49,152 | $ 57,014 | $ 49,152 | $ 57,014 | $ 58,112 | ||||||||||
|
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