TRUST PREFERRED SECURITIES PAYABLE

6 Months Ended

Jun. 30, 2018

TRUST PREFERRED SECURITIES PAYABLE [Abstract]

TRUST PREFERRED SECURITIES PAYABLE

16. TRUST PREFERRED SECURITIES PAYABLE

On March 19, 2004, the Holding Company completed an offering of $72,165 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.  Interest expense related to the trust preferred securities payable was $1,256 and $2,512 during the three and six months ended June 30, 2017, respectively.

During the three months ended September 30, 2017, the Company fully redeemed its $70,680 of trust preferred securities borrowings at par from third parties.