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 August 7, 2017
|
$.01 Par Value
|
37,446,742
|
Page
|
||
Item 1.
|
||
3
|
||
4
|
||
4
|
||
5
|
||
6
|
||
7-29
|
||
Item 2.
|
30-43
|
|
Item 3.
|
43-44
|
|
Item 4.
|
44
|
|
PART II - OTHER INFORMATION
|
||
Item 1.
|
45
|
|
Item 1A.
|
45
|
|
Item 2.
|
45
|
|
Item 3.
|
45
|
|
Item 5.
|
45
|
|
Item 6.
|
45-48
|
|
49
|
· |
the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company’s control;
|
· |
there may be increases in competitive pressure among financial institutions or from non-financial institutions;
|
· |
the net interest margin is subject to material short-term fluctuation based upon market rates;
|
· |
changes in deposit flows, loan demand or real estate values may adversely affect the business of 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;
|
· |
legislative or regulatory changes may adversely affect the Company’s business;
|
· |
technological changes may be more difficult or expensive than the Company anticipates;
|
· |
our ability to successfully integrate acquired entities, if any;
|
· |
breaches, failures and interruptions in IT systems and IT security;
|
· |
ability to retain key employees/executive management team;
|
· |
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" in our Annual Report on Form 10-K for the year ended December 31, 2016 as updated by our Quarterly Reports on Form 10-Q.
|
June 30,
2017
|
December 31,
2016
|
|||||||
ASSETS:
|
||||||||
Cash and due from banks
|
$
|
110,044
|
$
|
113,503
|
||||
Investment securities held-to-maturity (estimated fair value of $8,385 and $7,296 at June 30, 2017 and December 31, 2016, respectively) (Fully unencumbered)
|
5,315
|
5,378
|
||||||
Investment securities available-for-sale, at fair value (Fully unencumbered)
|
4,049
|
3,895
|
||||||
Mortgage-backed securities (“MBS”) available-for-sale, at fair value (Fully unencumbered)
|
3,496
|
3,558
|
||||||
Trading securities
|
2,687
|
6,953
|
||||||
Loans:
|
||||||||
Real estate, net
|
5,806,933
|
5,633,007
|
||||||
Commercial and industrial (“C&I”) loans
|
68,199
|
2,058
|
||||||
Other loans
|
1,749
|
1,357
|
||||||
Less allowance for loan losses
|
(21,985
|
)
|
(20,536
|
)
|
||||
Total loans, net
|
5,854,896
|
5,615,886
|
||||||
Premises and fixed assets, net
|
22,315
|
18,405
|
||||||
Premises held for sale
|
1,379
|
1,379
|
||||||
Federal Home Loan Bank of New York ("FHLBNY") capital stock
|
50,961
|
44,444
|
||||||
Bank Owned Life Insurance (“BOLI”)
|
87,424
|
86,328
|
||||||
Goodwill
|
55,638
|
55,638
|
||||||
Other assets
|
59,980
|
50,063
|
||||||
Total Assets
|
$
|
6,258,184
|
$
|
6,005,430
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Liabilities:
|
||||||||
Due to depositors:
|
||||||||
Interest bearing deposits
|
$
|
4,105,129
|
$
|
4,097,992
|
||||
Non-interest bearing deposits
|
313,351
|
297,434
|
||||||
Total deposits
|
4,418,480
|
4,395,426
|
||||||
Escrow and other deposits
|
91,196
|
103,001
|
||||||
FHLBNY advances
|
944,575
|
831,125
|
||||||
Subordinated notes payable
|
113,545
|
-
|
||||||
Trust Preferred securities payable
|
70,680
|
70,680
|
||||||
Other liabilities
|
39,260
|
39,330
|
||||||
Total Liabilities
|
5,677,736
|
5,439,562
|
||||||
Stockholders' Equity:
|
||||||||
Preferred stock ($0.01 par, 9,000,000 shares authorized, none issued or outstanding at June 30, 2017 and December 31, 2016)
|
-
|
-
|
||||||
Common stock ($0.01 par, 125,000,000 shares authorized,
53,614,924 shares and 53,572,745 shares
issued at June 30, 2017 and December 31, 2016, respectively, and 37,675,379 shares and 37,455,853 shares outstanding at June 30, 2017 and December 31, 2016, respectively)
|
536
|
536
|
||||||
Additional paid-in capital
|
280,453
|
278,356
|
||||||
Retained earnings
|
516,165
|
503,539
|
||||||
Accumulated other comprehensive loss, net of deferred taxes
|
(5,647
|
)
|
(5,939
|
)
|
||||
Unearned stock award common stock
|
(4,433
|
)
|
(1,932
|
)
|
||||
Holding Company common stock held by Benefit Maintenance Plan ("BMP")
|
(7,029
|
)
|
(6,859
|
)
|
||||
Treasury stock, at cost (15,939,545 shares and 16,116,892 shares at
June 30, 2017
and December 31, 2016, respectively)
|
(199,597
|
)
|
(201,833
|
)
|
||||
Total Stockholders' Equity
|
580,448
|
565,868
|
||||||
Total Liabilities And Stockholders' Equity
|
$
|
6,258,184
|
$
|
6,005,430
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Interest income:
|
||||||||||||||||
Loans secured by real estate
|
$
|
51,137
|
$
|
47,358
|
$
|
101,612
|
$
|
93,009
|
||||||||
C&I loans
|
474
|
6
|
515
|
11
|
||||||||||||
Other loans
|
18
|
18
|
36
|
37
|
||||||||||||
MBS
|
14
|
2
|
28
|
4
|
||||||||||||
Investment securities
|
164
|
265
|
354
|
438
|
||||||||||||
Other short-term investments
|
611
|
721
|
1,328
|
1,382
|
||||||||||||
Total interest income
|
52,418
|
48,370
|
103,873
|
94,881
|
||||||||||||
Interest expense:
|
||||||||||||||||
Deposits and escrow
|
9,509
|
7,597
|
19,016
|
14,391
|
||||||||||||
Borrowed funds
|
4,856
|
5,163
|
9,317
|
10,249
|
||||||||||||
Total interest expense
|
14,365
|
12,760
|
28,333
|
24,640
|
||||||||||||
Net interest income
|
38,053
|
35,610
|
75,540
|
70,241
|
||||||||||||
Provision for loan losses
|
1,047
|
442
|
1,497
|
421
|
||||||||||||
Net interest income after provision for loan losses
|
37,006
|
35,168
|
74,043
|
69,820
|
||||||||||||
Non-interest income:
|
||||||||||||||||
Service charges and other fees
|
919
|
758
|
1,713
|
1,443
|
||||||||||||
Net mortgage banking income
|
65
|
27
|
81
|
55
|
||||||||||||
Net gain on securities and other assets
|
59
|
33
|
134
|
79
|
||||||||||||
Net (loss) gain on the sale of premises held for sale
|
-
|
(4
|
)
|
-
|
68,183
|
|||||||||||
Income from BOLI
|
551
|
1,043
|
1,096
|
1,603
|
||||||||||||
Other
|
153
|
448
|
501
|
683
|
||||||||||||
Total non-interest income
|
1,747
|
2,305
|
3,525
|
72,046
|
||||||||||||
Non-interest expense:
|
||||||||||||||||
Salaries and employee benefits
|
9,341
|
9,532
|
19,661
|
19,240
|
||||||||||||
Occupancy and equipment
|
3,500
|
3,115
|
7,128
|
5,742
|
||||||||||||
Data processing costs
|
1,503
|
1,256
|
3,110
|
2,451
|
||||||||||||
Marketing
|
1,466
|
1,178
|
2,932
|
2,355
|
||||||||||||
Federal deposit insurance premiums
|
712
|
581
|
1,367
|
1,320
|
||||||||||||
Other
|
2,947
|
2,430
|
6,040
|
4,853
|
||||||||||||
Total non-interest expense
|
19,469
|
18,092
|
40,238
|
35,961
|
||||||||||||
Income before income taxes
|
19,284
|
19,381
|
37,330
|
105,905
|
||||||||||||
Income tax expense
|
7,295
|
8,173
|
14,184
|
44,660
|
||||||||||||
Net income
|
$
|
11,989
|
$
|
11,208
|
$
|
23,146
|
$
|
61,245
|
||||||||
Earnings per Share:
|
||||||||||||||||
Basic
|
$
|
0.32
|
$
|
0.30
|
$
|
0.62
|
$
|
1.67
|
||||||||
Diluted
|
$
|
0.32
|
$
|
0.30
|
$
|
0.61
|
$
|
1.67
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Net Income
|
$
|
11,989
|
$
|
11,208
|
$
|
23,146
|
$
|
61,245
|
||||||||
Other comprehensive income:
|
||||||||||||||||
Change in unrealized holding loss on securities held-to-maturity and transferred securities
|
30
|
22
|
64
|
41
|
||||||||||||
Change in unrealized holding loss on securities available-for-sale
|
104
|
47
|
224
|
62
|
||||||||||||
Change in pension and other postretirement obligations
|
355
|
425
|
657
|
850
|
||||||||||||
Change in unrealized gain on derivatives
|
(733
|
)
|
(957
|
)
|
(418
|
)
|
(957
|
)
|
||||||||
Other comprehensive gain before income taxes
|
(244
|
)
|
(463
|
)
|
527
|
(4
|
)
|
|||||||||
Deferred tax expense (benefit)
|
(111
|
)
|
(209
|
)
|
235
|
(2
|
)
|
|||||||||
Other comprehensive income (loss), net of tax
|
(133
|
)
|
(254
|
)
|
292
|
(2
|
)
|
|||||||||
Total comprehensive income
|
11,856
|
10,954
|
23,438
|
61,243
|
Six Months ended June 30, 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
|
-
|
-
|
-
|
23,146
|
-
|
-
|
-
|
-
|
-
|
23,146
|
||||||||||||||||||||||||||||||
Other comprehensive income, net of tax
|
-
|
-
|
-
|
-
|
292
|
-
|
-
|
-
|
-
|
292
|
||||||||||||||||||||||||||||||
Exercise of stock options
|
42,179
|
-
|
626
|
-
|
-
|
-
|
-
|
-
|
-
|
626
|
||||||||||||||||||||||||||||||
Release of shares, net of forfeitures
|
177,347
|
-
|
1,471
|
-
|
-
|
-
|
(3,339
|
)
|
(170
|
)
|
2,236
|
198
|
||||||||||||||||||||||||||||
Stock-based compensation
|
-
|
-
|
-
|
-
|
-
|
-
|
838
|
-
|
-
|
838
|
||||||||||||||||||||||||||||||
Cash dividends declared and paid
|
-
|
-
|
-
|
(10,520
|
)
|
-
|
-
|
-
|
-
|
-
|
(10,520
|
)
|
||||||||||||||||||||||||||||
Ending balance as of June 30, 2017
|
37,675,379
|
$
|
536
|
$
|
280,453
|
$
|
516,165
|
$
|
(5,647
|
)
|
$
|
-
|
$
|
(4,433
|
)
|
$
|
(7,029
|
)
|
$
|
(199,597
|
)
|
$
|
580,448
|
|||||||||||||||||
Six Months ended June 30, 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
|
-
|
-
|
-
|
61,245
|
-
|
-
|
-
|
-
|
-
|
61,245
|
||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax
|
-
|
-
|
-
|
-
|
(2
|
)
|
-
|
-
|
-
|
-
|
(2
|
)
|
||||||||||||||||||||||||||||
Exercise of stock options
|
193,828
|
2
|
2,898
|
-
|
-
|
-
|
-
|
-
|
-
|
2,900
|
||||||||||||||||||||||||||||||
Release of shares, net of forfeitures
|
88,951
|
-
|
727
|
-
|
-
|
-
|
(1,311
|
)
|
(222
|
)
|
1,105
|
299
|
||||||||||||||||||||||||||||
Stock-based compensation
|
-
|
-
|
561
|
-
|
-
|
115
|
828
|
-
|
-
|
1,504
|
||||||||||||||||||||||||||||||
Cash dividends declared and paid
|
-
|
-
|
-
|
(10,282
|
)
|
-
|
-
|
-
|
-
|
-
|
(10,282
|
)
|
||||||||||||||||||||||||||||
Ending balance as of June 30, 2016
|
37,654,771
|
$
|
535
|
$
|
266,984
|
$
|
502,569
|
$
|
(8,803
|
)
|
$
|
(2,198
|
)
|
$
|
(2,754
|
)
|
$
|
(9,576
|
)
|
$
|
(197,146
|
)
|
$
|
549,611
|
Six Months Ended June 30,
|
||||||||
2017
|
2016
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net Income
|
$
|
23,146
|
$
|
61,245
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Net gain recognized on trading securities
|
(134
|
)
|
(39
|
)
|
||||
Net gain on the sale of other real estate owned (“OREO”)
|
-
|
(40
|
)
|
|||||
Net gain on sale of premises held for sale
|
-
|
(68,183
|
)
|
|||||
Net depreciation, amortization and accretion
|
1,836
|
1,086
|
||||||
Stock plan compensation [excluding Employee Stock Ownership Plan (“ESOP”)]
|
838
|
943
|
||||||
ESOP compensation expense
|
-
|
561
|
||||||
Provision for loan losses
|
1,497
|
421
|
||||||
Increase in cash surrender value of BOLI
|
(1,096
|
)
|
(1,119
|
)
|
||||
Income recognized from mortality benefit on BOLI
|
-
|
(484
|
)
|
|||||
Deferred income tax provision
|
6
|
615
|
||||||
Reduction in credit related other than temporary impairment (“OTTI”) amortized through interest income
|
(52
|
)
|
(52
|
)
|
||||
Excess tax benefit from stock benefit plans
|
-
|
(142
|
)
|
|||||
Changes in assets and liabilities:
|
||||||||
Increase in other assets
|
(10,488
|
)
|
(4,094
|
)
|
||||
Increase in other liabilities
|
499
|
6,038
|
||||||
Net cash provided by (used in) Operating activities
|
16,052
|
(3,244
|
)
|
|||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Proceeds from sales of investment securities available-for-sale
|
101
|
-
|
||||||
Purchases of investment securities available-for-sale
|
(37
|
)
|
(19
|
)
|
||||
Proceeds from the sales of trading securities
|
4,544
|
3,648
|
||||||
Purchases of trading securities
|
(144
|
)
|
(222
|
)
|
||||
Proceeds from calls and principal repayments of MBS available-for-sale
|
28
|
25
|
||||||
Proceeds from the sale of loans
|
393
|
-
|
||||||
Purchases of loans
|
-
|
(152,637
|
)
|
|||||
Loans originated, net of repayments
|
(240,900
|
)
|
(359,730
|
)
|
||||
Proceeds from sale of OREO
|
-
|
170
|
||||||
Proceeds from surrender of cash surrender value of BOLI
|
-
|
1,425
|
||||||
Net proceeds from the sale of premises held for sale
|
-
|
75,899
|
||||||
Net purchases of fixed assets
|
(5,527
|
)
|
(16
|
)
|
||||
Redemption of FHLBNY capital stock, net
|
(6,517
|
)
|
5,899
|
|||||
Net cash used in Investing Activities
|
(248,059
|
)
|
(425,558
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Increase in due to depositors
|
23,054
|
595,956
|
||||||
Increase (decrease) in escrow and other deposits
|
(11,805
|
)
|
15,160
|
|||||
Repayments of FHLBNY advances
|
(1,359,500
|
)
|
(2,402,500
|
)
|
||||
Proceeds from FHLBNY advances
|
1,472,950
|
2,252,900
|
||||||
Proceeds from exercise of stock options
|
626
|
2,900
|
||||||
Excess tax benefit from stock benefit plans
|
-
|
142
|
||||||
Release of stock for benefit plan awards
|
198
|
299
|
||||||
Cash dividends paid to stockholders
|
(10,520
|
)
|
(10,282
|
)
|
||||
Proceeds from Subordinated debt issuance, net
|
113,545
|
-
|
||||||
Net cash provided by Financing Activities
|
228,548
|
454,575
|
||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(3,459
|
)
|
25,773
|
|||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
113,503
|
64,154
|
||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
110,044
|
$
|
89,927
|
||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||
Cash paid for income taxes
|
$
|
20,912
|
$
|
29,100
|
||||
Cash paid for interest
|
28,124
|
11,770
|
||||||
Transfer of premises to held for sale
|
-
|
1,379
|
||||||
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity
|
47
|
25
|
||||||
Net decrease in non-credit component of OTTI
|
17
|
16
|
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
|
36
|
125
|
(7
|
)
|
(331
|
)
|
(177
|
)
|
||||||||||||
Amounts reclassified from accumulated other comprehensive loss
|
-
|
-
|
372
|
97
|
469
|
|||||||||||||||
Net other comprehensive income during the period
|
36
|
125
|
365
|
(234
|
)
|
292
|
||||||||||||||
Balance as of June 30, 2017
|
$
|
(677
|
)
|
$
|
33
|
$
|
(6,545
|
)
|
$
|
1,542
|
$
|
(5,647
|
)
|
|||||||
Balance as of January 1, 2016
|
$
|
(760
|
)
|
$
|
(122
|
)
|
$
|
(7,919
|
)
|
$
|
-
|
$
|
(8,801
|
)
|
||||||
Other comprehensive income before reclassifications
|
22
|
34
|
-
|
(526
|
)
|
(470
|
)
|
|||||||||||||
Amounts reclassified from accumulated other comprehensive loss
|
-
|
-
|
468
|
-
|
468
|
|||||||||||||||
Net other comprehensive income during the period
|
22
|
34
|
468
|
(526
|
)
|
(2
|
)
|
|||||||||||||
Balance as of June 30, 2016
|
$
|
(738
|
)
|
$
|
(88
|
)
|
$
|
(7,451
|
)
|
$
|
(526
|
)
|
$
|
(8,803
|
)
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Change in unrealized holding loss on securities held-to-maturity and transferred securities:
|
||||||||||||||||
Accretion of previously recognized non-credit component of OTTI
|
$
|
8
|
$
|
8
|
$
|
17
|
$
|
16
|
||||||||
Change in unrealized loss on securities transferred to held-to-maturity
|
22
|
14
|
47
|
25
|
||||||||||||
Net change
|
30
|
22
|
64
|
41
|
||||||||||||
Tax expense
|
12
|
10
|
28
|
19
|
||||||||||||
Net change in unrealized holding loss on securities held-to-maturity and transferred securities
|
18
|
12
|
36
|
22
|
||||||||||||
Change in unrealized holding gain on securities available-for-sale:
|
||||||||||||||||
Change in net unrealized gain during the period
|
104
|
47
|
224
|
62
|
||||||||||||
Tax expense
|
44
|
21
|
99
|
28
|
||||||||||||
Net change in unrealized holding gain on securities available-for-sale
|
60
|
26
|
125
|
34
|
||||||||||||
Change in pension and other postretirement obligations:
|
||||||||||||||||
Reclassification adjustment for expense included in salaries and employee benefits expense
|
355
|
425
|
657
|
850
|
||||||||||||
Tax expense
|
161
|
191
|
292
|
382
|
||||||||||||
Net change in pension and other postretirement obligations
|
194
|
234
|
365
|
468
|
||||||||||||
Change in unrealized loss on derivative liability:
|
||||||||||||||||
Change in net unrealized loss during the period
|
(825
|
)
|
(998
|
)
|
(597
|
)
|
(998
|
)
|
||||||||
Reclassification adjustment for expense included in interest expense
|
92
|
41
|
179
|
41
|
||||||||||||
Net change
|
(733
|
)
|
(957
|
)
|
(418
|
)
|
(957
|
)
|
||||||||
Tax benefit
|
(328
|
)
|
(431
|
)
|
(184
|
)
|
(431
|
)
|
||||||||
Net change in unrealized loss on derivative liability
|
(405
|
)
|
(526
|
)
|
(234
|
)
|
(526
|
)
|
||||||||
Other comprehensive income (loss)
|
$
|
(133
|
) |
$
|
(254
|
)
|
$
|
292
|
$
|
(2
|
)
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Net income per the Consolidated Statements of Income
|
$
|
11,989
|
$
|
11,208
|
$
|
23,146
|
$
|
61,245
|
||||||||
Less: Dividends paid and earnings allocated to participating securities
|
(38
|
)
|
(24
|
)
|
(63
|
)
|
(55
|
)
|
||||||||
Income attributable to common stock
|
$
|
11,951
|
$
|
11,184
|
$
|
23,083
|
$
|
61,190
|
||||||||
Weighted average common shares outstanding, including participating securities
|
37,733,956
|
36,946,082
|
37,670,585
|
36,874,535
|
||||||||||||
Less: weighted average participating securities
|
(179,346
|
)
|
(192,525
|
)
|
(166,398
|
)
|
(202,885
|
)
|
||||||||
Weighted average common shares outstanding
|
37,554,610
|
36,753,557
|
37,504,187
|
36,671,650
|
||||||||||||
Basic EPS
|
$
|
0.32
|
$
|
0.30
|
$
|
0.62
|
$
|
1.67
|
||||||||
Income attributable to common stock
|
$
|
11,951
|
$
|
11,184
|
$
|
23,083
|
$
|
61,190
|
||||||||
Weighted average common shares outstanding
|
37,554,610
|
36,753,557
|
37,504,187
|
36,671,650
|
||||||||||||
Weighted average common equivalent shares outstanding
|
81,188
|
65,028
|
86,011
|
69,420
|
||||||||||||
Weighted average common and equivalent shares outstanding
|
37,635,798
|
36,818,585
|
37,590,198
|
36,741,070
|
||||||||||||
Diluted EPS
|
$
|
0.32
|
$
|
0.30
|
$
|
0.61
|
$
|
1.67
|
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
|
(42,179
|
)
|
14.87
|
|||||||||||||
Options outstanding at June 30, 2017
|
167,075
|
$
|
15.64
|
2.1
|
$
|
662
|
||||||||||
Options vested and exercisable at June 30, 2017
|
167,075
|
$
|
15.64
|
2.1
|
$
|
662
|
At or for the Three Months
Ended June 30,
|
At or for the Six Months
Ended June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Cash received for option exercise cost
|
$
|
2
|
$
|
2,900
|
$
|
626
|
$
|
2,900
|
||||||||
Income tax benefit recognized on stock option exercises
(1)
|
-
|
64
|
69
|
64
|
||||||||||||
Intrinsic value of options exercised
|
1
|
732
|
276
|
732
|
(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
|
121,857
|
19.60
|
||||||
Shares vested
|
(82,520
|
)
|
16.34
|
|||||
Shares forfeited
|
(16,448
|
)
|
17.24
|
|||||
Unvested allocated shares at June 30, 2017
|
175,298
|
$
|
18.71
|
At or for the Three Months
Ended June 30,
|
At or for the Six Months
Ended June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Compensation expense recognized
|
$
|
370
|
$
|
390
|
$
|
666
|
$
|
828
|
||||||||
Income tax benefit recognized on vesting of RSA
(1)
|
114
|
77
|
116
|
78
|
(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
|
(10,010
|
)
|
18.73
|
|||||
Maximum aggregate share payout at June 30, 2017
|
86,696
|
$
|
19.18
|
|||||
Minimum aggregate share payout
|
-
|
-
|
||||||
Likely aggregate share payout
|
49,974
|
$
|
19.47
|
Balance at June 30, 2017
|
||||||||||||||||||||
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
Real Estate:
|
||||||||||||||||||||
One-to-four family residential, including condominium and cooperative apartment
|
$
|
69,688
|
$
|
182
|
$
|
1,112
|
$
|
-
|
$
|
70,982
|
||||||||||
Multifamily residential and residential mixed use
|
4,747,233
|
3,432
|
5,515
|
-
|
4,756,180
|
|||||||||||||||
Commercial mixed use real estate
|
399,960
|
-
|
4,966
|
-
|
404,926
|
|||||||||||||||
Commercial real estate
|
563,513
|
864
|
6,468
|
-
|
570,845
|
|||||||||||||||
ADC
|
4,000
|
-
|
-
|
-
|
4,000
|
|||||||||||||||
Total real estate
|
5,784,394
|
4,478
|
18,061
|
-
|
5,806,933
|
|||||||||||||||
C&I
|
68,199
|
-
|
-
|
-
|
68,199
|
|||||||||||||||
Total
|
$
|
5,852,593
|
$
|
4,478
|
$
|
18,061
|
$
|
-
|
$
|
5,875,132
|
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
June 30,
2017
|
Balance at
December 31,
2016
(1)
|
||||||
Performing
|
$
|
1,748
|
$
|
3,414
|
||||
Non-accrual
|
1
|
1
|
||||||
Total
|
$
|
1,749
|
$
|
3,415
|
(1) |
Included in the balance of consumer loans at December 31, 2016 are $2,058 of C&I loans. Subsequent to December 31, 2016, C&I loans were evaluated based on risk ratings and included in the preceding credit risk profile table.
|
At June 30, 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
|
$
|
84
|
$
|
74
|
$
|
373
|
$
|
654
|
$
|
1,185
|
$
|
69,797
|
$
|
70,982
|
||||||||||||||
Multifamily residential and residential mixed use
|
-
|
-
|
98
|
2,618
|
2,716
|
4,753,464
|
4,756,180
|
|||||||||||||||||||||
Commercial mixed use real estate
|
-
|
-
|
793
|
101
|
894
|
404,032
|
404,926
|
|||||||||||||||||||||
Commercial real estate
|
1,713
|
-
|
-
|
-
|
1,713
|
569,132
|
570,845
|
|||||||||||||||||||||
ADC
|
-
|
-
|
-
|
-
|
-
|
4,000
|
4,000
|
|||||||||||||||||||||
Total real estate
|
$
|
1,797
|
$
|
74
|
$
|
1,264
|
$
|
3,373
|
$
|
6,508
|
$
|
5,800,425
|
$
|
5,806,933
|
||||||||||||||
C&I
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
68,199
|
$
|
68,199
|
||||||||||||||
Consumer
|
$
|
2
|
$
|
-
|
$
|
-
|
$
|
1
|
$
|
3
|
$
|
1,746
|
$
|
1,749
|
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
|
4,600,526
|
|||||||||||||||||||||
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
|
||||||||||||||
C&I
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
2,058
|
$
|
2,058
|
||||||||||||||
Consumer
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
1
|
$
|
1
|
$
|
1,356
|
$
|
1,357
|
As of June 30, 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
|
$
|
399
|
2
|
$
|
407
|
||||||||||
Multifamily residential and residential mixed use
|
3
|
639
|
3
|
658
|
||||||||||||
Commercial mixed use real estate
|
1
|
4,218
|
1
|
4,261
|
||||||||||||
Commercial real estate
|
1
|
3,330
|
1
|
3,363
|
||||||||||||
Total real estate
|
7
|
$
|
8,586
|
7
|
$
|
8,689
|
(i) |
Charge-off experience (including peer charge-off experience)
|
(ii) |
Economic conditions
|
(iii) |
Underwriting standards or experience
|
(iv) |
Loan concentrations
|
(v) |
Regulatory climate
|
(vi) |
Nature and volume of the portfolio
|
(vii) |
Changes in the quality and scope of the loan review function
|
At or for the Three Months Ended June 30, 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
|
ADC
|
Total
Real Estate
|
C&I
|
|
|||||||||||||||||||||||||
Beginning balance
|
$
|
129
|
$
|
16,665
|
$
|
1,589
|
$
|
2,099
|
$
|
-
|
$
|
20,482
|
$
|
453
|
$
|
19
|
||||||||||||||||
Provision (credit) for loan losses
|
(19
|
)
|
730
|
(178
|
)
|
(65
|
)
|
6
|
474
|
570
|
3
|
|||||||||||||||||||||
Charge-offs
|
-
|
(23
|
)
|
-
|
-
|
-
|
(23
|
)
|
-
|
(5
|
)
|
|||||||||||||||||||||
Recoveries
|
12
|
-
|
-
|
-
|
-
|
12
|
-
|
-
|
||||||||||||||||||||||||
Ending balance
|
$
|
122
|
$
|
17,372
|
$
|
1,411
|
$
|
2,034
|
$
|
6
|
$
|
20,945
|
$
|
1,023
|
$
|
17
|
At or for the Three Months Ended June 30, 2016
|
||||||||||||||||||||||||
Real Estate Loans
|
Consumer
Loans
|
|||||||||||||||||||||||
One-to-Four Family
Residential,
Including
Condominium and
Cooperative
Apartment
|
Multifamily
Residential and
Residential
Mixed Use
|
Commercial
Mixed Use
Real Estate
|
Commercial
Real Estate
|
Total
Real Estate
|
||||||||||||||||||||
Beginning balance
|
$
|
99
|
$
|
14,462
|
$
|
1,552
|
$
|
2,381
|
$
|
18,494
|
$
|
19
|
||||||||||||
Provision (credit) for loan losses
|
96
|
407
|
133
|
(194
|
)
|
442
|
-
|
|||||||||||||||||
Charge-offs
|
(4
|
)
|
(43
|
)
|
(1
|
)
|
-
|
(48
|
)
|
-
|
||||||||||||||
Recoveries
|
1
|
-
|
-
|
-
|
1
|
1
|
||||||||||||||||||
Ending balance
|
$
|
192
|
$
|
14,826
|
$
|
1,684
|
$
|
2,187
|
$
|
18,889
|
$
|
20
|
At or for the Six Months Ended June 30, 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
|
ADC
|
Total
Real Estate
|
C&I
|
|
|||||||||||||||||||||||||
Beginning balance
|
$
|
145
|
$
|
16,555
|
$
|
1,698
|
$
|
2,118
|
$
|
-
|
$
|
20,516
|
$
|
-
|
$
|
20
|
||||||||||||||||
Provision (credit) for loan losses
|
(23
|
)
|
864
|
(291
|
)
|
(84
|
)
|
6
|
472
|
1,023
|
2
|
|||||||||||||||||||||
Charge-offs
|
(13
|
)
|
(92
|
)
|
-
|
-
|
-
|
(105
|
)
|
-
|
(5
|
)
|
||||||||||||||||||||
Recoveries
|
13
|
45
|
4
|
-
|
-
|
62
|
-
|
-
|
||||||||||||||||||||||||
Ending balance
|
$
|
122
|
$
|
17,372
|
$
|
1,411
|
$
|
2,034
|
$
|
6
|
$
|
20,945
|
$
|
1,023
|
$
|
17
|
At or for the Six Months Ended June 30, 2016
|
||||||||||||||||||||||||
Real Estate Loans
|
Consumer
Loans
|
|||||||||||||||||||||||
One-to-Four Family
Residential,
Including
Condominium and
Cooperative
Apartment
|
Multifamily
Residential and
Residential
Mixed Use
|
Commercial
Mixed Use
Real Estate
|
Commercial
Real Estate
|
Total
Real Estate
|
||||||||||||||||||||
Beginning balance
|
$
|
263
|
$
|
14,118
|
$
|
1,652
|
$
|
2,461
|
$
|
18,494
|
$
|
20
|
||||||||||||
Provision (credit) for loan losses
|
(46
|
)
|
731
|
34
|
(297
|
)
|
422
|
(1
|
)
|
|||||||||||||||
Charge-offs
|
(27
|
)
|
(60
|
)
|
(2
|
)
|
-
|
(89
|
)
|
-
|
||||||||||||||
Recoveries
|
2
|
37
|
-
|
23
|
62
|
1
|
||||||||||||||||||
Ending balance
|
$
|
192
|
$
|
14,826
|
$
|
1,684
|
$
|
2,187
|
$
|
18,889
|
$
|
20
|
At or for the Three Months Ended June 30, 2017 | ||||||||||||||||||||||||||||||||
Real Estate Loans
|
C&I
|
|
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
|
ADC
|
Total
Real Estate
|
|||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||||
Collectively evaluated for impairment
|
122
|
17,372
|
1,411
|
2,034
|
6
|
20,945
|
1,023
|
17
|
||||||||||||||||||||||||
Total ending allowance balance
|
$
|
122
|
$
|
17,372
|
$
|
1,411
|
$
|
2,034
|
$
|
6
|
$
|
20,945
|
$
|
1,023
|
$
|
17
|
||||||||||||||||
Loans:
|
||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
399
|
$
|
3,257
|
$
|
4,319
|
$
|
3,330
|
$
|
-
|
$
|
11,305
|
$
|
-
|
$
|
-
|
||||||||||||||||
Collectively evaluated for impairment
|
70,583
|
4,752,923
|
400,607
|
567,515
|
4,000
|
5,795,628
|
68,199
|
1,749
|
||||||||||||||||||||||||
Total ending loans balance
|
$
|
70,982
|
$
|
4,756,180
|
$
|
404,926
|
$
|
570,845
|
$
|
4,000
|
$
|
5,806,933
|
$
|
68,199
|
$
|
1,749
|
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 June 30, 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
|
$
|
399
|
$
|
399
|
$
|
-
|
$
|
407
|
$
|
407
|
$
|
-
|
||||||||||||
Multifamily Residential and Residential Mixed Use
|
3,257
|
3,257
|
-
|
3,333
|
3,333
|
-
|
||||||||||||||||||
Commercial Mixed Use Real Estate
|
4,319
|
4,319
|
-
|
4,810
|
4,810
|
-
|
||||||||||||||||||
Commercial Real Estate
|
3,330
|
3,330
|
-
|
3,363
|
3,363
|
-
|
||||||||||||||||||
Total with no related allowance recorded
|
$
|
11,305
|
$
|
11,305
|
$
|
-
|
$
|
11,913
|
$
|
11,913
|
$
|
-
|
(1) |
The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality.
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||||||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||||||||||||||||||
Average
Recorded
Investment
(1)
|
Interest
Income
Recognized
|
Average
Recorded
Investment
(1)
|
Interest
Income
Recognized
|
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
|
$
|
400
|
$
|
7
|
$
|
399
|
$
|
7
|
$
|
402
|
$
|
14
|
$
|
465
|
$
|
41
|
||||||||||||||||
Multifamily Residential and Residential Mixed Use
|
3,264
|
16
|
2,451
|
25
|
3,287
|
62
|
1,962
|
38
|
||||||||||||||||||||||||
Commercial Mixed Use Real Estate
|
4,527
|
43
|
4,367
|
44
|
4,622
|
88
|
4,360
|
88
|
||||||||||||||||||||||||
Commercial Real Estate
|
3,338
|
33
|
3,404
|
34
|
3,347
|
67
|
3,481
|
68
|
||||||||||||||||||||||||
Ending balance
|
$
|
11,529
|
$
|
99
|
$
|
10,621
|
$
|
110
|
$
|
11,658
|
$
|
231
|
$
|
10,268
|
$
|
235
|
(1) |
The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality.
|
At June 30, 2017
|
||||||||||||||||
Amortized
Cost
(1)
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
Investment securities held-to-maturity:
|
||||||||||||||||
Pooled bank trust preferred securities (“TRUP CDOs”)
(2)
|
$
|
5,315
|
$
|
3,161
|
$
|
(91
|
)
|
$
|
8,385
|
|||||||
Investment securities available-for-sale:
|
||||||||||||||||
Registered Mutual Funds
|
3,944
|
186
|
(81
|
)
|
4,049
|
|||||||||||
Pass-through MBS issued by GSEs
|
333
|
10
|
-
|
343
|
||||||||||||
Agency Collateralized Mortgage Obligation (“CMO”)
|
3,207
|
-
|
(54
|
)
|
3,153
|
|||||||||||
Total investment securities available-for-sale
|
7,484
|
196
|
(135
|
)
|
7,545
|
|||||||||||
Total investment securities
|
$
|
12,799
|
$
|
3,357
|
$
|
(226
|
)
|
$
|
15,930
|
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
|
June 30, 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
|
$
|
-
|
$
|
-
|
$
|
2,549
|
$
|
91
|
$
|
2,549
|
$
|
91
|
||||||||||||
Investment securities available-for-sale:
|
||||||||||||||||||||||||
Registered Mutual Funds
|
1,099
|
25
|
1,595
|
56
|
2,694
|
81
|
||||||||||||||||||
Agency CMO
|
-
|
-
|
3,153
|
54
|
3,153
|
54
|
||||||||||||||||||
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
|
· |
At June 30, 2017, the Company did 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 June 30,
|
||||||||||||||||||||||||
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
|
$
|
8,587
|
$
|
536
|
$
|
9,123
|
$
|
8,691
|
$
|
570
|
$
|
9,261
|
||||||||||||
Amortization of previously recognized OTTI
|
(26
|
)
|
(9
|
)
|
(35
|
)
|
(26
|
)
|
(8
|
)
|
(34
|
)
|
||||||||||||
Cumulative pre-tax balance at end of the period
|
$
|
8,561
|
$
|
527
|
$
|
9,088
|
$
|
8,665
|
$
|
562
|
$
|
9,227
|
Six Months Ended June 30,
|
||||||||||||||||||||||||
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
|
(52
|
)
|
(17
|
)
|
(69
|
)
|
(52
|
)
|
(16
|
)
|
(68
|
)
|
||||||||||||
Cumulative pre-tax balance at end of the period
|
$
|
8,561
|
$
|
527
|
$
|
9,088
|
$
|
8,665
|
$
|
562
|
$
|
9,227
|
At June 30, 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
|
7
|
$
|
135,000
|
$
|
2,898
|
$
|
(87
|
)
|
4
|
$
|
90,000
|
$
|
3,228
|
$
|
-
|
|||||||||||||||||
Weighted average pay rates
|
1.46
|
%
|
1.24
|
%
|
||||||||||||||||||||||||||||
Weighted average receive rates
|
1.22
|
%
|
0.95
|
%
|
||||||||||||||||||||||||||||
Weighted average maturity
|
4.79 years
|
5.32 years
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Interest rate products
|
||||||||||||||||
Effective portion:
|
||||||||||||||||
Amount of gain (loss) recognized in other comprehensive income
|
$
|
(825
|
)
|
$
|
(998
|
)
|
$
|
(597
|
)
|
$
|
(998
|
)
|
||||
Amount of gain or (loss) reclassified from other comprehensive income into interest expense
|
(92
|
)
|
(41
|
)
|
(179
|
)
|
(41
|
)
|
||||||||
Ineffective Portion:
|
||||||||||||||||
Amount of gain or (loss) recognized in other non-interest expense
|
-
|
-
|
-
|
-
|
Fair Value Measurements at
June 30, 2017 Using
|
||||||||||||||||
Total
|
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
|||||||||||||
Financial Assets
|
||||||||||||||||
Trading securities (Registered Mutual Funds):
|
||||||||||||||||
Domestic Equity Mutual Funds
|
$
|
437
|
$
|
437
|
$
|
-
|
$
|
-
|
||||||||
International Equity Mutual Funds
|
114
|
114
|
-
|
-
|
||||||||||||
Fixed Income Mutual Funds
|
2,136
|
2,136
|
-
|
-
|
||||||||||||
Investment securities available-for-sale:
|
||||||||||||||||
Registered Mutual Funds:
|
||||||||||||||||
Domestic Equity Mutual Funds
|
1,456
|
1,456
|
-
|
-
|
||||||||||||
International Equity Mutual Funds
|
429
|
429
|
-
|
-
|
||||||||||||
Fixed Income Mutual Funds
|
2,164
|
2,164
|
-
|
-
|
||||||||||||
Pass-through MBS issued by GSEs
|
343
|
-
|
343
|
-
|
||||||||||||
Agency CMOs
|
3,153
|
-
|
3,153
|
-
|
||||||||||||
Derivative – interest rate product
|
2,898
|
-
|
2,898
|
-
|
||||||||||||
Financial Liabilities
|
||||||||||||||||
Derivative – interest rate product
|
87
|
-
|
87
|
-
|
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 June 30, 2017 Using
|
||||||||||||||||||||
Carrying
Amount
|
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
Total
|
||||||||||||||||
Financial Assets
|
||||||||||||||||||||
Cash and due from banks
|
$
|
110,044
|
$
|
110,044
|
$
|
-
|
$
|
-
|
$
|
110,044
|
||||||||||
TRUP CDOs
|
5,315
|
-
|
-
|
8,385
|
8,385
|
|||||||||||||||
Loans, net
|
5,854,896
|
-
|
-
|
5,845,003
|
5,845,003
|
|||||||||||||||
Accrued interest receivable
|
16,124
|
-
|
12
|
16,112
|
16,124
|
|||||||||||||||
FHLBNY capital stock
|
50,961
|
N/A
|
N/A
|
N/A
|
N/A
|
|||||||||||||||
Financial Liabilities
|
||||||||||||||||||||
Savings, money market and checking accounts
|
3,521,854
|
3,521,854
|
-
|
-
|
3,521,854
|
|||||||||||||||
Certificates of Deposits (“CDs”)
|
896,626
|
-
|
899,111
|
-
|
899,111
|
|||||||||||||||
Escrow and other deposits
|
91,196
|
91,196
|
-
|
-
|
91,196
|
|||||||||||||||
FHLBNY Advances
|
944,575
|
-
|
943,875
|
-
|
943,875
|
|||||||||||||||
Subordinated debt
|
113,545
|
-
|
114,695
|
-
|
114,695
|
|||||||||||||||
Trust Preferred securities payable
|
70,680
|
70,680
|
-
|
-
|
70,680
|
|||||||||||||||
Accrued interest payable
|
2,289
|
-
|
2,289
|
-
|
2,289
|
|
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
|
||||||||||
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
|
Three Months Ended June 30,
|
||||||||||||||||
2017
|
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
|
Six Months Ended June 30,
|
||||||||||||||||
2017
|
2016
|
|||||||||||||||
BMP, Employee
and Outside
Director
Retirement Plans
|
Postretirement
Plan
|
BMP, Employee
and Outside
Director
Retirement Plans
|
Postretirement
Plan
|
|||||||||||||
Service cost
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Interest cost
|
658
|
28
|
686
|
32
|
||||||||||||
Expected return on assets
|
(790
|
)
|
-
|
(766
|
)
|
-
|
||||||||||
Unrecognized past service liability
|
-
|
(4
|
)
|
-
|
(4
|
)
|
||||||||||
Amortization of unrealized loss (gain)
|
718
|
(2
|
)
|
858
|
(2
|
)
|
||||||||||
Net periodic cost
|
$
|
586
|
$
|
22
|
$
|
778
|
$
|
26
|
At or For the Three
Months Ended June 30,
|
At or For the Six
Months Ended June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Per Share Data:
|
||||||||||||||||
Reported EPS (Diluted)
|
$
|
0.32
|
$
|
0.30
|
$
|
0.61
|
$
|
1.67
|
||||||||
Cash dividends paid per share
|
0.14
|
0.14
|
0.28
|
0.28
|
||||||||||||
Book value per share
|
15.41
|
14.60
|
15.41
|
14.60
|
||||||||||||
Dividend Payout Ratio
|
43.75
|
46.67
|
45.90
|
16.77
|
||||||||||||
Performance and Other Selected Ratios:
|
||||||||||||||||
Return on average assets
|
0.78
|
%
|
0.81
|
%
|
0.76
|
%
|
2.29
|
%
|
||||||||
Return on average common equity
|
8.32
|
8.23
|
8.08
|
23.28
|
||||||||||||
Net interest spread
|
2.40
|
2.50
|
2.40
|
2.57
|
||||||||||||
Net interest margin
|
2.57
|
2.68
|
2.57
|
2.74
|
||||||||||||
Average interest earning assets to average interest bearing liabilities
|
117.18
|
117.91
|
116.77
|
117.27
|
||||||||||||
Non-interest expense to average assets
|
1.27
|
1.31
|
1.32
|
1.35
|
||||||||||||
Efficiency Ratio
|
48.99
|
47.75
|
50.98
|
48.58
|
||||||||||||
Loans to Deposits at End of Period
|
133.01
|
137.80
|
133.01
|
137.80
|
||||||||||||
Effective Tax Rate
|
37.83
|
42.17
|
38.00
|
42.17
|
||||||||||||
Asset Quality Summary:
|
||||||||||||||||
Non-performing loans
|
$
|
3,374
|
$
|
4,329
|
$
|
3,374
|
$
|
4,329
|
||||||||
Non-performing assets
|
4,661
|
5,600
|
4,661
|
5,600
|
||||||||||||
Net charge-offs (recoveries)
|
16
|
46
|
48
|
26
|
||||||||||||
Non-performing loans/Total loans
|
0.06
|
%
|
0.08
|
%
|
0.06
|
%
|
0.08
|
%
|
||||||||
Non-performing assets/Total assets
|
0.07
|
0.10
|
0.07
|
0.10
|
||||||||||||
Allowance for loan loss/Total loans
|
0.37
|
0.36
|
0.37
|
0.36
|
||||||||||||
Allowance for loan loss/Non-performing loans
|
651.60
|
436.80
|
651.60
|
436.80
|
||||||||||||
Earnings to Fixed Charges Ratios
(1)
|
||||||||||||||||
Including interest on deposits
|
2.28
|
x
|
2.46
|
x
|
2.27
|
x
|
5.15
|
x
|
||||||||
Excluding interest on deposits
|
4.44
|
4.39
|
4.57
|
10.50
|
(1)
|
Please refer to Exhibit 12.1 for further detail on the calculation of these ratios.
|
Actual Ratios at
June 30, 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)
|
||||||||||||||||||||
Tier 1 common equity ratio
|
11.44
|
%
|
10.78
|
%
|
4.5
|
%
|
5.75
|
%
|
7.0
|
%
|
6.5
|
%
|
||||||||||||
Tier 1 risk-based based capital ratio
|
11.44
|
12.17
|
6.0
|
7.25
|
8.5
|
8.0
|
||||||||||||||||||
Total risk-based based capital ratio
|
11.88
|
14.96
|
8.0
|
9.25
|
10.5
|
10.0
|
||||||||||||||||||
Tier 1 leverage ratio
|
9.25
|
9.86
|
4.0
|
n/a
|
n/a
|
5.0
|
(1) |
The 1.25% buffer percentage represents the phased-in requirement as of June 30, 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
|
$
|
38,302
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
38,302
|
||||||||||
Other loan commitments
|
105,210
|
-
|
-
|
-
|
105,210
|
|||||||||||||||
Stand-by letters of credit
|
922
|
-
|
-
|
-
|
922
|
|||||||||||||||
Total Off-Balance Sheet Arrangements
|
$
|
144,434
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
144,434
|
June 30,
2017
|
December 31,
2016
|
|||||||
(Dollars in Thousands)
|
||||||||
Non-accrual loans
(1)
:
|
||||||||
One-to-four family residential, including condominium and cooperative apartment
|
$
|
654
|
$
|
1,012
|
||||
Multifamily residential and residential mixed use real estate
|
2,618
|
2,675
|
||||||
Commercial mixed use real estate
|
101
|
549
|
||||||
Consumer
|
1
|
1
|
||||||
Total non-accrual loans
|
3,374
|
4,237
|
||||||
Non-accrual one-to-four family and consumer loans deemed homogeneous loans
|
(655
|
)
|
(1,013
|
)
|
||||
TDRs:
|
||||||||
One-to-four family residential, including condominium and cooperative apartment
|
399
|
407
|
||||||
Multifamily residential and residential mixed use real estate
|
639
|
658
|
||||||
Commercial mixed use real estate
|
4,218
|
4,261
|
||||||
Commercial real estate
|
3,330
|
3,363
|
||||||
Total TDRs
|
8,586
|
8,689
|
||||||
Impaired loans
|
$
|
11,305
|
$
|
11,913
|
(1)
|
There were no non-accruing TDRs for the periods indicated.
|
· |
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
|
June 30,
2017
|
December 31,
2016
|
|||||||
(Dollars in Thousands)
|
||||||||
Non-accrual loans
|
$
|
3,374
|
$
|
4,237
|
||||
Non-performing assets:
|
||||||||
Non-performing TRUP CDOs
|
1,287
|
1,270
|
||||||
Total non-performing assets
|
$
|
4,661
|
$
|
5,507
|
||||
Ratios:
|
||||||||
Total non-accrual loans to total loans
|
0.06
|
%
|
0.08
|
%
|
||||
Total non-performing assets to total assets
|
0.07
|
0.09
|
||||||
June 30,
2017
|
March 31,
2017
|
December 31,
2016
|
||||||||||
(Dollars in Thousands)
|
||||||||||||
Impaired loans
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Pass graded loans:
|
||||||||||||
Real estate loans
|
20,945
|
20,482
|
20,516
|
|||||||||
C&I loans
|
1,023
|
453
|
-
|
|||||||||
Consumer loans
|
17
|
19
|
20
|
|||||||||
Total
|
$
|
21,985
|
$
|
20,954
|
$
|
20,536
|
Three Months Ended June 30,
|
||||||||||||||||||||||||
2017
|
2016
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Yield/
|
Average
Balance
|
Interest
|
Average
Yield/
|
|||||||||||||||||||
Assets:
|
(Dollars
In
Thousands)
|
|||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Real estate loans
|
$
|
5,759,565
|
$
|
51,137
|
3.55
|
%
|
$
|
5,138,053
|
$
|
47,358
|
3.69
|
%
|
||||||||||||
C&I loans
|
41,776
|
474
|
4.54
|
384
|
6
|
6.25
|
||||||||||||||||||
Other loans
|
1,076
|
18
|
6.69
|
1,127
|
18
|
6.39
|
||||||||||||||||||
MBS
|
3,460
|
14
|
1.62
|
400
|
2
|
2.00
|
||||||||||||||||||
Investment securities
|
16,970
|
164
|
3.87
|
20,203
|
265
|
5.25
|
||||||||||||||||||
Other
|
95,326
|
611
|
2.56
|
148,267
|
721
|
1.95
|
||||||||||||||||||
Total interest-earning assets
|
5,918,173
|
$
|
52,418
|
3.54
|
%
|
5,308,434
|
$
|
48,370
|
3.64
|
%
|
||||||||||||||
Non-interest earning assets
|
210,205
|
201,115
|
||||||||||||||||||||||
Total assets
|
$
|
6,128,378
|
$
|
5,509,549
|
||||||||||||||||||||
Liabilities and Stockholders' Equity:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
114,257
|
$
|
65
|
0.23
|
%
|
$
|
84,835
|
$
|
61
|
0.29
|
%
|
||||||||||||
Money Market accounts
|
2,767,455
|
6,139
|
0.89
|
1,892,046
|
3,865
|
0.82
|
||||||||||||||||||
Savings accounts
|
367,995
|
46
|
0.05
|
369,266
|
44
|
0.05
|
||||||||||||||||||
CDs
|
925,535
|
3,259
|
1.41
|
1,010,864
|
3,627
|
1.44
|
||||||||||||||||||
Borrowed Funds
|
875,057
|
4,856
|
2.23
|
1,145,058
|
5,163
|
1.81
|
||||||||||||||||||
Total interest-bearing liabilities
|
5,050,299
|
$
|
14,365
|
1.14
|
%
|
4,502,069
|
$
|
12,760
|
1.14
|
%
|
||||||||||||||
Non-interest bearing checking accounts
|
300,762
|
255,922
|
||||||||||||||||||||||
Other non-interest-bearing liabilities
|
200,628
|
206,526
|
||||||||||||||||||||||
Total liabilities
|
5,551,689
|
4,964,517
|
||||||||||||||||||||||
Stockholders' equity
|
576,689
|
545,032
|
||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
6,128,378
|
$
|
5,509,549
|
||||||||||||||||||||
Net interest income
|
$
|
38,053
|
$
|
35,610
|
||||||||||||||||||||
Net interest spread
|
2.40
|
%
|
2.50
|
%
|
||||||||||||||||||||
Net interest-earning assets
|
$
|
867,874
|
$
|
806,365
|
||||||||||||||||||||
Net interest margin
|
2.57
|
%
|
2.68
|
%
|
||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
117.18
|
%
|
117.91
|
%
|
||||||||||||||||||||
Deposits
|
$
|
4,476,004
|
$
|
9,509
|
0.85
|
%
|
$
|
3,612,933
|
$
|
7,597
|
0.85
|
%
|
Three Months Ended June 30, 2017
Compared to Three Months Ended June 30, 2016
Increase/ (Decrease) Due to:
|
||||||||||||
Volume
|
Rate
|
Total
|
||||||||||
(Dollars In thousands)
|
||||||||||||
Interest-earning assets:
|
||||||||||||
Real estate loans
|
$
|
5,653
|
$
|
(1,874
|
)
|
$
|
3,779
|
|||||
C&I loans
|
559
|
(91
|
)
|
468
|
||||||||
Other loans
|
(1
|
)
|
1
|
-
|
||||||||
MBS
|
14
|
(2
|
)
|
12
|
||||||||
Investment securities
|
(37
|
)
|
(64
|
)
|
(101
|
)
|
||||||
Other
|
(297
|
)
|
187
|
(110
|
)
|
|||||||
Total
|
$
|
5,891
|
$
|
(1,843
|
)
|
$
|
4,048
|
|||||
Interest-bearing liabilities:
|
||||||||||||
Interest bearing checking accounts
|
$
|
19
|
$
|
(15
|
)
|
$
|
4
|
|||||
Money market accounts
|
1,869
|
405
|
2,274
|
|||||||||
Savings accounts
|
1
|
1
|
2
|
|||||||||
CDs
|
(300
|
)
|
(68
|
)
|
(368
|
)
|
||||||
Borrowed funds
|
(1,364
|
)
|
1,057
|
(307
|
)
|
|||||||
Total
|
$
|
225
|
$
|
1,380
|
$
|
1,605
|
||||||
Net change in net interest income
|
$
|
5,666
|
$
|
(3,223
|
)
|
$
|
2,443
|
· |
During the period January 1, 2009 through June 30, 2017, Federal Open Market Committee monetary policies resulted in the maintenance of the overnight federal funds rate in a range of 0.0% to 1.25%, helping deposit and borrowing costs remain at historically low levels.
|
· |
Increased marketplace competition and refinancing activity on real estate loans, particularly during the period January 1, 2012 through June 30, 2017, resulted in an ongoing reduction in the average yield on real estate loans.
|
Six Months Ended June 30,
|
||||||||||||||||||||||||
2017
|
2016
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Yield/
Cost
|
Average
Balance
|
Interest
|
Average
Yield/
Cost
|
|||||||||||||||||||
Assets:
|
(Dollars
In
Thousands)
|
|||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Real estate loans
|
$
|
5,723,561
|
$
|
101,612
|
3.55
|
%
|
$
|
4,977,574
|
$
|
93,009
|
3.74
|
%
|
||||||||||||
C&I loans
|
22,125
|
515
|
4.66
|
329
|
11
|
6.69
|
||||||||||||||||||
Other loans
|
1,072
|
36
|
6.72
|
1,137
|
37
|
6.51
|
||||||||||||||||||
MBS
|
3,475
|
28
|
1.61
|
407
|
4
|
1.97
|
||||||||||||||||||
Investment securities
|
16,906
|
354
|
4.19
|
20,210
|
438
|
4.33
|
||||||||||||||||||
Other
|
104,102
|
1,327
|
2.55
|
132,382
|
1,382
|
2.09
|
||||||||||||||||||
Total interest-earning assets
|
5,871,241
|
$
|
103,872
|
3.54
|
%
|
5,132,039
|
$
|
94,881
|
3.70
|
%
|
||||||||||||||
Non-interest earning assets
|
206,405
|
208,420
|
||||||||||||||||||||||
Total assets
|
$
|
6,077,646
|
$
|
5,340,459
|
||||||||||||||||||||
Liabilities and Stockholders' Equity:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Interest bearing checking accounts
|
$
|
112,527
|
$
|
124
|
0.22
|
%
|
$
|
82,337
|
$
|
117
|
0.29
|
%
|
||||||||||||
Money Market accounts
|
2,730,337
|
11,918
|
0.88
|
1,790,974
|
7,244
|
0.81
|
||||||||||||||||||
Savings accounts
|
368,041
|
91
|
0.05
|
368,487
|
91
|
0.05
|
||||||||||||||||||
CDs
|
973,845
|
6,883
|
1.43
|
970,936
|
6,939
|
1.44
|
||||||||||||||||||
Borrowed Funds
|
843,173
|
9,316
|
2.23
|
1,163,586
|
10,249
|
1.77
|
||||||||||||||||||
Total interest-bearing liabilities
|
5,027,923
|
$
|
28,332
|
1.14
|
%
|
4,376,320
|
$
|
24,640
|
1.13
|
%
|
||||||||||||||
Non-interest bearing checking accounts
|
296,007
|
258,450
|
||||||||||||||||||||||
Other non-interest-bearing liabilities
|
180,510
|
179,597
|
||||||||||||||||||||||
Total liabilities
|
5,504,440
|
4,814,367
|
||||||||||||||||||||||
Stockholders' equity
|
573,206
|
526,092
|
||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
6,077,646
|
$
|
5,340,459
|
||||||||||||||||||||
Net interest income
|
$
|
75,540
|
$
|
70,241
|
||||||||||||||||||||
Net interest spread
|
2.40
|
%
|
2.57
|
%
|
||||||||||||||||||||
Net interest-earning assets
|
$
|
843,318
|
$
|
755,719
|
||||||||||||||||||||
Net interest margin
|
2.57
|
%
|
2.74
|
%
|
||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
116.77
|
%
|
117.27
|
%
|
||||||||||||||||||||
Deposits
|
$
|
4,480,757
|
$
|
19,016
|
0.86
|
%
|
$
|
3,471,184
|
$
|
14,391
|
0.83
|
%
|
Six Months Ended June 30, 2017
Compared to Six Months Ended June 30, 2016
Increase/ (Decrease) Due to:
|
||||||||||||
Volume
|
Rate
|
Total
|
||||||||||
(Dollars In thousands)
|
||||||||||||
Interest-earning assets:
|
||||||||||||
Real estate loans
|
$
|
13,636
|
$
|
(5,033
|
)
|
$
|
8,603
|
|||||
C&I loans
|
618
|
(114
|
)
|
504
|
||||||||
Other loans
|
(2
|
)
|
1
|
(1
|
)
|
|||||||
MBS
|
28
|
(4
|
)
|
24
|
||||||||
Investment securities
|
(71
|
)
|
(13
|
)
|
(84
|
)
|
||||||
Other
|
(327
|
)
|
272
|
(55
|
)
|
|||||||
Total
|
$
|
13,882
|
$
|
(4,891
|
)
|
$
|
8,991
|
|||||
Interest-bearing liabilities:
|
||||||||||||
Interest bearing checking accounts
|
$
|
40
|
$
|
(33
|
)
|
$
|
7
|
|||||
Money market accounts
|
3,920
|
754
|
4,674
|
|||||||||
Savings accounts
|
-
|
-
|
-
|
|||||||||
CDs
|
7
|
(63
|
)
|
(56
|
)
|
|||||||
Borrowed funds
|
(3,201
|
)
|
2,268
|
(933
|
)
|
|||||||
Total
|
$
|
766
|
$
|
2,926
|
$
|
3,692
|
||||||
Net change in net interest income
|
$
|
13,116
|
$
|
(7,817
|
)
|
$
|
5,299
|
· |
During the period January 1, 2009 through June 30, 2017, Federal Open Market Committee monetary policies resulted in the maintenance of the overnight federal funds rate in a range of 0.0% to 1.25%, helping deposit and borrowing costs remain at historically low levels.
|
· |
Increased marketplace competition and refinancing activity on real estate loans, particularly during the period January 1, 2012 through June 30, 2017, has resulted in an ongoing reduction in the average yield on real estate loans.
|
At June 30, 2017
|
At December 31, 2016
|
|||||||||||||||||||||||
EVE
|
Dollar
Change
|
Percentage
Change
|
EVE
|
Dollar
Change
|
Percentage
Change
|
|||||||||||||||||||
Rate Shock Scenario
|
(Dollars in Thousands)
|
|||||||||||||||||||||||
+ 200 Basis Points
|
$
|
556,515
|
$
|
(61,808
|
)
|
-10.0
|
%
|
$
|
508,155
|
$
|
(66,494
|
)
|
-11.6
|
%
|
||||||||||
Pre-Shock Scenario
|
618,323
|
-
|
-
|
574,649
|
-
|
-
|
Instantaneous Change in Interest rate of:
|
Percentage
Change in Net
Interest
Income
|
|||
+ 200 Basis Points
|
(11.4
|
)%
|
||
+ 100 Basis Points
|
(5.9
|
)
|
||
–
100 Basis Points
|
9.9
|
(a) |
Not applicable.
|
(b) |
Not applicable.
|
(c) |
The Holding Company did not repurchase any shares of common stock into treasury during the three-month or six-month periods ended June 30, 2017. No existing repurchase programs expired during the three months ended June 30, 2017, nor did the Company terminate any repurchase programs prior to expiration during the period. As of June 30, 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.
|
Exhibit Number
|
|
3.1
|
Amended and Restated Certificate of Incorporation of Dime Community Bancshares, Inc. (incorporated by reference to Exhibit 3.1 to the Registrant’s Transition Report on Form 10-K for the transition period ended December 31, 2002, filed with the SEC on March 28, 2003 (File No. 000-27782))
|
3.2
|
Amended and Restated Bylaws of Dime Community Bancshares, Inc. (incorporated by reference to Exhibit 3(ii) to the Registrant’s Current Report on Form 8-K, filed with the SEC on January 30, 2017 (File No. 000-27782))
|
4.1
|
Amended and Restated Certificate of Incorporation of Dime Community Bancshares, Inc. [see Exhibit 3.1 hereto]
|
4.2
|
Amended and Restated Bylaws of Dime Community Bancshares, Inc. [see Exhibit 3.2 hereto]
|
4.3
|
Draft Stock Certificate of Dime Community Bancshares, Inc. (incorporated by reference to Exhibit 4.3 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended June 30, 1998, filed with the SEC on September 28, 1998 (File No. 000-27782))
|
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 (incorporated by reference to Exhibit 4.5 to the Registrant’s Registration Statement on Form S-4, filed with the SEC on July 29, 2004 (File No. 333-117743))
|
10.14(ii)
|
Form of stock option agreement for officers and employees under Dime Community Bancshares, Inc. 2001 Stock Option Plan for Outside Directors, Officers and Employees (incorporated by reference to Exhibit 4.3 to the Registrant’s Registration Statement on Form S-8, filed with the SEC on January 24, 2003 (File No. 333-102690))
|
10.14(iii)
|
Form of stock option agreement for officers and employees under Dime Community Bancshares, Inc. 2004 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K, filed with the SEC on March 22, 2005 (File No. 000-27782))
|
10.20
|
Dime Community Bancshares, Inc. 2001 Stock Option Plan for Outside Directors, Officers and Employees (incorporated by reference to Exhibit 10.20 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2011, filed with the SEC on August 9, 2011 (File No. 000-27782))
|
10.21
|
Dime Community Bancshares, Inc. 2004 Stock Incentive Plan for Outside Directors, Officers and Employees (incorporated by reference to Exhibit 10.21 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2008, filed with the SEC on August 8, 2008 (File No. 000-27782))
|
10.24
|
Waiver executed by Kenneth J. Mahon (incorporated by reference to Exhibit 10.24 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2005, filed with the SEC on May 10, 2005 (File No. 000-27782))
|
10.25
|
Form of restricted stock award notice for officers and employees under the 2004 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K, filed with the SEC on March 22, 2005) (File No. 000-27782))
|
10.27
|
Form of restricted stock award notice for outside directors under the 2004 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K, filed with the SEC on March 22, 2005) (File No. 000-27782))
|
10.30
|
Adoption Agreement for Pentegra Services, Inc. Volume Submitter 401(K) Profit Sharing Plan (incorporated by reference to Exhibit 10.30 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, filed with the SEC on May 7, 2015) (File No. 000-27782))
|
10.31
|
Employee Stock Ownership Plan of Dime Community Bancshares, Inc. and Certain Affiliates (incorporated by reference to Exhibit 31 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008, filed with the SEC on March 16, 2009) (File No. 000-27782))
|
10.32
|
Amendment to the Benefit Maintenance Plan (incorporated by reference to Exhibit 10.32 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, filed with the SEC on November 13, 2012) (File No. 000-27782))
|
10.33
|
Amendments One, Two and Three to the Employee Stock Ownership Plan of Dime Community Bancshares, Inc. and Certain Affiliates (incorporated by reference to Exhibit 10.33 the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2012, filed with the SEC on March 15, 2013 (File No. 000-27782))
|
10.34
|
Dime Community Bancshares, Inc. 2013 Equity and Incentive Plan (incorporated by reference to Exhibit 10.34 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, filed with the SEC on August 9, 2013 (File No. 000-27782))
|
10.35
|
Form of restricted stock award notice for officers and employees under the 2013 Equity and Incentive Plan (incorporated by reference to Exhibit 10.35 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014, filed with the SEC on August 5, 2014 (File No. 000-27782))
|
10.36
|
Form of restricted stock award notice for outside directors under the 2013 Equity and Incentive Plan (incorporated by reference to Exhibit 10.36 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014, filed with the SEC on August 5, 2014 (File No. 000-27782))
|
10.37
|
The Dime Savings Bank of Williamsburgh 401(K) Savings Plan (incorporated by reference to Exhibit 10.37 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, filed with the SEC on May 7, 2015 (File No. 000-27782))
|
10.38
|
Amendment Number Four to the Employee Stock Ownership Plan of Dime Community Bancshares, Inc. and Certain Affiliates (incorporated by reference to Exhibit 10.38 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2014, filed with the SEC on March 16, 2015 (File No. 000-27782))
|
10.39
|
Amendment Number One to the Dime Savings Bank of Williamsburgh 401(K) Savings Plan (incorporated by reference to Exhibit 10.39 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, filed with the SEC on May 7, 2015 (File No. 000-27782))
|
** |
Furnished, not filed, herewith.
|
Dated: August 7, 2017
|
By:
/s/ KENNETH J. MAHON
|
Kenneth J. Mahon
|
|
President and Chief Executive Officer
|
Dated: August 7, 2017
|
By:
/s/ JAMES L. RIZZO
|
James L. Rizzo
|
|
Senior Vice President and Comptroller (Principal Financial Officer)
|
Page
|
|||
ARTICLE 1
|
INTRODUCTION
|
1
|
|
ARTICLE 2
|
DEFINITIONS
|
4
|
|
ARTICLE 3
|
PARTICIPATION
|
12
|
|
Section 3.1
|
Eligibility Requirements.
|
12
|
|
ARTICLE 4
|
CONTRIBUTIONS
|
13
|
|
Section 4.1
|
Elective Deferrals (Pre-Tax and Roth).
|
13
|
|
Section 4.2
|
Employer Safe Harbor Basic Contribution.
|
16
|
|
Section 4.3
|
Employer Discretionary Contribution.
|
16
|
|
Section 4.4
|
Employer Matching Contributions
|
17
|
|
Section 4.5
|
Limitations on Contributions for Highly-Compensated Employees.
|
17
|
|
Section 4.6
|
Return of Employer Contributions
|
22
|
|
Section 4.7
|
Military Service
|
23
|
|
ARTICLE 5
|
ROLLOVER CONTRIBUTIONS TO THE PLAN
|
24
|
|
Section 5.1
|
Requirements for Rollover Contributions
|
24
|
|
Section 5.2
|
Delivery of Rollover Contributions.
|
24
|
|
ARTICLE 6
|
TRUST
|
25
|
|
ARTICLE 7
|
INVESTMENT ELECTIONS, ALLOCATION OF TRUST INCOME AND CONTRIBUTIONS TO PARTICIPANTS’ ACCOUNTS
|
26
|
|
Section 7.1
|
Separate Accounts.
|
26
|
|
Section 7.2
|
Investment Funds, Elections and Company Stock Fund.
|
26
|
|
Section 7.3
|
Allocation to Participants’ Accounts of Net Income of Trust and Fluctuation in Value of Trust Assets
|
33
|
|
Section 7.4
|
Determination of Net Worth of an Investment Fund
|
34
|
|
Section 7.5
|
Limitations on Allocations
|
34
|
|
Section 7.6
|
Correction of Error.
|
35
|
|
ARTICLE 8
|
VESTING
|
36
|
|
Section 8.1
|
Vesting Schedules.
|
36
|
|
Section 8.2
|
Forfeiture of Unvested Amounts
|
36
|
ARTICLE 9
|
DISTRIBUTIONS
|
38
|
|
Section 9.1
|
Time and Form of Distribution upon Termination of Employment.
|
38
|
|
Section 9.2
|
Designation of Beneficiary
|
40
|
|
Section 9.3
|
Investment of Distributee Accounts
|
40
|
|
Section 9.4
|
Distributions to Minor and Disabled Distributees
|
40
|
|
Section 9.5
|
“Lost” Participants and Beneficiaries.
|
41
|
|
Section 9.6
|
Withdrawals from Accounts During Employment.
|
41
|
|
Section 9.7
|
Loans to Participants.
|
44
|
|
Section 9.8
|
Direct Rollovers.
|
45
|
|
ARTICLE 10
|
PARTICIPANTS’ STOCKHOLDER RIGHTS
|
47
|
|
Section 10.1
|
Company Stock
|
47
|
|
Section 10.2
|
Tender Offers.
|
47
|
|
ARTICLE 11
|
ADMINISTRATION
|
49
|
|
Section 11.1
|
The Plan Administrator.
|
49
|
|
Section 11.2
|
Claims Procedure.
|
50
|
|
Section 11.3
|
Procedures for Domestic Relations Orders
|
53
|
|
Section 11.4
|
Notices to Participants, Etc.
|
53
|
|
Section 11.5
|
Notices to Company, Employers or Plan Administrator
|
53
|
|
Section 11.6
|
New Technologies
|
54
|
|
Section 11.7
|
Records
|
54
|
|
Section 11.8
|
Reports of Accounting to Participants
|
54
|
|
Section 11.9
|
Limitations on Actions
|
54
|
|
Section 11.10
|
Restriction of Venue
|
54
|
|
ARTICLE 12
|
ADOPTION OF THIS PLAN
|
55
|
|
Section 12.1
|
Adoption of Plan By Entity in Company’s Controlled Group
|
55
|
|
Section 12.2
|
Withdrawal from Participation
|
55
|
|
Section 12.3
|
Company and Plan Administrator as Agent for Employers
|
55
|
ARTICLE 13
|
MISCELLANEOUS
|
56
|
|
Section 13.1
|
Expenses
|
56
|
|
Section 13.2
|
Non-Assignability.
|
56
|
|
Section 13.3
|
Employment Non-Contractual
|
57
|
|
Section 13.4
|
Limitation of Rights
|
57
|
|
Section 13.5
|
Merger or Consolidation with Another Plan
|
57
|
|
Section 13.6
|
Gender and Plurals
|
57
|
|
Section 13.7
|
Applicable Law
|
57
|
|
Section 13.8
|
Severability
|
58
|
|
ARTICLE 14
|
TOP-HEAVY PLAN REQUIREMENTS
|
59
|
|
Section 14.1
|
Top-Heavy Plan Determination
|
59
|
|
Section 14.2
|
Definitions and Special Rules.
|
59
|
|
Section 14.3
|
Minimum Contribution for Top-Heavy Years
|
60
|
|
ARTICLE 15
|
AMENDMENT, ESTABLISHMENT OF SEPARATE PLAN AND TERMINATION
|
61
|
|
Section 15.1
|
Amendment or Termination
|
61
|
|
Section 15.2
|
Establishment of Separate Plan
|
61
|
|
Section 15.3
|
Full Vesting upon Termination of Participation, Partial Plan Termination or Complete Discontinuance of Contributions
|
61
|
|
Section 15.4
|
Distribution upon Termination of the Plan
|
61
|
|
Section 15.5
|
Trust Fund to Be Applied Exclusively for Participants and Their Beneficiaries
|
62
|
|
SIGNATURE |
63
|
Plan Year
|
Plan Year Limit
|
||
2018
|
For calendar years 2018 and later, $270,000 (or such higher amount as is permitted under the cost-of-living provisions of Code section 402(g)(4))
|
||
2017
|
$270,000
|
Plan Year
|
Plan Year Limit
|
||
2018
|
For calendar years 2018 and later $18,000 (or such higher amount as is permitted under the cost-of-living provisions of Code section 402(g)(4))
|
||
2017
|
$18,000
|
Plan Year
|
Plan Year Limit
|
||
2018
|
For calendar years 2018 and later $6,000 (or such higher amount as is permitted under the cost-of-living provisions of Code section 414(v)(2)(C))
|
||
2017
|
$6,000
|
Participant’s Period of Service
(Measured in Completed Years)
|
Vested Percentage
|
||
Less than 2
|
0%
|
||
Less than 3 but more than 2
|
20%
|
||
Less than 4 but more than 3
|
40%
|
||
Less than 5 but more than 4
|
60%
|
||
Less than 6 but more than 5
|
80%
|
||
6 or more
|
100%
|
DIME COMMUNITY BANK
|
||
By:
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30, 2017
|
June 30, 2016
|
June 30, 2017
|
June 30, 2016
|
|||||||||||||
Ratio of Earnings to Fixed Charges (Including Deposits)
|
||||||||||||||||
Earnings:
|
||||||||||||||||
Income before income taxes
|
$
|
19,284
|
$
|
19,381
|
$
|
37,330
|
$
|
105,905
|
||||||||
Add: Fixed charges, net
|
15,113
|
13,316
|
29,481
|
25,537
|
||||||||||||
Income before income taxes and fixed charges, net
|
34,397
|
32,697
|
66,811
|
131,442
|
||||||||||||
Fixed charges
|
||||||||||||||||
Interest expense
|
$
|
14,365
|
$
|
12,760
|
$
|
28,333
|
$
|
24,640
|
||||||||
One-third of rental expense
|
748
|
556
|
1,148
|
897
|
||||||||||||
Interest on unrecognized tax benefits
|
-
|
-
|
-
|
-
|
||||||||||||
Total fixed charges
|
$
|
15,113
|
$
|
13,316
|
$
|
29,481
|
$
|
25,537
|
||||||||
Ratio of Earnings to Fixed Charges
|
2.28
|
x
|
2.46
|
x
|
2.27
|
x
|
5.15
|
x
|
Ratio of Earnings to Fixed Charges (Excluding Deposits)
|
||||||||||||||||
Earnings:
|
||||||||||||||||
Income before income taxes
|
$
|
19,284
|
$
|
19,381
|
$
|
37,330
|
$
|
105,905
|
||||||||
Add: Fixed charges, net
|
5,604
|
5,719
|
10,465
|
11,146
|
||||||||||||
Income before income taxes and fixed charges, net
|
24,888
|
25,100
|
47,795
|
117,051
|
||||||||||||
Fixed charges
|
||||||||||||||||
Interest expense (excluding deposits)
|
4,856
|
5,163
|
9,317
|
10,249
|
||||||||||||
One-third of rental expense
|
748
|
556
|
1,148
|
897
|
||||||||||||
Interest on unrecognized tax benefits
|
-
|
-
|
-
|
-
|
||||||||||||
Total fixed charges
|
$
|
5,604
|
$
|
5,719
|
$
|
10,465
|
$
|
11,146
|
||||||||
Ratio of Earnings to Fixed Charges
|
4.44
|
x
|
4.39
|
x
|
4.57
|
x
|
10.50
|
x
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c) |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d) |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter In the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonable likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: August 7, 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: August 7, 2017
|
||
/s/ JAMES L. RIZZO
|
||
James L. Rizzo
|
||
Senior Vice President and Comptroller (Principal Financial Officer)
|
(1) |
The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
|
(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
August 7, 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.
|
August 7, 2017
|
||
Date
|
||
By:
|
/s/ James L. Rizzo
|
|
James L. Rizzo
|
||
Senior Vice President and Comptroller(Principal Financial Officer)
|