Delaware
|
001-35791
|
80-0882592
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(State or other jurisdiction
of incorporation)
|
(Commission File No.)
|
(I.R.S. Employer
Identification No.)
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581 Main Street, Suite 810, Woodbridge, New Jersey
|
|
07095
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(Address of principal executive offices)
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(Zip code)
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Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
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|
|
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NORTHFIELD BANCORP, INC.
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DATE: October 30, 2017
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By:
|
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/s/ William R. Jacobs
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William R. Jacobs
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|
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Chief Financial Officer
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(Principal Financial and Accounting Officer)
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1.
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POSITION AND RESPONSIBILITIES.
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2.
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TERM OF EMPLOYMENT.
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3.
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COMPENSATION AND REIMBURSEMENT.
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4.
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OUTSIDE ACTIVITIES.
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5.
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PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION.
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(i)
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the termination by the Bank of Executive’s full-time employment hereunder for any reason other than termination governed by Section 6 (Termination for Just Cause) or termination governed by Section 7 (Termination for Disability or Death); or
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(ii)
|
Executive’s resignation from the Bank’s employ for any of the following reasons (each of which shall be deemed a “Good Reason”):
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(A)
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the failure to elect or reelect or to appoint or reappoint Executive to the position set forth under Section 1 (without Executive’s consent);
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(B)
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a material change in Executive’s functions, duties, or responsibilities with the Bank, which change would cause Executive’s position to become one of lesser responsibility, importance, or scope from the position and attributes thereof described in Section 1, above;
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(C)
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a relocation of Executive’s principal place of employment by more than 35 miles from the corporate office located at 581 Main Street, Woodbridge, New Jersey;
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(D)
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a material reduction in the benefits and perquisites to Executive from those being provided as of the Effective Date of this Agreement, other than a reduction that is part of a Bank-wide reduction in pay or benefits;
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(E)
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a liquidation or dissolution of the Company or the Bank, other than a liquidation or dissolution that is caused by a reorganization that does not affect the status of the Executive; or
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(F)
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a material breach of this Agreement by the Bank.
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(iii)
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Executive’s resignation for Good Reason or Executive’s involuntary termination of employment by the Bank on the effective date of, or at any time following, a Change in Control of the Bank or the Company during the term of this Agreement, provided that in the case of Executive’s resignation for Good Reason, the Executive provides a Notice of Termination and follows the procedures set forth in Section 5(a)(ii) above. For these purposes, a Change in Control of the Bank or the Company shall mean a change in control of a nature that: (i) would be required to be reported in response to Item 5.01 of the current report on Form 8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”); or (ii) without limitation such a Change in Control shall be deemed to have occurred at such time as (a) any “person” (as the term is used in Sections 13(d) and 14(d) of the Exchange Act), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 25% or more of the combined voting power of Company’s outstanding securities except for any securities purchased by the Bank’s employee stock ownership plan or trust;
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6.
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TERMINATION FOR JUST CAUSE.
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7.
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TERMINATION FOR DISABILITY OR DEATH.
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8.
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TERMINATION UPON RETIREMENT.
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9.
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NOTICE.
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10.
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POST-TERMINATION OBLIGATIONS.
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11.
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NON-COMPETITION, NON-SOLICITATION, NON-DISCLOSURE, AND RESIGNATION
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12.
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SOURCE OF PAYMENTS.
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13.
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EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS.
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14.
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NO ATTACHMENT.
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15.
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MODIFICATION AND WAIVER.
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16.
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REQUIRED PROVISIONS.
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17.
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SEVERABILITY.
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18.
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HEADINGS FOR REFERENCE ONLY.
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19.
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GOVERNING LAW.
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20.
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ARBITRATION.
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21.
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PAYMENT OF COSTS AND LEGAL FEES AND REINSTATEMENT OF BENEFITS.
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22.
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INDEMNIFICATION.
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23.
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SUCCESSOR TO THE BANK.
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24.
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NON WAIVER.
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Northfield Bank
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Attest:
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/s/ M. Eileen Bergin
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By: /s/ John W. Alexander
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Secretary
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Title: Chairman of the Board
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Attest:
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Executive
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/s/ M. Eileen Bergin
|
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s/ Steven M. Klein
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Secretary
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Steven M. Klein, President and Chief Executive Officer
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Northfield Bancorp, Inc.
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(The Company is executing this Agreement only for purposes of acknowledging the obligations of the Company hereunder.)
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Attest:
|
|
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/s/ M. Eileen Bergin
|
|
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By: /s/ John W. Alexander
|
Secretary
|
|
|
Title: Chairman of the Board
|
•
|
DILUTED EARNINGS PER SHARE INCREASED 6.3% OVER THE COMPARABLE 2016 QUARTER
|
•
|
NET INTEREST INCOME INCREASED
4.2%
, OVER THE COMPARABLE 2016 QUARTER
|
•
|
ORIGINATED LOANS HELD-FOR-INVESTMENT, NET, INCREASED
10.1%
YEAR-TO-DATE
|
•
|
ASSET QUALITY REMAINS STRONG WITH NONPERFORMING ASSETS AT
0.16%
OF TOTAL ASSETS AND NON PERFORMING LOANS AT
0.18%
OF TOTAL LOANS
|
•
|
CAPITAL REMAINS STRONG AT
16.1%
OF TOTAL ASSETS
|
•
|
INCREASED CASH DIVIDEND BY 25% TO $0.10 PER SHARE OF COMMON STOCK, PAYABLE NOVEMBER 22, 2017 TO STOCKHOLDERS OF RECORD AS OF NOVEMBER 8, 2017
|
For the Nine Months Ended September 30, 2017
|
||||||||||||
Multifamily Originations
|
|
Weighted Average Interest Rate
|
|
Weighted Average Loan-to-Value Ratio
|
|
Weighted Average Months to Next Rate Change or Maturity for Fixed Rate Loans
|
|
(F)ixed or (V)ariable
|
|
Amortization Term
|
||
$
|
247,421
|
|
|
3.61%
|
|
60%
|
|
80
|
|
V
|
|
15 to 30 Years
|
750
|
|
|
5.07%
|
|
48%
|
|
1
|
|
V
|
|
25 Years
|
|
16,640
|
|
|
3.95%
|
|
44%
|
|
180
|
|
F
|
|
15 Years
|
|
$
|
264,811
|
|
|
3.63%
|
|
59%
|
|
|
|
|
|
|
For the Nine Months Ended September 30, 2016
|
||||||||||||
Multifamily Originations
|
|
Weighted Average Interest Rate
|
|
Weighted Average Loan-to-Value Ratio
|
|
Weighted Average Months to Next Rate Change or Maturity for Fixed Rate Loans
|
|
(F)ixed or (V)ariable
|
|
Amortization Term
|
||
$
|
219,975
|
|
|
3.42%
|
|
63%
|
|
81
|
|
V
|
|
30 Years
|
7,075
|
|
|
3.66%
|
|
41%
|
|
131
|
|
F
|
|
15 Years
|
|
$
|
227,050
|
|
|
3.43%
|
|
62%
|
|
|
|
|
|
|
Purchase Amount
|
|
Loan Type
|
|
Weighted Average Interest Rate
(1)
|
|
Weighted Average Loan-to-Value Ratio
|
|
Weighted Average Months to Next Rate Change or Maturity for Fixed Rate Loans
|
|
(F)ixed or (V)ariable
|
|
Original Amortization Term
|
||
$
|
29,286
|
|
|
Residential
|
|
2.89%
|
|
57%
|
|
1
|
|
V
|
|
30 Years
|
18,774
|
|
|
Multifamily
|
|
3.35%
|
|
55%
|
|
53
|
|
V
|
|
30 Years
|
|
3,399
|
|
|
Multifamily
|
|
3.40%
|
|
58%
|
|
46
|
|
F
|
|
30 Years
|
|
7,280
|
|
|
Multifamily
|
|
3.35%
|
|
51%
|
|
58
|
|
V
|
|
30 Years
|
|
$
|
58,739
|
|
|
|
|
3.12%
|
|
56%
|
|
|
|
|
|
|
Year
|
|
Amount
|
|
Weighted Average Rate
|
2017
|
|
$127,000
|
|
1.30%
|
2018
|
|
142,715
|
|
1.66%
|
2019
|
|
123,502
|
|
1.48%
|
2020
|
|
90,000
|
|
1.65%
|
2021
|
|
70,000
|
|
1.80%
|
Thereafter
|
|
20,000
|
|
1.97%
|
|
|
$573,217
|
|
1.57%
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Non-accrual loans:
|
|
|
|
||||
Held-for-investment
|
|
|
|
||||
Real estate loans:
|
|
|
|
||||
Commercial
|
$
|
4,116
|
|
|
$
|
5,513
|
|
One-to-four family residential
|
738
|
|
|
1,629
|
|
||
Multifamily
|
418
|
|
|
43
|
|
||
Home equity and lines of credit
|
112
|
|
|
127
|
|
||
Commercial and industrial
|
75
|
|
|
9
|
|
||
Total non-accrual loans
|
5,459
|
|
|
7,321
|
|
||
Loans delinquent 90 days or more and still accruing:
|
|
|
|
||||
Held-for-investment
|
|
|
|
||||
Real estate loans:
|
|
|
|
||||
One-to-four family residential
|
74
|
|
|
52
|
|
||
Home equity and lines of credit
|
52
|
|
|
8
|
|
||
Other
|
47
|
|
|
—
|
|
||
Total loans delinquent 90 days or more and still accruing
|
173
|
|
|
60
|
|
||
Total non-performing loans
|
5,632
|
|
|
7,381
|
|
||
Other real estate owned
|
850
|
|
|
850
|
|
||
Total non-performing assets
|
$
|
6,482
|
|
|
$
|
8,231
|
|
Non-performing loans to total loans
|
0.18
|
%
|
|
0.25
|
%
|
||
Non-performing assets to total assets
|
0.16
|
%
|
|
0.21
|
%
|
||
Loans subject to restructuring agreements and still accruing
|
$
|
20,164
|
|
|
$
|
20,628
|
|
Accruing loans 30 to 89 days delinquent
|
$
|
11,380
|
|
|
$
|
10,100
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Held-for-investment
|
|
|
|
||||
Real estate loans:
|
|
|
|
||||
Commercial
|
$
|
5,112
|
|
|
$
|
4,578
|
|
One-to-four family residential
|
4,015
|
|
|
3,621
|
|
||
Multifamily
|
1,706
|
|
|
1,440
|
|
||
Home equity and lines of credit
|
331
|
|
|
263
|
|
||
Commercial and industrial loans
|
206
|
|
|
148
|
|
||
Other loans
|
10
|
|
|
50
|
|
||
Total delinquent accruing loans held-for-investment
|
$
|
11,380
|
|
|
$
|
10,100
|
|
|
At or For the Three Months Ended
|
|
At or For the Nine Months Ended
|
|||||||||||
|
September 30,
|
|
June 30,
|
|
September 30,
|
|||||||||
|
2017
|
|
2016
|
|
2017
|
|
2017
|
|
2016
|
|||||
Selected Financial Ratios:
|
|
|
|
|
|
|
|
|
|
|||||
Performance Ratios
(1)
:
|
|
|
|
|
|
|
|
|
|
|||||
Return on assets (ratio of net income to average total assets)
(8) (9) (11)
|
0.82
|
%
|
|
0.77
|
%
|
|
0.86
|
%
|
|
0.91
|
%
|
|
0.65
|
%
|
Return on equity (ratio of net income to average equity)
(8) (9) (11)
|
5.01
|
|
|
4.68
|
|
|
5.30
|
|
|
5.57
|
|
|
3.92
|
|
Average equity to average total assets
|
16.42
|
|
|
16.35
|
|
|
16.26
|
|
|
16.33
|
|
|
16.55
|
|
Interest rate spread
|
2.78
|
|
|
2.80
|
|
|
2.79
|
|
|
2.81
|
|
|
2.81
|
|
Net interest margin
|
2.97
|
|
|
2.98
|
|
|
2.97
|
|
|
2.99
|
|
|
2.99
|
|
Efficiency ratio
(2) (9) (10)
|
56.16
|
|
|
60.09
|
|
|
56.63
|
|
|
56.57
|
|
|
67.07
|
|
Non-interest expense to average total assets
(10)
|
1.70
|
|
|
1.83
|
|
|
1.70
|
|
|
1.75
|
|
|
2.04
|
|
Non-interest expense to average total interest-earning assets
(10)
|
1.83
|
|
|
1.97
|
|
|
1.84
|
|
|
1.89
|
|
|
2.20
|
|
Average interest-earning assets to average interest-bearing liabilities
|
128.51
|
|
|
129.51
|
|
|
128.63
|
|
|
128.62
|
|
|
128.74
|
|
Asset Quality Ratios:
|
|
|
|
|
|
|
|
|
|
|||||
Non-performing assets to total assets
|
0.16
|
|
|
0.28
|
|
|
0.19
|
|
|
0.16
|
|
|
0.28
|
|
Non-performing loans
(3)
to total loans
(4)
|
0.18
|
|
|
0.36
|
|
|
0.21
|
|
|
0.18
|
|
|
0.36
|
|
Allowance for loan losses to non-performing loans held-for-investment
(5)
|
463.40
|
|
|
229.21
|
|
|
441.01
|
|
|
463.40
|
|
|
229.23
|
|
Allowance for loan losses to originated loans held-for-investment, net
(6)
|
1.07
|
|
|
1.13
|
|
|
1.07
|
|
|
1.07
|
|
|
1.13
|
|
Allowance for loan losses to total loans held-for-investment, net
(7)
|
0.83
|
|
|
0.83
|
|
|
0.84
|
|
|
0.83
|
|
|
0.83
|
|
(1)
|
Annualized when appropriate.
|
(2)
|
The efficiency ratio represents non-interest expense divided by the sum of net interest income and non-interest income.
|
(3)
|
Non-performing loans consist of non-accruing loans and loans 90 days or more past due and still accruing (excluding PCI loans), and are included in total loans held-for-investment, net, and non-performing loans held-for-sale.
|
(4)
|
Includes originated loans held-for-investment, PCI loans, acquired loans and non-performing loans held-for-sale (where applicable).
|
(5)
|
Excludes nonperforming loans held-for-sale (where applicable), carried at lower of aggregate cost or estimated fair value, less costs to sell.
|
(6)
|
Excludes PCI loans, acquired loans held-for-investment and loans held-for-sale (where applicable) and related reserve balances.
|
(7)
|
Includes PCI and acquired loans held-for-investment.
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
ASSETS:
|
|
|
|
||||
Cash and due from banks
|
$
|
15,007
|
|
|
$
|
18,412
|
|
Interest-bearing deposits in other financial institutions
|
88,234
|
|
|
77,673
|
|
||
Total cash and cash equivalents
|
103,241
|
|
|
96,085
|
|
||
Trading securities
|
9,225
|
|
|
7,857
|
|
||
Securities available-for-sale, at estimated fair value
|
482,626
|
|
|
498,897
|
|
||
Securities held-to-maturity, at amortized cost
|
9,983
|
|
|
10,148
|
|
||
(estimated fair value of $9,997 at September 30, 2017, and $10,118 at December 31, 2016)
|
|
|
|
||||
Loans held-for-sale
|
1,506
|
|
|
—
|
|
||
Originated loans held-for-investment, net
|
2,360,864
|
|
|
2,144,346
|
|
||
Loans acquired
|
745,063
|
|
|
793,240
|
|
||
Purchased credit-impaired (PCI) loans held-for-investment
|
25,960
|
|
|
30,498
|
|
||
Loans held-for-investment, net
|
3,131,887
|
|
|
2,968,084
|
|
||
Allowance for loan losses
|
(26,099
|
)
|
|
(24,595
|
)
|
||
Net loans held-for-investment
|
3,105,788
|
|
|
2,943,489
|
|
||
Accrued interest receivable
|
10,249
|
|
|
9,714
|
|
||
Bank owned life insurance
|
149,657
|
|
|
148,047
|
|
||
Federal Home Loan Bank of New York stock, at cost
|
29,771
|
|
|
25,123
|
|
||
Premises and equipment, net
|
25,504
|
|
|
26,910
|
|
||
Goodwill
|
38,411
|
|
|
38,411
|
|
||
Other real estate owned
|
850
|
|
|
850
|
|
||
Other assets
|
40,017
|
|
|
44,563
|
|
||
Total assets
|
$
|
4,006,828
|
|
|
$
|
3,850,094
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY:
|
|
|
|
||||
Deposits
|
$
|
2,735,402
|
|
|
$
|
2,713,587
|
|
Securities sold under agreements to repurchase
|
4,000
|
|
|
8,000
|
|
||
Federal Home Loan Bank advances and other borrowings
|
579,690
|
|
|
465,206
|
|
||
Advance payments by borrowers for taxes and insurance
|
14,265
|
|
|
12,331
|
|
||
Accrued expenses and other liabilities
|
28,422
|
|
|
29,774
|
|
||
Total liabilities
|
3,361,779
|
|
|
3,228,898
|
|
||
Total stockholders’ equity
|
645,049
|
|
|
621,196
|
|
||
Total liabilities and stockholders’ equity
|
$
|
4,006,828
|
|
|
$
|
3,850,094
|
|
|
|
|
|
||||
Total shares outstanding
|
48,880,772
|
|
|
48,526,658
|
|
||
Tangible book value per share
(1)
|
$
|
12.38
|
|
|
$
|
11.97
|
|
(1)
|
Tangible book value per share is calculated based on total stockholders' equity, excluding intangible assets (goodwill and core deposit intangibles), divided by total shares outstanding as of the balance sheet date. Core deposit intangibles were
$1.5 million
and
$1.7 million
at
September 30, 2017
, and
December 31, 2016
, respectively, and are included in other assets.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||
|
September 30,
|
|
June 30,
|
|
September 30,
|
||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2017
|
|
2016
|
||||||||||
Interest income:
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans
|
$
|
30,424
|
|
|
$
|
28,222
|
|
|
$
|
29,653
|
|
|
$
|
89,085
|
|
|
$
|
82,792
|
|
Mortgage-backed securities
|
2,175
|
|
|
2,665
|
|
|
2,260
|
|
|
6,791
|
|
|
8,322
|
|
|||||
Other securities
|
370
|
|
|
252
|
|
|
283
|
|
|
905
|
|
|
662
|
|
|||||
Federal Home Loan Bank of New York dividends
|
365
|
|
|
302
|
|
|
325
|
|
|
1,061
|
|
|
861
|
|
|||||
Deposits in other financial institutions
|
191
|
|
|
84
|
|
|
139
|
|
|
412
|
|
|
225
|
|
|||||
Total interest income
|
33,525
|
|
|
31,525
|
|
|
32,660
|
|
|
98,254
|
|
|
92,862
|
|
|||||
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Deposits
|
4,168
|
|
|
3,545
|
|
|
3,899
|
|
|
11,687
|
|
|
10,672
|
|
|||||
Borrowings
|
2,005
|
|
|
1,729
|
|
|
1,852
|
|
|
5,629
|
|
|
5,570
|
|
|||||
Total interest expense
|
6,173
|
|
|
5,274
|
|
|
5,751
|
|
|
17,316
|
|
|
16,242
|
|
|||||
Net interest income
|
27,352
|
|
|
26,251
|
|
|
26,909
|
|
|
80,938
|
|
|
76,620
|
|
|||||
Provision for loan losses
|
488
|
|
|
472
|
|
|
511
|
|
|
1,371
|
|
|
355
|
|
|||||
Net interest income after provision for loan losses
|
26,864
|
|
|
25,779
|
|
|
26,398
|
|
|
79,567
|
|
|
76,265
|
|
|||||
Non-interest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fees and service charges for customer services
|
1,238
|
|
|
1,255
|
|
|
1,107
|
|
|
3,563
|
|
|
3,627
|
|
|||||
Income on bank owned life insurance
|
970
|
|
|
1,008
|
|
|
1,010
|
|
|
4,438
|
|
|
3,001
|
|
|||||
Gains on securities transactions, net
|
337
|
|
|
362
|
|
|
256
|
|
|
1,001
|
|
|
612
|
|
|||||
Other
|
70
|
|
|
42
|
|
|
64
|
|
|
197
|
|
|
189
|
|
|||||
Total non-interest income
|
2,615
|
|
|
2,667
|
|
|
2,437
|
|
|
9,199
|
|
|
7,429
|
|
|||||
Non-interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Compensation and employee benefits
|
9,593
|
|
|
9,565
|
|
|
9,774
|
|
|
29,339
|
|
|
30,891
|
|
|||||
Occupancy
|
2,807
|
|
|
2,828
|
|
|
2,696
|
|
|
8,460
|
|
|
8,597
|
|
|||||
Furniture and equipment
|
279
|
|
|
349
|
|
|
287
|
|
|
871
|
|
|
1,074
|
|
|||||
Data processing
|
1,155
|
|
|
1,674
|
|
|
1,120
|
|
|
3,436
|
|
|
4,919
|
|
|||||
Professional fees
|
569
|
|
|
684
|
|
|
595
|
|
|
2,034
|
|
|
2,621
|
|
|||||
FDIC insurance
|
279
|
|
|
256
|
|
|
258
|
|
|
795
|
|
|
1,218
|
|
|||||
Other
|
2,146
|
|
|
2,021
|
|
|
1,888
|
|
|
6,055
|
|
|
7,050
|
|
|||||
Total non-interest expense
|
16,828
|
|
|
17,377
|
|
|
16,618
|
|
|
50,990
|
|
|
56,370
|
|
|||||
Income before income tax expense
|
12,651
|
|
|
11,069
|
|
|
12,217
|
|
|
37,776
|
|
|
27,324
|
|
|||||
Income tax expense
|
4,525
|
|
|
3,782
|
|
|
3,807
|
|
|
11,292
|
|
|
9,392
|
|
|||||
Net income
|
$
|
8,126
|
|
|
$
|
7,287
|
|
|
$
|
8,410
|
|
|
$
|
26,484
|
|
|
$
|
17,932
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
$
|
0.18
|
|
|
$
|
0.16
|
|
|
$
|
0.19
|
|
|
$
|
0.59
|
|
|
$
|
0.40
|
|
Diluted
|
$
|
0.17
|
|
|
$
|
0.16
|
|
|
$
|
0.18
|
|
|
$
|
0.57
|
|
|
$
|
0.39
|
|
Basic average shares outstanding
|
45,492,713
|
|
|
44,556,682
|
|
|
45,252,136
|
|
|
45,257,199
|
|
|
44,282,476
|
|
|||||
Diluted average shares outstanding
|
46,741,223
|
|
|
45,720,752
|
|
|
46,831,362
|
|
|
46,834,347
|
|
|
45,555,262
|
|
|
For the Three Months Ended
|
|||||||||||||||||||||||||||||||
|
September 30, 2017
|
|
June 30, 2017
|
|
September 30, 2016
|
|||||||||||||||||||||||||||
|
Average Outstanding Balance
|
|
Interest
|
|
Average Yield/ Rate
(1)
|
|
Average Outstanding Balance
|
|
Interest
|
|
Average Yield/ Rate
(1)
|
|
Average Outstanding Balance
|
|
Interest
|
|
Average Yield/ Rate
(1)
|
|||||||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Loans
(2)
|
$
|
3,065,206
|
|
|
$
|
30,424
|
|
|
3.94
|
%
|
|
$
|
3,041,774
|
|
|
$
|
29,653
|
|
|
3.91
|
%
|
|
$
|
2,810,377
|
|
|
$
|
28,222
|
|
|
3.99
|
%
|
Mortgage-backed securities
(3)
|
413,627
|
|
|
2,175
|
|
|
2.09
|
|
|
428,757
|
|
|
2,260
|
|
|
2.11
|
|
|
525,487
|
|
|
2,665
|
|
|
2.02
|
|
||||||
Other securities
(3)
|
77,170
|
|
|
370
|
|
|
1.90
|
|
|
61,202
|
|
|
283
|
|
|
1.85
|
|
|
60,373
|
|
|
252
|
|
|
1.66
|
|
||||||
Federal Home Loan Bank of New York stock
|
26,422
|
|
|
365
|
|
|
5.48
|
|
|
26,600
|
|
|
325
|
|
|
4.90
|
|
|
24,667
|
|
|
302
|
|
|
4.87
|
|
||||||
Interest-earning deposits in financial institutions
|
71,606
|
|
|
191
|
|
|
1.06
|
|
|
69,928
|
|
|
139
|
|
|
0.80
|
|
|
82,016
|
|
|
84
|
|
|
0.41
|
|
||||||
Total interest-earning assets
|
3,654,031
|
|
|
33,525
|
|
|
3.64
|
|
|
3,628,261
|
|
|
32,660
|
|
|
3.61
|
|
|
3,502,920
|
|
|
31,525
|
|
|
3.58
|
|
||||||
Non-interest-earning assets
|
265,652
|
|
|
|
|
|
|
282,492
|
|
|
|
|
|
|
283,900
|
|
|
|
|
|
||||||||||||
Total assets
|
$
|
3,919,683
|
|
|
|
|
|
|
$
|
3,910,753
|
|
|
|
|
|
|
$
|
3,786,820
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Savings, NOW, and money market accounts
|
$
|
1,686,677
|
|
|
$
|
2,033
|
|
|
0.48
|
%
|
|
$
|
1,731,451
|
|
|
$
|
2,079
|
|
|
0.48
|
%
|
|
$
|
1,654,778
|
|
|
$
|
1,877
|
|
|
0.45
|
%
|
Certificates of deposit
|
653,512
|
|
|
2,135
|
|
|
1.30
|
|
|
593,492
|
|
|
1,820
|
|
|
1.23
|
|
|
583,488
|
|
|
1,668
|
|
|
1.14
|
|
||||||
Total interest-bearing deposits
|
2,340,189
|
|
|
4,168
|
|
|
0.71
|
|
|
2,324,943
|
|
|
3,899
|
|
|
0.67
|
|
|
2,238,266
|
|
|
3,545
|
|
|
0.63
|
|
||||||
Borrowed funds
|
503,240
|
|
|
2,005
|
|
|
1.58
|
|
|
495,656
|
|
|
1,852
|
|
|
1.50
|
|
|
466,476
|
|
|
1,729
|
|
|
1.47
|
|
||||||
Total interest-bearing liabilities
|
2,843,429
|
|
|
6,173
|
|
|
0.86
|
|
|
2,820,599
|
|
|
5,751
|
|
|
0.82
|
|
|
2,704,742
|
|
|
5,274
|
|
|
0.78
|
|
||||||
Non-interest bearing deposits
|
378,191
|
|
|
|
|
|
|
382,353
|
|
|
|
|
|
|
400,856
|
|
|
|
|
|
||||||||||||
Accrued expenses and other liabilities
|
54,278
|
|
|
|
|
|
|
71,853
|
|
|
|
|
|
|
62,104
|
|
|
|
|
|
||||||||||||
Total liabilities
|
3,275,898
|
|
|
|
|
|
|
3,274,805
|
|
|
|
|
|
|
3,167,702
|
|
|
|
|
|
||||||||||||
Stockholders' equity
|
643,785
|
|
|
|
|
|
|
635,948
|
|
|
|
|
|
|
619,118
|
|
|
|
|
|
||||||||||||
Total liabilities and stockholders' equity
|
$
|
3,919,683
|
|
|
|
|
|
|
$
|
3,910,753
|
|
|
|
|
|
|
$
|
3,786,820
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net interest income
|
|
|
$
|
27,352
|
|
|
|
|
|
|
$
|
26,909
|
|
|
|
|
|
|
$
|
26,251
|
|
|
|
|||||||||
Net interest rate spread
(4)
|
|
|
|
|
2.78
|
%
|
|
|
|
|
|
2.79
|
%
|
|
|
|
|
|
2.80
|
%
|
||||||||||||
Net interest-earning assets
(5)
|
$
|
810,602
|
|
|
|
|
|
|
$
|
807,662
|
|
|
|
|
|
|
|
$
|
798,178
|
|
|
|
|
|
||||||||
Net interest margin
(6)
|
|
|
|
|
2.97
|
%
|
|
|
|
|
|
2.97
|
%
|
|
|
|
|
|
2.98
|
%
|
||||||||||||
Average interest-earning assets to interest-bearing liabilities
|
|
|
|
|
128.51
|
%
|
|
|
|
|
|
128.63
|
%
|
|
|
|
|
|
129.51
|
%
|
(1)
|
Average yields and rates are annualized.
|
(2)
|
Includes non-accruing loans.
|
(3)
|
Securities available-for-sale and other securities are reported at amortized cost.
|
(4)
|
Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
|
(5)
|
Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
|
(6)
|
Net interest margin represents net interest income divided by average total interest-earning assets.
|
|
For the Nine Months Ended
|
||||||||||||||||||||
|
September 30, 2017
|
|
September 30, 2016
|
||||||||||||||||||
|
Average Outstanding Balance
|
|
Interest
|
|
Average Yield/ Rate
(1)
|
|
Average Outstanding Balance
|
|
Interest
|
|
Average Yield/ Rate
(1)
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans
(2)
|
$
|
3,027,517
|
|
|
$
|
89,085
|
|
|
3.93
|
%
|
|
$
|
2,730,006
|
|
|
$
|
82,792
|
|
|
4.05
|
%
|
Mortgage-backed securities
(3)
|
431,186
|
|
|
6,791
|
|
|
2.11
|
|
|
538,568
|
|
|
8,322
|
|
|
2.06
|
|
||||
Other securities
(3)
|
65,603
|
|
|
905
|
|
|
1.84
|
|
|
57,030
|
|
|
662
|
|
|
1.55
|
|
||||
Federal Home Loan Bank of New York stock
|
26,458
|
|
|
1,061
|
|
|
5.36
|
|
|
25,159
|
|
|
861
|
|
|
4.57
|
|
||||
Interest-earning deposits in financial institutions
|
64,164
|
|
|
412
|
|
|
0.86
|
|
|
77,035
|
|
|
225
|
|
|
0.39
|
|
||||
Total interest-earning assets
|
3,614,928
|
|
|
98,254
|
|
|
3.63
|
|
|
3,427,798
|
|
|
92,862
|
|
|
3.62
|
|
||||
Non-interest-earning assets
|
277,263
|
|
|
|
|
|
|
262,748
|
|
|
|
|
|
||||||||
Total assets
|
$
|
3,892,191
|
|
|
|
|
|
|
$
|
3,690,546
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Savings, NOW, and money market accounts
|
$
|
1,717,916
|
|
|
$
|
6,142
|
|
|
0.48
|
%
|
|
$
|
1,594,088
|
|
|
$
|
5,773
|
|
|
0.48
|
%
|
Certificates of deposit
|
594,100
|
|
|
5,545
|
|
|
1.25
|
|
|
579,227
|
|
|
4,899
|
|
|
1.13
|
|
||||
Total interest-bearing deposits
|
2,312,016
|
|
|
11,687
|
|
|
0.68
|
|
|
2,173,315
|
|
|
10,672
|
|
|
0.66
|
|
||||
Borrowed funds
|
498,640
|
|
|
5,629
|
|
|
1.51
|
|
|
489,300
|
|
|
5,570
|
|
|
1.52
|
|
||||
Total interest-bearing liabilities
|
2,810,656
|
|
|
17,316
|
|
|
0.82
|
|
|
2,662,615
|
|
|
16,242
|
|
|
0.81
|
|
||||
Non-interest bearing deposits
|
381,173
|
|
|
|
|
|
|
367,454
|
|
|
|
|
|
||||||||
Accrued expenses and other liabilities
|
64,859
|
|
|
|
|
|
|
49,825
|
|
|
|
|
|
||||||||
Total liabilities
|
3,256,688
|
|
|
|
|
|
|
3,079,894
|
|
|
|
|
|
||||||||
Stockholders' equity
|
635,503
|
|
|
|
|
|
|
610,652
|
|
|
|
|
|
||||||||
Total liabilities and stockholders' equity
|
$
|
3,892,191
|
|
|
|
|
|
|
$
|
3,690,546
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income
|
|
|
$
|
80,938
|
|
|
|
|
|
|
$
|
76,620
|
|
|
|
||||||
Net interest rate spread
(4)
|
|
|
|
|
2.81
|
%
|
|
|
|
|
|
2.81
|
%
|
||||||||
Net interest-earning assets
(5)
|
$
|
804,272
|
|
|
|
|
|
|
$
|
765,183
|
|
|
|
|
|
||||||
Net interest margin
(6)
|
|
|
|
|
2.99
|
%
|
|
|
|
|
|
2.99
|
%
|
||||||||
Average interest-earning assets to interest-bearing liabilities
|
|
|
|
|
128.62
|
%
|
|
|
|
|
|
128.74
|
%
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Average yields and rates are annualized.
|
(2)
|
Includes non-accruing loans.
|
(3)
|
Securities available-for-sale and other securities are reported at amortized cost.
|
(4)
|
Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
|
(5)
|
Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
|
(6)
|
Net interest margin represents net interest income divided by average total interest-earning assets.
|