Delaware
(State or other jurisdiction of incorporation or organization)
|
11-3297463
(I.R.S. employer identification number)
|
|
300 Cadman Plaza West, 8
th
Floor, Brooklyn, NY
(
Address of principal executive offices)
|
11201
(Zip Code)
|
YES
☒
|
NO
☐
|
YES
☒
|
NO
☐
|
LARGE ACCELERATED FILER ☐
|
ACCELERATED FILER ☒
|
NON -ACCELERATED FILER ☐
|
(Do not check if a smaller reporting company)
|
SMALLER REPORTING COMPANY ☐
|
|
EMERGING GROWTH COMPANY ☐
|
YES
☐
|
NO
☒
|
Classes of Common Stock
|
Number of Shares Outstanding at May 9, 2017
|
$.01 Par Value
|
37,633,646
|
Page
|
||
Item 1.
|
||
3
|
||
4
|
||
4
|
||
5
|
||
6
|
||
7-26
|
||
Item 2.
|
26-36
|
|
Item 3.
|
36-38
|
|
Item 4.
|
38
|
|
PART II - OTHER INFORMATION
|
||
Item 1.
|
38
|
|
Item 1A.
|
38
|
|
Item 2.
|
38
|
|
Item 3.
|
38
|
|
Item 5.
|
39
|
|
Item 6.
|
39-40
|
|
41
|
· |
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 (the "Bank");
|
· |
changes in accounting principles, policies or guidelines may cause the Company’s financial condition to be perceived differently;
|
· |
changes in corporate and/or individual income tax laws may adversely affect the Company's business or financial condition;
|
· |
general economic conditions, either nationally or locally in some or all areas in which the Company conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Company currently anticipates;
|
· |
legislation or regulatory changes may adversely affect the Company’s business;
|
· |
technological changes may be more difficult or expensive than the Company anticipates;
|
· |
success or consummation of new business initiatives may be more difficult or expensive than the Company anticipates;
|
· |
litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Company anticipates; and
|
· |
The risks referred to in the section entitled "Risk Factors."
|
March 31,
2017
|
December 31,
2016
|
|||||||
ASSETS:
|
||||||||
Cash and due from banks
|
$
|
87,834
|
$
|
113,503
|
||||
Investment securities held-to-maturity (estimated fair value of $8,048 and $7,296 at March 31, 2017 and December 31, 2016, respectively) (Fully unencumbered)
|
5,332
|
5,378
|
||||||
Investment securities available-for-sale, at fair value (Fully unencumbered)
|
4,001
|
3,895
|
||||||
Mortgage-backed securities (“MBS”) available-for-sale, at fair value (Fully unencumbered)
|
3,520
|
3,558
|
||||||
Trading securities
|
7,153
|
6,953
|
||||||
Loans:
|
||||||||
Real estate, net
|
5,720,987
|
5,633,007
|
||||||
Commercial and industrial (“C&I”) loans
|
30,189
|
2,058
|
||||||
Other loans
|
973
|
1,357
|
||||||
Less allowance for loan losses
|
(20,954
|
)
|
(20,536
|
)
|
||||
Total loans, net
|
5,731,195
|
5,615,886
|
||||||
Premises and fixed assets, net
|
21,620
|
18,405
|
||||||
Premises held for sale
|
1,379
|
1,379
|
||||||
Federal Home Loan Bank of New York ("FHLBNY") capital stock
|
41,411
|
44,444
|
||||||
Bank Owned Life Insurance (“BOLI”)
|
86,873
|
86,328
|
||||||
Goodwill
|
55,638
|
55,638
|
||||||
Other assets
|
49,414
|
50,063
|
||||||
Total Assets
|
$
|
6,095,370
|
$
|
6,005,430
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Liabilities:
|
||||||||
Due to depositors:
|
||||||||
Interest bearing deposits
|
$
|
4,217,696
|
$
|
4,097,992
|
||||
Non-interest bearing deposits
|
290,786
|
297,434
|
||||||
Total deposits
|
4,508,482
|
4,395,426
|
||||||
Escrow and other deposits
|
135,817
|
103,001
|
||||||
FHLBNY advances
|
763,725
|
831,125
|
||||||
Trust Preferred securities payable
|
70,680
|
70,680
|
||||||
Other liabilities
|
43,441
|
39,330
|
||||||
Total Liabilities
|
5,522,145
|
5,439,562
|
||||||
Stockholders' Equity:
|
||||||||
Preferred stock ($0.01 par, 9,000,000 shares authorized, none issued or outstanding at March 31, 2017 and December 31, 2016)
|
-
|
-
|
||||||
Common stock ($0.01 par, 125,000,000 shares authorized,
53,614,807 shares and 53,572,745 shares
issued at March 31, 2017 and December 31, 2016, respectively, and 37,569,348 shares and 37,455,853 shares outstanding at March 31, 2017 and December 31, 2016, respectively)
|
536
|
536
|
||||||
Additional paid-in capital
|
279,553
|
278,356
|
||||||
Retained earnings
|
509,453
|
503,539
|
||||||
Accumulated other comprehensive loss, net of deferred taxes
|
(5,514
|
)
|
(5,939
|
)
|
||||
Unearned stock award common stock
|
(3,012
|
)
|
(1,932
|
)
|
||||
Holding Company Common stock held by Benefit Maintenance Plan ("BMP")
|
(6,859
|
)
|
(6,859
|
)
|
||||
Treasury stock, at cost (16,045,459 shares and 16,116,892 shares at
March 31, 2017
and December 31, 2016, respectively)
|
(200,932
|
)
|
(201,833
|
)
|
||||
Total Stockholders' Equity
|
573,225
|
565,868
|
||||||
Total Liabilities And Stockholders' Equity
|
$
|
6,095,370
|
$
|
6,005,430
|
Three Months Ended
March 31,
|
||||||||
2017
|
2016
|
|||||||
Interest income:
|
||||||||
Loans secured by real estate
|
$
|
50,475
|
$
|
45,651
|
||||
C&I
|
41
|
4
|
||||||
Other loans
|
18
|
20
|
||||||
MBS
|
14
|
2
|
||||||
Investment securities
|
190
|
173
|
||||||
Other short-term investments
|
717
|
661
|
||||||
Total interest income
|
51,455
|
46,511
|
||||||
Interest expense:
|
||||||||
Deposits and escrow
|
9,507
|
6,794
|
||||||
Borrowed funds
|
4,461
|
5,086
|
||||||
Total interest expense
|
13,968
|
11,880
|
||||||
Net interest income
|
37,487
|
34,631
|
||||||
Provision (credit) for loan losses
|
450
|
(21
|
)
|
|||||
Net interest income after provision (credit) for loan losses
|
37,037
|
34,652
|
||||||
Non-interest income:
|
||||||||
Service charges and other fees
|
794
|
685
|
||||||
Net mortgage banking income
|
16
|
28
|
||||||
Net gain on securities and other assets
|
75
|
46
|
||||||
Net gain on the sale of premises held for sale
|
-
|
68,187
|
||||||
Income from BOLI
|
545
|
560
|
||||||
Other
|
348
|
235
|
||||||
Total non-interest income
|
1,778
|
69,741
|
||||||
Non-interest expense:
|
||||||||
Salaries and employee benefits
|
10,320
|
9,708
|
||||||
Occupancy and equipment
|
3,628
|
2,627
|
||||||
Data processing costs
|
1,607
|
1,195
|
||||||
Marketing
|
1,466
|
1,178
|
||||||
Federal deposit insurance premiums
|
655
|
739
|
||||||
Other
|
3,093
|
2,422
|
||||||
Total non-interest expense
|
20,769
|
17,869
|
||||||
Income before income taxes
|
18,046
|
86,524
|
||||||
Income tax expense
|
6,889
|
36,487
|
||||||
Net income
|
$
|
11,157
|
$
|
50,037
|
||||
Earnings per Share:
|
||||||||
Basic
|
$
|
0.30
|
$
|
1.37
|
||||
Diluted
|
$
|
0.30
|
$
|
1.36
|
Three Months Ended March 31,
|
||||||||
2017
|
2016
|
|||||||
Net Income
|
$
|
11,157
|
$
|
50,037
|
||||
Other comprehensive income:
|
||||||||
Change in unrealized holding loss on securities held-to-maturity and transferred securities
|
34
|
19
|
||||||
Change in unrealized holding loss on securities available-for-sale
|
120
|
15
|
||||||
Change in pension and other postretirement obligations
|
302
|
425
|
||||||
Change in unrealized gain on derivative asset
|
315
|
-
|
||||||
Other comprehensive gain before income taxes
|
771
|
459
|
||||||
Deferred tax expense
|
346
|
207
|
||||||
Other comprehensive income, net of tax
|
425
|
252
|
||||||
Total comprehensive income
|
$
|
11,582
|
$
|
50,289
|
Three Months ended March 31, 2017
|
||||||||||||||||||||||||||||||||||||||||
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
Stock
Award
Common
Stock
|
Common
Stock
Held by
BMP
|
Treasury
Stock, at
cost
|
Total
Stockholders’
Equity
|
|||||||||||||||||||||||||||||||
Beginning balance as of January 1, 2017
|
37,455,853
|
$
|
536
|
$
|
278,356
|
$
|
503,539
|
$
|
(5,939
|
)
|
$
|
-
|
$
|
(1,932
|
)
|
$
|
(6,859
|
)
|
$
|
(201,833
|
)
|
$
|
565,868
|
|||||||||||||||||
Net Income
|
-
|
-
|
-
|
11,157
|
-
|
-
|
-
|
-
|
-
|
11,157
|
||||||||||||||||||||||||||||||
Other comprehensive income, net of tax
|
-
|
-
|
-
|
-
|
425
|
-
|
-
|
-
|
-
|
425
|
||||||||||||||||||||||||||||||
Exercise of stock options
|
42,062
|
-
|
624
|
-
|
-
|
-
|
-
|
-
|
-
|
624
|
||||||||||||||||||||||||||||||
Release of shares, net of forfeitures
|
71,433
|
-
|
573
|
-
|
-
|
-
|
(1,474
|
)
|
-
|
901
|
-
|
|||||||||||||||||||||||||||||
Stock-based compensation
|
-
|
-
|
-
|
-
|
-
|
-
|
394
|
-
|
-
|
394
|
||||||||||||||||||||||||||||||
Cash dividends declared and paid
|
-
|
-
|
-
|
(5,243
|
)
|
-
|
-
|
-
|
-
|
-
|
(5,243
|
)
|
||||||||||||||||||||||||||||
Ending balance as of March 31, 2017
|
37,569,348
|
$
|
536
|
$
|
279,553
|
$
|
509,453
|
$
|
(5,514
|
)
|
$
|
-
|
$
|
(3,012
|
)
|
$
|
(6,859
|
)
|
$
|
(200,932
|
)
|
$
|
573,225
|
Three Months ended March 31, 2016
|
||||||||||||||||||||||||||||||||||||||||
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
Stock
Award
Common
Stock
|
Common
Stock
Held by
BMP
|
Treasury
Stock, at
cost
|
Total
Stockholders’
Equity
|
|||||||||||||||||||||||||||||||
Beginning balance as of January 1, 2016
|
37,371,992
|
$
|
533
|
$
|
262,798
|
$
|
451,606
|
$
|
(8,801
|
)
|
$
|
(2,313
|
)
|
$
|
(2,271
|
)
|
$
|
(9,354
|
)
|
$
|
(198,251
|
)
|
$
|
493,947
|
||||||||||||||||
Net Income
|
-
|
-
|
-
|
50,037
|
-
|
-
|
-
|
-
|
-
|
50,037
|
||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax
|
-
|
-
|
-
|
-
|
252
|
-
|
-
|
-
|
-
|
252
|
||||||||||||||||||||||||||||||
Release of shares, net of forfeitures
|
27,158
|
-
|
135
|
-
|
-
|
-
|
(446
|
)
|
1
|
338
|
28
|
|||||||||||||||||||||||||||||
Stock-based compensation
|
-
|
-
|
273
|
-
|
-
|
57
|
438
|
-
|
-
|
768
|
||||||||||||||||||||||||||||||
Cash dividends declared and paid
|
-
|
-
|
-
|
(5,125
|
)
|
-
|
-
|
-
|
-
|
-
|
(5,125
|
)
|
||||||||||||||||||||||||||||
Ending balance as of March 31, 2016
|
37,399,150
|
$
|
533
|
$
|
263,206
|
$
|
496,518
|
$
|
(8,549
|
)
|
$
|
(2,256
|
)
|
$
|
(2,279
|
)
|
$
|
(9,353
|
)
|
$
|
(197,913
|
)
|
$
|
539,907
|
Three Months Ended March 31,
|
||||||||
2017
|
2016
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net Income
|
$
|
11,157
|
$
|
50,037
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Net gain recognized on trading securities
|
(75
|
)
|
(6
|
)
|
||||
Net gain on the sale of other real estate owned (“OREO”)
|
-
|
(40
|
)
|
|||||
Net gain on sale of premises held for sale
|
-
|
(68,187
|
)
|
|||||
Net depreciation, amortization and accretion
|
879
|
536
|
||||||
Stock plan compensation [excluding Employee Stock Ownership Plan (“ESOP”)]
|
394
|
438
|
||||||
ESOP compensation expense
|
-
|
357
|
||||||
Provision (Credit) for loan losses
|
450
|
(21
|
)
|
|||||
Increase in cash surrender value of BOLI
|
(545
|
)
|
(560
|
)
|
||||
Deferred income tax provision
|
688
|
456
|
||||||
Reduction in credit related other than temporary impairment (“OTTI”) amortized through interest income
|
(26
|
)
|
-
|
|||||
Changes in assets and liabilities:
|
||||||||
(Increase) Decrease in other assets
|
(69
|
)
|
317
|
|||||
Increase in other liabilities
|
4,413
|
23,921
|
||||||
Net cash provided by Operating activities
|
17,266
|
7,248
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchases of investment securities available-for-sale
|
(16
|
)
|
(17
|
)
|
||||
Proceeds from sales of investment securities available-for-sale
|
35
|
-
|
||||||
Acquisition of trading securities
|
(125
|
)
|
(161
|
)
|
||||
Proceeds from calls and principal repayments of MBS available-for-sale
|
13
|
14
|
||||||
Purchases of loans
|
-
|
(152,637
|
)
|
|||||
Loans originated, net of repayments
|
(115,759
|
)
|
(207,214
|
)
|
||||
Proceeds from sale of OREO
|
-
|
170
|
||||||
Net proceeds from the sale of premises held for sale
|
-
|
75,899
|
||||||
Net disposals (purchases) of fixed assets
|
(3,969
|
)
|
523
|
|||||
Redemption (purchases) of FHLBNY capital stock
|
3,033
|
(4,968
|
)
|
|||||
Net cash used in Investing Activities
|
(116,788
|
)
|
(288,391
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Increase in due to depositors
|
113,056
|
255,446
|
||||||
Increase in escrow and other deposits
|
32,816
|
49,185
|
||||||
Repayments of FHLBNY advances
|
(404,500
|
)
|
(1,367,500
|
)
|
||||
Proceeds from FHLBNY advances
|
337,100
|
1,477,900
|
||||||
Proceeds from exercise of stock options
|
624
|
-
|
||||||
Cash dividends paid to stockholders
|
(5,243
|
)
|
(5,125
|
)
|
||||
Net cash provided by Financing Activities
|
73,853
|
409,906
|
||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(25,669
|
)
|
128,763
|
|||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
113,503
|
64,154
|
||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
87,834
|
$
|
192,917
|
||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||
Cash paid for income taxes
|
$
|
1,662
|
$
|
9,050
|
||||
Cash paid for interest
|
12,695
|
11,861
|
||||||
Transfer of premises to held for sale
|
-
|
1,379
|
||||||
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity
|
25
|
11
|
||||||
Net decrease in non-credit component of OTTI
|
8
|
8
|
1. |
NATURE OF OPERATIONS
|
2. |
SUMMARY OF ACCOUNTING POLICIES
|
3. |
RECENT ACCOUNTING PRONOUNCEMENTS
|
4. |
OTHER COMPREHENSIVE INCOME (LOSS)
|
Securities Held-
to-Maturity and
Transferred
Securities
|
Securities
Available-for-
Sale
|
Defined Benefit
Plans
|
Derivative
Asset
|
Total
Accumulated
Other
Comprehensive
Gain (Loss)
|
||||||||||||||||
Balance as of January 1, 2017
|
$
|
(713
|
)
|
$
|
(92
|
)
|
$
|
(6,910
|
)
|
$
|
1,776
|
$
|
(5,939
|
)
|
||||||
Other comprehensive income before reclassifications
|
18
|
65
|
-
|
124
|
207
|
|||||||||||||||
Amounts reclassified from accumulated other comprehensive loss
|
-
|
-
|
171
|
47
|
218
|
|||||||||||||||
Net other comprehensive income during the period
|
18
|
65
|
171
|
171
|
425
|
|||||||||||||||
Balance as of March 31, 2017
|
$
|
(695
|
)
|
$
|
(27
|
)
|
$
|
(6,739
|
)
|
$
|
1,947
|
$
|
(5,514
|
)
|
||||||
Balance as of January 1, 2016
|
$
|
(760
|
)
|
$
|
(122
|
)
|
$
|
(7,919
|
)
|
$
|
-
|
$
|
(8,801
|
)
|
||||||
Other comprehensive income before reclassifications
|
10
|
8
|
- |
-
|
18
|
|||||||||||||||
Amounts reclassified from accumulated other comprehensive loss
|
-
|
-
|
234
|
-
|
234
|
|||||||||||||||
Net other comprehensive income during the period
|
10
|
8
|
234
|
-
|
252
|
|||||||||||||||
Balance as of March 31, 2016
|
$
|
(750
|
)
|
$
|
(114
|
)
|
$
|
(7,685
|
)
|
$
|
-
|
$
|
(8,549
|
)
|
Three Months Ended
March 31,
|
||||||||
2017
|
2016
|
|||||||
Change in unrealized holding loss on securities held-to-maturity and transferred securities:
|
||||||||
Accretion of previously recognized non-credit component of OTTI
|
$
|
9
|
$
|
8
|
||||
Change in unrealized loss on securities transferred to held-to-maturity
|
25
|
11
|
||||||
Net change
|
34
|
19
|
||||||
Tax expense
|
16
|
9
|
||||||
Net change in unrealized holding loss on securities held-to-maturity and transferred securities
|
18
|
10
|
||||||
Change in unrealized holding gain on securities available-for-sale:
|
||||||||
Change in net unrealized gain during the period
|
120
|
15
|
||||||
Tax expense
|
55
|
7
|
||||||
Net change in unrealized holding gain on securities available-for-sale
|
65
|
8
|
||||||
Change in pension and other postretirement obligations:
|
||||||||
Reclassification adjustment for expense included in salaries and employee benefits expense
|
302
|
425
|
||||||
Tax expense
|
131
|
191
|
||||||
Net change in pension and other postretirement obligations
|
171
|
234
|
||||||
Change in unrealized loss on derivative liability:
|
||||||||
Change in net unrealized loss during the period
|
228
|
-
|
||||||
Reclassification adjustment for expense included in interest expense
|
87
|
-
|
||||||
Net change
|
315
|
-
|
||||||
Tax expense
|
144
|
-
|
||||||
Net change in unrealized loss on derivative liability
|
171
|
-
|
||||||
Other comprehensive income
|
$
|
425
|
$
|
252
|
5. |
EARNINGS PER SHARE ("EPS")
|
Three Months Ended
March 31,
|
||||||||
2017
|
2016
|
|||||||
Net income per the Consolidated Statements of Income
|
$
|
11,157
|
$
|
50,037
|
||||
Less: Dividends paid and earnings allocated to participating securities
|
(25
|
)
|
(31
|
)
|
||||
Income attributable to common stock
|
$
|
11,132
|
$
|
50,006
|
||||
Weighted average common shares outstanding, including participating securities
|
37,603,628
|
36,813,347
|
||||||
Less: weighted average participating securities
|
(150,423
|
)
|
(223,605
|
)
|
||||
Weighted average common shares outstanding
|
37,453,205
|
36,589,742
|
||||||
Basic EPS
|
$
|
0.30
|
$
|
1.37
|
||||
Income attributable to common stock
|
$
|
11,132
|
$
|
50,006
|
||||
Weighted average common shares outstanding
|
37,453,205
|
36,589,742
|
||||||
Weighted average common equivalent shares outstanding
|
96,371
|
73,209
|
||||||
Weighted average common and equivalent shares outstanding
|
37,549,576
|
36,662,951
|
||||||
Diluted EPS
|
$
|
0.30
|
$
|
1.36
|
6. |
ACCOUNTING FOR STOCK BASED COMPENSATION
|
Number of
Options
|
Weighted-Average
Exercise Price
|
Weighted-Average
Remaining
Contractual Years
|
Aggregate
Intrinsic Value
|
|||||||||||||
Options outstanding at January 1, 2017
|
209,254
|
$
|
15.48
|
|||||||||||||
Options granted
|
-
|
-
|
||||||||||||||
Options exercised
|
(42,062
|
)
|
14.87
|
|||||||||||||
Options outstanding at March 31, 2017
|
167,192
|
$
|
15.64
|
2.3
|
$
|
779
|
||||||||||
Options vested and exercisable at March 31, 2017
|
167,192
|
$
|
15.64
|
2.3
|
$
|
779
|
At or for the Three Months
Ended March 31,
|
||||||||
2017
|
2016
|
|||||||
Cash received for option exercise cost
|
$
|
624
|
$
|
-
|
||||
Income tax benefit recognized on stock option exercises
(1)
|
69
|
-
|
||||||
Intrinsic value of options exercised
|
275
|
-
|
(1) |
Effective January 1, 2017, income tax benefits were recognized as discrete items in income tax expense in accordance to ASU 2016-09. Prior to January, 1, 2017, income tax benefits were recognized through additional paid in capital.
|
Number of Shares
|
Weighted-Average
Grant-Date Fair
Value
|
|||||||
Unvested allocated shares outstanding at January 1, 2017
|
152,409
|
$
|
16.56
|
|||||
Shares granted
|
17,316
|
20.50
|
||||||
Shares vested
|
(1,840
|
)
|
18.11
|
|||||
Shares forfeited
|
(13,591
|
)
|
16.84
|
|||||
Unvested allocated shares at March 31, 2017
|
154,294
|
$
|
16.96
|
At or for the Three Months
Ended March 31,
|
||||||||
2017
|
2016
|
|||||||
Compensation expense recognized
|
$
|
297
|
$
|
438
|
||||
Income tax benefit recognized on vesting of restricted stock awards
(1)
|
2
|
-
|
(1) |
Effective January 1, 2017, income tax benefits were recognized as discrete items in income tax expense in accordance to ASU 2016-09. Prior to January, 1, 2017, income tax benefits were recognized through additional paid in capital.
|
Number of
Shares
|
Weighted-
Average Grant-
Date Fair Value
|
|||||||
Maximum aggregate share payout at January 1, 2017
|
24,730
|
$
|
17.35
|
|||||
Shares granted
|
71,976
|
19.75
|
||||||
Shares forfeited
|
(4,268
|
)
|
17.35
|
|||||
Maximum aggregate share payout at March 31, 2017
|
92,438
|
$
|
19.22
|
|||||
Minimum aggregate share payout
|
-
|
-
|
||||||
Likely aggregate share payout
|
79,657
|
$
|
19.52
|
7. |
LOANS RECEIVABLE AND CREDIT QUALITY
|
Balance at March 31, 2017
|
||||||||||||||||||||
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
Real Estate:
|
||||||||||||||||||||
One- to four-family residential, including condominium and cooperative apartment
|
$
|
73,777
|
$
|
210
|
$
|
1,144
|
$
|
-
|
$
|
75,131
|
||||||||||
Multifamily residential and residential mixed use
|
4,685,627
|
3,460
|
7,111
|
-
|
4,696,198
|
|||||||||||||||
Commercial mixed use real estate
|
393,101
|
532
|
5,386
|
-
|
399,019
|
|||||||||||||||
Commercial real estate
|
543,613
|
522
|
6,504
|
-
|
550,639
|
|||||||||||||||
Total real estate
|
5,696,118
|
4,724
|
20,145
|
-
|
5,720,987
|
|||||||||||||||
C&I
|
30,189
|
-
|
-
|
-
|
30,189
|
|||||||||||||||
Total
|
$
|
5,726,307
|
$
|
4,724
|
$
|
20,145
|
$
|
-
|
$
|
5,751,176
|
Balance at December 31, 2016
|
||||||||||||||||||||
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
Real Estate:
|
||||||||||||||||||||
One- to four-family residential, including condominium and cooperative apartment
|
$
|
72,325
|
$
|
212
|
$
|
1,485
|
$
|
-
|
$
|
74,022
|
||||||||||
Multifamily residential and residential mixed use
|
4,589,838
|
3,488
|
7,200
|
-
|
4,600,526
|
|||||||||||||||
Commercial mixed use real estate
|
398,139
|
535
|
5,465
|
-
|
404,139
|
|||||||||||||||
Commercial real estate
|
546,568
|
525
|
7,227
|
-
|
554,320
|
|||||||||||||||
Total Real Estate
|
$
|
5,606,870
|
$
|
4,760
|
$
|
21,377
|
$
|
-
|
$
|
5,633,007
|
Grade
|
Balance at
March 31,
2017
|
Balance at
December 31,
2016
(1)
|
||||||
Performing
|
$
|
968
|
$
|
3,414
|
||||
Non-accrual
|
5
|
1
|
||||||
Total
|
$
|
973
|
$
|
3,415
|
(1) |
Included in the balance of consumer loans at December 31, 2016 are $2,058 of C&I loans. As of March 31, 2017, C&I loans were evaluated based on risk ratings and included in the preceding credit risk profile table.
|
At March 31, 2017
|
||||||||||||||||||||||||||||
30 to 59 Days
Past Due
|
60 to 89 Days
Past Due
|
Loans 90
Days or More
Past Due and
Still Accruing
Interest
|
Non-accrual
(1)
|
Total Past
Due
|
Current
|
Total Loans
|
||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||||||
One- to four-family residential, including condominium and cooperative apartment
|
$
|
173
|
$
|
-
|
$
|
-
|
$
|
678
|
$
|
851
|
$
|
74,280
|
$
|
75,131
|
||||||||||||||
Multifamily residential and residential mixed use
|
-
|
-
|
105
|
2,623
|
2,728
|
4,693,470
|
4,696,198
|
|||||||||||||||||||||
Commercial mixed use real estate
|
-
|
-
|
614
|
495
|
1,109
|
397,910
|
399,019
|
|||||||||||||||||||||
Commercial real estate
|
-
|
-
|
-
|
-
|
-
|
550,639
|
550,639
|
|||||||||||||||||||||
Total real estate
|
$
|
173
|
$
|
-
|
$
|
719
|
$
|
3,796
|
$
|
4,688
|
$
|
5,716,299
|
$
|
5,720,987
|
||||||||||||||
C&I |
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
30,189
|
$
|
30,189
|
||||||||||||||
Consumer
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
5
|
$
|
5
|
$
|
968
|
$
|
973
|
At December 31, 2016
|
||||||||||||||||||||||||||||
30 to 59
Days Past Due
|
60 to 89 Days
Past Due
|
Loans 90
Days or More
Past Due and
Still Accruing
Interest
|
Non-accrual
(1)
|
Total Past
Due
|
Current
|
Total Loans
|
||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||||||
One- to four-family residential, including condominium and cooperative apartment
|
$
|
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
|
4,600526
|
|||||||||||||||||||||
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
|
||||||||||||||
C&I |
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
2,058
|
$
|
2,058
|
||||||||||||||
Consumer
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
1
|
$
|
1
|
$
|
1,356
|
$
|
1,357
|
As of March 31, 2017
|
As of December 31, 2016
|
|||||||||||||||
No. of Loans
|
Balance
|
No. of Loans
|
Balance
|
|||||||||||||
One- to four-family residential, including condominium and cooperative apartment
|
2
|
$
|
402
|
2
|
$
|
407
|
||||||||||
Multifamily residential and residential mixed use
|
3
|
649
|
3
|
658
|
||||||||||||
Commercial mixed use real estate
|
1
|
4,240
|
1
|
4,261
|
||||||||||||
Commercial real estate
|
1
|
3,347
|
1
|
3,363
|
||||||||||||
Total real estate
|
7
|
$
|
8,638
|
7
|
$
|
8,689
|
8. |
ALLOWANCE FOR LOAN LOSSES
|
(i) |
Charge-off experience (including peer charge-off experience)
|
(ii) |
Economic conditions
|
(iii) |
Underwriting standards or experience
|
(iv) |
Loan concentrations
|
(v) |
Regulatory climate
|
(vi) |
Nature and volume of the portfolio
|
(vii) |
Changes in the quality and scope of the loan review function
|
At or for the Three Months Ended March 31, 2017
|
||||||||||||||||||||||||||||
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
|
C&I
|
|||||||||||||||||||||||
Beginning balance
|
$
|
145
|
$
|
16,555
|
$
|
1,698
|
$
|
2,118
|
$
|
20,516
|
$
|
-
|
$
|
20
|
||||||||||||||
Provision (credit) for loan losses
|
(4
|
)
|
134
|
(109
|
)
|
(23
|
)
|
(2
|
)
|
453
|
(1
|
)
|
||||||||||||||||
Charge-offs
|
(13
|
)
|
(69
|
)
|
-
|
-
|
(82
|
)
|
-
|
-
|
||||||||||||||||||
Recoveries
|
1
|
45
|
-
|
4
|
50
|
-
|
-
|
|||||||||||||||||||||
Ending balance
|
$
|
129
|
$
|
16,665
|
$
|
1,589
|
$
|
2,099
|
$
|
20,482
|
$
|
453
|
$
|
19
|
At or for the Three Months Ended March 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
|
||||||||||||||||||||
Beginning balance
|
$
|
263
|
$
|
14,118
|
$
|
1,652
|
$
|
2,461
|
$
|
18,494
|
$
|
20
|
||||||||||||
Provision (credit) for loan losses
|
(142
|
)
|
324
|
(99
|
)
|
(103
|
)
|
(20
|
)
|
(1
|
)
|
|||||||||||||
Charge-offs
|
(23
|
)
|
(17
|
)
|
(1
|
)
|
-
|
(41
|
)
|
-
|
||||||||||||||
Recoveries
|
1
|
37
|
-
|
23
|
61
|
-
|
||||||||||||||||||
Ending balance
|
$
|
99
|
$
|
14,462
|
$
|
1,552
|
$
|
2,381
|
$
|
18,494
|
$
|
19
|
At or for the Three Months Ended March 31, 2017
|
||||||||||||||||||||||||||||
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
|
C&I
|
|||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||
Collectively evaluated for impairment
|
129
|
16,665
|
1,589
|
2,099
|
20,482
|
453
|
19
|
|||||||||||||||||||||
Total ending allowance balance
|
$
|
129
|
$
|
16,665
|
$
|
1,589
|
$
|
2,099
|
$
|
20,482
|
$
|
453
|
$
|
19
|
||||||||||||||
Loans:
|
||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
402
|
$
|
3,272
|
$
|
4,735
|
$
|
3,347
|
$
|
11,756
|
$
|
-
|
$
|
-
|
||||||||||||||
Collectively evaluated for impairment
|
74,729
|
4,692,926
|
394,284
|
547,292
|
5,709,231
|
30,189
|
973
|
|||||||||||||||||||||
Total ending loans balance
|
$
|
75,131
|
$
|
4,696,198
|
$
|
399,019
|
$
|
550,639
|
$
|
5,720,987
|
$
|
30,189
|
$
|
973
|
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
|
C&I
|
|||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||
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
|
2,058
|
1,357
|
|||||||||||||||||||||
Total ending loans balance
|
$
|
74,022
|
$
|
4,600,526
|
$
|
404,139
|
$
|
554,320
|
$
|
5,633,007
|
$
|
2,058
|
$
|
1,357
|
At March 31, 2017
|
At December 31, 2016
|
|||||||||||||||||||||||
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
|
$
|
402
|
$
|
402
|
$
|
-
|
$
|
407
|
$
|
407
|
$
|
-
|
||||||||||||
Multifamily Residential and Residential Mixed Use
|
3,272
|
3,272
|
-
|
3,333
|
3,333
|
-
|
||||||||||||||||||
Commercial Mixed Use Real Estate
|
4,735
|
4,735
|
-
|
4,810
|
4,810
|
-
|
||||||||||||||||||
Commercial Real Estate
|
3,347
|
3,347
|
-
|
3,363
|
3,363
|
-
|
||||||||||||||||||
Total with no related allowance recorded
|
$
|
11,756
|
$
|
11,756
|
$
|
-
|
$
|
11,913
|
$
|
11,913
|
$
|
-
|
(1) |
The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality.
|
Three Months Ended
March 31, 2017
|
Three Months Ended
March 31, 2016
|
|||||||||||||||
Average
Recorded
Investment
(1)
|
Interest
Income
Recognized
|
Average
Recorded
Investment
(1)
|
Interest
Income
Recognized
|
|||||||||||||
With no related allowance recorded:
|
||||||||||||||||
One- to Four Family Residential, Including Condominium and Cooperative Apartment
|
$
|
404
|
$
|
7
|
$
|
491
|
$
|
35
|
||||||||
Multifamily Residential and Residential Mixed Use
|
3,302
|
46
|
978
|
12
|
||||||||||||
Commercial Mixed Use Real Estate
|
4,773
|
45
|
4,361
|
44
|
||||||||||||
Commercial Real Estate
|
3,355
|
34
|
3,523
|
34
|
||||||||||||
Ending balance
|
$
|
11,834
|
$
|
132
|
$
|
9,353
|
$
|
125
|
(1) |
The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality.
|
9. |
INVESTMENT AND MORTGAGE-BACKED SECURITIES
|
At March 31, 2017
|
||||||||||||||||
Amortized
Cost
(1)
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
Investment securities held-to-maturity:
|
||||||||||||||||
Pooled bank trust preferred securities (“TRUP CDOs”)
|
$
|
5,332
|
$
|
2,873
|
$
|
(157
|
)
|
$
|
8,048
|
|||||||
Investment securities available-for-sale:
|
||||||||||||||||
Registered Mutual Funds
|
3,992
|
139
|
(130
|
)
|
4,001
|
|||||||||||
Pass-through MBS issued by GSEs
|
346
|
11
|
-
|
357
|
||||||||||||
Agency Collateralized Mortgage Obligation (“CMO”)
|
3,228
|
-
|
(65
|
)
|
3,163
|
|||||||||||
Total investment securities available-for-sale
|
7,566
|
150
|
(195
|
)
|
7,521
|
|||||||||||
Total investment securities
|
$
|
12,898
|
$
|
3,023
|
$
|
(352
|
)
|
$
|
15,569
|
At December 31, 2016
|
||||||||||||||||
Amortized
Cost
(1)
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
Investment securities held-to-maturity:
|
||||||||||||||||
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 GSEs
|
360
|
12
|
-
|
372
|
||||||||||||
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
|
March 31, 2017
|
||||||||||||||||||||||||
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
|
$
|
-
|
$
|
-
|
$
|
2,511
|
$
|
157
|
$
|
2,511
|
$
|
157
|
||||||||||||
Investment securities available-for-sale:
|
||||||||||||||||||||||||
Registered Mutual Funds
|
1,104
|
33
|
1,773
|
97
|
2,877
|
130
|
||||||||||||||||||
Agency CMO
|
3,163
|
65
|
-
|
-
|
3,163
|
65
|
||||||||||||||||||
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
|
· |
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
|
Three Months Ended March 31,
|
||||||||||||||||||||||||
2017
|
2016
|
|||||||||||||||||||||||
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
|
$
|
8,613
|
$
|
544
|
$
|
9,157
|
$
|
8,717
|
$
|
578
|
$
|
9,295
|
||||||||||||
Amortization of previously recognized OTTI
|
(26
|
)
|
(8
|
)
|
(34
|
)
|
(26
|
)
|
(8
|
)
|
(34
|
)
|
||||||||||||
Cumulative pre-tax balance at end of the period
|
$
|
8,587
|
$
|
536
|
$
|
9,123
|
$
|
8,691
|
$
|
570
|
$
|
9,261
|
10. |
DERIVATIVES AND HEDGING ACTIVITIES
|
At March 31, 2017
|
At December 31, 2016
|
|||||||||||||||||||||||||||||||
Count
|
Notional
Amount
|
Fair Value
Assets
|
Fair Value
Liabilities
|
Count
|
Notional
Amount
|
Fair Value
Assets
|
Fair Value
Liabilities
|
|||||||||||||||||||||||||
Included in other assets/(liabilities):
|
||||||||||||||||||||||||||||||||
Interest rate swaps related to FHLBNY advances
|
6
|
$
|
115,000
|
$
|
3,576
|
$
|
-
|
4
|
$
|
90,000
|
$
|
3,228
|
$
|
-
|
||||||||||||||||||
Weighted average pay rates
|
1.40
|
%
|
1.24
|
%
|
||||||||||||||||||||||||||||
Weighted average receive rates
|
1.09
|
%
|
0.95
|
%
|
||||||||||||||||||||||||||||
Weighted average maturity
|
5.03 years
|
5.32 years
|
At or for the Three Months
Ended March 31, 2017
|
||||||||||||
Amount of Gain or (Loss)
Recognized in Other
Comprehensive Income
(Effective Portion)
|
Amount of Gain or (Loss)
Reclassified from Other
Comprehensive Income into
Interest Expense
(Effective Portion)
|
Amount of Gain or (Loss)
Recognized in Other
Non-Interest Expense
(Ineffective Portion)
|
||||||||||
Interest Rate Products
|
$
|
3,500
|
$
|
(43
|
)
|
$
|
-
|
11. |
FAIR VALUE OF FINANCIAL INSTRUMENTS
|
Fair Value Measurements at
March 31, 2017 Using
|
||||||||||||||||
Total
|
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
|||||||||||||
Financial Assets
|
||||||||||||||||
Trading securities (Registered Mutual Funds):
|
||||||||||||||||
Domestic Equity Mutual Funds
|
$
|
955
|
$
|
955
|
$
|
-
|
$
|
-
|
||||||||
International Equity Mutual Funds
|
241
|
241
|
-
|
-
|
||||||||||||
Fixed Income Mutual Funds
|
5,957
|
5,957
|
-
|
-
|
||||||||||||
Investment securities available-for-sale:
|
||||||||||||||||
Registered Mutual Funds:
|
||||||||||||||||
Domestic Equity Mutual Funds
|
1,422
|
1,422
|
-
|
-
|
||||||||||||
International Equity Mutual Funds
|
407
|
407
|
-
|
-
|
||||||||||||
Fixed Income Mutual Funds
|
2,172
|
2,172
|
-
|
-
|
||||||||||||
Pass-through MBS issued by GSEs
|
357
|
-
|
357
|
-
|
||||||||||||
Agency CMOs
|
3,163
|
-
|
3,163
|
-
|
||||||||||||
Derivative – interest rate product
|
3,576
|
-
|
3,576
|
-
|
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 March 31, 2017 Using
|
||||||||||||||||||||
Carrying
Amount
|
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
Total
|
||||||||||||||||
Financial Assets
|
||||||||||||||||||||
Cash and due from banks
|
$
|
87,834
|
$
|
87,834
|
$
|
-
|
$
|
-
|
$
|
87,834
|
||||||||||
Investment securities held to maturity
(TRUP CDOs)
|
5,332
|
-
|
-
|
8,048
|
8,048
|
|||||||||||||||
Loans, net
|
5,731,195
|
-
|
-
|
5,717,743
|
5,717,743
|
|||||||||||||||
Accrued interest receivable
|
15,114
|
-
|
11
|
15,103
|
15,114
|
|||||||||||||||
FHLBNY capital stock
|
41,411
|
N/A
|
N/A
|
N/A
|
N/A
|
|||||||||||||||
Financial Liabilities
|
||||||||||||||||||||
Savings, money market and checking accounts
|
3,538,368
|
3,538,368
|
-
|
-
|
3,538,368
|
|||||||||||||||
Certificates of Deposits (“CDs”)
|
970,114
|
-
|
973,533
|
-
|
973,533
|
|||||||||||||||
Escrow and other deposits
|
135,817
|
135,817
|
-
|
-
|
135,817
|
|||||||||||||||
FHLBNY Advances
|
763,725
|
-
|
763,641
|
-
|
763,641
|
|||||||||||||||
Trust Preferred securities payable
|
70,680
|
-
|
70,327
|
-
|
70,327
|
|||||||||||||||
Accrued interest payable
|
2,097
|
-
|
2,097
|
-
|
2,097
|
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
|
12. |
RETIREMENT AND POSTRETIREMENT PLANS
|
Three Months Ended
March 31, 2017
|
Three Months Ended
March 31, 2016
|
|||||||||||||||
BMP,
Employee and
Outside Director
Retirement Plans
|
Postretirement
Plan
|
BMP,
Employee and
Outside Director
Retirement Plans
|
Postretirement
Plan
|
|||||||||||||
Service cost
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Interest cost
|
329
|
14
|
343
|
16
|
||||||||||||
Expected return on assets
|
(395
|
)
|
-
|
(383
|
)
|
-
|
||||||||||
Unrecognized past service liability
|
-
|
(2
|
)
|
-
|
(2
|
)
|
||||||||||
Amortization of unrealized loss (gain)
|
359
|
(1
|
)
|
428
|
(1
|
)
|
||||||||||
Net periodic cost
|
$
|
293
|
$
|
11
|
$
|
388
|
$
|
13
|
13. |
INCOME TAXES
|
14. |
PREMISES HELD FOR SALE
|
At or For the Three Months
Ended March 31,
|
||||||||
2017
|
2016
|
|||||||
Performance and Other Selected Ratios:
|
||||||||
Return on Average Assets
|
0.74
|
%
|
3.87
|
%
|
||||
Return on Average Stockholders' Equity
|
7.83
|
39.47
|
||||||
Stockholders' Equity to Total Assets
|
9.40
|
9.79
|
||||||
Loans to Deposits at End of Period
|
127.59
|
147.01
|
||||||
Loans to Earning Assets at End of Period
|
96.33
|
93.91
|
||||||
Net Interest Spread
|
2.40
|
2.63
|
||||||
Net Interest Margin
|
2.57
|
2.80
|
||||||
Average Interest Earning Assets to Average Interest Bearing Liabilities
|
116.36
|
116.59
|
||||||
Non-Interest Expense to Average Assets
|
1.38
|
1.38
|
||||||
Efficiency Ratio
|
53.00
|
49.45
|
||||||
Effective Tax Rate
|
38.17
|
42.17
|
||||||
Dividend Payout Ratio
|
46.67
|
10.29
|
||||||
Per Share Data:
|
||||||||
Reported EPS (Diluted)
|
$
|
0.30
|
$
|
1.36
|
||||
Cash Dividends Paid Per Share
|
0.14
|
0.14
|
||||||
Stated Book Value
|
15.26
|
14.44
|
||||||
Asset Quality Summary:
|
||||||||
Net charge-offs (recoveries)
|
$
|
32
|
$
|
(20
|
)
|
|||
Non-performing Loans
|
3,801
|
1,442
|
||||||
Non-performing Loans/Total Loans
|
0.07
|
%
|
0.03
|
%
|
||||
Non-performing Assets
|
$
|
5,080
|
$
|
2,705
|
||||
Non-performing Assets/Total Assets
|
0.08
|
%
|
0.05
|
%
|
||||
Allowance for Loan Loss/Total Loans
|
0.36
|
0.37
|
||||||
Allowance for Loan Loss/Non-performing Loans
|
551.28
|
1,283.84
|
||||||
Earnings to Fixed Charges Ratios
(1)
|
||||||||
Including Interest on Deposits
|
2.26
|
x
|
8.08
|
x
|
||||
Excluding Interest on Deposits
|
4.71
|
16.94
|
Actual Ratios at
March 31, 2017
|
Basel III
|
Well
Capitalized
Requirement
Under FDIC
Prompt
Corrective
Action
Framework
(3)
|
||||||||||||||||||||||
Bank
|
Consolidated
Company
|
Minimum
Requirement
|
Minimum
Requirement
Plus 1.25%
Buffer
(1)
|
Minimum
Requirement
Plus 2.5%
Buffer
(2)
|
||||||||||||||||||||
Common equity Tier 1 capital to risk weighted assets
|
11.25
|
%
|
11.08
|
%
|
4.5
|
%
|
5.75
|
%
|
7.0
|
%
|
6.5
|
%
|
||||||||||||
Tier 1 Capital to risk weighted assets
|
11.25
|
12.53
|
6.0
|
7.25
|
8.5
|
8.0
|
||||||||||||||||||
Total Capital to risk weighted assets
|
11.70
|
12.98
|
8.0
|
9
.25
|
10.5
|
10.0
|
||||||||||||||||||
Tier 1 Capital to average assets (Leverage ratio)
|
8.88
|
9.91
|
4.0
|
n/a
|
n/a
|
5.0
|
(1) |
The 1.25% buffer percentage represents the phased-in requirement as of March 31, 2017.
|
(2) |
The 2.5% buffer percentage represents the fully phased-in requirement as of January 1, 2019.
|
(3) |
Only the Bank is subject to these requirements.
|
Less than
One Year
|
One Year
to Three
Years
|
Over Three
Years to
Five Years
|
Over Five
Years
|
Total
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Credit Commitments:
|
||||||||||||||||||||
Available lines of credit
|
$
|
38,912
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
38,912
|
||||||||||
Other loan commitments
|
176,576
|
-
|
-
|
-
|
176,576
|
|||||||||||||||
Total Off-Balance Sheet Arrangements
|
$
|
215,488
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
215,488
|
March 31,
2017
|
December 31,
2016
|
|||||||
(Dollars in Thousands)
|
||||||||
Non-accrual loans
(1)
:
|
||||||||
One- to four-family residential, including condominium and cooperative apartment
|
$
|
678
|
$
|
1,012
|
||||
Multifamily residential and residential mixed use real estate
|
2,623
|
2,675
|
||||||
Commercial mixed use real estate
|
495
|
549
|
||||||
Consumer
|
5
|
1
|
||||||
Total non-accrual loans
|
3,801
|
4,237
|
||||||
Non-accrual one- to four-family and consumer loans deemed homogeneous loans
|
(683
|
)
|
(1,013
|
)
|
||||
TDRs:
|
||||||||
One- to four-family residential, including condominium and cooperative apartment
|
402
|
407
|
||||||
Multifamily residential and residential mixed use real estate
|
649
|
658
|
||||||
Commercial mixed use real estate
|
4,240
|
4,261
|
||||||
Commercial real estate
|
3,347
|
3,363
|
||||||
Total TDRs
|
8,638
|
8,689
|
||||||
Impaired loans
|
$
|
11,756
|
$
|
11,913
|
· |
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
|
March 31,
2017
|
December 31,
2016
|
|||||||
(Dollars in Thousands)
|
||||||||
Non-accrual loans
|
$
|
3,801
|
$
|
4,237
|
||||
Non-performing assets:
|
||||||||
Non-performing TRUP CDOs
|
1,279
|
1,270
|
||||||
Total non-performing assets
|
$
|
5,080
|
$
|
5,507
|
||||
Ratios:
|
||||||||
Total non-accrual loans to total loans
|
0.07
|
%
|
0.08
|
%
|
||||
Total non-performing assets to total assets
|
0.08
|
0.09
|
March 31,
2017
|
December 31,
2016
|
|||||||
(Dollars in Thousands)
|
||||||||
Impaired loans
|
$
|
-
|
$
|
-
|
||||
Pass graded loans:
|
||||||||
Real estate loans
|
20,482
|
20,516
|
||||||
C&I loans
|
453
|
-
|
||||||
Consumer loans
|
19
|
20
|
||||||
Total
|
$
|
20,954
|
$
|
20,536
|
Three Months Ended March 31,
|
||||||||||||||||||||||||
2017
|
2016
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Yield/
|
Average
Balance
|
Interest
|
Average
Yield/
|
|||||||||||||||||||
Assets:
|
(Dollars
In
Thousands)
|
|||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Real estate loans
|
$
|
5,687,557
|
$
|
50,475
|
3.55
|
%
|
$
|
4,817,095
|
$
|
45,651
|
3.79
|
%
|
||||||||||||
Other loans
(1)
|
3,541
|
59
|
6.66
|
1,421
|
24
|
6.76
|
||||||||||||||||||
MBS
|
3,489
|
14
|
1.61
|
414
|
2
|
1.93
|
||||||||||||||||||
Investment securities
|
16,841
|
190
|
4.51
|
20,217
|
173
|
3.42
|
||||||||||||||||||
Federal funds sold and other short-term investments
|
112,881
|
717
|
2.54
|
116,496
|
661
|
2.27
|
||||||||||||||||||
Total interest-earning assets
|
5,824,309
|
$
|
51,455
|
3.53
|
%
|
4,955,643
|
$
|
46,511
|
3.75
|
%
|
||||||||||||||
Non-interest earning assets
|
202,605
|
215,725
|
||||||||||||||||||||||
Total assets
|
$
|
6,026,914
|
$
|
5,171,368
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Liabilities and Stockholders' Equity:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
110,797
|
$
|
58
|
0.21
|
%
|
$
|
79,839
|
$
|
56
|
0.28
|
%
|
||||||||||||
Money Market accounts
|
2,693,219
|
5,780
|
0.87
|
1,689,903
|
3,379
|
0.80
|
||||||||||||||||||
Savings accounts
|
368,087
|
45
|
0.05
|
367,707
|
45
|
0.05
|
||||||||||||||||||
CDs
|
1,022,155
|
3,624
|
1.44
|
931,007
|
3,314
|
1.43
|
||||||||||||||||||
Borrowed Funds
|
811,288
|
4,461
|
2.23
|
1,182,114
|
5,086
|
1.73
|
||||||||||||||||||
Total interest-bearing liabilities
|
5,005,546
|
$
|
13,968
|
1.13
|
%
|
4,250,570
|
$
|
11,880
|
1.12
|
%
|
||||||||||||||
Non-interest bearing checking accounts
|
291,252
|
260,977
|
||||||||||||||||||||||
Other non-interest-bearing liabilities
|
160,393
|
152,670
|
||||||||||||||||||||||
Total liabilities
|
5,457,191
|
4,664,217
|
||||||||||||||||||||||
Stockholders' equity
|
569,723
|
507,151
|
||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
6,026,914
|
$
|
5,171,368
|
||||||||||||||||||||
Net interest income
|
$
|
37,487
|
$
|
34,631
|
||||||||||||||||||||
Net interest spread
|
2.40
|
%
|
2.63
|
%
|
||||||||||||||||||||
Net interest-earning assets
|
$
|
818,763
|
$
|
705,073
|
||||||||||||||||||||
Net interest margin
|
2.57
|
%
|
2.80
|
%
|
||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
116.36
|
%
|
116.59
|
%
|
(1) |
Total includes C&I loans.
|
Three Months Ended March 31, 2017
Compared to Three Months Ended March 31, 2016
Increase/ (Decrease) Due to:
|
||||||||||||
Volume
|
Rate
|
Total
|
||||||||||
(Dollars In thousands)
|
||||||||||||
Interest-earning assets:
|
||||||||||||
Real Estate Loans
|
$
|
7,982
|
$
|
(3,158
|
)
|
$
|
4,824
|
|||||
Other loans
|
35
|
-
|
35
|
|||||||||
MBS
|
14
|
(2
|
)
|
12
|
||||||||
Investment securities
|
(34
|
)
|
51
|
17
|
||||||||
Federal funds sold and other short-term investments
|
(22
|
)
|
78
|
56
|
||||||||
Total
|
$
|
7,975
|
$
|
(3,031
|
)
|
$
|
4,944
|
|||||
Interest-bearing liabilities:
|
||||||||||||
Interest bearing checking accounts
|
$
|
19
|
$
|
(17
|
)
|
$
|
2
|
|||||
Money market accounts
|
2,044
|
357
|
2,401
|
|||||||||
Savings accounts
|
-
|
-
|
-
|
|||||||||
CDs
|
304
|
6
|
310
|
|||||||||
Borrowed funds
|
(1,832
|
)
|
1,207
|
(625
|
)
|
|||||||
Total
|
$
|
535
|
$
|
1,553
|
$
|
2,088
|
||||||
Net change in net interest income
|
$
|
7,440
|
$
|
(4,584
|
)
|
$
|
2,856
|
· |
During the period January 1, 2009 through March 31, 2017, Federal Open Market Committee monetary policies resulted in the maintenance of the overnight federal funds rate in a range of 0.0% to 1.00%, helping deposit and borrowing costs remain at historically low levels.
|
· |
Increased marketplace competition and refinancing activity on real estate loans, particularly during the period January 1, 2012 through March 31, 2017, resulted in an ongoing reduction in the average yield on real estate loans.
|
At March 31, 2017
|
At December 31, 2016
|
|||||||||||||||||||||||
EVE
|
Dollar
Change
|
Percentage
Change
|
EVE
|
Dollar
Change
|
Percentage
Change
|
|||||||||||||||||||
Rate Shock Scenario
|
(Dollars in Thousands)
|
|||||||||||||||||||||||
+ 200 Basis Points
|
$
|
513,493
|
$
|
(69,723
|
)
|
-12
.0
|
%
|
$
|
508,155
|
$
|
(66,494
|
)
|
-11.6
|
%
|
||||||||||
Pre-Shock Scenario
|
583,216
|
-
|
-
|
574,649
|
-
|
-
|
Instantaneous Change in Interest rate of:
|
Percentage
Change in Net
Interest
Income
|
|||
+ 200 Basis Points
|
(12.9
|
)%
|
||
+ 100 Basis Points
|
(6.9
|
)
|
||
–
100 Basis Points
|
11.4
|
(c) |
The Holding Company did not repurchase any shares of common stock into treasury during the three months ended March 31, 2017. No existing repurchase programs expired during the three months ended March 31, 2017, nor did the Company terminate any repurchase programs prior to expiration during the period. As of March 31, 2017, the Holding Company had an additional 1,104,549 shares remaining eligible for repurchase under its twelfth stock repurchase program, which was publicly announced in June 2007.
|
|
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)
|
10.30
|
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)
|
10.43
|
Employment and Change in Control Agreement between Dime Community Bank and Stuart Lubow (22)
|
10.44
|
Employment and Change in Control Agreement between Dime Community Bank and Conrad Gunther (22)
|
10.45
|
Purchase and Sale Agreement between The Dime Savings Bank of Williamsburgh and Tarvos Capital Partners USA LLC (22)
|
**
|
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 Annual Report on Form 10-K for the year ended December 31, 2016 filed on March 15, 2017.
|
Dated: May 9, 2017
|
By:
/s/ KENNETH J. MAHON
|
Kenneth J. Mahon
|
|
President and Chief Executive Officer
|
Dated: May 9, 2017
|
By:
/s/ MICHAEL PUCELLA
|
Michael Pucella
|
|
Executive Vice President and Chief Accounting Officer (Principal Financial Officer)
|
DIME COMMUNITY BANCSHARES, INC.
|
||
|
DIME COMMUNITY BANCSHARES, INC.
|
|
|
|
|
|
|
Three Months Ended
|
||||||||
March 31, 2017
|
March 31, 2016
|
|||||||
Ratio of Earnings to Fixed Charges (Including Deposits)
|
||||||||
Earnings:
|
||||||||
Income before income taxes
|
$
|
18,046
|
$
|
86,524
|
||||
Add: Fixed charges, net
|
14,368
|
12,221
|
||||||
Income before income taxes and fixed charges, net
|
$
|
32,414
|
$
|
98,745
|
||||
Fixed charges:
|
||||||||
Interest expense
|
$
|
13,968
|
$
|
11,880
|
||||
One-third of rental expense
|
400
|
341
|
||||||
Interest on unrecognized tax benefits
|
-
|
-
|
||||||
Total fixed charges
|
$
|
14,368
|
$
|
12,221
|
||||
Ratio of Earnings to Fixed Charges
|
2.26
|
x
|
8.08
|
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: May 9, 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: May 9, 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.
|
May 9, 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.
|
May 9, 2017 | ||
Date
|
||
By:
|
/s/ MICHAEL PUCELLA
|
|
Michael Pucella
|
||
Executive Vice President and Chief Accounting Officer (Principal Financial Officer)
|