x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware
(State or other jurisdiction of incorporation or organization)
|
|
11-3297463
(I.R.S. employer identification number)
|
209 Havemeyer Street, Brooklyn, NY
(
Address of principal executive offices)
|
|
11211
(Zip Code)
|
TABLE OF CONTENTS
|
|
|
|
|
Page
|
PART I
|
|
Item 1. Business
|
|
General
|
F-3
|
Market Area and Competition
|
F-4
|
Lending Activities
|
F-4
|
Asset Quality
|
F-12
|
Allowance for Loan Losses
|
F-17
|
Investment Activities
|
F-19
|
Sources of Funds
|
F-22
|
Subsidiary Activities
|
F-25
|
Personnel
|
F-25
|
Federal, State and Local Taxation
|
F-25
|
Federal Taxation
|
F-25
|
State and Local Taxation
|
F-26
|
Regulation
|
F-26
|
General
|
F-26
|
Regulation of New York State Chartered Savings Banks
|
F-27
|
Regulation of Holding Company
|
F-37
|
Federal Securities Laws
|
F-38
|
Delaware Corporation Law
|
F-38
|
Item 1A. Risk Factors
|
F-39
|
Item 1B. Unresolved Staff Comments
|
F-48
|
Item 2. Properties
|
F-48
|
Item 3. Legal Proceedings
|
F-48
|
Item 4. Mine Safety Disclosures
|
F-48
|
PART II
|
|
Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
F-48
|
Item 6. Selected Financial Data
|
F-51
|
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
|
F-53
|
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
|
F-64
|
Item 8. Financial Statements and Supplementary Data
|
F-67
|
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
|
F-67
|
Item 9A. Controls and Procedures
|
F-67
|
Item 9B. Other Information
|
F-68
|
PART III
|
|
Item 10. Directors, Executive Officers and Corporate Governance
|
F-68
|
Item 11. Executive Compensation
|
F-68
|
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
F-68
|
Item 13. Certain Relationships and Related Transactions, and Director Independence
|
F-68
|
Item 14. Principal Accounting Fees and Services
|
F-68
|
PART IV
|
|
Item 15. Exhibits, Financial Statement Schedules
|
F-68
|
Signatures
|
F-69
|
·
|
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;
|
·
|
changes in the interest rate environment may reduce interest margins;
|
·
|
changes in deposit flows, loan demand or real estate values may adversely affect the business of The Dime Savings Bank of Williamsburgh (the "Bank");
|
·
|
changes in accounting principles, policies or guidelines may cause the Company's financial condition to be perceived differently;
|
·
|
changes in corporate and/or individual income tax laws may adversely affect the Company's business or financial condition;
|
·
|
general economic conditions, either nationally or locally in some or all areas in which the Company conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Company currently anticipates;
|
·
|
legislation or regulatory changes may adversely affect the Company's business;
|
·
|
technological changes may be more difficult or expensive than the Company anticipates;
|
·
|
success or consummation of new business initiatives may be more difficult or expensive than the Company anticipates;
|
·
|
litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Company anticipates; and
|
·
|
The risks referred to in the section entitled "Risk Factors."
|
|
At December 31,
|
|||||||||||||||||||||||||||||||||||||||
|
2012
|
Percent of Total
|
2011
|
Percent of Total
|
2010
|
Percent of Total
|
2009
|
Percent of Total
|
2008
|
Percent of Total
|
||||||||||||||||||||||||||||||
|
Dollars in Thousands
|
|||||||||||||||||||||||||||||||||||||||
Real Estate loans:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Multifamily residential
|
$
|
2,671,533
|
76.30
|
%
|
$
|
2,599,850
|
75.13
|
%
|
$
|
2,500,265
|
72.09
|
%
|
$
|
2,377,278
|
70.10
|
%
|
$
|
2,242,542
|
68.20
|
%
|
||||||||||||||||||||
Commercial real estate
|
735,224
|
21.00
|
751,586
|
21.72
|
833,168
|
24.02
|
834,724
|
24.61
|
848,208
|
25.80
|
||||||||||||||||||||||||||||||
One- to four-family and cooperative
apartment units
|
91,876
|
2.62
|
100,712
|
2.91
|
117,268
|
3.38
|
131,891
|
3.89
|
142,295
|
4.32
|
||||||||||||||||||||||||||||||
Construction and land acquisition
|
476
|
0.01
|
5,827
|
0.17
|
15,238
|
0.44
|
44,544
|
1.31
|
52,982
|
1.61
|
||||||||||||||||||||||||||||||
Total real estate loans
|
3,499,109
|
99.93
|
3,457,975
|
99.93
|
3,465,939
|
99.93
|
3,388,437
|
99.91
|
3,286,027
|
99.93
|
||||||||||||||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||||||||||||||||||
Depositor loans
|
712
|
0.02
|
483
|
0.01
|
530
|
0.02
|
830
|
0.02
|
1,059
|
0.03
|
||||||||||||||||||||||||||||||
Consumer installment and other
|
1,711
|
0.05
|
1,966
|
0.06
|
2,010
|
0.05
|
2,391
|
0.07
|
1,132
|
0.04
|
||||||||||||||||||||||||||||||
Total consumer loans
|
2,423
|
0.07
|
2,449
|
0.07
|
2,540
|
0.07
|
3,221
|
0.09
|
2,191
|
0.07
|
||||||||||||||||||||||||||||||
Gross loans
|
3,501,532
|
100.00
|
%
|
3,460,424
|
100.00
|
%
|
3,468,479
|
100.00
|
%
|
3,391,658
|
100.00
|
%
|
3,288,218
|
100.00
|
%
|
|||||||||||||||||||||||||
Net unearned costs
|
4,836
|
3,463
|
5,013
|
4,017
|
3,287
|
|||||||||||||||||||||||||||||||||||
Allowance for loan losses
|
(20,550
|
)
|
(20,254
|
)
|
(19,166
|
)
|
(21,505
|
)
|
(17,454
|
)
|
||||||||||||||||||||||||||||||
Loans, net
|
$
|
3,485,818
|
$
|
3,443,633
|
$
|
3,454,326
|
$
|
3,374,170
|
$
|
3,274,051
|
||||||||||||||||||||||||||||||
Loans serviced for others:
|
||||||||||||||||||||||||||||||||||||||||
One- to four-family and
cooperative apartment
|
$
|
8,786
|
$
|
10,841
|
$
|
12,559
|
$
|
15,657
|
$
|
19,181
|
||||||||||||||||||||||||||||||
Multifamily residential
|
353,034
|
475,673
|
583,751
|
654,452
|
640,200
|
|||||||||||||||||||||||||||||||||||
Total loans serviced for others
|
$
|
361,820
|
$
|
486,514
|
$
|
596,310
|
$
|
670,109
|
$
|
659,381
|
|
For the Year Ended December 31,
|
|||||||||||||||||||
|
2012
|
2011
|
2010
|
2009
|
2008
|
|||||||||||||||
|
Dollars in Thousands
|
|||||||||||||||||||
Gross loans:
|
|
|
|
|
|
|||||||||||||||
At beginning of period
|
$
|
3,460,424
|
$
|
3,468,479
|
$
|
3,391,658
|
$
|
3,288,218
|
$
|
2,875,192
|
||||||||||
Real estate loans originated:
|
||||||||||||||||||||
Multifamily residential
|
942,326
|
563,696
|
467,160
|
369,424
|
786,918
|
|||||||||||||||
Commercial real estate
|
142,418
|
98,607
|
58,687
|
49,827
|
226,605
|
|||||||||||||||
One- to four-family and cooperative apartment units(1)
|
12,184
|
7,094
|
7,431
|
25,399
|
44,140
|
|||||||||||||||
Equity lines of credit on multifamily residential or commercial properties
|
2,764
|
7,685
|
6,540
|
8,808
|
10,843
|
|||||||||||||||
Construction and land acquisition
|
-
|
1,712
|
1,901
|
10,944
|
18,215
|
|||||||||||||||
Total mortgage loans originated
|
1,099,692
|
678,794
|
541,719
|
464,402
|
1,086,721
|
|||||||||||||||
Other loans originated
|
1,414
|
1,552
|
1,756
|
1,639
|
2,640
|
|||||||||||||||
Total loans originated
|
1,101,106
|
680,346
|
543,475
|
466,041
|
1,089,361
|
|||||||||||||||
Loans purchased (2)
|
30,425
|
54,364
|
45,096
|
90,648
|
‑
|
|||||||||||||||
Less:
|
||||||||||||||||||||
Principal repayments (including satisfactions and refinances)
|
1,020,525
|
698,928
|
427,307
|
327,433
|
523,788
|
|||||||||||||||
Loans sold (3)
|
67,593
|
38,320
|
75,221
|
119,350
|
150,983
|
|||||||||||||||
Write down of principal balance for expected loss
|
2,305
|
5,517
|
8,902
|
5,515
|
‑
|
|||||||||||||||
Loans transferred to other real estate owned
|
-
|
-
|
320
|
951
|
1,564
|
|||||||||||||||
Gross loans at end of period
|
$
|
3,501,532
|
$
|
3,460,424
|
$
|
3,468,479
|
$
|
3,391,658
|
$
|
3,288,218
|
|
Real Estate Loans
|
Consumer Loans
|
Total
|
|||||||||
|
(Dollars in Thousands)
|
|||||||||||
Amount due to Mature or Reprice During the Year Ending:
|
|
|
|
|||||||||
December 31, 2013
|
$
|
308,418
|
$
|
2,423
|
$
|
310,841
|
||||||
December 31, 2014
|
244,021
|
-
|
244,021
|
|||||||||
December 31, 2015
|
360,073
|
-
|
360,073
|
|||||||||
December 31, 2016
|
646,649
|
-
|
646,649
|
|||||||||
December 31, 2017
|
800,153
|
-
|
800,153
|
|||||||||
Sub-total (within 5 years)
|
2,359,314
|
2,423
|
$
|
2,361,737
|
||||||||
December 31, 2018 and beyond
|
1,139,795
|
-
|
1,139,795
|
|||||||||
TOTAL
|
$
|
3,499,109
|
$
|
2,423
|
$
|
3,501,532
|
|
Due after December 31, 2013
|
|||||||||||
|
Fixed
|
Adjustable
|
Total
|
|||||||||
|
(Dollars in Thousands)
|
|||||||||||
Real estate loans
|
$
|
940,879
|
$
|
2,249,812
|
$
|
3,190,691
|
||||||
Consumer loans
|
‑
|
‑
|
‑
|
|||||||||
Total loans
|
$
|
940,879
|
$
|
2,249,812
|
$
|
3,190,691
|
|
(Dollars in Thousands)
|
|||
Non-accrual loans
|
$
|
8,888
|
||
Non-accrual one- to four-family and consumer loans deemed homogeneous loans
|
(602
|
)
|
||
TDRs retained on accrual status
|
44,858
|
|||
Impaired loans
|
$
|
53,144
|
·
|
For economic or legal reasons related to the debtor's financial difficulties, a concession has been granted that would not have otherwise been considered
|
·
|
A reduction of interest rate has been made for the remaining term of the loan without the loan being fully re-underwritten under current market terms
|
·
|
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
|
|
At December 31, 2012
|
At December 31, 2011
|
||||||||||||||
|
# loans
|
Aggregate Recorded Balance
|
# loans
|
Aggregate Recorded
Balance
|
||||||||||||
(Dollars in Thousands)
|
|
|
|
|
||||||||||||
Loan secured by:
|
|
|
|
|
||||||||||||
One- to four-family residential real estate (1)
|
3
|
$
|
948
|
2
|
$
|
625
|
||||||||||
Multifamily residential and residential mixed use real estate
|
5
|
1,953
|
5
|
2,013
|
||||||||||||
Mixed use commercial real estate
|
1
|
729
|
3
|
1,657
|
||||||||||||
Commercial real estate
|
13
|
47,493
|
12
|
44,458
|
||||||||||||
Total
|
22
|
$
|
51,123
|
22
|
$
|
48,753
|
(1)
|
With the exception of one TDR at December 31, 2012 with an outstanding balance of $330,000, these TDRs were secured by properties containing either residential or commercial rental units.
|
|
At December 31,
|
|||||||||||||||||||
|
2012
|
2011
|
2010
|
2009
|
2008
|
|||||||||||||||
Non-accrual Loans and Non-Performing Assets
|
(Dollars in Thousands)
|
|||||||||||||||||||
One- to four-family residential and cooperative apartment
|
$
|
938
|
$
|
2,205
|
$
|
223
|
$
|
397
|
$
|
592
|
||||||||||
Multifamily residential and residential mixed use
|
507
|
7,069
|
5,010
|
7,820
|
3,366
|
|||||||||||||||
Commercial real estate and mixed use commercial real estate
|
7,435
|
16,674
|
11,992
|
3,070
|
3,439
|
|||||||||||||||
Consumer
|
8
|
4
|
17
|
7
|
5
|
|||||||||||||||
Sub-total
|
8,888
|
25,952
|
17,242
|
11,294
|
7,402
|
|||||||||||||||
Non-accrual loans held for sale
|
560
|
3,022
|
2,926
|
-
|
-
|
|||||||||||||||
Total non-accrual loans
|
9,448
|
28,974
|
20,168
|
11,294
|
7,402
|
|||||||||||||||
Non-performing pooled bank trust preferred securities ("TRUPS")
|
892
|
1,012
|
564
|
688
|
||||||||||||||||
OREO
|
‑
|
‑
|
‑
|
755
|
300
|
|||||||||||||||
Total non-performing assets
|
10,340
|
29,986
|
20,732
|
12,737
|
7,702
|
|||||||||||||||
Ratios:
|
||||||||||||||||||||
Total non-accrual loans to total loans
|
0.25
|
%
|
0.84
|
%
|
0.58
|
%
|
0.33
|
%
|
0.22
|
%
|
||||||||||
Total non-performing assets to total assets
|
0.26
|
0.75
|
0.51
|
0.32
|
0.19
|
|||||||||||||||
|
||||||||||||||||||||
TDRs and Impaired Loans
|
||||||||||||||||||||
TDRs
|
$
|
51,123
|
$
|
48,753
|
$
|
22,558
|
$
|
5,317
|
$‑
|
|||||||||||
Impaired loans (1)
|
53,144
|
73,406
|
44,097
|
15,049
|
8,900
|
|
At or for the Year Ended December 31, 2012
|
At or for the Year Ended December 31, 2011
|
||||||||||||||
|
# Loans
|
Balance
|
# Loans
|
Balance
|
||||||||||||
(Dollars in Thousands)
|
|
|
|
|
||||||||||||
Loans modified in a manner that did not meet the definition of a TDR
|
3
|
$
|
3,815
|
5
|
$
|
5,599
|
||||||||||
Concessions granted:
|
||||||||||||||||
Deferral of principal and interest amounts due
|
3
|
3,815
|
-
|
-
|
||||||||||||
Deferral of principal amounts due
|
-
|
-
|
5
|
5,599
|
||||||||||||
Below market interest rate granted
|
-
|
-
|
-
|
-
|
||||||||||||
Outstanding principal balance immediately before and after modification
|
3
|
3,815
|
5
|
5,599
|
|
At or for the Year Ended December 31,
|
|||||||||||||||||||
|
2012
|
2011
|
2010
|
2009
|
2008
|
|||||||||||||||
|
(Dollars in Thousands)
|
|||||||||||||||||||
Total loans outstanding at end of period
(1)
|
$
|
3,506,368
|
$
|
3,463,887
|
$
|
3,473,492
|
$
|
3,395,675
|
$
|
3,291,505
|
||||||||||
Average total loans outstanding during the period
(1)
|
$
|
3,443,136
|
$
|
3,447,035
|
$
|
3,455,659
|
$
|
3,287,445
|
$
|
3,090,032
|
||||||||||
Allowance for loan losses:
|
||||||||||||||||||||
Balance at beginning of period
|
$
|
20,254
|
$
|
19,166
|
$
|
21,505
|
$
|
17,454
|
$
|
15,387
|
||||||||||
Provision for loan losses
|
3,921
|
6,846
|
11,209
|
13,152
|
2,006
|
|||||||||||||||
Charge-offs
|
||||||||||||||||||||
Multifamily residential
|
(2,478
|
)
|
(2,750
|
)
|
(10,864
|
)
|
(7,266
|
)
|
(501
|
)
|
||||||||||
Commercial real estate
|
(1,342
|
)
|
(2,307
|
)
|
(2,760
|
)
|
(1,220
|
)
|
(85
|
)
|
||||||||||
One- to four-family and cooperative apartment
|
(777
|
)
|
(89
|
)
|
(257
|
)
|
(498
|
)
|
-
|
|||||||||||
Construction
|
(3
|
)
|
(962
|
)
|
-
|
-
|
-
|
|||||||||||||
Consumer
|
(10
|
)
|
(29
|
)
|
(3
|
)
|
(28
|
)
|
(26
|
)
|
||||||||||
Total charge-offs
|
(4,610
|
)
|
(6,137
|
)
|
(13,884
|
)
|
(9,012
|
)
|
(612
|
)
|
||||||||||
Recoveries
|
903
|
212
|
64
|
19
|
29
|
|||||||||||||||
Reserve for loan commitments transferred from (to) other liabilities
|
82
|
167
|
272
|
(108
|
)
|
644
|
||||||||||||||
Balance at end of period
|
$
|
20,550
|
$
|
20,254
|
$
|
19,166
|
$
|
21,505
|
$
|
17,454
|
||||||||||
Allowance for loan losses to
total loans at end of period
|
0.59
|
%
|
0.58
|
%
|
0.55
|
%
|
0.63
|
%
|
0.53
|
%
|
||||||||||
Allowance for loan losses to total
non-performing loans at end of period
|
231.21
|
78.04
|
95.03
|
190.41
|
235.80
|
|||||||||||||||
Allowance for loan losses to total non-performing
loans and TDRs at end of period
|
42.58
|
29.08
|
58.81
|
174.36
|
235.80
|
|||||||||||||||
Ratio of net charge-offs to average loans outstanding
during the period
|
0.11
|
%
|
0.17
|
%
|
0.40
|
%
|
0.27
|
%
|
0.02
|
%
|
|
At December 31,
|
|||||||||||||||||||||||||||||||||||||||
|
2012
|
2011
|
2010
|
2009
|
2008
|
|||||||||||||||||||||||||||||||||||
|
Allocated
Amount
|
Percent
of Loans
in Each Category to Total Loans(1)
|
Allocated
Amount
|
Percent
of Loans
in Each Category to Total Loans(1)
|
Allocated
Amount
|
Percent
of Loans
in Each Category to Total Loans(1)
|
Allocated
Amount
|
Percent
of Loans
in Each Category to Total Loans(1)
|
Allocated
Amount
|
Percent
of Loans
in Each Category to Total Loans(1)
|
||||||||||||||||||||||||||||||
|
(Dollars in Thousands)
|
|||||||||||||||||||||||||||||||||||||||
Impaired loans
|
$
|
520
|
1.52
|
%
|
$
|
2,175
|
2.12
|
%
|
$
|
-
|
1.27
|
%
|
$
|
1,943
|
0.44
|
%
|
$
|
900
|
0.27
|
%
|
||||||||||||||||||||
Substandard loan not deemed impaired
|
795
|
0.44
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||
Special Mention loans
|
145
|
0.54
|
800
|
0.56
|
1,880
|
1.31
|
2,411
|
1.67
|
156
|
0.08
|
||||||||||||||||||||||||||||||
Performing loans:
|
||||||||||||||||||||||||||||||||||||||||
Multifamily residential
|
14,118
|
75.99
|
14,057
|
74.67
|
13,797
|
71.35
|
11,999
|
69.66
|
10,583
|
68.03
|
||||||||||||||||||||||||||||||
Commercial real estate
|
4,750
|
19.08
|
2,893
|
19.67
|
2,945
|
22.53
|
3,774
|
23.49
|
4,695
|
25.63
|
||||||||||||||||||||||||||||||
One-to four- family and
cooperative apartment
|
195
|
2.36
|
303
|
2.82
|
404
|
3.32
|
1,040
|
3.78
|
401
|
4.31
|
||||||||||||||||||||||||||||||
Construction and land acquisition
|
-
|
-
|
-
|
0.09
|
106
|
0.14
|
308
|
0.87
|
680
|
1.61
|
||||||||||||||||||||||||||||||
Consumer
|
27
|
0.07
|
26
|
0.07
|
34
|
0.08
|
30
|
0.09
|
39
|
0.07
|
||||||||||||||||||||||||||||||
Total
|
$
|
20,550
|
100.00
|
%
|
$
|
20,254
|
100.00
|
%
|
$
|
19,166
|
100.00
|
%
|
$
|
21,505
|
100.00
|
%
|
$
|
17,454
|
100.00
|
%
|
|
At or for the Year Ended December 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
|
(Dollars in Thousands)
|
|||||||||||
Outstanding balance of multifamily loans serviced for FNMA at period end
|
$
|
256,731
|
$
|
308,104
|
$
|
371,887
|
||||||
Total First Loss Position at end of period
|
15,428
|
16,356
|
16,789
|
|||||||||
Reserve Liability on the First Loss Position
|
||||||||||||
Balance at beginning of period
|
$
|
2,993
|
$
|
2,993
|
$
|
4,373
|
||||||
Transfer of specific reserve for serviced loans re-acquired by the Bank
|
-
|
-
|
(1,123
|
)
|
||||||||
Credit to reduce the liability for the First Loss Position
(1)
|
(1,268
|
)
|
-
|
‑
|
||||||||
Charge-offs and other net reductions in balance
|
(342
|
)
|
-
|
(257
|
)
|
|||||||
Balance at period end
|
$
|
1,383
|
$
|
2,993
|
$
|
2,993
|
|
For the Year Ended December 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
|
Dollars in Thousands
|
|||||||||||
Amortized cost at beginning of period
|
$
|
89,149
|
$
|
138,283
|
$
|
217,076
|
||||||
Purchases, net
|
1,318
|
‑
|
‑
|
|||||||||
Principal repayments
|
(42,822
|
)
|
(48,911
|
)
|
(78,389
|
)
|
||||||
Premium amortization, net
|
(197
|
)
|
(223
|
)
|
(404
|
)
|
||||||
Amortized cost at end of period
|
$
|
47,448
|
$
|
89,149
|
$
|
138,283
|
|
At December 31,
|
|||||||||||||||||||||||
|
2012
|
2011
|
2010
|
|||||||||||||||||||||
|
Amortized/ Historical Cost (1)
|
Fair Value
|
Amortized/ Historical Cost (1)
|
Fair Value
|
Amortized/ Historical Cost (1)
|
Fair Value
|
||||||||||||||||||
MBS
|
Dollars in Thousands
|
|||||||||||||||||||||||
Available-for-Sale:
|
|
|
|
|
|
|
||||||||||||||||||
FHLMC pass through certificates
|
$
|
32,218
|
$
|
33,063
|
$
|
53,662
|
$
|
57,048
|
$
|
77,020
|
$
|
81,068
|
||||||||||||
FNMA pass through certificates
|
10,233
|
10,899
|
16,583
|
17,727
|
22,994
|
24,158
|
||||||||||||||||||
GNMA pass through certificates
|
691
|
716
|
763
|
787
|
833
|
857
|
||||||||||||||||||
Private issuer MBS
|
962
|
955
|
1,613
|
1,504
|
2,363
|
2,298
|
||||||||||||||||||
Agency issued CMOs and REMICs
|
2,436
|
2,462
|
15,128
|
15,389
|
32,953
|
33,965
|
||||||||||||||||||
Private issuer CMOs and REMICs
|
908
|
926
|
1,400
|
1,422
|
2,122
|
2,172
|
||||||||||||||||||
Total MBS available-for-sale
|
47,448
|
49,021
|
89,149
|
93,877
|
138,285
|
144,518
|
||||||||||||||||||
|
||||||||||||||||||||||||
INVESTMENT SECURITIES
|
||||||||||||||||||||||||
TRUPS Held-to-Maturity:
|
7,828
|
6,267
|
8,910
|
4,924
|
10,760
|
4,408
|
||||||||||||||||||
Total investment securities held-to-maturity
|
7,828
|
6,267
|
8,910
|
4,924
|
10,760
|
4,408
|
||||||||||||||||||
Available-for-Sale:
|
||||||||||||||||||||||||
Federal agency obligations
|
29,820
|
29,945
|
170,362
|
170,309
|
81,388
|
81,152
|
||||||||||||||||||
Mutual funds
|
2,556
|
3,005
|
3,624
|
4,559
|
3,537
|
4,490
|
||||||||||||||||||
Total investment securities Available-for-Sale
|
32,376
|
32,950
|
173,986
|
174,888
|
84,925
|
85,642
|
||||||||||||||||||
Trading:
|
||||||||||||||||||||||||
Mutual funds
|
4,743
|
4,874
|
1,736
|
1,774
|
1,425
|
1,490
|
||||||||||||||||||
Total trading securities
|
4,743
|
4,874
|
1,736
|
1,774
|
1,425
|
1,490
|
||||||||||||||||||
TOTAL INVESTMENT SECURITIES AND MBS
|
$
|
92,395
|
$
|
93,112
|
$
|
184,632
|
$
|
181,586
|
$
|
97,110
|
$
|
91,540
|
|
Amortized Cost
|
Fair Value
|
Weighted
Average Tax EquivalentYield
|
|||||||||
|
(Dollars in Thousands)
|
|||||||||||
MBS:
|
|
|
|
|||||||||
Due within 1 year
|
$‑
|
$‑
|
‑
|
|||||||||
Due after 1 year but within 5 years
|
568
|
594
|
3.99
|
%
|
||||||||
Due after 5 years but within 10 years
|
12,159
|
12,885
|
4.64
|
|||||||||
Due after ten years
|
34,721
|
35,542
|
4.70
|
|||||||||
Total
|
47,448
|
49,021
|
4.68
|
|||||||||
|
||||||||||||
Federal Agency obligations:
|
||||||||||||
Due within 1 year
|
‑
|
‑
|
‑
|
|||||||||
Due after 1 year but within 5 years
|
29,820
|
29,945
|
0.76
|
|||||||||
Due after 5 years but within 10 years
|
‑
|
‑
|
-
|
|||||||||
Due after ten years
|
‑
|
‑
|
‑
|
|||||||||
Total
|
29,820
|
29,945
|
0.76
|
|||||||||
|
||||||||||||
Total:
|
||||||||||||
Due within 1 year
|
‑
|
‑
|
‑
|
|||||||||
Due after 1 year but within 5 years
|
30,388
|
30,539
|
0.82
|
|||||||||
Due after 5 years but within 10 years
|
12,159
|
12,885
|
4.64
|
|||||||||
Due after ten years
|
34,721
|
35,542
|
4.70
|
|||||||||
Total
|
$
|
77,268
|
$
|
78,966
|
3.19
|
%
|
|
Year Ended December 31,
|
|||||||||||
DEPOSIT ACTIVITY
|
2012
|
2011
|
2010
|
|||||||||
|
(Dollars in Thousands)
|
|||||||||||
Deposits
|
$
|
3,955,317
|
$
|
3,561,590
|
$
|
2,539,002
|
||||||
Withdrawals
|
3,841,368
|
3,594,601
|
2,435,248
|
|||||||||
Deposits greater than Withdrawals (Withdrawals greater than Deposits)
|
$
|
113,949
|
$
|
(33,011
|
)
|
$
|
103,754
|
|||||
Interest credited
|
21,779
|
26,131
|
29,991
|
|||||||||
Total increase (decrease) in deposits
|
$
|
135,728
|
$
|
(6,880
|
)
|
$
|
133,745
|
Maturity Date
|
Amount
|
Weighted Average Rate
|
||||||
(Dollars in Thousands)
|
||||||||
Within three months
|
$
|
57,265
|
0.93
|
%
|
||||
After three but within six months
|
65,383
|
1.43
|
||||||
After six but within twelve months
|
83,511
|
1.54
|
||||||
After 12 months
|
165,538
|
2.56
|
||||||
Total
|
$
|
371,697
|
1.88
|
%
|
|
At December 31, 2012
|
At December 31, 2011
|
At December 31, 2010
|
|||||||||||||||||||||||||||||||||
|
Amount
|
Percent
of Total Deposits
|
Weighted Average Rate
|
Amount
|
Percent of Total Deposits
|
Weighted Average Rate
|
Amount
|
Percent of Total Deposits
|
Weighted Average Rate
|
|||||||||||||||||||||||||||
|
(Dollars in Thousands)
|
|||||||||||||||||||||||||||||||||||
Savings accounts
|
$
|
371,792
|
15.00
|
%
|
0.15
|
%
|
$
|
353,708
|
15.09
|
%
|
0.21
|
%
|
$
|
329,182
|
14.00
|
%
|
0.26
|
%
|
||||||||||||||||||
CDs
|
891,975
|
35.98
|
1.66
|
977,551
|
41.71
|
1.85
|
1,059,652
|
45.08
|
2.01
|
|||||||||||||||||||||||||||
Money market accounts
|
961,359
|
38.77
|
0.57
|
772,055
|
32.94
|
0.63
|
727,939
|
30.97
|
0.71
|
|||||||||||||||||||||||||||
Interest bearing
checking accounts
|
95,159
|
3.84
|
0.16
|
99,308
|
4.24
|
0.23
|
108,078
|
4.60
|
0.51
|
|||||||||||||||||||||||||||
Non-interest bearing
checking accounts
|
159,144
|
6.42
|
‑
|
141,079
|
6.02
|
‑
|
125,730
|
5.35
|
‑
|
|||||||||||||||||||||||||||
Totals
|
$
|
2,479,429
|
100.00
|
%
|
0.86
|
%
|
$
|
2,343,701
|
100.00
|
%
|
1.02
|
%
|
$
|
2,350,581
|
100.00
|
%
|
1.18
|
%
|
|
Period to Maturity at December 31, 2012
|
|||||||||||||||||||||||||||
Interest Rate Range
|
One Year or Less
|
Over One Year to Three Years
|
Over Three Years to Five Years
|
Over Five Years
|
Total at
December 31,
2012
|
Total at
December 31,
2011
|
Total at
December 31,
2010
|
|||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||
2.00% and below
|
$
|
458,294
|
$
|
85,892
|
$
|
12,517
|
$
|
3,554
|
$
|
560,257
|
$
|
565,991
|
$
|
543,198
|
||||||||||||||
2.01% to 3.00%
|
17,403
|
28,027
|
58,186
|
28,075
|
131,691
|
206,906
|
298,816
|
|||||||||||||||||||||
3.01% to 4.00%
|
13,062
|
133,290
|
1,462
|
15,344
|
163,158
|
165,208
|
178,104
|
|||||||||||||||||||||
4.01% to 5.00%
|
36,869
|
-
|
-
|
-
|
36,869
|
39,353
|
39,446
|
|||||||||||||||||||||
5.01% and above
|
-
|
-
|
-
|
-
|
-
|
93
|
88
|
|||||||||||||||||||||
Total
|
$
|
525,628
|
$
|
247,209
|
$
|
72,165
|
$
|
46,973
|
$
|
891,975
|
$
|
977,551
|
$
|
1,059,652
|
|
At or for the Year Ended December 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
|
(Dollars in Thousands)
|
|||||||||||
Balance outstanding at end of period
|
$
|
-
|
$
|
195,000
|
$
|
195,000
|
||||||
Average interest cost at end of period
|
-
|
%
|
4.33
|
%
|
4.33
|
%
|
||||||
Average balance outstanding during the period
|
$
|
132,910
|
$
|
195,000
|
$
|
203,055
|
||||||
Average interest cost during the period
|
26.24
|
%(1)
|
4.33
|
%
|
4.33
|
%
|
||||||
Estimated fair value of underlying collateral
|
$
|
-
|
$
|
214,446
|
$
|
214,539
|
||||||
Maximum balance outstanding at month end during the year
|
$
|
195,000
|
$
|
195,000
|
$
|
230,000
|
|
At or for the Year Ended December 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
|
(Dollars in Thousands)
|
|||||||||||
Balance outstanding at end of period
|
$
|
842,500
|
$
|
939,775
|
$
|
990,525
|
||||||
Average interest cost at end of period
|
2.68
|
%
|
2.88
|
%
|
3.26
|
%
|
||||||
Weighted average balance outstanding during the period
|
$
|
826,176
|
$
|
945,614
|
$
|
991,063
|
||||||
Average interest cost during the period
|
2.96
|
%
|
3.17
|
%
|
3.51
|
%
|
||||||
Maximum balance outstanding at month end during period
|
$
|
939,775
|
$
|
990,525
|
$
|
1,064,675
|
Subsidiary
|
Year/ State of Incorporation
|
Primary Business Activities
|
Direct Subsidiaries of the Holding Company:
|
|
|
842 Manhattan Avenue Corp.
|
1995/ New York
|
Management and ownership of real estate. Currently inactive.
|
Dime Community Capital Trust I
|
2004/ Delaware
|
Statutory Trust (1)
|
Direct Subsidiaries of the Bank:
|
|
|
Boulevard Funding Corp.
|
1981 / New York
|
Management and ownership of real estate
|
Dime Insurance Agency Inc. (
f/k/a
Havemeyer Investments, Inc.)
|
1997 / New York
|
Sale of non-FDIC insured investment products
|
DSBW Preferred Funding Corp.
|
1998 / Delaware
|
Real Estate Investment Trust investing in multifamily residential and commercial real estate loans
|
DSBW Residential Preferred Funding Corp.
|
1998 / Delaware
|
Real Estate Investment Trust investing in one- to four-family real estate loans
|
Dime Reinvestment Corporation
|
2004 / Delaware
|
Community Development Entity. Currently inactive.
|
195 Havemeyer Corp.
|
2008 / New York
|
Management and ownership of real estate
|
Actual
|
For Capital Adequacy Purposes
|
To Be Categorized as
"Well Capitalized"
|
||||||||||||||||||||||
As of December 31, 2012
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||
Tangible capital
|
$
|
383,042
|
9.98
|
%
|
$
|
153,493
|
4.0
|
%
|
$
|
191,866
|
5.00
|
%
|
||||||||||||
Leverage capital
|
383,042
|
9.98
|
153,493
|
4.0
|
191,866
|
5.00
|
||||||||||||||||||
Tier I risk-based capital (to risk weighted assets)
|
383,042
|
12.98
|
114,191
|
4.0
|
171,286
|
6.00
|
||||||||||||||||||
Total risk-based capital (to risk weighted assets)
|
405,077
|
13.72
|
228,232
|
8.0
|
285,477
|
10.00
|
|
At December 31, 2012
|
|||||||||||
|
Tangible Capital
|
Leverage and Tier 1 Risk
Based Capital
|
Total Risk-Based Capital
|
|||||||||
|
(Dollars in Thousands)
|
|||||||||||
Stockholders' equity
|
$
|
428,892
|
$
|
428,892
|
$
|
428,892
|
||||||
Non-allowable assets:
|
||||||||||||
MSR
|
(111
|
)
|
(111
|
)
|
(111
|
)
|
||||||
Accumulated other comprehensive loss
|
9,899
|
9,899
|
9,899
|
|||||||||
Goodwill
|
(55,638
|
)
|
(55,638
|
)
|
(55,638
|
)
|
||||||
Tier 1 risk-based capital
|
383,042
|
383,042
|
383,042
|
|||||||||
General regulatory valuation allowance
|
-
|
-
|
22,035
|
|||||||||
Total (Tier 2) risk based capital
|
383,042
|
383,042
|
405,077
|
|||||||||
Minimum capital requirement
|
153,493
|
153,493
|
228,232
|
|||||||||
Regulatory capital excess
|
$
|
229,549
|
$
|
229,549
|
$
|
176,845
|
·
|
The enactment of the Emergency Economic Stabilization Act of 2008 ("EESA") in October 2008, which gave the Treasury the authority, among others, to purchase up to $700 billion of troubled assets from financial institutions;
|
·
|
The announcements shortly thereafter by the Treasury, the FDIC and the FRB, respectively, of (i) the Capital Purchase Program ("CPP"), a $250 billion voluntary capital purchase program under which qualifying financial institutions were given the ability to sell preferred shares to the Treasury, (ii) the TLGP, and (iii) further details of the Commercial Paper Funding Facility ("CPFF"), which provides a broad backstop for the commercial paper market;
|
·
|
The announcement by the Treasury in February 2009 of the Capital Assistance Program ("CAP") under which qualifying financial institutions were provided access to contingent common equity provided by the U.S. government as a bridge to private capital in the future;
|
·
|
The announcement by the federal banking regulators of the Supervisory Capital Assessment Program, under which the federal banking regulators measured the amount of additional capital, if any, each of the 19 largest U.S. bank holding companies would require in order to ensure that it would comfortably exceed minimum regulatory capital requirements at December 31, 2010 (as a result of which many of the nineteen institutions underwent capital raising or restructuring transactions to improve their capital base); and
|
·
|
The March 2009 announcement by the Treasury, in conjunction with the FDIC and the FRB, of the Public-Private Investment Program ("PPIP"), which consists of two discrete components: (1) the Legacy Loan Program, which was designed to facilitate the sale of commercial and residential whole loans and "other assets" currently held by U.S. banks, and (2) the Legacy Securities Program, which was designed to facilitate the sale of legacy residential MBS and commercial MBS initially rated AAA and currently held by Financial Institutions (as defined under the EESA).
|
|
Twelve Months Ended December 31, 2012
|
Twelve Months Ended December 31, 2011
|
||||||||||||||||||||||
Quarter Ended
|
Dividends
Declared
|
High Sales
Price
|
Low Sales
Price
|
Dividends
Declared
|
High Sales
Price
|
Low Sales
Price
|
||||||||||||||||||
March 31
st
|
$
|
0.14
|
$
|
15.01
|
$
|
12.75
|
$
|
0.14
|
$
|
15.89
|
$
|
14.02
|
||||||||||||
June 30
th
|
0.14
|
14.92
|
12.56
|
0.14
|
15.60
|
13.00
|
||||||||||||||||||
September 30
th
|
0.14
|
14.88
|
13.29
|
0.14
|
15.17
|
9.61
|
||||||||||||||||||
December 31
st
|
0.14
|
14.98
|
12.86
|
0.14
|
13.28
|
9.70
|
Period
|
Total Number
of Shares Purchased
|
Average
Price Paid Per Share
|
Total Number of
Shares Purchased as Part of Publicly Announced Programs (1)
|
Maximum Number of Shares that May Yet be Purchased Under the Programs (1)
|
|||
October 2012
|
‑
|
‑
|
‑
|
1,124,549
|
|||
November 2012
|
‑
|
‑
|
‑
|
1,124,549
|
|||
December 2012
|
‑
|
‑
|
‑
|
1,124,549
|
|
Period Ending December 31,
|
|||||||||||||||||||||||
Index
|
2007
|
2008
|
2009
|
2010
|
2011
|
2012
|
||||||||||||||||||
Dime Community Bancshares, Inc.
|
100.00
|
107.81
|
100.38
|
130.14
|
117.06
|
134.31
|
||||||||||||||||||
NASDAQ Composite
|
100.00
|
60.02
|
87.24
|
103.08
|
102.26
|
120.42
|
||||||||||||||||||
SNL Thrift
|
100.00
|
63.64
|
59.35
|
62.01
|
52.17
|
63.45
|
|
At or for the Year Ended December 31,
|
|||||||||||||||||||
|
2012
|
2011
|
2010
|
2009
|
2008
|
|||||||||||||||
Selected Financial Condition Data:
|
|
|
|
|
|
|||||||||||||||
Total assets
|
$
|
3,905,399
|
$
|
4,021,180
|
$
|
4,040,295
|
$
|
3,952,274
|
$
|
4,055,598
|
||||||||||
Loans and loans held for sale (net of deferred costs or fees
and the allowance for loan losses)
|
3,485,818
|
3,443,633
|
3,454,326
|
3,374,170
|
3,274,051
|
|||||||||||||||
MBS
|
49,021
|
93,877
|
144,518
|
224,773
|
301,351
|
|||||||||||||||
Investment securities (including FHLBNY capital stock)
|
88,762
|
232,642
|
145,491
|
104,485
|
80,898
|
|||||||||||||||
Federal funds sold and other short-term investments
|
-
|
951
|
4,536
|
3,785
|
‑
|
|||||||||||||||
Goodwill
|
55,638
|
55,638
|
55,638
|
55,638
|
55,638
|
|||||||||||||||
Deposits
|
2,479,429
|
2,343,701
|
2,350,581
|
2,216,836
|
2,260,051
|
|||||||||||||||
Borrowings
|
913,180
|
1,205,455
|
1,256,205
|
1,335,355
|
1,346,840
|
|||||||||||||||
Stockholders' equity
|
391,574
|
361,034
|
328,734
|
294,773
|
276,964
|
|||||||||||||||
Selected Operating Data:
|
||||||||||||||||||||
Interest income
|
$
|
195,954
|
$
|
209,216
|
$
|
214,794
|
$
|
209,168
|
$
|
202,654
|
||||||||||
Interest expense
|
86,112
|
69,714
|
79,413
|
97,685
|
111,302
|
|||||||||||||||
Net interest income
|
109,842
|
139,502
|
135,381
|
111,483
|
91,352
|
|||||||||||||||
Provision for loan losses
|
3,921
|
6,846
|
11,209
|
13,152
|
2,006
|
|||||||||||||||
Net interest income after provision for loan losses
|
105,921
|
132,656
|
124,172
|
98,331
|
89,346
|
|||||||||||||||
Non-interest (loss) income
|
23,849
|
7,929
|
8,055
|
(745
|
)
|
2,814
|
||||||||||||||
Non-interest expense
|
62,572
|
61,688
|
61,977
|
57,310
|
49,973
|
|||||||||||||||
Income before income tax
|
67,198
|
78,897
|
70,250
|
40,276
|
42,187
|
|||||||||||||||
Income tax expense
|
26,890
|
31,588
|
28,861
|
14,087
|
14,159
|
|||||||||||||||
Net income
|
$
|
40,308
|
$
|
47,309
|
$
|
41,389
|
$
|
26,189
|
$
|
28,028
|
|
At or for the Year Ended December 31,
|
|||||||||||||||||||
|
2012
|
2011
|
2010
|
2009
|
2008
|
|||||||||||||||
SELECTED FINANCIAL RATIOS AND OTHER DATA (1):
|
|
|
|
|
|
|||||||||||||||
Return on average assets
|
1.02
|
%
|
1.16
|
%
|
1.01
|
%
|
0.66
|
%
|
0.76
|
%
|
||||||||||
Return on average stockholders' equity
|
10.73
|
13.65
|
13.15
|
9.20
|
10.29
|
|||||||||||||||
Stockholders' equity to total assets at end of period
|
10.03
|
8.98
|
8.14
|
7.46
|
6.83
|
|||||||||||||||
Loans to deposits at end of period
|
141.42
|
147.80
|
147.77
|
153.18
|
145.64
|
|||||||||||||||
Loans to interest-earning assets at end of period
|
94.41
|
91.36
|
92.18
|
91.07
|
89.60
|
|||||||||||||||
Net interest spread (2)
|
2.58
|
3.38
|
3.34
|
2.73
|
2.34
|
|||||||||||||||
Net interest margin (3)
|
2.92
|
3.60
|
3.53
|
2.96
|
2.60
|
|||||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
114.83
|
112.07
|
109.32
|
108.99
|
108.35
|
|||||||||||||||
Non-interest expense to average assets
|
1.59
|
1.51
|
1.52
|
1.44
|
1.35
|
|||||||||||||||
Efficiency ratio (4)
|
52.58
|
41.64
|
42.74
|
48.65
|
51.25
|
|||||||||||||||
Effective tax rate
|
40.02
|
40.04
|
41.08
|
34.98
|
33.56
|
|||||||||||||||
Dividend payout ratio
|
47.86
|
30.00
|
45.16
|
70.89
|
65.88
|
|||||||||||||||
Per Share Data:
|
||||||||||||||||||||
Diluted earnings per share
|
$
|
1.17
|
$
|
1.40
|
$
|
1.24
|
$
|
0.79
|
$
|
0.85
|
||||||||||
Cash dividends paid per share
|
0.56
|
0.56
|
0.56
|
0.56
|
0.56
|
|||||||||||||||
Book value per share (5)
|
10.96
|
10.28
|
9.50
|
8.57
|
8.10
|
|||||||||||||||
Asset Quality Ratios and Other Data(1):
|
||||||||||||||||||||
Net charge-offs
|
$
|
3,707
|
$
|
5,925
|
$
|
13,821
|
$
|
8,993
|
$
|
583
|
||||||||||
Total non-performing loans (6)
|
8,888
|
28,973
|
20,168
|
11,294
|
7,402
|
|||||||||||||||
OREO
|
-
|
-
|
‑
|
755
|
300
|
|||||||||||||||
Non-performing TRUPS
|
892
|
1,012
|
564
|
688
|
‑
|
|||||||||||||||
Total non-performing assets
|
9,780
|
29,985
|
20,732
|
12,737
|
7,702
|
|||||||||||||||
Non-performing loans to total loans
|
0.25
|
%
|
0.84
|
%
|
0.58
|
%
|
0.33
|
%
|
0.22
|
%
|
||||||||||
Non-performing assets to total assets
|
0.25
|
0.75
|
0.51
|
0.32
|
0.19
|
|||||||||||||||
Allowance for Loan Losses to:
|
||||||||||||||||||||
Non-performing loans
|
231.21
|
%
|
78.04
|
%
|
95.03
|
%
|
190.41
|
%
|
235.80
|
%
|
||||||||||
Total loans (7)
|
0.59
|
0.58
|
0.55
|
0.63
|
0.53
|
|||||||||||||||
Regulatory Capital Ratios:
(Bank only) (1)
|
||||||||||||||||||||
Tangible capital
|
9.98
|
%
|
9.11
|
%
|
8.23
|
%
|
7.60
|
%
|
7.63
|
%
|
||||||||||
Leverage Capital
|
9.98
|
9.11
|
8.23
|
7.60
|
7.63
|
|||||||||||||||
Total risk-based capital
|
13.72
|
12.24
|
11.95
|
11.22
|
11.43
|
|||||||||||||||
Earnings to Fixed Charges Ratios (8) (9):
|
||||||||||||||||||||
Including interest on deposits
|
1.77
|
x
|
2.12
|
x
|
1.87
|
x
|
1.41
|
x
|
1.38
|
x
|
||||||||||
Excluding interest on deposits
|
2.95
|
2.78
|
3.24
|
1.72
|
1.80
|
|||||||||||||||
Full Service Branches
|
26
|
26
|
25
|
23
|
23
|
|
Payments Due By Period
|
|||||||||||||||||||
Contractual Obligations
|
Less than One Year
|
One Year to
Three Years
|
Over Three Years to Five Years
|
Over Five Years
|
Total
|
|||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||
CDs
|
$
|
525,628
|
$
|
247,209
|
$
|
72,165
|
$
|
46,973
|
$
|
891,975
|
||||||||||
Weighted average interest rate of CDs
|
1.14
|
%
|
2.41
|
%
|
2.30
|
%
|
2.67
|
%
|
1.66
|
%(1)
|
||||||||||
Borrowings
|
$
|
218,500
|
$
|
484,000
|
$
|
140,000
|
$
|
70,680
|
$
|
913,180
|
||||||||||
Weighted average interest rate of borrowings
|
1.77
|
%
|
2.70
|
%
|
4.05
|
%
|
7.00
|
%
|
3.02
|
%
|
||||||||||
Operating lease obligations
|
$
|
2,817
|
$
|
5,292
|
$
|
5,420
|
$
|
18,186
|
$
|
31,715
|
|
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
|
$37,253
|
$‑
|
$‑
|
$‑
|
|
$37,253
|
Other loan commitments
|
60,470
|
‑
|
‑
|
‑
|
|
60,470
|
First Loss Position
|
15,428
|
‑
|
‑
|
‑
|
|
15,428
|
Total Off-Balance Sheet Arrangements
|
$113,151
|
$-
|
$-
|
$‑
|
|
$113,151
|
|
For the Year Ended December 31,
|
||||||||||
|
|
2012
|
|
|
|
2011
|
|
|
|
2010
|
|
|
(Dollars in Thousands)
|
||||||||||
|
|
|
Average
|
|
|
|
Average
|
|
|
|
Average
|
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
|
Balance
|
Interest
|
Cost
|
|
Balance
|
Interest
|
Cost
|
|
Balance
|
Interest
|
Cost
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans (1)
|
$3,400,847
|
$189,149
|
5.56%
|
|
$3,445,969
|
$200,034
|
5.80%
|
|
$3,454,327
|
$202,591
|
5.86%
|
Other loans
|
1,991
|
104
|
5.22
|
|
1,066
|
97
|
9.10
|
|
1,332
|
123
|
9.23
|
Investment securities
|
103,936
|
1,263
|
1.22
|
|
153,031
|
1,401
|
0.92
|
|
63,620
|
1,277
|
2.01
|
MBS
|
81,897
|
3,025
|
3.69
|
|
111,884
|
5,043
|
4.51
|
|
176,446
|
7,820
|
4.43
|
Federal funds sold and other short-term investments
|
173,336
|
2,413
|
1.39
|
|
163,853
|
2,641
|
1.61
|
|
141,282
|
2,983
|
2.11
|
Total interest-earning assets
|
3,762,007
|
$195,954
|
5.21%
|
|
3,875,803
|
$209,216
|
5.40%
|
|
3,837,007
|
$214,794
|
5.60%
|
Non-interest earning assets
|
185,036
|
|
|
|
217,605
|
|
|
|
246,380
|
|
|
Total assets
|
$3,947,043
|
|
|
|
$4,093,408
|
|
|
|
$4,083,387
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing checking accounts
|
$93,596
|
$237
|
0.25%
|
|
$95,579
|
$321
|
0.34%
|
|
$101,220
|
$601
|
0.59%
|
Money Market accounts
|
840,098
|
4,622
|
0.55
|
|
757,200
|
5,048
|
0.67
|
|
747,523
|
5,779
|
0.77
|
Savings accounts
|
364,271
|
580
|
0.16
|
|
342,372
|
731
|
0.21
|
|
313,105
|
808
|
0.26
|
CDs
|
947,803
|
16,340
|
1.72
|
|
1,051,565
|
20,031
|
1.90
|
|
1,075,932
|
22,803
|
2.12
|
Borrowed Funds (2)
|
1,030,287
|
64,333
|
6.24
|
|
1,211,628
|
43,583
|
3.60
|
|
1,272,230
|
49,422
|
3.88
|
Total interest-bearing liabilities
|
3,276,055
|
$86,112
|
2.63%
|
|
3,458,344
|
$69,714
|
2.02%
|
|
3,510,010
|
$79,413
|
2.26%
|
Non-interest bearing checking accounts
|
151,818
|
|
|
|
141,456
|
|
|
|
119,221
|
|
|
Other non-interest-bearing liabilities
|
143,659
|
|
|
|
147,087
|
|
|
|
139,382
|
|
|
Total liabilities
|
3,571,532
|
|
|
|
3,746,887
|
|
|
|
3,768,613
|
|
|
Stockholders' equity
|
375,511
|
|
|
|
346,521
|
|
|
|
314,774
|
|
|
Total liabilities and stockholders' equity
|
$3,947,043
|
|
|
|
$4,093,408
|
|
|
|
$4,083,387
|
|
|
Net interest spread (3)
|
|
|
2.58%
|
|
|
|
3.38%
|
|
|
|
3.34%
|
Net interest income/ net interest margin (4)
|
|
$109,842
|
2.92%
|
|
|
$139,502
|
3.60%
|
|
|
$135,381
|
3.53%
|
Net interest-earning assets
|
$485,952
|
|
|
|
$417,459
|
|
|
|
$326,997
|
|
|
Ratio of interest-earning assets to interest-bearing liabilities
|
|
|
114.83%
|
|
|
|
112.07%
|
|
|
|
109.32%
|
|
Year Ended December 31, 2012
Compared to
Year Ended December 31, 2011
Increase/ (Decrease) Due to
|
|
Year Ended December 31, 2011
Compared to
Year Ended December 31, 2010
Increase/ (Decrease) Due to
|
|
Year Ended December 31, 2010
Compared to
Year Ended December 31, 2009
Increase/ (Decrease) Due to
|
||||||
|
Volume
|
Rate
|
Total
|
|
Volume
|
Rate
|
Total
|
|
Volume
|
Rate
|
Total
|
Interest-earning assets:
|
(Dollars in Thousands)
|
||||||||||
Real Estate Loans
|
$(2,617)
|
$(8,268)
|
$(10,885)
|
|
$(685)
|
$(1,872)
|
$(2,557)
|
|
$8,545
|
$357
|
$8,902
|
Other loans
|
66
|
(59)
|
7
|
|
(21)
|
(5)
|
(26)
|
|
(21)
|
1
|
(20)
|
Investment securities
|
(1,226)
|
(792)
|
(2,018)
|
|
(2,514)
|
(263)
|
(2,777)
|
|
745
|
(342)
|
403
|
MBS
|
(523)
|
385
|
(138)
|
|
995
|
(871)
|
124
|
|
(3,215)
|
(513)
|
(3,728)
|
Federal funds sold and
other short-term investments
|
143
|
(371)
|
(228)
|
|
273
|
(615)
|
(342)
|
|
(630)
|
699
|
69
|
Total
|
$(4,157)
|
$(9,105)
|
$(13,262)
|
|
$(1,952)
|
$(3,626)
|
$(5,578)
|
|
$5,424
|
$202
|
$5,626
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing checking accounts
|
$(3)
|
$(81)
|
$(84)
|
|
$(58)
|
$(222)
|
$(280)
|
|
$(105)
|
$(374)
|
$(479)
|
Money market accounts
|
518
|
(944)
|
(426)
|
|
(58)
|
(673)
|
(731)
|
|
(261)
|
(3,496)
|
(3,757)
|
Savings accounts
|
34
|
(185)
|
(151)
|
|
48
|
(125)
|
(77)
|
|
26
|
(278)
|
(252)
|
CDs
|
(1,887)
|
(1,804)
|
(3,691)
|
|
(694)
|
(2,078)
|
(2,772)
|
|
(516)
|
(7,797)
|
(8,313)
|
Borrowed funds
|
(8,880)
|
29,630
|
20,750
|
|
(2,468)
|
(3,371)
|
(5,839)
|
|
(1,074)
|
(4,397)
|
(5,471)
|
Total
|
$(10,218)
|
$26,616
|
$16,398
|
|
$(3,230)
|
$(6,469)
|
$(9,699)
|
|
$(1,930)
|
$(16,342)
|
$(18,272)
|
Net change in net interest income
|
$6,061
|
$(35,721)
|
$(29,660)
|
|
$1,278
|
$2,843
|
$4,121
|
|
$7,354
|
$16,544
|
$23,898
|
|
At December 31, 2012
|
|
At December 31, 2011
|
|||||||||
|
Economic Value of Equity
|
|
|
|
|
|
|
|
|
|
||
|
Dollar
Amount
|
Dollar
Change
|
Percentage
Change
|
|
EVE
Ratio
|
Basis Point Change in EVE Ratio
|
Board Approved EVE Ratio Minimum Value
|
|
EVE Dollar
Amount
|
EVE
Ratio
|
Basis Point Change in EVE Ratio
|
Board Approved EVE Ratio Minimum Value
|
|
(Dollars in Thousands)
|
|||||||||||
Rate Shock Scenario
|
|
|
|
|
|
|
|
|
|
|
|
|
+ 200 Basis Points
|
$431,123
|
$(12,897)
|
-2.90%
|
|
11.06%
|
(14)
|
6.0%
|
|
$432,018
|
10.69%
|
29
|
6.0%
|
Pre-Shock Scenario
|
444,020
|
-
|
-
|
|
11.20
|
‑
|
8.0
|
|
429,193
|
10.40
|
‑
|
8.0
|
- 100 Basis Points
|
438,099
|
(5,921)
|
-1.33
|
|
11.01
|
(19)
|
8.0
|
|
431,863
|
10.34
|
(6)
|
8.0
|
Instantaneous Change in Interest rate of:
|
Percentage Change in Net Interest Income
|
|||
+ 200 Basis Points
|
(7.0
|
)%
|
||
+ 100 Basis Points
|
(3.3
|
)
|
||
-100 Basis Points
|
2.2
|
Name
|
Title
|
/s/ VINCENT F. PALAGIANO
Vincent F. Palagiano
|
Chairman of the Board and Chief Executive Officer
(Principal Executive Officer)
|
/s/ MICHAEL P. DEVINE
Michael P. Devine
|
President and Chief Operating Officer and Director
|
/s/ KENNETH J. MAHON
Kenneth J. Mahon
|
Senior Executive Vice President and Chief Financial Officer and Director (Principal Financial Officer)
|
/s/ MICHAEL PUCELLA
Michael Pucella
|
Executive Vice President and Chief Accounting Officer
(Principal Accounting Officer)
|
/s/ ANTHONY BERGAMO
Anthony Bergamo
|
Director
|
/s/ GEORGE L. CLARK, JR.
George L. Clark, Jr.
|
Director
|
/s/ STEVEN D. COHN
Steven D. Cohn
|
Director
|
/s/ PATRICK E. CURTIN
Patrick E. Curtin
|
Director
|
/s/ ROBERT C. GOLDEN
Robert C. Golden
|
Director
|
/s/ KATHLEEN M. NELSON
Kathleen M. Nelson
|
Director
|
/s/ JOSEPH J. PERRY
Joseph J. Perry
|
Director
|
/s/ OMER S.J. WILLIAMS
Omer S.J. Williams
|
Director
|
|
Page
|
|||
Report of Independent Registered Public Accounting Firm
|
F-71
|
|||
Consolidated Statements of Financial Condition at December 31, 2012 and 2011
|
F-72
|
|||
Consolidated Statements of Operations and Comprehensive Income for the years ended December 31, 2012, 2011 and 2010
|
F-73
|
|||
Consolidated Statements of Changes in Stockholders' Equity December 31, 2012, 2011 and 2010
|
F-74
|
|||
Consolidated Statements of Cash Flows for the years ended December 31, 2012, 2011 and 2010
|
F-75
|
|||
Notes to Consolidated Financial Statements
|
F76-F121
|
|
December 31,
2012
|
December 31,
2011
|
||||||
ASSETS:
|
|
|
||||||
Cash and due from banks
|
$
|
79,076
|
$
|
43,309
|
||||
Federal funds sold and other short-term investments
|
-
|
951
|
||||||
Total cash and cash equivalents
|
79,076
|
44,260
|
||||||
Investment securities held-to-maturity (estimated fair value of $6,267 and $4,924 at December 31, 2012 and December 31, 2011, respectively) (Fully unencumbered)
|
5,927
|
6,511
|
||||||
Investment securities available-for-sale, at fair value
|
||||||||
Encumbered
|
-
|
124,282
|
||||||
Unencumbered
|
32,950
|
50,586
|
||||||
|
32,950
|
174,868
|
||||||
Mortgage-backed securities available-for-sale, at fair value
|
||||||||
Encumbered
|
-
|
90,164
|
||||||
Unencumbered
|
49,021
|
3,713
|
||||||
|
49,021
|
93,877
|
||||||
Trading securities
|
4,874
|
1,774
|
||||||
Loans:
|
||||||||
Real estate, net
|
3,503,385
|
3,458,416
|
||||||
Consumer loans
|
2,423
|
2,449
|
||||||
Less allowance for loan losses
|
(20,550
|
)
|
(20,254
|
)
|
||||
Total loans, net
|
3,485,258
|
3,440,611
|
||||||
Loans held for sale
|
560
|
3,022
|
||||||
Premises and fixed assets, net
|
30,518
|
32,646
|
||||||
Federal Home Loan Bank of New York ("FHLBNY") capital stock
|
45,011
|
49,489
|
||||||
Goodwill
|
55,638
|
55,638
|
||||||
Other assets
|
116,566
|
118,484
|
||||||
Total Assets
|
$
|
3,905,399
|
$
|
4,021,180
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Liabilities:
|
||||||||
Due to depositors:
|
||||||||
Interest bearing deposits
|
$
|
2,320,285
|
$
|
2,202,622
|
||||
Non-interest bearing deposits
|
159,144
|
141,079
|
||||||
Total deposits
|
2,479,429
|
2,343,701
|
||||||
Escrow and other deposits
|
82,753
|
71,812
|
||||||
Securities sold under agreements to repurchase
|
-
|
195,000
|
||||||
FHLBNY advances
|
842,500
|
939,775
|
||||||
Trust Preferred securities payable
|
70,680
|
70,680
|
||||||
Other liabilities
|
38,463
|
39,178
|
||||||
Total Liabilities
|
$
|
3,513,825
|
$
|
3,660,146
|
||||
Commitments and Contingencies
|
||||||||
Stockholders' Equity:
|
||||||||
Preferred stock ($0.01 par, 9,000,000 shares authorized, none issued or outstanding at December 31, 2012 and December 31, 2011)
|
‑
|
‑
|
||||||
Common stock ($0.01 par, 125,000,000 shares authorized, 52,021,149 shares and 51,566,098
shares
issued at December 31, 2012 and December 31, 2011, respectively,
and 35,714,269 shares and 35,109,045 shares outstanding at December 31, 2012 and December 31, 2011, respectively)
|
520
|
516
|
||||||
Additional paid-in capital
|
239,041
|
231,521
|
||||||
Retained earnings
|
379,166
|
358,079
|
||||||
Accumulated other comprehensive loss, net of deferred taxes
|
(9,640
|
)
|
(9,709
|
)
|
||||
Unallocated common stock of Employee Stock Ownership Plan ("ESOP")
|
(3,007
|
)
|
(3,239
|
)
|
||||
Unearned Restricted Stock Award common stock
|
(3,122
|
)
|
(3,037
|
)
|
||||
Common stock held by Benefit Maintenance Plan ("BMP")
|
(8,800
|
)
|
(8,655
|
)
|
||||
Treasury stock, at cost (16,306,880 shares and 16,457,053 shares at December 31, 2012 and December 31, 2011, respectively)
|
(202,584
|
)
|
(204,442
|
)
|
||||
Total Stockholders' Equity
|
$
|
391,574
|
$
|
361,034
|
||||
Total Liabilities And Stockholders' Equity
|
$
|
3,905,399
|
$
|
4,021,180
|
|
Year Ended December 31,
|
||
|
2012
|
2011
|
2010
|
Interest income:
|
|
|
|
Loans secured by real estate
|
$189,149
|
$200,034
|
$202,591
|
Other loans
|
104
|
97
|
123
|
Mortgage-backed securities
|
3,025
|
5,043
|
7,820
|
Investment securities
|
1,263
|
1,401
|
1,277
|
Federal funds sold and other short-term investments
|
2,413
|
2,641
|
2,983
|
Total interest income
|
195,954
|
209,216
|
214,794
|
Interest expense:
|
|
|
|
Deposits and escrow
|
21,779
|
26,131
|
29,991
|
Borrowed funds
|
64,333
|
43,583
|
49,422
|
Total interest expense
|
86,112
|
69,714
|
79,413
|
Net interest income
|
109,842
|
139,502
|
135,381
|
Provision for loan losses
|
3,921
|
6,846
|
11,209
|
Net interest income after provision for loan losses
|
105,921
|
132,656
|
124,172
|
Non-interest income:
|
|
|
|
Total other than temporary impairment ("OTTI") losses
|
(187)
|
(752)
|
(2,757)
|
Less: Non-credit portion of OTTI recorded in other comprehensive income (before taxes)
|
6
|
25
|
282
|
Net OTTI recognized in earnings
|
(181)
|
(727)
|
(2,475)
|
Service charges and other fees
|
3,445
|
3,662
|
3,913
|
Mortgage banking income
|
1,768
|
569
|
1,069
|
Net gain on securities (1)
|
1,135
|
2
|
926
|
Net gain (loss) on the disposal of other assets
|
13,726
|
-
|
(10)
|
Income from Bank Owned Life Insurance ("BOLI")
|
1,689
|
1,758
|
1,941
|
Other
|
2,267
|
2,665
|
2,691
|
Total non-interest income
|
23,849
|
7,929
|
8,055
|
Non-interest expense:
|
|
|
|
Salaries and employee benefits
|
33,805
|
32,854
|
31,329
|
Stock benefit plan compensation expense
|
3,842
|
3,746
|
3,895
|
Occupancy and equipment
|
10,052
|
10,129
|
9,372
|
Data processing costs
|
3,026
|
2,982
|
3,048
|
Advertising and marketing
|
1,554
|
1,710
|
2,271
|
Federal deposit insurance premiums
|
2,057
|
2,618
|
4,096
|
Provision for losses on Other Real Estate Owned ("OREO")
|
-
|
-
|
422
|
Other
|
8,236
|
7,649
|
7,544
|
Total non-interest expense
|
62,572
|
61,688
|
61,977
|
|
|
|
|
Income before income taxes
|
67,198
|
78,897
|
70,250
|
Income tax expense
|
26,890
|
31,588
|
28,861
|
|
|
|
|
Net income
|
$40,308
|
$47,309
|
$41,389
|
|
|
|
|
Earnings per Share:
|
|
|
|
Basic
|
$1.18
|
$1.40
|
$1.24
|
Diluted
|
$1.17
|
$1.40
|
$1.24
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
|||
Net Income
|
$40,308
|
$47,309
|
$41,389
|
Change in pension and other postretirement obligations, net of deferred (taxes) benefit of $(1,395), $2,933 and $1,273 during the
years ended December 31, 2012, 2011 and 2010, respectively
|
1,696
|
(3,564)
|
(1,547)
|
Amortization and reversal of net unrealized loss on securities transferred from available-for-sale to held-to-maturity,
net of tax of $(91), $(201) and $(83) during the years ended December 31, 2012, 2011 and 2010, respectively
|
111
|
245
|
101
|
Non-credit component of OTTI charge recognized during the period, net of tax benefits of $3, $11 and $127 during the years ended
December 31, 2012, 2011 and 2010, respectively
|
(3)
|
(14)
|
(156)
|
Reduction in non-credit component of OTTI, net of taxes of $(137), $(585) and $(1,130) during the years ended December 31, 2012, 2011 and
2010, respectively
|
165
|
714
|
1,374
|
Reclassification adjustment for securities sold during the period, net of benefit (taxes) of $461, $14 and $384 during the years ended
December 31, 2012, 2011 and 2010, respectively
|
(561)
|
(18)
|
(467)
|
Net unrealized securities loss arising during the period, net of tax benefit of $1,983, $615 and $474 during the
years ended December 31, 2012, 2011 and 2010, respectively
|
(1,339)
|
(720)
|
(575)
|
Comprehensive Income
|
$40,377
|
$43,952
|
$40,119
|
|
Year Ended December 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
|
|
|
|
|||||||||
Common Stock:
|
|
|
|
|||||||||
Balance at beginning of period
|
$
|
516
|
$
|
512
|
$
|
511
|
||||||
Shares issued in exercise of options (455,051 shares, 346,489 shares and 87,825 shares during the years ended December 31, 2012, 2011, and 2010, respectively)
|
4
|
4
|
1
|
|||||||||
Balance at end of period
|
520
|
516
|
512
|
|||||||||
Additional Paid-in Capital:
|
||||||||||||
Balance at beginning of period
|
231,521
|
225,585
|
214,654
|
|||||||||
Stock options exercised
|
5,604
|
3,665
|
1,011
|
|||||||||
Excess tax benefit of stock benefit plans
|
389
|
431
|
112
|
|||||||||
Amortization of excess fair value over cost – ESOP stock and stock option expense
|
1,168
|
1,337
|
1,688
|
|||||||||
BMP award distribution
|
-
|
-
|
(28
|
)
|
||||||||
BMP reclassification
|
-
|
-
|
8,007
|
|||||||||
Release from treasury stock for restricted stock award and BMP award shares, net of return of shares to treasury for forfeited shares (150,173 shares, 169,376 shares and 109,824 shares during the years ended December 31, 2012, 2011, and 2010, respectively)
|
359
|
503
|
141
|
|||||||||
Balance at end of period
|
239,041
|
231,521
|
225,585
|
|||||||||
Retained Earnings:
|
||||||||||||
Balance at beginning of period
|
358,079
|
329,668
|
306,787
|
|||||||||
Net income for the period
|
40,308
|
47,309
|
41,389
|
|||||||||
BMP reclassification
|
-
|
-
|
132
|
|||||||||
Cash dividends declared and paid
|
(19,221
|
)
|
(18,898
|
)
|
(18,640
|
)
|
||||||
Balance at end of period
|
379,166
|
358,079
|
329,668
|
|||||||||
Accumulated Other Comprehensive Loss, Net of Deferred Taxes:
|
||||||||||||
Balance at beginning of period
|
(9,709
|
)
|
(6,352
|
)
|
(5,082
|
)
|
||||||
Amortization and reversal of net unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of tax
|
111
|
245
|
101
|
|||||||||
Non-credit component of OTTI charge recognized during the period, net of tax
|
(3
|
)
|
(14
|
)
|
(156
|
)
|
||||||
Reduction in non-credit component of OTTI during the period, net of tax
|
165
|
714
|
1,374
|
|||||||||
Decrease in unrealized gain on available-for-sale securities during the period, net of deferred tax benefit of $1,563, $605 and $858
during the years ended December 31, 2012, 2011 and 2010, respectively
|
(1,900
|
)
|
(738
|
)
|
(1,042
|
)
|
||||||
Unrecognized (loss) gain of pension and other postretirement obligations, net of tax
|
1,696
|
(3,564
|
)
|
(1,547
|
)
|
|||||||
Balance at end of period
|
(9,640
|
)
|
(9,709
|
)
|
(6,352
|
)
|
||||||
Unallocated Common Stock of ESOP:
|
||||||||||||
Balance at beginning of period
|
(3,239
|
)
|
(3,470
|
)
|
(3,701
|
)
|
||||||
Amortization of earned portion of ESOP stock
|
232
|
231
|
231
|
|||||||||
Balance at end of period
|
(3,007
|
)
|
(3,239
|
)
|
(3,470
|
)
|
||||||
Unearned Restricted Stock Award Common Stock:
|
||||||||||||
Balance at beginning of period
|
(3,037
|
)
|
(2,684
|
)
|
(2,505
|
)
|
||||||
Release from treasury stock for restricted stock award shares, net of return of shares to treasury for forfeited shares
|
(1,927
|
)
|
(1,931
|
)
|
(1,479
|
)
|
||||||
Amortization of earned portion of restricted stock awards
|
1,842
|
1,578
|
1,300
|
|||||||||
Balance at end of period
|
(3,122
|
)
|
(3,037
|
)
|
(2,684
|
)
|
||||||
Common Stock Held by BMP:
|
||||||||||||
Balance at beginning of period
|
(8,655
|
)
|
(7,979
|
)
|
(8,007
|
)
|
||||||
Release from treasury stock for BMP award shares
|
(145
|
)
|
(676
|
)
|
-
|
|||||||
Award distribution
|
-
|
-
|
28
|
|||||||||
Balance at end of period
|
(8,800
|
)
|
(8,655
|
)
|
(7,979
|
)
|
||||||
Treasury Stock, at cost:
|
||||||||||||
Balance at beginning of period
|
(204,442
|
)
|
(206,546
|
)
|
(207,884
|
)
|
||||||
Release from treasury stock for restricted stock award and BMP award shares, net of return of shares to treasury for forfeited shares
|
1,858
|
2,104
|
1,338
|
|||||||||
Balance at end of period
|
(202,584
|
)
|
(204,442
|
)
|
(206,546
|
)
|
||||||
TOTAL STOCKHOLDERS' EQUITY AT THE END OF PERIOD
|
$
|
391,574
|
$
|
361,034
|
$
|
328,734
|
|
Year Ended December 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|||||||||
Net Income
|
$
|
40,308
|
$
|
47,309
|
$
|
41,389
|
||||||
Adjustments to reconcile net income to net cash provided by operating activities
|
||||||||||||
Net gain on the sales of investment securities and mortgage backed securities available-for-sale
|
(1,022
|
)
|
(32
|
)
|
(609
|
)
|
||||||
Net gain recognized on the transfer of securities from available-for-sale into trading
|
-
|
-
|
(242
|
)
|
||||||||
Net (gain) loss recognized on trading securities
|
(113
|
)
|
34
|
(75
|
)
|
|||||||
Net (gain) loss on sale of loans held for sale
|
(68
|
)
|
9
|
(448
|
)
|
|||||||
Net (gain) loss on sales of OREO and other assets
|
(13,726
|
)
|
-
|
10
|
||||||||
Loss on debt extinguishment
|
28,772
|
-
|
-
|
|||||||||
Net depreciation, amortization and accretion
|
2,880
|
2,935
|
2,444
|
|||||||||
Stock plan compensation expense (excluding ESOP)
|
2,164
|
2,105
|
2,194
|
|||||||||
ESOP compensation expense
|
1,078
|
1,041
|
1,025
|
|||||||||
Provision for loan losses
|
3,921
|
6,846
|
11,209
|
|||||||||
Provision for losses on OREO
|
-
|
-
|
422
|
|||||||||
Credit to reduce the liability for loans sold with recourse
|
(1,286
|
)
|
-
|
-
|
||||||||
Net OTTI recognized in earnings
|
181
|
727
|
2,475
|
|||||||||
Increase in cash surrender value of BOLI
|
(1,689
|
)
|
(1,758
|
)
|
(1,941
|
)
|
||||||
Deferred income tax provision (credit)
|
(2,068
|
) |
(1,223
|
)
|
(737
|
)
|
||||||
Excess tax benefit of stock plans
|
(389
|
)
|
(431
|
)
|
(112
|
)
|
||||||
Changes in assets and liabilities:
|
||||||||||||
Originations of loans held for sale during the period
|
(32,665
|
)
|
(5,650
|
)
|
(24,560
|
)
|
||||||
Proceeds from sales of loans held for sale
|
36,755
|
8,556
|
28,246
|
|||||||||
Decrease in other assets
|
6,009
|
5,671
|
5,246
|
|||||||||
Increase (Decrease) in other liabilities
|
3,663
|
(3,552
|
)
|
2,245
|
||||||||
Net cash provided by Operating Activities
|
72,705
|
62,587
|
68,181
|
|||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||
Proceeds from maturities of investment securities held-to-maturity
|
983
|
1,152
|
556
|
|||||||||
Proceeds from maturities and calls of investment securities available-for-sale
|
200,320
|
204,000
|
101,510
|
|||||||||
Proceeds from sales of investment securities available-for-sale
|
22,415
|
236
|
2,519
|
|||||||||
Proceeds from sales of mortgage backed securities available-for-sale
|
21,949
|
-
|
-
|
|||||||||
Proceeds from sales of trading securities
|
171
|
136
|
-
|
|||||||||
Purchases of investment securities available-for-sale
|
(80,153
|
)
|
(293,157
|
)
|
(147,426
|
)
|
||||||
Purchases of mortgage backed securities available-for-sale
|
(23,186
|
)
|
-
|
-
|
||||||||
Acquisition of trading securities
|
(3,158
|
)
|
(454
|
)
|
(24
|
)
|
||||||
Principal collected on mortgage backed securities available-for-sale
|
42,822
|
48,911
|
78,389
|
|||||||||
Proceeds from the sale of portfolio loans
|
30,906
|
29,772
|
46,975
|
|||||||||
Purchases of loans
|
(30,425
|
)
|
-
|
-
|
||||||||
Net increase in loans
|
(50,609
|
)
|
(28,839
|
)
|
(141,898
|
)
|
||||||
Proceeds from the sale of OREO and real estate investment property owned
|
17,477
|
-
|
643
|
|||||||||
Purchases of fixed assets
|
(4,422
|
)
|
(3,884
|
)
|
(3,910
|
)
|
||||||
Redemption of FHLBNY capital stock
|
4,478
|
2,229
|
2,365
|
|||||||||
Net cash provided by (used in) Investing Activities
|
149,568
|
(39,898
|
)
|
(60,301
|
)
|
|||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||
Increase (Decrease) in due to depositors
|
135,728
|
(6,880
|
)
|
133,745
|
||||||||
Increase in escrow and other deposits
|
10,941
|
3,270
|
2,647
|
|||||||||
Repayments of FHLBNY advances
|
(172,275
|
)
|
(105,750
|
)
|
(184,150
|
)
|
||||||
Proceeds from FHLBNY advances
|
75,000
|
55,000
|
130,000
|
|||||||||
Repayments of
securities sold under agreements to repurchase ("REPOS"
)
|
(195,000
|
)
|
-
|
-
|
||||||||
Prepayment penalty on debt
|
(28,772
|
)
|
-
|
-
|
||||||||
Proceeds from exercise of stock options
|
5,608
|
3,669
|
1,012
|
|||||||||
Excess tax benefit of stock plans
|
389
|
431
|
112
|
|||||||||
BMP award distribution
|
145
|
-
|
-
|
|||||||||
Proceeds disbursed for the repayment of subordinated note
|
-
|
-
|
(25,000
|
)
|
||||||||
Cash dividends paid to stockholders and cash disbursed in payment of stock dividends
|
(19,221
|
)
|
(18,898
|
)
|
(18,640
|
)
|
||||||
Net cash (used in) provided by Financing Activities
|
(187,457
|
)
|
(69,158
|
)
|
39,726
|
|||||||
INCREASE(DECREASE) IN CASH AND CASH EQUIVALENTS
|
34,816
|
(46,469
|
)
|
47,606
|
||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
44,260
|
90,729
|
43,123
|
|||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
79,076
|
$
|
44,260
|
$
|
90,729
|
||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||||||
Cash paid for income taxes
|
$
|
26,913
|
$
|
36,618
|
$
|
26,955
|
||||||
Cash paid for interest
|
87,281
|
70,041
|
80,454
|
|||||||||
Loans transferred to OREO
|
-
|
-
|
320
|
|||||||||
Loans transferred to held for sale
|
1,560
|
2,628
|
6,130
|
|||||||||
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity
|
202
|
446
|
184
|
|||||||||
Net increase in non-credit component of OTTI
|
296
|
25
|
282
|
|||||||||
Transfer of REPOS to FHLBNY Advances
|
-
|
-
|
35,000
|
Buildings
|
2.22% to 2.50% per year
|
Leasehold improvements
|
lesser of the useful life of the asset or the remaining non-cancelable terms of the related leases
|
Furniture, fixtures and equipment
|
10% per year
|
|
Year Ended December 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Numerator:
|
|
|
|
|||||||||
Net Income per the Consolidated Statements of Operations
|
$
|
40,308
|
$
|
47,309
|
$
|
41,389
|
||||||
Less: Dividends paid on earnings allocated to participating securities
|
(184
|
)
|
(180
|
)
|
(176
|
)
|
||||||
Income attributable to common stock
|
$
|
40,124
|
$
|
47,129
|
$
|
41,213
|
||||||
Weighted average common shares outstanding, including participating securities
|
34,296,288
|
33,723,102
|
33,260,652
|
|||||||||
Less: weighted average participating securities
|
(327
|
)
|
(318
|
)
|
(304
|
)
|
||||||
Weighted average common shares outstanding
|
34,295,961
|
33,722,784
|
33,260,348
|
|||||||||
Basic earnings per common share
|
$
|
1.18
|
$
|
1.40
|
$
|
1.24
|
||||||
Income attributable to common stock
|
$
|
40,124
|
$
|
47,129
|
$
|
41,213
|
||||||
Weighted average common shares outstanding
|
34,295,961
|
33,722,784
|
33,260,348
|
|||||||||
Weighted average common equivalent shares outstanding
|
68,492
|
78,643
|
106,214
|
|||||||||
Weighted average common and equivalent shares outstanding
|
34,364,453
|
33,801,427
|
33,366,562
|
|||||||||
Diluted earnings per common share
|
$
|
1.17
|
$
|
1.40
|
$
|
1.24
|
|
Balance at
December 31, 2011
|
Current Period
Change |
Balance at
December 31, 2012
|
|||||||||
Non-credit component of OTTI
|
$
|
510
|
$
|
(162
|
)
|
$
|
348
|
|||||
Unamortized loss on investment securities transferred from available for sale to held-to-maturity
|
806
|
(111
|
)
|
695
|
||||||||
Unrealized gains on securities available for sale
|
(3,078
|
)
|
1,900
|
(1,178
|
)
|
|||||||
Unrealized loss on defined benefit plans
|
11,471
|
(1,696
|
)
|
9,775
|
||||||||
Total accumulated other comprehensive loss, net of tax
|
$
|
9,709
|
$
|
(69
|
)
|
$
|
9,640
|
|
|
|
Unrealized Gains or Losses Recognized in Accumulated Other Comprehensive Loss
|
|
|
|
||
|
Purchase
Amortized / Historical Cost
|
Recorded Amortized/
Historical Cost
(1)
|
Non-Credit
OTTI
|
Unrealized
Gains
|
Unrealized Losses
|
Book Value
|
Other Unrecognized Gain
|
Fair
Value
|
December 31, 2012:
|
|
|
|
|
|
|
|
|
Pooled bank trust preferred securities ("TRUPS")
|
$16,773
|
$7,828
|
$(633)
|
‑
|
$(1,268)
(2)
|
$5,927
|
$340
|
$6,267
|
December 31, 2011:
|
|
|
|
|
|
|
|
|
TRUPS
|
$17,884
|
$8,910
|
$(929)
|
‑
|
$(1,470)
(2)
|
$6,511
|
$(1,587)
|
$4,924
|
|
For the Year Ended December 31,
|
|||||||
|
2012
|
2011
|
||||||
Cumulative balance at the beginning of the period
|
$
|
1,470
|
$
|
1,916
|
||||
Loss upon transfer
|
‑
|
‑
|
||||||
Amortization
|
(202
|
)
|
(446
|
)
|
||||
Transfer to credit or non-credit related OTTI
|
‑
|
‑
|
||||||
Cumulative balance at end of the period
|
$
|
1,268
|
$
|
1,470
|
·
|
Based upon an internal review of the collateral backing the TRUPS portfolio, which accounted for current and prospective deferrals, the securities could reasonably be expected to continue making all contractual payments
|
·
|
The Company had the intent and ability to hold these securities until they fully recover their impairment, evidenced by the election to reclassify them as held-to-maturity in 2008
|
·
|
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
|
·
|
Each security has a pool of underlying issuers comprised primarily of banks
|
·
|
Neither of the securities have exposure to real estate investment trust issued debt (which has experienced high default
|
·
|
Each security featured 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
|
·
|
Each security is characterized by some level of over-collateralization
|
|
At or for the Year Ended December 31, 2012
|
|||||||||||
|
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
|
$
|
8,974
|
$
|
930
|
$
|
9,904
|
||||||
OTTI recognized during the period
|
181
|
6
|
187
|
|||||||||
Reductions and transfers to credit-related OTTI
|
-
|
(181
|
)
|
(181
|
)
|
|||||||
Amortization of previously recognized OTTI
|
(210
|
)
|
(121
|
)
|
(331
|
)
|
||||||
Cumulative pre-tax balance at end of the period
|
$
|
8,945
|
$
|
634
|
$
|
9,579
|
|
At or for the Year Ended December 31, 2011
|
At or for the Year Ended December 31, 2010
|
||||||||||||||||||||||
|
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
|
$
|
8,247
|
$
|
2,203
|
$
|
10,450
|
$
|
5,772
|
$
|
4,425
|
$
|
10,197
|
||||||||||||
OTTI recognized during the period
|
727
|
25
|
752
|
2,475
|
282
|
2,757
|
||||||||||||||||||
Reductions and transfers to credit-related OTTI
|
-
|
(1,271
|
)
|
(1,271
|
)
|
‑
|
(2,369
|
)
|
(2,369
|
)
|
||||||||||||||
Amortization of previously recognized OTTI
|
-
|
(27
|
)
|
(27
|
)
|
‑
|
(135
|
)
|
(135
|
)
|
||||||||||||||
Cumulative pre-tax balance at end of the period
|
$
|
8,974
|
$
|
930
|
$
|
9,904
|
$
|
8,247
|
$
|
2,203
|
$
|
10,450
|
|
Investment Securities Available-for-Sale
|
|||||||||||||||
|
Amortized/ Historical
Cost
|
Gross Unrealized Gains
|
Gross Unrealized
(Losses)
|
Estimated
Fair Value
|
||||||||||||
December 31, 2012:
|
|
|
|
|
||||||||||||
Debt securities:
|
|
|
|
|
||||||||||||
Federal agency obligations
|
$
|
29,820
|
$
|
125
|
$
|
-
|
$
|
29,945
|
||||||||
Total debt securities
|
$
|
29,820
|
$
|
125
|
$
|
-
|
$
|
29,945
|
||||||||
Equity securities:
|
||||||||||||||||
Mutual fund investments (1)
|
2,556
|
(1)
|
449
|
-
|
3,005
|
|||||||||||
TOTAL
|
$
|
32,376
|
$
|
574
|
$
|
-
|
$
|
32,950
|
|
Investment Securities Available-for-Sale
|
|||||||||||||||
|
Amortized/ Historical
Cost
|
Gross Unrealized Gains
|
Gross Unrealized
(Losses)
|
Estimated
Fair Value
|
||||||||||||
December 31, 2011:
|
|
|
|
|
||||||||||||
Debt securities:
|
|
|
|
|
||||||||||||
Federal agency obligations
|
$
|
170,362
|
$
|
37
|
$
|
(90
|
)
|
$
|
170,309
|
|||||||
Total debt securities
|
170,362
|
37
|
(90
|
)
|
170,309
|
|||||||||||
Equity securities:
|
||||||||||||||||
Mutual fund investments(1)
|
3,624
|
(1)
|
935
|
-
|
4,559
|
|||||||||||
TOTAL
|
$
|
173,986
|
$
|
972
|
$
|
(90
|
)
|
$
|
174,868
|
|
At or For the Year Ended December 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Cumulative balance at the beginning of the period
|
$
|
1,425
|
$
|
1,425
|
$
|
3,063
|
||||||
Reduction of OTTI for securities sold during the period
|
(1,077
|
)
|
-
|
(1,302
|
)
|
|||||||
Reduction of OTTI for securities transferred to trading during the period
|
-
|
-
|
(336
|
)
|
||||||||
Cumulative balance at end of the period
|
$
|
348
|
$
|
1,425
|
$
|
1,425
|
|
Amortized Cost
|
Estimated
Fair Value
|
||||||
Due after one year through three years
|
$
|
29,750
|
$
|
29,874
|
||||
Due after three years through five years
|
70
|
71
|
||||||
TOTAL
|
$
|
29,820
|
$
|
29,945
|
|
Less than 12
Months Consecutive
Unrealized Losses
|
12 Months or More
Consecutive
Unrealized Losses
|
Total
|
|||
|
Fair Value
|
Gross Unrealized Losses
|
Fair Value
|
Gross Unrealized Loss
|
Fair Value
|
Gross Unrealized Losses
|
Federal agency obligations
|
$114,885
|
$90
|
‑
|
‑
|
$114,885
|
$90
|
TOTAL
|
$114,885
|
$90
|
‑
|
‑
|
$114,885
|
$90
|
|
MBS Available-for-Sale
|
|||||||||||||||
|
Amortized
Cost
|
Gross Unrealized Gains(1)
|
Gross Unrealized
(Losses)(1)
|
Estimated
Fair Value
|
||||||||||||
December 31, 2012:
|
|
|
|
|
||||||||||||
Federal Home Loan Mortgage Corporation ("FHLMC") pass-through certificates |
$
|
32,218
|
$
|
870
|
$
|
(25
|
)
|
$
|
33,063
|
|||||||
FNMA pass-through certificates
|
10,233
|
666
|
-
|
10,899
|
||||||||||||
Government National Mortgage Association ("GNMA") pass-through certificates
|
691
|
25
|
-
|
716
|
||||||||||||
Collateralized mortgage obligations ("CMOs") issued by agencies
|
2,436
|
26
|
-
|
2,462
|
||||||||||||
Private label MBS and CMOs
|
1,870
|
18
|
(7
|
)
|
1,881
|
|||||||||||
TOTAL
|
$
|
47,448
|
$
|
1,605
|
$
|
(32
|
)
|
$
|
49,021
|
|
MBS Available-for-Sale
|
|||||||||||||||
|
Amortized
Cost
|
Gross Unrealized Gains(1)
|
Gross Unrealized
(Losses)(1)
|
Estimated
Fair Value
|
||||||||||||
December 31, 2011:
|
|
|
|
|
||||||||||||
FHLMC pass-through certificates
|
$
|
53,662
|
$
|
3,386
|
$
|
-
|
$
|
57,048
|
||||||||
FNMA pass-through certificates
|
16,583
|
1,144
|
-
|
17,727
|
||||||||||||
GNMA pass-through certificates
|
763
|
24
|
-
|
787
|
||||||||||||
CMOs issued by agencies
|
15,128
|
261
|
-
|
15,389
|
||||||||||||
Private label MBS and CMOs
|
3,013
|
22
|
(109
|
)
|
2,926
|
|||||||||||
TOTAL
|
$
|
89,149
|
$
|
4,837
|
$
|
(109
|
)
|
$
|
93,877
|
|
Less than 12
Months Consecutive
Unrealized Losses
|
12 Months or More
Consecutive
Unrealized Losses
|
Total
|
|||
|
Fair Value
|
Gross Unrealized Losses
|
Fair Value
|
Gross Unrealized Losses
|
Fair Value
|
Gross Unrealized Losses
|
December 31, 2012:
|
|
|
|
|
|
|
FHLMC pass-through certificates
|
$5,867
|
$25
|
$-
|
$-
|
$5,867
|
$25
|
Private label MBS
|
-
|
-
|
954
|
7
|
954
|
7
|
December 31, 2011:
|
|
|
|
|
|
|
Private label MBS
|
$-
|
$-
|
$1,505
|
$109
|
$1,505
|
$109
|
|
December 31,
2012
|
December 31,
2011
|
||||||
Passbook loans (secured by savings and time deposits)
|
$
|
712
|
$
|
483
|
||||
Consumer installment and other loans
|
1,711
|
1,966
|
||||||
TOTAL
|
$
|
2,423
|
$
|
2,449
|
|
Balance at December 31, 2012
|
|||||||||||||||||||||||
Grade
|
One- to Four-Family
Residential and
Cooperative Unit
|
Multifamily
Residential and Residential
Mixed Use
|
Mixed Use Commercial
Real Estate
|
Commercial Real Estate
|
Construction
|
Total
|
||||||||||||||||||
Pass
|
$
|
66,415
|
$
|
2,665,410
|
$
|
326,053
|
$
|
363,299
|
$
|
-
|
$
|
3,421,177
|
||||||||||||
Special Mention
|
6,333
|
7,711
|
5,547
|
2,639
|
-
|
22,230
|
||||||||||||||||||
Substandard
|
2,987
|
3,248
|
8,533
|
28,593
|
476
|
43,837
|
||||||||||||||||||
Total real estate loans individually assigned a credit grade
|
$
|
75,735
|
$
|
2,676,369
|
$
|
340,133
|
$
|
394,531
|
$
|
476
|
$
|
3,487,244
|
||||||||||||
Real estate loans not individually assigned a credit grade
(1)
|
$
|
16,141
|
‑
|
‑
|
‑
|
‑
|
$
|
16,141
|
|
Balance at December 31, 2011
|
|||||||||||||||||||||||
Grade
|
One- to Four-Family
Residential and
Cooperative Unit
|
Multifamily
Residential and Residential
Mixed Use
|
Mixed Use Commercial
Real Estate
|
Commercial Real Estate
|
Construction
|
Total
|
||||||||||||||||||
Pass
|
$
|
66,949
|
$
|
2,587,573
|
$
|
320,556
|
$
|
364,462
|
$
|
-
|
$
|
3,339,540
|
||||||||||||
Special Mention
|
1,133
|
7,101
|
10,562
|
9,244
|
2,576
|
30,616
|
||||||||||||||||||
Substandard
|
2,635
|
8,245
|
7,152
|
39,610
|
623
|
58,265
|
||||||||||||||||||
Total real estate loans individually assigned a credit grade
|
$
|
70,717
|
$
|
2,602,919
|
$
|
338,270
|
$
|
413,316
|
$
|
3,199
|
$
|
3,428,421
|
||||||||||||
Real estate loans not individually assigned a credit grade
(1)
|
$
|
29,995
|
‑
|
‑
|
‑
|
‑
|
$
|
29,995
|
Grade
|
Balance at December 31, 2012
|
Balance at December 31, 2011
|
||||||
Performing
|
$
|
2,415
|
$
|
2,445
|
||||
Non-accrual
|
8
|
4
|
||||||
Total
|
$
|
2,423
|
$
|
2,449
|
At December 31, 2012
|
||||||||||||||||||||||||||||
|
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 and cooperative unit
|
$
|
336
|
$
|
155
|
$
|
-
|
$
|
938
|
$
|
1,429
|
$
|
90,447
|
$
|
91,876
|
||||||||||||||
Multifamily residential and residential mixed use
|
6,451
|
-
|
190
|
507
|
7,148
|
2,669,221
|
2,676,369
|
|||||||||||||||||||||
Mixed use commercial real estate
|
-
|
-
|
-
|
1,170
|
1,170
|
338,963
|
340,133
|
|||||||||||||||||||||
Commercial real estate
|
207
|
-
|
-
|
6,265
|
6,472
|
388,059
|
394,531
|
|||||||||||||||||||||
Construction
|
-
|
-
|
-
|
-
|
-
|
476
|
476
|
|||||||||||||||||||||
Total real estate
|
$
|
6,994
|
155
|
$
|
190
|
$
|
8,880
|
$
|
16,219
|
$
|
3,487,166
|
$
|
3,503,385
|
|||||||||||||||
Consumer
|
$
|
2
|
$
|
5
|
-
|
$
|
8
|
$
|
15
|
$
|
2,408
|
$
|
2,423
|
At December 31, 2011
|
||||||||||||||||||||||||||||
|
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 and cooperative unit
|
$
|
1,221
|
$
|
-
|
$
|
-
|
$
|
2,205
|
$
|
3,426
|
$
|
97,286
|
$
|
100,712
|
||||||||||||||
Multifamily residential and residential mixed use
|
2,589
|
-
|
946
|
7,069
|
10,604
|
2,592,315
|
2,602,919
|
|||||||||||||||||||||
Mixed use commercial real estate
|
4,976
|
-
|
-
|
5,591
|
10,567
|
327,703
|
338,270
|
|||||||||||||||||||||
Commercial real estate
|
478
|
-
|
2,874
|
11,083
|
14,435
|
398,881
|
413,316
|
|||||||||||||||||||||
Construction
|
-
|
-
|
-
|
-
|
-
|
3,199
|
3,199
|
|||||||||||||||||||||
Total real estate
|
$
|
9,264
|
-
|
$
|
3,820
|
$
|
25,948
|
$
|
39,032
|
$
|
3,419,384
|
$
|
3,458,416
|
|||||||||||||||
Consumer
|
$
|
12
|
$
|
5
|
-
|
$
|
4
|
$
|
21
|
$
|
2,428
|
$
|
2,449
|
|
As of December 31, 2012
|
As of December 31, 2011
|
||||||||||||||
|
No. of Loans
|
Balance
|
No. of Loans
|
Balance
|
||||||||||||
Outstanding principal balance at period end
|
22
|
$
|
51,123
|
22
|
$
|
48,753
|
||||||||||
TDRs on accrual status at period end
|
20
|
44,858
|
17
|
40,688
|
||||||||||||
TDRs on non-accrual status at period end
|
2
|
6,265
|
5
|
8,065
|
|
For the Year Ended December 31, 2012
|
For the Year Ended December 31, 2011
|
||||||||||||||||||||||
|
Number of Loans
|
Pre-Modification
Outstanding Recorded Investment
|
Post-Modification Outstanding Recorded Investment
|
Number of Loans
|
Pre-Modification
Outstanding Recorded Investment
|
Post-Modification Outstanding Recorded Investment
|
||||||||||||||||||
Loan modifications during the period
that met the definition of a TDR:
|
|
|
|
|
|
|
||||||||||||||||||
One- to four-family residential and cooperative unit
|
1
|
$
|
330
|
$
|
330
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||
Multifamily residential and residential mixed use
|
1
|
459
|
459
|
2
|
573
|
573
|
||||||||||||||||||
Commercial real estate
|
2
|
4,430
|
4,430
|
6
|
30,095
|
30,095
|
||||||||||||||||||
TOTAL
|
4
|
$
|
5,219
|
$
|
5,219
|
8
|
$
|
30,668
|
$
|
30,668
|
(i)
|
Charge-off experience
|
(ii)
|
Economic conditions
|
(iii)
|
Underwriting standards or experience
|
(iv)
|
Loan concentrations
|
(v)
|
Loan seasoning
|
At or for the Year Ended December 31, 2012
|
||||||||||||||||||||||||||||
|
Real Estate Loans
|
Consumer Loans
|
||||||||||||||||||||||||||
|
One- to Four Family Residential
and
Cooperative
Unit
|
Multifamily Residential and Residential Mixed Use
|
Mixed Use Commercial
Real Estate
|
Commercial Real Estate
|
Construction
|
Total Real Estate
|
|
|||||||||||||||||||||
Beginning balance
|
$
|
480
|
$
|
14,313
|
$
|
1,528
|
$
|
3,783
|
$
|
124
|
$
|
20,228
|
$
|
26
|
||||||||||||||
Charge-offs
|
(777
|
)
|
(2,478
|
)
|
(821
|
)
|
(521
|
)
|
(3
|
)
|
(4600
|
)
|
(10
|
)
|
||||||||||||||
Recoveries
|
17
|
829
|
18
|
39
|
-
|
903
|
-
|
|||||||||||||||||||||
Transfer from reserve for loan
commitments
|
-
|
52
|
5
|
25
|
-
|
82
|
-
|
|||||||||||||||||||||
Provision (credit) for loan losses
|
624
|
1,583
|
1,744
|
56
|
(97
|
)
|
3,910
|
11
|
||||||||||||||||||||
Ending balance
|
$
|
344
|
$
|
14,299
|
$
|
2,474
|
$
|
3,382
|
$
|
24
|
$
|
20,523
|
$
|
27
|
||||||||||||||
Ending balance – loans individually
evaluated for impairment
|
$
|
1,291
|
$
|
2,460
|
$
|
1,900
|
$
|
47,493
|
$
|
-
|
$
|
53,144
|
$
|
-
|
||||||||||||||
Ending balance – loans collectively
evaluated for impairment
|
90,585
|
2,673,909
|
338,233
|
347,038
|
476
|
3,450,241
|
2,423
|
|||||||||||||||||||||
Allowance balance associated
with loans individually evaluated
for impairment
|
7
|
-
|
-
|
513
|
-
|
520
|
-
|
|||||||||||||||||||||
Allowance balance associated
with loans collectivelly evaluated
for impairment
|
337
|
14,299
|
2,474
|
2,869
|
24
|
20,003
|
27
|
At or for the Year Ended December 31, 2011
|
||||||||||||||||||||||||||||
|
Real Estate Loans
|
Consumer Loans
|
||||||||||||||||||||||||||
|
One- to Four Family Residential
and
Cooperative
Unit
|
Multifamily Residential and Residential Mixed Use
|
Mixed Use Commercial
Real Estate
|
Commercial Real Estate
|
Construction
|
Total Real Estate
|
|
|||||||||||||||||||||
Beginning balance
|
$
|
409
|
$
|
14,226
|
$
|
1,331
|
$
|
2,821
|
$
|
345
|
$
|
19,132
|
$
|
34
|
||||||||||||||
Charge-offs
|
(129
|
)
|
(2,803
|
)
|
(697
|
)
|
(1,720
|
)
|
(962
|
)
|
(6,311
|
)
|
(29
|
)
|
||||||||||||||
Recoveries
|
-
|
220
|
48
|
147
|
‑
|
415
|
‑
|
|||||||||||||||||||||
Transfer from (to) reserve for loan
Commitments
|
‑
|
165
|
(15
|
)
|
(13
|
)
|
30
|
167
|
‑
|
|||||||||||||||||||
Provision for loan losses
|
200
|
2,505
|
861
|
2,548
|
711
|
6,825
|
21
|
|||||||||||||||||||||
Ending balance
|
$
|
480
|
$
|
14,313
|
$
|
1,528
|
$
|
3,783
|
$
|
124
|
$
|
20,228
|
$
|
26
|
||||||||||||||
Ending balance – loans individually
evaluated for impairment
|
$
|
2,547
|
$
|
10,028
|
$
|
6,739
|
$
|
51,070
|
-
|
$
|
70,384
|
$‑
|
||||||||||||||||
Ending balance – loans collectively
evaluated for impairment
|
98,165
|
2,592,891
|
331,531
|
362,246
|
3,199
|
3,388,032
|
2,449
|
|||||||||||||||||||||
Allowance balance associated
with loans individually evaluated
for impairment
|
130
|
45
|
73
|
1,927
|
-
|
2,175
|
‑
|
|||||||||||||||||||||
Allowance balance associated with
loans collectivelly evaluated for
impairment
|
350
|
14,268
|
1,455
|
1,856
|
124
|
18,053
|
26
|
At or for the Year Ended December 31, 2010
|
||||||||||||||||||||||||||||
|
Real Estate Loans
|
Consumer Loans
|
||||||||||||||||||||||||||
|
One- to Four Family Residentail
and
Cooperative
Unit
|
Multifamily Residential and Residential Mixed Use
|
Mixed Use Commercial
Real Estate
|
Commercial Real Estate
|
Construction
|
Total Real Estate
|
|
|||||||||||||||||||||
Beginning balance
|
$
|
1,047
|
$
|
13,547
|
$
|
1,833
|
$
|
3,918
|
$
|
1,130
|
$
|
21,475
|
$
|
30
|
||||||||||||||
Charge-offs
|
(266
|
)
|
(10,062
|
)
|
(469
|
)
|
(1,964
|
)
|
(1,111
|
)
|
(13,872
|
)
|
(13
|
)
|
||||||||||||||
Recoveries
|
‑
|
55
|
‑
|
9
|
‑
|
64
|
‑
|
|||||||||||||||||||||
Transfer from (to) reserve for commitments
|
‑
|
188
|
65
|
(17
|
)
|
36
|
272
|
‑
|
||||||||||||||||||||
Provision (credit) for loan losses
|
(372
|
)
|
10,498
|
(98
|
)
|
875
|
290
|
11,193
|
17
|
|||||||||||||||||||
Ending balance
|
$
|
409
|
$
|
14,226
|
$
|
1,331
|
$
|
2,821
|
$
|
345
|
$
|
19,132
|
$
|
34
|
|
At December 31, 2012
|
For the Year Ended
Ended December 31, 2012
|
||||||||||||||||||
|
Unpaid Principal Balance at Period End
|
Recorded Investment
at Period End(1)
|
Reserve Balance Allocated within the Allowance for Loan Losses at Period End
|
Average Recorded Investment(1)
|
Interest
Income Recognized
|
|||||||||||||||
One- to Four Family Residential and Cooperative Unit
|
|
|
|
|
|
|||||||||||||||
With no allocated reserve
|
$
|
1,079
|
$
|
1,079
|
$
|
-
|
$
|
867
|
$
|
55
|
||||||||||
With an allocated reserve
|
258
|
212
|
7
|
452
|
19
|
|||||||||||||||
Multifamily Residential and Residential Mixed Use
|
||||||||||||||||||||
With no allocated reserve
|
2,767
|
2,460
|
-
|
5,434
|
341
|
|||||||||||||||
With an allocated reserve
|
-
|
-
|
-
|
420
|
-
|
|||||||||||||||
Mixed Use Commercial Real Estate
|
||||||||||||||||||||
With no allocated reserve
|
1,900
|
1,900
|
‑
|
2,516
|
74
|
|||||||||||||||
With an allocated reserve
|
-
|
-
|
-
|
192
|
-
|
|||||||||||||||
Commercial Real Estate
|
||||||||||||||||||||
With no allocated reserve
|
33,416
|
32,217
|
‑
|
29,362
|
1,675
|
|||||||||||||||
With an allocated reserve
|
15,276
|
15,276
|
513
|
20,087
|
746
|
|||||||||||||||
Construction
|
||||||||||||||||||||
With no allocated reserve
|
-
|
-
|
‑
|
-
|
-
|
|||||||||||||||
With an allocated reserve
|
-
|
-
|
‑
|
-
|
-
|
|||||||||||||||
Total
|
||||||||||||||||||||
With no allocated reserve
|
$
|
39,162
|
$
|
37,656
|
$
|
-
|
$
|
38,179
|
$
|
2,145
|
||||||||||
With an allocated reserve
|
$
|
15,534
|
$
|
15,488
|
$
|
520
|
$
|
21,151
|
$
|
765
|
(1)
|
The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality.
|
|
At December 31, 2011
|
For the Year Ended
Ended December 31, 2011
|
||||||||||||||||||
|
Unpaid Principal Balance at Period End
|
Recorded Investment
at Period End(1)
|
Reserve Balance Allocated within the Allowance for Loan Losses at Period End
|
Average Recorded Investment(1)
|
Interest
Income Recognized
|
|||||||||||||||
One- to Four Family Residential and Cooperative Unit
|
|
|
|
|
|
|||||||||||||||
With no allocated reserve
|
$
|
1,136
|
$
|
1,136
|
$
|
-
|
$
|
1,406
|
$
|
38
|
||||||||||
With an allocated reserve
|
1,773
|
1,411
|
130
|
565
|
31
|
|||||||||||||||
Multifamily Residential and Residential Mixed Use
|
||||||||||||||||||||
With no allocated reserve
|
10,709
|
9,338
|
-
|
11,194
|
795
|
|||||||||||||||
With an allocated reserve
|
776
|
690
|
45
|
3,040
|
86
|
|||||||||||||||
Mixed Use Commercial Real Estate
|
||||||||||||||||||||
With no allocated reserve
|
5,780
|
5,780
|
‑
|
3,901
|
191
|
|||||||||||||||
With an allocated reserve
|
1,145
|
959
|
73
|
1,893
|
11
|
|||||||||||||||
Commercial Real Estate
|
||||||||||||||||||||
With no allocated reserve
|
14,317
|
11,812
|
‑
|
15,243
|
407
|
|||||||||||||||
With an allocated reserve
|
39,296
|
39,258
|
1,927
|
15,620
|
868
|
|||||||||||||||
Construction
|
||||||||||||||||||||
With no allocated reserve
|
-
|
-
|
‑
|
3,835
|
227
|
|||||||||||||||
With an allocated reserve
|
-
|
-
|
‑
|
-
|
-
|
|||||||||||||||
Total
|
||||||||||||||||||||
With no allocated reserve
|
$
|
31,942
|
$
|
28,066
|
$
|
-
|
$
|
35,579
|
$
|
1,658
|
||||||||||
With an allocated reserve
|
$
|
42,990
|
$
|
42,318
|
$
|
2,175
|
$
|
21,118
|
$
|
996
|
|
For the Year Ended
Ended December 31, 2010
|
|||||||
|
Average Recorded Investment(1)
|
Interest Income Recognized
|
||||||
With no allocated reserve
|
$
|
8,945
|
$
|
2,628
|
||||
With an allocated reserve
|
22,915
|
‑
|
||||||
Total
|
$
|
31,860
|
$
|
2,628
|
|
At or for the Year Ended December 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Outstanding balance of multifamily loans serviced for FNMA at period end
|
$
|
256,731
|
$
|
308,104
|
$
|
371,887
|
||||||
Total First Loss Position at end of period
|
15,428
|
16,356
|
16,789
|
|||||||||
Reserve Liability on the First Loss Position
|
||||||||||||
Balance at beginning of period
|
$
|
2,993
|
$
|
2,993
|
$
|
4,373
|
||||||
Transfer of specific reserve for serviced loans re-acquired by the Bank
|
-
|
-
|
(1,123
|
)
|
||||||||
Credit for losses on problem loans
(1)
|
(1,286
|
)
|
-
|
-
|
||||||||
Charge-offs and other net reductions in balance
|
(342
|
)
|
-
|
(257
|
)
|
|||||||
Balance at period end
|
$
|
1,383
|
$
|
2,993
|
$
|
2,993
|
|
At or for the Year Ended December 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
MSR Activity
|
|
|
|
|||||||||
Balance at beginning of period
|
$
|
1,604
|
$
|
2,271
|
$
|
2,765
|
||||||
Additions for loans sold during the period
|
55
|
-
|
284
|
|||||||||
Reversal of valuation reserve
|
-
|
-
|
-
|
|||||||||
Amortization
|
(544
|
)
|
(667
|
)
|
(778
|
)
|
||||||
Balance at period end
|
$
|
1,115
|
$
|
1,604
|
$
|
2,271
|
|
At December 31, 2012
|
At December 31, 2011
|
At December 31, 2010
|
|||||||||
Net carrying value of the servicing asset
|
$
|
1,115
|
$
|
1,604
|
$
|
2,271
|
||||||
Fair value of the servicing asset
|
1,511
|
2,139
|
2,840
|
|||||||||
Weighted average life (in years)
|
5.52
|
6.30
|
6.00
|
|||||||||
Prepayment speed assumptions (annual rate) ("PSA")
|
150 PSA
|
150 PSA
|
150 PSA
|
|||||||||
Impact on fair value of 10% adverse change
|
$
|
(21
|
)
|
$
|
(30
|
)
|
$
|
(43
|
)
|
|||
Impact on fair value of 20% adverse change
|
$
|
(41
|
)
|
$
|
(59
|
)
|
$
|
(86
|
)
|
|||
Expected credit losses (annual rate)
|
$
|
13
|
$
|
13
|
$
|
13
|
||||||
Impact on fair value of 10% adverse change
|
$
|
-
|
$
|
(1
|
)
|
$
|
-
|
|||||
Impact on fair value of 20% adverse change
|
$
|
-
|
$
|
(2
|
)
|
$
|
-
|
|||||
Residual cash flows discount rate (annual rate)
|
13.75
|
%
|
13.75
|
%
|
13.75
|
%
|
||||||
Impact on fair value of 10% adverse change
|
$
|
(26
|
)
|
$
|
(39
|
)
|
$
|
(54
|
)
|
|||
Impact on fair value of 20% adverse change
|
$
|
(50
|
)
|
$
|
(76
|
)
|
$
|
(106
|
)
|
|||
Average Interest rate on adjustable rate loans
|
5.59
|
%
|
5.84
|
%
|
5.81
|
%
|
||||||
Impact on fair value of 10% adverse change
|
-
|
-
|
-
|
|||||||||
Impact on fair value of 20% adverse change
|
-
|
-
|
-
|
|
Year Ended December 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Gain on the sale of loans originated for sale
|
$
|
68
|
$
|
5
|
$
|
439
|
||||||
Credit to reduce the liability for the First Loss Position
|
1,286
|
‑
|
‑
|
|||||||||
Mortgage banking fees
|
414
|
564
|
630
|
|||||||||
Reversal of valuation reserve on MSR
|
‑
|
‑
|
‑
|
|||||||||
Net mortgage banking income
|
$
|
1,768
|
$
|
569
|
$
|
1,069
|
|
December 31, 2012
|
December 31, 2011
|
||||||
Land
|
$
|
7,067
|
$
|
7,237
|
||||
Buildings
|
23,332
|
27,012
|
||||||
Leasehold improvements
|
10,661
|
9,689
|
||||||
Furniture, fixtures and equipment(1)
|
12,793
|
21,882
|
||||||
|
53,853
|
65,820
|
||||||
Less: accumulated depreciation and amortization(1)
|
(23,335
|
)
|
(33,174
|
)
|
||||
TOTAL
|
$
|
30,518
|
$
|
32,646
|
|
At December 31, 2012
|
At December 31, 2011
|
||||||||||||||
|
Effective Cost
|
Liability
|
Effective Cost
|
Liability
|
||||||||||||
Savings accounts
|
0.15
|
%
|
$
|
371,792
|
0.21
|
%
|
$
|
353,708
|
||||||||
Certificates of deposit ("CDs")
|
1.68
|
891,975
|
1.85
|
977,551
|
||||||||||||
Money market accounts
|
0.57
|
961,359
|
0.63
|
772,055
|
||||||||||||
Interest bearing checking accounts
|
0.16
|
95,159
|
0.23
|
99,308
|
||||||||||||
Non-interest bearing checking accounts
|
-
|
159,144
|
-
|
141,079
|
||||||||||||
TOTAL
|
0.86
|
%
|
$
|
2,479,429
|
1.02
|
%
|
$
|
2,343,701
|
Year Ending December 31,
|
Maturing
Balance
|
Weighted Average
Interest Rate
|
||||||
2013
|
$
|
525,628
|
1.14
|
%
|
||||
2014
|
148,544
|
2.35
|
||||||
2015
|
98,665
|
2.49
|
||||||
2016
|
30,445
|
2.24
|
||||||
2017
|
41,720
|
2.34
|
||||||
2018 and beyond
|
46,973
|
2.67
|
||||||
TOTAL
|
$
|
891,975
|
1.66
|
%(1)
|
|
At or for the Year Ended December 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Balance outstanding at end of period
|
$
|
-
|
$
|
195,000
|
$
|
195,000
|
||||||
Average interest cost at end of period
|
-
|
%
|
4.33
|
%
|
4.33
|
%
|
||||||
Average balance outstanding during the period
|
$
|
132,910
|
$
|
195,000
|
$
|
203,055
|
||||||
Average interest cost during the period
|
26.24
|
%(a)
|
4.33
|
%
|
4.33
|
%
|
||||||
Estimated fair value of underlying collateral
|
$
|
-
|
$
|
214,446
|
$
|
214,539
|
||||||
Maximum balance outstanding at month end during the year
|
$
|
195,000
|
$
|
195,000
|
$
|
230,000
|
Year Ending December 31,
|
Maturing
Balance
|
Weighted Average
Interest Rate
|
||||||
2013
|
$
|
218,500
|
1.77
|
%
|
||||
2014
|
199,500
|
2.92
|
||||||
2015
|
284,500
|
2.55
|
||||||
2016
|
50,000
|
4.36
|
||||||
2017
|
90,000
|
3.87
|
||||||
2018 and beyond
|
-
|
-
|
||||||
TOTAL
|
$
|
842,500
|
2.68
|
%
|
|
Year Ended December 31, 2012
|
Year Ended December 31, 2011
|
Year Ended December 31, 2010
|
|||||||||||||||||||||||||||||||||
|
Federal
|
State and City
|
Total
|
Federal
|
State and City
|
Total
|
Federal
|
State and City
|
Total
|
|||||||||||||||||||||||||||
Current
|
$
|
21,607
|
$
|
7,351
|
$
|
28,958
|
$
|
25,580
|
$
|
7,231
|
$
|
32,811
|
$
|
22,129
|
$
|
7,469
|
$
|
29,598
|
||||||||||||||||||
Deferred
|
(1,395
|
)
|
(673
|
)
|
(2,068
|
)
|
(1,145
|
)
|
(78
|
)
|
(1,223
|
)
|
(522
|
)
|
(215
|
)
|
(737
|
)
|
||||||||||||||||||
TOTAL
|
$
|
20,212
|
$
|
6,678
|
$
|
26,890
|
$
|
24,435
|
$
|
7,153
|
$
|
31,588
|
$
|
21,607
|
$
|
7,254
|
$
|
28,861
|
|
Year Ended December 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Tax at Federal statutory rate
|
$
|
23,519
|
$
|
27,614
|
$
|
24,587
|
||||||
State and local taxes, net of federal income tax benefit
|
4,341
|
4,319
|
4,549
|
|||||||||
Benefit plan differences
|
(114
|
)
|
(122
|
)
|
(286
|
)
|
||||||
Adjustments for prior period tax returns
|
63
|
185
|
‑
|
|||||||||
Investment in BOLI
|
(591
|
)
|
(615
|
)
|
(679
|
)
|
||||||
Adjustment for unrecognized tax (benefits) liabilities
|
-
|
(1,026
|
)
|
79
|
||||||||
Other, net
|
(328
|
)
|
1,233
|
611
|
||||||||
TOTAL
|
$
|
26,890
|
$
|
31,588
|
$
|
28,861
|
||||||
Effective tax rate
|
40.02
|
%
|
40.04
|
%
|
41.08
|
%
|
|
At December 31,
|
|||||||
Deferred tax assets:
|
2012
|
2011
|
||||||
Allowance for loan losses
|
$
|
9,902
|
$
|
10,003
|
||||
Employee benefit plans
|
17,681
|
17,523
|
||||||
Credit component of OTTI
|
4,052
|
4,705
|
||||||
Other
|
1,970
|
1,275
|
||||||
Total deferred tax assets
|
33,605
|
33,506
|
||||||
Deferred tax liabilities:
|
||||||||
Tax effect of other components of income on investment securities and MBS
|
86
|
1,467
|
||||||
Difference in book and tax carrying value of fixed assets
|
337
|
519
|
||||||
Tax effect of purchase accounting fair value adjustments
|
-
|
161
|
||||||
Other
|
232
|
811
|
||||||
Total deferred tax liabilities
|
655
|
2,958
|
||||||
Net deferred tax asset (recorded in other assets)
|
$
|
32,950
|
$
|
30,548
|
|
Year Ended December 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Gross unrecognized tax benefits at the beginning of the period
|
-
|
$
|
1,408
|
$
|
1,408
|
|||||||
Lapse of statue of limitations
|
-
|
-
|
-
|
|||||||||
Settlement with taxing jurisdictions
|
-
|
-
|
-
|
|||||||||
Gross increases – current period tax positions
|
-
|
-
|
-
|
|||||||||
Gross decreases – current period tax positions
|
-
|
-
|
-
|
|||||||||
Gross increases – prior period tax positions
|
-
|
-
|
-
|
|||||||||
Gross decreases – prior period tax positions
|
-
|
(1,408
|
)
|
-
|
||||||||
Gross unrecognized tax benefits at the end of the period
|
-
|
$
|
-
|
$
|
1,408
|
|
Year Ended December 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Interest cost
|
$
|
921
|
$
|
1,012
|
$
|
1,072
|
||||||
Expected return on plan assets
|
(1,451
|
)
|
(1,442
|
)
|
(1,386
|
)
|
||||||
Actuarial adjustment
|
-
|
-
|
156
|
|||||||||
Net amortization and deferral
|
1,792
|
1,004
|
1,005
|
|||||||||
Net periodic cost
|
$
|
1,262
|
$
|
574
|
$
|
847
|
|
At December 31,
|
|||||||
|
2012
|
2011
|
||||||
Accumulated benefit obligation at end of period
|
$
|
24,640
|
$
|
22,907
|
||||
Reconciliation of Projected benefit obligation:
|
||||||||
Projected benefit obligation at beginning of period
|
$
|
22,907
|
$
|
19,870
|
||||
Actuarial adjustment
|
-
|
-
|
||||||
Interest cost
|
921
|
1,012
|
||||||
Actuarial loss
|
1,883
|
3,136
|
||||||
Benefit payments
|
(1,071
|
)
|
(1,058
|
)
|
||||
Settlements
|
-
|
(53
|
)
|
|||||
Projected benefit obligation at end of period
|
24,640
|
22,907
|
||||||
Plan assets at fair value (investments in trust funds managed by trustee)
|
||||||||
Balance at beginning of period
|
20,030
|
18,089
|
||||||
Return on plan assets
|
1,956
|
(304
|
)
|
|||||
Contributions
|
43
|
3,356
|
||||||
Benefit payments
|
(1,071
|
)
|
(1,058
|
)
|
||||
Settlements
|
-
|
(53
|
)
|
|||||
Balance at end of period
|
20,958
|
20,030
|
||||||
|
||||||||
Funded status:
|
||||||||
Deficiency of plan assets over projected benefit obligation
|
(3,682
|
)
|
(2,877
|
)
|
||||
Unrecognized loss from experience different from that assumed
|
N/
|
A
|
N/
|
A
|
||||
Accrued retirement expense included in other liabilities
|
$
|
(3,682
|
)
|
$
|
(2,877
|
)
|
|
At December 31,
|
|||||||
|
2012
|
2011
|
||||||
Balance at beginning of period
|
$
|
(15,193
|
)
|
$
|
(11,315
|
)
|
||
Adjustment for change in actuarial calculation
|
-
|
-
|
||||||
Amortization of loss
|
1,792
|
1,004
|
||||||
Loss recognized during the year
|
(1,379
|
)
|
(4,882
|
)
|
||||
Balance at the end of the period
|
$
|
(14,780
|
)
|
$
|
(15,193
|
)
|
||
Period end component of accumulated other comprehensive loss (net of tax)
|
8,107
|
8,333
|
|
At or for the Year Ended December 31,
|
|||||||
2012
|
2011
|
|||||||
Discount rate used for net periodic cost (credit)
|
4.15
|
%
|
5.26
|
%
|
||||
Discount rate used to determine benefit obligation at period end
|
3.67
|
4.15
|
||||||
Expected long-term return on plan assets used for net periodic cost (credit)
|
7.50
|
8.25
|
||||||
Expected long-term return on plan assets used to determine benefit obligation at period end
|
7.50
|
7.50
|
|
Fair Value Measurements Using
|
|
|
||
Description
|
Quoted Prices in Active Markets
for Identical Assets (Level 1)
|
Significant Other
Observable Inputs (Level 2)
|
Significant Unobservable
Inputs(Level 3)
|
|
Total
|
Mutual Funds (all registered and publicly traded):
|
|
|
|
|
|
Domestic Large Cap
|
$3,437
|
-
|
-
|
|
$3,437
|
Domestic Small Cap
|
2,596
|
-
|
-
|
|
2,596
|
International Equity
|
2,414
|
|
|
|
2,414
|
Common collective investment funds
|
|
|
|
|
|
Domestic Large Cap
|
-
|
5,022
|
-
|
|
5,022
|
Fixed Income
|
-
|
7,489
|
-
|
|
7,489
|
Total Plan Assets
|
|
|
|
|
$20,958
|
|
Fair Value Measurements Using
|
|
|
||
Description
|
Quoted Prices in Active Markets
for Identical Assets (Level 1)
|
Significant Other
Observable Inputs (Level 2)
|
Significant Unobservable
Inputs(Level 3)
|
|
Total
|
Mutual Funds (all registered and publicly traded) :
|
|
|
|
|
|
Domestic Large Cap
|
$1,793
|
-
|
-
|
|
$1,793
|
Domestic Small Cap
|
2,366
|
-
|
-
|
|
2,366
|
Common collective investment funds
|
|
|
|
|
|
Domestic Large Cap
|
-
|
6,045
|
-
|
|
6,045
|
International Equity
|
-
|
2,207
|
-
|
|
2,207
|
Fixed Income
|
-
|
7,619
|
-
|
|
7,619
|
Total Plan Assets
|
|
|
|
|
$20,030
|
|
At December 31,
|
|||||||
|
2012
|
2011
|
||||||
Asset Category
|
|
|
||||||
Equity securities
|
64
|
%
|
62
|
%
|
||||
Debt securities (bond mutual funds)
|
36
|
38
|
||||||
Total
|
100
|
%
|
100
|
%
|
Year Ending December 31,
|
|
|||
2013
|
$
|
1,487
|
||
2014
|
1,469
|
|||
2015
|
1,478
|
|||
2016
|
1,475
|
|||
2017
|
1,449
|
|||
2018 to 2022
|
6,996
|
|
Year Ended December 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Service cost
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Interest cost
|
304
|
346
|
358
|
|||||||||
Actuarial adjustment
|
-
|
-
|
198
|
|||||||||
Unrecognized gain
|
371
|
242
|
46
|
|||||||||
Net periodic cost
|
$
|
675
|
$
|
588
|
$
|
602
|
|
At December 31,
|
|||||||
|
2012
|
2011
|
||||||
Accumulated benefit obligation at end of period
|
$
|
8,958
|
$
|
8,112
|
||||
Reconciliation of projected benefit obligation:
|
||||||||
Projected benefit obligation at beginning of period
|
$
|
8,112
|
$
|
7,186
|
||||
Adjustment for change in measurement date
|
-
|
-
|
||||||
Service cost
|
-
|
-
|
||||||
Interest cost
|
304
|
346
|
||||||
Benefit payments
|
(159
|
)
|
(129
|
)
|
||||
Actuarial loss
|
701
|
709
|
||||||
Projected benefit obligation at end of period
|
8,958
|
8,112
|
||||||
Plan assets at fair value:
|
||||||||
Balance at beginning of period
|
-
|
-
|
||||||
Contributions
|
159
|
129
|
||||||
Benefit payments
|
(159
|
)
|
(129
|
)
|
||||
Balance at end of period
|
-
|
-
|
||||||
Funded status:
|
||||||||
Deficiency of plan assets over projected benefit obligation
|
(8,958
|
)
|
(8,112
|
)
|
||||
Contributions by employer
|
N/
|
A
|
N/
|
A
|
||||
Unrecognized (gain) loss from experience different from that assumed
|
N/
|
A
|
N/
|
A
|
||||
Unrecognized net past service liability
|
N/
|
A
|
N/
|
A
|
||||
Accrued expense included in other liabilities
|
$
|
(8,958
|
)
|
$
|
(8,112
|
)
|
|
At December 31,
|
|||||||
|
2012
|
2011
|
||||||
Balance at beginning of period
|
$
|
(1,710
|
)
|
$
|
(1,242
|
)
|
||
Adjustment for change in actuarial calculation
|
-
|
-
|
||||||
Amortization of loss
|
372
|
242
|
||||||
Loss recognized during the year
|
(701
|
)
|
(710
|
)
|
||||
Balance at the end of the period
|
$
|
(2,039
|
)
|
$
|
(1,710
|
)
|
||
Period end component of accumulated other comprehensive loss (net of tax)
|
1,119
|
938
|
|
At or For the Year Ended December 31,
|
|||||||
|
2012
|
2011
|
||||||
Discount rate used for net periodic cost (credit) – BMP
|
3.77
|
%
|
4.82
|
%
|
||||
Discount rate used for net periodic cost (credit) – Director Retirement Plan
|
3.84
|
4.92
|
||||||
Discount rate used to determine BMP benefit obligation at period end
|
3.09
|
3.77
|
||||||
Discount rate used to determine Director Retirement Plan benefit obligation at period end
|
3.30
|
3.84
|
Year Ending December 31,
|
|
|||
2013
|
$
|
669
|
||
2014
|
667
|
|||
2015
|
662
|
|||
2016
|
686
|
|||
2017
|
670
|
|||
2018 to 2022
|
3,122
|
|
Year Ended December 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Service cost
|
$
|
83
|
$
|
133
|
$
|
114
|
||||||
Interest cost
|
236
|
345
|
316
|
|||||||||
Unrecognized past service liability
|
-
|
-
|
-
|
|||||||||
Amortization of unrealized loss
|
2
|
116
|
55
|
|||||||||
Net periodic cost
|
$
|
321
|
$
|
594
|
$
|
485
|
|
At or for the Year Ended December 31,
|
|||||||
|
2012
|
2011
|
||||||
Discount rate used for net periodic cost (credit)
|
4.28
|
%
|
5.48
|
%
|
||||
Rate of increase in compensation levels used for net periodic cost (credit)
|
3.50
|
3.50
|
||||||
Discount rate used to determine benefit obligation at period end
|
3.72
|
4.28
|
||||||
Rate of increase in compensation levels used to determine benefit obligation at period end
|
3.50
|
3.50
|
|
At December 31,
|
At December 31,
|
||||||
|
2012
|
2011
|
||||||
Accumulated benefit obligation at end of period
|
$
|
6,191
|
$
|
8,988
|
||||
Reconciliation of projected benefit obligation:
|
||||||||
Projected benefit obligation at beginning of period
|
$
|
8,988
|
$
|
6,372
|
||||
Adjustment for change in measurement date
|
-
|
-
|
||||||
Service cost
|
83
|
133
|
||||||
Interest cost
|
236
|
345
|
||||||
Actuarial (gain) loss
|
(2,955
|
)
|
2,316
|
|||||
Benefit payments
|
(161
|
)
|
(178
|
)
|
||||
Projected benefit obligation at end of period
|
6,191
|
8,988
|
||||||
Plan assets at fair value:
|
||||||||
Balance at beginning of period
|
-
|
-
|
||||||
Contributions
|
161
|
178
|
||||||
Benefit payments
|
(161
|
)
|
(178
|
)
|
||||
Balance at end of period
|
-
|
-
|
||||||
Funded status:
|
||||||||
Deficiency of plan assets over projected benefit obligation
|
(6,191
|
)
|
(8,988
|
)
|
||||
Unrecognized loss from experience different from that assumed
|
N/
|
A
|
N/
|
A
|
||||
Unrecognized net past service liability
|
N/
|
A
|
N/
|
A
|
||||
Accrued expense included in other liabilities
|
$
|
(6,191
|
)
|
$
|
(8,988
|
)
|
|
At December 31,
|
|||||||
|
2012
|
2011
|
||||||
Balance at beginning of period
|
$
|
(4,007
|
)
|
$
|
(1,856
|
)
|
||
Amortization of loss
|
2
|
116
|
||||||
Gain (Loss) recognized during the year
|
3,005
|
(2,267
|
)
|
|||||
Balance at the end of the period
|
$
|
(1,000
|
)
|
$
|
(4,007
|
)
|
||
Period end component of accumulated other comprehensive loss (net of tax)
|
549
|
2,198
|
Year Ending December 31,
|
|
|||
2013
|
$
|
187
|
||
2014
|
194
|
|||
2015
|
202
|
|||
2016
|
210
|
|||
2017
|
216
|
|||
2018 to 2022
|
1,134
|
|
Year Ended December 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Estimated fair value on date of grant
|
$
|
4.09
|
$
|
4.82
|
$
|
3.70
|
||||||
Pricing methodology utilized
|
Black- Scholes
|
Black- Scholes
|
Black- Scholes
|
|||||||||
Expected life (in years)
|
6.53
|
6.80
|
5.99
|
|||||||||
Interest rate
|
1.21
|
%
|
2.59
|
%
|
2.76
|
%
|
||||||
Volatility
|
45.17
|
42.35
|
43.69
|
|||||||||
Dividend yield
|
4.04
|
3.62
|
4.39
|
|
At or for the Year Ended December 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Options outstanding – beginning of period
|
2,893,760
|
3,213,007
|
3,266,920
|
|||||||||
Options granted
|
24,440
|
91,583
|
97,294
|
|||||||||
Weighted average exercise price of grants
|
$
|
13.86
|
$
|
15.46
|
$
|
12.75
|
||||||
Options exercised
|
455,051
|
385,758
|
87,825
|
|||||||||
Weighted average exercise price of exercised options
|
$
|
12.32
|
$
|
10.93
|
$
|
11.53
|
||||||
Options forfeited
|
7,012
|
25,072
|
63,382
|
|||||||||
Weighted average exercise price of forfeited options
|
$
|
19.90
|
$
|
15.76
|
$
|
12.66
|
||||||
Options outstanding - end of period(1)
|
2,456,137
|
2,893,760
|
3,213,007
|
|||||||||
Weighted average exercise price of outstanding
options - end of period
|
$
|
15.63
|
$
|
15.13
|
$
|
14.63
|
||||||
Remaining options available for grant
|
249,230
|
412,588
|
623,304
|
|||||||||
Vested options at end of period
|
2,317,799
|
2,682,156
|
2,792,434
|
|||||||||
Weighted average exercise price of vested
options – end of period
|
$
|
15.78
|
$
|
15.30
|
$
|
14.92
|
||||||
Cash received for option exercise cost
|
5,608
|
3,669
|
1,012
|
|||||||||
Income tax benefit recognized
|
319
|
371
|
27
|
|||||||||
Compensation expense recognized
|
309
|
528
|
967
|
|||||||||
Remaining unrecognized compensation expense
|
335
|
543
|
567
|
|||||||||
Weighted average remaining years for which
compensation expense is to be recognized
|
1.8
|
2.7
|
1.7
|
|||||||||
Intrinsic value of options exercised during the period
|
$
|
871
|
$
|
1,209
|
$
|
251
|
||||||
Intrinsic value of outstanding options at period end
|
722
|
639
|
4,003
|
|||||||||
Intrinsic value of vested options at period end
|
531
|
395
|
3,132
|
|
Outstanding Options
|
Vested Options
|
||||||||||||||||
Exercise Prices
|
Amount
|
Weighted Average Contractual Years Remaining
|
Amount
|
Weighted Average Contractual Years Remaining
|
||||||||||||||
$
|
8.34
|
71,148
|
6.3
|
42,532
|
7.3
|
|||||||||||||
$
|
12.75
|
78,871
|
7.3
|
51,407
|
8.3
|
|||||||||||||
$
|
13.16
|
146,708
|
0.1
|
146,708
|
1.1
|
|||||||||||||
$
|
13.74
|
859,375
|
4.3
|
859,375
|
5.3
|
|||||||||||||
$
|
13.86
|
24,440
|
9.3
|
-
|
- | |||||||||||||
$
|
14.92
|
34,425
|
5.2
|
34,425
|
6.2
|
|||||||||||||
$
|
15.10
|
318,492
|
2.4
|
318,492
|
3.4
|
|||||||||||||
$
|
15.46
|
91,583
|
8.3
|
33,765
|
9.3
|
|||||||||||||
$
|
16.45
|
76,320
|
2.1
|
76,320
|
3.1
|
|||||||||||||
$
|
16.73
|
51,943
|
5.6
|
51,943
|
6.6
|
|||||||||||||
$
|
18.18
|
80,000
|
5.4
|
80,000
|
6.4
|
|||||||||||||
$
|
19.90
|
622,832
|
1.1
|
622,832
|
2.1
|
|||||||||||||
Total
|
2,456,137
|
3.4
|
2,317,799
|
3.1
|
|
At or for the Year Ended December 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Unvested allocated shares – beginning of period
|
324,454
|
309,783
|
295,066
|
|||||||||
Shares granted
|
141,289
|
126,304
|
143,083
|
|||||||||
Shares vested
|
135,369
|
109,649
|
95,107
|
|||||||||
Shares forfeited
|
2,371
|
1,984
|
33,259
|
|||||||||
Unvested allocated shares – end of period
|
328,003
|
324,454
|
309,783
|
|||||||||
Unallocated shares – end of period
|
-
|
-
|
‑
|
|||||||||
Compensation recorded to expense
|
$
|
1,842
|
$
|
1,578
|
$
|
1,228
|
||||||
Income tax benefit recognized
|
70
|
60
|
85
|
|||||||||
Fair value of shares vested during the period
|
$
|
1,834
|
$
|
1,671
|
$
|
1,204
|
||||||
Weighted average remaining years for which
compensation expense is to be recognized
|
1.3
|
1.3
|
1.3
|
Lease Year Ending December 31,
|
Amount
|
|||
2013
|
$
|
3,121
|
||
2014
|
2,784
|
|||
2015
|
2,745
|
|||
2016
|
2,805
|
|||
2017
|
2,851
|
|||
Thereafter
|
18,186
|
|||
Total
|
$
|
32,492
|
Description
|
|
Valuation Level
|
Agency notes
|
|
Two
|
Pass Through MBS or CMOs issued by Government Sponsored Entities ("GSEs")
|
|
Two
|
Mutual fund investments
|
|
One
|
Private issuer MBS or CMOs
|
|
Two
|
Description
|
|
Valuation Level
|
Agency notes
|
|
Two
|
Pass Through MBS or CMOs issued by GSEs
|
|
Two
|
Mutual fund investments
|
|
One
|
Private issuer MBS or CMOs
|
|
Two
|
Fair Value Derived
|
Valuation Technique Utilized
|
Significant Unobservable Input(s)
|
Range of Values
|
Weighted Average Value
|
||||||||
$
|
207
|
Income approach only
|
Capitalization rate
|
N/A
|
*
|
7.5
|
%
|
|||||
|
Reduction for planned expedited disposal
|
N/A
|
*
|
10
|
%
|
|||||||
|
|
|||||||||||
1,215
|
Blended income and sales comparison approaches
|
Reduction to the sales comparison value to reconcile differences between comparable sales
|
0.0%-6.0
|
%
|
3.8
|
%
|
||||||
|
Capitalization rate (income approach component)
|
7.3%-7.5
|
%
|
7.4
|
%
|
|||||||
|
Reduction for planned expedited disposal
|
10.0%-25.0
|
%
|
15.6
|
%
|
|||||||
5,500
|
Previously negotiated note sales
|
Discount to unpaid principal balance from likely realizable value of a note sale negotiated on terms deemed acceptable
|
N/A
|
*
|
17
|
%
|
|
|
Fair Value at December 31, 2012 Using
|
|
|||||||||||||||||
At December 31, 2012
|
Carrying
Amount
|
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
Total
|
|||||||||||||||
Assets:
|
|
|
|
|
|
|||||||||||||||
Cash and due from banks
|
$
|
79,076
|
$
|
79,076
|
-
|
-
|
$
|
79,076
|
||||||||||||
Investment securities held to maturity (TRUPS)
|
5,927
|
-
|
-
|
6,195
|
6,195
|
|||||||||||||||
Loans, net
|
3,485,258
|
-
|
-
|
3,609,505
|
3,610,065
|
|||||||||||||||
Loans held for sale
|
560
|
-
|
560
|
-
|
560
|
|||||||||||||||
Accrued interest receivable
|
13,518
|
-
|
359
|
13,159
|
13,518
|
|||||||||||||||
MSR
|
1,115
|
-
|
1,511
|
-
|
1,511
|
|||||||||||||||
FHLBNY capital stock
|
45,011
|
N/
|
A
|
N/
|
A
|
N/
|
A
|
N/
|
A
|
|||||||||||
Liabilities:
|
||||||||||||||||||||
Savings, money market and checking accounts
|
1,587,454
|
1,587,454
|
-
|
-
|
1,587,454
|
|||||||||||||||
CDs
|
891,975
|
-
|
907,657
|
-
|
907,657
|
|||||||||||||||
Escrow and other deposits
|
82,753
|
82,753
|
-
|
-
|
82,753
|
|||||||||||||||
FHLBNY Advances
|
842,500
|
-
|
885,774
|
-
|
885,774
|
|||||||||||||||
Trust Preferred securities payable
|
70,680
|
-
|
70,680
|
-
|
70,680
|
|||||||||||||||
Accrued interest payable
|
2,528
|
-
|
2,827
|
-
|
2,827
|
|||||||||||||||
Commitments to extend credit
|
1,238
|
1,238
|
-
|
-
|
1,238
|
At December 31, 2011
|
Carrying Amount
|
Fair Value
|
||||||
Assets:
|
|
|
||||||
Cash and due from banks
|
$
|
43,309
|
$
|
43,309
|
||||
Federal funds sold and other short-term investments
|
951
|
951
|
||||||
Investment securities held to maturity (TRUPS)
|
6,511
|
4,924
|
||||||
Loans, net
|
3,440,611
|
3,578,599
|
||||||
Loans held for sale
|
3,022
|
3,022
|
||||||
Accrued interest receivable
|
15,469
|
15,469
|
||||||
MSR
|
1,604
|
2,139
|
||||||
FHLBNY capital stock
|
49,489
|
N/
|
A
|
|||||
Liabilities:
|
||||||||
Savings, money market and checking accounts
|
1,366,150
|
1,366,150
|
||||||
CDs
|
977,551
|
996,022
|
||||||
Escrow and other deposits
|
71,812
|
71,812
|
||||||
REPOS
|
195,000
|
223,728
|
||||||
FHLBNY Advances
|
939,775
|
991,117
|
||||||
Trust Preferred securities payable
|
70,680
|
67,146
|
||||||
Accrued interest payable
|
3,997
|
3,997
|
||||||
Commitments to extend credit
|
917
|
917
|
(1)
|
Purchase discount rate – the rate used to determine the "credit" based valuation of the security. The purchase discount rates utilized to compute fair value as of December 31, 2012 ranged from 1.7% to 2.6%, with a weighted average value of 2.3%.
|
Actual
|
For Capital Adequacy Purposes
|
To Be Categorized as
"Well Capitalized"
|
||||||||||||||||||||||
As of December 31, 2012
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||
Tangible capital
|
$
|
383,042
|
9.98
|
%
|
$
|
153,493
|
4.0
|
%
|
$
|
191,866
|
5.00
|
%
|
||||||||||||
Leverage capital
|
383,042
|
9.98
|
153,493
|
4.0
|
%
|
191,866
|
5.00
|
|||||||||||||||||
Tier I risk-based capital (to risk weighted assets)
|
383,042
|
12.98
|
114,191
|
4.0
|
%
|
171,286
|
6.00
|
|||||||||||||||||
Total risk-based capital (to risk weighted assets)
|
405,077
|
13.72
|
228,232
|
8.0
|
%
|
285,477
|
10.00
|
Actual
|
For Capital Adequacy Purposes
|
To Be Categorized as "Well Capitalized"
|
||||||||||||||||||||||
As of December 31, 2011
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||
Tangible capital
|
$
|
359,838
|
9.11
|
%
|
$
|
118,561
|
3.0
|
%
|
$
|
197,602
|
5.00
|
%
|
||||||||||||
Leverage capital
|
359,838
|
9.11
|
158,082
|
4.0
|
%
|
197,602
|
5.00
|
|||||||||||||||||
Tier I risk-based capital (to risk weighted assets)
|
347,822
|
11.56
|
120,380
|
4.0
|
%
|
180,570
|
6.00
|
|||||||||||||||||
Total risk-based capital (to risk weighted assets)
|
368,317
|
12.24
|
240,760
|
8.0
|
%
|
300,950
|
10.00
|
|
At December 31, 2012
|
At December 31, 2011
|
||||||||||||||||||||||
|
Tangible Capital
|
Leverage Capital
|
Total Risk-Based Capital
|
Tangible Capital
|
Leverage Capital
|
Total
Risk-Based Capital
|
||||||||||||||||||
Stockholders' equity
|
$
|
428,892
|
$
|
428,892
|
$
|
428,892
|
$
|
405,403
|
$
|
405,403
|
$
|
405,403
|
||||||||||||
Non-allowable assets:
|
||||||||||||||||||||||||
MSR
|
(111
|
)
|
(111
|
)
|
(111
|
)
|
(162
|
)
|
(162
|
)
|
(162
|
)
|
||||||||||||
Accumulated other comprehensive loss
|
9,899
|
9,899
|
9,899
|
10,235
|
10,235
|
10,235
|
||||||||||||||||||
Goodwill
|
(55,638
|
)
|
(55,638
|
)
|
(55,638
|
)
|
(55,638
|
)
|
(55,638
|
)
|
(55,638
|
)
|
||||||||||||
Tier 1 risk-based capital
|
383,042
|
383,042
|
383,042
|
359,838
|
359,838
|
359,838
|
||||||||||||||||||
General regulatory valuation allowance
|
-
|
-
|
22,035
|
-
|
-
|
8,479
|
||||||||||||||||||
Total (Tier 2) risk based capital
|
383,042
|
383,042
|
405,077
|
359,838
|
359,838
|
368,317
|
||||||||||||||||||
Minimum capital requirement
|
153,493
|
153,493
|
228,232
|
118,561
|
158,082
|
240,760
|
||||||||||||||||||
Regulatory capital excess
|
$
|
229,549
|
$
|
229,549
|
$
|
176,845
|
$
|
241,277
|
$
|
201,756
|
$
|
127,557
|
|
For the three months ended
|
|||||||||||||||
|
March 31, 2012
|
June 30, 2012
|
September 30, 2012
|
December 31, 2012
|
||||||||||||
Net interest income
|
$
|
33,394
|
$
|
34,498
|
$
|
33,398
|
$
|
8,551
|
(1)
|
|||||||
Provision for loan losses
|
1,457
|
2,275
|
126
|
63
|
||||||||||||
Net interest income after provision for loan losses
|
31,937
|
32,223
|
33,272
|
8,488
|
||||||||||||
Non-interest income
|
1,790
|
2,988
|
2,574
|
16,498
|
(1)
|
|||||||||||
Non-interest expense
|
16,408
|
15,676
|
15,771
|
14,717
|
||||||||||||
Income before income taxes
|
17,319
|
19,535
|
20,075
|
10,269
|
||||||||||||
Income tax expense
|
7,072
|
8,004
|
8,280
|
3,534
|
||||||||||||
Net income
|
$
|
10,247
|
$
|
11,531
|
$
|
11,795
|
$
|
6,735
|
||||||||
Earnings per share (2):
|
||||||||||||||||
Basic
|
$
|
0.30
|
$
|
0.34
|
$
|
0.34
|
$
|
0.19
|
||||||||
Diluted
|
$
|
0.30
|
$
|
0.34
|
$
|
0.34
|
$
|
0.19
|
|
For the three months ended
|
|||||||||||||||
|
March 31, 2011
|
June 30, 2011
|
September 30, 2011
|
December 31, 2011
|
||||||||||||
Net interest income
|
$
|
35,043
|
$
|
36,160
|
$
|
34,172
|
$
|
34,127
|
||||||||
Provision for loan losses
|
1,426
|
1,662
|
2,217
|
1,541
|
||||||||||||
Net interest income after provision for loan losses
|
33,617
|
34,498
|
31,955
|
32,586
|
||||||||||||
Non-interest income
|
1,910
|
1,734
|
2,149
|
2,136
|
||||||||||||
Non-interest expense
|
16,860
|
15,083
|
14,964
|
14,781
|
||||||||||||
Income before income taxes
|
18,667
|
21,149
|
19,140
|
19,941
|
||||||||||||
Income tax expense
|
7,587
|
8,811
|
7,976
|
7,214
|
||||||||||||
Net income
|
$
|
11,080
|
$
|
12,338
|
$
|
11,164
|
$
|
12,727
|
||||||||
Earnings per share (1):
|
||||||||||||||||
Basic
|
$
|
0.33
|
$
|
0.37
|
$
|
0.33
|
$
|
0.38
|
||||||||
Diluted
|
$
|
0.33
|
$
|
0.36
|
$
|
0.33
|
$
|
0.38
|
|
At December 31,
|
At December 31,
|
||||||
|
2012
|
2011
|
||||||
ASSETS:
|
|
|
||||||
Cash and due from banks
|
$
|
17,684
|
$
|
10,454
|
||||
Investment securities available-for-sale
|
3,006
|
4,559
|
||||||
Trading securities
|
4,874
|
1,774
|
||||||
MBS available-for-sale
|
716
|
788
|
||||||
ESOP loan to subsidiary
|
3,567
|
3,721
|
||||||
Investment in subsidiaries
|
429,533
|
406,045
|
||||||
Other assets
|
3,664
|
5,530
|
||||||
Total assets
|
$
|
463,044
|
$
|
432,871
|
||||
|
||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY:
|
||||||||
Trust Preferred securities payable
|
$
|
70,680
|
$
|
70,680
|
||||
Other liabilities
|
790
|
1,157
|
||||||
Stockholders' equity
|
391,574
|
361,034
|
||||||
Total liabilities and stockholders' equity
|
$
|
463,044
|
$
|
432,871
|
|
Year Ended December 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Net interest loss
|
$
|
(4,830
|
)
|
$
|
(4,831
|
)
|
$
|
(5,651
|
)
|
|||
Dividends received from Bank
|
20,000
|
20,000
|
24,000
|
|||||||||
Non-interest income
|
1,493
|
453
|
1,388
|
|||||||||
Non-interest expense
|
(635
|
)
|
(516
|
)
|
(411
|
)
|
||||||
Income before income taxes and equity in
undistributed earnings of direct subsidiaries
|
16,028
|
15,106
|
19,326
|
|||||||||
Income tax credit
|
1,823
|
2,277
|
1,826
|
|||||||||
Income before equity in undistributed earnings of direct subsidiaries
|
17,851
|
17,383
|
21,152
|
|||||||||
Equity in undistributed earnings of subsidiaries
|
22,457
|
29,926
|
20,237
|
|||||||||
Net income
|
$
|
40,308
|
$
|
47,309
|
$
|
41,389
|
|
Year Ended December 31,
|
|||||||||||
|
2012
|
2011
|
2010
|
|||||||||
Cash flows from Operating Activities:
|
|
|
|
|||||||||
Net income
|
$
|
40,308
|
$
|
47,309
|
$
|
41,389
|
||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||
Equity in undistributed earnings of direct subsidiaries
|
(22,457
|
)
|
(29,926
|
)
|
(20,237
|
)
|
||||||
Net gain on the sale of investment securities available for sale
|
(941
|
)
|
(22
|
)
|
(609
|
)
|
||||||
Net gain on the transfer of securities into trading
|
-
|
-
|
(242
|
)
|
||||||||
Net (gain) loss on trading securities
|
(103
|
)
|
34
|
(75
|
)
|
|||||||
Net amortization
|
-
|
-
|
(66
|
)
|
||||||||
Decrease (Increase) in other assets
|
1,866
|
(296
|
)
|
694
|
||||||||
(Decrease) Increase in other liabilities
|
(149
|
)
|
71
|
(268
|
)
|
|||||||
Net cash provided by operating activities
|
18,524
|
17,170
|
20,586
|
|||||||||
|
||||||||||||
Cash flows from Investing Activities:
|
||||||||||||
Proceeds from sale of investment securities available-for-sale
|
2,418
|
226
|
2,527
|
|||||||||
Purchases of investment securities available-for-sale
|
(403
|
)
|
(291
|
)
|
(1,433
|
)
|
||||||
Reimbursement from subsidiary for purchases of investment securities available-for-sale
|
3,062
|
275
|
-
|
|||||||||
Net purchases of trading securities
|
(2,997
|
)
|
(318
|
)
|
(24
|
)
|
||||||
Principal collected on MBS available-for-sale
|
72
|
70
|
85
|
|||||||||
Principal repayments on ESOP loan
|
154
|
142
|
132
|
|||||||||
Net cash provided by investing activities
|
2,306
|
104
|
1,287
|
|||||||||
|
||||||||||||
Cash flows from Financing Activities:
|
||||||||||||
Common stock issued for exercise of stock options
|
5,608
|
3,669
|
1,012
|
|||||||||
Cash dividends paid to stockholders
|
(19,208
|
)
|
(18,887
|
)
|
(18,628
|
)
|
||||||
Proceeds disbursed for the repayment of subordinated note
|
-
|
-
|
(25,000
|
)
|
||||||||
Proceeds disbursed for the re-acquisition of trust preferred securities payable
|
-
|
-
|
-
|
|||||||||
Net cash used in financing activities
|
(13,600
|
)
|
(15,218
|
)
|
(42,616
|
)
|
||||||
|
||||||||||||
Net increase (decrease) in cash and due from banks
|
7,230
|
2,056
|
(20,743
|
)
|
||||||||
Cash and due from banks, beginning of period
|
10,454
|
8,398
|
29,141
|
|||||||||
Cash and due from banks, end of period
|
$
|
17,684
|
$
|
10,454
|
$
|
8,398
|
3(i)
|
|
Amended and Restated Certificate of Incorporation of Dime Community Bancshares, Inc. (1)
|
3(ii)
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Amended and Restated Bylaws of Dime Community Bancshares, Inc.
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4.1
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Amended and Restated Certificate of Incorporation of Dime Community Bancshares, Inc. [See Exhibit 3(i) hereto]
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4.2
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Amended and Restated Bylaws of Dime Community Bancshares, Inc. [See Exhibit 3(ii) hereto]
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4.3
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Draft Stock Certificate of Dime Community Bancshares, Inc. (2)
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4.4
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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 (5)
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4.5
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Indenture, dated as of March 19, 2004, between Dime Community Bancshares, Inc. and Wilmington Trust Company, as trustee (5)
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4.6
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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 (5)
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10.1
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Amended and Restated Employment Agreement between The Dime Savings Bank of Williamsburgh and Vincent F. Palagiano (12)
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10.2
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Amended and Restated Employment Agreement between The Dime Savings Bank of Williamsburgh and Michael P. Devine (12)
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10.3
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Amended and Restated Employment Agreement between The Dime Savings Bank of Williamsburgh and Kenneth J. Mahon (12)
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10.4
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Employment Agreement between Dime Community Bancshares, Inc. and Vincent F. Palagiano (12)
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10.5
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Employment Agreement between Dime Community Bancshares, Inc. and Michael P. Devine (12)
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10.6
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Employment Agreement between Dime Community Bancshares, Inc. and Kenneth J. Mahon (12)
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10.7
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Form of Employee Retention Agreement by and among The Dime Savings Bank of Williamsburgh, Dime Community Bancorp, Inc. and certain officers (14)
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10.8
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The Benefit Maintenance Plan of Dime Community Bancorp, Inc. (11)
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10.9
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Severance Pay Plan of The Dime Savings Bank of Williamsburgh (9)
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10.10
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Retirement Plan for Board Members of Dime Community Bancorp, Inc. (9)
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10.12
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Recognition and Retention Plan for Outside Directors, Officers and Employees of Dime Community Bancorp, Inc., as amended by amendments number 1 and 2 (3)
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10.13
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Form of stock option agreement for Outside Directors under Dime Community Bancshares, Inc. 1996 and 2001 Stock Option Plans for Outside Directors, Officers and Employees and the
2004 Stock Incentive Plan. (3)
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10.14
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Form of stock option agreement for officers and employees under Dime Community Bancshares, Inc. 1996 and 2001 Stock Option Plans for Outside Directors, Officers and Employees
and the 2004 Stock Incentive Plan (3)
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10.15
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Form of award notice for outside directors under the Recognition and Retention Plan for Outside Directors, Officers and Employees of Dime Community Bancorp, Inc. (3)
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10.16
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Form of award notice for officers and employees under the Recognition and Retention Plan for Outside Directors, Officers and Employees of Dime Community Bancorp, Inc. (3)
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10.19
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Option Conversion Certificates between Dime Community Bancshares, Inc. and each of Messrs. Russo, Segrete, Calamari, Latawiec, O'Gorman, and Ms. Swaya pursuant to Section 1.6
(b) of the Agreement and Plan of Merger, dated as of July 18, 1998 by and between Dime Community Bancshares, Inc. and Financial Bancorp, Inc. (4)
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10.20
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Dime Community Bancshares, Inc. 2001 Stock Option Plan for Outside Directors, Officers and Employees (13)
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10.21
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Dime Community Bancshares, Inc. 2004 Stock Incentive Plan for Outside Directors, Officers and Employees (8)
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10.22
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Waiver executed by Vincent F. Palagiano (7)
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10.23
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Waiver executed by Michael P. Devine (7)
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10.24
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Waiver executed by Kenneth J. Mahon (7)
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10.25
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Form of restricted stock award notice for officers and employees under the 2004 Stock Incentive Plan (6)
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10.27
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Form of restricted stock award notice for outside directors under the 2004 Stock Incentive Plan (6)
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10.28
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Employee Retention Agreement between The Dime Savings Bank of Williamsburgh, Dime Community Bancshares, Inc. and Daniel Harris (9)
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10.29
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Dime Community Bancshares, Inc. Annual Incentive Plan (9)
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10.30
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The Dime Savings Bank of Williamsburgh 401(K) Savings Plan (Amended and Restated Effective January 1, 2010) (10)
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10.31
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Employee Stock Ownership Plan of Dime Community Bancshares, Inc. and Certain Affiliates (9)
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10.32
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Amendment to the Benefit Maintenance Plan (15)
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10.33
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Amendments to the Employee Stock Ownership Plan of Dime Community Bancshares, Inc. and Certain Affiliates
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12.1
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Computation of ratio of earnings to fixed charges
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23.1
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Consent of Crowe Horwath LLP
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31(i).1
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Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a)
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31(i).2
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Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a)
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32.1
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Certification of Chief Executive Officer Pursuant to 18 U.S.C. 1350
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32.2
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Certification of Chief Financial Officer Pursuant to 18 U.S.C. 1350
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101**
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Pursuant to Rule 405 of Regulation S-T, the following financial information from the Company's Annual Report on Form 10-K for the period ended December 31, 2012 is formatted in XBRL (Extensible Business Reporting Language) interactive data files: (i) the Consolidated Balance Sheets as of December 31, 2012 and 2011, (ii) the Consolidated Statements of Operations, Comprehensive Income, Changes in Stockholders' Equity and Cash Flows for the years ended December 31, 2012, 2011 and 2010, and (iv) the Notes to Consolidated Financial Statements.
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**
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Furnished, not filed, herewith.
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(1)
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Incorporated by reference to the registrant's Transition Report on Form 10-K for the transition period ended December 31, 2002 filed on March 28, 2003.
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(2)
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Incorporated by reference to the registrant's Annual Report on Form 10-K for the fiscal year ended June 30, 1998 filed on September 28, 1998.
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(3)
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Incorporated by reference to the registrant's Annual Report on Form 10-K for the fiscal year ended June 30, 1997 filed on September 26, 1997, and the Current Reports on Form 8-K filed on March 22, 2004 and March 29, 2005.
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(4)
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Incorporated by reference to the registrant's Annual Report on Form 10-K for the fiscal year ended June 30, 2000 filed on September 28, 2000.
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(5)
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Incorporated by reference to Exhibits to the registrant's Registration Statement No. 333-117743 on Form S-4 filed on July 29, 2004.
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(6)
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Incorporated by reference to the registrant's Current Report on Form 8-K filed on March 22, 2005.
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(7)
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Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2005 filed on May 10, 2005.
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(8)
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Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2008 filed on August 8, 2008.
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(9)
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Incorporated by reference to the registrant's Annual Report on Form 10-K for the year ended December 31, 2008 filed on March 16, 2009.
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(10)
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Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2010 filed on May 10, 2010
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(11)
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Incorporated by reference to the registrant's Current Report on Form 8-K filed on April 4, 2011.
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(12)
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Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 filed on May 10, 2011
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(13)
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Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2011 filed on August 9, 2011
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(14)
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Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 filed on May 9, 2012
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(15)
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Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 filed on November 13, 2012
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1. | ARTICLE I – Section 1.51 of the Plan shall be amended to read in its entirety as follows: |
2. | ARTICLE I – Section 1.54 of the Plan shall be amended to read in its entirety as follows: |
3. | ARTICLE VI – The last sentence of section 6.1 of the Plan shall be amended to read in its entirety as follows: |
4. | ARTICLE VIII – Section 8.2(d) of the Plan shall be amended to read in its entirety as follows: |
5. | ARTICLE IX – The last sentence of section 9.4 of the Plan shall be amended to read in its entirety as follows: |
6. | ARTICLE X – The last sentence of section 10.3 of the Plan shall be amended to read in its entirety as follows: |
(a)
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An election made under section 10.3(a) shall be made in writing, in the form and manner prescribed by the Plan Administrator, and shall be filed with the Plan Administrator during the election period specified in section 10.3(a). As soon as is practicable, and in no case later than 90 days following the end of the election period during which such election is made, the Plan Administrator shall take such actions as are necessary to cause the specified percentage of the balance credited to the Account of the Qualified Participant making the election to be distributed to such Qualified Participant.
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7. | ARTICLE XIII – Section 13.8 of the Plan shall be amended to include a new subsection (e) to read in its entirety as follows: |
8. | ARTICLE XIII – Section 13.9 of the Plan shall be amended to include a new subsection (e) to read in its entirety as follows: |
9. | ARTICLE VII – Section 17.3 of the Plan shall be amended by adding the following new sentence at the end thereof: |
(b)
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An individual's Cumulative Accrued Benefits under this Plan as of a Determination Date are equal to the sum of:
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(i)
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the balance credited to such individual's Account under this Plan as of the most recent Valuation Date preceding the Determination Date;
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(ii)
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the amount of any ESOP Contributions or Loan Repayment Contributions made after such Valuation Date but on or before the Determination Date; and
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(iii)
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the amount of any distributions of such individual's Cumulative Accrued Benefits under the Plan during the five year period ending on the Determination Date other than distributions in Plan Years beginning after December 31, 2001 that are made more than one year after the Determination Date on account of severance from employment, death or disability .
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1. | ARTICLE VII – Section 7.2 of the Plan shall be amended by adding the following new sentences at the end thereof: |
2. | ARTICLE VII – Section 7.3 of the Plan shall be amended by adding the following new sentence at the end thereof: |
a)
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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;
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b)
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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;
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c)
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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
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d)
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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
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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
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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.
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a)
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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;
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b)
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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;
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c)
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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
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d)
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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
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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
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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.
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(1)
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The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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(1)
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The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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Page
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ARTICLE I
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OFFICES
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Section 1. Registered Office
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1
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Section 2. Additional Offices
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1
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ARTICLE II
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SHAREHOLDERS
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Section 1. Place of Meetings
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1
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Section 2. Annual Meetings
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1
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Section 3. Special Meetings
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1
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Section 4. Notice of Meetings
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1
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Section 5. Waiver of Notice
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2
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Section 6. Fixing of Record Date
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2
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Section 7. Quorum
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2
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Section 8. Conduct of Meetings
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2
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Section 9. Voting; Proxies
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3
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Section 10. Inspectors of Election
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3
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Section 11. Procedure for Nominations
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4
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Section 12. Substitution of Nominees
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5
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Section 13. New Business
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5
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ARTICLE III
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CAPITAL STOCK
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Section 1. Certificates of Stock
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6
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Section 2. Transfer Agent and Registrar
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6
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Section 3. Registration and Transfer of Shares
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6
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Section 4. Lost, Destroyed and Mutilated Certificates
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7
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Section 5. Holder of Record
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7
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ARTICLE IV
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BOARD OF DIRECTORS
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Section 1. Responsibilities; Number of Directors
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7
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Section 2. Qualifications
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7
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Section 3. Mandatory Retirement
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7
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Section 4. Regular and Annual Meetings
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7
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Section 5. Special Meetings
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7
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Section 6. Notice of Meetings; Waiver of Notice
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8
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Page
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Section 7. Conduct of Meetings
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8
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Section 8. Quorum and Voting Requirements
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8
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Section 9. Informal Action by Directors
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8
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Section 10. Resignation
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9
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Section 11. Vacancies
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9
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Section 12. Compensation
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9
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Section 13. Amendments Concerning the Board
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9
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ARTICLE V
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COMMITTEES
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Section 1. Standing Committees
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9
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Section 2. Executive Committee
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9
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Section 3. Audit Committee
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10
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Section 4. Compensation Committee
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10
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Section 5. Nominating Committee
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11
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Section 6. Other Committees
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11
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ARTICLE VI
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OFFICERS
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Section 1. Number
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11
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Section 2. Term of Office and Removal
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12
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Section 3. Chairman of the Board
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12
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Section 4. President
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12
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Section 5. Vice Presidents
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12
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Section 6. Secretary
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12
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Section 7. Chief Financial Officer
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13
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Section 8. Comptroller
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13
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Section 9. Treasurer
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13
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Section 10. Other Officers and Employees
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13
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Section 11. Compensation of Officers and Others
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13
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ARTICLE VII
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DIVIDENDS
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13
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ARTICLE VIII
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AMENDMENTS
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14
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