Delaware
|
000-27782
|
11-3297463
|
(State or other jurisdiction of incorporation or organization)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
300 Cadman Plaza West, 8th Floor
|
||
Brooklyn, New York
|
11201
|
|
(Address of principal executive offices)
|
(Zip Code)
|
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c)
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange on which registered
|
||
Common Stock, $0.01 Par Value
|
DCOM
|
The NASDAQ Stock Market
|
||
Preferred Stock, Series A, $0.01 Par Value
|
DCOMP
|
The NASDAQ Stock Market
|
Item 2.02 |
Results of Operations and Financial Condition
|
Item 9.01 |
Financial Statements and Exhibits
|
|
(d) |
Exhibits.
|
Press release of the Registrant, dated July 28, 2020, containing a discussion of the Registrant's results of operations and financial condition for the quarter ended June 30, 2020
|
Dime Community Bancshares, Inc.
|
||
(Registrant)
|
||
/s/ AVINASH REDDY
|
||
Avinash Reddy
|
||
Senior Executive Vice President & Chief Financial Officer
|
||
(Principal Financial Officer)
|
||
Dated: July 28, 2020
|
|
• |
The Company raised net proceeds of $44 million from its perpetual preferred stock offering in the second quarter of 2020. The Company had previously raised net proceeds of $72 million from its perpetual preferred stock offering in the
first quarter of 2020. Outlined below are the Company’s consolidated capital ratios.
|
Q2 2020
|
Q1 2020
|
Q2 2019
|
||
Total Equity to Total Assets
|
10.54%
|
10.17%
|
9.37%
|
|
Tangible Equity to Tangible Assets (1)
|
9.76%
|
9.38%
|
8.58%
|
|
Tier 1 Risk-Based Capital Ratio
|
13.07%
|
12.15%
|
10.94%
|
|
Total Risk-Based Capital Ratio
|
16.29%
|
15.21%
|
13.58%
|
|
(1) See "Non-GAAP Reconciliation" tables for reconciliation of tangible equity and tangible assets.
|
|
• |
Linked quarter NIM expansion of 14 basis points primarily driven by a 27 basis point linked quarter decrease in the cost of deposits;
|
|
• |
Strong growth in checking account balances. Compared to the second quarter of 2019, the sum of average non-interest-bearing checking account balances and average interest-bearing checking account balances for
the second quarter of 2020 increased by 53.7% to $840.8 million;
|
|
• |
Loans to small businesses under the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) totaled $310.5 million at June 30, 2020. Total potential unrecognized income from processing these
loans is approximately $8.9 million;
|
|
• |
Loan-to-deposit ratio declined to 122.7% at June 30, 2020, versus 124.7% at June 30, 2019. Excluding the $310.5 million of PPP loans, the loan-to-deposit ratio would have been 115.7% at June 30, 2020;
|
|
• |
Our Municipal Banking division, which began operations in the fourth quarter of 2019, grew its deposit portfolio to approximately $351 million at June 30, 2020;
|
|
• |
Total non-interest income grew to $8.4 million in the second quarter of 2020, driven by $2.5 million of customer-related loan level swap income, $0.9 million of BOLI income (the Company purchased $20.0
million of additional BOLI in the month of June) and $3.1 million of gain on sale of securities, versus $2.8 million of non-interest income for the second quarter of 2019; and
|
|
• |
The Company repurchased 975,064 shares of its common stock, which represented 2.9% of beginning period shares outstanding, in the second quarter of 2020, at a weighted average price of $14.62.
|
($ in millions)
|
Q2 2020
|
Q1 2020
|
Q2 2019
|
|
NIM
|
2.86%
|
2.72%
|
2.38%
|
|
Net Interest Income
|
$43,556
|
$40,524
|
$36,504
|
|
Income from Loan Prepayment Activity
|
$1,737
|
$1,975
|
$1,581
|
|
Net Interest Income Excluding Prepayment Fee Income
|
$41,819
|
$38,549
|
$34,923
|
|
NIM, Excluding Prepayment Fee
|
2.75%
|
2.59%
|
2.28%
|
($s in millions)
|
Originations/ Weighted Average Rate
|
|||
Q2 2020
|
Q1 2020
|
Q2 2019
|
||
Real Estate Originations
|
$208.8/2.91%
|
$166.8/4.05%
|
$249.6/4.94%
|
|
C&I Originations
|
$15.0/4.19%
|
$51.9/4.95%
|
$89.9/5.97%
|
|
SBA PPP Originations
|
$319.4/1.00%
|
n/a
|
n/a
|
June 30,
2020
|
March 31,
2020
|
December 31,
2019
|
||||||||||
ASSETS:
|
||||||||||||
Cash and due from banks
|
$
|
117,013
|
$
|
246,153
|
$
|
155,488
|
||||||
Mortgage-backed securities available-for-sale, at fair value
|
464,279
|
500,758
|
502,464
|
|||||||||
Investment securities available-for-sale, at fair value
|
77,728
|
57,067
|
48,531
|
|||||||||
Marketable equity securities, at fair value
|
5,707
|
5,398
|
5,894
|
|||||||||
Real Estate Loans:
|
||||||||||||
One-to-four family and cooperative/condominium apartment
|
182,264
|
176,755
|
148,429
|
|||||||||
Multifamily residential and residential mixed-use (1)(2)
|
2,988,509
|
3,160,248
|
3,385,375
|
|||||||||
Commercial real estate and commercial mixed-use
|
1,504,020
|
1,403,985
|
1,350,185
|
|||||||||
Acquisition, development, and construction ("ADC")
|
136,606
|
133,514
|
118,365
|
|||||||||
Total real estate loans
|
4,811,399
|
4,874,502
|
5,002,354
|
|||||||||
Commercial and industrial ("C&I")
|
321,009
|
331,816
|
336,412
|
|||||||||
Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans
|
310,509
|
-
|
-
|
|||||||||
Other loans
|
1,463
|
956
|
1,772
|
|||||||||
Allowance for credit losses
|
(42,492
|
)
|
(36,463
|
)
|
(28,441
|
)
|
||||||
Total loans, net
|
5,401,890
|
5,170,811
|
5,312,097
|
|||||||||
Premises and fixed assets, net
|
21,423
|
21,631
|
21,692
|
|||||||||
Premises held for sale
|
-
|
514
|
514
|
|||||||||
Loans held for sale
|
1,794
|
1,430
|
500
|
|||||||||
Federal Home Loan Bank of New York ("FHLBNY") capital stock
|
52,305
|
57,146
|
56,019
|
|||||||||
Bank Owned Life Insurance ("BOLI")
|
154,036
|
133,128
|
114,257
|
|||||||||
Goodwill
|
55,638
|
55,638
|
55,638
|
|||||||||
Operating lease assets
|
36,813
|
36,582
|
37,858
|
|||||||||
Other assets
|
78,895
|
61,569
|
43,508
|
|||||||||
TOTAL ASSETS
|
$
|
6,467,521
|
$
|
6,347,825
|
$
|
6,354,460
|
||||||
LIABILITIES AND STOCKHOLDERS' EQUITY:
|
||||||||||||
Deposits:
|
||||||||||||
Non-interest-bearing checking
|
$
|
664,323
|
$
|
479,376
|
$
|
478,549
|
||||||
Interest-bearing checking
|
231,201
|
162,198
|
151,491
|
|||||||||
Savings
|
406,771
|
390,994
|
374,265
|
|||||||||
Money Market
|
1,742,563
|
1,565,761
|
1,705,451
|
|||||||||
Sub-total
|
3,044,858
|
2,598,329
|
2,709,756
|
|||||||||
Certificates of deposit
|
1,393,554
|
1,641,497
|
1,572,869
|
|||||||||
Total Due to Depositors
|
4,438,412
|
4,239,826
|
4,282,625
|
|||||||||
Escrow and other deposits
|
87,646
|
116,097
|
76,481
|
|||||||||
FHLBNY advances
|
1,017,300
|
1,117,300
|
1,092,250
|
|||||||||
Subordinated notes payable, net
|
113,979
|
113,942
|
113,906
|
|||||||||
Other borrowings
|
5,000
|
-
|
110,000
|
|||||||||
Operating lease liabilities
|
42,733
|
42,614
|
44,098
|
|||||||||
Other liabilities
|
80,908
|
72,398
|
38,342
|
|||||||||
TOTAL LIABILITIES
|
5,785,978
|
5,702,177
|
5,757,702
|
|||||||||
STOCKHOLDERS' EQUITY:
|
||||||||||||
Preferred stock, Series A ($0.01 par, $25.00 liquidiation value, 9,000,000 shares authorized, 5,299,200 shares and 2,999,200 shares issued and outstanding at June 30, 2020 and March 31, 2020, respectively, and none issued or
outstanding at December 31, 2019)
|
116,569
|
72,224
|
-
|
|||||||||
Common stock ($0.01 par, 125,000,000 shares authorized, 53,724,233 shares, 53,721,189 shares and 53,721,189
shares issued at June 30, 2020, March 31, 2020 and December 31, 2019, respectively, and 33,089,585 shares, 33,875,386 shares and 35,154,642 shares outstanding at June 30, 2020, March 31, 2020 and Decmeber 31, 2019, respectively)
|
537
|
537
|
537
|
|||||||||
Additional paid-in capital
|
278,581
|
279,327
|
279,322
|
|||||||||
Retained earnings
|
592,497
|
585,294
|
581,817
|
|||||||||
Accumulated other comprehensive loss, net of deferred taxes
|
(14,403
|
)
|
(12,632
|
)
|
(5,940
|
)
|
||||||
Unearned equity awards
|
(7,549
|
)
|
(6,067
|
)
|
(6,731
|
)
|
||||||
Common Stock held by the Benefit Maintenance Plan
|
(1,496
|
)
|
(1,496
|
)
|
(1,496
|
)
|
||||||
Treasury stock, at cost (20,634,648 shares, 19,845,803 shares and 18,566,547 shares at June 30, 2020, March 31, 2020 and December 31, 2019, respectively)
|
(283,193
|
)
|
(271,539
|
)
|
(250,751
|
)
|
||||||
TOTAL STOCKHOLDERS' EQUITY
|
681,543
|
645,648
|
596,758
|
|||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
6,467,521
|
$
|
6,347,825
|
$
|
6,354,460
|
(1)
|
Includes loans underlying cooperatives.
|
(2)
|
While the loans within this category are often considered "commercial real estate" in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in order to emphasize the
residential nature of the collateral underlying this significant component of the total loan portfolio.
|
For the Three Months Ended
|
For the Six Months Ended
|
|||||||||||||||||||
June 30,
2020
|
March 31,
2020
|
June 30,
2019
|
June 30,
2020
|
June 30,
2019
|
||||||||||||||||
Interest income:
|
||||||||||||||||||||
Loans secured by real estate
|
$
|
49,058
|
$
|
50,117
|
$
|
50,811
|
$
|
99,175
|
$
|
99,988
|
||||||||||
Commercial and industrial ("C&I") loans
|
5,071
|
4,045
|
4,134
|
9,116
|
7,570
|
|||||||||||||||
Other loans
|
13
|
15
|
18
|
28
|
36
|
|||||||||||||||
Mortgage-backed securities
|
3,064
|
3,305
|
2,961
|
6,369
|
6,158
|
|||||||||||||||
Investment securities
|
582
|
421
|
570
|
1,003
|
990
|
|||||||||||||||
Other short-term investments
|
846
|
1,002
|
1,457
|
1,848
|
2,904
|
|||||||||||||||
Total interest income
|
58,634
|
58,905
|
59,951
|
117,539
|
117,646
|
|||||||||||||||
Interest expense:
|
||||||||||||||||||||
Deposits and escrow
|
9,700
|
11,926
|
16,271
|
21,626
|
31,288
|
|||||||||||||||
Borrowed funds
|
5,378
|
6,455
|
7,176
|
11,833
|
14,530
|
|||||||||||||||
Total interest expense
|
15,078
|
18,381
|
23,447
|
33,459
|
45,818
|
|||||||||||||||
Net interest income
|
43,556
|
40,524
|
36,504
|
84,080
|
71,828
|
|||||||||||||||
Provision for loan losses
|
6,060
|
8,012
|
(449
|
)
|
14,072
|
(128
|
)
|
|||||||||||||
Net interest income after provision for loan losses
|
37,496
|
32,512
|
36,953
|
70,008
|
71,956
|
|||||||||||||||
Non-interest income:
|
||||||||||||||||||||
Service charges and other fees
|
1,083
|
1,203
|
1,264
|
2,286
|
2,363
|
|||||||||||||||
Mortgage banking income, net
|
52
|
66
|
61
|
118
|
129
|
|||||||||||||||
Gain (loss) on equity securities
|
436
|
(472
|
)
|
148
|
(36
|
)
|
416
|
|||||||||||||
Gain (loss) on sale of securities and other assets
|
3,134
|
8
|
(57
|
)
|
3,142
|
(133
|
)
|
|||||||||||||
Gain on sale of loans
|
206
|
315
|
339
|
521
|
594
|
|||||||||||||||
Income from BOLI
|
911
|
1,887
|
707
|
2,798
|
1,401
|
|||||||||||||||
Loan level derivative income
|
2,494
|
1,163
|
291
|
3,657
|
291
|
|||||||||||||||
Other
|
70
|
66
|
67
|
136
|
119
|
|||||||||||||||
Total non-interest income
|
8,386
|
4,236
|
2,820
|
12,622
|
5,180
|
|||||||||||||||
Non-interest expense:
|
||||||||||||||||||||
Salaries and employee benefits
|
14,719
|
14,846
|
12,061
|
29,565
|
23,945
|
|||||||||||||||
Severance pay
|
3,930
|
70
|
-
|
4,000
|
-
|
|||||||||||||||
Stock benefit plan compensation expense
|
478
|
671
|
491
|
1,149
|
775
|
|||||||||||||||
Occupancy and equipment
|
3,959
|
4,056
|
3,827
|
8,015
|
7,696
|
|||||||||||||||
Data processing costs
|
2,007
|
2,024
|
1,908
|
4,031
|
3,974
|
|||||||||||||||
Marketing
|
136
|
397
|
465
|
533
|
931
|
|||||||||||||||
Federal deposit insurance premiums
|
529
|
477
|
586
|
1,006
|
1,040
|
|||||||||||||||
Merger expenses
|
1,072
|
586
|
-
|
1,658
|
-
|
|||||||||||||||
Other
|
2,516
|
2,913
|
2,958
|
5,429
|
5,987
|
|||||||||||||||
Total non-interest expense
|
29,346
|
26,040
|
22,296
|
55,386
|
44,348
|
|||||||||||||||
Income before taxes
|
16,536
|
10,708
|
17,477
|
27,244
|
32,788
|
|||||||||||||||
Income tax expense
|
3,570
|
2,316
|
4,442
|
5,886
|
8,252
|
|||||||||||||||
Net income
|
12,966
|
8,392
|
13,035
|
21,358
|
$
|
24,536
|
||||||||||||||
Preferred stock dividends
|
1,140
|
-
|
-
|
1,140
|
-
|
|||||||||||||||
Net income available to common stockholders
|
$
|
11,826
|
$
|
8,392
|
$
|
13,035
|
$
|
20,218
|
$
|
24,536
|
||||||||||
Earnings per Common Share ("EPS"):
|
||||||||||||||||||||
Basic
|
$
|
0.36
|
$
|
0.24
|
$
|
0.36
|
$
|
0.60
|
$
|
0.68
|
||||||||||
Diluted
|
$
|
0.35
|
$
|
0.24
|
$
|
0.36
|
$
|
0.59
|
$
|
0.68
|
||||||||||
Average common shares outstanding for Diluted EPS
|
33,243,700
|
34,631,965
|
35,864,389
|
33,994,124
|
35,944,361
|
At or For the Three Months Ended
|
At or For the Six Months Ended
|
|||||||||||||||||||
June 30,
2020
|
March 31,
2020
|
June 30,
2019
|
June 30,
2020
|
June 30,
2019
|
||||||||||||||||
Per Share Data:
|
||||||||||||||||||||
Reported EPS (Diluted)
|
$
|
0.35
|
$
|
0.24
|
$
|
0.36
|
$
|
0.59
|
$
|
0.68
|
||||||||||
Cash dividends paid per common share
|
0.14
|
0.14
|
0.14
|
0.28
|
0.28
|
|||||||||||||||
Book value per common share
|
17.07
|
16.93
|
16.96
|
17.07
|
16.96
|
|||||||||||||||
Tangible common book value per share (1)
|
15.39
|
15.29
|
15.41
|
15.39
|
15.41
|
|||||||||||||||
Dividend payout ratio
|
40.00
|
%
|
58.33
|
%
|
38.89
|
%
|
47.46
|
%
|
41.18
|
%
|
||||||||||
Performance Ratios (Based upon Reported Net Income):
|
||||||||||||||||||||
Return on average assets
|
0.81
|
%
|
0.54
|
%
|
0.82
|
%
|
0.68
|
%
|
0.77
|
%
|
||||||||||
Return on average equity
|
7.96
|
5.35
|
8.59
|
6.68
|
8.10
|
|||||||||||||||
Return on average tangible equity (1)
|
8.71
|
5.87
|
9.45
|
7.32
|
8.92
|
|||||||||||||||
Return on average tangible common equity (1)
|
9.23
|
6.27
|
9.45
|
7.72
|
8.92
|
|||||||||||||||
Net interest spread
|
2.61
|
2.46
|
2.08
|
2.53
|
2.05
|
|||||||||||||||
Net interest margin
|
2.86
|
2.72
|
2.38
|
2.79
|
2.35
|
|||||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
124.97
|
120.93
|
119.47
|
122.94
|
118.80
|
|||||||||||||||
Non-interest expense to average assets
|
1.84
|
1.68
|
1.40
|
1.76
|
1.39
|
|||||||||||||||
Efficiency ratio
|
60.67
|
57.58
|
56.83
|
59.18
|
58.25
|
|||||||||||||||
Loan-to-deposit ratio at end of period
|
122.67
|
122.82
|
124.71
|
122.67
|
124.71
|
|||||||||||||||
CRE consolidated concentration ratio (2)
|
544.90
|
588.64
|
697.30
|
544.90
|
697.30
|
|||||||||||||||
Effective tax rate
|
21.59
|
21.63
|
25.42
|
21.60
|
25.17
|
|||||||||||||||
Average Balance Data:
|
||||||||||||||||||||
Average assets
|
$
|
6,389,768
|
$
|
6,207,949
|
$
|
6,391,476
|
$
|
6,298,859
|
$
|
6,377,787
|
||||||||||
Average interest-earning assets
|
6,091,545
|
5,949,363
|
6,134,510
|
6,020,454
|
6,122,902
|
|||||||||||||||
Average loans
|
5,387,839
|
5,286,487
|
5,492,455
|
5,335,663
|
5,468,878
|
|||||||||||||||
Average deposits
|
4,413,182
|
4,177,592
|
4,378,999
|
4,295,387
|
4,360,022
|
|||||||||||||||
Average equity
|
651,319
|
627,344
|
607,152
|
639,332
|
605,613
|
|||||||||||||||
Average tangible equity (1)
|
595,681
|
571,706
|
551,515
|
583,694
|
549,976
|
|||||||||||||||
Average tangible common equity (1)
|
512,371
|
535,594
|
551,515
|
523,983
|
549,976
|
|||||||||||||||
Asset Quality Summary:
|
||||||||||||||||||||
Non-performing loans (excluding loans held for sale)
|
$
|
15,383
|
$
|
18,157
|
$
|
2,538
|
$
|
15,383
|
$
|
2,538
|
||||||||||
Non-performing assets
|
15,383
|
18,157
|
2,538
|
15,383
|
2,538
|
|||||||||||||||
Loans delinquent 30 to 89 days at period end
|
6,278
|
13
|
105
|
6,278
|
105
|
|||||||||||||||
Net (recoveries) charge-offs
|
31
|
(10
|
)
|
358
|
21
|
520
|
||||||||||||||
Non-performing assets/ Total assets
|
0.24
|
%
|
0.29
|
%
|
0.04
|
%
|
0.24
|
%
|
0.04
|
%
|
||||||||||
Non-performing loans/ Total loans
|
0.28
|
0.35
|
0.05
|
0.28
|
0.05
|
|||||||||||||||
Allowance for loan loss/ Total loans
|
0.78
|
0.70
|
0.38
|
0.78
|
0.38
|
|||||||||||||||
Allowance for loan loss/ Non-performing loans
|
276.23
|
200.82
|
832.70
|
276.23
|
832.70
|
|||||||||||||||
Capital Ratios - Consolidated:
|
||||||||||||||||||||
Tangible common equity to tangible assets (1)
|
7.94
|
%
|
8.23
|
%
|
8.58
|
%
|
7.94
|
%
|
8.58
|
%
|
||||||||||
Tangible equity to tangible assets (1)
|
9.76
|
9.38
|
8.58
|
9.76
|
8.58
|
|||||||||||||||
Tier 1 common equity ratio
|
10.69
|
10.69
|
10.94
|
10.69
|
10.94
|
|||||||||||||||
Tier 1 risk-based capital ratio
|
13.07
|
12.15
|
10.94
|
13.07
|
10.94
|
|||||||||||||||
Total risk-based capital ratio
|
16.29
|
15.21
|
13.58
|
16.29
|
13.58
|
|||||||||||||||
Tier 1 leverage ratio
|
10.11
|
9.80
|
8.83
|
10.11
|
8.83
|
|||||||||||||||
Capital Ratios - Bank Only:
|
||||||||||||||||||||
Tier 1 common equity ratio
|
12.97
|
%
|
12.72
|
%
|
12.14
|
%
|
12.97
|
%
|
12.14
|
%
|
||||||||||
Tier 1 risk-based capital ratio
|
12.97
|
12.72
|
12.14
|
12.97
|
12.14
|
|||||||||||||||
Total risk-based capital ratio
|
13.85
|
13.47
|
12.56
|
13.85
|
12.56
|
|||||||||||||||
Tier 1 leverage ratio
|
9.98
|
9.93
|
9.77
|
9.98
|
9.77
|
(1)
|
See "Non-GAAP Reconciliation" table for reconciliation of tangible equity, tangible common equity, and tangible assets. Average balances are calculated using the ending balance for months during the period indicated.
|
(2)
|
The CRE concentration ratio is calculated using the sum of commercial real estate, excluding owner occupied commercial real estate, multifamily, and ADC, divided by consolidated capital.
|
For the Three Months Ended
|
||||||||||||||||||||||||||||||||||||
June 30, 2020
|
March 31, 2020
|
June 30, 2019
|
||||||||||||||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Yield/
Cost
|
Average
Balance
|
Interest
|
Average
Yield/
Cost
|
Average
Balance
|
Interest
|
Average
Yield/
Cost
|
||||||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||||||||||||||
Real estate loans
|
$
|
4,867,970
|
$
|
49,058
|
4.03
|
%
|
$
|
4,954,391
|
$
|
50,117
|
4.05
|
%
|
$
|
5,201,395
|
$
|
50,811
|
3.91
|
%
|
||||||||||||||||||
Commercial and industrial loans
|
518,999
|
5,071
|
3.91
|
327,653
|
4,045
|
4.94
|
289,843
|
4,134
|
5.71
|
|||||||||||||||||||||||||||
Other loans
|
870
|
13
|
5.98
|
1,443
|
15
|
4.16
|
1,217
|
18
|
5.92
|
|||||||||||||||||||||||||||
Mortgage-backed securities
|
468,705
|
3,064
|
2.61
|
486,722
|
3,305
|
2.72
|
423,387
|
2,961
|
2.80
|
|||||||||||||||||||||||||||
Investment securities
|
65,155
|
582
|
3.57
|
47,060
|
421
|
3.58
|
64,488
|
570
|
3.54
|
|||||||||||||||||||||||||||
Other short-term investments
|
169,846
|
846
|
1.99
|
132,094
|
1,002
|
3.03
|
154,180
|
1,457
|
3.78
|
|||||||||||||||||||||||||||
Total interest-earning assets
|
6,091,545
|
58,634
|
3.85
|
%
|
5,949,363
|
58,905
|
3.96
|
%
|
6,134,510
|
59,951
|
3.91
|
%
|
||||||||||||||||||||||||
Non-interest-earning assets
|
298,223
|
258,586
|
256,966
|
|||||||||||||||||||||||||||||||||
Total assets
|
$
|
6,389,768
|
$
|
6,207,949
|
$
|
6,391,476
|
||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity:
|
||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||||||
Interest-bearing checking accounts
|
$
|
222,694
|
$
|
212
|
0.38
|
%
|
$
|
159,027
|
$
|
87
|
0.22
|
%
|
$
|
125,041
|
$
|
91
|
0.29
|
%
|
||||||||||||||||||
Money market accounts
|
1,656,394
|
2,495
|
0.61
|
1,580,779
|
3,586
|
0.91
|
1,908,737
|
7,397
|
1.55
|
|||||||||||||||||||||||||||
Savings accounts
|
404,389
|
305
|
0.30
|
383,769
|
367
|
0.38
|
327,312
|
46
|
0.06
|
|||||||||||||||||||||||||||
Certificates of deposit
|
1,511,598
|
6,688
|
1.78
|
1,586,549
|
7,886
|
2.00
|
1,595,849
|
8,737
|
2.20
|
|||||||||||||||||||||||||||
Total interest-bearing deposits
|
3,795,075
|
9,700
|
1.03
|
3,710,124
|
11,926
|
1.29
|
3,956,939
|
16,271
|
1.65
|
|||||||||||||||||||||||||||
FHLBNY advances
|
962,657
|
4,047
|
1.69
|
1,085,553
|
5,085
|
1.88
|
1,050,824
|
5,756
|
2.20
|
|||||||||||||||||||||||||||
Subordinated notes payable, net
|
113,955
|
1,330
|
4.69
|
113,918
|
1,330
|
4.70
|
113,808
|
1,330
|
4.69
|
|||||||||||||||||||||||||||
Other borrowings
|
2,747
|
1
|
0.15
|
9,890
|
40
|
1.63
|
13,308
|
90
|
2.71
|
|||||||||||||||||||||||||||
Borrowed Funds
|
1,079,359
|
5,378
|
2.00
|
1,209,361
|
6,455
|
2.15
|
1,177,940
|
7,176
|
2.44
|
|||||||||||||||||||||||||||
Total interest-bearing liabilities
|
4,874,434
|
15,078
|
1.24
|
%
|
4,919,485
|
18,381
|
1.50
|
%
|
5,134,879
|
23,447
|
1.83
|
%
|
||||||||||||||||||||||||
Non-interest-bearing checking accounts
|
618,107
|
467,468
|
422,060
|
|||||||||||||||||||||||||||||||||
Other non-interest-bearing liabilities
|
245,908
|
193,652
|
227,385
|
|||||||||||||||||||||||||||||||||
Total liabilities
|
5,738,449
|
5,580,605
|
5,784,324
|
|||||||||||||||||||||||||||||||||
Stockholders' equity
|
651,319
|
627,344
|
607,152
|
|||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
6,389,768
|
$
|
6,207,949
|
$
|
6,391,476
|
||||||||||||||||||||||||||||||
Net interest income
|
$
|
43,556
|
$
|
40,524
|
$
|
36,504
|
||||||||||||||||||||||||||||||
Net interest spread
|
2.61
|
%
|
2.46
|
%
|
2.08
|
%
|
||||||||||||||||||||||||||||||
Net interest-earning assets
|
$
|
1,217,111
|
$
|
1,029,878
|
$
|
999,631
|
||||||||||||||||||||||||||||||
Net interest margin
|
2.86
|
%
|
2.72
|
%
|
2.38
|
%
|
||||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
124.97
|
%
|
120.93
|
%
|
119.47
|
%
|
||||||||||||||||||||||||||||||
Deposits (including non-interest-bearing checking accounts)
|
$
|
4,413,182
|
$
|
9,700
|
0.88
|
%
|
$
|
4,177,592
|
$
|
11,926
|
1.15
|
%
|
$
|
4,378,999
|
$
|
16,271
|
1.49
|
%
|
At June 30, 2020
|
At March 31, 2020
|
At June 30, 2019
|
||||||||||||||||||||||
Balance
|
WAR
|
Balance
|
WAR
|
Balance
|
WAR
|
|||||||||||||||||||
Loan balances at period end:
|
||||||||||||||||||||||||
One-to-four family residential, including condominium and cooperative apartment
|
$
|
182,264
|
3.98
|
%
|
$
|
176,755
|
3.89
|
%
|
$
|
120,523
|
4.60
|
%
|
||||||||||||
Multifamily residential and residential mixed-use (2)(3)
|
2,988,509
|
3.77
|
3,160,248
|
3.78
|
3,736,500
|
3.69
|
||||||||||||||||||
Commercial real estate and commercial mixed-use
|
1,504,020
|
4.06
|
1,403,985
|
4.28
|
1,279,188
|
4.26
|
||||||||||||||||||
Acquisition, development, and construction ("ADC")
|
136,606
|
5.08
|
133,514
|
5.11
|
77,479
|
6.57
|
||||||||||||||||||
Total real estate loans
|
4,811,399
|
3.91
|
4,874,502
|
3.96
|
5,213,690
|
3.88
|
||||||||||||||||||
Commercial and industrial ("C&I")
|
321,009
|
4.39
|
331,816
|
4.49
|
316,061
|
5.78
|
||||||||||||||||||
Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans
|
310,509
|
1.00
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
$
|
5,442,917
|
3.77
|
%
|
$
|
5,206,318
|
4.00
|
%
|
$
|
5,529,751
|
3.99
|
%
|
(1)
|
Weighted average rate is calculated by aggregating interest based on the current loan rate from each loan in the category, divided by the total amount of loans in the category.
|
(2)
|
Includes loans underlying cooperatives.
|
(3)
|
While the loans within this category are often considered "commercial real estate" in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in order to emphasize the
residential nature of the collateral underlying this significant component of the total loan portfolio.
|
At June 30,
2020
|
At March 31,
2020
|
At June 30,
2019
|
||||||||||
Non-Performing Loans
|
||||||||||||
One-to-four family residential, including condominium and cooperative apartment
|
$
|
819
|
$
|
6,685
|
$
|
832
|
||||||
Multifamily residential and residential mixed-use (1)(2)
|
1,377
|
1,332
|
428
|
|||||||||
Commercial real estate and commercial mixed-use real estate (2)
|
3,003
|
56
|
1,274
|
|||||||||
C&I
|
10,176
|
10,082
|
-
|
|||||||||
Other
|
8
|
2
|
4
|
|||||||||
Total Non-Performing Loans (3)
|
$
|
15,383
|
$
|
18,157
|
$
|
2,538
|
||||||
Total Non-Performing Assets
|
$
|
15,383
|
$
|
18,157
|
$
|
2,538
|
||||||
Performing TDR Loans
|
||||||||||||
One-to-four family and cooperative/condominium apartment
|
$
|
-
|
$
|
-
|
$
|
11
|
||||||
Multifamily residential and mixed-use residential real estate (1)(2)
|
-
|
-
|
252
|
|||||||||
Commercial real estate and commercial mixed-use real estate (2)
|
-
|
-
|
4,037
|
|||||||||
Total Performing TDRs
|
$
|
-
|
$
|
-
|
$
|
4,300
|
(1)
|
Includes loans underlying cooperatives.
|
(2)
|
While the loans within this category are often considered "commercial real estate" in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in order to emphasize the
residential nature of the collateral underlying this significant component of the total loan portfolio.
|
(3)
|
There were no non-accruing TDRs for the periods indicated.
|
At June 30,
2020
|
At March 31,
2020
|
At June 30,
2019
|
||||||||||
Total Non-Performing Assets
|
$
|
15,383
|
$
|
18,157
|
$
|
2,538
|
||||||
Loans 90 days or more past due on accrual status (4)
|
3,691
|
1,033
|
1,531
|
|||||||||
TOTAL PROBLEM ASSETS
|
$
|
19,074
|
$
|
19,190
|
$
|
4,069
|
||||||
Tangible equity (5)
|
$
|
625,905
|
$
|
590,010
|
$
|
553,063
|
||||||
Allowance for loan losses and reserves for contingent liabilities
|
42,517
|
36,488
|
21,159
|
|||||||||
TANGIBLE EQUITY PLUS RESERVES
|
$
|
668,422
|
$
|
626,498
|
$
|
574,222
|
||||||
PROBLEM ASSETS AS A PERCENTAGE OF TANGIBLE EQUITY AND RESERVES
|
2.9
|
%
|
3.1
|
%
|
0.7
|
%
|
(4)
|
These loans were, as of the respective dates indicated, expected to be either satisfied, made current or re-financed in the near future, and were not expected to result in any loss of contractual principal or interest. These loans
are not included in non-performing loans.
|
(5)
|
See "Non-GAAP Reconciliation" table for reconciliation of tangible common equity and tangible assets.
|
For the Three Months Ended
|
For the Six Months Ended
|
|||||||||||||||||||
June 30,
2020
|
March 31,
2020
|
June 30,
2019
|
June 30,
2020
|
June 30,
2019
|
||||||||||||||||
Reconciliation of Reported and Adjusted ("non-GAAP") Net Income:
|
||||||||||||||||||||
Reported net income
|
$
|
12,966
|
$
|
8,392
|
$
|
13,035
|
$
|
21,358
|
$
|
24,536
|
||||||||||
Adjustments to net income, net of tax (1):
|
||||||||||||||||||||
Add: Merger expenses
|
733
|
400
|
-
|
1,133
|
-
|
|||||||||||||||
Add: Severance
|
2,686
|
48
|
-
|
2,734
|
-
|
|||||||||||||||
Less: Loss (Gain) on sale of securities
|
(2,142
|
)
|
(5
|
)
|
39
|
(2,147
|
)
|
91
|
||||||||||||
Adjusted ("non-GAAP") net income
|
$
|
14,243
|
$
|
8,835
|
$
|
13,074
|
$
|
23,078
|
$
|
24,627
|
||||||||||
Adjusted Ratios (Based upon "non-GAAP Net Income" as calculated above):
|
||||||||||||||||||||
Adjusted EPS (Diluted)
|
$
|
0.39
|
$
|
0.26
|
$
|
0.36
|
$
|
0.64
|
$
|
0.68
|
||||||||||
Adjusted return on average assets
|
0.89
|
%
|
0.57
|
%
|
0.82
|
%
|
0.73
|
%
|
0.77
|
%
|
||||||||||
Adjusted return on average equity
|
8.75
|
5.63
|
8.61
|
7.22
|
8.13
|
|||||||||||||||
Adjusted return on average tangible equity
|
9.56
|
6.18
|
9.48
|
7.91
|
8.96
|
|||||||||||||||
Adjusted return on average tangible common equity
|
10.23
|
6.60
|
9.48
|
8.37
|
8.96
|
|||||||||||||||
Adjusted non-interest expense to average assets
|
1.52
|
1.64
|
1.40
|
1.58
|
1.39
|
|||||||||||||||
Adjusted efficiency ratio
|
50.33
|
56.13
|
56.83
|
53.13
|
57.80
|
June 30,
2020
|
March 31,
2020
|
June 30,
2019
|
||||||||||
Reconciliation of Tangible Assets:
|
||||||||||||
Total assets
|
$
|
6,467,521
|
$
|
6,347,825
|
$
|
6,498,362
|
||||||
Less:
|
||||||||||||
Goodwill
|
55,638
|
55,638
|
55,638
|
|||||||||
Tangible assets
|
$
|
6,411,883
|
$
|
6,292,187
|
$
|
6,442,724
|
||||||
Reconciliation of Tangible Common Equity - Consolidated:
|
||||||||||||
Total stockholders' equity
|
$
|
681,543
|
$
|
645,648
|
$
|
608,701
|
||||||
Less:
|
||||||||||||
Goodwill
|
55,638
|
55,638
|
55,638
|
|||||||||
Tangible equity
|
625,905
|
590,010
|
553,063
|
|||||||||
Less:
|
||||||||||||
Preferred Stock, net
|
116,569
|
72,224
|
-
|
|||||||||
Tangible common equity
|
$
|
509,336
|
$
|
517,786
|
$
|
553,063
|
(1)
|
Adjustments to net income are taxed at the Company's statutory tax rate of approximately 32% unless otherwise noted.
|