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CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS
 12 Months Ended
Dec. 31, 2017
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS [Abstract]  
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS
23.
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS


The following statements of condition as of December 31, 2017 and 2016, and the related statements of operations and cash flows for the years ended December 31, 2017, 2016 and 2015, reflect the Holding Company’s investment in its wholly-owned subsidiary, the Bank, using, as deemed appropriate, the equity method of accounting:

DIME COMMUNITY BANCSHARES, INC.
CONDENSED STATEMENTS OF FINANCIAL CONDITION

  
At December 31,
 
  
2017
  
2016
 
ASSETS:
      
Cash and due from banks
 
$
58,723
  
$
49,152
 
Investment securities available-for-sale
  
4,006
   
3,895
 
Trading securities
  
2,715
   
6,953
 
MBS available-for-sale
  
321
   
372
 
Investment in subsidiaries
  
643,260
   
571,150
 
Other assets
  
3,154
   
6,020
 
Total assets
 
$
712,179
  
$
637,542
 
         
LIABILITIES AND STOCKHOLDERS’ EQUITY:
        
Trust Preferred securities payable
 
$
-
  
$
70,680
 
Subordinated debt, net
  
113,612
   
-
 
Other liabilities
  
-
   
994
 
Stockholders’ equity
  
598,567
   
565,868
 
Total liabilities and stockholders’ equity
 
$
712,179
  
$
637,542
 
 
DIME COMMUNITY BANCSHARES, INC.
CONDENSED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (1)

  
Year Ended December 31,
 
  
2017
  
2016
  
2015
 
Net interest loss
 
$
(5,427
)
 
$
(4,852
)
 
$
(4,779
)
Dividends received from Bank
  
8,000
   
12,000
   
16,000
 
Non-interest income
  
249
   
478
   
295
 
Non-interest expense
  
(2,002
)
  
(668
)
  
(667
)
Income before income taxes and equity in
undistributed earnings of direct subsidiaries
  
820
   
6,958
   
10,849
 
Income tax credit
  
3,274
   
2,251
   
2,321
 
Income before equity in undistributed earnings of direct subsidiaries
  
4,094
   
9,209
   
13,170
 
Equity in undistributed earnings of subsidiaries
  
47,788
   
63,305
   
31,602
 
Net income
 
$
51,882
  
$
72,514
  
$
44,772
 
(1) Other comprehensive income for the Holding Company approximated other comprehensive income for the consolidated Company during the years ended December 31, 2017, 2016 and 2015.
 
DIME COMMUNITY BANCSHARES, INC.
CONDENSED STATEMENTS OF CASH FLOWS
 
  
Year Ended December 31,
 
  
2017
  
2016
  
2015
 
Cash flows from Operating Activities:
         
Net income
 
$
51,882
  
$
72,514
  
$
44,772
 
Adjustments to reconcile net income to net cash provided by operating activities:
            
Equity in undistributed earnings of direct subsidiaries
  
(47,788
)
  
(63,305
)
  
(31,602
)
Net loss on the sale of investment securities available for sale
  
-
   
-
   
4
 
Net (gain) loss on trading securities
  
(169
)
  
(83
)
  
108
 
Net accretion
  
81
   
-
   
-
 
Loss from extinguishment of debt
  
1,272
   
-
   
-
 
Decrease (Increase) in other assets
  
1,442
   
(2,206
)
  
(69
)
(Decrease) Increase in other liabilities
  
(994
)
  
(7
)
  
(560
)
Net cash provided by operating activities
  
5,726
   
6,913
   
12,653
 
             
Cash flows from Investing Activities:
            
Proceeds from sale of investment securities available-for-sale
  
377
   
-
   
2,000
 
Proceeds from the sale of trading securities
  
4,629
   
3,648
   
1,340
 
Purchases of investment securities available-for-sale
  
(145
)
  
(22
)
  
(2,134
)
Reimbursement from subsidiary, including purchases of investment securities available-for-sale
  
175
   
303
   
1,655
 
Net purchases of trading securities
  
(222
)
  
(317
)
  
(3,090
)
Principal collected on MBS available-for-sale
  
49
   
59
   
63
 
Principal repayments on ESOP loan
  
-
   
209
   
194
 
Net cash provided by investing activities
  
4,863
   
3,880
   
28
 
             
Cash flows from Financing Activities:
            
Redemption of preferred stock
  
(1
)
  
-
   
-
 
Common Stock issued for exercise of stock options
  
792
   
3,669
   
6,549
 
Repayment of trust preferred securities
  
(70,680
)
  
-
   
-
 
Proceeds from subordinated debt issuance, net
  
113,531
   
-
   
-
 
Treasury shares repurchased
  
-
   
-
   
(300
)
Equity award distribution
  
236
   
65
   
251
 
BMP ESOP shares received to satisfy distribution of retirement benefits
  
(3,905
)
  
(1,820
)
  
-
 
Capital contribution to subsidiary
  
(20,000
)
  
-
   
-
 
Cash dividends paid to stockholders
  
(20,991
)
  
(20,569
)
  
(20,279
)
Net cash used in financing activities
  
(1,018
)
  
(18,655
)
  
(13,779
)
             
Net decrease in cash and due from banks
  
9,571
   
(7,862
)
  
(1,098
)
Cash and due from banks, beginning of period
  
49,152
   
57,014
   
58,112
 
Cash and due from banks, end of period
 
$
58,723
  
$
49,152
  
$
57,014