☒ |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
11-3297463
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. employer identification number)
|
300 Cadman Plaza West, 8
th
Floor, Brooklyn, NY
|
11201
|
|
(
Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Name of exchange on which registered
|
Common Stock, par value $0.01 per share
|
The Nasdaq Stock Market, LLC
|
LARGE ACCELERATED FILER
☐
|
ACCELERATED FILER
☒
|
NON -ACCELERATED FILER
☐
|
(Do not check if a smaller reporting company)
|
SMALLER REPORTING COMPANY
☐
|
EMERGING GROWTH COMPANY
☐
|
Page
|
||
PART I
|
||
Item 1.
|
||
3
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||
3
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||
5
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||
8
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9
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||
10
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||
12
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||
12
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||
12
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||
13
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||
14
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||
Item 1A.
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24
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Item 1B.
|
30
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Item 2.
|
30
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Item 3.
|
30
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Item 4.
|
31
|
|
PART II
|
||
Item 5.
|
31
|
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Item 6.
|
33
|
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Item 7.
|
35
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Item 7A.
|
54
|
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Item 8.
|
56
|
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Item 9.
|
56
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Item 9A.
|
56
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Item 9B.
|
57
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PART III
|
||
Item 10.
|
57
|
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Item 11.
|
57
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Item 12.
|
58
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Item 13.
|
58
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Item 14.
|
58
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PART IV
|
||
Item 15.
|
58
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Item 16.
|
59
|
|
59
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· |
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 affect the business of Dime Community Bank (
f/k/a
The Dime Savings Bank of Williamsburgh) (the “Bank”);
|
· |
changes in accounting principles, policies or guidelines may cause the Company’s financial condition to be perceived differently;
|
· |
changes in corporate and/or individual income tax laws may adversely affect the Company's business or financial condition;
|
· |
general economic conditions, either nationally or locally in some or all areas in which the Company conducts business, or conditions in the securities markets or the banking industry, may different than the Company currently anticipates;
|
· |
legislative, regulatory or policy 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 or the integration of any acquired entities may be more difficult or expensive than the Company anticipates;
|
· |
litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Company anticipates; and
|
· |
other risks, as enumerated in the section entitled "Risk Factors."
|
· |
A reduction of interest rate has been made for the remaining term of the loan
|
· |
The maturity date of the loan has been extended with a stated interest rate lower than the current market rate for new debt with similar risk
|
· |
The outstanding principal amount and/or accrued interest have been reduced
|
Direct Subsidiaries of the Bank
|
Year/ State of
Incorporation
|
Primary Business Activities
|
Boulevard Funding Corp.
|
1981 / New York
|
Management and ownership of real estate
|
Dime Insurance Agency Inc. (
f/k/a
Havemeyer Investments, Inc.)
|
1997 / New York
|
Sale of non-FDIC insured investment products
|
DSBW Preferred Funding Corp.
|
1998 / Delaware
|
Real Estate Investment Trust investing in multifamily residential and commercial real estate loans
|
DSBW Residential Preferred Funding Corp.
|
1998 / Delaware
|
Real Estate Investment Trust investing in one- to- four family real estate loans
|
Dime Reinvestment Corporation
|
2004 / Delaware
|
Community Development Entity. Currently inactive.
|
195 Havemeyer Corp.
|
2008 / New York
|
Management and ownership of real estate. Currently inactive.
|
DSB Holdings NY, LLC
|
2015 / New York
|
Management and ownership of real estate. Currently inactive.
|
Twelve Months Ended
December 31, 2017
|
Twelve Months Ended
December 31, 2016
|
|||||||||||||||||||||||
Quarter Ended
|
Dividends
Declared
|
High
Sales
Price
|
Low
Sales
Price
|
Dividends
Declared
|
High
Sales
Price
|
Low
Sales
Price
|
||||||||||||||||||
March 31
st
|
$
|
0.14
|
$
|
22.48
|
$
|
19.35
|
$
|
0.14
|
$
|
17.96
|
$
|
15.61
|
||||||||||||
June 30
th
|
0.14
|
21.40
|
18.85
|
0.14
|
18.87
|
16.37
|
||||||||||||||||||
September 30
th
|
0.14
|
21.75
|
18.35
|
0.14
|
18.27
|
16.53
|
||||||||||||||||||
December 31
st
|
0.14
|
22.65
|
19.60
|
0.14
|
20.45
|
16.10
|
Period
|
Total
Number
of Shares
Purchased
|
Average
Price Paid
Per Share
|
Total Number of
Shares Purchased as
Part of Publicly
Announced Programs
(1)
|
Maximum Number of
Shares that May Yet be
Purchased Under the
Programs
(1)
|
||||||
October 2017
|
‑
|
‑
|
‑
|
1,104,549
|
||||||
November 2017
|
‑
|
‑
|
‑
|
1,104,549
|
||||||
December 2017
|
‑
|
‑
|
‑
|
1,104,549
|
Period Ending December 31,
|
||||||
Index
|
2012
|
2013
|
2014
|
2015
|
2016
|
2017
|
Dime Community Bancshares, Inc.
|
100.00
|
126.39
|
126.05
|
140.14
|
166.49
|
178.38
|
NASDAQ Composite
|
100.00
|
140.12
|
160.78
|
171.97
|
187.22
|
242.71
|
SNL Thrift
|
100.00
|
128.33
|
138.02
|
155.20
|
190.11
|
188.72
|
At or for the Year Ended December 31,
|
||||||||||||||||||||
2017
|
2016
|
2015
|
2014
|
2013
|
||||||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||||||||||
Selected Financial Condition Data:
|
||||||||||||||||||||
Total assets
|
$
|
6,403,460
|
$
|
6,005,430
|
$
|
5,032,872
|
$
|
4,497,107
|
$
|
4,028,190
|
||||||||||
Loans and loans held for sale (net of deferred costs or fees and the allowance for loan losses)
|
5,581,084
|
5,615,886
|
4,678,262
|
4,100,747
|
3,679,366
|
|||||||||||||||
MBS
|
351,384
|
3,558
|
431
|
26,409
|
31,543
|
|||||||||||||||
Investment securities (including FHLBNY capital stock)
|
66,417
|
60,670
|
77,912
|
76,139
|
78,863
|
|||||||||||||||
Federal funds sold and other short-term investments
|
-
|
-
|
-
|
250
|
-
|
|||||||||||||||
Goodwill
|
55,638
|
55,638
|
55,638
|
55,638
|
55,638
|
|||||||||||||||
Deposits
|
4,403,447
|
4,395,426
|
3,184,310
|
2,659,792
|
2,507,146
|
|||||||||||||||
Borrowings
|
1,283,612
|
901,805
|
1,237,405
|
1,244,405
|
980,680
|
|||||||||||||||
Stockholders' equity
|
598,567
|
565,868
|
493,947
|
459,725
|
435,506
|
|||||||||||||||
Selected Operating Data:
|
||||||||||||||||||||
Interest income
|
$
|
212,096
|
$
|
195,627
|
$
|
174,791
|
$
|
172,952
|
$
|
175,456
|
||||||||||
Interest expense
|
59,366
|
52,141
|
46,227
|
48,416
|
46,969
|
|||||||||||||||
Net interest income
|
152,730
|
143,486
|
128,564
|
124,536
|
128,487
|
|||||||||||||||
Provision (credit) for loan losses
|
520
|
2,118
|
(1,330
|
)
|
(1,872
|
)
|
369
|
|||||||||||||
Net interest income after provision (credit) for loan losses
|
152,210
|
141,368
|
129,894
|
126,408
|
128,118
|
|||||||||||||||
Non-interest income
|
21,514
|
75,934
|
8,616
|
9,038
|
7,463
|
|||||||||||||||
Non-interest expense
|
84,986
|
83,831
|
62,493
|
61,076
|
62,692
|
|||||||||||||||
Income before income tax
|
88,738
|
133,471
|
76,017
|
74,370
|
72,889
|
|||||||||||||||
Income tax expense
|
36,856
|
60,957
|
31,245
|
30,124
|
29,341
|
|||||||||||||||
Net income
|
$
|
51,882
|
$
|
72,514
|
$
|
44,772
|
$
|
44,246
|
$
|
43,548
|
At or for the Year Ended December 31,
|
||||||||||||||||||||
2017
|
2016
|
2015
|
2014
|
2013
|
||||||||||||||||
SELECTED FINANCIAL RATIOS AND OTHER DATA
(1):
|
||||||||||||||||||||
Return on average assets
|
0.84
|
%
|
1.31
|
%
|
0.96
|
%
|
1.03
|
%
|
1.09
|
%
|
||||||||||
Return on average stockholders' equity
|
8.94
|
13.40
|
9.40
|
9.83
|
10.58
|
|||||||||||||||
Stockholders' equity to total assets at end of period
|
9.35
|
9.42
|
9.81
|
10.22
|
10.81
|
|||||||||||||||
Loans to deposits at end of period
|
127.22
|
128.23
|
147.50
|
154.87
|
147.56
|
|||||||||||||||
Loans to interest-earning assets at end of period
|
89.20
|
95.92
|
95.98
|
94.68
|
96.74
|
|||||||||||||||
Net interest spread
(2)
|
2.38
|
2.52
|
2.72
|
2.84
|
3.19
|
|||||||||||||||
Net interest margin
(3)
|
2.54
|
2.68
|
2.89
|
3.03
|
3.39
|
|||||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
116.55
|
116.85
|
116.64
|
115.98
|
116.49
|
|||||||||||||||
Non-interest expense to average assets
|
1.37
|
1.51
|
1.34
|
1.42
|
1.57
|
|||||||||||||||
Efficiency ratio
(4)
|
53.24
|
55.48
|
45.98
|
46.28
|
46.23
|
|||||||||||||||
Effective tax rate
|
41.53
|
45.67
|
41.10
|
40.51
|
40.25
|
|||||||||||||||
Dividend payout ratio
|
40.58
|
28.43
|
45.53
|
45.53
|
45.53
|
|||||||||||||||
Per Share Data:
|
||||||||||||||||||||
Diluted earnings per share
|
$
|
1.38
|
$
|
1.97
|
$
|
1.23
|
$
|
1.23
|
$
|
1.23
|
||||||||||
Cash dividends paid per share
|
0.56
|
0.56
|
0.56
|
0.56
|
0.56
|
|||||||||||||||
Book value per share
(5)
|
16.00
|
15.11
|
13.22
|
12.47
|
11.86
|
|||||||||||||||
Asset Quality Ratios and Other Data(1):
|
||||||||||||||||||||
Net charge-offs (recoveries)
|
$
|
23
|
$
|
97
|
$
|
(1,351
|
)
|
$
|
(212
|
)
|
$
|
766
|
||||||||
Total non-performing loans
(6)
|
533
|
4,237
|
1,611
|
6,198
|
12,549
|
|||||||||||||||
OREO
|
-
|
-
|
148
|
18
|
18
|
|||||||||||||||
Non-performing pooled trust preferred securities ("TRUP CDOs")
|
-
|
1,270
|
1,236
|
904
|
898
|
|||||||||||||||
Total non-performing assets
|
533
|
5,507
|
2,995
|
7,120
|
13,465
|
|||||||||||||||
Non-performing loans to total loans
|
0.01
|
%
|
0.08
|
%
|
0.03
|
%
|
0.15
|
%
|
0.34
|
%
|
||||||||||
Non-performing assets to total assets
|
0.01
|
0.09
|
0.06
|
0.16
|
0.33
|
|||||||||||||||
Allowance for Loan Losses to:
|
||||||||||||||||||||
Non-performing loans
|
3,946.15
|
%
|
484.68
|
%
|
1,149.22
|
%
|
298.37
|
%
|
160.59
|
%
|
||||||||||
Total loans
(7)
|
0.38
|
0.36
|
0.39
|
0.45
|
0.54
|
|||||||||||||||
Regulatory Capital Ratios:
(Bank only)
(1)(8)
|
||||||||||||||||||||
Common Equity Tier 1 Capital to Risk-Weighted Assets
|
12.38
|
%
|
11.60
|
%
|
11.55
|
%
|
12.33
|
%
|
N/A
|
|||||||||||
Tier 1 Capital to Risk-Weighted Assets ("Tier 1 Capital Ratio")
|
12.38
|
11.60
|
11.55
|
12.33
|
N/A
|
|||||||||||||||
Total Capital to Risk-Weighted Assets ("Total Capital Ratio")
|
12.83
|
12.05
|
12.03
|
12.89
|
N/A
|
|||||||||||||||
Tier 1 Capital to Average Assets
|
9.32
|
8.95
|
9.17
|
9.64
|
N/A
|
|||||||||||||||
Earnings to Fixed Charges Ratios
(9)
:
|
||||||||||||||||||||
Including interest on deposits
|
2.44
|
x
|
3.48
|
x
|
2.60
|
x
|
2.50
|
x
|
2.51
|
x
|
||||||||||
Excluding interest on deposits
|
4.82
|
7.25
|
4.11
|
3.49
|
3.58
|
|||||||||||||||
Full Service Branches
|
28
|
25
|
25
|
25
|
25
|
(1) |
With the exception of end of period ratios, all ratios are based on average daily balances during the indicated periods. Asset Quality Ratios and Regulatory Capital Ratios are end of period ratios.
|
(2) |
The net interest spread represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities.
|
(3) |
The net interest margin represents net interest income as a percentage of average interest-earning assets.
|
(4) |
The efficiency ratio represents non-interest expense as a percentage of the sum of net interest income and non-interest income, excluding any gains or losses on sales of assets.
|
(5) |
Book value per share equals total stockholders' equity divided by shares outstanding at each period end.
|
(6) |
Includes non-performing loans designated as held for sale at period end.
|
(7) |
Total loans represent loans and loans held for sale, net of deferred fees and costs and unamortized premiums, and excluding (thus not reducing the aggregate balance by) the allowance for loan losses.
|
(8) |
Regulatory capital ratios are calculated based upon the Basel III capital rules that became effective on January 1, 2015. Pro forma ratios computed as of December 31, 2014 have been provided, however, periods prior to December 31, 2014 are not provided.
|
(9) |
Earnings to fixed charges ratio is a non-GAAP measure. For purposes of computing the ratios of earnings to fixed charges, earnings represent income before taxes, extraordinary items and the cumulative effect of accounting changes plus fixed charges. Fixed charges represent total interest expense, including and excluding interest on deposits.
|
For the Year Ended December 31,
|
||||||||||||||||||||||||||||||||||||
2017
|
2016
|
2015
|
||||||||||||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Yield/
|
Average
Balance
|
Interest
|
Average
Yield/
|
Average
Balance
|
Interest
|
Average
Yield/
|
||||||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||||||||||||||
Real estate loans
(1)
|
$
|
5,778,459
|
$
|
204,487
|
3.54
|
%
|
$
|
5,210,984
|
$
|
191,856
|
3.68
|
%
|
$
|
4,327,415
|
$
|
171,347
|
3.96
|
%
|
||||||||||||||||||
C&I Loans
|
63,840
|
3,072
|
4.81
|
624
|
41
|
6.57
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Other loans
|
1,110
|
75
|
6.76
|
1,121
|
74
|
6.60
|
1,562
|
93
|
5.95
|
|||||||||||||||||||||||||||
Investment securities
|
12,404
|
577
|
4.64
|
18,489
|
880
|
4.76
|
18,570
|
875
|
4.71
|
|||||||||||||||||||||||||||
MBS
|
24,381
|
542
|
2.22
|
1,216
|
20
|
1.64
|
6,111
|
186
|
3.04
|
|||||||||||||||||||||||||||
Other
|
127,368
|
3,343
|
2.62
|
118,576
|
2,756
|
2.32
|
89,837
|
2,290
|
2.55
|
|||||||||||||||||||||||||||
Total interest-earning assets
|
6,007,562
|
$
|
212,096
|
3.53
|
%
|
5,351,010
|
$
|
195,627
|
3.66
|
%
|
4,443,495
|
$
|
174,791
|
3.93
|
%
|
|||||||||||||||||||||
Non-interest earning assets
|
204,083
|
203,758
|
216,981
|
|||||||||||||||||||||||||||||||||
Total assets
|
$
|
6,211,645
|
$
|
5,554,768
|
$
|
4,660,476
|
||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity:
|
||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||||||
Interest-bearing checking accounts
|
$
|
113,226
|
$
|
237
|
0.21
|
%
|
$
|
89,197
|
$
|
230
|
0.26
|
%
|
$
|
76,210
|
$
|
244
|
0.32
|
%
|
||||||||||||||||||
Money Market accounts
|
2,648,909
|
23,866
|
0.90
|
2,063,787
|
17,293
|
0.84
|
1,370,531
|
10,133
|
0.74
|
|||||||||||||||||||||||||||
Savings accounts
|
364,341
|
187
|
0.05
|
367,311
|
182
|
0.05
|
370,439
|
183
|
0.05
|
|||||||||||||||||||||||||||
CDs
|
989,319
|
14,101
|
1.43
|
1,015,615
|
14,669
|
1.44
|
902,600
|
12,445
|
1.38
|
|||||||||||||||||||||||||||
Borrowed Funds
(2)
|
1,038,497
|
20,975
|
2.02
|
1,043,515
|
19,767
|
1.89
|
1,089,700
|
23,222
|
2.13
|
|||||||||||||||||||||||||||
Total interest-bearing liabilities
|
5,154,292
|
$
|
59,366
|
1.15
|
%
|
4,579,425
|
$
|
52,141
|
1.14
|
%
|
3,809,480
|
$
|
46,227
|
1.21
|
%
|
|||||||||||||||||||||
Non-interest bearing checking accounts
|
301,492
|
263,527
|
220,134
|
|||||||||||||||||||||||||||||||||
Other non-interest-bearing liabilities
|
175,431
|
170,569
|
154,809
|
|||||||||||||||||||||||||||||||||
Total liabilities
|
5,631,215
|
5,013,521
|
4,184,423
|
|||||||||||||||||||||||||||||||||
Stockholders' equity
|
580,430
|
541,247
|
476,053
|
|||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
6,211,645
|
$
|
5,554,768
|
$
|
4,660,476
|
||||||||||||||||||||||||||||||
Net interest income
|
$
|
152,730
|
$
|
143,486
|
$
|
128,564
|
||||||||||||||||||||||||||||||
Net interest spread
(3)
|
2.38
|
%
|
2.52
|
%
|
2.72
|
%
|
||||||||||||||||||||||||||||||
Net interest-earning assets
|
$
|
853,270
|
$
|
771,585
|
$
|
634,015
|
||||||||||||||||||||||||||||||
Net interest margin
(4)
|
2.54
|
%
|
2.68
|
%
|
2.89
|
%
|
||||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
116.55
|
%
|
116.85
|
%
|
116.64
|
%
|
(1) |
In computing the average balance of real estate loans, non-performing loans have been included. Interest income on real estate loans includes loan fees. Interest income on real estate loans also includes applicable prepayment fees and late charges totaling $5.0 million, $9.0 million and $11.3 million during the years ended December 31, 2017, 2016 and 2015, respectively.
|
(2) |
Interest expense on borrowed funds includes $1.4 million of prepayment charge recognized during the year ended December 31, 2015. Absent the prepayment charge, the average cost of borrowings would have been 2.01% during the year ended December 31, 2015. There were no such fees during the years ended December 31, 2017 or 2016.
|
(3) |
Net interest spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities.
|
(4) |
Net interest margin represents net interest income as a percentage of average interest-earning assets.
|
Years Ended December 31,
|
||||||||||||||||||||||||
2017 over 2016
Increase/ (Decrease) Due to
|
2016 over 2015
Increase/ (Decrease) Due to
|
|||||||||||||||||||||||
Volume
|
Rate
|
Total
|
Volume
|
Rate
|
Total
|
|||||||||||||||||||
Interest-earning assets:
|
(Dollars in Thousands)
|
|||||||||||||||||||||||
Real Estate Loans
|
$
|
20,410
|
$
|
(7,779
|
)
|
$
|
12,631
|
$
|
22,030
|
$
|
(1,521
|
)
|
$
|
20,509
|
||||||||||
C&I loans
|
3,599
|
(567
|
)
|
3,032
|
21
|
20
|
41
|
|||||||||||||||||
Other loans
|
(1
|
)
|
2
|
1
|
(10
|
)
|
(9
|
)
|
(19
|
)
|
||||||||||||||
Investment securities
|
(286
|
)
|
(18
|
)
|
(304
|
)
|
(1
|
)
|
6
|
5
|
||||||||||||||
MBS
|
448
|
74
|
522
|
(99
|
)
|
(67
|
)
|
(166
|
)
|
|||||||||||||||
Other
|
218
|
369
|
587
|
468
|
(2
|
)
|
466
|
|||||||||||||||||
Total
|
$
|
24,388
|
$
|
(7,919
|
)
|
$
|
16,469
|
$
|
22,409
|
$
|
(1,573
|
)
|
$
|
20,836
|
||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Interest-bearing checking accounts
|
$
|
57
|
$
|
(50
|
)
|
$
|
7
|
$
|
37
|
$
|
(51
|
)
|
$
|
(14
|
)
|
|||||||||
Money market accounts
|
5,119
|
1,454
|
6,573
|
5,458
|
1,702
|
7,160
|
||||||||||||||||||
Savings accounts
|
2
|
3
|
5
|
(2
|
)
|
1
|
(1
|
)
|
||||||||||||||||
CDs
|
(423
|
)
|
(145
|
)
|
(568
|
)
|
1,620
|
604
|
2,224
|
|||||||||||||||
Borrowed funds
|
(122
|
)
|
1,330
|
1,208
|
(912
|
)
|
(2,543
|
)
|
(3,455
|
)
|
||||||||||||||
Total
|
$
|
4,633
|
$
|
2,592
|
$
|
7,225
|
$
|
6,201
|
$
|
(287
|
)
|
$
|
5,914
|
|||||||||||
Net change in net interest income
|
$
|
19,755
|
$
|
(10,511
|
)
|
$
|
9,244
|
$
|
16,208
|
$
|
(1,286
|
)
|
$
|
14,922
|
· |
During the period January 1, 2010 through December 31, 2017, FOMC monetary policies resulted in the maintenance of the overnight federal funds rate in a range of 0.0% to 1.50%, resulting in deposit and borrowing costs at historically low levels.
|
· |
Increased marketplace competition and refinancing activity on real estate loans, particularly during the period January 1, 2013 through December 31, 2017, resulted in an ongoing reduction in the average yield on real estate loans.
|
At or for the Year Ended December 31,
|
|||||||||||||||||||||
2017
|
2016
|
2015
|
2014
|
2013
|
|||||||||||||||||
Allowance for loan losses:
|
(Dollars in Thousands)
|
||||||||||||||||||||
Balance at beginning of period
|
$
|
20,536
|
$
|
18,514
|
$
|
18,493
|
$
|
20,153
|
$
|
20,550
|
|||||||||||
Provision (credit) for loan losses
|
520
|
2,118
|
(1,330
|
)
|
(1,872
|
)
|
369
|
||||||||||||||
Charge-offs:
|
|||||||||||||||||||||
Multifamily residential
|
(104
|
)
|
(92
|
)
|
(48
|
)
|
(87
|
)
|
(504
|
)
|
|||||||||||
Commercial real estate
|
-
|
(12
|
)
|
(44
|
)
|
(336
|
)
|
(400
|
)
|
||||||||||||
One-to-four family including condominium and cooperative apartment
|
(16
|
)
|
(79
|
)
|
(115
|
)
|
(46
|
)
|
(117
|
)
|
|||||||||||
Construction
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||
C&I
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||
Consumer
|
(4
|
)
|
(3
|
)
|
(2
|
)
|
(9
|
)
|
(21
|
)
|
|||||||||||
Total charge-offs
|
(124
|
)
|
(186
|
)
|
(209
|
)
|
(478
|
)
|
(1,042
|
)
|
|||||||||||
Recoveries
|
101
|
90
|
1,560
|
690
|
276
|
||||||||||||||||
Reserve for loan commitments transferred from other liabilities
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||
Balance at end of period
|
$
|
21,033
|
$
|
20,536
|
$
|
18,514
|
$
|
18,493
|
$
|
20,153
|
At December 31,
|
||||||||||||||||||||||||||||||||||||||||
2017
|
Percent
of Total
|
2016
|
Percent
of Total
|
2015
|
Percent
of Total
|
2014
|
Percent
of Total
|
2013
|
Percent
of Total
|
|||||||||||||||||||||||||||||||
Real Estate loans:
|
(Dollars in Thousands)
|
|||||||||||||||||||||||||||||||||||||||
Multifamily residential
|
$
|
4,374,073
|
78.23
|
%
|
$
|
4,592,282
|
81.59
|
%
|
$
|
3,752,328
|
80.02
|
%
|
$
|
3,292,753
|
80.05
|
%
|
$
|
2,917,380
|
78.97
|
%
|
||||||||||||||||||||
Commercial real estate
|
1,008,299
|
18.03
|
958,459
|
17.03
|
863,184
|
18.41
|
745,463
|
18.12
|
700,606
|
18.96
|
||||||||||||||||||||||||||||||
One-to-four family, including condominium and cooperative apartment
|
62,709
|
1.12
|
74,022
|
1.32
|
72,095
|
1.54
|
73,500
|
1.79
|
73,956
|
2.00
|
||||||||||||||||||||||||||||||
Construction and land acquisition
|
9,115
|
0.16
|
-
|
-
|
-
|
-
|
-
|
-
|
268
|
0.01
|
||||||||||||||||||||||||||||||
Total real estate loans
|
5,454,196
|
97.54
|
5,624,763
|
99.94
|
4,687,607
|
99.97
|
4,111,716
|
99.96
|
3,692,210
|
99.94
|
||||||||||||||||||||||||||||||
C&I loans
|
135,660
|
2.43
|
2,058
|
0.03
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||||||||||||||||||
Depositor loans
|
489
|
0.01
|
445
|
0.01
|
557
|
0.01
|
677
|
0.01
|
763
|
0.02
|
||||||||||||||||||||||||||||||
Consumer installment and other
|
890
|
0.02
|
2,970
|
0.02
|
1,033
|
0.02
|
1,152
|
0.03
|
1,376
|
0.04
|
||||||||||||||||||||||||||||||
Total consumer loans
|
1,379
|
0.03
|
3,415
|
0.03
|
1,590
|
0.03
|
1,829
|
0.04
|
2,139
|
0.06
|
||||||||||||||||||||||||||||||
Gross loans
|
5,591,235
|
100.00
|
%
|
5,628,178
|
100.00
|
%
|
4,689,197
|
100.00
|
%
|
4,113,545
|
100.00
|
%
|
3,694,349
|
100.00
|
%
|
|||||||||||||||||||||||||
Net unearned costs
|
10,882
|
8,244
|
7,579
|
5,695
|
5,170
|
|||||||||||||||||||||||||||||||||||
Allowance for loan losses
|
(21,033
|
)
|
(20,536
|
)
|
(18,514
|
)
|
(18,493
|
)
|
(20,153
|
)
|
||||||||||||||||||||||||||||||
Loans, net
|
$
|
5,581,084
|
$
|
5,615,886
|
$
|
4,678,262
|
$
|
4,100,747
|
$
|
3,679,366
|
||||||||||||||||||||||||||||||
Loans serviced for others:
|
||||||||||||||||||||||||||||||||||||||||
One-to-four family, including condominium and cooperative apartment
|
$
|
2,664
|
$
|
3,453
|
$
|
4,374
|
$
|
5,215
|
$
|
6,746
|
||||||||||||||||||||||||||||||
Multifamily residential
|
334,819
|
17,625
|
18,735
|
19,038
|
240,517
|
|||||||||||||||||||||||||||||||||||
Total loans serviced for others
|
$
|
337,483
|
$
|
21,079
|
$
|
23,109
|
$
|
24,253
|
$
|
247,263
|
For the Year Ended December 31,
|
||||||||||||||||||||||||||||||||||||||||
2017
|
Percent of
Total
|
2016
|
Percent of
Total
|
2015
|
Percent of
Total
|
2014
|
Percent of
Total
|
2013
|
Percent of
Total
|
|||||||||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||||||||||
Real Estate loans:
|
||||||||||||||||||||||||||||||||||||||||
ARM
|
$
|
4,691,101
|
83.92
|
%
|
$
|
4,746,112
|
84.35
|
%
|
$
|
3,692,014
|
78.73
|
%
|
$
|
2,981,135
|
72.50
|
%
|
$
|
2,644,032
|
71.61
|
%
|
||||||||||||||||||||
Fixed-rate
|
763,095
|
13.65
|
878,651
|
15.62
|
997,183
|
21.27
|
1,130,581
|
27.50
|
1,048,178
|
28.39
|
||||||||||||||||||||||||||||||
Total real estate loans
|
5,454,196
|
97.57
|
5,624,763
|
99.97
|
4,687,607
|
100.00
|
4,111,716
|
100.00
|
3,692,210
|
100.00
|
||||||||||||||||||||||||||||||
C&I loans:
|
||||||||||||||||||||||||||||||||||||||||
ARM
|
93,330
|
1.67
|
2,058
|
0.03
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||
Fixed-rate
|
42,330
|
0.76
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||
Total C&I loans
|
135,660
|
2.43
|
2,058
|
0.03
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||
Total real estate and C&I loans
|
$
|
5,589,856
|
100.00
|
%
|
$
|
5,626,821
|
100.00
|
%
|
$
|
4,687,607
|
100.00
|
%
|
$
|
4,111,716
|
100.00
|
%
|
$
|
3,692,210
|
100.00
|
%
|
For the Year Ended December 31,
|
||||||||||||||||||||
2017
|
2016
|
2015
|
2014
|
2013
|
||||||||||||||||
Gross loans:
|
(Dollars in Thousands)
|
|||||||||||||||||||
At beginning of period
|
$
|
5,628,178
|
$
|
4,689,197
|
$
|
4,113,545
|
$
|
3,694,349
|
$
|
3,501,532
|
||||||||||
Real estate loans originated:
|
||||||||||||||||||||
Multifamily residential
|
558,764
|
1,321,242
|
1,098,841
|
748,067
|
872,421
|
|||||||||||||||
Commercial real estate
|
183,701
|
204,720
|
236,320
|
191,944
|
187,202
|
|||||||||||||||
One-to-four family, including condominium and cooperative apartment
(1)
|
1,268
|
2,468
|
5,316
|
2,302
|
5,896
|
|||||||||||||||
Equity lines of credit on multifamily residential or commercial properties
|
5,034
|
5,547
|
3,389
|
4,657
|
7,578
|
|||||||||||||||
Construction and land acquisition
|
9,115
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total mortgage loans originated
|
757,882
|
1,533,977
|
1,343,866
|
946,970
|
1,073,097
|
|||||||||||||||
C&I loans originated
|
138,643
|
-
|
-
|
-
|
-
|
|||||||||||||||
Other loans originated
|
1,070
|
3,073
|
1,334
|
1,263
|
1,354
|
|||||||||||||||
Total loans originated
|
|
897,595
|
1,537,050
|
1,345,200
|
948,223
|
1,074,451
|
||||||||||||||
Loans purchased
|
-
|
157,782
|
99,745
|
225,604
|
52,031
|
|||||||||||||||
Less:
|
||||||||||||||||||||
Principal repayments (including satisfactions and refinances)
|
601,176
|
755,851
|
859,721
|
737,776
|
923,110
|
|||||||||||||||
Loans sold
(2)
|
332,362
|
-
|
9,572
|
16,865
|
8,087
|
|||||||||||||||
Write down of principal balance for expected loss
|
-
|
-
|
-
|
-
|
1,685
|
|||||||||||||||
Loans transferred to OREO
|
-
|
-
|
-
|
-
|
783
|
|||||||||||||||
Gross loans at end of period
|
$
|
5,591,235
|
$
|
5,628,178
|
$
|
4,689,197
|
$
|
4,113,545
|
$
|
3,694,349
|
(1)
|
Includes one-to-four family home equity and home improvement loans.
|
(2) |
Includes $4.5 million, $9.6 million, $3.9 million and $6.1 million of note sales on problem loans from portfolio during the years ended December 31, 2017, 2015, 2014 and 2013, respectively.
|
Real Estate Loans
|
C&I Loans
|
Consumer
Loans
|
Total
|
|||||||||||||
Amount due to Mature or Reprice During the Year Ending:
|
(Dollars in Thousands)
|
|||||||||||||||
December 31, 2018
|
$
|
585,462
|
$
|
88,427
|
$
|
1,379
|
$
|
675,268
|
||||||||
December 31, 2019
|
807,811
|
-
|
-
|
807,811
|
||||||||||||
December 31, 2020
|
1,046,062
|
2,985
|
-
|
1,049,047
|
||||||||||||
December 31, 2021
|
818,391
|
-
|
-
|
818,391
|
||||||||||||
December 31, 2022
|
1,180,217
|
25,697
|
-
|
1,205,914
|
||||||||||||
Sub-total (within 5 years)
|
4,437,943
|
117,109
|
1,379
|
4,556,431
|
||||||||||||
December 31, 2023 and beyond
|
1,016,253
|
18,551
|
-
|
1,034,804
|
||||||||||||
Total
|
$
|
5,454,196
|
$
|
135,660
|
$
|
1,379
|
$
|
5,591,235
|
At December 31,
|
||||||||||||||||||||
2017
|
2016
|
2015
|
2014
|
2013
|
||||||||||||||||
Non-accrual loans
(1)
:
|
(Dollars in Thousands)
|
|||||||||||||||||||
One-to-four family residential, including condominium and cooperative apartment
|
$
|
436
|
$
|
1,012
|
$
|
1,113
|
$
|
1,310
|
$
|
1,242
|
||||||||||
Multifamily residential and residential mixed-use real estate
|
-
|
2,675
|
287
|
167
|
1,197
|
|||||||||||||||
Commercial mixed-use real estate
|
93
|
549
|
-
|
-
|
4,400
|
|||||||||||||||
Commercial real estate
|
-
|
-
|
207
|
4,717
|
5,707
|
|||||||||||||||
Consumer
|
4
|
1
|
4
|
4
|
3
|
|||||||||||||||
Non-accrual loans held for sale
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Total non-accrual loans
|
533
|
4,237
|
1,611
|
6,198
|
12,549
|
|||||||||||||||
Non-accrual one-to-four family and consumer loans deemed homogeneous loans
(2)
|
(440
|
)
|
(1,013
|
)
|
(1,116
|
)
|
(1,314
|
)
|
(980
|
)
|
||||||||||
TDRs
(1)
:
|
||||||||||||||||||||
One-to-four family residential, including condominium and cooperative apartment
|
22
|
407
|
598
|
605
|
934
|
|||||||||||||||
Multifamily residential and residential mixed-use real estate
|
619
|
658
|
696
|
1,105
|
1,148
|
|||||||||||||||
Commercial mixed-use real estate
|
4,174
|
4,261
|
4,344
|
4,400
|
-
|
|||||||||||||||
Commercial real estate
|
3,296
|
3,363
|
3,428
|
8,990
|
16,538
|
|||||||||||||||
Total TDRs
|
8,111
|
8,689
|
9,066
|
15,100
|
18,620
|
|||||||||||||||
Impaired loans
|
$
|
8,204
|
$
|
11,913
|
$
|
9,561
|
$
|
19,984
|
$
|
30,189
|
(1) |
Total non-accrual loans include some loans that were modified in a manner that met the criteria for a TDR. There were no non-accruing TDRs at December 31, 2017 or 2016. There were non-accruing TDRs which totaled $0.2 million, $4.7 million, and $5.7 million at December 31, 2015, 2014, and 2013, respectively, which are included in the non-accrual loans total.
|
(2) |
Smaller balance homogeneous loans, such as condominium or cooperative apartment and one-to-four family residential real estate loans with balances less than or equal to the FNMA conforming loan limits for high-cost areas such as the Bank's primary lending area (“FNMA Limits”) and consumer loans, are collectively evaluated for impairment, and accordingly, not separately identified for impairment disclosures.
|
At December 31,
|
||||||||||||||||||||
2017
|
2016
|
2015
|
2014
|
2013
|
||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||
Total non-accrual loans
|
$
|
533
|
$
|
4,237
|
$
|
1,611
|
$
|
6,198
|
$
|
12,549
|
||||||||||
Non-performing assets:
|
||||||||||||||||||||
TRUP CDOs
|
-
|
1,270
|
1,236
|
904
|
898
|
|||||||||||||||
OREO
|
-
|
-
|
148
|
18
|
18
|
|||||||||||||||
Total non-performing assets
|
533
|
5,507
|
2,995
|
7,120
|
13,465
|
|||||||||||||||
Ratios:
|
||||||||||||||||||||
Total non-accrual loans to total loans
|
0.01
|
%
|
0.08
|
%
|
0.03
|
%
|
0.15
|
%
|
0.34
|
%
|
||||||||||
Total non-performing assets to total assets
|
0.01
|
0.09
|
0.06
|
0.16
|
0.33
|
At December 31,
|
||||||||||||||||||||||||||||||||||||||||
2017
|
2016
|
2015
|
2014
|
2013
|
||||||||||||||||||||||||||||||||||||
Allocated
Amount
|
Percent
of Loans
in Each
Category
to Total
Loans
|
Allocated
Amount
|
Percent
of Loans
in Each
Category
to Total
Loans
|
Allocated
Amount
|
Percent
of Loans
in Each
Category
to Total
Loans
|
Allocated
Amount
|
Percent
of Loans
in Each
Category
to Total
Loans
|
Allocated
Amount
|
Percent
of Loans
in Each
Category
to Total
Loans
|
|||||||||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||||||||||
Impaired loans
|
$
|
-
|
0.15
|
%
|
$
|
-
|
0.21
|
%
|
$
|
-
|
0.20
|
%
|
$
|
19
|
0.49
|
%
|
$
|
1,771
|
0.82
|
%
|
||||||||||||||||||||
Substandard loans not deemed impaired
(1)
|
n/a
|
n/a
|
n/a
|
n/a
|
348
|
0.37
|
371
|
0.44
|
53
|
0.15
|
||||||||||||||||||||||||||||||
Special Mention loans
(1)
|
n/a
|
n/a
|
n/a
|
n/a
|
88
|
0.37
|
228
|
0.81
|
185
|
0.92
|
||||||||||||||||||||||||||||||
Pass graded loans:
|
||||||||||||||||||||||||||||||||||||||||
Multifamily residential
|
15,219
|
78.20
|
16,555
|
81.56
|
13,942
|
79.69
|
13,600
|
79.38
|
13,743
|
78.49
|
||||||||||||||||||||||||||||||
Commercial real estate
|
3,535
|
17.90
|
3,816
|
16.86
|
3,902
|
17.88
|
4,156
|
17.15
|
4,189
|
17.81
|
||||||||||||||||||||||||||||||
One-to-four family including condominium and cooperative apartment
|
116
|
1.13
|
145
|
1.31
|
214
|
1.46
|
95
|
1.68
|
188
|
1.75
|
||||||||||||||||||||||||||||||
Construction and
land acquisition
|
123
|
0.16
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||
C&I |
2,021
|
2.44
|
||||||||||||||||||||||||||||||||||||||
Consumer
|
19
|
0.02
|
20
|
0.06
|
20
|
0.03
|
24
|
0.05
|
24
|
0.06
|
||||||||||||||||||||||||||||||
Total
|
$
|
21,033
|
100.00
|
%
|
$
|
20,536
|
100.00
|
%
|
$
|
18,514
|
100.00
|
%
|
$
|
18,493
|
100.00
|
%
|
$
|
20,153
|
100.00
|
%
|
(1) |
During the year ended December 31, 2016, the allowance methodology was refined such that there was not a component for Substandard and Special Mention loans. All non-impaired loans as of December 31, 2017 and 2016 were considered Pass graded loans.
|
At or for the Year Ended December 31,
|
||||||||||||||||||||
2017
|
2016
|
2015
|
2014
|
2013
|
||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||
Total loans outstanding at end of period
(1)
|
$
|
5,602,117
|
$
|
5,636,422
|
$
|
4,696,776
|
$
|
4,119,240
|
$
|
3,699,519
|
||||||||||
Average total loans outstanding during the period
(1)
|
5,843,409
|
5,212,729
|
4,328,977
|
3,964,520
|
3,606,039
|
|||||||||||||||
Allowance balance at end of period
|
21,033
|
20,536
|
18,514
|
18,493
|
20,153
|
|||||||||||||||
Allowance for loan losses to total loans at end of period
|
0.38
|
%
|
0.36
|
%
|
0.39
|
%
|
0.45
|
%
|
0.54
|
%
|
||||||||||
Allowance for loan losses to total non-performing loans at end of period
|
3,946.15
|
484.68
|
1,149.22
|
298.37
|
160.59
|
|||||||||||||||
Allowance for loan losses to total non-performing loans and TDRs at end of period
|
243.32
|
158.87
|
170.10
|
71.09
|
64.66
|
|||||||||||||||
Ratio of net charge-offs to average loans outstanding during the period
|
NM
|
NM
|
(0.03
|
)
|
(0.01
|
)
|
0.02
|
(1) |
Total loans represent gross loans (including loans held for sale), inclusive of deferred loan fees and discounts.
|
At December 31,
|
||||||||||||||||||||||||
2017
|
2016
|
2015
|
||||||||||||||||||||||
Amortized/
Historical
Cost
|
Fair
Value
|
Amortized/
Historical
Cost
(1)
|
Fair
Value
|
Amortized/
Historical
Cost
(1)
|
Fair
Value
|
|||||||||||||||||||
MBS
|
(Dollars in Thousands)
|
|||||||||||||||||||||||
Available-for-Sale:
|
||||||||||||||||||||||||
FHLMC pass through certificates
|
$
|
276,605
|
$
|
277,218
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
FNMA pass through certificates
|
30,693
|
30,516
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Government National Mortgage Association (“GNMA”) pass through certificates
|
33,276
|
33,145
|
360
|
372
|
418
|
431
|
||||||||||||||||||
Agency issued CMOs
|
10,615
|
10,505
|
3,247
|
3,186
|
-
|
-
|
||||||||||||||||||
Total MBS available-for-sale
|
351,189
|
351,384
|
3,607
|
3,558
|
418
|
431
|
||||||||||||||||||
INVESTMENT SECURITIES
|
||||||||||||||||||||||||
TRUP CDOs held-to-maturity
|
-
|
-
|
5,378
|
7,296
|
5,242
|
7,051
|
||||||||||||||||||
Total investment securities held-to-maturity
|
-
|
-
|
5,378
|
7,296
|
5,242
|
7,051
|
||||||||||||||||||
Available-for-Sale:
|
||||||||||||||||||||||||
Mutual funds
|
3,779
|
4,006
|
4,011
|
3,895
|
3,990
|
3,756
|
||||||||||||||||||
Total investment securities available-for-sale
|
3,779
|
4,006
|
4,011
|
3,895
|
3,990
|
3,756
|
||||||||||||||||||
Trading:
|
||||||||||||||||||||||||
Mutual funds
|
2,648
|
2,715
|
7,015
|
6,953
|
10,390
|
10,201
|
||||||||||||||||||
Total trading securities
|
2,648
|
2,715
|
7,015
|
6,953
|
10,390
|
10,201
|
||||||||||||||||||
TOTAL INVESTMENT SECURITIES AND MBS
|
$
|
357,616
|
$
|
358,105
|
$
|
20,011
|
$
|
21,702
|
$
|
20,040
|
$
|
21,439
|
(1) |
Amount is net of cumulative credit related Other than Temporary Impairment (“OTTI”) on TRUP CDOs held-to-maturity totaling $8.6 million and $8.7 million at December 31, 2016 and 2015 respectively.
|
For the Year Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
(Dollars in Thousands)
|
||||||||||||
Amortized cost at beginning of period
|
$
|
3,607
|
$
|
418
|
$
|
24,946
|
||||||
(Sales) Purchases, net
|
348,644
|
3,267
|
(22,919
|
)
|
||||||||
Principal repayments
|
(957
|
)
|
(59
|
)
|
(1,602
|
)
|
||||||
Premium amortization, net
|
(105
|
)
|
(19
|
)
|
(7
|
)
|
||||||
Amortized cost at end of period
|
$
|
351,189
|
$
|
3,607
|
$
|
418
|
Amortized
Cost
|
Fair
Value
|
Weighted
Average
Yield
|
||||||||||
(Dollars in Thousands)
|
||||||||||||
Due within 1 year
|
$
|
-
|
$
|
-
|
-
|
%
|
||||||
Due after 1 year but within 5 years
|
3,168
|
3,099
|
1.53
|
|||||||||
Due after 5 years but within 10 years
|
22,177
|
22,066
|
2.29
|
|||||||||
Due after ten years
|
325,844
|
326,219
|
2.51
|
|||||||||
Total
|
$
|
351,189
|
$
|
351,384
|
2.48
|
%
|
At December 31, 2017
|
At December 31, 2016
|
At December 31, 2015
|
||||||||||||||||||||||||||||||||||
Amount
|
Percent
of Total
Deposits
|
Weighted
Average
Rate
|
Amount
|
Percent
of Total
Deposits
|
Weighted
Average
Rate
|
Amount
|
Percent
of Total
Deposits
|
Weighted
Average
Rate
|
||||||||||||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||||||||||||||
Savings accounts
|
$
|
362,092
|
8.2
|
%
|
0.07
|
%
|
$
|
366,921
|
8.3
|
%
|
0.05
|
%
|
$
|
368,671
|
11.6
|
%
|
0.05
|
%
|
||||||||||||||||||
CDs
|
1,091,887
|
24.8
|
1.47
|
1,048,465
|
23.9
|
1.47
|
858,847
|
27.0
|
1.44
|
|||||||||||||||||||||||||||
Money market accounts
|
2,517,439
|
57.2
|
0.96
|
2,576,081
|
58.6
|
0.86
|
1,618,617
|
50.8
|
0.81
|
|||||||||||||||||||||||||||
Interest-bearing checking accounts
|
124,283
|
2.8
|
0.08
|
106,525
|
2.4
|
0.08
|
78,994
|
2.5
|
0.08
|
|||||||||||||||||||||||||||
Non-interest bearing checking accounts
|
307,746
|
7.0
|
-
|
297,434
|
6.8
|
-
|
259,181
|
8.1
|
-
|
|||||||||||||||||||||||||||
Totals
|
$
|
4,403,447
|
100.0
|
%
|
0.91
|
%
|
$
|
4,395,426
|
100.0
|
%
|
0.86
|
%
|
$
|
3,184,310
|
100.0
|
%
|
0.81
|
%
|
Year Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
(Dollars in Thousands)
|
||||||||||||
Deposits
|
$
|
10,142,501
|
$
|
8,674,460
|
$
|
6,306,645
|
||||||
Withdrawals
|
10,172,871
|
7,495,718
|
5,805,132
|
|||||||||
Deposits greater than Withdrawals
|
$
|
(30,370
|
)
|
$
|
1,178,742
|
$
|
501,513
|
|||||
Interest credited
|
38,391
|
32,374
|
23,005
|
|||||||||
Total increase in deposits
|
$
|
8,021
|
$
|
1,211,116
|
$
|
524,518
|
Period to Maturity at December 31, 2017
|
Total at December 31,
|
|||||||||||||||||||||||||||
Interest Rate Range
|
One Year
or Less
|
Over One
Year to
Three
Years
|
Over
Three
Years to
Five
Years
|
Over Five
Years
|
2017
|
2016
|
2015
|
|||||||||||||||||||||
(Dollars in Thousands)
|
(Dollars in Thousands)
|
|||||||||||||||||||||||||||
1.00% and below
|
$
|
134,719
|
$
|
20,641
|
$
|
-
|
$
|
-
|
$
|
155,360
|
$
|
159,367
|
$
|
230,982
|
||||||||||||||
1.01% to 2.00%
|
405,533
|
362,523
|
34,785
|
2,504
|
786,515
|
708,028
|
425,120
|
|||||||||||||||||||||
2.01% to 3.00%
|
19,712
|
91,424
|
186
|
-
|
130,023
|
160,725
|
183,617
|
|||||||||||||||||||||
3.01% and above
|
19,817
|
-
|
44
|
-
|
19,861
|
20,345
|
19,128
|
|||||||||||||||||||||
Total
|
$
|
579,781
|
$
|
474,587
|
$
|
35,015
|
$
|
-
|
$
|
1,091,887
|
$
|
1,048,465
|
$
|
858,847
|
Maturity Date
|
Amount
|
Weighted
Average Rate
|
||||||
(Dollars in Thousands)
|
||||||||
Within three months
|
$
|
84,732
|
1.27
|
%
|
||||
After three but within six months
|
110,705
|
1.46
|
||||||
After six but within twelve months
|
172,020
|
1.34
|
||||||
After 12 months
|
289,055
|
1.60
|
||||||
Total
|
$
|
656,512
|
1.47
|
%
|
At or for the Year Ended December 31,
|
||||||||||||||||||||||||
2017
|
2016
|
2015
|
||||||||||||||||||||||
Amount
|
Average
Cost
|
Amount
|
Average
Cost
|
Amount
|
Average
Cost
|
|||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
Balance outstanding at end of period
|
$
|
1,170,000
|
1.67
|
%
|
$
|
831,125
|
1.57
|
%
|
$
|
1,166,725
|
1.32
|
%
|
||||||||||||
Weighted average balance outstanding during the period
|
939,185
|
1.63
|
972,179
|
1.45
|
1,019,020
|
1.65
|
||||||||||||||||||
Maximum balance outstanding at month end during period
|
1,222,500
|
1,277,125
|
1,166,725
|
Payments Due By Period
|
||||||||||||||||||||
CDs
|
Weighted
Average
Rate
|
Borrowings
|
Weighted
Average
Rate
|
Operating
Lease
Obligations
|
||||||||||||||||
Less than one year
|
$
|
579,781
|
1.32
|
%
|
$
|
667,100
|
1.57
|
%
|
$
|
$6,
682
|
||||||||||
One year to three years
|
474,587
|
1.57
|
449,900
|
1.78
|
13,523
|
|||||||||||||||
Over three years to five years
|
35,015
|
1.61
|
53,000
|
2.03
|
12,965
|
|||||||||||||||
Over five years
|
2,504
|
1.59
|
115,000
|
4.50
|
28,438
|
|||||||||||||||
Total
|
$
|
1,091,887
|
1.44
|
%
|
$
|
1,285,000
|
1.92
|
%
|
$
|
$61,608
|
Less than
One Year
|
One Year to
Three Years
|
Over Three
Years to Five
Years
|
Over Five
Years
|
Total
|
||||||||||||||||
Credit Commitments:
|
||||||||||||||||||||
Available lines of credit
|
$
|
73,315
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
73,315
|
||||||||||
Other loan commitments
|
48,181
|
-
|
-
|
-
|
48,181
|
|||||||||||||||
Stand-by letters of credit
|
927
|
-
|
-
|
-
|
927
|
|||||||||||||||
Total Off-Balance Sheet Arrangements
|
$
|
122,423
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
122,423
|
At December 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
|
$
|
572,782
|
$
|
(93,677
|
)
|
-14.1
|
%
|
$
|
508,155
|
$
|
(66,494
|
)
|
-11.6
|
%
|
||||||||||
Pre-Shock Scenario
|
666,459
|
-
|
-
|
574,649
|
-
|
-
|
Gradual Change in Interest rate of:
|
Percentage Change in Net Interest Income
(1)
|
|||
+ 200 Basis Points
|
(4.3
|
)%
|
||
+ 100 Basis Points
|
(2.4
|
)
|
(1) |
The impact of 100 and 200 basis point reductions in interest rates are not presented in view of the current level of the federal funds rate and other short-term interest rates.
|
Number of securities to
be issued upon exercise of outstanding options and rights (1) |
Weighted average
exercise price with
respect to outstanding
stock options and rights
(2)
|
Number of securities
remaining available for
issuance under the plan eq
uity
compensation plans
(excluding securities
reflected in column (a))
(3)
|
|||||||||||
Plan Category
|
|||||||||||||
Equity compensation plans approved by security holders
|
356,091
|
$
|
15.53
|
651,170
|
|||||||||
Equity compensation plans not approved by security holders
|
-
|
-
|
-
|
||||||||||
Total
|
356,091
|
$
|
15.53
|
651,170
|
(1)
|
Includes stock options, restricted stock and shares issuable in connection with awards with performance conditions pursuant to the Dime Community Bancshares, Inc. 2001 Stock Option Plan for Outside Directors, Officers and Employees, the Dime Community Bancshares, Inc. 2004 Stock Incentive Plan and the Dime Community Bancshares, Inc. 2013 Equity and Incentive Plan.
|
(2)
|
The weighted average exercise price includes the weighted average exercise price of stock options only. Restricted stock and performance shares do not have an exercise price.
|
(3)
|
Represents the shares remaining under the Dime Community Bancshares, Inc. 2013 Equity and Incentive Plan.
|
DIME COMMUNITY BANCSHARES, INC.
|
||
By:
|
/s/ KENNETH J. MAHON | |
Kenneth J. Mahon
|
||
President and Chief Executive Officer
|
Name
|
Title
|
|
/s/ VINCENT F. PALAGIANO
|
Chairman of the Board
|
|
Vincent F. Palagiano
|
||
/s/ MICHAEL P. DEVINE
|
Vice Chairman of the Board
|
|
Michael P. Devine
|
||
/s/ KENNETH J. MAHON
Kenneth J. Mahon
|
President, Chief Executive Officer and Director
(Principal Executive Officer)
|
|
/s/ JAMES L. RIZZO
James L. Rizzo
|
Senior Vice President and Comptroller
(Principal Financial Officer)
|
|
/s/ ROSEMARIE CHEN
|
Director
|
|
Rosemarie Chen
|
||
/s/ STEVEN D. COHN
|
Director
|
|
Steven D. Cohn
|
||
/s/ PATRICK E. CURTIN
|
Director
|
|
Patrick E. Curtin
|
||
/s/ ROBERT C. GOLDEN
|
Director
|
|
Robert C. Golden
|
||
/s/ KATHLEEN M. NELSON
|
Director
|
|
Kathleen M. Nelson
|
||
/s/ JOSEPH J. PERRY
|
Director
|
|
Joseph J. Perry
|
||
/s/ KEVIN STEIN
|
Director
|
|
Kevin Stein
|
||
/s/ OMER S. J. WILLIAMS
|
Director
|
|
Omer S. J. Williams
|
Page
|
|
Report of Independent Registered Public Accounting Firm
|
61
|
Consolidated Statements of Financial Condition at December 31, 2017 and 2016
|
62
|
Consolidated Statements of Operations and Comprehensive Income for the years ended December 31, 2017, 2016 and 2015
|
63
|
Consolidated Statements of Changes in Stockholders' Equity for the years ended December 31, 2017, 2016 and 2015
|
64
|
Consolidated Statements of Cash Flows for the years ended December 31, 2017, 2016 and 2015
|
65
|
Notes to Consolidated Financial Statements
|
66-113
|
December 31,
|
||||||||
2017
|
2016
|
|||||||
ASSETS:
|
||||||||
Cash and due from banks
|
$
|
169,455
|
$
|
113,503
|
||||
Total cash and cash equivalents
|
169,455
|
113,503
|
||||||
Investment securities held-to-maturity (estimated fair value of $7,296 at December 31, 2016) (Fully unencumbered)
|
-
|
5,378
|
||||||
Investment securities available-for-sale, at fair value (Fully unencumbered)
|
4,006
|
3,895
|
||||||
Mortgage-backed securities (“MBS”) available-for-sale, at fair value (See Note 3)
|
351,384
|
3,558
|
||||||
Trading securities
|
2,715
|
6,953
|
||||||
Loans:
|
||||||||
Real estate
|
5,464,067
|
5,633,007
|
||||||
Commercial and industrial (“C&I”) loans
|
136,671
|
2,058
|
||||||
Other loans
|
1,379
|
1,357
|
||||||
Less allowance for loan losses
|
(21,033
|
)
|
(20,536
|
)
|
||||
Total loans, net
|
5,581,084
|
5,615,886
|
||||||
Premises and fixed assets, net
|
24,326
|
18,405
|
||||||
Premises held for sale
|
-
|
1,379
|
||||||
Federal Home Loan Bank of New York ("FHLBNY") capital stock
|
59,696
|
44,444
|
||||||
Bank Owned Life Insurance ("BOLI")
|
108,545
|
86,328
|
||||||
Goodwill
|
55,638
|
55,638
|
||||||
Other assets
|
46,611
|
50,063
|
||||||
Total Assets
|
$
|
6,403,460
|
$
|
6,005,430
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Liabilities:
|
||||||||
Due to depositors:
|
||||||||
Interest-bearing deposits
|
$
|
4,095,701
|
$
|
4,097,992
|
||||
Non-interest bearing deposits
|
307,746
|
297,434
|
||||||
Total deposits
|
4,403,447
|
4,395,426
|
||||||
Escrow and other deposits
|
82,168
|
103,001
|
||||||
FHLBNY advances
|
1,170,000
|
831,125
|
||||||
Trust Preferred securities payable
|
-
|
70,680
|
||||||
Subordinated debt, net
|
113,612
|
-
|
||||||
Other liabilities
|
35,666
|
39,330
|
||||||
Total Liabilities
|
5,804,893
|
5,439,562
|
||||||
COMMITMENTS AND CONTINGENCIES
(See Note 19)
|
||||||||
Stockholders' Equity:
|
||||||||
Preferred stock ($0.01 par, 9,000,000 shares authorized, none issued or outstanding at December 31, 2017 and December 31, 2016)
|
-
|
-
|
||||||
Common stock ($0.01 par, 125,000,000 shares authorized, 53,624,453 shares and 53,572,745 shares
issued at December 31, 2017 and December 31, 2016, respectively, and 37,419,070 shares and 37,445,853 shares outstanding at December 31, 2017 and December 31, 2016, respectively)
|
536
|
536
|
||||||
Additional paid-in capital
|
276,730
|
278,356
|
||||||
Retained earnings
|
535
,130
|
503,539
|
||||||
Accumulated other comprehensive loss, net of deferred taxes
|
(3,641
|
)
|
(5,939
|
)
|
||||
Unearned Restricted Stock Award common stock
|
(2,894
|
)
|
(1,932
|
)
|
||||
Common stock held by Benefit Maintenance Plan ("BMP")
|
(2,736
|
)
|
(6,859
|
)
|
||||
Treasury stock, at cost (16,205,383 shares and 16,116,892 shares at
December 31, 2017
and December 31, 2016, respectively)
|
(204,558
|
)
|
(201,833
|
)
|
||||
Total Stockholders' Equity
|
598,567
|
565,868
|
||||||
Total Liabilities And Stockholders' Equity
|
$
|
6,403,460
|
$
|
6,005,430
|
Year Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Interest income:
|
||||||||||||
Loans secured by real estate
|
$
|
204,487
|
$
|
191,856
|
$
|
171,347
|
||||||
C&I loans
|
3,072
|
41
|
-
|
|||||||||
Other loans
|
75
|
74
|
93
|
|||||||||
MBS
|
542
|
20
|
186
|
|||||||||
Investment securities
|
577
|
880
|
875
|
|||||||||
Other short-term investments
|
3,343
|
2,756
|
2,290
|
|||||||||
Total interest income
|
212,096
|
195,627
|
174,791
|
|||||||||
Interest expense:
|
||||||||||||
Deposits and escrow
|
38,391
|
32,374
|
23,005
|
|||||||||
Borrowed funds
|
20,975
|
19,767
|
23,222
|
|||||||||
Total interest expense
|
59,366
|
52,141
|
46,227
|
|||||||||
Net interest income
|
152,730
|
143,486
|
128,564
|
|||||||||
Provision (Credit) for loan losses
|
520
|
2,118
|
(1,330
|
)
|
||||||||
Net interest income after provision for loan losses
|
152,210
|
141,368
|
129,894
|
|||||||||
Non-interest income:
|
||||||||||||
Service charges and other fees
|
3,828
|
3,429
|
3,323
|
|||||||||
Mortgage banking income, net
|
201
|
96
|
183
|
|||||||||
Net gain on securities
(1)
and other assets
|
2,740
|
123
|
1,273
|
|||||||||
Gain on sale of loans
|
1,475
|
-
|
-
|
|||||||||
Gain on the sale of premises held for sale
|
10,412
|
68,183
|
-
|
|||||||||
Income from BOLI
|
2,217
|
2,734
|
2,405
|
|||||||||
Other
|
641
|
1,369
|
1,432
|
|||||||||
Total non-interest income
|
21,514
|
75,934
|
8,616
|
|||||||||
Non-interest expense:
|
||||||||||||
Salaries and employee benefits
|
37,365
|
34,854
|
31,350
|
|||||||||
Stock benefit plan compensation expense
|
1,358
|
14,651
|
3,640
|
|||||||||
Occupancy and equipment
|
14,201
|
12,103
|
10,514
|
|||||||||
Data processing costs
|
8,280
|
5,194
|
4,017
|
|||||||||
Advertising and marketing
|
5,774
|
4,121
|
2,685
|
|||||||||
Federal deposit insurance premiums
|
2,966
|
2,515
|
2,304
|
|||||||||
Loss from extinguishment of debt
|
1,272
|
-
|
-
|
|||||||||
Other
|
13,770
|
10,393
|
7,983
|
|||||||||
Total non-interest expense
|
84,986
|
83,831
|
62,493
|
|||||||||
Income before income taxes
|
88,738
|
133,471
|
76,017
|
|||||||||
Income tax expense
|
36,856
|
60,957
|
31,245
|
|||||||||
Net income
|
$
|
51,882
|
$
|
72,514
|
$
|
44,772
|
||||||
Earnings per Share (“EPS”):
|
||||||||||||
Basic
|
$
|
1.38
|
$
|
1.97
|
$
|
1.24
|
||||||
Diluted
|
$
|
1.38
|
$
|
1.97
|
$
|
1.23
|
Year Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Net Income
|
$
|
51,882
|
$
|
72,514
|
$
|
44,772
|
||||||
Other comprehensive income:
|
||||||||||||
Change in unrealized holding loss on securities transferred to held-to-maturity
|
1,299
|
85
|
116
|
|||||||||
Change in unrealized holding loss (gain) on securities available-for-sale
|
587
|
56
|
(1,560
|
)
|
||||||||
Change in pension and other postretirement obligations
|
2,758
|
1,841
|
989
|
|||||||||
Change in unrealized gain on derivative asset
|
794
|
3,228
|
-
|
|||||||||
Other comprehensive gain (loss) before income taxes
|
5,438
|
5,210
|
(455
|
)
|
||||||||
Deferred tax expense (benefit)
|
2,427
|
2,348
|
(201
|
)
|
||||||||
Other comprehensive income (loss), net of tax
|
3,011
|
2,862
|
(254
|
)
|
||||||||
Total comprehensive income
|
$
|
54,893
|
$
|
75,376
|
$
|
44,518
|
Number of
Shares
|
Common
Stock
|
Additional
Paid-in
Capital
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Loss, Net of
Deferred Taxes
|
Unallocated
Common
Stock of
Employee
Stock
Ownership
Plan
(“ESOP”)
|
Unearned
Restricted
Stock
Award
Common
Stock
|
Common
Stock
Held by
BMP
|
Treasury
Stock, at
cost
|
Total
Stockholders’
Equity
|
|||||||||||||||||||||||||||||||
Beginning balance as of January 1, 2015
|
36,855,019
|
$
|
529
|
$
|
254,358
|
$
|
427,126
|
$
|
(8,547
|
)
|
$
|
(2,545
|
)
|
$
|
(3,066
|
)
|
$
|
(9,164
|
)
|
$
|
(198,966
|
)
|
$
|
459,725
|
||||||||||||||||
Net Income
|
-
|
-
|
-
|
44,772
|
-
|
-
|
-
|
-
|
-
|
44,772
|
||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax
|
-
|
-
|
-
|
-
|
(254
|
)
|
-
|
-
|
-
|
-
|
(254
|
)
|
||||||||||||||||||||||||||||
Exercise of stock options, net expired options
|
455,310
|
4
|
6,809
|
-
|
-
|
-
|
-
|
-
|
-
|
6,813
|
||||||||||||||||||||||||||||||
Release of shares, net of forfeitures
|
81,663
|
-
|
526
|
-
|
-
|
-
|
(1,061
|
)
|
(190
|
)
|
1,015
|
290
|
||||||||||||||||||||||||||||
Stock-based compensation
|
-
|
-
|
1,105
|
-
|
-
|
232
|
1,856
|
-
|
-
|
3,193
|
||||||||||||||||||||||||||||||
Cash dividends declared and paid
|
-
|
-
|
-
|
(20,292
|
)
|
-
|
-
|
-
|
-
|
-
|
(20,292
|
)
|
||||||||||||||||||||||||||||
Repurchase of common stock
|
(20,000
|
)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(300
|
)
|
(300
|
)
|
|||||||||||||||||||||||||||
Ending balance as of December 31, 2015
|
37,371,992
|
533
|
262,798
|
451,606
|
(8,801
|
)
|
(2,313
|
)
|
(2,271
|
)
|
(9,354
|
)
|
(198,251
|
)
|
493,947
|
|||||||||||||||||||||||||
Net Income
|
-
|
-
|
-
|
72,514
|
-
|
-
|
-
|
-
|
-
|
72,514
|
||||||||||||||||||||||||||||||
Other comprehensive income, net of tax
|
-
|
-
|
-
|
-
|
2,862
|
-
|
-
|
-
|
-
|
2,862
|
||||||||||||||||||||||||||||||
Exercise of stock options, net expired options
|
245,992
|
3
|
3,567
|
-
|
-
|
-
|
-
|
-
|
-
|
3,570
|
||||||||||||||||||||||||||||||
Release of shares, net of forfeitures
|
85,137
|
-
|
659
|
-
|
-
|
-
|
(780
|
)
|
(222
|
)
|
708
|
365
|
||||||||||||||||||||||||||||
Stock-based compensation
|
-
|
-
|
1,276
|
-
|
-
|
231
|
1,119
|
-
|
349
|
2,975
|
||||||||||||||||||||||||||||||
Shares received to satisfy distribution of retirement benefits
|
(107,008
|
)
|
-
|
(2,717
|
)
|
-
|
-
|
-
|
-
|
2,717
|
(1,820
|
)
|
(1,820
|
)
|
||||||||||||||||||||||||||
Tax benefit from market valuation adjustment on distribution of BMP ESOP shares
|
-
|
-
|
717
|
-
|
-
|
-
|
-
|
-
|
-
|
717
|
||||||||||||||||||||||||||||||
ESOP Share Acquisition Loan payoff
|
(140,260
|
)
|
-
|
12,056
|
-
|
-
|
2,082
|
-
|
-
|
(2,819
|
)
|
11,319
|
||||||||||||||||||||||||||||
Cash dividends declared and paid
|
-
|
-
|
-
|
(21,581
|
)
|
-
|
-
|
-
|
-
|
-
|
(20,581
|
)
|
||||||||||||||||||||||||||||
Ending balance as of December 31, 2016
|
37,455,853
|
536
|
278,356
|
503,539
|
(5,939
|
)
|
-
|
(1,932
|
)
|
(6,859
|
)
|
(201,833
|
)
|
565,868
|
||||||||||||||||||||||||||
-
|
||||||||||||||||||||||||||||||||||||||||
Net Income
|
-
|
-
|
-
|
51,882
|
-
|
-
|
-
|
-
|
-
|
51,882
|
||||||||||||||||||||||||||||||
Other comprehensive income, net of tax
|
-
|
-
|
-
|
-
|
3,011
|
-
|
-
|
-
|
-
|
3,011
|
||||||||||||||||||||||||||||||
Exercise of stock options
|
51,708
|
-
|
792
|
-
|
-
|
-
|
-
|
-
|
-
|
792
|
||||||||||||||||||||||||||||||
Release of shares, net of forfeitures
|
141,867
|
-
|
1,269
|
-
|
-
|
-
|
(2,649
|
)
|
(170
|
)
|
1,786
|
236
|
||||||||||||||||||||||||||||
Stock-based compensation
|
-
|
-
|
-
|
-
|
-
|
-
|
1,687
|
-
|
-
|
1,687
|
||||||||||||||||||||||||||||||
Shares received to satisfy distribution of retirement benefits
|
(230,358
|
)
|
-
|
(3,687
|
)
|
-
|
-
|
-
|
-
|
4,293
|
(4,511
|
)
|
(3,905
|
)
|
||||||||||||||||||||||||||
Reclassification of tax effects on other comprehensive income
|
-
|
-
|
-
|
713
|
(713
|
)
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||
Cash dividends declared and paid
|
-
|
-
|
-
|
(21,004
|
)
|
-
|
-
|
-
|
-
|
-
|
(21,004
|
)
|
||||||||||||||||||||||||||||
Ending balance as of December 31, 2017
|
37,419,070
|
$
|
536
|
$
|
276,730
|
$
|
535,130
|
$
|
(3,641
|
)
|
$
|
-
|
$
|
(2,894
|
)
|
$
|
(2,736
|
)
|
$
|
(204,558
|
)
|
$
|
598,567
|
Year Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||
Net Income
|
$
|
51,882
|
$
|
72,514
|
$
|
44,772
|
||||||
Adjustments to reconcile net income to net cash provided by operating activities
|
||||||||||||
Net (gain) loss on the sales of investment securities and MBS available-for-sale
|
36
|
-
|
(1,384
|
)
|
||||||||
Net gain on sale of investment securities held-to-maturity
|
(2,607
|
)
|
-
|
-
|
||||||||
Net (gain) loss recognized on trading securities
|
(169
|
)
|
(83
|
)
|
111
|
|||||||
Net gain on the sale of other real estate owned (“OREO”)
|
-
|
(40
|
)
|
-
|
||||||||
Write-down of OREO
|
-
|
18
|
-
|
|||||||||
Net gain on sale of premises
|
(10,412
|
)
|
(68,183
|
)
|
-
|
|||||||
Net gain on sale of loans held for sale
|
(1,475
|
)
|
-
|
-
|
||||||||
Net depreciation, amortization and accretion
|
3,673
|
2,296
|
2,738
|
|||||||||
Stock plan compensation expense (excluding ESOP)
|
1,687
|
1,837
|
1,886
|
|||||||||
Prepayment of ESOP Share Acquisition Loan
|
-
|
11,319
|
-
|
|||||||||
ESOP compensation expense
|
-
|
1,138
|
1,307
|
|||||||||
Provision (Credit) for loan losses
|
520
|
2,118
|
(1,330
|
)
|
||||||||
Loss from extinguishment of debt
|
1,272
|
-
|
-
|
|||||||||
Increase in cash surrender value of BOLI
|
(2,217
|
)
|
(2,250
|
)
|
(2,405
|
)
|
||||||
Income recognized from mortality benefit on BOLI
|
-
|
(484
|
)
|
-
|
||||||||
Deferred income tax expense
|
10,515
|
1,097
|
6,883
|
|||||||||
Reduction in credit related other than temporary impairment (“OTTI”) amortized through interest income
|
(60
|
)
|
(104
|
)
|
(228
|
)
|
||||||
Excess tax benefit of stock benefit plans
|
-
|
(171
|
)
|
(303
|
)
|
|||||||
Changes in assets and liabilities:
|
||||||||||||
Increase in other assets
|
(8,477
|
)
|
(2,942
|
)
|
(1,464
|
)
|
||||||
Increase (Decrease) in other liabilities
|
(906
|
)
|
1,979
|
(430
|
)
|
|||||||
Net cash provided by Operating Activities
|
43,262
|
20,059
|
50,153
|
|||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||
Proceeds from sales of investment securities held-to-maturity
|
9,167
|
-
|
-
|
|||||||||
Proceeds from maturities of investment securities held-to-maturity
|
-
|
-
|
340
|
|||||||||
Proceeds from sales of investment securities available-for-sale
|
377
|
-
|
2,070
|
|||||||||
Proceeds from sales of MBS available-for-sale
|
15,000
|
-
|
24,307
|
|||||||||
Proceeds from sales of trading securities
|
4,629
|
3,648
|
1,340
|
|||||||||
Purchases of investment securities available-for-sale
|
(145
|
)
|
(22
|
)
|
(2,134
|
)
|
||||||
Purchases of MBS available-for-sale
|
(363,680
|
)
|
(3,267
|
)
|
-
|
|||||||
Acquisition of trading securities
|
(222
|
)
|
(317
|
)
|
(3,090
|
)
|
||||||
Proceeds from calls and principal repayments of MBS available-for-sale
|
957
|
59
|
1,602
|
|||||||||
Purchase of BOLI
|
(20,000
|
)
|
-
|
-
|
||||||||
Purchases of loans
|
-
|
(157,782
|
)
|
(99,745
|
)
|
|||||||
Proceeds from sale of loans
held for sale
|
333,176
|
-
|
9,572
|
|||||||||
Net increase in loans
|
(298,910
|
)
|
(781,960
|
)
|
(486,142
|
)
|
||||||
Proceeds from the sale of OREO and real estate owned
|
-
|
170
|
-
|
|||||||||
Proceeds from surrender of cash surrender value of BOLI
|
-
|
1,425
|
-
|
|||||||||
Proceeds from the sale of fixed assets and premises held for sale
|
11,791
|
75,899
|
-
|
|||||||||
Purchases of fixed assets, net
|
(9,231
|
)
|
(5,774
|
)
|
(1,488
|
)
|
||||||
Sale (Purchase) of FHLBNY capital stock, net
|
(15,252
|
)
|
14,269
|
(306
|
)
|
|||||||
Net cash used in Investing Activities
|
(332,343
|
)
|
(853,652
|
)
|
(553,674
|
)
|
||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||
Increase in due to depositors
|
8,021
|
1,211,116
|
524,518
|
|||||||||
Increase (Decrease) in escrow and other deposits
|
(20,833
|
)
|
25,871
|
(14,791
|
)
|
|||||||
Repayments of FHLBNY advances
|
(4,602,075
|
)
|
(3,178,500
|
)
|
(2,897,500
|
)
|
||||||
Proceeds from FHLBNY advances
|
4,940,950
|
2,842,900
|
2,890,500
|
|||||||||
Proceeds from exercise of stock options
|
792
|
3,498
|
6,549
|
|||||||||
Repayment of trust preferred securities
|
(70,680
|
)
|
-
|
-
|
||||||||
Proceeds from subordinated debt issuance, net
|
113,531
|
-
|
-
|
|||||||||
Excess tax benefit of stock benefit plans
|
-
|
171
|
303
|
|||||||||
Equity award distribution
|
236
|
287
|
251
|
|||||||||
BMP ESOP shares received to satisfy distribution of retirement benefits
|
(3,905
|
)
|
(1,820
|
)
|
-
|
|||||||
Treasury shares repurchased
|
-
|
-
|
(300
|
)
|
||||||||
Cash dividends paid to stockholders
|
(21,004
|
)
|
(20,581
|
)
|
(20,292
|
)
|
||||||
Net cash provided by Financing Activities
|
345,033
|
882,942
|
489,238
|
|||||||||
INCREASE(DECREASE) IN CASH AND CASH EQUIVALENTS
|
55,952
|
49,349
|
(14,283
|
)
|
||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
113,503
|
64,154
|
78,437
|
|||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
169,455
|
$
|
113,503
|
$
|
64,154
|
||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||||||
Cash paid for income taxes
|
$
|
36,515
|
$
|
58,383
|
$
|
25,659
|
||||||
Cash paid for interest
|
59,823
|
52,320
|
46,698
|
|||||||||
Loans transferred to OREO
|
-
|
-
|
130
|
|||||||||
Loans transferred to held for sale
|
333,192
|
-
|
9,572
|
|||||||||
Transfer of premises to held for sale
|
-
|
1,379
|
8,799
|
|||||||||
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity
|
50
|
51
|
125
|
|||||||||
Net increase (decrease) in non-credit component of OTTI of securities
|
(20
|
)
|
(34
|
)
|
9
|
|||||||
Reclassification of OCI from sale
of investment securities held to maturity
|
1,229
|
-
|
-
|
1. |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
Buildings
|
2.22% to 2.50% per year
|
Leasehold improvements
|
Lesser of the useful life of the asset or the remaining non-cancelable terms of the related leases
|
Furniture, fixtures and equipment
|
10% per year
|
Year Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Numerator:
|
||||||||||||
Net Income per the Consolidated Statements of Operations
|
$
|
51,882
|
$
|
72,514
|
$
|
44,772
|
||||||
Less: Dividends paid on earnings allocated to participating securities
|
(131
|
)
|
(109
|
)
|
(136
|
)
|
||||||
Income attributable to Common Stock
|
$
|
51,751
|
$
|
72,405
|
$
|
44,636
|
||||||
Weighted average common shares outstanding, including participating securities
|
37,593,715
|
36,898,951
|
36,477,854
|
|||||||||
Less: weighted average participating securities
|
(163,056
|
)
|
(186,058
|
)
|
(245,037
|
)
|
||||||
Weighted average common shares outstanding
|
37,430,659
|
36,712,893
|
36,232,817
|
|||||||||
Basic EPS
|
$
|
1.38
|
$
|
1.97
|
$
|
1.24
|
||||||
Income attributable to Common Stock
|
$
|
51,751
|
$
|
72,405
|
$
|
44,636
|
||||||
Weighted average common shares outstanding
|
37,430,659
|
36,712,893
|
36,232,817
|
|||||||||
Weighted average common equivalent shares outstanding
|
79,790
|
51,193
|
89,516
|
|||||||||
Weighted average common and equivalent shares outstanding
|
37,510,449
|
36,764,086
|
36,322,333
|
|||||||||
Diluted EPS
|
$
|
1.38
|
$
|
1.97
|
$
|
1.23
|
2. |
OTHER COMPREHENSIVE INCOME (LOSS)
|
Held-to-
Maturity
and
Transferred
Securities
|
Available-
for-Sale
Securities
|
Defined Benefit
Plans
|
Derivative
Asset
|
Total
Accumulated
Other
Comprehensive
Income (Loss)
|
||||||||||||||||
Balance as of January 1, 2016
|
$
|
(760
|
)
|
$
|
(122
|
)
|
$
|
(7,919
|
)
|
$
|
-
|
$
|
(8,801
|
)
|
||||||
Other comprehensive income (loss) before reclassifications
|
47
|
30
|
1,009
|
1,833
|
2,919
|
|||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
-
|
-
|
-
|
(57
|
)
|
(57
|
)
|
|||||||||||||
Net other comprehensive income (loss) during the period
|
47
|
30
|
1,009
|
1,776
|
2,862
|
|||||||||||||||
Balance as of December 31, 2016
|
(713
|
)
|
(92
|
)
|
(6,910
|
)
|
1,776
|
(5,939
|
)
|
|||||||||||
Other comprehensive income before reclassifications
|
39
|
307
|
786
|
297
|
1,469
|
|||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
674
|
20
|
733
|
155
|
1,542
|
|||||||||||||||
Net other comprehensive income during the period
|
713
|
327
|
1,519
|
452
|
3,011
|
|||||||||||||||
Reclassification of tax effects on other comprehensive income
(1)
|
-
|
50
|
(1,242
|
)
|
479
|
(713
|
)
|
|||||||||||||
Balance as of December 31, 2017
|
$
|
-
|
$
|
285
|
$
|
(6,633
|
)
|
$
|
2,707
|
$
|
(3,641
|
)
|
For the year ended December 31,
|
||||||
2017
|
2016
|
2015
|
||||
Change in unrealized holding loss on securities transferred to held-to-maturity:
|
||||||
Accretion (Amortization) of previously recognized non-credit component of OTTI
|
$20
|
$34
|
$(9)
|
|||
Change in unrealized loss on securities transferred to held-to-maturity
|
50
|
51
|
125
|
|||
Reclassification adjustment for net
gain
included in net gain on securities and other assets
|
1,229
|
-
|
-
|
|||
Net change
|
1,299
|
85
|
116
|
|||
Tax expense
|
586
|
38
|
50
|
|||
Net change in unrealized holding loss on securities held-to-maturity and transferred securities
|
713
|
47
|
66
|
|||
Change in unrealized holding gain on securities available-for-sale:
|
||||||
Change in net unrealized gain during the period
|
551
|
56
|
(176)
|
|||
Reclassification adjustment for net losses (gains) included in net gain on securities
and other assets
|
36
|
-
|
(1,384)
|
|||
Net change
|
587
|
56
|
(1,560)
|
|||
Tax expense (benefit)
|
260
|
26
|
(702)
|
|||
Net change in unrealized holding gain on securities available-for-sale
|
327
|
30
|
(858)
|
|||
Change in pension and other postretirement obligations:
|
||||||
Reclassification adjustment for expense included in salaries and employee benefits expense
|
1,421
|
1,841
|
1,890
|
|||
Change in the net actuarial gain or loss
|
1,337
|
-
|
(901)
|
|||
Net change
|
2,758
|
1,841
|
989
|
|||
Tax expense
|
1
,239
|
832
|
451
|
|||
Net change in pension and other postretirement obligations
|
1,519
|
1,009
|
538
|
|||
Change in unrealized loss on derivative asset:
|
||||||
Change in net unrealized loss during the period
|
511
|
3,205
|
-
|
|||
Reclassification adjustment for expense included in interest expense
|
283
|
23
|
-
|
|||
Net change
|
794
|
3,228
|
-
|
|||
Tax expense
|
342
|
1,452
|
-
|
|||
Net change in unrealized loss on derivative asset
|
452
|
1,776
|
-
|
|||
Other comprehensive income (loss)
|
$3,
011
|
$2,862
|
$(254)
|
3. |
INVESTMENT AND MORTGAGE-BACKED SECURITIES
|
At December 31, 2017
|
||||||||||||||||
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
Investment securities available-for-sale:
|
||||||||||||||||
Registered Mutual Funds
|
$
|
3,779
|
$
|
311
|
$
|
(84
|
)
|
$
|
4,006
|
|||||||
Pass-through MBS issued by Government Sponsored Entities (“GSEs”)
|
340,574
|
681
|
(376
|
)
|
340,879
|
|||||||||||
Agency Collateralized Mortgage Obligation (“CMO”)
|
10,615
|
4
|
(114
|
)
|
10,505
|
|||||||||||
Total investment securities available-for-sale
|
$
|
354,968
|
$
|
996
|
$
|
(574
|
)
|
$
|
355,390
|
At December 31, 2016
|
||||||||||||||||
Amortized
Cost
(1)
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
Investment securities held-to-maturity:
|
||||||||||||||||
Pooled bank trust preferred securities (“TRUP CDOs”)
|
$
|
5,378
|
$
|
2,221
|
$
|
(303
|
)
|
$
|
7,296
|
|||||||
Investment securities available-for-sale:
|
||||||||||||||||
Registered Mutual Funds
|
4,011
|
62
|
(178
|
)
|
3,895
|
|||||||||||
Pass-through MBS issued by GSEs
|
360
|
12
|
-
|
372
|
||||||||||||
Agency 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
|
For the Year ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Proceeds:
|
||||||||||||
Investment securities available for sale (Registered Mutual Funds)
|
$
|
377
|
$
|
-
|
$
|
2,070
|
||||||
Trading Securities
|
$
|
4,629
|
$
|
3,648
|
$
|
1,340
|
At December 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 available-for-sale:
|
||||||||||||||||||||||||
Registered Mutual Funds
|
$
|
-
|
$
|
-
|
$
|
2,591
|
$
|
84
|
$
|
2,591
|
$
|
84
|
||||||||||||
Pass through MBS issued by GSEs
|
137,664
|
376
|
-
|
-
|
137,664
|
376
|
||||||||||||||||||
Agency CMO
|
4,901
|
45
|
3,168
|
69
|
8,069
|
114
|
At December 31, 2016
|
||||||||||||||||||||||||
Less than 12
Consecutive Months
|
12 Consecutive
Months or Longer
|
Total
|
||||||||||||||||||||||
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
|||||||||||||||||||
Investment securities held-to-maturity:
|
||||||||||||||||||||||||
TRUP CDOs
|
$
|
-
|
$
|
-
|
$
|
2,439
|
$
|
303
|
$
|
2,439
|
$
|
303
|
||||||||||||
Investment securities available-for-sale:
|
||||||||||||||||||||||||
Registered Mutual Funds
|
1,308
|
47
|
1,747
|
131
|
3,055
|
178
|
||||||||||||||||||
Agency CMO
|
3,186
|
61
|
-
|
-
|
3,186
|
61
|
· |
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
|
· |
There were no cash or working capital requirements nor contractual or regulatory obligations that would compel the Company to sell these securities prior to their forecasted recovery or maturity
|
· |
The securities have a pool of underlying issuers comprised primarily of banks
|
· |
None of the securities have exposure to real estate investment trust issued debt (which has experienced high default rates)
|
· |
The securities feature either a mandatory auction or a de-leveraging mechanism that could result in principal repayments to the Bank prior to the stated maturity of the security
|
· |
The securities are adequately collateralized
|
For the Year Ended
December 31,
|
||||||||
2017
|
2016
|
|||||||
Cumulative balance at the beginning of the period
|
$
|
756
|
$
|
807
|
||||
Amortization
|
(50
|
)
|
(51
|
)
|
||||
Reduction for previous credit losses realized on securities sold
|
(706
|
)
|
-
|
|||||
Cumulative balance at end of the period
|
$
|
-
|
$
|
756
|
At or for the Year Ended December 31, 2017
|
||||||||||||
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
|
||||||
Amortization of previously recognized OTTI
|
(60
|
)
|
(20
|
)
|
(80
|
)
|
||||||
Reductions for previous credit losses realized on securities sold during the year
|
(8,553
|
)
|
(524
|
)
|
(9,077
|
)
|
||||||
Cumulative pre-tax balance at end of the period
|
$
|
-
|
$
|
-
|
$
|
-
|
At or for the Year Ended
December 31, 2016
|
At or for the Year Ended
December 31, 2015
|
|||||||||||||||||||||||
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
|
$
|
8,717
|
$
|
578
|
$
|
9,295
|
$
|
8,945
|
$
|
569
|
$
|
9,514
|
||||||||||||
(Amortization) Accretion of previously recognized OTTI
|
(104
|
)
|
(34
|
)
|
(138
|
)
|
(228
|
)
|
9
|
(219
|
)
|
|||||||||||||
Cumulative pre-tax balance at end of the period
|
$
|
8,613
|
$
|
544
|
$
|
9,157
|
$
|
8,717
|
$
|
578
|
$
|
9,295
|
4. |
LOANS RECEIVABLE AND CREDIT QUALITY
|
Balance at December 31, 2017
|
||||||||||||||||||||
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
Real Estate:
|
||||||||||||||||||||
One-to-four family residential, including condominium and cooperative apartment
|
$
|
62,042
|
$
|
178
|
$
|
875
|
$
|
-
|
$
|
63,095
|
||||||||||
Multifamily residential and residential mixed-use
|
4,374,388
|
6,326
|
466
|
-
|
4,381,180
|
|||||||||||||||
Commercial mixed-use real estate
|
396,647
|
-
|
4,908
|
-
|
401,555
|
|||||||||||||||
Commercial real estate
|
602,448
|
1,897
|
4,703
|
-
|
609,048
|
|||||||||||||||
ADC
|
9,189
|
-
|
-
|
-
|
9,189
|
|||||||||||||||
Total real estate
|
5,444,714
|
8,401
|
10,952
|
-
|
5,464,067
|
|||||||||||||||
C&I
|
136,671
|
-
|
-
|
-
|
136,671
|
|||||||||||||||
Total Real Estate and C&I
|
$
|
5,581,385
|
$
|
8,401
|
$
|
10,952
|
$
|
-
|
$
|
5,600,738
|
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
|
At December 31,
|
||||||||
2017
|
2016
(1)
|
|||||||
Performing
|
$
|
1,375
|
$
|
3,414
|
||||
Non-accrual
|
4
|
1
|
||||||
Total
|
$
|
1,379
|
$
|
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 December 31, 2017
|
||||||||||||||||||||||||||||
30 to 59
Days Past
Due
|
60 to 89
Days Past
Due
|
Accruing
Loans 90
Days or
More Past
Due
|
Non-
accrual
(1)
|
Total Past
Due
|
Current
|
Total Loans
|
||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||||||
One-to-four family residential, including condominium and cooperative apartment
|
$
|
10
|
$
|
23
|
$
|
6,397
|
$
|
436
|
$
|
6,866
|
$
|
56,229
|
$
|
63,095
|
||||||||||||||
Multifamily residential and residential mixed-use
|
-
|
-
|
1,669
|
-
|
1,669
|
4,379,511
|
4,381,180
|
|||||||||||||||||||||
Commercial mixed-use real estate
|
-
|
-
|
520
|
93
|
613
|
400,942
|
401,555
|
|||||||||||||||||||||
Commercial real estate
|
-
|
-
|
11,349
|
-
|
11,349
|
597,699
|
609,048
|
|||||||||||||||||||||
ADC
|
-
|
-
|
-
|
-
|
-
|
9,189
|
9,189
|
|||||||||||||||||||||
Total real estate
|
$
|
10
|
$
|
23
|
$
|
19,935
|
$
|
529
|
$
|
20,497
|
$
|
5,443,570
|
$
|
5,464,067
|
||||||||||||||
C&I
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
136,671
|
$
|
136,671
|
||||||||||||||
Consumer
|
$
|
4
|
$
|
-
|
$
|
-
|
$
|
4
|
$
|
8
|
$
|
1,371
|
$
|
1,379
|
At December 31, 2016
|
||||||||||||||||||||||||||||
30 to 59
Days Past
Due
|
60 to 89
Days Past
Due
|
Accruing
Loans 90
Days or
More Past
Due
|
Non-
accrual
(1)
|
Total Past
Due
|
Current
|
Total Loans
|
||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||||||
One-to-four family residential, including condominium and cooperative apartment
|
$
|
188
|
$
|
-
|
$
|
1,513
|
$
|
1,012
|
$
|
2,713
|
$
|
71,309
|
$
|
74,022
|
||||||||||||||
Multifamily residential and residential mixed-use
|
-
|
-
|
1,557
|
2,675
|
4,232
|
4,596,294
|
4,600,526
|
|||||||||||||||||||||
Commercial mixed-use real estate
|
-
|
-
|
-
|
549
|
549
|
403,590
|
404,139
|
|||||||||||||||||||||
Commercial real estate
|
1,732
|
-
|
-
|
-
|
1,732
|
552,588
|
554,320
|
|||||||||||||||||||||
Total real estate
|
$
|
1,920
|
$
|
-
|
$
|
3,070
|
$
|
4,236
|
$
|
9,226
|
$
|
5,623,781
|
$
|
5,633,007
|
||||||||||||||
Consumer
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
1
|
$
|
1
|
$
|
3,414
|
$
|
3,415
|
As of December 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
|
1
|
$
|
22
|
2
|
$
|
407
|
||||||||||
Multifamily residential and residential mixed-use
|
3
|
619
|
3
|
658
|
||||||||||||
Commercial mixed-use real estate
|
1
|
4,174
|
1
|
4,261
|
||||||||||||
Commercial real estate
|
1
|
3,296
|
1
|
3,363
|
||||||||||||
Total real estate
|
6
|
$
|
8,111
|
7
|
$
|
8,689
|
5. |
ALLOWANCE FOR LOAN LOSSES
|
(i) |
Charge-off experience (including peer charge-off experience)
|
(ii) |
Economic conditions
|
(iii) |
Underwriting standards or experience
|
(iv) |
Loan concentrations
|
(v) |
Regulatory climate
|
(vi) |
Nature and volume of the portfolio
|
(vii) |
Changes in the quality and scope of the loan review function
|
Real Estate Loans
|
||||||||||||||||||||||||||||||||
One-to-Four
Family Residential,
Including
Condominium and
Cooperative
Apartment
|
Multifamily
Residential and
Residential Mixed
Use
|
Commercial Mixed
Use
Real Estate
|
Commercial Real
Estate
|
ADC
|
Total Real
Estate
|
C&I
|
|
Consumer Loans
|
||||||||||||||||||||||||
Beginning balance as of January 1, 2015
|
$
|
150
|
$
|
13,852
|
$
|
1,644
|
$
|
2,823
|
$
|
-
|
$
|
18,469
|
$
|
-
|
$
|
24
|
||||||||||||||||
Provision (credit) for loan losses
|
222
|
309
|
21
|
(1,880
|
)
|
-
|
(1,328
|
)
|
-
|
(2
|
)
|
|||||||||||||||||||||
Charge-offs
|
(115
|
)
|
(48
|
)
|
(37
|
)
|
(7
|
)
|
-
|
(207
|
)
|
-
|
(2
|
)
|
||||||||||||||||||
Recoveries
|
6
|
5
|
24
|
1,525
|
-
|
1,560
|
-
|
-
|
||||||||||||||||||||||||
Ending balance as of December 31, 2015
|
$
|
263
|
$
|
14,118
|
$
|
1,652
|
$
|
2,461
|
$
|
-
|
$
|
18,494
|
$
|
-
|
$
|
20
|
||||||||||||||||
Provision (credit) for loan losses
|
(48
|
)
|
2,473
|
58
|
(366
|
)
|
-
|
2,117
|
-
|
1
|
||||||||||||||||||||||
Charge-offs
|
(79
|
)
|
(92
|
)
|
(12
|
)
|
-
|
-
|
(183
|
)
|
-
|
(3
|
)
|
|||||||||||||||||||
Recoveries
|
9
|
56
|
-
|
23
|
-
|
88
|
-
|
2
|
||||||||||||||||||||||||
Ending balance as of December 31, 2016
|
$
|
145
|
$
|
16,555
|
$
|
1,698
|
$
|
2,118
|
$
|
-
|
$
|
20,516
|
$ |
-
|
$
|
20
|
||||||||||||||||
Provision (credit) for loan losses
|
(28
|
)
|
(1,313
|
)
|
(314
|
)
|
29
|
123
|
(1,503
|
)
|
2,021
|
2
|
||||||||||||||||||||
Charge-offs
|
(16
|
)
|
(104
|
)
|
-
|
-
|
-
|
(120
|
)
|
-
|
(4
|
)
|
||||||||||||||||||||
Recoveries
|
15
|
81
|
4
|
-
|
-
|
100
|
-
|
1
|
||||||||||||||||||||||||
Ending balance as of December 31, 2017
|
$
|
116
|
$
|
15,219
|
$
|
1,388
|
$
|
2,147
|
$
|
123
|
$
|
$18,993
|
$
|
2,021
|
$
|
19
|
At or for the Year Ended December 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
|
ADC
|
Total Real
Estate
|
C&I
|
||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||
Ending allowance balance:
|
||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||||
Collectively evaluated for impairment
|
116
|
15,219
|
1,388
|
2,147
|
123
|
18,993
|
2,021
|
19
|
||||||||||||||||||||||||
Total ending allowance balance
|
$
|
116
|
$
|
15,219
|
$
|
1,388
|
$
|
2,147
|
$
|
123
|
$
|
18,993
|
$
|
2,021
|
$
|
19
|
||||||||||||||||
Loans:
|
||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
22
|
$
|
619
|
$
|
4,267
|
$
|
3,296
|
$
|
-
|
$
|
8,204
|
$
|
-
|
$
|
-
|
||||||||||||||||
Collectively evaluated for impairment
|
63,073
|
4,380,561
|
397,288
|
605,752
|
9,189
|
5,455,863
|
136,671
|
1,379
|
||||||||||||||||||||||||
Total ending loans balance
|
$
|
63,095
|
$
|
4,381,180
|
$
|
401
,555
|
$
|
609,048
|
$
|
9,189
|
$
|
5,464,067
|
$
|
136,671
|
$
|
1,379
|
At or for the Year Ended December 31, 2016
|
||||||||||||||||||||||||
Real Estate Loans
|
Consumer
Loans
|
|||||||||||||||||||||||
One-to-Four Family
Residential,
Including
Condominium and
Cooperative
Apartment
|
Multifamily
Residential and
Residential
Mixed-Use
|
Commercial
Mixed-Use Real
Estate
|
Commercial
Real Estate
|
Total Real
Estate
|
||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||
Ending allowance balance:
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Collectively evaluated for impairment
|
145
|
16,555
|
1,698
|
2,118
|
20,516
|
20
|
||||||||||||||||||
Total ending allowance balance
|
$
|
145
|
$
|
16,555
|
$
|
1,698
|
$
|
2,118
|
$
|
20,516
|
$
|
20
|
||||||||||||
Loans:
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
407
|
$
|
3,333
|
4,810
|
$
|
3,363
|
$
|
11,913
|
$
|
-
|
|||||||||||||
Collectively evaluated for impairment
|
73,615
|
4,597,193
|
399,329
|
550,957
|
5,621,094
|
3,415
|
||||||||||||||||||
Total ending loans balance
|
$
|
74,022
|
$
|
4,600,526
|
$
|
404,139
|
$
|
554,320
|
$
|
5,633,007
|
$
|
3,415
|
For the Year Ended December 31, 2017
|
For the Year Ended 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
|
$
|
22
|
$
|
22
|
$
|
-
|
$
|
407
|
$
|
407
|
$
|
-
|
||||||||||||
Multifamily Residential and Residential Mixed Use
|
619
|
619
|
-
|
3,333
|
3,333
|
-
|
||||||||||||||||||
Commercial Mixed Use Real Estate
|
4,267
|
4,267
|
-
|
4,810
|
4,810
|
-
|
||||||||||||||||||
Commercial Real Estate
|
3,296
|
3,296
|
-
|
3,363
|
3,363
|
-
|
||||||||||||||||||
Total with no related allowance recorded
|
$
|
8,204
|
$
|
8,204
|
$
|
-
|
$
|
11,913
|
$
|
11,913
|
$
|
-
|
For the Year Ended
December 31, 2017
|
For the Year Ended
December 31, 2016
|
For the Year Ended
December 31, 2015
|
||||||||||||||||||||||
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
|
$
|
325
|
$
|
30
|
$
|
443
|
$
|
53
|
$
|
601
|
$
|
44
|
||||||||||||
Multifamily Residential and Residential Mixed Use
|
2,222
|
85
|
2,515
|
183
|
1,095
|
71
|
||||||||||||||||||
Commercial Mixed Use Real Estate
|
4,485
|
174
|
4,468
|
176
|
4,379
|
176
|
||||||||||||||||||
Commercial Real Estate
|
3,330
|
133
|
3,437
|
136
|
5,470
|
140
|
||||||||||||||||||
Total with no related allowance recorded
|
10,362
|
422
|
10,863
|
548
|
11,545
|
431
|
||||||||||||||||||
With related allowance recorded:
|
||||||||||||||||||||||||
One- to Four Family Residential, Including Condominium and Cooperative Apartment
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Multifamily Residential and Residential Mixed Use
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Commercial Mixed Use Real Estate
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Commercial Real Estate
|
-
|
-
|
-
|
-
|
1,100
|
97
|
||||||||||||||||||
Total with related allowance recorded
|
-
|
-
|
-
|
-
|
1,100
|
97
|
||||||||||||||||||
Ending balance
|
$
|
10,362
|
$
|
422
|
$
|
10,863
|
$
|
548
|
$
|
12,645
|
$
|
528
|
(1) |
The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality.
|
6. |
LOAN SECURITIZATION
|
7. |
MORTGAGE SERVICING ACTIVITIES
|
Year Ended
December 31,
2017
|
||||
Beginning of the year
|
$
|
152
|
||
Additions
|
$
|
1,491
|
||
Amortized to expense
|
(49
|
)
|
||
End of year
|
$
|
1,594
|
8. |
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE
|
At December 31,
|
||||||||
2017
|
2016
|
|||||||
Land
|
$
|
1,600
|
$
|
1,600
|
||||
Buildings
|
10,828
|
11,972
|
||||||
Leasehold improvements
|
22,657
|
18,590
|
||||||
Furniture, fixtures and equipment
|
20,095
|
14,964
|
||||||
Premises and fixed assets, gross
|
$
|
55,180
|
$
|
47,126
|
||||
Less: accumulated depreciation and amortization
|
(30,854
|
)
|
(28,721
|
)
|
||||
Premises and fixed assets, net
|
$
|
24,326
|
$
|
18,405
|
||||
Premises held for sale
(1)
|
$
|
-
|
$
|
1,379
|
9. |
FHLBNY CAPITAL STOCK
|
10. |
DUE TO DEPOSITORS
|
At December 31, 2017
|
At December 31, 2016
|
|||||||||||||||
Effective
Cost
|
Liability
|
Effective
Cost
|
Liability
|
|||||||||||||
Savings accounts
|
0.07
|
%
|
$
|
362,092
|
0.05
|
%
|
$
|
366,921
|
||||||||
Certificates of deposit ("CDs")
|
1.47
|
1,091,887
|
1.47
|
1,048,465
|
||||||||||||
Money market accounts
|
0.96
|
2,517,439
|
0.86
|
2,576,081
|
||||||||||||
Interest bearing checking accounts
|
0.08
|
124,283
|
0.08
|
106,525
|
||||||||||||
Non-interest bearing checking accounts
|
-
|
307,746
|
-
|
297,434
|
||||||||||||
TOTAL
|
0.91
|
%
|
$
|
4,403,447
|
0.86
|
%
|
$
|
4,395,426
|
Maturing
Balance
|
Weighted
Average
Interest
Rate
|
|||||||
2018
|
$
|
579,781
|
1.32
|
%
|
||||
2019
|
408,703
|
1.58
|
||||||
2020
|
65,884
|
1.53
|
||||||
2021
|
18,818
|
1.58
|
||||||
2022
|
16,197
|
1.64
|
||||||
2023 and beyond
|
2,504
|
1.59
|
||||||
TOTAL
|
$
|
1,091,887
|
1.44
|
%
|
11. |
DERIVATIVES AND HEDGING ACTIVITIES
|
At December 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
|
7
|
$
|
135,000
|
$
|
4,041
|
$
|
-
|
4
|
$
|
90,000
|
$
|
3,228
|
$
|
-
|
||||||||||||||||||
Weighted average pay rates
|
1.46
|
%
|
1.24
|
%
|
||||||||||||||||||||||||||||
Weighted average receive rates
|
1.51
|
%
|
0.95
|
%
|
||||||||||||||||||||||||||||
Weighted average maturity
|
4.29 years
|
5.32 years
|
At or for the Year
Ended December 31,
|
||||||||
2017
|
2016
|
|||||||
Interest rate products
|
||||||||
Effective portion:
|
||||||||
Amount of gain (loss) recognized in other comprehensive income
|
$
|
511
|
$
|
3,205
|
||||
Amount of gain or (loss) reclassified from other comprehensive income into interest expense
|
283
|
23
|
||||||
Ineffective Portion:
|
||||||||
Amount of gain or (loss) recognized in other non-interest expense
|
-
|
-
|
12. |
FHLBNY ADVANCES
|
Maturing
Balance
|
Weighted Average
Interest Rate
|
|||||||
2018
|
667,100
|
1.57
|
||||||
2019
|
186,150
|
1.68
|
||||||
2020
|
263,750
|
1.85
|
||||||
2021
|
53,000
|
2.03
|
||||||
TOTAL
|
$
|
1,170,000
|
1.67
|
%
|
13. |
SUBORDINATED NOTES PAYABLE
|
14. |
TRUST PREFERRED SECURITIES PAYABLE
|
15. |
INCOME TAXES
|
Year Ended
December 31, 2017
|
Year Ended
December 31, 2016
|
Year Ended
December 31, 2015
|
||||||||||||||||||||||||||||||||||
Federal
|
State
and City
|
Total
|
Federal
|
State
and City
|
Total
|
Federal
|
State
and City
|
Total
|
||||||||||||||||||||||||||||
Current
|
$
|
20,818
|
$
|
5,523
|
$
|
26,341
|
$
|
42,834
|
$
|
17,026
|
$
|
59,860
|
$
|
21,127
|
$
|
3,235
|
$
|
24,362
|
||||||||||||||||||
Deferred
|
8,334
|
2,181
|
10,515
|
702
|
395
|
1,097
|
2,269
|
4,614
|
6,883
|
|||||||||||||||||||||||||||
TOTAL
|
$
|
29,152
|
$
|
7,704
|
$
|
36,856
|
$
|
43,536
|
$
|
17,421
|
$
|
60,957
|
$
|
23,396
|
$
|
7,849
|
$
|
31,245
|
Year Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Tax at Federal statutory rate
|
$
|
31,058
|
$
|
46,715
|
$
|
26,606
|
||||||
State and local taxes, net of federal income tax benefit
|
5,008
|
11,323
|
5,102
|
|||||||||
ESOP acceleration expense
|
-
|
3,962
|
-
|
|||||||||
Benefit plan differences
|
(535
|
)
|
(54
|
)
|
(59
|
)
|
||||||
Adjustments for prior period returns and tax items
|
84
|
(13
|
)
|
590
|
||||||||
Investment in BOLI
|
(776
|
)
|
(957
|
)
|
(842
|
)
|
||||||
Enactment of federal tax reform
|
3,135
|
-
|
-
|
|||||||||
Equity based compensation
|
(1,283
|
)
|
-
|
-
|
||||||||
Other, net
|
165
|
(19
|
)
|
(152
|
)
|
|||||||
TOTAL
|
$
|
36,856
|
$
|
60,957
|
$
|
31,245
|
||||||
Effective tax rate
|
41.53
|
%
|
45.67
|
%
|
41.10
|
%
|
At December 31,
|
||||||||
Deferred tax assets:
|
2017
|
2016
|
||||||
Allowance for loan losses
|
$
|
6,836
|
$
|
9,203
|
||||
Employee benefit plans
|
7,148
|
15,630
|
||||||
Tax effect of purchase accounting fair value adjustments
|
307
|
453
|
||||||
Other
|
2,135
|
1,756
|
||||||
Total deferred tax assets
|
16,426
|
27,042
|
||||||
Deferred tax liabilities:
|
||||||||
Tax effect of other components of income on investment securities and MBS
|
1,474
|
766
|
||||||
Difference in book and tax carrying value of fixed assets
|
20
|
776
|
||||||
Difference in book and tax basis of unearned loan fees
|
2,837
|
3,021
|
||||||
Difference in book and tax basis of deferred income from REIT subsidiary
|
2,262
|
-
|
||||||
Other
|
605
|
214
|
||||||
Total deferred tax liabilities
|
7,198
|
4,777
|
||||||
Net deferred tax asset (recorded in other assets)
|
$
|
9,228
|
$
|
22,265
|
16. |
KSOP [FORMERLY THE ESOP AND 401(K) PLAN]
|
17. |
EMPLOYEE BENEFIT PLANS
|
At December 31,
|
||||||||
2017
|
2016
|
|||||||
Accumulated benefit obligation at end of period
|
$
|
26,029
|
$
|
25,297
|
||||
Reconciliation of Projected benefit obligation:
|
||||||||
Projected benefit obligation at beginning of period
|
$
|
25,297
|
$
|
25,396
|
||||
Interest cost
|
936
|
979
|
||||||
Actuarial loss
|
1,284
|
215
|
||||||
Benefit payments
|
(1,488
|
)
|
(1,293
|
)
|
||||
Projected benefit obligation at end of period
|
26,029
|
25,297
|
||||||
Plan assets at fair value (investments in trust funds managed by trustee)
|
||||||||
Balance at beginning of period
|
23,355
|
22,676
|
||||||
Return on plan assets
|
3,477
|
1,957
|
||||||
Contributions
|
17
|
15
|
||||||
Benefit payments
|
(1,488
|
)
|
(1,293
|
)
|
||||
Balance at end of period
|
25,361
|
23,355
|
||||||
Funded status at end of year
|
$
|
(668
|
)
|
$
|
(1,942
|
)
|
Year Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Interest cost
|
$
|
936
|
$
|
979
|
$
|
998
|
||||||
Expected return on plan assets
|
(1,579
|
)
|
(1,532
|
)
|
(1,656
|
)
|
||||||
Amortization of unrealized loss
|
1,287
|
1,551
|
1,677
|
|||||||||
Net periodic cost
|
$
|
644
|
$
|
998
|
$
|
1,019
|
At December 31,
|
||||||||
2017
|
2016
|
|||||||
Balance at beginning of period
|
$
|
(10,240
|
)
|
$
|
(12,001
|
)
|
||
Amortization of unrealized loss
|
1,287
|
1,551
|
||||||
Gain (Loss) recognized during the year
|
613
|
210
|
||||||
Balance at the end of the period
|
$
|
(8,340
|
)
|
$
|
(10,240
|
)
|
||
Period end component of accumulated other comprehensive loss, net of tax
|
$
|
5,610
|
$
|
5,613
|
At or for the Year Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Discount rate used for net periodic cost
|
3.82
|
%
|
3.98
|
%
|
3.72
|
%
|
||||||
Discount rate used to determine benefit obligation at period end
|
3.38
|
3.82
|
3.98
|
|||||||||
Expected long-term return on plan assets used for net periodic cost
|
7.00
|
7.00
|
7.00
|
|||||||||
Expected long-term return on plan assets used to determine benefit obligation at period end
|
7.00
|
7.00
|
7.00
|
At December 31,
|
||||||||
2017
|
2016
|
|||||||
Asset Category
|
||||||||
Equity securities
|
66
|
%
|
62
|
%
|
||||
Debt securities (bond mutual funds)
|
32
|
36
|
||||||
Cash equivalents
|
2
|
2
|
||||||
Total
|
100
|
%
|
100
|
%
|
Fair Value Measurements at December 31, 2017
|
||||||||||||||||
Description
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
Significant
Other
Observable
Inputs (Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
||||||||||||
Mutual Funds (all registered and publicly traded) :
|
||||||||||||||||
Domestic Large Cap
|
$
|
3,228
|
$
|
-
|
$
|
-
|
$
|
3,228
|
||||||||
Domestic Mid Cap
|
1,344
|
-
|
-
|
1,344
|
||||||||||||
Domestic Small Cap
|
513
|
-
|
-
|
513
|
||||||||||||
International Equity
|
3,198
|
-
|
-
|
3,198
|
||||||||||||
Fixed Income
|
8,133
|
-
|
-
|
8,133
|
||||||||||||
Cash equivalents
|
510
|
-
|
-
|
510
|
||||||||||||
Common collective investment funds:
|
||||||||||||||||
Domestic Large Cap
|
-
|
5,246
|
-
|
5,246
|
||||||||||||
Domestic Mid Cap
|
-
|
702
|
-
|
702
|
||||||||||||
Domestic Small Cap
|
-
|
1,527
|
-
|
1,527
|
||||||||||||
International Equity
|
-
|
960
|
-
|
960
|
||||||||||||
Total Plan Assets
|
$
|
25,361
|
Fair Value Measurements at December 31, 2016
|
||||||||||||||||
Description
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
Significant
Other
Observable
Inputs (Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
||||||||||||
Mutual Funds (all registered and publicly traded) :
|
||||||||||||||||
Domestic Large Cap
|
||||||||||||||||
Domestic Mid Cap
|
$
|
2,627
|
$
|
-
|
$
|
-
|
$
|
2,627
|
||||||||
Domestic Small Cap
|
1,189
|
-
|
-
|
1,189
|
||||||||||||
International Equity
|
485
|
-
|
-
|
485
|
||||||||||||
Fixed Income
|
2,657
|
-
|
-
|
2,657
|
||||||||||||
Cash equivalents
|
8,408
|
-
|
-
|
8,408
|
||||||||||||
Common collective investment funds:
|
366
|
-
|
-
|
366
|
||||||||||||
Domestic Large Cap
|
4,784
|
-
|
4,784
|
|||||||||||||
Domestic Mid Cap
|
-
|
638
|
-
|
638
|
||||||||||||
Domestic Small Cap
|
-
|
1,405
|
-
|
1,405
|
||||||||||||
International Equity
|
-
|
796
|
-
|
796
|
||||||||||||
Total Plan Assets
|
-
|
-
|
$
|
23,355
|
Amount
|
||||
2018
|
1,626
|
|||
2019
|
1,616
|
|||
2020
|
1,598
|
|||
2021
|
1,576
|
|||
2022
|
1,559
|
|||
2023 to 2027
|
7,523
|
At December 31,
|
||||||||
2017
|
2016
|
|||||||
Accumulated benefit obligation at end of period
|
$
|
10,364
|
$
|
11,351
|
||||
Reconciliation of projected benefit obligation:
|
||||||||
Projected benefit obligation at beginning of period
|
$
|
11,351
|
$
|
11,062
|
||||
Interest cost
|
379
|
392
|
||||||
Benefit payments
|
(544
|
)
|
(234
|
)
|
||||
Actuarial (gain) loss
|
(822
|
)
|
131
|
|||||
Projected benefit obligation at end of period
|
10,364
|
11,351
|
||||||
Plan assets at fair value:
|
||||||||
Balance at beginning of period
|
-
|
-
|
||||||
Contributions
|
544
|
234
|
||||||
Benefit payments
|
(544
|
)
|
(234
|
)
|
||||
Balance at end of period
|
-
|
-
|
||||||
Funded status at the end of the year:
|
$
|
(10,364
|
)
|
$
|
(11,351
|
)
|
Year Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Interest cost
|
$
|
379
|
$
|
392
|
$
|
375
|
||||||
Amortization of unrealized loss
|
147
|
161
|
242
|
|||||||||
Net periodic cost
|
$
|
526
|
$
|
553
|
$
|
617
|
At December 31,
|
||||||||
2017
|
2016
|
|||||||
Balance at beginning of period
|
$
|
(2,758
|
)
|
$
|
(2,788
|
)
|
||
Amortization of unrealized loss
|
147
|
161
|
||||||
Gain (loss) recognized during the year
|
822
|
(131
|
)
|
|||||
Balance at the end of the period
|
$
|
(1,789
|
)
|
$
|
(2,758
|
)
|
||
Period end component of accumulated other comprehensive loss, net of tax
|
$
|
1,203
|
$
|
1,512
|
At or For the Year
Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Discount rate used for net periodic cost – BMP
|
3.46
|
%
|
3.54
|
%
|
3.39
|
%
|
||||||
Discount rate used for net periodic cost – Director Retirement Plan
|
3.53
|
3.67
|
3.49
|
|||||||||
Discount rate used to determine BMP benefit obligation at period end
|
3.13
|
3.46
|
3.54
|
|||||||||
Discount rate used to determine Director Retirement Plan benefit obligation at period end
|
3.17
|
3.53
|
3.67
|
Amount
|
||||
2018
|
789
|
|||
2019
|
786
|
|||
2020
|
815
|
|||
2021
|
807
|
|||
2022
|
798
|
|||
2023 to 2027
|
3,923
|
(1) |
Qualified employees who retired prior to April 1, 1991 receive the full medical coverage in effect at the time of retirement until their death at no cost to such retirees;
|
(2) |
Qualified employees retiring on or after April 1, 1991 are eligible for medical benefits. Throughout retirement, the Bank will continue to pay the premiums for the coverage not to exceed the premium amount paid for the first year of retirement coverage. Should the premiums increase, the employee is required to pay the differential to maintain full medical coverage.
|
At December 31,
|
||||||||
2017
|
2016
|
|||||||
Accumulated benefit obligation at end of period
|
$
|
1,768
|
$
|
1,756
|
||||
Reconciliation of projected benefit obligation:
|
||||||||
Projected benefit obligation at beginning of period
|
$
|
1,756
|
$
|
1,825
|
||||
Interest cost
|
59
|
63
|
||||||
Actuarial gain
|
132
|
(10
|
)
|
|||||
Benefit payments
|
(179
|
)
|
(122
|
)
|
||||
Projected benefit obligation at end of period
|
1,768
|
1,756
|
||||||
Plan assets at fair value:
|
||||||||
Balance at beginning of period
|
-
|
-
|
||||||
Contributions
|
179
|
122
|
||||||
Benefit payments
|
(179
|
)
|
(122
|
)
|
||||
Balance at end of period
|
-
|
-
|
||||||
Funded status:
|
||||||||
Deficiency of plan assets over projected benefit obligation and accrued expense included in other liabilities
|
$
|
(1,768
|
)
|
$
|
(1,756
|
)
|
Year Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Service cost
|
$
|
-
|
$
|
-
|
$
|
9
|
||||||
Interest cost
|
59
|
63
|
94
|
|||||||||
Curtailment gain
(1)
|
-
|
-
|
(3,394
|
)
|
||||||||
Amortization of unrealized loss
|
(14
|
)
|
(12
|
)
|
(19
|
)
|
||||||
Net periodic (credit) cost
|
$
|
45
|
$
|
51
|
$
|
(3,310
|
)
|
(1) |
The Postretirement Plan was amended effective March 31, 2015, whereby post-amendment retirees are not eligible to participate in the plan. The amendment resulted in a curtailment gain.
|
At December 31,
|
||||||||
2017
|
2016
|
|||||||
Balance at beginning of period
|
$
|
349
|
$
|
351
|
||||
Amortization of unrealized loss
|
(14
|
)
|
(12
|
)
|
||||
Gain (loss) recognized during the year
|
(132
|
)
|
10
|
|||||
Balance at the end of the period
|
$
|
203
|
$
|
349
|
||||
Period end component of accumulated other comprehensive loss, net of tax
|
$ |
(137
|
)
|
$ |
(191
|
)
|
At or for the Year Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Discount rate used for net periodic cost
|
3.48
|
%
|
3.58
|
%
|
3.80
|
%
|
||||||
Rate of increase in compensation levels used for net periodic cost
|
N/A
|
N/A
|
3.50
|
|||||||||
Discount rate used to determine benefit obligation at period end
|
3.16
|
3.48
|
3.58
|
|||||||||
Rate of increase in compensation levels used to determine benefit obligation at period end
|
N/A
|
N/A
|
3.50
|
Year Ending December 31,
|
||||
2018
|
121
|
|||
2019
|
116
|
|||
2020
|
107
|
|||
2021
|
101
|
|||
2022
|
94
|
|||
2023 to 2027
|
347
|
18. |
STOCK-BASED COMPENSATION
|
Number of
Options
|
Weighted-Average
Exercise Price
|
Weighted-Average
Remaining
Contractual Years
|
Aggregate
Intrinsic Value
|
|||||||||||||
Options outstanding at January 1, 2016
|
465,246
|
$
|
14.87
|
|||||||||||||
Options granted
|
-
|
-
|
||||||||||||||
Options exercised
|
(245,992
|
)
|
14.22
|
|||||||||||||
Options that expired prior to exercise
|
(10,000
|
)
|
18.18
|
|||||||||||||
Options outstanding at December 31, 2016
|
209,254
|
$
|
15.48
|
2.2
|
$
|
966
|
||||||||||
Options granted
|
-
|
-
|
||||||||||||||
Options exercised
|
(51,708
|
)
|
15.35
|
|||||||||||||
Options that expired prior to exercise
|
-
|
-
|
||||||||||||||
Options outstanding at December 31, 2017
|
157,546
|
$
|
15.53
|
1.7
|
$
|
1,027
|
||||||||||
Options vested and exercisable at December 31, 2017
|
157,546
|
$
|
15.53
|
1.7
|
$
|
1,027
|
For the Year Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Cash received for option exercise cost
|
$
|
792
|
$
|
3,498
|
$
|
6,549
|
||||||
Income tax benefit recognized
(1)
|
52
|
93
|
264
|
|||||||||
Intrinsic value of options exercised
|
314
|
826
|
1,143
|
|||||||||
Compensation expense recognized
|
-
|
-
|
31
|
|||||||||
Remaining unrecognized compensation expense
|
-
|
-
|
-
|
(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.
|
Outstanding Options
|
Vested Options
|
||||||||||||||||||
Amount
|
Weighted
Average
Contractual
Years Remaining
|
Amount
|
Weighted
Average
Contractual
Years Remaining
|
||||||||||||||||
Exercise Prices:
|
|||||||||||||||||||
$
|
8.34
|
13,713
|
1.3
|
13,713
|
1.3
|
||||||||||||||
$
|
12.75
|
19,827
|
2.3
|
19,827
|
2.3
|
||||||||||||||
$
|
13.86
|
12,220
|
4.3
|
12,220
|
4.3
|
||||||||||||||
$
|
15.46
|
31,479
|
3.3
|
31,479
|
3.3
|
||||||||||||||
$
|
16.73
|
25,307
|
0.6
|
25,307
|
0.6
|
||||||||||||||
$
|
18.18
|
55,000
|
0.4
|
55,000
|
0.4
|
||||||||||||||
Total
|
157,546
|
1.7
|
157,546
|
1.7
|
Number of
Shares
|
Weighted-Average
Grant-Date
Fair Value
|
|||||||
Unvested allocated shares outstanding at January 1, 2016
|
223,894
|
$
|
15.36
|
|||||
Shares granted
|
60,675
|
18.11
|
||||||
Shares vested
|
(116,042
|
)
|
15.09
|
|||||
Shares forfeited
|
(16,118
|
)
|
16.29
|
|||||
Unvested allocated shares at December 31, 2016
|
152,409
|
16.56
|
||||||
Shares granted
|
122,329
|
19.61
|
||||||
Shares vested
|
(87,455
|
)
|
16.43
|
|||||
Shares forfeited
|
(36,716
|
)
|
17.65
|
|||||
Unvested allocated shares at December 31, 2017
|
150,567
|
$
|
18.85
|
For the Year Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Compensation expense recognized
|
$
|
1,358
|
$
|
1,549
|
$
|
1,855
|
||||||
Income tax benefit recognized
|
95
|
78
|
39
|
|||||||||
Weighted average remaining years for which compensation expense is to be recognized
|
2.7
|
1.6
|
1.0
|
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
|
(27,482
|
)
|
18.99
|
|||||
Maximum aggregate share payout at December 31, 2017
|
69,224
|
19.19
|
||||||
Minimum aggregate share payout
|
4,433
|
18.53
|
||||||
Likely aggregate share payout
|
47,978
|
$
|
19.17
|
2017
|
2016
|
|||||||||||||||
Fixed Rate
|
Variable Rate
|
Fixed Rate
|
Variable Rate
|
|||||||||||||
Available lines of credit
|
$
|
-
|
$
|
73,315
|
$
|
-
|
$
|
34,774
|
||||||||
Other loan commitments
|
1,000
|
47,181
|
-
|
138,310
|
||||||||||||
Stand-by letters of credit
|
927
|
-
|
-
|
-
|
Amount
|
||||
2018
|
6,682
|
|||
2019
|
6,808
|
|||
2020
|
6,715
|
|||
2021
|
6,634
|
|||
2022
|
6,331
|
|||
Thereafter
|
28,438
|
|||
Total
|
$
|
61,
608
|
20. |
FAIR VALUE OF FINANCIAL INSTRUMENTS
|
Fair Value Measurements at
December 31, 2017 Using
|
||||||||||||||||
Total
|
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
|||||||||||||
Financial Assets
|
||||||||||||||||
Trading securities (Registered Mutual Funds):
|
||||||||||||||||
Domestic Equity Mutual Funds
|
$
|
460
|
$
|
460
|
$
|
-
|
$
|
-
|
||||||||
International Equity Mutual Funds
|
120
|
120
|
-
|
-
|
||||||||||||
Fixed Income Mutual Funds
|
2,135
|
2,135
|
-
|
-
|
||||||||||||
Investment securities available-for-sale:
|
||||||||||||||||
Registered Mutual Funds:
|
||||||||||||||||
Domestic Equity Mutual Funds
|
1,512
|
1,512
|
-
|
-
|
||||||||||||
International Equity Mutual Funds
|
445
|
445
|
-
|
-
|
||||||||||||
Fixed Income Mutual Funds
|
2,049
|
2,049
|
-
|
-
|
||||||||||||
Pass-through MBS issued by GSEs
|
340,879
|
-
|
340,879
|
-
|
||||||||||||
Agency CMOs
|
10,505
|
-
|
10,505
|
-
|
||||||||||||
Derivative – interest rate product
|
4,041
|
-
|
4,041
|
-
|
Fair Value Measurements at
December 31, 2016 Using
|
||||||||||||||||
Total
|
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
|||||||||||||
Financial Assets
|
||||||||||||||||
Trading securities (Registered Mutual Funds):
|
||||||||||||||||
Domestic Equity Mutual Funds
|
$
|
873
|
$
|
873
|
$
|
-
|
$
|
-
|
||||||||
International Equity Mutual Funds
|
213
|
213
|
-
|
-
|
||||||||||||
Fixed Income Mutual Funds
|
5,867
|
5,867
|
-
|
-
|
||||||||||||
Investment securities available-for-sale:
|
||||||||||||||||
Registered Mutual Funds:
|
||||||||||||||||
Domestic Equity Mutual Funds
|
1,356
|
1,356
|
-
|
-
|
||||||||||||
International Equity Mutual Funds
|
377
|
377
|
-
|
-
|
||||||||||||
Fixed Income Mutual Funds
|
2,162
|
2,162
|
-
|
-
|
||||||||||||
Pass-through MBS issued by GSEs
|
372
|
-
|
372
|
-
|
||||||||||||
Agency CMOs
|
3,186
|
-
|
3,186
|
-
|
||||||||||||
Derivative – interest rate product
|
3,228
|
-
|
3,228
|
-
|
Fair Value Measurements
at December 31, 2017 Using
|
||||||||||||||||||||
Carrying
Amount
|
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
Total
|
||||||||||||||||
Financial Assets:
|
||||||||||||||||||||
Cash and due from banks
|
$
|
169,455
|
$
|
169,455
|
$
|
-
|
$
|
-
|
$
|
169,455
|
||||||||||
Loans, net
|
5,581,084
|
-
|
-
|
5,519,746
|
5,519,746
|
|||||||||||||||
Accrued interest receivable
|
16,543
|
-
|
751
|
15,792
|
16,543
|
|||||||||||||||
FHLBNY capital stock
|
59,696
|
N/A
|
N/A
|
N/A
|
N/A
|
|||||||||||||||
Financial Liabilities:
|
||||||||||||||||||||
Savings, money market and checking accounts
|
3,311,560
|
3,311,560
|
-
|
-
|
3,311,560
|
|||||||||||||||
CDs
|
1,091,887
|
-
|
1,192,964
|
-
|
1,192,964
|
|||||||||||||||
Escrow and other deposits
|
82,168
|
82,168
|
-
|
-
|
82,168
|
|||||||||||||||
FHLBNY Advances
|
1,170,000
|
-
|
1,164,947
|
-
|
1,164,947
|
|||||||||||||||
Subordinated debt, net
|
113,612
|
-
|
115,337
|
-
|
115,337
|
|||||||||||||||
Accrued interest payable
|
1,623
|
-
|
1,623
|
-
|
1,623
|
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
|
Actual
|
For Capital
Adequacy Purposes
(1)
|
To Be Categorized as
“Well Capitalized”
(1)
|
||||||||||||||||||||||
As of December 31, 2017
|
Amount
|
Ratio
|
Amount
|
Minimum
Ratio
|
Amount
|
Minimum Ratio
|
||||||||||||||||||
Tier 1 Capital / % of average total assets
|
||||||||||||||||||||||||
Bank
|
$
|
591,380
|
9.32
|
%
|
$
|
256,071
|
4.0
|
%
|
$
|
320,089
|
5.0
|
%
|
||||||||||||
Consolidated Company
|
546,571
|
8.61
|
256,029
|
4.0
|
N/A
|
N/A
|
||||||||||||||||||
Common equity Tier 1 capital / % of risk weighted assets
|
||||||||||||||||||||||||
Bank
|
591,380
|
12.38
|
214,984
|
4.5
|
310,532
|
6.5
|
||||||||||||||||||
Consolidated Company
|
546,571
|
11.42
|
215,424
|
4.5
|
N/A
|
N/A
|
||||||||||||||||||
Tier 1 Capital / % of risk weighted assets
|
||||||||||||||||||||||||
Bank
|
591,380
|
12.38
|
286,645
|
6.0
|
382,194
|
8.0
|
||||||||||||||||||
Consolidated Company
|
546,571
|
11.42
|
287,232
|
6.0
|
N/A
|
N/A
|
||||||||||||||||||
Total Capital / % of risk weighted assets
|
||||||||||||||||||||||||
Bank
|
612,858
|
12.83
|
382,194
|
8.0
|
477,742
|
10.0
|
||||||||||||||||||
Consolidated Company
|
683,049
|
14.27
|
382,976
|
8.0
|
N/A
|
N/A
|
(1) |
In accordance with the Basel III rules.
|
Actual
|
For Capital
Adequacy Purposes
(1)
|
To Be Categorized as
“Well Capitalized”
(1)
|
||||||||||||||||||||||
As of December 31, 2016
|
Amount
|
Ratio
|
Amount
|
Minimum
Ratio
|
Amount
|
Minimum
Ratio
|
||||||||||||||||||
Tier 1 Capital / % of average total assets
|
||||||||||||||||||||||||
Bank
|
$
|
521,458
|
8.95
|
%
|
$
|
235,232
|
4.0
|
%
|
$
|
294,041
|
5.0
|
%
|
||||||||||||
Consolidated Company
|
516,170
|
10.03
|
235,402
|
4.0
|
N/A
|
N/A
|
||||||||||||||||||
Common equity Tier 1 capital / % of risk weighted assets
|
||||||||||||||||||||||||
Bank
|
521,458
|
11.60
|
202,337
|
4.5
|
292,265
|
6.5
|
||||||||||||||||||
Consolidated Company
|
516,170
|
11.44
|
203,104
|
4.5
|
N/A
|
N/A
|
||||||||||||||||||
Tier 1 Capital / % of risk weighted assets
|
||||||||||||||||||||||||
Bank
|
521,458
|
11.60
|
269,783
|
6.0
|
359,711
|
8.0
|
||||||||||||||||||
Consolidated Company
|
584,684
|
12.95
|
270,806
|
6.0
|
N/A
|
N/A
|
||||||||||||||||||
Total Capital / % of risk weighted assets
|
||||||||||||||||||||||||
Bank
|
542,019
|
12.05
|
359,711
|
8.0
|
449,639
|
10.0
|
||||||||||||||||||
Consolidated Company
|
605,245
|
13.41
|
361,074
|
8.0
|
N/A
|
N/A
|
(1) |
In accordance with the Basel III rules.
|
22. |
UNAUDITED QUARTERLY FINANCIAL INFORMATION
|
For the three months ended
|
||||||||||||||||
March 31,
2017
|
June 30,
2017
|
September 30,
2017
|
December 31,
2017
|
|||||||||||||
Net interest income
|
$
|
37,487
|
$
|
38,053
|
$
|
38,458
|
$
|
38,732
|
||||||||
Provision (credit) for loan losses
|
450
|
1,047
|
23
|
(1,000
|
)
|
|||||||||||
Net interest income after provision for loan losses
|
37,037
|
37,006
|
38,435
|
39,732
|
||||||||||||
Non-interest income
|
1,778
|
1,747
|
4,283
|
13,706
|
||||||||||||
Non-interest expense
|
20,769
|
19,469
|
22,175
|
22,573
|
||||||||||||
Income before income taxes
|
18,046
|
19,284
|
20,543
|
30,865
|
||||||||||||
Income tax expense
|
6,889
|
7,295
|
7,230
|
15,442
|
||||||||||||
Net income
|
$
|
11,157
|
$
|
11,989
|
$
|
13,313
|
$
|
15,423
|
||||||||
EPS
(1)
:
|
||||||||||||||||
Basic
|
$
|
0.30
|
$
|
0.32
|
$
|
0.36
|
$
|
0.41
|
||||||||
Diluted
|
$
|
0.30
|
$
|
0.32
|
$
|
0.35
|
$
|
0.41
|
For the three months ended
|
||||||||||||||||
March 31,
2016
|
June 30,
2016
|
September 30,
2016
|
December 31,
2016
|
|||||||||||||
Net interest income
|
$
|
34,631
|
$
|
35,610
|
$
|
35,347
|
$
|
37,898
|
||||||||
Provision (credit) for loan losses
|
(21
|
)
|
442
|
1,168
|
529
|
|||||||||||
Net interest income after provision for loan losses
|
34,652
|
35,168
|
34,179
|
37,369
|
||||||||||||
Non-interest income
|
69,741
|
2,305
|
2,071
|
1,817
|
||||||||||||
Non-interest expense
|
17,869
|
18,092
|
18,232
|
29,638
|
||||||||||||
Income before income taxes
|
86,524
|
19,381
|
18,018
|
9,548
|
||||||||||||
Income tax expense
|
36,487
|
8,173
|
7,481
|
8,816
|
||||||||||||
Net income
|
$
|
50,037
|
$
|
11,208
|
$
|
10,537
|
$
|
732
|
||||||||
EPS
(1)
:
|
||||||||||||||||
Basic
|
$
|
1.37
|
$
|
0.30
|
$
|
0.29
|
$
|
0.02
|
||||||||
Diluted
|
$
|
1.36
|
$
|
0.30
|
$
|
0.29
|
$
|
0.02
|
23. |
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS
|
At December 31,
|
||||||||
2017
|
2016
|
|||||||
ASSETS:
|
||||||||
Cash and due from banks
|
$
|
58,723
|
$
|
49,152
|
||||
Investment securities available-for-sale
|
4,006
|
3,895
|
||||||
Trading securities
|
2,715
|
6,953
|
||||||
MBS available-for-sale
|
321
|
372
|
||||||
Investment in subsidiaries
|
643,260
|
571,150
|
||||||
Other assets
|
3,154
|
6,020
|
||||||
Total assets
|
$
|
712,179
|
$
|
637,542
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY:
|
||||||||
Trust Preferred securities payable
|
$
|
-
|
$
|
70,680
|
||||
Subordinated debt, net
|
113,612
|
-
|
||||||
Other liabilities
|
-
|
994
|
||||||
Stockholders’ equity
|
598,567
|
565,868
|
||||||
Total liabilities and stockholders’ equity
|
$
|
712,179
|
$
|
637,542
|
Year Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Net interest loss
|
$
|
(5,427
|
)
|
$
|
(4,852
|
)
|
$
|
(4,779
|
)
|
|||
Dividends received from Bank
|
8,000
|
12,000
|
16,000
|
|||||||||
Non-interest income
|
249
|
478
|
295
|
|||||||||
Non-interest expense
|
(2,002
|
)
|
(668
|
)
|
(667
|
)
|
||||||
Income before income taxes and equity in
undistributed earnings of direct subsidiaries
|
820
|
6,958
|
10,849
|
|||||||||
Income tax credit
|
3,274
|
2,251
|
2,321
|
|||||||||
Income before equity in undistributed earnings of direct subsidiaries
|
4,094
|
9,209
|
13,170
|
|||||||||
Equity in undistributed earnings of subsidiaries
|
47,788
|
63,305
|
31,602
|
|||||||||
Net income
|
$
|
51,882
|
$
|
72,514
|
$
|
44,772
|
Year Ended December 31,
|
||||||||||||
2017
|
2016
|
2015
|
||||||||||
Cash flows from Operating Activities:
|
||||||||||||
Net income
|
$
|
51,882
|
$
|
72,514
|
$
|
44,772
|
||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||
Equity in undistributed earnings of direct subsidiaries
|
(47,788
|
)
|
(63,305
|
)
|
(31,602
|
)
|
||||||
Net loss on the sale of investment securities available for sale
|
-
|
-
|
4
|
|||||||||
Net (gain) loss on trading securities
|
(169
|
)
|
(83
|
)
|
108
|
|||||||
Net accretion
|
81
|
-
|
-
|
|||||||||
Loss from extinguishment of debt
|
1,272
|
-
|
-
|
|||||||||
Decrease (Increase) in other assets
|
1,442
|
(2,206
|
)
|
(69
|
)
|
|||||||
(Decrease) Increase in other liabilities
|
(994
|
)
|
(7
|
)
|
(560
|
)
|
||||||
Net cash provided by operating activities
|
5,726
|
6,913
|
12,653
|
|||||||||
Cash flows from Investing Activities:
|
||||||||||||
Proceeds from sale of investment securities available-for-sale
|
377
|
-
|
2,000
|
|||||||||
Proceeds from the sale of trading securities
|
4,629
|
3,648
|
1,340
|
|||||||||
Purchases of investment securities available-for-sale
|
(145
|
)
|
(22
|
)
|
(2,134
|
)
|
||||||
Reimbursement from subsidiary, including purchases of investment securities available-for-sale
|
175
|
303
|
1,655
|
|||||||||
Net purchases of trading securities
|
(222
|
)
|
(317
|
)
|
(3,090
|
)
|
||||||
Principal collected on MBS available-for-sale
|
49
|
59
|
63
|
|||||||||
Principal repayments on ESOP loan
|
-
|
209
|
194
|
|||||||||
Net cash provided by investing activities
|
4,863
|
3,880
|
28
|
|||||||||
Cash flows from Financing Activities:
|
||||||||||||
Redemption of preferred stock
|
(1
|
)
|
-
|
-
|
||||||||
Common Stock issued for exercise of stock options
|
792
|
3,669
|
6,549
|
|||||||||
Repayment of trust preferred securities
|
(70,680
|
)
|
-
|
-
|
||||||||
Proceeds from subordinated debt issuance, net
|
113,531
|
-
|
-
|
|||||||||
Treasury shares repurchased
|
-
|
-
|
(300
|
)
|
||||||||
Equity award distribution
|
236
|
65
|
251
|
|||||||||
BMP ESOP shares received to satisfy distribution of retirement benefits
|
(3,905
|
)
|
(1,820
|
)
|
-
|
|||||||
Capital contribution to subsidiary
|
(20,000
|
)
|
-
|
-
|
||||||||
Cash dividends paid to stockholders
|
(20,991
|
)
|
(20,569
|
)
|
(20,279
|
)
|
||||||
Net cash used in financing activities
|
(1,018
|
)
|
(18,655
|
)
|
(13,779
|
)
|
||||||
Net decrease in cash and due from banks
|
9,571
|
(7,862
|
)
|
(1,098
|
)
|
|||||||
Cash and due from banks, beginning of period
|
49,152
|
57,014
|
58,112
|
|||||||||
Cash and due from banks, end of period
|
$
|
58,723
|
$
|
49,152
|
$
|
57,014
|
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))
|
|
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 October 4, 2017 (File No. 000-27782))
|
|
Amended and Restated Certificate of Incorporation of Dime Community Bancshares, Inc. [see Exhibit 3.1 hereto]
|
|
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))
|
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))
|
|
Indenture, dated as of March 19, 2004, between Dime Community Bancshares, Inc. and Wilmington Trust Company, as Indenture Trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Registration Statement on Form S-4, filed with the SEC on July 29, 2004 (File No. 333-117743))
|
|
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 (incorporated by reference to Exhibit 4.9 to the Registrant’s Registration Statement on Form S-4, filed with the SEC on July 29, 2004 (File No. 333-117743))
|
|
Indenture, dated as of June 13, 2017, by and between Dime Community Bancshares, Inc. and Wilmington Trust, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K, filed with the SEC on June 13, 2017 (File No. 000-27782))
|
|
First Supplemental Indenture, dated as of June 13, 2017, by and between Dime Community Bancshares, Inc. and Wilmington Trust, National Association, as Trustee, including the form of 4.50% fixed-to-floating rate subordinated debentures due 2027 (incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K, filed with the SEC on June 13, 2017 (File No. 000-27782))
|
|
Amended and Restated Employment Agreement between The Dime Savings Bank of Williamsburgh and Kenneth J. Mahon (incorporated by reference to Exhibit 10.6 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011, filed with the SEC on May 10, 2011 (File No. 000-27782))
|
|
Employment Agreement between Dime Community Bancshares, Inc. and Kenneth J. Mahon (incorporated by reference to Exhibit 10.6 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011, filed with the SEC on May 10, 2011 (File No. 000-27782))
|
|
Form of Employee Retention Agreement by and among The Dime Savings Bank of Williamsburgh, Dime Community Bancorp, Inc. and certain officers (incorporated by reference to Exhibit 10.7 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, filed with the SEC on May 9, 2012 (File No. 000-27782))
|
|
The Benefit Maintenance Plan of Dime Community Bancorp, Inc. (incorporated by reference to Exhibit 99.1 to the Registrant’s Current Report on Form 8-K, filed with the SEC on April 4, 2011 (File No. 000-27782))
|
|
Dime Community Bank Severance Benefits Plan
|
Retirement Plan for Board Members of Dime Community Bancorp, Inc. (incorporated by reference to Exhibit 10.10 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))
|
|
Recognition and Retention Plan for Outside Directors, Officers and Employees of Dime Community Bancorp, Inc., as amended by amendments number 1 and 2 (incorporated by reference to Exhibit 10.21 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended June 30, 1997, filed with the SEC on September 26, 1997 (File No. 000-27782))
|
|
Form of stock option agreement for Outside Directors under Dime Community Bancshares, Inc. 1996 Stock Option Plan for Outside Directors, Officers and Employees (incorporated by reference to Exhibit 10.22 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended June 30, 1997, filed with the SEC on September 26, 1997 (File No. 000-27782))
|
|
Form of stock option agreement for Outside Directors under Dime Community Bancshares, Inc. 2001 Stock Option Plan for Outside Directors, Officers and Employees (incorporated by reference to Exhibit 4.2 to the Registrant’s Registration Statement on Form S-8, filed with the SEC on January 24, 2003 (File No. 333-102690))
|
|
Form of stock option agreement for Outside Directors 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 29, 2005 (File No. 000-27782))
|
|
Form of stock option agreement for officers and employees under Dime Community Bancshares, Inc. 1996 Stock Option Plan for Outside Directors, Officers and Employees (incorporated by reference to Exhibit 10.23 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended June 30, 1997, filed with the SEC on September 26, 1997 (File No. 000-27782))
|
|
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))
|
|
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))
|
|
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))
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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))
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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))
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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))
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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))
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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))
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Employee Stock Ownership Plan of Dime Community Bancshares, Inc. and Certain Affiliates (incorporated by reference to Exhibit 10.31 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))
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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))
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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))
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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))
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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))
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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))
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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))
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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))
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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))
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Retirement and Consulting Agreement between Dime Community Bancshares, Inc. and Michael P. Devine (incorporated by reference to Exhibit 10.40 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015, filed with the SEC on November 6, 2015 (File No. 000-27782))
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Retirement and Consulting Agreement between Dime Community Bancshares, Inc. and Vincent F. Palagiano (incorporated by reference to Exhibit 10.41 to the Registrant’s Current Report on Form 8-K, filed with the SEC on June 30, 2016) (File No. 000-27782))
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Form of performance share award notice for 2016 grants to officers under 2013 Equity and Incentive Plan (incorporated by reference to Exhibit 10.42 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, filed with the SEC on August 9, 2016 (File No. 000-27782))
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Employment and Change in Control Agreement between Dime Community Bank and Stuart Lubow (incorporated by reference to Exhibit 10.43 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 15, 2017 (File No. 000-27782))
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Employment and Change in Control Agreement between Dime Community Bank and Conrad Gunther (incorporated by reference to Exhibit 10.44 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 15, 2017 (File No. 000-27782))
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Purchase and Sale Agreement between The Dime Savings Bank of Williamsburgh and Tarvos Capital Partners USA LLC (incorporated by reference to Exhibit 10.45 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 15, 2017 (File No. 000-27782))
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Purchase and Sale Agreement between The Dime Savings Bank of Williamsburgh and Havemeyer Owner BB LLC (incorporated by reference to Exhibit 10.46 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 15, 2017 (File No. 000-27782))
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Amendment Number Five to the Employee Stock Ownership Plan of Dime Community Bancshares, Inc. and Certain Affiliates (incorporated by reference to Exhibit 10.47 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, filed with the SEC on May 9, 2017 (File No. 000-27782))
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(i) |
For salaried employees, a Participant’s annual base salary at the rate in effect on his or her termination date.
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(ii) |
For employees whose compensation is determined in whole or in part on the basis of commission income, a Participant’s base salary as of his or her termination date, if any, plus the commissions earned by the employee in the twelve (12) full calendar months preceding his or her termination of employment.
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(iii) |
For hourly employees, a Participant’s total hourly wages for the twelve (12) full calendar months preceding his or her termination of employment.
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· |
Examine, without charge, at the Plan Administrator’s office and at other specified locations, all documents governing the Plan, and a copy of the latest annual report (Form 5500 Series) filed by the Plan with the U.S. Department of Labor and available to the Public Disclosure Room of the Pension and Welfare Benefit Administration.
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· |
Upon written request to the Plan Administrator, copies of documents governing the operation of the Plan, and copies of the latest annual report (Form 5500 Series) and updated summary plan description. The Plan Administrator may make a reasonable charge for the copies.
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· |
Receive a summary of the plan’s annual financial report. The Plan Administrator is required by law to furnish each participant with a copy of this summary annual report.
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Plan Sponsor:
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Dime Community Bank
300 Cadman Plaza West
8
th
Floor
Brooklyn, New York 11201
(718) 343-1801
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Employer Identification Number (EIN):
|
[INSERT]
|
Plan Name:
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Dime Community Bank Severance Benefits Plan
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Type of Plan:
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Welfare Benefits Severance Plan
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Plan Year:
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Calendar Year
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Plan Number:
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[INSERT]
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Plan Administrator:
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Dime Community Bank
300 Cadman Plaza West
8
th
Floor
Brooklyn, New York 11201
Attention: Director of Human Resources
(718) 343-1801
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Agent for Service of Legal Process:
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Plan Administrator
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DIME COMMUNITY BANK
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By:
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|
Name:
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|
Title:
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|
Date:
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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;
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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;
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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
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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
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a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonable likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
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b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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Date: March 14, 2018
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|
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/s/KENNETH J. MAHON
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|
|
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Kenneth J. Mahon
|
|
President and Chief Executive Officer
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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
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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
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b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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Date: March 14, 2018
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|
|
|
/s/ JAMES L. RIZZO
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|
James L. Rizzo
|
|
Senior Vice President and Comptroller (Principal Financial Officer)
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(1) |
The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
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(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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March 14, 2018
|
Date
|
|
|
|
By:
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/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
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(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
March 14, 2018
|
Date
|
By: | /s/ James L. Rizzo |
James L. Rizzo | ||
Senior Vice President and Comptroller (Principal Financial Officer)
|