☒
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Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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☐
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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|
For the transition period from _______________ to _________________
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Delaware
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80-0882592
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(State or other jurisdiction of
|
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(I.R.S. Employer
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incorporation or organization)
|
|
Identification No.)
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581 Main Street,
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Woodbridge,
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New Jersey
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|
07095
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(Address of principal executive offices)
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|
(Zip Code)
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Title of Each Class
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Trading Symbol
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Name of Each Exchange on Which Registered
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Common Stock, par value $0.01 per share
|
NFBK
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The NASDAQ Stock Market, LLC
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Large accelerated filer
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☒
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
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☐
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Page
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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Item 10.
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Item 11.
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Item 12
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Item 13
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Item 14
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Item 15
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Item 16
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•
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statements of our goals, intentions, and expectations;
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•
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statements regarding our business plans, prospects, growth and operating strategies;
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•
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statements regarding the quality of our loan and investment portfolios; and
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•
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estimates of our risks and future costs and benefits.
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•
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general economic conditions, either nationally or in our market areas, including employment prospects, real estate values and conditions, that are worse than expected;
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•
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competition among depository and other financial institutions;
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•
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inflation and changes in the interest rate environment that reduce our margins and yields or reduce the fair value of financial instruments;
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•
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adverse changes in the securities or credit markets;
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•
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changes in laws, tax policies, or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements;
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•
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our ability to enter new markets successfully and capitalize on growth opportunities;
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•
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our ability to access cost-effective funding;
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•
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our ability to successfully integrate acquired entities, including our proposed acquisition of VSB Bancorp, Inc.;
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•
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changes in consumer demand, spending, borrowing and savings habits;
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•
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changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, or the Securities and Exchange Commission, or the Public Company Accounting Oversight Board;
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•
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cyber attacks, computer viruses and other technological risks that may breach the security of our websites or other systems to obtain unauthorized access to confidential information and destroy data or disable our systems;
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•
|
technological changes that may be more difficult or expensive than expected;
|
•
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changes in our organization, compensation, and benefit plans;
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•
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our ability to retain key employees;
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•
|
changes in the level of government support for housing finance;
|
•
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changes in monetary or fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board (“FRB”);
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•
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the ability of third-party providers to perform their obligations to us;
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•
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the ability of the U.S. Government to manage federal debt limits;
|
•
|
the effects of any U.S. Government shutdowns;
|
•
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significant increases in our loan losses, including increases that may result from the new authoritative accounting guidance (known as the current expected credit loss (“CECL”) model which may increase the required level of our allowance for loan losses after adoption effective January 1, 2020; and
|
•
|
changes in the financial condition, results of operations, or future prospects of issuers of securities that we own.
|
•
|
The effects of any pandemic disease, natural disaster, war, act of terrorism, accident, or similar action or event.
|
|
Unemployment Rate At December 31,
|
|||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|||||
Hunterdon County, NJ
|
2.7
|
%
|
|
2.8
|
%
|
|
3.1
|
%
|
|
3.1
|
%
|
|
3.3
|
%
|
Middlesex County, NJ
|
3.0
|
|
|
3.1
|
|
|
3.5
|
|
|
3.6
|
|
|
3.9
|
|
Mercer County, NJ
|
3.1
|
|
|
3.1
|
|
|
3.6
|
|
|
3.5
|
|
|
3.8
|
|
Union County, NJ
|
3.7
|
|
|
3.7
|
|
|
4.2
|
|
|
4.3
|
|
|
4.7
|
|
Richmond County, NY
|
3.0
|
|
|
3.9
|
|
|
3.8
|
|
|
4.4
|
|
|
5.2
|
|
Kings County, NY
|
3.2
|
|
|
4.0
|
|
|
4.0
|
|
|
4.5
|
|
|
5.3
|
|
National Average
|
3.5
|
|
|
3.6
|
|
|
4.1
|
|
|
4.7
|
|
|
5.0
|
|
|
Median Household Income
|
||||||
|
At December 31,
|
||||||
|
2019
|
|
2018
|
||||
Hunterdon County, NJ
|
$
|
119,926
|
|
|
$
|
111,743
|
|
Middlesex County, NJ
|
90,068
|
|
|
82,945
|
|
||
Mercer County, NJ
|
83,451
|
|
|
77,984
|
|
||
Union County, NJ
|
80,594
|
|
|
76,739
|
|
||
Richmond County, NY
|
83,351
|
|
|
77,303
|
|
||
Kings County, NY
|
60,915
|
|
|
57,227
|
|
||
National Average
|
63,174
|
|
|
61,045
|
|
|
At December 31,
|
|||||||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||||
Loans originated:
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Multifamily
|
$
|
2,196,407
|
|
|
64.05
|
%
|
|
$
|
1,930,535
|
|
|
59.62
|
%
|
|
$
|
1,735,712
|
|
|
55.38
|
%
|
|
$
|
1,506,335
|
|
|
50.86
|
%
|
|
$
|
1,318,461
|
|
|
55.66
|
%
|
Commercial
|
528,681
|
|
|
15.42
|
|
|
499,311
|
|
|
15.42
|
|
|
445,225
|
|
|
14.20
|
|
|
412,667
|
|
|
13.93
|
|
|
402,073
|
|
|
16.97
|
|
|||||
One-to-four family residential
|
83,742
|
|
|
2.44
|
|
|
91,371
|
|
|
2.82
|
|
|
100,942
|
|
|
3.22
|
|
|
105,968
|
|
|
3.58
|
|
|
98,332
|
|
|
4.15
|
|
|||||
Home equity and lines of credit
|
84,928
|
|
|
2.48
|
|
|
78,593
|
|
|
2.43
|
|
|
66,254
|
|
|
2.11
|
|
|
65,437
|
|
|
2.21
|
|
|
61,413
|
|
|
2.59
|
|
|||||
Construction and land
|
38,284
|
|
|
1.12
|
|
|
26,552
|
|
|
0.82
|
|
|
34,545
|
|
|
1.10
|
|
|
14,065
|
|
|
0.47
|
|
|
18,652
|
|
|
0.79
|
|
|||||
Commercial and industrial loans
|
45,328
|
|
|
1.32
|
|
|
44,104
|
|
|
1.36
|
|
|
34,828
|
|
|
1.11
|
|
|
31,906
|
|
|
1.08
|
|
|
25,554
|
|
|
1.08
|
|
|||||
Other loans
|
2,083
|
|
|
0.05
|
|
|
1,519
|
|
|
0.04
|
|
|
1,430
|
|
|
0.05
|
|
|
1,497
|
|
|
0.05
|
|
|
2,256
|
|
|
0.10
|
|
|||||
Total loans originated
|
2,979,453
|
|
|
86.88
|
|
|
2,671,985
|
|
|
82.51
|
|
|
2,418,936
|
|
|
77.17
|
|
|
2,137,875
|
|
|
72.18
|
|
|
1,926,741
|
|
|
81.34
|
|
|||||
PCI loans
|
17,365
|
|
|
0.51
|
|
|
20,143
|
|
|
0.62
|
|
|
22,741
|
|
|
0.73
|
|
|
30,498
|
|
|
1.03
|
|
|
33,115
|
|
|
1.40
|
|
|||||
Loans acquired:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
One-to-four family residential
|
187,975
|
|
|
5.48
|
|
|
225,877
|
|
|
6.98
|
|
|
275,053
|
|
|
8.78
|
|
|
317,639
|
|
|
10.73
|
|
|
330,672
|
|
|
13.96
|
|
|||||
Multifamily
|
108,417
|
|
|
3.16
|
|
|
145,485
|
|
|
4.49
|
|
|
199,149
|
|
|
6.35
|
|
|
215,389
|
|
|
7.27
|
|
|
64,779
|
|
|
2.73
|
|
|||||
Commercial
|
113,027
|
|
|
3.30
|
|
|
133,263
|
|
|
4.12
|
|
|
163,962
|
|
|
5.23
|
|
|
188,001
|
|
|
6.35
|
|
|
11,160
|
|
|
0.47
|
|
|||||
Home equity and lines of credit
|
12,008
|
|
|
0.35
|
|
|
17,583
|
|
|
0.54
|
|
|
20,455
|
|
|
0.65
|
|
|
25,522
|
|
|
0.86
|
|
|
2,404
|
|
|
0.10
|
|
|||||
Construction and land
|
2,537
|
|
|
0.07
|
|
|
12,003
|
|
|
0.37
|
|
|
17,201
|
|
|
0.55
|
|
|
20,887
|
|
|
0.71
|
|
|
—
|
|
|
—
|
|
|||||
Commercial and industrial loans
|
8,689
|
|
|
0.25
|
|
|
11,933
|
|
|
0.37
|
|
|
16,946
|
|
|
0.54
|
|
|
25,443
|
|
|
0.86
|
|
|
—
|
|
|
—
|
|
|||||
Other loans
|
—
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
37
|
|
|
—
|
|
|
359
|
|
|
0.01
|
|
|
—
|
|
|
—
|
|
|||||
Total loans acquired
|
432,653
|
|
|
12.61
|
|
|
546,150
|
|
|
16.87
|
|
|
692,803
|
|
|
22.10
|
|
|
793,240
|
|
|
26.79
|
|
|
409,015
|
|
|
17.26
|
|
|||||
Total loans
|
$
|
3,429,471
|
|
|
100.00
|
%
|
|
$
|
3,238,278
|
|
|
100.00
|
%
|
|
$
|
3,134,480
|
|
|
100.00
|
%
|
|
$
|
2,961,613
|
|
|
100.00
|
%
|
|
$
|
2,368,871
|
|
|
100.00
|
%
|
Other items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Deferred loan costs (fees), net
|
7,614
|
|
|
|
|
6,892
|
|
|
|
|
6,339
|
|
|
|
|
6,471
|
|
|
|
|
4,844
|
|
|
|
||||||||||
Allowance for loan losses
|
(28,707
|
)
|
|
|
|
(27,497
|
)
|
|
|
|
(26,160
|
)
|
|
|
|
(24,595
|
)
|
|
|
|
(24,770
|
)
|
|
|
||||||||||
Net loans held-for-investment
|
$
|
3,408,378
|
|
|
|
|
$
|
3,217,673
|
|
|
|
|
$
|
3,114,659
|
|
|
|
|
$
|
2,943,489
|
|
|
|
|
$
|
2,348,945
|
|
|
|
|
Originated Loans
|
||||||||||||||||||||||||||
|
Multifamily
|
|
Commercial Real Estate
|
|
One-to-Four Family Residential
|
|
Home Equity and Lines of Credit
|
||||||||||||||||||||
|
Amount
|
|
Weighted Average Rate
|
|
Amount
|
|
Weighted Average Rate
|
|
Amount
|
|
Weighted Average Rate
|
|
Amount
|
|
Weighted Average Rate
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||||
Due during the years ending December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2020
|
$
|
1
|
|
|
6.99
|
%
|
|
$
|
12,110
|
|
|
4.78
|
%
|
|
$
|
300
|
|
|
4.30
|
%
|
|
$
|
82
|
|
|
3.58
|
%
|
2021
|
85
|
|
|
5.23
|
%
|
|
2,229
|
|
|
4.19
|
%
|
|
1
|
|
|
5.50
|
%
|
|
273
|
|
|
4.04
|
%
|
||||
2022
|
464
|
|
|
4.40
|
%
|
|
686
|
|
|
5.22
|
%
|
|
71
|
|
|
4.47
|
%
|
|
788
|
|
|
3.29
|
%
|
||||
2023 to 2024
|
23,271
|
|
|
3.54
|
%
|
|
3,636
|
|
|
4.72
|
%
|
|
934
|
|
|
5.07
|
%
|
|
3,214
|
|
|
3.61
|
%
|
||||
2025 to 2029
|
76,050
|
|
|
3.94
|
%
|
|
81,869
|
|
|
4.42
|
%
|
|
2,070
|
|
|
4.67
|
%
|
|
19,288
|
|
|
3.88
|
%
|
||||
2030 to 2034
|
108,852
|
|
|
4.32
|
%
|
|
86,319
|
|
|
4.74
|
%
|
|
10,826
|
|
|
4.48
|
%
|
|
18,022
|
|
|
3.97
|
%
|
||||
2035 and beyond
|
1,987,684
|
|
|
3.77
|
%
|
|
341,832
|
|
|
4.13
|
%
|
|
69,540
|
|
|
4.01
|
%
|
|
43,261
|
|
|
4.35
|
%
|
||||
Total
|
$
|
2,196,407
|
|
|
3.80
|
%
|
|
$
|
528,681
|
|
|
4.30
|
%
|
|
$
|
83,742
|
|
|
4.10
|
%
|
|
$
|
84,928
|
|
|
4.12
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Construction and Land
|
|
Commercial and Industrial
|
|
Other
|
|
|
||||||||||||||||||||
|
Amount
|
|
Weighted Average Rate
|
|
Amount
|
|
Weighted Average Rate
|
|
Amount
|
|
Weighted Average Rate
|
|
|
|
|
||||||||||||
|
(Dollars in thousands)
|
|
|
|
|
||||||||||||||||||||||
Due during the years ending December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2020
|
$
|
16,629
|
|
|
5.69
|
%
|
|
$
|
20,001
|
|
|
5.25
|
%
|
|
$
|
1,934
|
|
|
0.06
|
%
|
|
|
|
|
|||
2021
|
14,676
|
|
|
5.01
|
%
|
|
5,260
|
|
|
4.55
|
%
|
|
9
|
|
|
12.00
|
%
|
|
|
|
|
||||||
2022
|
—
|
|
|
—
|
%
|
|
3,490
|
|
|
4.46
|
%
|
|
—
|
|
|
—
|
%
|
|
|
|
|
||||||
2023 to 2024
|
584
|
|
|
4.50
|
%
|
|
5,978
|
|
|
4.40
|
%
|
|
—
|
|
|
—
|
%
|
|
|
|
|
||||||
2025 to 2029
|
1,590
|
|
|
4.05
|
%
|
|
8,050
|
|
|
5.82
|
%
|
|
91
|
|
|
6.00
|
%
|
|
|
|
|
||||||
2030 to 2034
|
3,351
|
|
|
3.50
|
%
|
|
475
|
|
|
4.48
|
%
|
|
—
|
|
|
—
|
%
|
|
|
|
|
||||||
2035 and beyond
|
1,454
|
|
|
4.68
|
%
|
|
2,074
|
|
|
4.28
|
%
|
|
49
|
|
|
4.83
|
%
|
|
|
|
|
||||||
Total
|
$
|
38,284
|
|
|
5.11
|
%
|
|
$
|
45,328
|
|
|
5.04
|
%
|
|
$
|
2,083
|
|
|
0.48
|
%
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Acquired Loans
|
||||||||||||||||||||||||||
|
One-to-Four-Family Residential
|
|
Multifamily
|
|
Commercial Real Estate
|
|
Home Equity and Lines of Credit
|
||||||||||||||||||||
|
Amount
|
|
Weighted Average Rate
|
|
Amount
|
|
Weighted Average Rate
|
|
Amount
|
|
Weighted Average Rate
|
|
Amount
|
|
Weighted Average Rate
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||||
Due during the years ending December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2020
|
$
|
501
|
|
|
3.75
|
%
|
|
$
|
1,418
|
|
|
3.37
|
%
|
|
$
|
5,436
|
|
|
7.94
|
%
|
|
$
|
288
|
|
|
4.48
|
%
|
2021
|
853
|
|
|
4.84
|
%
|
|
—
|
|
|
—
|
%
|
|
1,487
|
|
|
4.68
|
%
|
|
115
|
|
|
6.15
|
%
|
||||
2022
|
167
|
|
|
6.31
|
%
|
|
151
|
|
|
4.00
|
%
|
|
1,221
|
|
|
5.65
|
%
|
|
307
|
|
|
5.13
|
%
|
||||
2023 to 2024
|
614
|
|
|
5.65
|
%
|
|
61,746
|
|
|
3.22
|
%
|
|
7,797
|
|
|
5.50
|
%
|
|
1,434
|
|
|
5.12
|
%
|
||||
2025 to 2029
|
7,111
|
|
|
3.90
|
%
|
|
42,553
|
|
|
3.40
|
%
|
|
20,278
|
|
|
4.56
|
%
|
|
4,948
|
|
|
4.83
|
%
|
||||
2030 to 2034
|
10,000
|
|
|
5.27
|
%
|
|
536
|
|
|
6.17
|
%
|
|
20,325
|
|
|
5.04
|
%
|
|
3,492
|
|
|
5.08
|
%
|
||||
2035 and beyond
|
168,729
|
|
|
3.85
|
%
|
|
2,013
|
|
|
4.44
|
%
|
|
56,483
|
|
|
5.12
|
%
|
|
1,424
|
|
|
4.00
|
%
|
||||
Total
|
$
|
187,975
|
|
|
3.94
|
%
|
|
$
|
108,417
|
|
|
3.33
|
%
|
|
$
|
113,027
|
|
|
5.17
|
%
|
|
$
|
12,008
|
|
|
4.85
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired Loans (continued)
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Commercial and Industrial
|
|
Construction and Land
|
|
PCI loans
|
|
Total Loans
|
||||||||||||||||||||
|
Amount
|
|
Weighted Average Rate
|
|
Amount
|
|
Weighted Average Rate
|
|
Amount
|
|
Weighted Average Rate(1)
|
|
Amount
|
|
Weighted Average Rate
|
||||||||||||
|
(Dollars in thousands)
|
|
|
|
|
||||||||||||||||||||||
Due during the years ending December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2020
|
$
|
1,594
|
|
|
5.53
|
%
|
|
$
|
1,946
|
|
|
6.28
|
%
|
|
$
|
4,598
|
|
|
15.85
|
%
|
|
$
|
66,838
|
|
|
6.05
|
%
|
2021
|
776
|
|
|
4.88
|
%
|
|
—
|
|
|
—
|
%
|
|
1,300
|
|
|
20.07
|
%
|
|
27,064
|
|
|
5.55
|
%
|
||||
2022
|
568
|
|
|
5.24
|
%
|
|
—
|
|
|
—
|
%
|
|
424
|
|
|
24.48
|
%
|
|
8,337
|
|
|
5.71
|
%
|
||||
2023 to 2024
|
939
|
|
|
4.95
|
%
|
|
591
|
|
|
5.50
|
%
|
|
780
|
|
|
24.37
|
%
|
|
111,518
|
|
|
3.80
|
%
|
||||
2025 to 2029
|
1,310
|
|
|
5.26
|
%
|
|
—
|
|
|
—
|
%
|
|
1,084
|
|
|
12.89
|
%
|
|
266,292
|
|
|
4.17
|
%
|
||||
2035 and beyond
|
3,502
|
|
|
4.53
|
%
|
|
—
|
|
|
—
|
%
|
|
478
|
|
|
12.78
|
%
|
|
2,678,523
|
|
|
3.87
|
%
|
||||
Total
|
$
|
8,689
|
|
|
4.95
|
%
|
|
$
|
2,537
|
|
|
6.10
|
%
|
|
$
|
17,365
|
|
|
18.32
|
%
|
|
$
|
3,429,471
|
|
|
4.04
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due After December 31, 2020
|
||||||||||
|
Fixed Rate
|
|
Adjustable Rate
|
|
Total
|
||||||
|
(Dollars in thousands)
|
||||||||||
Real estate loans:
|
|
|
|
|
|
||||||
Multifamily
|
$
|
135,110
|
|
|
$
|
2,061,296
|
|
|
$
|
2,196,406
|
|
Commercial
|
62,258
|
|
|
454,313
|
|
|
516,571
|
|
|||
One-to-four family residential
|
16,689
|
|
|
66,753
|
|
|
83,442
|
|
|||
Construction and land
|
2,155
|
|
|
19,500
|
|
|
21,655
|
|
|||
Home equity and lines of credit
|
54,780
|
|
|
30,066
|
|
|
84,846
|
|
|||
Commercial and industrial loans
|
17,548
|
|
|
7,779
|
|
|
25,327
|
|
|||
Other loans
|
149
|
|
|
—
|
|
|
149
|
|
|||
PCI loans
|
3,350
|
|
|
9,417
|
|
|
12,767
|
|
|||
Acquired loans
|
245,904
|
|
|
175,566
|
|
|
421,470
|
|
|||
Total loans
|
$
|
537,943
|
|
|
$
|
2,824,690
|
|
|
$
|
3,362,633
|
|
|
Amount
|
|
Weighted Average Rate
|
|||
|
(Dollars in thousands)
|
|||||
2020
|
$
|
1,419
|
|
|
3.38
|
%
|
2022
|
141
|
|
|
4.88
|
%
|
|
2023 to 2024
|
26,239
|
|
|
3.46
|
%
|
|
2025 to 2029
|
25,171
|
|
|
3.75
|
%
|
|
2030 to 2034
|
42,196
|
|
|
4.58
|
%
|
|
2035 and beyond
|
1,991,975
|
|
|
3.77
|
%
|
|
|
$
|
2,087,141
|
|
|
3.78
|
%
|
|
At December 31, 2019
|
|||||
|
Amount
|
|
Percent
|
|||
|
(Dollars in thousands)
|
|||||
Mixed use (majority of space is non-residential)
|
$
|
137,164
|
|
|
25.9
|
%
|
Retail
|
110,728
|
|
|
20.9
|
|
|
Office buildings
|
119,852
|
|
|
22.7
|
|
|
Warehousing
|
18,292
|
|
|
3.5
|
|
|
Accommodations
|
66,526
|
|
|
12.6
|
|
|
Services
|
18,511
|
|
|
3.5
|
|
|
Healthcare facilities
|
27,548
|
|
|
5.2
|
|
|
Manufacturing
|
3,545
|
|
|
0.7
|
|
|
Restaurant
|
9,043
|
|
|
1.7
|
|
|
Schools/day care
|
5,121
|
|
|
1.0
|
|
|
Recreational
|
2,868
|
|
|
0.5
|
|
|
Other
|
9,483
|
|
|
1.8
|
|
|
|
$
|
528,681
|
|
|
100.0
|
%
|
Principal Amounts Purchased
|
|
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
|
||
$
|
4,230
|
|
|
Residential
|
|
4.19%
|
|
71%
|
|
324
|
|
F
|
|
15 - 30 Years
|
17,253
|
|
|
Residential
|
|
3.69%
|
|
63%
|
|
78
|
|
V
|
|
30 Years
|
|
19,448
|
|
|
Residential
|
|
4.19%
|
|
71%
|
|
333
|
|
F
|
|
30 Years
|
|
3,262
|
|
|
Residential
|
|
3.93%
|
|
66%
|
|
346
|
|
F
|
|
30 Years
|
|
$
|
44,193
|
|
|
|
|
3.98%
|
|
68%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Amounts Purchased
|
|
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
|
|
Amortization Term
|
||
$
|
29,963
|
|
|
Residential
|
|
2.30%
|
|
55%
|
|
1
|
|
V
|
|
30 Years
|
4,368
|
|
|
Residential
|
|
3.67%
|
|
58%
|
|
346
|
|
F
|
|
15 - 30 Years
|
|
3,178
|
|
|
Residential
|
|
3.68%
|
|
60%
|
|
330
|
|
F
|
|
15 - 30 Years
|
|
$
|
37,509
|
|
|
|
|
2.58%
|
|
56%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
Non-accrual loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
$
|
7,922
|
|
|
$
|
7,291
|
|
|
$
|
4,087
|
|
|
$
|
5,513
|
|
|
$
|
5,232
|
|
One-to-four family residential
|
889
|
|
|
1,129
|
|
|
774
|
|
|
1,629
|
|
|
2,574
|
|
|||||
Construction and land
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
113
|
|
|||||
Multifamily
|
437
|
|
|
566
|
|
|
417
|
|
|
43
|
|
|
559
|
|
|||||
Home equity and lines of credit
|
185
|
|
|
151
|
|
|
156
|
|
|
127
|
|
|
329
|
|
|||||
Commercial and industrial loans
|
—
|
|
|
25
|
|
|
74
|
|
|
9
|
|
|
—
|
|
|||||
Total non-accrual loans
|
9,433
|
|
|
9,162
|
|
|
5,508
|
|
|
7,321
|
|
|
8,807
|
|
|||||
Loans delinquent 90 days or more and still accruing:
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
253
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
One-to-four family residential
|
265
|
|
|
33
|
|
|
27
|
|
|
52
|
|
|
—
|
|
|||||
Home equity and lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|||||
Commercial and industrial loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|||||
Total loans delinquent 90 days or more and still accruing
|
518
|
|
|
33
|
|
|
28
|
|
|
60
|
|
|
15
|
|
|||||
Total non-performing loans
|
9,951
|
|
|
9,195
|
|
|
5,536
|
|
|
7,381
|
|
|
8,822
|
|
|||||
Other real estate owned
|
—
|
|
|
—
|
|
|
850
|
|
|
850
|
|
|
45
|
|
|||||
Total non-performing assets
|
$
|
9,951
|
|
|
$
|
9,195
|
|
|
$
|
6,386
|
|
|
$
|
8,231
|
|
|
$
|
8,867
|
|
Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-performing loans to total loans held-for-investment, net
|
0.29
|
%
|
|
0.28
|
%
|
|
0.18
|
%
|
|
0.25
|
%
|
|
0.37
|
%
|
|||||
Non-performing assets to total assets
|
0.20
|
%
|
|
0.21
|
%
|
|
0.16
|
%
|
|
0.21
|
%
|
|
0.28
|
%
|
|||||
Total assets
|
$
|
5,055,302
|
|
|
$
|
4,408,432
|
|
|
$
|
3,991,417
|
|
|
$
|
3,850,094
|
|
|
$
|
3,202,584
|
|
Loans held-for-investment, net
|
$
|
3,437,085
|
|
|
$
|
3,245,170
|
|
|
$
|
3,140,819
|
|
|
$
|
2,968,084
|
|
|
$
|
2,373,715
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(Dollars in thousands)
|
||||||
Real estate loans:
|
|
|
|
||||
Commercial
|
$
|
5,450
|
|
|
$
|
2,377
|
|
One-to-four family residential
|
1,590
|
|
|
4,120
|
|
||
Construction and Land
|
147
|
|
|
—
|
|
||
Multifamily
|
547
|
|
|
2,018
|
|
||
Home equity and lines of credit
|
217
|
|
|
—
|
|
||
Commercial and industrial loans
|
229
|
|
|
45
|
|
||
Other loans
|
26
|
|
|
2
|
|
||
Total
|
$
|
8,206
|
|
|
$
|
8,562
|
|
|
At or For the Years Ended December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
Balance at beginning of year
|
$
|
27,497
|
|
|
$
|
26,160
|
|
|
$
|
24,595
|
|
|
$
|
24,770
|
|
|
$
|
26,292
|
|
Charge-offs:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
(520
|
)
|
|
(1,256
|
)
|
|
(4
|
)
|
|
(638
|
)
|
|
(1,431
|
)
|
|||||
One-to-four family residential
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(20
|
)
|
|
(277
|
)
|
|||||
Multifamily
|
—
|
|
|
—
|
|
|
(184
|
)
|
|
(278
|
)
|
|
(120
|
)
|
|||||
Home equity and lines of credit
|
—
|
|
|
(60
|
)
|
|
(104
|
)
|
|
—
|
|
|
(115
|
)
|
|||||
Commercial and industrial
|
(100
|
)
|
|
(70
|
)
|
|
(73
|
)
|
|
(66
|
)
|
|
(71
|
)
|
|||||
Other
|
(123
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(1
|
)
|
|||||
Acquired loans
|
(244
|
)
|
|
(1
|
)
|
|
(37
|
)
|
|
—
|
|
|
—
|
|
|||||
Total charge-offs
|
(987
|
)
|
|
(1,390
|
)
|
|
(402
|
)
|
|
(1,004
|
)
|
|
(2,015
|
)
|
|||||
Recoveries:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
98
|
|
|
49
|
|
|
70
|
|
|
181
|
|
|
2
|
|
|||||
One-to-four family residential
|
72
|
|
|
4
|
|
|
—
|
|
|
2
|
|
|
20
|
|
|||||
Multifamily
|
1,818
|
|
|
26
|
|
|
277
|
|
|
—
|
|
|
25
|
|
|||||
Home equity and lines of credit
|
—
|
|
|
—
|
|
|
97
|
|
|
2
|
|
|
42
|
|
|||||
Commercial and industrial
|
20
|
|
|
20
|
|
|
79
|
|
|
4
|
|
|
34
|
|
|||||
Other
|
1
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
17
|
|
|||||
Acquired loans
|
166
|
|
|
13
|
|
|
33
|
|
|
—
|
|
|
—
|
|
|||||
Total recoveries
|
2,175
|
|
|
112
|
|
|
556
|
|
|
194
|
|
|
140
|
|
|||||
Net recoveries (charge-offs)
|
1,188
|
|
|
(1,278
|
)
|
|
154
|
|
|
(810
|
)
|
|
(1,875
|
)
|
|||||
Provision for loan losses
|
22
|
|
|
2,615
|
|
|
1,411
|
|
|
635
|
|
|
353
|
|
|||||
Balance at end of year
|
$
|
28,707
|
|
|
$
|
27,497
|
|
|
$
|
26,160
|
|
|
$
|
24,595
|
|
|
$
|
24,770
|
|
Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net recoveries (charge-offs) to average loans outstanding
|
0.04
|
%
|
|
(0.04
|
)%
|
|
0.01
|
%
|
|
(0.03
|
)%
|
|
(0.09
|
)%
|
|||||
Allowance for loan losses to non-performing loans held-for-investment at end of year
|
288.48
|
|
|
299.06
|
|
|
472.63
|
|
|
333.23
|
|
|
280.78
|
|
|||||
Allowance for loan losses to originated loans held-for-investment, net at end of year (1)
|
0.93
|
|
|
0.99
|
|
|
1.04
|
|
|
1.10
|
|
|
1.24
|
|
|||||
Allowance for loan losses to total loans held-for-investment at end of year (2)
|
0.84
|
|
|
0.85
|
|
|
0.83
|
|
|
0.83
|
|
|
1.04
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
At December 31,
|
|||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||
|
Allowance for Loan Losses
|
|
Percent of Loans in Each Category to Total Loans
|
|
Allowance for Loan Losses
|
|
Percent of Loans in Each Category to Total Loans
|
|
Allowance for Loan Losses
|
|
Percent of Loans in Each Category to Total Loans
|
|||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial
|
$
|
4,756
|
|
|
15.42
|
%
|
|
$
|
5,630
|
|
|
15.42
|
%
|
|
$
|
5,196
|
|
|
14.20
|
%
|
One-to-four family residential
|
180
|
|
|
2.44
|
|
|
342
|
|
|
2.82
|
|
|
503
|
|
|
3.22
|
|
|||
Construction and land
|
536
|
|
|
1.12
|
|
|
463
|
|
|
0.82
|
|
|
610
|
|
|
1.10
|
|
|||
Multifamily
|
20,203
|
|
|
64.05
|
|
|
18,084
|
|
|
59.62
|
|
|
17,374
|
|
|
55.38
|
|
|||
Home equity and lines of credit
|
317
|
|
|
2.48
|
|
|
291
|
|
|
2.43
|
|
|
122
|
|
|
2.11
|
|
|||
Commercial and industrial
|
1,640
|
|
|
1.32
|
|
|
1,569
|
|
|
1.36
|
|
|
1,273
|
|
|
1.11
|
|
|||
PCI loans
|
789
|
|
|
0.51
|
|
|
1,010
|
|
|
0.62
|
|
|
951
|
|
|
0.73
|
|
|||
Loans Acquired
|
135
|
|
|
12.61
|
|
|
—
|
|
|
16.87
|
|
|
37
|
|
|
22.10
|
|
|||
Other
|
151
|
|
|
0.05
|
|
|
108
|
|
|
0.04
|
|
|
94
|
|
|
0.05
|
|
|||
Total allocated allowance
|
28,707
|
|
|
100.00
|
%
|
|
27,497
|
|
|
100.00
|
%
|
|
26,160
|
|
|
100.00
|
%
|
|||
Unallocated
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
||||||
Total
|
$
|
28,707
|
|
|
|
|
$
|
27,497
|
|
|
|
|
$
|
26,160
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
At December 31,
|
|
|
|
|
|||||||||||||||
|
2016
|
|
2015
|
|
|
|
|
|||||||||||||
|
Allowance for Loan Losses
|
|
Percent of Loans in Each Category to Total Loans
|
|
Allowance for Loan Losses
|
|
Percent of Loans in Each Category to Total Loans
|
|
|
|
|
|||||||||
|
(Dollars in thousands)
|
|
|
|
|
|||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial
|
$
|
5,432
|
|
|
13.93
|
%
|
|
$
|
7,106
|
|
|
16.97
|
%
|
|
|
|
|
|||
One-to-four family residential
|
664
|
|
|
3.58
|
|
|
787
|
|
|
4.15
|
|
|
|
|
|
|||||
Construction and land
|
172
|
|
|
0.47
|
|
|
261
|
|
|
0.79
|
|
|
|
|
|
|||||
Multifamily
|
14,952
|
|
|
50.86
|
|
|
12,387
|
|
|
55.66
|
|
|
|
|
|
|||||
Home equity and lines of credit
|
588
|
|
|
2.21
|
|
|
795
|
|
|
2.59
|
|
|
|
|
|
|||||
Commercial and industrial
|
1,720
|
|
|
1.08
|
|
|
1,288
|
|
|
1.08
|
|
|
|
|
|
|||||
PCI loans
|
896
|
|
|
1.03
|
|
|
783
|
|
|
1.40
|
|
|
|
|
|
|||||
Loans Acquired
|
75
|
|
|
26.79
|
|
|
115
|
|
|
17.26
|
|
|
|
|
|
|||||
Other
|
96
|
|
|
0.05
|
|
|
155
|
|
|
0.10
|
|
|
|
|
|
|||||
Total allocated allowance
|
24,595
|
|
|
100.00
|
%
|
|
23,677
|
|
|
100.00
|
%
|
|
|
|
|
|||||
Unallocated
|
—
|
|
|
|
|
1,093
|
|
|
|
|
|
|
|
|||||||
Total
|
$
|
24,595
|
|
|
|
|
$
|
24,770
|
|
|
|
|
|
|
|
|
At December 31,
|
||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||
|
Amortized Cost
|
|
Estimated Fair Value
|
|
Amortized Cost
|
|
Estimated Fair Value
|
|
Amortized Cost
|
|
Estimated Fair Value
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||
Debt securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pass-through certificates:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
GSEs
|
$
|
324,080
|
|
|
$
|
329,407
|
|
|
$
|
317,530
|
|
|
$
|
314,788
|
|
|
$
|
179,320
|
|
|
$
|
178,295
|
|
REMICs:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
GSEs
|
643,816
|
|
|
643,667
|
|
|
258,050
|
|
|
250,163
|
|
|
273,501
|
|
|
266,929
|
|
||||||
Non-GSEs
|
53
|
|
|
53
|
|
|
59
|
|
|
58
|
|
|
80
|
|
|
79
|
|
||||||
Other debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Municipal bonds
|
296
|
|
|
299
|
|
|
270
|
|
|
273
|
|
|
343
|
|
|
349
|
|
||||||
Corporate bonds
|
163,725
|
|
|
164,926
|
|
|
244,892
|
|
|
242,749
|
|
|
67,927
|
|
|
68,130
|
|
||||||
Total debt securities available-for-sale
|
$
|
1,131,970
|
|
|
$
|
1,138,352
|
|
|
$
|
820,801
|
|
|
$
|
808,031
|
|
|
$
|
521,171
|
|
|
$
|
513,782
|
|
|
At December 31,
|
||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||
|
Amortized Cost
|
|
Estimated Fair Value
|
|
Amortized Cost
|
|
Estimated Fair Value
|
|
Amortized Cost
|
|
Estimated Fair Value
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||
Securities held-to-maturity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pass-through certificates - GSEs
|
$
|
8,762
|
|
|
$
|
8,886
|
|
|
$
|
9,505
|
|
|
$
|
9,249
|
|
|
$
|
9,931
|
|
|
$
|
9,892
|
|
Total securities held-to-maturity
|
$
|
8,762
|
|
|
$
|
8,886
|
|
|
$
|
9,505
|
|
|
$
|
9,249
|
|
|
$
|
9,931
|
|
|
$
|
9,892
|
|
|
At December 31, 2019
|
||||||
|
Amortized Cost
|
|
Estimated Fair Value
|
||||
|
(Dollars in thousands)
|
||||||
Mortgage-backed securities:
|
|
|
|
||||
Freddie Mac
|
$
|
358,769
|
|
|
$
|
360,319
|
|
Fannie Mae
|
$
|
467,619
|
|
|
$
|
471,225
|
|
Ginnie Mae
|
$
|
148,128
|
|
|
$
|
148,301
|
|
|
For the Years Ended December 31,
|
||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||||||||
|
Average Balance
|
|
Percent
|
|
Weighted Average Rate
|
|
Average Balance
|
|
Percent
|
|
Weighted Average Rate
|
|
Average Balance
|
|
Percent
|
|
Weighted Average Rate
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||||||
Non-interest bearing demand
|
$
|
384,740
|
|
|
11.54
|
%
|
|
—
|
%
|
|
$
|
405,319
|
|
|
13.32
|
%
|
|
—
|
%
|
|
$
|
385,891
|
|
|
14.16
|
%
|
|
—
|
%
|
NOW and interest bearing demand
|
575,893
|
|
|
17.28
|
|
|
0.80
|
%
|
|
456,545
|
|
|
15.00
|
|
|
0.48
|
%
|
|
477,996
|
|
|
17.54
|
|
|
0.30
|
%
|
|||
Money market accounts
|
630,273
|
|
|
18.91
|
|
|
1.32
|
%
|
|
686,080
|
|
|
22.54
|
|
|
1.00
|
%
|
|
809,286
|
|
|
29.70
|
|
|
0.73
|
%
|
|||
Savings
|
715,398
|
|
|
21.46
|
|
|
1.05
|
%
|
|
538,942
|
|
|
17.71
|
|
|
0.38
|
%
|
|
426,581
|
|
|
15.66
|
|
|
0.21
|
%
|
|||
Certificates of deposit
|
1,027,122
|
|
|
30.81
|
|
|
2.03
|
%
|
|
956,821
|
|
|
31.43
|
|
|
1.74
|
%
|
|
625,067
|
|
|
22.94
|
|
|
1.30
|
%
|
|||
Total deposits
|
$
|
3,333,426
|
|
|
100.00
|
%
|
|
1.24
|
%
|
|
$
|
3,043,707
|
|
|
100.00
|
%
|
|
0.91
|
%
|
|
$
|
2,724,821
|
|
|
100.00
|
%
|
|
0.60
|
%
|
|
December 31, 2019
|
||
|
(Dollars in thousands)
|
||
Three months or less
|
$
|
202,317
|
|
Over three months through six months
|
83,680
|
|
|
Over six months through one year
|
154,021
|
|
|
Over one year to three years
|
27,386
|
|
|
Over three years
|
17,845
|
|
|
Total
|
$
|
485,249
|
|
|
At Or For the Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(Dollars in thousands)
|
||||||||||
Balance at end of year
|
$
|
857,004
|
|
|
$
|
408,891
|
|
|
$
|
471,549
|
|
Average balance during year
|
$
|
576,284
|
|
|
$
|
459,180
|
|
|
$
|
494,361
|
|
Maximum outstanding at any month end
|
$
|
857,004
|
|
|
$
|
524,335
|
|
|
$
|
579,690
|
|
Weighted average interest rate at end of year
|
2.12
|
%
|
|
2.06
|
%
|
|
1.62
|
%
|
|||
Weighted average interest rate during year
|
2.09
|
%
|
|
1.81
|
%
|
|
1.54
|
%
|
•
|
the total capital distributions for the applicable calendar year exceeds the sum of the institution’s net income for that year to date plus the institution’s retained net income for the preceding two years that is still available for dividend;
|
•
|
the institution would not be at least adequately capitalized following the distribution;
|
•
|
the distribution would violate any applicable statute, regulation, agreement or written regulatory condition; or
|
•
|
the institution is not eligible for expedited review of its filings (i.e., generally, institutions that do not have safety and soundness, compliance and Community Reinvestment Act ratings in the top two categories or fail a capital requirement).
|
•
|
Truth-In-Lending Act, governing disclosures of credit terms to consumer borrowers;
|
•
|
Real Estate Settlement Procedures Act, requiring that borrowers for mortgage loans for one-to-four family residential real estate receive various disclosures, including good faith estimates of settlement costs, lender servicing and escrow account practices, and prohibiting certain practices that increase the cost of settlement services;
|
•
|
Home Mortgage Disclosure Act, requiring financial institutions to provide information to enable the public and public officials to determine whether a financial institution is fulfilling its obligation to help meet the housing needs of the community it serves;
|
•
|
Equal Credit Opportunity Act and the Fair Housing Act, prohibiting discrimination on the basis of race, creed or other prohibited factors in extending credit;
|
•
|
Fair Credit Reporting Act, governing the use and provision of information to credit reporting agencies;
|
•
|
Fair Debt Collection Act, governing the manner in which consumer debts may be collected by collection agencies;
|
•
|
Flood Disaster Protection Act, requiring flood insurance of collateral properties located in designated flood zones;
|
•
|
Servicemembers' Civil Relief Act a program that provides a wide range of protections in lending for individuals entering, called to active duty in the military, or deployed service members; and
|
•
|
Rules and regulations of the various federal agencies charged with the responsibility of implementing such federal laws.
|
•
|
Truth in Savings Act and Regulation DD, which requires disclosures of deposit terms to consumers;
|
•
|
Regulation CC, which relates to the availability of deposit funds to consumers;
|
•
|
Right to Financial Privacy Act, which imposes a duty to maintain confidentiality of consumer financial records and prescribes procedures for complying with administrative subpoenas of financial records;
|
•
|
Electronic Funds Transfer Act, which governs automatic deposits to and withdrawals from deposit accounts and customers’ rights and liabilities arising from the use of automated teller machines and other electronic banking services;
|
•
|
The USA PATRIOT Act, which requires banks and savings institutions to, among other things, establish broadened anti-money laundering compliance programs and due diligence policies and controls to ensure the detection and reporting of money laundering. Such required compliance programs are intended to supplement pre-existing compliance requirements that apply to financial institutions under the Bank Secrecy Act and the Office of Foreign Assets Control regulations; and
|
•
|
The Gramm-Leach-Bliley Act, which places limitations on the sharing of consumer financial information by financial institutions with unaffiliated third parties and requires all financial institutions offering products or services to retail customers to provide such customers with the financial institution’s privacy policy and allow such customers the opportunity to “opt out” of the sharing of certain personal financial information with unaffiliated third parties.
|
ITEM 1A.
|
RISK FACTORS
|
•
|
demand for our products and services may decline;
|
•
|
loan delinquencies, problem assets, and foreclosures may increase;
|
•
|
collateral for loans, especially real estate, may decline in value, in turn reducing customers’ future borrowing power, and reducing the value of assets and collateral associated with existing loans;
|
•
|
the value of our securities portfolio may decline; and
|
•
|
the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us.
|
•
|
integrating personnel with diverse business backgrounds;
|
•
|
converting customers to new systems;
|
•
|
combining different corporate cultures;
|
•
|
retaining key employees; and
|
•
|
retaining key customers.
|
ITEM 1B.
|
UNRESOLVED STAFF COMMENTS
|
ITEM 2.
|
PROPERTIES
|
ITEM 3.
|
LEGAL PROCEEDINGS
|
ITEM 4.
|
MINE SAFETY DISCLOSURES
|
ITEM 5.
|
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
|
|
|
As of
|
||||||||||||||||
Index
|
|
12/31/2014
|
|
12/31/2015
|
|
12/31/2016
|
|
12/31/2017
|
|
12/31/2018
|
|
12/31/2019
|
||||||
Northfield Bancorp, Inc.
|
|
100.00
|
|
|
109.60
|
|
|
140.24
|
|
|
122.34
|
|
|
99.62
|
|
|
128.17
|
|
NASDAQ Composite Index
|
|
100.00
|
|
|
106.96
|
|
|
116.45
|
|
|
150.96
|
|
|
146.67
|
|
|
200.49
|
|
SNL U.S. Thrift Index
|
|
100.00
|
|
|
112.45
|
|
|
137.74
|
|
|
136.74
|
|
|
115.17
|
|
|
141.80
|
|
SNL U.S. Bank NASDAQ Index
|
|
100.00
|
|
|
107.95
|
|
|
149.68
|
|
|
157.58
|
|
|
132.82
|
|
|
166.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period
|
|
(a) Total Number of Shares Purchased
|
|
(b) Average Price Paid per Share
|
|
(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)
|
|
(d) Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (1)
|
||||||
October 1, 2019 to October 31, 2019
|
|
7,300
|
|
|
$
|
15.74
|
|
|
7,300
|
|
|
$
|
21,452,174
|
|
November 1, 2019 to November 30, 2019
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,452,174
|
|
||
December 1, 2019 to December 31, 2019
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,452,174
|
|
||
Total
|
|
7,300
|
|
|
15.74
|
|
|
7,300
|
|
|
|
.ITEM 6.
|
SELECTED FINANCIAL DATA
|
|
At December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
Selected Financial Condition Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
5,055,302
|
|
|
$
|
4,408,432
|
|
|
$
|
3,991,417
|
|
|
$
|
3,850,094
|
|
|
$
|
3,202,584
|
|
Cash and cash equivalents
|
147,818
|
|
|
77,762
|
|
|
57,839
|
|
|
96,085
|
|
|
51,853
|
|
|||||
Trading securities
|
11,222
|
|
|
8,968
|
|
|
9,597
|
|
|
7,857
|
|
|
6,713
|
|
|||||
Debt securities available-for-sale, at estimated fair value
|
1,138,352
|
|
|
808,031
|
|
|
513,782
|
|
|
496,429
|
|
|
541,114
|
|
|||||
Debt securities held-to-maturity, at amortized cost
|
8,762
|
|
|
9,505
|
|
|
9,931
|
|
|
10,148
|
|
|
10,346
|
|
|||||
Equity securities
|
3,341
|
|
|
1,280
|
|
|
1,339
|
|
|
2,468
|
|
|
481
|
|
|||||
Loans held-for-investment:
|
|
|
|
|
|
|
|
|
|
||||||||||
PCI loans
|
17,365
|
|
|
20,143
|
|
|
22,741
|
|
|
30,498
|
|
|
33,115
|
|
|||||
Loans acquired
|
432,653
|
|
|
546,150
|
|
|
692,803
|
|
|
793,240
|
|
|
409,015
|
|
|||||
Originated loans, net
|
2,987,067
|
|
|
2,678,877
|
|
|
2,425,275
|
|
|
2,144,346
|
|
|
1,931,585
|
|
|||||
Loans held-for-investment, net
|
3,437,085
|
|
|
3,245,170
|
|
|
3,140,819
|
|
|
2,968,084
|
|
|
2,373,715
|
|
|||||
Allowance for loan losses
|
(28,707
|
)
|
|
(27,497
|
)
|
|
(26,160
|
)
|
|
(24,595
|
)
|
|
(24,770
|
)
|
|||||
Net loans held-for-investment
|
3,408,378
|
|
|
3,217,673
|
|
|
3,114,659
|
|
|
2,943,489
|
|
|
2,348,945
|
|
|||||
Bank owned life insurance
|
153,459
|
|
|
154,135
|
|
|
150,604
|
|
|
148,047
|
|
|
132,782
|
|
|||||
FHLB of New York stock, at cost
|
39,575
|
|
|
22,517
|
|
|
25,046
|
|
|
25,123
|
|
|
25,803
|
|
|||||
Operating lease right-of-use assets
|
39,504
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other real estate owned
|
—
|
|
|
—
|
|
|
850
|
|
|
850
|
|
|
45
|
|
|||||
Deposits
|
3,408,233
|
|
|
3,286,512
|
|
|
2,836,979
|
|
|
2,713,587
|
|
|
2,052,929
|
|
|||||
Borrowed funds
|
857,004
|
|
|
408,891
|
|
|
471,549
|
|
|
473,206
|
|
|
558,129
|
|
|||||
Operating lease liabilities
|
44,069
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total liabilities
|
4,359,449
|
|
|
3,741,993
|
|
|
3,352,540
|
|
|
3,228,898
|
|
|
2,642,805
|
|
|||||
Total stockholders’ equity
|
$
|
695,853
|
|
|
$
|
666,439
|
|
|
$
|
638,877
|
|
|
$
|
621,196
|
|
|
$
|
559,779
|
|
|
Years Ended December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
(Dollars in thousands, except share data)
|
||||||||||||||||||
Selected Operating Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income
|
$
|
165,143
|
|
|
$
|
147,292
|
|
|
$
|
132,869
|
|
|
$
|
124,972
|
|
|
$
|
101,758
|
|
Interest expense
|
53,358
|
|
|
36,050
|
|
|
23,976
|
|
|
21,668
|
|
|
19,688
|
|
|||||
Net interest income before provision for loan losses
|
111,785
|
|
|
111,242
|
|
|
108,893
|
|
|
103,304
|
|
|
82,070
|
|
|||||
Provision for loan losses
|
22
|
|
|
2,615
|
|
|
1,411
|
|
|
635
|
|
|
353
|
|
|||||
Net interest income after provision for loan losses
|
111,763
|
|
|
108,627
|
|
|
107,482
|
|
|
102,669
|
|
|
81,717
|
|
|||||
Non-interest income
|
14,808
|
|
|
8,127
|
|
|
11,642
|
|
|
10,072
|
|
|
7,898
|
|
|||||
Non-interest expense
|
73,549
|
|
|
67,043
|
|
|
67,378
|
|
|
72,946
|
|
|
58,109
|
|
|||||
Income before income taxes
|
53,022
|
|
|
49,711
|
|
|
51,746
|
|
|
39,795
|
|
|
31,506
|
|
|||||
Income tax expense
|
12,787
|
|
|
9,632
|
|
|
26,978
|
|
|
13,665
|
|
|
11,975
|
|
|||||
Net income
|
$
|
40,235
|
|
|
$
|
40,079
|
|
|
$
|
24,768
|
|
|
$
|
26,130
|
|
|
$
|
19,531
|
|
Net income per common share - basic
|
$
|
0.86
|
|
|
$
|
0.87
|
|
|
$
|
0.55
|
|
|
$
|
0.59
|
|
|
$
|
0.46
|
|
Net income per common share - diluted
|
$
|
0.85
|
|
|
$
|
0.85
|
|
|
$
|
0.53
|
|
|
$
|
0.57
|
|
|
$
|
0.45
|
|
Weighted average basic shares outstanding
|
46,783,442
|
|
|
46,319,760
|
|
|
45,325,445
|
|
|
44,374,389
|
|
|
42,285,712
|
|
|||||
Weighted average diluted shares outstanding
|
47,163,804
|
|
|
47,107,433
|
|
|
46,875,730
|
|
|
45,717,887
|
|
|
43,478,481
|
|
|
At or For the Years Ended December 31,
|
|||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|||||
Selected Financial Ratios and Other Data:
|
|
|
|
|
|
|
|
|
|
|||||
Performance Ratios:
|
|
|
|
|
|
|
|
|
|
|||||
Return on assets (ratio of net income to average total assets)(1) (2) (3) (4) (5)
|
0.86
|
%
|
|
0.95
|
%
|
|
0.63
|
%
|
|
0.70
|
%
|
|
0.63
|
%
|
Return on equity (ratio of net income to average equity)(1) (2) (3) (4) (5)
|
5.89
|
|
|
6.17
|
|
|
3.88
|
|
|
4.26
|
|
|
3.41
|
|
Interest rate spread(6)
|
2.25
|
|
|
2.56
|
|
|
2.79
|
|
|
2.80
|
|
|
2.63
|
|
Net interest margin(7)
|
2.55
|
|
|
2.81
|
|
|
2.99
|
|
|
2.98
|
|
|
2.83
|
|
Dividend payout ratio(8)
|
50.20
|
|
|
46.59
|
|
|
63.17
|
|
|
53.86
|
|
|
62.38
|
|
Efficiency ratio(9) (10)
|
58.10
|
|
|
56.16
|
|
|
55.90
|
|
|
64.34
|
|
|
64.59
|
|
Non-interest expense to average total assets
|
1.57
|
|
|
1.60
|
|
|
1.72
|
|
|
1.95
|
|
|
1.86
|
|
Average interest-earning assets to average interest-bearing liabilities
|
124.47
|
|
|
127.84
|
|
|
128.71
|
|
|
128.68
|
|
|
129.12
|
|
Average equity to average total assets
|
14.58
|
|
|
15.47
|
|
|
16.31
|
|
|
16.44
|
|
|
18.32
|
|
Asset Quality Ratios:
|
|
|
|
|
|
|
|
|
|
|||||
Non-performing assets to total assets
|
0.20
|
|
|
0.21
|
|
|
0.16
|
|
|
0.21
|
|
|
0.28
|
|
Non-performing loans(11) to total loans(12)
|
0.29
|
|
|
0.28
|
|
|
0.18
|
|
|
0.25
|
|
|
0.37
|
|
Allowance for loan losses to non-performing loans held-for-investment
|
288.48
|
|
|
299.06
|
|
|
472.63
|
|
|
333.23
|
|
|
280.78
|
|
Allowance for loan losses to total loans held-for-investment, net(13)
|
0.84
|
|
|
0.85
|
|
|
0.83
|
|
|
0.83
|
|
|
1.04
|
|
Allowance for loan losses to originated loans held-for-investment, net(14)
|
0.93
|
|
|
0.99
|
|
|
1.04
|
|
|
1.10
|
|
|
1.24
|
|
Capital Ratios:
|
|
|
|
|
|
|
|
|
|
|||||
Common equity Tier 1 capital (to risk-weighted assets)
|
16.35
|
|
|
17.17
|
|
|
18.02
|
|
|
18.79
|
|
|
22.15
|
|
Total capital (to risk-weighted assets)
|
17.09
|
|
|
17.93
|
|
|
18.81
|
|
|
19.60
|
|
|
23.17
|
|
Tier 1 capital (to risk-weighted assets)
|
16.35
|
|
|
17.17
|
|
|
18.02
|
|
|
18.79
|
|
|
22.15
|
|
Tier 1 capital (to adjusted assets)
|
13.37
|
|
|
14.82
|
|
|
15.27
|
|
|
15.40
|
|
|
17.25
|
|
Other Data:
|
|
|
|
|
|
|
|
|
|
|||||
Number of full service offices
|
37
|
|
|
40
|
|
|
39
|
|
|
38
|
|
|
30
|
|
Full time equivalent employees
|
369
|
|
|
358
|
|
|
338
|
|
|
348
|
|
|
290
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The year ended December 31, 2019, includes: (i) $3.4 million of tax-exempt income from bank owned life insurance proceeds in excess of the cash surrender value of the policies; (ii) $1.6 million after-tax income related to recoveries on loans previously charged-off; and (iii) $755,000, after-tax, in occupancy expense related to the consolidation of three branches, and $125,000 of merger-related expenses.
|
|
(2)
|
The year ended December 31, 2018, includes a $2.7 million reduction in income tax expense related to excess tax benefits from the exercise or vesting of equity awards.
|
|
(3)
|
The year ended December 31, 2017, includes: (i) a tax charge of $10.5 million as a result of the Tax Act; (ii) a $2.3 million reduction in income tax expense related to excess tax benefits from the exercise or vesting of equity awards; and (iii) $1.5 million of tax-exempt income from bank owned life insurance proceeds in excess of the cash surrender value of the policies.
|
|
(4)
|
The year ended December 31, 2016, includes merger-related charges of $2.4 million, net of tax, associated with the acquisition of Hopewell Valley.
|
|
(5)
|
The year ended December 31, 2015, includes merger-related charges of $574,000, net of tax, associated with the acquisition of Hopewell Valley and a $795,000 charge related to the write-down of deferred tax assets resulting from New York City tax reforms.
|
|
(6)
|
The interest rate spread represents the difference between the weighted-average yield on interest earning assets and the weighted-average costs of interest-bearing liabilities.
|
|
(7)
|
The net interest margin represents net interest income as a percent of average interest-earning assets for the period.
|
|
(8)
|
Dividend payout ratio is calculated as total dividends declared for the year divided by net income for the year.
|
|
(9)
|
The efficiency ratio represents non-interest expense divided by the sum of net interest income and non-interest income.
|
|
(10)
|
The year ended December 31, 2019, includes tax-exempt income from bank owned life insurance proceeds in excess of the cash surrender value of the policies of $3.4 million and pre-tax charges of $1.0 million in occupancy expense related to the consolidation of three branches. The year ended December 31, 2017, include tax-exempt income from bank owned life insurance proceeds in excess of the cash surrender value of the policies of $1.5 million. The year ended December 31, 2016, includes merger-related pre-tax charges of $4.0 million associated with the acquisition of Hopewell Valley. The year ended December 31, 2015, includes merger-related pre-tax charges of $672,000 associated with the acquisition of Hopewell Valley.
|
|
(11)
|
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.
|
|
(12)
|
Includes originated loans held-for-investment, PCI loans, acquired loans.
|
|
(13)
|
Includes PCI and acquired loans held-for-investment (and related allowance for loan losses).
|
|
(14)
|
Excludes PCI loans and acquired loans held-for-investment (and related allowance for loan losses).
|
ITEM 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
•
|
changes in lending policies and procedures;
|
•
|
changes in local, regional, national, and international economic and business conditions and developments that affect the collectability of our portfolio, including the condition of various market segments;
|
•
|
changes in the nature and volume of our portfolio and in the terms of our loans;
|
•
|
changes in the experience, ability and depth of lending management and other relevant staff;
|
•
|
changes in the volume and severity of past due loans, the volume of non-accrual loans, and the volume and severity of adversely classified or graded loans;
|
•
|
changes in the quality of our loan review system;
|
•
|
changes in the value of underlying collateral for collateral-dependent loans;
|
•
|
the existence and effect of any concentrations of credit, and changes in the level of such concentrations; and
|
•
|
the effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in our existing portfolio.
|
•
|
a historical loss period, which represents a full economic credit cycle utilizing internal loss experience, as well as peer historical loss data;
|
•
|
three economic scenarios - history continues, history moderately worsens, and history severely worsens;
|
•
|
a reasonable and supportable forecast period of two years, based on management’s current review of macroeconomic factors and the reliability of extended economic forecasts based on forecast data from Moody's;
|
•
|
a reversion period (after the reasonable and supportable forecast period) using a straight-line approach;
|
•
|
expected prepayment rates based on our historical experience; and
|
•
|
incorporation of qualitative factors not captured within the modeled results.
|
Year ended December 31, 2019
|
||||||||||||
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
|
||
$
|
455,688
|
|
|
4.02%
|
|
58%
|
|
99
|
|
V
|
|
10-30 Years
|
23,310
|
|
|
4.39%
|
|
50%
|
|
167
|
|
F
|
|
10-15 Years
|
|
$
|
478,998
|
|
|
4.04%
|
|
58%
|
|
|
|
|
|
|
Year ended December 31, 2018
|
||||||||||||
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
|
||
$
|
383,062
|
|
|
4.01%
|
|
62%
|
|
79
|
|
V
|
|
15-30 Years
|
16,230
|
|
|
4.23%
|
|
36%
|
|
181
|
|
F
|
|
15 Years
|
|
$
|
399,292
|
|
|
4.02%
|
|
61%
|
|
|
|
|
|
|
Principal Amounts Purchased
|
|
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
|
||
$
|
4,230
|
|
|
Residential
|
|
4.19%
|
|
70.5%
|
|
324
|
|
F
|
|
15 - 30 Years
|
17,253
|
|
|
Residential
|
|
3.69%
|
|
63.0%
|
|
78
|
|
V
|
|
30 Years
|
|
19,448
|
|
|
Residential
|
|
4.19%
|
|
71.3%
|
|
333
|
|
F
|
|
30 Years
|
|
3,262
|
|
|
Residential
|
|
3.93%
|
|
65.5%
|
|
346
|
|
F
|
|
30 Years
|
|
$
|
44,193
|
|
|
|
|
3.98%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Amounts Purchased
|
|
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
|
|
Amortization Term
|
||
$
|
29,963
|
|
|
Residential
|
|
2.30%
|
|
55%
|
|
1
|
|
V
|
|
30 Years
|
4,368
|
|
|
Residential
|
|
3.67%
|
|
58%
|
|
346
|
|
F
|
|
15-30 Years
|
|
3,178
|
|
|
Residential
|
|
3.68%
|
|
60%
|
|
330
|
|
F
|
|
15-30 Years
|
|
$
|
37,509
|
|
|
|
|
2.58%
|
|
56%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended December 31,
|
|||||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||||||||||||||
|
Average Outstanding Balance
|
|
Interest
|
|
Average Yield/ Rate
|
|
Average Outstanding Balance
|
|
Interest
|
|
Average Yield/ Rate
|
|
Average Outstanding Balance
|
|
Interest
|
|
Average Yield/ Rate
|
|||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Loans (1)
|
$
|
3,297,859
|
|
|
$
|
136,133
|
|
|
4.13
|
%
|
|
$
|
3,176,965
|
|
|
$
|
127,591
|
|
|
4.02
|
%
|
|
$
|
3,052,410
|
|
|
$
|
120,340
|
|
|
3.94
|
%
|
Mortgage-backed securities (2)
|
777,997
|
|
|
19,710
|
|
|
2.53
|
%
|
|
540,859
|
|
|
12,987
|
|
|
2.40
|
%
|
|
434,166
|
|
|
9,174
|
|
|
2.11
|
%
|
||||||
Other securities(2)
|
216,125
|
|
|
6,331
|
|
|
2.93
|
%
|
|
153,346
|
|
|
4,112
|
|
|
2.68
|
%
|
|
69,163
|
|
|
1,310
|
|
|
1.89
|
%
|
||||||
FHLB of New York stock
|
28,223
|
|
|
1,618
|
|
|
5.73
|
%
|
|
24,731
|
|
|
1,683
|
|
|
6.81
|
%
|
|
26,155
|
|
|
1,461
|
|
|
5.59
|
%
|
||||||
Interest-earning deposits
|
67,289
|
|
|
1,351
|
|
|
2.01
|
%
|
|
63,898
|
|
|
919
|
|
|
1.44
|
%
|
|
64,868
|
|
|
584
|
|
|
0.90
|
%
|
||||||
Total interest-earning assets
|
4,387,493
|
|
|
165,143
|
|
|
3.76
|
%
|
|
3,959,799
|
|
|
147,292
|
|
|
3.72
|
%
|
|
3,646,762
|
|
|
132,869
|
|
|
3.64
|
%
|
||||||
Non-interest-earning assets
|
297,872
|
|
|
|
|
|
|
242,128
|
|
|
|
|
|
|
270,161
|
|
|
|
|
|
||||||||||||
Total assets
|
$
|
4,685,365
|
|
|
|
|
|
|
$
|
4,201,927
|
|
|
|
|
|
|
$
|
3,916,923
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Savings, NOW, and money market accounts
|
$
|
1,921,564
|
|
|
$
|
20,473
|
|
|
1.07
|
%
|
|
$
|
1,681,567
|
|
|
$
|
11,053
|
|
|
0.66
|
%
|
|
$
|
1,713,863
|
|
|
$
|
8,233
|
|
|
0.48
|
%
|
Certificates of deposit
|
1,027,122
|
|
|
20,855
|
|
|
2.03
|
%
|
|
956,821
|
|
|
16,688
|
|
|
1.74
|
%
|
|
625,067
|
|
|
8,153
|
|
|
1.30
|
%
|
||||||
Total interest-bearing deposits
|
2,948,686
|
|
|
41,328
|
|
|
1.40
|
%
|
|
2,638,388
|
|
|
27,741
|
|
|
1.05
|
%
|
|
2,338,930
|
|
|
16,386
|
|
|
0.70
|
%
|
||||||
Borrowings
|
576,284
|
|
|
12,030
|
|
|
2.09
|
%
|
|
459,180
|
|
|
8,309
|
|
|
1.81
|
%
|
|
494,361
|
|
|
7,590
|
|
|
1.54
|
%
|
||||||
Total interest-bearing liabilities
|
3,524,970
|
|
|
53,358
|
|
|
1.51
|
%
|
|
3,097,568
|
|
|
36,050
|
|
|
1.16
|
%
|
|
2,833,291
|
|
|
23,976
|
|
|
0.85
|
%
|
||||||
Non-interest-bearing deposits
|
384,740
|
|
|
|
|
|
|
405,319
|
|
|
|
|
|
|
385,891
|
|
|
|
|
|
||||||||||||
Accrued expenses and other liabilities
|
92,469
|
|
|
|
|
|
|
49,157
|
|
|
|
|
|
|
59,034
|
|
|
|
|
|
||||||||||||
Total liabilities
|
4,002,179
|
|
|
|
|
|
|
3,552,044
|
|
|
|
|
|
|
3,278,216
|
|
|
|
|
|
||||||||||||
Stockholders’ equity
|
683,186
|
|
|
|
|
|
|
649,883
|
|
|
|
|
|
|
638,707
|
|
|
|
|
|
||||||||||||
Total liabilities and stockholders’ equity
|
$
|
4,685,365
|
|
|
|
|
|
|
$
|
4,201,927
|
|
|
|
|
|
|
$
|
3,916,923
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net interest income
|
|
|
$
|
111,785
|
|
|
|
|
|
|
$
|
111,242
|
|
|
|
|
|
|
$
|
108,893
|
|
|
|
|||||||||
Net interest rate spread (3)
|
|
|
|
|
2.25
|
%
|
|
|
|
|
|
2.56
|
%
|
|
|
|
|
|
2.79
|
%
|
||||||||||||
Net interest-earning assets (4)
|
$
|
862,523
|
|
|
|
|
|
|
$
|
862,231
|
|
|
|
|
|
|
$
|
813,471
|
|
|
|
|
|
|||||||||
Net interest margin (5)
|
|
|
|
|
2.55
|
%
|
|
|
|
|
|
2.81
|
%
|
|
|
|
|
|
2.99
|
%
|
||||||||||||
Average interest-earning assets to interest-bearing liabilities
|
|
|
|
|
124.47
|
%
|
|
|
|
|
|
|
127.84
|
%
|
|
|
|
|
|
|
128.71
|
%
|
|
|
|
(1)
|
Includes non-accruing loans.
|
|
(2)
|
Securities available-for-sale are reported at amortized cost.
|
|
(3)
|
Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.
|
|
(4)
|
Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
|
|
(5)
|
Net interest margin represents net interest income divided by average total interest-earning assets.
|
|
Year Ended December 31,
|
|
Year Ended December 31,
|
||||||||||||||||||||
|
2019 vs. 2018
|
|
2018 vs. 2017
|
||||||||||||||||||||
|
|
|
|
|
Total
|
|
|
|
|
|
Total
|
||||||||||||
|
Increase (Decrease) Due to
|
|
Increase
|
|
Increase (Decrease) Due to
|
|
Increase
|
||||||||||||||||
|
Volume
|
|
Rate
|
|
(Decrease)
|
|
Volume
|
|
Rate
|
|
(Decrease)
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans
|
$
|
4,933
|
|
|
$
|
3,609
|
|
|
$
|
8,542
|
|
|
$
|
4,974
|
|
|
$
|
2,277
|
|
|
$
|
7,251
|
|
Mortgage-backed securities
|
5,973
|
|
|
750
|
|
|
6,723
|
|
|
2,452
|
|
|
1,361
|
|
|
3,813
|
|
||||||
Other securities
|
1,810
|
|
|
409
|
|
|
2,219
|
|
|
2,089
|
|
|
713
|
|
|
2,802
|
|
||||||
FHLB of New York stock
|
560
|
|
|
(625
|
)
|
|
(65
|
)
|
|
(74
|
)
|
|
296
|
|
|
222
|
|
||||||
Interest-earning deposits
|
51
|
|
|
381
|
|
|
432
|
|
|
(9
|
)
|
|
344
|
|
|
335
|
|
||||||
Total interest-earning assets
|
13,327
|
|
|
4,524
|
|
|
17,851
|
|
|
9,432
|
|
|
4,991
|
|
|
14,423
|
|
||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Savings, NOW and money market accounts
|
1,761
|
|
|
7,659
|
|
|
9,420
|
|
|
(152
|
)
|
|
2,972
|
|
|
2,820
|
|
||||||
Certificates of deposit
|
1,288
|
|
|
2,879
|
|
|
4,167
|
|
|
5,219
|
|
|
3,316
|
|
|
8,535
|
|
||||||
Total deposits
|
3,049
|
|
|
10,538
|
|
|
13,587
|
|
|
5,067
|
|
|
6,288
|
|
|
11,355
|
|
||||||
Borrowings
|
2,322
|
|
|
1,399
|
|
|
3,721
|
|
|
(476
|
)
|
|
1,195
|
|
|
719
|
|
||||||
Total interest-bearing liabilities
|
5,371
|
|
|
11,937
|
|
|
17,308
|
|
|
4,591
|
|
|
7,483
|
|
|
12,074
|
|
||||||
Change in net interest income
|
$
|
7,956
|
|
|
$
|
(7,413
|
)
|
|
$
|
543
|
|
|
$
|
4,841
|
|
|
$
|
(2,492
|
)
|
|
$
|
2,349
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Non-accrual loans:
|
|
|
|
||||
Held-for-investment
|
$
|
5,036
|
|
|
$
|
8,649
|
|
Non-accruing loans subject to restructuring agreements:
|
|
|
|
||||
Held-for-investment
|
4,397
|
|
|
513
|
|
||
Total non-accruing loans
|
9,433
|
|
|
9,162
|
|
||
Loans 90 days or more past due and still accruing:
|
|
|
|
||||
Held-for-investment
|
518
|
|
|
33
|
|
||
Total non-performing loans
|
9,951
|
|
|
9,195
|
|
||
Total non-performing assets
|
$
|
9,951
|
|
|
$
|
9,195
|
|
Loans subject to restructuring agreements and still accruing
|
$
|
14,143
|
|
|
$
|
16,390
|
|
Accruing loans 30 to 89 days delinquent
|
$
|
8,206
|
|
|
$
|
8,562
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Real estate loans:
|
|
|
|
||||
Commercial
|
$
|
7,922
|
|
|
$
|
7,291
|
|
One-to-four family residential
|
889
|
|
|
1,129
|
|
||
Multifamily
|
437
|
|
|
566
|
|
||
Home equity and lines of credit
|
185
|
|
|
151
|
|
||
Commercial and industrial
|
—
|
|
|
25
|
|
||
Total non-accrual loans:
|
9,433
|
|
|
9,162
|
|
||
Loans delinquent 90 days or more and still accruing:
|
|
|
|
||||
Real estate loans:
|
|
|
|
||||
Commercial
|
253
|
|
|
—
|
|
||
One-to-four family residential
|
265
|
|
|
33
|
|
||
Total loans delinquent 90 days or more and still accruing
|
518
|
|
|
33
|
|
||
Total non-performing loans
|
$
|
9,951
|
|
|
$
|
9,195
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Real estate loans:
|
|
|
|
||||
Commercial
|
$
|
5,450
|
|
|
$
|
2,377
|
|
One-to-four family residential
|
1,590
|
|
|
4,120
|
|
||
Construction and land
|
147
|
|
|
—
|
|
||
Multifamily
|
547
|
|
|
2,018
|
|
||
Home equity and lines of credit
|
217
|
|
|
—
|
|
||
Commercial and industrial loans
|
229
|
|
|
45
|
|
||
Other loans
|
26
|
|
|
2
|
|
||
|
$
|
8,206
|
|
|
$
|
8,562
|
|
|
At December 31,
|
||||||||||||||
|
2019
|
|
2018
|
||||||||||||
|
Non-Accruing
|
|
Accruing
|
|
Non-Accruing
|
|
Accruing
|
||||||||
Real estate loans:
|
|
|
|
|
|
|
|
||||||||
Commercial (1)
|
$
|
4,102
|
|
|
$
|
10,810
|
|
|
$
|
—
|
|
|
$
|
12,664
|
|
One-to-four family residential
|
255
|
|
|
2,224
|
|
|
361
|
|
|
2,324
|
|
||||
Multifamily
|
40
|
|
|
997
|
|
|
152
|
|
|
1,268
|
|
||||
Home equity and lines of credit
|
—
|
|
|
54
|
|
|
—
|
|
|
61
|
|
||||
Commercial and industrial loans
|
—
|
|
|
58
|
|
|
—
|
|
|
73
|
|
||||
|
$
|
4,397
|
|
|
$
|
14,143
|
|
|
$
|
513
|
|
|
$
|
16,390
|
|
|
|
|
|
|
|
|
|
||||||||
Performing in accordance with restructured terms
|
64.5
|
%
|
|
97.3
|
%
|
|
54.2
|
%
|
|
90.1
|
%
|
||||
|
|
|
|
|
|
|
|
|
Real estate loans
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
|
Commercial
|
|
One-to-four Family Residential
|
|
Construction and Land
|
|
Multifamily
|
|
Home Equity and Lines of Credit
|
|
Commercial and Industrial
|
|
Other
|
|
PCI
|
|
Acquired
|
|
Total Allowance for Loan Losses
|
||||||||||||||||||||
2016
|
$
|
5,432
|
|
|
$
|
664
|
|
|
$
|
172
|
|
|
$
|
14,952
|
|
|
$
|
588
|
|
|
$
|
1,720
|
|
|
$
|
96
|
|
|
$
|
896
|
|
|
$
|
75
|
|
|
$
|
24,595
|
|
Provision for loan losses
|
(302
|
)
|
|
(161
|
)
|
|
438
|
|
|
2,329
|
|
|
(459
|
)
|
|
(453
|
)
|
|
(2
|
)
|
|
55
|
|
|
(34
|
)
|
|
1,411
|
|
||||||||||
Recoveries
|
70
|
|
|
—
|
|
|
—
|
|
|
277
|
|
|
97
|
|
|
79
|
|
|
—
|
|
|
—
|
|
|
33
|
|
|
556
|
|
||||||||||
Charge-offs
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(184
|
)
|
|
(104
|
)
|
|
(73
|
)
|
|
—
|
|
|
—
|
|
|
(37
|
)
|
|
(402
|
)
|
||||||||||
2017
|
5,196
|
|
|
503
|
|
|
610
|
|
|
17,374
|
|
|
122
|
|
|
1,273
|
|
|
94
|
|
|
951
|
|
|
37
|
|
|
26,160
|
|
||||||||||
Provision for loan losses
|
1,641
|
|
|
(162
|
)
|
|
(147
|
)
|
|
684
|
|
|
229
|
|
|
346
|
|
|
14
|
|
|
59
|
|
|
(49
|
)
|
|
2,615
|
|
||||||||||
Recoveries
|
49
|
|
|
4
|
|
|
—
|
|
|
26
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
112
|
|
||||||||||
Charge-offs
|
(1,256
|
)
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(60
|
)
|
|
(70
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1,390
|
)
|
||||||||||
2018
|
5,630
|
|
|
342
|
|
|
463
|
|
|
18,084
|
|
|
291
|
|
|
1,569
|
|
|
108
|
|
|
1,010
|
|
|
—
|
|
|
27,497
|
|
||||||||||
Provision for loan losses
|
(452
|
)
|
|
(234
|
)
|
|
73
|
|
|
301
|
|
|
26
|
|
|
151
|
|
|
165
|
|
|
(221
|
)
|
|
213
|
|
|
22
|
|
||||||||||
Recoveries
|
98
|
|
|
72
|
|
|
—
|
|
|
1,818
|
|
|
—
|
|
|
20
|
|
|
1
|
|
|
—
|
|
|
166
|
|
|
2,175
|
|
||||||||||
Charge-offs
|
(520
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(100
|
)
|
|
(123
|
)
|
|
—
|
|
|
(244
|
)
|
|
(987
|
)
|
||||||||||
2019
|
$
|
4,756
|
|
|
$
|
180
|
|
|
$
|
536
|
|
|
$
|
20,203
|
|
|
$
|
317
|
|
|
$
|
1,640
|
|
|
$
|
151
|
|
|
$
|
789
|
|
|
$
|
135
|
|
|
$
|
28,707
|
|
•
|
originating multifamily loans and commercial real estate loans that generally have shorter maturities than one-to-four family residential real estate loans and have higher interest rates that generally reset from five to ten years;
|
•
|
investing in investment grade corporate securities and mortgage-backed securities; and
|
•
|
obtaining general financing through lower-cost core deposits, brokered deposits, and longer-term FHLB advances and repurchase agreements.
|
|
|
NPV at December 31, 2019
|
|
|
|
|
||||||||||||||||||||||
Change in Interest Rates (basis points)
|
|
Estimated Present Value of Assets
|
|
Estimated Present Value of Liabilities
|
|
Estimated NPV
|
|
Estimated Change In NPV
|
|
Estimated Change in NPV %
|
|
Estimated NPV/Present Value of Assets Ratio
|
|
Next 12 Months Net Interest Income Percent Change
|
|
Months 13-24 Net Interest Income Percent Change
|
||||||||||||
400
|
|
$
|
4,692,640
|
|
|
$
|
3,974,209
|
|
|
$
|
718,431
|
|
|
$
|
(156,728
|
)
|
|
(17.91
|
)%
|
|
15.31
|
%
|
|
(17.51
|
)%
|
|
(3.90
|
)%
|
300
|
|
4,797,256
|
|
|
4,039,976
|
|
|
757,280
|
|
|
(117,879
|
)
|
|
(13.47
|
)%
|
|
15.79
|
%
|
|
(12.79
|
)%
|
|
(2.47
|
)%
|
||||
200
|
|
4,907,606
|
|
|
4,108,235
|
|
|
799,371
|
|
|
(75,788
|
)
|
|
(8.66
|
)%
|
|
16.29
|
%
|
|
(7.99
|
)%
|
|
(0.70
|
)%
|
||||
100
|
|
5,018,245
|
|
|
4,179,543
|
|
|
838,702
|
|
|
(36,457
|
)
|
|
(4.17
|
)%
|
|
16.71
|
%
|
|
(3.71
|
)%
|
|
0.42
|
%
|
||||
—
|
|
5,129,680
|
|
|
4,254,521
|
|
|
875,159
|
|
|
—
|
|
|
—
|
%
|
|
17.06
|
%
|
|
—
|
%
|
|
—
|
%
|
||||
(100)
|
|
5,249,067
|
|
|
4,339,402
|
|
|
909,665
|
|
|
34,506
|
|
|
3.94
|
%
|
|
17.33
|
%
|
|
0.36
|
%
|
|
(3.15
|
)%
|
||||
(200)
|
|
5,414,518
|
|
|
4,422,975
|
|
|
991,543
|
|
|
116,384
|
|
|
13.30
|
%
|
|
18.31
|
%
|
|
0.63
|
%
|
|
(4.18
|
)%
|
|
|
NPV at December 31, 2018
|
|
|
|
|
||||||||||||||||||||||
Change in Interest Rates (basis points)
|
|
Estimated Present Value of Assets
|
|
Estimated Present Value of Liabilities
|
|
Estimated NPV
|
|
Estimated Change In NPV
|
|
Estimated Change in NPV %
|
|
Estimated NPV/Present Value of Assets Ratio
|
|
Next 12 Months Net Interest Income Percent Change
|
|
Months 13-24 Net Interest Income Percent Change
|
||||||||||||
400
|
|
$
|
4,031,597
|
|
|
$
|
3,319,312
|
|
|
$
|
712,285
|
|
|
$
|
(149,277
|
)
|
|
(17.33
|
)%
|
|
17.67
|
%
|
|
(16.59
|
)%
|
|
(3.47
|
)%
|
300
|
|
4,124,540
|
|
|
3,376,794
|
|
|
747,746
|
|
|
(113,816
|
)
|
|
(13.21
|
)%
|
|
18.13
|
%
|
|
(12.38
|
)%
|
|
(2.56
|
)%
|
||||
200
|
|
4,223,771
|
|
|
3,436,264
|
|
|
787,507
|
|
|
(74,055
|
)
|
|
(8.60
|
)%
|
|
18.64
|
%
|
|
(7.84
|
)%
|
|
(0.97
|
)%
|
||||
100
|
|
4,324,514
|
|
|
3,498,443
|
|
|
826,071
|
|
|
(35,491
|
)
|
|
(4.12
|
)%
|
|
19.10
|
%
|
|
(3.71
|
)%
|
|
(0.11
|
)%
|
||||
—
|
|
4,425,777
|
|
|
3,564,215
|
|
|
861,562
|
|
|
—
|
|
|
—
|
%
|
|
19.47
|
%
|
|
—
|
%
|
|
—
|
%
|
||||
(100)
|
|
4,527,603
|
|
|
3,637,211
|
|
|
890,392
|
|
|
28,830
|
|
|
3.35
|
%
|
|
19.67
|
%
|
|
1.27
|
%
|
|
(2.13
|
)%
|
||||
(200)
|
|
4,633,379
|
|
|
3,712,989
|
|
|
920,390
|
|
|
58,828
|
|
|
6.83
|
%
|
|
19.86
|
%
|
|
2.03
|
%
|
|
(3.03
|
)%
|
•
|
expected loan demand;
|
•
|
expected deposit flows;
|
•
|
yields available on interest-earning deposits and securities; and
|
•
|
the objectives of our asset/liability management program.
|
Cash and cash equivalents(1)
|
$
|
132,409
|
|
Corporate bonds
|
$
|
164,926
|
|
Multifamily loans(2)
|
$
|
1,140,374
|
|
Mortgage-backed securities (issued or guaranteed by the U.S. Government, Fannie Mae, or Freddie Mac)(2)
|
$
|
284,838
|
|
|
|
|
|
Payments Due by Period
|
||||||||||||||||||
Contractual Obligations
|
|
Less Than One Year
|
|
One to Three Years
|
|
More Than Three to Five Years
|
|
More Than Five Years
|
|
Total
|
||||||||||
Borrowings (1)
|
|
$
|
412,786
|
|
|
$
|
290,000
|
|
|
$
|
137,500
|
|
|
$
|
12,500
|
|
|
$
|
852,786
|
|
Floating rate advances
|
|
6,004
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,004
|
|
|||||
Operating lease liabilities
|
|
6,160
|
|
|
10,798
|
|
|
9,604
|
|
|
30,668
|
|
|
57,230
|
|
|||||
Certificates of deposit
|
|
908,744
|
|
|
95,931
|
|
|
43,877
|
|
|
—
|
|
|
1,048,552
|
|
|||||
Total
|
|
$
|
1,333,694
|
|
|
$
|
396,729
|
|
|
$
|
190,981
|
|
|
$
|
43,168
|
|
|
$
|
1,964,572
|
|
Commitments to extend credit (2)
|
|
$
|
268,794
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
268,794
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes FHLB of New York advances, repurchase agreements and accrued interest payable at December 31, 2019.
|
||
(2)
|
Includes unused lines of credit which are assumed to be funded within the year.
|
ITEM 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
|
ITEM 8.
|
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|
|
Years ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(Dollars in thousands, except share and per share data)
|
||||||||||
Interest income:
|
|
|
|
|
|
||||||
Loans
|
$
|
136,133
|
|
|
$
|
127,591
|
|
|
$
|
120,340
|
|
Mortgage-backed securities
|
19,710
|
|
|
12,987
|
|
|
9,174
|
|
|||
Other securities
|
6,331
|
|
|
4,112
|
|
|
1,310
|
|
|||
FHLB of New York dividends
|
1,618
|
|
|
1,683
|
|
|
1,461
|
|
|||
Deposits in other financial institutions
|
1,351
|
|
|
919
|
|
|
584
|
|
|||
Total interest income
|
165,143
|
|
|
147,292
|
|
|
132,869
|
|
|||
Interest expense:
|
|
|
|
|
|
|
|
||||
Deposits
|
41,328
|
|
|
27,741
|
|
|
16,386
|
|
|||
Borrowings
|
12,030
|
|
|
8,309
|
|
|
7,590
|
|
|||
Total interest expense
|
53,358
|
|
|
36,050
|
|
|
23,976
|
|
|||
Net interest income
|
111,785
|
|
|
111,242
|
|
|
108,893
|
|
|||
Provision for loan losses
|
22
|
|
|
2,615
|
|
|
1,411
|
|
|||
Net interest income after provision for loan losses
|
111,763
|
|
|
108,627
|
|
|
107,482
|
|
|||
Non-interest income:
|
|
|
|
|
|
|
|
|
|||
Fees and service charges for customer services
|
4,881
|
|
|
4,877
|
|
|
4,702
|
|
|||
Income on bank owned life insurance
|
7,023
|
|
|
3,705
|
|
|
5,386
|
|
|||
Gains on available-for-sale debt securities, net
|
514
|
|
|
178
|
|
|
169
|
|
|||
Gains (losses) on trading securities, net
|
1,988
|
|
|
(879
|
)
|
|
1,114
|
|
|||
Other
|
402
|
|
|
246
|
|
|
271
|
|
|||
Total non-interest income
|
14,808
|
|
|
8,127
|
|
|
11,642
|
|
|||
Non-interest expense:
|
|
|
|
|
|
|
|
|
|||
Compensation and employee benefits
|
39,571
|
|
|
34,802
|
|
|
38,237
|
|
|||
Occupancy
|
13,676
|
|
|
12,096
|
|
|
11,270
|
|
|||
Furniture and equipment
|
1,085
|
|
|
1,004
|
|
|
1,141
|
|
|||
Data processing
|
5,679
|
|
|
5,011
|
|
|
4,585
|
|
|||
Professional fees
|
3,545
|
|
|
3,482
|
|
|
2,774
|
|
|||
Advertising
|
3,442
|
|
|
2,726
|
|
|
1,861
|
|
|||
Federal Deposit Insurance Corporation (FDIC) insurance
|
563
|
|
|
1,065
|
|
|
1,064
|
|
|||
Other
|
5,988
|
|
|
6,857
|
|
|
6,446
|
|
|||
Total non-interest expense
|
73,549
|
|
|
67,043
|
|
|
67,378
|
|
|||
Income before income tax expense
|
53,022
|
|
|
49,711
|
|
|
51,746
|
|
|||
Income tax expense
|
12,787
|
|
|
9,632
|
|
|
26,978
|
|
|||
Net income
|
$
|
40,235
|
|
|
$
|
40,079
|
|
|
$
|
24,768
|
|
Net income per common share:
|
|
|
|
|
|
||||||
Basic
|
$
|
0.86
|
|
|
$
|
0.87
|
|
|
$
|
0.55
|
|
Diluted
|
$
|
0.85
|
|
|
$
|
0.85
|
|
|
$
|
0.53
|
|
|
|
|
|
|
|
||||||
Basic weighted average shares outstanding
|
46,783,442
|
|
|
46,319,760
|
|
|
45,325,445
|
|
|||
Diluted weighted average shares outstanding
|
47,163,804
|
|
|
47,107,433
|
|
|
46,875,730
|
|
|||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
See accompanying notes to consolidated financial statements.
|
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income - (Continued)
|
|||||||||||
|
|
||||||||||
|
|
||||||||||
|
Years ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(Dollars in thousands)
|
||||||||||
Net income
|
$
|
40,235
|
|
|
$
|
40,079
|
|
|
$
|
24,768
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|||
Unrealized gains (losses) on debt securities available-for-sale:
|
|
|
|
|
|
||||||
Net unrealized holding gains (losses)
|
19,666
|
|
|
(5,203
|
)
|
|
(283
|
)
|
|||
Less: reclassification adjustment for net gains included in net income
|
(514
|
)
|
|
(178
|
)
|
|
(169
|
)
|
|||
Net unrealized gains (losses)
|
19,152
|
|
|
(5,381
|
)
|
|
(452
|
)
|
|||
Post-retirement benefits adjustment
|
77
|
|
|
240
|
|
|
74
|
|
|||
Other comprehensive income (loss), before tax
|
19,229
|
|
|
(5,141
|
)
|
|
(378
|
)
|
|||
Income tax (expense) benefit related to net unrealized holding gains (losses) on debt securities available-for-sale
|
(5,505
|
)
|
|
1,462
|
|
|
113
|
|
|||
Income tax benefit related to reclassification adjustment for gains included in net income
|
144
|
|
|
50
|
|
|
68
|
|
|||
Income tax expense related to post-retirement benefits adjustment
|
(22
|
)
|
|
(67
|
)
|
|
(30
|
)
|
|||
Other comprehensive income (loss), net of tax
|
13,846
|
|
|
(3,696
|
)
|
|
(227
|
)
|
|||
Comprehensive income
|
$
|
54,081
|
|
|
$
|
36,383
|
|
|
$
|
24,541
|
|
|
For the Years Ended December 31, 2019, 2018 and 2017
|
|||||||||||||||||||||||||||||
|
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Shares Outstanding
|
|
Par Value
|
|
Additional Paid-in Capital
|
|
Unallocated Common Stock Held by the Employee Stock Ownership Plan
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Income (loss) Net of tax
|
|
Treasury Stock
|
|
Total Stockholders' Equity
|
|||||||||||||||
|
(Dollars in thousands, except share and per share data)
|
|||||||||||||||||||||||||||||
Balance at December 31, 2016
|
48,526,658
|
|
|
$
|
609
|
|
|
$
|
547,910
|
|
|
$
|
(23,466
|
)
|
|
$
|
268,226
|
|
|
$
|
(4,332
|
)
|
|
$
|
(167,751
|
)
|
|
$
|
621,196
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
24,768
|
|
|
|
|
|
|
|
|
24,768
|
|
|||||||
Other comprehensive loss, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(227
|
)
|
|
|
|
|
(227
|
)
|
|||||||
Cumulative effect of change in accounting principle - Adoption of ASU No. 2016-09
|
|
|
|
|
(2,898
|
)
|
|
|
|
2,898
|
|
|
|
|
|
|
—
|
|
||||||||||||
Reclassification of tax effects resulting from the adoption of ASU No. 2018-02
|
|
|
|
|
|
|
|
|
892
|
|
|
(892
|
)
|
|
|
|
—
|
|
||||||||||||
Employee Stock Ownership Plan (ESOP) shares allocated or committed to be released
|
|
|
|
|
|
|
1,267
|
|
|
1,222
|
|
|
|
|
|
|
|
|
|
|
|
2,489
|
|
|||||||
Stock compensation expense
|
|
|
|
|
|
|
6,197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,197
|
|
|||||||
Additional tax benefit on equity awards
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|||||||
Net issuance of restricted stock
|
(58,447
|
)
|
|
|
|
828
|
|
|
|
|
|
|
|
|
(828
|
)
|
|
—
|
|
|||||||||||
Exercise of stock options, net
|
335,674
|
|
|
|
|
|
(4,440
|
)
|
|
|
|
|
|
|
|
|
|
|
4,540
|
|
|
100
|
|
|||||||
Cash dividends declared ($0.34 per common share)
|
|
|
|
|
|
|
|
|
|
|
|
|
(15,646
|
)
|
|
|
|
|
|
|
|
(15,646
|
)
|
|||||||
Balance at December 31, 2017
|
48,803,885
|
|
|
609
|
|
|
548,864
|
|
|
(22,244
|
)
|
|
281,138
|
|
|
(5,451
|
)
|
|
(164,039
|
)
|
|
638,877
|
|
|||||||
Net income
|
|
|
|
|
|
|
|
|
40,079
|
|
|
|
|
|
|
40,079
|
|
|||||||||||||
Other comprehensive loss, net of tax
|
|
|
|
|
|
|
|
|
|
|
(3,696
|
)
|
|
|
|
(3,696
|
)
|
|||||||||||||
ESOP shares allocated or committed to be released
|
|
|
|
|
1,085
|
|
|
1,252
|
|
|
|
|
|
|
|
|
2,337
|
|
||||||||||||
Stock compensation expense
|
|
|
|
|
5,432
|
|
|
|
|
|
|
|
|
|
|
5,432
|
|
|||||||||||||
Net forfeitures of restricted stock
|
10,040
|
|
|
|
|
(133
|
)
|
|
|
|
|
|
|
|
133
|
|
|
—
|
|
|||||||||||
Exercise of stock options, net
|
822,074
|
|
|
|
|
(9,029
|
)
|
|
|
|
—
|
|
|
|
|
11,117
|
|
|
2,088
|
|
||||||||||
Cash dividends declared ($0.40 per common share)
|
|
|
|
|
|
|
|
|
(18,673
|
)
|
|
|
|
|
|
(18,673
|
)
|
|||||||||||||
Treasury stock (average cost of $16.85 per share)
|
(326
|
)
|
|
|
|
|
|
|
|
|
|
|
|
(5
|
)
|
|
(5
|
)
|
||||||||||||
Balance at December 31, 2018
|
49,635,673
|
|
|
609
|
|
|
546,219
|
|
|
(20,992
|
)
|
|
302,544
|
|
|
(9,147
|
)
|
|
(152,794
|
)
|
|
666,439
|
|
|||||||
Net income
|
|
|
|
|
|
|
|
|
40,235
|
|
|
|
|
|
|
40,235
|
|
|||||||||||||
Other comprehensive income, net of tax
|
|
|
|
|
|
|
|
|
|
|
13,846
|
|
|
|
|
13,846
|
|
|||||||||||||
ESOP shares allocated or committed to be released
|
|
|
|
|
1,088
|
|
|
1,252
|
|
|
|
|
|
|
|
|
2,340
|
|
||||||||||||
Stock compensation expense
|
|
|
|
|
3,236
|
|
|
|
|
|
|
|
|
|
|
3,236
|
|
|||||||||||||
Net issuance of restricted stock
|
(8,000
|
)
|
|
|
|
118
|
|
|
|
|
|
|
|
|
(118
|
)
|
|
—
|
|
|||||||||||
Exercise of stock options, net
|
583,574
|
|
|
|
|
(2,175
|
)
|
|
|
|
|
|
|
|
|
7,945
|
|
|
5,770
|
|
||||||||||
Cash dividends declared ($0.43 per common share)
|
|
|
|
|
|
|
|
|
(20,198
|
)
|
|
|
|
|
|
(20,198
|
)
|
|||||||||||||
Treasury stock (average cost of $15.26 per share)
|
(1,035,900
|
)
|
|
|
|
|
|
|
|
|
|
|
|
(15,815
|
)
|
|
(15,815
|
)
|
||||||||||||
Balance at December 31, 2019
|
49,175,347
|
|
|
$
|
609
|
|
|
$
|
548,486
|
|
|
$
|
(19,740
|
)
|
|
$
|
322,581
|
|
|
$
|
4,699
|
|
|
$
|
(160,782
|
)
|
|
$
|
695,853
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
See accompanying notes to consolidated financial statements.
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(Dollars in thousands)
|
||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
40,235
|
|
|
$
|
40,079
|
|
|
$
|
24,768
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Provision for loan losses
|
22
|
|
|
2,615
|
|
|
1,411
|
|
|||
ESOP and stock compensation expense
|
5,576
|
|
|
7,769
|
|
|
8,686
|
|
|||
Depreciation expense
|
3,569
|
|
|
3,020
|
|
|
3,229
|
|
|||
Amortization of premiums, and deferred loan costs, net of (accretion) of discounts, and deferred loan fees
|
4,344
|
|
|
2,441
|
|
|
2,000
|
|
|||
Amortization of intangible assets
|
265
|
|
|
326
|
|
|
386
|
|
|||
Amortization of operating lease right-of-use assets
|
5,069
|
|
|
—
|
|
|
—
|
|
|||
Income on bank owned life insurance
|
(7,023
|
)
|
|
(3,705
|
)
|
|
(5,386
|
)
|
|||
Proceeds from sale of loans held-for-sale
|
—
|
|
|
—
|
|
|
494
|
|
|||
Gains on available-for-sale debt securities, net
|
(514
|
)
|
|
(178
|
)
|
|
(169
|
)
|
|||
Gains (losses) on trading securities, net on securities, net
|
(1,988
|
)
|
|
879
|
|
|
(1,114
|
)
|
|||
Net purchases of trading securities
|
(266
|
)
|
|
(250
|
)
|
|
(626
|
)
|
|||
Increase in accrued interest receivable
|
(1,650
|
)
|
|
(2,246
|
)
|
|
(999
|
)
|
|||
Decrease (increase) in other assets
|
2,679
|
|
|
3,563
|
|
|
(3,689
|
)
|
|||
Deferred taxes
|
(177
|
)
|
|
(893
|
)
|
|
15,193
|
|
|||
Increase (decrease) in accrued expenses and other liabilities
|
1,011
|
|
|
(631
|
)
|
|
(560
|
)
|
|||
Net cash provided by operating activities
|
51,152
|
|
|
52,789
|
|
|
43,624
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Net increase in loans receivable
|
(147,507
|
)
|
|
(69,270
|
)
|
|
(110,177
|
)
|
|||
Purchase of loans
|
(44,918
|
)
|
|
(37,593
|
)
|
|
(64,116
|
)
|
|||
Purchase of FHLB of New York stock
|
(38,546
|
)
|
|
(21,557
|
)
|
|
(18,890
|
)
|
|||
Redemption of FHLB of New York stock
|
21,488
|
|
|
24,086
|
|
|
18,967
|
|
|||
Purchases of debt securities available-for-sale
|
(635,898
|
)
|
|
(451,174
|
)
|
|
(137,631
|
)
|
|||
Purchases of equity securities
|
(2,061
|
)
|
|
—
|
|
|
—
|
|
|||
Principal payments and maturities on debt securities available-for-sale
|
243,374
|
|
|
118,485
|
|
|
114,416
|
|
|||
Principal payments and maturities on debt securities held-to-maturity
|
709
|
|
|
403
|
|
|
200
|
|
|||
Proceeds from sale of debt securities available-for-sale
|
79,255
|
|
|
32,115
|
|
|
4,975
|
|
|||
Proceeds from sale of equity securities
|
—
|
|
|
—
|
|
|
966
|
|
|||
Proceeds from bank owned life insurance
|
5,002
|
|
|
174
|
|
|
2,829
|
|
|||
Proceeds from sale of other real estate owned
|
—
|
|
|
850
|
|
|
—
|
|
|||
Purchases and improvements of premises and equipment
|
(3,623
|
)
|
|
(2,879
|
)
|
|
(2,065
|
)
|
|||
Net cash used in investing activities
|
(522,725
|
)
|
|
(406,360
|
)
|
|
(190,526
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Net increase in deposits
|
121,721
|
|
|
449,533
|
|
|
123,392
|
|
|||
Dividends paid
|
(20,198
|
)
|
|
(18,673
|
)
|
|
(15,646
|
)
|
|||
Exercise of stock options
|
5,770
|
|
|
2,088
|
|
|
100
|
|
|||
Purchase of treasury stock
|
(15,815
|
)
|
|
(5
|
)
|
|
—
|
|
|||
Increase in advance payments by borrowers for taxes and insurance
|
2,038
|
|
|
3,209
|
|
|
2,467
|
|
|||
Repayments under capital lease obligations
|
(44
|
)
|
|
(255
|
)
|
|
(224
|
)
|
|||
Proceeds from securities sold under agreements to repurchase and other borrowings
|
1,206,659
|
|
|
397,312
|
|
|
441,570
|
|
|||
Repayments related to securities sold under agreements to repurchase and other borrowings
|
(758,502
|
)
|
|
(459,715
|
)
|
|
(443,003
|
)
|
|||
Net cash provided by financing activities
|
541,629
|
|
|
373,494
|
|
|
108,656
|
|
|||
Net increase (decrease) in cash and cash equivalents
|
70,056
|
|
|
19,923
|
|
|
(38,246
|
)
|
|||
Cash and cash equivalents at beginning of period
|
77,762
|
|
|
57,839
|
|
|
96,085
|
|
|||
Cash and cash equivalents at end of period
|
$
|
147,818
|
|
|
$
|
77,762
|
|
|
$
|
57,839
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(Dollars in thousands)
|
||||||||||
Supplemental cash flow information:
|
|
|
|
|
|
||||||
Cash paid during the period for:
|
|
|
|
|
|
||||||
Interest
|
$
|
51,634
|
|
|
$
|
35,822
|
|
|
$
|
23,765
|
|
Income taxes
|
11,092
|
|
|
10,368
|
|
|
12,875
|
|
|||
Non-cash transactions:
|
|
|
|
|
|
||||||
Loans charged-off / (recoveries), net
|
(1,189
|
)
|
|
1,278
|
|
|
(154
|
)
|
|||
Transfers of originated loans held-for-investment to held-for-sale, at fair value
|
—
|
|
|
—
|
|
|
494
|
|
|||
Initial recognition of operating lease right-of use assets
|
43,560
|
|
|
—
|
|
|
—
|
|
|||
Initial recognition of operating lease liabilities
|
47,328
|
|
|
—
|
|
|
—
|
|
(1)
|
Summary of Significant Accounting Policies
|
(2)
|
Debt Securities Available-for-Sale
|
|
2019
|
||||||||||||||
|
|
|
Gross
|
|
Gross
|
|
Estimated
|
||||||||
|
Amortized
|
|
unrealized
|
|
unrealized
|
|
fair
|
||||||||
|
cost
|
|
gains
|
|
losses
|
|
value
|
||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Pass-through certificates:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Government sponsored enterprises (GSE)
|
$
|
324,080
|
|
|
$
|
6,081
|
|
|
$
|
754
|
|
|
$
|
329,407
|
|
Real estate mortgage investment conduits (REMICs):
|
|
|
|
|
|
|
|
|
|
|
|
||||
GSE
|
643,816
|
|
|
2,076
|
|
|
2,225
|
|
|
643,667
|
|
||||
Non-GSE
|
53
|
|
|
—
|
|
|
—
|
|
|
53
|
|
||||
|
967,949
|
|
|
8,157
|
|
|
2,979
|
|
|
973,127
|
|
||||
Other debt securities:
|
|
|
|
|
|
|
|
||||||||
Municipal bonds
|
296
|
|
|
3
|
|
|
—
|
|
|
299
|
|
||||
Corporate bonds
|
163,725
|
|
|
1,214
|
|
|
13
|
|
|
164,926
|
|
||||
|
164,021
|
|
|
1,217
|
|
|
13
|
|
|
165,225
|
|
||||
Total debt securities available-for-sale
|
$
|
1,131,970
|
|
|
$
|
9,374
|
|
|
$
|
2,992
|
|
|
$
|
1,138,352
|
|
|
2018
|
||||||||||||||
|
|
|
Gross
|
|
Gross
|
|
Estimated
|
||||||||
|
Amortized
|
|
unrealized
|
|
unrealized
|
|
fair
|
||||||||
|
cost
|
|
gains
|
|
losses
|
|
value
|
||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Pass-through certificates:
|
|
|
|
|
|
|
|
|
|
|
|
||||
GSE
|
$
|
317,530
|
|
|
$
|
800
|
|
|
$
|
3,542
|
|
|
$
|
314,788
|
|
REMICs:
|
|
|
|
|
|
|
|
|
|
|
|
||||
GSE
|
258,050
|
|
|
92
|
|
|
7,979
|
|
|
250,163
|
|
||||
Non-GSE
|
59
|
|
|
—
|
|
|
1
|
|
|
58
|
|
||||
|
575,639
|
|
|
892
|
|
|
11,522
|
|
|
565,009
|
|
||||
Other debt securities:
|
|
|
|
|
|
|
|
||||||||
Municipal bonds
|
270
|
|
|
3
|
|
|
—
|
|
|
273
|
|
||||
Corporate bonds
|
244,892
|
|
|
72
|
|
|
2,215
|
|
|
242,749
|
|
||||
|
245,162
|
|
|
75
|
|
|
2,215
|
|
|
243,022
|
|
||||
Total debt securities available-for-sale
|
$
|
820,801
|
|
|
$
|
967
|
|
|
$
|
13,737
|
|
|
$
|
808,031
|
|
Available-for-sale
|
|
Amortized cost
|
|
Estimated fair value
|
||||
Due in one year or less
|
|
$
|
75,115
|
|
|
$
|
75,353
|
|
Due after one year through five years
|
|
88,906
|
|
|
89,872
|
|
||
|
|
$
|
164,021
|
|
|
$
|
165,225
|
|
|
December 31, 2019
|
||||||||||||||||||||||
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
||||||||||||||||||
|
Unrealized
|
|
Estimated
|
|
Unrealized
|
|
Estimated
|
|
Unrealized
|
|
Estimated
|
||||||||||||
|
losses
|
|
fair value
|
|
losses
|
|
fair value
|
|
losses
|
|
fair value
|
||||||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pass-through certificates:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
GSE
|
$
|
25
|
|
|
$
|
3,404
|
|
|
$
|
729
|
|
|
$
|
55,184
|
|
|
$
|
754
|
|
|
$
|
58,588
|
|
REMICs:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
GSE
|
950
|
|
|
197,634
|
|
|
1,275
|
|
|
54,555
|
|
|
2,225
|
|
|
252,189
|
|
||||||
Non-GSE
|
—
|
|
|
—
|
|
|
—
|
|
|
53
|
|
|
—
|
|
|
53
|
|
||||||
Other debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Corporate bonds
|
—
|
|
|
—
|
|
|
13
|
|
|
15,586
|
|
|
13
|
|
|
15,586
|
|
||||||
Total
|
$
|
975
|
|
|
$
|
201,038
|
|
|
$
|
2,017
|
|
|
$
|
125,378
|
|
|
$
|
2,992
|
|
|
$
|
326,416
|
|
|
December 31, 2018
|
||||||||||||||||||||||
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
||||||||||||||||||
|
Unrealized
|
|
Estimated
|
|
Unrealized
|
|
Estimated
|
|
Unrealized
|
|
Estimated
|
||||||||||||
|
losses
|
|
fair value
|
|
losses
|
|
fair value
|
|
losses
|
|
fair value
|
||||||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pass-through certificates:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
GSE
|
$
|
404
|
|
|
$
|
82,781
|
|
|
$
|
3,138
|
|
|
$
|
100,109
|
|
|
$
|
3,542
|
|
|
$
|
182,890
|
|
REMICs:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
GSE
|
269
|
|
|
46,921
|
|
|
7,710
|
|
|
181,512
|
|
|
7,979
|
|
|
228,433
|
|
||||||
Non-GSE
|
—
|
|
|
—
|
|
|
1
|
|
|
58
|
|
|
1
|
|
|
58
|
|
||||||
Other debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Corporate bonds
|
1,703
|
|
|
173,219
|
|
|
512
|
|
|
25,675
|
|
|
2,215
|
|
|
198,894
|
|
||||||
Total
|
$
|
2,376
|
|
|
$
|
302,921
|
|
|
$
|
11,361
|
|
|
$
|
307,354
|
|
|
$
|
13,737
|
|
|
$
|
610,275
|
|
(3)
|
Debt Securities Held-to-Maturity
|
|
2019
|
||||||||||||||
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Estimated Fair Value
|
||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Pass-through certificates:
|
|
|
|
|
|
|
|
|
|
|
|
||||
GSEs
|
$
|
8,762
|
|
|
$
|
129
|
|
|
$
|
5
|
|
|
$
|
8,886
|
|
Total securities held-to-maturity
|
$
|
8,762
|
|
|
$
|
129
|
|
|
$
|
5
|
|
|
$
|
8,886
|
|
|
2018
|
||||||||||||||
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Estimated Fair Value
|
||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Pass-through certificates:
|
|
|
|
|
|
|
|
||||||||
GSEs
|
$
|
9,505
|
|
|
$
|
—
|
|
|
$
|
256
|
|
|
$
|
9,249
|
|
Total securities held-to-maturity
|
$
|
9,505
|
|
|
$
|
—
|
|
|
$
|
256
|
|
|
$
|
9,249
|
|
|
December 31, 2019
|
||||||||||||||||||||||
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
||||||||||||||||||
|
Unrealized
|
|
Estimated
|
|
Unrealized
|
|
Estimated
|
|
Unrealized
|
|
Estimated
|
||||||||||||
|
losses
|
|
fair value
|
|
losses
|
|
fair value
|
|
losses
|
|
fair value
|
||||||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pass-through certificates:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
GSEs
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
378
|
|
|
$
|
5
|
|
|
$
|
378
|
|
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
378
|
|
|
$
|
5
|
|
|
$
|
378
|
|
|
December 31, 2018
|
||||||||||||||||||||||
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
||||||||||||||||||
|
Unrealized
|
|
Estimated
|
|
Unrealized
|
|
Estimated
|
|
Unrealized
|
|
Estimated
|
||||||||||||
|
losses
|
|
fair value
|
|
losses
|
|
fair value
|
|
losses
|
|
fair value
|
||||||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pass-through certificates:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
GSEs
|
$
|
34
|
|
|
$
|
2,133
|
|
|
$
|
222
|
|
|
$
|
7,116
|
|
|
$
|
256
|
|
|
$
|
9,249
|
|
Total
|
$
|
34
|
|
|
$
|
2,133
|
|
|
$
|
222
|
|
|
$
|
7,116
|
|
|
$
|
256
|
|
|
$
|
9,249
|
|
(4)
|
Equity Securities
|
(5)
|
Loans
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Originated loans:
|
|
|
|
||||
Real estate loans:
|
|
||||||
Multifamily
|
$
|
2,196,407
|
|
|
$
|
1,930,535
|
|
Commercial mortgage
|
528,681
|
|
|
499,311
|
|
||
One-to-four family residential mortgage
|
83,742
|
|
|
91,371
|
|
||
Home equity and lines of credit
|
84,928
|
|
|
78,593
|
|
||
Construction and land
|
38,284
|
|
|
26,552
|
|
||
Total real estate loans
|
2,932,042
|
|
|
2,626,362
|
|
||
Commercial and industrial loans
|
45,328
|
|
|
44,104
|
|
||
Other loans
|
2,083
|
|
|
1,519
|
|
||
Total commercial and industrial and other loans
|
47,411
|
|
|
45,623
|
|
||
Deferred loan cost, net
|
7,614
|
|
|
6,892
|
|
||
Originated loans held-for-investment, net
|
2,987,067
|
|
|
2,678,877
|
|
||
PCI Loans
|
17,365
|
|
|
20,143
|
|
||
Loans acquired:
|
|
|
|
||||
One-to-four family residential mortgage
|
187,975
|
|
|
225,877
|
|
||
Multifamily
|
108,417
|
|
|
145,485
|
|
||
Commercial mortgage
|
113,027
|
|
|
133,263
|
|
||
Home equity and lines of credit
|
12,008
|
|
|
17,583
|
|
||
Construction and land
|
2,537
|
|
|
12,003
|
|
||
Total acquired real estate loans
|
423,964
|
|
|
534,211
|
|
||
Commercial and industrial loans
|
8,689
|
|
|
11,933
|
|
||
Other loans
|
—
|
|
|
6
|
|
||
Total loans acquired
|
432,653
|
|
|
546,150
|
|
||
Loans held for investment, net
|
3,437,085
|
|
|
3,245,170
|
|
||
Allowance for loan losses
|
(28,707
|
)
|
|
(27,497
|
)
|
||
Net loans held-for-investment
|
$
|
3,408,378
|
|
|
$
|
3,217,673
|
|
|
For The Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Balance at the beginning of year
|
$
|
21,846
|
|
|
$
|
24,502
|
|
Accretion into interest income
|
(4,142
|
)
|
|
(4,176
|
)
|
||
Net reclassification from non-accretable difference(1)
|
(618
|
)
|
|
1,520
|
|
||
Balance at end of year
|
$
|
17,086
|
|
|
$
|
21,846
|
|
|
|
|
|
(1)
|
Allowances for loans individually evaluated for impairment are established for impaired loans (generally defined by the Company as non-accrual loans with an outstanding balance of $500,000 or greater and all loans restructured in troubled debt restructurings). The amount of impairment, if any, provided for as a specific reserve determined by the deficiency, if any, between the present value of expected future cash flows discounted at the original loan’s effective interest rate or the underlying collateral value (less estimated costs to sell and discounts for quick sales,) if the loan is collateral dependent, and the carrying value of the loan. Impaired loans that have no impairment losses are not considered for general allowances described below. Generally, the Company charges down a loan to the estimated fair value of the underlying collateral, less estimated costs to sell, for collateral dependent loans and, if necessary, maintains a specific reserve in the allowance for loan losses related to cash flow dependent impaired loans where the present value of the expected future cash flows, discounted at the loan’s original contractual interest rate, is less than the carrying value of the loan unless management determines that such shortfall should be charged off.
|
(2)
|
Allowances for loans collectively evaluated for impairment are established for loan losses on a portfolio basis for loans that do not meet the definition of impaired. The portfolio is grouped into similar risk characteristics, primarily loan type, loan-to-value, and internal credit risk ratings. We apply an estimated loss rate to each loan group comprised of historical quantitative loss rates and qualitative factors. The quantitative loss rates are based on our historical net loss rates (using a look-back period and loss emergence periods). Qualitative factors to such loss rates are made when internal and external factors are identified which may not be fully captured in our historical quantitative net loss rates such as:
|
•
|
changes in lending policies and procedures;
|
•
|
changes in local, regional, national, and international economic and business conditions and developments that affect the collectability of our portfolio, including the condition of various market segments;
|
•
|
changes in the nature and volume of our portfolio and in the terms of our loans;
|
•
|
changes in the experience, ability and depth of lending management and other relevant staff;
|
•
|
changes in the volume and severity of past due loans, the volume of non-accrual loans, and the volume and severity of adversely classified or graded loans;
|
•
|
changes in the quality of our loan review system;
|
•
|
changes in the value of underlying collateral for collateral-dependent loans;
|
•
|
the existence and effect of any concentrations of credit, and changes in the level of such concentrations; and
|
•
|
the effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in our existing portfolio.
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Balance at beginning of year
|
$
|
27,497
|
|
|
$
|
26,160
|
|
|
$
|
24,595
|
|
Provision for loan losses
|
22
|
|
|
2,615
|
|
|
1,411
|
|
|||
Recoveries
|
2,175
|
|
|
112
|
|
|
556
|
|
|||
Charge-offs
|
(987
|
)
|
|
(1,390
|
)
|
|
(402
|
)
|
|||
Balance at end of year
|
$
|
28,707
|
|
|
$
|
27,497
|
|
|
$
|
26,160
|
|
|
Year Ended December 31, 2019
|
||||||||||||||||||||||||||||||||||||||||||
|
Real Estate
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Commercial
|
|
One-to-Four Family
|
|
Construction and Land
|
|
Multifamily
|
|
Home Equity and Lines of Credit
|
|
Commercial and Industrial
|
|
Other
|
|
Originated Loans Total
|
|
PCI
|
|
Acquired Loans
|
|
Total
|
||||||||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Beginning Balance
|
$
|
5,630
|
|
|
$
|
342
|
|
|
$
|
463
|
|
|
$
|
18,084
|
|
|
$
|
291
|
|
|
$
|
1,569
|
|
|
$
|
108
|
|
|
$
|
26,487
|
|
|
$
|
1,010
|
|
|
$
|
—
|
|
|
$
|
27,497
|
|
Charge-offs
|
(520
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(100
|
)
|
|
(123
|
)
|
|
(743
|
)
|
|
—
|
|
|
(244
|
)
|
|
(987
|
)
|
|||||||||||
Recoveries
|
98
|
|
|
72
|
|
|
—
|
|
|
1,818
|
|
|
—
|
|
|
20
|
|
|
1
|
|
|
2,009
|
|
|
—
|
|
|
166
|
|
|
2,175
|
|
|||||||||||
Provisions (credit)
|
(452
|
)
|
|
(234
|
)
|
|
73
|
|
|
301
|
|
|
26
|
|
|
151
|
|
|
165
|
|
|
30
|
|
|
(221
|
)
|
|
213
|
|
|
22
|
|
|||||||||||
Ending Balance
|
$
|
4,756
|
|
|
$
|
180
|
|
|
$
|
536
|
|
|
$
|
20,203
|
|
|
$
|
317
|
|
|
$
|
1,640
|
|
|
$
|
151
|
|
|
$
|
27,783
|
|
|
$
|
789
|
|
|
$
|
135
|
|
|
$
|
28,707
|
|
Ending balance: individually evaluated for impairment
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
135
|
|
|
$
|
142
|
|
Ending balance: collectively evaluated for impairment
|
$
|
4,756
|
|
|
$
|
180
|
|
|
$
|
536
|
|
|
$
|
20,203
|
|
|
$
|
314
|
|
|
$
|
1,636
|
|
|
$
|
151
|
|
|
$
|
27,776
|
|
|
$
|
789
|
|
|
$
|
—
|
|
|
$
|
28,565
|
|
Loans, net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Ending Balance
|
$
|
529,287
|
|
|
$
|
85,355
|
|
|
$
|
38,303
|
|
|
$
|
2,199,734
|
|
|
$
|
86,848
|
|
|
$
|
45,456
|
|
|
$
|
2,084
|
|
|
$
|
2,987,067
|
|
|
$
|
17,365
|
|
|
$
|
432,653
|
|
|
$
|
3,437,085
|
|
Ending balance: individually evaluated for impairment
|
$
|
13,226
|
|
|
$
|
1,841
|
|
|
$
|
—
|
|
|
$
|
997
|
|
|
$
|
55
|
|
|
$
|
58
|
|
|
$
|
—
|
|
|
$
|
16,177
|
|
|
$
|
—
|
|
|
$
|
4,780
|
|
|
$
|
20,957
|
|
Ending balance: collectively evaluated for impairment
|
$
|
516,061
|
|
|
$
|
83,514
|
|
|
$
|
38,303
|
|
|
$
|
2,198,737
|
|
|
$
|
86,793
|
|
|
$
|
45,398
|
|
|
$
|
2,084
|
|
|
$
|
2,970,890
|
|
|
$
|
17,365
|
|
|
$
|
427,873
|
|
|
$
|
3,416,128
|
|
|
Year Ended December 31, 2018
|
||||||||||||||||||||||||||||||||||||||||||
|
Real Estate
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
Commercial
|
|
One-to-Four Family
|
|
Construction and Land
|
|
Multifamily
|
|
Home Equity and Lines of Credit
|
|
Commercial and Industrial
|
|
Other
|
|
Originated Loans Total
|
|
PCI
|
|
Acquired Loans
|
|
Total
|
||||||||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Beginning Balance
|
$
|
5,196
|
|
|
$
|
503
|
|
|
$
|
610
|
|
|
$
|
17,374
|
|
|
$
|
122
|
|
|
$
|
1,273
|
|
|
$
|
94
|
|
|
$
|
25,172
|
|
|
$
|
951
|
|
|
$
|
37
|
|
|
$
|
26,160
|
|
Charge-offs
|
(1,256
|
)
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(60
|
)
|
|
(70
|
)
|
|
—
|
|
|
(1,389
|
)
|
|
—
|
|
|
(1
|
)
|
|
(1,390
|
)
|
|||||||||||
Recoveries
|
49
|
|
|
4
|
|
|
—
|
|
|
26
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
99
|
|
|
—
|
|
|
13
|
|
|
112
|
|
|||||||||||
Provisions (credit)
|
1,641
|
|
|
(162
|
)
|
|
(147
|
)
|
|
684
|
|
|
229
|
|
|
346
|
|
|
14
|
|
|
2,605
|
|
|
59
|
|
|
(49
|
)
|
|
2,615
|
|
|||||||||||
Ending Balance
|
$
|
5,630
|
|
|
$
|
342
|
|
|
$
|
463
|
|
|
$
|
18,084
|
|
|
$
|
291
|
|
|
$
|
1,569
|
|
|
$
|
108
|
|
|
$
|
26,487
|
|
|
$
|
1,010
|
|
|
$
|
—
|
|
|
$
|
27,497
|
|
Ending balance: individually evaluated for impairment
|
$
|
—
|
|
|
$
|
18
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
26
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
26
|
|
Ending balance: collectively evaluated for impairment
|
$
|
5,630
|
|
|
$
|
324
|
|
|
$
|
463
|
|
|
$
|
18,084
|
|
|
$
|
286
|
|
|
$
|
1,566
|
|
|
$
|
108
|
|
|
$
|
26,461
|
|
|
$
|
1,010
|
|
|
$
|
—
|
|
|
$
|
27,471
|
|
Loans, net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Ending Balance
|
$
|
499,860
|
|
|
$
|
92,433
|
|
|
$
|
26,613
|
|
|
$
|
1,933,946
|
|
|
$
|
80,315
|
|
|
$
|
44,190
|
|
|
$
|
1,520
|
|
|
$
|
2,678,877
|
|
|
$
|
20,143
|
|
|
$
|
546,150
|
|
|
$
|
3,245,170
|
|
Ending balance: individually evaluated for impairment
|
$
|
15,252
|
|
|
$
|
1,893
|
|
|
$
|
—
|
|
|
$
|
1,268
|
|
|
$
|
61
|
|
|
$
|
73
|
|
|
$
|
—
|
|
|
$
|
18,547
|
|
|
$
|
—
|
|
|
$
|
3,782
|
|
|
$
|
22,329
|
|
Ending balance: collectively evaluated for impairment
|
$
|
484,608
|
|
|
$
|
90,540
|
|
|
$
|
26,613
|
|
|
$
|
1,932,678
|
|
|
$
|
80,254
|
|
|
$
|
44,117
|
|
|
$
|
1,520
|
|
|
$
|
2,660,330
|
|
|
$
|
20,143
|
|
|
$
|
542,368
|
|
|
$
|
3,222,841
|
|
1.
|
Strong
|
2.
|
Good
|
3.
|
Acceptable
|
4.
|
Adequate
|
5.
|
Watch
|
6.
|
Special Mention
|
7.
|
Substandard
|
8.
|
Doubtful
|
9.
|
Loss
|
|
At December 31, 2019
|
||||||||||||||||||||||||||||||||||||||||||
|
Real Estate
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||
|
Multifamily
|
|
Commercial
|
|
One-to-Four Family
|
|
Construction and Land
|
|
Home Equity and Lines of Credit
|
|
Commercial and Industrial
|
|
Other
|
|
Total
|
||||||||||||||||||||||||||||
|
< 35% LTV
|
|
=> 35% LTV
|
|
< 35% LTV
|
|
=> 35% LTV
|
|
< 60% LTV
|
|
=> 60% LTV
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Internal Risk Rating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Pass
|
$
|
232,950
|
|
|
$
|
1,960,984
|
|
|
$
|
79,485
|
|
|
$
|
440,065
|
|
|
$
|
52,886
|
|
|
$
|
29,967
|
|
|
$
|
38,303
|
|
|
$
|
86,547
|
|
|
$
|
45,075
|
|
|
$
|
2,084
|
|
|
$
|
2,968,346
|
|
Special Mention
|
—
|
|
|
296
|
|
|
370
|
|
|
1,092
|
|
|
777
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
301
|
|
|
—
|
|
|
2,850
|
|
|||||||||||
Substandard
|
301
|
|
|
5,203
|
|
|
—
|
|
|
8,275
|
|
|
1,397
|
|
|
328
|
|
|
—
|
|
|
287
|
|
|
80
|
|
|
—
|
|
|
15,871
|
|
|||||||||||
Originated loans held-for-investment, net
|
$
|
233,251
|
|
|
$
|
1,966,483
|
|
|
$
|
79,855
|
|
|
$
|
449,432
|
|
|
$
|
55,060
|
|
|
$
|
30,295
|
|
|
$
|
38,303
|
|
|
$
|
86,848
|
|
|
$
|
45,456
|
|
|
$
|
2,084
|
|
|
$
|
2,987,067
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
At December 31, 2018
|
||||||||||||||||||||||||||||||||||||||||||
|
Real Estate
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||
|
Multifamily
|
|
Commercial
|
|
One-to-Four Family
|
|
Construction and Land
|
|
Home Equity and Lines of Credit
|
|
Commercial and Industrial
|
|
Other
|
|
Total
|
||||||||||||||||||||||||||||
|
< 35% LTV
|
|
=> 35% LTV
|
|
< 35% LTV
|
|
=> 35% LTV
|
|
< 60% LTV
|
|
=> 60% LTV
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Internal Risk Rating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Pass
|
$
|
170,832
|
|
|
$
|
1,756,882
|
|
|
$
|
78,917
|
|
|
$
|
409,155
|
|
|
$
|
54,912
|
|
|
$
|
34,808
|
|
|
$
|
26,613
|
|
|
$
|
80,077
|
|
|
$
|
43,640
|
|
|
$
|
1,520
|
|
|
$
|
2,657,356
|
|
Special Mention
|
—
|
|
|
613
|
|
|
395
|
|
|
1,137
|
|
|
747
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|
430
|
|
|
—
|
|
|
3,349
|
|
|||||||||||
Substandard
|
—
|
|
|
5,619
|
|
|
—
|
|
|
10,256
|
|
|
1,406
|
|
|
560
|
|
|
—
|
|
|
211
|
|
|
120
|
|
|
—
|
|
|
18,172
|
|
|||||||||||
Originated loans held-for-investment, net
|
$
|
170,832
|
|
|
$
|
1,763,114
|
|
|
$
|
79,312
|
|
|
$
|
420,548
|
|
|
$
|
57,065
|
|
|
$
|
35,368
|
|
|
$
|
26,613
|
|
|
$
|
80,315
|
|
|
$
|
44,190
|
|
|
$
|
1,520
|
|
|
$
|
2,678,877
|
|
|
At December 31, 2019
|
||||||||||||||||||||||
|
Total Non-Performing Loans
|
||||||||||||||||||||||
|
Non-Accruing Loans
|
|
|
|
|
||||||||||||||||||
|
0-29 Days Past Due
|
|
30-89 Days Past Due
|
|
90 Days or More Past Due
|
|
Total
|
|
90 Days or More Past Due and Accruing
|
|
Total Non-Performing Loans
|
||||||||||||
Loans held-for-investment:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
LTV < 35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Substandard
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,416
|
|
|
$
|
2,416
|
|
|
$
|
—
|
|
|
$
|
2,416
|
|
Total commercial
|
—
|
|
|
—
|
|
|
2,416
|
|
|
2,416
|
|
|
—
|
|
|
2,416
|
|
||||||
One-to-four family residential
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
LTV < 60%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Substandard
|
—
|
|
|
—
|
|
|
493
|
|
|
493
|
|
|
114
|
|
|
607
|
|
||||||
Total
|
—
|
|
|
—
|
|
|
493
|
|
|
493
|
|
|
114
|
|
|
607
|
|
||||||
LTV => 60%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Substandard
|
—
|
|
|
29
|
|
|
—
|
|
|
29
|
|
|
—
|
|
|
29
|
|
||||||
Total one-to-four family residential
|
—
|
|
|
29
|
|
|
493
|
|
|
522
|
|
|
114
|
|
|
636
|
|
||||||
Construction and land
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Home equity and lines of credit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Substandard
|
—
|
|
|
67
|
|
|
89
|
|
|
156
|
|
|
—
|
|
|
156
|
|
||||||
Total home equity and lines of credit
|
—
|
|
|
67
|
|
|
89
|
|
|
156
|
|
|
—
|
|
|
156
|
|
||||||
Total non-performing loans held-for-investment, originated
|
—
|
|
|
96
|
|
|
2,998
|
|
|
3,094
|
|
|
114
|
|
|
3,208
|
|
||||||
Loans acquired:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real Estate Loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
LTV < 35%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Substandard
|
79
|
|
|
—
|
|
|
188
|
|
|
267
|
|
|
66
|
|
|
333
|
|
||||||
LTV => 35%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Substandard
|
3,530
|
|
|
—
|
|
|
1,709
|
|
|
5,239
|
|
|
187
|
|
|
5,426
|
|
||||||
Total commercial
|
3,609
|
|
|
—
|
|
|
1,897
|
|
|
5,506
|
|
|
253
|
|
|
5,759
|
|
||||||
One-to-four family residential
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
LTV < 60%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Substandard
|
190
|
|
|
—
|
|
|
85
|
|
|
275
|
|
|
151
|
|
|
426
|
|
||||||
Total
|
190
|
|
|
—
|
|
|
85
|
|
|
275
|
|
|
151
|
|
|
426
|
|
||||||
LTV => 60%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Substandard
|
—
|
|
|
—
|
|
|
93
|
|
|
93
|
|
|
—
|
|
|
93
|
|
||||||
Total one-to-four family residential
|
190
|
|
|
—
|
|
|
178
|
|
|
368
|
|
|
151
|
|
|
519
|
|
||||||
Multifamily
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
LTV < 35%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Substandard
|
40
|
|
|
—
|
|
|
—
|
|
|
40
|
|
|
—
|
|
|
40
|
|
||||||
LTV => 35%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Substandard
|
—
|
|
|
397
|
|
|
—
|
|
|
397
|
|
|
—
|
|
|
397
|
|
||||||
Total multifamily
|
40
|
|
|
397
|
|
|
—
|
|
|
437
|
|
|
—
|
|
|
437
|
|
||||||
Home equity and lines of credit
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Substandard
|
—
|
|
|
—
|
|
|
28
|
|
|
28
|
|
|
—
|
|
|
28
|
|
||||||
Total home equity and lines of credit
|
—
|
|
|
—
|
|
|
28
|
|
|
28
|
|
|
—
|
|
|
28
|
|
||||||
Total non-performing loans acquired
|
3,839
|
|
|
397
|
|
|
2,103
|
|
|
6,339
|
|
|
404
|
|
|
6,743
|
|
||||||
Total non-performing loans
|
$
|
3,839
|
|
|
$
|
493
|
|
|
$
|
5,101
|
|
|
$
|
9,433
|
|
|
$
|
518
|
|
|
$
|
9,951
|
|
|
At December 31, 2018
|
||||||||||||||||||||||
|
Total Non-Performing Loans
|
||||||||||||||||||||||
|
Non-Accruing Loans
|
|
|
|
|
||||||||||||||||||
|
0-29 Days Past Due
|
|
30-89 Days Past Due
|
|
90 Days or More Past Due
|
|
Total
|
|
90 Days or More Past Due and Accruing
|
|
Total Non-Performing Loans
|
||||||||||||
Loans held-for-investment:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
LTV => 35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Substandard
|
$
|
—
|
|
|
$
|
287
|
|
|
$
|
2,588
|
|
|
$
|
2,875
|
|
|
$
|
—
|
|
|
$
|
2,875
|
|
Total commercial
|
—
|
|
|
287
|
|
|
2,588
|
|
|
2,875
|
|
|
—
|
|
|
2,875
|
|
||||||
One-to-four family residential
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
LTV < 60%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Substandard
|
—
|
|
|
432
|
|
|
77
|
|
|
509
|
|
|
—
|
|
|
509
|
|
||||||
LTV => 60%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Substandard
|
—
|
|
|
32
|
|
|
—
|
|
|
32
|
|
|
—
|
|
|
32
|
|
||||||
Total one-to-four family residential
|
—
|
|
|
464
|
|
|
77
|
|
|
541
|
|
|
—
|
|
|
541
|
|
||||||
Home equity and lines of credit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Substandard
|
75
|
|
|
—
|
|
|
—
|
|
|
75
|
|
|
—
|
|
|
75
|
|
||||||
Total home equity and lines of credit
|
75
|
|
|
—
|
|
|
—
|
|
|
75
|
|
|
—
|
|
|
75
|
|
||||||
Commercial and industrial loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Substandard
|
—
|
|
|
—
|
|
|
25
|
|
|
25
|
|
|
—
|
|
|
25
|
|
||||||
Total commercial and industrial loans
|
—
|
|
|
—
|
|
|
25
|
|
|
25
|
|
|
—
|
|
|
25
|
|
||||||
Total non-performing loans held-for-investment, originated
|
75
|
|
|
751
|
|
|
2,690
|
|
|
3,516
|
|
|
—
|
|
|
3,516
|
|
||||||
Loans acquired:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real Estate Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
LTV < 35%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Substandard
|
87
|
|
|
—
|
|
|
194
|
|
|
281
|
|
|
—
|
|
|
281
|
|
||||||
LTV => 35%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Substandard
|
—
|
|
|
764
|
|
|
3,371
|
|
|
4,135
|
|
|
—
|
|
|
4,135
|
|
||||||
Total commercial
|
87
|
|
|
764
|
|
|
3,565
|
|
|
4,416
|
|
|
—
|
|
|
4,416
|
|
||||||
One-to-four family residential
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
LTV < 60%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Substandard
|
—
|
|
|
199
|
|
|
169
|
|
|
368
|
|
|
6
|
|
|
374
|
|
||||||
LTV => 60%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Substandard
|
126
|
|
|
—
|
|
|
93
|
|
|
219
|
|
|
27
|
|
|
246
|
|
||||||
Total one-to-four family residential
|
126
|
|
|
199
|
|
|
262
|
|
|
587
|
|
|
33
|
|
|
620
|
|
||||||
Multifamily
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
LTV < 35%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Substandard
|
152
|
|
|
—
|
|
|
—
|
|
|
152
|
|
|
—
|
|
|
152
|
|
||||||
LTV => 35%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Substandard
|
—
|
|
|
414
|
|
|
—
|
|
|
414
|
|
|
—
|
|
|
414
|
|
||||||
Total multifamily
|
152
|
|
|
414
|
|
|
—
|
|
|
566
|
|
|
—
|
|
|
566
|
|
||||||
Home equity and lines of credit
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Substandard
|
—
|
|
|
—
|
|
|
77
|
|
|
77
|
|
|
—
|
|
|
77
|
|
||||||
Total home equity and lines of credit
|
—
|
|
|
—
|
|
|
77
|
|
|
77
|
|
|
—
|
|
|
77
|
|
||||||
Total non-performing loans acquired
|
365
|
|
|
1,377
|
|
|
3,904
|
|
|
5,646
|
|
|
33
|
|
|
5,679
|
|
||||||
Total non-performing loans
|
$
|
440
|
|
|
$
|
2,128
|
|
|
$
|
6,594
|
|
|
$
|
9,162
|
|
|
$
|
33
|
|
|
$
|
9,195
|
|
|
December 31, 2019
|
||||||||||||||||||
|
Performing (Accruing) Loans
|
|
|
|
|
||||||||||||||
|
0-29 Days Past Due
|
|
30-89 Days Past Due
|
|
Total
|
|
Non-Performing Loans
|
|
Total Loans Receivable, net
|
||||||||||
Loans held-for-investment:
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
LTV < 35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Pass
|
$
|
79,383
|
|
|
$
|
102
|
|
|
$
|
79,485
|
|
|
$
|
—
|
|
|
$
|
79,485
|
|
Special Mention
|
370
|
|
|
—
|
|
|
370
|
|
|
—
|
|
|
370
|
|
|||||
Total
|
79,753
|
|
|
102
|
|
|
79,855
|
|
|
—
|
|
|
79,855
|
|
|||||
LTV => 35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass
|
439,253
|
|
|
812
|
|
|
440,065
|
|
|
—
|
|
|
440,065
|
|
|||||
Special Mention
|
1,092
|
|
|
—
|
|
|
1,092
|
|
|
—
|
|
|
1,092
|
|
|||||
Substandard
|
5,228
|
|
|
631
|
|
|
5,859
|
|
|
2,416
|
|
|
8,275
|
|
|||||
Total
|
445,573
|
|
|
1,443
|
|
|
447,016
|
|
|
2,416
|
|
|
449,432
|
|
|||||
Total commercial
|
525,326
|
|
|
1,545
|
|
|
526,871
|
|
|
2,416
|
|
|
529,287
|
|
|||||
One-to-four family residential
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
LTV < 60%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass
|
52,757
|
|
|
129
|
|
|
52,886
|
|
|
—
|
|
|
52,886
|
|
|||||
Special Mention
|
—
|
|
|
777
|
|
|
777
|
|
|
—
|
|
|
777
|
|
|||||
Substandard
|
790
|
|
|
—
|
|
|
790
|
|
|
607
|
|
|
1,397
|
|
|||||
Total
|
53,547
|
|
|
906
|
|
|
54,453
|
|
|
607
|
|
|
55,060
|
|
|||||
LTV => 60%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass
|
29,741
|
|
|
226
|
|
|
29,967
|
|
|
—
|
|
|
29,967
|
|
|||||
Substandard
|
299
|
|
|
—
|
|
|
299
|
|
|
29
|
|
|
328
|
|
|||||
Total
|
30,040
|
|
|
226
|
|
|
30,266
|
|
|
29
|
|
|
30,295
|
|
|||||
Total one-to-four family residential
|
83,587
|
|
|
1,132
|
|
|
84,719
|
|
|
636
|
|
|
85,355
|
|
|||||
Construction and land
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass
|
38,156
|
|
|
147
|
|
|
38,303
|
|
|
—
|
|
|
38,303
|
|
|||||
Total construction and land
|
38,156
|
|
|
147
|
|
|
38,303
|
|
|
—
|
|
|
38,303
|
|
|||||
Multifamily
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
LTV < 35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass
|
232,658
|
|
|
292
|
|
|
232,950
|
|
|
—
|
|
|
232,950
|
|
|||||
Substandard
|
301
|
|
|
—
|
|
|
301
|
|
|
—
|
|
|
301
|
|
|||||
Total
|
232,959
|
|
|
292
|
|
|
233,251
|
|
|
—
|
|
|
233,251
|
|
|||||
LTV= > 35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass
|
1,960,729
|
|
|
255
|
|
|
1,960,984
|
|
|
—
|
|
|
1,960,984
|
|
|||||
Special Mention
|
296
|
|
|
—
|
|
|
296
|
|
|
—
|
|
|
296
|
|
|||||
Substandard
|
5,203
|
|
|
—
|
|
|
5,203
|
|
|
—
|
|
|
5,203
|
|
|||||
Total
|
1,966,228
|
|
|
255
|
|
|
1,966,483
|
|
|
—
|
|
|
1,966,483
|
|
|||||
Total multifamily
|
2,199,187
|
|
|
547
|
|
|
2,199,734
|
|
|
—
|
|
|
2,199,734
|
|
|||||
Home equity and lines of credit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass
|
86,380
|
|
|
167
|
|
|
86,547
|
|
|
—
|
|
|
86,547
|
|
|||||
Special Mention
|
14
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
14
|
|
|||||
Substandard
|
131
|
|
|
—
|
|
|
131
|
|
|
156
|
|
|
287
|
|
|||||
Total home equity and lines of credit
|
86,525
|
|
|
167
|
|
|
86,692
|
|
|
156
|
|
|
86,848
|
|
|||||
Commercial and industrial loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass
|
44,886
|
|
|
189
|
|
|
45,075
|
|
|
—
|
|
|
45,075
|
|
|||||
Special Mention
|
301
|
|
|
—
|
|
|
301
|
|
|
—
|
|
|
301
|
|
|||||
Substandard
|
80
|
|
|
—
|
|
|
80
|
|
|
—
|
|
|
80
|
|
|||||
Total commercial and industrial loans
|
45,267
|
|
|
189
|
|
|
45,456
|
|
|
—
|
|
|
45,456
|
|
|
December 31, 2019
|
||||||||||||||||||
|
Performing (Accruing) Loans
|
|
|
|
|
||||||||||||||
|
0-29 Days Past Due
|
|
30-89 Days Past Due
|
|
Total
|
|
Non-Performing Loans
|
|
Total Loans Receivable, net
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Other loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass
|
2,058
|
|
|
26
|
|
|
2,084
|
|
|
—
|
|
|
2,084
|
|
|||||
Total other loans
|
2,058
|
|
|
26
|
|
|
2,084
|
|
|
—
|
|
|
2,084
|
|
|||||
Total originated loans held-for-investment
|
2,980,106
|
|
|
3,753
|
|
|
2,983,859
|
|
|
3,208
|
|
|
2,987,067
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Acquired loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family residential
|
|
|
|
|
|
|
|
|
|
||||||||||
LTV < 60%
|
|
|
|
|
|
|
|
|
|
||||||||||
Pass
|
172,882
|
|
|
73
|
|
|
172,955
|
|
|
—
|
|
|
172,955
|
|
|||||
Special Mention
|
—
|
|
|
385
|
|
|
385
|
|
|
—
|
|
|
385
|
|
|||||
Substandard
|
—
|
|
|
—
|
|
|
—
|
|
|
426
|
|
|
426
|
|
|||||
Total
|
172,882
|
|
|
458
|
|
|
173,340
|
|
|
426
|
|
|
173,766
|
|
|||||
LTV => 60%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass
|
14,116
|
|
|
—
|
|
|
14,116
|
|
|
—
|
|
|
14,116
|
|
|||||
Substandard
|
—
|
|
|
—
|
|
|
—
|
|
|
93
|
|
|
93
|
|
|||||
Total
|
14,116
|
|
|
—
|
|
|
14,116
|
|
|
93
|
|
|
14,209
|
|
|||||
Total one-to-four family residential
|
186,998
|
|
|
458
|
|
|
187,456
|
|
|
519
|
|
|
187,975
|
|
|||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
LTV < 35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Pass
|
35,173
|
|
|
287
|
|
|
35,460
|
|
|
—
|
|
|
35,460
|
|
|||||
Special Mention
|
994
|
|
|
194
|
|
|
1,188
|
|
|
—
|
|
|
1,188
|
|
|||||
Substandard
|
369
|
|
|
—
|
|
|
369
|
|
|
334
|
|
|
703
|
|
|||||
Total
|
36,536
|
|
|
481
|
|
|
37,017
|
|
|
334
|
|
|
37,351
|
|
|||||
LTV => 35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass
|
60,311
|
|
|
—
|
|
|
60,311
|
|
|
—
|
|
|
60,311
|
|
|||||
Special Mention
|
134
|
|
|
464
|
|
|
598
|
|
|
—
|
|
|
598
|
|
|||||
Substandard
|
6,382
|
|
|
2,960
|
|
|
9,342
|
|
|
5,425
|
|
|
14,767
|
|
|||||
Total
|
66,827
|
|
|
3,424
|
|
|
70,251
|
|
|
5,425
|
|
|
75,676
|
|
|||||
Total commercial
|
103,363
|
|
|
3,905
|
|
|
107,268
|
|
|
5,759
|
|
|
113,027
|
|
|||||
Construction and land
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass
|
2,537
|
|
|
—
|
|
|
2,537
|
|
|
—
|
|
|
2,537
|
|
|||||
Total construction and land
|
2,537
|
|
|
—
|
|
|
2,537
|
|
|
—
|
|
|
2,537
|
|
|||||
Multifamily
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
LTV < 35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Pass
|
105,327
|
|
|
—
|
|
|
105,327
|
|
|
—
|
|
|
105,327
|
|
|||||
Substandard
|
—
|
|
|
—
|
|
|
—
|
|
|
40
|
|
|
40
|
|
|||||
Total
|
105,327
|
|
|
—
|
|
|
105,327
|
|
|
40
|
|
|
105,367
|
|
|||||
LTV => 35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass
|
2,653
|
|
|
—
|
|
|
2,653
|
|
|
—
|
|
|
2,653
|
|
|||||
Substandard
|
—
|
|
|
—
|
|
|
—
|
|
|
397
|
|
|
397
|
|
|||||
Total
|
2,653
|
|
|
—
|
|
|
2,653
|
|
|
397
|
|
|
3,050
|
|
|||||
Total multifamily
|
107,980
|
|
|
—
|
|
|
107,980
|
|
|
437
|
|
|
108,417
|
|
|||||
Home equity and lines of credit
|
|
|
|
|
|
|
|
|
|
||||||||||
Pass
|
11,842
|
|
|
50
|
|
|
11,892
|
|
|
—
|
|
|
11,892
|
|
|||||
Substandard
|
88
|
|
|
—
|
|
|
88
|
|
|
28
|
|
|
116
|
|
|||||
Total home equity and lines of credit
|
11,930
|
|
|
50
|
|
|
11,980
|
|
|
28
|
|
|
12,008
|
|
|||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
||||||||||
Pass
|
8,649
|
|
|
40
|
|
|
8,689
|
|
|
—
|
|
|
8,689
|
|
|||||
Total commercial and industrial
|
8,649
|
|
|
40
|
|
|
8,689
|
|
|
—
|
|
|
8,689
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total loans acquired
|
421,457
|
|
|
4,453
|
|
|
425,910
|
|
|
6,743
|
|
|
432,653
|
|
|||||
|
$
|
3,401,563
|
|
|
$
|
8,206
|
|
|
$
|
3,409,769
|
|
|
$
|
9,951
|
|
|
$
|
3,419,720
|
|
|
December 31, 2018
|
||||||||||||||||||
|
Performing (Accruing) Loans
|
|
|
|
|
||||||||||||||
|
0-29 Days Past Due
|
|
30-89 Days Past Due
|
|
Total
|
|
Non-Performing Loans
|
|
Total Loans Receivable, net
|
||||||||||
Loans held-for-investment:
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
LTV < 35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Pass
|
$
|
78,699
|
|
|
$
|
218
|
|
|
$
|
78,917
|
|
|
$
|
—
|
|
|
$
|
78,917
|
|
Special Mention
|
—
|
|
|
395
|
|
|
395
|
|
|
—
|
|
|
395
|
|
|||||
Total
|
78,699
|
|
|
613
|
|
|
79,312
|
|
|
—
|
|
|
79,312
|
|
|||||
LTV => 35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass
|
408,830
|
|
|
325
|
|
|
409,155
|
|
|
—
|
|
|
409,155
|
|
|||||
Special Mention
|
1,137
|
|
|
—
|
|
|
1,137
|
|
|
—
|
|
|
1,137
|
|
|||||
Substandard
|
7,381
|
|
|
—
|
|
|
7,381
|
|
|
2,875
|
|
|
10,256
|
|
|||||
Total
|
417,348
|
|
|
325
|
|
|
417,673
|
|
|
2,875
|
|
|
420,548
|
|
|||||
Total commercial
|
496,047
|
|
|
938
|
|
|
496,985
|
|
|
2,875
|
|
|
499,860
|
|
|||||
One-to-four family residential
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
LTV < 60%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass
|
54,576
|
|
|
336
|
|
|
54,912
|
|
|
—
|
|
|
54,912
|
|
|||||
Special Mention
|
—
|
|
|
747
|
|
|
747
|
|
|
—
|
|
|
747
|
|
|||||
Substandard
|
896
|
|
|
—
|
|
|
896
|
|
|
510
|
|
|
1,406
|
|
|||||
Total
|
55,472
|
|
|
1,083
|
|
|
56,555
|
|
|
510
|
|
|
57,065
|
|
|||||
LTV => 60%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass
|
34,576
|
|
|
232
|
|
|
34,808
|
|
|
—
|
|
|
34,808
|
|
|||||
Substandard
|
528
|
|
|
—
|
|
|
528
|
|
|
32
|
|
|
560
|
|
|||||
Total
|
35,104
|
|
|
232
|
|
|
35,336
|
|
|
32
|
|
|
35,368
|
|
|||||
Total one-to-four family residential
|
90,576
|
|
|
1,315
|
|
|
91,891
|
|
|
542
|
|
|
92,433
|
|
|||||
Construction and land
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass
|
26,613
|
|
|
—
|
|
|
26,613
|
|
|
—
|
|
|
26,613
|
|
|||||
Total construction and land
|
26,613
|
|
|
—
|
|
|
26,613
|
|
|
—
|
|
|
26,613
|
|
|||||
Multifamily
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
LTV < 35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass
|
170,534
|
|
|
298
|
|
|
170,832
|
|
|
—
|
|
|
170,832
|
|
|||||
Total
|
170,534
|
|
|
298
|
|
|
170,832
|
|
|
—
|
|
|
170,832
|
|
|||||
LTV => 35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass
|
1,756,443
|
|
|
439
|
|
|
1,756,882
|
|
|
—
|
|
|
1,756,882
|
|
|||||
Special Mention
|
613
|
|
|
—
|
|
|
613
|
|
|
—
|
|
|
613
|
|
|||||
Substandard
|
4,390
|
|
|
1,229
|
|
|
5,619
|
|
|
—
|
|
|
5,619
|
|
|||||
Total
|
1,761,446
|
|
|
1,668
|
|
|
1,763,114
|
|
|
—
|
|
|
1,763,114
|
|
|||||
Total multifamily
|
1,931,980
|
|
|
1,966
|
|
|
1,933,946
|
|
|
—
|
|
|
1,933,946
|
|
|||||
Home equity and lines of credit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass
|
80,077
|
|
|
—
|
|
|
80,077
|
|
|
—
|
|
|
80,077
|
|
|||||
Special Mention
|
27
|
|
|
—
|
|
|
27
|
|
|
—
|
|
|
27
|
|
|||||
Substandard
|
137
|
|
|
—
|
|
|
137
|
|
|
74
|
|
|
211
|
|
|||||
Total home equity and lines of credit
|
80,241
|
|
|
—
|
|
|
80,241
|
|
|
74
|
|
|
80,315
|
|
|||||
Commercial and industrial loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass
|
43,640
|
|
|
—
|
|
|
43,640
|
|
|
—
|
|
|
43,640
|
|
|||||
Special Mention
|
430
|
|
|
—
|
|
|
430
|
|
|
—
|
|
|
430
|
|
|||||
Substandard
|
95
|
|
|
—
|
|
|
95
|
|
|
25
|
|
|
120
|
|
|||||
Total Commercial and industrial loans
|
44,165
|
|
|
—
|
|
|
44,165
|
|
|
25
|
|
|
44,190
|
|
|||||
Other loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass
|
1,518
|
|
|
2
|
|
|
1,520
|
|
|
—
|
|
|
1,520
|
|
|||||
Total other loans
|
1,518
|
|
|
2
|
|
|
1,520
|
|
|
—
|
|
|
1,520
|
|
|||||
Total originated loans held-for-investment
|
2,671,140
|
|
|
4,221
|
|
|
2,675,361
|
|
|
3,516
|
|
|
2,678,877
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018
|
||||||||||||||||||
|
Performing (Accruing) Loans
|
|
|
|
|
||||||||||||||
|
0-29 Days Past Due
|
|
30-89 Days Past Due
|
|
Total
|
|
Non-Performing Loans
|
|
Total Loans Receivable, net
|
||||||||||
Loans acquired:
|
|
|
|
|
|
|
|
|
|
||||||||||
One-to-four family residential
|
|
|
|
|
|
|
|
|
|
||||||||||
LTV < 60%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass
|
202,471
|
|
|
2,799
|
|
|
205,270
|
|
|
—
|
|
|
205,270
|
|
|||||
Special Mention
|
415
|
|
|
—
|
|
|
415
|
|
|
—
|
|
|
415
|
|
|||||
Substandard
|
62
|
|
|
6
|
|
|
68
|
|
|
374
|
|
|
442
|
|
|||||
Total
|
202,948
|
|
|
2,805
|
|
|
205,753
|
|
|
374
|
|
|
206,127
|
|
|||||
LTV => 60%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass
|
19,504
|
|
|
—
|
|
|
19,504
|
|
|
—
|
|
|
19,504
|
|
|||||
Substandard
|
—
|
|
|
—
|
|
|
—
|
|
|
246
|
|
|
246
|
|
|||||
Total
|
19,504
|
|
|
—
|
|
|
19,504
|
|
|
246
|
|
|
19,750
|
|
|||||
Total one-to-four family residential
|
222,452
|
|
|
2,805
|
|
|
225,257
|
|
|
620
|
|
|
225,877
|
|
|||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
LTV < 35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Pass
|
41,071
|
|
|
—
|
|
|
41,071
|
|
|
—
|
|
|
41,071
|
|
|||||
Special Mention
|
1,079
|
|
|
—
|
|
|
1,079
|
|
|
—
|
|
|
1,079
|
|
|||||
Substandard
|
1,185
|
|
|
151
|
|
|
1,336
|
|
|
281
|
|
|
1,617
|
|
|||||
Total
|
43,335
|
|
|
151
|
|
|
43,486
|
|
|
281
|
|
|
43,767
|
|
|||||
LTV => 35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass
|
73,986
|
|
|
749
|
|
|
74,735
|
|
|
—
|
|
|
74,735
|
|
|||||
Special Mention
|
4,315
|
|
|
128
|
|
|
4,443
|
|
|
—
|
|
|
4,443
|
|
|||||
Substandard
|
5,772
|
|
|
411
|
|
|
6,183
|
|
|
4,135
|
|
|
10,318
|
|
|||||
Total
|
84,073
|
|
|
1,288
|
|
|
85,361
|
|
|
4,135
|
|
|
89,496
|
|
|||||
Total commercial
|
127,408
|
|
|
1,439
|
|
|
128,847
|
|
|
4,416
|
|
|
133,263
|
|
|||||
Construction and land
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Substandard
|
12,003
|
|
|
—
|
|
|
12,003
|
|
|
—
|
|
|
12,003
|
|
|||||
Total construction and land
|
12,003
|
|
|
—
|
|
|
12,003
|
|
|
—
|
|
|
12,003
|
|
|||||
Multifamily
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
LTV < 35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Pass
|
137,141
|
|
|
—
|
|
|
137,141
|
|
|
—
|
|
|
137,141
|
|
|||||
Special Mention
|
—
|
|
|
52
|
|
|
52
|
|
|
—
|
|
|
52
|
|
|||||
Substandard
|
—
|
|
|
—
|
|
|
—
|
|
|
152
|
|
|
152
|
|
|||||
Total
|
137,141
|
|
|
52
|
|
|
137,193
|
|
|
152
|
|
|
137,345
|
|
|||||
LTV => 35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Pass
|
7,726
|
|
|
—
|
|
|
7,726
|
|
|
—
|
|
|
7,726
|
|
|||||
Special Mention
|
—
|
|
|
—
|
|
|
—
|
|
|
414
|
|
|
414
|
|
|||||
Total
|
7,726
|
|
|
—
|
|
|
7,726
|
|
|
414
|
|
|
8,140
|
|
|||||
Total multifamily
|
144,867
|
|
|
52
|
|
|
144,919
|
|
|
566
|
|
|
145,485
|
|
|||||
Home equity and lines of credit
|
|
|
|
|
|
|
|
|
|
||||||||||
Pass
|
17,427
|
|
|
—
|
|
|
17,427
|
|
|
—
|
|
|
17,427
|
|
|||||
Substandard
|
79
|
|
|
—
|
|
|
79
|
|
|
77
|
|
|
156
|
|
|||||
Total home equity and lines of credit
|
17,506
|
|
|
—
|
|
|
17,506
|
|
|
77
|
|
|
17,583
|
|
|||||
Commercial and industrial loans
|
|
|
|
|
|
|
|
|
|
||||||||||
Pass
|
11,888
|
|
|
45
|
|
|
11,933
|
|
|
—
|
|
|
11,933
|
|
|||||
Total Commercial and industrial loans
|
11,888
|
|
|
45
|
|
|
11,933
|
|
|
—
|
|
|
11,933
|
|
|||||
Other loans
|
|
|
|
|
|
|
|
|
|
||||||||||
Pass
|
6
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
6
|
|
|||||
Total loans acquired
|
536,130
|
|
|
4,341
|
|
|
540,471
|
|
|
5,679
|
|
|
546,150
|
|
|||||
|
$
|
3,207,270
|
|
|
$
|
8,562
|
|
|
$
|
3,215,832
|
|
|
$
|
9,195
|
|
|
$
|
3,225,027
|
|
|
At December 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
Recorded Investment
|
|
Unpaid Principal Balance
|
|
Related Allowance
|
|
Recorded Investment
|
|
Unpaid Principal Balance
|
|
Related Allowance
|
||||||||||||
With No Allowance Recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
LTV < 35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Substandard
|
$
|
—
|
|
|
$
|
139
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
139
|
|
|
$
|
—
|
|
LTV => 35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Pass
|
5,582
|
|
|
6,468
|
|
|
—
|
|
|
5,931
|
|
|
6,817
|
|
|
—
|
|
||||||
Substandard
|
10,438
|
|
|
11,002
|
|
|
—
|
|
|
12,160
|
|
|
15,028
|
|
|
—
|
|
||||||
One-to-four family residential
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
LTV < 60%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Pass
|
1,379
|
|
|
1,463
|
|
|
—
|
|
|
1,532
|
|
|
1,606
|
|
|
—
|
|
||||||
Special Mention
|
385
|
|
|
385
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Substandard
|
564
|
|
|
564
|
|
|
—
|
|
|
241
|
|
|
241
|
|
|
—
|
|
||||||
LTV => 60%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Pass
|
122
|
|
|
154
|
|
|
—
|
|
|
129
|
|
|
158
|
|
|
—
|
|
||||||
Substandard
|
29
|
|
|
29
|
|
|
—
|
|
|
126
|
|
|
278
|
|
|
—
|
|
||||||
Multifamily
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
LTV < 35%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Substandard
|
40
|
|
|
40
|
|
|
—
|
|
|
152
|
|
|
152
|
|
|
—
|
|
||||||
LTV => 35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Pass
|
26
|
|
|
496
|
|
|
—
|
|
|
38
|
|
|
509
|
|
|
—
|
|
||||||
Substandard
|
972
|
|
|
972
|
|
|
—
|
|
|
1,229
|
|
|
1,229
|
|
|
—
|
|
||||||
Home Equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pass
|
22
|
|
|
22
|
|
|
—
|
|
|
28
|
|
|
28
|
|
|
—
|
|
||||||
Commercial and industrial loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Substandard
|
39
|
|
|
39
|
|
|
—
|
|
|
52
|
|
|
119
|
|
|
—
|
|
||||||
With a Related Allowance Recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
LTV => 35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Substandard
|
1,307
|
|
|
1,307
|
|
|
(135
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
One-to-four family residential
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
LTV < 60%
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Substandard
|
—
|
|
|
—
|
|
|
—
|
|
|
657
|
|
|
657
|
|
|
(18
|
)
|
||||||
LTV => 60%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Pass
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Home equity and lines of credit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Substandard
|
33
|
|
|
33
|
|
|
(3
|
)
|
|
33
|
|
|
33
|
|
|
(5
|
)
|
||||||
Commercial and industrial loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Special Mention
|
19
|
|
|
19
|
|
|
(4
|
)
|
|
21
|
|
|
21
|
|
|
(3
|
)
|
||||||
Total:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial
|
17,327
|
|
|
18,916
|
|
|
(135
|
)
|
|
18,091
|
|
|
21,984
|
|
|
—
|
|
||||||
One-to-four family residential
|
2,479
|
|
|
2,595
|
|
|
—
|
|
|
2,685
|
|
|
2,940
|
|
|
(18
|
)
|
||||||
Multifamily
|
1,038
|
|
|
1,508
|
|
|
—
|
|
|
1,419
|
|
|
1,890
|
|
|
—
|
|
||||||
Home equity and lines of credit
|
55
|
|
|
55
|
|
|
(3
|
)
|
|
61
|
|
|
61
|
|
|
(5
|
)
|
||||||
Commercial and industrial loans
|
58
|
|
|
$
|
58
|
|
|
(4
|
)
|
|
73
|
|
|
140
|
|
|
(3
|
)
|
|||||
|
$
|
20,957
|
|
|
$
|
23,132
|
|
|
$
|
(142
|
)
|
|
$
|
22,329
|
|
|
$
|
27,015
|
|
|
$
|
(26
|
)
|
|
December 31, 2019
|
December 31, 2018
|
|||||||||||||
|
Average Recorded Investment
|
|
Interest Income
|
|
Average Recorded Investment
|
|
Interest Income
|
||||||||
With No Allowance Recorded:
|
|
|
|
|
|
|
|
||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
||||||
Commercial
|
|
|
|
|
|
|
|
|
|
||||||
LTV => 35%
|
|
|
|
|
|
|
|
||||||||
Pass
|
$
|
5,757
|
|
|
$
|
312
|
|
|
$
|
5,218
|
|
|
$
|
255
|
|
Substandard
|
11,012
|
|
|
237
|
|
|
10,582
|
|
|
404
|
|
||||
One-to-four family residential
|
|
|
|
|
|
|
|
||||||||
LTV < 60%
|
|
|
|
|
|
|
|
||||||||
Pass
|
1,586
|
|
|
66
|
|
|
1,403
|
|
|
62
|
|
||||
Special Mention
|
155
|
|
|
23
|
|
|
—
|
|
|
|
|
||||
Substandard
|
302
|
|
|
29
|
|
|
246
|
|
|
12
|
|
||||
One-to-four family residential
|
|
|
|
|
|
|
|
||||||||
LTV => 60%
|
|
|
|
|
|
|
|
||||||||
Pass
|
125
|
|
|
4
|
|
|
186
|
|
|
7
|
|
||||
Substandard
|
81
|
|
|
8
|
|
|
129
|
|
|
13
|
|
||||
Multifamily
|
|
|
|
|
|
|
|
||||||||
LTV < 35%
|
|
|
|
|
|
|
|
||||||||
Substandard
|
64
|
|
|
2
|
|
|
152
|
|
|
6
|
|
||||
LTV => 35%
|
|
|
|
|
|
|
|
||||||||
Pass
|
32
|
|
|
15
|
|
|
296
|
|
|
16
|
|
||||
Substandard
|
1,075
|
|
|
61
|
|
|
987
|
|
|
67
|
|
||||
Home equity and lines of credit
|
|
|
|
|
|
|
|
||||||||
Pass
|
25
|
|
|
1
|
|
|
31
|
|
|
2
|
|
||||
Commercial and industrial loans
|
|
|
|
|
|
|
|
||||||||
Substandard
|
45
|
|
|
—
|
|
|
100
|
|
|
—
|
|
||||
With a Related Allowance Recorded:
|
|
|
|
|
|
|
|
||||||||
Real estate loans:
|
|
|
|
|
|
|
|
||||||||
Commercial
|
|
|
|
|
|
|
|
||||||||
LTV => 35%
|
|
|
|
|
|
|
|
||||||||
Pass
|
—
|
|
|
—
|
|
|
880
|
|
|
76
|
|
||||
Substandard
|
991
|
|
|
17
|
|
|
267
|
|
|
—
|
|
||||
One-to-four family residential
|
|
|
|
|
|
|
|
||||||||
LTV < 60%
|
|
|
|
|
|
|
|
||||||||
Pass
|
—
|
|
|
|
|
|
164
|
|
|
|
|
||||
Substandard
|
338
|
|
|
—
|
|
|
733
|
|
|
19
|
|
||||
LTV => 60%
|
|
|
|
|
|
|
|
||||||||
Pass
|
—
|
|
|
—
|
|
|
54
|
|
|
|
|
||||
Home equity and lines of credit
|
|
|
|
|
|
|
|
||||||||
Substandard
|
33
|
|
|
2
|
|
|
34
|
|
|
2
|
|
||||
Commercial and industrial loans
|
|
|
|
|
|
|
|
||||||||
Special Mention
|
20
|
|
|
1
|
|
|
23
|
|
|
1
|
|
||||
Total:
|
|
|
|
|
|
|
|
||||||||
Real estate loans:
|
|
|
|
|
|
|
|
||||||||
Commercial
|
17,760
|
|
|
566
|
|
|
16,947
|
|
|
735
|
|
||||
One-to-four family residential
|
2,587
|
|
|
130
|
|
|
2,915
|
|
|
113
|
|
||||
Multifamily
|
1,171
|
|
|
78
|
|
|
1,435
|
|
|
89
|
|
||||
Home equity and lines of credit
|
58
|
|
|
3
|
|
|
65
|
|
|
4
|
|
||||
Commercial and industrial loans
|
65
|
|
|
1
|
|
|
123
|
|
|
1
|
|
||||
|
$
|
21,641
|
|
|
$
|
778
|
|
|
$
|
21,485
|
|
|
$
|
942
|
|
|
Number of Relationships
|
|
Pre-Modification Outstanding Recorded Investment
|
|
Post-Modification Outstanding Recorded Investment(1)
|
||||
|
(Dollars in thousands)
|
||||||||
Troubled Debt Restructurings
|
|
|
|
|
|
||||
Consumer
|
1
|
|
$
|
2
|
|
|
$
|
2
|
|
Commercial real estate
|
1
|
|
2,834
|
|
|
2,834
|
|
||
Total Troubled Debt Restructurings
|
2
|
|
$
|
2,836
|
|
|
$
|
2,836
|
|
|
|
|
|
|
|
||||
(1) Amounts are at time of modification
|
|
|
|
|
|
(6)
|
Premises and Equipment, Net
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
At cost:
|
|
||||||
Land
|
$
|
4,018
|
|
|
$
|
4,018
|
|
Buildings and improvements
|
10,660
|
|
|
8,905
|
|
||
Capital leases
|
2,600
|
|
|
2,600
|
|
||
Furniture, fixtures, and equipment
|
26,179
|
|
|
24,140
|
|
||
Leasehold improvements
|
27,886
|
|
|
30,115
|
|
||
|
71,343
|
|
|
69,778
|
|
||
Accumulated depreciation and amortization
|
(45,684
|
)
|
|
(44,173
|
)
|
||
Premises and equipment, net
|
$
|
25,659
|
|
|
$
|
25,605
|
|
(7)
|
Deposits
|
|
As of December 31,
|
||||||||||||
|
2019
|
|
2018
|
||||||||||
|
Amount
|
|
Weighted Average Rate
|
|
Amount
|
|
Weighted Average Rate
|
||||||
Transaction:
|
|
|
|
|
|
|
|
||||||
Negotiable orders of withdrawal and interest-bearing checking
|
$
|
573,927
|
|
|
0.87
|
%
|
|
$
|
458,012
|
|
|
0.68
|
%
|
Non-interest bearing checking
|
387,409
|
|
|
—
|
%
|
|
395,375
|
|
|
—
|
%
|
||
Total transaction
|
961,336
|
|
|
0.52
|
%
|
|
853,387
|
|
|
0.36
|
%
|
||
Savings:
|
|
|
|
|
|
|
|
||||||
Money market
|
651,159
|
|
|
1.18
|
%
|
|
741,939
|
|
|
1.12
|
%
|
||
Savings
|
747,186
|
|
|
1.02
|
%
|
|
594,290
|
|
|
0.90
|
%
|
||
Total savings
|
1,398,345
|
|
|
1.09
|
%
|
|
1,336,229
|
|
|
1.02
|
%
|
||
Certificates of deposit:
|
|
|
|
|
|
|
|
||||||
Under $100,000
|
563,303
|
|
|
1.86
|
%
|
|
599,245
|
|
|
1.91
|
%
|
||
$100,000 or more
|
485,249
|
|
|
1.98
|
%
|
|
497,651
|
|
|
2.01
|
%
|
||
Total certificates of deposit
|
1,048,552
|
|
|
1.92
|
%
|
|
1,096,896
|
|
|
1.96
|
%
|
||
Total deposits
|
$
|
3,408,233
|
|
|
1.18
|
%
|
|
$
|
3,286,512
|
|
|
1.16
|
%
|
|
December 31, 2019
|
||
2020
|
$
|
908,744
|
|
2021
|
46,856
|
|
|
2022
|
49,075
|
|
|
2023
|
35,008
|
|
|
2024
|
8,869
|
|
|
Total
|
$
|
1,048,552
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Transaction
|
$
|
4,623
|
|
|
$
|
2,175
|
|
|
$
|
1,429
|
|
Savings
|
15,850
|
|
|
8,878
|
|
|
6,804
|
|
|||
Certificates of deposit
|
20,855
|
|
|
16,688
|
|
|
8,153
|
|
|||
|
$
|
41,328
|
|
|
$
|
27,741
|
|
|
$
|
16,386
|
|
(8)
|
Borrowings
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Repurchase agreements
|
$
|
75,000
|
|
|
$
|
—
|
|
Other borrowings:
|
|
|
|
|
|
||
FHLB advances
|
776,000
|
|
|
403,502
|
|
||
Floating rate advances
|
6,004
|
|
|
5,345
|
|
||
Obligations under capital leases
|
—
|
|
|
44
|
|
||
|
$
|
857,004
|
|
|
$
|
408,891
|
|
|
December 31, 2019
|
||||||
|
FHLB
|
|
Repurchase
|
||||
|
Advances
|
|
Agreements
|
||||
2020
|
$
|
411,000
|
|
|
$
|
—
|
|
2021
|
145,000
|
|
|
25,000
|
|
||
2022
|
95,000
|
|
|
25,000
|
|
||
2023
|
87,500
|
|
|
—
|
|
||
2024
|
25,000
|
|
|
25,000
|
|
||
Thereafter
|
12,500
|
|
|
—
|
|
||
|
$
|
776,000
|
|
|
$
|
75,000
|
|
|
December 31,
|
||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
FHLB Advances
|
|
Repurchase Agreements
|
||||||||||||
Average balance during year
|
$
|
518,372
|
|
|
$
|
448,012
|
|
|
$
|
45,342
|
|
|
$
|
—
|
|
Maximum outstanding at any month end
|
$
|
776,000
|
|
|
$
|
475,582
|
|
|
$
|
75,000
|
|
|
$
|
—
|
|
Weighted average interest rate at end of year
|
2.04
|
%
|
|
1.95
|
%
|
|
2.30
|
%
|
|
—
|
%
|
||||
Weighted average interest rate during year
|
2.08
|
%
|
|
1.82
|
%
|
|
2.35
|
%
|
|
—
|
%
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Repurchase agreements
|
$
|
1,065
|
|
|
$
|
7
|
|
|
$
|
137
|
|
FHLB advances
|
10,795
|
|
|
8,172
|
|
|
7,390
|
|
|||
Floating rate advances
|
170
|
|
|
123
|
|
|
33
|
|
|||
Obligations under capital leases
|
—
|
|
|
7
|
|
|
30
|
|
|||
|
$
|
12,030
|
|
|
$
|
8,309
|
|
|
$
|
7,590
|
|
(9)
|
Income Taxes
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Federal tax expense (benefit):
|
|
|
|
|
|
||||||
Current
|
$
|
8,543
|
|
|
$
|
8,540
|
|
|
$
|
10,113
|
|
Deferred
|
376
|
|
|
(742
|
)
|
|
14,290
|
|
|||
|
8,919
|
|
|
7,798
|
|
|
24,403
|
|
|||
State and local tax expense (benefit):
|
|
|
|
|
|
||||||
Current
|
4,067
|
|
|
1,985
|
|
|
1,672
|
|
|||
Deferred
|
(199
|
)
|
|
(151
|
)
|
|
903
|
|
|||
|
3,868
|
|
|
1,834
|
|
|
2,575
|
|
|||
Total income tax expense
|
$
|
12,787
|
|
|
$
|
9,632
|
|
|
$
|
26,978
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Tax expense at statutory rate
|
$
|
11,135
|
|
|
$
|
10,439
|
|
|
$
|
18,111
|
|
Applicable statutory federal income tax rate
|
21
|
%
|
|
21
|
%
|
|
35
|
%
|
|||
Increase (decrease) in taxes resulting from:
|
|
|
|
|
|
||||||
State tax, net of federal income tax
|
3,056
|
|
|
1,448
|
|
|
1,674
|
|
|||
Impact of 2017 federal tax reform
|
—
|
|
|
—
|
|
|
10,453
|
|
|||
Bank owned life insurance
|
(1,475
|
)
|
|
(778
|
)
|
|
(1,885
|
)
|
|||
ESOP fair market value adjustment
|
187
|
|
|
196
|
|
|
404
|
|
|||
Incentive stock options
|
81
|
|
|
146
|
|
|
247
|
|
|||
Uncertain tax position
|
—
|
|
|
—
|
|
|
132
|
|
|||
Excess tax benefits from employee share based payments
|
(110
|
)
|
|
(1,939
|
)
|
|
(2,309
|
)
|
|||
Other, net
|
(87
|
)
|
|
120
|
|
|
151
|
|
|||
Income tax expense
|
$
|
12,787
|
|
|
$
|
9,632
|
|
|
$
|
26,978
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Deferred tax assets:
|
|
|
|
||||
Allowance for loan losses
|
$
|
7,985
|
|
|
$
|
7,317
|
|
Capitalized leases
|
—
|
|
|
13
|
|
||
Deferred compensation
|
3,498
|
|
|
3,426
|
|
||
Accrued salaries
|
738
|
|
|
737
|
|
||
Postretirement benefits
|
376
|
|
|
375
|
|
||
Equity awards
|
2,164
|
|
|
3,045
|
|
||
Unrealized actuarial losses on post-retirement benefits
|
(21
|
)
|
|
18
|
|
||
Straight-line rent
|
1,277
|
|
|
1,051
|
|
||
Asset retirement obligation
|
70
|
|
|
67
|
|
||
Reserve for accrued interest receivable
|
578
|
|
|
602
|
|
||
Reserve for loan commitments
|
216
|
|
|
146
|
|
||
Employee Stock Ownership Plan
|
615
|
|
|
551
|
|
||
Other
|
244
|
|
|
261
|
|
||
Depreciation
|
2,414
|
|
|
2,383
|
|
||
Fair value adjustments of acquired loans
|
3,713
|
|
|
3,934
|
|
||
Fair value adjustments of pension benefit obligations
|
160
|
|
|
154
|
|
||
Unrealized losses on debt securities available-for-sale
|
—
|
|
|
3,575
|
|
||
Total gross deferred tax assets
|
24,027
|
|
|
27,655
|
|
||
Deferred tax liabilities:
|
|
|
|
||||
Unrealized gains on debt securities available for sale
|
1,786
|
|
|
—
|
|
||
Fair value adjustments of acquired securities
|
20
|
|
|
28
|
|
||
Fair value adjustments of deposit liabilities
|
219
|
|
|
285
|
|
||
Deferred loan fees
|
2,224
|
|
|
1,984
|
|
||
Other
|
30
|
|
|
33
|
|
||
Total gross deferred tax liabilities
|
4,279
|
|
|
2,330
|
|
||
Net deferred tax asset
|
$
|
19,748
|
|
|
$
|
25,325
|
|
|
December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Beginning balance
|
$
|
530
|
|
|
$
|
482
|
|
|
$
|
459
|
|
Settlements based on tax positions related to prior years
|
(530
|
)
|
|
(238
|
)
|
|
(109
|
)
|
|||
Additions based on tax positions related to prior years
|
190
|
|
|
286
|
|
|
132
|
|
|||
Ending balance
|
$
|
190
|
|
|
$
|
530
|
|
|
$
|
482
|
|
•
|
Federal tax filings for 2017 through present.
|
•
|
New York State tax filings 2015 through present. The 2015 through 2018 filings are currently under examination.
|
•
|
New York City tax filings 2015 through present. The 2015 filing is currently under examination.
|
•
|
State of New Jersey 2015 through present.
|
(10)
|
Retirement Benefits
|
|
2019
|
|
2018
|
|
2017
|
||||||
Accumulated postretirement benefit obligation beginning of year
|
$
|
1,359
|
|
|
$
|
1,645
|
|
|
$
|
1,697
|
|
Service cost
|
9
|
|
|
11
|
|
|
11
|
|
|||
Interest cost
|
52
|
|
|
52
|
|
|
57
|
|
|||
Actuarial (gain) loss
|
(76
|
)
|
|
(229
|
)
|
|
(8
|
)
|
|||
Benefits paid
|
(103
|
)
|
|
(120
|
)
|
|
(112
|
)
|
|||
Accumulated postretirement benefit obligation end of year
|
1,241
|
|
|
1,359
|
|
|
1,645
|
|
|||
Accrued liability (included in accrued expenses and other liabilities)
|
$
|
1,241
|
|
|
$
|
1,359
|
|
|
$
|
1,645
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Net loss
|
$
|
132
|
|
|
$
|
20
|
|
Prior service credit
|
(191
|
)
|
|
—
|
|
||
(Gain) loss recognized in accumulated other comprehensive income (loss)
|
$
|
(59
|
)
|
|
$
|
20
|
|
|
December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Service cost
|
$
|
9
|
|
|
$
|
11
|
|
|
$
|
11
|
|
Interest cost
|
52
|
|
|
52
|
|
|
57
|
|
|||
Amortization of unrecognized loss
|
2
|
|
|
25
|
|
|
28
|
|
|||
Net postretirement benefit cost included in compensation and employee benefits
|
$
|
63
|
|
|
$
|
88
|
|
|
$
|
96
|
|
|
2019
|
|
2018
|
|
2017
|
|||
Assumptions used to determine benefit obligation at period end:
|
|
|
|
|
|
|||
Discount rate
|
2.75
|
%
|
|
4.00
|
%
|
|
3.25
|
%
|
Rate of increase in compensation
|
4.00
|
%
|
|
4.00
|
%
|
|
4.00
|
%
|
Assumptions used to determine net periodic benefit cost for the year:
|
|
|
|
|
|
|||
Discount rate
|
4.00
|
%
|
|
3.25
|
%
|
|
3.50
|
%
|
Rate of increase in compensation
|
4.00
|
%
|
|
4.00
|
%
|
|
4.00
|
%
|
|
One Percentage Point Increase
|
|
One Percentage Point Decrease
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Effect on benefits earned and interest cost
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
(4
|
)
|
|
$
|
(3
|
)
|
Effect on accumulated postretirement benefit obligation
|
$
|
104
|
|
|
$
|
109
|
|
|
$
|
(90
|
)
|
|
$
|
(94
|
)
|
|
One Percentage Point Increase
|
|
One Percentage Point Decrease
|
||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
Aggregate of service and interest
components of net periodic cost (benefit)
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
(4
|
)
|
|
$
|
(3
|
)
|
|
$
|
(4
|
)
|
(11)
|
Equity Incentive Plan
|
|
Year Ended December 31,
|
|||||||
|
2017
|
|||||||
Grant Date
|
November 1, 2017
|
|
September 19, 2017
|
|
August 1, 2017
|
|||
Stock options granted
|
40,000
|
|
|
12,500
|
|
|
45,744
|
|
Risk-free rate of return
|
2.06
|
%
|
|
1.89
|
%
|
|
1.86
|
%
|
Volatility
|
29.22
|
%
|
|
30.06
|
%
|
|
29.46
|
%
|
Dividend yield
|
2.37
|
%
|
|
1.98
|
%
|
|
1.91
|
%
|
Expected life
|
5.75
|
|
|
5.75
|
|
|
5.75
|
|
|
Number of Stock Options
|
|
Weighted Average Grant Date Fair Value
|
|
Weighted Average Exercise Price
|
|
Weighted Average Contractual Life (years)
|
||||||
Outstanding- December 31, 2017
|
4,620,687
|
|
|
$
|
3.51
|
|
|
$
|
11.82
|
|
|
5.17
|
|
Forfeited
|
(29,378
|
)
|
|
3.36
|
|
|
11.51
|
|
|
—
|
|
||
Exercised
|
(1,339,714
|
)
|
|
2.49
|
|
|
7.75
|
|
|
—
|
|
||
Outstanding- December 31, 2018
|
3,251,595
|
|
|
3.93
|
|
|
13.51
|
|
|
5.62
|
|
||
Forfeited
|
(15,000
|
)
|
|
4.07
|
|
|
14.76
|
|
|
—
|
|
||
Exercised
|
(1,009,402
|
)
|
|
3.75
|
|
|
12.54
|
|
|
—
|
|
||
Outstanding - December 31, 2019
|
2,227,193
|
|
|
4.01
|
|
|
13.93
|
|
|
4.96
|
|
||
Exercisable - December 31, 2019
|
2,046,272
|
|
|
$
|
3.99
|
|
|
$
|
13.83
|
|
|
4.91
|
|
|
Number of Shares Awarded
|
|
Weighted Average Grant Date Fair Value
|
|||
Non-vested at December 31, 2017
|
585,895
|
|
|
$
|
14.05
|
|
Granted
|
15,000
|
|
|
16.48
|
|
|
Vested
|
(266,973
|
)
|
|
13.86
|
|
|
Forfeited
|
(4,960
|
)
|
|
14.18
|
|
|
Non-vested at December 31, 2018
|
328,962
|
|
|
14.31
|
|
|
Vested
|
(249,860
|
)
|
|
13.99
|
|
|
Forfeited
|
(8,000
|
)
|
|
14.76
|
|
|
Non-vested at December 31, 2019
|
71,102
|
|
|
$
|
15.36
|
|
(12)
|
Commitments and Contingencies
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Commitments to extend credit
|
$
|
125,630
|
|
|
$
|
39,326
|
|
Unused lines of credit
|
143,164
|
|
|
136,586
|
|
||
Standby letters of credit
|
6,713
|
|
|
5,352
|
|
(13)
|
Regulatory Requirements
|
|
|
|
|
|
|
|
|
|
For Well
|
|||||||||||
|
|
|
|
|
For Capital
|
|
Capitalized
|
|||||||||||||
|
|
|
|
|
Adequacy
|
|
Under Prompt Corrective
|
|||||||||||||
|
Actual
|
|
Purposes
|
|
Action Provisions
|
|||||||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
As of December 31, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Common Equity Tier 1 Capital (to risk-weighted assets)
|
$
|
598,462
|
|
|
14.99
|
%
|
|
$
|
179,626
|
|
|
4.50
|
%
|
|
$
|
259,459
|
|
|
6.50
|
%
|
Tier 1 Leverage
|
598,462
|
|
|
12.28
|
|
|
194,954
|
|
|
4.00
|
|
|
243,692
|
|
|
5.00
|
|
|||
Tier I capital (to risk-weighted assets)
|
598,462
|
|
|
14.99
|
|
|
239,501
|
|
|
6.00
|
|
|
319,334
|
|
|
8.00
|
|
|||
Total capital (to risk-weighted assets)
|
627,955
|
|
|
15.73
|
|
|
319,334
|
|
|
8.00
|
|
|
399,168
|
|
|
10.00
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
As of December 31, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Common Equity Tier 1 Capital (to risk-weighted assets)
|
$
|
592,815
|
|
|
16.00
|
%
|
|
$
|
166,742
|
|
|
4.50
|
%
|
|
$
|
240,850
|
|
|
6.50
|
%
|
Tier 1 Leverage
|
592,815
|
|
|
13.81
|
|
|
171,663
|
|
|
4.00
|
|
|
214,579
|
|
|
5.00
|
|
|||
Tier I capital (to risk-weighted assets)
|
592,815
|
|
|
16.00
|
|
|
222,323
|
|
|
6.00
|
|
|
296,430
|
|
|
8.00
|
|
|||
Total capital (to risk-weighted assets)
|
620,863
|
|
|
16.76
|
|
|
296,430
|
|
|
8.00
|
|
|
370,538
|
|
|
10.00
|
|
|
|
|
|
|
|
|
|
|
For Well
|
|||||||||||
|
|
|
|
|
For Capital
|
|
Capitalized
|
|||||||||||||
|
|
|
|
|
Adequacy
|
|
Under Prompt Corrective
|
|||||||||||||
|
Actual
|
|
Purposes
|
|
Action Provisions
|
|||||||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
As of December 31, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Common Equity Tier 1 Capital (to risk-weighted assets)
|
$
|
651,974
|
|
|
16.35
|
%
|
|
$
|
179,439
|
|
|
4.50
|
%
|
|
$
|
259,189
|
|
|
6.50
|
%
|
Tier 1 Leverage
|
651,974
|
|
|
13.37
|
|
|
195,018
|
|
|
4.00
|
|
|
243,772
|
|
|
5.00
|
|
|||
Tier I capital (to risk-weighted assets)
|
651,974
|
|
|
16.35
|
|
|
239,251
|
|
|
6.00
|
|
|
319,002
|
|
|
8.00
|
|
|||
Total capital (to risk-weighted assets)
|
681,467
|
|
|
17.09
|
|
|
319,002
|
|
|
8.00
|
|
|
398,752
|
|
|
10.00
|
|
|||
As of December 31, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Common Equity Tier 1 Capital (to risk-weighted assets)
|
$
|
636,141
|
|
|
17.17
|
%
|
|
$
|
166,717
|
|
|
4.50
|
%
|
|
$
|
240,814
|
|
|
6.50
|
%
|
Tier 1 Leverage
|
636,141
|
|
|
14.82
|
|
|
171,724
|
|
|
4.00
|
|
|
214,656
|
|
|
5.00
|
|
|||
Tier I capital (to risk-weighted assets)
|
636,141
|
|
|
17.17
|
|
|
222,290
|
|
|
6.00
|
|
|
296,386
|
|
|
8.00
|
|
|||
Total capital (to risk-weighted assets)
|
664,190
|
|
|
17.93
|
|
|
296,386
|
|
|
8.00
|
|
|
370,483
|
|
|
10.00
|
|
(14)
|
Fair Value Measurement
|
•
|
Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.
|
•
|
Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (for example, interest rates, volatilities, prepayment speeds, loss severities, credit risks and default rates) or inputs that are derived principally from or corroborated by observable market data by correlations or other means.
|
•
|
Level 3 Inputs – Significant unobservable inputs that reflect the Company’s own assumptions that market participants would use in pricing the assets or liabilities.
|
|
Fair Value Measurements at December 31, 2019 Using:
|
||||||||||||||
|
Carrying Value
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
|
Significant Other Observable
Inputs (Level 2)
|
|
Significant Unobservable
Inputs
(Level 3)
|
||||||||
|
(in thousands)
|
||||||||||||||
Measured on a recurring basis:
|
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Investment securities:
|
|
|
|
|
|
|
|
||||||||
Debt securities available-for-sale:
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
Pass-through certificates:
|
|
|
|
|
|
|
|
||||||||
GSE
|
$
|
329,407
|
|
|
$
|
—
|
|
|
$
|
329,407
|
|
|
$
|
—
|
|
REMICs:
|
|
|
|
|
|
|
|
||||||||
GSE
|
643,667
|
|
|
—
|
|
|
643,667
|
|
|
—
|
|
||||
Non-GSE
|
53
|
|
|
—
|
|
|
53
|
|
|
—
|
|
||||
|
973,127
|
|
|
—
|
|
|
973,127
|
|
|
—
|
|
||||
Other debt securities:
|
|
|
|
|
|
|
|
||||||||
Municipal bonds
|
299
|
|
|
—
|
|
|
299
|
|
|
|
|||||
Corporate bonds
|
164,926
|
|
|
—
|
|
|
164,926
|
|
|
—
|
|
||||
|
165,225
|
|
|
—
|
|
|
165,225
|
|
|
—
|
|
||||
Total debt securities available-for-sale
|
1,138,352
|
|
|
—
|
|
|
1,138,352
|
|
|
—
|
|
||||
Trading securities
|
11,222
|
|
|
11,222
|
|
|
—
|
|
|
—
|
|
||||
Equity securities
|
250
|
|
|
250
|
|
|
—
|
|
|
—
|
|
||||
Total
|
1,149,824
|
|
|
11,472
|
|
|
1,138,352
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Measured on a non-recurring basis:
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Impaired loans:
|
|
|
|
|
|
|
|
||||||||
Real estate loans:
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
$
|
4,871
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,871
|
|
Multifamily
|
26
|
|
|
—
|
|
|
—
|
|
|
26
|
|
||||
Home equity and lines of credit
|
30
|
|
|
—
|
|
|
—
|
|
|
30
|
|
||||
Total impaired real estate loans
|
4,927
|
|
|
—
|
|
|
—
|
|
|
4,927
|
|
||||
Commercial and industrial loans
|
15
|
|
|
—
|
|
|
—
|
|
|
15
|
|
||||
Total
|
$
|
4,942
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,942
|
|
|
Fair Value Measurements at December 31, 2018 Using:
|
||||||||||||||
|
Carrying Value
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
|
Significant Other Observable
Inputs (Level 2)
|
|
Significant Unobservable
Inputs
(Level 3)
|
||||||||
|
(in thousands)
|
||||||||||||||
Measured on a recurring basis:
|
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Investment securities:
|
|
|
|
|
|
|
|
||||||||
Available-for-sale:
|
|
|
|
|
|
|
|
||||||||
Debt securities available-for-sale:
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
Pass-through certificates:
|
|
|
|
|
|
|
|
||||||||
GSE
|
$
|
314,788
|
|
|
$
|
—
|
|
|
$
|
314,788
|
|
|
$
|
—
|
|
REMICs:
|
|
|
|
|
|
|
|
||||||||
GSE
|
250,163
|
|
|
—
|
|
|
250,163
|
|
|
—
|
|
||||
Non-GSE
|
58
|
|
|
—
|
|
|
58
|
|
|
—
|
|
||||
|
565,009
|
|
|
—
|
|
|
565,009
|
|
|
—
|
|
||||
Other debt securities:
|
|
|
|
|
|
|
|
||||||||
Municipal Bonds
|
273
|
|
|
—
|
|
|
273
|
|
|
—
|
|
||||
Corporate bonds
|
242,749
|
|
|
—
|
|
|
242,749
|
|
|
—
|
|
||||
|
243,022
|
|
|
—
|
|
|
243,022
|
|
|
—
|
|
||||
Total debt securities available-for sale
|
808,031
|
|
|
—
|
|
|
808,031
|
|
|
—
|
|
||||
Trading securities
|
8,968
|
|
|
8,968
|
|
|
—
|
|
|
—
|
|
||||
Equity securities - mutual funds
|
237
|
|
|
237
|
|
|
—
|
|
|
—
|
|
||||
Total
|
$
|
817,236
|
|
|
$
|
9,205
|
|
|
$
|
808,031
|
|
|
$
|
—
|
|
Measured on a non-recurring basis:
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Impaired loans:
|
|
|
|
|
|
|
|
||||||||
Real estate loans:
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
$
|
4,847
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,847
|
|
One-to-four family residential mortgage
|
765
|
|
|
—
|
|
|
—
|
|
|
765
|
|
||||
Multifamily
|
39
|
|
|
—
|
|
|
—
|
|
|
39
|
|
||||
Home equity and lines of credit
|
28
|
|
|
—
|
|
|
—
|
|
|
28
|
|
||||
Total impaired real estate loans
|
5,679
|
|
|
—
|
|
|
—
|
|
|
5,679
|
|
||||
Commercial and industrial loans
|
18
|
|
|
—
|
|
|
—
|
|
|
18
|
|
||||
Total
|
$
|
5,697
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,697
|
|
|
Fair Value
|
|
Valuation Methodology
|
|
Unobservable Inputs
|
|
Range of Inputs
|
||
|
(in thousands)
|
|
|
|
|
|
|
||
Impaired loans
|
$
|
4,942
|
|
|
Appraisals
|
|
Discount for costs to sell
|
|
7.0%
|
|
|
|
|
|
Discount for quick sale
|
|
10.0%
|
||
|
|
|
Discounted cash flows
|
|
Interest rates
|
|
4.13% - 6.25%
|
|
Fair Value
|
|
Valuation Methodology
|
|
Unobservable Inputs
|
|
Range of Inputs
|
||
|
(in thousands)
|
|
|
|
|
|
|
||
Impaired loans
|
$
|
5,697
|
|
|
Appraisals
|
|
Discount for costs to sell
|
|
7.0%
|
|
|
|
|
|
Discount for quick sale
|
|
10.0%
|
||
|
|
|
Discounted cash flows
|
|
Interest rates
|
|
4.13% - 6.25%
|
(a)
|
Cash, Cash Equivalents
|
(b)
|
Debt Securities (Held-to-Maturity)
|
(c)
|
Investments in Equity Securities at Net Asset Value Per Share
|
(d)
|
Federal Home Loan Bank of New York Stock
|
(e)
|
Loans (Held-for-Investment)
|
(f)
|
Loans (Held-for-Sale)
|
(g)
|
Deposits
|
(h)
|
Commitments to Extend Credit and Standby Letters of Credit
|
(i)
|
Borrowings
|
(j)
|
Advance Payments by Borrowers for Taxes and Insurance
|
|
December 31, 2019
|
||||||||||||||||||
|
|
|
Estimated Fair Value
|
||||||||||||||||
|
Carrying Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
147,818
|
|
|
$
|
147,818
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
147,818
|
|
Trading securities
|
11,222
|
|
|
11,222
|
|
|
—
|
|
|
—
|
|
|
11,222
|
|
|||||
Debt securities available-for-sale
|
1,138,352
|
|
|
—
|
|
|
1,138,352
|
|
|
—
|
|
|
1,138,352
|
|
|||||
Debt securities held-to-maturity
|
8,762
|
|
|
—
|
|
|
8,886
|
|
|
—
|
|
|
8,886
|
|
|||||
Equity securities(1)
|
250
|
|
|
250
|
|
|
—
|
|
|
—
|
|
|
250
|
|
|||||
FHLB of New York stock, at cost
|
39,575
|
|
|
—
|
|
|
39,575
|
|
|
—
|
|
|
39,575
|
|
|||||
Net loans held-for-investment
|
3,408,378
|
|
|
—
|
|
|
—
|
|
|
3,482,804
|
|
|
3,482,804
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
$
|
3,408,233
|
|
|
$
|
—
|
|
|
$
|
3,412,414
|
|
|
$
|
—
|
|
|
$
|
3,412,414
|
|
Repurchase agreements, FHLB advances and other borrowings
|
857,004
|
|
|
—
|
|
|
862,980
|
|
|
—
|
|
|
862,980
|
|
|||||
Advance payments by borrowers
|
44,069
|
|
|
—
|
|
|
44,069
|
|
|
—
|
|
|
44,069
|
|
|
December 31, 2018
|
||||||||||||||||||
|
|
|
Estimated Fair Value
|
||||||||||||||||
|
Carrying Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
77,762
|
|
|
$
|
77,762
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
77,762
|
|
Trading securities
|
8,968
|
|
|
8,968
|
|
|
—
|
|
|
—
|
|
|
8,968
|
|
|||||
Debt securities available-for-sale
|
808,031
|
|
|
—
|
|
|
808,031
|
|
|
—
|
|
|
808,031
|
|
|||||
Debt securities held-to-maturity
|
9,505
|
|
|
—
|
|
|
9,249
|
|
|
—
|
|
|
9,249
|
|
|||||
Equity securities(1)
|
237
|
|
|
237
|
|
|
—
|
|
|
—
|
|
|
237
|
|
|||||
FHLB of New York stock, at cost
|
22,517
|
|
|
—
|
|
|
22,517
|
|
|
—
|
|
|
22,517
|
|
|||||
Net loans held-for-investment
|
3,217,673
|
|
|
—
|
|
|
—
|
|
|
3,236,136
|
|
|
3,236,136
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
$
|
3,286,512
|
|
|
$
|
—
|
|
|
$
|
3,291,085
|
|
|
$
|
—
|
|
|
$
|
3,291,085
|
|
Repurchase agreements, FHLB advances and other borrowings
|
408,891
|
|
|
—
|
|
|
403,476
|
|
|
—
|
|
|
403,476
|
|
|||||
Advance payments by borrowers
|
18,007
|
|
|
—
|
|
|
18,007
|
|
|
—
|
|
|
18,007
|
|
|||||
|
|
|
|
|
|
|
|
|
|
(15)
|
Earnings Per Share
|
|
December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net income available to common stockholders
|
$
|
40,235
|
|
|
$
|
40,079
|
|
|
$
|
24,768
|
|
|
|
|
|
|
|
||||||
Weighted average shares outstanding-basic
|
46,783,442
|
|
|
46,319,760
|
|
|
45,325,445
|
|
|||
Effect of non-vested restricted stock and stock options outstanding
|
380,362
|
|
|
787,673
|
|
|
1,550,285
|
|
|||
Weighted average shares outstanding-diluted
|
47,163,804
|
|
|
47,107,433
|
|
|
46,875,730
|
|
|||
Earnings per share-basic
|
$
|
0.86
|
|
|
$
|
0.87
|
|
|
$
|
0.55
|
|
Earnings per share-diluted
|
$
|
0.85
|
|
|
$
|
0.85
|
|
|
$
|
0.53
|
|
Anti-dilutive shares
|
546,120
|
|
|
765,792
|
|
|
334,927
|
|
(16)
|
Stock Repurchase Program
|
|
December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Fees and service charges for customer services:
|
|
|
|
|
|
||||||
Service charges
|
$
|
3,309
|
|
|
$
|
3,356
|
|
|
$
|
3,320
|
|
ATM and card interchange fees
|
1,310
|
|
|
1,216
|
|
|
1,150
|
|
|||
Investment fees
|
262
|
|
|
305
|
|
|
232
|
|
|||
Total fees and service charges for customer services
|
4,881
|
|
|
4,877
|
|
|
4,702
|
|
|||
Income on bank owned life insurance(1)
|
7,023
|
|
|
3,705
|
|
|
5,386
|
|
|||
Gains (losses) on available-for-sale debt securities, net (1)
|
1,988
|
|
|
(879
|
)
|
|
1,114
|
|
|||
Gains on trading securities, net (1)
|
514
|
|
|
178
|
|
|
169
|
|
|||
Other(1)
|
402
|
|
|
246
|
|
|
271
|
|
|||
Total non-interest income
|
$
|
14,808
|
|
|
$
|
8,127
|
|
|
$
|
11,642
|
|
|
|
|
|
|
|
Operating lease cost
|
$
|
6,698
|
|
Variable lease cost
|
2,813
|
|
|
Net lease cost
|
$
|
9,511
|
|
Cash paid for amounts included in measurement of operating lease liabilities
|
$
|
5,901
|
|
Right-of-use assets obtained in exchange for new operating lease liabilities
|
$
|
1,013
|
|
Weighted average remaining lease term (in years) at December 31, 2019
|
12.77
|
|
|
Weighted average discount rate at December 31, 2019
|
3.62
|
%
|
Year
|
Amount
|
||
2020
|
$
|
6,160
|
|
2021
|
5,730
|
|
|
2022
|
5,068
|
|
|
2023
|
4,975
|
|
|
2024
|
4,629
|
|
|
Thereafter
|
30,668
|
|
|
Total lease payments
|
$
|
57,230
|
|
Less: imputed interest
|
(13,161
|
)
|
|
Present value of lease liabilities
|
$
|
44,069
|
|
(20)
|
Parent-only Financial Information
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(in thousands)
|
||||||
Assets
|
|
|
|
||||
Cash in Northfield Bank
|
$
|
32,828
|
|
|
$
|
21,884
|
|
Interest-earning deposits in other financial institutions
|
280
|
|
|
21
|
|
||
Investment in Northfield Bank
|
642,341
|
|
|
623,113
|
|
||
ESOP loan receivable
|
21,897
|
|
|
22,962
|
|
||
Other assets
|
132
|
|
|
120
|
|
||
Total assets
|
$
|
697,478
|
|
|
$
|
668,100
|
|
Liabilities and Stockholders' Equity
|
|
|
|
||||
Total liabilities
|
$
|
1,625
|
|
|
$
|
1,661
|
|
Total stockholders' equity
|
695,853
|
|
|
666,439
|
|
||
Total liabilities and stockholders' equity
|
$
|
697,478
|
|
|
$
|
668,100
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(in thousands)
|
||||||||||
Interest on ESOP loan
|
$
|
1,263
|
|
|
$
|
1,081
|
|
|
$
|
939
|
|
Interest income on deposits in other financial institutions
|
229
|
|
|
38
|
|
|
31
|
|
|||
Gains (losses) gains on securities, net
|
10
|
|
|
(6
|
)
|
|
5
|
|
|||
Undistributed earnings of Northfield Bank
|
40,012
|
|
|
40,092
|
|
|
24,887
|
|
|||
Total income
|
41,514
|
|
|
41,205
|
|
|
25,862
|
|
|||
Other expenses
|
863
|
|
|
890
|
|
|
872
|
|
|||
Income tax expense
|
416
|
|
|
236
|
|
|
222
|
|
|||
Total expense
|
1,279
|
|
|
1,126
|
|
|
1,094
|
|
|||
Net income
|
$
|
40,235
|
|
|
$
|
40,079
|
|
|
$
|
24,768
|
|
Comprehensive income:
|
|
|
|
|
|
||||||
Net income
|
$
|
40,235
|
|
|
$
|
40,079
|
|
|
$
|
24,768
|
|
Other comprehensive income (loss), net of tax
|
13,846
|
|
|
(3,696
|
)
|
|
(227
|
)
|
|||
Comprehensive income
|
$
|
54,081
|
|
|
$
|
36,383
|
|
|
$
|
24,541
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(in thousands)
|
||||||||||
Cash flows from operating activities
|
|
|
|
|
|
||||||
Net income
|
$
|
40,235
|
|
|
$
|
40,079
|
|
|
$
|
24,768
|
|
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
|
|
|
|
|
|
||||||
(Increase) decrease in other assets
|
(1,073
|
)
|
|
3
|
|
|
(2,008
|
)
|
|||
(Gains) losses on securities, net
|
(10
|
)
|
|
6
|
|
|
(5
|
)
|
|||
(Decrease) increase in other liabilities
|
(36
|
)
|
|
846
|
|
|
(980
|
)
|
|||
Undistributed earnings of Northfield Bank
|
(40,012
|
)
|
|
(40,092
|
)
|
|
(24,887
|
)
|
|||
Net cash (used in) provided by operating activities
|
(896
|
)
|
|
842
|
|
|
(3,112
|
)
|
|||
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|||
Dividends from Northfield Bank
|
41,277
|
|
|
16,493
|
|
|
28,763
|
|
|||
Net cash provided by investing activities
|
41,277
|
|
|
16,493
|
|
|
28,763
|
|
|||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|||
Principal payments on ESOP loan receivable
|
1,065
|
|
|
1,059
|
|
|
1,022
|
|
|||
Purchase of treasury stock
|
(15,815
|
)
|
|
(5
|
)
|
|
—
|
|
|||
Dividends paid
|
(20,198
|
)
|
|
(18,673
|
)
|
|
(15,646
|
)
|
|||
Exercise of stock options
|
5,770
|
|
|
2,088
|
|
|
100
|
|
|||
Net cash used in financing activities
|
(29,178
|
)
|
|
(15,531
|
)
|
|
(14,524
|
)
|
|||
Net increase in cash and cash equivalents
|
11,203
|
|
|
1,804
|
|
|
11,127
|
|
|||
Cash and cash equivalents at beginning of year
|
21,905
|
|
|
20,101
|
|
|
8,974
|
|
|||
Cash and cash equivalents at end of year
|
$
|
33,108
|
|
|
$
|
21,905
|
|
|
$
|
20,101
|
|
|
2019 Quarter Ended
|
||||||||||||||
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
||||||||
|
(Dollars in thousands, except per share data)
|
||||||||||||||
Selected Operating Data:
|
|
|
|
|
|
|
|
||||||||
Interest income
|
$
|
39,466
|
|
|
$
|
40,193
|
|
|
$
|
42,847
|
|
|
$
|
42,637
|
|
Interest expense
|
12,136
|
|
|
13,034
|
|
|
14,027
|
|
|
14,161
|
|
||||
Net interest income
|
27,330
|
|
|
27,159
|
|
|
28,820
|
|
|
28,476
|
|
||||
Provision (recoveries) for loan losses
|
59
|
|
|
491
|
|
|
(1,300
|
)
|
|
772
|
|
||||
Net interest income after provision for loan losses
|
27,271
|
|
|
26,668
|
|
|
30,120
|
|
|
27,704
|
|
||||
Other income
|
3,314
|
|
|
2,566
|
|
|
4,733
|
|
|
4,195
|
|
||||
Other expenses
|
19,204
|
|
|
18,750
|
|
|
16,869
|
|
|
18,726
|
|
||||
Income before income tax expense
|
11,381
|
|
|
10,484
|
|
|
17,984
|
|
|
13,173
|
|
||||
Income tax expense
|
2,610
|
|
|
2,280
|
|
|
4,845
|
|
|
3,052
|
|
||||
Net income
|
$
|
8,771
|
|
|
$
|
8,204
|
|
|
$
|
13,139
|
|
|
$
|
10,121
|
|
Net income per basic common share
|
$
|
0.19
|
|
|
$
|
0.18
|
|
|
$
|
0.28
|
|
|
$
|
0.22
|
|
Net income per diluted common share
|
$
|
0.19
|
|
|
$
|
0.17
|
|
|
$
|
0.28
|
|
|
$
|
0.21
|
|
|
2018 Quarter Ended
|
||||||||||||||
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
||||||||
|
(Dollars in thousands, except per share data)
|
||||||||||||||
Selected Operating Data:
|
|
|
|
|
|
|
|
||||||||
Interest income
|
$
|
34,682
|
|
|
$
|
35,935
|
|
|
$
|
37,727
|
|
|
$
|
38,948
|
|
Interest expense
|
7,138
|
|
|
8,165
|
|
|
9,803
|
|
|
10,944
|
|
||||
Net interest income
|
27,544
|
|
|
27,770
|
|
|
27,924
|
|
|
28,004
|
|
||||
Provision for loan losses
|
34
|
|
|
670
|
|
|
1,304
|
|
|
607
|
|
||||
Net interest income after provision for loan losses
|
27,510
|
|
|
27,100
|
|
|
26,620
|
|
|
27,397
|
|
||||
Other income
|
2,405
|
|
|
2,445
|
|
|
2,637
|
|
|
640
|
|
||||
Other expenses
|
17,126
|
|
|
17,040
|
|
|
17,100
|
|
|
15,777
|
|
||||
Income before income tax expense
|
12,789
|
|
|
12,505
|
|
|
12,157
|
|
|
12,260
|
|
||||
Income tax expense
|
2,344
|
|
|
1,893
|
|
|
3,081
|
|
|
2,314
|
|
||||
Net income
|
$
|
10,445
|
|
|
$
|
10,612
|
|
|
$
|
9,076
|
|
|
$
|
9,946
|
|
Net income per basic common share
|
$
|
0.23
|
|
|
$
|
0.23
|
|
|
$
|
0.19
|
|
|
$
|
0.21
|
|
Net income per diluted common share
|
$
|
0.22
|
|
|
$
|
0.23
|
|
|
$
|
0.19
|
|
|
$
|
0.21
|
|
ITEM 9.
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|
ITEM 9A.
|
CONTROLS AND PROCEDURES
|
ITEM 9B.
|
OTHER INFORMATION
|
ITEM 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|
ITEM 11.
|
EXECUTIVE COMPENSATION
|
ITEM 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|
|
Equity Compensation Plan Information
|
||||||||
|
Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights
|
|
Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights(1)
|
|
Number of Securities Remaining Available for Future Issuance Under Stock-Based Compensation Plans (Excluding Securities Reflected in First Column)(2)
|
||||
Equity compensation plans approved by security holders
|
2,227,193
|
|
|
$
|
13.93
|
|
|
6,000,000
|
|
Equity compensation plans not approved by security holders
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
Total
|
2,227,193
|
|
|
$
|
13.93
|
|
|
6,000,000
|
|
ITEM 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
|
ITEM 14.
|
PRINCIPAL ACCOUNTING FEES AND SERVICES
|
ITEM 15.
|
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
|
(a)(2)
|
Exhibits
|
Certificate of Incorporation of Northfield Bancorp, Inc. (4)
|
|
Bylaws of Northfield Bancorp, Inc. (4)
|
|
Form of Common Stock Certificate of Northfield Bancorp, Inc.(4)
|
|
Description of Registrant's Securities *
|
|
Short Term Disability and Long Term Disability for Senior Management (1) †
|
|
Northfield Bank Non-Qualified Deferred Compensation Plan (3) †
|
|
Northfield Bank Non-Qualified Supplemental Employee Stock Ownership Plan (3) †
|
|
Amendment to Northfield Bank Non-Qualified Deferred Compensation Plan (5) †
|
|
Amendment to Northfield Bank Non-Qualified Supplemental Employee Stock Ownership Plan (5) †
|
|
Group Term Replacement Plan (6) †
|
|
Northfield Bancorp, Inc. 2014 Equity Incentive Plan (7) †
|
|
Form of Employee Stock Option Award Agreement under the 2014 Equity Incentive Plan with the Exception of John W. Alexander and Steven M. Klein (8) †
|
|
Form of Employee Restricted Stock Award Agreement under the 2014 Equity Incentive Plan with John W. Alexander and Steven M. Klein (8) †
|
|
Form of Director Restricted Stock Award Agreement under the 2014 Equity Incentive Plan (8) †
|
|
Form of amendment to restricted stock award and stock option agreements to participants of the 2014 Equity Incentive Plan (2) †
|
|
Form of Employee Stock Option Award Agreement under the 2014 Equity Incentive Plan with the Exception of John W. Alexander and Steven M. Klein (9) †
|
|
Form of Employee Stock Option Award Agreement under the 2014 Equity Incentive Plan with John W. Alexander and Steven M. Klein (9) †
|
|
Form of Director Non-Statutory Stock Option Award Agreement under the 2014 Equity Incentive Plan (10) †
|
|
Form of Employee Restricted Stock Award Agreement under the 2014 Equity Incentive Plan with the exception of John W. Alexander and Steven M. Klein (9) †
|
|
Form of Employee Restricted Stock Award Agreement under the 2014 Equity Incentive Plan with John W. Alexander and Steven M. Klein (9) †
|
|
Form of Director Restricted Stock Award Agreement under the 2014 Equity Incentive Plan (9) †
|
|
Form of Amended and Restated Employment Agreement effective November 1, 2017, with Steven M. Klein (10) †
|
|
10.19
|
Form of Amended and Restated Employment Agreement effective January 1, 2018, with William R. Jacobs and Michael J. Widmer (11) †
|
Northfield Bancorp, Inc. Management Cash Incentive Governing Plan, Amended January 30, 2019 (12) †
|
|
Northfield Bancorp, Inc. 2019 Management Cash Incentive Plan, Amended January 30, 2019 (12) †
|
|
Northfield Bancorp, Inc. 2019 Equity Incentive Plan (13) †
|
|
Northfield Bancorp, Inc. 2020 Management Cash Incentive Plan (14) †
|
|
Form of Director Time-Based Restricted Stock Award Agreement under the 2019 Equity Incentive Plan (15) †
|
|
Form of CEO Time-Based Restricted Stock Award Agreement under the 2019 Equity Incentive Plan (15) †
|
|
Form of Executive Vice President Time-Based Restricted Stock Award Agreement under the 2019 Equity Incentive Plan (15) †
|
|
Form of Employee (Below Executive Vice President) Time-Based Restricted Stock Award Agreement under the 2019 Equity Incentive Plan (15) †
|
|
|
|
|
(1)
|
Incorporated by reference to the Registration Statement on Form S-1 of Northfield Bancorp, Inc. (File No. 333-143643), originally filed with the Securities and Exchange Commission on June 11, 2007.
|
(2)
|
Incorporated by reference to Northfield Bancorp Inc.’s Current Report on Form 8-K, dated December 17, 2014, filed with the Securities and Exchange Commission on December 23, 2014 (File Number 001-35791).
|
(3)
|
Incorporated by reference to Northfield Bancorp Inc.’s Annual Report on Form 10-K, dated December 31, 2007, filed with the Securities and Exchange Commission on March 31, 2008 (File Number 001-33732).
|
(4)
|
Incorporated by reference to the Registration Statement on Form S-1 of Northfield Bancorp, Inc. (File No. 333-181995), originally filed with the Securities and Exchange Commission on June 8, 2012.
|
(5)
|
Incorporated by reference to Northfield Bancorp Inc.’s Annual Report on Form 10-K, dated December 31, 2008, filed with the Securities and Exchange Commission on March 16, 2009 (File Number 001-33732).
|
(6)
|
Incorporated by reference to Northfield Bancorp Inc.’s Current Report on Form 8-K, dated April 28, 2010, filed with the Securities and Exchange Commission on April 29, 2010 (File Number 001-33732).
|
(8)
|
Incorporated by reference to Northfield Bancorp Inc.’s Quarterly Report on Form 10-Q, dated June 30, 2014, filed with the Securities and Exchange Commission on August 11, 2014 (File Number 001-35791).
|
(9)
|
Incorporated by reference to Northfield Bancorp Inc.’s Quarterly Report on Form 10-Q, dated June 30, 2015, filed with the Securities and Exchange Commission on August 10, 2015 (File Number 001-35791).
|
(10)
|
Incorporated by reference to Northfield Bancorp Inc.’s Quarterly Report on Form 8-K, dated October 25, 2017, filed with the Securities and Exchange Commission on October 30, 2017 (File Number 001-35791).
|
(11)
|
Incorporated by reference to Northfield Bancorp Inc.’s Current Report on Form 8-K dated December 13, 2017, filed with the Securities and Exchange Commission on December 19, 2017 (File Number 001-35791).
|
(12)
|
Incorporated by reference to Northfield Bancorp Inc.’s Current Report on Form 8-K dated January 30, 2019, filed with the Securities and Exchange Commission on February 5, 2019 (File Number 001-35791).
|
(13)
|
Incorporated by reference to Appendix A of Northfield Bancorp Inc.’s Definitive Proxy Statement for the 2019 Annual Meeting of Stockholders, filed with the Securities and Exchange Commission on April 9, 2019 (File Number 001-35791).
|
(14)
|
Incorporated by reference to Northfield Bancorp Inc.’s Current Report on Form 8-K dated January 29, 2020, filed with the Securities and Exchange Commission on February 3, 2020 (File Number 001-35791).
|
(15)
|
Incorporated by reference to Northfield Bancorp Inc.’s Current Report on Form 8-K, dated February 17, 2020, filed with the Securities and Exchange Commission on February 21, 2020 (File Number 001-35791).
|
ITEM 16.
|
FORM 10-K SUMMARY
|
Date:
|
March 2, 2020
|
By:
|
/s/ Steven M. Klein
|
|
|
|
|
Steven M. Klein
|
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
(Duly Authorized Representative)
|
Signatures
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Steven M. Klein
|
|
President and Chief Executive Officer (Principal Executive Officer)
|
|
March 2, 2020
|
Steven M. Klein
|
|
|
||
|
|
|
|
|
/s/ William R. Jacobs
|
|
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
|
|
March 2, 2020
|
William R. Jacobs
|
|
|
||
|
|
|
|
|
/s/ John W. Alexander
|
|
Director
|
|
March 2, 2020
|
John W. Alexander
|
|
|
||
|
|
|
|
|
/s/ Annette Catino
|
|
Director
|
|
March 2, 2020
|
Annette Catino
|
|
|
||
|
|
|
|
|
/s/ Gil Chapman
|
|
Director
|
|
March 2, 2020
|
Gil Chapman
|
|
|
||
|
|
|
|
|
/s/ John P. Connors, Jr
|
|
Director
|
|
March 2, 2020
|
John P. Connors, Jr.
|
|
|
||
|
|
|
|
|
/s/ Timothy C. Harrison
|
|
Director
|
|
March 2, 2020
|
Timothy C. Harrison
|
|
|
||
|
|
|
|
|
/s/ Karen J. Kessler
|
|
Director
|
|
March 2, 2020
|
Karen J. Kessler
|
|
|
||
|
|
|
|
|
/s/ Patrick L. Ryan
|
|
Director
|
|
March 2, 2020
|
Patrick L. Ryan
|
|
|
||
|
|
|
|
|
/s/ Frank P. Patafio
|
|
Director
|
|
March 2, 2020
|
Frank P. Patafio
|
|
|
||
|
|
|
|
|
/s/ Patrick E. Scura, Jr.
|
|
Director
|
|
March 2, 2020
|
Patrick E. Scura, Jr.
|
|
|
||
|
|
|
|
|
/s/ Paul V. Stahlin
|
|
Director
|
|
March 2, 2020
|
Paul V. Stahlin
|
|
|
Attest:
|
|
Northfield Bank
|
|
|
|
____________________________________
|
|
By:_________________________________
|
Secretary
|
|
Title:_______________________________
|
|
|
|
Attest:
|
|
Executive
|
|
|
|
____________________________________
|
|
___________________________________
|
Secretary
|
|
Name of Executive and Title
|
|
|
Northfield Bancorp, Inc.
|
|
|
(The Company is executing this Agreement only for purposes of acknowledging the obligations of the Company hereunder.)
|
|
|
|
Attest:
|
|
|
|
|
|
____________________________________
|
|
By:_________________________________
|
Secretary
|
|
Title:_______________________________
|
|
|
|
|
|
|
1.
|
I have reviewed this Annual Report on Form 10-K of Northfield Bancorp, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
March 2, 2020
|
|
|
/s/ Steven M. Klein
|
|
Steven M. Klein
|
|
President and Chief Executive Officer
|
|
|
|
1.
|
I have reviewed this Annual Report on Form 10-K of Northfield Bancorp, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
March 2, 2020
|
|
|
/s/ William R. Jacobs
|
|
William R. Jacobs
|
|
Chief Financial Officer
|
|
(Principal Financial and Accounting Officer)
|
A.
|
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and
|
B.
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ Steven M. Klein
|
|
Dated:
|
March 2, 2020
|
Steven M. Klein
|
|
|
|
President and Chief Executive Officer
|
|
|
|
/s/ William R. Jacobs
|
|
Dated:
|
March 2, 2020
|
William R. Jacobs
|
|
|
|
Chief Financial Officer
|
|
|
|
(Principal Financial and Accounting Officer)
|
|
|
|