Delaware
|
11-3297463
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. employer identification number)
|
|
209 Havemeyer Street, Brooklyn, NY
|
11211
|
|
(
Address of principal executive offices)
|
(Zip Code)
|
LARGE ACCELERATED FILER
☐
|
ACCELERATED FILER
☒
|
NON -ACCELERATED FILER
☐
|
SMALLER REPORTING COMPANY
☐
|
Classes of Common Stock
|
Number of Shares Outstanding at
August 9, 2016
|
|
$.01 Par Value
|
37,786,988
|
Page
|
||
Item 1.
|
Unaudited Condensed Consolidated Financial Statements
|
|
3
|
||
4
|
||
4
|
||
5
|
||
6
|
||
7-29
|
||
Item 2.
|
30-44
|
|
Item 3.
|
44-45
|
|
Item 4.
|
46
|
|
PART II - OTHER INFORMATION
|
||
Item 1.
|
46
|
|
Item 1A.
|
46
|
|
Item 2.
|
46
|
|
Item 3.
|
46
|
|
Item 5.
|
46
|
|
Item 6.
|
47-48
|
|
49
|
· | the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company’s control; |
· | there may be increases in competitive pressure among financial institutions or from non-financial institutions; |
· | the net interest margin is subject to material short-term fluctuation based upon market rates; |
· | changes in deposit flows, loan demand or real estate values may adversely affect the business of 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." |
Item 1.
|
Condensed Consolidated Financial Statements
|
June 30,
2016
|
December 31,
2015
|
|||||||
ASSETS:
|
||||||||
Cash and due from banks
|
$
|
89,927
|
$
|
64,154
|
||||
Total cash and cash equivalents
|
89,927
|
64,154
|
||||||
Investment securities held-to-maturity (estimated fair value of $6,805 and $7,051 at June 30, 2016 and December 31, 2015, respectively)(fully unencumbered)
|
5,319
|
5,242
|
||||||
Investment securities available-for-sale, at fair value (fully unencumbered)
|
3,837
|
3,756
|
||||||
Mortgage-backed securities available-for-sale, at fair value (fully unencumbered)
|
406
|
431
|
||||||
Trading securities
|
6,814
|
10,201
|
||||||
Loans:
|
||||||||
Real estate, net
|
5,206,781
|
4,695,186
|
||||||
Consumer loans
|
2,336
|
1,590
|
||||||
Less allowance for loan losses
|
(18,909
|
)
|
(18,514
|
)
|
||||
Total loans, net
|
5,190,208
|
4,678,262
|
||||||
Premises and fixed assets, net
|
13,800
|
15,150
|
||||||
Premises held for sale
|
1,379
|
8,799
|
||||||
Federal Home Loan Bank of New York ("FHLBNY") capital stock
|
52,814
|
58,713
|
||||||
Other real estate owned ("OREO")
|
18
|
148
|
||||||
Bank Owned Life Insurance ("BOLI")
|
85,197
|
85,019
|
||||||
Goodwill
|
55,638
|
55,638
|
||||||
Other assets
|
50,840
|
47,359
|
||||||
Total Assets
|
$
|
5,556,197
|
$
|
5,032,872
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Liabilities:
|
||||||||
Due to depositors:
|
||||||||
Interest bearing deposits
|
$
|
3,518,631
|
$
|
2,925,129
|
||||
Non-interest bearing deposits
|
261,635
|
259,181
|
||||||
Total deposits
|
3,780,266
|
3,184,310
|
||||||
Escrow and other deposits
|
92,290
|
77,130
|
||||||
FHLBNY advances
|
1,017,125
|
1,166,725
|
||||||
Trust Preferred securities payable
|
70,680
|
70,680
|
||||||
Other liabilities
|
46,225
|
40,080
|
||||||
Total Liabilities
|
5,006,586
|
4,538,925
|
||||||
Commitments and Contingencies
|
||||||||
Stockholders' Equity:
|
||||||||
Preferred stock ($0.01 par, 9,000,000 shares authorized, none issued or outstanding at June 30, 2016 and December 31, 2015)
|
-
|
-
|
||||||
Common stock ($0.01 par, 125,000,000 shares authorized,
53,520,581 shares and 53,326,753 shares
issued at June 30, 2016 and December 31, 2015, respectively, and 37,654,771 shares and 37,371,992 shares outstanding at June 30, 2016 and December 31, 2015, respectively)
|
535
|
533
|
||||||
Additional paid-in capital
|
266,984
|
262,798
|
||||||
Retained earnings
|
502,569
|
451,606
|
||||||
Accumulated other comprehensive loss, net of deferred taxes
|
(8,803
|
)
|
(8,801
|
)
|
||||
Unallocated common stock of Employee Stock Ownership Plan ("ESOP")
|
(2,198
|
)
|
(2,313
|
)
|
||||
Unearned Restricted Stock Award common stock
|
(2,754
|
)
|
(2,271
|
)
|
||||
Common stock held by Benefit Maintenance Plan ("BMP")
|
(9,576
|
)
|
(9,354
|
)
|
||||
Treasury stock, at cost (15,865,810 shares and 15,954,761 shares at June 30, 2016 and December 31, 2015, respectively)
|
(197,146
|
)
|
(198,251
|
)
|
||||
Total Stockholders' Equity
|
549,611
|
493,947
|
||||||
Total Liabilities And Stockholders' Equity
|
$
|
5,556,197
|
$
|
5,032,872
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Interest income:
|
||||||||||||||||
Loans secured by real estate
|
$
|
47,358
|
$
|
43,473
|
$
|
93,009
|
$
|
85,261
|
||||||||
Other loans
|
24
|
24
|
48
|
48
|
||||||||||||
Mortgage backed securities
|
2
|
2
|
4
|
183
|
||||||||||||
Investment securities
|
265
|
121
|
438
|
290
|
||||||||||||
Federal funds sold and other short-term investments
|
721
|
578
|
1,382
|
1,228
|
||||||||||||
Total interest income
|
48,370
|
44,198
|
94,881
|
87,010
|
||||||||||||
Interest expense:
|
||||||||||||||||
Deposits and escrow
|
7,597
|
5,670
|
14,391
|
10,890
|
||||||||||||
Borrowed funds
|
5,163
|
5,458
|
10,249
|
12,956
|
||||||||||||
Total interest expense
|
12,760
|
11,128
|
24,640
|
23,846
|
||||||||||||
Net interest income
|
35,610
|
33,070
|
70,241
|
63,164
|
||||||||||||
Provision (credit) for loan losses
|
442
|
(1,135
|
)
|
421
|
(1,307
|
)
|
||||||||||
Net interest income after provision (credit) for loan losses
|
35,168
|
34,205
|
69,820
|
64,471
|
||||||||||||
Non-interest income:
|
||||||||||||||||
Service charges and other fees
|
758
|
799
|
1,443
|
1,549
|
||||||||||||
Net mortgage banking income
|
27
|
41
|
55
|
113
|
||||||||||||
Net gain (loss) on securities and other assets
|
33
|
(25
|
)
|
79
|
1,425
|
|||||||||||
Net gain on the sale of premises held for sale
|
(4
|
)
|
-
|
68,183
|
-
|
|||||||||||
Income from BOLI
|
1,043
|
611
|
1,603
|
1,216
|
||||||||||||
Other
|
448
|
251
|
683
|
675
|
||||||||||||
Total non-interest income
|
2,305
|
1,677
|
72,046
|
4,978
|
||||||||||||
Non-interest expense:
|
||||||||||||||||
Salaries and employee benefits
|
8,686
|
8,600
|
17,516
|
14,499
|
||||||||||||
Stock benefit plan amortization expense
|
846
|
940
|
1,724
|
1,882
|
||||||||||||
Occupancy and equipment
|
3,115
|
2,490
|
5,742
|
5,434
|
||||||||||||
Data processing costs
|
1,256
|
877
|
2,451
|
1,752
|
||||||||||||
Federal deposit insurance premiums
|
581
|
576
|
1,320
|
1,127
|
||||||||||||
Other
|
3,608
|
2,883
|
7,208
|
5,536
|
||||||||||||
Total non-interest expense
|
18,092
|
16,366
|
35,961
|
30,230
|
||||||||||||
Income before income taxes
|
19,381
|
19,516
|
105,905
|
39,219
|
||||||||||||
Income tax expense
|
8,173
|
7,987
|
44,660
|
15,912
|
||||||||||||
Net income
|
$
|
11,208
|
$
|
11,529
|
$
|
61,245
|
$
|
23,307
|
||||||||
Earnings per Share:
|
||||||||||||||||
Basic
|
$
|
0.30
|
$
|
0.32
|
$
|
1.67
|
$
|
0.65
|
||||||||
Diluted
|
$
|
0.30
|
$
|
0.32
|
$
|
1.67
|
$
|
0.64
|
Net Income
|
$
|
11,208
|
$
|
11,529
|
$
|
61,245
|
$
|
23,307
|
||||||||
Amortization and reversal of net unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of deferred tax expense of $6 and $10 during the three months ended June 30, 2016 and 2015, respectively, and $11 and $21 during the six months ended June 30, 2016 and 2015, respectively
|
8
|
12
|
14
|
25
|
||||||||||||
Reduction in (adjustment to) non-credit component of other than temporary impairment (“OTTI”), net of deferred tax expense (benefit) of $4 and $(16) during the three months ended June 30, 2016 and 2015, respectively, and $8 and $(12) during the six months ended June 30, 2016 and 2015, respectively
|
4
|
(19
|
)
|
8
|
(15
|
)
|
||||||||||
Reclassification adjustment for securities sold during the period, net of income tax expense (benefit) of $2 during the three months ended June 30, 2015 and $(624) during the six months ended June 30, 2015 (reclassified from net gain on securities)
|
-
|
2
|
-
|
(760
|
)
|
|||||||||||
Net unrealized securities gains (losses) arising during the period, net of deferred tax
expense (benefit)
of $21 and $(2) during the three months ended June 30, 2016 and 2015, respectively, and $28 and $15 during the six months ended June 30, 2016 and 2015, respectively
|
26
|
(4
|
)
|
34
|
20
|
|||||||||||
Net unrealized derivative liability loss arising during the period, net of deferred tax benefit of $431 during both the three and six month periods ending June 30, 2016
|
(526
|
)
|
-
|
(526
|
)
|
-
|
||||||||||
Change in pension and other postretirement obligations, net of deferred tax expense (benefit) of $191 and $210 during the
three months ended June 30, 2016 and 2015, respectively, and
$382 and $(58) during the
six months ended June 30, 2016 and 2015, respectively
|
234
|
257
|
468
|
(72
|
)
|
|||||||||||
Comprehensive Income
|
$
|
10,954
|
$
|
11,777
|
$
|
61,243
|
$
|
22,505
|
Six Months Ended
June 30,
|
||||||||
2016
|
2015
|
|||||||
Common Stock (Par Value $0.01):
|
||||||||
Balance at beginning of period
|
$
|
533
|
$
|
529
|
||||
Shares issued in exercise of options
|
2
|
3
|
||||||
Balance at end of period
|
535
|
532
|
||||||
Additional Paid-in Capital:
|
||||||||
Balance at beginning of period
|
262,798
|
254,358
|
||||||
Stock options exercised
|
2,756
|
4,053
|
||||||
Excess tax benefit related to stock benefit plans
|
142
|
204
|
||||||
Amortization of excess fair value over cost – ESOP stock and stock options expense
|
561
|
541
|
||||||
Release from treasury stock for equity awards, net of return of shares to treasury for forfeited shares
|
727
|
481
|
||||||
Balance at end of period
|
266,984
|
259,637
|
||||||
Retained Earnings:
|
||||||||
Balance at beginning of period
|
451,606
|
427,126
|
||||||
Net income for the period
|
61,245
|
23,307
|
||||||
Cash dividends declared and paid
|
(10,282
|
)
|
(10,098
|
)
|
||||
Balance at end of period
|
502,569
|
440,335
|
||||||
Accumulated Other Comprehensive Loss, Net of Deferred Taxes:
|
||||||||
Balance at beginning of period
|
(8,801
|
)
|
(8,547
|
)
|
||||
Other comprehensive loss recognized during the period, net of tax
|
(2
|
)
|
(802
|
)
|
||||
Balance at end of period
|
(8,803
|
)
|
(9,349
|
)
|
||||
Unallocated Common Stock of
ESOP:
|
||||||||
Balance at beginning of period
|
(2,313
|
)
|
(2,545
|
)
|
||||
Amortization of earned portion of ESOP stock
|
115
|
116
|
||||||
Balance at end of period
|
(2,198
|
)
|
(2,429
|
)
|
||||
Unearned Restricted Stock Award Common Stock:
|
||||||||
Balance at beginning of period
|
(2,271
|
)
|
(3,066
|
)
|
||||
Amortization of earned portion of restricted stock awards
|
828
|
985
|
||||||
Release from treasury stock for equity awards, net of return of shares to treasury for forfeited shares
|
(1,311
|
)
|
(1,084
|
)
|
||||
Balance at end of period
|
(2,754
|
)
|
(3,165
|
)
|
||||
Common Stock Held by BMP:
|
||||||||
Balance at beginning of period
|
(9,354
|
)
|
(9,164
|
)
|
||||
Award distribution
|
1
|
-
|
||||||
Release from treasury stock for equity awards, net of return of shares to treasury for forfeited shares
|
(223
|
)
|
(190
|
)
|
||||
Balance at end of period
|
(9,576
|
)
|
(9,354
|
)
|
||||
Treasury Stock, at cost:
|
||||||||
Balance at beginning of period
|
(198,251
|
)
|
(198,966
|
)
|
||||
Treasury shares repurchased (20,000 shares during the six months ended June 30, 2015)
|
-
|
(300
|
)
|
|||||
Release from treasury stock for equity awards, net of return of shares to treasury for forfeited shares
|
1,105
|
1,006
|
||||||
Balance at end of period
|
(197,146
|
)
|
(198,260
|
)
|
||||
TOTAL STOCKHOLDERS' EQUITY AT THE END OF PERIOD
|
$
|
549,611
|
$
|
477,947
|
Six Months Ended June 30,
|
||||||||
2016
|
2015
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net Income
|
$
|
61,245
|
$
|
23,307
|
||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
|
||||||||
Net gain on investment and mortgage backed securities sold
|
-
|
(1,384
|
)
|
|||||
Net gain recognized on trading securities
|
(39
|
)
|
(41
|
)
|
||||
Net gain on the sale of OREO
|
(40
|
)
|
-
|
|||||
Net gain on sale of premises held for sale
|
(68,183
|
)
|
-
|
|||||
Net depreciation, amortization and accretion
|
1,086
|
1,602
|
||||||
Stock plan compensation (excluding ESOP)
|
943
|
1,015
|
||||||
ESOP compensation expense
|
561
|
627
|
||||||
Provision (Credit) for loan losses
|
421
|
(1,307
|
)
|
|||||
Increase in cash surrender value of BOLI
|
(1,119
|
)
|
(1,216
|
)
|
||||
Income recognized from mortality benefit on BOLI
|
(484 | ) | - | |||||
Deferred income tax provision (credit)
|
615
|
(76
|
)
|
|||||
Reduction in credit related OTTI amortized through interest income
|
(52
|
)
|
-
|
|||||
Excess tax benefit from stock benefit plans
|
(142
|
)
|
(204
|
)
|
||||
Changes in assets and liabilities:
|
||||||||
Increase in other assets
|
(4,094
|
)
|
(784
|
)
|
||||
Increase (Decrease) in other liabilities
|
6,038
|
(425
|
)
|
|||||
Net cash (used in) provided by Operating activities
|
(3,244
|
)
|
21,114
|
|||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Proceeds from maturities of investment securities held-to-maturity
|
-
|
127
|
||||||
Proceeds from sales of investment securities available-for-sale
|
-
|
2,070
|
||||||
Proceeds from the sales of trading securities
|
3,648
|
1,337
|
||||||
Proceeds from sales of mortgage backed securities available for sale
|
-
|
24,307
|
||||||
Purchases of investment securities available-for-sale
|
(19
|
)
|
(2,021
|
)
|
||||
Acquisition of trading securities
|
(222
|
)
|
(1,514
|
)
|
||||
Principal collected on mortgage backed securities available-for-sale
|
25
|
1,577
|
||||||
Proceeds from the sale of loans held for sale previously classified as portfolio loans
|
-
|
9,201
|
||||||
Purchases of loans
|
(152,637
|
)
|
-
|
|||||
Loans originated, net of repayments
|
(359,730
|
)
|
(195,320
|
)
|
||||
Proceeds from sale of OREO
|
170
|
-
|
||||||
Proceeds from surrender of cash surrender value of BOLI
|
1,425
|
-
|
||||||
Net proceeds from the sale of premises held for sale
|
75,899
|
-
|
||||||
Purchases of fixed assets
|
(16
|
)
|
(456
|
)
|
||||
Redemption of FHLBNY capital stock
|
5,899
|
5,679
|
||||||
Net cash used in Investing Activities
|
(425,558
|
)
|
(155,013
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Increase in due to depositors
|
595,956
|
274,015
|
||||||
Increase (decrease) in escrow and other deposits
|
15,160
|
(4,682
|
)
|
|||||
Repayments of FHLBNY advances
|
(2,402,500
|
)
|
(918,000
|
)
|
||||
Proceeds from FHLBNY advances
|
2,252,900
|
778,000
|
||||||
Proceeds from exercise of stock options
|
2,900
|
4,056
|
||||||
Excess tax benefit from stock benefit plans
|
142
|
204
|
||||||
Release of stock for benefit plan awards
|
299
|
213
|
||||||
Treasury shares repurchased
|
-
|
(300
|
)
|
|||||
Cash dividends paid to stockholders
|
(10,282
|
)
|
(10,098
|
)
|
||||
Net cash provided by Financing Activities
|
454,575
|
123,408
|
||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
25,773
|
(10,491
|
)
|
|||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
64,154
|
78,437
|
||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
89,927
|
$
|
67,946
|
||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||
Cash paid for income taxes
|
$
|
29,100
|
$
|
17,559
|
||||
Cash paid for interest
|
11,770
|
24,071
|
||||||
Loans transferred to OREO
|
-
|
130
|
||||||
Transfer of premises to held for sale
|
1,379
|
8,799
|
||||||
Loans transferred to held for sale
|
-
|
9,534
|
||||||
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity
|
25
|
47
|
||||||
Net (increase) decrease in non-credit component of OTTI
|
16
|
(27
|
)
|
1. | NATURE OF OPERATIONS |
2. | SUMMARY OF ACCOUNTING POLICIES |
3. | RECENT ACCOUNTING PRONOUNCEMENTS |
4. | TREASURY STOCK |
5. | OTHER COMPREHENSIVE INCOME (LOSS) |
Pre-tax
Amount
|
Tax
Expense
(Benefit)
|
After tax
Amount
|
||||||||||
Three Months Ended June 30, 2016
|
||||||||||||
Securities held-to maturity and transferred securities:
|
||||||||||||
Change in non-credit component of OTTI
|
$
|
8
|
$
|
4
|
$
|
4
|
||||||
Change in unrealized loss on securities transferred to held-to-maturity
|
14
|
6
|
8
|
|||||||||
Total securities held-to-maturity and transferred securities
|
22
|
10
|
12
|
|||||||||
Securities available-for-sale:
|
||||||||||||
Change in net unrealized gain during the period
|
47
|
21
|
26
|
|||||||||
Total securities available-for-sale
|
47
|
21
|
26
|
|||||||||
Defined benefit plans:
|
||||||||||||
Reclassification adjustment for expense included in salaries and employee benefits expense
|
425
|
191
|
234
|
|||||||||
Total defined benefit plans
|
425
|
191
|
234
|
|||||||||
Derivatives:
|
||||||||||||
Change in unrealized loss on derivative liability
|
(957
|
)
|
(431
|
)
|
(526
|
)
|
||||||
Total derivatives
|
(957
|
)
|
(431
|
)
|
(526
|
)
|
||||||
Total other comprehensive (loss)
|
$
|
(463
|
)
|
$
|
(209
|
)
|
$
|
(254
|
)
|
|||
Three Months Ended June 30, 2015
|
||||||||||||
Securities held-to-maturity and transferred securities:
|
||||||||||||
Change in non-credit component of OTTI
|
$
|
(35
|
)
|
$
|
(16
|
)
|
$
|
(19
|
)
|
|||
Change in unrealized loss on securities transferred to held-to-maturity
|
22
|
10
|
12
|
|||||||||
Total securities held-to-maturity and transferred securities
|
(13
|
)
|
(6
|
)
|
(7
|
)
|
||||||
Securities available-for-sale:
|
||||||||||||
Reclassification adjustment for net gains included in net gain (loss) on securities and other assets
|
4
|
2
|
2
|
|||||||||
Change in net unrealized gain during the period
|
(8
|
)
|
(4
|
)
|
(4
|
)
|
||||||
Total securities available-for-sale
|
(4
|
)
|
(2
|
)
|
(2
|
)
|
||||||
Defined benefit plans:
|
||||||||||||
Reclassification adjustment for expense included in salaries and employee benefits expense
|
467
|
210
|
257
|
|||||||||
Total defined benefit plans
|
467
|
210
|
257
|
|||||||||
Total other comprehensive income
|
$
|
450
|
$
|
202
|
$
|
248
|
Pre-tax
Amount
|
Tax
Expense
(Benefit)
|
After tax
Amount
|
||||||||||
Six Months Ended June 30, 2016
|
||||||||||||
Securities held-to maturity and transferred securities:
|
||||||||||||
Change in non-credit component of OTTI
|
$
|
16
|
$
|
8
|
$
|
8
|
||||||
Change in unrealized loss on securities transferred to held-to-maturity
|
25
|
11
|
14
|
|||||||||
Total securities held-to-maturity and transferred securities
|
41
|
19
|
22
|
|||||||||
Securities available-for-sale:
|
||||||||||||
Change in net unrealized gain during the period
|
62
|
28
|
34
|
|||||||||
Total securities available-for-sale
|
62
|
28
|
34
|
|||||||||
Defined benefit plans:
|
||||||||||||
Reclassification adjustment for expense included in salaries and employee benefits expense
|
850
|
382
|
468
|
|||||||||
Total defined benefit plans
|
850
|
382
|
468
|
|||||||||
Derivatives:
|
||||||||||||
Change in unrealized loss on derivative liability
|
(957
|
)
|
(431
|
)
|
(526
|
)
|
||||||
Total derivatives
|
(957
|
)
|
(431
|
)
|
(526
|
)
|
||||||
Total other comprehensive loss
|
$
|
(4
|
)
|
$
|
2
|
$
|
(2
|
)
|
||||
Six Months Ended June 30, 2015
|
||||||||||||
Securities held-to-maturity and transferred securities:
|
||||||||||||
Change in non-credit component of OTTI
|
$
|
(27
|
)
|
$
|
(12
|
)
|
$
|
(15
|
)
|
|||
Change in unrealized loss on securities transferred to held-to-maturity
|
46
|
21
|
25
|
|||||||||
Total securities held-to-maturity and transferred securities
|
19
|
9
|
10
|
|||||||||
Securities available-for-sale:
|
||||||||||||
Reclassification adjustment for net gains included in net gain (loss) on securities and other assets
|
(1,384
|
)
|
(624
|
)
|
(760
|
)
|
||||||
Change in net unrealized gain during the period
|
35
|
15
|
20
|
|||||||||
Total securities available-for-sale
|
(1,349
|
)
|
(609
|
)
|
(740
|
)
|
||||||
Defined benefit plans:
|
||||||||||||
Reclassification adjustment for expense included in salaries and employee benefits expense
|
934
|
420
|
514
|
|||||||||
Change in the net actuarial gain or loss
|
(1,064
|
)
|
(478
|
)
|
(586
|
)
|
||||||
Total defined benefit plans
|
(130
|
)
|
(58
|
)
|
(72
|
)
|
||||||
Total other comprehensive income
|
$
|
(1,460
|
)
|
$
|
(658
|
)
|
$
|
(802
|
)
|
Securities
Held-to-
Maturity
and
Transferred
Securities
|
Securities
Available-
for-Sale
|
Defined
Benefit
Plans
|
Derivative
Liability
|
Total
Accumulated
Other
Comprehensive
Gain (Loss)
|
|||||||||||||||||
Balance as of January 1, 2016
|
$
|
(760
|
)
|
$
|
(122
|
)
|
$
|
(7,919
|
)
|
$
|
-
|
$
|
(8,801
|
)
|
|||||||
Other comprehensive income (loss) before reclassifications
|
22
|
34
|
-
|
(526
|
)
|
(470
|
)
|
||||||||||||||
Amounts reclassified from accumulated other comprehensive loss
|
-
|
-
|
468
|
-
|
468
|
||||||||||||||||
Net other comprehensive income (loss) during the period
|
22
|
34
|
468
|
(526
|
)
|
(2
|
)
|
||||||||||||||
Balance as of June 30, 2016
|
$
|
(738
|
)
|
$
|
(88
|
)
|
$
|
(7,451
|
)
|
$
|
(526
|
)
|
$
|
(8,803
|
)
|
||||||
Balance as of January 1, 2015
|
$
|
(826
|
)
|
$
|
736
|
$
|
(8,457
|
)
|
$
|
-
|
$
|
(8,547
|
)
|
||||||||
Other comprehensive income (loss) before reclassifications
|
10
|
20
|
(586
|
)
|
-
|
(556
|
)
|
||||||||||||||
Amounts reclassified from accumulated other comprehensive loss
|
-
|
(760
|
)
|
514
|
-
|
(246
|
)
|
||||||||||||||
Net other comprehensive income (loss) during the period
|
10
|
(740
|
)
|
(72
|
)
|
-
|
(802
|
)
|
|||||||||||||
Balance as of June 30, 2015
|
$
|
(816
|
)
|
$
|
(4
|
)
|
$
|
(8,529
|
)
|
$
|
-
|
$
|
(9,349
|
)
|
6. | EARNINGS PER SHARE ("EPS") |
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Net income per the Consolidated Statements of Income
|
$
|
11,208
|
$
|
11,529
|
$
|
61,245
|
$
|
23,307
|
||||||||
Less: Dividends paid and earnings allocated to participating securities
|
(24
|
)
|
(33
|
)
|
(55
|
)
|
(73
|
)
|
||||||||
Income attributable to common stock
|
$
|
11,184
|
$
|
11,496
|
$
|
61,190
|
$
|
23,234
|
||||||||
Weighted average common shares outstanding, including participating securities
|
36,946,082
|
36,412,733
|
36,874,535
|
36,344,359
|
||||||||||||
Less: weighted average participating securities
|
(192,525
|
)
|
(245,046
|
)
|
(202,885
|
)
|
(266,424
|
)
|
||||||||
Weighted average common shares outstanding
|
36,753,557
|
36,167,687
|
36,671,650
|
36,077,935
|
||||||||||||
Basic EPS
|
$
|
0.30
|
$
|
0.32
|
$
|
1.67
|
$
|
0.65
|
||||||||
Income attributable to common stock
|
$
|
11,184
|
$
|
11,496
|
$
|
61,190
|
$
|
23,234
|
||||||||
Weighted average common shares outstanding
|
36,753,557
|
36,167,687
|
36,671,650
|
36,077,935
|
||||||||||||
Weighted average common equivalent shares outstanding
|
65,028
|
91,690
|
69,420
|
80,886
|
||||||||||||
Weighted average common and equivalent shares outstanding
|
36,818,585
|
36,259,377
|
36,741,070
|
36,158,821
|
||||||||||||
Diluted EPS
|
$
|
0.30
|
$
|
0.32
|
$
|
1.67
|
$
|
0.64
|
7. | ACCOUNTING FOR STOCK BASED COMPENSATION |
At or for the Three Months
Ended June 30,
|
At or for the Six Months
Ended June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Options outstanding – beginning of period
|
465,246
|
905,780
|
465,246
|
979,916
|
||||||||||||
Options granted
|
-
|
-
|
-
|
-
|
||||||||||||
Options exercised
|
(193,828
|
)
|
(259,579
|
)
|
(193,828
|
)
|
(274,355
|
)
|
||||||||
Options that expired prior to exercise
|
-
|
-
|
-
|
(59,360
|
)
|
|||||||||||
Options outstanding – end of period
|
271,418
|
646,201
|
271,418
|
646,201
|
||||||||||||
Intrinsic value of options exercised
|
$
|
732
|
$
|
300
|
$
|
732
|
$
|
384
|
||||||||
Compensation expense recognized
|
-
|
8
|
-
|
31
|
||||||||||||
Remaining unrecognized compensation expense
|
-
|
-
|
-
|
-
|
||||||||||||
Intrinsic value of outstanding options at period end
|
553
|
1,632
|
553
|
1,632
|
||||||||||||
Intrinsic value of vested options at period end
|
553
|
1,632
|
553
|
1,632
|
||||||||||||
Weighted average exercise price of vested options – end of period
|
15.32
|
14.57
|
15.32
|
14.57
|
At or for the Three
Months Ended June 30,
|
At or for the Six Months
Ended June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Unvested allocated shares – beginning of period
|
222,142
|
285,610
|
223,894
|
289,660
|
||||||||||||
Shares granted
|
60,675
|
68,069
|
60,675
|
68,069
|
||||||||||||
Shares vested
|
(115,135
|
)
|
(128,327
|
)
|
(116,001
|
)
|
(132,377
|
)
|
||||||||
Shares forfeited
|
(12,863
|
)
|
(980
|
)
|
(13,749
|
)
|
(980
|
)
|
||||||||
Unvested allocated shares – end of period
|
154,819
|
224,372
|
154,819
|
224,372
|
||||||||||||
Compensation recorded to expense
|
$
|
390
|
$
|
455
|
$
|
828
|
$
|
984
|
At or for the Three
Months Ended
June 30, 2016
|
At or for the Six
Months Ended
June 30, 2016
|
|||||||
Maximum aggregate share payout – beginning of period
|
28,044
|
28,044
|
||||||
Shares forfeited
|
(3,312
|
)
|
(3,312
|
)
|
||||
Maximum aggregate share payout – end of period
|
24,732
|
24,732
|
||||||
Minimum aggregate share payout
|
-
|
-
|
||||||
Likely aggregate share payout
|
16,488
|
16,488
|
||||||
Compensation expense recognized
|
$
|
21
|
$
|
21
|
8. | LOANS RECEIVABLE AND CREDIT QUALITY |
Balance at June 30, 2016
|
||||||||||||||||||||
Grade
|
One- to Four-
Family
Residential,
Including
Condominium and
Cooperative
Apartment
|
Multifamily
Residential and
Residential
Mixed Use
|
Commercial
Mixed Use
Real Estate
|
Commercial
Real Estate
|
Total Real
Estate Loans
|
|||||||||||||||
Pass
|
$
|
72,366
|
$
|
4,205,375
|
$
|
385,432
|
$
|
510,971
|
$
|
5,174,144
|
||||||||||
Special Mention
|
935
|
5,068
|
2,146
|
1,230
|
9,379
|
|||||||||||||||
Substandard
|
2,151
|
8,967
|
5,534
|
6,606
|
23,258
|
|||||||||||||||
Doubtful
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total
|
$
|
75,452
|
$
|
4,219,410
|
$
|
393,112
|
$
|
518,807
|
$
|
5,206,781
|
Balance at December 31, 2015
|
||||||||||||||||||||
Grade
|
One- to Four-Family
Residential,
Including
Condominium and
Cooperative
Apartment
|
Multifamily
Residential and
Residential
Mixed Use
|
Commercial
Mixed Use
Real Estate
|
Commercial
Real Estate
|
Total Real
Estate Loans
|
|||||||||||||||
Not Graded(1)
|
$
|
7,698
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
7,698
|
||||||||||
Pass
|
61,256
|
3,743,298
|
370,110
|
473,242
|
4,647,906
|
|||||||||||||||
Special Mention
|
945
|
9,759
|
1,622
|
4,857
|
17,183
|
|||||||||||||||
Substandard
|
2,196
|
6,850
|
5,543
|
7,810
|
22,399
|
|||||||||||||||
Doubtful
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total
|
$
|
72,095
|
$
|
3,759,907
|
$
|
377,275
|
$
|
485,909
|
$
|
4,695,186
|
Grade
|
Balance at
June 30,
2016
|
Balance at
December 31,
2015
|
||||||
Performing
|
$
|
2,332
|
$
|
1,586
|
||||
Non-accrual
|
4
|
4
|
||||||
Total
|
$
|
2,336
|
$
|
1,590
|
At June 30, 2016
|
||||||||||||||||||||||||||||
30 to 59
Days Past
Due
|
60 to 89
Days Past
Due
|
Loans 90
Days or
More
Past Due
and Still
Accruing
Interest
|
Non-
accrual
(1)
|
Total Past
Due
|
Current
|
Total Loans
|
||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||||||
One- to four-family residential, including condominium and cooperative apartment
|
$
|
-
|
$
|
154
|
$
|
-
|
$
|
487
|
$
|
641
|
$
|
74,811
|
$
|
75,452
|
||||||||||||||
Multifamily residential and residential mixed use
|
85
|
-
|
4,344
|
3,784
|
8,213
|
4,211,197
|
4,219,410
|
|||||||||||||||||||||
Commercial mixed use real estate
|
116
|
-
|
190
|
54
|
360
|
392,752
|
393,112
|
|||||||||||||||||||||
Commercial real estate
|
180
|
-
|
-
|
-
|
180
|
518,627
|
518,807
|
|||||||||||||||||||||
Total real estate
|
$
|
381
|
$
|
154
|
$
|
4,534
|
$
|
4,325
|
$
|
9,394
|
$
|
5,197,387
|
$
|
5,206,781
|
||||||||||||||
Consumer
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
4
|
$
|
-
|
$
|
2,332
|
$
|
2,336
|
At December 31, 2015
|
||||||||||||||||||||||||||||
30 to 59
Days
Past Due
|
60 to 89
Days Past
Due
|
Loans 90
Days or
More Past
Due and
Still
Accruing
Interest
|
Non-
accrual
(1)
|
Total Past
Due
|
Current
|
Total Loans
|
||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||||||
One- to four-family residential, including condominium and cooperative apartment
|
$
|
127
|
$
|
-
|
$
|
625
|
$
|
1,113
|
$
|
1,865
|
$
|
70,230
|
$
|
72,095
|
||||||||||||||
Multifamily residential and residential mixed use
|
2,235
|
-
|
2,514
|
287
|
5,036
|
3,754,871
|
3,759,907
|
|||||||||||||||||||||
Commercial mixed use real estate
|
-
|
406
|
406
|
-
|
812
|
376,463
|
377,275
|
|||||||||||||||||||||
Commercial real estate
|
200
|
-
|
987
|
207
|
1,394
|
484,515
|
485,909
|
|||||||||||||||||||||
Total real estate
|
$
|
2,562
|
$
|
406
|
$
|
4,532
|
$
|
1,607
|
$
|
9,107
|
$
|
4,686,079
|
$
|
4,695,186
|
||||||||||||||
Consumer
|
$
|
1
|
$
|
1
|
$
|
-
|
$
|
4
|
$
|
6
|
$
|
1,584
|
$
|
1,590
|
As of June 30, 2016
|
As of December 31, 2015
|
|||||||||||||||
No. of Loans
|
Balance
|
No. of Loans
|
Balance
|
|||||||||||||
One- to four-family residential, including condominium and cooperative apartment
|
1
|
$
|
32
|
2
|
$
|
598
|
||||||||||
Multifamily residential and residential mixed use
|
4
|
1,057
|
3
|
696
|
||||||||||||
Commercial mixed use real estate
|
1
|
4,304
|
1
|
4,344
|
||||||||||||
Commercial real estate
|
1
|
3,396
|
2
|
3,635
|
||||||||||||
Total real estate
|
7
|
$
|
8,789
|
8
|
$
|
9,273
|
As of June 30, 2016
|
As of December 31, 2015
|
|||||||||||||||
No. of Loans
|
Balance
|
No. of Loans
|
Balance
|
|||||||||||||
Outstanding principal balance at period end
|
7
|
$
|
8,789
|
8
|
$
|
9,273
|
||||||||||
TDRs on accrual status at period end
|
7
|
8,789
|
7
|
9,066
|
||||||||||||
TDRs on non-accrual status at period end
|
-
|
-
|
1
|
207
|
9. | ALLOWANCE FOR LOAN LOSSES |
(i) | Charge-off experience (including peer charge-off experience) |
(ii) | Economic conditions |
(iii) | Underwriting standards or experience |
(iv) | Loan concentrations |
(v) | Regulatory climate |
(vi) | Nature and volume of the portfolio |
(vii) | Changes in the quality and scope of the loan review function |
At or for the Three Months Ended June 30, 2016
|
||||||||||||||||||||||||
Real Estate Loans
|
Consumer
Loans
|
|||||||||||||||||||||||
One- to Four Family
Residential,
Including
Condominium and
Cooperative
Apartment
|
Multifamily
Residential and
Residential
Mixed Use
|
Commercial
Mixed Use Real
Estate
|
Commercial
Real Estate
|
Total Real Estate
|
||||||||||||||||||||
Beginning balance
|
$
|
99
|
$
|
14,462
|
$
|
1,552
|
$
|
2,381
|
$
|
18,494
|
$
|
19
|
||||||||||||
Provision (credit) for loan losses
|
96
|
407
|
133
|
(194
|
)
|
442
|
-
|
|||||||||||||||||
Charge-offs
|
(4
|
)
|
(43
|
)
|
(1
|
)
|
-
|
(48
|
)
|
-
|
|
|||||||||||||
Recoveries
|
1
|
-
|
-
|
-
|
1
|
1
|
||||||||||||||||||
Ending balance
|
$
|
192
|
$
|
14,826
|
$
|
1,684
|
$
|
2,187
|
$
|
18,889
|
$
|
20
|
||||||||||||
Ending balance – loans individually evaluated for impairment
|
$
|
414
|
$
|
3,930
|
$
|
4,357
|
$
|
3,396
|
$
|
12,097
|
$
|
-
|
||||||||||||
Ending balance – loans collectively evaluated for impairment
|
75,038
|
4,215,480
|
388,755
|
515,411
|
5,194,684
|
2,336
|
||||||||||||||||||
Allowance balance associated with loans individually evaluated for impairment
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Allowance balance associated with loans collectively evaluated for impairment
|
192
|
14,826
|
1,684
|
2,187
|
18,889
|
20
|
At December 31, 2015
|
||||||||||||||||||||||||
Real Estate Loans
|
Consumer
Loans
|
|||||||||||||||||||||||
One- to Four Family
Residential,
Including
Condominium and
Cooperative
Apartment
|
Multifamily
Residential and
Residential
Mixed Use
|
Commercial
Mixed Use Real
Estate
|
Commercial
Real Estate
|
Total Real Estate
|
||||||||||||||||||||
Ending balance – loans individually evaluated for impairment
|
$
|
598
|
$
|
983
|
$
|
4,345
|
$
|
3,635
|
$
|
9,561
|
$
|
-
|
||||||||||||
Ending balance – loans collectively evaluated for impairment
|
71,497
|
3,758,924
|
372,930
|
482,274
|
4,685,625
|
1,590
|
||||||||||||||||||
Allowance balance associated with loans individually evaluated for impairment
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Allowance balance associated with loans collectively evaluated for impairment
|
263
|
14,118
|
1,652
|
2,461
|
18,494
|
20
|
At or for the Three Months Ended June 30, 2015
|
||||||||||||||||||||||||
Real Estate Loans
|
Consumer
Loans
|
|||||||||||||||||||||||
One- to Four Family
Residential,
Including
Condominium and
Cooperative
Apartment
|
Multifamily
Residential and
Residential
Mixed Use
|
Commercial
Mixed Use Real
Estate
|
Commercial
Real Estate
|
Total Real Estate
|
||||||||||||||||||||
Beginning balance
|
$
|
111
|
$
|
14,173
|
$
|
1,566
|
$
|
2,365
|
$
|
18,215
|
$
|
22
|
||||||||||||
Provision (credit) for loan losses
|
19
|
238
|
111
|
(1,504
|
)
|
(1,136
|
)
|
1
|
||||||||||||||||
Charge-offs
|
(5
|
)
|
(40
|
)
|
-
|
(1
|
)
|
(46
|
)
|
(1
|
)
|
|||||||||||||
Recoveries
|
1
|
3
|
5
|
1,489
|
1,498
|
-
|
||||||||||||||||||
Ending balance
|
$
|
126
|
$
|
14,374
|
$
|
1,682
|
$
|
2,349
|
$
|
18,531
|
$
|
22
|
At or for the Six Months Ended June 30, 2016
|
||||||||||||||||||||||||
Real Estate Loans
|
Consumer
Loans
|
|||||||||||||||||||||||
One- to Four Family
Residential,
Including
Condominium and
Cooperative
Apartment
|
Multifamily
Residential and
Residential
Mixed Use
|
Commercial
Mixed Use Real
Estate
|
Commercial
Real Estate
|
Total Real Estate
|
||||||||||||||||||||
Beginning balance
|
$
|
263
|
$
|
14,118
|
$
|
1,652
|
$
|
2,461
|
$
|
18,494
|
$
|
20
|
||||||||||||
Provision (credit) for loan losses
|
(46
|
)
|
731
|
34
|
(297
|
)
|
422
|
(1
|
)
|
|||||||||||||||
Charge-offs
|
(27
|
)
|
(60
|
)
|
(2
|
)
|
-
|
(89
|
)
|
-
|
||||||||||||||
Recoveries
|
2
|
37
|
-
|
23
|
62
|
1
|
||||||||||||||||||
Ending balance
|
$
|
192
|
$
|
14,826
|
$
|
1,684
|
$
|
2,187
|
$
|
18,889
|
$
|
20
|
At or for the Six Months Ended June 30, 2015
|
||||||||||||||||||||||||
Real Estate Loans
|
Consumer
Loans
|
|||||||||||||||||||||||
One- to Four Family
Residential,
Including
Condominium and
Cooperative
Apartment
|
Multifamily
Residential and
Residential
Mixed Use
|
Commercial
Mixed Use Real
Estate
|
Commercial
Real Estate
|
Total Real Estate
|
||||||||||||||||||||
Beginning balance
|
$
|
150
|
$
|
13,852
|
$
|
1,644
|
$
|
2,823
|
$
|
18,469
|
$
|
24
|
||||||||||||
Provision (credit) for loan losses
|
80
|
560
|
51
|
(1,998
|
)
|
(1,307
|
)
|
-
|
||||||||||||||||
Charge-offs
|
(107
|
)
|
(41
|
)
|
(37
|
)
|
(1
|
)
|
(186
|
)
|
(2
|
)
|
||||||||||||
Recoveries
|
3
|
3
|
24
|
1,525
|
1,555
|
-
|
||||||||||||||||||
Ending balance
|
$
|
126
|
$
|
14,374
|
$
|
1,682
|
$
|
2,349
|
$
|
18,531
|
$
|
22
|
At June 30, 2016
|
At December 31, 2015
|
|||||||||||||||||||||||
Unpaid
Principal
Balance at
Period End
|
Recorded
Investment
at Period
End(1)
|
Reserve
Balance
Allocated
within the
Allowance for
Loan Losses at
Period End
|
Unpaid
Principal
Balance at
Period End
|
Recorded
Investment
at Period
End(1)
|
Reserve
Balance
Allocated
within the
Allowance for
Loan Losses at
Period End
|
|||||||||||||||||||
One- to Four Family Residential, Including Condominium and Cooperative Apartment
|
||||||||||||||||||||||||
With no allocated reserve
|
$
|
414
|
$
|
414
|
$
|
-
|
$
|
635
|
$
|
598
|
$
|
-
|
||||||||||||
With an allocated reserve
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Multifamily Residential and Residential Mixed Use
|
||||||||||||||||||||||||
With no allocated reserve
|
3,930
|
3,930
|
-
|
983
|
983
|
-
|
||||||||||||||||||
With an allocated reserve
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Commercial Mixed Use Real Estate
|
||||||||||||||||||||||||
With no allocated reserve
|
4,357
|
4,357
|
-
|
4,345
|
4,345
|
-
|
||||||||||||||||||
With an allocated reserve
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Commercial Real Estate
|
||||||||||||||||||||||||
With no allocated reserve
|
3,396
|
3,396
|
-
|
3,642
|
3,635
|
-
|
||||||||||||||||||
With an allocated reserve
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
||||||||||||||||||||||||
With no allocated reserve
|
$
|
12,097
|
$
|
12,097
|
$
|
-
|
$
|
9,605
|
$
|
9,561
|
$
|
-
|
||||||||||||
With an allocated reserve
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
(1) | The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. |
Three Months Ended June 30, |
Six Months Ended June 30,
|
|||||||||||||||||||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||||||||||||||||||
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
|||||||||||||||||||||||||
One- to Four Family Residential, Including Condominium and Cooperative Apartment
|
||||||||||||||||||||||||||||||||
With no allocated reserve
|
$
|
399
|
$
|
7
|
$
|
602
|
$
|
11
|
$
|
465
|
$
|
41
|
$
|
603
|
$
|
23
|
||||||||||||||||
With an allocated reserve
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Multifamily Residential and Residential Mixed Use
|
||||||||||||||||||||||||||||||||
With no allocated reserve
|
2,451
|
25
|
985
|
31
|
1,962
|
38
|
1,081
|
46
|
||||||||||||||||||||||||
With an allocated reserve
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Commercial Mixed Use Real Estate
|
||||||||||||||||||||||||||||||||
With no allocated reserve
|
4,367
|
44
|
4,393
|
44
|
4,360
|
88
|
4,395
|
88
|
||||||||||||||||||||||||
With an allocated reserve
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Commercial Real Estate
|
||||||||||||||||||||||||||||||||
With no allocated reserve
|
3,404
|
34
|
5,929
|
35
|
3,481
|
68
|
6,688
|
71
|
||||||||||||||||||||||||
With an allocated reserve
|
-
|
-
|
-
|
-
|
-
|
-
|
1,833
|
97
|
||||||||||||||||||||||||
Total
|
||||||||||||||||||||||||||||||||
With no allocated reserve
|
$
|
10,621
|
$
|
110
|
$
|
11,909
|
$
|
121
|
$
|
10,268
|
$
|
235
|
$
|
12,767
|
$
|
228
|
||||||||||||||||
With an allocated reserve
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
1,833
|
$
|
97
|
10. | INVESTMENT AND MORTGAGE-BACKED SECURITIES |
Purchase
Amortized/
Historical
Cost
|
Recorded
Amortized/
Historical
Cost
(1)
|
Unrealized
Gains
|
Unrealized
Losses
|
Fair
Value
|
||||||||||||||||
Investment securities held-to-maturity:
|
||||||||||||||||||||
Pooled bank trust preferred securities ("TRUPS")
|
$
|
15,326
|
$
|
5,319
|
$
|
1,955
|
$
|
(469
|
)
|
$
|
6,805
|
|||||||||
Available-for-sale securities:
|
||||||||||||||||||||
Investment securities
|
||||||||||||||||||||
Registered Mutual Funds
|
4,011
|
4,011
|
20
|
(194
|
)
|
3,837
|
||||||||||||||
MBS
|
||||||||||||||||||||
Pass-through MBS issued by GSEs
|
392
|
392
|
14
|
-
|
406
|
Purchase
Amortized/
Historical
Cost
|
Recorded
Amortized/
Historical
Cost
(1)
|
Unrealized
Gains
|
Unrealized
Losses
|
Fair
Value
|
||||||||||||||||
Investment securities held-to-maturity:
|
||||||||||||||||||||
TRUPS
|
$
|
15,344
|
$
|
5,242
|
$
|
2,154
|
$
|
(345
|
)
|
$
|
7,051
|
|||||||||
Available-for-sale securities:
|
||||||||||||||||||||
Investment securities
|
||||||||||||||||||||
Registered Mutual Funds
|
3,990
|
3,990
|
25
|
(259
|
)
|
3,756
|
||||||||||||||
MBS
|
||||||||||||||||||||
Pass-through MBS issued by GSEs
|
418
|
418
|
13
|
-
|
431
|
At or for the Three Months Ended
June 30, 2016
|
At or for the Three Months Ended
June 30, 2015
|
|||||||||||||||||||||||
Credit
Related OTTI
Recognized in
Earnings
|
Non-Credit
OTTI
Recognized in
Accumulated
Other
Comprehensive
Loss
|
Total
OTTI
|
Credit
Related
OTTI
Recognized
in Earnings
|
Non-Credit OTTI
Recognized in
Accumulated
Other
Comprehensive
Loss
|
Total
OTTI
|
|||||||||||||||||||
Cumulative pre-tax balance at the beginning of the period
|
$
|
8,691
|
$
|
570
|
$
|
9,261
|
$
|
8,795
|
$
|
561
|
$
|
9,356
|
||||||||||||
Accretion (Amortization) of previously recognized OTTI
|
(26
|
) |
(8
|
) |
(34)
|
|
(26
|
) |
35
|
9
|
||||||||||||||
Cumulative pre-tax balance at end of the period
|
$
|
8,665
|
$
|
562
|
$
|
9,227
|
$
|
8,769
|
$
|
596
|
$
|
9,365
|
At or for the Six Months Ended
June 30, 2016
|
At or for the Six Months Ended
June 30, 2015
|
|||||||||||||||||||||||
Credit
Related OTTI
Recognized in
Earnings
|
Non-Credit
OTTI
Recognized in
Accumulated
Other
Comprehensive
Loss
|
Total
OTTI
|
Credit
Related
OTTI
Recognized
in Earnings
|
Non-Credit OTTI
Recognized in
Accumulated
Other
Comprehensive
Loss
|
Total
OTTI
|
|||||||||||||||||||
Cumulative pre-tax balance at the beginning of the period
|
$
|
8,717
|
$
|
578
|
$
|
9,295
|
$
|
8,945
|
$
|
569
|
$
|
9,514
|
||||||||||||
Accretion (Amortization) of previously recognized OTTI
|
(52
|
) |
(16
|
)
|
(68)
|
|
(176
|
)
|
27
|
(149
|
)
|
|||||||||||||
Cumulative pre-tax balance at end of the period
|
$
|
8,665
|
$
|
562
|
$
|
9,227
|
$
|
8,769
|
$
|
596
|
$
|
9,365
|
Less than 12
Months Consecutive
Unrealized Losses
|
12 Months or More
Consecutive
Unrealized Losses
|
Total
|
||||||||||||||||||||||
Fair Value
|
Gross
Unrecognized/
Unrealized
Losses
|
Fair Value
|
Gross
Unrecognized/
Unrealized
Losses
|
Fair Value
|
Gross
Unrecognized/
Unrealized
Losses
|
|||||||||||||||||||
Held-to-Maturity Securities:
|
||||||||||||||||||||||||
TRUPS
|
$
|
-
|
$
|
-
|
$
|
2,255
|
$
|
469
|
$
|
2,255
|
$
|
469
|
||||||||||||
Available-for-Sale Securities:
|
||||||||||||||||||||||||
Registered Mutual Funds
|
371
|
8
|
3,121
|
186
|
3,492
|
194
|
· | 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 does not intend to sell these securities prior to full recovery of their impairment |
· | There were no cash or working capital requirements nor contractual or regulatory obligations that would compel the Company to sell these securities prior to their forecasted recovery or maturity |
· | The securities have a pool of underlying issuers comprised primarily of banks |
· | None of the securities have exposure to real estate investment trust issued debt (which has experienced high default rates) |
· | The securities feature either a mandatory auction or a de-leveraging mechanism that could result in principal repayments to the Bank prior to the stated maturity of the security |
· | The securities are adequately collateralized |
Less than 12
Months Consecutive
Unrealized Losses
|
12 Months or More
Consecutive
Unrealized Losses
|
Total
|
||||||||||||||||||||||
Fair Value
|
Gross
Unrecognized/
Unrealized
Losses
|
Fair Value
|
Gross
Unrecognized/
Unrealized
Losses
|
Fair Value
|
Gross
Unrecognized/
Unrealized
Losses
|
|||||||||||||||||||
Held-to-Maturity Securities:
|
||||||||||||||||||||||||
TRUPS
|
$
|
-
|
$
|
-
|
$
|
2,359
|
$
|
345
|
$
|
2,359
|
$
|
345
|
||||||||||||
Available-for-Sale Securities:
|
||||||||||||||||||||||||
Registered Mutual Funds
|
3,026
|
259
|
-
|
-
|
3,026
|
259
|
11. | DERIVATIVES AND HEDGING ACTIVITIES |
At June 30, 2016
|
||||||||||||||||
Count
|
Notional
Amount
|
Fair Value
Assets
|
Fair Value Liabilities
|
|||||||||||||
Derivatives designated as hedging instruments
|
||||||||||||||||
Interest Rate Products
|
4
|
$
|
90,000
|
$
|
-
|
$
|
957
|
|||||||||
Total derivatives designated as hedging instruments
|
4
|
$
|
90,000
|
$
|
-
|
$
|
957
|
Weighted average pay rates
|
1.24%
|
Weighted average receive rates
|
0.64%
|
Weighted average maturity
|
5.82 years
|
At or for the Three and Six Months
Ended June 30, 2016
|
||||||||||||
Amount of Gain or (Loss)
Recognized in Other
Comprehensive Income
(Effective Portion)
|
Amount of Gain or (Loss)
Reclassified from Other
Comprehensive Income into
Interest Expense
(Effective Portion)
|
Amount of Gain or (Loss)
Recognized in Other
Non-Interest Expense
(Ineffective Portion)
|
||||||||||
Interest Rate Products
|
$
|
(998
|
)
|
$
|
(41
|
)
|
$
|
-
|
Gross
Amounts of
Recognized
Liabilities
|
Gross
Amounts
Offset in the
Statements of
Financial
Condition
|
Net Amounts
of Assets
presented in
the Statements
of Financial
Condition
|
Gross Amounts Not Offset in the
Statements of Financial
Condition
|
Net Amount
|
||||||||||||||||||||
Financial
Instruments
|
Cash
Collateral
Received
|
|||||||||||||||||||||||
Counterparty A
|
$
|
957
|
$
|
-
|
$
|
957
|
$
|
-
|
$
|
-
|
$
|
957
|
12. | FAIR VALUE OF FINANCIAL INSTRUMENTS |
Fair Value at June 30, 2016 Using
|
||||||||||||||||||||
At June 30, 2016
|
Carrying
Amount
|
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
Total
|
|||||||||||||||
Assets:
|
||||||||||||||||||||
Cash and due from banks
|
$
|
89,927
|
$
|
89,927
|
$
|
-
|
$
|
-
|
$
|
89,927
|
||||||||||
Investment securities held to maturity (TRUPS)
|
5,319
|
-
|
- |
6,805
|
6,805
|
|||||||||||||||
Loans, net
|
5,190,208
|
-
|
-
|
5,213,167
|
5,213,167
|
|||||||||||||||
Accrued interest receivable
|
14,896
|
-
|
2
|
14,894
|
14,896
|
|||||||||||||||
FHLBNY capital stock
|
52,814
|
N/A
|
N/A
|
N/A
|
N/A
|
|||||||||||||||
Liabilities:
|
||||||||||||||||||||
Savings, money market and checking accounts
|
2,745,744
|
2,745,744
|
-
|
-
|
2,745,744
|
|||||||||||||||
Certificates of Deposit ("CDs")
|
1,034,522
|
-
|
1,043,254
|
-
|
1,043,354
|
|||||||||||||||
Escrow and other deposits
|
92,290
|
92,964
|
-
|
-
|
92,964
|
|||||||||||||||
FHLBNY Advances
|
1,017,125
|
-
|
1,026,682
|
-
|
1,026,682
|
|||||||||||||||
Trust Preferred securities payable
|
70,680
|
-
|
69,973
|
-
|
69,973
|
|||||||||||||||
Accrued interest payable
|
2,156
|
-
|
2,156
|
-
|
2,156
|
Fair Value at December 31, 2015 Using
|
||||||||||||||||||||
At December 31, 2015
|
Carrying
Amount
|
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
Total
|
|||||||||||||||
Assets:
|
||||||||||||||||||||
Cash and due from banks
|
$
|
64,154
|
$
|
64,154
|
$
|
-
|
$
|
-
|
$
|
64,154
|
||||||||||
Investment securities held to maturity (TRUPS)
|
5,242
|
-
|
-
|
7,051
|
7,051
|
|||||||||||||||
Loans, net
|
4,678,262
|
-
|
-
|
4,722,803
|
4,722,803
|
|||||||||||||||
Accrued interest receivable
|
13,486
|
-
|
19
|
13,467
|
12,664
|
|||||||||||||||
FHLBNY capital stock
|
58,713
|
N/A
|
N/A
|
N/A
|
N/A
|
|||||||||||||||
Liabilities:
|
||||||||||||||||||||
Savings, money market and checking accounts
|
2,325,463
|
2,325,463
|
-
|
-
|
2,325,463
|
|||||||||||||||
CDs
|
858,847
|
-
|
865,581
|
-
|
865,581
|
|||||||||||||||
Escrow and other deposits
|
77,130
|
77,130
|
-
|
-
|
77,130
|
|||||||||||||||
FHLBNY Advances
|
1,166,725
|
-
|
1,170,274
|
-
|
1,170,274
|
|||||||||||||||
Trust Preferred securities payable
|
70,680
|
-
|
69,973
|
-
|
69,973
|
|||||||||||||||
Accrued interest payable
|
2,259
|
-
|
2,259
|
-
|
2,259
|
13. | RETIREMENT AND POSTRETIREMENT PLANS |
Three Months Ended
June 30, 2016
|
Three Months Ended
June 30, 2015
|
|||||||||||||||
BMP,
Employee and
Outside Director
Retirement
Plans
|
Postretirement
Plan
|
BMP,
Employee and
Outside
Director
Retirement
Plans
|
Postretirement
Plan
|
|||||||||||||
Service cost
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Interest cost
|
343
|
16
|
343
|
29
|
||||||||||||
Expected return on assets
|
(383
|
)
|
-
|
(414
|
)
|
-
|
||||||||||
Unrecognized past service liability
|
-
|
(2
|
)
|
-
|
-
|
|||||||||||
Amortization of unrealized loss
|
428
|
(1
|
)
|
480
|
(13
|
)
|
||||||||||
Net periodic cost
|
$
|
388
|
$
|
13
|
$
|
409
|
$
|
16
|
Six Months Ended
June 30, 2016
|
Six Months Ended
June 30, 2015
|
|||||||||||||||
BMP,
Employee and
Outside Director
Retirement
Plans
|
Postretirement
Plan
|
BMP,
Employee and
Outside
Director
Retirement
Plans
|
Postretirement
Plan
|
|||||||||||||
Service cost
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
9
|
||||||||
Interest cost
|
686
|
32
|
687
|
538
|
||||||||||||
Expected return on assets
|
(766
|
)
|
-
|
(828
|
)
|
-
|
||||||||||
Curtailment gain(1)
|
-
|
-
|
-
|
(3,394
|
)
|
|||||||||||
Unrecognized past service liability
|
-
|
(4
|
)
|
-
|
-
|
|||||||||||
Amortization of unrealized loss
|
858
|
(2
|
)
|
959
|
(25
|
)
|
||||||||||
Net periodic cost (gain)
|
$
|
778
|
$
|
26
|
$
|
818
|
$
|
(2,872
|
)
|
(1) | The Postretirement Plan was amended effective March 31, 2015, whereby future retirees will not be eligible to participate in the plan. This plan amendment resulted in a curtailment gain. |
14. | INCOME TAXES |
15. | PREMISES HELD FOR SALE |
16. | SUBSEQUENT EVENTS |
Bank
|
Consolidated
Company
|
Basel III
Minimum
Requirement
|
Basel III
Minimum
Requirement
Plus 0.625%
Buffer(1)
|
Basel III
Minimum
Requirement
Plus 2.5%
Buffer(2)
|
Well
Capitalized
Requirement
Under FDIC
Prompt
Corrective
Action
Framework(3)
|
|||||||||||||||||||
Common equity Tier 1 capital to risk weighted assets
|
11.82
|
%
|
11.91
|
%
|
4.5
|
%
|
5.125
|
%
|
7.0
|
%
|
6.5
|
%
|
||||||||||||
Tier 1 Capital to risk weighted assets
|
11.82
|
13.53
|
6.0
|
6.625
|
8.5
|
8.0
|
||||||||||||||||||
Total Capital to risk weighted assets
|
12.27
|
13.98
|
8.0
|
8.625
|
10.5
|
10.0
|
||||||||||||||||||
Tier 1 Capital to average assets (Leverage ratio)
|
9.13
|
10.48
|
4.0
|
n/a
|
n/a
|
5.0
|
(1) | The 0.625% buffer percentage represents the phased-in requirement as of June 30, 2016. |
(2) | The 2.5% buffer percentage represents the fully phased-in requirement as of January 1, 2019. |
(3) | Only the Bank is subject to these requirements. |
At or For the Three
Months Ended June 30,
|
At or For the Six Months
Ended June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Performance and Other Selected Ratios:
|
||||||||||||||||
Return on Average Assets
|
0.81
|
%
|
1.01
|
%
|
2.29
|
%
|
1.03
|
%
|
||||||||
Return on Average Stockholders' Equity
|
8.23
|
9.78
|
23.28
|
9.98
|
||||||||||||
Stockholders' Equity to Total Assets
|
9.89
|
10.29
|
9.89
|
10.29
|
||||||||||||
Loans to Deposits at End of Period
|
137.80
|
146.79
|
137.80
|
146.79
|
||||||||||||
Loans to Earning Assets at End of Period
|
96.09
|
95.56
|
96.09
|
95.56
|
||||||||||||
Net Interest Spread
|
2.50
|
2.88
|
2.57
|
2.74
|
||||||||||||
Net Interest Margin
|
2.68
|
3.05
|
2.74
|
2.93
|
||||||||||||
Average Interest Earning Assets to Average Interest Bearing Liabilities
|
||||||||||||||||
Non-Interest Expense to Average Assets
|
1.31
|
1.44
|
1.35
|
1.33
|
||||||||||||
Efficiency Ratio
|
47.75
|
47.07
|
48.58
|
45.31
|
||||||||||||
Effective Tax Rate
|
42.17
|
40.93
|
42.17
|
40.57
|
||||||||||||
Dividend Payout Ratio
|
46.67
|
43.75
|
16.77
|
43.75
|
||||||||||||
Per Share Data:
|
||||||||||||||||
Reported EPS (Diluted)
|
$
|
0.30
|
$
|
0.32
|
$
|
1.67
|
$
|
0.64
|
||||||||
Cash Dividends Paid Per Share
|
0.14
|
0.14
|
0.28
|
0.28
|
||||||||||||
Stated Book Value
|
14.60
|
12.85
|
14.60
|
12.85
|
||||||||||||
Asset Quality Summary:
|
||||||||||||||||
Net charge-offs (recoveries)
|
$
|
47
|
$
|
(1,451
|
)
|
$
|
26
|
$
|
(1,367
|
)
|
||||||
Non-performing Loans (including loans held for sale)
|
4,329
|
1,292
|
4,329
|
1,292
|
||||||||||||
Non-performing Loans/Total Loans
|
0.08
|
%
|
0.03
|
%
|
0.08
|
%
|
0.03
|
%
|
||||||||
Non-performing Assets
|
$
|
5,600
|
$
|
2,659
|
$
|
5,600
|
$
|
2,659
|
||||||||
Non-performing Assets/Total Assets
|
0.10
|
%
|
0.06
|
%
|
0.10
|
%
|
0.06
|
%
|
||||||||
Allowance for Loan Loss/Total Loans
|
0.36
|
0.43
|
0.36
|
0.43
|
||||||||||||
Allowance for Loan Loss/Non-performing Loans
|
436.80
|
1,435.99
|
436.80
|
1,435.99
|
||||||||||||
Earnings to Fixed Charges Ratios (1)
|
||||||||||||||||
Including Interest on Deposits
|
2.47
|
x
|
2.71
|
x
|
5.17
|
x
|
2.61
|
x
|
||||||||
Excluding Interest on Deposits
|
4.45
|
4.40
|
10.60
|
3.90
|
(1) | Please refer to Exhibit 12.1 for further detail on the calculation of these ratios. |
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
|
$
|
35,336
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
35,336
|
||||||||||
Other loan commitments
|
191,245
|
-
|
-
|
-
|
191,245
|
|||||||||||||||
Total Off-Balance Sheet Arrangements
|
$
|
226,581
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
226,581
|
At June 30,
2016
|
At December 31,
2015
|
|||||||
(Dollars in Thousands)
|
||||||||
Non-accrual loans (excluding non-accrual loans held for sale)
|
$
|
4,325
|
$
|
1,611
|
||||
Non-accrual one- to four-family and consumer loans deemed homogeneous loans
|
(1,017
|
)
|
(1,116
|
)
|
||||
TDRs retained on accrual status
|
8,789
|
9,066
|
||||||
Impaired loans
|
$
|
12,097
|
$
|
9,561
|
· | 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 |
· | 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 June 30, 2016
|
At December 31, 2015
|
|||||||
(Dollars in Thousands)
|
||||||||
One- to four-family residential including condominium and cooperative apartment
|
$
|
487
|
$
|
1,113
|
||||
Multifamily residential and residential mixed use real estate
|
3,784
|
287
|
||||||
Commercial real estate and commercial mixed use real estate
|
54
|
207
|
||||||
Consumer
|
4
|
4
|
||||||
Total non-accrual loans
|
4,329
|
1,611
|
||||||
Non-performing TRUPS
|
1,253
|
1,236
|
||||||
OREO
|
18
|
148
|
||||||
Total non-performing assets
|
5,600
|
2,995
|
||||||
Ratios:
|
||||||||
Total non-accrual loans to total loans
|
0.08
|
%
|
0.03
|
%
|
||||
Total non-performing assets to total assets
|
0.10
|
0.06
|
||||||
TDRs and Impaired Loans
|
||||||||
TDRs
|
$
|
8,789
|
$
|
9,273
|
||||
Impaired loans (1)
|
12,097
|
9,561
|
· | Loans Delinquent 30 to 89 Days |
At June 30,
2016
|
At March 31,
2016
|
At December 31,
2015
|
||||||||||
(Dollars in Thousands)
|
||||||||||||
Real Estate Loans:
|
||||||||||||
Impaired loans
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Substandard loans not deemed impaired or evaluated individually for impairment
|
43
|
353
|
348
|
|||||||||
Special Mention loans not deemed impaired
|
36
|
77
|
88
|
|||||||||
Pass graded loans
|
18,810
|
18,064
|
18,058
|
|||||||||
Sub-total real estate loans
|
18,889
|
18,494
|
18,494
|
|||||||||
Consumer loans
|
20
|
19
|
20
|
|||||||||
TOTAL
|
$
|
18,909
|
$
|
18,513
|
$
|
18,514
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(Dollars in Thousands)
|
||||||||||||||||
Net (Charge-offs) recoveries
|
$
|
(47
|
)
|
$
|
1,451
|
$
|
(26
|
)
|
$
|
1,367
|
||||||
(Credit) Provision
|
442
|
(1,135
|
)
|
421
|
(1,307
|
)
|
Three Months Ended June 30,
|
||||||||||||||||||||||||
2016
|
2015
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Yield/
Cost
|
Average
Balance
|
Interest
|
Average
Yield/
Cost
|
|||||||||||||||||||
Assets:
|
(Dollars
In
Thousands)
|
|||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Real estate loans
|
$
|
5,138,053
|
$
|
47,358
|
3.69
|
%
|
$
|
4,214,674
|
$
|
43,473
|
4.13
|
%
|
||||||||||||
Other loans
|
1,511
|
24
|
6.35
|
1,535
|
24
|
5.99
|
||||||||||||||||||
MBS
|
400
|
2
|
2.00
|
461
|
2
|
1.74
|
||||||||||||||||||
Investment securities
|
20,203
|
265
|
5.25
|
18,491
|
121
|
2.62
|
||||||||||||||||||
Federal funds sold and other short-term investments
|
148,267
|
721
|
1.95
|
100,418
|
578
|
2.31
|
||||||||||||||||||
Total interest-earning assets
|
5,308,434
|
$
|
48,370
|
3.64
|
%
|
4,335,579
|
$
|
44,198
|
4.08
|
%
|
||||||||||||||
Non-interest earning assets
|
201,115
|
219,802
|
||||||||||||||||||||||
Total assets
|
$
|
5,509,549
|
$
|
4,555,381
|
||||||||||||||||||||
Liabilities and Stockholders' Equity:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
84,835
|
$
|
61
|
0.29
|
%
|
$
|
75,739
|
$
|
60
|
0.32
|
%
|
||||||||||||
Money Market accounts
|
1,892,046
|
3,865
|
0.82
|
1,335,793
|
2,441
|
0.73
|
||||||||||||||||||
Savings accounts
|
369,266
|
44
|
0.05
|
373,430
|
45
|
0.05
|
||||||||||||||||||
CDs
|
1,010,864
|
3,627
|
1.44
|
916,684
|
3,124
|
1.37
|
||||||||||||||||||
Borrowed Funds
|
1,145,058
|
5,163
|
1.81
|
1,010,119
|
5,458
|
2.17
|
||||||||||||||||||
Total interest-bearing liabilities
|
4,502,069
|
$
|
12,760
|
1.14
|
%
|
3,711,765
|
$
|
11,128
|
1.20
|
%
|
||||||||||||||
Non-interest bearing checking accounts
|
255,922
|
209,847
|
||||||||||||||||||||||
Other non-interest-bearing liabilities
|
206,526
|
162,141
|
||||||||||||||||||||||
Total liabilities
|
4,964,517
|
4,083,753
|
||||||||||||||||||||||
Stockholders' equity
|
545,032
|
471,628
|
||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
5,509,549
|
$
|
4,555,381
|
||||||||||||||||||||
Net interest income
|
$
|
35,610
|
$
|
33,070
|
||||||||||||||||||||
Net interest spread
|
2.50
|
%
|
2.88
|
%
|
||||||||||||||||||||
Net interest-earning assets
|
$
|
806,365
|
$
|
623,814
|
||||||||||||||||||||
Net interest margin
|
2.68
|
%
|
3.05
|
%
|
||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
117.91
|
%
|
116.81
|
%
|
Three Months Ended June 30, 2016
Compared to Three Months Ended June 30, 2015
Increase/ (Decrease) Due to:
|
||||||||||||
Volume
|
Rate
|
Total
|
||||||||||
(Dollars In thousands)
|
||||||||||||
Interest-earning assets:
|
||||||||||||
Real Estate Loans
|
$
|
9,023
|
$
|
(5,138
|
)
|
$
|
3,885
|
|||||
Other loans
|
-
|
1
|
1
|
|||||||||
MBS
|
-
|
-
|
-
|
|||||||||
Investment securities
|
17
|
127
|
144
|
|||||||||
Federal funds sold and other short-term investments
|
254
|
(112
|
)
|
142
|
||||||||
Total
|
$
|
9,294
|
$
|
(5,122
|
)
|
$
|
4,172
|
|||||
Interest-bearing liabilities:
|
||||||||||||
Interest bearing checking accounts
|
$
|
7
|
$
|
(6
|
)
|
$
|
1
|
|||||
Money market accounts
|
1,070
|
354
|
1,424
|
|||||||||
Savings accounts
|
(1
|
)
|
-
|
(1
|
)
|
|||||||
CDs
|
332
|
171
|
503
|
|||||||||
Borrowed funds
|
671
|
(966
|
)
|
(295
|
)
|
|||||||
Total
|
$
|
2,079
|
$
|
(447
|
)
|
$
|
1,632
|
|||||
Net change in net interest income
|
$
|
7,215
|
$
|
(4,675
|
)
|
$
|
2,540
|
· | During the period January 1, 2009 through June 30, 2016, Federal Open Market Committee monetary policies resulted in the maintenance of the overnight federal funds rate in a range of 0.0% to 0.50%, helping deposit and borrowing costs remain at historically low levels. |
· | Increased marketplace competition and refinancing activity on real estate loans, particularly during the period January 1, 2012 through June 30, 2016, has resulted in an ongoing reduction in the average yield on real estate loans. |
Six Months Ended June 30,
|
||||||||||||||||||||||||
2016
|
2015
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Yield/
Cost
|
Average
Balance
|
Interest
|
Average
Yield/
Cost
|
|||||||||||||||||||
Assets:
|
(Dollars
In
Thousands)
|
|||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Real estate loans
|
$
|
4,977,574
|
$
|
93,009
|
3.74
|
%
|
$
|
4,193,548
|
$
|
85,261
|
4.07
|
%
|
||||||||||||
Other loans
|
1,466
|
48
|
6.55
|
1,598
|
48
|
6.01
|
||||||||||||||||||
MBS
|
407
|
4
|
1.97
|
11,790
|
183
|
3.10
|
||||||||||||||||||
Investment securities
|
20,210
|
438
|
4.33
|
18,453
|
290
|
3.14
|
||||||||||||||||||
Federal funds sold and other short-term investments
|
132,382
|
1,382
|
2.09
|
93,303
|
1,228
|
2.63
|
||||||||||||||||||
Total interest-earning assets
|
5,132,039
|
$
|
94,881
|
3.70
|
%
|
4,318,692
|
$
|
87,010
|
4.03
|
%
|
||||||||||||||
Non-interest earning assets
|
208,420
|
219,157
|
||||||||||||||||||||||
Total assets
|
$
|
5,340,459
|
$
|
4,537,849
|
||||||||||||||||||||
Liabilities and Stockholders' Equity:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
82,337
|
$
|
117
|
0.29
|
%
|
$
|
76,413
|
$
|
115
|
0.30
|
%
|
||||||||||||
Money Market accounts
|
1,790,974
|
7,244
|
0.81
|
1,257,753
|
4,356
|
0.70
|
||||||||||||||||||
Savings accounts
|
|
368,487
|
91
|
0.05
|
372,869
|
91
|
0.05
|
|||||||||||||||||
CDs
|
970,936
|
6,939
|
1.44
|
922,362
|
6,328
|
1.38
|
||||||||||||||||||
Borrowed Funds
|
1,163,586
|
10,249
|
1.77
|
1,086,551
|
12,956
|
2.40
|
||||||||||||||||||
Total interest-bearing liabilities
|
4,376,320
|
$
|
24,640
|
1.13
|
%
|
3,715,948
|
$
|
23,846
|
1.29
|
%
|
||||||||||||||
Non-interest bearing checking accounts
|
258,450
|
201,746
|
||||||||||||||||||||||
Other non-interest-bearing liabilities
|
179,597
|
153,006
|
||||||||||||||||||||||
Total liabilities
|
4,814,367
|
4,070,700
|
||||||||||||||||||||||
Stockholders' equity
|
526,092
|
467,149
|
||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
5,340,459
|
$
|
4,537,849
|
||||||||||||||||||||
Net interest income
|
$
|
70,241
|
$
|
63,164
|
||||||||||||||||||||
Net interest spread
|
2.57
|
%
|
2.74
|
%
|
||||||||||||||||||||
Net interest-earning assets
|
$
|
755,719
|
$
|
602,744
|
||||||||||||||||||||
Net interest margin
|
2.74
|
%
|
2.93
|
%
|
||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
117.27
|
%
|
116.22
|
%
|
Six Months Ended June 30, 2016
Compared to Six Months Ended June 30, 2015
Increase/ (Decrease) Due to:
|
||||||||||||
Volume
|
Rate
|
Total
|
||||||||||
(Dollars In thousands)
|
||||||||||||
Interest-earning assets:
|
||||||||||||
Real Estate Loans
|
$
|
15,304
|
$
|
(7,556
|
)
|
$
|
7,748
|
|||||
Other loans
|
(4
|
)
|
4
|
-
|
||||||||
MBS
|
(144
|
)
|
(35
|
)
|
(179
|
)
|
||||||
Investment securities
|
33
|
115
|
148
|
|||||||||
Federal funds sold and other short-term investments
|
460
|
(306
|
)
|
154
|
||||||||
Total
|
$
|
15,649
|
$
|
(7,778
|
)
|
$
|
7,871
|
|||||
Interest-bearing liabilities:
|
||||||||||||
Interest bearing checking accounts
|
$
|
(8
|
)
|
$
|
(6
|
)
|
$
|
2
|
||||
Money market accounts
|
2,024
|
864
|
2,888
|
|||||||||
Savings accounts
|
(1
|
)
|
1
|
-
|
||||||||
CDs
|
335
|
276
|
611
|
|||||||||
Borrowed funds
|
804
|
(3,511
|
)
|
(2,707
|
)
|
|||||||
Total
|
$
|
3,170
|
$
|
(2,376
|
)
|
$
|
794
|
|||||
Net change in net interest income
|
$
|
12,479
|
$
|
(5,402
|
)
|
$
|
7,077
|
· | During the period January 1, 2009 through June 30, 2016, Federal Open Market Committee monetary policies resulted in the maintenance of the overnight federal funds rate in a range of 0.0% to 0.50%, helping deposit and borrowing costs remain at historically low levels. |
· | Increased marketplace competition and refinancing activity on real estate loans, particularly during the period January 1, 2012 through June 30, 2016, has resulted in an ongoing reduction in the average yield on real estate loans. |
At June 30, 2016
|
At December 31, 2015
|
|||||||||||||||||||||||
EVE
|
Dollar
Change
|
Percentage
Change
|
EVE
|
Dollar
Change
|
Percentage
Change
|
|||||||||||||||||||
Rate Shock Scenario
|
(Dollars in Thousands)
|
|||||||||||||||||||||||
+ 200 Basis Points
|
$
|
480,437
|
$
|
(74,421
|
)
|
-4.8
|
%
|
$
|
515,779
|
$
|
(63,058
|
)
|
-12.2
|
%
|
||||||||||
Pre-Shock Scenario
|
504,415
|
-
|
-
|
578,837
|
-
|
-
|
Instantaneous Change in Interest rate of:
|
Percentage
Change in Net
Interest
Income
|
|||
+ 200 Basis Points
|
(9.4
|
)%
|
||
+ 100 Basis Points
|
(5.1
|
)
|
||
-100 Basis Points
|
10.6
|
(c) | The Holding Company did not repurchase any shares of its common stock into treasury during the three months ended June 30, 2016. No existing repurchase programs expired during the three months ended June 30, 2016, nor did the Company terminate any repurchase programs prior to expiration during the period. As of June 30, 2016, the Holding Company had an additional 1,104,549 shares remaining eligible for repurchase under its twelfth stock repurchase program, which was publicly announced in June 2007. |
Item 4. | (Removed and Reserved) |
3(i)
|
Amended and Restated Certificate of Incorporation of Dime Community Bancshares, Inc. (1)
|
3(ii)
|
Amended and Restated Bylaws of Dime Community Bancshares, Inc. (17)
|
4.1
|
Amended and Restated Certificate of Incorporation of Dime Community Bancshares, Inc. [See Exhibit 3(i) hereto]
|
4.2
|
Amended and Restated Bylaws of Dime Community Bancshares, Inc. [See Exhibit 3(ii) hereto]
|
4.3
|
Draft Stock Certificate of Dime Community Bancshares, Inc. (2)
|
4.4
|
Second Amended and Restated Declaration of Trust, dated as of July 29, 2004, by and among Wilmington Trust Company, as Delaware Trustee, Wilmington Trust Company as Institutional Trustee, Dime Community Bancshares, Inc., as Sponsor, the Administrators of Dime Community Capital Trust I and the holders from time to time of undivided beneficial interests in the assets of Dime Community Capital Trust I (4)
|
4.5
|
Indenture, dated as of March 19, 2004, between Dime Community Bancshares, Inc. and Wilmington Trust Company, as trustee (4)
|
4.6
|
Series B Guarantee Agreement, dated as of July 29, 2004, executed and delivered by Dime Community Bancshares, Inc., as Guarantor and Wilmington Trust Company, as Guarantee Trustee, for the benefit of the holders from time to time of the Series B Capital Securities of Dime Community Capital Trust I (4)
|
10.1
|
Amended and Restated Employment Agreement between The Dime Savings Bank of Williamsburgh and Vincent F. Palagiano (10)
|
10.2
|
Amended and Restated Employment Agreement between The Dime Savings Bank of Williamsburgh and Michael P. Devine (10)
|
10.3
|
Amended and Restated Employment Agreement between The Dime Savings Bank of Williamsburgh and Kenneth J. Mahon (10)
|
10.4
|
Employment Agreement between Dime Community Bancshares, Inc. and Vincent F. Palagiano (10)
|
10.5
|
Employment Agreement between Dime Community Bancshares, Inc. and Michael P. Devine (10)
|
10.6
|
Employment Agreement between Dime Community Bancshares, Inc. and Kenneth J. Mahon (10)
|
10.7
|
Form of Employee Retention Agreement by and among The Dime Savings Bank of Williamsburgh, Dime Community Bancorp, Inc. and certain officers (12)
|
10.8
|
The Benefit Maintenance Plan of Dime Community Bancorp, Inc. (9)
|
10.9
|
Severance Pay Plan of The Dime Savings Bank of Williamsburgh (8)
|
10.10
|
Retirement Plan for Board Members of Dime Community Bancorp, Inc. (8)
|
10.12
|
Recognition and Retention Plan for Outside Directors, Officers and Employees of Dime Community Bancorp, Inc., as amended by amendments number 1 and 2 (3)
|
10.13
|
Form of stock option agreement for Outside Directors under Dime Community Bancshares, Inc. 1996 and 2001
Stock Option Plans for Outside Directors, Officers and Employees and the 2004 Stock Incentive Plan. (3)
|
10.14
|
Form of stock option agreement for officers and employees under Dime Community Bancshares, Inc. 1996 and 2001 Stock Option Plans for Outside Directors, Officers and Employees and the 2004 Stock Incentive Plan (3)
|
10.20
|
Dime Community Bancshares, Inc. 2001 Stock Option Plan for Outside Directors, Officers and Employees (11)
|
10.21
|
Dime Community Bancshares, Inc. 2004 Stock Incentive Plan for Outside Directors, Officers and Employees (7)
|
10.22
|
Waiver executed by Vincent F. Palagiano (6)
|
10.23
|
Waiver executed by Michael P. Devine (6)
|
10.24
|
Waiver executed by Kenneth J. Mahon (6)
|
10.25
|
Form of restricted stock award notice for officers and employees under the 2004 Stock Incentive Plan (5)
|
10.27
|
Form of restricted stock award notice for outside directors under the 2004 Stock Incentive Plan (5)
|
10.28
|
Employee Retention Agreement between The Dime Savings Bank of Williamsburgh, Dime Community Bancshares, Inc. and Daniel Harris (8)
|
10.30
|
Adoption Agreement for Pentegra Services, Inc. Volume Submitter 401(K) Profit Sharing Plan (19)
|
10.31
|
Employee Stock Ownership Plan of Dime Community Bancshares, Inc. and Certain Affiliates (8)
|
10.32
|
Amendment to the Benefit Maintenance Plan (13)
|
10.33
|
Amendments One, Two and Three to the Employee Stock Ownership Plan of Dime Community Bancshares, Inc. and Certain Affiliates (14)
|
10.34
|
Dime Community Bancshares, Inc. 2013 Equity And Incentive Plan (15)
|
10.35
|
Form of restricted stock award notice for officers and employees under the 2013 Equity and Incentive Plan (16)
|
10.36
|
Form of restricted stock award notice for outside directors under the 2013 Equity and Incentive Plan (16)
|
10.37
|
The Dime Savings Bank of Williamsburgh 401(K) Savings Plan (19)
|
10.38
|
Amendment Number Four to the Employee Stock Ownership Plan of Dime Community Bancshares, Inc. and Certain Affiliates (18)
|
10.39
|
Amendment Number One to the Dime Savings Bank of Williamsburgh 401(K) Savings Plan (19)
|
**
|
Furnished, not filed, herewith.
|
(1)
|
Incorporated by reference to the registrant's Transition Report on Form 10-K for the transition period ended December 31, 2002 filed on March 28, 2003.
|
(2)
|
Incorporated by reference to the registrant's Annual Report on Form 10-K for the fiscal year ended June 30, 1998 filed on September 28, 1998.
|
(3)
|
Incorporated by reference to the registrant's Annual Report on Form 10-K for the fiscal year ended June 30, 1997 filed on September 26, 1997, and the Current Reports on Form 8-K filed on March 22, 2004 and March 29, 2005.
|
(4)
|
Incorporated by reference to Exhibits to the registrant’s Registration Statement No. 333-117743 on Form S-4 filed on July 29, 2004.
|
(5)
|
Incorporated by reference to the registrant's Current Report on Form 8-K filed on March 22, 2005.
|
(6)
|
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2005 filed on May 10, 2005.
|
(7)
|
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2008 filed on August 8, 2008.
|
(8)
|
Incorporated by reference to the registrant's Annual Report on Form 10-K for the year ended December 31, 2008 filed on March 16, 2009.
|
(9)
|
Incorporated by reference to the registrant's Current Report on Form 8-K filed on April 4, 2011.
|
(10)
|
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 filed on May 10, 2011.
|
(11)
|
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2011 filed on August 9, 2011.
|
(12)
|
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 filed on May 9, 2012.
|
(13)
|
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 filed on November 13, 2012.
|
(14)
|
Incorporated by reference to the registrant's Annual Report on Form 10-K for the year ended December 31, 2012 filed on March 15, 2013.
|
(15)
|
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 filed on August 9, 2013.
|
(16)
|
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 filed on August 5, 2014.
|
(17)
|
Incorporated by reference to the registrant's Current Report on Form 8-K filed on October 23, 2014.
|
(18)
|
Incorporated by reference to the registrant's Annual Report on Form 10-K for the year ended December 31, 2014 filed on March 16, 2015.
|
(19)
|
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 filed on May 7, 2015.
|
(20)
|
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 filed on November 6, 2015.
|
(21)
|
Incorporated by reference to the registrant's Current Report on Form 8-K filed on June 30, 2016.
|
Dated: August 9, 2016
|
By:
/s/ VINCENT F. PALAGIANO
|
Vincent F. Palagiano
|
|
Chairman of the Board and Chief Executive Officer
|
Dated: August 9, 2016
|
By:
/s/ Michael Pucella
|
Michael Pucella
|
|
Executive Vice President and Chief Accounting Officer (Principal Financial Officer)
|
Name of Award Recipient
|
Social Security Number
|
Street Address
|
City
|
State
|
ZIP Code
|
Grant Date
|
March 24, 2016
|
Performance Period*
|
January 1, 2016 – December 31, 2018
|
Class of Shares*
|
Common
|
No. of Awarded Shares*
|
See schedule below
|
Core EPS
|
ROE
|
|
Maximum (150% achievement)
|
||
125% achievement
|
||
Target (100% achievement)
|
||
75% achievement
|
||
Threshold (50% achievement)
|
Performance level
|
Core EPS
|
ROE
|
Above maximum
|
||
Maximum
|
||
Target
|
||
Threshold
|
||
Below threshold
|
Dime Community Bancshares, Inc.
|
Award Recipient
|
|||
By
|
||||
Name: VINCENT F. PALAGIANO
|
Print Name:
|
|||
Title: Chairman of the Board and CEO
|
GENERAL
INFORMATION
|
Use this form to designate the Beneficiary(ies) who may receive Performance ShareAwards that become vested at your death.
|
Name of Person
Making Designation
|
Social Security Number
|
__ | __ |
BENEFICIARY
DESIGNATION
|
Complete sections A and B. If no percentage shares are specified, each Beneficiary in the same class (primary or contingent) shall have an equal share. If any designated Beneficiary predeceases you, the shares of each remaining Beneficiary in the same class (primary or contingent) shall be increased proportionately.
|
A PRIMARY BENEFICIARY (IES).
I hereby designate the following person as my primary Beneficiary under the Plan, reserving the right to change or revoke this designation at any time prior to my death:
|
Name
|
Address
|
Relationship
|
Birth date
|
Share
|
||||||
%
|
||||||||||
%
|
||||||||||
%
|
||||||||||
Total = 100% |
B CONTINGENTBENEFICIARY(IES).I hereby designate the following person(s) as my contingent Beneficiary(ies) under the Plan or receive benefits only if all of my primary Beneficiaries should predecease me, reserving the right to change or revoke this designation at any time prior to my death as to all outstanding Performance Share Awards:
|
Name
|
Address
|
Relationship
|
Birth date
|
Share
|
||||||
%
|
||||||||||
%
|
||||||||||
%
|
||||||||||
Total
=
100%
|
S
I
G
N
|
H
E
R
E
|
I understand that this Beneficiary Designation shall be effective only if properly completed and received by the Corporate Secretary of Dime Community Bancshares, Inc. prior to my death, and that it is subject to all of the terms and conditions of the Plan. I also understand that an effective Beneficiary designation revokes my prior designation(s) with respect to all outstanding Performance Share Awards under this or any prior equity compensation plan of Dime Community Bancshares, Inc.
|
||
Your Signature | Date |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30, 2016
|
June 30, 2015
|
June 30, 2016
|
June 30, 2015
|
|||||||||||||
Ratio of Earnings to Fixed Charges (Including Deposits)
|
||||||||||||||||
Earnings:
|
||||||||||||||||
Income before income taxes
|
$
|
19,381
|
$
|
19,516
|
$
|
105,905
|
$
|
39,219
|
||||||||
Add: Fixed charges, net
|
13,316
|
11,409
|
25,537
|
24,404
|
||||||||||||
Income before income taxes and fixed charges, net
|
32,697
|
30,925
|
131,442
|
63,623
|
||||||||||||
Fixed charges
|
||||||||||||||||
Interest expense
|
$
|
12,760
|
$
|
11,128
|
$
|
24,640
|
$
|
23,846
|
||||||||
One-third of rental expense
|
556
|
281
|
897
|
558
|
||||||||||||
Interest on unrecognized tax benefits
|
-
|
-
|
-
|
-
|
||||||||||||
Total fixed charges
|
$
|
13,316
|
$
|
11,409
|
$
|
25,537
|
$
|
24,404
|
||||||||
Ratio of Earnings to Fixed Charges
|
2.46
|
x
|
2.71
|
x
|
5.15
|
x
|
2.61
|
x
|
Ratio of Earnings to Fixed Charges (Excluding Deposits)
|
||||||||||||||||
Earnings:
|
||||||||||||||||
Income before income taxes
|
$
|
19,381
|
$
|
19,516
|
$
|
105,905
|
$
|
39,219
|
||||||||
Add: Fixed charges, net
|
5,719
|
5,739
|
11,146
|
13,514
|
||||||||||||
Income before income taxes and fixed charges, net
|
25,100
|
25,255
|
117,051
|
52,733
|
||||||||||||
Fixed charges
|
||||||||||||||||
Interest expense (excluding deposits)
|
5,163
|
5,458
|
10,249
|
12,956
|
||||||||||||
One-third of rental expense
|
556
|
281
|
897
|
558
|
||||||||||||
Interest on unrecognized tax benefits
|
-
|
-
|
-
|
-
|
||||||||||||
Total fixed charges
|
$
|
5,719
|
$
|
5,739
|
$
|
11,146
|
$
|
13,514
|
||||||||
Ratio of Earnings to Fixed Charges
|
4.39
|
x
|
4.40
|
x
|
10.50
|
x
|
3.90
|
x
|
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter In the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonable likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: August 9, 2016
|
|
|
|
/s/ VINCENT F. PALAGIANO
|
|
|
|
Vincent F. Palagiano
|
|
Chairman of the Board and Chief Executive Officer
|
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter In the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonable likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: August 9, 2016
|
|
|
|
/s/ MICHAEL PUCELLA
|
|
|
|
Michael Pucella
|
|
Executive Vice President and Chief Accounting Officer (Principal Financial Officer)
|
(1) | The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
August 9, 2016
|
||
Date
|
||
By:
|
/s/ VINCENT F. PALAGIANO
|
|
Vincent F. Palagiano
|
||
Chairman of the Board and Chief Executive Officer
|
(1) | The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
August 9, 2016
|
||
Date
|
||
By:
|
/s/ MICHAEL PUCELLA
|
|
Michael Pucella
|
||
Executive Vice President and Chief Accounting Officer (Principal Financial Officer)
|