☒ |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
11-3297463
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. employer identification number)
|
300 Cadman Plaza West, 8
th
Floor, Brooklyn, NY
|
11201
|
|
(
Address of principal executive offices)
|
(Zip Code)
|
LARGE ACCELERATED FILER ☐
|
ACCELERATED FILER ☒
|
NON-ACCELERATED FILER ☐
|
SMALLER REPORTING COMPANY ☐
|
Page
|
||
PART I
|
||
Item 1.
|
||
F-3
|
||
F-4
|
||
F-5
|
||
F-7
|
||
F-8
|
||
F-9
|
||
F-11
|
||
F-12
|
||
F-12
|
||
F-12
|
||
F-13
|
||
Item 1A.
|
F-24
|
|
Item 1B.
|
F-33
|
|
Item 2.
|
F-33
|
|
Item 3.
|
F-33
|
|
Item 4.
|
F-33
|
|
PART II
|
||
Item 5.
|
F-33
|
|
Item 6.
|
F-36
|
|
Item 7.
|
F-38
|
|
Item 7A.
|
F-57
|
|
Item 8.
|
F-59
|
|
Item 9.
|
F-59
|
|
Item 9A.
|
F-59
|
|
Item 9B.
|
F-60
|
|
PART III
|
||
Item 10.
|
F-60
|
|
Item 11.
|
F-60
|
|
Item 12.
|
F-61
|
|
Item 13.
|
F-61
|
|
Item 14.
|
F-61
|
|
PART IV
|
||
Item 15.
|
F-61
|
|
F-62
|
· |
the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company’s control;
|
· |
there may be increases in competitive pressure among financial institutions or from non-financial institutions;
|
· |
the net interest margin is subject to material short-term fluctuation based upon market rates;
|
· |
changes in deposit flows, loan demand or real estate values may adversely affect the business of Dime Community Bank (
f/k/a
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
|
· |
Other risks, as enumerated in the section entitled “Risk Factors.”
|
·
|
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
|
Subsidiary
|
Year/ State of Incorporation
|
Primary Business Activities
|
Direct Subsidiaries of the Holding Company:
|
||
842 Manhattan Avenue Corp.
|
1995/ New York
|
Currently in the process of dissolution.
|
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. Currently inactive.
|
DSB Holdings NY, LLC
|
2015 / New York
|
Management and ownership of real estate. Currently inactive.
|
(1)
|
Dime Community Capital Trust I was established for the exclusive purpose of issuing and selling capital securities and using the proceeds to acquire approximately $70.7 million of junior subordinated debt securities issued by the Holding Company. The junior subordinated debt securities (referred to in this Annual Report as “trust preferred securities payable”) bear an interest rate of 7.0%, mature on April 14, 2034, became callable at any time after April 2009, and are the sole assets of Dime Community Capital Trust I. In accordance with revised interpretation No. 46, “Consolidation of Variable Interest Entities, an interpretation of ARB No. 51,” Dime Community Capital Trust I is not consolidated with the Holding Company for financial reporting purposes.
|
Twelve Months Ended
December 31, 2016
|
Twelve Months Ended
December 31, 2015
|
|||||||||||||||||||||||
Quarter Ended
|
Dividends
Declared
|
High
Sales
Price
|
Low
Sales
Price
|
Dividends
Declared
|
High
Sales
Price
|
Low
Sales
Price
|
||||||||||||||||||
March 31
st
|
$
|
0.14
|
$
|
17.96
|
$
|
15.61
|
$
|
0.14
|
$
|
16.49
|
$
|
14.73
|
||||||||||||
June 30
th
|
0.14
|
18.87
|
16.37
|
0.14
|
17.66
|
15.46
|
||||||||||||||||||
September 30
th
|
0.14
|
18.27
|
16.53
|
0.14
|
18.00
|
16.04
|
||||||||||||||||||
December 31
st
|
0.14
|
20.45
|
16.10
|
0.14
|
18.45
|
16.20
|
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 2016
|
‑
|
‑
|
‑
|
1,104,549
|
||||||
November 2016
|
‑
|
‑
|
‑
|
1,104,549
|
||||||
December 2016
|
‑
|
‑
|
‑
|
1,104,549
|
(1)
|
The twelfth stock repurchase program was publicly announced in June 2007, authorizing the purchase of up to
1,787,665 shares of the Common Stock, and has no expiration.
|
Period Ending December 31,
|
||||||
Index
|
2011
|
2012
|
2013
|
2014
|
2015
|
2016
|
Dime Community Bancshares, Inc.
|
100.00
|
114.74
|
145.02
|
144.63
|
160.80
|
191.03
|
NASDAQ Composite
|
100.00
|
117.45
|
164.57
|
188.84
|
201.98
|
219.89
|
SNL Thrift
|
100.00
|
121.63
|
156.09
|
167.88
|
188.78
|
231.23
|
At or for the Year Ended December 31,
|
||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
Selected Financial Condition Data:
|
||||||||||||||||||||
Total assets
|
$
|
6,005,430
|
$
|
5,032,872
|
$
|
4,497,107
|
$
|
4,028,190
|
$
|
3,905,399
|
||||||||||
Loans and loans held for sale (net of deferred costs or fees and the allowance for loan losses)
|
5,615,886
|
4,678,262
|
4,100,747
|
3,679,366
|
3,485,818
|
|||||||||||||||
MBS
|
3,558
|
431
|
26,409
|
31,543
|
49,021
|
|||||||||||||||
Investment securities (including FHLBNY capital stock)
|
60,670
|
77,912
|
76,139
|
78,863
|
88,762
|
|||||||||||||||
Federal funds sold and other short-term investments
|
-
|
-
|
250
|
-
|
-
|
|||||||||||||||
Goodwill
|
55,638
|
55,638
|
55,638
|
55,638
|
55,638
|
|||||||||||||||
Deposits
|
4,395,426
|
3,184,310
|
2,659,792
|
2,507,146
|
2,479,429
|
|||||||||||||||
Borrowings
|
901,805
|
1,237,405
|
1,244,405
|
980,680
|
913,180
|
|||||||||||||||
Stockholders' equity
|
565,868
|
493,947
|
459,725
|
435,506
|
391,574
|
|||||||||||||||
Selected Operating Data:
|
||||||||||||||||||||
Interest income
|
$
|
195,627
|
$
|
174,791
|
$
|
172,952
|
$
|
175,456
|
$
|
195,954
|
||||||||||
Interest expense
|
52,141
|
46,227
|
48,416
|
46,969
|
86,112
|
|||||||||||||||
Net interest income
|
143,486
|
128,564
|
124,536
|
128,487
|
109,842
|
|||||||||||||||
Provision (credit) for loan losses
|
2,118
|
(1,330
|
)
|
(1,872
|
)
|
369
|
3,921
|
|||||||||||||
Net interest income after provision (credit) for loan losses
|
141,368
|
129,894
|
126,408
|
128,118
|
105,921
|
|||||||||||||||
Non-interest income
|
75,934
|
8,616
|
9,038
|
7,463
|
23,849
|
|||||||||||||||
Non-interest expense
|
83,831
|
62,493
|
61,076
|
62,692
|
62,572
|
|||||||||||||||
Income before income tax
|
133,471
|
76,017
|
74,370
|
72,889
|
67,198
|
|||||||||||||||
Income tax expense
|
60,957
|
31,245
|
30,124
|
29,341
|
26,890
|
|||||||||||||||
Net income
|
$
|
72,514
|
$
|
44,772
|
$
|
44,246
|
$
|
43,548
|
$
|
40,308
|
At or for the Year Ended December 31,
|
||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
SELECTED FINANCIAL RATIOS AND OTHER DATA
(1):
|
||||||||||||||||||||
Return on average assets
|
1.31
|
%
|
0.96
|
%
|
1.03
|
%
|
1.09
|
%
|
1.02
|
%
|
||||||||||
Return on average stockholders' equity
|
13.40
|
9.40
|
9.83
|
10.58
|
10.73
|
|||||||||||||||
Stockholders' equity to total assets at end of period
|
9.42
|
9.81
|
10.22
|
10.81
|
10.03
|
|||||||||||||||
Loans to deposits at end of period
|
128.23
|
147.50
|
154.87
|
147.56
|
141.42
|
|||||||||||||||
Loans to interest-earning assets at end of period
|
95.92
|
95.98
|
94.68
|
96.74
|
94.41
|
|||||||||||||||
Net interest spread
(2)
|
2.52
|
2.72
|
2.84
|
3.19
|
2.58
|
|||||||||||||||
Net interest margin
(3)
|
2.68
|
2.89
|
3.03
|
3.39
|
2.92
|
|||||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
116.85
|
116.64
|
115.98
|
116.49
|
114.83
|
|||||||||||||||
Non-interest expense to average assets
|
1.51
|
1.34
|
1.42
|
1.57
|
1.59
|
|||||||||||||||
Efficiency ratio
(4)
|
55.48
|
45.98
|
46.28
|
46.23
|
52.58
|
|||||||||||||||
Effective tax rate
|
45.67
|
41.10
|
40.51
|
40.25
|
40.02
|
|||||||||||||||
Dividend payout ratio
|
28.43
|
45.53
|
45.53
|
45.53
|
47.86
|
|||||||||||||||
Per Share Data:
|
||||||||||||||||||||
Diluted earnings per share
|
$
|
1.97
|
$
|
1.23
|
$
|
1.23
|
$
|
1.23
|
$
|
1.17
|
||||||||||
Cash dividends paid per share
|
0.56
|
0.56
|
0.56
|
0.56
|
0.56
|
|||||||||||||||
Book value per share
(5)
|
15.11
|
13.22
|
12.47
|
11.86
|
10.96
|
|||||||||||||||
Asset Quality Ratios and Other Data(1):
|
||||||||||||||||||||
Net charge-offs (recoveries)
|
$
|
97
|
$
|
(1,351
|
)
|
$
|
(212
|
)
|
$
|
766
|
$
|
3,707
|
||||||||
Total non-performing loans
(6)
|
4,237
|
1,611
|
6,198
|
12,549
|
8,888
|
|||||||||||||||
OREO
|
-
|
148
|
18
|
18
|
-
|
|||||||||||||||
Non-performing TRUP CDOs
|
1,270
|
1,236
|
904
|
898
|
892
|
|||||||||||||||
Total non-performing assets
|
5,507
|
2,995
|
7,120
|
13,465
|
9,780
|
|||||||||||||||
Non-performing loans to total loans
|
0.08
|
%
|
0.03
|
%
|
0.15
|
%
|
0.34
|
%
|
0.25
|
%
|
||||||||||
Non-performing assets to total assets
|
0.09
|
0.06
|
0.16
|
0.33
|
0.25
|
|||||||||||||||
Allowance for Loan Losses to:
|
||||||||||||||||||||
Non-performing loans
|
484.68
|
%
|
1,149.22
|
%
|
298.37
|
%
|
160.59
|
%
|
231.21
|
%
|
||||||||||
Total loans
(7)
|
0.36
|
0.39
|
0.45
|
0.54
|
0.59
|
|||||||||||||||
Regulatory Capital Ratios:
(Bank only)
(1)(8)
|
||||||||||||||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets
|
11.60
|
%
|
11.55
|
%
|
12.33
|
%
|
N/A
|
N/A
|
||||||||||||
Tier 1 Capital to Risk-Weighted Assets ("Tier 1 Capital Ratio")
|
11.60
|
11.55
|
12.33
|
N/A
|
N/A
|
|||||||||||||||
Total Capital to Risk-Weighted Assets ("Total Capital Ratio")
|
12.05
|
12.03
|
12.89
|
N/A
|
N/A
|
|||||||||||||||
Tier 1 Capital to Average Assets
|
8.95
|
9.17
|
9.64
|
N/A
|
N/A
|
|||||||||||||||
Earnings to Fixed Charges Ratios
(9)
:
|
||||||||||||||||||||
Including interest on deposits
|
3.48x
|
|
2.60x
|
|
2.50x
|
|
2.51x
|
|
1.77x
|
|
||||||||||
Excluding interest on deposits
|
7.25
|
4.11
|
3.49
|
3.58
|
2.95
|
|||||||||||||||
Full Service Branches
|
25
|
25
|
25
|
25
|
26
|
(1) |
With the exception of end of period ratios, all ratios are based on average daily balances during the indicated periods. Asset Quality Ratios and Regulatory Capital Ratios are end of period ratios.
|
(2) |
The net interest spread represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities.
|
(3) |
The net interest margin represents net interest income as a percentage of average interest-earning assets.
|
(4) |
The efficiency ratio represents non-interest expense as a percentage of the sum of net interest income and non-interest income, excluding any gains or losses on sales of assets.
|
(5) |
Book value per share equals total stockholders' equity divided by shares outstanding at each period end.
|
(6) |
Includes non-performing loans designated as held for sale at period end.
|
(7) |
Total loans represent loans and loans held for sale, net of deferred fees and costs and unamortized premiums, and excluding (thus not reducing the aggregate balance by) the allowance for loan losses.
|
(8) |
Regulatory capital ratios are calculated based upon the Basel III capital rules that became effective on January 1, 2015. Pro forma ratios computed as of December 31, 2014 have been provided, however, periods prior to December 31, 2014 are not provided.
|
(9) |
Earnings to fixed charges ratio is a non-GAAP measure.
For purposes of computing the ratios of earnings to fixed charges, earnings represent income before taxes, extraordinary items and the cumulative effect of accounting changes plus fixed charges. Fixed charges represent total interest expense, including and excluding interest on deposits.
|
For the Year Ended December 31,
|
||||||||||||||||||||||||||||||||||||
2016
|
2015
|
2014
|
||||||||||||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Yield/
|
Average
Balance
|
Interest
|
Average
Yield/
|
Average
Balance
|
Interest
|
Average
Yield/
|
||||||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||||||||||||||
Real estate loans
(1)
|
$
|
5,210,984
|
$
|
191,856
|
3.68
|
%
|
$
|
4,327,415
|
$
|
171,347
|
3.96
|
%
|
$
|
3,962,566
|
$
|
169,208
|
4.27
|
%
|
||||||||||||||||||
Other loans
|
1,745
|
115
|
6.59
|
1,562
|
93
|
5.95
|
1,954
|
105
|
5.37
|
|||||||||||||||||||||||||||
Investment securities
|
18,489
|
880
|
4.76
|
18,570
|
875
|
4.71
|
19,220
|
560
|
2.91
|
|||||||||||||||||||||||||||
MBS
|
1,216
|
20
|
1.64
|
6,111
|
186
|
3.04
|
27,658
|
914
|
3.30
|
|||||||||||||||||||||||||||
Federal funds sold and other short-term investments
|
118,576
|
2,756
|
2.32
|
89,837
|
2,290
|
2.55
|
92,609
|
2,165
|
2.34
|
|||||||||||||||||||||||||||
Total interest-earning assets
|
5,351,010
|
$
|
195,627
|
3.66
|
%
|
4,443,495
|
$
|
174,791
|
3.93
|
%
|
4,104,007
|
$
|
172,952
|
4.21
|
%
|
|||||||||||||||||||||
Non-interest earning assets
|
203,758
|
216,981
|
190,627
|
|||||||||||||||||||||||||||||||||
Total assets
|
$
|
5,554,768
|
$
|
4,660,476
|
$
|
4,294,634
|
||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity:
|
||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
89,197
|
$
|
230
|
0.26
|
%
|
$
|
76,210
|
$
|
244
|
0.32
|
%
|
$
|
79,455
|
$
|
222
|
0.28
|
%
|
||||||||||||||||||
Money Market accounts
|
2,063,787
|
17,293
|
0.84
|
1,370,531
|
10,133
|
0.74
|
1,113,104
|
6,265
|
0.56
|
|||||||||||||||||||||||||||
Savings accounts
|
367,311
|
182
|
0.05
|
370,439
|
183
|
0.05
|
377,930
|
188
|
0.05
|
|||||||||||||||||||||||||||
CDs
|
1,015,615
|
14,669
|
1.44
|
902,600
|
12,445
|
1.38
|
858,526
|
12,916
|
1.50
|
|||||||||||||||||||||||||||
Borrowed Funds
(2)
|
1,043,515
|
19,767
|
1.89
|
1,089,700
|
23,222
|
2.13
|
1,109,532
|
28,825
|
2.60
|
|||||||||||||||||||||||||||
Total interest-bearing liabilities
|
4,579,425
|
$
|
52,141
|
1.14
|
%
|
3,809,480
|
$
|
46,227
|
1.21
|
%
|
3,538,547
|
$
|
48,416
|
1.37
|
%
|
|||||||||||||||||||||
Non-interest bearing checking accounts
|
263,527
|
220,134
|
177,163
|
|||||||||||||||||||||||||||||||||
Other non-interest-bearing liabilities
|
170,569
|
154,809
|
129,034
|
|||||||||||||||||||||||||||||||||
Total liabilities
|
5,013,521
|
4,184,423
|
3,844,744
|
|||||||||||||||||||||||||||||||||
Stockholders' equity
|
541,247
|
476,053
|
449,890
|
|||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
5,554,768
|
$
|
4,660,476
|
$
|
4,294,634
|
||||||||||||||||||||||||||||||
Net interest income
|
$
|
143,486
|
$
|
128,564
|
$
|
124,536
|
||||||||||||||||||||||||||||||
Net interest spread
(3)
|
2.52
|
%
|
2.72
|
%
|
2.84
|
%
|
||||||||||||||||||||||||||||||
Net interest-earning assets
|
$
|
771,585
|
$
|
634,015
|
$
|
565,460
|
||||||||||||||||||||||||||||||
Net interest margin
(4)
|
2.68
|
%
|
2.89
|
%
|
3.03
|
%
|
||||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
116.85
|
%
|
116.64
|
%
|
115.98
|
%
|
(1) |
In computing the average balance of real estate loans, non-performing loans have been included. Interest income on real estate loans includes loan fees. Interest income on real estate loans also includes applicable prepayment fees and late charges totaling $9.0 million, $11.3 million and $12.5 million during the years ended December 31, 2016, 2015 and 2014, respectively.
|
(2) |
Interest expense on borrowed funds includes $1.4 million of prepayment charge recognized during the year ended December 31, 2015. There were no such fees during the years ended December 31, 2016 or 2014. Absent the prepayment charge, the average cost of borrowings would have been 2.01% during the year ended December 31, 2015.
|
(3) |
Net interest spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities.
|
(4)
|
Net interest margin represents net interest income as a percentage of average interest-earning assets.
|
Years Ended December 31,
|
||||||||||||||||||||||||
2016 over 2015
Increase/ (Decrease) Due to
|
2015 over 2014
Increase/ (Decrease) Due to
|
|||||||||||||||||||||||
Volume
|
Rate
|
Total
|
Volume
|
Rate
|
Total
|
|||||||||||||||||||
Interest-earning assets:
|
(Dollars in Thousands)
|
|||||||||||||||||||||||
Real Estate Loans
|
$
|
22,030
|
$
|
(1,521
|
)
|
$
|
20,509
|
$
|
15,002
|
$
|
(12,863
|
)
|
$
|
2,139
|
||||||||||
Other loans
|
11
|
11
|
22
|
(22
|
)
|
10
|
(12
|
)
|
||||||||||||||||
Investment securities
|
(1
|
)
|
6
|
5
|
(25
|
)
|
340
|
315
|
||||||||||||||||
MBS
|
(99
|
)
|
(67
|
)
|
(166
|
)
|
(684
|
)
|
(44
|
)
|
(728
|
)
|
||||||||||||
Federal funds sold and other short-term investments
|
468
|
(2
|
)
|
466
|
(67
|
)
|
192
|
125
|
||||||||||||||||
Total
|
$
|
22,409
|
$
|
(1,573
|
)
|
$
|
20,836
|
$
|
14,204
|
$
|
(12,365
|
)
|
$
|
1,839
|
||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
37
|
$
|
(51
|
)
|
$
|
(14
|
)
|
$
|
(10
|
)
|
$
|
32
|
$
|
22
|
|||||||||
Money market accounts
|
5,458
|
1,702
|
7,160
|
1,657
|
2,211
|
3,868
|
||||||||||||||||||
Savings accounts
|
(2
|
)
|
1
|
(1
|
)
|
(4
|
)
|
(1
|
)
|
(5
|
)
|
|||||||||||||
CDs
|
1,620
|
604
|
2,224
|
611
|
(1,082
|
)
|
(471
|
)
|
||||||||||||||||
Borrowed funds
|
(912
|
)
|
(2,543
|
)
|
(3,455
|
)
|
(452
|
)
|
(5,151
|
)
|
(5,603
|
)
|
||||||||||||
Total
|
$
|
6,201
|
$
|
(287
|
)
|
$
|
5,914
|
$
|
1,802
|
$
|
(3,991
|
)
|
$
|
(2,189
|
)
|
|||||||||
Net change in net interest income
|
$
|
16,208
|
$
|
(1,286
|
)
|
$
|
14,922
|
$
|
12,402
|
$
|
(8,374
|
)
|
$
|
4,028
|
· |
During the period January 1, 2009 through December 31, 2016, FOMC monetary policies resulted in the maintenance of the overnight federal funds rate in a range of 0.0% to 0.75%, resulting in deposit and borrowing costs at historically low levels.
|
· |
Increased marketplace competition and refinancing activity on real estate loans, particularly during the period January 1, 2012 through December 31, 2016, resulted in an ongoing reduction in the average yield on real estate loans.
|
At or for the Year Ended December 31,
|
||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
Allowance for loan losses:
|
(Dollars in Thousands)
|
|||||||||||||||||||
Balance at beginning of period
|
$
|
18,514
|
$
|
18,493
|
$
|
20,153
|
$
|
20,550
|
$
|
20,254
|
||||||||||
Provision (credit) for loan losses
|
2,118
|
(1,330
|
)
|
(1,872
|
)
|
369
|
3,921
|
|||||||||||||
Charge-offs
|
||||||||||||||||||||
Multifamily residential
|
(92
|
)
|
(48
|
)
|
(87
|
)
|
(504
|
)
|
(2,478
|
)
|
||||||||||
Commercial real estate
|
(12
|
)
|
(44
|
)
|
(336
|
)
|
(400
|
)
|
(1,342
|
)
|
||||||||||
One- to four-family including condominium and cooperative apartment
|
(79
|
)
|
(115
|
)
|
(46
|
)
|
(117
|
)
|
(777
|
)
|
||||||||||
Construction
|
-
|
-
|
-
|
-
|
(3
|
)
|
||||||||||||||
Consumer
|
(3
|
)
|
(2
|
)
|
(9
|
)
|
(21
|
)
|
(10
|
)
|
||||||||||
Total charge-offs
|
(186
|
)
|
(209
|
)
|
(478
|
)
|
(1,042
|
)
|
(4,610
|
)
|
||||||||||
Recoveries
|
90
|
1,560
|
690
|
276
|
903
|
|||||||||||||||
Reserve for loan commitments transferred from other liabilities
|
-
|
-
|
-
|
-
|
82
|
|||||||||||||||
Balance at end of period
|
$
|
20,536
|
$
|
18,514
|
$
|
18,493
|
$
|
20,153
|
$
|
20,550
|
At December 31,
|
||||||||||||||||||||||||||||||||||||||||
2016
|
Percent
of Total
|
2015
|
Percent
of Total
|
2014
|
Percent
of Total
|
2013
|
Percent
of Total
|
2012
|
Percent
of Total
|
|||||||||||||||||||||||||||||||
Real Estate loans:
|
(Dollars in Thousands)
|
|||||||||||||||||||||||||||||||||||||||
Multifamily residential
|
$
|
4,592,282
|
81.59
|
%
|
$
|
3,752,328
|
80.02
|
%
|
$
|
3,292,753
|
80.05
|
%
|
$
|
2,917,380
|
78.97
|
%
|
$
|
2,671,533
|
76.30
|
%
|
||||||||||||||||||||
Commercial real estate
|
958,459
|
17.03
|
863,184
|
18.41
|
745,463
|
18.12
|
700,606
|
18.96
|
735,224
|
21.00
|
||||||||||||||||||||||||||||||
One- to four-family, including condominium and cooperative apartment
|
74,022
|
1.32
|
72,095
|
1.54
|
73,500
|
1.79
|
73,956
|
2.00
|
91,876
|
2.62
|
||||||||||||||||||||||||||||||
Construction and land acquisition
|
-
|
-
|
-
|
-
|
-
|
-
|
268
|
0.01
|
476
|
0.01
|
||||||||||||||||||||||||||||||
Total real estate loans
|
5,624,763
|
99.94
|
4,687,607
|
99.97
|
4,111,716
|
99.96
|
3,692,210
|
99.94
|
3,499,109
|
99.93
|
||||||||||||||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||||||||||||||||||
Depositor loans
|
445
|
0.01
|
557
|
0.01
|
677
|
0.01
|
763
|
0.02
|
712
|
0.02
|
||||||||||||||||||||||||||||||
Consumer installment and other
|
2,970
|
0.05
|
1,033
|
0.02
|
1,152
|
0.03
|
1,376
|
0.04
|
1,711
|
0.05
|
||||||||||||||||||||||||||||||
Total consumer loans
|
3,415
|
0.06
|
1,590
|
0.03
|
1,829
|
0.04
|
2,139
|
0.06
|
2,423
|
0.07
|
||||||||||||||||||||||||||||||
Gross loans
|
5,628,178
|
100.00
|
%
|
4,689,197
|
100.00
|
%
|
4,113,545
|
100.00
|
%
|
3,694,349
|
100.00
|
%
|
3,501,532
|
100.00
|
%
|
|||||||||||||||||||||||||
Net unearned costs
|
8,244
|
7,579
|
5,695
|
5,170
|
4,836
|
|||||||||||||||||||||||||||||||||||
Allowance for loan losses
|
(20,536
|
)
|
(18,514
|
)
|
(18,493
|
)
|
(20,153
|
)
|
(20,550
|
)
|
||||||||||||||||||||||||||||||
Loans, net
|
$
|
5,615,886
|
$
|
4,678,262
|
$
|
4,100,747
|
$
|
3,679,366
|
$
|
3,485,818
|
||||||||||||||||||||||||||||||
Loans serviced for others:
|
||||||||||||||||||||||||||||||||||||||||
One- to four-family, including condominium and cooperative apartment
|
$
|
3,453
|
$
|
4,374
|
$
|
5,215
|
$
|
6,746
|
$
|
8,786
|
||||||||||||||||||||||||||||||
Multifamily residential
|
17,625
|
18,735
|
19,038
|
240,517
|
353,034
|
|||||||||||||||||||||||||||||||||||
Total loans serviced for others
|
$
|
21,079
|
$
|
23,109
|
$
|
24,253
|
$
|
247,263
|
$
|
361,820
|
For the Year Ended December 31,
|
||||||||||||||||||||||||||||||||||||||||
2016
|
Percent of
Total
|
2015
|
Percent of
Total
|
2014
|
Percent of
Total
|
2013
|
Percent of
Total
|
2012
|
Percent of
Total
|
|||||||||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||||||||||
ARM
|
$
|
4,746,112
|
84.38
|
%
|
$
|
3,692,014
|
78.73
|
%
|
$
|
2,981,135
|
72.50
|
%
|
$
|
2,644,032
|
71.61
|
%
|
$
|
2,511,198
|
71.77
|
%
|
||||||||||||||||||||
Fixed-rate
|
878,651
|
15.62
|
997,183
|
21.27
|
1,130,581
|
27.50
|
1,048,178
|
28.39
|
987,911
|
28.23
|
||||||||||||||||||||||||||||||
Total loans
|
$
|
5,624,763
|
100.00
|
%
|
$
|
4,687,607
|
100.00
|
%
|
$
|
4,111,716
|
100.00
|
%
|
$
|
3,692,210
|
100.00
|
%
|
$
|
3,499,109
|
100.00
|
%
|
For the Year Ended December 31,
|
||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
Gross loans:
|
(Dollars in Thousands)
|
|||||||||||||||||||
At beginning of period
|
$
|
4,689,197
|
$
|
4,113,545
|
$
|
3,694,349
|
$
|
3,501,532
|
$
|
3,460,424
|
||||||||||
Real estate loans originated:
|
||||||||||||||||||||
Multifamily residential
|
1,321,242
|
1,098,841
|
748,067
|
872,421
|
942,326
|
|||||||||||||||
Commercial real estate
|
204,720
|
236,320
|
191,944
|
187,202
|
142,418
|
|||||||||||||||
One- to four-family, including condominium and cooperative apartment
(1)
|
2,468
|
5,316
|
2,302
|
5,896
|
12,184
|
|||||||||||||||
Equity lines of credit on multifamily residential or commercial properties
|
5,547
|
3,389
|
4,657
|
7,578
|
2,764
|
|||||||||||||||
Construction and land acquisition
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total mortgage loans originated
|
1,533,977
|
1,343,866
|
946,970
|
1,073,097
|
1,099,692
|
|||||||||||||||
Other loans originated
|
3,073
|
1,334
|
1,263
|
1,354
|
1,414
|
|||||||||||||||
Total loans originated
|
1,537,050
|
1,345,200
|
948,223
|
1,074,451
|
1,101,106
|
|||||||||||||||
Loans purchased
|
157,782
|
99,745
|
225,604
|
52,031
|
30,425
|
|||||||||||||||
Less:
|
||||||||||||||||||||
Principal repayments (including satisfactions and refinances)
|
755,851
|
859,721
|
737,776
|
923,110
|
1,020,525
|
|||||||||||||||
Loans sold
(2)
|
-
|
9,572
|
16,865
|
8,087
|
67,593
|
|||||||||||||||
Write down of principal balance for expected loss
|
-
|
-
|
-
|
1,685
|
2,305
|
|||||||||||||||
Loans transferred to OREO
|
-
|
-
|
-
|
783
|
-
|
|||||||||||||||
Gross loans at end of period
|
$
|
5,628,178
|
$
|
4,689,197
|
$
|
4,113,545
|
$
|
3,694,349
|
$
|
3,501,532
|
(1)
|
Includes one- to four-family home equity and home improvement loans.
|
(2) |
Includes $9.6 million, $3.9 million, $6.1 million and $30.9 million of note sales on problem loans from portfolio during the years ended December 31, 2015, 2014, 2013 and 2012, respectively.
|
Real Estate Loans
|
Consumer
Loans
|
Total
|
||||||||||
Amount due to Mature or Reprice During the Year Ending:
|
(Dollars in Thousands)
|
|||||||||||
December 31, 2017
|
$
|
373,809
|
$
|
3,415
|
$
|
377,224
|
||||||
December 31, 2018
|
649,592
|
-
|
649,592
|
|||||||||
December 31, 2019
|
886,921
|
-
|
886,921
|
|||||||||
December 31, 2020
|
1,042,586
|
-
|
1,042,586
|
|||||||||
December 31, 2021
|
996,719
|
-
|
996,719
|
|||||||||
Sub-total (within 5 years)
|
3,949,627
|
3,415
|
3,953,042
|
|||||||||
December 31, 2022 and beyond
|
1,675,136
|
-
|
1,675,136
|
|||||||||
TOTAL
|
$
|
5,624,763
|
$
|
3,415
|
$
|
5,628,178
|
Due after December 31, 2017
|
||||||||||||
Fixed
|
Adjustable
|
Total
|
||||||||||
(Dollars in Thousands)
|
||||||||||||
Real estate loans
|
$
|
824,086
|
$
|
4,426,868
|
$
|
5,250,954
|
||||||
Consumer loans
|
-
|
-
|
-
|
|||||||||
Total loans
|
$
|
824,086
|
$
|
4,426,868
|
$
|
5,250,954
|
At December 31,
|
||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
Non-accrual loans
(1)
:
|
(Dollars in Thousands)
|
|||||||||||||||||||
One- to four-family residential, including condominium and cooperative apartment
|
$
|
1,012
|
$
|
1,113
|
$
|
1,310
|
$
|
1,242
|
$
|
938
|
||||||||||
Multifamily residential and residential mixed use real estate
|
2,675
|
287
|
167
|
1,197
|
507
|
|||||||||||||||
Commercial mixed use real estate
|
549
|
-
|
-
|
4,400
|
1,170
|
|||||||||||||||
Commercial real estate
|
-
|
207
|
4,717
|
5,707
|
6,265
|
|||||||||||||||
Consumer
|
1
|
4
|
4
|
3
|
8
|
|||||||||||||||
Non-accrual loans held for sale
|
-
|
-
|
-
|
-
|
560
|
|||||||||||||||
Total non-accrual loans
|
4,237
|
1,611
|
6,198
|
12,549
|
9,448
|
|||||||||||||||
Non-accrual one- to four-family and consumer loans deemed homogeneous loans
(2)
|
(1,013
|
)
|
(1,116
|
)
|
(1,314
|
)
|
(980
|
)
|
(1,162
|
)
|
||||||||||
TDRs
(1)
:
|
||||||||||||||||||||
One- to four-family residential, including condominium and cooperative apartment
|
407
|
598
|
605
|
934
|
948
|
|||||||||||||||
Multifamily residential and residential mixed use real estate
|
658
|
696
|
1,105
|
1,148
|
1,953
|
|||||||||||||||
Commercial mixed use real estate
|
4,261
|
4,344
|
4,400
|
-
|
729
|
|||||||||||||||
Commercial real estate
|
3,363
|
3,428
|
8,990
|
16,538
|
41,228
|
|||||||||||||||
Total TDRs
|
8,689
|
9,066
|
15,100
|
18,620
|
44,858
|
|||||||||||||||
Impaired loans
|
$
|
11,913
|
$
|
9,561
|
$
|
19,984
|
$
|
30,189
|
$
|
53,144
|
(1)
|
Total non-accrual loans include some loans that were modified in a manner that met the criteria for a TDR. There were no non-accruing TDRs at December 31, 2016. There were non-accruing TDRs which totaled $207,000, $4.7 million, $5.7 million, and $6.3 million at December 31, 2015, 2014, 2013, and 2012, respectively, which are included in the non-accrual loans total.
|
(2)
|
Smaller balance homogeneous loans, such as condominium or cooperative apartment and one-to four-family residential real estate loans with balances less than or equal to the Fannie Mae ("FNMA") conforming loan limits for high-cost areas such as the Bank's primary lending area (“FNMA Limits”) and consumer loans, are collectively evaluated for impairment, and accordingly, not separately identified for impairment disclosures.
|
At December 31,
|
||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||
Total non-accrual loans
|
$
|
4,237
|
$
|
1,611
|
$
|
6,198
|
$
|
12,549
|
$
|
9,448
|
||||||||||
Non-performing assets:
|
||||||||||||||||||||
Non-performing pooled trust preferred securities ("TRUP CDOs")
|
1,270
|
1,236
|
904
|
898
|
892
|
|||||||||||||||
OREO
|
-
|
148
|
18
|
18
|
-
|
|||||||||||||||
Total non-performing assets
|
5,
507
|
2,995
|
7,120
|
13,465
|
10,340
|
|||||||||||||||
Ratios:
|
||||||||||||||||||||
Total non-accrual loans to total loans
|
0.08
|
%
|
0.03
|
%
|
0.15
|
%
|
0.34
|
%
|
0.25
|
%
|
||||||||||
Total non-performing assets to total assets
|
0.09
|
0.06
|
0.16
|
0.33
|
0.26
|
At December 31,
|
||||||||||||||||||||||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||||||||||||||||||||||
Allocated
Amount
|
Percent
of Loans
in Each
Category
to Total
Loans
|
Allocated
Amount
|
Percent
of Loans
in Each
Category
to Total
Loans
|
Allocated
Amount
|
Percent
of Loans
in Each
Category
to Total
Loans
|
Allocated
Amount
|
Percent
of Loans
in Each
Category
to Total
Loans
|
Allocated
Amount
|
Percent
of Loans
in Each
Category
to Total
Loans
|
|||||||||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||||||||||
Impaired loans
|
$
|
-
|
0.21
|
%
|
$
|
-
|
0.20
|
%
|
$
|
19
|
0.49
|
%
|
$
|
1,771
|
0.82
|
%
|
$
|
520
|
1.52
|
%
|
||||||||||||||||||||
Substandard loans not deemed impaired
(1)
|
n/a
|
n/a
|
348
|
0.37
|
371
|
0.44
|
53
|
0.15
|
795
|
0.44
|
||||||||||||||||||||||||||||||
Special Mention loans
(1)
|
n/a
|
n/a
|
88
|
0.37
|
228
|
0.81
|
185
|
0.92
|
145
|
0.54
|
||||||||||||||||||||||||||||||
Pass graded loans:
|
||||||||||||||||||||||||||||||||||||||||
Multifamily residential
|
16,555
|
81.56
|
13,942
|
79.69
|
13,600
|
79.38
|
13,743
|
78.49
|
14,118
|
75.99
|
||||||||||||||||||||||||||||||
Commercial real estate
|
3,816
|
16.86
|
3,902
|
17.88
|
4,156
|
17.15
|
4,189
|
17.81
|
4,750
|
19.08
|
||||||||||||||||||||||||||||||
One-to four- family including condominium and cooperative apartment
|
145
|
1.31
|
214
|
1.46
|
95
|
1.68
|
188
|
1.75
|
195
|
2.36
|
||||||||||||||||||||||||||||||
Construction and land acquisition
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||
Consumer
|
20
|
0.06
|
20
|
0.03
|
24
|
0.05
|
24
|
0.06
|
27
|
0.07
|
||||||||||||||||||||||||||||||
Total
|
$
|
20,536
|
100.00
|
%
|
$
|
18,514
|
100.00
|
%
|
$
|
18,493
|
100.00
|
%
|
$
|
20,153
|
100.00
|
%
|
$
|
20,550
|
100.00
|
%
|
(1) |
During the year ended December 31, 2016, the allowance methodology was refined such that there was not a component for Substandard and Special Mention loans. All non-impaired loans as of December 31, 2016 were considered Pass graded loans.
|
At or for the Year Ended December 31,
|
||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||
Total loans outstanding at end of period
(1)
|
$
|
5,636,422
|
$
|
4,696,776
|
$
|
4,119,240
|
$
|
3,699,519
|
$
|
3,506,368
|
||||||||||
Average total loans outstanding during the period
(1)
|
5,212,729
|
4,328,977
|
3,964,520
|
3,606,039
|
3,402,838
|
|||||||||||||||
Allowance balance at end of period
|
20,536
|
18,514
|
18,493
|
20,153
|
20,550
|
|||||||||||||||
Allowance for loan losses to total loans at end of period
|
0.36
|
%
|
0.39
|
%
|
0.45
|
%
|
0.54
|
%
|
0.59
|
%
|
||||||||||
Allowance for loan losses to total non-performing loans at end of period
|
484.68
|
1,149.22
|
298.37
|
160.59
|
231.21
|
|||||||||||||||
Allowance for loan losses to total non-performing loans and TDRs at end of period
|
158.87
|
170.10
|
71.09
|
64.66
|
42.58
|
|||||||||||||||
Ratio of net charge-offs to average loans outstanding during the period
|
NM
|
(0.03
|
)
|
(0.01
|
)
|
0.02
|
0.11
|
(1) |
Total loans represent gross loans (including loans held for sale), inclusive of deferred loan fees and discounts.
|
At December 31,
|
||||||||||||||||||||||||
2016
|
2015
|
2014
|
||||||||||||||||||||||
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:
|
||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation ("FHLMC") pass through certificates
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
17,080
|
$
|
18,145
|
||||||||||||
FNMA pass through certificates
|
-
|
-
|
-
|
-
|
5,763
|
6,125
|
||||||||||||||||||
Government National Mortgage Association (“GNMA”) pass through certificates
|
360
|
372
|
418
|
431
|
1,311
|
1,337
|
||||||||||||||||||
Private issuer MBS
|
-
|
-
|
-
|
-
|
449
|
455
|
||||||||||||||||||
Agency issued Collateralized Mortgage Obligations ("CMOs")
|
3,247
|
3,186
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Private issuer CMOs
|
-
|
-
|
-
|
-
|
343
|
347
|
||||||||||||||||||
Total MBS available-for-sale
|
3,607
|
3,558
|
418
|
431
|
24,946
|
26,409
|
||||||||||||||||||
INVESTMENT SECURITIES
|
||||||||||||||||||||||||
TRUP CDOs
held
-to-
maturity
|
5,378
|
7,296
|
5,242
|
7,051
|
5,367
|
6,263
|
||||||||||||||||||
Total investment securities held-to-maturity
|
5,378
|
7,296
|
5,242
|
7,051
|
5,367
|
6,263
|
||||||||||||||||||
Available-for-Sale:
|
||||||||||||||||||||||||
Federal agency obligations
|
-
|
-
|
-
|
-
|
70
|
70
|
||||||||||||||||||
Mutual funds
|
4,011
|
3,895
|
3,990
|
3,756
|
3,860
|
3,736
|
||||||||||||||||||
Total investment securities
available
-for-
sale
|
4,011
|
3,895
|
3,990
|
3,756
|
3,930
|
3,806
|
||||||||||||||||||
Trading:
|
||||||||||||||||||||||||
Mutual funds
|
7,015
|
6,953
|
10,390
|
10,201
|
8,640
|
8,559
|
||||||||||||||||||
Total trading securities
|
7,015
|
6,953
|
10,390
|
10,201
|
8,640
|
8,559
|
||||||||||||||||||
TOTAL INVESTMENT SECURITIES AND MBS
|
$
|
20,011
|
$
|
21,702
|
$
|
20,040
|
$
|
21,439
|
$
|
42,883
|
$
|
45,037
|
(1) |
Amount is net of cumulative credit related Other than Temporary Impairment (“OTTI”) on TRUP CDOs held-to-maturity totaling $8.6 million, $8.7 million and $9.0 million at December 31, 2016, 2015 and 2014 respectively.
|
For the Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
(Dollars in Thousands)
|
||||||||||||
Amortized cost at beginning of period
|
$
|
418
|
$
|
24,946
|
$
|
29,962
|
||||||
(Sales) Purchases, net
|
3,267
|
(22,919
|
)
|
875
|
||||||||
Principal repayments
|
(59
|
)
|
(1,602
|
)
|
(5,863
|
)
|
||||||
Premium amortization, net
|
(19
|
)
|
(7
|
)
|
(28
|
)
|
||||||
Amortized cost at end of period
|
$
|
3,607
|
$
|
418
|
$
|
24,946
|
Amortized
Cost
|
Fair
Value
|
Weighted
Average
Yield
|
||||||||||
(Dollars in Thousands)
|
||||||||||||
Due within 1 year
|
$
|
-
|
$
|
-
|
-
|
%
|
||||||
Due after 1 year but within 5 years
|
3,247
|
3,186
|
4.28
|
|||||||||
Due after 5 years but within 10 years
|
-
|
-
|
-
|
|||||||||
Due after ten years
|
360
|
371
|
2.
03
|
|||||||||
Total
|
$
|
3,607
|
$
|
3,558
|
4.06
|
%
|
At December 31, 2016
|
At December 31, 2015
|
At December 31, 2014
|
||||||||||||||||||||||||||||||||||
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
|
$
|
366,921
|
8.3
|
%
|
0.05
|
%
|
$
|
368,671
|
11.6
|
%
|
0.05
|
%
|
$
|
372,753
|
14.0
|
%
|
0.05
|
%
|
||||||||||||||||||
CDs
|
1,048,465
|
23.9
|
1.47
|
858,847
|
27.0
|
1.44
|
926,318
|
34.8
|
1.43
|
|||||||||||||||||||||||||||
Money market accounts
|
2,576,081
|
58.6
|
0.86
|
1,618,617
|
50.8
|
0.81
|
1,094,698
|
41.2
|
0.61
|
|||||||||||||||||||||||||||
Interest bearing checking accounts
|
106,525
|
2.4
|
0.08
|
78,994
|
2.5
|
0.08
|
78,430
|
2.9
|
0.08
|
|||||||||||||||||||||||||||
Non-interest bearing checking accounts
|
297,434
|
6.8
|
-
|
259,181
|
8.1
|
-
|
187,593
|
7.1
|
-
|
|||||||||||||||||||||||||||
Totals
|
$
|
4,395,426
|
100.0
|
%
|
0.86
|
%
|
$
|
3,184,310
|
100.0
|
%
|
0.81
|
%
|
$
|
2,659,792
|
100.0
|
%
|
0.76
|
%
|
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
(Dollars in Thousands)
|
||||||||||||
Deposits
|
$
|
8,674,460
|
$
|
6,306,645
|
$
|
4,052,651
|
||||||
Withdrawals
|
7,495,718
|
5,805,132
|
3,919,596
|
|||||||||
Deposits greater than Withdrawals
|
$
|
1,178,742
|
$
|
501,513
|
$
|
133,055
|
||||||
Interest credited
|
32,374
|
23,005
|
19,591
|
|||||||||
Total increase in deposits
|
$
|
1,211,116
|
$
|
524,518
|
$
|
152,646
|
Period to Maturity at December 31, 2016
|
Total at December 31,
|
|||||||||||||||||||||||||||
Interest Rate Range
|
One Year
or Less
|
Over One
Year to
Three
Years
|
Over
Three
Years to
Five
Years
|
Over Five
Years
|
2016
|
2015
|
2014
|
|||||||||||||||||||||
(Dollars in Thousands)
|
(Dollars in Thousands)
|
|||||||||||||||||||||||||||
1.00% and below
|
$
|
127,957
|
$
|
31,410
|
$
|
-
|
$
|
-
|
$
|
159,367
|
$
|
230,982
|
$
|
345,955
|
||||||||||||||
1.01% to 2.00%
|
278,818
|
369,690
|
56,870
|
2,650
|
708,028
|
425,120
|
310,993
|
|||||||||||||||||||||
2.01% to 3.00%
|
51,779
|
108,387
|
559
|
-
|
160,725
|
183,617
|
201,215
|
|||||||||||||||||||||
3.01% and above
|
1,246
|
19,056
|
-
|
43
|
20,345
|
19,128
|
68,155
|
|||||||||||||||||||||
Total
|
$
|
459,800
|
$
|
528,543
|
$
|
57,429
|
$
|
2,693
|
$
|
1,048,465
|
$
|
858,847
|
$
|
926,318
|
Maturity Date
|
Amount
|
Weighted
Average Rate
|
||||||
(Dollars in Thousands)
|
||||||||
Within three months
|
$
|
108,459
|
1.32
|
%
|
||||
After three but within six months
|
94,988
|
1.39
|
||||||
After six but within twelve months
|
52,639
|
1.17
|
||||||
After 12 months
|
340,927
|
1.66
|
||||||
Total
|
$
|
597,013
|
1.51
|
%
|
At or for the Year Ended December 31,
|
||||||||||||||||||||||||
2016
|
2015
|
2014
|
||||||||||||||||||||||
Amount
|
Average
Cost
|
Amount
|
Average
Cost
|
Amount
|
Average
Cost
|
|||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
Balance outstanding at end of period
|
$
|
831,125
|
1.57
|
%
|
$
|
1,166,725
|
1.32
|
%
|
$
|
1,173,725
|
1.74
|
%
|
||||||||||||
Weighted average balance outstanding during the period
|
972,179
|
1.45
|
1,019,020
|
1.65
|
1,039,203
|
2.28
|
||||||||||||||||||
Maximum balance outstanding at month end during period
|
1,277,125
|
1,166,725
|
1,173,725
|
Payments Due By Period
|
||||||||||||||||||||
CDs
|
Weighted
Average
Rate
|
Borrowings
|
Weighted
Average
Rate
|
Operating
Lease
Obligations |
||||||||||||||||
Less than one year
|
$
|
459,800
|
1.23
|
%
|
$
|
502,075
|
1.53
|
%
|
$
|
5,327
|
||||||||||
One year to three years
|
528,543
|
1.65
|
223,250
|
1.54
|
12,202
|
|||||||||||||||
Over three years to five years
|
57,429
|
1.64
|
105,800
|
1.85
|
11,886
|
|||||||||||||||
Over five years
|
2,693
|
1.64
|
70,680
|
7.00
|
30,783
|
|||||||||||||||
Total
|
$
|
1,048,465
|
1.47
|
%
|
$
|
901,805
|
2.00
|
%
|
$
|
60,198
|
Less than
One Year
|
One Year to
Three Years
|
Over Three
Years to Five
Years
|
Over Five
Years
|
Total
|
||||||||||||||||
Credit Commitments:
|
||||||||||||||||||||
Available lines of credit
|
$
|
38,737
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
38,737
|
||||||||||
Other loan commitments
|
115,216
|
-
|
-
|
-
|
115,216
|
|||||||||||||||
Total Off-Balance Sheet Arrangements
|
$
|
153,953
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
153,953
|
At December 31, 2016
|
At December 31, 2015
|
|||||||||||||||||||||||
EVE
|
Dollar
Change
|
Percentage
Change
|
EVE
|
Dollar
Change
|
Percentage
Change
|
|||||||||||||||||||
Rate Shock Scenario
|
(Dollars in Thousands)
|
|||||||||||||||||||||||
+ 200 Basis Points
|
$
|
508,155
|
$
|
(66,494
|
)
|
-11.6
|
%
|
$
|
515,779
|
$
|
(63,058
|
)
|
-12.2
|
%
|
||||||||||
Pre-Shock Scenario
|
574,649
|
-
|
-
|
578,837
|
-
|
-
|
Instantaneous Change in Interest rate of:
|
Percentage
Change in Net
Interest
Income
|
|||
+ 200 Basis Points
|
(11.7
|
)%
|
||
+ 100 Basis Points
|
(4.5
|
)
|
||
–
100 Basis Points
|
11.3
|
DIME COMMUNITY BANCSHARES, INC.
|
||
By:
|
/s/ KENNETH J. MAHON
|
|
Kenneth J. Mahon
|
||
President and Chief Executive Officer
|
Name
|
Title
|
/s/ VINCENT F. PALAGIANO
|
Chairman of the Board
|
Vincent F. Palagiano
|
|
/s/ MICHAEL P. DEVINE
|
Vice Chairman of the Board
|
Michael P. Devine
|
|
/s/ KENNETH J. MAHON
|
President, Chief Executive Officer and Director
|
Kenneth J. Mahon
|
(Principal Executive Officer)
|
/s/ MICHAEL PUCELLA
|
Executive Vice President and Chief Accounting Officer
|
Michael Pucella
|
(Principal Financial Officer)
|
/s/ ANTHONY BERGAMO
|
Director
|
Anthony Bergamo
|
|
/s/ STEVEN D. COHN
|
Director
|
Steven D. Cohn
|
|
/s/ PATRICK E. CURTIN
|
Director
|
Patrick E. Curtin
|
|
/s/ ROBERT C. GOLDEN
|
Director
|
Robert C. Golden
|
|
/s/ KATHLEEN M. NELSON
|
Director
|
Kathleen M. Nelson
|
|
/s/ JOSEPH J. PERRY
|
Director
|
Joseph J. Perry
|
|
/s/ OMER S.J. WILLIAMS
|
Director
|
Omer S.J. Williams
|
Page
|
|
Report of Independent Registered Public Accounting Firm
|
F-64
|
Consolidated Statements of Financial Condition at December 31, 2016 and 2015
|
F-65
|
Consolidated Statements of Operations and Comprehensive Income for the years ended
December 31, 2016, 2015 and 2014
|
F-66
|
Consolidated Statements of Changes in Stockholders' Equity for the years ended
December 31, 2016, 2015 and 2014
|
F-67
|
Consolidated Statements of Cash Flows for the years ended December 31, 2016, 2015 and 2014
|
F-68
|
Notes to Consolidated Financial Statements
|
F-69-F-112
|
December 31,
|
||||||||
2016
|
2015
|
|||||||
ASSETS:
|
||||||||
Cash and due from banks
|
$
|
113,503
|
$
|
64,154
|
||||
Total cash and cash equivalents
|
113,503
|
64,154
|
||||||
Investment securities held-to-maturity (estimated fair value of $7,296 and $7,051 at December 31, 2016 and December 31, 2015, respectively)(Fully unencumbered)
|
5,378
|
5,242
|
||||||
Investment securities available-for-sale, at fair value (Fully unencumbered)
|
3,895
|
3,756
|
||||||
Mortgage-backed securities (“MBS”) available-for-sale, at fair value (Fully unencumbered)
|
3,558
|
431
|
||||||
Trading securities
|
6,953
|
10,201
|
||||||
Loans:
|
||||||||
Real estate, net
|
5,633,007
|
4,695,186
|
||||||
Consumer loans
|
3,415
|
1,590
|
||||||
Less allowance for loan losses
|
(20,536
|
)
|
(18,514
|
)
|
||||
Total loans, net
|
5,615,886
|
4,678,262
|
||||||
Premises and fixed assets, net
|
18,405
|
15,150
|
||||||
Premises held for sale
|
1,379
|
8,799
|
||||||
Federal Home Loan Bank of New York ("FHLBNY") capital stock
|
44,444
|
58,713
|
||||||
Other real estate owned ("OREO")
|
-
|
148
|
||||||
Bank Owned Life Insurance ("BOLI")
|
86,328
|
85,019
|
||||||
Goodwill
|
55,638
|
55,638
|
||||||
Other assets
|
50,063
|
47,359
|
||||||
Total Assets
|
$
|
6,005,430
|
$
|
5,032,872
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Liabilities:
|
||||||||
Due to depositors:
|
||||||||
Interest bearing deposits
|
$
|
4,097,992
|
$
|
2,925,129
|
||||
Non-interest bearing deposits
|
297,434
|
259,181
|
||||||
Total deposits
|
4,395,426
|
3,184,310
|
||||||
Escrow and other deposits
|
103,001
|
77,130
|
||||||
FHLBNY advances
|
831,125
|
1,166,725
|
||||||
Trust Preferred securities payable
|
70,680
|
70,680
|
||||||
Other liabilities
|
39,330
|
40,080
|
||||||
Total Liabilities
|
5,439,562
|
4,538,925
|
||||||
COMMITMENTS AND CONTINGENCIES
(See Note 16)
|
||||||||
Stockholders' Equity:
|
||||||||
Preferred stock ($0.01 par, 9,000,000 shares authorized, none issued or outstanding at December 31, 2016 and December 31, 2015)
|
-
|
-
|
||||||
Common stock ($0.01 par, 125,000,000 shares authorized, 53,572,745 shares and 53,326,753 shares
issued at December 31, 2016 and December 31, 2015, respectively, and 37,445,853 shares and 37,371,992 shares outstanding at December 31, 2016 and December 31, 2015, respectively)
|
536
|
533
|
||||||
Additional paid-in capital
|
278,356
|
262,798
|
||||||
Retained earnings
|
503,539
|
451,606
|
||||||
Accumulated other comprehensive loss, net of deferred taxes
|
(5,939
|
)
|
(8,801
|
)
|
||||
Unallocated common stock of Employee Stock Ownership Plan ("ESOP")
|
-
|
(2,313
|
)
|
|||||
Unearned Restricted Stock Award common stock
|
(1,932
|
)
|
(2,271
|
)
|
||||
Common stock held by Benefit Maintenance Plan ("BMP")
|
(6,859
|
)
|
(9,354
|
)
|
||||
Treasury stock, at cost (16,116,892 shares and 15,954,761 shares at
December 31
, 2016 and December 31, 2015, respectively)
|
(201,833
|
)
|
(198,251
|
)
|
||||
Total Stockholders' Equity
|
565,868
|
493,947
|
||||||
Total Liabilities And Stockholders' Equity
|
$
|
6,005,430
|
$
|
5,032,872
|
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Interest income:
|
||||||||||||
Loans secured by real estate
|
$
|
191,856
|
$
|
171,347
|
$
|
169,208
|
||||||
Other loans
|
115
|
93
|
105
|
|||||||||
MBS
|
20
|
186
|
914
|
|||||||||
Investment securities
|
880
|
875
|
560
|
|||||||||
Other short-term investments
|
2,756
|
2,290
|
2,165
|
|||||||||
Total interest income
|
195,627
|
174,791
|
172,952
|
|||||||||
Interest expense:
|
||||||||||||
Deposits and escrow
|
32,374
|
23,005
|
19,591
|
|||||||||
Borrowed funds
|
19,767
|
23,222
|
28,825
|
|||||||||
Total interest expense
|
52,141
|
46,227
|
48,416
|
|||||||||
Net interest income
|
143,486
|
128,564
|
124,536
|
|||||||||
Provision (Credit) for loan losses
|
2,118
|
(1,330
|
)
|
(1,872
|
)
|
|||||||
Net interest income after provision for loan losses
|
141,368
|
129,894
|
126,408
|
|||||||||
Non-interest income:
|
||||||||||||
Service charges and other fees
|
3,429
|
3,323
|
3,191
|
|||||||||
Mortgage banking income
|
96
|
183
|
1,225
|
|||||||||
Net gain on securities
(1)
and other assets
|
123
|
1,273
|
952
|
|||||||||
Net gain on the sale of premises
|
68,183
|
-
|
649
|
|||||||||
Income from BOLI
|
2,734
|
2,405
|
1,743
|
|||||||||
Other
|
1,369
|
1,432
|
1,278
|
|||||||||
Total non-interest income
|
75,934
|
8,616
|
9,038
|
|||||||||
Non-interest expense:
|
||||||||||||
Salaries and employee benefits
|
34,854
|
31,350
|
32,462
|
|||||||||
Stock benefit plan compensation expense
|
14,651
|
3,640
|
3,817
|
|||||||||
Occupancy and equipment
|
12,103
|
10,514
|
10,177
|
|||||||||
Data processing costs
|
5,194
|
4,017
|
3,595
|
|||||||||
Advertising and marketing
|
4,121
|
2,685
|
1,922
|
|||||||||
Federal deposit insurance premiums
|
2,515
|
2,304
|
2,151
|
|||||||||
Other
|
10,393
|
7,983
|
6,952
|
|||||||||
Total non-interest expense
|
83,831
|
62,493
|
61,076
|
|||||||||
Income before income taxes
|
133,471
|
76,017
|
74,370
|
|||||||||
Income tax expense
|
60,957
|
31,245
|
30,124
|
|||||||||
Net income
|
$
|
72,514
|
$
|
44,772
|
$
|
44,246
|
||||||
Earnings per Share (“EPS”):
|
||||||||||||
Basic
|
$
|
1.97
|
$
|
1.24
|
$
|
1.23
|
||||||
Diluted
|
$
|
1.97
|
$
|
1.23
|
$
|
1.23
|
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Net Income
|
$
|
72,514
|
$
|
44,772
|
$
|
44,246
|
||||||
Other comprehensive income:
|
||||||||||||
Change in unrealized holding loss on securities held-to-maturity and transferred securities
|
85
|
116
|
97
|
|||||||||
Change in unrealized holding loss (gain) on securities available-for-sale
|
56
|
(1,560
|
)
|
(1,062
|
)
|
|||||||
Change in pension and other postretirement obligations
|
1,841
|
989
|
(5,942
|
)
|
||||||||
Change in unrealized gain on derivative asset
|
3,228
|
-
|
-
|
|||||||||
Other comprehensive gain (loss) before income taxes
|
5,210
|
(455
|
)
|
(6,907
|
)
|
|||||||
Deferred tax expense (benefit)
|
2,348
|
(201
|
)
|
(3,119
|
)
|
|||||||
Other comprehensive income (loss), net of tax
|
2,862
|
(254
|
)
|
(3,788
|
)
|
|||||||
Total comprehensive income
|
$
|
75,376
|
$
|
44,518
|
$
|
40,458
|
Number of
Shares
|
Common
Stock
|
Additional
Paid-in
Capital
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Loss, Net of
Deferred Taxes
|
Unallocated
Common
Stock of
ESOP
|
Unearned
Restricted
Stock
Award
Common
Stock
|
Common
Stock
Held by
BMP
|
Treasury
Stock, at
cost
|
Total
Stockholders’
Equity
|
|||||||||||||||||||||||||||||||
Beginning balance as of January 1, 2014
|
36,712,951
|
$
|
528
|
$
|
252,253
|
$
|
402,986
|
$
|
(4,759
|
)
|
$
|
(2,776
|
)
|
$
|
(3,193
|
)
|
$
|
(9,013
|
)
|
$
|
(200,520
|
)
|
$
|
435,506
|
||||||||||||||||
Net Income
|
-
|
-
|
-
|
44,246
|
-
|
-
|
-
|
-
|
-
|
44,246
|
||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax
|
-
|
-
|
-
|
-
|
(3,788
|
)
|
-
|
-
|
-
|
-
|
(3,788
|
)
|
||||||||||||||||||||||||||||
Exercise of stock options, net expired options
|
16,960
|
1
|
248
|
-
|
-
|
-
|
-
|
-
|
-
|
249
|
||||||||||||||||||||||||||||||
Release of shares, net of forfeitures
|
125,108
|
-
|
746
|
-
|
-
|
-
|
(1,849
|
)
|
(151
|
)
|
1,554
|
300
|
||||||||||||||||||||||||||||
Stock-based compensation
|
-
|
-
|
1,111
|
-
|
-
|
231
|
1,976
|
-
|
-
|
3,318
|
||||||||||||||||||||||||||||||
Cash dividends declared and paid
|
-
|
-
|
-
|
(20,106
|
)
|
-
|
-
|
-
|
-
|
-
|
(20,106
|
)
|
||||||||||||||||||||||||||||
Repurchase of common stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||
Ending balance as of December 31, 2014
|
36,855,019
|
529
|
254,358
|
427,126
|
(8,547
|
)
|
(2,545
|
)
|
(3,066
|
)
|
(9,164
|
)
|
(198,966
|
)
|
459,725
|
|||||||||||||||||||||||||
Net Income
|
-
|
-
|
-
|
44,772
|
-
|
-
|
-
|
-
|
-
|
44,772
|
||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax
|
-
|
-
|
-
|
-
|
(254
|
)
|
-
|
-
|
-
|
-
|
(254
|
)
|
||||||||||||||||||||||||||||
Exercise of stock options, net expired options
|
455,310
|
4
|
6,809
|
-
|
-
|
-
|
-
|
-
|
-
|
6,813
|
||||||||||||||||||||||||||||||
Release of shares, net of forfeitures
|
81,663
|
-
|
526
|
-
|
-
|
-
|
(1,061
|
)
|
(190
|
)
|
1,015
|
290
|
||||||||||||||||||||||||||||
Stock-based compensation
|
-
|
-
|
1,105
|
-
|
-
|
232
|
1,856
|
-
|
-
|
3,193
|
||||||||||||||||||||||||||||||
Cash dividends declared and paid
|
-
|
-
|
-
|
(20,292
|
)
|
-
|
-
|
-
|
-
|
-
|
(20,292
|
)
|
||||||||||||||||||||||||||||
Repurchase of common stock
|
(20,000
|
)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(300
|
)
|
(300
|
)
|
|||||||||||||||||||||||||||
Ending balance as of December 31, 2015
|
37,371,992
|
533
|
262,798
|
451,606
|
(8,801
|
)
|
(2,313
|
)
|
(2,271
|
)
|
(9,354
|
)
|
(198,251
|
)
|
493,947
|
|||||||||||||||||||||||||
Net Income
|
-
|
-
|
-
|
72,514
|
-
|
-
|
-
|
-
|
-
|
72,514
|
||||||||||||||||||||||||||||||
Other comprehensive income, net of tax
|
-
|
-
|
-
|
-
|
2,862
|
-
|
-
|
-
|
-
|
2,862
|
||||||||||||||||||||||||||||||
Exercise of stock options, net of expired options
|
245,992
|
3
|
3,567
|
-
|
-
|
-
|
-
|
-
|
-
|
3,570
|
||||||||||||||||||||||||||||||
Release of shares, net of forfeitures
|
85,137
|
-
|
659
|
-
|
-
|
-
|
(780
|
)
|
(222
|
)
|
708
|
365
|
||||||||||||||||||||||||||||
Stock-based compensation
|
-
|
-
|
1,276
|
-
|
-
|
231
|
1,119
|
-
|
349
|
2,975
|
||||||||||||||||||||||||||||||
Shares received to satisfy distribution of retirement benefits
|
(107,008
|
)
|
-
|
(2,717
|
)
|
-
|
-
|
-
|
-
|
2,717
|
(1,820
|
)
|
(1,820
|
)
|
||||||||||||||||||||||||||
Tax benefit from market valuation adjustment on distribution of BMP ESOP shares
|
-
|
-
|
717
|
-
|
-
|
-
|
-
|
-
|
-
|
717
|
||||||||||||||||||||||||||||||
ESOP Share Acquisition Loan payoff
|
(140,260
|
)
|
-
|
12,056
|
-
|
-
|
2,082
|
-
|
-
|
(2,819
|
)
|
11,319
|
||||||||||||||||||||||||||||
Cash dividends declared and paid
|
-
|
-
|
-
|
(20,581
|
)
|
-
|
-
|
-
|
-
|
-
|
(20,581
|
)
|
||||||||||||||||||||||||||||
Ending balance as of December 31, 2016
|
37,455,853
|
$
|
536
|
$
|
278,356
|
$
|
503,539
|
$
|
(5,939
|
)
|
$
|
-
|
$
|
(1,932
|
)
|
$
|
(6,859
|
)
|
$
|
(201,833
|
)
|
$
|
565,868
|
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||
Net Income
|
$
|
72,514
|
$
|
44,772
|
$
|
44,246
|
||||||
Adjustments to reconcile net income to net cash provided by operating activities
|
||||||||||||
Net gain on the sales of investment securities and MBS available-for-sale
|
-
|
(1,384
|
)
|
(997
|
)
|
|||||||
Net (gain) loss recognized on trading securities
|
(83
|
)
|
111
|
(13
|
)
|
|||||||
Net gain on the sale of OREO
|
(40
|
)
|
-
|
-
|
||||||||
Write-down of OREO
|
18
|
-
|
-
|
|||||||||
Net gain on sale of premises
|
(68,183
|
)
|
-
|
(649
|
)
|
|||||||
Net gain on sale of loans held for sale
|
-
|
-
|
(27
|
)
|
||||||||
Net depreciation, amortization and accretion
|
2,296
|
2,738
|
2,641
|
|||||||||
Stock plan compensation expense (excluding ESOP)
|
1,837
|
1,886
|
2,087
|
|||||||||
Prepayment of ESOP Share Acquisition Loan
|
11,319
|
-
|
-
|
|||||||||
ESOP compensation expense
|
1,138
|
1,307
|
1,230
|
|||||||||
Provision (Credit) for loan losses
|
2,118
|
(1,330
|
)
|
(1,872
|
)
|
|||||||
Credit to reduce the liability for loans sold with recourse
|
-
|
-
|
(1,040
|
)
|
||||||||
Increase in cash surrender value of BOLI
|
(2,250
|
)
|
(2,405
|
)
|
(1,743
|
)
|
||||||
Income recognized from mortality benefit on BOLI
|
(484
|
)
|
-
|
-
|
||||||||
Deferred income tax expense
|
1,097
|
6,883
|
771
|
|||||||||
Reduction in credit related other than temporary impairment (“OTTI”) amortized through interest income
|
(104
|
)
|
(228
|
)
|
-
|
|||||||
Excess tax benefit of stock benefit plans
|
(171
|
)
|
(303
|
)
|
(71
|
)
|
||||||
Changes in assets and liabilities:
|
||||||||||||
Increase in other assets
|
(2,942
|
)
|
(1,464
|
)
|
(2,873
|
)
|
||||||
Increase (Decrease) in other liabilities
|
1,979
|
(430
|
)
|
5,573
|
||||||||
Net cash provided by Operating Activities
|
20,059
|
50,153
|
47,263
|
|||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||
Proceeds from maturities of investment securities held-to-maturity
|
-
|
340
|
88
|
|||||||||
Proceeds from maturities and calls of investment securities available-for-sale
|
-
|
-
|
15,000
|
|||||||||
Proceeds from sales of investment securities available-for-sale
|
-
|
2,070
|
3,780
|
|||||||||
Proceeds from sales of MBS available-for-sale
|
-
|
24,307
|
-
|
|||||||||
Proceeds from sales of trading securities
|
3,648
|
1,340
|
7,115
|
|||||||||
Purchases of investment securities available-for-sale
|
(22
|
)
|
(2,134
|
)
|
(3,884
|
)
|
||||||
Purchases of MBS available-for-sale
|
(3,267
|
)
|
-
|
(875
|
)
|
|||||||
Acquisition of trading securities
|
(317
|
)
|
(3,090
|
)
|
(8,839
|
)
|
||||||
Principal collected on MBS available-for-sale
|
59
|
1,602
|
5,863
|
|||||||||
Purchase of BOLI
|
-
|
-
|
(25,000
|
)
|
||||||||
Purchases of loans
|
(157,782
|
)
|
(99,745
|
)
|
(225,604
|
)
|
||||||
Proceeds from sale of portfolio loans
|
-
|
9,572
|
16,892
|
|||||||||
Net increase in loans
|
(781,960
|
)
|
(486,142
|
)
|
(210,770
|
)
|
||||||
Proceeds from the sale of OREO and real estate owned
|
170
|
-
|
-
|
|||||||||
Proceeds from surrender of cash surrender value of BOLI
|
1,425
|
-
|
-
|
|||||||||
Proceeds from the sale of fixed assets and premises held for sale
|
75,899
|
-
|
4,273
|
|||||||||
Purchases of fixed assets, net
|
(5,774
|
)
|
(1,488
|
)
|
(1,618
|
)
|
||||||
Sale (Purchase) of FHLBNY capital stock, net
|
14,269
|
(306
|
)
|
(10,356
|
)
|
|||||||
Net cash used in Investing Activities
|
(853,652
|
)
|
(553,674
|
)
|
(433,935
|
)
|
||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||
Increase in due to depositors
|
1,211,116
|
524,518
|
152,646
|
|||||||||
Increase (Decrease) in escrow and other deposits
|
25,871
|
(14,791
|
)
|
22,517
|
||||||||
Repayments of FHLBNY advances
|
(3,178,500
|
)
|
(2,897,500
|
)
|
(1,224,500
|
)
|
||||||
Proceeds from FHLBNY advances
|
2,842,900
|
2,890,500
|
1,488,225
|
|||||||||
Proceeds from exercise of stock options
|
3,498
|
6,549
|
278
|
|||||||||
Excess tax benefit of stock benefit plans
|
171
|
303
|
71
|
|||||||||
Equity award distribution
|
287
|
251
|
201
|
|||||||||
BMP ESOP shares received to satisfy distribution of retirement benefits
|
(1,820
|
)
|
-
|
-
|
||||||||
Treasury shares repurchased
|
-
|
(300
|
)
|
-
|
||||||||
Cash dividends paid to stockholders
|
(20,581
|
)
|
(20,292
|
)
|
(20,106
|
)
|
||||||
Net cash provided by Financing Activities
|
882,942
|
489,238
|
419,332
|
|||||||||
INCREASE(DECREASE) IN CASH AND CASH EQUIVALENTS
|
49,349
|
|
(14,283
|
)
|
32,660
|
|||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
64,154
|
78,437
|
45,777
|
|||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
113,503
|
$
|
64,154
|
$
|
78,437
|
||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||||||
Cash paid for income taxes
|
$
|
58,383
|
$
|
25,659
|
$
|
29,035
|
||||||
Cash paid for interest
|
52,320
|
46,698
|
48,329
|
|||||||||
Loans transferred to OREO
|
-
|
130
|
-
|
|||||||||
Loans transferred to held for sale
|
-
|
9,572
|
16,865
|
|||||||||
Transfer of premises to held for sale
|
1,379
|
8,799
|
-
|
|||||||||
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity
|
51
|
125
|
65
|
|||||||||
Net increase (decrease) in non-credit component of OTTI of securities
|
(34
|
)
|
9
|
(32
|
)
|
1. |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
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,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Numerator:
|
||||||||||||
Net Income per the Consolidated Statements of Operations
|
$
|
72,514
|
$
|
44,772
|
$
|
44,246
|
||||||
Less: Dividends paid on earnings allocated to participating securities
|
(109
|
)
|
(136
|
)
|
(168
|
)
|
||||||
Income attributable to Common Stock
|
$
|
72,405
|
$
|
44,636
|
$
|
44,078
|
||||||
Weighted average common shares outstanding, including participating securities
|
36,898,951
|
36,477,854
|
36,174,962
|
|||||||||
Less: weighted average participating securities
|
(186,058
|
)
|
(245,037
|
)
|
(301,785
|
)
|
||||||
Weighted average common shares outstanding
|
36,712,893
|
36,232,817
|
35,873,177
|
|||||||||
Basic EPS
|
$
|
1.97
|
$
|
1.24
|
$
|
1.23
|
||||||
Income attributable to Common Stock
|
$
|
72,405
|
$
|
44,636
|
$
|
44,078
|
||||||
Weighted average common shares outstanding
|
36,712,893
|
36,232,817
|
35,873,177
|
|||||||||
Weighted average common equivalent shares outstanding
|
51,193
|
89,516
|
75,339
|
|||||||||
Weighted average common and equivalent shares outstanding
|
36,764,086
|
36,322,333
|
35,948,516
|
|||||||||
Diluted EPS
|
$
|
1.97
|
$
|
1.23
|
$
|
1.23
|
2. |
OTHER COMPREHENSIVE INCOME (LOSS)
|
Held-to-
Maturity
and
Transferred
Securities
|
Available-
for-Sale
Securities
|
Defined
Benefit
Plans
|
Derivative
Asset
|
Total
Accumulated
Other
Comprehensive
Income (Loss)
|
||||||||||||||||
Balance as of January 1, 2015
|
$
|
(826
|
)
|
$
|
736
|
$
|
(8,457
|
)
|
$
|
-
|
$
|
(8,547
|
)
|
|||||||
Other comprehensive income (loss) before reclassifications
|
66
|
(98
|
)
|
(500
|
)
|
-
|
(532
|
)
|
||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
-
|
(760
|
)
|
1,038
|
-
|
278
|
||||||||||||||
Net other comprehensive income (loss) during the period
|
66
|
(858
|
)
|
538
|
-
|
(254
|
)
|
|||||||||||||
Balance as of December 31, 2015
|
(760
|
)
|
(122
|
)
|
(7,919
|
)
|
-
|
(8,801
|
)
|
|||||||||||
Other comprehensive income before reclassifications
|
47
|
30
|
1,009
|
1,833
|
2,919
|
|||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
-
|
-
|
-
|
(57
|
)
|
(57
|
)
|
|||||||||||||
Net other comprehensive income during the period
|
47
|
30
|
1,009
|
1,776
|
2,862
|
|||||||||||||||
Balance as of December 31, 2016
|
$
|
(713
|
)
|
$
|
(92
|
)
|
$
|
(6,910
|
)
|
$
|
1,776
|
$
|
(5,939
|
)
|
For the year ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Change in unrealized holding loss on securities held-to-maturity and transferred securities:
|
||||||||||||
Accretion (Amortization) of previously recognized non-credit component of OTTI
|
$
|
34
|
$
|
(9
|
)
|
$
|
32
|
|||||
Change in unrealized loss on securities transferred to held-to-maturity
|
51
|
125
|
65
|
|||||||||
Net change
|
85
|
116
|
97
|
|||||||||
Tax expense
|
38
|
50
|
45
|
|||||||||
Net change in unrealized holding loss on securities held-to-maturity and transferred securities
|
47
|
66
|
52
|
|||||||||
Change in unrealized holding gain on securities available-for-sale:
|
||||||||||||
Change in net unrealized gain during the period
|
56
|
(176
|
)
|
(65
|
)
|
|||||||
Reclassification adjustment for net gains included in net gain on securities
|
-
|
(1,384
|
)
|
(997
|
)
|
|||||||
Net change
|
56
|
(1,560
|
)
|
(1,062
|
)
|
|||||||
Tax expense (benefit)
|
26
|
(702
|
)
|
(479
|
)
|
|||||||
Net change in unrealized holding gain on securities available-for-sale
|
30
|
(858
|
)
|
(583
|
)
|
|||||||
Change in pension and other postretirement obligations:
|
||||||||||||
Reclassification adjustment for expense included in salaries and employee benefits expense
|
1,841
|
1,890
|
1,044
|
|||||||||
Change in the net actuarial gain or loss
|
-
|
(901
|
)
|
(6,986
|
)
|
|||||||
Net change
|
1,841
|
989
|
(5,942
|
)
|
||||||||
Tax expense (benefit)
|
832
|
451
|
(2,685
|
)
|
||||||||
Net change in pension and other postretirement obligations
|
1,009
|
538
|
(3,257
|
)
|
||||||||
Change in unrealized loss on derivative asset:
|
||||||||||||
Change in net unrealized loss during the period
|
3,205
|
-
|
-
|
|||||||||
Reclassification adjustment for expense included in interest expense
|
23
|
-
|
-
|
|||||||||
Net change
|
3,228
|
-
|
-
|
|||||||||
Tax expense
|
1,452
|
-
|
-
|
|||||||||
Net change in unrealized loss on derivative asset
|
1,776
|
-
|
-
|
|||||||||
Other comprehensive income (loss)
|
$
|
2,862
|
$
|
(254
|
)
|
$
|
(3,788
|
)
|
3. |
INVESTMENT AND MORTGAGE-BACKED SECURITIES
|
At December 31, 2016
|
||||||||||||||||
Amortized
Cost
(1)
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
Investment securities held-to-maturity:
|
||||||||||||||||
Pooled bank trust preferred securities (“TRUP CDOs”)
|
$
|
5,378
|
$
|
2,221
|
$
|
(303
|
)
|
$
|
7,296
|
|||||||
Investment securities available-for-sale:
|
||||||||||||||||
Registered Mutual Funds
|
4,011
|
62
|
(178
|
)
|
3,895
|
|||||||||||
Pass-through MBS issued by Government Sponsored Entities (“GSEs”)
|
360
|
12
|
-
|
372
|
||||||||||||
Agency Collateralized Mortgage Obligation (“CMO”)
|
3,247
|
-
|
(61
|
)
|
3,186
|
|||||||||||
Total investment securities available-for-sale
|
7,618
|
74
|
(239
|
)
|
7,453
|
|||||||||||
Total investment securities
|
$
|
12,996
|
$
|
2,295
|
$
|
(542
|
)
|
$
|
14,749
|
(1)
|
Amount represents the purchase amortized / historical cost less any OTTI charges (credit or non-credit related) previously recognized. For the TRUP CDOs, amount is also net of the $755 unamortized portion of the unrealized loss that was recognized in accumulated other comprehensive loss on September 1, 2008 (the day on which these securities were transferred from available-for-sale to held-to-maturity).
|
At December 31, 2015
|
||||||||||||||||
Amortized
Cost
(1)
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
Investment securities held-to-maturity:
|
||||||||||||||||
TRUP CDOs
|
$
|
5,242
|
$
|
2,154
|
$
|
(345
|
)
|
$
|
7,051
|
|||||||
Investment securities available-for-sale:
|
||||||||||||||||
Registered Mutual Funds
|
3,990
|
25
|
(259
|
)
|
3,756
|
|||||||||||
Pass-through MBS issued by GSEs
|
418
|
13
|
-
|
431
|
||||||||||||
Total investment securities available-for-sale
|
4,408
|
38
|
(259
|
)
|
4,187
|
|||||||||||
Total investment securities
|
$
|
9,650
|
$
|
2,192
|
$
|
(604
|
)
|
$
|
11,238
|
(1)
|
Amount represents the purchase amortized/historical cost less any OTTI charges (credit or non-credit related) previously recognized. For the TRUP CDOs, amount is also net of the $807 unamortized portion of the unrealized loss that was recognized in accumulated other comprehensive loss on September 1, 2008 (the day on which these securities were transferred from available-for-sale to held-to-maturity).
|
At December 31, 2016
|
||||||||||||||||||||||||
Less than 12
Consecutive Months
|
12 Consecutive
Months or Longer
|
Total
|
||||||||||||||||||||||
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
|||||||||||||||||||
Investment securities held-to-maturity:
|
||||||||||||||||||||||||
TRUP CDOs
|
$
|
-
|
$
|
-
|
$
|
2,439
|
$
|
303
|
$
|
2,439
|
$
|
303
|
||||||||||||
Investment securities available-for-sale:
|
||||||||||||||||||||||||
Registered Mutual Funds
|
1,308
|
47
|
1,747
|
131
|
3,055
|
178
|
||||||||||||||||||
Agency CMO
|
3,186
|
61
|
-
|
-
|
3,186
|
61
|
At December 31, 2015
|
||||||||||||||||||||||||
Less than 12
Consecutive Months
|
12 Consecutive
Months or Longer
|
Total
|
||||||||||||||||||||||
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
|||||||||||||||||||
Investment securities held-to-maturity:
|
||||||||||||||||||||||||
TRUP CDOs
|
$
|
-
|
$
|
-
|
$
|
2,359
|
$
|
345
|
$
|
2,359
|
$
|
345
|
||||||||||||
Investment securities available-for-sale:
|
||||||||||||||||||||||||
Registered Mutual Funds
|
3,026
|
259
|
-
|
-
|
3,026
|
259
|
· |
Based upon an internal review of the collateral backing the TRUP CDOs 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
|
For the Year Ended
December 31,
|
||||||||
2016
|
2015
|
|||||||
Cumulative balance at the beginning of the period
|
$
|
807
|
$
|
932
|
||||
Amortization
|
(51
|
)
|
(125
|
)
|
||||
Cumulative balance at end of the period
|
$
|
756
|
$
|
807
|
At or for the Year Ended December 31, 2016
|
||||||||||||
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
|
$
|
8,717
|
$
|
578
|
$
|
9,295
|
||||||
Amortization of previously recognized OTTI
|
(104
|
)
|
(34
|
)
|
(138
|
)
|
||||||
Cumulative pre-tax balance at end of the period
|
$
|
8,613
|
$
|
544
|
$
|
9,157
|
At or for the Year Ended
December 31, 2015
|
At or for the Year Ended
December 31, 2014
|
|||||||||||||||||||||||
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
|
$
|
8,945
|
$
|
569
|
$
|
9,514
|
$
|
8,945
|
$
|
601
|
$
|
9,546
|
||||||||||||
(Amortization) Accretion of previously recognized OTTI
|
(228
|
)
|
9
|
(219
|
)
|
-
|
(32
|
)
|
(32
|
)
|
||||||||||||||
Cumulative pre-tax balance at end of the period
|
$
|
8,717
|
$
|
578
|
$
|
9,295
|
$
|
8,945
|
$
|
569
|
$
|
9,514
|
At or For the Year
Ended December 31,
|
||||
2014
|
||||
Cumulative balance at the beginning of the period
|
$
|
106
|
||
Reduction of OTTI for securities sold during the period
|
(106
|
)
|
||
Cumulative balance at end of the period
|
$
|
-
|
4. |
LOANS RECEIVABLE AND CREDIT QUALITY
|
At December 31, 2016
|
||||||||||||||||||||
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
|
$
|
72,325
|
$
|
4,589,838
|
$
|
398,139
|
$
|
546,568
|
$
|
5,606,870
|
||||||||||
Special Mention
|
212
|
3,488
|
535
|
525
|
4,760
|
|||||||||||||||
Substandard
|
1,485
|
7,200
|
5,465
|
7,227
|
21,377
|
|||||||||||||||
Doubtful
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total
|
$
|
74,022
|
$
|
4,600,526
|
$
|
404,139
|
$
|
554,320
|
$
|
5,633,007
|
At December 31, 2015
|
||||||||||||||||||||
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
|
(1)
|
Amount comprised of fully performing one- to four-family residential and condominium and cooperative unit loans with balances equal to or less than the FNMA Limits.
|
At December 31, 2016
|
||||||||||||||||||||||||||||
30 to 59
Days Past
Due
|
60 to 89
Days Past
Due
|
Accruing
Loans 90
Days or
More Past
Due
|
Non-
accrual
(1)
|
Total Past
Due
|
Current
|
Total Loans
|
||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||||||
One- to four-family residential, including condominium and cooperative apartment
|
$
|
188
|
$
|
-
|
$
|
1,513
|
$
|
1,012
|
$
|
2,712
|
$
|
71,309
|
$
|
74,022
|
||||||||||||||
Multifamily residential and residential mixed use
|
-
|
-
|
1,557
|
2,675
|
4,232
|
4,596,294
|
4,600,526
|
|||||||||||||||||||||
Commercial mixed use real estate
|
-
|
-
|
-
|
549
|
549
|
403,590
|
404,139
|
|||||||||||||||||||||
Commercial real estate
|
1,732
|
-
|
-
|
-
|
1,732
|
552,588
|
554,320
|
|||||||||||||||||||||
Total real estate
|
$
|
1,920
|
$
|
-
|
$
|
3,070
|
$
|
4,236
|
$
|
9,226
|
$
|
5,623,781
|
$
|
5,633,007
|
||||||||||||||
Consumer
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
1
|
$
|
1
|
$
|
3,414
|
$
|
3,415
|
(1)
|
Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of December 31, 2016.
|
At December 31, 2015
|
||||||||||||||||||||||||||||
30 to 59
Days Past
Due
|
60 to 89
Days Past
Due
|
Accruing
Loans 90
Days or
More Past
Due
|
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
|
(1)
|
Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of December 31, 2015.
|
As of December 31, 2016
|
As of December 31, 2015
|
|||||||||||||||
No. of Loans
|
Balance
|
No. of Loans
|
Balance
|
|||||||||||||
Accruing TDRs:
|
||||||||||||||||
One- to four-family residential, including condominium and cooperative apartment
|
2
|
$
|
407
|
2
|
$
|
598
|
||||||||||
Multifamily residential and residential mixed use
|
3
|
658
|
3
|
696
|
||||||||||||
Commercial mixed use real estate
|
1
|
4,261
|
1
|
4,344
|
||||||||||||
Commercial real estate
|
1
|
3,363
|
1
|
3,428
|
||||||||||||
Non-accruing TDRs:
|
||||||||||||||||
Commercial real estate
|
-
|
-
|
1
|
207
|
||||||||||||
Total real estate
|
7
|
$
|
8,689
|
8
|
$
|
9,273
|
For the Year Ended December 31
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
One- to four-family residential, including condominium and cooperative apartment
|
||||||||||||
Number of Loans
|
1
|
-
|
-
|
|||||||||
Pre-Modification Outstanding Recorded Investment
|
$
|
33
|
$
|
-
|
-
|
|||||||
Post-Modification Outstanding Recorded Investment
|
33
|
-
|
-
|
|||||||||
Commercial mixed use real estate
|
||||||||||||
Number of Loans
|
-
|
-
|
1
|
|||||||||
Pre-Modification Outstanding Recorded Investment
|
$
|
-
|
$
|
-
|
$
|
4,400
|
||||||
Post-Modification Outstanding Recorded Investment
|
-
|
-
|
4,400
|
|||||||||
Commercial real estate
|
||||||||||||
Number of Loans
|
-
|
-
|
1
|
|||||||||
Pre-Modification Outstanding Recorded Investment
|
$
|
-
|
$
|
-
|
$
|
3,500
|
||||||
Post-Modification Outstanding Recorded Investment
|
-
|
-
|
3,500
|
|||||||||
Total number of loans
|
1
|
-
|
2
|
|||||||||
Total Pre-Modification Outstanding Recorded Investment
|
$
|
33
|
$
|
-
|
$
|
7,900
|
||||||
Total Post-Modification Outstanding Recorded Investment
|
$
|
33
|
$
|
-
|
$
|
7,900
|
5. |
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
|
Real Estate 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
|
Construction
|
Total Real
Estate
|
Consumer
Loans
|
||||||||||||||||||||||
Beginning balance as of January 1, 2014
|
$
|
236
|
$
|
13,840
|
$
|
3,003
|
$
|
3,047
|
$
|
3
|
$
|
20,129
|
$
|
24
|
||||||||||||||
Provision (credit) for loan losses
|
(164
|
)
|
(76
|
)
|
(1,710
|
)
|
72
|
(3
|
)
|
(1,881
|
)
|
9
|
||||||||||||||||
Charge-offs
|
(46
|
)
|
(87
|
)
|
(30
|
)
|
(306
|
)
|
-
|
(469
|
)
|
(9
|
)
|
|||||||||||||||
Recoveries
|
124
|
175
|
381
|
10
|
-
|
690
|
-
|
|||||||||||||||||||||
Ending balance as of December 31, 2014
|
$
|
150
|
$
|
13,852
|
$
|
1,644
|
$
|
2,823
|
$
|
-
|
$
|
18,469
|
$
|
24
|
||||||||||||||
Provision (credit) for loan losses
|
222
|
309
|
21
|
(1,880
|
)
|
-
|
(1,328
|
)
|
(2
|
)
|
||||||||||||||||||
Charge-offs
|
(115
|
)
|
(48
|
)
|
(37
|
)
|
(7
|
)
|
-
|
(207
|
)
|
(2
|
)
|
|||||||||||||||
Recoveries
|
6
|
5
|
24
|
1,525
|
-
|
1,560
|
-
|
|||||||||||||||||||||
Ending balance as of December 31, 2015
|
$
|
263
|
$
|
14,118
|
$
|
1,652
|
$
|
2,461
|
$
|
-
|
$
|
18,494
|
$
|
20
|
||||||||||||||
Provision (credit) for loan losses
|
(48
|
)
|
2,473
|
58
|
(366
|
)
|
-
|
2,117
|
1
|
|||||||||||||||||||
Charge-offs
|
(79
|
)
|
(92
|
)
|
(12
|
)
|
-
|
-
|
(183
|
)
|
(3
|
)
|
||||||||||||||||
Recoveries
|
9
|
56
|
-
|
23
|
-
|
88
|
2
|
|||||||||||||||||||||
Ending balance as of December 31, 2016
|
$
|
145
|
$
|
16,555
|
$
|
1,698
|
$
|
2,118
|
$
|
-
|
$
|
20,516
|
$
|
20
|
At or for the Year Ended December 31, 2016
|
||||||||||||||||||||||||
Real Estate Loans
|
Consumer
Loans
|
|||||||||||||||||||||||
One- to Four Family
Residential,
Including
Condominium and
Cooperative
Apartment
|
Multifamily
Residential
and
Residential
Mixed Use
|
Commercial
Mixed Use Real
Estate
|
Commercial
Real Estate
|
Total Real
Estate
|
||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Ending allowance balance:
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Collectively evaluated for impairment
|
145
|
16,555
|
1,698
|
2,118
|
20,516
|
20
|
||||||||||||||||||
Total ending allowance balance
|
$
|
145
|
$
|
16,555
|
$
|
1,698
|
$
|
2,118
|
$
|
20,516
|
$
|
20
|
||||||||||||
Loans:
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
407
|
$
|
3,333
|
4,810
|
$
|
3,363
|
$
|
11,913
|
$
|
-
|
|||||||||||||
Collectively evaluated for impairment
|
73,615
|
4,597,193
|
399,329
|
550,957
|
5,621,094
|
3,415
|
||||||||||||||||||
Total ending loans balance
|
$
|
74,022
|
$
|
4,600,526
|
$
|
404,139
|
$
|
554,320
|
$
|
5,633,007
|
$
|
3,415
|
At or for the Year Ended 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
|
||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Ending allowance balance:
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Collectively evaluated for impairment
|
263
|
14,118
|
1,652
|
2,461
|
18,494
|
20
|
||||||||||||||||||
Total ending allowance balance
|
$
|
263
|
$
|
14,118
|
$
|
1,652
|
$
|
2,461
|
$
|
18,494
|
$
|
20
|
||||||||||||
Loans:
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
598
|
$
|
983
|
$
|
4,345
|
$
|
3,635
|
$
|
9,561
|
$
|
-
|
||||||||||||
Collectively evaluated for impairment
|
71,497
|
3,758,924
|
372,930
|
482,274
|
4,685,625
|
1,590
|
||||||||||||||||||
Total ending loans balance
|
$
|
72,095
|
$
|
3,759,907
|
$
|
377,275
|
$
|
485,909
|
$
|
4,695,186
|
$
|
1,590
|
For the Year Ended December 31, 2016
|
For the Year Ended December 31, 2015
|
|||||||||||||||||||||||
Unpaid
Principal
Balance
|
Recorded
Investment
(1)
|
Related
Allowance
|
Unpaid
Principal
Balance
|
Recorded
Investment
(1)
|
Related
Allowance
|
|||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||||||
One- to Four Family Residential, Including Condominium and Cooperative Apartment
|
$
|
407
|
$
|
407
|
$
|
-
|
$
|
635
|
$
|
598
|
$
|
-
|
||||||||||||
Multifamily Residential and Residential Mixed Use
|
3,333
|
3,333
|
-
|
983
|
983
|
-
|
||||||||||||||||||
Commercial Mixed Use Real Estate
|
4,810
|
4,810
|
-
|
4,345
|
4,345
|
-
|
||||||||||||||||||
Commercial Real Estate
|
3,363
|
3,363
|
-
|
3,642
|
3,635
|
-
|
||||||||||||||||||
Total with no related allowance recorded
|
11,913
|
11,913
|
-
|
9,605
|
9,561
|
-
|
||||||||||||||||||
Ending balance
|
$
|
11,913
|
$
|
11,913
|
$
|
-
|
$
|
9,605
|
$
|
9,561
|
$
|
-
|
(1)
|
The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality.
|
For the Year Ended
December 31, 2016
|
For the Year Ended
December 31, 2015
|
For the Year Ended
December 31, 2014
|
||||||||||||||||||||||
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
|||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||||||
One- to Four Family Residential, Including Condominium and Cooperative Apartment
|
$
|
443
|
$
|
53
|
$
|
601
|
$
|
44
|
$
|
747
|
$
|
58
|
||||||||||||
Multifamily Residential and Residential Mixed Use
|
2,515
|
183
|
1,095
|
71
|
2,147
|
87
|
||||||||||||||||||
Commercial Mixed Use Real Estate
|
4,468
|
176
|
4,379
|
176
|
2,640
|
237
|
||||||||||||||||||
Commercial Real Estate
|
3,437
|
136
|
5,470
|
140
|
7,470
|
148
|
||||||||||||||||||
Total with no related allowance recorded
|
10,863
|
548
|
11,545
|
431
|
13,004
|
530
|
||||||||||||||||||
With related allowance recorded:
|
||||||||||||||||||||||||
One- to Four Family Residential, Including Condominium and Cooperative Apartment
|
-
|
-
|
-
|
-
|
41
|
-
|
||||||||||||||||||
Multifamily Residential and Residential Mixed Use
|
-
|
-
|
-
|
-
|
1,760
|
-
|
||||||||||||||||||
Commercial Mixed Use Real Estate
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Commercial Real Estate
|
-
|
-
|
1,100
|
97
|
9,317
|
495
|
||||||||||||||||||
Total with related allowance recorded
|
-
|
-
|
1,100
|
97
|
11,118
|
495
|
||||||||||||||||||
Ending balance
|
$
|
10,863
|
$
|
548
|
$
|
12,645
|
$
|
528
|
$
|
24,122
|
$
|
1,025
|
6. |
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE
|
At December 31,
|
||||||||
2016
|
2015
|
|||||||
Land
|
$
|
1,600
|
$
|
1,647
|
||||
Buildings
|
11,972
|
17,316
|
||||||
Leasehold improvements
|
18,590
|
12,125
|
||||||
Furniture, fixtures and equipment
|
14,964
|
14,756
|
||||||
Premises and fixed assets, gross
|
$
|
47,126
|
$
|
45,844
|
||||
Less: accumulated depreciation and amortization
|
(28,721
|
)
|
(30,694
|
)
|
||||
Premises and fixed assets, net
|
$
|
18,405
|
$
|
15,150
|
||||
Premises held for sale
(1)
|
$
|
1,379
|
$
|
8,799
|
(1)
|
At December 31, 2016 and 2015, the Company had executed contracts of sale on real estate with net book values of $1,379 and $8,799, respectively.
|
7. |
FHLBNY CAPITAL STOCK
|
8. |
DUE TO DEPOSITORS
|
At December 31, 2016
|
At December 31, 2015
|
|||||||||||||||
Effective
Cost
|
Liability
|
Effective
Cost
|
Liability
|
|||||||||||||
Savings accounts
|
0.05
|
%
|
$
|
366,921
|
0.05
|
%
|
$
|
368,671
|
||||||||
Certificates of deposit ("CDs")
|
1.47
|
1,048,465
|
1.44
|
858,847
|
||||||||||||
Money market accounts
|
0.86
|
2,576,081
|
0.81
|
1,618,617
|
||||||||||||
Interest bearing checking accounts
|
0.08
|
106,525
|
0.08
|
78,994
|
||||||||||||
Non-interest bearing checking accounts
|
-
|
297,434
|
-
|
259,181
|
||||||||||||
TOTAL
|
0.86
|
%
|
$
|
4,395,426
|
0.81
|
%
|
$
|
3,184,310
|
Maturing
Balance
|
Weighted
Average
Interest
Rate
|
|||||||
2017
|
$
|
459,800
|
1.23
|
%
|
||||
2018
|
351,003
|
1.58
|
||||||
2019
|
177,540
|
1.81
|
||||||
2020
|
43,074
|
1.64
|
||||||
2021
|
14,355
|
1.64
|
||||||
2022 and beyond
|
2,693
|
1.64
|
||||||
TOTAL
|
$
|
1,048,465
|
1.47
|
%
|
9. |
DERIVATIVES AND HEDGING ACTIVITIES
|
At December 31, 2016
|
||||||||||||||||
Count
|
Notional
Amount
|
Fair Value
Assets
|
Fair Value
Liabilities
|
|||||||||||||
Derivatives designated as hedging instruments
|
||||||||||||||||
Interest Rate Products
|
4
|
$
|
90,000
|
$
|
3,228
|
$
|
-
|
|||||||||
Total derivatives designated as hedging instruments
|
4
|
$
|
90,000
|
$
|
3,228
|
$
|
-
|
Weighted average pay rates
|
1.24%
|
Weighted average receive rates
|
0.95%
|
Weighted average maturity
|
5.32 years
|
Gross
Amounts of
Recognized
Assets
|
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
|
|||||||||||||||||||||||
Included in other assets:
|
||||||||||||||||||||||||
Interest rate swaps related to FHLB Advances
|
$
|
3,228
|
$
|
-
|
$
|
3,228
|
$
|
-
|
$
|
-
|
$
|
3,228
|
10. |
FHLBNY ADVANCES
|
Maturing
Balance
|
Weighted Average
Interest Rate
|
|||||||
2017
|
$
|
502,075
|
1.53
|
%
|
||||
2018
|
92,100
|
1.56
|
||||||
2019
|
131,150
|
1.53
|
||||||
2020
|
92,800
|
1.73
|
||||||
2021
|
13,000
|
2.68
|
||||||
TOTAL
|
$
|
831,125
|
1.57
|
%
|
11. |
TRUST PREFERRED SECURITIES PAYABLE
|
12. |
INCOME TAXES
|
Year Ended
December 31, 2016
|
Year Ended
December 31, 2015
|
Year Ended
December 31, 2014
|
||||||||||||||||||||||||||||||||||
Federal
|
State
and City
|
Total
|
Federal
|
State
and City
|
Total
|
Federal
|
State
and City
|
Total
|
||||||||||||||||||||||||||||
Current
|
$
|
42,834
|
$
|
17,026
|
$
|
59,860
|
$
|
21,127
|
$
|
3,235
|
$
|
24,362
|
$
|
21,232
|
$
|
8,121
|
$
|
29,353
|
||||||||||||||||||
Deferred
|
702
|
395
|
1,097
|
2,269
|
4,614
|
6,883
|
540
|
231
|
771
|
|||||||||||||||||||||||||||
TOTAL
|
$
|
43,536
|
$
|
17,421
|
$
|
60,957
|
$
|
23,396
|
$
|
7,849
|
$
|
31,245
|
$
|
21,772
|
$
|
8,352
|
$
|
30,124
|
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Tax at Federal statutory rate
|
$
|
46,715
|
$
|
26,606
|
$
|
26,029
|
||||||
State and local taxes, net of federal income tax benefit
|
11,323
|
5,102
|
5,466
|
|||||||||
ESOP acceleration expense
|
3,962
|
-
|
-
|
|||||||||
Benefit plan differences
|
(54
|
)
|
(59
|
)
|
(156
|
)
|
||||||
Adjustments for prior period returns and tax items
|
(13
|
)
|
590
|
(164
|
)
|
|||||||
Investment in BOLI
|
(957
|
)
|
(842
|
)
|
(610
|
)
|
||||||
Other, net
|
(19
|
)
|
(152
|
)
|
(441
|
)
|
||||||
TOTAL
|
$
|
60,957
|
$
|
31,245
|
$
|
30,124
|
||||||
Effective tax rate
|
45.67
|
%
|
41.10
|
%
|
40.51
|
%
|
At December 31,
|
||||||||
Deferred tax assets:
|
2016
|
2015
|
||||||
Allowance for loan losses
|
$
|
9,203
|
$
|
8,303
|
||||
Employee benefit plans
|
15,630
|
18,849
|
||||||
Tax effect of other components of income on investment securities and MBS
|
-
|
722
|
||||||
Other
|
2,209
|
1,768
|
||||||
Total deferred tax assets
|
27,042
|
29,642
|
||||||
Deferred tax liabilities:
|
||||||||
Tax effect of other components of income on investment securities and MBS
|
766
|
-
|
||||||
Difference in book and tax carrying value of fixed assets
|
776
|
667
|
||||||
Difference in book and tax basis of unearned loan fees
|
3,021
|
2,761
|
||||||
Other
|
214
|
448
|
||||||
Total deferred tax liabilities
|
4,777
|
3,876
|
||||||
Net deferred tax asset (recorded in other assets)
|
$
|
22,265
|
$
|
25,766
|
13. |
401(K) PLAN AND ESOP
|
14. |
EMPLOYEE BENEFIT PLANS
|
At December 31,
|
||||||||
2016
|
2015
|
|||||||
Accumulated benefit obligation at end of period
|
$
|
25,297
|
$
|
25,396
|
||||
Reconciliation of Projected benefit obligation:
|
||||||||
Projected benefit obligation at beginning of period
|
$
|
25,396
|
$
|
27,635
|
||||
Interest cost
|
979
|
998
|
||||||
Actuarial loss (gain)
|
215
|
(1,796
|
)
|
|||||
Benefit payments
|
(1,
293
|
)
|
(1,289
|
)
|
||||
Settlements
|
-
|
(152
|
)
|
|||||
Projected benefit obligation at end of period
|
25,297
|
25,396
|
||||||
Plan assets at fair value (investments in trust funds managed by trustee)
|
||||||||
Balance at beginning of period
|
22,676
|
24,457
|
||||||
Return (loss) on plan assets
|
1,957
|
(355
|
)
|
|||||
Contributions
|
15
|
15
|
||||||
Benefit payments
|
(1,
293
|
)
|
(1,289
|
)
|
||||
Settlements
|
-
|
(152
|
)
|
|||||
Balance at end of period
|
23,355
|
22,676
|
||||||
Funded status at end of year
|
$
|
(1,942
|
)
|
$
|
(2,720
|
)
|
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Interest cost
|
$
|
979
|
$
|
998
|
$
|
1,003
|
||||||
Expected return on plan assets
|
(1,532
|
)
|
(1,656
|
)
|
(1,774
|
)
|
||||||
Amortization of unrealized loss
|
1,551
|
1,677
|
948
|
|||||||||
Net periodic cost
|
$
|
998
|
$
|
1,019
|
$
|
177
|
At December 31,
|
||||||||
2016
|
2015
|
|||||||
Balance at beginning of period
|
$
|
(12,001
|
)
|
$
|
(13,463
|
)
|
||
Amortization of unrealized loss
|
1,551
|
1,677
|
||||||
Gain (Loss) recognized during the year
|
210
|
(215
|
)
|
|||||
Balance at the end of the period
|
$
|
(10,240
|
)
|
$
|
(12,001
|
)
|
||
Period end component of accumulated other comprehensive loss, net of tax
|
$
|
5,613
|
6,582
|
At or for the Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Discount rate used for net periodic cost
|
3.98
|
%
|
3.72
|
%
|
4.56
|
%
|
||||||
Discount rate used to determine benefit obligation at period end
|
3.82
|
3.98
|
3.72
|
|||||||||
Expected long-term return on plan assets used for net periodic cost
|
7.00
|
7.00
|
7.50
|
|||||||||
Expected long-term return on plan assets used to determine benefit obligation at period end
|
7.00
|
7.00
|
7.00
|
At December 31,
|
||||||||
2016
|
2015
|
|||||||
Asset Category
|
||||||||
Equity securities
|
62
|
%
|
58
|
%
|
||||
Debt securities (bond mutual funds)
|
36
|
40
|
||||||
Cash equivalents
|
2
|
2
|
||||||
Total
|
100
|
%
|
100
|
%
|
Fair Value Measurements at December 31, 2016
|
||||||||||||||||
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
|
$
|
2,
627
|
-
|
-
|
$
|
2,
627
|
||||||||||
Domestic Mid Cap
|
1,189
|
-
|
-
|
1,189
|
||||||||||||
Domestic Small Cap
|
485
|
-
|
-
|
485
|
||||||||||||
International Equity
|
2,657
|
-
|
-
|
2,657
|
||||||||||||
Fixed Income
|
8,408
|
-
|
-
|
8,408
|
||||||||||||
Cash equivalents
|
366
|
-
|
-
|
366
|
||||||||||||
Common collective investment funds:
|
||||||||||||||||
Domestic Large Cap
|
-
|
4,784
|
-
|
4,784
|
||||||||||||
Domestic Mid Cap
|
-
|
638
|
-
|
638
|
||||||||||||
Domestic Small Cap
|
-
|
1,405
|
-
|
1,405
|
||||||||||||
International Equity
|
-
|
796
|
-
|
796
|
||||||||||||
Total Plan Assets
|
$
|
23,355
|
Fair Value Measurements at December 31, 2015
|
||||||||||||||||
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
|
$
|
2,617
|
-
|
-
|
$
|
2,617
|
||||||||||
Domestic Mid Cap
|
1,098
|
-
|
-
|
1,098
|
||||||||||||
Domestic Small Cap
|
402
|
-
|
-
|
402
|
||||||||||||
International Equity
|
2,551
|
-
|
-
|
2,551
|
||||||||||||
Fixed Income
|
9,140
|
-
|
-
|
9,140
|
||||||||||||
Cash equivalents
|
338
|
-
|
-
|
338
|
||||||||||||
Common collective investment funds:
|
||||||||||||||||
Domestic Large Cap
|
-
|
4,028
|
-
|
4,028
|
||||||||||||
Domestic Mid Cap
|
-
|
541
|
-
|
541
|
||||||||||||
Domestic Small Cap
|
-
|
1,184
|
-
|
1,184
|
||||||||||||
International Equity
|
-
|
777
|
-
|
777
|
||||||||||||
Total Plan Assets
|
$
|
22,676
|
Amount
|
||||
2017
|
$
|
1,602
|
||
2018
|
1,599
|
|||
2019
|
1,604
|
|||
2020
|
1,595
|
|||
2021
|
1,574
|
|||
2022 to 2026
|
7,634
|
At December 31,
|
||||||||
2016
|
2015
|
|||||||
Accumulated benefit obligation at end of period
|
$
|
11,351
|
$
|
11,062
|
||||
Reconciliation of projected benefit obligation:
|
||||||||
Projected benefit obligation at beginning of period
|
$
|
11,062
|
$
|
11,077
|
||||
Interest cost
|
392
|
375
|
||||||
Benefit payments
|
(234
|
)
|
(171
|
)
|
||||
Actuarial loss (gain)
|
131
|
(219
|
)
|
|||||
Projected benefit obligation at end of period
|
11,351
|
11,062
|
||||||
Plan assets at fair value:
|
||||||||
Balance at beginning of period
|
-
|
-
|
||||||
Contributions
|
234
|
171
|
||||||
Benefit payments
|
(234
|
)
|
(171
|
)
|
||||
Balance at end of period
|
-
|
-
|
||||||
Funded status at the end of the year:
|
$
|
(11,351
|
)
|
$
|
(11,062
|
)
|
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Interest cost
|
$
|
392
|
$
|
375
|
$
|
347
|
||||||
Amortization of unrealized loss
|
161
|
242
|
98
|
|||||||||
Net periodic cost
|
$
|
553
|
$
|
617
|
$
|
445
|
At December 31,
|
||||||||
2016
|
2015
|
|||||||
Balance at beginning of period
|
$
|
(2,788
|
)
|
$
|
(3,250
|
)
|
||
Amortization of unrealized loss
|
161
|
242
|
||||||
Gain (loss) recognized during the year
|
(131
|
)
|
220
|
|||||
Balance at the end of the period
|
$
|
(2,758
|
)
|
$
|
(2,788
|
)
|
||
Period end component of accumulated other comprehensive loss, net of tax
|
1,512
|
1,529
|
At or For the Year
Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Discount rate used for net periodic cost – BMP
|
3.54
|
%
|
3.39
|
%
|
4.00
|
%
|
||||||
Discount rate used for net periodic cost – Director Retirement Plan
|
3.67
|
3.49
|
4.22
|
|||||||||
Discount rate used to determine BMP benefit obligation at period end
|
3.46
|
3.54
|
3.39
|
|||||||||
Discount rate used to determine Director Retirement Plan benefit obligation at period end
|
3.53
|
3.67
|
3.49
|
Amount
|
||||
2017
|
$
|
932
|
||
2018
|
917
|
|||
2019
|
899
|
|||
2020
|
910
|
|||
2021
|
885
|
|||
2022 to 2026
|
4,154
|
(1)
|
Qualified employees who retired prior to April 1, 1991 receive the full medical coverage in effect at the time of retirement until their death at no cost to such retirees;
|
(2)
|
Qualified employees retiring on or after April 1, 1991 are eligible for medical benefits. Throughout retirement, the Bank will continue to pay the premiums for the coverage not to exceed the premium amount paid for the first year of retirement coverage. Should the premiums increase, the employee is required to pay the differential to maintain full medical coverage.
|
At December 31,
|
||||||||
2016
|
2015
|
|||||||
Accumulated benefit obligation at end of period
|
$
|
1,756
|
$
|
1,825
|
||||
Reconciliation of projected benefit obligation:
|
||||||||
Projected benefit obligation at beginning of period
|
$
|
1,825
|
$
|
4,284
|
||||
Service cost
|
-
|
9
|
||||||
Interest cost
|
63
|
94
|
||||||
Actuarial gain
|
(10
|
)
|
(143
|
)
|
||||
Benefit payments
|
(122
|
)
|
(89
|
)
|
||||
Curtailment
|
-
|
(2,330
|
)
|
|||||
Projected benefit obligation at end of period
|
1,756
|
1,825
|
||||||
Plan assets at fair value:
|
||||||||
Balance at beginning of period
|
-
|
-
|
||||||
Contributions
|
122
|
89
|
||||||
Benefit payments
|
(122
|
)
|
(89
|
)
|
||||
Balance at end of period
|
-
|
-
|
||||||
Funded status:
|
||||||||
Deficiency of plan assets over projected benefit obligation
and accrued expense included in other liabilities
|
$ |
(
1,756
|
)
|
$ |
(1,825
|
)
|
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Service cost
|
$
|
-
|
$
|
9
|
$
|
41
|
||||||
Interest cost
|
63
|
94
|
232
|
|||||||||
Curtailment gain
(1)
|
-
|
(3,394
|
)
|
-
|
||||||||
Amortization of unrealized loss
|
(12
|
)
|
(19
|
)
|
-
|
|||||||
Net periodic (credit) cost
|
$
|
51
|
$
|
(3,310
|
)
|
$
|
273
|
(1) |
The Postretirement Plan was amended effective March 31, 2015, whereby post-amendment retirees are not eligible to participate in the plan. The amendment resulted in a curtailment gain.
|
At December 31,
|
||||||||
2016
|
2015
|
|||||||
Balance at beginning of period
|
$
|
351
|
$
|
1,292
|
||||
Amortization of unrealized loss
|
(12
|
)
|
(19
|
)
|
||||
Gain recognized during the year
|
10
|
142
|
||||||
Recognition of prior service cost
|
-
|
(1,064
|
)
|
|||||
Balance at the end of the period
|
$
|
349
|
$
|
351
|
||||
Period end component of accumulated other comprehensive loss, net of tax
|
(191
|
)
|
(192
|
)
|
At or for the Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Discount rate used for net periodic cost
|
3.58
|
%
|
3.80
|
%
|
4.72
|
%
|
||||||
Rate of increase in compensation levels used for net periodic cost
|
N/A
|
3.50
|
3.50
|
|||||||||
Discount rate used to determine benefit obligation at period end
|
3.48
|
3.58
|
3.80
|
|||||||||
Rate of increase in compensation levels used to determine benefit obligation at period end
|
N/A
|
3.50
|
3.50
|
15. |
STOCK-BASED COMPENSATION
|
Number of
Options
|
Weighted-Average
Exercise Price
|
Weighted-Average
Remaining
Contractual Years
|
Aggregate
Intrinsic Value
|
|||||||||||||
Options outstanding at January 1, 2015
|
979,916
|
$
|
14.74
|
|||||||||||||
Options granted
|
-
|
-
|
||||||||||||||
Options exercised
|
(455,310
|
)
|
14.39
|
|||||||||||||
Options that expired prior to exercise
|
(59,360
|
)
|
16.45
|
|||||||||||||
Options outstanding at December 31, 2015
|
465,246
|
$
|
14.87
|
1.4
|
$
|
1,690
|
||||||||||
Options granted
|
-
|
-
|
||||||||||||||
Options exercised
|
(245,992
|
)
|
14.22
|
|||||||||||||
Options that expired prior to exercise
|
(10,000
|
)
|
18.18
|
|||||||||||||
Options outstanding at December 31, 2016
|
209,254
|
$
|
15.48
|
2.2
|
$
|
966
|
||||||||||
Options vested and exercisable at December 31, 2016
|
209,254
|
$
|
15.48
|
2.2
|
$
|
966
|
For the Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Cash received for option exercise cost
|
$
|
3,498
|
$
|
6,549
|
$
|
278
|
||||||
Income tax benefit recognized
|
93
|
264
|
30
|
|||||||||
Intrinsic value of options exercised
|
826
|
1,143
|
6
|
|||||||||
Compensation expense recognized
|
-
|
31
|
110
|
|||||||||
Remaining unrecognized compensation expense
|
-
|
-
|
31
|
Outstanding Options
|
Vested Options
|
|||||||||||||||||
Amount
|
Weighted
Average
Contractual
Years Remaining
|
Amount
|
Weighted
Average
Contractual
Years Remaining
|
|||||||||||||||
Exercise Prices:
|
||||||||||||||||||
$
|
8.34
|
13,713
|
2.3
|
13,713
|
2.3
|
|||||||||||||
$
|
12.75
|
19,827
|
3.3
|
19,827
|
3.3
|
|||||||||||||
$
|
13.74
|
30,362
|
0.3
|
30,362
|
0.3
|
|||||||||||||
$
|
13.86
|
12,220
|
5.3
|
12,220
|
5.3
|
|||||||||||||
$
|
15.46
|
33,291
|
4.3
|
33,291
|
4.3
|
|||||||||||||
$
|
16.73
|
29,841
|
1.6
|
29,841
|
1.6
|
|||||||||||||
$
|
18.18
|
70,000
|
1.4
|
70,000
|
1.4
|
|||||||||||||
Total
|
209,254
|
2.2
|
209,254
|
2.2
|
Number of
Shares
|
Weighted-Average
Grant-Date
Fair Value
|
|||||||
Unvested allocated shares outstanding at January 1, 2015
|
289,660
|
$
|
15.13
|
|||||
Shares granted
|
68,069
|
15.92
|
||||||
Shares vested
|
(132,377
|
)
|
15.14
|
|||||
Shares forfeited
|
(1,458
|
)
|
15.57
|
|||||
Unvested allocated shares at December 31, 2015
|
223,894
|
$
|
15.36
|
|||||
Shares granted
|
60,675
|
18.11
|
||||||
Shares vested
|
(116,042
|
)
|
15.09
|
|||||
Shares forfeited
|
(16,118
|
)
|
16.29
|
|||||
Unvested allocated shares at December 31, 2016
|
152,409
|
$
|
16.56
|
For the Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Compensation expense recognized
|
$
|
1,549
|
$
|
1,855
|
$
|
1,976
|
||||||
Income tax benefit recognized
|
78
|
39
|
41
|
|||||||||
Weighted average remaining years for which compensation expense is to be recognized
|
1.6
|
1.0
|
1.2
|
Number of
Shares
|
Weighted-
Average Grant-
Date Fair Value
|
|||||||
Maximum aggregate share payout at January 1, 2016
|
28,044
|
$
|
17.35
|
|||||
Shares forfeited
|
(3,314
|
)
|
17.35
|
|||||
Maximum aggregate share payout at December 31, 2016
|
24,730
|
17.35
|
||||||
Minimum aggregate share payout
|
-
|
-
|
||||||
Likely aggregate share payout
|
7,350
|
$
|
17.35
|
16. |
COMMITMENTS AND CONTINGENCIES
|
Amount
|
||||
2017
|
$
|
5,327
|
||
2018
|
6,098
|
|||
2019
|
6,104
|
|||
2020
|
5,992
|
|||
2021
|
5,894
|
|||
Thereafter
|
30,783
|
|||
Total
|
$
|
60,198
|
17. |
FAIR VALUE OF FINANCIAL INSTRUMENTS
|
Fair Value Measurements at
December 31, 2016 Using
|
||||||||||||||||
Total
|
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
|||||||||||||
Financial Assets
|
||||||||||||||||
Trading securities (Registered Mutual Funds):
|
||||||||||||||||
Domestic Equity Mutual Funds
|
$
|
873
|
$
|
873
|
$
|
-
|
$
|
-
|
||||||||
International Equity Mutual Funds
|
213
|
213
|
-
|
-
|
||||||||||||
Fixed Income Mutual Funds
|
5,867
|
5,867
|
-
|
-
|
||||||||||||
Investment securities available-for-sale:
|
||||||||||||||||
Registered Mutual Funds:
|
||||||||||||||||
Domestic Equity Mutual Funds
|
1,356
|
1,356
|
-
|
-
|
||||||||||||
International Equity Mutual Funds
|
377
|
377
|
-
|
-
|
||||||||||||
Fixed Income Mutual Funds
|
2,162
|
2,162
|
-
|
-
|
||||||||||||
Pass-through MBS issued by GSEs
|
372
|
-
|
372
|
-
|
||||||||||||
Agency CMOs
|
3,186
|
-
|
3,186
|
-
|
||||||||||||
Derivative – interest rate product
|
3,228
|
-
|
3,228
|
-
|
Fair Value Measurements at
December 31, 2015 Using
|
||||||||||||||||
Total
|
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
|||||||||||||
Financial Assets
|
||||||||||||||||
Trading securities (Registered Mutual Funds):
|
||||||||||||||||
Domestic Equity Mutual Funds
|
$
|
1,053
|
$
|
1,053
|
$
|
-
|
$
|
-
|
||||||||
International Equity Mutual Funds
|
281
|
281
|
-
|
-
|
||||||||||||
Fixed Income Mutual Funds
|
8,867
|
8,867
|
-
|
-
|
||||||||||||
Investment securities available-for-sale:
|
||||||||||||||||
Registered Mutual Funds:
|
||||||||||||||||
Domestic Equity Mutual Funds
|
1,253
|
1,253
|
-
|
-
|
||||||||||||
International Equity Mutual Funds
|
383
|
383
|
-
|
-
|
||||||||||||
Fixed Income Mutual Funds
|
2,120
|
2,120
|
-
|
-
|
||||||||||||
Pass-through MBS issued by GSEs
|
431
|
-
|
431
|
-
|
Fair Value Measurements
at December 31, 2016 Using
|
||||||||||||||||||||
Carrying
Amount
|
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
Total
|
||||||||||||||||
Financial Assets:
|
||||||||||||||||||||
Cash and due from banks
|
$
|
113,503
|
$
|
113,503
|
$
|
-
|
$
|
-
|
$
|
113,503
|
||||||||||
Investment securities held to maturity (TRUP CDOs)
|
5,378
|
-
|
-
|
7,296
|
7,296
|
|||||||||||||||
Loans, net
|
5,615,886
|
-
|
-
|
5,609,034
|
5,609,034
|
|||||||||||||||
Accrued interest receivable
|
15,647
|
-
|
11
|
15,636
|
15,647
|
|||||||||||||||
FHLBNY capital stock
|
44,444
|
N/A
|
N/A
|
N/A
|
N/A
|
|||||||||||||||
Financial Liabilities:
|
||||||||||||||||||||
Savings, money market and checking accounts
|
3,346,961
|
3,346,961
|
-
|
-
|
3,346,961
|
|||||||||||||||
CDs
|
1,048,465
|
-
|
1,054,131
|
-
|
1,054,131
|
|||||||||||||||
Escrow and other deposits
|
103,001
|
103,001
|
-
|
-
|
103,001
|
|||||||||||||||
FHLBNY Advances
|
831,125
|
-
|
831,951
|
-
|
831,951
|
|||||||||||||||
Trust Preferred securities payable
|
70,680
|
-
|
69,973
|
-
|
69,973
|
|||||||||||||||
Accrued interest payable
|
2,080
|
-
|
2,080
|
-
|
2,080
|
Fair Value Measurements
at December 31, 2015 Using
|
||||||||||||||||||||
Carrying
Amount
|
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
Total
|
||||||||||||||||
Financial Assets:
|
||||||||||||||||||||
Cash and due from banks
|
$
|
64,154
|
$
|
64,154
|
$
|
-
|
$
|
-
|
$
|
64,154
|
||||||||||
Investment securities held to maturity (TRUP CDOs)
|
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
|
13,486
|
|||||||||||||||
FHLBNY capital stock
|
58,713
|
N/A
|
N/A
|
N/A
|
N/A
|
|||||||||||||||
Financial 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
|
18. |
REGULATORY MATTERS
|
Actual
|
For Capital
Adequacy Purposes
(1)
|
To Be Categorized as
“Well Capitalized”
(1)
|
||||||||||||||||||||||
As of December 31, 2016
|
Amount
|
Ratio
|
Amount
|
Minimum
Ratio
|
Amount
|
Minimum
Ratio
|
||||||||||||||||||
Tier 1 Capital / % of average total assets
|
||||||||||||||||||||||||
Bank
|
$
|
521,458
|
8.95
|
%
|
$
|
235,232
|
4.0
|
%
|
$
|
294,041
|
5.0
|
%
|
||||||||||||
Consolidated Company
|
516,170
|
10.03
|
235,402
|
4.0
|
N/A
|
N/A
|
||||||||||||||||||
Common equity Tier 1 capital / % of risk weighted assets
|
||||||||||||||||||||||||
Bank
|
521,458
|
11.60
|
202,
337
|
4.5
|
292,
265
|
6.5
|
||||||||||||||||||
Consolidated Company
|
516,170
|
11.44
|
203,
104
|
4.5
|
N/A
|
N/A
|
||||||||||||||||||
Tier 1 Capital / % of risk weighted assets
|
||||||||||||||||||||||||
Bank
|
521,458
|
11.60
|
269,783
|
6.0
|
359,711
|
8.0
|
||||||||||||||||||
Consolidated Company
|
584,684
|
12.
95
|
270,806
|
6.0
|
N/A
|
N/A
|
||||||||||||||||||
Total Capital / % of risk weighted assets
|
||||||||||||||||||||||||
Bank
|
542,019
|
12.05
|
359,711
|
8.0
|
449,
639
|
10.0
|
||||||||||||||||||
Consolidated Company
|
605,245
|
13.41
|
361,074
|
8.0
|
N/A
|
N/A
|
(1) |
In accordance with the Basel III rules.
|
Actual
|
For Capital
Adequacy Purposes
(1)
|
To Be Categorized as
“Well Capitalized”
(1)
|
||||||||||||||||||||||
As of December 31, 2015
|
Amount
|
Ratio
|
Amount
|
Minimum
Ratio
|
Amount
|
Minimum
Ratio
|
||||||||||||||||||
Tier 1 Capital / % of average total assets
|
||||||||||||||||||||||||
Bank
|
$
|
440,374
|
9.17
|
%
|
$
|
194,314
|
4.0
|
%
|
$
|
242,892
|
5.0
|
%
|
||||||||||||
Consolidated Company
|
447,111
|
10.70
|
195,008
|
4.0
|
N/A
|
N/A
|
||||||||||||||||||
Common equity Tier 1 capital / % of risk weighted assets
|
||||||||||||||||||||||||
Bank
|
440,374
|
11.55
|
171,628
|
4.5
|
247,908
|
6.5
|
||||||||||||||||||
Consolidated Company
|
447,111
|
11.67
|
172,456
|
4.5
|
N/A
|
N/A
|
||||||||||||||||||
Tier 1 Capital / % of risk weighted assets
|
||||||||||||||||||||||||
Bank
|
440,374
|
11.55
|
228,838
|
6.0
|
305,117
|
8.0
|
||||||||||||||||||
Consolidated Company
|
515,626
|
13.45
|
229,941
|
6.0
|
N/A
|
N/A
|
||||||||||||||||||
Total Capital / % of risk weighted assets
|
||||||||||||||||||||||||
Bank
|
458,938
|
12.03
|
305,117
|
8.0
|
381,397
|
10.0
|
||||||||||||||||||
Consolidated Company
|
534,190
|
13.94
|
306,588
|
8.0
|
N/A
|
N/A
|
(1) |
In accordance with the Basel III rules.
|
19. |
UNAUDITED QUARTERLY FINANCIAL INFORMATION
|
For the three months ended
|
||||||||||||||||
March 31,
2016
|
June 30,
2016
|
September 30,
2016
|
December 31,
2016
|
|||||||||||||
Net interest income
|
$
|
34,631
|
$
|
35,610
|
$
|
35,347
|
$
|
37,898
|
||||||||
Provision (credit) for loan losses
|
(21
|
)
|
442
|
1,168
|
529
|
|||||||||||
Net interest income after provision for loan losses
|
34,652
|
35,168
|
34,179
|
37,369
|
||||||||||||
Non-interest income
|
69,741
|
2,305
|
2,071
|
1,817
|
||||||||||||
Non-interest expense
|
17,869
|
18,092
|
18,232
|
29,638
|
||||||||||||
Income before income taxes
|
86,524
|
19,381
|
18,018
|
9,548
|
||||||||||||
Income tax expense
|
36,487
|
8,173
|
7,481
|
8,816
|
||||||||||||
Net income
|
$
|
50,037
|
$
|
11,208
|
$
|
10,537
|
$
|
732
|
||||||||
EPS
(1)
:
|
||||||||||||||||
Basic
|
$
|
1.37
|
$
|
0.30
|
$
|
0.29
|
$
|
0.02
|
||||||||
Diluted
|
$
|
1.36
|
$
|
0.30
|
$
|
0.29
|
$
|
0.02
|
(1)
|
The quarterly EPS amounts, when added, may not coincide with the full fiscal year EPS reported on the Consolidated Statements of Operations due to differences in the computed weighted average shares outstanding as well as rounding differences.
|
For the three months ended
|
||||||||||||||||
March 31,
2015
|
June 30,
2015
|
September 30,
2015
|
December 31,
2015
|
|||||||||||||
Net interest income
|
$
|
30,094
|
$
|
33,070
|
$
|
31,814
|
$
|
33,586
|
||||||||
Provision (credit) for loan losses
|
(172
|
)
|
(1,135
|
)
|
416
|
(439
|
)
|
|||||||||
Net interest income after provision for loan losses
|
30,266
|
34,205
|
31,398
|
34,025
|
||||||||||||
Non-interest income
|
3,301
|
1,677
|
1,899
|
1,739
|
||||||||||||
Non-interest expense
|
13,864
|
16,366
|
16,124
|
16,139
|
||||||||||||
Income before income taxes
|
19,703
|
19,516
|
17,173
|
19,625
|
||||||||||||
Income tax expense
|
7,925
|
7,987
|
7,092
|
8,241
|
||||||||||||
Net income
|
$
|
11,778
|
$
|
11,529
|
$
|
10,081
|
$
|
11,384
|
||||||||
EPS
(1)
:
|
||||||||||||||||
Basic
|
$
|
0.33
|
$
|
0.32
|
$
|
0.28
|
$
|
0.31
|
||||||||
Diluted
|
$
|
0.33
|
$
|
0.32
|
$
|
0.28
|
$
|
0.31
|
(1)
|
The quarterly EPS amounts, when added, may not coincide with the full fiscal year EPS reported on the Consolidated Statements of Operations due to differences in the computed weighted average shares outstanding as well as rounding differences
|
20. |
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS
|
At December 31,
|
||||||||
2016
|
2015
|
|||||||
ASSETS:
|
||||||||
Cash and due from banks
|
$
|
49,152
|
$
|
57,014
|
||||
Investment securities available-for-sale
|
3,895
|
3,756
|
||||||
Trading securities
|
6,953
|
10,201
|
||||||
MBS available-for-sale
|
372
|
431
|
||||||
ESOP loan to subsidiary
|
-
|
3,028
|
||||||
Investment in subsidiaries
|
571,
150
|
487,331
|
||||||
Other assets
|
6,020
|
3,867
|
||||||
Total assets
|
$
|
637,542
|
$
|
565,628
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY:
|
||||||||
Trust Preferred securities payable
|
$
|
70,680
|
$
|
70,680
|
||||
Other liabilities
|
994
|
1,001
|
||||||
Stockholders’ equity
|
565,868
|
493,947
|
||||||
Total liabilities and stockholders’ equity
|
$
|
637,542
|
$
|
565,628
|
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Net interest loss
|
$
|
(4,852
|
)
|
$
|
(4,779
|
)
|
$
|
(4,748
|
)
|
|||
Dividends received from Bank
|
12,000
|
16,000
|
18,050
|
|||||||||
Non-interest income
|
478
|
295
|
1,376
|
|||||||||
Non-interest expense
|
(668
|
)
|
(667
|
)
|
(643
|
)
|
||||||
Income before income taxes and equity in undistributed earnings of direct subsidiaries
|
6,958
|
10,849
|
14,035
|
|||||||||
Income tax credit
|
2,251
|
2,321
|
1,803
|
|||||||||
Income before equity in undistributed earnings of direct subsidiaries
|
9,209
|
13,170
|
15,838
|
|||||||||
Equity in undistributed earnings of subsidiaries
|
63,305
|
31,602
|
28,408
|
|||||||||
Net income
|
$
|
72,514
|
$
|
44,772
|
$
|
44,246
|
(1)
|
Other comprehensive income for the Holding Company approximated other comprehensive income for the consolidated Company during the years ended December 31, 2016, 2015 and 2014.
|
Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Cash flows from Operating Activities:
|
||||||||||||
Net income
|
$
|
72,514
|
$
|
44,772
|
$
|
44,246
|
||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||
Equity in undistributed earnings of direct subsidiaries
|
(63,305
|
)
|
(31,602
|
)
|
(28,408
|
)
|
||||||
Net loss (gain) on the sale of investment securities available for sale
|
-
|
4
|
(997
|
)
|
||||||||
Net (gain) loss on trading securities
|
(83
|
)
|
108
|
45
|
||||||||
Increase in other assets
|
(2,206
|
)
|
(69
|
)
|
(489
|
)
|
||||||
(Decrease) Increase in other liabilities
|
(7
|
)
|
(560
|
)
|
1,680
|
|||||||
Net cash provided by operating activities
|
6,913
|
12,653
|
16,077
|
|||||||||
Cash flows from Investing Activities:
|
||||||||||||
Proceeds from sale of investment securities available-for-sale
|
-
|
2,000
|
3,780
|
|||||||||
Proceeds from the sale of trading securities
|
3,648
|
1,340
|
7,056
|
|||||||||
Purchases of investment securities available-for-sale
|
(22
|
)
|
(2,134
|
)
|
(3,884
|
)
|
||||||
Reimbursement from subsidiary, including purchases of investment securities available-for-sale
|
303
|
1,655
|
1,620
|
|||||||||
Net purchases of trading securities
|
(317
|
)
|
(3,090
|
)
|
(8,839
|
)
|
||||||
Principal collected on MBS available-for-sale
|
59
|
63
|
72
|
|||||||||
Principal repayments on ESOP loan
|
209
|
194
|
179
|
|||||||||
Net cash provided by (used in) investing activities
|
3,880
|
28
|
(16
|
)
|
||||||||
Cash flows from Financing Activities:
|
||||||||||||
Common Stock issued for exercise of stock options
|
3,669
|
6,549
|
278
|
|||||||||
Treasury shares repurchased
|
-
|
(300
|
)
|
-
|
||||||||
Equity award distribution
|
65
|
251
|
202
|
|||||||||
BMP ESOP shares received to satisfy distribution of retirement benefits
|
(1,820
|
)
|
-
|
-
|
||||||||
Cash dividends paid to stockholders
|
(20,569
|
)
|
(20,279
|
)
|
(20,094
|
)
|
||||||
Net cash used in financing activities
|
(18,655
|
)
|
(13,779
|
)
|
(19,614
|
)
|
||||||
Net decrease in cash and due from banks
|
(7,862
|
)
|
(1,098
|
)
|
(3,553
|
)
|
||||||
Cash and due from banks, beginning of period
|
57,014
|
58,112
|
61,665
|
|||||||||
Cash and due from banks, end of period
|
$
|
49,152
|
$
|
57,014
|
$
|
58,112
|
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. (22)
|
|
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)
|
|
10.3
|
Amended and Restated Employment Agreement between The Dime Savings Bank of Williamsburgh and Kenneth J. Mahon (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)
|
|
10.24
|
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 (18)
|
|
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 (18)
|
|
10.38
|
Amendment Number Four to the Employee Stock Ownership Plan of Dime Community Bancshares, Inc. and Certain Affiliates (17)
|
|
10.39
|
Amendment Number One to the Dime Savings Bank of Williamsburgh 401(K) Savings Plan (18)
|
|
10.40
|
Retirement and Consulting Agreement between Dime Community Bancshares, Inc. and Michael P. Devine (19)
|
|
10.41
|
Retirement and Consulting Agreement between Dime Community Bancshares, Inc. and Vincent F. Palagiano (20)
|
|
10.42
|
Form of performance share award notice for officers under 2013 Equity and Incentive Plan (21)
|
|
Employment and Change in Control Agreement between Dime Community Bank and Stuart Lubow
|
||
Employment and Change in Control Agreement between Dime Community Bank and Conrad Gunther
|
||
Purchase and Sale Agreement between The Dime Savings Bank of Williamsburgh and Tavros Capital Partners USA LLC
|
Purchase and Sale Agreement between The Dime Savings Bank of Williamsburgh and Havemeyer Owner BB LLC
|
||
Computation of ratio of earnings to fixed charges
|
||
Consent of Independent Registered Public Accounting Firm
|
||
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a)
|
||
Certification of Principal Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a)
|
||
Certification of Chief Executive Officer Pursuant to 18 U.S.C. 1350
|
||
Certification of Principal Financial Officer Pursuant to 18 U.S.C. 1350
|
||
101**
|
Pursuant to Rule 405 of Regulation S-T, the following financial information from the Company’s Quarterly Report on Form 10-Q for the period ended December 31, 2016 is formatted in XBRL (Extensible Business Reporting Language) interactive data files: (i) the Consolidated Balance Sheets as of December 31, 2016 and December 31, 2015, (ii) the Consolidated Statements of Income for each of the years ended December 31, 2016, 2015 and 2014, (iii) the Consolidated Statements of Comprehensive Income for each of the years ended December 31, 2016, 2015 and 2014, (iv) the Consolidated Statements of Changes in Stockholders' Equity for each of the years ended December 31, 2016, 2015 and 2014, (v) the Consolidated Statements of Cash Flows for each of the years ended December 31, 2016, 2015 and 2014, and (vi) the Notes to Consolidated Financial Statements.
|
**
|
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 Annual Report on Form 10-K for the year ended December 31, 2014 filed on March 16, 2015.
|
(18)
|
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.
|
(19)
|
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.
|
(20)
|
Incorporated by reference to the registrant's Current Report on Form 8-K filed on June 30, 2016.
|
(21)
|
Incorporated by reference to the registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 filed on August 9, 2016.
|
(22)
|
Incorporated by reference to the registrant's Current Report on Form 8-K filed on January 30, 2017.
|
DIME COMMUNITY BANK
|
||
By: |
/s/ KENNETH J. MAHON
|
|
Kenneth J. Mahon
|
||
President & Chief Executive Officer
|
||
DIME COMMUNITY BANCSHARES, INC.
|
||
(
as guarantor)
|
||
By: |
/s/ KENNETH J. MAHON
|
|
Kenneth J. Mahon
|
||
President & Chief Executive Officer
|
||
/s/ STUART LUBOW | ||
Stuart Lubow |
DIME COMMUNITY BANK
|
||
By: |
/s/ KENNETH J. MAHON
|
|
Kenneth J. Mahon
|
||
President & Chief Executive Officer
|
||
DIME COMMUNITY BANCSHARES, INC. | ||
(
as guarantor)
|
||
By: |
/s/ KENNETH J. MAHON
|
|
Kenneth J. Mahon
|
||
President & Chief Executive Officer
|
||
/s/ CONRAD GUNTHER
|
||
Conrad Gunther
|
Page
|
||
ARTICLE I
|
||
SALE OF PROPERTY
|
1
|
|
1.1
|
Sale
|
1
|
1.2
|
Excluded Property
|
2
|
1.3
|
Development Rights Survey
|
3
|
1.4
|
Access to Property
|
3
|
ARTICLE II
|
||
PURCHASE PRICE
|
3
|
|
2.1
|
Purchase Price
|
3
|
ARTICLE III
|
||
DEPOSIT
|
4
|
|
3.1
|
Deposit
|
4
|
3.2
|
Application of Deposit
|
4
|
3.3
|
Escrow Agent
|
5
|
ARTICLE IV
|
||
CLOSING, PRORATIONS AND CLOSING COSTS
|
7
|
|
4.1
|
Closing
|
7
|
4.2
|
Prorations
|
7
|
4.3
|
Transfer Taxes
|
7
|
4.4
|
Sales Taxes
|
8
|
4.5
|
Closing Costs
|
8
|
ARTICLE V
|
||
TITLE AND SURVEY MATTERS
|
8
|
|
5.1
|
Title
|
8
|
5.2
|
Violations
|
14
|
ARTICLE VI
|
||
REPRESENTATIONS AND WARRANTIES OF SELLER
|
14
|
|
6.1
|
General Representations
|
14
|
6.2
|
Seller's Knowledge
|
16
|
6.3
|
Survival
|
16
|
6.4
|
Limitation of Liability
|
17
|
6.5
|
Representations as a Condition to Closing
|
17
|
ARTICLE VII
|
||
"AS IS" SALE
|
18
|
|
ARTICLE VIII
|
||
REPRESENTATIONS AND WARRANTIES OF PURCHASER
|
18
|
|
8.1
|
Authority
|
18
|
8.2
|
Bankruptcy or Debt of Purchaser
|
19
|
8.3
|
No Financing Contingency
|
19
|
8.4
|
Purchaser's Acknowledgment
|
19
|
8.5
|
Patriot Act
|
20
|
ARTICLE IX
|
||
SELLER'S INTERIM OPERATING COVENANTS
|
21
|
|
9.1
|
Operations
|
21
|
9.2
|
Maintain Insurance
|
22
|
9.3
|
Notices of Violation; Other Notices
|
22
|
9.4
|
Permits and Licenses
|
22
|
9.5
|
Casualty and Condemnation
|
22
|
9.6
|
Leases
|
22
|
9.7
|
Zoning
|
22
|
9.8
|
Subdivision
|
22
|
9.9
|
Cornice Removal
|
23
|
ARTICLE X
|
||
CLOSING CONDITIONS
|
24
|
|
10.1
|
Conditions to Obligations of Seller
|
24
|
10.2
|
Conditions to Obligations of Purchaser
|
24
|
ARTICLE XI
|
||
CLOSING
|
25
|
|
11.1
|
Seller's Closing Obligations
|
25
|
11.2
|
Intentionally Omitted
|
27
|
11.3
|
Purchaser's Closing Obligations
|
27
|
ARTICLE XII
|
||
RISK OF LOSS
|
27
|
|
12.1
|
Casualty
|
27
|
12.2
|
Condemnation
|
28
|
12.3
|
General Obligations Law
|
29
|
ARTICLE XIII
|
||
DEFAULT
|
29
|
|
13.1
|
Default by Seller
|
29
|
13.2
|
Default by Purchaser
|
29
|
ARTICLE XIV
|
||
BROKERS
|
30
|
|
14.1
|
Brokerage Indemnity
|
30
|
ARTICLE XV
|
||
PUBLICATION AND CONFIDENTIALITY
|
30
|
|
15.1
|
Publication
|
30
|
15.2
|
Confidentiality
|
31
|
ARTICLE XVI
|
||
RESERVED
|
31
|
|
ARTICLE XVII
|
||
MISCELLANEOUS
|
31
|
|
17.1
|
Notices
|
31
|
17.2
|
Governing Law; Venue
|
32
|
17.3
|
Headings
|
33
|
17.4
|
Business Days
|
33
|
17.5
|
Counterpart Copies
|
33
|
17.6
|
Binding Effect
|
33
|
17.7
|
Successors and Assigns
|
33
|
17.8
|
Assignment
|
33
|
17.9
|
Interpretation
|
34
|
17.10
|
Entire Agreement
|
34
|
17.11
|
Severability
|
34
|
17.12
|
Survival
|
34
|
17.13
|
Exhibits
|
34
|
17.14
|
Limitation of Liability
|
34
|
17.15
|
Prevailing Party
|
34
|
17.16
|
Real Estate Reporting Person
|
35
|
17.17
|
No Recording
|
35
|
17.18
|
No Other Parties
|
35
|
17.19
|
Waiver of Trial by Jury
|
35
|
17.20
|
Cooperation
|
35
|
Exhibit A
|
–
|
Land
|
Exhibit B
|
–
|
Wire Instructions
|
Exhibit C
|
–
|
Form of Owner's Affidavit
|
Exhibit D-1
|
–
|
Form of Deed
|
Exhibit D-2
|
–
|
Form of General Assignment
|
Exhibit E
|
–
|
Form of Seller's Representation Certificate
|
Exhibit F
|
–
|
Form of FIRPTA Certificate
|
Exhibit G
|
–
|
Reserved
|
Exhibit H
|
–
|
Form of Zoning Lot and Development Agreement
|
Exhibit I
|
–
|
Form of Lease
|
Exhibit J
|
–
|
Form of Purchaser's Representation Certificate
|
Exhibit K
|
–
|
Outline of Tax Lot Subdivision
|
Exhibit L
|
–
|
Form of Waiver and Subordination
|
Exhibit M
|
–
|
Seller Premises
|
Exhibit N
|
–
|
Form of Declaration
|
Schedule 5.1.3
|
Permitted Exceptions
|
Schedule 6.1.9
|
Tax Proceedings
|
Schedule 6.1.10
|
Litigation
|
Schedule 6.1.11
|
Insurance Policies
|
To Seller:
|
||
The Dime Savings Bank of Williamsburgh
|
||
209 Havemeyer Street | ||
Brooklyn, New York 11211
|
||
Attention: Michael Pucella
|
||
Email: mpucella@dime.com
|
||
With a copy to:
|
||
Skadden, Arps, Slate, Meagher & Flom LLP
|
||
Four Times Square | ||
New York, New York 10036
|
||
Attention: Marco P. Caffuzzi, Esq.
|
||
Email: marco.caffuzzi@skadden.com
|
To Purchaser:
|
||
Tavros Capital Partners USA LLC
|
||
27 W 24th St., Suite 702
|
||
New York, NY 10010
|
||
Attention: Nicholas Silver
|
||
Email: nsilvers@tavroscapital.com
|
||
With a copy to:
|
||
Szenberg & Okun PLLC
|
||
152 West 57th Street, 22nd Fl
|
||
New York, NY 10019 | ||
Attention: Jacob Okun, Esq.
|
||
Email: jacob.okun@szenok.com
|
||
To Escrow Agent:
|
||
Title Associates, a division of Stewart Title Insurance Company
|
||
825 Third Avenue, 30th Floor | ||
New York, NY 10022
|
||
Attn: Jack Foley
|
||
Email: jfoley@titleassociates.com
|
SELLER:
|
||
THE DIME SAVINGS BANK OF WILLIAMSBURGH
|
||
By:
|
/s/ Michael P. Devine
|
|
Name: Michael P. Devine
|
||
Title: Vice Chairman & President
|
PURCHASER:
|
||
TAVROS CAPITAL PARTNERS USA LLC
|
||
By:
|
/s/ Nicholas Silvers
|
|
Name:
|
Nicholas Silvers
|
|
Title:
|
Authorized Signatory |
ESCROW AGENT:
|
||
STEWART TITLE INSURANCE COMPANY
|
||
By:
|
/s/ Kristin V. Bellouny
|
|
Name:
|
Kristin V. Bellouny
|
|
Title:
|
VP & Senior Underwriting Counsel
|
Page | ||
ARTICLE I | ||
SALE OF PROPERTY
|
1
|
|
1.1
|
Sale
|
1
|
1.2
|
Excluded Property
|
2
|
1.3
|
Reserved
|
2
|
1.4
|
Access to Property
|
2
|
ARTICLE II
|
||
PURCHASE PRICE
|
3
|
|
2.1
|
Purchase Price
|
3
|
ARTICLE III
|
||
DEPOSIT
|
4
|
|
3.1
|
Deposit
|
4
|
3.2
|
Application of Deposit
|
4
|
3.3
|
Escrow Agent
|
5
|
ARTICLE IV
|
||
CLOSING, PRORATIONS AND CLOSING COSTS
|
6
|
|
4.1
|
Closing
|
6
|
4.2
|
Prorations
|
7
|
4.3
|
Transfer Taxes
|
7
|
4.4
|
Sales Taxes
|
7
|
4.5
|
Closing Costs
|
8
|
ARTICLE V
|
||
TITLE AND SURVEY MATTERS
|
8
|
|
5.1
|
Title
|
8
|
5.2
|
Violations
|
12
|
RESERVED
|
|
13 |
ARTICLE VII
|
||
“AS IS” SALE
|
14
|
|
ARTICLE VIII
|
||
REPRESENTATIONS AND WARRANTIES OF PURCHASER
|
15
|
|
8.1
|
Authority
|
15
|
8.2
|
Bankruptcy or Debt of Purchaser
|
15
|
8.3
|
No Financing Contingency
|
15
|
8.4
|
Purchaser’s Acknowledgment
|
16
|
8.5
|
Patriot Act
|
16
|
ARTICLE IX
|
||
SELLER’S INTERIM OPERATING COVENANTS
|
18
|
|
9.1
|
Operations
|
18
|
9.2
|
Maintain Insurance
|
18
|
9.3
|
Notices of Violation; Other Notices
|
18
|
9.4
|
Permits and Licenses
|
18
|
9.5
|
Casualty and Condemnation
|
18
|
9.6
|
Leases
|
18
|
9.7
|
Zoning
|
19
|
9.8
|
Subdivision
|
19
|
ARTICLE X
|
||
CLOSING CONDITIONS
|
19
|
|
10.1
|
Conditions to Obligations of Seller
|
19
|
10.2
|
Conditions to Obligations of Purchaser
|
20
|
ARTICLE XI
|
||
CLOSING
|
21
|
|
11.1
|
Seller’s Closing Obligations
|
21
|
11.2
|
Intentionally Omitted
|
22
|
11.3
|
Purchaser’s Closing Obligations
|
22
|
RISK OF LOSS
|
23
|
|
12.1
|
Casualty
|
23
|
12.2
|
Condemnation
|
23
|
12.3
|
General Obligations Law
|
24
|
ARTICLE XIII
|
||
DEFAULT
|
24
|
|
13.1
|
Default by Seller
|
24
|
13.2
|
Default by Purchaser
|
25
|
ARTICLE XIV
|
||
BROKERS
|
25
|
|
14.1
|
Brokerage Indemnity
|
25
|
ARTICLE XV
|
||
PUBLICATION AND CONFIDENTIALITY
|
26 | |
15.1
|
Publication
|
26
|
15.2
|
Confidentiality
|
26
|
ARTICLE XVI
|
||
RESERVED
|
26
|
|
ARTICLE XVII
|
||
MISCELLANEOUS
|
26 | |
17.1
|
Notices
|
26
|
17.2
|
Governing Law; Venue
|
28
|
17.3
|
Headings
|
28
|
17.4
|
Business Days
|
28
|
17.5
|
Counterpart Copies
|
28
|
17.6
|
Binding Effect
|
28
|
17.7
|
Successors and Assigns
|
28
|
17.8
|
Assignment
|
29
|
17.9
|
Interpretation
|
29
|
17.10
|
Entire Agreement
|
29
|
17.11
|
Severability
|
29
|
17.12
|
Survival
|
29
|
17.13
|
Exhibits
|
30
|
17.14
|
Limitation of Liability
|
30
|
17.15
|
Prevailing Party
|
30
|
17.16
|
Real Estate Reporting Person
|
30
|
17.17
|
No Recording
|
30
|
17.18
|
No Other Parties
|
30
|
17.19
|
Waiver of Trial by Jury
|
30
|
17.20
|
Cooperation
|
31
|
Exhibit A
|
–
|
Land
|
Exhibit B
|
–
|
Wire Instructions
|
Exhibit C
|
–
|
Form of Owner’s Affidavit
|
Exhibit D-1
|
–
|
Form of Deed
|
Exhibit D-2
|
–
|
Form of General Assignment
|
Exhibit E
|
–
|
Reserved
|
Exhibit F
|
–
|
Form of FIRPTA Certificate
|
Exhibit G
|
–
|
Reserved
|
Exhibit H
|
–
|
Reserved
|
Exhibit I
|
– |
Form of Lease
|
Exhibit J
|
–
|
Form of Stipulation
|
Exhibit K
|
–
|
Form of Purchaser’s Representation Certificate
|
Exhibit L
|
–
|
Form of Declaration of Restrictions
|
Schedule 5.1.3
|
–
|
Permitted Exceptions
|
Schedule 6.1.3
|
–
|
Existing Contracts
|
Schedule 9.2
|
–
|
Description of Insurance Policies
|
SELLER:
|
|||
THE DIME SAVINGS BANK OF WILLIAMSBURGH
|
|||
By:
|
/s/ Michael Pucella
|
||
Name: Michael Pucella
|
|||
Title: EVP & CAO
|
PURCHASER:
|
|||
HAVEMEYER OWNER BB LLC | |||
By:
|
/s/ Nicholas Silvers
|
||
Name:
|
Nicholas Silvers
|
||
Title:
|
Authorized Signatory
|
||
PURCHASER'S AFFILIATE | |||
(for the purposes of section 9.8 hereof): | |||
HAVEMEYER OWNER BB LLC | |||
By:
|
/s/ Nicholas Silvers
|
||
Name: |
Nicholas Silvers
|
||
Title:
|
Authorized Signatory
|
ESCROW AGENT:
|
||
STEWART TITLE INSURANCE COMPANY
|
||
By:
|
/s/ Deborah M. Voytovich
|
|
Name:
|
Deborah M. Voytovich
|
|
Title:
|
V.P. & Underwriting Counsel
|
For the year ended December 31,
|
||||||||||||||||||||
2016
|
2015
|
2014
|
2013
|
2012
|
||||||||||||||||
Ratio of Earnings to Fixed Charges (Including Deposits)
|
||||||||||||||||||||
Earnings:
|
||||||||||||||||||||
Income before income taxes
|
$
|
133,471
|
$
|
76,018
|
$
|
74,370
|
$
|
72,889
|
$
|
67,198
|
||||||||||
Add: Fixed charges, net
|
53,732
|
47,454
|
49,503
|
48,128
|
87,121
|
|||||||||||||||
Income before income taxes and fixed charges, net
|
187,203
|
123,472
|
123,873
|
121,017
|
154,319
|
|||||||||||||||
Fixed charges
|
||||||||||||||||||||
Interest expense
|
$
|
52,141
|
$
|
46,226
|
$
|
48,416
|
$
|
46,969
|
$
|
86,112
|
||||||||||
One-third of rental expense
|
1,591
|
1,228
|
1,087
|
1,159
|
1,009
|
|||||||||||||||
Interest on unrecognized tax benefits
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total fixed charges
|
$
|
53,732
|
$
|
47,454
|
$
|
49,503
|
$
|
48,128
|
$
|
87,121
|
||||||||||
Ratio of Earnings to Fixed Charges
|
3.48
|
x
|
2.60
|
x
|
2.50
|
x
|
2.51
|
x
|
1.77
|
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: March 15, 2017
|
|
/s/ KENNETH J. MAHON
|
|
Kenneth J. Mahon
|
|
President and Chief Executive Officer
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c) |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d) |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonable likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: March 15, 2017
|
||
/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.
|
March 15, 2017
|
||
Date
|
||
By:
|
/s/ KENNETH J. MAHON
|
|
Kenneth J. Mahon
|
||
President and Chief Executive Officer
|
(1) |
The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
|
(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
March 15, 2017
|
||
Date
|
||
By:
|
/s/ MICHAEL PUCELLA
|
|
Michael Pucella
|
||
Executive Vice President and Chief Accounting Officer (Principal Financial Officer)
|