Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Aug. 07, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'DIME COMMUNITY BANCSHARES INC | ' |
Entity Central Index Key | '0001005409 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'No | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 36,598,503 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
UNAUDITED_CONSOLIDATED_STATEME
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS: | ' | ' |
Cash and due from banks | $65,713 | $79,076 |
Total cash and cash equivalents | 65,713 | 79,076 |
Investment securities held-to-maturity (estimated fair value of $6,138 and $6,267 at September 30, 2013 and December 31, 2012, respectively)(fully unencumbered) | 5,622 | 5,927 |
Investment securities available-for-sale, at fair value: | ' | ' |
Investment securities available-for-sale, at fair value (fully unencumbered): | 18,468 | 32,950 |
Mortgage-backed securities available-for-sale, at fair value: | ' | ' |
Mortgage-backed securities available-for-sale, at fair value: | 34,226 | 49,021 |
Trading securities | 5,262 | 4,874 |
Loans: | ' | ' |
Real estate, net | 3,666,939 | 3,503,385 |
Other loans | 2,109 | 2,423 |
Less allowance for loan losses | -20,540 | -20,550 |
Total loans, net | 3,648,508 | 3,485,258 |
Loans held for sale | 0 | 560 |
Premises and fixed assets, net | 29,850 | 30,518 |
Federal Home Loan Bank of New York (FHLBNY) capital stock | 41,863 | 45,011 |
Goodwill | 55,638 | 55,638 |
Other assets | 110,175 | 116,566 |
Total Assets | 4,015,325 | 3,905,399 |
Due to depositors: | ' | ' |
Interest bearing deposits | 2,438,914 | 2,320,285 |
Non-interest bearing deposits | 170,250 | 159,144 |
Total deposits | 2,609,164 | 2,479,429 |
Escrow and other deposits | 98,160 | 82,753 |
FHLBNY advances | 772,500 | 842,500 |
Trust Preferred securities payable | 70,680 | 70,680 |
Other liabilities | 42,076 | 38,463 |
Total liabilities | 3,592,580 | 3,513,825 |
Commitments and Contingencies | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred stock ($0.01 par, 9,000,000 shares authorized, none issued or outstanding at September 30, 2013 and December 31, 2012) | 0 | 0 |
Common stock ($0.01 par, 125,000,000 shares authorized, 52,692,461 shares and 52,021,149 shares issued at September 30, 2013 and December 31, 2012, respectively, and 36,548,503 shares and 35,714,269 shares outstanding at September 30, 2013 and December 31, 2012, respectively) | 526 | 520 |
Additional paid-in capital | 250,105 | 239,041 |
Retained earnings | 397,664 | 379,166 |
Accumulated other comprehensive loss, net of deferred taxes | -9,460 | -9,640 |
Unallocated common stock of Employee Stock Ownership Plan (ESOP) | -2,834 | -3,007 |
Unearned Restricted Stock Award common stock | -3,693 | -3,122 |
Common stock held by Benefit Maintenance Plan (BMP) | -9,013 | -8,800 |
Treasury stock, at cost (16,143,958 shares and 16,306,880 shares at September 30, 2013 and December 31, 2012, respectively) | -200,550 | -202,584 |
Total Stockholders' Equity | 422,745 | 391,574 |
Total Liabilities And Stockholders' Equity | $4,015,325 | $3,905,399 |
UNAUDITED_CONSOLIDATED_STATEME1
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
ASSETS | ' | ' |
Investment securities held to maturity (TRUPS) | $6,138 | $6,267 |
Stockholders' Equity | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 9,000,000 | 9,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 125,000,000 | 125,000,000 |
Common stock, shares issued (in shares) | 52,692,461 | 52,021,149 |
Common stock, shares outstanding (in shares) | 36,548,503 | 35,714,269 |
Treasury stock (in shares) | 16,143,958 | 16,306,880 |
UNAUDITED_CONSOLIDATED_STATEME2
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest income: | ' | ' | ' | ' |
Loans secured by real estate | $42,451 | $45,963 | $130,291 | $143,735 |
Other loans | 25 | 28 | 74 | 76 |
Mortgage-backed securities | 310 | 677 | 1,123 | 2,456 |
Investment securities | 84 | 223 | 316 | 1,043 |
Federal funds sold and other short-term investments | 416 | 582 | 1,423 | 1,895 |
Total interest income | 43,286 | 47,473 | 133,227 | 149,205 |
Interest expense: | ' | ' | ' | ' |
Deposits and escrow | 4,908 | 5,302 | 15,240 | 16,449 |
Borrowed funds | 6,725 | 8,773 | 20,267 | 31,465 |
Total interest expense | 11,633 | 14,075 | 35,507 | 47,914 |
Net interest income | 31,653 | 33,398 | 97,720 | 101,291 |
Provision for loan losses | 240 | 126 | 425 | 3,858 |
Net interest income after provision for loan losses | 31,413 | 33,272 | 97,295 | 97,433 |
Non-interest income: | ' | ' | ' | ' |
Total other than temporary impairment (OTTI) losses | 0 | 0 | 0 | -187 |
Less: Non-credit portion of OTTI recorded in other comprehensive income (before taxes) | 0 | 0 | 0 | 6 |
Net OTTI recognized in earnings | 0 | 0 | 0 | -181 |
Service charges and other fees | 1,015 | 1,244 | 2,554 | 2,840 |
Net mortgage banking income | 76 | 259 | 350 | 1,475 |
Net gain on securities and other assets | 83 | 67 | 276 | 180 |
Income from bank owned life insurance | 419 | 423 | 1,249 | 1,265 |
Other | 415 | 581 | 1,197 | 1,772 |
Total non-interest income | 2,008 | 2,574 | 5,626 | 7,351 |
Non-interest expense: | ' | ' | ' | ' |
Salaries and employee benefits | 8,459 | 8,245 | 25,730 | 25,751 |
Stock benefit plan amortization expense | 1,007 | 975 | 2,985 | 2,884 |
Occupancy and equipment | 2,697 | 2,527 | 7,735 | 7,431 |
Federal deposit insurance premiums | 515 | 502 | 1,470 | 1,557 |
Data processing costs | 858 | 746 | 2,533 | 2,223 |
Other | 2,039 | 2,776 | 6,778 | 8,009 |
Total non-interest expense | 15,575 | 15,771 | 47,231 | 47,855 |
Income before income taxes | 17,846 | 20,075 | 55,690 | 56,929 |
Tax Expense (Benefit) | 7,215 | 8,280 | 22,450 | 23,356 |
Net income | 10,631 | 11,795 | 33,240 | 33,573 |
Earnings per Share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.30 | $0.34 | $0.95 | $0.98 |
Diluted (in dollars per share) | $0.30 | $0.34 | $0.95 | $0.98 |
STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' | ' |
Net income | 10,631 | 11,795 | 33,240 | 33,573 |
Amortization and reversal of net unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of taxes of $8 and $11 during the three months ended September 30, 2013 and 2012, respectively, and $58 and $75 during the nine months ended September 30, 2013 and 2012, respectively | 10 | 13 | 72 | 91 |
Reduction in non-credit component of OTTI charge, net of taxes of $4 and $6 during the three months ended September 30, 2013 and 2012, respectively, and $13 and $133 during the nine months ended September 30, 2013 and 2012, respectively | 4 | 7 | 12 | 161 |
Non-credit component of OTTI charge recognized during the period, net of tax benefit of $(3) during the Nine months ended September 30, 2012 | 0 | 0 | 0 | -3 |
Reclassification adjustment for securities sold during the period, net of taxes of $(50) and $(20) during the nine months ended September 30, 2013 and 2012, respectively | 0 | 0 | -60 | -24 |
Net unrealized securities gains (losses) arising during the period, net of (tax benefits) taxes of $74 and $(6) during the three months ended September 30, 2013 and 2012, respectively and $125 and $(184) during the nine months ended September 30, 2013 and 2012, respectively | 90 | -7 | 156 | -224 |
Defined benefit plan adjustments, net of taxes of $256 during the nine months ended September 30, 2012 | 0 | 0 | 0 | 312 |
Comprehensive Income | $10,735 | $11,808 | $33,420 | $33,886 |
UNAUDITED_CONSOLIDATED_STATEME3
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' | ' |
Amortization and reversal of net unrealized loss on securities transferred from available-for-sale to held-to-maturity, taxes | $8 | $11 | $58 | $75 |
Reduction in non-credit component of OTTI charge, taxes | 4 | 6 | 13 | 133 |
Non-credit component of OTTI charge recognized during the period, tax | 0 | 0 | 0 | -3 |
Reclassification adjustment for securities sold during the period, taxes | 0 | 0 | -50 | -20 |
Net unrealized securities gains arising during the period, tax | 74 | -6 | 125 | -184 |
Defined benefit plan adjustments, tax | $0 | $0 | $0 | $256 |
UNAUDITED_CONSOLIDATED_STATEME4
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss, net of tax [Member] | ESOP [Member] | Unearned Restricted Stock Award Common Stock [Member] | Treasury Stock [Member] | Common Stock Held by BMP [Member] |
In Thousands | |||||||||
Balance at Dec. 31, 2011 | ' | $516 | $231,521 | $358,079 | ($9,709) | ($3,239) | ($3,037) | ($204,442) | ($8,655) |
Stock options exercised | ' | 3 | 4,083 | ' | ' | ' | ' | ' | ' |
Forfeited restricted stock award shares returned to treasury stock | ' | ' | -3 | ' | ' | ' | 32 | -29 | ' |
Tax benefit of stock plans | ' | ' | 349 | ' | ' | ' | ' | ' | ' |
Amortization of excess fair value over cost - ESOP stock and stock options expense | ' | ' | 1,025 | ' | ' | ' | ' | ' | ' |
Release from treasury stock for benefit plan awards | ' | ' | 217 | ' | ' | ' | -1,959 | 1,887 | -145 |
Net income | 33,573 | ' | ' | 33,573 | ' | ' | ' | ' | ' |
Cash dividends declared and paid | ' | ' | ' | -14,386 | ' | ' | ' | ' | ' |
Reduction in non credit component of OTTI charge, net of taxes | 161 | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income recognized during the period, net of tax | -313 | ' | ' | ' | 313 | ' | ' | ' | ' |
Amortization of earned portion of ESOP stock | ' | ' | ' | ' | ' | 174 | ' | ' | ' |
Amortization of earned portion of restricted stock awards | ' | ' | ' | ' | ' | ' | 1,370 | ' | ' |
Balance at Sep. 30, 2012 | 387,538 | 519 | 237,192 | 377,266 | -9,396 | -3,065 | -3,594 | -202,584 | -8,800 |
Balance at Dec. 31, 2012 | 391,574 | 520 | 239,041 | 379,166 | -9,640 | -3,007 | -3,122 | -202,584 | -8,800 |
Stock options exercised | ' | 6 | 8,972 | ' | ' | ' | ' | ' | ' |
Forfeited restricted stock award shares returned to treasury stock | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' |
Tax benefit of stock plans | ' | ' | 704 | ' | ' | ' | ' | ' | ' |
Amortization of excess fair value over cost - ESOP stock and stock options expense | ' | ' | 874 | ' | ' | ' | ' | ' | ' |
Release from treasury stock for benefit plan awards | ' | ' | 514 | ' | ' | ' | -2,082 | 2,034 | -213 |
Net income | 33,240 | ' | ' | 33,240 | ' | ' | ' | ' | ' |
Cash dividends declared and paid | ' | ' | ' | -14,742 | ' | ' | ' | ' | ' |
Reduction in non credit component of OTTI charge, net of taxes | 12 | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income recognized during the period, net of tax | -180 | ' | ' | ' | 180 | ' | ' | ' | ' |
Amortization of earned portion of ESOP stock | ' | ' | ' | ' | ' | 173 | ' | ' | ' |
Amortization of earned portion of restricted stock awards | ' | ' | ' | ' | ' | ' | 1,511 | ' | ' |
Balance at Sep. 30, 2013 | $422,745 | $526 | $250,105 | $397,664 | ($9,460) | ($2,834) | ($3,693) | ($200,550) | ($9,013) |
UNAUDITED_CONSOLIDATED_STATEME5
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income per the Consolidated Statements of operations | $33,240 | $33,573 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Net gain on sale of loans originated for sale | -13 | -26 |
Net loss on the sale of other assets | 21 | 0 |
Net gain on sale of investment securities available-for-sale | -110 | -44 |
Net gain on trading securities | -187 | -136 |
Net depreciation and amortization | 2,064 | 2,080 |
ESOP compensation expense | 889 | 963 |
Stock plan compensation (excluding ESOP) | 1,669 | 1,606 |
Write down of OREO | 180 | 0 |
Provision for loan losses | 425 | 3,858 |
Credit to reduce the liability for loans sold with recourse | -245 | -1,107 |
OTTI charge for investment securities recognized in earnings | 0 | 181 |
Increase in cash surrender value of Bank Owned Life Insurance | -1,249 | -1,265 |
Deferred income tax provision (credit) | -740 | 47 |
Excess tax benefit of stock plans | -704 | -349 |
Changes in assets and liabilities: | ' | ' |
Origination of loans held for sale | -1,621 | -5,080 |
Proceeds from sale of loans held for sale | 2,194 | 8,741 |
Decrease in other assets | 8,935 | 2,666 |
Increase in other liabilities | 3,859 | 5,906 |
Net cash provided by operating activities | 48,607 | 51,614 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Proceeds from principal repayments of investment securities held-to-maturity | 514 | 904 |
Proceeds from calls and principal repayments of investment securities available-for-sale | 14,750 | 200,320 |
Proceeds from sales of investment securities available-for-sale | 366 | 313 |
Proceeds from sales of trading securities | 131 | 171 |
Purchases of investment securities available-for-sale | -389 | -80,086 |
Purchases of mortgage backed securities available-for-sale | 0 | -23,186 |
Purchases of trading securities | -332 | -1,691 |
Principal collected on mortgage backed securities available-for-sale | 14,731 | 34,021 |
Purchases of loans | -40,264 | -24,483 |
Proceeds from the sale of loans | 4,387 | 30,906 |
Net (increase) decrease in loans | -128,563 | 124,031 |
Proceeds from the sale of other real estate owned | 564 | 0 |
Purchases of fixed assets, net | -1,348 | -2,739 |
Redemption of FHLBNY capital stock | 3,148 | 7,853 |
Net cash (used in) provided by investing activities | -132,305 | 266,334 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Net increase in due to depositors | 129,735 | 75,465 |
Net increase in escrow and other deposits | 15,407 | 39,254 |
Repayment of Securities Sold Under Agreement to Repurchase (REPOs) | 0 | -40,000 |
Repayment of FHLBNY advances | -130,000 | -172,275 |
FHLBNY advances | 60,000 | 0 |
Cash dividends paid | -14,742 | -14,386 |
Exercise of stock options | 8,978 | 4,086 |
Release of stock for benefit plan awards | 253 | 0 |
Excess tax benefit of stock plans | 704 | 349 |
Net cash provided by (used in) financing activities | 70,335 | -107,507 |
(DECREASE) INCREASE IN CASH AND DUE FROM BANKS | -13,363 | 210,441 |
CASH AND DUE FROM BANKS, BEGINNING OF PERIOD | 79,076 | 44,260 |
CASH AND DUE FROM BANKS, END OF PERIOD | 65,713 | 254,701 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' |
Cash paid for income taxes | 23,683 | 22,531 |
Cash paid for interest | 35,411 | 48,244 |
Loans Transferred to Held for Sale | 0 | 1,000 |
Loans transferred to OREO | 765 | 0 |
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity | 180 | 142 |
Net decrease in non-credit component of OTTI | -24 | -288 |
Defined benefit plan adjustments, net of taxes of $256 during the nine months ended September 30, 2012 | $0 | $312 |
NATURE_OF_OPERATIONS
NATURE OF OPERATIONS | 9 Months Ended | |
Sep. 30, 2013 | ||
NATURE OF OPERATIONS [Abstract] | ' | |
NATURE OF OPERATIONS | ' | |
1 | NATURE OF OPERATIONS | |
The Holding Company is a Delaware corporation and parent company of the Bank, a New York State chartered stock savings bank. The Holding Company's direct subsidiaries are the Bank, Dime Community Capital Trust 1 and 842 Manhattan Avenue Corp. The Bank's direct subsidiaries are Boulevard Funding Corp., Dime Insurance Agency Inc. (f/k/a Havemeyer Investments, Inc.), DSBW Preferred Funding Corporation, DSBW Residential Preferred Funding Corp., Dime Reinvestment Corp. and 195 Havemeyer Corp. | ||
The Bank maintains its headquarters in the Williamsburg section of Brooklyn, New York and operates twenty-six full service retail banking offices located in the New York City ("NYC") boroughs of Brooklyn, Queens, and the Bronx, and in Nassau County, New York. The Bank's principal business is gathering deposits from customers within its market area and via the internet, and investing them primarily in multifamily residential, commercial real estate and mixed used loans, as well as mortgage-backed securities ("MBS"), obligations of the U.S. Government and Government Sponsored Enterprises ("GSEs"), and corporate debt and equity securities. All of the Bank's lending occurs in the greater NYC metropolitan area. | ||
SUMMARY_OF_ACCOUNTING_POLICIES
SUMMARY OF ACCOUNTING POLICIES | 9 Months Ended | |
Sep. 30, 2013 | ||
SUMMARY OF ACCOUNTING POLICIES [Abstract] | ' | |
SUMMARY OF ACCOUNTING POLICIES | ' | |
2 | SUMMARY OF ACCOUNTING POLICIES | |
In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary for a fair presentation of the Company's financial condition as of September 30, 2013 and December 31, 2012, the results of operations and statements of comprehensive income for the three-month and nine-month periods ended September 30, 2013, and the changes in stockholders' equity and cash flows for the nine months ended September 30, 2013 and 2012. The results of operations for the three- and nine-month periods ended September 30, 2013 are not necessarily indicative of the results of operations for the remainder of the year ending December 31, 2013. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been omitted pursuant to the rules and regulations of the U. S. Securities and Exchange Commission ("SEC'). | ||
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Please see "Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies" for a discussion of areas in the accompanying unaudited condensed consolidated financial statements utilizing significant estimates. | ||
These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2012 and notes thereto. | ||
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended | |
Sep. 30, 2013 | ||
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract] | ' | |
RECENT ACCOUNTING PRONOUNCEMENTS | ' | |
3 | RECENT ACCOUNTING PRONOUNCEMENTS | |
In February 2013, The Financial Accounting Standards Board issued Accounting Standards Update No. 2013-02, "Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" ("ASU 2013-02"), which seeks to improve the transparency of reporting reclassifications out of accumulated other comprehensive income. The provisions of ASU 2013-02 are applicable to all companies that report items of other comprehensive income, such as the Company. ASU 2013-02 requires a presentation (either on the face of the statement where net income is presented or in the notes to the financial statements) of the effects on the line items of net income of significant amounts that have been reclassified in their entirety and in accordance with GAAP from accumulated other comprehensive income to net income in the same reporting period. ASU 2013-02 additionally requires a cross-reference to any other disclosures currently required under GAAP related to other reclassification items that, under GAAP, are not required to be reclassified in their entirety from accumulated other comprehensive income to net income in the same reporting period. ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in the Company's financial statements. All information required to be presented or cross-referenced under ASU 2013-02 is currently required to be disclosed, in some capacity, in the financial statements under GAAP. The Company adopted ASU 2013-02 effective January 1, 2013. Adoption of ASU 2013-02 had no impact on the Company's consolidated financial condition or results of operations. | ||
TREASURY_STOCK
TREASURY STOCK | 9 Months Ended | |
Sep. 30, 2013 | ||
TREASURY STOCK [Abstract] | ' | |
TREASURY STOCK | ' | |
4 | TREASURY STOCK | |
The Holding Company did not repurchase any of its common stock into treasury during the nine months ended September 30, 2013 or 2012. | ||
On April 30, 2013, 145,925 shares of the Holding Company's common stock were released from treasury in order to fulfill benefit obligations under the 2004 Stock Incentive Plan and 15,049 shares of treasury stock were released in order to fulfill benefit obligations under the BMP. The closing price of the Holding Company's common stock on that date was $ 14.27, and the shares were released utilizing the average historical cost method. | ||
On April 30, 2012, 141,289 shares of the Holding Company's common stock were released from treasury in order to fulfill benefit obligations under the 2004 Stock Incentive Plan. The closing price of the Holding Company's common stock on that date was $13.86, and the shares were released utilizing the average historical cost method. On May 1, 2012, 10,729 shares of treasury stock were released in order to fulfill benefit obligations under the BMP. The closing price of the Holding Company's common stock on that date was $13.55, and the shares were released utilizing the average historical cost method. |
OTHER_COMPREHENSIVE_INCOME_LOS
OTHER COMPREHENSIVE INCOME (LOSS) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||||||
Other Comprehensive Income (Loss) [Text Block] | ' | ||||||||||||||||
5 | OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
The before and after tax amounts allocated to each component of other comprehensive income (loss) are presented in the table below. Reclassification adjustments related to securities available for sale are included in the line entitled net gain on securities and other assets in the accompanying consolidated statements of income. | |||||||||||||||||
Pre-tax | Tax Expense (Benefit) | After tax | |||||||||||||||
Amount | Amount | ||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
Securities held-to maturity and transferred securities: | |||||||||||||||||
Change in non-credit component of OTTI | $ | 8 | $ | 4 | $ | 4 | |||||||||||
Change in unrealized loss on securities transferred to held to maturity | 18 | 8 | 10 | ||||||||||||||
Total securities held-to-maturity and transferred securities | 26 | 12 | 14 | ||||||||||||||
Securities available-for-sale: | |||||||||||||||||
Reclassification adjustment for net gains included in net income | - | - | - | ||||||||||||||
Change in net unrealized gain during the period | 164 | 74 | 90 | ||||||||||||||
Total securities available-for-sale | 164 | 74 | 90 | ||||||||||||||
Total other comprehensive income | $ | 190 | $ | 86 | $ | 104 | |||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||
Securities held-to-maturity and transferred securities: | |||||||||||||||||
Change in non-credit component of OTTI | $ | 13 | $ | 6 | $ | 7 | |||||||||||
Change in unrealized loss on securities transferred to held to maturity | 24 | 11 | 13 | ||||||||||||||
Total securities held-to-maturity and transferred securities | 37 | 17 | 20 | ||||||||||||||
Securities available-for-sale: | |||||||||||||||||
Reclassification adjustment for net gains included in net income | - | - | - | ||||||||||||||
Change in net unrealized gain during the period | (13 | ) | (6 | ) | (7 | ) | |||||||||||
Total securities available-for-sale | (13 | ) | (6 | ) | (7 | ) | |||||||||||
Total other comprehensive income | $ | 24 | $ | 11 | $ | 13 | |||||||||||
Pre-tax | Tax Expense (Benefit) | After tax | |||||||||||||||
Amount | Amount | ||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
Securities held-to-maturity and transferred securities | |||||||||||||||||
Change in non-credit component of OTTI | $ | 25 | $ | 13 | $ | 12 | |||||||||||
Change in unrealized loss on securities transferred to held to maturity | 130 | 58 | 72 | ||||||||||||||
Total securities held-to-maturity and transferred securities | 155 | 71 | 84 | ||||||||||||||
Securities available-for-sale | |||||||||||||||||
Reclassification adjustment for net gains included in net income | $ | (110 | ) | $ | (50 | ) | $ | (60 | ) | ||||||||
Change in net unrealized gain during the period | 281 | 125 | 156 | ||||||||||||||
Total securities available-for-sale | 171 | 75 | 96 | ||||||||||||||
Defined benefit plans: | |||||||||||||||||
Change in the net actuarial gain or loss | - | - | - | ||||||||||||||
Total defined benefit plans | - | - | - | ||||||||||||||
Total other comprehensive income | $ | 326 | $ | 146 | $ | 180 | |||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||
Securities held-to-maturity and transferred securities: | |||||||||||||||||
Change in non-credit component of OTTI | $ | 288 | $ | 130 | $ | 158 | |||||||||||
Change in unrealized loss on securities transferred to held to maturity | 166 | 75 | 91 | ||||||||||||||
Total securities held-to-maturity and transferred securities | 454 | 205 | 249 | ||||||||||||||
Securities available-for-sale: | |||||||||||||||||
Reclassification adjustment for net gains included in net income | (44 | ) | (20 | ) | (24 | ) | |||||||||||
Change in net unrealized gain during the period | (408 | ) | (184 | ) | (224 | ) | |||||||||||
Total securities available-for-sale | (452 | ) | (204 | ) | (248 | ) | |||||||||||
Defined benefit plans: | |||||||||||||||||
Change in the net actuarial gain or loss | 568 | 256 | 312 | ||||||||||||||
Total defined benefit plans | 568 | 256 | 312 | ||||||||||||||
Total other comprehensive income | $ | 570 | $ | 257 | $ | 313 | |||||||||||
Activity in accumulated other comprehensive gain (loss), net of tax, was as follows: | |||||||||||||||||
Securities Held-to-Maturity and Transferred Securities | Securities Available-for-Sale | Defined Benefit Plans | Total Accumulated Other Comprehensive Gain (Loss) | ||||||||||||||
Balance as of January 1, 2013 | $ | (1,043 | ) | $ | 1,178 | $ | (9,775 | ) | $ | (9,640 | ) | ||||||
Other comprehensive income before reclassifications | 84 | 156 | - | 240 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss | - | (60 | ) | - | (60 | ) | |||||||||||
Net other comprehensive income during the period | 84 | 96 | - | 180 | |||||||||||||
Balance as of September 30, 2013 | $ | (959 | ) | $ | 1,274 | $ | (9,775 | ) | $ | (9,460 | ) | ||||||
Balance as of January 1, 2012 | $ | (1,316 | ) | 3,078 | $ | (11,471 | ) | $ | (9,709 | ) | |||||||
Other comprehensive income before reclassifications | 249 | (224 | ) | 312 | 337 | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | - | (24 | ) | - | (24 | ) | |||||||||||
Net other comprehensive income during the period | 249 | (248 | ) | 312 | 313 | ||||||||||||
Balance as of September 30, 2012 | $ | (1,067 | ) | $ | 2,830 | $ | (11,159 | ) | $ | (9,396 | ) | ||||||
6 | EARNINGS PER SHARE ("EPS") | ||||||||||||||||
Basic EPS is computed by dividing income attributable to common stock by the weighted-average common shares outstanding during the reporting period. Diluted EPS is computed using the same method as basic EPS, but reflects the potential dilution that would occur if "in the money" stock options were exercised and converted into common stock. In determining the weighted average shares outstanding for basic and diluted EPS, treasury stock and unallocated ESOP shares are excluded. Vested restricted stock award shares are included in the calculation of the weighted average shares outstanding for basic and diluted EPS. Unvested restricted stock award shares are recognized as a special class of securities under ASC 260. | |||||||||||||||||
EARNINGS_PER_SHARE_EPS
EARNINGS PER SHARE (EPS) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
EARNINGS PER SHARE (EPS) [Abstract] | ' | ||||||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||||||
6 | EARNINGS PER SHARE ("EPS") | ||||||||||||||||
Basic EPS is computed by dividing income attributable to common stock by the weighted-average common shares outstanding during the reporting period. Diluted EPS is computed using the same method as basic EPS, but reflects the potential dilution that would occur if "in the money" stock options were exercised and converted into common stock. In determining the weighted average shares outstanding for basic and diluted EPS, treasury stock and unallocated ESOP shares are excluded. Vested restricted stock award shares are included in the calculation of the weighted average shares outstanding for basic and diluted EPS. Unvested restricted stock award shares are recognized as a special class of securities under ASC 260. | |||||||||||||||||
9 | |||||||||||||||||
The following is a reconciliation of the numerators and denominators of basic EPS and diluted EPS for the periods presented: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income per the Consolidated Statements of Income | $ | 10,631 | $ | 11,795 | $ | 33,240 | $ | 33,573 | |||||||||
Less: Dividends paid and earnings allocated to participating securities | (44 | ) | (46 | ) | (135 | ) | (137 | ) | |||||||||
Income attributable to common stock | $ | 10,587 | $ | 11,749 | $ | 33,105 | $ | 33,436 | |||||||||
Weighted average common shares outstanding, including participating securities | 35,664,100 | 34,736,804 | 35,371,184 | 34,539,530 | |||||||||||||
Less: weighted average participating securities | (318,314 | ) | (328,003 | ) | (321,325 | ) | (327,099 | ) | |||||||||
Weighted average common shares outstanding | 35,345,786 | 34,408,801 | 35,049,859 | 34,212,431 | |||||||||||||
Basic EPS | $ | 0.3 | $ | 0.34 | $ | 0.95 | $ | 0.98 | |||||||||
Income attributable to common stock | $ | 10,587 | $ | 11,749 | $ | 33,105 | $ | 33,436 | |||||||||
Weighted average common shares outstanding | 35,345,786 | 34,408,801 | 35,049,859 | 34,212,431 | |||||||||||||
Weighted average common equivalent shares outstanding | 181,717 | 89,016 | 107,788 | 75,348 | |||||||||||||
Weighted average common and equivalent shares outstanding | 35,527,503 | 34,497,817 | 35,157,647 | 34,287,779 | |||||||||||||
Diluted EPS | $ | 0.3 | $ | 0.34 | $ | 0.95 | $ | 0.98 | |||||||||
Common equivalent shares resulting from the dilutive effect of "in-the-money" outstanding stock options are calculated based upon the excess of the average market value of the Holding Company's common stock over the exercise price of outstanding in-the-money stock options during the period. | |||||||||||||||||
There were 761,193 and 1,330,792 weighted-average stock options outstanding for the three-month periods ended September 30, 2013 and 2012, respectively, which were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period. There were 919,821 and 1,323,076 weighted-average stock options outstanding for the nine-month periods ended September 30, 2013 and 2012, respectively, which were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period. |
ACCOUNTING_FOR_STOCK_BASED_COM
ACCOUNTING FOR STOCK BASED COMPENSATION | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
ACCOUNTING FOR STOCK BASED COMPENSATION [Abstract] | ' | ||||||||||||||||
ACCOUNTING FOR STOCK BASED COMPENSATION | ' | ||||||||||||||||
7 | ACCOUNTING FOR STOCK BASED COMPENSATION | ||||||||||||||||
During the three month and nine month periods ended September 30, 2013 and 2012, the Holding Company and Bank maintained the Dime Community Bancshares, Inc. 2001 Stock Option Plan for Outside Directors, Officers and Employees and the 2004 Stock Incentive Plan (collectively the "Stock Plans"), which are discussed more fully in Note 15 to the Company's audited consolidated financial statements for the year ended December 31, 2012, and which are subject to the accounting requirements of ASC 505-50 and ASC 718. | |||||||||||||||||
Stock Option Awards | |||||||||||||||||
Combined activity related to stock options granted under the Stock Plans during the periods presented was as follows: | |||||||||||||||||
At or for the Three Months Ended September 30, | At or for the Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Options outstanding – beginning of period | 2,273,733 | 2,830,302 | 2,456,137 | 2,893,760 | |||||||||||||
Options granted | - | - | - | 24,440 | |||||||||||||
Options exercised | (493,690 | ) | (253,182 | ) | (671,312 | ) | (339,693 | ) | |||||||||
Options forfeited | - | (5,625 | ) | (4,782 | ) | (7,012 | ) | ||||||||||
Options outstanding – end of period | 1,780,043 | 2,571,495 | 1,780,043 | 2,571,495 | |||||||||||||
Intrinsic value of options exercised | $ | 1,872 | $ | 377 | $ | 2,089 | $ | 779 | |||||||||
Compensation expense recognized | 36 | 73 | 158 | 236 | |||||||||||||
Remaining unrecognized compensation expense | 177 | 408 | 177 | 408 | |||||||||||||
Intrinsic value of outstanding options at period end | 2,447 | 1,528 | 2,447 | 1,528 | |||||||||||||
Intrinsic value of vested options at period end | 2,347 | 1,293 | 2,347 | 1,293 | |||||||||||||
Weighted average exercise price of vested options – end of period | 16.53 | 15.65 | 16.53 | 15.65 | |||||||||||||
There were no grants of stock options during the three-month periods ended September 30, 2013 and 2012, or the nine months ended September 30, 2013. The weighted average fair value per option at the date of grant for stock options granted during the nine months ended September 30, 2012 was estimated as follows: | |||||||||||||||||
Total options granted | 24,440 | ||||||||||||||||
Estimated fair value on date of grant | $ | 4.09 | |||||||||||||||
Pricing methodology utilized | Black- Scholes | ||||||||||||||||
Expected life (in years) | 6.53 | ||||||||||||||||
Interest rate | 1.21 | % | |||||||||||||||
Volatility | 45.17 | ||||||||||||||||
Dividend yield | 4.04 | ||||||||||||||||
Restricted Stock Awards | |||||||||||||||||
The Company, from time to time, issues restricted stock awards to outside directors and certain officers under the 2004 Stock Incentive Plan. Typically, awards to outside directors fully vest on the first anniversary of the grant date, while awards to officers vest in equal annual installments over a four-year period. | |||||||||||||||||
The following is a summary of activity related to the restricted stock awards granted under the 2004 Stock Incentive Plan during the periods indicated: | |||||||||||||||||
At or for the Three Months Ended September 30, | At or for the Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Unvested allocated shares – beginning of period | 318,314 | 328,003 | 328,003 | 324,454 | |||||||||||||
Shares granted | - | - | 145,925 | 141,289 | |||||||||||||
Shares vested | - | - | (155,614 | ) | (135,369 | ) | |||||||||||
Shares forfeited | - | - | - | (2,371 | ) | ||||||||||||
Unvested allocated shares – end of period | 318,314 | 328,003 | 318,314 | 328,003 | |||||||||||||
Compensation recorded to expense | $ | 499 | $ | 471 | $ | 1,511 | $ | 1,370 | |||||||||
LOANS_RECEIVABLE_AND_CREDIT_QU
LOANS RECEIVABLE AND CREDIT QUALITY | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
LOANS RECEIVABLE AND CREDIT QUALITY [Abstract] | ' | ||||||||||||||||||||||||||||
LOANS RECEIVABLE AND CREDIT QUALITY | ' | ||||||||||||||||||||||||||||
8 | LOANS RECEIVABLE AND CREDIT QUALITY | ||||||||||||||||||||||||||||
Loans are reported at the principal amount outstanding, net of unearned fees or costs and the allowance for loan losses. Interest income on loans is recorded using the level yield method. Under this method, discount accretion and premium amortization are included in interest income. Loan origination fees and certain direct loan origination costs are deferred and amortized as yield adjustments over the contractual loan terms. | |||||||||||||||||||||||||||||
Credit Quality Indicators: | |||||||||||||||||||||||||||||
The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying them as to credit risk. This analysis includes all non-homogeneous loans, such as multifamily residential, mixed use residential (i.e., loans in which the aggregate rental income of the underlying collateral property is generated from both residential and commercial units, but the majority of such income is generated from the residential units), mixed use commercial real estate (i.e., loans in which the aggregate rental income of the underlying collateral property is generated from both residential and commercial units, but the majority of such income is generated from the commercial units), commercial real estate and construction and land acquisition loans, as well as one-to four family residential and cooperative apartment loans with balances in excess of the Fannie Mae ("FNMA") conforming loan limits for high-cost areas such as the Bank's primary lending area ("FNMA Limits") that are deemed to meet the definition of impaired. This analysis is performed on a quarterly basis. The Company uses the following definitions for risk ratings: | |||||||||||||||||||||||||||||
Special Mention. Loans classified as special mention have a potential weakness that deserves management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Bank's credit position at some future date. | |||||||||||||||||||||||||||||
Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. | |||||||||||||||||||||||||||||
Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of then existing facts, conditions, and values, highly questionable and improbable. | |||||||||||||||||||||||||||||
The Bank had no loans classified as Doubtful at both September 30, 2013 and December 31, 2012. All loans not classified as Special Mention or Substandard were deemed pass loans at both September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||
The following is a summary of the credit risk profile of real estate loans (including deferred costs) by internally assigned grade as of the dates indicated: | |||||||||||||||||||||||||||||
Balance at September 30, 2013 | |||||||||||||||||||||||||||||
Grade | One- to Four-Family Residential and Cooperative Unit | Multifamily Residential and Residential Mixed Use | Mixed Use Commercial Real Estate | Commercial Real Estate | Construction | Total | |||||||||||||||||||||||
Not Graded(1) | $ | 11,946 | $ | - | $ | - | $ | - | $ | - | $ | 11,946 | |||||||||||||||||
Pass | 57,397 | 2,845,551 | 323,687 | 361,417 | - | 3,588,052 | |||||||||||||||||||||||
Special Mention | 6,944 | 15,011 | 5,942 | 5,010 | - | 32,907 | |||||||||||||||||||||||
Substandard | 2,217 | 4,262 | 6,021 | 21,235 | 299 | 34,034 | |||||||||||||||||||||||
Total real estate loans | $ | 78,504 | $ | 2,864,824 | $ | 335,650 | $ | 387,662 | $ | 299 | $ | 3,666,939 | |||||||||||||||||
(1) Amount comprised of fully performing one- to four-family residential and cooperative unit loans with balances equal to or less than the FNMA Limits. | |||||||||||||||||||||||||||||
Balance at December 31, 2012 | |||||||||||||||||||||||||||||
Grade | One- to Four-Family Residential and Cooperative Unit | Multifamily Residential and Residential Mixed Use | Mixed Use Commercial Real Estate | Commercial Real Estate | Construction | Total | |||||||||||||||||||||||
Not Graded(1) | $ | 16,141 | $ | - | $ | - | $ | - | $ | - | $ | 16,141 | |||||||||||||||||
Pass | 66,415 | 2,665,410 | 326,053 | 363,299 | - | 3,421,177 | |||||||||||||||||||||||
Special Mention | 6,333 | 7,711 | 5,547 | 2,639 | - | 22,230 | |||||||||||||||||||||||
Substandard | 2,987 | 3,248 | 8,533 | 28,593 | 476 | 43,837 | |||||||||||||||||||||||
Total real estate loans | $ | 91,876 | $ | 2,676,369 | $ | 340,133 | $ | 394,531 | $ | 476 | $ | 3,503,385 | |||||||||||||||||
(1) Amount comprised of fully performing one- to four-family residential and cooperative unit loans with balances equal to or less than the FNMA Limits. | |||||||||||||||||||||||||||||
For consumer loans, the Company evaluates credit quality based on payment activity. Consumer loans that are 90 days or more past due are placed on non-accrual status, while all remaining consumer loans are classified and evaluated as performing. | |||||||||||||||||||||||||||||
The following is a summary of the credit risk profile of consumer loans by internally assigned grade: | |||||||||||||||||||||||||||||
Grade | Balance at September 30, 2013 | Balance at December 31, 2012 | |||||||||||||||||||||||||||
Performing | $ | 2,107 | $ | 2,415 | |||||||||||||||||||||||||
Non-accrual | 2 | 8 | |||||||||||||||||||||||||||
Total | $ | 2,109 | $ | 2,423 | |||||||||||||||||||||||||
The following is a breakdown of the past due status of the Company's investment in loans (excluding accrued interest and loans held for sale) as of the dates indicated: | |||||||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||||||
30 to 59 Days Past Due | 60 to 89 Days Past Due | Loans 90 Days or More Past Due and Still Accruing Interest | Non-accrual (1) | Total Past Due | Current | Total Loans | |||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||||||
One- to four-family residential and cooperative unit | $ | 300 | $ | 155 | $ | - | $ | 1,136 | $ | 1,591 | $ | 76,913 | $ | 78,504 | |||||||||||||||
Multifamily residential and residential mixed use | 2,152 | - | 1,398 | 1,993 | 5,543 | 2,859,281 | 2,864,824 | ||||||||||||||||||||||
Mixed use commercial real estate | - | - | - | - | - | 335,650 | 335,650 | ||||||||||||||||||||||
Commercial real estate | 1,154 | - | - | 5,707 | 6,861 | 380,801 | 387,662 | ||||||||||||||||||||||
Construction | - | - | - | - | - | 299 | 299 | ||||||||||||||||||||||
Total real estate | $ | 3,606 | $ | 155 | $ | 1,398 | $ | 8,836 | $ | 13,995 | $ | 3,652,944 | $ | 3,666,939 | |||||||||||||||
Consumer | $ | 1 | $ | 1 | $ | - | $ | 2 | $ | 4 | $ | 2,105 | $ | 2,109 | |||||||||||||||
(1) Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of September 30, 2013. | |||||||||||||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||
30 to 59 Days Past Due | 60 to 89 Days Past Due | Loans 90 Days or More Past Due and Still Accruing Interest | Non-accrual (1) | Total Past Due | Current | Total Loans | |||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||||||
One- to four-family residential and cooperative unit | $ | 336 | $ | 155 | $ | - | $ | 938 | $ | 1,429 | $ | 90,447 | $ | 91,876 | |||||||||||||||
Multifamily residential and residential mixed use | 6,451 | - | 190 | 507 | 7,148 | 2,669,221 | 2,676,369 | ||||||||||||||||||||||
Mixed use commercial real estate | - | - | - | 1,170 | 1,170 | 338,963 | 340,133 | ||||||||||||||||||||||
Commercial real estate | 207 | - | - | 6,265 | 6,472 | 388,059 | 394,531 | ||||||||||||||||||||||
Construction | - | - | - | - | - | 476 | 476 | ||||||||||||||||||||||
Total real estate | $ | 6,994 | $ | 155 | $ | 190 | $ | 8,880 | $ | 16,219 | $ | 3,487,166 | $ | 3,503,385 | |||||||||||||||
Consumer | $ | 2 | $ | 5 | $ | - | $ | 8 | $ | 15 | $ | 2,408 | $ | 2,423 | |||||||||||||||
(1) Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of December 31, 2012. | |||||||||||||||||||||||||||||
Accruing Loans 90 Days or More Past Due: | |||||||||||||||||||||||||||||
The Bank continued accruing interest on five real estate loans with an outstanding balance of $ 1,398 at September 30, 2013, and one loan with an outstanding balance of $ 190 at December 31, 2012, all of which were 90 days or more past due on their respective contractual maturity dates. The five loans at September 30, 2013, which included the $190 loan outstanding at December 31, 2012, continued to make monthly payments consistent with their initial contractual amortization schedule exclusive of the balloon payments due at maturity. These loans were well secured and were expected to be refinanced, and therefore remained on accrual status and were deemed performing assets at both September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||
Troubled Debt Restructured Loans ("TDRs"). | |||||||||||||||||||||||||||||
The following table summarizes outstanding TDRs by underlying collateral type as of the dates indicated: | |||||||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||
No. of Loans | Balance | No. of Loans | Balance | ||||||||||||||||||||||||||
One- to four-family residential and cooperative unit | 3 | $ | 938 | 3 | $ | 948 | |||||||||||||||||||||||
Multifamily residential and residential mixed use | 5 | 1,899 | 5 | 1,953 | |||||||||||||||||||||||||
Mixed use commercial real estate | 1 | 711 | 1 | 729 | |||||||||||||||||||||||||
Commercial real estate | 9 | 35,277 | 13 | 47,493 | |||||||||||||||||||||||||
Total real estate | 18 | $ | 38,825 | 22 | $ | 51,123 | |||||||||||||||||||||||
The following table summarizes outstanding TDRs by accrual status as of the dates indicated: | |||||||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||
No. of Loans | Balance | No. of Loans | Balance | ||||||||||||||||||||||||||
Outstanding principal balance at period end | 18 | $ | 38,825 | 22 | $ | 51,123 | |||||||||||||||||||||||
TDRs on accrual status at period end | 16 | 33,118 | 20 | 44,858 | |||||||||||||||||||||||||
TDRs on non-accrual status at period end | 2 | 5,707 | 2 | 6,265 | |||||||||||||||||||||||||
Accrual status for TDRs is determined separately for each TDR in accordance with the Bank's policies for determining accrual or non-accrual status. At the time an agreement is entered into between the Bank and the borrower that results in the Bank's determination that a TDR has been created, the loan can be either on accrual or non-accrual status. If a loan is on non-accrual status at the time it is restructured, it continues to be classified as non-accrual until the borrower has demonstrated compliance with the modified loan terms for a period of at least six months. Conversely, if at the time of restructuring the loan is performing (and accruing), it will remain accruing throughout its restructured period, unless the loan subsequently meets any of the criteria for non-accrual status under the Bank's policy and agency regulations. | |||||||||||||||||||||||||||||
The Company has not restructured troubled consumer loans, as its consumer loan portfolio has not experienced any problem issues warranting restructuring. Therefore, all TDRs were collateralized by real estate at both September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||
There were no loan modifications during the three months ended September 30, 2013 and 2012 that met the definition of a TDR. The following table summarizes activity related to TDRs for the periods indicated: | |||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||
Number of Loans | Pre-Modification | Post-Modification Outstanding Recorded Investment | Number of Loans | Pre-Modification | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||||||||
Outstanding Recorded Investment | Outstanding Recorded Investment | ||||||||||||||||||||||||||||
Loan modifications during the period that met the definition of a TDR: | |||||||||||||||||||||||||||||
Multifamily residential and residential mixed use | - | - | - | 1 | $ | 459 | $ | 459 | |||||||||||||||||||||
Commercial real estate | - | - | - | 2 | 4,430 | 4,430 | |||||||||||||||||||||||
TOTAL | - | - | - | 3 | $ | 4,889 | $ | 4,889 | |||||||||||||||||||||
During the three month and nine month periods ended September 30, 2013 and 2012, the Company made modifications to other existing loans that were deemed both insignificant and sufficiently temporary in nature, thus not warranting classification as TDRs. Such activity was immaterial. | |||||||||||||||||||||||||||||
The Bank's allowance for loan losses at September 30, 2013 reflected $490 of allocated reserve associated with TDRs. The Bank's allowance for loan losses at December 31, 2012 reflected $520 of allocated reserve associated with TDRs. Activity related to reserves associated with TDRs was immaterial during the three-month and nine-month periods ended September 30, 2013. During the nine months ended September 30, 2012, allocated reserves totaling $1,064 associated with nine TDRs were reversed, as improvement | |||||||||||||||||||||||||||||
in the underlying conditions of these loans resulted in the determination that the allocated reserve was no longer warranted. In addition, during the nine months ended September 30, 2012, $154 of reserves were charged-off upon the disposal of two TDRs. | |||||||||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, the Bank had no loan commitments to borrowers with outstanding TDRs. | |||||||||||||||||||||||||||||
A TDR is considered to be in payment default once it is 90 days contractually past due under the modified terms. All TDRs are considered impaired loans and are evaluated individually for measurable impairment, if any. | |||||||||||||||||||||||||||||
There were no TDRs which defaulted within twelve months following the modification during the three or nine-month periods ended September 30, 2013 or 2012 (thus no significant impact to the allowance for loan losses during those periods). | |||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||
A loan is considered impaired when, based on current information and events, it is probable that all contractual amounts due will not be collected in accordance with the terms of the loan. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays or shortfalls generally are not classified as impaired. Management determines the significance of payment delays and shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record, and the amount of the shortfall in relation to the principal and interest owed. | |||||||||||||||||||||||||||||
Generally, the Bank considers TDRs and non-accrual multifamily residential and commercial real estate loans, along with non-accrual one- to four-family loans in excess of the FNMA Limits, to be impaired. Non-accrual one-to four-family loans equal to or less than the FNMA Limits, as well as all consumer loans, are considered homogeneous loan pools and are not required to be evaluated individually for impairment unless considered a TDR. | |||||||||||||||||||||||||||||
Impairment is typically measured using the difference between the outstanding loan principal balance and either: 1) the likely realizable value of a note sale; 2) the fair value of the underlying collateral, net of likely disposal costs, if repayment is expected solely from liquidation of the collateral; or 3) the present value of estimated future cash flows using the loan's pre-modification rate in the case of a TDR. If a TDR is substantially performing in accordance with its restructured terms, management will look to either the present value of the expected cash flows from the debt service or the potential net liquidation proceeds of the underlying collateral property in measuring impairment (whichever is deemed most appropriate under the circumstances). If a TDR has re-defaulted, generally the likely realizable net proceeds from either a note sale or the liquidation of the collateral is considered when measuring impairment. Measured impairment is either charged off immediately or, in limited instances, recognized as an allocated reserve within the allowance for loan losses. | |||||||||||||||||||||||||||||
Please refer to Note 9 for tabular information related to impaired loans. | |||||||||||||||||||||||||||||
Delinquent Serviced Loans Subject to a Recourse Obligation | |||||||||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, the Bank serviced a pool of multifamily loans sold to FNMA, and retained an obligation (off-balance sheet contingent liability) to absorb a portion of any losses (as defined in the seller/servicer agreement) incurred by FNMA in connection with the loans sold (the "First Loss Position"). | |||||||||||||||||||||||||||||
Under the terms of its seller/servicer agreement with FNMA, the Bank is obligated to remit to FNMA all monthly principal and interest payments under the original terms of the sold loans until the earliest of the following events: (i) the Bank re-acquires the loan from FNMA or the loan enters OREO status; (ii) the entire pool of loans sold to FNMA have either been fully satisfied or enter OREO status; or (iii) the First Loss Position is fully exhausted. | |||||||||||||||||||||||||||||
At September 30, 2013, within the pool of multifamily loans sold to FNMA, there were no loans 90 days or more delinquent and one $401 loan delinquent between 30 and 89 days. At December 31, 2012, within the pool of multifamily loans sold to FNMA, there was one $474 loan 90 days or more delinquent and one $229 loan delinquent between 30 and 89 days. | |||||||||||||||||||||||||||||
ALLOWANCE_FOR_LOAN_LOSSES_AND_
ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR FIRST LOSS POSITION ON MULTIFAMILY LOANS SOLD TO FNMA | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR FIRST LOSS POSITION ON MULTIFAMILY LOANS SOLD TO FNMA [Abstract] | ' | ||||||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR FIRST LOSS POSITION ON MULTIFAMILY LOANS SOLD TO FNMA | ' | ||||||||||||||||||||||||||||||||
9 | ALLOWANCE FOR LOAN LOSSES AND LIABILITY FOR FIRST LOSS POSITION | ||||||||||||||||||||||||||||||||
The allowance for loan losses may consist of specific and general components. The Bank's periodic evaluation of its allowance for loan losses (specific or general) is comprised of four primary components: (1) impaired loans; (2) non-impaired substandard loans; (3) non-impaired special mention loans; and (4) pass graded loans. Within these components, the Company has identified the following portfolio segments for purposes of assessing its allowance for loan losses (specific or general): (1) real estate loans; and (2) consumer loans. Within these segments, the Bank analyzes the allowance for loan losses based upon the underlying collateral type (classes). Consumer loans represent a nominal portion of the Company's loan portfolio, and were thus evaluated in aggregate as of both September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||||||
Impaired Loan Component | |||||||||||||||||||||||||||||||||
All multifamily residential, mixed use, commercial real estate and construction loans that are deemed to meet the definition of impaired are individually evaluated for impairment. In addition, all cooperative unit and one- to four-family residential real estate loans in excess of the FNMA Limits are individually evaluated for impairment. Impairment is typically measured using the difference between the outstanding loan principal balance and either: (1) the likely realizable value of a note sale; (2) the fair value of the underlying collateral, net of likely disposal costs, if repayment is expected solely from liquidation of the collateral; or (3) the present value of estimated future cash flows using the loan's pre-modification rate in the case of a TDR. For impaired loans on non-accrual status, either of the initial two measurements is utilized. | |||||||||||||||||||||||||||||||||
All TDRs are considered impaired loans and are evaluated individually for measurable impairment, if any. If a TDR is substantially performing in accordance with its restructured terms, management will look to either the present value of the expected cash flows from the debt service or the potential net liquidation proceeds of the underlying collateral property in measuring impairment (whichever is deemed most appropriate under the circumstances). If a TDR has re-defaulted, the likely realizable net proceeds from either a note sale or the liquidation of the collateral is generally considered when measuring impairment. While measured impairment is generally charged off immediately, impairment attributable to a reduction in the present value of expected cash flows of a performing TDR was reflected as an allocated reserve within the allowance for loan losses at both September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||||||
Large groups of smaller balance homogeneous real estate loans, such as cooperative unit and one-to four-family residential real estate loans with balances equal to or less than the FNMA Limits, are collectively evaluated for impairment, and accordingly, are not separately identified for impairment disclosures. | |||||||||||||||||||||||||||||||||
Non-Impaired Substandard Loan Component | |||||||||||||||||||||||||||||||||
At both September 30, 2013 and December 31, 2012, the reserve allocated within the allowance for loan losses associated with non-impaired loans internally classified as Substandard reflected expected loss percentages on the Bank's pool of such loans that were derived based upon an analysis of historical losses over a measurement timeframe. The loss percentage resulting from this analysis was then applied to the aggregate pool of non-impaired Substandard loans at September 30, 2013 and December 31, 2012. Based upon this methodology, increases or decreases in the amount of either non-impaired Substandard loans or charge-offs associated with such loans, or a change in the measurement timeframe utilized to derive the expected loss percentage, would impact the level of reserves determined on non-impaired Substandard loans. As a result, the allowance for loan losses associated with non-impaired Substandard loans is subject to volatility. | |||||||||||||||||||||||||||||||||
The portion of the allowance for loan losses attributable to non-impaired Substandard loans was $31 at September 30, 2013 and $795 at December 31, 2012. The decline resulted primarily from a reduction of $5,568 in the balance of such loans from December 31, 2012 to September 30, 2013, as well as the application of a lower loss percentage on these loans at September 30, 2013 compared to December 31, 2012 under the methodology employed. | |||||||||||||||||||||||||||||||||
All non-impaired Substandard loans were deemed sufficiently well secured and performing to have remained on accrual status both prior and subsequent to their downgrade to the Substandard internal loan grade. | |||||||||||||||||||||||||||||||||
Non-Impaired Special Mention Loan Component | |||||||||||||||||||||||||||||||||
At both September 30, 2013 and December 31, 2012, the reserve allocated within the allowance for loan losses associated with non-impaired loans internally classified as Special Mention reflected an expected loss percentage on the Bank's pool of such loans that was derived based upon an analysis of historical losses over a measurement timeframe. The loss percentage resulting from this analysis was then applied to the aggregate pool of non-impaired Special Mention loans at September 30, 2013 and December 31, 2012. Based upon this methodology, increases or decreases in the amount of either non-impaired Special Mention loans or charge-offs associated with such loans, or a change in the measurement timeframe utilized to derive the expected loss percentage, would impact the level of reserves determined on non-impaired Special Mention loans. As a result, the allowance for loan losses associated with non-impaired Special Mention loans is subject to volatility. | |||||||||||||||||||||||||||||||||
The portion of the allowance for loan losses attributable to non-impaired Special Mention loans increased from $145 at December 31, 2012 to $148 at September 30, 2013, due to an increase of $12,644 in the balance of such loans, that was offset by a reduction in the estimated loss percentage applied to such loans, from December 31, 2012 to September 30, 2013. | |||||||||||||||||||||||||||||||||
Pass Graded Loan Component | |||||||||||||||||||||||||||||||||
The Bank initially looks to the underlying collateral type when determining the allowance for loan losses associated with pass graded real estate loans. The following underlying collateral types are analyzed separately: 1) one- to four family residential and cooperative unit; 2) multifamily residential and residential mixed use; 3) mixed use commercial real estate, 4) commercial real estate; | |||||||||||||||||||||||||||||||||
and 5) construction and land acquisition. Within the analysis of each underlying collateral type, the following elements are additionally considered and provided weighting in determining the allowance for loan losses for pass graded real estate loans: | |||||||||||||||||||||||||||||||||
(i) | Charge-off experience (including peer charge-off experience) | ||||||||||||||||||||||||||||||||
(ii) | Economic conditions | ||||||||||||||||||||||||||||||||
(iii) | Underwriting standards or experience | ||||||||||||||||||||||||||||||||
(iv) | Loan concentrations | ||||||||||||||||||||||||||||||||
(v) | Regulatory climate | ||||||||||||||||||||||||||||||||
(vi) | Nature and volume of the portfolio | ||||||||||||||||||||||||||||||||
(vii) | Changes in the quality and scope of the loan review function | ||||||||||||||||||||||||||||||||
The following is a brief synopsis of the manner in which each element is considered: | |||||||||||||||||||||||||||||||||
(i) Charge-off experience - Loans within the pass graded loan portfolio are segmented by significant common characteristics, against which historical loss rates are applied. The Bank also reviews and considers the charge-off experience of peer banks in its lending marketplace in order to determine whether there may be potential losses that have taken a longer period to flow through its allowance for loan losses. | |||||||||||||||||||||||||||||||||
(ii) Economic conditions - At both September 30, 2013 and December 31, 2012, the Bank assigned a loss allocation to its entire pass graded real estate loan portfolio based, in part, upon a review of economic conditions affecting the local real estate market. Specifically, the Bank considered both the level of, and recent trends in: 1) the local and national unemployment rate, 2) residential and commercial vacancy rates, 3) real estate sales and pricing, and 4) delinquencies in the Bank's loan portfolio. | |||||||||||||||||||||||||||||||||
(iii) Underwriting standards or experience - Underwriting standards are reviewed to ensure that changes in the Bank's lending policies and practices are adequately evaluated for risk and reflected in its analysis of potential credit losses. Loss expectations associated with changes in the Bank's lending policies and practices, if any, are then incorporated into the methodology. | |||||||||||||||||||||||||||||||||
(iv) Concentrations of credit - The Bank regularly reviews its loan concentrations (borrower, collateral type and location) in order to ensure that heightened risk has not evolved that has not been captured through other factors. The risk component of loan concentrations is regularly evaluated for reserve adequacy. | |||||||||||||||||||||||||||||||||
(v) Regulatory climate – Consideration is given to public statements made by the federal banking regulatory agencies that have a potential impact on the Bank's loan portfolio and allowance for loan losses. | |||||||||||||||||||||||||||||||||
(vi) Nature and volume of the portfolio – The Bank considers any significant changes in the overall nature and volume of its loan portfolio. | |||||||||||||||||||||||||||||||||
(vii) Changes in the quality and scope of the loan review function – The Bank considers the potential impact upon its allowance for loan losses of any adverse change in the quality and scope of the loan review function. | |||||||||||||||||||||||||||||||||
Consumer Loans | |||||||||||||||||||||||||||||||||
Due to their small individual balances, the Bank does not evaluate individual consumer loans for impairment. Loss percentages are applied to aggregate consumer loans based upon both their delinquency status and loan type. These loss percentages are derived from a combination of the Company's historical loss experience and/or nationally published loss data on such loans. Consumer loans in excess of 120 days delinquent are typically fully charged off against the allowance for loan losses. | |||||||||||||||||||||||||||||||||
The following table presents data regarding the allowance for loan losses and loans evaluated for impairment by class of loan within the real estate loan segment as well as for the aggregate consumer loan segment: | |||||||||||||||||||||||||||||||||
At or for the Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Real Estate Loans | Consumer Loans | ||||||||||||||||||||||||||||||||
One- to Four Family Residential and Cooperative Unit | Multifamily Residential and Residential Mixed Use | Mixed Use Commercial Real Estate | Commercial Real Estate | Construction | Total Real Estate | ||||||||||||||||||||||||||||
Beginning balance | $ | 352 | $ | 14,620 | $ | 2,215 | $ | 3,279 | $ | 12 | $ | 20,478 | $ | 24 | |||||||||||||||||||
Provision (credit) for loan losses | (75 | ) | 1,382 | (443 | ) | (618 | ) | (11 | ) | 235 | 5 | ||||||||||||||||||||||
Charge-offs | (11 | ) | (205 | ) | - | (1 | ) | - | (217 | ) | (6 | ) | |||||||||||||||||||||
Recoveries | 8 | 13 | - | - | - | 21 | - | ||||||||||||||||||||||||||
Ending balance | $ | 274 | $ | 15,810 | $ | 1,772 | $ | 2,660 | $ | 1 | $ | 20,517 | $ | 23 | |||||||||||||||||||
Ending balance – loans individually evaluated for impairment | $ | 1,203 | $ | 3,891 | $ | 711 | $ | 35,277 | $ | - | $ | 41,082 | $ | - | |||||||||||||||||||
Ending balance – loans collectively evaluated for impairment | 77,301 | 2,860,933 | 334,939 | 352,385 | 299 | 3,625,857 | 2,109 | ||||||||||||||||||||||||||
Allowance balance associated with loans individually evaluated for impairment | 6 | - | - | 484 | - | 490 | - | ||||||||||||||||||||||||||
Allowance balance associated with loans collectively evaluated for impairment | 268 | 15,810 | 1,772 | 2,176 | 1 | 20,027 | 23 | ||||||||||||||||||||||||||
Total Ending balance | $ | 274 | $ | 15,810 | $ | 1,772 | $ | 2,660 | $ | 1 | $ | 20,517 | $ | 23 | |||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||||||
Ending balance – loans individually evaluated for impairment | $ | 1,291 | $ | 2,460 | $ | 1,900 | $ | 47,493 | $ | - | $ | 53,144 | $ | - | |||||||||||||||||||
Ending balance – loans collectively evaluated for impairment | 90,585 | 2,673,909 | 338,233 | 347,038 | 476 | 3,450,241 | 2,423 | ||||||||||||||||||||||||||
Allowance balance associated with loans individually evaluated for impairment | 7 | - | - | 513 | - | 520 | - | ||||||||||||||||||||||||||
Allowance balance associated with loans collectively evaluated for impairment | 337 | 14,299 | 2,474 | 2,869 | 24 | 20,003 | 27 | ||||||||||||||||||||||||||
Total Ending balance | $ | 344 | $ | 14,299 | $ | 2,474 | $ | 3,382 | $ | 24 | $ | 20,523 | $ | 27 | |||||||||||||||||||
At or for the Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||
Real Estate Loans | Consumer Loans | ||||||||||||||||||||||||||||||||
One- to FourFamily Residential and Cooperative Unit | Multifamily Residential and Residential Mixed Use | Mixed Use Commercial Real Estate | Commercial Real Estate | Construction | Total Real Estate | ||||||||||||||||||||||||||||
Beginning balance | $ | 258 | $ | 14,551 | $ | 2,181 | $ | 3,230 | $ | - | $ | 20,220 | $ | 23 | |||||||||||||||||||
Provision (credit) for loan losses | 557 | (761 | ) | 143 | 157 | 27 | 123 | 3 | |||||||||||||||||||||||||
Charge-offs | (134 | ) | (242 | ) | (8 | ) | (14 | ) | - | (398 | ) | - | |||||||||||||||||||||
Recoveries | (1 | ) | 686 | - | 36 | - | 723 | - | |||||||||||||||||||||||||
Ending balance | $ | 682 | $ | 14,234 | $ | 2,316 | $ | 3,409 | $ | 27 | $ | 20,668 | $ | 26 | |||||||||||||||||||
At or for the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Real Estate Loans | Consumer Loans | ||||||||||||||||||||||||||||||||
One- to Four Family Residential and Cooperative Unit | Multifamily Residential and Residential Mixed Use | Mixed Use Commercial Real Estate | Commercial Real Estate | Construction | Total Real Estate | ||||||||||||||||||||||||||||
Beginning balance | $ | 344 | $ | 14,299 | $ | 2,474 | $ | 3,382 | $ | 24 | $ | 20,523 | $ | 27 | |||||||||||||||||||
Provision (credit) for loan losses | 29 | 1,840 | (716 | ) | (719 | ) | (23 | ) | 411 | 14 | |||||||||||||||||||||||
Charge-offs | (110 | ) | (362 | ) | (15 | ) | (5 | ) | - | (492 | ) | (18 | ) | ||||||||||||||||||||
Recoveries | 11 | 33 | 29 | 2 | - | 75 | - | ||||||||||||||||||||||||||
Ending balance | $ | 274 | $ | 15,810 | $ | 1,772 | $ | 2,660 | $ | 1 | $ | 20,517 | $ | 23 | |||||||||||||||||||
At or for the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||
Real Estate Loans | Consumer Loans | ||||||||||||||||||||||||||||||||
One- to Four Family Residential and Cooperative Unit | Multifamily Residential and Residential Mixed Use | Mixed Use Commercial Real Estate | Commercial Real Estate | Construction | Total Real Estate | ||||||||||||||||||||||||||||
Beginning balance | $ | 480 | $ | 14,313 | $ | 1,528 | $ | 3,783 | $ | 124 | $ | 20,228 | $ | 26 | |||||||||||||||||||
Provision (credit) for loan losses | 959 | 1,477 | 1,442 | 64 | (94 | ) | 3,848 | 10 | |||||||||||||||||||||||||
Charge-offs | (774 | ) | (2,381 | ) | (670 | ) | (500 | ) | (3 | ) | (4,328 | ) | (10 | ) | |||||||||||||||||||
Recoveries | 17 | 773 | 11 | 37 | - | 838 | - | ||||||||||||||||||||||||||
Transfer from the reserve for loan commitments | - | 52 | 5 | 25 | - | 82 | - | ||||||||||||||||||||||||||
Ending balance | $ | 682 | $ | 14,234 | $ | 2,316 | $ | 3,409 | $ | 27 | $ | 20,668 | $ | 26 | |||||||||||||||||||
The following tables summarize impaired real estate loans as of or for the periods indicated (by collateral type within the real estate loan segment): | |||||||||||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||||||||||
Unpaid Principal Balance at Period End | Recorded Investment at Period End(1) | Reserve Balance Allocated within the Allowance for Loan Losses at Period End | |||||||||||||||||||||||||||||||
One- to Four Family Residential and Cooperative Unit | |||||||||||||||||||||||||||||||||
With no allocated reserve | $ | 1,070 | $ | 991 | $ | - | |||||||||||||||||||||||||||
With an allocated reserve | 256 | 212 | 6 | ||||||||||||||||||||||||||||||
Multifamily Residential and Residential Mixed Use | |||||||||||||||||||||||||||||||||
With no allocated reserve | 4,040 | 3,891 | - | ||||||||||||||||||||||||||||||
With an allocated reserve | - | - | - | ||||||||||||||||||||||||||||||
Mixed Use Commercial Real Estate | |||||||||||||||||||||||||||||||||
With no allocated reserve | 711 | 711 | - | ||||||||||||||||||||||||||||||
With an allocated reserve | - | - | - | ||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||
With no allocated reserve | 21,269 | 20,156 | - | ||||||||||||||||||||||||||||||
With an allocated reserve | 15,121 | 15,121 | 484 | ||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||
With no allocated reserve | - | - | - | ||||||||||||||||||||||||||||||
With an allocated reserve | - | - | - | ||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
With no allocated reserve | $ | 27,090 | $ | 25,749 | $ | - | |||||||||||||||||||||||||||
With an allocated reserve | $ | 15,377 | $ | 15,333 | $ | 490 | |||||||||||||||||||||||||||
-1 | The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. | ||||||||||||||||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||||||
Unpaid Principal Balance at Period End | Recorded Investment at Period End(1) | Reserve Balance Allocated within the Allowance for Loan Losses at Period End | |||||||||||||||||||||||||||||||
One- to Four Family Residential and Cooperative Unit | |||||||||||||||||||||||||||||||||
With no allocated reserve | $ | 1,079 | $ | 1,079 | $ | - | |||||||||||||||||||||||||||
With an allocated reserve | 258 | 212 | 7 | ||||||||||||||||||||||||||||||
Multifamily Residential and Residential Mixed Use | |||||||||||||||||||||||||||||||||
With no allocated reserve | 2,767 | 2,460 | - | ||||||||||||||||||||||||||||||
With an allocated reserve | - | - | - | ||||||||||||||||||||||||||||||
Mixed Use Commercial Real Estate | |||||||||||||||||||||||||||||||||
With no allocated reserve | 1,900 | 1,900 | - | ||||||||||||||||||||||||||||||
With an allocated reserve | - | - | - | ||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||
With no allocated reserve | 33,416 | 32,217 | - | ||||||||||||||||||||||||||||||
With an allocated reserve | 15,276 | 15,276 | 513 | ||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||
With no allocated reserve | - | - | - | ||||||||||||||||||||||||||||||
With an allocated reserve | - | - | - | ||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
With no allocated reserve | $ | 39,162 | $ | 37,656 | $ | - | |||||||||||||||||||||||||||
With an allocated reserve | $ | 15,534 | $ | 15,488 | $ | 520 | |||||||||||||||||||||||||||
-1 | The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. | ||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | ||||||||||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||||||
One- to Four Family Residential and Cooperative Unit | |||||||||||||||||||||||||||||||||
With no allocated reserve | $ | 993 | $ | 11 | $ | $629 | $ | 15 | $ | 1,016 | $ | 27 | $ | 814 | $ | 48 | |||||||||||||||||
With an allocated reserve | 212 | 5 | 212 | 5 | 212 | 14 | 511 | 14 | |||||||||||||||||||||||||
Multifamily Residential and Residential Mixed Use | |||||||||||||||||||||||||||||||||
With no allocated reserve | 3,552 | 49 | 4,787 | 49 | 2,977 | 129 | 6,178 | 305 | |||||||||||||||||||||||||
With an allocated reserve | - | - | - | - | - | - | 525 | - | |||||||||||||||||||||||||
Mixed Use Commercial Real Estate | |||||||||||||||||||||||||||||||||
With no allocated reserve | 1,289 | 17 | 1,459 | 12 | 1,590 | 110 | 2,670 | 56 | |||||||||||||||||||||||||
With an allocated reserve | - | - | - | - | - | - | 240 | - | |||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||
With no allocated reserve | 22,991 | 187 | 33,596 | 404 | 26,682 | 949 | 28,648 | 1,318 | |||||||||||||||||||||||||
With an allocated reserve | 15,155 | 275 | 15,284 | 189 | 15,199 | 671 | 21,290 | 567 | |||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||
With no allocated reserve | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
With an allocated reserve | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
With no allocated reserve | $ | 28,825 | $ | 264 | $ | $40,471 | $ | 480 | $ | 32,265 | $ | 1,215 | $ | 38,310 | $ | 1,727 | |||||||||||||||||
With an allocated reserve | $ | 15,367 | $ | 280 | $ | $15,496 | $ | 194 | $ | 15,411 | $ | 685 | $ | 22,566 | $ | 581 | |||||||||||||||||
Reserve Liability for First Loss Position | |||||||||||||||||||||||||||||||||
At both September 30, 2013 and December 31, 2012, the Bank serviced a pool of loans that it sold to FNMA and was subject to the First Loss Position. The Bank maintains a reserve liability in relation to the First Loss Position that reflects estimated losses on this loan pool at each period end. For performing loans within the FNMA serviced pool, the reserve recognized is based upon the historical loss experience on this loan pool. For problem loans within the pool, the estimated losses are determined in a manner consistent with impaired loans within the Bank's loan portfolio. | |||||||||||||||||||||||||||||||||
The following is a summary of the aggregate balance of multifamily loans serviced for FNMA, the period-end First Loss Position associated with these loans and activity in the related liability: | |||||||||||||||||||||||||||||||||
At or for the Three Months Ended | At or for the Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Outstanding balance of multifamily loans serviced for FNMA at period end | $ | 216,073 | $ | 279,830 | $ | 216,073 | $ | 279,830 | |||||||||||||||||||||||||
Total First Loss Position at end of period | 15,428 | 16,356 | 15,428 | 16,356 | |||||||||||||||||||||||||||||
Liability on the First Loss Position | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $1,188 | $ | $1,684 | $ | $1,383 | $ | $2,993 | |||||||||||||||||||||||||
Credit for losses on problem loans(1) | (50 | ) | (140 | ) | (245 | ) | (1,107 | ) | |||||||||||||||||||||||||
Charge-offs and other net reductions in balance | (38 | ) | - | (38 | ) | (342 | ) | ||||||||||||||||||||||||||
Balance at period end | $ | $1,100 | $ | $1,544 | $ | $1,100 | $ | $1,544 | |||||||||||||||||||||||||
-1 | Amount recognized as a component of mortgage banking income during the period. | ||||||||||||||||||||||||||||||||
INVESTMENT_AND_MORTGAGEBACKED_
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
INVESTMENT AND MORTGAGE-BACKED SECURITIES [Abstract] | ' | ||||||||||||||||||||||||||||||||
INVESTMENT AND MORTGAGE-BACKED SECURITIES | ' | ||||||||||||||||||||||||||||||||
10 | INVESTMENT AND MORTGAGE-BACKED SECURITIES | ||||||||||||||||||||||||||||||||
The following is a summary of major categories of securities owned by the Company excluding trading securities at September 30, 2013: | |||||||||||||||||||||||||||||||||
Unrealized Gains or Losses Recognized in Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||
Purchase | Recorded Amortized/ | Non-Credit | Unrealized | Unrealized Losses | Book Value | Other Unrecognized Losses | Fair Value | ||||||||||||||||||||||||||
Amortized / Historical Cost | Historical Cost(1) | OTTI | Gains | ||||||||||||||||||||||||||||||
Investment securities held-to-maturity: | |||||||||||||||||||||||||||||||||
Pooled bank trust preferred securities ("TRUPS") | $ | $16,316 | $ | $7,369 | $ | (609 | ) | - | $ | (1,138 | )(2) | $ | 5,622 | $ | 516 | $ | 6,138 | ||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||||||||||||
Registered Mutual Funds | 2,797 | 2,691 | - | 670 | (10 | ) | 3,351 | - | 3,351 | ||||||||||||||||||||||||
Agency notes | 15,070 | 15,070 | - | 47 | - | 15,117 | - | 15,117 | |||||||||||||||||||||||||
Pass-through MBS issued by GSEs | 30,727 | 30,727 | - | 1,588 | (10 | ) | 32,305 | - | 32,305 | ||||||||||||||||||||||||
Collateralized mortgage obligations ("CMOs") issued by GSEs | 531 | 531 | - | 4 | - | 535 | - | 535 | |||||||||||||||||||||||||
Private issuer pass through MBS | 709 | 709 | - | 19 | - | 728 | - | 728 | |||||||||||||||||||||||||
Private issuer CMOs | 647 | 647 | - | 11 | - | 658 | - | 658 | |||||||||||||||||||||||||
-1 | Amount represents the purchase amortized / historical cost less any credit-related OTTI charges recognized through earnings. | ||||||||||||||||||||||||||||||||
-2 | Amount represents the unamortized portion of the unrealized loss that was recognized in accumulated other comprehensive loss on September 1, 2008 (the day on which these securities were transferred from available-for-sale to held-to-maturity). | ||||||||||||||||||||||||||||||||
The following is a summary of major categories of securities owned by the Company at December 31, 2012: | |||||||||||||||||||||||||||||||||
Unrealized Gains or Losses Recognized in Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||
Purchase Amortized / Historical Cost | Recorded Amortized/ Historical Cost (1) | Non-Credit OTTI | Unrealized Gains | Unrealized Losses | Book Value | Other Unrecognized Gains | Fair Value | ||||||||||||||||||||||||||
Investment securities held-to-maturity: | |||||||||||||||||||||||||||||||||
TRUPS | $ | 16,774 | $ | 7,829 | $ | (634 | ) | - | $ | (1,268 | )(2) | $ | 5,927 | $ | 340 | $ | 6,267 | ||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||||||||||||
Registered Mutual Funds | 2,904 | 2,556 | - | 449 | - | 3,005 | - | 3,005 | |||||||||||||||||||||||||
Agency notes | 29,820 | 29,820 | - | 125 | - | 29,945 | - | 29,945 | |||||||||||||||||||||||||
Pass-through MBS issued by GSEs | 43,142 | 43,142 | - | 1,561 | (25 | ) | 44,678 | - | 44,678 | ||||||||||||||||||||||||
CMOs issued by GSEs | 2,436 | 2,436 | - | 26 | - | 2,462 | - | 2,462 | |||||||||||||||||||||||||
Private issuer pass through MBS | 962 | 962 | - | - | (7 | ) | 955 | - | 955 | ||||||||||||||||||||||||
Private issuer CMOs | 908 | 908 | - | 18 | - | 926 | - | 926 | |||||||||||||||||||||||||
-1 | Amount represents the purchase amortized / historical cost less any credit-related OTTI charges recognized through earnings. | ||||||||||||||||||||||||||||||||
-2 | Amount represents the unamortized portion of the unrealized loss that was recognized in accumulated other comprehensive loss on September 1, 2008 (the day on which these securities were transferred from available-for-sale to held-to-maturity). | ||||||||||||||||||||||||||||||||
At September 30, 2013, the agency note investments in the table above had contractual maturities as follows: | |||||||||||||||||||||||||||||||||
Amortized | Estimated | ||||||||||||||||||||||||||||||||
Cost | Fair Value | ||||||||||||||||||||||||||||||||
Due after one year through three years | $ | 15,000 | $ | 15,047 | |||||||||||||||||||||||||||||
Due after three years through five years | 70 | 70 | |||||||||||||||||||||||||||||||
TOTAL | $ | 15,070 | $ | 15,117 | |||||||||||||||||||||||||||||
The held-to-maturity TRUPS had a weighted average term to maturity of 21.2 years at September 30, 2013. At September 30, 2013, MBS available-for-sale (which included pass-through MBS issued by GSEs, CMOs issued by GSEs, one private issuer pass through MBS and one private issuer CMO) possessed a weighted average contractual maturity of 16.9 years and a weighted average estimated duration of 1.3 years. There were no sales of either investment securities held-to-maturity or MBS available-for-sale during the nine months ended September 30, 2013 or 2012. | |||||||||||||||||||||||||||||||||
There were no sales of investment securities available-for-sale during the three months ended September 30, 2013 and 2012. Proceeds from the sales of investment securities available-for-sale totaled $366 during the nine months ended September 30, 2013. A net gain of $110 was recognized on these sales. Proceeds from the sales of investment securities available-for-sale totaled $313 during the nine months ended September 30, 2012. A net gain of $44 was recognized on these sales. | |||||||||||||||||||||||||||||||||
As of each reporting period through September 30, 2013, the Company has applied the protocol established by ASC 320-10-65 ("ASC 320-10-65") in order to determine whether OTTI existed for its TRUPS and/or to measure, for TRUPS that have been determined to be other than temporarily impaired, the credit related and non-credit related components of OTTI. As of September 30, 2013, | |||||||||||||||||||||||||||||||||
five TRUPS were determined to meet the criteria for OTTI based upon this analysis. At September 30, 2013, these five securities had credit ratings ranging from "C" to "Caa3." | |||||||||||||||||||||||||||||||||
The following table provides a reconciliation of the pre-tax OTTI charges recognized on the Company's TRUPS: | |||||||||||||||||||||||||||||||||
At or for the Three Months Ended September 30, 2013 | At or for the Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||
Credit Related OTTI Recognized in Earnings | Non-Credit OTTI Recognized in Accumulated Other Comprehensive Loss | Total OTTI | Credit Related OTTI Recognized in Earnings | Non-Credit OTTI Recognized in Accumulated Other Comprehensive Loss | Total OTTI | ||||||||||||||||||||||||||||
Cumulative balance at the beginning of the period | $ | 8,947 | $ | 617 | $ | 9,564 | $ | 8,945 | $ | 655 | $ | 9,600 | |||||||||||||||||||||
OTTI recognized on securities with previous OTTI | - | - | - | - | - | - | |||||||||||||||||||||||||||
Reductions and transfers to credit-related OTTI | - | - | - | - | - | - | |||||||||||||||||||||||||||
Amortization of previously recognized OTTI | - | (8 | ) | (8 | ) | - | (14 | ) | (14 | ) | |||||||||||||||||||||||
Cumulative balance at end of the period | $ | 8,947 | $ | 609 | $ | 9,556 | $ | 8,945 | $ | 641 | $ | 9,586 | |||||||||||||||||||||
At or for the Nine Months Ended September 30, 2013 | At or for the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||
Credit Related OTTI Recognized in Earnings | Non-Credit OTTI Recognized in Accumulated Other Comprehensive Loss | Total OTTI | Credit Related OTTI Recognized in Earnings | Non-Credit OTTI Recognized in Accumulated Other Comprehensive Loss | Total OTTI | ||||||||||||||||||||||||||||
Cumulative balance at the beginning of the period | $ | 8,945 | $ | 634 | $ | 9,579 | $ | 8,974 | $ | 930 | $ | 9,904 | |||||||||||||||||||||
OTTI recognized on securities with previous OTTI | - | - | - | 181 | 6 | 187 | |||||||||||||||||||||||||||
Reductions and transfers to credit-related OTTI | - | - | - | - | (181 | ) | (181 | ) | |||||||||||||||||||||||||
Amortization of previously recognized OTTI | 2 | (25 | ) | (23 | ) | (210 | ) | (114 | ) | (324 | ) | ||||||||||||||||||||||
Cumulative balance at end of the period | $ | 8,947 | $ | 609 | $ | 9,556 | $ | 8,945 | $ | 641 | $ | 9,586 | |||||||||||||||||||||
The following table summarizes the gross unrealized losses and fair value of investment securities as of September 30, 2013, aggregated by investment category and the length of time the securities were in a continuous unrealized loss position: | |||||||||||||||||||||||||||||||||
Less than 12 | 12 Months or More | Total | |||||||||||||||||||||||||||||||
Months Consecutive | Consecutive | ||||||||||||||||||||||||||||||||
Unrealized Losses | Unrealized Losses | ||||||||||||||||||||||||||||||||
Fair Value | Gross Unrecognized/ | Fair Value | Gross Unrecognized/ | Fair Value | Gross Unrecognized/ | ||||||||||||||||||||||||||||
Unrealized Losses | Unrealized Losses | Unrealized Losses | |||||||||||||||||||||||||||||||
Held-to-Maturity Securities: | |||||||||||||||||||||||||||||||||
TRUPS (1) | $ | - | $ | - | $ | 4,004 | $ | 974 | $ | 4,004 | $ | 974 | |||||||||||||||||||||
Available for Sale Securities | |||||||||||||||||||||||||||||||||
Registered Mutual Funds | 539 | 10 | - | - | 539 | 10 | |||||||||||||||||||||||||||
Pass-through MBS issued by GSEs | 307 | 10 | - | - | 307 | 10 | |||||||||||||||||||||||||||
(1) At September 30, 2013, the recorded balance of these securities was $3,840. This balance reflected the remaining unrealized loss of $1,138 that was recognized in accumulated other comprehensive loss on September 1, 2008 (the day these securities were transferred from available-for-sale to held-to-maturity). In accordance with both ASC 320-10-35-17 and 320-10-65, this unrealized loss is currently being amortized over the remaining estimated life of these securities. | |||||||||||||||||||||||||||||||||
TRUPS That Have Maintained an Unrealized Holding Loss for 12 or More Consecutive Months | |||||||||||||||||||||||||||||||||
At September 30, 2013, impairment of two of the TRUPS, with an amortized cost of $5,000, was deemed temporary. These securities remained in an unrealized loss position for 12 or more consecutive months, and their cumulative unrealized loss was $1,315 at September 30, 2013, reflecting both illiquidity in the marketplace and concerns over future bank failures. At September 30, 2013, both of these securities had ratings ranging from "BB-" to "A." Despite both the significant decline in market value and the duration of their impairment, management believed that the unrealized losses on these securities at September 30, 2013 were temporary, and that the full value of the investments would be realized once the market dislocations have been removed, or as the securities continued to make their contractual payments of principal and interest. In making this determination, management considered the following: | |||||||||||||||||||||||||||||||||
• Based upon an internal review of the collateral backing the TRUPS portfolio, which accounted for current and prospective deferrals, the securities could reasonably be expected to continue making all contractual payments | |||||||||||||||||||||||||||||||||
• The Company had the intent and ability to hold these securities until they fully recover their impairment, evidenced by the election to reclassify them as held-to-maturity in 2008 | |||||||||||||||||||||||||||||||||
• There were no cash or working capital requirements nor contractual or regulatory obligations that would compel the Company to sell these securities prior to their forecasted recovery or maturity | |||||||||||||||||||||||||||||||||
• Both securities have a pool of underlying issuers comprised primarily of banks | |||||||||||||||||||||||||||||||||
• Neither of the securities have exposure to real estate investment trust issued debt (which has experienced high default | |||||||||||||||||||||||||||||||||
rates) | |||||||||||||||||||||||||||||||||
• Both securities feature either a mandatory auction or a de-leveraging mechanism that could result in principal repayments to the Bank prior to the stated maturity of the security | |||||||||||||||||||||||||||||||||
• Both securities are adequately collateralized | |||||||||||||||||||||||||||||||||
The following table summarizes the gross unrealized losses and fair value of investment securities and MBS as of December 31, 2012, aggregated by investment category and the length of time that the securities were in a continuous unrealized loss position: | |||||||||||||||||||||||||||||||||
Less than 12 | 12 Months or More | Total | |||||||||||||||||||||||||||||||
Months Consecutive | Consecutive | ||||||||||||||||||||||||||||||||
Unrealized Losses | Unrealized Losses | ||||||||||||||||||||||||||||||||
Fair Value | Gross Unrecognized/ | Fair Value | Gross Unrecognized/ | Fair Value | Gross Unrecognized/ | ||||||||||||||||||||||||||||
Unrealized Losses | Unrealized Losses | Unrealized Losses | |||||||||||||||||||||||||||||||
Held-to-Maturity Securities: | |||||||||||||||||||||||||||||||||
TRUPS (1) | $ | - | $ | - | $ | 3,705 | $ | 1,732 | $ | 3,705 | $ | 1,732 | |||||||||||||||||||||
Available-for-Sale Securities: | |||||||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation pass-through certificates | 5,867 | 25 | - | - | 5,867 | 25 | |||||||||||||||||||||||||||
Private label MBS | - | - | 955 | 7 | 955 | 7 | |||||||||||||||||||||||||||
(1) At December 31, 2012, the recorded balance of these securities was $4,170. This balance reflected the remaining unrealized loss of $1,268 that was recognized in accumulated other comprehensive loss on September 1, 2008 (the day these securities were transferred from available-for-sale to held-to-maturity). In accordance with both ASC 320-10-35-17 and 320-10-65, this unrealized loss is currently being amortized over the remaining estimated life of these securities. | |||||||||||||||||||||||||||||||||
FAIR_VALUE_OF_FINANCIAL_INSTRU
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | ' | ||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | ||||||||||||||||||||
11 | FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||||||||||
The fair value hierarchy established under ASC 820-10 is summarized as follows: | |||||||||||||||||||||
Level 1 Inputs – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the reporting entity has the ability to access at the measurement date. | |||||||||||||||||||||
Level 2 Inputs – Significant other observable inputs such as any of the following: (1) quoted prices for similar assets or liabilities in active markets, (2) quoted prices for identical or similar assets or liabilities in markets that are not active, (3) inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates), or (4) inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). | |||||||||||||||||||||
Level 3 Inputs – Significant unobservable inputs for the asset or liability. Significant unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). Significant unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. | |||||||||||||||||||||
The following tables present the assets that are reported on the consolidated statements of financial condition at fair value as of the date indicated by level within the fair value hierarchy. Financial assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis at September 30, 2013 | |||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
Description | Total | Level 1 Inputs | Level 2 | Level 3 Inputs | |||||||||||||||||
Inputs | |||||||||||||||||||||
Trading securities (Registered Mutual Funds): | |||||||||||||||||||||
Domestic Equity Mutual Funds | $ | 1,217 | $ | 1,217 | $ | - | $ | - | |||||||||||||
International Equity Mutual Funds | 156 | 156 | - | - | |||||||||||||||||
Fixed Income Mutual Funds | 3,889 | 3,889 | - | - | |||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||
Agency notes | 15,117 | - | 15,117 | - | |||||||||||||||||
Registered Mutual Funds: | |||||||||||||||||||||
Domestic Equity Mutual Funds | 1,836 | 1,836 | - | - | |||||||||||||||||
International Equity Mutual Funds | 397 | 397 | - | - | |||||||||||||||||
Fixed Income Mutual Funds | 1,118 | 1,118 | - | - | |||||||||||||||||
Pass-through MBS issued by GSEs | 32,305 | - | 32,305 | - | |||||||||||||||||
CMOs issued by GSEs | 535 | - | 535 | - | |||||||||||||||||
Private issuer pass through MBS | 728 | - | 728 | - | |||||||||||||||||
Private issuer CMOs | 658 | - | 658 | - | |||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis at December 31, 2012 | |||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
Description | Total | Level 1 Inputs | Level2 | Level3 Inputs | |||||||||||||||||
Inputs | |||||||||||||||||||||
Trading securities (Registered Mutual Funds): | |||||||||||||||||||||
Domestic Equity Mutual Funds | $ | 930 | $ | 930 | $ | - | $ | - | |||||||||||||
International Equity Mutual Funds | 129 | 129 | - | - | |||||||||||||||||
Fixed Income Mutual Funds | 3,815 | 3,815 | - | - | |||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||
Agency notes | 29,945 | - | 29,945 | - | |||||||||||||||||
Registered Mutual Funds: | |||||||||||||||||||||
Domestic Equity Mutual Funds | 1,502 | 1,502 | - | - | |||||||||||||||||
International Equity Mutual Funds | 358 | 358 | - | - | |||||||||||||||||
Fixed Income Mutual Funds | 1,145 | 1,145 | - | - | |||||||||||||||||
Pass-through MBS issued by GSEs | 44,678 | - | 44,678 | - | |||||||||||||||||
CMOs issued by GSEs | 2,462 | - | 2,462 | - | |||||||||||||||||
Private issuer pass through MBS | 955 | - | 955 | - | |||||||||||||||||
Private issuer CMOs | 926 | - | 926 | - | |||||||||||||||||
The Company's available-for-sale investment securities and MBS are reported at fair value, which were determined utilizing prices obtained from independent parties. The valuations obtained are based upon market data, and often utilize evaluated pricing models that vary by asset and incorporate available trade, bid and other market information. For securities that do not trade on a daily basis, pricing applications apply available information such as benchmarking and matrix pricing. The market inputs normally sought in the evaluation of securities include benchmark yields, reported trades, broker/dealer quotes (obtained only from market makers or broker/dealers recognized as market participants), issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. For certain securities, additional inputs may be used or some market inputs may not be applicable. Prioritization of inputs may vary on any given day based on market conditions. | |||||||||||||||||||||
The agency notes owned by the Company possessed the highest possible credit rating published by at least one established credit rating agency as of both September 30, 2013 and December 31, 2012. Obtaining market values as of September 30, 2013 and December 31, 2012 for these securities utilizing significant observable inputs was not difficult due to their continued marketplace demand. The pass-through MBS and CMOs issued by GSEs all possessed the highest possible credit rating published by at least one established credit rating agency as of both September 30, 2013 and December 31, 2012. Obtaining market values as of September 30, 2013 and December 31, 2012 for these securities utilizing significant observable inputs was not difficult due to their considerable demand. | |||||||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis at September 30, 2013 | |||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
Description | Total | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||||||
Impaired loans: | |||||||||||||||||||||
One- to Four Family Residential and Cooperative Unit | $ | 477 | - | - | $ | 477 | |||||||||||||||
Multifamily Residential and Residential Mixed Use Real Estate | 325 | - | - | 325 | |||||||||||||||||
Commercial Real Estate | 5,707 | - | - | 5,707 | |||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis at December 31, 2012 | |||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
Description | Total | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Multifamily Residential and Residential Mixed Use Real Estate | $ | 450 | - | - | $ | 450 | |||||||||||||||
Commercial Real Estate | 6,472 | - | - | 6,472 | |||||||||||||||||
Impaired Loans - Loans with certain characteristics are evaluated individually for impairment. A loan is considered impaired under ASC 310-10-35 when, based upon existing information and events, it is probable that the Bank will be unable to collect all amounts due, including principal and interest, according to the contractual terms of the loan agreement. The Bank's impaired loans atSeptember 30, 2013 and December 31, 2012 were collateralized by real estate and were thus carried at the lower of the outstanding principal balance or the estimated fair value of the collateral. Fair value is estimated through either a negotiated note sale value (Level 3 input), or, more commonly, a recent real estate appraisal (Level 3 input). These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. | |||||||||||||||||||||
An appraisal is generally ordered for all impaired multifamily residential, mixed use or commercial real estate loans for which the most recent appraisal is more than one year old. The Bank never adjusts independent appraisal data upward. Occasionally, management will adjust independent appraisal data downward based upon its own lending expertise and/or experience with the subject property, utilizing such factors as potential note sale values, or a more refined estimate of costs to repair and time to lease the property. Adjustments for potential disposal costs are also considered when determining the final appraised value. | |||||||||||||||||||||
As of September 30, 2013, impaired loans measured for impairment using the estimated fair value of the collateral had an aggregate principal balance of $7,893, and no valuation allowance within the allowance for loan losses. As of December 31, 2012, impaired loans measured for impairment using the estimated fair value of the collateral had an aggregate principal balance of $6,922, and no valuation allowance within the allowance for loan losses. Such loans had no impact upon the provision for loan losses during either the three months ended September 30, 2013 or the year ended December 31, 2012. | |||||||||||||||||||||
The following table presents quantitative information about Level 3 fair value measurements for impaired loans measured at fair value on a non-recurring basis at September 30, 2013: | |||||||||||||||||||||
Fair Value Derived | Valuation Technique Utilized | Significant Unobservable Input(s) | Range of Values | Weighted Average Value | |||||||||||||||||
$ | 207 | Income approach only | Capitalization rate | N/A | * | 7.5 | % | ||||||||||||||
Reduction for planned expedited disposal | N/A | * | 10 | % | |||||||||||||||||
802 | Blended income and sales comparison approaches | Reduction to the sales comparison value to reconcile differences between comparable sales | 0.0 %-15.0 | % | 5 | % | |||||||||||||||
Capitalization rate (income approach component) | 7.8 %-8.5 | % | 8.3 | % | |||||||||||||||||
Reduction for planned expedited disposal | 20.0 %-30.0 | % | 26 | % | |||||||||||||||||
5,500 | Previously negotiated note sales | Discount to unpaid principal balance from likely realizable value of a note sale negotiated on terms deemed acceptable | N/A | * | 17 | % | |||||||||||||||
*Only one loan in this population. | |||||||||||||||||||||
The following table presents quantitative information about Level 3 fair value measurements for impaired loans measured at fair value on a non-recurring basis at December 31, 2012: | |||||||||||||||||||||
Fair Value Derived | Valuation Technique Utilized | Significant Unobservable Input(s) | Range of Values | Weighted Average Value | |||||||||||||||||
$ | 207 | Income approach only | Capitalization rate | N/A | * | 7.5 | % | ||||||||||||||
Reduction for planned expedited disposal | N/A | * | 10 | % | |||||||||||||||||
1,215 | Blended income and sales comparison approaches | Reduction to the sales comparison value to reconcile differences between comparable sales | 0.0 %-6.0 | % | 3.8 | % | |||||||||||||||
Capitalization rate (income approach component) | 7.3 %-7.5 | % | 7.4 | % | |||||||||||||||||
Reduction for planned expedited disposal | 10.0 %-25.0 | % | 15.6 | % | |||||||||||||||||
5,500 | Previously negotiated note sales | Discount to unpaid principal balance from likely realizable value of a note sale negotiated on terms deemed acceptable | N/A | * | 17 | % | |||||||||||||||
*Only one loan in this population. | |||||||||||||||||||||
The carrying amounts and estimated fair values of financial instruments (other than those measured at fair value on either a recurring or non-recurring basis) at September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||||||
Fair Value at September 30, 2013 Using | |||||||||||||||||||||
At September 30, 2013 | Carrying | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Amount | Inputs | Inputs | Inputs | ||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and due from banks | $ | 65,713 | $ | 65,713 | $ | - | $ | - | $ | 65,713 | |||||||||||
Investment securities held to maturity (TRUPS) | 5,622 | - | - | 6,138 | 6,138 | ||||||||||||||||
Loan, net | 3,641,999 | - | - | 3,673,735 | 3,673,735 | ||||||||||||||||
Accrued interest receivable | 11,908 | 2 | 194 | 11,712 | 11,908 | ||||||||||||||||
Mortgage Servicing Rights ("MSR") | 705 | - | 1,076 | - | 1,076 | ||||||||||||||||
FHLBNY capital stock | 41,863 | N/ | A | N/ | A | N/ | A | N/ | A | ||||||||||||
Liabilities: | |||||||||||||||||||||
Savings, money market and checking accounts | $ | 1,756,570 | $ | 1,756,570 | $ | - | $ | - | $ | 1,756,570 | |||||||||||
Certificates of Deposit ("CDs") | 852,594 | - | 864,333 | - | 864,333 | ||||||||||||||||
Escrow and other deposits | 98,160 | 98,160 | - | - | 98,160 | ||||||||||||||||
FHLBNY Advances | 772,500 | - | 802,251 | - | 802,251 | ||||||||||||||||
Trust Preferred securities payable | 70,680 | - | 70,680 | - | 70,680 | ||||||||||||||||
Accrued interest payable | 2,923 | - | 2,923 | - | 2,923 | ||||||||||||||||
Fair Value at December 31, 2012 Using | |||||||||||||||||||||
At December 31, 2012 | Carrying | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Amount | Inputs | Inputs | Inputs | ||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and due from banks | $ | 79,076 | $ | 79,076 | $ | - | $ | - | $ | 79,076 | |||||||||||
Investment securities held to maturity (TRUPS) | 5,927 | - | - | 6,267 | 6,267 | ||||||||||||||||
Loans, net | 3,478,336 | - | - | 3,602,583 | 3,602,583 | ||||||||||||||||
Loans held for sale | 560 | - | 560 | - | 560 | ||||||||||||||||
Accrued interest receivable | 13,518 | - | 359 | 13,159 | 13,518 | ||||||||||||||||
MSR | 1,115 | - | 1,511 | - | 1,511 | ||||||||||||||||
FHLBNY capital stock | 45,011 | N/ | A | N/ | A | N/ | A | N/ | A | ||||||||||||
Liabilities: | |||||||||||||||||||||
Savings, money market and checking accounts | $ | 1,587,454 | $ | 1,587,454 | $ | - | $ | - | $ | 1,587,454 | |||||||||||
CDs | 891,975 | - | 907,657 | - | 907,657 | ||||||||||||||||
Escrow and other deposits | 82,753 | 82,753 | - | - | 82,753 | ||||||||||||||||
FHLBNY Advances | 842,500 | - | 885,774 | - | 885,774 | ||||||||||||||||
Trust Preferred securities payable | 70,680 | - | 70,680 | - | 70,680 | ||||||||||||||||
Accrued interest payable | 2,827 | - | 2,827 | - | 2,827 | ||||||||||||||||
Methods and assumptions used to estimate fair values for financial assets and liabilities other than those previously discussed are summarized as follows: | |||||||||||||||||||||
Cash and Due From Banks - The fair value is assumed to be equal to their carrying value as these amounts are due upon demand (deemed a Level 1 valuation). | |||||||||||||||||||||
Federal Funds Sold and Other Short Term Investments – As a result of their short duration to maturity, the fair value of these assets, principally overnight deposits, is assumed to be equal to their carrying value due (deemed a Level 1 valuation). | |||||||||||||||||||||
TRUPS Held to Maturity – At both September 30, 2013 and December 31, 2012, the Company owned seven TRUPS classified as held-to-maturity. Late in 2008, the market for these securities became illiquid, and continued to be deemed illiquid as of September 30, 2013. As a result, at both September 30, 2013 and December 31, 2012, their estimated fair value was obtained utilizing a blended valuation approach (Level 3 pricing). Under the blended valuation approach, the Bank utilized the following valuation sources: 1) broker quotations, which were deemed to meet the criteria of "distressed sale" pricing under the guidance of ASC 820-10-65-4, were given a minor 10.0 % weighting (deemed to be a Level 2 valuation); 2) an internally created cash flow valuation model that considered the creditworthiness of each individual issuer underlying the collateral pools, and utilized default, cash flow and discount rate assumptions determined by the Company's management (the "Internal Cash Flow Valuation"), was given a 45.0 % weighting (deemed to be a Level 3 valuation); and 3) a minimum of two of three available independent cash flow valuation models were averaged and given a 45.0 % weighting (deemed to be a Level 3 valuation for which the Company is not provided detailed information regarding the significant unobservable inputs utilized by the third party). | |||||||||||||||||||||
The major assumptions utilized in the Internal Cash Flow Valuation (each of which represents a significant unobservable input as defined by ASC 820-10) were as follows: | |||||||||||||||||||||
(i) Discount Rate - Pursuant to ASC 320-10-65, the Company utilized two different discount rates for discounting the cash flows for each of the seven TRUPS, as follows: | |||||||||||||||||||||
-1 | Purchase discount rate – the rate used to determine the "credit" based valuation of the security. The purchase discount rates utilized to compute fair value as of September 30, 2013 ranged from 1.6 % to 2.4 %, with a weighted average value of 2.2 %. | ||||||||||||||||||||
-2 | Current discount rate - the current discount rate utilized was derived from the Bloomberg fair market value curve for debt offerings of similar credit rating. In the event that a security had a split credit rating, separate cash flow valuations were made utilizing the appropriate discount rate and were averaged in order to determine the Internal Cash Flow Valuation. In addition, the discount rate was interpolated from the Bloomberg fair market value curve for securities possessing a credit rating below "B." The existing discount rates utilized to compute fair value as of September 30, 2013 ranged from 4.7 % to 6.9 %, with a weighted average value of 5.4 %. | ||||||||||||||||||||
(ii) Defaults – The Company utilized the most recently published measures of capital adequacy and/or problematic assets to estimate potential defaults in the collateral pool of performing issuers underlying the seven securities. In instances where problematic assets equaled or exceeded the issuer's regulatory capital, or the issuer's capital level fell below the limits established by the regulatory agencies, defaults were deemed probable to occur. Based upon the application of this methodology, the computed default rates utilized in the determination of the fair value of the TRUPS as of September 30, 2013 ranged from 0.0 % to 4.0 % of the performing security pool balance, with a weighted average rate of 1.0 %. The Company additionally utilized a standard default rate of 1.2 % every three years, which was applied uniformly. | |||||||||||||||||||||
(iii) Cash Flows - The expected payments for the tranche of each security owned by the Company, as adjusted to assume that all estimated defaults occur immediately. The cash flows further assumed an estimated recovery rate of 10.0 % per annum to occur one year after initial default, which was applied uniformly. | |||||||||||||||||||||
As discussed above, in addition to the Internal Cash Flow Valuation and broker quotations, at September 30, 2013 and December 31, 2012, the Company utilized a minimum of two additional cash flow valuation models in order to estimate the fair value of TRUPS. Two of the three independent cash flow valuation models utilized a methodology similar to the Internal Cash Flow Valuation, differing only in the underlying assumptions utilized to derive estimated cash flows, individual bank defaults and discount rate. At December 31, 2012, a third independent cash flow valuation model was utilized which was derived from a different methodology in which the actual cash flow estimate based upon the underlying collateral of the securities (including default estimates) was not considered. Instead, this cash flow valuation model utilized a discount rate determined from the Bloomberg fair market value curve for similar assets that continued to trade actively, with adjustments made for the illiquidity of the TRUPS market. This valuation model was not utilized as of September 30, 2013 as its rendered valuation was not deemed indicative of current market pricing. Because of the significant judgment underlying each of the pricing assumptions, management elected to recognize each of the independent valuations and apply a weighting system to all of the valuations, including the Internal Cash Flow Valuation, as all of these valuations were determined utilizing a valid and objective pricing methodology. | |||||||||||||||||||||
Loans, Net - The fair value of loans, net in the table above is determined by discounting anticipated future cash flows of the loans, net of anticipated prepayments, using a discount rate reflecting current market rates for loans with similar terms to borrowers of similar credit quality. For adjustable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. The valuation method used for loans does not necessarily represent an exit price valuation methodology as defined under ASC 820. However, since the valuation methodology is deemed to be similar to a Level 3 valuation methodology, the fair value of loans receivable other than impaired loans measured at fair value, is shown under the Level 3 valuation column. | |||||||||||||||||||||
Loans Held For Sale - The fair value of held-for-sale loans is primarily determined utilizing quoted market prices for securities backed by similar types of loans. Changes in the fair value of loans held for sale result primarily from changes in interest rates subsequent to funding but prior to sale, and changes in the fair value of the associated servicing of the loan. Loans held for sale are deemed a Level 2 valuation. | |||||||||||||||||||||
Accrued Interest Receivable - The estimated fair value of accrued interest receivable approximates its carrying amount, and is deemed to be valued at an input level comparable to its underlying financial asset. | |||||||||||||||||||||
MSR - On a quarterly basis, the aggregate balance of the MSR is evaluated for impairment based upon the fair value of the rights as compared to their carrying amount. If the aggregate carrying amount of the MSR exceeds fair value, impairment is recorded on the MSR so that they are carried at fair value. Fair value is determined based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model utilizes assumptions that market participants would use in estimating future net servicing income and that can be validated against available market data (Level 2 input). | |||||||||||||||||||||
FHLBNY Capital Stock – It is not practicable to determine the fair value of FHLBNY capital stock due to restrictions placed on transferability. | |||||||||||||||||||||
Deposits - The fair value of savings, money market, and checking accounts is, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amount), which has been deemed a Level 1 valuation. The fair value of CDs is based upon the present value of contractual cash flows using current interest rates for instruments of the same remaining maturity (deemed a Level 2 valuation). | |||||||||||||||||||||
Escrow and Other Deposits – The fair value of escrow and other deposits is, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amount), which has been deemed a Level 1 valuation. | |||||||||||||||||||||
FHLBNY Advances – The fair value of FHLBNY advances is measured by the discounted anticipated cash flows through contractual maturity or next interest repricing date, or an earlier call date if, as of the valuation date, the borrowing is expected to be called (deemed a Level 2 valuation). The carrying amount of accrued interest payable on FHLBNY advances is its fair value. | |||||||||||||||||||||
Trust Preferred Securities Payable - The fair value of trust preferred securities payable is estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements (deemed a Level 2 valuation), and is provided to the Company quarterly independently by a market maker in the underlying security. | |||||||||||||||||||||
Accrued Interest Payable - The estimated fair value of accrued interest payable approximates its carrying amount, and is deemed to be valued at an input level comparable to its underlying financial liability. | |||||||||||||||||||||
Commitments to Extend Credit - Fair values for off-balance sheet, credit-related financial instruments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties' credit standing. The fair value of commitments is not material. | |||||||||||||||||||||
RETIREMENT_AND_POSTRETIREMENT_
RETIREMENT AND POSTRETIREMENT PLANS | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
RETIREMENT AND POSTRETIREMENT PLANS [Abstract] | ' | ||||||||||||||||
RETIREMENT AND POSTRETIREMENT PLANS | ' | ||||||||||||||||
12 | RETIREMENT AND POSTRETIREMENT PLANS | ||||||||||||||||
The Holding Company or the Bank maintains the Retirement Plan of The Dime Savings Bank of Williamsburgh (the "Employee Retirement Plan"), the Retirement Plan for Board Members of Dime Community Bancshares, Inc. (the "Outside Director Retirement Plan"), the BMP, and the Postretirement Welfare Plan of The Dime Savings Bank of Williamsburgh ("Postretirement Plan"). Net expenses associated with these plans were comprised of the following components: | |||||||||||||||||
Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | ||||||||||||||||
BMP, | Postretirement Plan | BMP, | Postretirement | ||||||||||||||
Employee and Outside Director | Employee and Outside Director | Plan | |||||||||||||||
Retirement Plans | Retirement Plans | ||||||||||||||||
Service cost | $ | - | $ | 15 | $ | - | $ | 39 | |||||||||
Interest cost | 290 | 57 | 306 | 90 | |||||||||||||
Expected return on assets | (380 | ) | - | (363 | ) | - | |||||||||||
Amortization of unrealized loss | 587 | 12 | 541 | 75 | |||||||||||||
Net periodic cost | $ | 497 | $ | 84 | $ | 484 | $ | 204 | |||||||||
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | ||||||||||||||||
BMP, | Postretirement Plan | BMP, | Postretirement | ||||||||||||||
Employee and Outside Director | Employee and Outside Director | Plan | |||||||||||||||
Retirement Plans | Retirement Plans | ||||||||||||||||
Service cost | $ | - | $ | 45 | $ | - | $ | 117 | |||||||||
Interest cost | 868 | 170 | 918 | 270 | |||||||||||||
Expected return on assets | (1,139 | ) | - | (1,089 | ) | - | |||||||||||
Amortization of unrealized loss | 1,762 | 36 | 1,623 | 225 | |||||||||||||
Net periodic cost | $ | 1,491 | $ | 251 | $ | 1,452 | $ | 612 | |||||||||
The Company disclosed in its consolidated financial statements for the year ended December 31, 2012 that it expected to make contributions to, or benefit payments on behalf of, benefit plans during 2013 as follows: Employee Retirement Plan - $53, BMP - $483, Outside Director Retirement Plan - $186, and Postretirement Plan - $187. The Company made contributions of $31 to the Employee Retirement Plan during the nine months ended September 30, 2013, and expects to make the remainder of the estimated $53 of net contributions during 2013. The Company made benefit payments of $136 on behalf of the Outside Director Retirement Plan | |||||||||||||||||
during the nine months ended September 30, 2013, and expects to make the remainder of the estimated $186 of net contributions or benefit payments during 2013. The Company made benefit payments totaling $60 on behalf of the Postretirement Plan during the nine months ended September 30, 2013, and expects to make the remainder of the estimated $187 of contributions or benefit payments during 2013. The Company did not make any defined benefit contributions to, or benefit payments on behalf of, the BMP during the nine months ended September 30, 2013, and does not currently expect to make the $483 of benefit payments on behalf of the BMP during 2013, since anticipated retirements that formed the basis for these expected benefit payments in 2013 are presently not expected to occur. | |||||||||||||||||
INCOME_TAXES
INCOME TAXES | 9 Months Ended | |
Sep. 30, 2013 | ||
INCOME TAXES [Abstract] | ' | |
INCOME TAXES | ' | |
13 | INCOME TAXES | |
During the three months ended September 30, 2013 and 2012, the Company's consolidated effective tax rates were 40.4 % and 41.3 %, respectively. During the nine months ended September 30, 2013 and 2012, the Company's consolidated effective tax rates were 40.3 % and 41.0 %, respectively, approximating the expected 41.0 % normalized rate for each period. There were no significant unusual income tax items during either the three-month or nine-month periods ended September 30, 2013 and 2012. |
NET_MORTGAGE_BANKING_INCOME
NET MORTGAGE BANKING INCOME | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
NET MORTGAGE BANKING INCOME [Abstract] | ' | ||||||||||||||||
NET MORTGAGE BANKING INCOME | ' | ||||||||||||||||
14 | NET MORTGAGE BANKING INCOME | ||||||||||||||||
Net mortgage banking income presented in the consolidated statements of income was comprised of the following items: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Gain on the sale of loans originated for sale | $ | 2 | $ | 20 | $ | 13 | $ | 26 | |||||||||
Credit to the liability for First Loss Position | 50 | 140 | 245 | 1,107 | |||||||||||||
Mortgage banking fees | 24 | 99 | 92 | 342 | |||||||||||||
Net mortgage banking income | $ | 76 | $ | 259 | $ | 350 | $ | 1,475 | |||||||||
OTHER_COMPREHENSIVE_INCOME_LOS1
OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||||||
Reclassification Out Of Accumulated Other Comprehensive Income | ' | ||||||||||||||||
The before and after tax amounts allocated to each component of other comprehensive income (loss) are presented in the table below. Reclassification adjustments related to securities available for sale are included in the line entitled net gain on securities and other assets in the accompanying consolidated statements of income. | |||||||||||||||||
Pre-tax | Tax Expense (Benefit) | After tax | |||||||||||||||
Amount | Amount | ||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||
Securities held-to maturity and transferred securities: | |||||||||||||||||
Change in non-credit component of OTTI | $ | 8 | $ | 4 | $ | 4 | |||||||||||
Change in unrealized loss on securities transferred to held to maturity | 18 | 8 | 10 | ||||||||||||||
Total securities held-to-maturity and transferred securities | 26 | 12 | 14 | ||||||||||||||
Securities available-for-sale: | |||||||||||||||||
Reclassification adjustment for net gains included in net income | - | - | - | ||||||||||||||
Change in net unrealized gain during the period | 164 | 74 | 90 | ||||||||||||||
Total securities available-for-sale | 164 | 74 | 90 | ||||||||||||||
Total other comprehensive income | $ | 190 | $ | 86 | $ | 104 | |||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||
Securities held-to-maturity and transferred securities: | |||||||||||||||||
Change in non-credit component of OTTI | $ | 13 | $ | 6 | $ | 7 | |||||||||||
Change in unrealized loss on securities transferred to held to maturity | 24 | 11 | 13 | ||||||||||||||
Total securities held-to-maturity and transferred securities | 37 | 17 | 20 | ||||||||||||||
Securities available-for-sale: | |||||||||||||||||
Reclassification adjustment for net gains included in net income | - | - | - | ||||||||||||||
Change in net unrealized gain during the period | (13 | ) | (6 | ) | (7 | ) | |||||||||||
Total securities available-for-sale | (13 | ) | (6 | ) | (7 | ) | |||||||||||
Total other comprehensive income | $ | 24 | $ | 11 | $ | 13 | |||||||||||
Pre-tax | Tax Expense (Benefit) | After tax | |||||||||||||||
Amount | Amount | ||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||
Securities held-to-maturity and transferred securities | |||||||||||||||||
Change in non-credit component of OTTI | $ | 25 | $ | 13 | $ | 12 | |||||||||||
Change in unrealized loss on securities transferred to held to maturity | 130 | 58 | 72 | ||||||||||||||
Total securities held-to-maturity and transferred securities | 155 | 71 | 84 | ||||||||||||||
Securities available-for-sale | |||||||||||||||||
Reclassification adjustment for net gains included in net income | $ | (110 | ) | $ | (50 | ) | $ | (60 | ) | ||||||||
Change in net unrealized gain during the period | 281 | 125 | 156 | ||||||||||||||
Total securities available-for-sale | 171 | 75 | 96 | ||||||||||||||
Defined benefit plans: | |||||||||||||||||
Change in the net actuarial gain or loss | - | - | - | ||||||||||||||
Total defined benefit plans | - | - | - | ||||||||||||||
Total other comprehensive income | $ | 326 | $ | 146 | $ | 180 | |||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||
Securities held-to-maturity and transferred securities: | |||||||||||||||||
Change in non-credit component of OTTI | $ | 288 | $ | 130 | $ | 158 | |||||||||||
Change in unrealized loss on securities transferred to held to maturity | 166 | 75 | 91 | ||||||||||||||
Total securities held-to-maturity and transferred securities | 454 | 205 | 249 | ||||||||||||||
Securities available-for-sale: | |||||||||||||||||
Reclassification adjustment for net gains included in net income | (44 | ) | (20 | ) | (24 | ) | |||||||||||
Change in net unrealized gain during the period | (408 | ) | (184 | ) | (224 | ) | |||||||||||
Total securities available-for-sale | (452 | ) | (204 | ) | (248 | ) | |||||||||||
Defined benefit plans: | |||||||||||||||||
Change in the net actuarial gain or loss | 568 | 256 | 312 | ||||||||||||||
Total defined benefit plans | 568 | 256 | 312 | ||||||||||||||
Total other comprehensive income | $ | 570 | $ | 257 | $ | 313 | |||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
Activity in accumulated other comprehensive gain (loss), net of tax, was as follows: | |||||||||||||||||
Securities Held-to-Maturity and Transferred Securities | Securities Available-for-Sale | Defined Benefit Plans | Total Accumulated Other Comprehensive Gain (Loss) | ||||||||||||||
Balance as of January 1, 2013 | $ | (1,043 | ) | $ | 1,178 | $ | (9,775 | ) | $ | (9,640 | ) | ||||||
Other comprehensive income before reclassifications | 84 | 156 | - | 240 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss | - | (60 | ) | - | (60 | ) | |||||||||||
Net other comprehensive income during the period | 84 | 96 | - | 180 | |||||||||||||
Balance as of September 30, 2013 | $ | (959 | ) | $ | 1,274 | $ | (9,775 | ) | $ | (9,460 | ) | ||||||
Balance as of January 1, 2012 | $ | (1,316 | ) | 3,078 | $ | (11,471 | ) | $ | (9,709 | ) | |||||||
Other comprehensive income before reclassifications | 249 | (224 | ) | 312 | 337 | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | - | (24 | ) | - | (24 | ) | |||||||||||
Net other comprehensive income during the period | 249 | (248 | ) | 312 | 313 | ||||||||||||
Balance as of September 30, 2012 | $ | (1,067 | ) | $ | 2,830 | $ | (11,159 | ) | $ | (9,396 | ) | ||||||
6 | EARNINGS PER SHARE ("EPS") | ||||||||||||||||
Basic EPS is computed by dividing income attributable to common stock by the weighted-average common shares outstanding during the reporting period. Diluted EPS is computed using the same method as basic EPS, but reflects the potential dilution that would occur if "in the money" stock options were exercised and converted into common stock. In determining the weighted average shares outstanding for basic and diluted EPS, treasury stock and unallocated ESOP shares are excluded. Vested restricted stock award shares are included in the calculation of the weighted average shares outstanding for basic and diluted EPS. Unvested restricted stock award shares are recognized as a special class of securities under ASC 260. | |||||||||||||||||
EARNINGS_PER_SHARE_EPS_Tables
EARNINGS PER SHARE (EPS) (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
EARNINGS PER SHARE (EPS) [Abstract] | ' | ||||||||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | ' | ||||||||||||||||
The following is a reconciliation of the numerators and denominators of basic EPS and diluted EPS for the periods presented: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income per the Consolidated Statements of Income | $ | 10,631 | $ | 11,795 | $ | 33,240 | $ | 33,573 | |||||||||
Less: Dividends paid and earnings allocated to participating securities | (44 | ) | (46 | ) | (135 | ) | (137 | ) | |||||||||
Income attributable to common stock | $ | 10,587 | $ | 11,749 | $ | 33,105 | $ | 33,436 | |||||||||
Weighted average common shares outstanding, including participating securities | 35,664,100 | 34,736,804 | 35,371,184 | 34,539,530 | |||||||||||||
Less: weighted average participating securities | (318,314 | ) | (328,003 | ) | (321,325 | ) | (327,099 | ) | |||||||||
Weighted average common shares outstanding | 35,345,786 | 34,408,801 | 35,049,859 | 34,212,431 | |||||||||||||
Basic EPS | $ | 0.3 | $ | 0.34 | $ | 0.95 | $ | 0.98 | |||||||||
Income attributable to common stock | $ | 10,587 | $ | 11,749 | $ | 33,105 | $ | 33,436 | |||||||||
Weighted average common shares outstanding | 35,345,786 | 34,408,801 | 35,049,859 | 34,212,431 | |||||||||||||
Weighted average common equivalent shares outstanding | 181,717 | 89,016 | 107,788 | 75,348 | |||||||||||||
Weighted average common and equivalent shares outstanding | 35,527,503 | 34,497,817 | 35,157,647 | 34,287,779 | |||||||||||||
Diluted EPS | $ | 0.3 | $ | 0.34 | $ | 0.95 | $ | 0.98 |
ACCOUNTING_FOR_STOCK_BASED_COM1
ACCOUNTING FOR STOCK BASED COMPENSATION (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
ACCOUNTING FOR STOCK BASED COMPENSATION [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | ||||||||||||||||
Combined activity related to stock options granted under the Stock Plans during the periods presented was as follows: | |||||||||||||||||
At or for the Three Months Ended September 30, | At or for the Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Options outstanding – beginning of period | 2,273,733 | 2,830,302 | 2,456,137 | 2,893,760 | |||||||||||||
Options granted | - | - | - | 24,440 | |||||||||||||
Options exercised | (493,690 | ) | (253,182 | ) | (671,312 | ) | (339,693 | ) | |||||||||
Options forfeited | - | (5,625 | ) | (4,782 | ) | (7,012 | ) | ||||||||||
Options outstanding – end of period | 1,780,043 | 2,571,495 | 1,780,043 | 2,571,495 | |||||||||||||
Intrinsic value of options exercised | $ | 1,872 | $ | 377 | $ | 2,089 | $ | 779 | |||||||||
Compensation expense recognized | 36 | 73 | 158 | 236 | |||||||||||||
Remaining unrecognized compensation expense | 177 | 408 | 177 | 408 | |||||||||||||
Intrinsic value of outstanding options at period end | 2,447 | 1,528 | 2,447 | 1,528 | |||||||||||||
Intrinsic value of vested options at period end | 2,347 | 1,293 | 2,347 | 1,293 | |||||||||||||
Weighted average exercise price of vested options – end of period | 16.53 | 15.65 | 16.53 | 15.65 | |||||||||||||
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | ' | ||||||||||||||||
There were no grants of stock options during the three-month periods ended September 30, 2013 and 2012, or the nine months ended September 30, 2013. The weighted average fair value per option at the date of grant for stock options granted during the nine months ended September 30, 2012 was estimated as follows: | |||||||||||||||||
Total options granted | 24,440 | ||||||||||||||||
Estimated fair value on date of grant | $ | 4.09 | |||||||||||||||
Pricing methodology utilized | Black- Scholes | ||||||||||||||||
Expected life (in years) | 6.53 | ||||||||||||||||
Interest rate | 1.21 | % | |||||||||||||||
Volatility | 45.17 | ||||||||||||||||
Dividend yield | 4.04 | ||||||||||||||||
Schedule of Nonvested Restricted Stock Units Activity | ' | ||||||||||||||||
The following is a summary of activity related to the restricted stock awards granted under the 2004 Stock Incentive Plan during the periods indicated: | |||||||||||||||||
At or for the Three Months Ended September 30, | At or for the Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Unvested allocated shares – beginning of period | 318,314 | 328,003 | 328,003 | 324,454 | |||||||||||||
Shares granted | - | - | 145,925 | 141,289 | |||||||||||||
Shares vested | - | - | (155,614 | ) | (135,369 | ) | |||||||||||
Shares forfeited | - | - | - | (2,371 | ) | ||||||||||||
Unvested allocated shares – end of period | 318,314 | 328,003 | 318,314 | 328,003 | |||||||||||||
Compensation recorded to expense | $ | 499 | $ | 471 | $ | 1,511 | $ | 1,370 | |||||||||
LOANS_RECEIVABLE_AND_CREDIT_QU1
LOANS RECEIVABLE AND CREDIT QUALITY (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
LOANS RECEIVABLE AND CREDIT QUALITY [Abstract] | ' | ||||||||||||||||||||||||||||
Financing Receivable Credit Quality Indicators | ' | ||||||||||||||||||||||||||||
The following is a summary of the credit risk profile of real estate loans (including deferred costs) by internally assigned grade as of the dates indicated: | |||||||||||||||||||||||||||||
Balance at September 30, 2013 | |||||||||||||||||||||||||||||
Grade | One- to Four-Family Residential and Cooperative Unit | Multifamily Residential and Residential Mixed Use | Mixed Use Commercial Real Estate | Commercial Real Estate | Construction | Total | |||||||||||||||||||||||
Not Graded(1) | $ | 11,946 | $ | - | $ | - | $ | - | $ | - | $ | 11,946 | |||||||||||||||||
Pass | 57,397 | 2,845,551 | 323,687 | 361,417 | - | 3,588,052 | |||||||||||||||||||||||
Special Mention | 6,944 | 15,011 | 5,942 | 5,010 | - | 32,907 | |||||||||||||||||||||||
Substandard | 2,217 | 4,262 | 6,021 | 21,235 | 299 | 34,034 | |||||||||||||||||||||||
Total real estate loans | $ | 78,504 | $ | 2,864,824 | $ | 335,650 | $ | 387,662 | $ | 299 | $ | 3,666,939 | |||||||||||||||||
(1) Amount comprised of fully performing one- to four-family residential and cooperative unit loans with balances equal to or less than the FNMA Limits. | |||||||||||||||||||||||||||||
Balance at December 31, 2012 | |||||||||||||||||||||||||||||
Grade | One- to Four-Family Residential and Cooperative Unit | Multifamily Residential and Residential Mixed Use | Mixed Use Commercial Real Estate | Commercial Real Estate | Construction | Total | |||||||||||||||||||||||
Not Graded(1) | $ | 16,141 | $ | - | $ | - | $ | - | $ | - | $ | 16,141 | |||||||||||||||||
Pass | 66,415 | 2,665,410 | 326,053 | 363,299 | - | 3,421,177 | |||||||||||||||||||||||
Special Mention | 6,333 | 7,711 | 5,547 | 2,639 | - | 22,230 | |||||||||||||||||||||||
Substandard | 2,987 | 3,248 | 8,533 | 28,593 | 476 | 43,837 | |||||||||||||||||||||||
Total real estate loans | $ | 91,876 | $ | 2,676,369 | $ | 340,133 | $ | 394,531 | $ | 476 | $ | 3,503,385 | |||||||||||||||||
(1) Amount comprised of fully performing one- to four-family residential and cooperative unit loans with balances equal to or less than the FNMA Limits. | |||||||||||||||||||||||||||||
For consumer loans, the Company evaluates credit quality based on payment activity. Consumer loans that are 90 days or more past due are placed on non-accrual status, while all remaining consumer loans are classified and evaluated as performing. | |||||||||||||||||||||||||||||
The following is a summary of the credit risk profile of consumer loans by internally assigned grade: | |||||||||||||||||||||||||||||
Grade | Balance at September 30, 2013 | Balance at December 31, 2012 | |||||||||||||||||||||||||||
Performing | $ | 2,107 | $ | 2,415 | |||||||||||||||||||||||||
Non-accrual | 2 | 8 | |||||||||||||||||||||||||||
Total | $ | 2,109 | $ | 2,423 | |||||||||||||||||||||||||
Past Due Financing Receivables | ' | ||||||||||||||||||||||||||||
The following is a breakdown of the past due status of the Company's investment in loans (excluding accrued interest and loans held for sale) as of the dates indicated: | |||||||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||||||
30 to 59 Days Past Due | 60 to 89 Days Past Due | Loans 90 Days or More Past Due and Still Accruing Interest | Non-accrual (1) | Total Past Due | Current | Total Loans | |||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||||||
One- to four-family residential and cooperative unit | $ | 300 | $ | 155 | $ | - | $ | 1,136 | $ | 1,591 | $ | 76,913 | $ | 78,504 | |||||||||||||||
Multifamily residential and residential mixed use | 2,152 | - | 1,398 | 1,993 | 5,543 | 2,859,281 | 2,864,824 | ||||||||||||||||||||||
Mixed use commercial real estate | - | - | - | - | - | 335,650 | 335,650 | ||||||||||||||||||||||
Commercial real estate | 1,154 | - | - | 5,707 | 6,861 | 380,801 | 387,662 | ||||||||||||||||||||||
Construction | - | - | - | - | - | 299 | 299 | ||||||||||||||||||||||
Total real estate | $ | 3,606 | $ | 155 | $ | 1,398 | $ | 8,836 | $ | 13,995 | $ | 3,652,944 | $ | 3,666,939 | |||||||||||||||
Consumer | $ | 1 | $ | 1 | $ | - | $ | 2 | $ | 4 | $ | 2,105 | $ | 2,109 | |||||||||||||||
(1) Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of September 30, 2013. | |||||||||||||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||
30 to 59 Days Past Due | 60 to 89 Days Past Due | Loans 90 Days or More Past Due and Still Accruing Interest | Non-accrual (1) | Total Past Due | Current | Total Loans | |||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||||||
One- to four-family residential and cooperative unit | $ | 336 | $ | 155 | $ | - | $ | 938 | $ | 1,429 | $ | 90,447 | $ | 91,876 | |||||||||||||||
Multifamily residential and residential mixed use | 6,451 | - | 190 | 507 | 7,148 | 2,669,221 | 2,676,369 | ||||||||||||||||||||||
Mixed use commercial real estate | - | - | - | 1,170 | 1,170 | 338,963 | 340,133 | ||||||||||||||||||||||
Commercial real estate | 207 | - | - | 6,265 | 6,472 | 388,059 | 394,531 | ||||||||||||||||||||||
Construction | - | - | - | - | - | 476 | 476 | ||||||||||||||||||||||
Total real estate | $ | 6,994 | $ | 155 | $ | 190 | $ | 8,880 | $ | 16,219 | $ | 3,487,166 | $ | 3,503,385 | |||||||||||||||
Consumer | $ | 2 | $ | 5 | $ | - | $ | 8 | $ | 15 | $ | 2,408 | $ | 2,423 | |||||||||||||||
(1) Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of December 31, 2012. | |||||||||||||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables | ' | ||||||||||||||||||||||||||||
The following table summarizes outstanding TDRs by underlying collateral type as of the dates indicated: | |||||||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||
No. of Loans | Balance | No. of Loans | Balance | ||||||||||||||||||||||||||
One- to four-family residential and cooperative unit | 3 | $ | 938 | 3 | $ | 948 | |||||||||||||||||||||||
Multifamily residential and residential mixed use | 5 | 1,899 | 5 | 1,953 | |||||||||||||||||||||||||
Mixed use commercial real estate | 1 | 711 | 1 | 729 | |||||||||||||||||||||||||
Commercial real estate | 9 | 35,277 | 13 | 47,493 | |||||||||||||||||||||||||
Total real estate | 18 | $ | 38,825 | 22 | $ | 51,123 | |||||||||||||||||||||||
The following table summarizes outstanding TDRs by accrual status as of the dates indicated: | |||||||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||
No. of Loans | Balance | No. of Loans | Balance | ||||||||||||||||||||||||||
Outstanding principal balance at period end | 18 | $ | 38,825 | 22 | $ | 51,123 | |||||||||||||||||||||||
TDRs on accrual status at period end | 16 | 33,118 | 20 | 44,858 | |||||||||||||||||||||||||
TDRs on non-accrual status at period end | 2 | 5,707 | 2 | 6,265 | |||||||||||||||||||||||||
There were no loan modifications during the three months ended September 30, 2013 and 2012 that met the definition of a TDR. The following table summarizes activity related to TDRs for the periods indicated: | |||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||
Number of Loans | Pre-Modification | Post-Modification Outstanding Recorded Investment | Number of Loans | Pre-Modification | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||||||||
Outstanding Recorded Investment | Outstanding Recorded Investment | ||||||||||||||||||||||||||||
Loan modifications during the period that met the definition of a TDR: | |||||||||||||||||||||||||||||
Multifamily residential and residential mixed use | - | - | - | 1 | $ | 459 | $ | 459 | |||||||||||||||||||||
Commercial real estate | - | - | - | 2 | 4,430 | 4,430 | |||||||||||||||||||||||
TOTAL | - | - | - | 3 | $ | 4,889 | $ | 4,889 |
ALLOWANCE_FOR_LOAN_LOSSES_AND_1
ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR FIRST LOSS POSITION ON MULTIFAMILY LOANS SOLD TO FNMA (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR FIRST LOSS POSITION ON MULTIFAMILY LOANS SOLD TO FNMA [Abstract] | ' | ||||||||||||||||||||||||||||||||
Allowance For Credit Losses For Impairment By Financing Receivables Class | ' | ||||||||||||||||||||||||||||||||
The following table presents data regarding the allowance for loan losses and loans evaluated for impairment by class of loan within the real estate loan segment as well as for the aggregate consumer loan segment: | |||||||||||||||||||||||||||||||||
At or for the Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Real Estate Loans | Consumer Loans | ||||||||||||||||||||||||||||||||
One- to Four Family Residential and Cooperative Unit | Multifamily Residential and Residential Mixed Use | Mixed Use Commercial Real Estate | Commercial Real Estate | Construction | Total Real Estate | ||||||||||||||||||||||||||||
Beginning balance | $ | 352 | $ | 14,620 | $ | 2,215 | $ | 3,279 | $ | 12 | $ | 20,478 | $ | 24 | |||||||||||||||||||
Provision (credit) for loan losses | (75 | ) | 1,382 | (443 | ) | (618 | ) | (11 | ) | 235 | 5 | ||||||||||||||||||||||
Charge-offs | (11 | ) | (205 | ) | - | (1 | ) | - | (217 | ) | (6 | ) | |||||||||||||||||||||
Recoveries | 8 | 13 | - | - | - | 21 | - | ||||||||||||||||||||||||||
Ending balance | $ | 274 | $ | 15,810 | $ | 1,772 | $ | 2,660 | $ | 1 | $ | 20,517 | $ | 23 | |||||||||||||||||||
Ending balance – loans individually evaluated for impairment | $ | 1,203 | $ | 3,891 | $ | 711 | $ | 35,277 | $ | - | $ | 41,082 | $ | - | |||||||||||||||||||
Ending balance – loans collectively evaluated for impairment | 77,301 | 2,860,933 | 334,939 | 352,385 | 299 | 3,625,857 | 2,109 | ||||||||||||||||||||||||||
Allowance balance associated with loans individually evaluated for impairment | 6 | - | - | 484 | - | 490 | - | ||||||||||||||||||||||||||
Allowance balance associated with loans collectively evaluated for impairment | 268 | 15,810 | 1,772 | 2,176 | 1 | 20,027 | 23 | ||||||||||||||||||||||||||
Total Ending balance | $ | 274 | $ | 15,810 | $ | 1,772 | $ | 2,660 | $ | 1 | $ | 20,517 | $ | 23 | |||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||||||
Ending balance – loans individually evaluated for impairment | $ | 1,291 | $ | 2,460 | $ | 1,900 | $ | 47,493 | $ | - | $ | 53,144 | $ | - | |||||||||||||||||||
Ending balance – loans collectively evaluated for impairment | 90,585 | 2,673,909 | 338,233 | 347,038 | 476 | 3,450,241 | 2,423 | ||||||||||||||||||||||||||
Allowance balance associated with loans individually evaluated for impairment | 7 | - | - | 513 | - | 520 | - | ||||||||||||||||||||||||||
Allowance balance associated with loans collectively evaluated for impairment | 337 | 14,299 | 2,474 | 2,869 | 24 | 20,003 | 27 | ||||||||||||||||||||||||||
Total Ending balance | $ | 344 | $ | 14,299 | $ | 2,474 | $ | 3,382 | $ | 24 | $ | 20,523 | $ | 27 | |||||||||||||||||||
At or for the Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||
Real Estate Loans | Consumer Loans | ||||||||||||||||||||||||||||||||
One- to FourFamily Residential and Cooperative Unit | Multifamily Residential and Residential Mixed Use | Mixed Use Commercial Real Estate | Commercial Real Estate | Construction | Total Real Estate | ||||||||||||||||||||||||||||
Beginning balance | $ | 258 | $ | 14,551 | $ | 2,181 | $ | 3,230 | $ | - | $ | 20,220 | $ | 23 | |||||||||||||||||||
Provision (credit) for loan losses | 557 | (761 | ) | 143 | 157 | 27 | 123 | 3 | |||||||||||||||||||||||||
Charge-offs | (134 | ) | (242 | ) | (8 | ) | (14 | ) | - | (398 | ) | - | |||||||||||||||||||||
Recoveries | (1 | ) | 686 | - | 36 | - | 723 | - | |||||||||||||||||||||||||
Ending balance | $ | 682 | $ | 14,234 | $ | 2,316 | $ | 3,409 | $ | 27 | $ | 20,668 | $ | 26 | |||||||||||||||||||
At or for the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Real Estate Loans | Consumer Loans | ||||||||||||||||||||||||||||||||
One- to Four Family Residential and Cooperative Unit | Multifamily Residential and Residential Mixed Use | Mixed Use Commercial Real Estate | Commercial Real Estate | Construction | Total Real Estate | ||||||||||||||||||||||||||||
Beginning balance | $ | 344 | $ | 14,299 | $ | 2,474 | $ | 3,382 | $ | 24 | $ | 20,523 | $ | 27 | |||||||||||||||||||
Provision (credit) for loan losses | 29 | 1,840 | (716 | ) | (719 | ) | (23 | ) | 411 | 14 | |||||||||||||||||||||||
Charge-offs | (110 | ) | (362 | ) | (15 | ) | (5 | ) | - | (492 | ) | (18 | ) | ||||||||||||||||||||
Recoveries | 11 | 33 | 29 | 2 | - | 75 | - | ||||||||||||||||||||||||||
Ending balance | $ | 274 | $ | 15,810 | $ | 1,772 | $ | 2,660 | $ | 1 | $ | 20,517 | $ | 23 | |||||||||||||||||||
At or for the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||
Real Estate Loans | Consumer Loans | ||||||||||||||||||||||||||||||||
One- to Four Family Residential and Cooperative Unit | Multifamily Residential and Residential Mixed Use | Mixed Use Commercial Real Estate | Commercial Real Estate | Construction | Total Real Estate | ||||||||||||||||||||||||||||
Beginning balance | $ | 480 | $ | 14,313 | $ | 1,528 | $ | 3,783 | $ | 124 | $ | 20,228 | $ | 26 | |||||||||||||||||||
Provision (credit) for loan losses | 959 | 1,477 | 1,442 | 64 | (94 | ) | 3,848 | 10 | |||||||||||||||||||||||||
Charge-offs | (774 | ) | (2,381 | ) | (670 | ) | (500 | ) | (3 | ) | (4,328 | ) | (10 | ) | |||||||||||||||||||
Recoveries | 17 | 773 | 11 | 37 | - | 838 | - | ||||||||||||||||||||||||||
Transfer from the reserve for loan commitments | - | 52 | 5 | 25 | - | 82 | - | ||||||||||||||||||||||||||
Ending balance | $ | 682 | $ | 14,234 | $ | 2,316 | $ | 3,409 | $ | 27 | $ | 20,668 | $ | 26 | |||||||||||||||||||
The following tables summarize impaired real estate loans as of or for the periods indicated (by collateral type within the real estate loan segment): | |||||||||||||||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||||||||||
Unpaid Principal Balance at Period End | Recorded Investment at Period End(1) | Reserve Balance Allocated within the Allowance for Loan Losses at Period End | |||||||||||||||||||||||||||||||
One- to Four Family Residential and Cooperative Unit | |||||||||||||||||||||||||||||||||
With no allocated reserve | $ | 1,070 | $ | 991 | $ | - | |||||||||||||||||||||||||||
With an allocated reserve | 256 | 212 | 6 | ||||||||||||||||||||||||||||||
Multifamily Residential and Residential Mixed Use | |||||||||||||||||||||||||||||||||
With no allocated reserve | 4,040 | 3,891 | - | ||||||||||||||||||||||||||||||
With an allocated reserve | - | - | - | ||||||||||||||||||||||||||||||
Mixed Use Commercial Real Estate | |||||||||||||||||||||||||||||||||
With no allocated reserve | 711 | 711 | - | ||||||||||||||||||||||||||||||
With an allocated reserve | - | - | - | ||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||
With no allocated reserve | 21,269 | 20,156 | - | ||||||||||||||||||||||||||||||
With an allocated reserve | 15,121 | 15,121 | 484 | ||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||
With no allocated reserve | - | - | - | ||||||||||||||||||||||||||||||
With an allocated reserve | - | - | - | ||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
With no allocated reserve | $ | 27,090 | $ | 25,749 | $ | - | |||||||||||||||||||||||||||
With an allocated reserve | $ | 15,377 | $ | 15,333 | $ | 490 | |||||||||||||||||||||||||||
-1 | The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. | ||||||||||||||||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||||||
Unpaid Principal Balance at Period End | Recorded Investment at Period End(1) | Reserve Balance Allocated within the Allowance for Loan Losses at Period End | |||||||||||||||||||||||||||||||
One- to Four Family Residential and Cooperative Unit | |||||||||||||||||||||||||||||||||
With no allocated reserve | $ | 1,079 | $ | 1,079 | $ | - | |||||||||||||||||||||||||||
With an allocated reserve | 258 | 212 | 7 | ||||||||||||||||||||||||||||||
Multifamily Residential and Residential Mixed Use | |||||||||||||||||||||||||||||||||
With no allocated reserve | 2,767 | 2,460 | - | ||||||||||||||||||||||||||||||
With an allocated reserve | - | - | - | ||||||||||||||||||||||||||||||
Mixed Use Commercial Real Estate | |||||||||||||||||||||||||||||||||
With no allocated reserve | 1,900 | 1,900 | - | ||||||||||||||||||||||||||||||
With an allocated reserve | - | - | - | ||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||
With no allocated reserve | 33,416 | 32,217 | - | ||||||||||||||||||||||||||||||
With an allocated reserve | 15,276 | 15,276 | 513 | ||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||
With no allocated reserve | - | - | - | ||||||||||||||||||||||||||||||
With an allocated reserve | - | - | - | ||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
With no allocated reserve | $ | 39,162 | $ | 37,656 | $ | - | |||||||||||||||||||||||||||
With an allocated reserve | $ | 15,534 | $ | 15,488 | $ | 520 | |||||||||||||||||||||||||||
-1 | The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. | ||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | ||||||||||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||||||
One- to Four Family Residential and Cooperative Unit | |||||||||||||||||||||||||||||||||
With no allocated reserve | $ | 993 | $ | 11 | $ | $629 | $ | 15 | $ | 1,016 | $ | 27 | $ | 814 | $ | 48 | |||||||||||||||||
With an allocated reserve | 212 | 5 | 212 | 5 | 212 | 14 | 511 | 14 | |||||||||||||||||||||||||
Multifamily Residential and Residential Mixed Use | |||||||||||||||||||||||||||||||||
With no allocated reserve | 3,552 | 49 | 4,787 | 49 | 2,977 | 129 | 6,178 | 305 | |||||||||||||||||||||||||
With an allocated reserve | - | - | - | - | - | - | 525 | - | |||||||||||||||||||||||||
Mixed Use Commercial Real Estate | |||||||||||||||||||||||||||||||||
With no allocated reserve | 1,289 | 17 | 1,459 | 12 | 1,590 | 110 | 2,670 | 56 | |||||||||||||||||||||||||
With an allocated reserve | - | - | - | - | - | - | 240 | - | |||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||
With no allocated reserve | 22,991 | 187 | 33,596 | 404 | 26,682 | 949 | 28,648 | 1,318 | |||||||||||||||||||||||||
With an allocated reserve | 15,155 | 275 | 15,284 | 189 | 15,199 | 671 | 21,290 | 567 | |||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||
With no allocated reserve | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
With an allocated reserve | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
With no allocated reserve | $ | 28,825 | $ | 264 | $ | $40,471 | $ | 480 | $ | 32,265 | $ | 1,215 | $ | 38,310 | $ | 1,727 | |||||||||||||||||
With an allocated reserve | $ | 15,367 | $ | 280 | $ | $15,496 | $ | 194 | $ | 15,411 | $ | 685 | $ | 22,566 | $ | 581 | |||||||||||||||||
First Loss Position And Related Reserve Liability | ' | ||||||||||||||||||||||||||||||||
The following is a summary of the aggregate balance of multifamily loans serviced for FNMA, the period-end First Loss Position associated with these loans and activity in the related liability: | |||||||||||||||||||||||||||||||||
At or for the Three Months Ended | At or for the Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Outstanding balance of multifamily loans serviced for FNMA at period end | $ | 216,073 | $ | 279,830 | $ | 216,073 | $ | 279,830 | |||||||||||||||||||||||||
Total First Loss Position at end of period | 15,428 | 16,356 | 15,428 | 16,356 | |||||||||||||||||||||||||||||
Liability on the First Loss Position | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $1,188 | $ | $1,684 | $ | $1,383 | $ | $2,993 | |||||||||||||||||||||||||
Credit for losses on problem loans(1) | (50 | ) | (140 | ) | (245 | ) | (1,107 | ) | |||||||||||||||||||||||||
Charge-offs and other net reductions in balance | (38 | ) | - | (38 | ) | (342 | ) | ||||||||||||||||||||||||||
Balance at period end | $ | $1,100 | $ | $1,544 | $ | $1,100 | $ | $1,544 | |||||||||||||||||||||||||
-1 | Amount recognized as a component of mortgage banking income during the period. | ||||||||||||||||||||||||||||||||
INVESTMENT_AND_MORTGAGEBACKED_1
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
INVESTMENT AND MORTGAGE-BACKED SECURITIES [Abstract] | ' | ||||||||||||||||||||||||||||||||
Amortized Cost And Estimated Fair Value Of Available For Sale And Held To Maturity Securities | ' | ||||||||||||||||||||||||||||||||
The following is a summary of major categories of securities owned by the Company excluding trading securities at September 30, 2013: | |||||||||||||||||||||||||||||||||
Unrealized Gains or Losses Recognized in Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||
Purchase | Recorded Amortized/ | Non-Credit | Unrealized | Unrealized Losses | Book Value | Other Unrecognized Losses | Fair Value | ||||||||||||||||||||||||||
Amortized / Historical Cost | Historical Cost(1) | OTTI | Gains | ||||||||||||||||||||||||||||||
Investment securities held-to-maturity: | |||||||||||||||||||||||||||||||||
Pooled bank trust preferred securities ("TRUPS") | $ | $16,316 | $ | $7,369 | $ | (609 | ) | - | $ | (1,138 | )(2) | $ | 5,622 | $ | 516 | $ | 6,138 | ||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||||||||||||
Registered Mutual Funds | 2,797 | 2,691 | - | 670 | (10 | ) | 3,351 | - | 3,351 | ||||||||||||||||||||||||
Agency notes | 15,070 | 15,070 | - | 47 | - | 15,117 | - | 15,117 | |||||||||||||||||||||||||
Pass-through MBS issued by GSEs | 30,727 | 30,727 | - | 1,588 | (10 | ) | 32,305 | - | 32,305 | ||||||||||||||||||||||||
Collateralized mortgage obligations ("CMOs") issued by GSEs | 531 | 531 | - | 4 | - | 535 | - | 535 | |||||||||||||||||||||||||
Private issuer pass through MBS | 709 | 709 | - | 19 | - | 728 | - | 728 | |||||||||||||||||||||||||
Private issuer CMOs | 647 | 647 | - | 11 | - | 658 | - | 658 | |||||||||||||||||||||||||
-1 | Amount represents the purchase amortized / historical cost less any credit-related OTTI charges recognized through earnings. | ||||||||||||||||||||||||||||||||
-2 | Amount represents the unamortized portion of the unrealized loss that was recognized in accumulated other comprehensive loss on September 1, 2008 (the day on which these securities were transferred from available-for-sale to held-to-maturity). | ||||||||||||||||||||||||||||||||
The following is a summary of major categories of securities owned by the Company at December 31, 2012: | |||||||||||||||||||||||||||||||||
Unrealized Gains or Losses Recognized in Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||
Purchase Amortized / Historical Cost | Recorded Amortized/ Historical Cost (1) | Non-Credit OTTI | Unrealized Gains | Unrealized Losses | Book Value | Other Unrecognized Gains | Fair Value | ||||||||||||||||||||||||||
Investment securities held-to-maturity: | |||||||||||||||||||||||||||||||||
TRUPS | $ | 16,774 | $ | 7,829 | $ | (634 | ) | - | $ | (1,268 | )(2) | $ | 5,927 | $ | 340 | $ | 6,267 | ||||||||||||||||
Investment securities available for sale: | |||||||||||||||||||||||||||||||||
Registered Mutual Funds | 2,904 | 2,556 | - | 449 | - | 3,005 | - | 3,005 | |||||||||||||||||||||||||
Agency notes | 29,820 | 29,820 | - | 125 | - | 29,945 | - | 29,945 | |||||||||||||||||||||||||
Pass-through MBS issued by GSEs | 43,142 | 43,142 | - | 1,561 | (25 | ) | 44,678 | - | 44,678 | ||||||||||||||||||||||||
CMOs issued by GSEs | 2,436 | 2,436 | - | 26 | - | 2,462 | - | 2,462 | |||||||||||||||||||||||||
Private issuer pass through MBS | 962 | 962 | - | - | (7 | ) | 955 | - | 955 | ||||||||||||||||||||||||
Private issuer CMOs | 908 | 908 | - | 18 | - | 926 | - | 926 | |||||||||||||||||||||||||
-1 | Amount represents the purchase amortized / historical cost less any credit-related OTTI charges recognized through earnings. | ||||||||||||||||||||||||||||||||
-2 | Amount represents the unamortized portion of the unrealized loss that was recognized in accumulated other comprehensive loss on September 1, 2008 (the day on which these securities were transferred from available-for-sale to held-to-maturity). | ||||||||||||||||||||||||||||||||
Investments Classified by Contractual Maturity Date | ' | ||||||||||||||||||||||||||||||||
At September 30, 2013, the agency note investments in the table above had contractual maturities as follows: | |||||||||||||||||||||||||||||||||
Amortized | Estimated | ||||||||||||||||||||||||||||||||
Cost | Fair Value | ||||||||||||||||||||||||||||||||
Due after one year through three years | $ | 15,000 | $ | 15,047 | |||||||||||||||||||||||||||||
Due after three years through five years | 70 | 70 | |||||||||||||||||||||||||||||||
TOTAL | $ | 15,070 | $ | 15,117 | |||||||||||||||||||||||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings | ' | ||||||||||||||||||||||||||||||||
The following table provides a reconciliation of the pre-tax OTTI charges recognized on the Company's TRUPS: | |||||||||||||||||||||||||||||||||
At or for the Three Months Ended September 30, 2013 | At or for the Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||
Credit Related OTTI Recognized in Earnings | Non-Credit OTTI Recognized in Accumulated Other Comprehensive Loss | Total OTTI | Credit Related OTTI Recognized in Earnings | Non-Credit OTTI Recognized in Accumulated Other Comprehensive Loss | Total OTTI | ||||||||||||||||||||||||||||
Cumulative balance at the beginning of the period | $ | 8,947 | $ | 617 | $ | 9,564 | $ | 8,945 | $ | 655 | $ | 9,600 | |||||||||||||||||||||
OTTI recognized on securities with previous OTTI | - | - | - | - | - | - | |||||||||||||||||||||||||||
Reductions and transfers to credit-related OTTI | - | - | - | - | - | - | |||||||||||||||||||||||||||
Amortization of previously recognized OTTI | - | (8 | ) | (8 | ) | - | (14 | ) | (14 | ) | |||||||||||||||||||||||
Cumulative balance at end of the period | $ | 8,947 | $ | 609 | $ | 9,556 | $ | 8,945 | $ | 641 | $ | 9,586 | |||||||||||||||||||||
At or for the Nine Months Ended September 30, 2013 | At or for the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||
Credit Related OTTI Recognized in Earnings | Non-Credit OTTI Recognized in Accumulated Other Comprehensive Loss | Total OTTI | Credit Related OTTI Recognized in Earnings | Non-Credit OTTI Recognized in Accumulated Other Comprehensive Loss | Total OTTI | ||||||||||||||||||||||||||||
Cumulative balance at the beginning of the period | $ | 8,945 | $ | 634 | $ | 9,579 | $ | 8,974 | $ | 930 | $ | 9,904 | |||||||||||||||||||||
OTTI recognized on securities with previous OTTI | - | - | - | 181 | 6 | 187 | |||||||||||||||||||||||||||
Reductions and transfers to credit-related OTTI | - | - | - | - | (181 | ) | (181 | ) | |||||||||||||||||||||||||
Amortization of previously recognized OTTI | 2 | (25 | ) | (23 | ) | (210 | ) | (114 | ) | (324 | ) | ||||||||||||||||||||||
Cumulative balance at end of the period | $ | 8,947 | $ | 609 | $ | 9,556 | $ | 8,945 | $ | 641 | $ | 9,586 | |||||||||||||||||||||
Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position Fair Value | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the gross unrealized losses and fair value of investment securities as of September 30, 2013, aggregated by investment category and the length of time the securities were in a continuous unrealized loss position: | |||||||||||||||||||||||||||||||||
Less than 12 | 12 Months or More | Total | |||||||||||||||||||||||||||||||
Months Consecutive | Consecutive | ||||||||||||||||||||||||||||||||
Unrealized Losses | Unrealized Losses | ||||||||||||||||||||||||||||||||
Fair Value | Gross Unrecognized/ | Fair Value | Gross Unrecognized/ | Fair Value | Gross Unrecognized/ | ||||||||||||||||||||||||||||
Unrealized Losses | Unrealized Losses | Unrealized Losses | |||||||||||||||||||||||||||||||
Held-to-Maturity Securities: | |||||||||||||||||||||||||||||||||
TRUPS (1) | $ | - | $ | - | $ | 4,004 | $ | 974 | $ | 4,004 | $ | 974 | |||||||||||||||||||||
Available for Sale Securities | |||||||||||||||||||||||||||||||||
Registered Mutual Funds | 539 | 10 | - | - | 539 | 10 | |||||||||||||||||||||||||||
Pass-through MBS issued by GSEs | 307 | 10 | - | - | 307 | 10 | |||||||||||||||||||||||||||
(1) At September 30, 2013, the recorded balance of these securities was $3,840. This balance reflected the remaining unrealized loss of $1,138 that was recognized in accumulated other comprehensive loss on September 1, 2008 (the day these securities were transferred from available-for-sale to held-to-maturity). In accordance with both ASC 320-10-35-17 and 320-10-65, this unrealized loss is currently being amortized over the remaining estimated life of these securities. | |||||||||||||||||||||||||||||||||
The following table summarizes the gross unrealized losses and fair value of investment securities and MBS as of December 31, 2012, aggregated by investment category and the length of time that the securities were in a continuous unrealized loss position: | |||||||||||||||||||||||||||||||||
Less than 12 | 12 Months or More | Total | |||||||||||||||||||||||||||||||
Months Consecutive | Consecutive | ||||||||||||||||||||||||||||||||
Unrealized Losses | Unrealized Losses | ||||||||||||||||||||||||||||||||
Fair Value | Gross Unrecognized/ | Fair Value | Gross Unrecognized/ | Fair Value | Gross Unrecognized/ | ||||||||||||||||||||||||||||
Unrealized Losses | Unrealized Losses | Unrealized Losses | |||||||||||||||||||||||||||||||
Held-to-Maturity Securities: | |||||||||||||||||||||||||||||||||
TRUPS (1) | $ | - | $ | - | $ | 3,705 | $ | 1,732 | $ | 3,705 | $ | 1,732 | |||||||||||||||||||||
Available-for-Sale Securities: | |||||||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation pass-through certificates | 5,867 | 25 | - | - | 5,867 | 25 | |||||||||||||||||||||||||||
Private label MBS | - | - | 955 | 7 | 955 | 7 | |||||||||||||||||||||||||||
(1) At December 31, 2012, the recorded balance of these securities was $4,170. This balance reflected the remaining unrealized loss of $1,268 that was recognized in accumulated other comprehensive loss on September 1, 2008 (the day these securities were transferred from available-for-sale to held-to-maturity). In accordance with both ASC 320-10-35-17 and 320-10-65, this unrealized loss is currently being amortized over the remaining estimated life of these securities. | |||||||||||||||||||||||||||||||||
FAIR_VALUE_OF_FINANCIAL_INSTRU1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | ' | ||||||||||||||||||||
Schedule of Fair Value, Assets Measured on Recurring Basis | ' | ||||||||||||||||||||
The following tables present the assets that are reported on the consolidated statements of financial condition at fair value as of the date indicated by level within the fair value hierarchy. Financial assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis at September 30, 2013 | |||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
Description | Total | Level 1 Inputs | Level 2 | Level 3 Inputs | |||||||||||||||||
Inputs | |||||||||||||||||||||
Trading securities (Registered Mutual Funds): | |||||||||||||||||||||
Domestic Equity Mutual Funds | $ | 1,217 | $ | 1,217 | $ | - | $ | - | |||||||||||||
International Equity Mutual Funds | 156 | 156 | - | - | |||||||||||||||||
Fixed Income Mutual Funds | 3,889 | 3,889 | - | - | |||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||
Agency notes | 15,117 | - | 15,117 | - | |||||||||||||||||
Registered Mutual Funds: | |||||||||||||||||||||
Domestic Equity Mutual Funds | 1,836 | 1,836 | - | - | |||||||||||||||||
International Equity Mutual Funds | 397 | 397 | - | - | |||||||||||||||||
Fixed Income Mutual Funds | 1,118 | 1,118 | - | - | |||||||||||||||||
Pass-through MBS issued by GSEs | 32,305 | - | 32,305 | - | |||||||||||||||||
CMOs issued by GSEs | 535 | - | 535 | - | |||||||||||||||||
Private issuer pass through MBS | 728 | - | 728 | - | |||||||||||||||||
Private issuer CMOs | 658 | - | 658 | - | |||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis at December 31, 2012 | |||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
Description | Total | Level 1 Inputs | Level2 | Level3 Inputs | |||||||||||||||||
Inputs | |||||||||||||||||||||
Trading securities (Registered Mutual Funds): | |||||||||||||||||||||
Domestic Equity Mutual Funds | $ | 930 | $ | 930 | $ | - | $ | - | |||||||||||||
International Equity Mutual Funds | 129 | 129 | - | - | |||||||||||||||||
Fixed Income Mutual Funds | 3,815 | 3,815 | - | - | |||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||
Agency notes | 29,945 | - | 29,945 | - | |||||||||||||||||
Registered Mutual Funds: | |||||||||||||||||||||
Domestic Equity Mutual Funds | 1,502 | 1,502 | - | - | |||||||||||||||||
International Equity Mutual Funds | 358 | 358 | - | - | |||||||||||||||||
Fixed Income Mutual Funds | 1,145 | 1,145 | - | - | |||||||||||||||||
Pass-through MBS issued by GSEs | 44,678 | - | 44,678 | - | |||||||||||||||||
CMOs issued by GSEs | 2,462 | - | 2,462 | - | |||||||||||||||||
Private issuer pass through MBS | 955 | - | 955 | - | |||||||||||||||||
Private issuer CMOs | 926 | - | 926 | - | |||||||||||||||||
Fair Value Measurements, Nonrecurring | ' | ||||||||||||||||||||
The agency notes owned by the Company possessed the highest possible credit rating published by at least one established credit rating agency as of both September 30, 2013 and December 31, 2012. Obtaining market values as of September 30, 2013 and December 31, 2012 for these securities utilizing significant observable inputs was not difficult due to their continued marketplace demand. The pass-through MBS and CMOs issued by GSEs all possessed the highest possible credit rating published by at least one established credit rating agency as of both September 30, 2013 and December 31, 2012. Obtaining market values as of September 30, 2013 and December 31, 2012 for these securities utilizing significant observable inputs was not difficult due to their considerable demand. | |||||||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis at September 30, 2013 | |||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
Description | Total | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||||||
Impaired loans: | |||||||||||||||||||||
One- to Four Family Residential and Cooperative Unit | $ | 477 | - | - | $ | 477 | |||||||||||||||
Multifamily Residential and Residential Mixed Use Real Estate | 325 | - | - | 325 | |||||||||||||||||
Commercial Real Estate | 5,707 | - | - | 5,707 | |||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis at December 31, 2012 | |||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
Description | Total | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Multifamily Residential and Residential Mixed Use Real Estate | $ | 450 | - | - | $ | 450 | |||||||||||||||
Commercial Real Estate | 6,472 | - | - | 6,472 | |||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information | ' | ||||||||||||||||||||
The following table presents quantitative information about Level 3 fair value measurements for impaired loans measured at fair value on a non-recurring basis at September 30, 2013: | |||||||||||||||||||||
Fair Value Derived | Valuation Technique Utilized | Significant Unobservable Input(s) | Range of Values | Weighted Average Value | |||||||||||||||||
$ | 207 | Income approach only | Capitalization rate | N/A | * | 7.5 | % | ||||||||||||||
Reduction for planned expedited disposal | N/A | * | 10 | % | |||||||||||||||||
802 | Blended income and sales comparison approaches | Reduction to the sales comparison value to reconcile differences between comparable sales | 0.0 %-15.0 | % | 5 | % | |||||||||||||||
Capitalization rate (income approach component) | 7.8 %-8.5 | % | 8.3 | % | |||||||||||||||||
Reduction for planned expedited disposal | 20.0 %-30.0 | % | 26 | % | |||||||||||||||||
5,500 | Previously negotiated note sales | Discount to unpaid principal balance from likely realizable value of a note sale negotiated on terms deemed acceptable | N/A | * | 17 | % | |||||||||||||||
*Only one loan in this population. | |||||||||||||||||||||
The following table presents quantitative information about Level 3 fair value measurements for impaired loans measured at fair value on a non-recurring basis at December 31, 2012: | |||||||||||||||||||||
Fair Value Derived | Valuation Technique Utilized | Significant Unobservable Input(s) | Range of Values | Weighted Average Value | |||||||||||||||||
$ | 207 | Income approach only | Capitalization rate | N/A | * | 7.5 | % | ||||||||||||||
Reduction for planned expedited disposal | N/A | * | 10 | % | |||||||||||||||||
1,215 | Blended income and sales comparison approaches | Reduction to the sales comparison value to reconcile differences between comparable sales | 0.0 %-6.0 | % | 3.8 | % | |||||||||||||||
Capitalization rate (income approach component) | 7.3 %-7.5 | % | 7.4 | % | |||||||||||||||||
Reduction for planned expedited disposal | 10.0 %-25.0 | % | 15.6 | % | |||||||||||||||||
5,500 | Previously negotiated note sales | Discount to unpaid principal balance from likely realizable value of a note sale negotiated on terms deemed acceptable | N/A | * | 17 | % | |||||||||||||||
*Only one loan in this population. | |||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | ' | ||||||||||||||||||||
The carrying amounts and estimated fair values of financial instruments (other than those measured at fair value on either a recurring or non-recurring basis) at September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||||||
Fair Value at September 30, 2013 Using | |||||||||||||||||||||
At September 30, 2013 | Carrying | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Amount | Inputs | Inputs | Inputs | ||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and due from banks | $ | 65,713 | $ | 65,713 | $ | - | $ | - | $ | 65,713 | |||||||||||
Investment securities held to maturity (TRUPS) | 5,622 | - | - | 6,138 | 6,138 | ||||||||||||||||
Loan, net | 3,641,999 | - | - | 3,673,735 | 3,673,735 | ||||||||||||||||
Accrued interest receivable | 11,908 | 2 | 194 | 11,712 | 11,908 | ||||||||||||||||
Mortgage Servicing Rights ("MSR") | 705 | - | 1,076 | - | 1,076 | ||||||||||||||||
FHLBNY capital stock | 41,863 | N/ | A | N/ | A | N/ | A | N/ | A | ||||||||||||
Liabilities: | |||||||||||||||||||||
Savings, money market and checking accounts | $ | 1,756,570 | $ | 1,756,570 | $ | - | $ | - | $ | 1,756,570 | |||||||||||
Certificates of Deposit ("CDs") | 852,594 | - | 864,333 | - | 864,333 | ||||||||||||||||
Escrow and other deposits | 98,160 | 98,160 | - | - | 98,160 | ||||||||||||||||
FHLBNY Advances | 772,500 | - | 802,251 | - | 802,251 | ||||||||||||||||
Trust Preferred securities payable | 70,680 | - | 70,680 | - | 70,680 | ||||||||||||||||
Accrued interest payable | 2,923 | - | 2,923 | - | 2,923 | ||||||||||||||||
Fair Value at December 31, 2012 Using | |||||||||||||||||||||
At December 31, 2012 | Carrying | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Amount | Inputs | Inputs | Inputs | ||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and due from banks | $ | 79,076 | $ | 79,076 | $ | - | $ | - | $ | 79,076 | |||||||||||
Investment securities held to maturity (TRUPS) | 5,927 | - | - | 6,267 | 6,267 | ||||||||||||||||
Loans, net | 3,478,336 | - | - | 3,602,583 | 3,602,583 | ||||||||||||||||
Loans held for sale | 560 | - | 560 | - | 560 | ||||||||||||||||
Accrued interest receivable | 13,518 | - | 359 | 13,159 | 13,518 | ||||||||||||||||
MSR | 1,115 | - | 1,511 | - | 1,511 | ||||||||||||||||
FHLBNY capital stock | 45,011 | N/ | A | N/ | A | N/ | A | N/ | A | ||||||||||||
Liabilities: | |||||||||||||||||||||
Savings, money market and checking accounts | $ | 1,587,454 | $ | 1,587,454 | $ | - | $ | - | $ | 1,587,454 | |||||||||||
CDs | 891,975 | - | 907,657 | - | 907,657 | ||||||||||||||||
Escrow and other deposits | 82,753 | 82,753 | - | - | 82,753 | ||||||||||||||||
FHLBNY Advances | 842,500 | - | 885,774 | - | 885,774 | ||||||||||||||||
Trust Preferred securities payable | 70,680 | - | 70,680 | - | 70,680 | ||||||||||||||||
Accrued interest payable | 2,827 | - | 2,827 | - | 2,827 |
RETIREMENT_AND_POSTRETIREMENT_1
RETIREMENT AND POSTRETIREMENT PLANS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
RETIREMENT AND POSTRETIREMENT PLANS [Abstract] | ' | ||||||||||||||||
Schedule of Net Benefit Costs | ' | ||||||||||||||||
The Holding Company or the Bank maintains the Retirement Plan of The Dime Savings Bank of Williamsburgh (the "Employee Retirement Plan"), the Retirement Plan for Board Members of Dime Community Bancshares, Inc. (the "Outside Director Retirement Plan"), the BMP, and the Postretirement Welfare Plan of The Dime Savings Bank of Williamsburgh ("Postretirement Plan"). Net expenses associated with these plans were comprised of the following components: | |||||||||||||||||
Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | ||||||||||||||||
BMP, | Postretirement Plan | BMP, | Postretirement | ||||||||||||||
Employee and Outside Director | Employee and Outside Director | Plan | |||||||||||||||
Retirement Plans | Retirement Plans | ||||||||||||||||
Service cost | $ | - | $ | 15 | $ | - | $ | 39 | |||||||||
Interest cost | 290 | 57 | 306 | 90 | |||||||||||||
Expected return on assets | (380 | ) | - | (363 | ) | - | |||||||||||
Amortization of unrealized loss | 587 | 12 | 541 | 75 | |||||||||||||
Net periodic cost | $ | 497 | $ | 84 | $ | 484 | $ | 204 | |||||||||
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | ||||||||||||||||
BMP, | Postretirement Plan | BMP, | Postretirement | ||||||||||||||
Employee and Outside Director | Employee and Outside Director | Plan | |||||||||||||||
Retirement Plans | Retirement Plans | ||||||||||||||||
Service cost | $ | - | $ | 45 | $ | - | $ | 117 | |||||||||
Interest cost | 868 | 170 | 918 | 270 | |||||||||||||
Expected return on assets | (1,139 | ) | - | (1,089 | ) | - | |||||||||||
Amortization of unrealized loss | 1,762 | 36 | 1,623 | 225 | |||||||||||||
Net periodic cost | $ | 1,491 | $ | 251 | $ | 1,452 | $ | 612 | |||||||||
NET_MORTGAGE_BANKING_INCOME_Ta
NET MORTGAGE BANKING INCOME (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
NET MORTGAGE BANKING INCOME [Abstract] | ' | ||||||||||||||||
Net Mortgage Banking Income | ' | ||||||||||||||||
Net mortgage banking income presented in the consolidated statements of income was comprised of the following items: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Gain on the sale of loans originated for sale | $ | 2 | $ | 20 | $ | 13 | $ | 26 | |||||||||
Credit to the liability for First Loss Position | 50 | 140 | 245 | 1,107 | |||||||||||||
Mortgage banking fees | 24 | 99 | 92 | 342 | |||||||||||||
Net mortgage banking income | $ | 76 | $ | 259 | $ | 350 | $ | 1,475 | |||||||||
NATURE_OF_OPERATIONS_Details
NATURE OF OPERATIONS (Details) | Sep. 30, 2013 |
NATURE OF OPERATIONS [Abstract] | ' |
Number of Retail Offices | 26 |
TREASURY_STOCK_Details
TREASURY STOCK (Details) (USD $) | Apr. 30, 2013 | 1-May-12 | Apr. 30, 2012 |
TREASURY STOCK [Abstract] | ' | ' | ' |
Treasury stock issued attributable to restricted stock award grant (in shares) | 145,925 | ' | 141,289 |
Closing price of company stock (in dollars per share) | $14.27 | $13.55 | $13.86 |
Issuance of Treasury Stock for BMP award | 15,049 | 10,729 | ' |
OTHER_COMPREHENSIVE_INCOME_LOS2
OTHER COMPREHENSIVE INCOME (LOSS) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Change in unrealized loss on securities transferred to held to maturity, after tax | ($10) | ($13) | ($72) | ($91) |
Net gain on securities and other assets | 83 | 67 | 276 | 180 |
Tax expense (benefit) | 7,215 | 8,280 | 22,450 | 23,356 |
Net income | 10,631 | 11,795 | 33,240 | 33,573 |
Change in net unrealized gain during the period, tax | 74 | -6 | 125 | -184 |
Change in net unrealized gain during the period, after tax | 90 | -7 | 156 | -224 |
Total defined benefit plans, tax | 0 | 0 | 0 | 256 |
Total defined benefit plans, after tax | 0 | 0 | 0 | -312 |
Total other comprehensive income, before tax | 190 | 24 | 326 | 570 |
Total other comprehensive income, tax | 86 | 11 | 146 | 257 |
Net other comprehensive income during during the period | 104 | 13 | 180 | 313 |
Securities Held-To-Maturity and Transferred Securities [Member] | ' | ' | ' | ' |
Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Change in non-credit component of OTTI, pre-tax | 8 | 13 | 25 | 288 |
Change in non-credit component of OTTI, tax | 4 | 6 | 13 | 130 |
Change in non-credit component of OTTI, after tax | 4 | 7 | 12 | 158 |
Change in unrealized loss on securities transferred to held to maturity, pre-tax | 18 | 24 | 130 | 166 |
Change in unrealized loss on securities transferred to held to maturity, tax | 8 | 11 | 58 | 75 |
Change in unrealized loss on securities transferred to held to maturity, after tax | 10 | 13 | 72 | 91 |
Total Securities held to maturity and transferred securities, before tax | 26 | 37 | 155 | 454 |
Total securities held to maturity and transferred, tax | 12 | 17 | 71 | 205 |
Total securities held to maturity and transferred securities, after tax | 14 | 20 | 84 | 249 |
Securities Available-For-Sale [Member] | ' | ' | ' | ' |
Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Change in net unrealized gain during the period, pre-tax | 164 | -13 | 281 | -408 |
Change in net unrealized gain during the period, tax | 74 | -6 | 125 | -184 |
Change in net unrealized gain during the period, after tax | 90 | -7 | 156 | -224 |
Total securities available-for-sale, pre-tax | 164 | -13 | 171 | -452 |
Total securities available-for-sale, tax | 74 | -6 | 75 | -204 |
Total securities available-for-sale, after tax | 90 | -7 | 96 | -248 |
Securities Available-For-Sale [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Net gain on securities and other assets | 0 | 0 | -110 | -44 |
Tax expense (benefit) | 0 | 0 | -50 | -20 |
Net income | 0 | 0 | -60 | -24 |
Defined Benefit Plans [Member] | ' | ' | ' | ' |
Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Change in the net actuarial gain or loss, pre-tax | ' | ' | 0 | 568 |
Change in the net actuarial gain or loss, tax | ' | ' | 0 | 256 |
Change in the net actuarial gain or loss, after tax | ' | ' | 0 | 312 |
Total defined benefit plans, pre-tax | ' | ' | 0 | 568 |
Total defined benefit plans, tax | ' | ' | 0 | 256 |
Total defined benefit plans, after tax | ' | ' | $0 | $312 |
OTHER_COMPREHENSIVE_INCOME_LOS3
OTHER COMPREHENSIVE INCOME (LOSS), Accumulated Other Comprehensive Gain (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ($9,640) | ($9,709) |
Other comprehensive income before reclassifications | ' | ' | 240 | 337 |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | -60 | -24 |
Net other comprehensive income during during the period | 104 | 13 | 180 | 313 |
Ending Balance | -9,460 | -9,396 | -9,460 | -9,396 |
Securities Held-To-Maturity and Transferred Securities [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | -1,043 | -1,316 |
Other comprehensive income before reclassifications | ' | ' | 84 | 249 |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | 0 | 0 |
Net other comprehensive income during during the period | ' | ' | 84 | 249 |
Ending Balance | -959 | -1,067 | -959 | -1,067 |
Securities Available-For-Sale [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 1,178 | 3,078 |
Other comprehensive income before reclassifications | ' | ' | 156 | -224 |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | -60 | -24 |
Net other comprehensive income during during the period | ' | ' | 96 | -248 |
Ending Balance | 1,274 | 2,830 | 1,274 | 2,830 |
Defined Benefit Plans [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | -9,775 | -11,471 |
Other comprehensive income before reclassifications | ' | ' | 0 | 312 |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | 0 | 0 |
Net other comprehensive income during during the period | ' | ' | 0 | 312 |
Ending Balance | ($9,775) | ($11,159) | ($9,775) | ($11,159) |
EARNINGS_PER_SHARE_EPS_Details
EARNINGS PER SHARE (EPS) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
EARNINGS PER SHARE (EPS) [Abstract] | ' | ' | ' | ' |
Net income | $10,631 | $11,795 | $33,240 | $33,573 |
Less: Dividends paid on earnings allocated to participating securities | -44 | -46 | -135 | -137 |
Income attributable to common stock | 10,587 | 11,749 | 33,105 | 33,436 |
Weighted Average Number Of Shares Outstanding Including Participating Securities Basic (in shares) | 35,664,100 | 34,736,804 | 35,371,184 | 34,539,530 |
Less: weighted average participating securities (in shares) | -318,314 | -328,003 | -321,325 | -327,099 |
Weighted average shares outstanding utilized in the calculation of basic EPS (in shares) | 35,345,786 | 34,408,801 | 35,049,859 | 34,212,431 |
Earnings Per Share, Basic (in dollars per share) | $0.30 | $0.34 | $0.95 | $0.98 |
Income attributable to common stock | $10,587 | $11,749 | $33,105 | $33,436 |
Weighted average common shares outstanding | 35,345,786 | 34,408,801 | 35,049,859 | 34,212,431 |
Common stock equivalents resulting from the dilutive effect of "in-the-money" stock options | 181,717 | 89,016 | 107,788 | 75,348 |
Weighted average shares outstanding utilized in the calculation of diluted EPS (in shares) | 35,527,503 | 34,497,817 | 35,157,647 | 34,287,779 |
Earnings Per Share, Diluted (in dollars per share) | $0.30 | $0.34 | $0.95 | $0.98 |
Weighted average shares excluded from earnings per share calculation (in shares) | 761,193 | 1,330,792 | 919,821 | 1,323,076 |
ACCOUNTING_FOR_STOCK_BASED_COM2
ACCOUNTING FOR STOCK BASED COMPENSATION (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' | ' |
Total options granted (in shares) | 0 | 0 | 0 | 24,440 |
Estimated value on date of grant (in dollars per share) | $0 | $0 | $0 | $4.09 |
Price methodology utilized | ' | '0 | ' | 'Black- Scholes |
Expected life | ' | ' | ' | '6 years 6 months 11 days |
Interest rate (in hundredths) | 0.00% | 0.00% | 0.00% | 1.21% |
Volatility (in hundredths) | 0.00% | 0.00% | 0.00% | 45.17% |
Dividend yield (in hundredths) | 0.00% | 0.00% | 0.00% | 4.04% |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options outstanding - beginning of period (in shares) | 2,273,733 | 2,830,302 | 2,456,137 | 2,893,760 |
Options granted (in shares) | 0 | 0 | 0 | 24,440 |
Options exercised (in shares) | -493,690 | -253,182 | -671,312 | -339,693 |
Options forfeited (in shares) | 0 | -5,625 | -4,782 | -7,012 |
Options outstanding - end of period (in shares) | 1,780,043 | 2,571,495 | 1,780,043 | 2,571,495 |
Intrinsic value of options exercised | $1,872 | $377 | $2,089 | $779 |
Compensation expense recognized | 36 | 73 | 158 | 236 |
Remaining unrecognized compensation expense | 177 | 408 | 177 | 408 |
Intrinsic value of outstanding options at period end | 2,447 | 1,528 | 2,447 | 1,528 |
Intrinsic value of vested options at period end | 2,347 | 1,293 | 2,347 | 1,293 |
Weighted average exercise price of vested options - end of period | $16.53 | $15.65 | $16.53 | $15.65 |
Restricted stock awards, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | ' |
Compensation recorded to expense | 36 | 73 | 158 | 236 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Compensation expense recognized | 499 | 471 | 1,511 | 1,370 |
Restricted stock awards, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | ' |
Unvested allocated shares - beginning of period (in shares) | 318,314 | 328,003 | 328,003 | 324,454 |
Shares granted (in shares) | 0 | 0 | 145,925 | 141,289 |
Shares vested (in shares) | 0 | 0 | -155,614 | -135,369 |
Shares forfeited (in shares) | 0 | 0 | 0 | -2,371 |
Unvested allocated shares - end of period (in shares) | 318,314 | 328,003 | 318,314 | 328,003 |
Compensation recorded to expense | $499 | $471 | $1,511 | $1,370 |
LOANS_RECEIVABLE_AND_CREDIT_QU2
LOANS RECEIVABLE AND CREDIT QUALITY, Credit Quality Indicators (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Not Individually Assigned Credit Rating | $11,946 | [1] | $16,141 | [1] |
Financing Receivable, Net | 3,666,939 | 3,503,385 | ||
One-to four Family Residential and Cooperative Unit [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Not Individually Assigned Credit Rating | 11,946 | [1] | 16,141 | [1] |
Financing Receivable, Net | 78,504 | 91,876 | ||
Multifamily Residential and Residential Mixed Use [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Not Individually Assigned Credit Rating | 0 | [1] | 0 | [1] |
Financing Receivable, Net | 2,864,824 | 2,676,369 | ||
Mixed Use Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Not Individually Assigned Credit Rating | 0 | [1] | 0 | [1] |
Financing Receivable, Net | 335,650 | 340,133 | ||
Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Not Individually Assigned Credit Rating | 0 | [1] | 0 | [1] |
Financing Receivable, Net | 387,662 | 394,531 | ||
Construction Loan Receivable [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Not Individually Assigned Credit Rating | 0 | [1] | 0 | [1] |
Financing Receivable, Net | 299 | 476 | ||
Consumer Loan [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Not Individually Assigned Credit Rating | 2,109 | 2,423 | ||
Special Mention [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Individually Assigned Credit Rating | 32,907 | 22,230 | ||
Special Mention [Member] | One-to four Family Residential and Cooperative Unit [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Individually Assigned Credit Rating | 6,944 | 6,333 | ||
Special Mention [Member] | Multifamily Residential and Residential Mixed Use [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Individually Assigned Credit Rating | 15,011 | 7,711 | ||
Special Mention [Member] | Mixed Use Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Individually Assigned Credit Rating | 5,942 | 5,547 | ||
Special Mention [Member] | Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Individually Assigned Credit Rating | 5,010 | 2,639 | ||
Special Mention [Member] | Construction Loan Receivable [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Individually Assigned Credit Rating | 0 | 0 | ||
Substandard [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Individually Assigned Credit Rating | 34,034 | 43,837 | ||
Substandard [Member] | One-to four Family Residential and Cooperative Unit [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Individually Assigned Credit Rating | 2,217 | 2,987 | ||
Substandard [Member] | Multifamily Residential and Residential Mixed Use [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Individually Assigned Credit Rating | 4,262 | 3,248 | ||
Substandard [Member] | Mixed Use Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Individually Assigned Credit Rating | 6,021 | 8,533 | ||
Substandard [Member] | Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Individually Assigned Credit Rating | 21,235 | 28,593 | ||
Substandard [Member] | Construction Loan Receivable [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Individually Assigned Credit Rating | 299 | 476 | ||
Pass [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Not Individually Assigned Credit Rating | 3,588,052 | 3,421,177 | ||
Pass [Member] | One-to four Family Residential and Cooperative Unit [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Not Individually Assigned Credit Rating | 57,397 | 66,415 | ||
Pass [Member] | Multifamily Residential and Residential Mixed Use [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Not Individually Assigned Credit Rating | 2,845,551 | 2,665,410 | ||
Pass [Member] | Mixed Use Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Not Individually Assigned Credit Rating | 323,687 | 326,053 | ||
Pass [Member] | Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Not Individually Assigned Credit Rating | 361,417 | 363,299 | ||
Pass [Member] | Construction Loan Receivable [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Not Individually Assigned Credit Rating | 0 | 0 | ||
Pass [Member] | Consumer Loan [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Not Individually Assigned Credit Rating | 2,107 | 2,415 | ||
Non Accrual Financing Receivable [Member] | Consumer Loan [Member] | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ||
Financing Receivable, Not Individually Assigned Credit Rating | $2 | $8 | ||
[1] | Amount comprised of fully performing one- to four-family residential and cooperative unit loans with balances equal to or less than the FNMA Limits. |
LOANS_RECEIVABLE_AND_CREDIT_QU3
LOANS RECEIVABLE AND CREDIT QUALITY, Past Due Financing Receivbles (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | Loan | Loan | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ||
Number Of Loans 90 Days or More Past Due And Still Accruing Pending Refinancing | 5 | 1 | ||
Loans 90 Days or More Past Due And Still Accruing Pending Refinancing | $1,398 | $190 | ||
One To Four Family Residential And Cooperative Unit Allowance [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ||
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 300 | 336 | ||
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 155 | 155 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Non-accrual | 1,136 | [1] | 938 | [2] |
Financing Receivable, Recorded Investment, Past Due, Total | 1,591 | 1,429 | ||
Financing Receivable, Recorded Investment, Current | 76,913 | 90,447 | ||
Loans and Leases Receivable, Other, Net of Deferred Income | 78,504 | 91,876 | ||
Multifamily Residential and Residential Mixed Use [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ||
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 2,152 | 6,451 | ||
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 0 | 0 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 1,398 | 190 | ||
Non-accrual | 1,993 | [1] | 507 | [2] |
Financing Receivable, Recorded Investment, Past Due, Total | 5,543 | 7,148 | ||
Financing Receivable, Recorded Investment, Current | 2,859,281 | 2,669,221 | ||
Loans and Leases Receivable, Other, Net of Deferred Income | 2,864,824 | 2,676,369 | ||
Mixed Use Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ||
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 0 | 0 | ||
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 0 | 0 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Non-accrual | 0 | [1] | 1,170 | [2] |
Financing Receivable, Recorded Investment, Past Due, Total | 0 | 1,170 | ||
Financing Receivable, Recorded Investment, Current | 335,650 | 338,963 | ||
Loans and Leases Receivable, Other, Net of Deferred Income | 335,650 | 340,133 | ||
Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ||
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 1,154 | 207 | ||
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 0 | 0 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Non-accrual | 5,707 | [1] | 6,265 | [2] |
Financing Receivable, Recorded Investment, Past Due, Total | 6,861 | 6,472 | ||
Financing Receivable, Recorded Investment, Current | 380,801 | 388,059 | ||
Loans and Leases Receivable, Other, Net of Deferred Income | 387,662 | 394,531 | ||
Construction Loan Receivable [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ||
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 0 | 0 | ||
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 0 | 0 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Non-accrual | 0 | [1] | 0 | [2] |
Financing Receivable, Recorded Investment, Past Due, Total | 0 | 0 | ||
Financing Receivable, Recorded Investment, Current | 299 | 476 | ||
Loans and Leases Receivable, Other, Net of Deferred Income | 299 | 476 | ||
Consumer Loan [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ||
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 1 | 2 | ||
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 1 | 5 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Non-accrual | 2 | [1] | 8 | [2] |
Financing Receivable, Recorded Investment, Past Due, Total | 4 | 15 | ||
Financing Receivable, Recorded Investment, Current | 2,105 | 2,408 | ||
Loans and Leases Receivable, Other, Net of Deferred Income | 2,109 | 2,423 | ||
Total Real Estate Loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ' | ' | ||
Financing Receivable, Recorded Investment, 30 to 59 Days Past Due | 3,606 | 6,994 | ||
Financing Receivable, Recorded Investment, 60 to 89 Days Past Due | 155 | 155 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 1,398 | 190 | ||
Non-accrual | 8,836 | [1] | 8,880 | [2] |
Financing Receivable, Recorded Investment, Past Due, Total | 13,995 | 16,219 | ||
Financing Receivable, Recorded Investment, Current | 3,652,944 | 3,487,166 | ||
Loans and Leases Receivable, Other, Net of Deferred Income | $3,666,939 | $3,503,385 | ||
[1] | Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of September 30, 2013. | |||
[2] | Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of December 31, 2012. |
LOANS_RECEIVABLE_AND_CREDIT_QU4
LOANS RECEIVABLE AND CREDIT QUALITY, Troubled Debt Restructurings (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Loan | Loan | Loan | |
Troubled Debt Restructuring On Receivables [Abstract] | ' | ' | ' |
Financing Receivable, Modifications, Number of Contracts | 18 | ' | 22 |
Financing Receivable, Modifications, Recorded Investment | $38,825 | ' | $51,123 |
Financing Receivables Modification Accrual Status Number Of Contracts | 16 | ' | 20 |
Financing Receivable Modification Recorded Investment In Accrual Status | 33,118 | ' | 44,858 |
Financing Receivables Modification Non Accrual Status Number Of Contracts | 2 | ' | 2 |
Financing Receivable Modification Recorded Investment In Non Accrual Status | 5,707 | ' | 6,265 |
Financing Receivable Modifications Number Of Contracts In Period | 0 | 3 | ' |
Financing Receivable Modifications Pre Modification Recorded Investment In Period | 0 | 4,889 | ' |
Financing Receivable Modifications Post Modification Recorded Investment In Period | 0 | 4,889 | ' |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | 0 | ' |
Number of troubled debt restructured loans disposed of in period with charge offs recognized | ' | 2 | ' |
Trouble debt Restructuring Allowance For Loan And Lease Losses Write Offs | ' | 154 | ' |
Allocated Reserves Recognized For Trouble Debt Restructuring Receivables That Defaulted | 490 | ' | 520 |
Allocated allowance balance on troubled deebt restructured loan eliminated due to improvement in condition of loan | ' | 1,064 | ' |
Number of troubled debt restructured loans for which allocated reserves were no longer deemed warranted | ' | 9 | ' |
Delinquent Serviced Loans Subject To First Loss Position [Abstract] | ' | ' | ' |
Number Of Financing Receivables That Are Less Than90 Days Past Due But More Than30 Days Past Due That Have Been Sold And Remain Subject To Recourse Provision | 1 | ' | 1 |
Financing Receivable Recorded Investment 30 To 89 Days Past Due | 401 | ' | 229 |
Number of financing receivables that are 90 days or more past due that have been sold and remain subject to a recourse provision. | 0 | ' | 1 |
Financing Receivable Sold To FNMA Recorded Investment Equal To Greater Than 90 Days Past Due | 0 | ' | 474 |
One To Four Family Residential And Cooperative Unit Allowance [Member] | ' | ' | ' |
Troubled Debt Restructuring On Receivables [Abstract] | ' | ' | ' |
Financing Receivable, Modifications, Number of Contracts | 3 | ' | 3 |
Financing Receivable, Modifications, Recorded Investment | 938 | ' | 948 |
Multifamily Residential and Residential Mixed Use [Member] | ' | ' | ' |
Troubled Debt Restructuring On Receivables [Abstract] | ' | ' | ' |
Financing Receivable, Modifications, Number of Contracts | 5 | ' | 5 |
Financing Receivable, Modifications, Recorded Investment | 1,899 | ' | 1,953 |
Financing Receivable Modifications Number Of Contracts In Period | 0 | 1 | ' |
Financing Receivable Modifications Pre Modification Recorded Investment In Period | 0 | 459 | ' |
Financing Receivable Modifications Post Modification Recorded Investment In Period | 0 | 459 | ' |
Mixed Use Commercial Real Estate [Member] | ' | ' | ' |
Troubled Debt Restructuring On Receivables [Abstract] | ' | ' | ' |
Financing Receivable, Modifications, Number of Contracts | 1 | ' | 1 |
Financing Receivable, Modifications, Recorded Investment | 711 | ' | 729 |
Commercial Real Estate [Member] | ' | ' | ' |
Troubled Debt Restructuring On Receivables [Abstract] | ' | ' | ' |
Financing Receivable, Modifications, Number of Contracts | 9 | ' | 13 |
Financing Receivable, Modifications, Recorded Investment | 35,277 | ' | 47,493 |
Financing Receivable Modifications Number Of Contracts In Period | 0 | 2 | ' |
Financing Receivable Modifications Pre Modification Recorded Investment In Period | 0 | 4,430 | ' |
Financing Receivable Modifications Post Modification Recorded Investment In Period | $0 | $4,430 | ' |
ALLOWANCE_FOR_LOAN_LOSSES_AND_2
ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR FIRST LOSS POSITION ON MULTIFAMILY LOANS SOLD TO FNMA (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ' | ' | ' | ' | ' | |||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | $27,090 | ' | $27,090 | ' | $39,162 | |||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 15,377 | ' | 15,377 | ' | 15,534 | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 25,749 | [1] | ' | 25,749 | [1] | ' | 37,656 | [1] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 15,333 | [1] | ' | 15,333 | [1] | ' | 15,488 | [1] | ||
Impaired Financing Receivables With No Allocated Reserves Within Allowance For Loan Losses Recognized For Impaired Receivables | 0 | ' | 0 | ' | 0 | |||||
Impaired Financing Receivables With Allocated Reserves Within Allowance For Loan Losses Recognized For Impaired Receivables | 490 | ' | 490 | ' | 520 | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 28,825 | 40,471 | 32,265 | 38,310 | ' | |||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 15,367 | 15,496 | 15,411 | 22,566 | ' | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 264 | 480 | 1,215 | 1,727 | ' | |||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 280 | 194 | 685 | 581 | ' | |||||
Allowance for Loan Losses at Period End on Substandard Non Impaired Loans | 31 | ' | 31 | ' | 795 | |||||
Increase (Decrease) in the balance of Substandard non-impaired loans | ' | ' | -5,568 | ' | ' | |||||
Financing Receivable Special Mention Allowance For Loan Losses period end balance | 148 | ' | 148 | ' | 145 | |||||
Financing Receivable Special Mention Balance Increase (Decrease) | ' | ' | 12,644 | ' | ' | |||||
Reserve For First Loss Position [Abstract] | ' | ' | ' | ' | ' | |||||
Outstanding balance of multifamily loans serviced for FNMA at period end | 216,073 | 279,830 | 216,073 | 279,830 | ' | |||||
First Loss Position Loans Serviced For Fnma | 15,428 | 16,356 | 15,428 | 16,356 | ' | |||||
Reserve Liability On The First Loss Position [Roll Forward] | ' | ' | ' | ' | ' | |||||
Balance at beginning of period | 1,188 | 1,684 | 1,383 | 2,993 | ' | |||||
Credit for losses on problem loans(1) | -50 | [2] | -140 | [2] | -245 | [2] | -1,107 | [2] | ' | |
Charge-offs and other net reductions in balance | -38 | 0 | -38 | -342 | ' | |||||
Balance at period end | 1,100 | 1,544 | 1,100 | 1,544 | ' | |||||
One To Four Family Residential And Cooperative Unit Allowance [Member] | ' | ' | ' | ' | ' | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' | |||||
Beginning balance | 352 | 258 | 344 | 480 | ' | |||||
Provision (credit) for loan losses | -75 | 557 | 29 | 959 | ' | |||||
Charge-offs | -11 | -134 | -110 | -774 | ' | |||||
Recoveries | 8 | -1 | 11 | 17 | ' | |||||
Financing Receivable Allowance For Credit Losses Transfers | ' | ' | ' | 0 | ' | |||||
Ending balance | 274 | 682 | 274 | 682 | ' | |||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ' | ' | ' | ' | ' | |||||
Ending balance - loans individually evaluated for impairment | 1,203 | ' | 1,203 | ' | 1,291 | |||||
Ending balance - loans collectively evaluated for impairment | 77,301 | ' | 77,301 | ' | 90,585 | |||||
Allowance balance associated with loans individually evaluated for impairment | 6 | ' | 6 | ' | 7 | |||||
Allowance balance associated with loans collectivelly evaluated for impairment | 268 | ' | 268 | ' | 337 | |||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1,070 | ' | 1,070 | ' | 1,079 | |||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 256 | ' | 256 | ' | 258 | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 991 | [1] | ' | 991 | [1] | ' | 1,079 | [1] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 212 | [1] | ' | 212 | [1] | ' | 212 | [1] | ||
Impaired Financing Receivables With No Allocated Reserves Within Allowance For Loan Losses Recognized For Impaired Receivables | 0 | ' | 0 | ' | 0 | |||||
Impaired Financing Receivables With Allocated Reserves Within Allowance For Loan Losses Recognized For Impaired Receivables | 6 | ' | 6 | ' | 7 | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 993 | 629 | 1,016 | 814 | ' | |||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 212 | 212 | 212 | 511 | ' | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 11 | 15 | 27 | 48 | ' | |||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 5 | 5 | 14 | 14 | ' | |||||
Multifamily Residential And Residential Mixed Use Allowance [Member] | ' | ' | ' | ' | ' | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' | |||||
Beginning balance | 14,620 | 14,551 | 14,299 | 14,313 | ' | |||||
Provision (credit) for loan losses | 1,382 | -761 | 1,840 | 1,477 | ' | |||||
Charge-offs | -205 | -242 | -362 | -2,381 | ' | |||||
Recoveries | 13 | 686 | 33 | 773 | ' | |||||
Financing Receivable Allowance For Credit Losses Transfers | ' | ' | ' | 52 | ' | |||||
Ending balance | 15,810 | 14,234 | 15,810 | 14,234 | ' | |||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ' | ' | ' | ' | ' | |||||
Ending balance - loans individually evaluated for impairment | 3,891 | ' | 3,891 | ' | 2,460 | |||||
Ending balance - loans collectively evaluated for impairment | 2,860,933 | ' | 2,860,933 | ' | 2,673,909 | |||||
Allowance balance associated with loans individually evaluated for impairment | 0 | ' | 0 | ' | 0 | |||||
Allowance balance associated with loans collectivelly evaluated for impairment | 15,810 | ' | 15,810 | ' | 14,299 | |||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 4,040 | ' | 4,040 | ' | 2,767 | |||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | ' | 0 | ' | 0 | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 3,891 | [1] | ' | 3,891 | [1] | ' | 2,460 | [1] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] | ||
Impaired Financing Receivables With No Allocated Reserves Within Allowance For Loan Losses Recognized For Impaired Receivables | 0 | ' | 0 | ' | 0 | |||||
Impaired Financing Receivables With Allocated Reserves Within Allowance For Loan Losses Recognized For Impaired Receivables | 0 | ' | 0 | ' | 0 | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 3,552 | 4,787 | 2,977 | 6,178 | ' | |||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | 0 | 525 | ' | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 49 | 49 | 129 | 305 | ' | |||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 | ' | |||||
Mixed Use Commercial Real Estate Allowance [Member] | ' | ' | ' | ' | ' | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' | |||||
Beginning balance | 2,215 | 2,181 | 2,474 | 1,528 | ' | |||||
Provision (credit) for loan losses | -443 | 143 | -716 | 1,442 | ' | |||||
Charge-offs | 0 | -8 | -15 | -670 | ' | |||||
Recoveries | 0 | 0 | 29 | 11 | ' | |||||
Financing Receivable Allowance For Credit Losses Transfers | ' | ' | ' | 5 | ' | |||||
Ending balance | 1,772 | 2,316 | 1,772 | 2,316 | ' | |||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ' | ' | ' | ' | ' | |||||
Ending balance - loans individually evaluated for impairment | 711 | ' | 711 | ' | 1,900 | |||||
Ending balance - loans collectively evaluated for impairment | 334,939 | ' | 334,939 | ' | 338,233 | |||||
Allowance balance associated with loans individually evaluated for impairment | 0 | ' | 0 | ' | 0 | |||||
Allowance balance associated with loans collectivelly evaluated for impairment | 1,772 | ' | 1,772 | ' | 2,474 | |||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 711 | ' | 711 | ' | 1,900 | |||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | ' | 0 | ' | 0 | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 711 | [1] | ' | 711 | [1] | ' | 1,900 | [1] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] | ||
Impaired Financing Receivables With No Allocated Reserves Within Allowance For Loan Losses Recognized For Impaired Receivables | 0 | ' | 0 | ' | 0 | |||||
Impaired Financing Receivables With Allocated Reserves Within Allowance For Loan Losses Recognized For Impaired Receivables | 0 | ' | 0 | ' | 0 | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1,289 | 1,459 | 1,590 | 2,670 | ' | |||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | 0 | 240 | ' | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 17 | 12 | 110 | 56 | ' | |||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 | ' | |||||
Total Real Estate Loans [Member] | ' | ' | ' | ' | ' | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' | |||||
Beginning balance | 20,478 | 20,220 | 20,523 | 20,228 | ' | |||||
Provision (credit) for loan losses | 235 | 123 | 411 | 3,848 | ' | |||||
Charge-offs | -217 | -398 | -492 | -4,328 | ' | |||||
Recoveries | 21 | 723 | 75 | 838 | ' | |||||
Financing Receivable Allowance For Credit Losses Transfers | ' | ' | ' | 82 | ' | |||||
Ending balance | 20,517 | 20,668 | 20,517 | 20,668 | ' | |||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ' | ' | ' | ' | ' | |||||
Ending balance - loans individually evaluated for impairment | 41,082 | ' | 41,082 | ' | 53,144 | |||||
Ending balance - loans collectively evaluated for impairment | 3,625,857 | ' | 3,625,857 | ' | 3,450,241 | |||||
Allowance balance associated with loans individually evaluated for impairment | 490 | ' | 490 | ' | 520 | |||||
Allowance balance associated with loans collectivelly evaluated for impairment | 20,027 | ' | 20,027 | ' | 20,003 | |||||
Consumer Loan [Member] | ' | ' | ' | ' | ' | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' | |||||
Beginning balance | 24 | 23 | 27 | 26 | ' | |||||
Provision (credit) for loan losses | 5 | 3 | 14 | 10 | ' | |||||
Charge-offs | -6 | 0 | -18 | -10 | ' | |||||
Recoveries | 0 | 0 | 0 | 0 | ' | |||||
Financing Receivable Allowance For Credit Losses Transfers | ' | ' | ' | 0 | ' | |||||
Ending balance | 23 | 26 | 23 | 26 | ' | |||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ' | ' | ' | ' | ' | |||||
Ending balance - loans individually evaluated for impairment | 0 | ' | 0 | ' | 0 | |||||
Ending balance - loans collectively evaluated for impairment | 2,109 | ' | 2,109 | ' | 2,423 | |||||
Allowance balance associated with loans individually evaluated for impairment | 0 | ' | 0 | ' | 0 | |||||
Allowance balance associated with loans collectivelly evaluated for impairment | 23 | ' | 23 | ' | 27 | |||||
Commercial Real Estate [Member] | ' | ' | ' | ' | ' | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' | |||||
Beginning balance | 3,279 | 3,230 | 3,382 | 3,783 | ' | |||||
Provision (credit) for loan losses | -618 | 157 | -719 | 64 | ' | |||||
Charge-offs | -1 | -14 | -5 | -500 | ' | |||||
Recoveries | 0 | 36 | 2 | 37 | ' | |||||
Financing Receivable Allowance For Credit Losses Transfers | ' | ' | ' | 25 | ' | |||||
Ending balance | 2,660 | 3,409 | 2,660 | 3,409 | ' | |||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ' | ' | ' | ' | ' | |||||
Ending balance - loans individually evaluated for impairment | 35,277 | ' | 35,277 | ' | 47,493 | |||||
Ending balance - loans collectively evaluated for impairment | 352,385 | ' | 352,385 | ' | 347,038 | |||||
Allowance balance associated with loans individually evaluated for impairment | 484 | ' | 484 | ' | 513 | |||||
Allowance balance associated with loans collectivelly evaluated for impairment | 2,176 | ' | 2,176 | ' | 2,869 | |||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 21,269 | ' | 21,269 | ' | 33,416 | |||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 15,121 | ' | 15,121 | ' | 15,276 | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 20,156 | [1] | ' | 20,156 | [1] | ' | 32,217 | [1] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 15,121 | [1] | ' | 15,121 | [1] | ' | 15,276 | [1] | ||
Impaired Financing Receivables With No Allocated Reserves Within Allowance For Loan Losses Recognized For Impaired Receivables | 0 | ' | 0 | ' | 0 | |||||
Impaired Financing Receivables With Allocated Reserves Within Allowance For Loan Losses Recognized For Impaired Receivables | 484 | ' | 484 | ' | 513 | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 22,991 | 33,596 | 26,682 | 28,648 | ' | |||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 15,155 | 15,284 | 15,199 | 21,290 | ' | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 187 | 404 | 949 | 1,318 | ' | |||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 275 | 189 | 671 | 567 | ' | |||||
Construction Loan Receivable [Member] | ' | ' | ' | ' | ' | |||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' | |||||
Beginning balance | 12 | 0 | 24 | 124 | ' | |||||
Provision (credit) for loan losses | -11 | 27 | -23 | -94 | ' | |||||
Charge-offs | 0 | 0 | 0 | -3 | ' | |||||
Recoveries | 0 | 0 | 0 | 0 | ' | |||||
Financing Receivable Allowance For Credit Losses Transfers | ' | ' | ' | 0 | ' | |||||
Ending balance | 1 | 27 | 1 | 27 | ' | |||||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ' | ' | ' | ' | ' | |||||
Ending balance - loans individually evaluated for impairment | 0 | ' | 0 | ' | 0 | |||||
Ending balance - loans collectively evaluated for impairment | 299 | ' | 299 | ' | 476 | |||||
Allowance balance associated with loans individually evaluated for impairment | 0 | ' | 0 | ' | 0 | |||||
Allowance balance associated with loans collectivelly evaluated for impairment | 1 | ' | 1 | ' | 24 | |||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | ' | 0 | ' | 0 | |||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | ' | 0 | ' | 0 | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | [1] | ' | 0 | [1] | ' | 0 | [1] | ||
Impaired Financing Receivables With No Allocated Reserves Within Allowance For Loan Losses Recognized For Impaired Receivables | 0 | ' | 0 | ' | 0 | |||||
Impaired Financing Receivables With Allocated Reserves Within Allowance For Loan Losses Recognized For Impaired Receivables | 0 | ' | 0 | ' | 0 | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 0 | 0 | 0 | ' | |||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | 0 | 0 | ' | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 | ' | |||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | $0 | $0 | $0 | $0 | ' | |||||
[1] | The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. | |||||||||
[2] | Amount recognized as a component of mortgage banking income during the period. |
INVESTMENT_AND_MORTGAGEBACKED_2
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Investment Securities Held To Maturity [Abstract] | ' | ' | ||
Book Value | $5,622 | $5,927 | ||
Fair value | 6,138 | 6,267 | ||
Investment Securities Available For Sale [Abstract] | ' | ' | ||
Fair Value | 15,117 | ' | ||
Pooled Trust Preferred Held To Maturity Securities TRUPS [Member] | ' | ' | ||
Investment Securities Held To Maturity [Abstract] | ' | ' | ||
Purchase Amortized / Historical Cost | 16,316 | 16,774 | ||
Recorded Amortized/Historical Cost | 7,369 | [1] | 7,829 | [1] |
Non-Credit OTTI | -609 | -634 | ||
Unrealized Gains | 0 | 0 | ||
Unrealized Losses | -1,138 | [2] | -1,268 | [2] |
Book Value | 5,622 | 5,927 | ||
Other Unrealized Gains (Losses) | 516 | 340 | ||
Fair value | 6,138 | 6,267 | ||
Registered Mutual Funds Available For Sale [Member] | ' | ' | ||
Investment Securities Available For Sale [Abstract] | ' | ' | ||
Purchase Amortized / Historical Cost | 2,797 | 2,904 | ||
Recorded Amortized/Historical Cost | 2,691 | [1] | 2,556 | [1] |
Non-Credit OTTI | 0 | 0 | ||
Unrealized Gains | 670 | 449 | ||
Unrealized Losses | -10 | 0 | ||
Book Value | 3,351 | 3,005 | ||
Other Unrealized Losses | 0 | 0 | ||
Fair Value | 3,351 | 3,005 | ||
Agency Notes [Member] | ' | ' | ||
Investment Securities Available For Sale [Abstract] | ' | ' | ||
Purchase Amortized / Historical Cost | 15,070 | 29,820 | ||
Recorded Amortized/Historical Cost | 15,070 | [1] | 29,820 | [1] |
Non-Credit OTTI | 0 | 0 | ||
Unrealized Gains | 47 | 125 | ||
Unrealized Losses | 0 | 0 | ||
Book Value | 15,117 | 29,945 | ||
Other Unrealized Losses | 0 | 0 | ||
Fair Value | 15,117 | 29,945 | ||
Pass Through MBS Issued by GSEs [Member] | ' | ' | ||
Investment Securities Available For Sale [Abstract] | ' | ' | ||
Purchase Amortized / Historical Cost | 30,727 | 43,142 | ||
Recorded Amortized/Historical Cost | 30,727 | [1] | 43,142 | [1] |
Non-Credit OTTI | 0 | 0 | ||
Unrealized Gains | 1,588 | 1,561 | ||
Unrealized Losses | -10 | -25 | ||
Book Value | 32,305 | 44,678 | ||
Other Unrealized Losses | 0 | 0 | ||
Fair Value | 32,305 | 44,678 | ||
Collateralized Mortgage Obligations Issued By GSEs [Member] | ' | ' | ||
Investment Securities Available For Sale [Abstract] | ' | ' | ||
Purchase Amortized / Historical Cost | 531 | 2,436 | ||
Recorded Amortized/Historical Cost | 531 | [1] | 2,436 | [1] |
Non-Credit OTTI | 0 | 0 | ||
Unrealized Gains | 4 | 26 | ||
Unrealized Losses | 0 | 0 | ||
Book Value | 535 | 2,462 | ||
Other Unrealized Losses | 0 | 0 | ||
Fair Value | 535 | 2,462 | ||
Private Issuer Pass Through MBS [Member] | ' | ' | ||
Investment Securities Available For Sale [Abstract] | ' | ' | ||
Purchase Amortized / Historical Cost | 709 | 962 | ||
Recorded Amortized/Historical Cost | 709 | [1] | 962 | [1] |
Non-Credit OTTI | 0 | 0 | ||
Unrealized Gains | 19 | 0 | ||
Unrealized Losses | 0 | -7 | ||
Book Value | 728 | 955 | ||
Other Unrealized Losses | 0 | 0 | ||
Fair Value | 728 | 955 | ||
Private Issuer CMOs [Member] | ' | ' | ||
Investment Securities Available For Sale [Abstract] | ' | ' | ||
Purchase Amortized / Historical Cost | 647 | 908 | ||
Recorded Amortized/Historical Cost | 647 | [1] | 908 | [1] |
Non-Credit OTTI | 0 | 0 | ||
Unrealized Gains | 11 | 18 | ||
Unrealized Losses | 0 | 0 | ||
Book Value | 658 | 926 | ||
Other Unrealized Losses | 0 | 0 | ||
Fair Value | $658 | $926 | ||
[1] | Amount represents the purchase amortized / historical cost less any credit-related OTTI charges recognized through earnings. | |||
[2] | Amount represents the unamortized portion of the unrealized loss that was recognized in accumulated other comprehensive loss on September 1, 2008 (the day on which these securities were transferred from available-for-sale to held-to-maturity). |
INVESTMENT_AND_MORTGAGEBACKED_3
INVESTMENT AND MORTGAGE-BACKED SECURITIES, Fiscal Year Maturity and Other Disclosures (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' |
Due after one year through three years | $15,000 | ' | $15,000 | ' |
Due after three years through five years | 70 | ' | 70 | ' |
Amortized Cost, Total | 15,070 | ' | 15,070 | ' |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' |
Due after one year through three years, fair value | 15,047 | ' | 15,047 | ' |
Due after three years through five years, fair value | 70 | ' | 70 | ' |
Fair Value | 15,117 | ' | 15,117 | ' |
Other Than Temporary Impairment Credit And Non Credit Losses Recognized In Earnings And OCI [Roll Forward] | ' | ' | ' | ' |
Proceeds from sale of investment securities available-for-sale | ' | ' | 366 | 313 |
Gain (Loss) on Sale of Debt Investments | ' | ' | 110 | 44 |
Credit Related Otti [Member] | ' | ' | ' | ' |
Other Than Temporary Impairment Credit And Non Credit Losses Recognized In Earnings And OCI [Roll Forward] | ' | ' | ' | ' |
Cumulative balance at the beginning of the period | 8,947 | 8,945 | 8,945 | 8,974 |
OTTI recognized on securities with previous OTTI | 0 | 0 | 0 | 181 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | 0 | 0 | 0 | 0 |
Amortization of previously recognized OTTI | 0 | 0 | 2 | -210 |
Cumulative balance at end of the period | 8,947 | 8,945 | 8,947 | 8,945 |
Non Credit Related Otti [Member] | ' | ' | ' | ' |
Other Than Temporary Impairment Credit And Non Credit Losses Recognized In Earnings And OCI [Roll Forward] | ' | ' | ' | ' |
Cumulative balance at the beginning of the period | 617 | 655 | 634 | 930 |
OTTI recognized on securities with previous OTTI | 0 | 0 | 0 | 6 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | 0 | 0 | 0 | -181 |
Amortization of previously recognized OTTI | -8 | -14 | -25 | -114 |
Cumulative balance at end of the period | 609 | 641 | 609 | 641 |
Total Credit and Non Credit Otti [Member] | ' | ' | ' | ' |
Other Than Temporary Impairment Credit And Non Credit Losses Recognized In Earnings And OCI [Roll Forward] | ' | ' | ' | ' |
Cumulative balance at the beginning of the period | 9,564 | 9,600 | 9,579 | 9,904 |
OTTI recognized on securities with previous OTTI | 0 | 0 | 0 | 187 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | 0 | 0 | 0 | -181 |
Amortization of previously recognized OTTI | -8 | -14 | -23 | -324 |
Cumulative balance at end of the period | $9,556 | $9,586 | $9,556 | $9,586 |
Pooled Trust Preferred Held To Maturity Securities [Member] | ' | ' | ' | ' |
Schedule Of Available For Sale And Held For Maturity Securities [Line Items] | ' | ' | ' | ' |
Securities Weighted Average Term To Maturity (in years) | '21 years 2 months 12 days | ' | '21 years 2 months 12 days | ' |
Held To Maturity Securities With OTTI Number Of Securities | 5 | ' | 5 | ' |
All Mortgage Backed Securities available for sale [Member] | ' | ' | ' | ' |
Schedule Of Available For Sale And Held For Maturity Securities [Line Items] | ' | ' | ' | ' |
Securities Weighted Average Term To Maturity (in years) | '16 years 10 months 24 days | ' | '16 years 10 months 24 days | ' |
Weighted average duration of mortgage backed securities available for sale | '1 year 3 months 18 days | ' | '1 year 3 months 18 days | ' |
INVESTMENT_AND_MORTGAGEBACKED_4
INVESTMENT AND MORTGAGE-BACKED SECURITIES, Continuous Unrealized Loss Position (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $0 | [1] | $0 | [2] |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,004 | [1] | 3,705 | [2] |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 4,004 | [1] | 3,705 | [2] |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ' | ' | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 0 | [1] | 0 | [2] |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 974 | [1] | 1,732 | [2] |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 974 | [1] | 1,732 | [2] |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ' | ' | ||
Held To Maturity Securities With No OTTI Number of Securities | 2 | ' | ||
Held To Maturity Securities With No OTTI | 4,978 | ' | ||
Pass Through MBS Issued by GSEs [Member] | ' | ' | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 307 | 5,867 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 307 | 5,867 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ' | ' | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 10 | 25 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 10 | 25 | ||
Private Issuer Pass Through MBS [Member] | ' | ' | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | ' | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ' | 955 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | ' | 955 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ' | ' | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | ' | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | ' | 7 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | ' | 7 | ||
Registered Mututal Funds Member [Member] | ' | ' | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ' | ' | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 539 | ' | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | ' | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 539 | ' | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract] | ' | ' | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 10 | ' | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | ' | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | $10 | ' | ||
[1] | At September 30, 2013, the recorded balance of these securities was $3,840. This balance reflected the remaining unrealized loss of $1,156 that was recognized in accumulated other comprehensive loss on September 1, 2008 (the day these securities were transferred from available-for-sale to held-to-maturity). In accordance with both ASC 320-10-35-17 and 320-10-65, this unrealized loss is currently being amortized over the remaining estimated life of these securities. | |||
[2] | At December 31, 2012, the recorded balance of these securities was $4,170. This balance reflected the remaining unrealized loss of $1,268 that was recognized in accumulated other comprehensive loss on September 1, 2008 (the day these securities were transferred from available-for-sale to held-to-maturity). In accordance with both ASC 320-10-35-17 and 320-10-65, this unrealized loss is currently being amortized over the remaining estimated life of these securities. |
FAIR_VALUE_OF_FINANCIAL_INSTRU2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading Securities Domestic Equity Mututal Fund Fair Value Disclosure | $1,217 | $930 |
Trading Securities International Equity Mututal Fund Fair Value Disclosure | 156 | 129 |
Trading Securities Fixed Income Mututal Fund Fair Value Disclosure | 3,889 | 3,815 |
Available For Sale Agency Obligations Fair Value Disclosure | 15,117 | 29,945 |
Available For Sale Securities Domestic Equity Mutual Fund Fair Value Disclosure | 1,836 | 1,502 |
Available For Sale Securities International Equity Mutual Fund Fair Value Disclosure | 397 | 358 |
Available For Sale Securities Fixed Income Mutual Fund Fair Value Disclosure | 1,118 | 1,145 |
Pass through MBS Issued BY GSEs Measured At Fair Value on Recurring Basis | 32,305 | 44,678 |
CMOs Issued By GSEs Measured at Fair Value on Recurring Basis | 535 | 2,462 |
Private issuer Pass Through Mortgage Backed Securities Measured at Fair Value on A Recurring Basis | 728 | 955 |
Private Issuer CMOs Measured at Fair Value on a Recurrign Basis | 658 | 926 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading Securities Domestic Equity Mututal Fund Fair Value Disclosure | 1,217 | 930 |
Trading Securities International Equity Mututal Fund Fair Value Disclosure | 156 | 129 |
Trading Securities Fixed Income Mututal Fund Fair Value Disclosure | 3,889 | 3,815 |
Available For Sale Agency Obligations Fair Value Disclosure | 0 | 0 |
Available For Sale Securities Domestic Equity Mutual Fund Fair Value Disclosure | 1,836 | 1,502 |
Available For Sale Securities International Equity Mutual Fund Fair Value Disclosure | 397 | 358 |
Available For Sale Securities Fixed Income Mutual Fund Fair Value Disclosure | 1,118 | 1,145 |
Pass through MBS Issued BY GSEs Measured At Fair Value on Recurring Basis | 0 | 0 |
CMOs Issued By GSEs Measured at Fair Value on Recurring Basis | 0 | 0 |
Private issuer Pass Through Mortgage Backed Securities Measured at Fair Value on A Recurring Basis | 0 | 0 |
Private Issuer CMOs Measured at Fair Value on a Recurrign Basis | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading Securities Domestic Equity Mututal Fund Fair Value Disclosure | 0 | 0 |
Trading Securities International Equity Mututal Fund Fair Value Disclosure | 0 | 0 |
Trading Securities Fixed Income Mututal Fund Fair Value Disclosure | 0 | 0 |
Available For Sale Agency Obligations Fair Value Disclosure | 15,117 | 29,945 |
Available For Sale Securities Domestic Equity Mutual Fund Fair Value Disclosure | 0 | 0 |
Available For Sale Securities International Equity Mutual Fund Fair Value Disclosure | 0 | 0 |
Available For Sale Securities Fixed Income Mutual Fund Fair Value Disclosure | 0 | 0 |
Pass through MBS Issued BY GSEs Measured At Fair Value on Recurring Basis | 32,305 | 44,678 |
CMOs Issued By GSEs Measured at Fair Value on Recurring Basis | 535 | 2,462 |
Private issuer Pass Through Mortgage Backed Securities Measured at Fair Value on A Recurring Basis | 728 | 955 |
Private Issuer CMOs Measured at Fair Value on a Recurrign Basis | 658 | 926 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Trading Securities Domestic Equity Mututal Fund Fair Value Disclosure | 0 | 0 |
Trading Securities International Equity Mututal Fund Fair Value Disclosure | 0 | 0 |
Trading Securities Fixed Income Mututal Fund Fair Value Disclosure | 0 | 0 |
Available For Sale Agency Obligations Fair Value Disclosure | 0 | 0 |
Available For Sale Securities Domestic Equity Mutual Fund Fair Value Disclosure | 0 | 0 |
Available For Sale Securities International Equity Mutual Fund Fair Value Disclosure | 0 | 0 |
Available For Sale Securities Fixed Income Mutual Fund Fair Value Disclosure | 0 | 0 |
Pass through MBS Issued BY GSEs Measured At Fair Value on Recurring Basis | 0 | 0 |
CMOs Issued By GSEs Measured at Fair Value on Recurring Basis | 0 | 0 |
Private issuer Pass Through Mortgage Backed Securities Measured at Fair Value on A Recurring Basis | 0 | 0 |
Private Issuer CMOs Measured at Fair Value on a Recurrign Basis | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Loans Receivable One To Four Family Residential And Cooperative Unit Fair Value Disclosure | 477 | ' |
Impaired Loans Receivable Multifamily Residential And Residential Mixed Use Real Estate Fair Value Disclosure | 325 | 450 |
Impaired Loans Receivable Mixed Use Commercial Real Estate Fair Value Disclosure | 5,707 | 6,472 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Loans Receivable One To Four Family Residential And Cooperative Unit Fair Value Disclosure | 0 | ' |
Impaired Loans Receivable Multifamily Residential And Residential Mixed Use Real Estate Fair Value Disclosure | 0 | 0 |
Impaired Loans Receivable Mixed Use Commercial Real Estate Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Loans Receivable One To Four Family Residential And Cooperative Unit Fair Value Disclosure | 0 | ' |
Impaired Loans Receivable Multifamily Residential And Residential Mixed Use Real Estate Fair Value Disclosure | 0 | 0 |
Impaired Loans Receivable Mixed Use Commercial Real Estate Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Loans Receivable One To Four Family Residential And Cooperative Unit Fair Value Disclosure | 477 | ' |
Impaired Loans Receivable Multifamily Residential And Residential Mixed Use Real Estate Fair Value Disclosure | 325 | 450 |
Impaired Loans Receivable Mixed Use Commercial Real Estate Fair Value Disclosure | $5,707 | $6,472 |
FAIR_VALUE_OF_FINANCIAL_INSTRU3
FAIR VALUE OF FINANCIAL INSTRUMENTS, Valuation Techniques (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Fair Value Asset Valuation Approach Broker Quotation Weighting (in hundredths) | 10.00% | ' |
Fair Value Asset Valuation Approach Internal Cash Flow Valuation Model Weighting (in hundredths) | 45.00% | ' |
Fair Value Asset Valuation Approach Independent Cash Flow Valuation Model Weighting (in hundredths) | 45.00% | ' |
Purchase discount rate on Trust Preferred valuation minimum value | 1.60% | ' |
Purchase discount maximum value | 2.40% | ' |
The weighted average value of the purchase discount rate used in the internal model cash flow valuation of Trust Preferred securities | 2.20% | ' |
Current Discount Rate Trust Preferred Valuation Minumum Value | 4.70% | ' |
Current discount rate trust preferred valuation maximum value | 6.90% | ' |
Current discount trust preferred valuation weighted average rate- Pooled Trust Preferred Held To Maturity Securities [Member] | 5.40% | ' |
Utilized default rates trust preferred valuation minimum value | 0.00% | ' |
Utilized default rates trust preferred valuation maximum value | 4.00% | ' |
Utilized default rates trust preferred valuation weighted average value | 1.00% | ' |
Fair Value Inputs Standard Default Percentage Over Three Years | 1.20% | ' |
Estimated Annual Recovery Rate | 10.00% | ' |
Outstanding Principal Balance Of Impaired Loans Measured At Fair Value | $7,893 | $6,922 |
Impaired Loans Measured at Fair Value Allowance balance | $0 | $0 |
FAIR_VALUE_OF_FINANCIAL_INSTRU4
FAIR VALUE OF FINANCIAL INSTRUMENTS, Quantitative Information (Details) (Impaired Loans [Member], USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Income Approach Valuation Technique [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, Fair Value Disclosure | 207 | 207 |
Market Approach Valuation Technique [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, Fair Value Disclosure | 802 | 1,215 |
Fair Value from Previously Negotiated Note Sales [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, Fair Value Disclosure | 5,500 | 5,500 |
Minimum [Member] | Market Approach Valuation Technique [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value Inputs, Cap Rate | 7.80% | 7.30% |
Fair Value Inputs Reduction Planned Expedited Disposal | 20.00% | 10.00% |
Fair Value Inputs Reduction Sales Comparison Value | 0.00% | 0.00% |
Maximum [Member] | Market Approach Valuation Technique [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value Inputs, Cap Rate | 8.50% | 7.50% |
Fair Value Inputs Reduction Planned Expedited Disposal | 30.00% | 25.00% |
Fair Value Inputs Reduction Sales Comparison Value | 15.00% | 6.00% |
Weighted Average [Member] | Income Approach Valuation Technique [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value Inputs, Cap Rate | 7.50% | 7.50% |
Fair Value Inputs Reduction Planned Expedited Disposal | 10.00% | 10.00% |
Weighted Average [Member] | Market Approach Valuation Technique [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value Inputs, Cap Rate | 8.30% | 7.40% |
Fair Value Inputs Reduction Planned Expedited Disposal | 26.00% | 15.60% |
Fair Value Inputs Reduction Sales Comparison Value | 5.00% | 3.80% |
Weighted Average [Member] | Fair Value from Previously Negotiated Note Sales [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value Inputs Reduction Expected Net Operating Income | 17.00% | 17.00% |
FAIR_VALUE_OF_FINANCIAL_INSTRU5
FAIR VALUE OF FINANCIAL INSTRUMENTS, Balance Sheet Groupings (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Investment securities held to maturity (TRUPS) | $6,138 | $6,267 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
ASSETS | ' | ' |
Cash and due from banks | 65,713 | 79,076 |
Investment securities held to maturity (TRUPS) | 6,138 | 6,267 |
Loans, net | 3,673,735 | 3,602,583 |
Loans held for sale | ' | 560 |
Accrued Interest Receivable | 11,908 | 13,518 |
Mortgage servicing rights (MSR) | 1,076 | 1,511 |
FHLBNY capital stock | 0 | 0 |
Liabilities [Abstract] | ' | ' |
Savings, money market and checking accounts | 1,756,570 | 1,587,454 |
Certificates of Deposit (CDs) | 864,333 | 907,657 |
Escrow and other deposits | 98,160 | 82,753 |
FHLBNY advances | 802,251 | 885,774 |
Trust preferred securities payable | 70,680 | 70,680 |
Accrued Interest Payable | 2,923 | 2,827 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
ASSETS | ' | ' |
Cash and due from banks | 65,713 | 79,076 |
Investment securities held to maturity (TRUPS) | 0 | 0 |
Loans, net | 0 | 0 |
Loans held for sale | ' | 0 |
Accrued Interest Receivable | 2 | 0 |
Mortgage servicing rights (MSR) | 0 | 0 |
FHLBNY capital stock | 0 | 0 |
Liabilities [Abstract] | ' | ' |
Savings, money market and checking accounts | 1,756,570 | 1,587,454 |
Certificates of Deposit (CDs) | 0 | 0 |
Escrow and other deposits | 98,160 | 82,753 |
FHLBNY advances | 0 | 0 |
Trust preferred securities payable | 0 | 0 |
Accrued Interest Payable | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
ASSETS | ' | ' |
Cash and due from banks | 0 | 0 |
Investment securities held to maturity (TRUPS) | 0 | 0 |
Loans, net | 0 | 0 |
Loans held for sale | ' | 560 |
Accrued Interest Receivable | 194 | 359 |
Mortgage servicing rights (MSR) | 1,076 | 1,511 |
FHLBNY capital stock | 0 | 0 |
Liabilities [Abstract] | ' | ' |
Savings, money market and checking accounts | 0 | 0 |
Certificates of Deposit (CDs) | 864,333 | 907,657 |
Escrow and other deposits | 0 | 0 |
FHLBNY advances | 802,251 | 885,774 |
Trust preferred securities payable | 70,680 | 70,680 |
Accrued Interest Payable | 2,923 | 2,827 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
ASSETS | ' | ' |
Cash and due from banks | 0 | 0 |
Investment securities held to maturity (TRUPS) | 6,138 | 6,267 |
Loans, net | 3,673,735 | 3,602,583 |
Loans held for sale | ' | 0 |
Accrued Interest Receivable | 11,712 | 13,159 |
Mortgage servicing rights (MSR) | 0 | 0 |
FHLBNY capital stock | 0 | 0 |
Liabilities [Abstract] | ' | ' |
Savings, money market and checking accounts | 0 | 0 |
Certificates of Deposit (CDs) | 0 | 0 |
Escrow and other deposits | 0 | 0 |
FHLBNY advances | 0 | 0 |
Trust preferred securities payable | 0 | 0 |
Accrued Interest Payable | 0 | 0 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
ASSETS | ' | ' |
Cash and due from banks | 65,713 | 79,076 |
Investment securities held to maturity (TRUPS) | 5,622 | 5,927 |
Loans, net | 3,641,999 | 3,478,336 |
Loans held for sale | ' | 560 |
Accrued Interest Receivable | 11,908 | 13,518 |
Mortgage servicing rights (MSR) | 705 | 1,115 |
FHLBNY capital stock | 41,863 | 45,011 |
Liabilities [Abstract] | ' | ' |
Savings, money market and checking accounts | 1,756,570 | 1,587,454 |
Certificates of Deposit (CDs) | 852,594 | 891,975 |
Escrow and other deposits | 98,160 | 82,753 |
FHLBNY advances | 772,500 | 842,500 |
Trust preferred securities payable | 70,680 | 70,680 |
Accrued Interest Payable | $2,923 | $2,827 |
RETIREMENT_AND_POSTRETIREMENT_2
RETIREMENT AND POSTRETIREMENT PLANS (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 |
Postretirement Plans [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Defined Benefit Plan, Service Cost | $15 | $39 | $45 | $117 | ' |
Defined Benefit Plan, Interest Cost | 57 | 90 | 170 | 270 | ' |
Defined Benefit Plan, Expected Return on Plan Assets | 0 | 0 | 0 | 0 | ' |
Amortization of unrealized loss | 12 | 75 | 36 | 225 | ' |
Net periodic cost | 84 | 204 | 251 | 612 | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | ' | ' | ' | ' | 187 |
Defined Benefit Plan, Contributions by Employer | ' | ' | 60 | ' | ' |
BMP, Employee And Outside Director Retirement Plans [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Defined Benefit Plan, Service Cost | 0 | 0 | 0 | 0 | ' |
Defined Benefit Plan, Interest Cost | 290 | 306 | 868 | 918 | ' |
Defined Benefit Plan, Expected Return on Plan Assets | -380 | -363 | -1,139 | -1,089 | ' |
Amortization of unrealized loss | 587 | 541 | 1,762 | 1,623 | ' |
Net periodic cost | 497 | 484 | 1,491 | 1,452 | ' |
Employee Retirement Plan [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | ' | ' | ' | ' | 53 |
Defined Benefit Plan, Contributions by Employer | ' | ' | 31 | ' | ' |
BMP Retirement Plan [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | ' | ' | ' | ' | 483 |
Defined Benefit Plan, Contributions by Employer | ' | ' | 0 | ' | ' |
Outside Director Retirement Plan [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | ' | ' | ' | ' | 186 |
Defined Benefit Plan, Contributions by Employer | ' | ' | $136 | ' | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
INCOME TAXES [Abstract] | ' | ' | ' | ' |
Effective Income Tax Rate (in hundredths) | 40.40% | 41.30% | 40.30% | 41.00% |
Anticipated Effective Income Tax Rate Continuing Operations (in hundredths) | 41.00% | 41.00% | 41.00% | 41.00% |
NET_MORTGAGE_BANKING_INCOME_De
NET MORTGAGE BANKING INCOME (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
NET MORTGAGE BANKING INCOME [Abstract] | ' | ' | ' | ' | ||||
Gain (loss) on the sale of loans originated for sale | $2 | $20 | $13 | $26 | ||||
Credit (Provision) to First Loss Position | 50 | [1] | 140 | [1] | 245 | [1] | 1,107 | [1] |
Mortgage banking fees | 24 | 99 | 92 | 342 | ||||
Net mortgage banking income | $76 | $259 | $350 | $1,475 | ||||
[1] | Amount recognized as a component of mortgage banking income during the period. |