FORM 10-Q
|
DIME COMMUNITY BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
|
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)
|
YES ☒
|
NO ☐
|
YES ☒
|
NO ☐
|
LARGE ACCELERATED FILER ☐
|
ACCELERATED FILER ☒
|
NON -ACCELERATED FILER ☐
|
(Do not check if a smaller reporting company)
|
SMALLER REPORTING COMPANY ☐
|
|
EMERGING GROWTH COMPANY ☐
|
YES ☒
|
NO ☐
|
Classes of Common Stock
|
Number of Shares Outstanding at November 7, 2017
|
$.01 Par Value
|
37,422,884
|
Page
|
||
Item 1.
|
||
4
|
||
5
|
||
5
|
||
6
|
||
7
|
||
8-31
|
||
Item 2.
|
31-46
|
|
Item 3.
|
46-48
|
|
Item 4.
|
48
|
|
PART II - OTHER INFORMATION
|
||
Item 1.
|
48
|
|
Item 1A.
|
48
|
|
Item 2.
|
48
|
|
Item 3.
|
48
|
|
Item 4.
|
49 | |
Item 5.
|
49
|
|
Item 6.
|
49-52
|
|
53
|
· |
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 (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;
|
· |
legislative or regulatory changes may adversely affect the Company’s business;
|
· |
technological changes may be more difficult or expensive than the Company anticipates;
|
· |
our ability to successfully integrate acquired entities, if any;
|
· |
breaches, failures and interruptions in IT systems and IT security;
|
· |
ability to retain key employees/executive management team;
|
· |
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
|
· |
the risks referred to in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2016 as updated by our Quarterly Reports on Form 10-Q.
|
September 30,
2017
|
December 31,
2016
|
|||||||
ASSETS:
|
||||||||
Cash and due from banks
|
$
|
173,060
|
$
|
113,503
|
||||
Investment securities held-to-maturity (estimated fair value of $7,296 at December 31, 2016) (Fully unencumbered)
|
-
|
5,378
|
||||||
Investment securities available-for-sale, at fair value (Fully unencumbered)
|
4,034
|
3,895
|
||||||
Mortgage-backed securities (“MBS”) available-for-sale, at fair value (Fully unencumbered)
|
27,381
|
3,558
|
||||||
Trading securities
|
2,675
|
6,953
|
||||||
Loans:
|
||||||||
Real estate, net
|
5,866,567
|
5,633,007
|
||||||
Commercial and industrial (“C&I”) loans
|
111,099
|
2,058
|
||||||
Other loans
|
1,092
|
1,357
|
||||||
Less allowance for loan losses
|
(22,007
|
)
|
(20,536
|
)
|
||||
Total loans, net
|
5,956,751
|
5,615,886
|
||||||
Premises and fixed assets, net
|
22,968
|
18,405
|
||||||
Premises held for sale
|
1,379
|
1,379
|
||||||
Federal Home Loan Bank of New York (“FHLBNY”) capital stock
|
61,833
|
44,444
|
||||||
Bank Owned Life Insurance (“BOLI”)
|
87,982
|
86,328
|
||||||
Goodwill
|
55,638
|
55,638
|
||||||
Other assets
|
50,728
|
50,063
|
||||||
Total Assets
|
$
|
6,444,429
|
$
|
6,005,430
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Liabilities:
|
||||||||
Due to depositors:
|
||||||||
Interest bearing deposits
|
$
|
4,062,067
|
$
|
4,097,992
|
||||
Non-interest bearing deposits
|
309,126
|
297,434
|
||||||
Total deposits
|
4,371,193
|
4,395,426
|
||||||
Escrow and other deposits
|
117,765
|
103,001
|
||||||
FHLBNY advances
|
1,217,500
|
831,125
|
||||||
Subordinated notes payable, net
|
113,575
|
-
|
||||||
Trust Preferred securities payable
|
-
|
70,680
|
||||||
Other liabilities
|
38,359
|
39,330
|
||||||
Total Liabilities
|
5,858,392
|
5,439,562
|
||||||
Stockholders’ Equity:
|
||||||||
Preferred stock ($0.01 par, 9,000,000 shares authorized, none issued or outstanding at September 30, 2017 and December 31, 2016)
|
-
|
-
|
||||||
Common stock ($0.01 par, 125,000,000 shares authorized, 53,617,919 shares and 53,572,745 shares issued at September 30, 2017 and December 31, 2016, respectively, and 37,422,884 shares and 37,455,853 shares outstanding at September 30, 2017 and December 31, 2016, respectively)
|
536
|
536
|
||||||
Additional paid-in capital
|
276,674
|
278,356
|
||||||
Retained earnings
|
524,237
|
503,539
|
||||||
Accumulated other comprehensive loss, net of deferred taxes
|
(4,711
|
)
|
(5,939
|
)
|
||||
Unearned stock award common stock
|
(3,536
|
)
|
(1,932
|
)
|
||||
Holding Company common stock held by Benefit Maintenance Plan (“BMP”)
|
(2,736
|
)
|
(6,859
|
)
|
||||
Treasury stock, at cost (16,195,035 shares and 16,116,892 shares at September 30, 2017 and December 31, 2016, respectively)
|
(204,427
|
)
|
(201,833
|
)
|
||||
Total Stockholders’ Equity
|
586,037
|
565,868
|
||||||
Total Liabilities And Stockholders’ Equity
|
$
|
6,444,429
|
$
|
6,005,430
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Interest income:
|
||||||||||||||||
Loans secured by real estate
|
$
|
51,621
|
$
|
48,090
|
$
|
153,233
|
$
|
141,099
|
||||||||
C&I loans
|
1,043
|
10
|
1,558
|
20
|
||||||||||||
Other loans
|
19
|
18
|
55
|
56
|
||||||||||||
MBS
|
27
|
2
|
55
|
6
|
||||||||||||
Investment securities
|
108
|
129
|
462
|
567
|
||||||||||||
Other short-term investments
|
811
|
707
|
2,139
|
2,089
|
||||||||||||
Total interest income
|
53,629
|
48,956
|
157,502
|
143,837
|
||||||||||||
Interest expense:
|
||||||||||||||||
Deposits and escrow
|
9,408
|
8,635
|
28,424
|
23,026
|
||||||||||||
Borrowed funds
|
5,763
|
4,974
|
15,080
|
15,223
|
||||||||||||
Total interest expense
|
15,171
|
13,609
|
43,504
|
38,249
|
||||||||||||
Net interest income
|
38,458
|
35,347
|
113,998
|
105,588
|
||||||||||||
Provision for loan losses
|
23
|
1,168
|
1,520
|
1,589
|
||||||||||||
Net interest income after provision for loan losses
|
38,435
|
34,179
|
112,478
|
103,999
|
||||||||||||
Non-interest income:
|
||||||||||||||||
Service charges and other fees
|
948
|
1,123
|
2,661
|
2,566
|
||||||||||||
Net mortgage banking income
|
69
|
16
|
150
|
71
|
||||||||||||
Net gain on securities and other assets
|
2,635
|
69
|
2,769
|
148
|
||||||||||||
Net gain on the sale of premises held for sale
|
-
|
-
|
-
|
68,183
|
||||||||||||
Income from BOLI
|
558
|
570
|
1,654
|
2,173
|
||||||||||||
Other
|
73
|
293
|
574
|
976
|
||||||||||||
Total non-interest income
|
4,283
|
2,071
|
7,808
|
74,117
|
||||||||||||
Non-interest expense:
|
||||||||||||||||
Salaries and employee benefits
|
8,593
|
8,616
|
27,577
|
26,132
|
||||||||||||
Employee Stock Option Plan ("ESOP") & restricted stock award (“RSA”) benefit expense
|
353
|
815
|
1,030
|
2,539
|
||||||||||||
Occupancy and equipment
|
3,492
|
3,250
|
10,620
|
8,992
|
||||||||||||
Data processing costs
|
3,392
|
1,284
|
6,502
|
3,735
|
||||||||||||
Marketing
|
1,467
|
922
|
4,399
|
3,278
|
||||||||||||
Federal deposit insurance premiums
|
875
|
613
|
2,242
|
1,933
|
||||||||||||
Loss from extinguishment of debt
|
1,272
|
-
|
1,272
|
-
|
||||||||||||
Other
|
2,731
|
2,732
|
8,771
|
7,584
|
||||||||||||
Total non-interest expense
|
22,175
|
18,232
|
62,413
|
54,193
|
||||||||||||
Income before income taxes
|
20,543
|
18,018
|
57,873
|
123,923
|
||||||||||||
Income tax expense
|
7,230
|
7,481
|
21,414
|
52,141
|
||||||||||||
Net income
|
$
|
13,313
|
$
|
10,537
|
$
|
36,459
|
$
|
71,782
|
||||||||
Earnings per Share:
|
||||||||||||||||
Basic
|
$
|
0.36
|
$
|
0.29
|
$
|
0.97
|
$
|
1.95
|
||||||||
Diluted
|
$
|
0.35
|
$
|
0.29
|
$
|
0.97
|
$
|
1.95
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Net Income
|
$
|
13,313
|
$
|
10,537
|
$
|
36,459
|
$
|
71,782
|
||||||||
Other comprehensive income:
|
||||||||||||||||
Change in unrealized holding loss on securities held-to-maturity and transferred securities
|
1,235
|
21
|
1,299
|
62
|
||||||||||||
Change in unrealized holding loss on securities available-for-sale
|
27
|
107
|
251
|
169
|
||||||||||||
Change in pension and other postretirement obligations
|
355
|
425
|
1,012
|
1,275
|
||||||||||||
Change in unrealized gain on derivatives
|
92
|
708
|
(326
|
)
|
(249
|
)
|
||||||||||
Other comprehensive gain before income taxes
|
1,709
|
1,261
|
2,236
|
1,257
|
||||||||||||
Deferred tax expense
|
773
|
568
|
1,008
|
566
|
||||||||||||
Other comprehensive income, net of tax
|
936
|
693
|
1,228
|
691
|
||||||||||||
Total comprehensive income
|
$
|
14,249
|
$
|
11,230
|
$
|
37,687
|
$
|
72,473
|
Nine Months ended September 30, 2017
|
||||||||||||||||||||||||||||||||||||||||
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
Stock
Award
Common
Stock
|
Common
Stock
Held by
BMP
|
Treasury
Stock, at cost
|
Total
Stockholders’
Equity
|
|||||||||||||||||||||||||||||||
Beginning balance as of January 1, 2017
|
37,455,853
|
$
|
536
|
$
|
278,356
|
$
|
503,539
|
$
|
(5,939
|
)
|
$
|
-
|
$
|
(1,932
|
)
|
$
|
(6,859
|
)
|
$
|
(201,833
|
)
|
$
|
565,868
|
|||||||||||||||||
Net Income
|
-
|
-
|
-
|
36,459
|
-
|
-
|
-
|
-
|
-
|
36,459
|
||||||||||||||||||||||||||||||
Other comprehensive income, net of tax
|
-
|
-
|
-
|
-
|
1,228
|
-
|
-
|
-
|
-
|
1,228
|
||||||||||||||||||||||||||||||
Exercise of stock options
|
45,174
|
-
|
680
|
-
|
-
|
-
|
-
|
-
|
-
|
680
|
||||||||||||||||||||||||||||||
Release of shares, net of forfeitures
|
152,215
|
-
|
1,325
|
-
|
-
|
-
|
(2,874
|
)
|
(170
|
)
|
1,917
|
198
|
||||||||||||||||||||||||||||
Stock-based compensation
|
-
|
-
|
-
|
-
|
-
|
-
|
1,270
|
-
|
-
|
1,270
|
||||||||||||||||||||||||||||||
Shares received to satisfy distribution of retirement benefits
|
(230,358
|
)
|
-
|
(3,687
|
)
|
-
|
-
|
-
|
-
|
4,293
|
(4,511
|
)
|
(3,905
|
)
|
||||||||||||||||||||||||||
Cash dividends declared and paid, net
|
-
|
-
|
-
|
(15,761
|
)
|
-
|
-
|
-
|
-
|
-
|
(15,761
|
)
|
||||||||||||||||||||||||||||
Ending balance as of September 30, 2017
|
37,422,884
|
$
|
536
|
$
|
276,674
|
$
|
524,237
|
$
|
(4,711
|
)
|
$
|
-
|
$
|
(3,536
|
)
|
$
|
(2,736
|
)
|
$
|
(204,427
|
)
|
$
|
586,037
|
Nine Months ended September 30, 2016
|
||||||||||||||||||||||||||||||||||||||||
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
Stock
Award
Common
Stock
|
Common
Stock
Held by
BMP
|
Treasury
Stock, at cost
|
Total
Stockholders’
Equity
|
|||||||||||||||||||||||||||||||
Beginning balance as of January 1, 2016
|
37,371,992
|
$
|
533
|
$
|
262,798
|
$
|
451,606
|
$
|
(8,801
|
)
|
$
|
(2,313
|
)
|
$
|
(2,271
|
)
|
$
|
(9,354
|
)
|
$
|
(198,251
|
)
|
$
|
493,947
|
||||||||||||||||
Net Income
|
-
|
-
|
-
|
71,782
|
-
|
-
|
-
|
-
|
-
|
71,782
|
||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax
|
-
|
-
|
-
|
-
|
691
|
-
|
-
|
-
|
-
|
691
|
||||||||||||||||||||||||||||||
Exercise of stock options, net of expired options
|
193,828
|
2
|
2,799
|
-
|
-
|
-
|
-
|
-
|
-
|
2,801
|
||||||||||||||||||||||||||||||
Release of shares, net of forfeitures
|
85,040
|
-
|
650
|
-
|
-
|
-
|
(807
|
)
|
(222
|
)
|
707
|
328
|
||||||||||||||||||||||||||||
Stock-based compensation
|
-
|
-
|
980
|
-
|
-
|
173
|
775
|
-
|
349
|
2,277
|
||||||||||||||||||||||||||||||
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 ESOP shares
|
-
|
-
|
717
|
-
|
-
|
-
|
-
|
-
|
-
|
717
|
||||||||||||||||||||||||||||||
Cash dividends declared and paid, net
|
-
|
-
|
-
|
(15,432
|
)
|
-
|
-
|
-
|
-
|
-
|
(15,432
|
)
|
||||||||||||||||||||||||||||
Ending balance as of September 30, 2016
|
37,543,852
|
$
|
535
|
$
|
265,227
|
$
|
507,956
|
$
|
(8,110
|
)
|
$
|
(2,140
|
)
|
$
|
(2,303
|
)
|
$
|
(6,859
|
)
|
$
|
(199,015
|
)
|
$
|
555,291
|
Nine Months Ended September 30,
|
||||||||
2017
|
2016
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net Income
|
$
|
36,459
|
$
|
71,782
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Net gain recognized on trading securities
|
(162
|
)
|
-
|
|||||
Net gain on held-to-maturity securities
|
(2,607
|
)
|
(108
|
)
|
||||
Net gain on the sale of other real estate owned (“OREO”)
|
-
|
(40
|
)
|
|||||
Net gain on sale of premises held for sale
|
-
|
(68,183
|
)
|
|||||
Net depreciation, amortization and accretion
|
2,697
|
1,611
|
||||||
Stock plan compensation (excluding ESOP)
|
1,270
|
1,435
|
||||||
ESOP compensation expense
|
-
|
842
|
||||||
Provision for loan losses
|
1,520
|
1,589
|
||||||
Loss from extinguishment of debt
|
1,272
|
-
|
||||||
Increase in cash surrender value of BOLI
|
(1,654
|
)
|
(1,689
|
)
|
||||
Income recognized from mortality benefit on BOLI
|
-
|
(484
|
)
|
|||||
Deferred income tax provision (credit)
|
(2,869
|
)
|
(1,993
|
)
|
||||
Reduction in credit related other than temporary impairment (“OTTI”) amortized through interest income
|
(60
|
)
|
(78
|
)
|
||||
Excess tax benefit from stock benefit plans
|
-
|
(142
|
)
|
|||||
Changes in assets and liabilities:
|
||||||||
Decrease (increase) in other assets
|
(351
|
)
|
2,999
|
|||||
Decrease in other liabilities
|
(10
|
)
|
(1,220
|
)
|
||||
Net cash provided by Operating activities
|
35,505
|
6,321
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Proceeds from sale of investment securities held to maturity
|
9,167
|
-
|
||||||
Purchases of investment securities available-for-sale
|
(53
|
)
|
(2
|
)
|
||||
Proceeds from sales of investment securities available-for-sale
|
240
|
-
|
||||||
Purchases of MBS available-for-sale
|
(23,995
|
)
|
(3,267
|
)
|
||||
Proceeds from calls and principal repayments of MBS available-for-sale
|
38
|
45
|
||||||
Purchases of trading securities
|
(189
|
)
|
(229
|
)
|
||||
Proceeds from the sales of trading securities
|
4,629
|
3,648
|
||||||
Purchases of loans
|
-
|
(157,782
|
)
|
|||||
Proceeds from the sale of loans
|
4,471
|
-
|
||||||
Loans originated, net of repayments
|
(346,856
|
)
|
(635,662
|
)
|
||||
Proceeds from sale of OREO
|
-
|
170
|
||||||
Proceeds from surrender of cash surrender value of BOLI
|
-
|
1,425
|
||||||
Net proceeds from the sale of premises held for sale
|
-
|
75,899
|
||||||
Net purchases of fixed assets
|
(7,024
|
)
|
(2,397
|
)
|
||||
Redemption (purchase) of FHLBNY capital stock, net
|
(17,345
|
)
|
11,974
|
|||||
Net cash used in Investing Activities
|
(376,917
|
)
|
(706,178
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Increase (decrease) in due to depositors
|
(24,233
|
)
|
974,954
|
|||||
Increase in escrow and other deposits
|
14,764
|
40,179
|
||||||
Repayments of FHLBNY advances
|
(3,044,575
|
)
|
(2,892,500
|
)
|
||||
Proceeds from FHLBNY advances
|
3,430,950
|
2,607,900
|
||||||
Proceeds from exercise of stock options
|
680
|
2,900
|
||||||
Excess tax benefit from stock benefit plans
|
-
|
142
|
||||||
Release of stock for benefit plan awards
|
198
|
250
|
||||||
BMP ESOP shares received to satisfy distribution of retirement benefits
|
(3,905
|
)
|
(1,820
|
)
|
||||
Cash dividends paid to stockholders
|
(15,761
|
)
|
(15,432
|
)
|
||||
Repayments of Trust Preferred securities
|
(70,680
|
)
|
-
|
|||||
Proceeds from Subordinated debt issuance, net
|
113,531
|
-
|
||||||
Net cash provided by Financing Activities
|
400,969
|
716,573
|
||||||
INCREASE IN CASH AND CASH EQUIVALENTS
|
59,557
|
16,716
|
||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
113,503
|
64,154
|
||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
173,060
|
$
|
80,870
|
||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||
Cash paid for income taxes
|
$
|
26,415
|
$
|
43,525
|
||||
Cash paid for interest
|
42,794
|
38,216
|
||||||
Transfer of premises to held for sale
|
-
|
1,379
|
||||||
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity
|
50
|
36
|
||||||
Net decrease in non-credit component of OTTI
|
20
|
25
|
||||||
Transfer of portfolio loans to loans held-for-sale
|
4,471
|
-
|
||||||
Reductions for previous credit losses realized on securities sold
|
1,229
|
-
|
1.
|
NATURE OF OPERATIONS
|
2.
|
SUMMARY OF ACCOUNTING POLICIES
|
3.
|
RECENT ACCOUNTING PRONOUNCEMENTS
|
4.
|
OTHER COMPREHENSIVE INCOME (LOSS)
|
Securities Held-
to-Maturity and
Transferred
Securities
|
Securities
Available-for-
Sale
|
Defined Benefit
Plans
|
Derivative
Asset
|
Total
Accumulated
Other
Comprehensive
Gain (Loss)
|
||||||||||||||||
Balance as of January 1, 2017
|
$
|
(713
|
)
|
$
|
(92
|
)
|
$
|
(6,910
|
)
|
$
|
1,776
|
$
|
(5,939
|
)
|
||||||
Other comprehensive income (loss) before reclassifications
|
39
|
133
|
-
|
(313
|
)
|
(141
|
)
|
|||||||||||||
Amounts reclassified from accumulated other comprehensive loss
|
674
|
-
|
560
|
135
|
1,369
|
|||||||||||||||
Net other comprehensive income (loss) during the period
|
713
|
133
|
560
|
(178
|
)
|
1,228
|
||||||||||||||
Balance as of September 30, 2017
|
$
|
-
|
$
|
41
|
$
|
(6,350
|
)
|
$
|
1,598
|
$
|
(4,711
|
)
|
||||||||
Balance as of January 1, 2016
|
$
|
(760
|
)
|
$
|
(122
|
)
|
$
|
(7,919
|
)
|
$
|
-
|
$
|
(8,801
|
)
|
||||||
Other comprehensive income (loss) before reclassifications
|
36
|
98
|
702
|
(163
|
)
|
673
|
||||||||||||||
Amounts reclassified from accumulated other comprehensive loss
|
-
|
-
|
-
|
18
|
18
|
|||||||||||||||
Net other comprehensive income (loss) during the period
|
36
|
98
|
702
|
(145
|
)
|
691
|
||||||||||||||
Balance as of September 30, 2016
|
$
|
(724
|
)
|
$
|
(24
|
)
|
$
|
(7,217
|
)
|
$
|
(145
|
)
|
$
|
(8,110
|
)
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Change in unrealized holding loss on securities held-to-maturity and transferred securities:
|
||||||||||||||||
Accretion of previously recognized non-credit component of OTTI
|
$
|
3
|
$
|
9
|
$
|
20
|
$
|
25
|
||||||||
Change in unrealized loss on securities transferred to held-to-maturity
|
3
|
12
|
50
|
37
|
||||||||||||
Reclassification adjustment for net gains included in net gain on securities and other assets
|
1,229
|
-
|
1,229
|
-
|
||||||||||||
Net change
|
1,235
|
21
|
1,299
|
62
|
||||||||||||
Tax expense
|
558
|
7
|
586
|
26
|
||||||||||||
Net change in unrealized holding loss on securities held-to-maturity and transferred securities
|
677
|
14
|
713
|
36
|
||||||||||||
Change in unrealized holding gain on securities available-for-sale:
|
||||||||||||||||
Change in net unrealized gain during the period
|
27
|
107
|
251
|
169
|
||||||||||||
Tax expense
|
19
|
43
|
118
|
71
|
||||||||||||
Net change in unrealized holding gain on securities available-for-sale
|
8
|
64
|
133
|
98
|
||||||||||||
Change in pension and other postretirement obligations:
|
||||||||||||||||
Reclassification adjustment for expense included in salaries and employee benefits expense
|
355
|
425
|
1,012
|
1,275
|
||||||||||||
Tax expense
|
160
|
191
|
452
|
573
|
||||||||||||
Net change in pension and other postretirement obligations
|
195
|
234
|
560
|
702
|
||||||||||||
Change in unrealized loss on derivatives:
|
||||||||||||||||
Change in net unrealized loss during the period
|
24
|
717
|
(573
|
)
|
(281
|
)
|
||||||||||
Reclassification adjustment for expense included in interest expense
|
68
|
(9
|
)
|
247
|
32
|
|||||||||||
Net change
|
92
|
708
|
(326
|
)
|
(249
|
)
|
||||||||||
Tax expense (benefit)
|
36
|
327
|
(148
|
)
|
(104
|
)
|
||||||||||
Net change in unrealized loss on derivatives
|
56
|
381
|
(178
|
)
|
(145
|
)
|
||||||||||
Other comprehensive income
|
$
|
936
|
$
|
693
|
$
|
1,228
|
$
|
691
|
5.
|
EARNINGS PER SHARE (“EPS”)
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Net income per the Consolidated Statements of Income
|
$
|
13,313
|
$
|
10,537
|
$
|
36,459
|
$
|
71,782
|
||||||||
Less: Dividends paid and earnings allocated to participating securities
|
(34
|
)
|
(26
|
)
|
(97
|
)
|
(85
|
)
|
||||||||
Income attributable to common stock
|
$
|
13,279
|
$
|
10,511
|
$
|
36,362
|
$
|
71,697
|
||||||||
Weighted average common shares outstanding, including participating securities
|
37,528,933
|
36,910,594
|
37,627,568
|
36,904,324
|
||||||||||||
Less: weighted average participating securities
|
(162,074
|
)
|
(168,767
|
)
|
(169,797
|
)
|
(209,152
|
)
|
||||||||
Weighted average common shares outstanding
|
37,366,859
|
36,741,827
|
37,457,771
|
36,695,172
|
||||||||||||
Basic EPS
|
$
|
0.36
|
$
|
0.29
|
$
|
0.97
|
$
|
1.95
|
||||||||
Income attributable to common stock
|
$
|
13,279
|
$
|
10,511
|
$
|
36,362
|
$
|
71,697
|
||||||||
Weighted average common shares outstanding
|
37,366,859
|
36,741,827
|
37,457,771
|
36,695,172
|
||||||||||||
Weighted average common equivalent shares outstanding
|
74,996
|
46,480
|
79,045
|
61,446
|
||||||||||||
Weighted average common and equivalent shares outstanding
|
37,441,855
|
36,788,307
|
37,536,816
|
36,756,618
|
||||||||||||
Diluted EPS
|
$
|
0.35
|
$
|
0.29
|
$
|
0.97
|
$
|
1.95
|
6.
|
ACCOUNTING FOR STOCK BASED COMPENSATION
|
Number of
Options
|
Weighted-Average
Exercise Price
|
Weighted-Average
Remaining
Contractual Years
|
Aggregate
Intrinsic Value
|
|||||||||||||
Options outstanding at January 1, 2017
|
209,254
|
$
|
15.48
|
|||||||||||||
Options granted
|
-
|
-
|
||||||||||||||
Options exercised
|
(45,174
|
)
|
15.09
|
|||||||||||||
Options outstanding at September 30, 2017
|
164,080
|
$
|
15.59
|
1.9
|
$
|
969
|
||||||||||
Options vested and exercisable at September 30, 2017
|
164,080
|
$
|
15.59
|
1.9
|
$
|
969
|
At or for the Three Months
Ended September 30,
|
At or for the Nine Months
Ended September 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Cash received for option exercise cost
|
$
|
54
|
$
|
2,900
|
$
|
680
|
$
|
2,900
|
||||||||
Income tax benefit recognized on stock option exercises(1)
|
-
|
64
|
69
|
64
|
||||||||||||
Intrinsic value of options exercised
|
10
|
-
|
286
|
732
|
(1) |
Effective January 1, 2017, income tax benefits were recognized as discrete items in income tax expense in accordance to ASU 2016-09. Prior to January, 1, 2017, income tax benefits were recognized through additional paid in capital.
|
Number of Shares
|
Weighted-Average
Grant-Date Fair
Value
|
|||||||
Unvested allocated shares outstanding at January 1, 2017
|
152,409
|
$
|
16.56
|
|||||
Shares granted
|
121,857
|
19.60
|
||||||
Shares vested
|
(84,019
|
)
|
16.36
|
|||||
Shares forfeited
|
(30,578
|
)
|
17.56
|
|||||
Unvested allocated shares at September 30, 2017
|
159,669
|
$
|
18.80
|
At or for the Three Months
Ended September 30,
|
At or for the Nine Months
Ended September 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Compensation expense recognized
|
$
|
353
|
$
|
366
|
$
|
1,019
|
$
|
1,195
|
||||||||
Income tax benefit recognized on vesting of RSA(1)
|
3
|
-
|
119
|
78
|
(1) |
Effective January 1, 2017, income tax benefits were recognized as discrete items in income tax expense in accordance to ASU 2016-09. Prior to January, 1, 2017, income tax benefits were recognized through additional paid in capital.
|
Number of
Shares
|
Weighted-Average
Grant-Date Fair Value
|
|||||||
Maximum aggregate share payout at January 1, 2017
|
24,730
|
$
|
17.35
|
|||||
Shares granted
|
71,976
|
19.75
|
||||||
Shares forfeited
|
(21,012
|
)
|
18.94
|
|||||
Maximum aggregate share payout at September 30, 2017
|
75,694
|
$
|
19.19
|
|||||
Minimum aggregate share payout
|
-
|
-
|
||||||
Expected aggregate share payout
|
45,039
|
$
|
19.43
|
7.
|
LOANS RECEIVABLE AND CREDIT QUALITY
|
Balance at September 30, 2017
|
||||||||||||||||||||
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
Real Estate:
|
||||||||||||||||||||
One-to-four family residential, including condominium and cooperative apartment
|
$
|
65,182
|
$
|
180
|
$
|
1,157
|
$
|
-
|
$
|
66,519
|
||||||||||
Multifamily residential and residential mixed use
|
4,781,016
|
3,403
|
2,872
|
-
|
4,787,291
|
|||||||||||||||
Commercial mixed use real estate
|
410,363
|
-
|
4,936
|
-
|
415,299
|
|||||||||||||||
Commercial real estate
|
582,766
|
848
|
4,729
|
-
|
588,343
|
|||||||||||||||
ADC
|
9,115
|
-
|
-
|
-
|
9,115
|
|||||||||||||||
Total real estate
|
5,848,442
|
4,431
|
13,694
|
-
|
5,866,567
|
|||||||||||||||
C&I
|
111,099
|
-
|
-
|
-
|
111,099
|
|||||||||||||||
Total Real Estate and C&I
|
$
|
5,959,541
|
$
|
4,431
|
$
|
13,694
|
$
|
-
|
$
|
5,977,666
|
Balance at December 31, 2016
|
||||||||||||||||||||
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
Real Estate:
|
||||||||||||||||||||
One-to-four family residential, including condominium and cooperative apartment
|
$
|
72,325
|
$
|
212
|
$
|
1,485
|
$
|
-
|
$
|
74,022
|
||||||||||
Multifamily residential and residential mixed use
|
4,589,838
|
3,488
|
7,200
|
-
|
4,600,526
|
|||||||||||||||
Commercial mixed use real estate
|
398,139
|
535
|
5,465
|
-
|
404,139
|
|||||||||||||||
Commercial real estate
|
546,568
|
525
|
7,227
|
-
|
554,320
|
|||||||||||||||
Total Real Estate
|
$
|
5,606,870
|
$
|
4,760
|
$
|
21,377
|
$
|
-
|
$
|
5,633,007
|
Grade
|
Balance at
September 30,
2017
|
Balance at
December 31,
2016(1)
|
||||||
Performing
|
$
|
1,090
|
$
|
3,414
|
||||
Non-accrual
|
2
|
1
|
||||||
Total
|
$
|
1,092
|
$
|
3,415
|
(1) |
Included in the balance of consumer loans at December 31, 2016 are $2,058 of C&I loans. Subsequent to December 31, 2016, C&I loans were evaluated based on risk ratings and included in the preceding credit risk profile table.
|
At September 30, 2017
|
||||||||||||||||||||||||||||
30 to 59 Days
Past Due
|
60 to 89 Days
Past Due
|
Loans 90
Days or More
Past Due and
Still Accruing
Interest
|
Non-accrual (1)
|
Total Past
Due
|
Current
|
Total Loans
|
||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||||||
One-to-four family residential, including condominium and cooperative apartment
|
$
|
-
|
$
|
81
|
$
|
371
|
$
|
708
|
$
|
1,160
|
$
|
65,359
|
$
|
66,519
|
||||||||||||||
Multifamily residential and residential mixed use
|
-
|
-
|
-
|
-
|
-
|
4,787,291
|
4,787,291
|
|||||||||||||||||||||
Commercial mixed use real estate
|
-
|
-
|
523
|
96
|
619
|
414,680
|
415,299
|
|||||||||||||||||||||
Commercial real estate
|
-
|
-
|
2,412
|
-
|
2,412
|
585,931
|
588,343
|
|||||||||||||||||||||
ADC
|
-
|
-
|
-
|
-
|
-
|
9,115
|
9,115
|
|||||||||||||||||||||
Total real estate
|
$
|
-
|
$
|
81
|
$
|
3,306
|
$
|
804
|
$
|
4,191
|
$
|
5,862,376
|
$
|
5,866,567
|
||||||||||||||
C&I
|
$
|
-
|
$
|
-
|
$
|
160
|
$
|
-
|
$
|
160
|
$
|
110,939
|
$
|
111,099
|
||||||||||||||
Consumer
|
$
|
3
|
$
|
-
|
$
|
-
|
$
|
2
|
$
|
5
|
$
|
1,087
|
$
|
1,092
|
At December 31, 2016
|
|||||||||||||||||||||||||||||
|
30 to 59 Days
Past Due
|
60 to 89 Days
Past Due
|
Loans 90
Days or More
Past Due and
Still Accruing
Interest
|
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
|
$
|
2,713
|
$
|
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
|
|||||||||||||||
C&I
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
2,058
|
$
|
2,058
|
|||||||||||||||
Consumer
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
1
|
$
|
1
|
$
|
1,356
|
$
|
1,357
|
As of September 30, 2017
|
As of December 31, 2016
|
|||||||||||||||
No. of Loans
|
Balance
|
No. of Loans
|
Balance
|
|||||||||||||
One-to-four family residential, including condominium and cooperative apartment
|
2
|
$
|
395
|
2
|
$
|
407
|
||||||||||
Multifamily residential and residential mixed use
|
3
|
629
|
3
|
658
|
||||||||||||
Commercial mixed use real estate
|
1
|
4,197
|
1
|
4,261
|
||||||||||||
Commercial real estate
|
1
|
3,313
|
1
|
3,363
|
||||||||||||
Total real estate
|
7
|
$
|
8,534
|
7
|
$
|
8,689
|
8.
|
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
|
At or for the Three Months Ended September 30, 2017
|
||||||||||||||||||||||||||||||||
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
|
ADC
|
Total
Real Estate
|
C&I | ||||||||||||||||||||||||||
Beginning balance
|
$
|
122
|
$
|
17,372
|
$
|
1,411
|
$
|
2,034
|
$
|
6
|
$
|
20,945
|
$
|
1,023
|
$
|
17
|
||||||||||||||||
Provision (credit) for loan losses
|
(7
|
)
|
(709
|
)
|
37
|
49
|
8
|
(622
|
)
|
643
|
2
|
|||||||||||||||||||||
Charge-offs
|
(2
|
)
|
(12
|
)
|
-
|
-
|
-
|
(14
|
)
|
-
|
-
|
|||||||||||||||||||||
Recoveries
|
2
|
11
|
-
|
-
|
-
|
13
|
-
|
-
|
||||||||||||||||||||||||
Ending balance
|
$
|
115
|
$
|
16,662
|
$
|
1,448
|
$
|
2,083
|
$
|
14
|
$
|
20,322
|
$
|
1,666
|
$
|
19
|
At or for the Three Months Ended September 30, 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
|
||||||||||||||||||||
Beginning balance
|
$
|
192
|
$
|
14,826
|
$
|
1,684
|
$
|
2,187
|
$
|
18,889
|
$
|
20
|
||||||||||||
Provision (credit) for loan losses
|
(48
|
)
|
1,293
|
36
|
(115
|
)
|
1,166
|
2
|
||||||||||||||||
Charge-offs
|
(4
|
)
|
(14
|
)
|
(8
|
)
|
-
|
(26
|
)
|
(2
|
)
|
|||||||||||||
Recoveries
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Ending balance
|
$
|
140
|
$
|
16,105
|
$
|
1,712
|
$
|
2,072
|
$
|
20,029
|
$
|
20
|
At or for the Nine Months Ended September 30, 2017
|
||||||||||||||||||||||||||||||||
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
|
ADC
|
Total
Real Estate
|
C&I
|
||||||||||||||||||||||||||
Beginning balance
|
$
|
145
|
$
|
16,555
|
$
|
1,698
|
$
|
2,118
|
$
|
-
|
$
|
20,516
|
$
|
-
|
$
|
20
|
||||||||||||||||
Provision (credit) for loan losses
|
(30
|
)
|
155
|
(254
|
)
|
(35
|
)
|
14
|
(150
|
)
|
1,666
|
4
|
||||||||||||||||||||
Charge-offs
|
(15
|
)
|
(104
|
)
|
-
|
-
|
-
|
(119
|
)
|
-
|
(5
|
)
|
||||||||||||||||||||
Recoveries
|
15
|
56
|
4
|
-
|
-
|
75
|
-
|
-
|
||||||||||||||||||||||||
Ending balance
|
$
|
115
|
$
|
16,662
|
$
|
1,448
|
$
|
2,083
|
$
|
14
|
$
|
20,322
|
$
|
1,666
|
$
|
19
|
At or for the Nine Months Ended September 30, 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
|
||||||||||||||||||||
Beginning balance
|
$
|
263
|
$
|
14,118
|
$
|
1,652
|
$
|
2,461
|
$
|
18,494
|
$
|
20
|
||||||||||||
Provision (credit) for loan losses
|
(94
|
)
|
2,024
|
70
|
(412
|
)
|
1,588
|
1
|
||||||||||||||||
Charge-offs
|
(31
|
)
|
(74
|
)
|
(10
|
)
|
-
|
(115
|
)
|
(2
|
)
|
|||||||||||||
Recoveries
|
2
|
37
|
-
|
23
|
62
|
1
|
||||||||||||||||||
Ending balance
|
$
|
140
|
$
|
16,105
|
$
|
1,712
|
$
|
2,072
|
$
|
20,029
|
$
|
20
|
At September 30, 2017
|
||||||||||||||||||||||||||||||||
Real Estate Loans
|
C&I
|
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
|
ADC
|
Total
Real Estate
|
|||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||||
Collectively evaluated for impairment
|
115
|
16,662
|
1,448
|
2,083
|
14
|
20,322
|
1,666
|
19
|
||||||||||||||||||||||||
Total ending allowance balance
|
$
|
115
|
$
|
16,662
|
$
|
1,448
|
$
|
2,083
|
$
|
14
|
$
|
20,322
|
$
|
1,666
|
$
|
19
|
||||||||||||||||
Loans:
|
||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
395
|
$
|
629
|
$
|
4,293
|
$
|
3,313
|
$
|
-
|
$
|
8,630
|
$
|
-
|
$
|
-
|
||||||||||||||||
Collectively evaluated for impairment
|
66,124
|
4,786,662
|
411,006
|
585,030
|
9,115
|
5,857,937
|
111,099
|
1,092
|
||||||||||||||||||||||||
Total ending loans balance
|
$
|
66,519
|
$
|
4,787,291
|
$
|
415,299
|
$
|
588,343
|
$
|
9,115
|
$
|
5,866,567
|
$
|
111,099
|
$
|
1,092
|
At 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
|
C&I
|
|||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||
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
|
2,058
|
1,357
|
|||||||||||||||||||||
Total ending loans balance
|
$
|
74,022
|
$
|
4,600,526
|
$
|
404,139
|
$
|
554,320
|
$
|
5,633,007
|
$
|
2,058
|
$
|
1,357
|
At September 30, 2017
|
At December 31, 2016
|
|||||||||||||||||||||||
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
|
$
|
395
|
$
|
395
|
$
|
-
|
$
|
407
|
$
|
407
|
$
|
-
|
||||||||||||
Multifamily Residential and Residential Mixed Use
|
629
|
629
|
-
|
3,333
|
3,333
|
-
|
||||||||||||||||||
Commercial Mixed Use Real Estate
|
4,293
|
4,293
|
-
|
4,810
|
4,810
|
-
|
||||||||||||||||||
Commercial Real Estate
|
3,313
|
3,313
|
-
|
3,363
|
3,363
|
-
|
||||||||||||||||||
Total with no related allowance recorded
|
$
|
8,630
|
$
|
8,630
|
$
|
-
|
$
|
11,913
|
$
|
11,913
|
$
|
-
|
(1) |
The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality.
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||||||||||||||||||
Average
Recorded
Investment(1)
|
Interest
Income
Recognized
|
Average
Recorded
Investment(1)
|
Interest
Income
Recognized
|
Average
Recorded
Investment(1)
|
Interest
Income
Recognized
|
Average
Recorded
Investment(1)
|
Interest
Income
Recognized
|
|||||||||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||||||||||||||
One-to-Four Family Residential, Including Condominium and Cooperative Apartment
|
$
|
397
|
$
|
7
|
$
|
412
|
$
|
6
|
$
|
400
|
$
|
21
|
$
|
452
|
$
|
47
|
||||||||||||||||
Multifamily Residential and Residential Mixed Use
|
1,943
|
13
|
3,643
|
99
|
2,623
|
75
|
2,310
|
138
|
||||||||||||||||||||||||
Commercial Mixed Use Real Estate
|
4,306
|
43
|
4,404
|
43
|
4,539
|
131
|
4,383
|
131
|
||||||||||||||||||||||||
Commercial Real Estate
|
3,321
|
33
|
3,388
|
34
|
3,339
|
100
|
3,456
|
102
|
||||||||||||||||||||||||
Ending balance
|
$
|
9,967
|
$
|
96
|
$
|
11,847
|
$
|
182
|
$
|
10,901
|
$
|
327
|
$
|
10,601
|
$
|
418
|
(1) |
The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality.
|
At September 30, 2017
|
||||||||||||||||
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
Investment securities available-for-sale:
|
||||||||||||||||
Registered Mutual Funds
|
$
|
3,824
|
$
|
262
|
$
|
(52
|
)
|
$
|
4,034
|
|||||||
Pass-through MBS issued by GSEs
|
16,739
|
12
|
(67
|
)
|
16,684
|
|||||||||||
Agency Collateralized Mortgage Obligation (“CMO”)
|
10,766
|
1
|
(70
|
)
|
10,697
|
|||||||||||
Total investment securities available for sale
|
$
|
31,329
|
$
|
275
|
$
|
(189
|
)
|
$
|
31,415
|
At December 31, 2016
|
||||||||||||||||
Amortized
Cost (1)
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
Investment securities held-to-maturity:
|
||||||||||||||||
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 GSEs
|
360
|
12
|
-
|
372
|
||||||||||||
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
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Investment securities available-for-sale (Registered Mutual Funds):
|
||||||||||||||||
Proceeds
|
$
|
137
|
$
|
-
|
$
|
240
|
$
|
-
|
||||||||
Trading securities:
|
||||||||||||||||
Proceeds
|
$
|
85
|
$
|
-
|
$
|
4,629
|
$
|
3,648
|
||||||||
Gross gains
|
3
|
-
|
66
|
3
|
||||||||||||
Gross losses
|
-
|
-
|
25
|
45
|
September 30, 2017
|
||||||||||||||||||||||||
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 available-for-sale:
|
||||||||||||||||||||||||
Registered Mutual Funds
|
$
|
1,074
|
$
|
21
|
$
|
1,574
|
$
|
31
|
$
|
2,648
|
$
|
52
|
||||||||||||
Pass through MBS issued by GSEs
|
16,349
|
67
|
-
|
-
|
16,349
|
67
|
||||||||||||||||||
Agency CMO
|
5,064
|
15
|
3,133
|
55
|
8,197
|
70
|
||||||||||||||||||
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
|
· |
Based upon an internal review of the collateral backing the TRUP CDO portfolio, which accounted for current and prospective deferrals, the securities could reasonably be expected to continue making all contractual payments
|
· |
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
|
Three Months Ended September 30,
|
||||||||||||||||||||||||
2017
|
2016
|
|||||||||||||||||||||||
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
|
$
|
8,561
|
$
|
527
|
$
|
9,088
|
$
|
8,665
|
$
|
562
|
$
|
9,227
|
||||||||||||
Amortization of previously recognized OTTI
|
(8
|
)
|
(3
|
)
|
(11
|
)
|
(26
|
)
|
(9
|
)
|
(35
|
)
|
||||||||||||
Reductions for previous credit losses realized on securities sold during the year
|
(8,553
|
)
|
(524
|
)
|
(9,077
|
)
|
-
|
-
|
-
|
|||||||||||||||
Cumulative pre-tax balance at end of the period
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
8,639
|
$
|
553
|
$
|
9,192
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||
2017
|
2016
|
|||||||||||||||||||||||
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
|
$
|
8,613
|
$
|
544
|
$
|
9,157
|
$
|
8,717
|
$
|
578
|
$
|
9,295
|
||||||||||||
Amortization of previously recognized OTTI
|
(60
|
)
|
(20
|
)
|
(80
|
)
|
(78
|
)
|
(25
|
)
|
(103
|
)
|
||||||||||||
Reductions for previous credit losses realized on securities sold during the year
|
(8,553
|
)
|
(524
|
)
|
(9,077
|
)
|
-
|
-
|
-
|
|||||||||||||||
Cumulative pre-tax balance at end of the period
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
8,639
|
$
|
553
|
$
|
9,192
|
At September 30, 2017
|
At December 31, 2016
|
|||||||||||||||||||||||||||||||
Count
|
Notional
Amount
|
Fair Value
Assets
|
Fair Value
Liabilities
|
Count
|
Notional
Amount
|
Fair Value
Assets
|
Fair Value
Liabilities
|
|||||||||||||||||||||||||
Included in other assets/(liabilities):
|
||||||||||||||||||||||||||||||||
Interest rate swaps related to FHLBNY advances
|
7
|
$
|
135,000
|
$
|
2,973
|
$
|
(50
|
)
|
4
|
$
|
90,000
|
$
|
3,228
|
$
|
-
|
|||||||||||||||||
Weighted average pay rates
|
1.46
|
%
|
1.24
|
%
|
||||||||||||||||||||||||||||
Weighted average receive rates
|
1.32
|
%
|
0.95
|
%
|
||||||||||||||||||||||||||||
Weighted average maturity
|
4.54 years
|
5.32 years
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Interest rate products
|
||||||||||||||||
Effective portion:
|
||||||||||||||||
Amount of gain (loss) recognized in other comprehensive income
|
$
|
24
|
$
|
717
|
$
|
(573
|
)
|
$
|
(281
|
)
|
||||||
Amount of gain or (loss) reclassified from other comprehensive income into interest expense
|
(68
|
)
|
(9
|
)
|
(247
|
)
|
32
|
|||||||||
Ineffective Portion:
|
||||||||||||||||
Amount of gain or (loss) recognized in other non-interest expense
|
-
|
-
|
-
|
-
|
Fair Value Measurements at
September 30, 2017 Using
|
||||||||||||||||
Total
|
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
|||||||||||||
Financial Assets
|
||||||||||||||||
Trading securities (Registered Mutual Funds):
|
||||||||||||||||
Domestic Equity Mutual Funds
|
$
|
435
|
$
|
435
|
$
|
-
|
$
|
-
|
||||||||
International Equity Mutual Funds
|
115
|
115
|
-
|
-
|
||||||||||||
Fixed Income Mutual Funds
|
2,125
|
2,125
|
-
|
-
|
||||||||||||
Investment securities available-for-sale:
|
||||||||||||||||
Registered Mutual Funds:
|
||||||||||||||||
Domestic Equity Mutual Funds
|
1,479
|
1,479
|
-
|
-
|
||||||||||||
International Equity Mutual Funds
|
441
|
441
|
-
|
-
|
||||||||||||
Fixed Income Mutual Funds
|
2,114
|
2,114
|
-
|
-
|
||||||||||||
Pass-through MBS issued by GSEs
|
16,684
|
-
|
16,684
|
-
|
||||||||||||
Agency CMOs
|
10,697
|
-
|
10,697
|
-
|
||||||||||||
Derivative – interest rate product
|
2,973
|
-
|
2,973
|
-
|
||||||||||||
Financial Liabilities
|
||||||||||||||||
Derivative – interest rate product
|
$
|
50
|
$
|
-
|
$
|
50
|
$
|
-
|
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 September 30, 2017 Using
|
||||||||||||||||||||
Carrying
Amount
|
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
Total
|
||||||||||||||||
Financial Assets
|
||||||||||||||||||||
Cash and due from banks
|
$
|
173,060
|
$
|
173,060
|
$
|
-
|
$
|
-
|
$
|
173,060
|
||||||||||
Loans, net
|
5,956,751
|
-
|
-
|
5,946,931
|
5,946,931
|
|||||||||||||||
Accrued interest receivable
|
16,793
|
-
|
58
|
16,735
|
16,793
|
|||||||||||||||
FHLBNY capital stock
|
61,833
|
N/A
|
N/A
|
N/A
|
N/A
|
|||||||||||||||
Financial Liabilities
|
||||||||||||||||||||
Savings, money market and checking accounts
|
3,345,693
|
3,345,693
|
-
|
-
|
3,345,693
|
|||||||||||||||
Certificates of Deposits (“CDs”)
|
1,025,500
|
-
|
1,027,592
|
-
|
1,027,592
|
|||||||||||||||
Escrow and other deposits
|
117,765
|
117,765
|
-
|
-
|
117,765
|
|||||||||||||||
FHLBNY Advances
|
1,217,500
|
-
|
1,215,706
|
-
|
1,215,706
|
|||||||||||||||
Subordinated debt, net
|
113,575
|
-
|
115,875
|
-
|
115,875
|
|||||||||||||||
Accrued interest payable
|
2,759
|
-
|
2,759
|
-
|
2,759
|
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
|
||||||||||
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
|
Three Months Ended September 30,
|
||||||||||||||||
2017
|
2016
|
|||||||||||||||
BMP, Employee
and Outside
Director
Retirement Plans
|
Postretirement
Plan
|
BMP, Employee
and Outside
Director
Retirement Plans
|
Postretirement
Plan
|
|||||||||||||
Service cost
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Interest cost
|
329
|
14
|
343
|
16
|
||||||||||||
Expected return on assets
|
(395
|
)
|
-
|
(383
|
)
|
-
|
||||||||||
Unrecognized past service liability
|
-
|
(2
|
)
|
-
|
(2
|
)
|
||||||||||
Amortization of unrealized loss (gain)
|
358
|
(1
|
)
|
428
|
(1
|
)
|
||||||||||
Net periodic cost
|
$
|
292
|
$
|
11
|
$
|
388
|
$
|
13
|
Nine Months Ended September 30,
|
||||||||||||||||
2017
|
2016
|
|||||||||||||||
BMP, Employee
and Outside
Director
Retirement Plans
|
Postretirement
Plan
|
BMP, Employee
and Outside
Director
Retirement Plans
|
Postretirement
Plan
|
|||||||||||||
Service cost
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Interest cost
|
987
|
42
|
1,028
|
47
|
||||||||||||
Expected return on assets
|
(1,185
|
)
|
-
|
(1,149
|
)
|
-
|
||||||||||
Unrecognized past service liability
|
-
|
(6
|
)
|
-
|
(6
|
)
|
||||||||||
Amortization of unrealized loss (gain)
|
1,076
|
(3
|
)
|
1,284
|
(3
|
)
|
||||||||||
Net periodic cost
|
$
|
878
|
$
|
33
|
$
|
1,163
|
$
|
38
|
At or For the Three
Months Ended
September 30,
|
At or For the Nine
Months Ended
September 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Per Share Data:
|
||||||||||||||||
EPS (Diluted)
|
$
|
0.35
|
$
|
0.29
|
$
|
0.97
|
$
|
1.95
|
||||||||
Cash dividends paid per share
|
0.14
|
0.14
|
0.42
|
0.42
|
||||||||||||
Book value per share
|
15.66
|
14.79
|
15.66
|
14.79
|
||||||||||||
Dividend Payout Ratio
|
40.00
|
%
|
48.28
|
%
|
43.30
|
%
|
21.54
|
%
|
||||||||
Performance and Other Selected Ratios:
|
||||||||||||||||
Return on average assets
|
0.85
|
%
|
0.75
|
%
|
0.79
|
%
|
1.76
|
%
|
||||||||
Return on average common equity
|
9.14
|
7.63
|
8.43
|
17.89
|
||||||||||||
Net interest spread
|
2.38
|
2.44
|
2.39
|
2.52
|
||||||||||||
Net interest margin
|
2.53
|
2.59
|
2.56
|
2.69
|
||||||||||||
Average interest earning assets to average interest bearing liabilities
|
115.62
|
116.14
|
116.38
|
116.87
|
||||||||||||
Non-interest expense to average assets
|
1.41
|
1.29
|
1.35
|
1.33
|
||||||||||||
Efficiency Ratio
|
55.29
|
48.82
|
52.43
|
48.66
|
||||||||||||
Loan-to-Deposit ratio at End of Period
|
136.78
|
132.00
|
136.78
|
132.00
|
||||||||||||
Effective Tax Rate
|
35.19
|
41.52
|
37.00
|
42.08
|
||||||||||||
Asset Quality Summary:
|
||||||||||||||||
Non-performing loans
|
$
|
806
|
$
|
3,875
|
$
|
806
|
$
|
3,875
|
||||||||
Non-performing assets
|
806
|
5,155
|
806
|
5,155
|
||||||||||||
Net charge-offs (recoveries)
|
1
|
29
|
49
|
54
|
||||||||||||
Non-performing loans/Total loans
|
0.01
|
%
|
0.07
|
%
|
0.01
|
%
|
0.07
|
%
|
||||||||
Non-performing assets/Total assets
|
0.01
|
0.09
|
0.01
|
0.09
|
||||||||||||
Allowance for loan loss/Total loans
|
0.37
|
0.37
|
0.37
|
0.37
|
||||||||||||
Allowance for loan loss/Non-performing loans
|
2730.40
|
517.39
|
2730.40
|
517.39
|
||||||||||||
Earnings to Fixed Charges Ratios (1)
|
||||||||||||||||
Including interest on deposits
|
2.31
|
x
|
2.29
|
x
|
2.28
|
x
|
4.14
|
x
|
||||||||
Excluding interest on deposits
|
4.26
|
4.35
|
4.45
|
8.55
|
Actual Ratios at
September 30, 2017
|
Basel III
|
Well
Capitalized
Requirement
Under FDIC
Prompt
Corrective
Action
Framework(3)
|
||||||||||||||||||||||
Bank
|
Consolidated
Company
|
Minimum
Requirement
|
Minimum
Requirement
Plus 1.25%
Buffer(1)
|
Minimum
Requirement
Plus 2.5%
Buffer(2)
|
||||||||||||||||||||
Tier 1 common equity ratio
|
11.47
|
%
|
10.65
|
%
|
4.5
|
%
|
5.75
|
%
|
7.0
|
%
|
6.5
|
%
|
||||||||||||
Tier 1 risk-based based capital ratio
|
11.47
|
10.65
|
6.0
|
7.25
|
8.5
|
8.0
|
||||||||||||||||||
Total risk-based based capital ratio
|
11.91
|
13.38
|
8.0
|
9.25
|
10.5
|
10.0
|
||||||||||||||||||
Tier 1 leverage ratio
|
9.23
|
8.58
|
4.0
|
n/a
|
n/a
|
5.0
|
(1) |
The 1.25% buffer percentage represents the phased-in requirement as of September 30, 2017.
|
(2) |
The 2.5% buffer percentage represents the fully phased-in requirement as of January 1, 2019.
|
(3) |
Only the Bank is subject to these requirements.
|
Less than
One Year
|
One Year
to Three
Years
|
Over Three
Years to
Five Years
|
Over Five
Years
|
Total
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Credit Commitments:
|
||||||||||||||||||||
Available lines of credit
|
$
|
66,788
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
66,788
|
||||||||||
Other loan commitments
|
53,281
|
-
|
-
|
-
|
53,281
|
|||||||||||||||
Stand-by letters of credit
|
927
|
-
|
-
|
-
|
927
|
|||||||||||||||
Total Off-Balance Sheet Arrangements
|
$
|
120,996
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
120,996
|
September 30,
2017
|
December 31,
2016
|
|||||||
(Dollars in Thousands)
|
||||||||
Non-accrual loans (1):
|
||||||||
One-to-four family residential, including condominium and cooperative apartment
|
$
|
708
|
$
|
1,012
|
||||
Multifamily residential and residential mixed use real estate
|
-
|
2,675
|
||||||
Commercial mixed use real estate
|
96
|
549
|
||||||
Consumer
|
2
|
1
|
||||||
Total non-accrual loans
|
806
|
4,237
|
||||||
Non-accrual one-to-four family and consumer loans deemed homogeneous loans
|
(710
|
)
|
(1,013
|
)
|
||||
TDRs:
|
||||||||
One-to-four family residential, including condominium and cooperative apartment
|
395
|
407
|
||||||
Multifamily residential and residential mixed use real estate
|
629
|
658
|
||||||
Commercial mixed use real estate
|
4,197
|
4,261
|
||||||
Commercial real estate
|
3,313
|
3,363
|
||||||
Total TDRs
|
8,534
|
8,689
|
||||||
Impaired loans
|
$
|
8,630
|
$
|
11,913
|
· |
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
|
September 30,
2017
|
December 31,
2016
|
|||||||
(Dollars in Thousands)
|
||||||||
Non-accrual loans
|
$
|
806
|
$
|
4,237
|
||||
Non-performing assets:
|
||||||||
Non-performing TRUP CDOs
|
-
|
1,270
|
||||||
Total non-performing assets
|
$
|
806
|
$
|
5,507
|
||||
Ratios:
|
||||||||
Total non-accrual loans to total loans
|
0.01
|
%
|
0.08
|
%
|
||||
Total non-performing assets to total assets
|
0.01
|
0.09
|
September 30,
2017
|
June 30,
2017
|
December 31,
2016
|
||||||||||
(Dollars in Thousands)
|
||||||||||||
Impaired loans
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Pass graded loans:
|
||||||||||||
Real estate loans
|
20,322
|
20,945
|
20,516
|
|||||||||
C&I loans
|
1,666
|
1,023
|
-
|
|||||||||
Consumer loans
|
19
|
17
|
20
|
|||||||||
Total
|
$
|
22,007
|
$
|
21,985
|
$
|
20,536
|
Three Months Ended September 30,
|
||||||||||||||||||||||||
2017
|
2016
|
|||||||||||||||||||||||
Average
|
Average
|
|||||||||||||||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
|||||||||||||||||||||
Balance
|
Interest
|
Cost
|
Balance
|
Interest
|
Cost
|
|||||||||||||||||||
Assets:
|
(Dollars In Thousands)
|
|||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Real estate loans
|
$
|
5,842,921
|
$
|
51,621
|
3.53
|
%
|
$
|
5,328,712
|
$
|
48,090
|
3.61
|
%
|
||||||||||||
C&I loans
|
86,014
|
1,043
|
4.85
|
555
|
10
|
7.21
|
||||||||||||||||||
Other loans
|
1,230
|
19
|
6.18
|
1,175
|
18
|
6.13
|
||||||||||||||||||
MBS
|
5,631
|
27
|
1.92
|
456
|
2
|
1.75
|
||||||||||||||||||
Investment securities
|
9,304
|
108
|
4.64
|
16,718
|
129
|
3.09
|
||||||||||||||||||
Other
|
139,153
|
811
|
2.33
|
105,454
|
707
|
2.68
|
||||||||||||||||||
Total interest-earning assets
|
6,084,253
|
$
|
53,629
|
3.53
|
%
|
5,453,070
|
$
|
48,956
|
3.59
|
%
|
||||||||||||||
Non-interest earning assets
|
206,315
|
200,033
|
||||||||||||||||||||||
Total assets
|
$
|
6,290,568
|
$
|
5,653,103
|
||||||||||||||||||||
Liabilities and Stockholders’ Equity:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
110,384
|
$
|
58
|
0.21
|
%
|
$
|
91,979
|
$
|
55
|
0.24
|
%
|
||||||||||||
Money Market accounts
|
2,643,537
|
5,961
|
0.89
|
2,196,387
|
4,702
|
0.85
|
||||||||||||||||||
Savings accounts
|
362,423
|
45
|
0.05
|
366,921
|
46
|
0.05
|
||||||||||||||||||
CDs
|
932,208
|
3,344
|
1.42
|
1,056,346
|
3,832
|
1.44
|
||||||||||||||||||
Borrowed Funds
|
1,213,786
|
5,763
|
1.88
|
983,756
|
4,974
|
2.01
|
||||||||||||||||||
Total interest-bearing liabilities
|
5,262,338
|
$
|
15,171
|
1.14
|
%
|
4,695,389
|
$
|
13,609
|
1.15
|
%
|
||||||||||||||
Non-interest bearing checking accounts
|
307,218
|
262,120
|
||||||||||||||||||||||
Other non-interest-bearing liabilities
|
138,467
|
143,224
|
||||||||||||||||||||||
Total liabilities
|
5,708,023
|
5,100,733
|
||||||||||||||||||||||
Stockholders’ equity
|
582,545
|
552,370
|
||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$
|
6,290,568
|
$
|
5,653,103
|
||||||||||||||||||||
Net interest income
|
$
|
38,458
|
$
|
35,347
|
||||||||||||||||||||
Net interest spread
|
2.39
|
%
|
2.44
|
%
|
||||||||||||||||||||
Net interest-earning assets
|
$
|
821,915
|
$
|
757,681
|
||||||||||||||||||||
Net interest margin
|
2.53
|
%
|
2.59
|
%
|
||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
115.62
|
%
|
116.14
|
%
|
||||||||||||||||||||
Deposits
|
$
|
4,355,770
|
$
|
9,408
|
0.86
|
%
|
$
|
3,973,753
|
$
|
8,635
|
0.86
|
%
|
Three Months Ended September 30, 2017
Compared to Three Months Ended September 30, 2016
Increase/ (Decrease) Due to:
|
||||||||||||
Volume
|
Rate
|
Total
|
||||||||||
(Dollars In thousands)
|
||||||||||||
Interest-earning assets:
|
||||||||||||
Real estate loans
|
$
|
4,619
|
$
|
(1,088
|
)
|
$
|
3,531
|
|||||
C&I loans
|
1,288
|
(255
|
)
|
1,033
|
||||||||
Other loans
|
1
|
-
|
1
|
|||||||||
MBS
|
24
|
1
|
25
|
|||||||||
Investment securities
|
(72
|
)
|
51
|
(21
|
)
|
|||||||
Other
|
211
|
(107
|
)
|
104
|
||||||||
Total
|
$
|
6,071
|
$
|
(1,398
|
)
|
$
|
4,673
|
|||||
Interest-bearing liabilities:
|
||||||||||||
Interest bearing checking accounts
|
$
|
11
|
$
|
(8
|
)
|
$
|
3
|
|||||
Money market accounts
|
998
|
261
|
1,259
|
|||||||||
Savings accounts
|
(1
|
)
|
-
|
(1
|
)
|
|||||||
CDs
|
(444
|
)
|
(44
|
)
|
(488
|
)
|
||||||
Borrowed funds
|
1,138
|
(349
|
)
|
789
|
||||||||
Total
|
$
|
1,702
|
$
|
(140
|
)
|
$
|
1,562
|
|||||
Net change in net interest income
|
$
|
4,369
|
$
|
(1,258
|
)
|
$
|
3,111
|
· |
During the period January 1, 2009 through September 30, 2017, Federal Open Market Committee monetary policies resulted in the maintenance of the overnight federal funds rate in a range of 0.0% to 1.25%, helping deposit and borrowing costs remain at historically low levels.
|
· |
Continued marketplace competition and refinancing activity on real estate loans, particularly during the period January 1, 2012 through September 30, 2017, resulted in an ongoing reduction in the average yield on real estate loans.
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||
2017
|
2016
|
|||||||||||||||||||||||
Average
|
Average
|
|||||||||||||||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
|||||||||||||||||||||
Balance
|
Interest
|
Cost
|
Balance
|
Interest
|
Cost
|
|||||||||||||||||||
Assets:
|
(Dollars In Thousands)
|
|||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Real estate loans
|
$
|
5,763,348
|
$
|
153,233
|
3.54
|
%
|
$
|
5,094,620
|
$
|
141,099
|
3.69
|
%
|
||||||||||||
C&I loans
|
43,421
|
1,558
|
4.78
|
404
|
20
|
6.60
|
||||||||||||||||||
Other loans
|
1,124
|
55
|
6.52
|
1,150
|
56
|
6.49
|
||||||||||||||||||
MBS
|
4,193
|
55
|
1.75
|
423
|
6
|
1.89
|
||||||||||||||||||
Investment securities
|
14,372
|
462
|
4.29
|
19,046
|
567
|
3.97
|
||||||||||||||||||
Other
|
115,787
|
2,139
|
2.46
|
123,406
|
2,089
|
2.26
|
||||||||||||||||||
Total interest-earning assets
|
5,942,245
|
$
|
157,502
|
3.53
|
%
|
5,239,049
|
$
|
143,837
|
3.66
|
%
|
||||||||||||||
Non-interest earning assets
|
206,375
|
205,624
|
||||||||||||||||||||||
Total assets
|
$
|
6,148,620
|
$
|
5,444,673
|
||||||||||||||||||||
Liabilities and Stockholders’ Equity:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
111,813
|
$
|
181
|
0.22
|
%
|
$
|
85,551
|
$
|
172
|
0.27
|
%
|
||||||||||||
Money Market accounts
|
2,701,404
|
17,880
|
0.88
|
1,926,112
|
11,946
|
0.83
|
||||||||||||||||||
Savings accounts
|
366,168
|
136
|
0.05
|
367,965
|
136
|
0.05
|
||||||||||||||||||
CDs
|
959,966
|
10,227
|
1.42
|
999,406
|
10,772
|
1.44
|
||||||||||||||||||
Borrowed Funds
|
966,710
|
15,080
|
2.09
|
1,103,643
|
15,223
|
1.84
|
||||||||||||||||||
Total interest-bearing liabilities
|
5,106,061
|
$
|
43,504
|
1.14
|
%
|
4,482,677
|
$
|
38,249
|
1.14
|
%
|
||||||||||||||
Non-interest bearing checking accounts
|
299,744
|
259,673
|
||||||||||||||||||||||
Other non-interest-bearing liabilities
|
166,496
|
167,472
|
||||||||||||||||||||||
Total liabilities
|
5,572,301
|
4,909,822
|
||||||||||||||||||||||
Stockholders’ equity
|
576,319
|
534,851
|
||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$
|
6,148,620
|
$
|
5,444,673
|
||||||||||||||||||||
Net interest income
|
$
|
113,998
|
$
|
105,588
|
||||||||||||||||||||
Net interest spread
|
2.39
|
%
|
2.52
|
%
|
||||||||||||||||||||
Net interest-earning assets
|
$
|
836,184
|
$
|
756,372
|
||||||||||||||||||||
Net interest margin
|
2.56
|
%
|
2.69
|
%
|
||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
116.38
|
%
|
116.87
|
%
|
||||||||||||||||||||
Deposits
|
$
|
4,439,095
|
$
|
28,424
|
0.86
|
%
|
$
|
3,638,707
|
$
|
23,026
|
0.85
|
%
|
Nine Months Ended September 30, 2017
Compared to Nine Months Ended September 30, 2016
Increase/ (Decrease) Due to:
|
||||||||||||
Volume
|
Rate
|
Total
|
||||||||||
(Dollars In thousands)
|
||||||||||||
Interest-earning assets:
|
||||||||||||
Real estate loans
|
$
|
14,147
|
$
|
(2,013
|
)
|
$
|
12,134
|
|||||
C&I loans
|
1,481
|
57
|
1,538
|
|||||||||
Other loans
|
(1
|
)
|
-
|
(1
|
)
|
|||||||
MBS
|
43
|
6
|
49
|
|||||||||
Investment securities
|
(114
|
)
|
9
|
(105
|
)
|
|||||||
Other
|
(80
|
)
|
130
|
50
|
||||||||
Total
|
$
|
15,476
|
$
|
(1,811
|
)
|
$
|
13,665
|
|||||
Interest-bearing liabilities:
|
||||||||||||
Interest bearing checking accounts
|
$
|
47
|
$
|
(38
|
)
|
$
|
9
|
|||||
Money market accounts
|
5,013
|
921
|
5,934
|
|||||||||
Savings accounts
|
(1
|
)
|
1
|
-
|
||||||||
CDs
|
(410
|
)
|
(135
|
)
|
(545
|
)
|
||||||
Borrowed funds
|
(2,045
|
)
|
1,903
|
(142
|
)
|
|||||||
Total
|
$
|
2,604
|
$
|
2,652
|
$
|
5,256
|
||||||
Net change in net interest income
|
$
|
12,872
|
$
|
(4,463
|
)
|
$
|
8,409
|
· |
During the period January 1, 2009 through September 30, 2017, Federal Open Market Committee monetary policies resulted in the maintenance of the overnight federal funds rate in a range of 0.0% to 1.25%, helping deposit and borrowing costs remain at historically low levels.
|
· |
Continued marketplace competition and refinancing activity on real estate loans, particularly during the period January 1, 2012 through September 30, 2017, has resulted in an ongoing reduction in the average yield on real estate loans.
|
At September 30, 2017
|
At December 31, 2016
|
|||||||||||||||||||||||
EVE
|
Dollar
Change
|
Percentage
Change
|
EVE
|
Dollar
Change
|
Percentage
Change
|
|||||||||||||||||||
Rate Shock Scenario
|
(Dollars in Thousands)
|
|||||||||||||||||||||||
+ 200 Basis Points
|
$
|
547,343
|
$
|
(83,196
|
)
|
-13.2
|
%
|
$
|
508,155
|
$
|
(66,494
|
)
|
-11.6
|
%
|
||||||||||
Pre-Shock Scenario
|
630,539
|
-
|
-
|
574,649
|
-
|
-
|
Instantaneous Change in Interest rate of:
|
Percentage
Change in Net
Interest
Income
|
|||
+ 200 Basis Points
|
(15.6
|
)%
|
||
+ 100 Basis Points
|
(8.8
|
)
|
||
– 100 Basis Points
|
10.6
|
(a) |
Not applicable.
|
(b) |
Not applicable.
|
(c) |
The Holding Company did not repurchase any shares of common stock into treasury during the three-month or nine-month periods ended September 30, 2017. No existing repurchase programs expired during the three months ended September 30, 2017, nor did the Company terminate any repurchase programs prior to expiration during the period. As of September 30, 2017, the Holding Company had an additional 1,104,549 shares remaining eligible for repurchase under its twelfth stock repurchase program, which was publicly announced in September 2007.
|
Amended and Restated Certificate of Incorporation of Dime Community Bancshares, Inc. (incorporated by reference to Exhibit 3.1 to the Registrant’s Transition Report on Form 10-K for the transition period ended December 31, 2002, filed with the SEC on March 28, 2003 (File No. 000-27782))
|
|
Amended and Restated Bylaws of Dime Community Bancshares, Inc. (incorporated by reference to Exhibit 3(ii) to the Registrant’s Current Report on Form 8-K, filed with the SEC on October 4, 2017 (File No. 000-27782))
|
|
Amended and Restated Certificate of Incorporation of Dime Community Bancshares, Inc. [see Exhibit 3.1 hereto]
|
|
Amended and Restated Bylaws of Dime Community Bancshares, Inc. [see Exhibit 3.2 hereto]
|
|
4.3
|
Draft Stock Certificate of Dime Community Bancshares, Inc. (incorporated by reference to Exhibit 4.3 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended June 30, 1998, filed with the SEC on September 28, 1998 (File No. 000-27782))
|
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 (incorporated by reference to Exhibit 4.5 to the Registrant’s Registration Statement on Form S-4, filed with the SEC on July 29, 2004 (File No. 333-117743))
|
|
Indenture, dated as of March 19, 2004, between Dime Community Bancshares, Inc. and Wilmington Trust Company, as Indenture Trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Registration Statement on Form S-4, filed with the SEC on July 29, 2004 (File No. 333-117743))
|
|
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 (incorporated by reference to Exhibit 4.9 to the Registrant’s Registration Statement on Form S-4, filed with the SEC on July 29, 2004 (File No. 333-117743))
|
|
Indenture, dated as of June 13, 2017, by and between Dime Community Bancshares, Inc. and Wilmington Trust, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K, filed with the SEC on June 13, 2017 (File No. 000-27782))
|
|
First Supplemental Indenture, dated as of June 13, 2017, by and between Dime Community Bancshares, Inc. and Wilmington Trust, National Association, as Trustee, including the form of 4.50% fixed-to-floating rate subordinated debentures due 2027 (incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K, filed with the SEC on June 13, 2017 (File No. 000-27782))
|
|
Amended and Restated Employment Agreement between The Dime Savings Bank of Williamsburgh and Kenneth J. Mahon (incorporated by reference to Exhibit 10.6 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011, filed with the SEC on May 10, 2011 (File No. 000-27782))
|
|
Employment Agreement between Dime Community Bancshares, Inc. and Kenneth J. Mahon (incorporated by reference to Exhibit 10.6 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011, filed with the SEC on May 10, 2011 (File No. 000-27782))
|
|
Form of Employee Retention Agreement by and among The Dime Savings Bank of Williamsburgh, Dime Community Bancorp, Inc. and certain officers (incorporated by reference to Exhibit 10.7 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, filed with the SEC on May 9, 2012 (File No. 000-27782))
|
The Benefit Maintenance Plan of Dime Community Bancorp, Inc. (incorporated by reference to Exhibit 99.1 to the Registrant’s Current Report on Form 8-K, filed with the SEC on April 4, 2011 (File No. 000-27782))
|
|
Severance Pay Plan of The Dime Savings Bank of Williamsburgh (incorporated by reference to Exhibit 10.9 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008, filed with the SEC on March 16, 2009 (File No. 000-27782))
|
|
Retirement Plan for Board Members of Dime Community Bancorp, Inc. (incorporated by reference to Exhibit 10.10 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008, filed with the SEC on March 16, 2009 (File No. 000-27782))
|
|
Recognition and Retention Plan for Outside Directors, Officers and Employees of Dime Community Bancorp, Inc., as amended by amendments number 1 and 2 (incorporated by reference to Exhibit 10.21 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended June 30, 1997, filed with the SEC on September 26, 1997 (File No. 000-27782))
|
|
Form of stock option agreement for Outside Directors under Dime Community Bancshares, Inc. 1996 Stock Option Plan for Outside Directors, Officers and Employees (incorporated by reference to Exhibit 10.22 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended June 30, 1997, filed with the SEC on September 26, 1997 (File No. 000-27782))
|
|
Form of stock option agreement for Outside Directors under Dime Community Bancshares, Inc. 2001 Stock Option Plan for Outside Directors, Officers and Employees (incorporated by reference to Exhibit 4.2 to the Registrant’s Registration Statement on Form S-8, filed with the SEC on January 24, 2003 (File No. 333-102690))
|
|
Form of stock option agreement for Outside Directors under Dime Community Bancshares, Inc. 2004 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K, filed with the SEC on March 29, 2005 (File No. 000-27782))
|
|
Form of stock option agreement for officers and employees under Dime Community Bancshares, Inc. 1996 Stock Option Plan for Outside Directors, Officers and Employees (incorporated by reference to Exhibit 10.23 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended June 30, 1997, filed with the SEC on September 26, 1997 (File No. 000-27782))
|
|
Form of stock option agreement for officers and employees under Dime Community Bancshares, Inc. 2001 Stock Option Plan for Outside Directors, Officers and Employees (incorporated by reference to Exhibit 4.3 to the Registrant’s Registration Statement on Form S-8, filed with the SEC on January 24, 2003 (File No. 333-102690))
|
|
Form of stock option agreement for officers and employees under Dime Community Bancshares, Inc. 2004 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K, filed with the SEC on March 22, 2005 (File No. 000-27782))
|
|
Dime Community Bancshares, Inc. 2001 Stock Option Plan for Outside Directors, Officers and Employees (incorporated by reference to Exhibit 10.20 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2011, filed with the SEC on August 9, 2011 (File No. 000-27782))
|
|
Dime Community Bancshares, Inc. 2004 Stock Incentive Plan for Outside Directors, Officers and Employees (incorporated by reference to Exhibit 10.21 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2008, filed with the SEC on August 8, 2008 (File No. 000-27782))
|
|
Waiver executed by Kenneth J. Mahon (incorporated by reference to Exhibit 10.24 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2005, filed with the SEC on May 10, 2005 (File No. 000-27782))
|
|
Form of restricted stock award notice for officers and employees under the 2004 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K, filed with the SEC on March 22, 2005) (File No. 000-27782))
|
|
Form of restricted stock award notice for outside directors under the 2004 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K, filed with the SEC on March 22, 2005) (File No. 000-27782))
|
|
Adoption Agreement for Pentegra Services, Inc. Volume Submitter 401(K) Profit Sharing Plan (incorporated by reference to Exhibit 10.30 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, filed with the SEC on May 7, 2015) (File No. 000-27782))
|
Employee Stock Ownership Plan of Dime Community Bancshares, Inc. and Certain Affiliates (incorporated by reference to Exhibit 10.31 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008, filed with the SEC on March 16, 2009) (File No. 000-27782))
|
|
Amendment to the Benefit Maintenance Plan (incorporated by reference to Exhibit 10.32 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, filed with the SEC on November 13, 2012) (File No. 000-27782))
|
|
Amendments One, Two and Three to the Employee Stock Ownership Plan of Dime Community Bancshares, Inc. and Certain Affiliates (incorporated by reference to Exhibit 10.33 the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2012, filed with the SEC on March 15, 2013 (File No. 000-27782))
|
|
Dime Community Bancshares, Inc. 2013 Equity and Incentive Plan (incorporated by reference to Exhibit 10.34 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, filed with the SEC on August 9, 2013 (File No. 000-27782))
|
|
Form of restricted stock award notice for officers and employees under the 2013 Equity and Incentive Plan (incorporated by reference to Exhibit 10.35 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014, filed with the SEC on August 5, 2014 (File No. 000-27782))
|
|
Form of restricted stock award notice for outside directors under the 2013 Equity and Incentive Plan (incorporated by reference to Exhibit 10.36 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014, filed with the SEC on August 5, 2014 (File No. 000-27782))
|
|
The Dime Savings Bank of Williamsburgh 401(K) Savings Plan (incorporated by reference to Exhibit 10.37 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, filed with the SEC on May 7, 2015 (File No. 000-27782))
|
|
Amendment Number Four to the Employee Stock Ownership Plan of Dime Community Bancshares, Inc. and Certain Affiliates (incorporated by reference to Exhibit 10.38 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2014, filed with the SEC on March 16, 2015 (File No. 000-27782))
|
|
Amendment Number One to the Dime Savings Bank of Williamsburgh 401(K) Savings Plan (incorporated by reference to Exhibit 10.39 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, filed with the SEC on May 7, 2015 (File No. 000-27782))
|
|
Retirement and Consulting Agreement between Dime Community Bancshares, Inc. and Michael P. Devine (incorporated by reference to Exhibit 10.40 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015, filed with the SEC on November 6, 2015 (File No. 000-27782))
|
|
Retirement and Consulting Agreement between Dime Community Bancshares, Inc. and Vincent F. Palagiano (incorporated by reference to Exhibit 10.41 to the Registrant’s Current Report on Form 8-K, filed with the SEC on June 30, 2016) (File No. 000-27782))
|
|
Form of performance share award notice for 2016 grants to officers under 2013 Equity and Incentive Plan (incorporated by reference to Exhibit 10.42 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, filed with the SEC on August 9, 2016 (File No. 000-27782))
|
|
Employment and Change in Control Agreement between Dime Community Bank and Stuart Lubow (incorporated by reference to Exhibit 10.43 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 15, 2017 (File No. 000-27782))
|
|
Employment and Change in Control Agreement between Dime Community Bank and Conrad Gunther (incorporated by reference to Exhibit 10.44 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 15, 2017 (File No. 000-27782))
|
|
Purchase and Sale Agreement between The Dime Savings Bank of Williamsburgh and Tarvos Capital Partners USA LLC (incorporated by reference to Exhibit 10.45 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 15, 2017 (File No. 000-27782))
|
|
Purchase and Sale Agreement between The Dime Savings Bank of Williamsburgh and Havemeyer Owner BB LLC (incorporated by reference to Exhibit 10.46 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 15, 2017 (File No. 000-27782))
|
|
Amendment Number Five to the Employee Stock Ownership Plan of Dime Community Bancshares, Inc. and Certain Affiliates (incorporated by reference to Exhibit 10.47 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, filed with the SEC on May 9, 2017 (File No. 000-27782))
|
Amendment Number Six to the Employee Stock Ownership Plan of Dime Community Bancshares, Inc. and Certain Affiliates (incorporated by reference to Exhibit 10.48 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, filed with the SEC on May 9, 2017 (File No. 000-27782))
|
|
Dime Community Bank KSOP, as amended and restated effective July 1, 2017 (incorporated by reference to Exhibit 10.49 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, filed with the SEC on August 7, 2017 (File No. 000-27782))
|
|
Computation of ratio of earnings to fixed charges
|
|
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 September 30, 2017 is formatted in XBRL (Extensible Business Reporting Language) interactive data files: (i) the Consolidated Statements of Financial Condition (Unaudited), (ii) the Consolidated Statements of Income f(Unaudited), (iii) the Consolidated Statements of Comprehensive Income (Unaudited), (iv) the Consolidated Statements of Changes in Stockholders’ Equity (Unaudited), (v) the Consolidated Statements of Cash Flows (Unaudited), and (vi) the Notes to Unaudited Condensed Consolidated Financial Statements **
|
Dime Community Bancshares, Inc.
|
|
Dated: November 7, 2017
|
By: /s/ KENNETH J. MAHON
|
Kenneth J. Mahon
|
|
President and Chief Executive Officer
|
Dated: November 7, 2017
|
By: /s/ JAMES L. RIZZO
|
James L. Rizzo
|
|
Senior Vice President and Comptroller (Principal Financial Officer)
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
2017
|
September 30,
2016
|
September 30,
2017
|
September 30,
2016
|
|||||||||||||
Ratio of Earnings to Fixed Charges (Including Deposits)
|
||||||||||||||||
Earnings:
|
||||||||||||||||
Income before income taxes
|
$
|
20,543
|
$
|
18,018
|
$
|
57,873
|
$
|
123,923
|
||||||||
Add: Fixed charges, net
|
15,703
|
14,016
|
45,184
|
39,442
|
||||||||||||
Income before income taxes and fixed charges, net
|
36,246
|
32,034
|
103,057
|
163,365
|
||||||||||||
Fixed charges
|
||||||||||||||||
Interest expense
|
$
|
15,171
|
$
|
13,609
|
$
|
43,504
|
$
|
34,928
|
||||||||
One-third of rental expense
|
532
|
407
|
1,680
|
1,194
|
||||||||||||
Interest on unrecognized tax benefits
|
-
|
-
|
-
|
-
|
||||||||||||
Total fixed charges
|
$
|
15,703
|
$
|
14,016
|
$
|
45,184
|
$
|
39,442
|
||||||||
Ratio of Earnings to Fixed Charges
|
2.31
|
x
|
2.29
|
x
|
2.28
|
x
|
4.14
|
x
|
Ratio of Earnings to Fixed Charges (Excluding Deposits)
|
||||||||||||||||
Earnings:
|
||||||||||||||||
Income before income taxes
|
$
|
20,543
|
$
|
18,018
|
$
|
57,873
|
$
|
123,923
|
||||||||
Add: Fixed charges, net
|
6,295
|
5,381
|
16,760
|
16,416
|
||||||||||||
Income before income taxes and fixed charges, net
|
26,838
|
23,399
|
74,633
|
140,339
|
||||||||||||
Fixed charges
|
||||||||||||||||
Interest expense (excluding deposits)
|
5,763
|
4,974
|
15,080
|
15,222
|
||||||||||||
One-third of rental expense
|
532
|
407
|
1,680
|
1,194
|
||||||||||||
Interest on unrecognized tax benefits
|
-
|
-
|
-
|
-
|
||||||||||||
Total fixed charges
|
$
|
6,295
|
$
|
5,381
|
$
|
16,760
|
$
|
16,416
|
||||||||
Ratio of Earnings to Fixed Charges
|
4.26
|
x
|
4.35
|
x
|
4.45
|
x
|
8.55
|
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.
|
/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.
|
/s/ JAMES L. RIZZO
|
|
James L. Rizzo
|
|
Senior Vice President and Comptroller (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.
|
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.
|
By:
|
/s/ James L. Rizzo
|
|
James L. Rizzo
|
||
Senior Vice President and Comptroller(Principal Financial Officer)
|
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Nov. 07, 2017 |
|
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 Common Stock, Shares Outstanding | 37,422,884 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 |
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
ASSETS: | ||
Investment securities held to maturity, fair value | $ 7,296 | |
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) | 53,617,919 | 53,572,745 |
Common stock, shares outstanding (in shares) | 37,422,884 | 37,455,853 |
Treasury stock (in shares) | 16,195,035 | 16,116,892 |
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Interest income: | ||||
Loans secured by real estate | $ 51,621 | $ 48,090 | $ 153,233 | $ 141,099 |
C&I loans | 1,043 | 10 | 1,558 | 20 |
Other loans | 19 | 18 | 55 | 56 |
MBS | 27 | 2 | 55 | 6 |
Investment securities | 108 | 129 | 462 | 567 |
Other short-term investments | 811 | 707 | 2,139 | 2,089 |
Total interest income | 53,629 | 48,956 | 157,502 | 143,837 |
Interest expense: | ||||
Deposits and escrow | 9,408 | 8,635 | 28,424 | 23,026 |
Borrowed funds | 5,763 | 4,974 | 15,080 | 15,223 |
Total interest expense | 15,171 | 13,609 | 43,504 | 38,249 |
Net interest income | 38,458 | 35,347 | 113,998 | 105,588 |
Provision for loan losses | 23 | 1,168 | 1,520 | 1,589 |
Net interest income after provision for loan losses | 38,435 | 34,179 | 112,478 | 103,999 |
Non-interest income: | ||||
Service charges and other fees | 948 | 1,123 | 2,661 | 2,566 |
Net mortgage banking income | 69 | 16 | 150 | 71 |
Net gain on securities and other assets | 2,635 | 69 | 2,769 | 148 |
Net gain on the sale of premises held for sale | 0 | 0 | 0 | 68,183 |
Income from BOLI | 558 | 570 | 1,654 | 2,173 |
Other | 73 | 293 | 574 | 976 |
Total non-interest income | 4,283 | 2,071 | 7,808 | 74,117 |
Non-interest expense: | ||||
Salaries and employee benefits | 8,593 | 8,616 | 27,577 | 26,132 |
Employee Stock Option Plan ("ESOP") & restricted stock award ("RSA") benefit expense | 353 | 815 | 1,030 | 2,539 |
Occupancy and equipment | 3,492 | 3,250 | 10,620 | 8,992 |
Data processing costs | 3,392 | 1,284 | 6,502 | 3,735 |
Marketing | 1,467 | 922 | 4,399 | 3,278 |
Federal deposit insurance premiums | 875 | 613 | 2,242 | 1,933 |
Loss from extinguishment of debt | 1,272 | 0 | 1,272 | 0 |
Other | 2,731 | 2,732 | 8,771 | 7,584 |
Total non-interest expense | 22,175 | 18,232 | 62,413 | 54,193 |
Income before income taxes | 20,543 | 18,018 | 57,873 | 123,923 |
Income tax expense | 7,230 | 7,481 | 21,414 | 52,141 |
Net income | $ 13,313 | $ 10,537 | $ 36,459 | $ 71,782 |
Earnings per Share: | ||||
Basic (in dollars per share) | $ 0.36 | $ 0.29 | $ 0.97 | $ 1.95 |
Diluted (in dollars per share) | $ 0.35 | $ 0.29 | $ 0.97 | $ 1.95 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) [Abstract] | ||||
Net Income | $ 13,313 | $ 10,537 | $ 36,459 | $ 71,782 |
Other comprehensive income: | ||||
Change in unrealized holding loss on securities held-to-maturity and transferred securities | 1,235 | 21 | 1,299 | 62 |
Change in unrealized holding loss on securities available-for-sale | 27 | 107 | 251 | 169 |
Change in pension and other postretirement obligations | 355 | 425 | 1,012 | 1,275 |
Change in unrealized gain on derivatives | 92 | 708 | (326) | (249) |
Other comprehensive gain before income taxes | 1,709 | 1,261 | 2,236 | 1,257 |
Deferred tax expense | 773 | 568 | 1,008 | 566 |
Other comprehensive income, net of tax | 936 | 693 | 1,228 | 691 |
Total comprehensive income | $ 14,249 | $ 11,230 | $ 37,687 | $ 72,473 |
NATURE OF OPERATIONS |
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Sep. 30, 2017 | |||
NATURE OF OPERATIONS [Abstract] | |||
NATURE OF OPERATIONS |
Dime Community Bancshares (the “Company” or the “Holding Company”), is a Delaware corporation headquartered in the Brooklyn Heights neighborhood of Brooklyn, New York. The Company was organized in 1996 and is registered as a savings and loan holding company with the Board of Governors of the Federal Reserve System pursuant to section 10(l) of the Home Owners’ Loan Act, as amended. As of September 30, 2017, the Holding Company’s only direct subsidiary was Dime Community Bank, a banking subsidiary that engages in commercial banking and financial services. In 2004, the Company formed Dime Community Capital Trust I as a subsidiary, which issued $72,165 of 7.0% trust preferred securities. During the three-month period ended September 30, 2017, the Company fully redeemed the outstanding balance of $70,680, and dissolved the trust. The Company also dissolved 842 Manhattan Ave Corp. during the three-month period ended September 30, 2017 as this subsidiary was inactive. The Company’s common stock is traded on the Nasdaq Global Market under the symbol “DCOM.” Dime Community Bank, a New York-chartered stock savings bank formerly known as The Dime Savings Bank of Williamsburgh, was founded in 1864 and operates 27 full service retail banking offices located in the New York City boroughs of Brooklyn, Queens, and the Bronx, and in Nassau County, New York. The Bank’s principal business is gathering deposits from customers within its market area and via the internet, and investing them primarily in multifamily residential, commercial real estate, mixed use, and, to a lesser extent, commercial and industrial (“C&I”) loans, mortgage-backed securities, obligations of the U.S. government and government sponsored enterprises (“GSEs”), and corporate debt and equity securities. The substantial majority of the Bank’s lending occurs in the greater New York City metropolitan area. The Bank has four active subsidiaries, including two real estate investment trusts that hold one-to-four family and multifamily residential and commercial real estate loans; Dime Insurance Agency, which engages in general insurance agency activities; and Boulevard Funding Corporation, which holds and manages real estate. |
SUMMARY OF ACCOUNTING POLICIES |
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Sep. 30, 2017 | |||
SUMMARY OF ACCOUNTING POLICIES [Abstract] | |||
SUMMARY OF ACCOUNTING POLICIES |
In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary for a fair presentation of the Company’s financial condition as of September 30, 2017 and December 31, 2016, the results of operations and statements of comprehensive income for the three-month and nine-month periods ended September 30, 2017 and 2016, and the changes in stockholders’ equity and cash flows for the nine-month periods ended September 30, 2017 and 2016. The results of operations for the three-month and nine-month period ended September 30, 2017 are not necessarily indicative of the results of operations for the remainder of the year ending December 31, 2017. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted pursuant to the rules and regulations of the U. S. Securities and Exchange Commission (“SEC”). The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Please see “Part I - Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies” for a discussion of areas in the accompanying unaudited condensed consolidated financial statements utilizing significant estimates. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2016 and notes thereto contained in our Annual Report on Form 10-K. |
RECENT ACCOUNTING PRONOUNCEMENTS |
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RECENT ACCOUNTING PRONOUNCEMENTS [Abstract] | |||
RECENT ACCOUNTING PRONOUNCEMENTS |
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. We do not expect the new standard, or any of the amendments, to have a material impact to the consolidated financial statements as the majority of the Company’s revenue streams are not within the scope of Topic 606. The Company will continue evaluating the potential impact of ASU 2014-09 and the amendments on its consolidated financial statements and disclosures until its assessment has been finalized. 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, however, it is not presently 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 June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), which requires that 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 has established a committee that is assessing system requirements, gathering data, and evaluating the impact of the ASU 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 January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350). ASU 2017-04 eliminates the second step in the goodwill impairment test which requires an entity to determine the implied fair value of the reporting unit’s goodwill. Instead, an entity should recognize an impairment loss if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. The standard is effective for the Company beginning January 1, 2020, with early adoption permitted for goodwill impairment tests performed after January 1, 2017. The Company expects to early adopt this standard in the next goodwill impairment test analysis for the year ended December 31, 2017. The adoption of ASU 2017-04 is currently not expected to have a material impact on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, Compensation – Retirement Benefits (Topic 715). ASU 2017-07 requires companies that offer employee defined pension plans, other postretirement benefit plans, or other types of benefit plans accounted for under Topic 715 to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. The amendments in this update are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017, however, early adoption is permitted. The adoption of ASU 2017-07 will not have a material impact on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. 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 adoption of ASU 2017-08 will not have a material impact on the Company’s consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting. The amendments in ASU 2017-09 provide guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting. The amendments in this update are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017, however, early adoption is permitted. The adoption of ASU 2017-09 is currently not expected to have a material impact on the Company’s consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The amendments in ASU 2017-02 refine and expand hedge accounting for both financial (e.g., interest rate) and commodity risks. The provisions in the amendment create more transparency around how economic results are presented, both on the face of the financial statements and in the footnotes. The amendment also makes certain targeted improvements to simplify the application of hedge accounting guidance. provide guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting. 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 adoption of ASU 2017-12 is not expected to have a material impact on the Company’s consolidated financial statements. |
OTHER COMPREHENSIVE INCOME (LOSS) |
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OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. Reclassification adjustments related to securities held-to-maturity are included in the line entitled net gain on securities and other assets in the accompanying condensed consolidated statements of income. Reclassification adjustments related to the defined benefit plan are included in the line entitled salaries and employee benefits. Reclassification adjustments related to the derivatives are included in the line entitled interest expense on borrowed funds.
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EARNINGS PER SHARE ("EPS") |
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EARNINGS PER SHARE ("EPS") [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE ("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 shares, and (until the period ended September 30, 2016) unallocated ESOP shares, are excluded. Vested RSA shares are included in the calculation of the weighted average shares outstanding for basic and diluted EPS. Unvested RSA shares and LTIP shares not yet awarded are recognized as a special class of participating securities under ASC 260. The following is a reconciliation of the numerators and denominators of basic and diluted EPS for the periods presented:
Common and equivalent shares resulting from the dilutive effect of “in-the-money” outstanding stock options are calculated based upon the excess of the average market value of the common stock over the exercise price of outstanding in-the-money stock options during the period. There were no “out-of-the-money” stock options during the three-month or nine-month periods ended September 30, 2017. There were 79,783 and 79,927 weighted-average stock options outstanding for the three-month and nine-month periods ended September 30, 2016, respectively, which were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period. For information about the calculation of expected aggregate LTIP share payout, see Note 6. |
ACCOUNTING FOR STOCK BASED COMPENSATION |
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ACCOUNTING FOR STOCK BASED COMPENSATION [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCOUNTING FOR STOCK BASED COMPENSATION |
The Company maintains the Dime Community Bancshares, Inc. 2001 Stock Option Plan for Outside Directors, Officers and Employees, the 2004 Stock Incentive Plan and the 2013 Equity and Incentive Plan (“2013 Equity Plan”) (collectively, the “Stock Plans”), which are discussed more fully in Note 15 to the Company’s audited consolidated financial statements for the year ended December 31, 2016, and which are subject to the accounting requirements of ASC 505-50 and ASC 718. Stock Option Awards The following table presents a summary of activity related to stock options granted under the Stock Plans, and changes during the nine-month period then ended:
Information related to stock options during each period is as follows:
There were no grants of stock options during the three-month or nine-month periods ended September 30, 2017 or 2016. All stock options are fully vested at both September 30, 2017 and 2016. Restricted Stock Awards The Company has made RSA grants to outside Directors and certain officers under the 2004 Stock Incentive Plan or 2013 Equity and Incentive Plan. Typically, awards to outside Directors fully vest on the first anniversary of the grant date, while awards to officers may vest in equal annual installments over a four-year period or at the end of the four-year requisite period. The following table presents a summary of activity related to the RSAs granted, and changes during the nine-month period then ended:
All awards were made at the fair value of the Holding Company’s common stock (i.e., the closing price on the NASDAQ market as of the close of business) on the award date. Compensation expense is based upon the fair value of the shares on the respective dates of the grant. Information related to RSAs during each period is as follows:
As of September 30, 2017, unrecognized compensation cost relating to unvested restricted shares totaled $2,403. This amount will be recognized over a remaining weighted average period of 2.8 years. Performance Based Equity Awards The Company established the LTIP, a long term incentive award program for certain officers, which meets the criteria for equity-based accounting. For each award, threshold (50% of target), target (100% of target) and maximum (150% of target) opportunities are eligible to be earned over a three-year performance period based on the Company’s relative performance on certain goals that were established at the onset of the performance period and cannot be altered subsequently. Shares of the Holding Company’s common stock are issued on the grant date and held as unvested stock awards until the end of the performance period. They are issued at the maximum opportunity in order to ensure that an adequate number of shares are allocated for shares expected to vest at the end of the performance period. The following table presents a summary of activity related to performance based equity awards, and changes during the three-month period then ended:
Compensation expense recorded for performance based equity awards was $79 and $19 for the three-month periods ended September 30, 2017 and 2016, respectively. Compensation expense recorded for performance based equity awards was $251 and $67 for the nine-month periods ended September 30, 2017 and 2016, respectively. |
LOANS RECEIVABLE AND CREDIT QUALITY |
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LOANS RECEIVABLE AND CREDIT QUALITY [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS RECEIVABLE AND CREDIT QUALITY |
Loans are reported at the principal amount outstanding, net of unearned fees or costs 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 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 the majority 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 the majority of such income is generated from the commercial units), commercial real estate loans, acquisition, development, and construction (“ADC”) loans (which includes land loans), C&I loans, as well as one-to-four family residential and cooperative and condominium apartment loans. Prior to April 1, 2016, the analysis of one-to-four family residential and cooperative and condominium apartment loans included only loans with balances in excess of the Fannie Mae (“FNMA”) conforming loan limits for high-cost areas such as the Bank’s primary lending area (“FNMA Limits”) that were deemed to meet the definition of impaired. Prior to December 31, 2016, the analysis of C&I loans was included in the consumer loan credit quality analysis, which is based on payment activity due to the nature and volume of the C&I loan balance. 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 as of September 30, 2017 or December 31, 2016. All real estate and C&I loans not classified as Special Mention or Substandard were deemed pass loans at both September 30, 2017 and December 31, 2016. The following is a summary of the credit risk profile of real estate and C&I loans (including deferred costs) by internally assigned grade as of the dates indicated:
The credit risk profile of C&I loans as of December 31, 2016 was included in the analysis of consumer loans. 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 breakdown of the past due status of the Company’s investment in loans (excluding accrued interest) as of the dates indicated:
(1) Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of September 30, 2017.
(1) Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of December 31, 2016. Accruing Loans 90 Days or More Past Due The Bank continued accruing interest on nine real estate and C&I loans with an aggregate outstanding balance of $3,466 at September 30, 2017, and four real estate loans with an aggregate outstanding balance of $3,070 at December 31, 2016, 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. Troubled Debt Restructurings (“TDRs”) The following table summarizes outstanding TDRs by underlying collateral types 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. There were no TDRs on non-accrual status at September 30, 2017 or December 31, 2016. The Company has not restructured any C&I or consumer loans, as these loan portfolios have not experienced any problem issues warranting restructuring. Therefore, all TDRs were collateralized by real estate at both September 30, 2017 and December 31, 2016. There were no loans modified in a manner that met the criteria of a TDR during the three-month ended September 30, 2017 or 2016, respectively, or the nine-month period ended September 30, 2017. The Company modified one one-to-four family residential loan in a manner that met the criteria of a TDR during the nine-month period ended September 30, 2016. The Bank’s allowance for loan losses at September 30, 2017 and December 31, 2016 did not reflect any allocated reserve associated with TDRs. As of September 30, 2017 and December 31, 2016, 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 three-month or nine-month periods ended September 30, 2017 or 2016 (thus no impact to the allowance for loan losses during those periods). 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, commercial real estate, and C&I 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 some of the 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 8 for tabular information related to impaired loans. |
ALLOWANCE FOR LOAN LOSSES |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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ALLOWANCE FOR LOAN LOSSES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES |
The allowance for loan losses may consist of specific and general components. At September 30, 2017, 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) non-impaired pass graded loans. Within these components, the Company has identified the following portfolio segments for purposes of assessing its allowance for loan losses: (1) real estate loans; (2) C&I loans; and (3) consumer loans. Within these segments, the Bank analyzes the allowance for loan losses based upon the underlying collateral type (classes). Due to their small homogeneous balances, consumer loans were not individually evaluated for impairment as of either September 30, 2017 or December 31, 2016. Impaired Loan Component All multifamily residential, mixed use, commercial real estate, ADC and C&I 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 some 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 September 30, 2017 and December 31, 2016, 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 During the nine month period ended September 30, 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 previous 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 non-impaired real estate loans. The following underlying collateral types are analyzed separately: 1) one-to-four family residential and condominium or cooperative apartment; 2) multifamily residential and residential mixed use; 3) commercial mixed use real estate, 4) commercial real estate; 5) ADC; and 6) C&I. 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 non-impaired 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 non-impaired 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 whether probable incurred losses that could take a longer period to flow through its allowance for loan losses possibly exist. (ii) Economic conditions - The Bank assigned a loss allocation to its entire non-impaired 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, location, etc.) 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. 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 September 30, 2017. 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. Reserve for Loan Commitments At both September 30, 2017 and December 30, 2016, respectively, the Bank maintained a reserve of $25,000 associated with unfunded loan commitments accepted by the borrower. This reserve is determined based upon the outstanding volume of loan commitments at each period end. Any increases or reductions in this reserve are recognized in periodic non-interest expense. The following tables present 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 evaluation method as of the dates indicated:
There were no impaired real estate loans with a related allowance recorded as of September 30, 2017 or December 31, 2016. The following tables summarize impaired real estate loans with no related allowance recorded as of the dates 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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INVESTMENT AND MORTGAGE-BACKED SECURITIES |
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INVESTMENT AND MORTGAGE-BACKED SECURITIES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 9. INVESTMENT AND MORTGAGE-BACKED SECURITIES The following tables summarize the major categories of securities owned by the Company (excluding trading securities) as of the dates indicated:
(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 September 30, 2017, available-for-sale pass-through MBS issued by GSEs possessed a weighted average contractual maturity of 19.7 years and a weighted average estimated duration of 3.2 years. As of September 30, 2017, the available-for-sale agency CMO securities had a weighted average term to maturity of 16.7 years and a weighted average estimated duration of 2.3 years. During the three-month period ended September 30, 2017, the Company sold its entire portfolio of investment securities held-to-maturity consisting of six TRUP CDO securities, of which five were deemed to be OTTI. The TRUP CDO portfolio was sold as part of the Company’s strategy to diversify of the Company’s balance sheet and take advantage of investment opportunities. The Company does not intent to classify any securities as held-to-maturity for the foreseeable future. The amortized cost of the TRUP CDO portfolio was $5,331 at the time of the sale. The amortized cost represents the purchase amortized/historical cost less $8,553 of OTTI charges previously recognized and $705 of the unamortized portion of unrealized losses that were 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). As a result of the sale, the pre-tax balances of both the unamortized portion of the unrealized losses at transfer to held-to-maturity of $705 and the unamortized portion of previous credit losses of $524 were reclassified out of accumulated comprehensive loss during the three and nine month periods ended September 30, 2017. Gross proceeds from the sale of the TRUP CDOs were $9,167 for the three and nine month periods ended September 30, 2017. Gross gains of $3,048 and gross losses of $441 were recognized on these sales. There were no sales of held-to-maturity securities during the three or nine month periods ended September 30, 2016. There were no sales of pass-through MBS issued by GSEs during the three-month or nine-month periods ended September 30, 2017 or 2016. There were no sales of agency collateralized mortgage obligation securities during the three-month or nine-month periods ended September 30, 2017 or 2016. The Company holds both registered mutual funds (as investment securities available-for-sale) and trading securities as the underlying investments of the BMP, held in a rabbi trust. The Company may sell either registered mutual funds or trading securities on a periodic basis in order to pay retirement benefits to plan retirees. There are no gains or losses recognized from the sales of registered mutual funds. A summary of the sales of registered mutual funds and trading securities is listed below for the periods indicated:
The remaining gain or loss on securities shown in the unaudited condensed consolidated statements of income during those periods resulted from market valuation changes or sales of trading securities. 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 as of the dates indicated:
TRUP CDOs That Maintained an Unrealized Holding Loss for 12 or More Consecutive Months The Company sold its TRUP CDOs portfolio during the three-month period ended September 30, 2017. At December 31, 2016, there were two TRUP CDOs with unrealized holding losses for 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 with unrealized holding losses for 12 or more consecutive months was considered to be other than temporary. See below for a discussion of other than temporary impairment. TRUP CDOs with Other than Temporary Impairment As of each reporting period through June 30, 2017, the Company applied the protocol established by ASC 320-10-65 in order to determine whether OTTI existed for its TRUPs and/or to measure, for TRUP CDOs that were determined to be other than temporarily impaired, the credit related and non-credit related components of OTTI. The Company sold its entire TRUP CDO portfolio during the three-month period ended September 30, 2017. As of the date of the sale of the TRUP CDO portfolio, five TRUP CDOs were determined to meet the criteria for OTTI based upon this analysis, and no additional OTTI charges were recognized. The following table provides a reconciliation of the pre-tax OTTI charges recognized on the Company’s TRUP CDOs, for which a portion of the impairment loss (non-credit factors) was recognized in other comprehensive income for the period ended:
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DERIVATIVES AND HEDGING ACTIVITIES |
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DERIVATIVES AND HEDGING ACTIVITIES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVES AND HEDGING ACTIVITIES | 10. 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 three-month and nine-month periods ended September 30, 2017 and 2016, such derivatives were used to hedge the variability in cash flows associated with wholesale borrowings, i.e., FHLBNY advances. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. The Company did not record any hedge ineffectiveness during the three-month or nine-month periods ended September 30, 2017 or 2016. Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are paid on the Company’s liabilities. During the next twelve months the Company estimates that $107 will be reclassified as an increase to interest expense. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition:
The table below presents the effect of the Company’s derivative financial instruments as the amount of gain or (loss) on the Consolidated Statements of Income for the periods indicated:
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 September 30, 2017, the termination value of derivatives in a net asset position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $2,894. If the Company had breached any of the above provisions at September 30, 2017, 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 September 30, 2017. |
FAIR VALUE OF FINANCIAL INSTRUMENTS |
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FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | 11. 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. The following tables present the assets and liabilities measured at fair value on a recurring basis as of the dates indicated, segmented by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
The Company’s available-for-sale investment securities and MBS 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 September 30, 2017 and December 31, 2016. Obtaining market values as of September 30, 2017 and December 31, 2016 for these securities utilizing significant observable inputs was not difficult due to their considerable demand. Derivatives represent interest rate swaps and estimated fair values are based on valuation models using observable market data as of the measurement date. There were no assets measured at fair value on a non-recurring basis as of September 30, 2017 or December 31, 2016. Impaired Loans - Loans with certain characteristics are evaluated individually for impairment. A loan is considered impaired under ASC 310-10-35 when, based upon existing information and events, it is probable that the Bank will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the loan agreement. The Bank’s impaired loans at September 30, 2017 and December 31, 2016 were collateralized by real estate and were thus carried at the lower of the outstanding principal balance or the estimated fair value of the collateral. Fair value is estimated through either a negotiated note sale price (Level 3 input), or, more commonly, a recent real estate appraisal (Level 3 input). The appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. An appraisal is generally ordered for all impaired multifamily residential, mixed use and commercial real estate loans for which the most recent appraisal is more than one year old. The Bank never adjusts independent appraisal data upward. Occasionally, management will adjust independent appraisal data downward based upon its own lending expertise and/or experience with the subject property, utilizing such factors as potential note sale values, or a more refined estimate of costs to repair and time to lease the property. Adjustments for potential disposal costs are also considered when determining the final appraised value. As of September 30, 2017 and December 31, 2016, there were no impaired loans measured at fair value. 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 September 30, 2017 and December 31, 2016 were 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 December 31, 2016 the Company owned seven TRUP CDOs classified as held-to-maturity. As a result of improved marketplace stability and enhanced trading activity, broker quotations became the sole valuation source utilized to estimate the fair value of TRUP CDOs as of December 31, 2016. 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. The Company sold its TRUP CDO portfolio as of September 30, 2017. Loans, Net (Excluding Impaired Loans Carried at Fair Value) – 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. Subordinated debt – The fair value of subordinated debt 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. The fair value is shown net of capitalized issuance costs. Trust Preferred Securities Payable – At December 31, 2016, 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. The Company redeemed its trust preferred securities as of September 30, 2017. 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. |
RETIREMENT AND POSTRETIREMENT PLANS |
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RETIREMENT AND POSTRETIREMENT PLANS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RETIREMENT AND POSTRETIREMENT PLANS | 12. RETIREMENT AND POSTRETIREMENT PLANS The Holding Company or the Bank maintains the Retirement Plan of Dime Community Bank (the “Employee Retirement Plan”), the Retirement Plan for Board Members of Dime Community Bancshares, Inc. (the “Outside Director Retirement Plan”), the BMP, and the Postretirement Welfare Plan of Dime Community Bank (the “Postretirement Plan”). Net expenses associated with these plans were comprised of the following components:
The Company disclosed in its consolidated financial statements for the year ended December 31, 2016 that it expected to make contributions to, or benefit payments on behalf of, benefit plans during 2017 as follows: Employee Retirement Plan - $15, Outside Director Retirement Plan - $208, Postretirement Plan - $113, and BMP - $725. The Company made contributions of $5 to the Employee Retirement Plan during the three months ended September 30, 2017, and $17 during the nine months ended September 30, 2017, which completes the anticipated contributions during 2017. The Company made benefit payments of $64 on behalf of the Outside Director Retirement Plan during the three months ended September 30, 2017, and $161 during the nine months ended September 30, 2017, and expects to make the remainder of the estimated net contributions or benefit payments during 2017. The Company made benefit payments totaling $48 on behalf of the Postretirement Plan during the three months ended September 30, 2017, and $125 during the nine months ended September 30, 2017, and expects to make any additional contributions or benefit payments required for 2017. The Company made benefit payments totaling $136 on behalf of the BMP during the three month period ended September 30, 2017, and $240 during nine months ended September 30, 2017, and expects to make $137 of the remaining anticipated benefit payments during 2017. The BMP exists in order to compensate executive officers for any curtailments in benefits due to statutory limitations on qualifying benefit plans. During the three-month period ended September 30, 2017, in addition to benefit payments from the defined benefit plan component of the BMP discussed above, two retired participants elected gross lump-sum distributions of $11,708. The distribution was satisfied by 360,822 shares of common stock (market value of $7,068) held by the ESOP component of the BMP and cash of $4,591 held by the defined contribution plan components of the BMP. As a result of the distribution, a non-cash tax benefit of $1,322 was recognized for the difference between market value and cost basis of the common stock held by the BMP. Effective January 1, 2017, income tax benefits were recognized as discrete items in income tax expense in accordance to ASU 2016-09. |
SUBORDINATED NOTES PAYABLE |
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Sep. 30, 2017 | |
SUBORDINATED NOTES PAYABLE [Abstract] | |
SUBORDINATED NOTE PAYABLE | 13. SUBORDINATED NOTES PAYABLE During the nine months ended September 30, 2017, the Holding Company issued $115,000 of fixed-to-floating rate subordinated notes due June 2027, which become callable commencing on June 15, 2022. The notes will mature on June 15, 2027 (the “Maturity Date”). From and including June 13, 2017 until but excluding June 15, 2022, interest will be paid semi-annually in arrears on each June 15 and December 15 at a fixed annual interest rate equal to 4.50%. From and including June 15, 2022 to, but excluding, the Maturity Date or earlier redemption date, the interest rate shall reset quarterly to an annual interest rate equal to the then-current three-month LIBOR plus 266 basis points, payable quarterly in arrears. Debt issuance cost directly associated with subordinated debt offering was capitalized and netted with subordinated notes payable on the Consolidated Statements of Financial Condition. |
TRUST PREFERRED SECURITIES PAYABLE |
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Sep. 30, 2017 | |
TRUST PREFERRED SECURITIES PAYABLE [Abstract] | |
TRUST PREFERRED SECURITIES PAYABLE | 14. 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 December 31, 2016. During the three months ended September 30, 2017, the Company redeemed its $70,680 of trust preferred securities borrowings at par from third parties. The Company recognized a $1,272 loss from extinguishment of debt from the acceleration of the remaining unamortized deferred origination costs. |
INCOME TAXES |
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Sep. 30, 2017 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | 15. INCOME TAXES During the three months ended September 30, 2017 and 2016, the Company’s consolidated effective tax rates were 35.2% and 41.5%, respectively. During the nine months ended September 30, 2017 and 2016, the Company’s consolidated effective tax rates were 37.0% and 42.1%, respectively. The higher consolidated tax rate during the three-month and nine-month periods ended September 30, 2016 was primarily the result of a $68,183 gain on sale of real estate transaction during the nine month period ended September 30, 2016. Additionally, during the three-month period ended September 30, 2017, the Company recognized an income tax benefit of $1,322 from the distribution of retirement benefits from the BMP taken as discrete items. The income tax benefit was partially offset by deferred tax expense of $476 to adjust the Company’s deferred tax asset during the three-month period ended September 30, 2017. There were no other significant unusual income tax items during the three-month or nine-month periods ended either September 30, 2017 or 2016. |
PREMISES HELD FOR SALE |
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Sep. 30, 2017 | |
PREMISES HELD FOR SALE [Abstract] | |
PREMISES HELD FOR SALE | 16. PREMISES HELD FOR SALE On March 16, 2016, the Bank completed the sale of premises held for sale with an aggregate recorded balance of $8,799 at December 31, 2015. A gain of $68,183 was recognized on this sale. During the three months ended March 31, 2016, the Bank 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 September 30, 2017, the outstanding balance upon transfer. On April 14, 2016, a Purchase and Sale Agreement was executed for the property, for a sale price of $12,300. The sale is expected to close in November 2017. |
OTHER COMPREHENSIVE INCOME (LOSS) (Tables) |
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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) | Reclassification adjustments related to the defined benefit plan are included in the line entitled salaries and employee benefits. Reclassification adjustments related to the derivatives are included in the line entitled interest expense on borrowed funds.
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EARNINGS PER SHARE ("EPS") (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE ("EPS") [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Numerators and Denominators of Basic EPS and Diluted EPS | The following is a reconciliation of the numerators and denominators of basic and diluted EPS for the periods presented:
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ACCOUNTING FOR STOCK BASED COMPENSATION (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCOUNTING FOR 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 nine-month period then ended:
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Information Related to Stock Option Plan | Information related to stock options during each period is 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 RSAs granted, and changes during the nine-month period then ended:
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Information Related to Restricted Stock Award Plan | Information related to RSAs 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 three-month period then ended:
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LOANS RECEIVABLE AND CREDIT QUALITY (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 and C&I 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 breakdown of the past due status of the Company’s investment in loans (excluding accrued interest) as of the dates indicated:
(1) Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of September 30, 2017.
(1) Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of December 31, 2016. |
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Troubled Debt Restructurings on Financing Receivables | The following table summarizes outstanding TDRs by underlying collateral types as of the dates indicated:
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ALLOWANCE FOR LOAN LOSSES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses for Impairment by Financing Receivables Class | The following tables present 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 evaluation method as of the dates 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 dates 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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INVESTMENT AND MORTGAGE-BACKED SECURITIES (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) as of the dates indicated:
(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). |
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Summary of Sales of Registered Mutual Funds and Trading Securities | A summary of the sales of registered mutual funds and trading securities is listed below for the periods indicated:
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Summary of Gross Unrealized Losses and Fair Value of Investment Securities 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 as of the dates indicated:
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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, for which a portion of the impairment loss (non-credit factors) was recognized in other comprehensive income for the period ended:
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DERIVATIVES AND HEDGING ACTIVITIES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Statements 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 as the amount of gain or (loss) on the Consolidated Statements of Income for the periods indicated:
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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured on Recurring Basis | The following tables present the assets and liabilities measured at fair value on a recurring basis as of the dates indicated, segmented by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
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Carrying Amounts and Estimated Fair Values 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 September 30, 2017 and December 31, 2016 were as follows:
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RETIREMENT AND POSTRETIREMENT PLANS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RETIREMENT AND POSTRETIREMENT PLANS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | Net expenses associated with these plans were comprised of the following components:
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NATURE OF OPERATIONS (Details) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017
USD ($)
RetailBranch
Subsidiary
Trust
|
Dec. 31, 2016
USD ($)
|
|
NATURE OF OPERATIONS [Abstract] | ||
Trust preferred securities issued | $ 72,165 | |
Interest rate | 7.00% | |
Trust preferred securities outstanding | $ 70,680 | $ 70,680 |
Number of retail banking offices | RetailBranch | 27 | |
Number of active subsidiaries | Subsidiary | 4 | |
Number of real estate investment trusts | Trust | 2 |
ACCOUNTING FOR STOCK BASED COMPENSATION, Restricted Stock Awards (Details) - Restricted Stock Awards [Member] - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 4 years | |||||
Number of Shares [Roll Forward] | ||||||
Unvested allocated shares outstanding, beginning of period (in shares) | 152,409 | |||||
Shares granted (in shares) | 121,857 | |||||
Shares vested (in shares) | (84,019) | |||||
Shares forfeited (in shares) | (30,578) | |||||
Unvested allocated shares outstanding, end of period (in shares) | 159,669 | 159,669 | ||||
Weighted-Average Grant-Date Fair Value [Abstract] | ||||||
Unvested allocated shares outstanding, beginning of period (in dollars per share) | $ 16.56 | |||||
Shares granted (in dollars per share) | 19.60 | |||||
Shares vested (in dollars per share) | 16.36 | |||||
Shares forfeited (in dollars per share) | 17.56 | |||||
Unvested allocated shares outstanding, end of period (in dollars per share) | $ 18.80 | $ 18.80 | ||||
Compensation expense recognized | $ 353 | $ 366 | $ 1,019 | $ 1,195 | ||
Income tax benefit recognized on vesting of RSA | [1] | 3 | $ 0 | 119 | $ 78 | |
Unrecognized compensation expense in period | $ 2,403 | $ 2,403 | ||||
Unrecognized compensation expense, period of recognition | 2 years 9 months 18 days | |||||
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ACCOUNTING FOR STOCK BASED COMPENSATION, Performance Based Equity Awards (Details) - Performance Based Equity Awards [Member] - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Performance Based Equity Awards [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 | |||
Compensation expense recognized | $ 79 | $ 19 | $ 251 | $ 67 |
Number of Shares [Roll Forward] | ||||
Shares granted (in shares) | 71,976 | |||
Shares forfeited (in shares) | (21,012) | |||
Expected aggregate share payout (in shares) | 45,039 | |||
Weighted-Average Grant-Date Fair Value [Abstract] | ||||
Shares granted (in dollars per share) | $ 19.75 | |||
Shares forfeited (in dollars per share) | 18.94 | |||
Expected aggregate share payout (in dollars per share) | $ 19.43 | |||
Minimum [Member] | ||||
Number of Shares [Roll Forward] | ||||
Aggregate share payout, end of period (in shares) | 0 | 0 | ||
Weighted-Average Grant-Date Fair Value [Abstract] | ||||
Aggregate share payout, end of period (in dollars per share) | $ 0 | $ 0 | ||
Maximum [Member] | ||||
Number of Shares [Roll Forward] | ||||
Aggregate share payout, beginning of period (in shares) | 24,730 | |||
Aggregate share payout, end of period (in shares) | 75,694 | 75,694 | ||
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) | $ 19.19 | $ 19.19 |
LOANS RECEIVABLE AND CREDIT QUALITY, Credit Quality Indicators (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
|||
---|---|---|---|---|---|
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | $ 5,866,567 | $ 5,633,007 | |||
C&I | 111,099 | 2,058 | |||
Total Real Estate and C&I | 5,977,666 | ||||
Pass [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Real Estate and C&I | 5,959,541 | ||||
Special Mention [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Real Estate and C&I | 4,431 | ||||
Substandard [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Real Estate and C&I | 13,694 | ||||
Doubtful [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Total Real Estate and C&I | 0 | ||||
Real Estate Loan [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | 5,866,567 | 5,633,007 | |||
Real Estate Loan [Member] | Pass [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | 5,848,442 | 5,606,870 | |||
Real Estate Loan [Member] | Special Mention [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | 4,431 | 4,760 | |||
Real Estate Loan [Member] | Substandard [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | 13,694 | 21,377 | |||
Real Estate Loan [Member] | Doubtful [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
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] | |||||
Real estate loans | 66,519 | 74,022 | |||
Real Estate Loan [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | Pass [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | 65,182 | 72,325 | |||
Real Estate Loan [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | Special Mention [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | 180 | 212 | |||
Real Estate Loan [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | Substandard [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | 1,157 | 1,485 | |||
Real Estate Loan [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | Doubtful [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | 0 | 0 | |||
Real Estate Loan [Member] | Multifamily Residential and Residential Mixed Use [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | 4,787,291 | 4,600,526 | |||
Real Estate Loan [Member] | Multifamily Residential and Residential Mixed Use [Member] | Pass [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | 4,781,016 | 4,589,838 | |||
Real Estate Loan [Member] | Multifamily Residential and Residential Mixed Use [Member] | Special Mention [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | 3,403 | 3,488 | |||
Real Estate Loan [Member] | Multifamily Residential and Residential Mixed Use [Member] | Substandard [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | 2,872 | 7,200 | |||
Real Estate Loan [Member] | Multifamily Residential and Residential Mixed Use [Member] | Doubtful [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | 0 | 0 | |||
Real Estate Loan [Member] | Commercial Mixed Use Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | 415,299 | 404,139 | |||
Real Estate Loan [Member] | Commercial Mixed Use Real Estate [Member] | Pass [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | 410,363 | 398,139 | |||
Real Estate Loan [Member] | Commercial Mixed Use Real Estate [Member] | Special Mention [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | 0 | 535 | |||
Real Estate Loan [Member] | Commercial Mixed Use Real Estate [Member] | Substandard [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | 4,936 | 5,465 | |||
Real Estate Loan [Member] | Commercial Mixed Use Real Estate [Member] | Doubtful [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | 0 | 0 | |||
Real Estate Loan [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | 588,343 | 554,320 | |||
Real Estate Loan [Member] | Commercial Real Estate [Member] | Pass [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | 582,766 | 546,568 | |||
Real Estate Loan [Member] | Commercial Real Estate [Member] | Special Mention [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | 848 | 525 | |||
Real Estate Loan [Member] | Commercial Real Estate [Member] | Substandard [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | 4,729 | 7,227 | |||
Real Estate Loan [Member] | Commercial Real Estate [Member] | Doubtful [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | 0 | 0 | |||
Real Estate Loan [Member] | ADC [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | 9,115 | ||||
Real Estate Loan [Member] | ADC [Member] | Pass [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | 9,115 | ||||
Real Estate Loan [Member] | ADC [Member] | Special Mention [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | 0 | ||||
Real Estate Loan [Member] | ADC [Member] | Substandard [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | 0 | ||||
Real Estate Loan [Member] | ADC [Member] | Doubtful [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Real estate loans | 0 | ||||
C & I Loans [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
C&I | 111,099 | 2,058 | |||
C & I Loans [Member] | Pass [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
C&I | 111,099 | ||||
C & I Loans [Member] | Special Mention [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
C&I | 0 | ||||
C & I Loans [Member] | Substandard [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
C&I | 0 | ||||
C & I Loans [Member] | Doubtful [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
C&I | 0 | ||||
Consumer Loans [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Consumer loans | 1,092 | 3,415 | [1] | ||
Consumer Loans [Member] | Performing [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Consumer loans | 1,090 | 3,414 | [1] | ||
Consumer Loans [Member] | Non-Accrual [Member] | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Consumer loans | $ 2 | $ 1 | [1] | ||
|
LOANS RECEIVABLE AND CREDIT QUALITY, Past Due (Details) $ in Thousands |
9 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2017
USD ($)
Loan
|
Dec. 31, 2016
USD ($)
Loan
|
|||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Real estate loans | $ 5,866,567 | $ 5,633,007 | ||||||
C&I | $ 111,099 | $ 2,058 | ||||||
Number of real estate loans more than 90 days past due on contractual balloon payment | Loan | 9 | 4 | ||||||
Real Estate Loans [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Non-accrual | $ 804 | [1] | $ 4,236 | [2] | ||||
Total past due | 4,191 | 9,226 | ||||||
Current | 5,862,376 | 5,623,781 | ||||||
Real estate loans | 5,866,567 | 5,633,007 | ||||||
Real Estate Loans [Member] | 30 to 59 Days Past Due [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 0 | 1,920 | ||||||
Real Estate Loans [Member] | 60 to 89 Days Past Due [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 81 | 0 | ||||||
Real Estate Loans [Member] | Loans 90 Days or More Past Due and Still Accruing Interest [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 3,306 | 3,070 | ||||||
Real Estate Loans [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Non-accrual | 708 | [1] | 1,012 | [2] | ||||
Total past due | 1,160 | 2,713 | ||||||
Current | 65,359 | 71,309 | ||||||
Real estate loans | 66,519 | 74,022 | ||||||
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 | 0 | 188 | ||||||
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 | 81 | 0 | ||||||
Real Estate Loans [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | Loans 90 Days or More Past Due and Still Accruing Interest [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 371 | 1,513 | ||||||
Real Estate Loans [Member] | Multifamily Residential and Residential Mixed Use [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Non-accrual | 0 | [1] | 2,675 | [2] | ||||
Total past due | 0 | 4,232 | ||||||
Current | 4,787,291 | 4,596,294 | ||||||
Real estate loans | 4,787,291 | 4,600,526 | ||||||
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 | 0 | ||||||
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] | Loans 90 Days or More Past Due and Still Accruing Interest [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 0 | 1,557 | ||||||
Real Estate Loans [Member] | Commercial Mixed Use Real Estate [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Non-accrual | 96 | [1] | 549 | [2] | ||||
Total past due | 619 | 549 | ||||||
Current | 414,680 | 403,590 | ||||||
Real estate loans | 415,299 | 404,139 | ||||||
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 | 0 | ||||||
Real Estate Loans [Member] | Commercial Mixed Use Real Estate [Member] | Loans 90 Days or More Past Due and Still Accruing Interest [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 523 | 0 | ||||||
Real Estate Loans [Member] | Commercial Real Estate [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Non-accrual | 0 | [1] | 0 | [2] | ||||
Total past due | 2,412 | 1,732 | ||||||
Current | 585,931 | 552,588 | ||||||
Real estate loans | 588,343 | 554,320 | ||||||
Real Estate Loans [Member] | Commercial Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 0 | 1,732 | ||||||
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] | Loans 90 Days or More Past Due and Still Accruing Interest [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 2,412 | 0 | ||||||
Real Estate Loans [Member] | ADC [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Non-accrual | [1] | 0 | ||||||
Total past due | 0 | |||||||
Current | 9,115 | |||||||
Real estate loans | 9,115 | |||||||
Real Estate Loans [Member] | ADC [Member] | 30 to 59 Days Past Due [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 0 | |||||||
Real Estate Loans [Member] | ADC [Member] | 60 to 89 Days Past Due [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 0 | |||||||
Real Estate Loans [Member] | ADC [Member] | Loans 90 Days or More Past Due and Still Accruing Interest [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 0 | |||||||
C & I Loans [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Non-accrual | 0 | [1] | 0 | [2] | ||||
Total past due | 160 | 0 | ||||||
Current | 110,939 | 2,058 | ||||||
C&I | 111,099 | 2,058 | ||||||
C & I Loans [Member] | 30 to 59 Days Past Due [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
C&I | 0 | 0 | ||||||
C & I Loans [Member] | 60 to 89 Days Past Due [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
C&I | 0 | 0 | ||||||
C & I Loans [Member] | Loans 90 Days or More Past Due and Still Accruing Interest [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
C&I | 160 | 0 | ||||||
Consumer [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Non-accrual | 2 | [1] | 1 | [2] | ||||
Total past due | 5 | 1 | ||||||
Current | 1,087 | 1,356 | ||||||
Consumer loans | 1,092 | 1,357 | ||||||
Consumer [Member] | 30 to 59 Days Past Due [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 0 | 0 | ||||||
Consumer [Member] | 60 to 89 Days Past Due [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 0 | 0 | ||||||
Consumer [Member] | Loans 90 Days or More Past Due and Still Accruing Interest [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | 0 | 0 | ||||||
Real Estate Loans and C & I Loans [Member] | Loans 90 Days or More Past Due and Still Accruing Interest [Member] | ||||||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||||||
Total past due | $ 3,466 | $ 3,070 | ||||||
|
LOANS RECEIVABLE AND CREDIT QUALITY, Troubled Debt Restructurings (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2017
USD ($)
Loan
|
Sep. 30, 2016
Loan
|
Sep. 30, 2017
USD ($)
Loan
|
Sep. 30, 2016
Loan
|
Dec. 31, 2016
USD ($)
Loan
|
|
Troubled Debt Restructuring on Receivables [Abstract] | |||||
Number of TDRs on non-accrual status | 0 | 0 | |||
Number of loans modified | 0 | 0 | 0 | ||
Number of loan commitments to borrowers with outstanding TDRs | 0 | 0 | 0 | ||
TDRs which defaulted within twelve months following the modification | 0 | 0 | 0 | 0 | |
Real Estate Loans [Member] | |||||
Troubled Debt Restructuring on Receivables [Abstract] | |||||
Number of loans | 7 | 7 | |||
Balance | $ | $ 8,534 | $ 8,534 | $ 8,689 | ||
Real Estate Loans [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | |||||
Troubled Debt Restructuring on Receivables [Abstract] | |||||
Number of loans | 2 | 2 | |||
Balance | $ | 395 | $ 395 | $ 407 | ||
Number of loans modified | 1 | ||||
Real Estate Loans [Member] | Multifamily Residential and Residential Mixed Use [Member] | |||||
Troubled Debt Restructuring on Receivables [Abstract] | |||||
Number of loans | 3 | 3 | |||
Balance | $ | 629 | $ 629 | $ 658 | ||
Real Estate Loans [Member] | Commercial Mixed Use Real Estate [Member] | |||||
Troubled Debt Restructuring on Receivables [Abstract] | |||||
Number of loans | 1 | 1 | |||
Balance | $ | 4,197 | $ 4,197 | $ 4,261 | ||
Real Estate Loans [Member] | Commercial Real Estate [Member] | |||||
Troubled Debt Restructuring on Receivables [Abstract] | |||||
Number of loans | 1 | 1 | |||
Balance | $ | $ 3,313 | $ 3,313 | $ 3,363 |
ALLOWANCE FOR LOAN LOSSES, Allowance by Class of Loan (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allocated reserves related to TDRs | $ 0 | $ 0 | $ 0 | ||
Loans classified as Substandard analysis of historical losses period | 48 months | 12 months | |||
Loans classified as Special Mention analysis of historical losses period | 48 months | 12 months | |||
Allowance for credit losses [Roll Forward] | |||||
Provision (credit) for loan losses | 23 | $ 1,168 | $ 1,520 | $ 1,589 | |
Unfunded Loan Commitment [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allocated reserves related to TDRs | 25,000 | 25,000 | $ 25,000 | ||
Real Estate Loans [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 20,945 | 18,889 | 20,516 | 18,494 | 18,494 |
Provision (credit) for loan losses | (622) | 1,166 | (150) | 1,588 | |
Charge-offs | (14) | (26) | (119) | (115) | |
Recoveries | 13 | 0 | 75 | 62 | |
Ending balance | 20,322 | 20,029 | 20,322 | 20,029 | 20,516 |
Allowance for loan losses [Abstract] | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 20,322 | 20,322 | 20,516 | ||
Loans [Abstract] | |||||
Individually evaluated for impairment | 8,630 | 8,630 | 11,913 | ||
Collectively evaluated for impairment | 5,857,937 | 5,857,937 | 5,621,094 | ||
Total ending allowance balance | 5,866,567 | 5,866,567 | 5,633,007 | ||
Real Estate Loans [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 122 | 192 | 145 | 263 | 263 |
Provision (credit) for loan losses | (7) | (48) | (30) | (94) | |
Charge-offs | (2) | (4) | (15) | (31) | |
Recoveries | 2 | 0 | 15 | 2 | |
Ending balance | 115 | 140 | 115 | 140 | 145 |
Allowance for loan losses [Abstract] | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 115 | 115 | 145 | ||
Loans [Abstract] | |||||
Individually evaluated for impairment | 395 | 395 | 407 | ||
Collectively evaluated for impairment | 66,124 | 66,124 | 73,615 | ||
Total ending allowance balance | 66,519 | 66,519 | 74,022 | ||
Real Estate Loans [Member] | Multifamily Residential and Residential Mixed Use [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 17,372 | 14,826 | 16,555 | 14,118 | 14,118 |
Provision (credit) for loan losses | (709) | 1,293 | 155 | 2,024 | |
Charge-offs | (12) | (14) | (104) | (74) | |
Recoveries | 11 | 0 | 56 | 37 | |
Ending balance | 16,662 | 16,105 | 16,662 | 16,105 | 16,555 |
Allowance for loan losses [Abstract] | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 16,662 | 16,662 | 16,555 | ||
Loans [Abstract] | |||||
Individually evaluated for impairment | 629 | 629 | 3,333 | ||
Collectively evaluated for impairment | 4,786,662 | 4,786,662 | 4,597,193 | ||
Total ending allowance balance | 4,787,291 | 4,787,291 | 4,600,526 | ||
Real Estate Loans [Member] | Commercial Mixed Use Real Estate [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 1,411 | 1,684 | 1,698 | 1,652 | 1,652 |
Provision (credit) for loan losses | 37 | 36 | (254) | 70 | |
Charge-offs | 0 | (8) | 0 | (10) | |
Recoveries | 0 | 0 | 4 | 0 | |
Ending balance | 1,448 | 1,712 | 1,448 | 1,712 | 1,698 |
Allowance for loan losses [Abstract] | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 1,448 | 1,448 | 1,698 | ||
Loans [Abstract] | |||||
Individually evaluated for impairment | 4,293 | 4,293 | 4,810 | ||
Collectively evaluated for impairment | 411,006 | 411,006 | 399,329 | ||
Total ending allowance balance | 415,299 | 415,299 | 404,139 | ||
Real Estate Loans [Member] | Commercial Real Estate [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 2,034 | 2,187 | 2,118 | 2,461 | 2,461 |
Provision (credit) for loan losses | 49 | (115) | (35) | (412) | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 23 | |
Ending balance | 2,083 | 2,072 | 2,083 | 2,072 | 2,118 |
Allowance for loan losses [Abstract] | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 2,083 | 2,083 | 2,118 | ||
Loans [Abstract] | |||||
Individually evaluated for impairment | 3,313 | 3,313 | 3,363 | ||
Collectively evaluated for impairment | 585,030 | 585,030 | 550,957 | ||
Total ending allowance balance | 588,343 | 588,343 | 554,320 | ||
Real Estate Loans [Member] | ADC [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 6 | 0 | |||
Provision (credit) for loan losses | 8 | 14 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Ending balance | 14 | 14 | 0 | ||
Allowance for loan losses [Abstract] | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 14 | 14 | |||
Loans [Abstract] | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 9,115 | 9,115 | |||
Total ending allowance balance | 9,115 | 9,115 | |||
C & I [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 1,023 | 0 | |||
Provision (credit) for loan losses | 643 | 1,666 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Ending balance | 1,666 | 1,666 | 0 | ||
Allowance for loan losses [Abstract] | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 1,666 | 1,666 | 0 | ||
Loans [Abstract] | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 111,099 | 111,099 | 2,058 | ||
Total ending allowance balance | 111,099 | 111,099 | 2,058 | ||
Consumer Loans [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 17 | 20 | 20 | 20 | 20 |
Provision (credit) for loan losses | 2 | 2 | 4 | 1 | |
Charge-offs | 0 | (2) | (5) | (2) | |
Recoveries | 0 | 0 | 0 | 1 | |
Ending balance | 19 | $ 20 | 19 | $ 20 | 20 |
Allowance for loan losses [Abstract] | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 19 | 19 | 20 | ||
Loans [Abstract] | |||||
Individually evaluated for impairment | 0 | 0 | 0 | ||
Collectively evaluated for impairment | 1,092 | 1,092 | 1,357 | ||
Total ending allowance balance | $ 1,092 | $ 1,092 | $ 1,357 |
ALLOWANCE FOR LOAN LOSSES, Impaired Real Estate Loans (Details) - Real Estate Loans [Member] - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
||||
Unpaid Principal Balance [Abstract] | ||||||||
With no allowance reserve | $ 8,630 | $ 8,630 | $ 11,913 | |||||
Recorded Investment [Abstract] | ||||||||
With no allowance reserve | [1] | 8,630 | 8,630 | 11,913 | ||||
Related Allowance [Abstract] | ||||||||
Related allowance | 0 | 0 | 0 | |||||
Average Recorded Investment [Abstract] | ||||||||
With no allowance reserve | [1] | 9,967 | $ 11,847 | 10,901 | $ 10,601 | |||
Interest Income Recognized [Abstract] | ||||||||
With no related allowance recorded | 96 | 182 | 327 | 418 | ||||
One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | ||||||||
Unpaid Principal Balance [Abstract] | ||||||||
With no allowance reserve | 395 | 395 | 407 | |||||
Recorded Investment [Abstract] | ||||||||
With no allowance reserve | [1] | 395 | 395 | 407 | ||||
Related Allowance [Abstract] | ||||||||
Related allowance | 0 | 0 | 0 | |||||
Average Recorded Investment [Abstract] | ||||||||
With no allowance reserve | [1] | 397 | 412 | 400 | 452 | |||
Interest Income Recognized [Abstract] | ||||||||
With no related allowance recorded | 7 | 6 | 21 | 47 | ||||
Multifamily Residential And Residential Mixed Use Allowance [Member] | ||||||||
Unpaid Principal Balance [Abstract] | ||||||||
With no allowance reserve | 629 | 629 | 3,333 | |||||
Recorded Investment [Abstract] | ||||||||
With no allowance reserve | [1] | 629 | 629 | 3,333 | ||||
Related Allowance [Abstract] | ||||||||
Related allowance | 0 | 0 | 0 | |||||
Average Recorded Investment [Abstract] | ||||||||
With no allowance reserve | [1] | 1,943 | 3,643 | 2,623 | 2,310 | |||
Interest Income Recognized [Abstract] | ||||||||
With no related allowance recorded | 13 | 99 | 75 | 138 | ||||
Commercial Mixed Use Real Estate [Member] | ||||||||
Unpaid Principal Balance [Abstract] | ||||||||
With no allowance reserve | 4,293 | 4,293 | 4,810 | |||||
Recorded Investment [Abstract] | ||||||||
With no allowance reserve | [1] | 4,293 | 4,293 | 4,810 | ||||
Related Allowance [Abstract] | ||||||||
Related allowance | 0 | 0 | 0 | |||||
Average Recorded Investment [Abstract] | ||||||||
With no allowance reserve | [1] | 4,306 | 4,404 | 4,539 | 4,383 | |||
Interest Income Recognized [Abstract] | ||||||||
With no related allowance recorded | 43 | 43 | 131 | 131 | ||||
Commercial Real Estate [Member] | ||||||||
Unpaid Principal Balance [Abstract] | ||||||||
With no allowance reserve | 3,313 | 3,313 | 3,363 | |||||
Recorded Investment [Abstract] | ||||||||
With no allowance reserve | [1] | 3,313 | 3,313 | 3,363 | ||||
Related Allowance [Abstract] | ||||||||
Related allowance | 0 | 0 | $ 0 | |||||
Average Recorded Investment [Abstract] | ||||||||
With no allowance reserve | [1] | 3,321 | 3,388 | 3,339 | 3,456 | |||
Interest Income Recognized [Abstract] | ||||||||
With no related allowance recorded | $ 33 | $ 34 | $ 100 | $ 102 | ||||
|
INVESTMENT AND MORTGAGE-BACKED SECURITIES, Major Categories of Securities Owned (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017
USD ($)
Security
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2017
USD ($)
Security
|
Sep. 30, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
|
|||||
Investment Securities Held-to-Maturity [Abstract] | |||||||||
Amortized Cost | $ 0 | $ 0 | $ 5,378 | ||||||
Fair Value | 7,296 | ||||||||
Investment Securities Available-for-sale [Abstract] | |||||||||
Amortized Cost | 31,329 | 31,329 | 7,618 | [1] | |||||
Gross Unrealized Gains | 275 | 275 | 74 | ||||||
Gross Unrealized Losses | (189) | (189) | (239) | ||||||
Fair Value | 31,415 | 31,415 | 7,453 | ||||||
Total Investment Securities [Abstract] | |||||||||
Amortized Cost | [1] | 12,996 | |||||||
Gross Unrealized Gains | 2,295 | ||||||||
Gross Unrealized Losses | (542) | ||||||||
Fair Value | 14,749 | ||||||||
Sale of TRUP CDO securities [Abstract] | |||||||||
Gross proceeds from sale of securities | 9,167 | $ 0 | |||||||
Investment securities available-for-sale (Registered Mutual Funds) [Abstract] | |||||||||
Proceeds | 240 | 0 | |||||||
Trading securities [Abstract] | |||||||||
Proceeds | 4,629 | 3,648 | |||||||
Pooled Bank Trust Preferred Securities [Member] | |||||||||
Investment Securities Held-to-Maturity [Abstract] | |||||||||
Amortized Cost | [1] | 5,378 | |||||||
Gross Unrealized Gains | 2,221 | ||||||||
Gross Unrealized Losses | (303) | ||||||||
Fair Value | 7,296 | ||||||||
Sale of TRUP CDO securities [Abstract] | |||||||||
Unamortized portion of the unrealized loss amount recognized | $ 705 | $ 705 | 755 | ||||||
Number of TRUP CDO securities deemed OTTI | Security | 5 | 5 | |||||||
Amortized cost TRUP CDO portfolio | $ 5,331 | $ 5,331 | |||||||
OTTI charges | 8,553 | ||||||||
Gross proceeds from sale of securities | 9,167 | 9,167 | |||||||
Gross gains recognized from sale of securites | 3,048 | 3,048 | |||||||
Gross losses recognized on sale of securites | 411 | 411 | |||||||
Registered Mutual Funds [Member] | |||||||||
Investment Securities Available-for-sale [Abstract] | |||||||||
Amortized Cost | 3,824 | 3,824 | 4,011 | [1] | |||||
Gross Unrealized Gains | 262 | 262 | 62 | ||||||
Gross Unrealized Losses | (52) | (52) | (178) | ||||||
Fair Value | 4,034 | 4,034 | 3,895 | ||||||
Investment securities available-for-sale (Registered Mutual Funds) [Abstract] | |||||||||
Proceeds | 137 | $ 0 | 240 | 0 | |||||
Pass-through MBS Issued by Government Sponsored Entities ("GSEs") [Member] | |||||||||
Investment Securities Available-for-sale [Abstract] | |||||||||
Amortized Cost | 16,739 | 16,739 | 360 | [1] | |||||
Gross Unrealized Gains | 12 | 12 | 12 | ||||||
Gross Unrealized Losses | (67) | (67) | 0 | ||||||
Fair Value | 16,684 | $ 16,684 | 372 | ||||||
Investment and Mortgage-Backed Securities [Abstract] | |||||||||
Securities weighted average term to maturity | 19 years 8 months 12 days | ||||||||
Weighted average estimated duration | 3 years 2 months 12 days | ||||||||
Sale of TRUP CDO securities [Abstract] | |||||||||
Proceeds from sales of mortgage backed securities available-for-sale | 0 | 0 | $ 0 | 0 | |||||
Agency Collateralized Mortgage Obligation ("CMO") [Member] | |||||||||
Investment Securities Available-for-sale [Abstract] | |||||||||
Amortized Cost | 10,766 | 10,766 | 3,247 | [1] | |||||
Gross Unrealized Gains | 1 | 1 | 0 | ||||||
Gross Unrealized Losses | (70) | (70) | (61) | ||||||
Fair Value | 10,697 | $ 10,697 | $ 3,186 | ||||||
Investment and Mortgage-Backed Securities [Abstract] | |||||||||
Securities weighted average term to maturity | 16 years 8 months 12 days | ||||||||
Weighted average estimated duration | 2 years 3 months 18 days | ||||||||
Sale of TRUP CDO securities [Abstract] | |||||||||
Proceeds from sales of mortgage backed securities available-for-sale | 0 | 0 | $ 0 | 0 | |||||
Trading Securities [Member] | |||||||||
Trading securities [Abstract] | |||||||||
Proceeds | 85 | 0 | 4,629 | 3,648 | |||||
Gross gains | 3 | 0 | 66 | 3 | |||||
Gross losses | $ 0 | $ 0 | $ 25 | $ 45 | |||||
|
INVESTMENT AND MORTGAGE-BACKED SECURITIES, Continuous Unrealized Loss Position (Details) $ in Thousands |
Sep. 30, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
Security
|
---|---|---|
Pooled Bank Trust Preferred Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Number of TRUP securities not deemed having OTTI | Security | 1 | |
Number of TRUP securities deemed have OTTI | Security | 1 | |
Held-to-Maturity Securities, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | $ 0 | |
12 Consecutive Months or Longer | 2,439 | |
Total | 2,439 | |
Held-to-Maturity Securities, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 0 | |
12 Consecutive Months or Longer | 303 | |
Total | 303 | |
Registered Mutual Funds [Member] | ||
Available-for-Sale Securities, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | $ 1,074 | 1,308 |
12 Consecutive Months or Longer | 1,574 | 1,747 |
Total | 2,648 | 3,055 |
Available-for-Sale Securities, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 21 | 47 |
12 Consecutive Months or Longer | 31 | 131 |
Total | 52 | 178 |
Pass-through MBS Issued by Government Sponsored Entities ("GSEs") [Member] | ||
Available-for-Sale Securities, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | 16,349 | |
12 Consecutive Months or Longer | 0 | |
Total | 16,349 | |
Available-for-Sale Securities, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 67 | |
12 Consecutive Months or Longer | 0 | |
Total | 67 | |
Agency Collateralized Mortgage Obligation ("CMO") [Member] | ||
Available-for-Sale Securities, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | 5,064 | 3,186 |
12 Consecutive Months or Longer | 3,133 | 0 |
Total | 8,197 | 3,186 |
Available-for-Sale Securities, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 15 | 61 |
12 Consecutive Months or Longer | 55 | 0 |
Total | $ 70 | $ 61 |
INVESTMENT AND MORTGAGE-BACKED SECURITIES, Reconciliation of Pre-Tax OTTI Charges Recognized (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
OTTI Credit and Non-Credit Losses Recognized in Earnings and AOCI [Abstract] | ||||
Reductions for previous credit losses realized on securities sold during the year | $ (1,229) | $ 0 | ||
Pooled Bank Trust Preferred Securities [Member] | ||||
OTTI Credit and Non-Credit Losses Recognized in Earnings and AOCI [Abstract] | ||||
Cumulative pre-tax balance at the beginning of the period | $ 9,088 | $ 9,227 | 9,157 | 9,295 |
Amortization of previously recognized OTTI | (11) | (35) | (80) | (103) |
Reductions for previous credit losses realized on securities sold during the year | (9,077) | 0 | (9,077) | 0 |
Cumulative pre-tax balance at end of the period | 0 | 9,192 | 0 | 9,192 |
Pooled Bank Trust Preferred Securities [Member] | Credit Related OTTI [Member] | ||||
OTTI Credit and Non-Credit Losses Recognized in Earnings and AOCI [Abstract] | ||||
Cumulative pre-tax balance at the beginning of the period | 8,561 | 8,665 | 8,613 | 8,717 |
Amortization of previously recognized OTTI | (8) | (26) | (60) | (78) |
Reductions for previous credit losses realized on securities sold during the year | (8,553) | 0 | (8,553) | 0 |
Cumulative pre-tax balance at end of the period | 0 | 8,639 | 0 | 8,639 |
Pooled Bank Trust Preferred Securities [Member] | Non-Credit Related OTTI [Member] | ||||
OTTI Credit and Non-Credit Losses Recognized in Earnings and AOCI [Abstract] | ||||
Cumulative pre-tax balance at the beginning of the period | 527 | 562 | 544 | 578 |
Amortization of previously recognized OTTI | (3) | (9) | (20) | (25) |
Reductions for previous credit losses realized on securities sold during the year | (524) | 0 | (524) | 0 |
Cumulative pre-tax balance at end of the period | $ 0 | $ 553 | $ 0 | $ 553 |
DERIVATIVES AND HEDGING ACTIVITIES, Classification on Consolidated Statements of Financial Condition (Details) - Designated as Hedging Instrument [Member] $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended |
---|---|---|---|
Sep. 30, 2017
USD ($)
DerivativeInstrument
|
Sep. 30, 2017
USD ($)
DerivativeInstrument
|
Dec. 31, 2016
USD ($)
DerivativeInstrument
|
|
Fair Value of Derivative Financial Instruments [Abstract] | |||
Weighted average pay rates | 1.46% | 1.46% | 1.24% |
Weighted average receive rates | 1.32% | 1.32% | 0.95% |
Weighted average maturity | 4 years 6 months 14 days | 5 years 3 months 25 days | |
Interest Rate Products [Member] | |||
Fair Value of Derivative Financial Instruments [Abstract] | |||
Hedge ineffectiveness | $ 0 | $ 0 | |
Estimated reclassification increase to interest expense during next twelve months | $ 107 | $ 107 | |
Interest Rate Swaps Related to FHLBNY Advances [Member] | |||
Fair Value of Derivative Financial Instruments [Abstract] | |||
Count | DerivativeInstrument | 7 | 7 | 4 |
Notional amount | $ 135,000 | $ 135,000 | $ 90,000 |
Fair value assets | 2,973 | 2,973 | 3,228 |
Fair value liabilities | $ (50) | $ (50) | $ 0 |
DERIVATIVES AND HEDGING ACTIVITIES, Effect on Consolidated Statements of Income (Details) - Interest Rate Products [Member] - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Non-Interest Expense [Member] | ||||
Gain (Loss) on Derivative Financial Instruments [Abstract] | ||||
Amount of gain or (loss) recognized (ineffective portion) | $ 0 | $ 0 | $ 0 | $ 0 |
Other Comprehensive Income [Member] | ||||
Gain (Loss) on Derivative Financial Instruments [Abstract] | ||||
Amount of gain (loss) recognized (effective portion) | 24 | 717 | (573) | (281) |
Other Comprehensive Income [Member] | Interest Expense [Member] | ||||
Gain (Loss) on Derivative Financial Instruments [Abstract] | ||||
Amount of gain or (loss) reclassified (effective portion | $ (68) | $ (9) | $ (247) | $ 32 |
DERIVATIVES AND HEDGING ACTIVITIES, Offsetting of Derivative Liabilities (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2017
USD ($)
Provision
| |
DERIVATIVES AND HEDGING ACTIVITIES [Abstract] | |
Fair value of derivative liability, including accrued interest | $ | $ 2,894 |
Number of provisions breached | Provision | 0 |
FAIR VALUE OF FINANCIAL INSTRUMENTS, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) $ in Thousands |
Sep. 30, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
Security
|
---|---|---|
Financial Liabilities [Abstract] | ||
Impaired loans measured at fair value | $ 0 | $ 0 |
Trust Preferred Securities, Number | Security | 7 | |
Recurring [Member] | ||
Trading securities (Registered Mutual Funds) [Abstract] | ||
Domestic Equity Mutual Funds | 435 | $ 873 |
International Equity Mutual Funds | 115 | 213 |
Fixed Income Mutual Funds | 2,125 | 5,867 |
Registered Mutual Funds [Abstract] | ||
Domestic Equity Mutual Funds | 1,479 | 1,356 |
International Equity Mutual Funds | 441 | 377 |
Fixed Income Mutual Funds | 2,114 | 2,162 |
Pass-through MBS issued by GSEs | 16,684 | 372 |
Agency CMOs | 10,697 | 3,186 |
Derivative - interest rate product | 2,973 | 3,228 |
Financial Liabilities [Abstract] | ||
Derivative - interest rate product | 50 | |
Recurring [Member] | Level 1 Inputs [Member] | ||
Trading securities (Registered Mutual Funds) [Abstract] | ||
Domestic Equity Mutual Funds | 435 | 873 |
International Equity Mutual Funds | 115 | 213 |
Fixed Income Mutual Funds | 2,125 | 5,867 |
Registered Mutual Funds [Abstract] | ||
Domestic Equity Mutual Funds | 1,479 | 1,356 |
International Equity Mutual Funds | 441 | 377 |
Fixed Income Mutual Funds | 2,114 | 2,162 |
Pass-through MBS issued by GSEs | 0 | 0 |
Agency CMOs | 0 | 0 |
Derivative - interest rate product | 0 | 0 |
Financial Liabilities [Abstract] | ||
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 | 16,684 | 372 |
Agency CMOs | 10,697 | 3,186 |
Derivative - interest rate product | 2,973 | 3,228 |
Financial Liabilities [Abstract] | ||
Derivative - interest rate product | 50 | |
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 | 0 |
Derivative - interest rate product | 0 | 0 |
Financial Liabilities [Abstract] | ||
Derivative - interest rate product | 0 | |
Nonrecurring [Member] | ||
Financial Liabilities [Abstract] | ||
Assets measured at fair value | $ 0 | $ 0 |
FAIR VALUE OF FINANCIAL INSTRUMENTS, Balance Sheet Groupings (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Financial Assets [Abstract] | ||
TRUP CDOs | $ 7,296 | |
Carrying Amount [Member] | ||
Financial Assets [Abstract] | ||
Cash and due from banks | $ 173,060 | 113,503 |
TRUP CDOs | 5,378 | |
Loans, net | 5,956,751 | 5,615,886 |
Accrued interest receivable | 16,793 | 15,647 |
FHLBNY capital stock | 61,833 | 44,444 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 3,345,693 | 3,346,961 |
Certificates of Deposit ("CDs") | 1,025,500 | 1,048,465 |
Escrow and other deposits | 117,765 | 103,001 |
FHLBNY Advances | 1,217,500 | 831,125 |
Subordinated debt, net | 113,575 | |
Trust preferred securities payable | 70,680 | |
Accrued interest payable | 2,759 | 2,080 |
Fair Value [Member] | ||
Financial Assets [Abstract] | ||
Cash and due from banks | 173,060 | 113,503 |
TRUP CDOs | 7,296 | |
Loans, net | 5,946,931 | 5,609,034 |
Accrued interest receivable | 16,793 | 15,647 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 3,345,693 | 3,346,961 |
Certificates of Deposit ("CDs") | 1,027,592 | 1,054,131 |
Escrow and other deposits | 117,765 | 103,001 |
FHLBNY Advances | 1,215,706 | 831,951 |
Subordinated debt, net | 115,875 | |
Trust preferred securities payable | 69,973 | |
Accrued interest payable | 2,759 | 2,080 |
Fair Value [Member] | Level 1 Inputs [Member] | ||
Financial Assets [Abstract] | ||
Cash and due from banks | 173,060 | 113,503 |
TRUP CDOs | 0 | |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 3,345,693 | 3,346,961 |
Certificates of Deposit ("CDs") | 0 | 0 |
Escrow and other deposits | 117,765 | 103,001 |
FHLBNY Advances | 0 | 0 |
Subordinated debt, net | 0 | |
Trust preferred securities payable | 0 | |
Accrued interest payable | 0 | 0 |
Fair Value [Member] | Level 2 Inputs [Member] | ||
Financial Assets [Abstract] | ||
Cash and due from banks | 0 | 0 |
TRUP CDOs | 0 | |
Loans, net | 0 | 0 |
Accrued interest receivable | 58 | 11 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 0 | 0 |
Certificates of Deposit ("CDs") | 1,027,592 | 1,054,131 |
Escrow and other deposits | 0 | 0 |
FHLBNY Advances | 1,215,706 | 831,951 |
Subordinated debt, net | 115,875 | |
Trust preferred securities payable | 69,973 | |
Accrued interest payable | 2,759 | 2,080 |
Fair Value [Member] | Level 3 Inputs [Member] | ||
Financial Assets [Abstract] | ||
Cash and due from banks | 0 | 0 |
TRUP CDOs | 7,296 | |
Loans, net | 5,946,931 | 5,609,034 |
Accrued interest receivable | 16,735 | 15,636 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 0 | 0 |
Certificates of Deposit ("CDs") | 0 | 0 |
Escrow and other deposits | 0 | 0 |
FHLBNY Advances | 0 | 0 |
Subordinated debt, net | 0 | |
Trust preferred securities payable | 0 | |
Accrued interest payable | $ 0 | $ 0 |
RETIREMENT AND POSTRETIREMENT PLANS (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2017
USD ($)
Participants
shares
|
Sep. 30, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Net Periodic Benefit Cost [Abstract] | |||||
Tax benefit from market valuation adjustment on distribution of ESOP shares | $ 717 | ||||
BMP Retirement Plan [Member] | |||||
Net Periodic Benefit Cost [Abstract] | |||||
Estimated employer contributions or benefit payments | $ 137 | $ 137 | |||
Retirement Plans [Member] | BMP, Employee and Outside Director Retirement Plans [Member] | |||||
Net Periodic Benefit Cost [Abstract] | |||||
Service cost | 0 | $ 0 | 0 | 0 | |
Interest cost | 329 | 343 | 987 | 1,028 | |
Expected return on assets | (395) | (383) | (1,185) | (1,149) | |
Unrecognized past service liability | 0 | 0 | 0 | 0 | |
Amortization of unrealized loss (gain) | 358 | 428 | 1,076 | 1,284 | |
Net periodic cost | 292 | 388 | 878 | 1,163 | |
Retirement Plans [Member] | Employee Retirement Plan [Member] | |||||
Net Periodic Benefit Cost [Abstract] | |||||
Estimated employer contributions or benefit payments | $ 15 | ||||
Contributions by employer | 5 | 17 | |||
Retirement Plans [Member] | Outside Director Retirement Plan [Member] | |||||
Net Periodic Benefit Cost [Abstract] | |||||
Estimated employer contributions or benefit payments | 208 | ||||
Contributions by employer | 64 | 161 | |||
Retirement Plans [Member] | BMP Retirement Plan [Member] | |||||
Net Periodic Benefit Cost [Abstract] | |||||
Estimated employer contributions or benefit payments | 725 | ||||
Contributions by employer | 136 | 240 | |||
Lump-sum distribution for retired participant | $ 11,708 | ||||
Number of retired participants that elected gross lump-sum distribution | Participants | 2 | ||||
Distribution of common stock (in shares) | shares | 360,822 | ||||
Component held by ESOP | $ 7,068 | ||||
Benefit held by defined contribution plan | 4,591 | ||||
Tax benefit from market valuation adjustment on distribution of ESOP shares | 1,322 | ||||
Other Postretirement Plan [Member] | Postretirement Plan [Member] | |||||
Net Periodic Benefit Cost [Abstract] | |||||
Service cost | 0 | 0 | 0 | 0 | |
Interest cost | 14 | 16 | 42 | 47 | |
Expected return on assets | 0 | 0 | 0 | 0 | |
Unrecognized past service liability | (2) | (2) | (6) | (6) | |
Amortization of unrealized loss (gain) | (1) | (1) | (3) | (3) | |
Net periodic cost | 11 | $ 13 | 33 | $ 38 | |
Estimated employer contributions or benefit payments | $ 113 | ||||
Contributions by employer | $ 48 | $ 125 |
SUBORDINATED NOTES PAYABLE (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Debt Instrument [Line Items] | ||
Subordinated note issued | $ 113,575 | $ 0 |
Interest rate | 7.00% | |
Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Subordinated note issued | $ 115,000 | |
Subordinated debt, Due date | Jun. 30, 2027 | |
Subordinated debt, Maturity date | Jun. 15, 2027 | |
Interest rate | 4.50% | |
Subordinated Debt [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Variable rate basis | three-month LIBOR | |
Basis Spread on Variable Rate | 2.66% |
TRUST PREFERRED SECURITIES PAYABLE (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|
TRUST PREFERRED SECURITIES PAYABLE [Abstract] | |||||
Interest rate | 7.00% | ||||
Trust preferred securities outstanding | $ 70,680 | $ 70,680 | $ 70,680 | ||
Trust preferred securities redeemed | 70,680 | 70,680 | $ 0 | ||
Loss from extinguishment of debt | $ (1,272) | $ 0 | $ (1,272) | $ 0 |
INCOME TAXES (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Mar. 16, 2016
USD ($)
|
Sep. 30, 2017
USD ($)
Item
|
Sep. 30, 2016
USD ($)
Item
|
Sep. 30, 2017
USD ($)
Item
|
Sep. 30, 2016
USD ($)
Item
|
|
Income Tax Expenses Benefit [Line Items] | |||||
Effective tax rates | 35.20% | 41.50% | 37.00% | 42.10% | |
Gain on sale of real estate | $ 68,183 | $ 0 | $ 0 | $ 0 | $ 68,183 |
Income tax benefit | 7,230 | $ 7,481 | 21,414 | 52,141 | |
Deferred tax expense | $ 476 | $ (2,869) | $ (1,993) | ||
Number of significant and unusual income tax items in the period | Item | 0 | 0 | 0 | 0 | |
BMP Retirement Plan [Member] | |||||
Income Tax Expenses Benefit [Line Items] | |||||
Income tax benefit | $ (1,322) |
PREMISES HELD FOR SALE (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Mar. 16, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
Apr. 14, 2016 |
Dec. 31, 2015 |
|
PREMISES HELD FOR SALE [Abstract] | ||||||||
Premises held for sale with aggregate recorded balance | $ 1,379 | $ 1,379 | $ 1,379 | $ 8,799 | ||||
Net gain on the sale of premises held for sale | $ 68,183 | $ 0 | $ 0 | $ 0 | $ 68,183 | |||
Aggregate purchase price under purchase and sale agreement | $ 12,300 |
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