Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2015 | Nov. 05, 2015 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | DIME COMMUNITY BANCSHARES INC | ||
Entity Central Index Key | 1,005,409 | ||
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 Public Float | $ 517.4 | ||
Entity Common Stock, Shares Outstanding | 37,300,686 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | Q3 | ||
Document Type | 10-Q | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 30, 2015 |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS: | ||
Cash and due from banks | $ 74,073 | $ 78,187 |
Federal funds sold and other short-term investments | 0 | 250 |
Total cash and cash equivalents | 74,073 | 78,437 |
Investment securities held-to-maturity (estimated fair value of $7,478 and $6,315 at September 30, 2015 and December 31, 2014, respectively)(fully unencumbered) | 5,349 | 5,367 |
Investment securities available-for-sale, at fair value: | ||
Investment securities available-for-sale, at fair value (fully unencumbered): | 3,684 | 3,806 |
Mortgage-backed securities available-for-sale, at fair value: | ||
Mortgage-backed securities available-for-sale, at fair value: | 446 | 26,409 |
Trading Securities | 8,697 | 8,559 |
Loans: | ||
Real estate, net | 4,490,624 | 4,117,411 |
Consumer loans | 1,468 | 1,829 |
Less allowance for loan losses | (18,959) | (18,493) |
Total loans, net | 4,473,133 | 4,100,747 |
Loans held for sale | 0 | 0 |
Premises and fixed assets, net | 15,296 | 25,065 |
Premises held for sale | 8,799 | 0 |
Federal Home Loan Bank of New York (FHLBNY) capital stock | 54,348 | 58,407 |
Other real estate owned (OREO) | 148 | 18 |
Goodwill | 55,638 | 55,638 |
Bank Owned Life Insurance | 84,451 | 82,614 |
Other assets | 48,430 | 52,040 |
Total Assets | 4,832,492 | 4,497,107 |
Due to depositors: | ||
Interest bearing deposits | 2,800,061 | 2,472,199 |
Non-interest bearing deposits | 229,436 | 187,593 |
Total deposits | 3,029,497 | 2,659,792 |
Escrow and other deposits | 131,132 | 91,921 |
FHLBNY advances | 1,069,725 | 1,173,725 |
Trust Preferred securities payable | 70,680 | 70,680 |
Other liabilities | 47,579 | 41,264 |
Total Liabilities | $ 4,348,613 | $ 4,037,382 |
Commitments and Contingencies | ||
Stockholders' Equity: | ||
Preferred stock ($0.01 par, 9,000,000 shares authorized, none issued or outstanding at September 30, 2015 and December 31, 2014) | $ 0 | $ 0 |
Common stock ($0.01 par, 125,000,000 shares authorized, 53,145,798 shares and 52,871,443 shares issued at September 30, 2015 and December 31, 2014, respectively, and 37,188,874 shares and 36,855,019 shares outstanding at September 30, 2015 and December 31, 2014, respectively) | 532 | 529 |
Additional paid-in capital | 259,906 | 254,358 |
Retained earnings | 445,326 | 427,126 |
Accumulated other comprehensive loss, net of deferred taxes | (9,173) | (8,547) |
Unallocated common stock of Employee Stock Ownership Plan (ESOP) | (2,371) | (2,545) |
Unearned Restricted Stock Award common stock | (2,709) | (3,066) |
Common stock held by Benefit Maintenance Plan (BMP) | (9,354) | (9,164) |
Treasury stock, at cost (15,956,924 shares and 16,016,424 shares at September 30, 2015 and December 31, 2014, respectively) | (198,278) | (198,966) |
Total Stockholders' Equity | 483,879 | 459,725 |
Total Liabilities And Stockholders' Equity | $ 4,832,492 | $ 4,497,107 |
UNAUDITED CONSOLIDATED STATEME3
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Fair value of investment securities held to maturity | $ 7,478 | $ 6,315 |
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) | 53,145,798 | 52,871,443 |
Common stock, shares outstanding (in shares) | 37,188,352 | 36,855,019 |
Treasury stock (in shares) | 15,956,924 | 16,016,424 |
UNAUDITED CONSOLIDATED STATEME4
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest income: | ||||
Loans secured by real estate | $ 42,109 | $ 43,477 | $ 127,370 | $ 126,311 |
Other loans | 22 | 26 | 70 | 80 |
Mortgage-backed securities | 1 | 223 | 184 | 707 |
Investment securities | 254 | 68 | 544 | 274 |
Federal funds sold and other short-term investments | 510 | 551 | 1,738 | 1,609 |
Total interest income | 42,896 | 44,345 | 129,906 | 128,981 |
Interest expense: | ||||
Deposits and escrow | 5,890 | 4,976 | 16,780 | 14,590 |
Borrowed funds | 5,192 | 7,410 | 18,148 | 21,583 |
Total interest expense | 11,082 | 12,386 | 34,928 | 36,173 |
Net interest income | 31,814 | 31,959 | 94,978 | 92,808 |
Provision (credit) for loan losses | 416 | (501) | (891) | (1,350) |
Net interest income after credit for loan losses | 31,398 | 32,460 | 95,869 | 94,158 |
Non-interest income: | ||||
Service charges and other fees | 1,013 | 1,084 | 2,562 | 2,507 |
Net mortgage banking income | 41 | 71 | 154 | 1,153 |
Net gain (loss) on securities | (138) | (43) | 1,287 | 35 |
Net gain on the disposal of other assets | 0 | 0 | 0 | 649 |
Income from BOLI | 620 | 382 | 1,837 | 1,147 |
Other | 363 | 323 | 1,037 | 951 |
Total non-interest income | 1,899 | 1,817 | 6,877 | 6,442 |
Non-interest expense: | ||||
Salaries and employee benefits | 8,370 | 7,806 | 22,870 | 24,472 |
Stock benefit plan amortization expense | 885 | 954 | 2,767 | 2,912 |
Occupancy and equipment | 2,531 | 2,513 | 7,965 | 7,656 |
Data processing costs | 1,023 | 814 | 2,775 | 2,467 |
Federal deposit insurance premiums | 575 | 547 | 1,703 | 1,576 |
Other | 2,740 | 2,090 | 8,274 | 6,762 |
Total non-interest expense | 16,124 | 14,724 | 46,354 | 45,845 |
Income before income taxes | 17,173 | 19,553 | 56,392 | 54,755 |
Tax expense (benefit) | 7,092 | 7,788 | 23,004 | 22,496 |
Net income | $ 10,081 | $ 11,765 | $ 33,388 | $ 32,259 |
Earnings per Share: | ||||
Basic (in dollars per share) | $ 0.28 | $ 0.33 | $ 0.92 | $ 0.90 |
Diluted (in dollars per share) | $ 0.28 | $ 0.33 | $ 0.92 | $ 0.90 |
STATEMENTS OF COMPREHENSIVE INCOME | ||||
Net income | $ 10,081 | $ 11,765 | $ 33,388 | $ 32,259 |
Amortization and reversal of net unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of deferred tax expense of $5 during the three months ended both September 30, 2015 and 2014, and $26 and $21 during the nine months ended September 30, 2015 and 2014, respectively | 6 | 7 | 31 | 29 |
Reduction in (adjustment to) non-credit component of other than temporary impairment (OTTI), net of deferred tax expense of $4 during the three months ended both September 30, 2015 and 2014, and $8 and $13 during the nine months ended both September 30, 2015 and 2014, respectively, | 5 | 4 | (10) | 11 |
Reclassification adjustment for securities sold during the period, net of income tax benefit of $(624) during the nine months ended September 30, 2015 (reclassified from net gain on securities) | 0 | 0 | (760) | 0 |
Net unrealized securities gains (losses) arising during the period, net of deferred tax expense (benefit) of $(79) and $(24) during the three months ended September 30, 2015 and 2014, respectively, and $(64) and $2 during the nine months ended September 30, 2015 and 2014, respectively, | (97) | (30) | (77) | 3 |
Change in pension and other postretirement obligations, net of deferred tax expense of $216 and $117 during the three months ended September 30, 2015 and 2014, respectively and $158 and $351 during the nine months ended September 30, 2015 and 2014, respectively | 262 | 144 | 190 | 432 |
Comprehensive Income | $ 10,257 | $ 11,890 | $ 32,762 | $ 32,734 |
UNAUDITED CONSOLIDATED STATEME5
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
STATEMENTS OF COMPREHENSIVE INCOME | ||||
Amortization and reversal of net unrealized loss on securities transferred from available-for-sale to held-to-maturity, taxes | $ 5 | $ 5 | $ 26 | $ 21 |
Reduction in (adjustment to) non-credit component of OTTI charge, taxes | 4 | 4 | 8 | 13 |
Reclassification adjustment for securities sold during the period, taxes | 0 | 0 | (624) | 0 |
Net unrealized securities gains arising during the period, tax | (79) | (24) | (64) | 2 |
Defined benefit plan adjustments, tax | $ 216 | $ 117 | $ 158 | $ 351 |
UNAUDITED CONSOLIDATED STATEME6
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | 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] | Common Stock Held by BMP [Member] | Treasury Stock [Member] |
Balance at Dec. 31, 2013 | $ 528 | $ 252,253 | $ 402,986 | $ (4,759) | $ (2,776) | $ (3,193) | $ (9,013) | $ (200,520) | |
Stock options exercised | 1 | 278 | |||||||
Tax benefit of stock plans | 71 | ||||||||
BMP award distribution | 1 | ||||||||
Amortization of excess fair value over cost - ESOP stock and stock options expense | 847 | ||||||||
Release from treasury stock for equity awards, net of return of shares to treasury for forfeited shares | 654 | (1,930) | (152) | 1,598 | |||||
Release of stock for benefit plan awards | $ (171) | ||||||||
Net income | 32,259 | 32,259 | |||||||
Cash dividends declared and paid | (15,075) | ||||||||
Reduction in non credit component of OTTI charge, net of taxes | 11 | ||||||||
Other comprehensive income recognized during the period, net of tax | (475) | 475 | |||||||
Amortization of earned portion of ESOP stock | 173 | ||||||||
Amortization of earned portion of restricted stock awards | 1,497 | ||||||||
Treasury shares repurchased | 0 | ||||||||
Balance at Sep. 30, 2014 | 456,203 | 529 | 254,103 | 420,170 | (4,284) | (2,603) | (3,626) | (9,164) | (198,922) |
Balance at Dec. 31, 2014 | 459,725 | 529 | 254,358 | 427,126 | (8,547) | (2,545) | (3,066) | (9,164) | (198,966) |
Stock options exercised | 3 | 4,053 | |||||||
Tax benefit of stock plans | 204 | ||||||||
BMP award distribution | 0 | ||||||||
Amortization of excess fair value over cost - ESOP stock and stock options expense | 815 | ||||||||
Release from treasury stock for equity awards, net of return of shares to treasury for forfeited shares | 476 | (1,061) | (190) | 988 | |||||
Release of stock for benefit plan awards | (213) | ||||||||
Net income | 33,388 | 33,388 | |||||||
Cash dividends declared and paid | (15,188) | ||||||||
Reduction in non credit component of OTTI charge, net of taxes | (10) | ||||||||
Other comprehensive income recognized during the period, net of tax | 626 | (626) | |||||||
Amortization of earned portion of ESOP stock | 174 | ||||||||
Amortization of earned portion of restricted stock awards | 1,418 | ||||||||
Treasury shares repurchased | (300) | (300) | |||||||
Balance at Sep. 30, 2015 | $ 483,879 | $ 532 | $ 259,906 | $ 445,326 | $ (9,173) | $ (2,371) | $ (2,709) | $ (9,354) | $ (198,278) |
UNAUDITED CONSOLIDATED STATEME7
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 33,388 | $ 32,259 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net gain on sale of investment securities available-for-sale | (1,384) | 0 |
Net gain on trading securities | 97 | (35) |
Net gain on sale of loans | 0 | (27) |
Net gain on the sale of OREO and other assets | 0 | (649) |
Net depreciation, amortization and accretion | 2,178 | 1,978 |
Stock plan compensation (excluding ESOP) | 1,449 | 1,584 |
ESOP compensation expense | 958 | 934 |
Provision (credit) for loan losses | (891) | (1,350) |
Credit to reduce the liability for loans sold with recourse | 0 | (1,040) |
Increase in cash surrender value of BOLI | (1,837) | (1,147) |
Deferred income tax provision (credit) | 148 | (116) |
Excess tax expense (benefit) from stock benefit plans | (204) | (71) |
Changes in assets and liabilities: | ||
Decrease in other assets | 4,178 | (341) |
(Decrease) Increase in other liabilities | 6,469 | 1,512 |
Net cash provided by operating Activities | 44,549 | 33,491 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities of investment securities held-to-maturity | 127 | 76 |
Proceeds from calls and principal repayments of investment securities available-for-sale | 0 | 15,000 |
Proceeds from sales of investment securities available-for-sale | 2,070 | 0 |
Proceeds from sales of trading securities | 1,340 | 0 |
Proceeds from Sale of Mortgage Backed Securities (MBS) categorized as Available-for-sale | 24,307 | 0 |
Purchases of investment securities available-for-sale | (2,038) | (24) |
Purchases of mortgage backed securities available-for-sale | 0 | (875) |
Acquisition of trading securities | (1,572) | (200) |
Principal collected on mortgage backed securities available-for-sale | 1,589 | 4,645 |
Proceeds from the sale of loans | 9,905 | 12,970 |
Purchases of loans | 0 | (221,924) |
Loans originated, net of repayments | (381,530) | (145,861) |
Proceeds from the sale of premises | 0 | 4,273 |
Purchases of fixed assets, net | (1,071) | (1,500) |
(Purchase) Redemption of FHLBNY capital stock | 4,059 | (7,184) |
Net cash used in investing activities | (342,814) | (340,604) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Increase in due to depositors | 369,705 | 115,467 |
Increase in escrow and other deposits | 39,211 | 26,426 |
Repayment of FHLBNY advances | (1,829,000) | (695,000) |
Proceeds from FHLBNY advances | 1,725,000 | 888,225 |
Exercise of stock options | 4,056 | 278 |
Excess tax benefit of stock benefit plans | 204 | 71 |
Release of stock for benefit plan awards | 213 | 171 |
Treasury shares repurchased | (300) | 0 |
Cash dividends paid | (15,188) | (15,075) |
Net cash provided by Financing Activities | 293,901 | 320,563 |
INCREASE IN CASH AND CASH EQUIVALENTS | (4,364) | 13,450 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 78,437 | 45,777 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 74,073 | 59,227 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 18,809 | 23,135 |
Cash paid for interest | 35,269 | 35,689 |
Loans transferred to OREO | 130 | 0 |
Transfer of premises to held for sale | 9,534 | 0 |
Loans transferred to held for sale | 8,799 | 12,943 |
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity | 58 | 49 |
Net decrease in non-credit component of OTTI | $ (18) | $ 24 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 9 Months Ended |
Sep. 30, 2015 | |
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, 842 Manhattan Avenue Corp., and Dime Community Capital Trust 1. The Bank's direct subsidiaries are Boulevard Funding Corp., Dime Insurance Agency Inc., DSBW Preferred Funding Corporation, DSBW Residential Preferred Funding Corp., Dime Reinvestment Corp., 195 Havemeyer Corp. and DSB Holdings NY, LLC. |
SUMMARY OF ACCOUNTING POLICIES
SUMMARY OF ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2015 | |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT 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, 2015 and December 31, 2014, the results of operations and statements of comprehensive income for the three-month and nine-month periods ended September 30, 2015 and 2014, and the changes in stockholders' equity and cash flows for the nine-month periods ended September 30, 2015 and 2014. The results of operations for the three-month and nine-month periods ended September 30, 2015 are not necessarily indicative of the results of operations for the remainder of the year ending December 31, 2015. 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 condensed 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. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2015 | |
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | 3. RECENT ACCOUNTING PRONOUNCEMENTS In April 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08"). ASU 2014-08 changed the criteria for reporting discontinued operations and provided financial statement users additional information related to the assets, liabilities, income, and expenses of discontinued operations. ASU 2014-08 also sought to both clarify confusion related to, and inconsistent financial reporting of, discontinued operations under existing GAAP guidance, and enhance convergence between GAAP and International Financial Reporting Standards. Under ASU 2014-08, only disposals that represent strategic shifts and have a major effect on the organization's operations and financial results are to be presented as discontinued operations. ASU 2014-08 further requires disclosure of the pretax income attributable to the disposal of a significant part of an organization that does not meet the criteria for discontinued operations reporting, providing users information about the ongoing trends in a reporting organization's results from continuing operations. The Company adopted ASU 2014-08 effective January 1, 2015. Adoption of ASU 2014-08 did not have a material impact upon the Company's consolidated financial condition or results of operations. |
TREASURY STOCK
TREASURY STOCK | 9 Months Ended |
Sep. 30, 2015 | |
TREASURY STOCK [Abstract] | |
TREASURY STOCK | 4. TREASURY STOCK There were no treasury stock repurchases during the three months ended September 30, 2015, or the three-month or nine-month periods ended September 30, 2014. The Holding Company repurchased 20,000 shares of its common stock into treasury during the nine months ended September 30, 2015 at a weighted average cost of $15.00 per share. On April 23, 2015, 11,557 shares of the Holding Company's common stock were released from treasury in order to fulfill benefit obligations under the BMP. The closing price of the Holding Company's common stock on that date was $16.37, and the shares were released utilizing the average historical cost method. On April 30, 2015, 68,069 shares of the Holding Company's common stock were released from treasury in order to fulfill benefit obligations under the Dime Community Bancshares, Inc. 2013 Equity and Incentive Plan (the "2013 Equity and Incentive Plan"). The closing price of the Holding Company's common stock on that date was $15.92, and the shares were released utilizing the average historical cost method. On April 30, 2014, 121,333 shares of the Holding Company's common stock were released from treasury in order to fulfill benefit obligations under either the Dime Community Bancshares, Inc. 2004 Stock Incentive Plan (the "2004 Stock Incentive Plan") or the 2013 Equity and Incentive Plan, and 9,364 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 $16.30, and the shares were released utilizing the average historical cost method. Shares either released from treasury stock for earned equity awards or returned to treasury stock due to forfeited equity awards were otherwise immaterial during the three-month and nine-month periods ended September 30, 2015 and 2014. |
OTHER COMPREHENSIVE INCOME (LOS
OTHER COMPREHENSIVE INCOME (LOSS) | 9 Months Ended |
Sep. 30, 2015 | |
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 (loss) gain on securities in the accompanying condensed consolidated statements of income. Pre-tax Amount Tax Expense (Benefit) After tax Amount Three Months Ended September 30, 2015 Securities held-to maturity and transferred securities: Change in non-credit component of OTTI $ 9 $ 4 $ 5 Change in unrealized loss on securities transferred to held to maturity 11 5 6 Total securities held-to-maturity and transferred securities 20 9 11 Securities available-for-sale: Change in net unrealized gain during the period (176 ) (79 ) (97 ) Total securities available-for-sale (176 ) (79 ) (97 ) Defined benefit plans: Reclassification adjustment for expense included in salaries and employee benefits expense 478 216 262 Change in the net actuarial gain or loss - - - Total defined benefit plans 478 216 262 Total other comprehensive income $ 322 $ 146 $ 176 Three Months Ended September 30, 2014 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 12 5 7 Total securities held-to-maturity and transferred securities 20 9 11 Securities available-for-sale: Change in net unrealized gain during the period (54 ) (24 ) (30 ) Total securities available-for-sale (54 ) (24 ) (30 ) Defined benefit plans: Reclassification adjustment for expense included in salaries and employee benefits expense 261 117 144 Total defined benefit plans 261 117 144 Total other comprehensive income $ 227 $ 102 $ 125 Pre-tax Amount Tax Expense (Benefit) After tax Amount Nine Months Ended September 30, 2015 Securities held-to maturity and transferred securities: Change in non-credit component of OTTI $ (18 ) $ (8 ) $ (10 ) Change in unrealized loss on securities transferred to held to maturity 57 26 31 Total securities held-to-maturity and transferred securities 39 18 21 Securities available-for-sale: Reclassification adjustment for net gains included in net (loss) gain on securities (1,384 ) (624 ) (760 ) Change in net unrealized gain during the period (141 ) (64 ) (77 ) Total securities available-for-sale (1,525 ) (688 ) (837 ) Defined benefit plans: Reclassification adjustment for expense included in salaries and employee benefits expense 1,412 636 776 Change in the net actuarial gain or loss (1,064 ) (478 ) (586 ) Total defined benefit plans 348 158 190 Total other comprehensive loss $ (1,138 ) $ (512 ) $ (626 ) Nine Months Ended September 30, 2014 Securities held-to-maturity and transferred securities: Change in non-credit component of OTTI $ 24 $ 13 $ 11 Change in unrealized loss on securities transferred to held to maturity 50 21 29 Total securities held-to-maturity and transferred securities 74 34 40 Securities available-for-sale: Change in net unrealized gain during the period 5 2 3 Total securities available-for-sale 5 2 3 Defined benefit plans: Reclassification adjustment for expense included in salaries and employee benefits expense 783 351 432 Total defined benefit plans 783 351 432 Total other comprehensive income $ 862 $ 387 $ 475 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, 2015 $ (826 ) $ 736 $ (8,457 ) $ (8,547 ) Other comprehensive income (loss) before reclassifications 21 (77 ) (586 ) (642 ) Amounts reclassified from accumulated other comprehensive loss - (760 ) 776 16 Net other comprehensive income (loss) during the period 21 (837 ) 190 (626 ) Balance as of September 30, 2015 $ (805 ) $ (101 ) $ (8,267 ) $ (9,173 ) Balance as of January 1, 2014 $ (878 ) $ 1,319 $ (5,200 ) $ (4,759 ) Other comprehensive income before reclassifications 41 2 - 43 Amounts reclassified from accumulated other comprehensive loss - - 432 432 Net other comprehensive income during the period 41 2 432 475 Balance as of September 30, 2014 $ (837 ) $ 1,321 $ (4,768 ) $ (4,284 ) |
EARNINGS PER SHARE (EPS)
EARNINGS PER SHARE (EPS) | 9 Months Ended |
Sep. 30, 2015 | |
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. 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, 2015 2014 2015 2014 Net income per the Consolidated Statements of Income $ 10,081 $ 11,765 $ 33,388 $ 32,259 Less: Dividends paid and earnings allocated to participating securities (31 ) (41 ) (105 ) (128 ) Income attributable to common stock $ 10,050 $ 11,724 $ 33,283 $ 32,131 Weighted average common shares outstanding, including participating securities 36,552,925 36,215,186 36,414,645 36,164,129 Less: weighted average participating securities (224,102 ) (295,044 ) (252,162 ) (305,615 ) Weighted average common shares outstanding 36,328,823 35,920,142 36,162,483 35,858,514 Basic EPS $ 0.28 $ 0.33 $ 0.92 $ 0.90 Income attributable to common stock $ 10,050 $ 11,724 $ 33,283 $ 32,131 Weighted average common shares outstanding 36,328,823 35,920,142 36,162,483 35,858,514 Weighted average common equivalent shares outstanding 92,631 54,197 87,887 82,231 Weighted average common and equivalent shares outstanding 36,421,454 35,974,339 36,250,370 35,940,745 Diluted EPS $ 0.28 $ 0.33 $ 0.92 $ 0.90 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 There were 80,000 and 270,996 weighted-average stock options outstanding for the three-month periods ended September 30, 2015 and 2014, 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 132,976 and 309,444 weighted-average stock options outstanding for the nine-month periods ended September 30, 2015 and 2014, 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 COMP
ACCOUNTING FOR STOCK BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2015 | |
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, 2015 and 2014, the Holding Company and Bank maintained the Dime Community Bancshares, Inc. 2001 Stock Option Plan for Outside Directors, Officers and Employees, the 2004 Stock Incentive Plan and the 2013 Equity and 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, 2014, 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, 2015 2014 2015 2014 Options outstanding – beginning of period 646,201 979,916 979,916 1,615,771 Options granted - - - - Options exercised - - (274,355) (16,960) Options that expired prior to exercise - - (59,360) (618,895) Options outstanding – end of period 646,201 979,916 646,201 979,916 Intrinsic value of options exercised $- $- $384 $6 Compensation expense recognized - 23 31 86 Remaining unrecognized compensation expense - 54 - 54 Intrinsic value of outstanding options at period end 1,609 468 1,609 468 Intrinsic value of vested options at period end 1,609 468 1,609 468 Weighted average exercise price of vested options – end of period 14.57 14.73 14.57 14.73 There were no grants of stock options during the three-month and nine-month periods ended September 30, 2015 and 2014. Restricted Stock Awards Prior to June 2014, the Company issued restricted stock awards to outside directors and certain officers under the 2004 Equity Plan. Presently, the Company issues restricted stock awards periodically to outside directors and certain officers under the 2013 Equity 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 Equity Plan or 2013 Equity Plan during the periods indicated: At or for the Three Months Ended September 30, At or for the Nine Months Ended September 30, 2015 2014 2015 2014 Unvested allocated shares – beginning of period 224,372 295,044 289,660 318,314 Shares granted - - 68,069 121,333 Shares vested - - (132,377) (141,361) Shares forfeited (478) - (1,458) (3,242) Unvested allocated shares – end of period 223,894 295,044 223,894 295,044 Compensation recorded to expense $434 $501 $1,418 $1,497 |
LOANS RECEIVABLE AND CREDIT QUA
LOANS RECEIVABLE AND CREDIT QUALITY | 9 Months Ended |
Sep. 30, 2015 | |
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., i.e. Special Mention. Substandard. Doubtful. 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, 2015 Grade One- to Four-Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed Use Commercial Mixed Use Real Estate Commercial Real Estate Construction Total Real Estate Loans Not Graded(1) $ 8,098 $ - $ - $ - $ - $ 8,098 Pass 58,311 3,550,193 373,219 459,773 - 4,441,496 Special Mention 1,347 9,339 1,630 5,620 - 17,936 Substandard 1,862 7,841 5,573 7,818 - 23,094 Doubtful - - - - - - Total $ 69,618 $ 3,567,373 $ 380,422 $ 473,211 $ - $ 4,490,624 (1) Balance at December 31, 2014 Grade One- to Four-Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed Use Commercial Mixed Use Real Estate Commercial Real Estate Construction Total Real Estate Loans Not Graded(1) $ 9,091 $ - $ - $ - $ - $ 9,091 Pass 60,764 3,271,430 317,718 391,227 - 4,041,139 Special Mention 1,370 20,738 4,944 6,431 - 33,483 Substandard 2,275 6,280 6,005 19,138 - 33,698 Doubtful - - - - - - Total $ 73,500 $ 3,298,448 $ 328,667 $ 416,796 $ - $ 4,117,411 (1) 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, 2015 Balance at December 31, 2014 Performing $1,466 $1,825 Non-accrual 2 4 Total $1,468 $1,829 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, 2015 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, including condominium and cooperative apartment $174 $4 $630 $834 $1,642 $67,976 $69,618 Multifamily residential and residential mixed use 2,244 - 374 547 3,165 3,564,208 3,567,373 Commercial mixed use real estate 130 - 406 - 536 379,886 380,422 Commercial real estate - - 1,093 207 1,300 471,911 473,211 Total real estate $2,548 $4 $2,503 $1,588 $6,643 $4,483,981 $4,490,624 Consumer $2 $- $- $2 $4 $1,464 $1,468 (1) At December 31, 2014 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, includingcondominium and cooperative apartment $240 $- $- $1,310 $1,550 $71,950 $73,500 Multifamily residential and residential mixed use 1,187 - 2,922 167 4,276 3,294,172 3,298,448 Commercial mixed use real estate - - 411 - 411 328,256 328,667 Commercial real estate - - - 4,717 4,717 412,079 416,796 Total real estate $1,427 $- $3,333 $6,194 $10,954 $4,106,457 $4,117,411 Consumer $2 $- $- $4 $6 $1,823 $1,829 (1) Accruing Loans 90 Days or More Past Due The Bank continued accruing interest on eight real estate loans with an aggregate outstanding balance of $2,503 at September 30, 2015, and eight real estate loans with an aggregate outstanding balance of $3,333 at December 31, 2014, all of which were 90 days or more past due on their respective contractual maturity dates. These loans 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 the dates indicated above. Troubled Debt Restructurings ("TDRs") The following table summarizes outstanding TDRs by underlying collateral type as of the dates indicated: As of September 30, 2015 As of December 31, 2014 No. of Loans Balance No. of Loans Balance One- to four-family residential, including condominium and cooperative apartment 2 $599 2 $605 Multifamily residential and residential mixed use 3 705 4 1,105 Commercial mixed use real estate 1 4,365 1 4,400 Commercial real estate 2 3,651 4 13,707 Total real estate 8 $9,320 11 $19,817 The following table summarizes outstanding TDRs by accrual status as of the dates indicated As of September 30, 2015 As of December 31, 2014 No. of Loans Balance No. of Loans Balance Outstanding principal balance at period end 8 $9,320 11 $19,817 TDRs on accrual status at period end 7 9,113 9 15,100 TDRs on non-accrual status at period end 1 207 2 4,717 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 on either 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, 2015 and December 31, 2014. There were no loans modified in a manner that met the criteria of a TDR during the three-month and nine-month periods ended September 30, 2015. The following table summarizes activity related to TDRs for the periods indicated: For the Three Months Ended September 30, 2014 For the Nine Months Ended September 30, 2014 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Loan modifications during the period that met the definition of a TDR: Commercial mixed use real estate - - - 1 $4,400 $4,400 Commercial real estate 1 $3,500 $3,500 1 3,500 3,500 TOTAL 1 $3,500 $3,500 2 $7,900 $7,900 The Bank's allowance for loan losses at September 30, 2015 did not reflect any allocated reserve associated with TDRs. The Bank's allowance for loan losses at December 31, 2014 reflected $19 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, 2015 and 2014. As of September 30, 2015 and December 31, 2014, 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-month or nine-month periods ended September 30, 2015 and 2014 (thus no significant impact to the allowance for loan losses during those periods). Impaired Loans A loan is considered impaired when, based on then 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. 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 to come from liquidation of the collateral; or 3) the present value of estimated future cash flows (using the loan's pre-modification rate for some of the performing TDRs). If a TDR is substantially performing in accordance with its restructured terms, management will look to either the potential net liquidation proceeds of the underlying collateral or the present value of the expected cash flows from the debt service 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. Loans Re-acquired from FNMA Until February 20, 2014, 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"). This pool of loans was re-acquired on February 20, 2014, and the First Loss Position was extinguished. Since re-acquisition, the credit quality of these loans has been evaluated in accordance with the policies and procedures discussed in this note. The Company paid an aggregate premium of $13,163 on the real estate loans re-acquired from FNMA during the nine months ended September 30, 2014. The premium is being amortized as an adjustment to interest income throughout the remaining estimated life of the loans. At September 30, 2015 and December 31, 2014, the remaining unamortized premium totaled $3,944 and $7,950, respectively. |
ALLOWANCE FOR LOAN LOSSES AND R
ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR FIRST LOSS POSITION ON MULTIFAMILY LOANS SOLD TO FNMA | 9 Months Ended |
Sep. 30, 2015 | |
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 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). Due to their small homogeneous balances, consumer loans were not individually evaluated for impairment as of both September 30, 2015 and December 31, 2014. 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 condominium or cooperative apartment 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 to come 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 some performing TDRs). 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 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 are generally considered when measuring impairment. While measured impairment is generally charged off immediately, impairment attributed to a reduction in the present value of expected cash flows of a performing TDR is generally reflected as an allocated reserve within the allowance for loan losses. At September 30, 2015 and December 31, 2014, there were no allocated reserves related to TDRs within the allowance for loan losses. Smaller balance homogeneous real estate loans, such as condominium or cooperative apartment 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, 2015 and December 31, 2014, 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, 2015 and December 31, 2014. 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 $284 at September 30, 2015 and $371 at December 31, 2014. The decline resulted from both a reduction of $4,002 in the balance of such loans from December 31, 2014 to September 30, 2015, as well as a lower average loss expectation derived as of September 30, 2015 compared to December 31, 2014. 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, 2015 and December 31, 2014, 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, 2015 and December 31, 2014. 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 expected the 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 declined from $228 at December 31, 2014 to $98 at September 30, 2015, due to both a reduction of $15,547 in the balance of such loans and a lower expected loss percentage applied to such loans at September 30, 2015 compared to December 31, 2014 under the methodology employed. 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 condominium or cooperative apartments securing loans in excess of the FNMA Limits; 2) multifamily residential and residential mixed use; 3) commercial mixed use 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 the existence of potential losses that could take a longer period to flow through its allowance for loan losses. (ii) Economic conditions - At both September 30, 2015 and December 31, 2014, 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) Loan concentrations - 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 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, 2015 Real Estate Loans Consumer Loans One- to Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed Use Commercial Mixed Use Real Estate Commercial Real Estate Construction Total Real Estate Beginning balance $126 $14,374 $1,682 $2,349 $- $18,531 $22 Provision (credit) for loan losses 19 288 92 18 - 417 (1) Charge-offs (6) (1) - (4) - (11) - Recoveries 1 - - - - 1 - Ending balance $140 $14,661 $1,774 $2,363 $- $18,938 $21 Ending balance – loans individually evaluated for impairment $599 $1,252 $4,365 $3,651 $- $9,867 $- Ending balance – loans collectively evaluated for impairment 69,019 3,566,121 376,057 469,560 - 4,480,757 1,468 Allowance balance associated with loans individually evaluated for impairment - - - - - - - Allowance balance associated with loans collectively evaluated for impairment 140 14,661 1,774 2,363 - 18,938 21 Total Ending balance $140 $14,661 $1,774 $2,363 $- $18,938 $21 At December 31, 2014 Real Estate Loans Consumer Loans One- to Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed Use Commercial Mixed Use Real Estate Commercial Real Estate Construction Total Real Estate Ending balance – loans individually evaluated for impairment $605 $1,272 $4,400 $13,707 $- $19,984 $- Ending balance – loans collectively evaluated for impairment 72,895 3,297,176 324,267 403,089 - 4,097,427 1,829 Allowance balance associated with loans individually evaluated for impairment - - - 19 - 19 - Allowance balance associated with loans collectively evaluated for impairment 150 13,852 1,644 2,804 - 18,450 24 At or for the Three Months Ended September 30, 2014 Real Estate Loans Consumer Loans One- to Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed Use Commercial Mixed Use Real Estate Commercial Real Estate Construction Total Real Estate Beginning balance $304 $14,319 $1,609 $3,377 $- $19,609 $24 Provision (credit) for loan losses (88) (115) 198 (498) - (503) 2 Charge-offs (14) (19) - (22) - (55) - Recoveries 1 - 19 1 - 21 - Ending balance $203 $14,185 $1,826 $2,858 $- $19,072 $26 At or for the Nine Months Ended September 30, 2015 Real Estate Loans Consumer Loans One- to Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed Use Commercial Mixed Use Real Estate Commercial Real Estate Construction Total Real Estate Beginning balance $150 $13,852 $1,644 $2,823 $- $18,469 $24 Provision (credit) for loan losses 99 848 143 (1,980) - (890) (1) Charge-offs (113) (42) (37) (5) - (197) (2) Recoveries 4 3 24 1,525 - 1,556 - Ending balance $140 $14,661 $1,774 $2,363 $- $18,938 $21 At or for the Nine Months Ended September 30, 2014 Real Estate Loans Consumer Loans One- to Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed Use Commercial Mixed Use Real Estate Commercial Real Estate Construction Total Real Estate Beginning balance $236 $13,840 $3,003 $3,047 $3 $20,129 $24 Provision (credit) for loan losses (118) 239 (1,508) 34 (3) (1,356) 6 Charge-offs (37) (69) (30) (232) - (368) (4) Recoveries 122 175 361 9 - 667 - Ending balance $203 $14,185 $1,826 $2,858 $- $19,072 $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, 2015 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, Including Condominium and Cooperative Apartment With no allocated reserve $638 $599 $- With an allocated reserve - - - Multifamily Residential and Residential Mixed Use With no allocated reserve 1,252 1,252 - With an allocated reserve - - - Commercial Mixed Use Real Estate With no allocated reserve 4,365 4,365 - With an allocated reserve - - - Commercial Real Estate With no allocated reserve 3,658 3,651 - With an allocated reserve - - - Construction With no allocated reserve - - - With an allocated reserve - - - Total With no allocated reserve $9,913 $9,867 $- With an allocated reserve $- $- $- (1) The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. At December 31, 2014 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, Including Condominium and Cooperative Apartment With no allocated reserve $646 $605 $- With an allocated reserve - - - Multifamily Residential and Residential Mixed Use With no allocated reserve 1,272 1,272 - With an allocated reserve - - - Commercial Mixed Use Real Estate With no allocated reserve 4,425 4,400 - With an allocated reserve - - - Commercial Real Estate With no allocated reserve 10,306 8,207 - With an allocated reserve 5,500 5,500 19 Construction With no allocated reserve - - - With an allocated reserve - - - Total With no allocated reserve $16,649 $14,484 $- With an allocated reserve $5,500 $5,500 $19 (1) The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 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, Including Condominium and Cooperative Apartment With no allocated reserve $601 $11 $769 $12 $602 $34 $783 $47 With an allocated reserve - - - - - - 52 - Multifamily Residential and Residential Mixed Use With no allocated reserve 1,074 10 2,483 16 1,123 56 2,366 72 With an allocated reserve - - - - - - - - Commercial Mixed Use Real Estate With no allocated reserve 4,383 44 2,200 44 4,388 132 2,200 193 With an allocated reserve - - 2,200 - - - 2,200 - Commercial Real Estate With no allocated reserve 5,169 35 6,863 79 5,929 106 7,286 120 With an allocated reserve - - 10,259 73 1,375 97 10,272 423 Construction With no allocated reserve - - - - - - - - With an allocated reserve - - - - - - - - Total With no allocated reserve $11,227 $100 $12,315 $151 $12,042 $328 $12,635 $432 With an allocated reserve $- $- $12,459 $73 $1,375 $97 $12,524 $423 Reserve Liability for First Loss Position The reserve liability maintained in connection with the First Loss Position was recorded as a component of other liabilities, and was estimated using a methodology similar to the allowance for loan losses, with periodic increases or decreases recognized through provisions, charge-offs or recoveries. On February 20, 2014, the Bank repurchased the remaining loans within the pool previously sold to FNMA, and extinguished both the First Loss Position and the remaining $1,040 related reserve liability. |
INVESTMENT AND MORTGAGE-BACKED
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 9 Months Ended |
Sep. 30, 2015 | |
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, 2015: Purchase Amortized/ Historical Cost Recorded Amortized/ Historical Cost (1) Unrealized Gains Unrealized Losses Fair Value Investment securities held-to-maturity: Pooled bank trust preferred securities ("TRUPS") $15,553 $5,349 $2,382 $(253) $7,478 Available-for-sale securities: Investment securities Registered Mutual Funds 3,894 3,894 5 (215) 3,684 MBS Pass-through MBS issued by GSEs 431 431 15 - 446 (1) Amount represents the purchase amortized / historical cost less any OTTI charges (credit or non-credit related) previously recognized. For the TRUPS, amount is also net of the $874 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 (excluding trading securities) at December 31, 2014: Purchase Amortized/ Historical Cost Recorded Amortized/ Historical Cost (1) Unrealized Gains Unrealized Losses Fair Value Investment securities held-to-maturity: TRUPS $15,815 $5,367 $1,119 $(171) $6,315 Available-for-sale securities: Investment securities Registered Mutual Funds 3,860 3,860 - (124) 3,736 Agency notes 70 70 - - 70 MBS Pass-through MBS issued by GSEs 24,154 24,154 1,453 - 25,607 Private issuer pass through MBS 449 449 6 - 455 Private issuer collateralized mortgage obligations ("CMOs") 343 343 4 - 347 (1) Amount represents the purchase amortized / historical cost less any OTTI charges (credit or non-credit related) previously recognized. For the TRUPS, amount is also net of the $932 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 held-to-maturity TRUPS had a weighted average term to maturity of 19.2 years at September 30, 2015. At September 30, 2015, the pass-through MBS issued by GSEs possessed a weighted average contractual maturity of 12.4 years. All of the pass-through MBS issued by GSEs possess an annual interest rate adjustment. There were no sales of investment securities during the three-month periods ended September 30, 2015 and 2014, and during the nine months ended September 30, 2014, as the entire gain/loss on securities shown in the unaudited statements of income for these periods resulted from market valuation changes on trading securities. Proceeds from the sales of investment securities available-for-sale totaled $2,070 during the nine months ended September 30, 2015. Gross gains of $4 and gross losses of $8 were recognized on these sales. There were no sales of MBS available-for-sale during the three-month periods ended September 30, 2015 and 2014, and during the nine months ended September 30, 2014. Proceeds from the sales of MBS available-for-sale totaled $24,307 during the nine months ended September 30, 2015. Gross gains of $1,395 and gross losses of $7 were recognized on these sales. Tax provisions related to the gains on sales of investment securities and MBS available-for-sale recognized during the three-month and nine-month periods ended September 30, 2015 and 2014 are disclosed in the condensed consolidated statements of comprehensive income. As of each reporting period through September 30, 2015, the Company has applied the protocol established by 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, 2015, five TRUPS were determined to meet the criteria for OTTI based upon this analysis. At September 30, 2015, 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, 2015 At or for the Three Months Ended September 30, 2014 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 pre-tax balance at the beginning of the period $8,769 $596 $9,365 $8,945 $585 $9,530 Amortization of previously recognized OTTI (26) (9) (35) - (8) (8) Cumulative pre-tax balance at end of the period $8,743 $587 $9,330 $8,945 $577 $9,522 At or for the Nine Months Ended September 30, 2015 At or for the Nine Months Ended September 30, 2014 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 pre-tax balance at the beginning of the period $8,945 $569 $9,514 $8,945 $601 $9,546 Accretion (Amortization) of previously recognized OTTI (202) 18 (184) - (24) (24) Cumulative pre-tax balance at end of the period $8,743 $587 $9,330 $8,945 $577 $9,522 The following table summarizes the gross unrealized losses and fair value of investment securities as of September 30, 2015, aggregated by investment category and the length of time the securities were in a continuous unrealized loss position: Less than 12 Months Consecutive Unrealized Losses 12 Months or More Consecutive Unrealized Losses Total Fair Value Gross Unrecognized/ Unrealized Losses Fair Value Gross Unrecognized/ Unrealized Losses Fair Value Gross Unrecognized/ Unrealized Losses Held-to-Maturity Securities: TRUPS $- $- $2,442 $253 $2,442 $253 Available-for-Sale Securities: Registered Mutual Funds 3,476 215 - - 3,476 215 TRUPS That Have Maintained an Unrealized Holding Loss for 12 or More Consecutive Months At September 30, 2015, impairment of two TRUPS was deemed temporary, as management believed that the full recorded balance of the investments would be realized. 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 does not intend to sell these securities prior to full recovery of their impairment ● There were no cash or working capital requirements nor contractual or regulatory obligations that would compel the Company to sell these securities prior to their forecasted recovery or maturity ● The securities have a pool of underlying issuers comprised primarily of banks ● None of the securities have exposure to real estate investment trust issued debt (which has experienced high default rates) ● The securities feature either a mandatory auction or a de-leveraging mechanism that could result in principal repayments to the Bank prior to the stated maturity of the security ● The securities are adequately collateralized The following table summarizes the gross unrealized losses and fair value of investment securities as of December 31, 2014, aggregated by investment category and the length of time the securities were in a continuous unrealized loss position: Less than 12 Months Consecutive Unrealized Losses 12 Months or More Consecutive Unrealized Losses Total Fair Value Gross Unrecognized/ Unrealized Losses Fair Value Gross Unrecognized/ Unrealized Losses Fair Value Gross Unrecognized/ Unrealized Losses Held-to-Maturity Securities: TRUPS $- $- $2,562 $171 $2,562 $171 Available-for-Sale Securities: Registered Mutual Funds 3,736 124 - - 3,736 124 |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended |
Sep. 30, 2015 | |
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 Level 2 Inputs e.g. Level 3 Inputs The following tables present the assets that are reported on the consolidated statements of financial condition at fair value as of the date indicated segmented 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, 2015 Fair Value Measurements Using Description Total Level 1 Inputs Level 2 Inputs Level 3 Inputs Trading securities (Registered Mutual Funds): Domestic Equity Mutual Funds $ 995 $ 995 $ - $ - International Equity Mutual Funds 273 273 - - Fixed Income Mutual Funds 7,429 7,429 - - Investment securities available-for-sale: Registered Mutual Funds: Domestic Equity Mutual Funds 1,183 1,183 - - International Equity Mutual Funds 372 372 - - Fixed Income Mutual Funds 2,129 2,129 - - Pass-through MBS issued by GSEs 446 - 446 - Assets Measured at Fair Value on a Recurring Basis at December 31, 2014 Fair Value Measurements Using Description Total Level 1 Inputs Level 2 Inputs Level 3 Inputs Trading securities (Registered Mutual Funds): Domestic Equity Mutual Funds $ 1,399 $ 1,399 $ - $ - International Equity Mutual Funds 159 159 - - Fixed Income Mutual Funds 7,001 7,001 - - Investment securities available-for-sale: Agency notes 70 - 70 - Registered Mutual Funds: Domestic Equity Mutual Funds 2,160 2,160 - - International Equity Mutual Funds 415 415 - - Fixed Income Mutual Funds 1,161 1,161 - - Pass-through MBS issued by GSEs 25,607 - 25,607 - Private issuer pass through MBS 455 - 455 - Private issuer CMOs 347 - 347 - 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 pass-through MBS issued by GSEs all possessed the highest possible credit rating published by at least one established credit rating agency as of September 30, 2015 and December 31, 2014. Obtaining market values as of September 30, 2015 and December 31, 2014 for these securities utilizing significant observable inputs was not difficult due to their considerable demand. The agency notes, private issuer pass through MBS and private issuer CMOs owned by the Company at December 31, 2014 were sold during the nine months ended September 30, 2015. For each security classification, the value received from the sale approximated the most recently obtained pricing utilizing the methodology indicated above. There were no assets measured at fair value on a non-recurring basis as of September 30, 2015. The following table summarizes assets measured at fair value on a non-recurring basis as of December 31, 2014: Assets Measured at Fair Value on a Non-Recurring Basis at December 31, 2014 Fair Value Measurements Using Description Total Level 1 Inputs Level 2 Inputs Level 3 Inputs Impaired loans: Commercial Mixed Use Real Estate $4,400 $- $- $4,400 Loans Held for Sale Impaired Loans unable to collect all amounts due, including principal and interest, according to the contractual terms of the loan agreement. The Bank's impaired loans at September 30, 2015 and December 31, 2014 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 price (Level 3 input), or, more commonly, a recent real estate appraisal (Level 3 input). The 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 and 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, 2015, there were no impaired loans measured at fair value. As of December 31, 2014, impaired loans measured for impairment using the estimated fair value of the collateral had an aggregate principal balance of $4,400, and no valuation allowance within the allowance for loan losses. Impaired loans measured at fair value using the estimated fair value of the collateral had no impact upon the provision for loan losses during the three-month or nine-month periods ended either September 30, 2015 or 2014. 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, 2014: Fair Value Derived Valuation Technique Utilized Significant Unobservable Input(s) Minimum Value Maximum Value Weighted Average Value $4,400 Income approach only Capitalization rate N/A(1) N/A(1) 7.5% (1) 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, 2015 and December 31, 2014 were as follows: Fair Value at September 30, 2015 Using At September 30, 2015 Carrying Amount Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Cash and due from banks $ 74,073 $ 74,073 $ - $ - $ 74,073 Federal funds sold and other short-term investments - - - - - Investment securities held to maturity (TRUPS) 5,349 - 7,478 - 7,478 Loans, net (excluding impaired loans carried at fair value) 4,473,133 - - 4,521,373 4,521,373 Accrued interest receivable 12,547 - 28 12,519 12,547 FHLBNY capital stock 54,348 N/ A N/ A N/ A N/ A Liabilities: Savings, money market and checking accounts 2,141,790 2,141,790 - - 2,141,790 Certificates of Deposit ("CDs") 887,707 - 895,391 - 895,391 Escrow and other deposits 131,132 131,132 - - 131,132 FHLBNY Advances 1,069,725 - 1,079,707 - 1,079,707 Trust Preferred securities payable 70,680 - 70,680 - 70,680 Accrued interest payable 2,389 - 2,389 - 2,389 Fair Value at December 31, 2014 Using At December 31, 2014 Carrying Amount Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Cash and due from banks $ 78,187 $ 78,187 $ - $ - $ 78,187 Federal funds sold and other short-term investments 250 250 - - 250 Investment securities held to maturity (TRUPS) 5,367 - - 6,315 6,315 Loans, net (excluding impaired loans carried at fair value) 4,096,347 - - 4,188,137 4,188,137 Accrued interest receivable 12,664 2 104 12,558 12,664 FHLBNY capital stock 58,407 N/ A N/ A N/ A N/ A Liabilities: Savings, money market and checking accounts 1,733,474 1,733,474 - - 1,733,474 CDs 926,318 - 934,324 - 934,324 Escrow and other deposits 91,921 91,921 - - 91,921 FHLBNY Advances 1,173,725 - 1,186,069 - 1,186,069 Trust Preferred securities payable 70,680 - 70,680 - 70,680 Accrued interest payable 2,729 - 2,729 - 2,729 Cash and Due From Banks – Federal Funds Sold and Other Short Term Investments TRUPS Held to Maturity At December 31, 2014, their estimated fair value was obtained utilizing the following weighted valuation sources: 1) broker quotations (10% valuation weighting), which were deemed to meet the criteria of "distressed sale" pricing under the guidance of ASC 820-10-65-4 (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 parties); 2) an internally created cash flow valuation model (45% valuation weighting) 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") (deemed to be a Level 3 valuation); and 3) the average of a minimum of two of three available independent cash flow valuation models (45% valuation 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 parties). The major assumptions utilized as of December 31, 2014 in the Internal Cash Flow Valuation (each of which represents a significant unobservable input as defined by ASC 820-10) were disclosed in Note 17 to the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 filed on March 16, 2015. As discussed above, in addition to the Internal Cash Flow Valuation and broker quotations, at December 31, 2014 the Company utilized two additional independent cash flow valuation models in order to estimate the fair value of TRUPS. The two 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. As a result of improved marketplace stability and enhanced trading activity, broker quotations became the sole valuation source utilized to estimate the fair value of TRUPS as of September 30, 2015. The broker quotations at September 30, 2015 were deemed to be a Level 2 valuation. Loans, Net (Excluding Impaired Loans Carried at Fair Value) Accrued Interest Receivable – FHLBNY Capital Stock Deposits i.e Escrow and Other Deposits – (i.e. FHLBNY Advances – Trust Preferred Securities Payable Accrued Interest Payable – |
RETIREMENT AND POSTRETIREMENT P
RETIREMENT AND POSTRETIREMENT PLANS | 9 Months Ended |
Sep. 30, 2015 | |
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 (the "Postretirement Plan"). Net expenses associated with these plans were comprised of the following components: Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 BMP, Employee and Outside Director Retirement Plans Postretirement Plan BMP, Employee and Outside Director Retirement Plans Postretirement Plan Service cost $ - $ - $ - $ 10 Interest cost 344 18 338 58 Expected return on assets (414 ) - (444 ) - Amortization of unrealized loss 480 (2 ) 261 - Net periodic cost $ 410 $ 16 $ 155 $ 68 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 BMP, Employee and Outside Director Retirement Plans Postretirement Plan BMP, Employee and Outside Director Retirement Plans Postretirement Plan Service cost $ - $ 9 $ - $ 30 Interest cost 749 556 1,014 174 Expected return on assets (1,242 ) - (1,332 ) - Curtailment gain(1) - (3,394 ) - - Amortization of unrealized loss 1,257 (27 ) 783 - Net periodic cost (gain) $ 764 $ (2,856 ) $ 465 $ 204 (1) The Postretirement Plan was amended effective March 31, 2015, whereby future retirees will not be eligible to participate in the plan. This plan amendment resulted in a curtailment gain. The Company disclosed in its consolidated financial statements for the year ended December 31, 2014 that it expected to make contributions to, or benefit payments on behalf of, benefit plans during 2015 as follows: Employee Retirement Plan - $14, BMP - $604, Outside Director Retirement Plan - $188, and Postretirement Plan - $145. The Company made contributions of $7 to the Employee Retirement Plan during the three months ended September 30, 2015, and $12 during the nine months ended September 30, 2015, and expects to make the remainder of the estimated contributions during 2015. The Company made benefit payments of $41 on behalf of the Outside Director Retirement Plan during the three months ended September 30, 2015, and $130 during the nine months ended September 30, 2015, and expects to make the remainder of the estimated net contributions or benefit payments during 2015. The Company made benefit payments totaling $25 on behalf of the Postretirement Plan during the three months ended September 30, 2015, and $56 during the nine months ended September 30, 2015, and expects to make the remainder of the estimated $145 of contributions or benefit payments during 2015. Since all benefit payments expected to be made to the Postretirement Plan for the year ending December 31, 2015 related to previously earned benefits, the curtailment of future Postretirement Plan benefits enacted during the nine months ended September 30, 2015 had no impact upon the expected benefit payments to be made in 2015. The Company did not make any defined benefit contributions to, or benefit payments on behalf of, the BMP during the three-month or nine-month periods ended September 30, 2015, and does not currently expect to make benefit payments on behalf of the BMP during 2015, since anticipated retirements that formed the basis for these expected benefit payments in 2015 are presently not expected to occur. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2015 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | 13. INCOME TAXES During the three months ended September 30, 2015 and 2014, the Company's consolidated effective tax rates were 41.3% and 39.8%, respectively. During the nine months ended September 30, 2015 and 2014, the Company's consolidated effective tax rates were 40.8% and 41.1%, respectively. A combination of additional tax strategies and recent tax law changes lowered the effective tax rate during the nine months ended September 30, 2015 compared to the nine months ended September 30, 2014. There were no significant unusual income tax items recognized during the three-month or nine-month periods ended either September 30, 2015 or 2014. |
NET MORTGAGE BANKING INCOME
NET MORTGAGE BANKING INCOME | 9 Months Ended |
Sep. 30, 2015 | |
NET MORTGAGE BANKING INCOME [Abstract] | |
NET MORTGAGE BANKING INCOME | 13. INCOME TAXES During the three months ended September 30, 2015 and 2014, the Company's consolidated effective tax rates were 41.3% and 39.8%, respectively. During the nine months ended September 30, 2015 and 2014, the Company's consolidated effective tax rates were 40.8% and 41.1%, respectively. A combination of additional tax strategies and recent tax law changes lowered the effective tax rate during the nine months ended September 30, 2015 compared to the nine months ended September 30, 2014. There were no significant unusual income tax items recognized during the three-month or nine-month periods ended either September 30, 2015 or 2014. 14. MORTGAGE BANKING INCOME Net mortgage banking income presented in the condensed consolidated statements of income was comprised of the following items: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Gain on the sale of loans $ - $ - $ - $ 27 Credit to the liability for First Loss Position - - - 1,040 Mortgage banking fees recognized 41 71 154 86 Net mortgage banking income $ 41 $ 71 $ 154 $ 1,153 |
PREMISES HELD FOR SALE
PREMISES HELD FOR SALE | 9 Months Ended |
Sep. 30, 2015 | |
PREMISES HELD FOR SALE [Abstract] | |
PREMISES HELD FOR SALE [Text Block] | 15. PREMISES HELD FOR SALE During the nine months ended September 30, 2015, the Bank re-classified certain real estate utilized as the corporate headquarters and primary back office operations center of the Company and the Bank to premises held for sale. The aggregate recorded balance of the premises held for sale was $8,799 at September 30, 2015, the outstanding balance upon transfer. A Purchase and Sale Agreement has been executed for the properties, for an aggregate price of $80,000. The sale is expected to close in February 2016. |
OTHER COMPREHENSIVE INCOME (L23
OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 (loss) gain on securities in the accompanying condensed consolidated statements of income. Pre-tax Amount Tax Expense (Benefit) After tax Amount Three Months Ended September 30, 2015 Securities held-to maturity and transferred securities: Change in non-credit component of OTTI $ 9 $ 4 $ 5 Change in unrealized loss on securities transferred to held to maturity 11 5 6 Total securities held-to-maturity and transferred securities 20 9 11 Securities available-for-sale: Change in net unrealized gain during the period (176 ) (79 ) (97 ) Total securities available-for-sale (176 ) (79 ) (97 ) Defined benefit plans: Reclassification adjustment for expense included in salaries and employee benefits expense 478 216 262 Change in the net actuarial gain or loss - - - Total defined benefit plans 478 216 262 Total other comprehensive income $ 322 $ 146 $ 176 Three Months Ended September 30, 2014 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 12 5 7 Total securities held-to-maturity and transferred securities 20 9 11 Securities available-for-sale: Change in net unrealized gain during the period (54 ) (24 ) (30 ) Total securities available-for-sale (54 ) (24 ) (30 ) Defined benefit plans: Reclassification adjustment for expense included in salaries and employee benefits expense 261 117 144 Total defined benefit plans 261 117 144 Total other comprehensive income $ 227 $ 102 $ 125 Pre-tax Amount Tax Expense (Benefit) After tax Amount Nine Months Ended September 30, 2015 Securities held-to maturity and transferred securities: Change in non-credit component of OTTI $ (18 ) $ (8 ) $ (10 ) Change in unrealized loss on securities transferred to held to maturity 57 26 31 Total securities held-to-maturity and transferred securities 39 18 21 Securities available-for-sale: Reclassification adjustment for net gains included in net (loss) gain on securities (1,384 ) (624 ) (760 ) Change in net unrealized gain during the period (141 ) (64 ) (77 ) Total securities available-for-sale (1,525 ) (688 ) (837 ) Defined benefit plans: Reclassification adjustment for expense included in salaries and employee benefits expense 1,412 636 776 Change in the net actuarial gain or loss (1,064 ) (478 ) (586 ) Total defined benefit plans 348 158 190 Total other comprehensive loss $ (1,138 ) $ (512 ) $ (626 ) Nine Months Ended September 30, 2014 Securities held-to-maturity and transferred securities: Change in non-credit component of OTTI $ 24 $ 13 $ 11 Change in unrealized loss on securities transferred to held to maturity 50 21 29 Total securities held-to-maturity and transferred securities 74 34 40 Securities available-for-sale: Change in net unrealized gain during the period 5 2 3 Total securities available-for-sale 5 2 3 Defined benefit plans: Reclassification adjustment for expense included in salaries and employee benefits expense 783 351 432 Total defined benefit plans 783 351 432 Total other comprehensive income $ 862 $ 387 $ 475 |
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, 2015 $ (826 ) $ 736 $ (8,457 ) $ (8,547 ) Other comprehensive income (loss) before reclassifications 21 (77 ) (586 ) (642 ) Amounts reclassified from accumulated other comprehensive loss - (760 ) 776 16 Net other comprehensive income (loss) during the period 21 (837 ) 190 (626 ) Balance as of September 30, 2015 $ (805 ) $ (101 ) $ (8,267 ) $ (9,173 ) Balance as of January 1, 2014 $ (878 ) $ 1,319 $ (5,200 ) $ (4,759 ) Other comprehensive income before reclassifications 41 2 - 43 Amounts reclassified from accumulated other comprehensive loss - - 432 432 Net other comprehensive income during the period 41 2 432 475 Balance as of September 30, 2014 $ (837 ) $ 1,321 $ (4,768 ) $ (4,284 ) |
EARNINGS PER SHARE (EPS) (Table
EARNINGS PER SHARE (EPS) (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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, 2015 2014 2015 2014 Net income per the Consolidated Statements of Income $ 10,081 $ 11,765 $ 33,388 $ 32,259 Less: Dividends paid and earnings allocated to participating securities (31 ) (41 ) (105 ) (128 ) Income attributable to common stock $ 10,050 $ 11,724 $ 33,283 $ 32,131 Weighted average common shares outstanding, including participating securities 36,552,925 36,215,186 36,414,645 36,164,129 Less: weighted average participating securities (224,102 ) (295,044 ) (252,162 ) (305,615 ) Weighted average common shares outstanding 36,328,823 35,920,142 36,162,483 35,858,514 Basic EPS $ 0.28 $ 0.33 $ 0.92 $ 0.90 Income attributable to common stock $ 10,050 $ 11,724 $ 33,283 $ 32,131 Weighted average common shares outstanding 36,328,823 35,920,142 36,162,483 35,858,514 Weighted average common equivalent shares outstanding 92,631 54,197 87,887 82,231 Weighted average common and equivalent shares outstanding 36,421,454 35,974,339 36,250,370 35,940,745 Diluted EPS $ 0.28 $ 0.33 $ 0.92 $ 0.90 |
ACCOUNTING FOR STOCK BASED CO25
ACCOUNTING FOR STOCK BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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, 2015 2014 2015 2014 Options outstanding – beginning of period 646,201 979,916 979,916 1,615,771 Options granted - - - - Options exercised - - (274,355) (16,960) Options that expired prior to exercise - - (59,360) (618,895) Options outstanding – end of period 646,201 979,916 646,201 979,916 Intrinsic value of options exercised $- $- $384 $6 Compensation expense recognized - 23 31 86 Remaining unrecognized compensation expense - 54 - 54 Intrinsic value of outstanding options at period end 1,609 468 1,609 468 Intrinsic value of vested options at period end 1,609 468 1,609 468 Weighted average exercise price of vested options – end of period 14.57 14.73 14.57 14.73 There were no grants of stock options during the three-month and nine-month periods ended September 30, 2015 and 2014. |
Schedule of Nonvested Restricted Stock Units Activity | The following is a summary of activity related to the restricted stock awards granted under the 2004 Equity Plan or 2013 Equity Plan during the periods indicated: At or for the Three Months Ended September 30, At or for the Nine Months Ended September 30, 2015 2014 2015 2014 Unvested allocated shares – beginning of period 224,372 295,044 289,660 318,314 Shares granted - - 68,069 121,333 Shares vested - - (132,377) (141,361) Shares forfeited (478) - (1,458) (3,242) Unvested allocated shares – end of period 223,894 295,044 223,894 295,044 Compensation recorded to expense $434 $501 $1,418 $1,497 |
LOANS RECEIVABLE AND CREDIT Q26
LOANS RECEIVABLE AND CREDIT QUALITY (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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, 2015 Grade One- to Four-Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed Use Commercial Mixed Use Real Estate Commercial Real Estate Construction Total Real Estate Loans Not Graded(1) $ 8,098 $ - $ - $ - $ - $ 8,098 Pass 58,311 3,550,193 373,219 459,773 - 4,441,496 Special Mention 1,347 9,339 1,630 5,620 - 17,936 Substandard 1,862 7,841 5,573 7,818 - 23,094 Doubtful - - - - - - Total $ 69,618 $ 3,567,373 $ 380,422 $ 473,211 $ - $ 4,490,624 (1) Balance at December 31, 2014 Grade One- to Four-Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed Use Commercial Mixed Use Real Estate Commercial Real Estate Construction Total Real Estate Loans Not Graded(1) $ 9,091 $ - $ - $ - $ - $ 9,091 Pass 60,764 3,271,430 317,718 391,227 - 4,041,139 Special Mention 1,370 20,738 4,944 6,431 - 33,483 Substandard 2,275 6,280 6,005 19,138 - 33,698 Doubtful - - - - - - Total $ 73,500 $ 3,298,448 $ 328,667 $ 416,796 $ - $ 4,117,411 (1) 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, 2015 Balance at December 31, 2014 Performing $1,466 $1,825 Non-accrual 2 4 Total $1,468 $1,829 |
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, 2015 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, including condominium and cooperative apartment $174 $4 $630 $834 $1,642 $67,976 $69,618 Multifamily residential and residential mixed use 2,244 - 374 547 3,165 3,564,208 3,567,373 Commercial mixed use real estate 130 - 406 - 536 379,886 380,422 Commercial real estate - - 1,093 207 1,300 471,911 473,211 Total real estate $2,548 $4 $2,503 $1,588 $6,643 $4,483,981 $4,490,624 Consumer $2 $- $- $2 $4 $1,464 $1,468 (1) At December 31, 2014 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, includingcondominium and cooperative apartment $240 $- $- $1,310 $1,550 $71,950 $73,500 Multifamily residential and residential mixed use 1,187 - 2,922 167 4,276 3,294,172 3,298,448 Commercial mixed use real estate - - 411 - 411 328,256 328,667 Commercial real estate - - - 4,717 4,717 412,079 416,796 Total real estate $1,427 $- $3,333 $6,194 $10,954 $4,106,457 $4,117,411 Consumer $2 $- $- $4 $6 $1,823 $1,829 (1) |
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, 2015 As of December 31, 2014 No. of Loans Balance No. of Loans Balance One- to four-family residential, including condominium and cooperative apartment 2 $599 2 $605 Multifamily residential and residential mixed use 3 705 4 1,105 Commercial mixed use real estate 1 4,365 1 4,400 Commercial real estate 2 3,651 4 13,707 Total real estate 8 $9,320 11 $19,817 The following table summarizes outstanding TDRs by accrual status as of the dates indicated As of September 30, 2015 As of December 31, 2014 No. of Loans Balance No. of Loans Balance Outstanding principal balance at period end 8 $9,320 11 $19,817 TDRs on accrual status at period end 7 9,113 9 15,100 TDRs on non-accrual status at period end 1 207 2 4,717 There were no loans modified in a manner that met the criteria of a TDR during the three-month and nine-month periods ended September 30, 2015. The following table summarizes activity related to TDRs for the periods indicated: For the Three Months Ended September 30, 2014 For the Nine Months Ended September 30, 2014 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Loan modifications during the period that met the definition of a TDR: Commercial mixed use real estate - - - 1 $4,400 $4,400 Commercial real estate 1 $3,500 $3,500 1 3,500 3,500 TOTAL 1 $3,500 $3,500 2 $7,900 $7,900 |
ALLOWANCE FOR LOAN LOSSES AND27
ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR FIRST LOSS POSITION ON MULTIFAMILY LOANS SOLD TO FNMA (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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, 2015 Real Estate Loans Consumer Loans One- to Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed Use Commercial Mixed Use Real Estate Commercial Real Estate Construction Total Real Estate Beginning balance $126 $14,374 $1,682 $2,349 $- $18,531 $22 Provision (credit) for loan losses 19 288 92 18 - 417 (1) Charge-offs (6) (1) - (4) - (11) - Recoveries 1 - - - - 1 - Ending balance $140 $14,661 $1,774 $2,363 $- $18,938 $21 Ending balance – loans individually evaluated for impairment $599 $1,252 $4,365 $3,651 $- $9,867 $- Ending balance – loans collectively evaluated for impairment 69,019 3,566,121 376,057 469,560 - 4,480,757 1,468 Allowance balance associated with loans individually evaluated for impairment - - - - - - - Allowance balance associated with loans collectively evaluated for impairment 140 14,661 1,774 2,363 - 18,938 21 Total Ending balance $140 $14,661 $1,774 $2,363 $- $18,938 $21 At December 31, 2014 Real Estate Loans Consumer Loans One- to Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed Use Commercial Mixed Use Real Estate Commercial Real Estate Construction Total Real Estate Ending balance – loans individually evaluated for impairment $605 $1,272 $4,400 $13,707 $- $19,984 $- Ending balance – loans collectively evaluated for impairment 72,895 3,297,176 324,267 403,089 - 4,097,427 1,829 Allowance balance associated with loans individually evaluated for impairment - - - 19 - 19 - Allowance balance associated with loans collectively evaluated for impairment 150 13,852 1,644 2,804 - 18,450 24 At or for the Three Months Ended September 30, 2014 Real Estate Loans Consumer Loans One- to Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed Use Commercial Mixed Use Real Estate Commercial Real Estate Construction Total Real Estate Beginning balance $304 $14,319 $1,609 $3,377 $- $19,609 $24 Provision (credit) for loan losses (88) (115) 198 (498) - (503) 2 Charge-offs (14) (19) - (22) - (55) - Recoveries 1 - 19 1 - 21 - Ending balance $203 $14,185 $1,826 $2,858 $- $19,072 $26 At or for the Nine Months Ended September 30, 2015 Real Estate Loans Consumer Loans One- to Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed Use Commercial Mixed Use Real Estate Commercial Real Estate Construction Total Real Estate Beginning balance $150 $13,852 $1,644 $2,823 $- $18,469 $24 Provision (credit) for loan losses 99 848 143 (1,980) - (890) (1) Charge-offs (113) (42) (37) (5) - (197) (2) Recoveries 4 3 24 1,525 - 1,556 - Ending balance $140 $14,661 $1,774 $2,363 $- $18,938 $21 At or for the Nine Months Ended September 30, 2014 Real Estate Loans Consumer Loans One- to Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed Use Commercial Mixed Use Real Estate Commercial Real Estate Construction Total Real Estate Beginning balance $236 $13,840 $3,003 $3,047 $3 $20,129 $24 Provision (credit) for loan losses (118) 239 (1,508) 34 (3) (1,356) 6 Charge-offs (37) (69) (30) (232) - (368) (4) Recoveries 122 175 361 9 - 667 - Ending balance $203 $14,185 $1,826 $2,858 $- $19,072 $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, 2015 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, Including Condominium and Cooperative Apartment With no allocated reserve $638 $599 $- With an allocated reserve - - - Multifamily Residential and Residential Mixed Use With no allocated reserve 1,252 1,252 - With an allocated reserve - - - Commercial Mixed Use Real Estate With no allocated reserve 4,365 4,365 - With an allocated reserve - - - Commercial Real Estate With no allocated reserve 3,658 3,651 - With an allocated reserve - - - Construction With no allocated reserve - - - With an allocated reserve - - - Total With no allocated reserve $9,913 $9,867 $- With an allocated reserve $- $- $- (1) The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. At December 31, 2014 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, Including Condominium and Cooperative Apartment With no allocated reserve $646 $605 $- With an allocated reserve - - - Multifamily Residential and Residential Mixed Use With no allocated reserve 1,272 1,272 - With an allocated reserve - - - Commercial Mixed Use Real Estate With no allocated reserve 4,425 4,400 - With an allocated reserve - - - Commercial Real Estate With no allocated reserve 10,306 8,207 - With an allocated reserve 5,500 5,500 19 Construction With no allocated reserve - - - With an allocated reserve - - - Total With no allocated reserve $16,649 $14,484 $- With an allocated reserve $5,500 $5,500 $19 (1) The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 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, Including Condominium and Cooperative Apartment With no allocated reserve $601 $11 $769 $12 $602 $34 $783 $47 With an allocated reserve - - - - - - 52 - Multifamily Residential and Residential Mixed Use With no allocated reserve 1,074 10 2,483 16 1,123 56 2,366 72 With an allocated reserve - - - - - - - - Commercial Mixed Use Real Estate With no allocated reserve 4,383 44 2,200 44 4,388 132 2,200 193 With an allocated reserve - - 2,200 - - - 2,200 - Commercial Real Estate With no allocated reserve 5,169 35 6,863 79 5,929 106 7,286 120 With an allocated reserve - - 10,259 73 1,375 97 10,272 423 Construction With no allocated reserve - - - - - - - - With an allocated reserve - - - - - - - - Total With no allocated reserve $11,227 $100 $12,315 $151 $12,042 $328 $12,635 $432 With an allocated reserve $- $- $12,459 $73 $1,375 $97 $12,524 $423 |
INVESTMENT AND MORTGAGE-BACKE28
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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, 2015: Purchase Amortized/ Historical Cost Recorded Amortized/ Historical Cost (1) Unrealized Gains Unrealized Losses Fair Value Investment securities held-to-maturity: Pooled bank trust preferred securities ("TRUPS") $15,553 $5,349 $2,382 $(253) $7,478 Available-for-sale securities: Investment securities Registered Mutual Funds 3,894 3,894 5 (215) 3,684 MBS Pass-through MBS issued by GSEs 431 431 15 - 446 (1) Amount represents the purchase amortized / historical cost less any OTTI charges (credit or non-credit related) previously recognized. For the TRUPS, amount is also net of the $874 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 (excluding trading securities) at December 31, 2014: Purchase Amortized/ Historical Cost Recorded Amortized/ Historical Cost (1) Unrealized Gains Unrealized Losses Fair Value Investment securities held-to-maturity: TRUPS $15,815 $5,367 $1,119 $(171) $6,315 Available-for-sale securities: Investment securities Registered Mutual Funds 3,860 3,860 - (124) 3,736 Agency notes 70 70 - - 70 MBS Pass-through MBS issued by GSEs 24,154 24,154 1,453 - 25,607 Private issuer pass through MBS 449 449 6 - 455 Private issuer collateralized mortgage obligations ("CMOs") 343 343 4 - 347 (1) Amount represents the purchase amortized / historical cost less any OTTI charges (credit or non-credit related) previously recognized. For the TRUPS, amount is also net of the $932 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). |
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, 2015 At or for the Three Months Ended September 30, 2014 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 pre-tax balance at the beginning of the period $8,769 $596 $9,365 $8,945 $585 $9,530 Amortization of previously recognized OTTI (26) (9) (35) - (8) (8) Cumulative pre-tax balance at end of the period $8,743 $587 $9,330 $8,945 $577 $9,522 At or for the Nine Months Ended September 30, 2015 At or for the Nine Months Ended September 30, 2014 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 pre-tax balance at the beginning of the period $8,945 $569 $9,514 $8,945 $601 $9,546 Accretion (Amortization) of previously recognized OTTI (202) 18 (184) - (24) (24) Cumulative pre-tax balance at end of the period $8,743 $587 $9,330 $8,945 $577 $9,522 |
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, 2015, aggregated by investment category and the length of time the securities were in a continuous unrealized loss position: Less than 12 Months Consecutive Unrealized Losses 12 Months or More Consecutive Unrealized Losses Total Fair Value Gross Unrecognized/ Unrealized Losses Fair Value Gross Unrecognized/ Unrealized Losses Fair Value Gross Unrecognized/ Unrealized Losses Held-to-Maturity Securities: TRUPS $- $- $2,442 $253 $2,442 $253 Available-for-Sale Securities: Registered Mutual Funds 3,476 215 - - 3,476 215 The following table summarizes the gross unrealized losses and fair value of investment securities as of December 31, 2014, aggregated by investment category and the length of time the securities were in a continuous unrealized loss position: Less than 12 Months Consecutive Unrealized Losses 12 Months or More Consecutive Unrealized Losses Total Fair Value Gross Unrecognized/ Unrealized Losses Fair Value Gross Unrecognized/ Unrealized Losses Fair Value Gross Unrecognized/ Unrealized Losses Held-to-Maturity Securities: TRUPS $- $- $2,562 $171 $2,562 $171 Available-for-Sale Securities: Registered Mutual Funds 3,736 124 - - 3,736 124 |
FAIR VALUE OF FINANCIAL INSTR29
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 segmented 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, 2015 Fair Value Measurements Using Description Total Level 1 Inputs Level 2 Inputs Level 3 Inputs Trading securities (Registered Mutual Funds): Domestic Equity Mutual Funds $ 995 $ 995 $ - $ - International Equity Mutual Funds 273 273 - - Fixed Income Mutual Funds 7,429 7,429 - - Investment securities available-for-sale: Registered Mutual Funds: Domestic Equity Mutual Funds 1,183 1,183 - - International Equity Mutual Funds 372 372 - - Fixed Income Mutual Funds 2,129 2,129 - - Pass-through MBS issued by GSEs 446 - 446 - Assets Measured at Fair Value on a Recurring Basis at December 31, 2014 Fair Value Measurements Using Description Total Level 1 Inputs Level 2 Inputs Level 3 Inputs Trading securities (Registered Mutual Funds): Domestic Equity Mutual Funds $ 1,399 $ 1,399 $ - $ - International Equity Mutual Funds 159 159 - - Fixed Income Mutual Funds 7,001 7,001 - - Investment securities available-for-sale: Agency notes 70 - 70 - Registered Mutual Funds: Domestic Equity Mutual Funds 2,160 2,160 - - International Equity Mutual Funds 415 415 - - Fixed Income Mutual Funds 1,161 1,161 - - Pass-through MBS issued by GSEs 25,607 - 25,607 - Private issuer pass through MBS 455 - 455 - Private issuer CMOs 347 - 347 - |
Fair Value Measurements, Nonrecurring | There were no assets measured at fair value on a non-recurring basis as of September 30, 2015. The following table summarizes assets measured at fair value on a non-recurring basis as of December 31, 2014: Assets Measured at Fair Value on a Non-Recurring Basis at December 31, 2014 Fair Value Measurements Using Description Total Level 1 Inputs Level 2 Inputs Level 3 Inputs Impaired loans: Commercial Mixed Use Real Estate $4,400 $- $- $4,400 |
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 December 31, 2014: Fair Value Derived Valuation Technique Utilized Significant Unobservable Input(s) Minimum Value Maximum Value Weighted Average Value $4,400 Income approach only Capitalization rate N/A(1) N/A(1) 7.5% (1) 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, 2015 and December 31, 2014 were as follows: Fair Value at September 30, 2015 Using At September 30, 2015 Carrying Amount Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Cash and due from banks $ 74,073 $ 74,073 $ - $ - $ 74,073 Federal funds sold and other short-term investments - - - - - Investment securities held to maturity (TRUPS) 5,349 - 7,478 - 7,478 Loans, net (excluding impaired loans carried at fair value) 4,473,133 - - 4,521,373 4,521,373 Accrued interest receivable 12,547 - 28 12,519 12,547 FHLBNY capital stock 54,348 N/ A N/ A N/ A N/ A Liabilities: Savings, money market and checking accounts 2,141,790 2,141,790 - - 2,141,790 Certificates of Deposit ("CDs") 887,707 - 895,391 - 895,391 Escrow and other deposits 131,132 131,132 - - 131,132 FHLBNY Advances 1,069,725 - 1,079,707 - 1,079,707 Trust Preferred securities payable 70,680 - 70,680 - 70,680 Accrued interest payable 2,389 - 2,389 - 2,389 Fair Value at December 31, 2014 Using At December 31, 2014 Carrying Amount Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Cash and due from banks $ 78,187 $ 78,187 $ - $ - $ 78,187 Federal funds sold and other short-term investments 250 250 - - 250 Investment securities held to maturity (TRUPS) 5,367 - - 6,315 6,315 Loans, net (excluding impaired loans carried at fair value) 4,096,347 - - 4,188,137 4,188,137 Accrued interest receivable 12,664 2 104 12,558 12,664 FHLBNY capital stock 58,407 N/ A N/ A N/ A N/ A Liabilities: Savings, money market and checking accounts 1,733,474 1,733,474 - - 1,733,474 CDs 926,318 - 934,324 - 934,324 Escrow and other deposits 91,921 91,921 - - 91,921 FHLBNY Advances 1,173,725 - 1,186,069 - 1,186,069 Trust Preferred securities payable 70,680 - 70,680 - 70,680 Accrued interest payable 2,729 - 2,729 - 2,729 |
RETIREMENT AND POSTRETIREMENT30
RETIREMENT AND POSTRETIREMENT PLANS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
RETIREMENT AND POSTRETIREMENT PLANS [Abstract] | |
Schedule of Net Benefit Costs | 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 (the "Postretirement Plan"). Net expenses associated with these plans were comprised of the following components: Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 BMP, Employee and Outside Director Retirement Plans Postretirement Plan BMP, Employee and Outside Director Retirement Plans Postretirement Plan Service cost $ - $ - $ - $ 10 Interest cost 344 18 338 58 Expected return on assets (414 ) - (444 ) - Amortization of unrealized loss 480 (2 ) 261 - Net periodic cost $ 410 $ 16 $ 155 $ 68 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 BMP, Employee and Outside Director Retirement Plans Postretirement Plan BMP, Employee and Outside Director Retirement Plans Postretirement Plan Service cost $ - $ 9 $ - $ 30 Interest cost 749 556 1,014 174 Expected return on assets (1,242 ) - (1,332 ) - Curtailment gain(1) - (3,394 ) - - Amortization of unrealized loss 1,257 (27 ) 783 - Net periodic cost (gain) $ 764 $ (2,856 ) $ 465 $ 204 (1) The Postretirement Plan was amended effective March 31, 2015, whereby future retirees will not be eligible to participate in the plan. This plan amendment resulted in a curtailment gain. |
NET MORTGAGE BANKING INCOME (Ta
NET MORTGAGE BANKING INCOME (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
NET MORTGAGE BANKING INCOME [Abstract] | |
Net Mortgage Banking Income | Net mortgage banking income presented in the condensed consolidated statements of income was comprised of the following items: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Gain on the sale of loans $ - $ - $ - $ 27 Credit to the liability for First Loss Position - - - 1,040 Mortgage banking fees recognized 41 71 154 86 Net mortgage banking income $ 41 $ 71 $ 154 $ 1,153 |
NATURE OF OPERATIONS (Details)
NATURE OF OPERATIONS (Details) | Sep. 30, 2015RetailBranch |
NATURE OF OPERATIONS [Abstract] | |
Number of Retail Offices | 25 |
TREASURY STOCK (Details)
TREASURY STOCK (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Apr. 30, 2015 | Apr. 23, 2015 | Apr. 30, 2014 | |
TREASURY STOCK [Abstract] | |||||||
Treasury stock issued attributable to restricted stock award grant (in shares) | 68,069 | 121,333 | |||||
Closing price of company stock (in dollars per share) | $ 15.92 | $ 16.37 | $ 16.30 | ||||
Issuance of Treasury Stock for BMP award | 11,557 | 9,364 | |||||
Treasury Stock, Shares, Acquired | 0 | 0 | 20,000 | 0 | |||
Average price of treasury shares acquired | $ 0 | $ 0 | $ 15 | $ 0 |
OTHER COMPREHENSIVE INCOME (L34
OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Other Comprehensive Income (Loss) [Abstract] | ||||
Change in unrealized loss on securities transferred to held to maturity, after tax | $ 6 | $ 7 | $ 31 | $ 29 |
Tax expense (benefit) | 7,092 | 7,788 | 23,004 | 22,496 |
Net income | 10,081 | 11,765 | 33,388 | 32,259 |
Change in net unrealized gain during the period, tax | (79) | (24) | (64) | 2 |
Change in net unrealized gain during the period, after tax | (97) | (30) | (77) | 3 |
Total defined benefit plans, tax | 216 | 117 | 158 | 351 |
Change in pension and other postretirement obligations, net of deferred tax expense of $216 and $117 during the three months ended September 30, 2015 and 2014, respectively and $158 and $351 during the nine months ended September 30, 2015 and 2014, respectively | 262 | 144 | 190 | 432 |
Total other comprehensive income, before tax | 322 | 227 | (1,138) | 862 |
Total other comprehensive income, tax | 146 | 102 | (512) | 387 |
Net other comprehensive income during during the period | 176 | 125 | (626) | 475 |
Securities Held-To-Maturity and Transferred Securities [Member] | ||||
Other Comprehensive Income (Loss) [Abstract] | ||||
Change in non-credit component of OTTI, pre-tax | 9 | 8 | (18) | 24 |
Change in non-credit component of OTTI, tax | 4 | 4 | (8) | 13 |
Change in non-credit component of OTTI, after tax | 5 | 4 | (10) | 11 |
Change in unrealized loss on securities transferred to held to maturity, pre-tax | 11 | 12 | 57 | 50 |
Change in unrealized loss on securities transferred to held to maturity, tax | 5 | 5 | 26 | 21 |
Change in unrealized loss on securities transferred to held to maturity, after tax | 6 | 7 | 31 | 29 |
Total Securities held to maturity and transferred securities before tax | 20 | 20 | 39 | 74 |
Total securities held to maturity and transferred tax | 9 | 9 | 18 | 34 |
Total securities held to maturity and transferred securities, after tax | 11 | 11 | 21 | 40 |
Securities Available-For-Sale [Member] | ||||
Other Comprehensive Income (Loss) [Abstract] | ||||
Change in net unrealized gain during the period, pre-tax | (176) | (54) | (141) | 5 |
Change in net unrealized gain during the period, tax | (79) | (24) | (64) | 2 |
Change in net unrealized gain during the period, after tax | (97) | (30) | (77) | 3 |
Total securities available-for-sale, pre-tax | (176) | (54) | (1,525) | 5 |
Total securities available-for-sale, tax | (79) | (24) | (688) | 2 |
Total securities available-for-sale, after tax | (97) | (30) | (837) | 3 |
Securities Available-For-Sale [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ||||
Other Comprehensive Income (Loss) [Abstract] | ||||
Reclassification adjustment for net gains included in net gain on securities | 0 | 0 | (1,384) | 0 |
Tax expense (benefit) | 0 | 0 | (624) | 0 |
Net income | 0 | 0 | (760) | 0 |
Defined Benefit Plans [Member] | ||||
Other Comprehensive Income (Loss) [Abstract] | ||||
Change in the net actuarial gain or loss, pre-tax | 0 | (1,064) | ||
Change in the net actuarial gain or loss, tax | 0 | (478) | ||
Change in the net actuarial gain or loss, after tax | 0 | (586) | ||
Total defined benefit plans, pre-tax | 478 | 261 | 348 | 783 |
Total defined benefit plans, tax | 216 | 117 | 158 | 351 |
Change in pension and other postretirement obligations, net of deferred tax expense of $216 and $117 during the three months ended September 30, 2015 and 2014, respectively and $158 and $351 during the nine months ended September 30, 2015 and 2014, respectively | 262 | 144 | 190 | 432 |
Defined Benefit Plans [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ||||
Other Comprehensive Income (Loss) [Abstract] | ||||
Reclassification adjustment for expense included in salaries and employee benefits expense | 478 | 261 | 1,412 | 783 |
Tax expense (benefit) | 216 | 117 | 636 | 351 |
Net income | $ 262 | $ 144 | $ 776 | $ 432 |
OTHER COMPREHENSIVE INCOME (L35
OTHER COMPREHENSIVE INCOME (LOSS), Accumulated Other Comprehensive Gain (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning Balance | $ (8,547) | $ (4,759) | ||
Other comprehensive income before reclassifications | (642) | 43 | ||
Amounts reclassified from accumulated other comprehensive loss | 16 | 432 | ||
Net other comprehensive income during during the period | $ 176 | $ 125 | (626) | 475 |
Ending Balance | (9,173) | (4,284) | (9,173) | (4,284) |
Securities Held-To-Maturity and Transferred Securities [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning Balance | (826) | (878) | ||
Other comprehensive income before reclassifications | 21 | 41 | ||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | ||
Net other comprehensive income during during the period | 21 | 41 | ||
Ending Balance | (805) | (837) | (805) | (837) |
Securities Available-For-Sale [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning Balance | 736 | 1,319 | ||
Other comprehensive income before reclassifications | (77) | 2 | ||
Amounts reclassified from accumulated other comprehensive loss | (760) | 0 | ||
Net other comprehensive income during during the period | (837) | 2 | ||
Ending Balance | (101) | 1,321 | (101) | 1,321 |
Defined Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning Balance | (8,457) | (5,200) | ||
Other comprehensive income before reclassifications | (586) | 0 | ||
Amounts reclassified from accumulated other comprehensive loss | 776 | 432 | ||
Net other comprehensive income during during the period | 190 | 432 | ||
Ending Balance | $ (8,267) | $ (4,768) | $ (8,267) | $ (4,768) |
EARNINGS PER SHARE (EPS) (Detai
EARNINGS PER SHARE (EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
EARNINGS PER SHARE (EPS) [Abstract] | ||||
Net income | $ 10,081 | $ 11,765 | $ 33,388 | $ 32,259 |
Less: Dividends paid on earnings allocated to participating securities | (31) | (41) | (105) | (128) |
Income attributable to common stock | $ 10,050 | $ 11,724 | $ 33,283 | $ 32,131 |
Weighted Average Number Of Shares Outstanding Including Participating Securities Basic (in shares) | 36,552,925 | 36,215,186 | 36,414,645 | 36,164,129 |
Less: weighted average participating securities (in shares) | (224,102) | (295,044) | (252,162) | (305,615) |
Weighted average shares outstanding utilized in the calculation of basic EPS (in shares) | 36,328,823 | 35,920,142 | 36,162,483 | 35,858,514 |
Earnings Per Share, Basic (in dollars per share) | $ 0.28 | $ 0.33 | $ 0.92 | $ 0.90 |
Income attributable to common stock | $ 10,050 | $ 11,724 | $ 33,283 | $ 32,131 |
Weighted average common shares outstanding | 36,328,823 | 35,920,142 | 36,162,483 | 35,858,514 |
Common stock equivalents resulting from the dilutive effect of "in-the-money" stock options | 92,631 | 54,197 | 87,887 | 82,231 |
Weighted average shares outstanding utilized in the calculation of diluted EPS (in shares) | 36,421,454 | 35,974,339 | 36,250,370 | 35,940,745 |
Earnings Per Share, Diluted (in dollars per share) | $ 0.28 | $ 0.33 | $ 0.92 | $ 0.90 |
Weighted average shares excluded from earnings per share calculation (in shares) | 80,000 | 270,996 | 132,976 | 309,444 |
ACCOUNTING FOR STOCK BASED CO37
ACCOUNTING FOR STOCK BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding - beginning of period (in shares) | 646,201 | 979,916 | 979,916 | 1,615,771 |
Options granted (in shares) | 0 | 0 | 0 | 0 |
Options exercised (in shares) | 0 | 0 | (274,355) | (16,960) |
Options forfeited (in shares) | 0 | 0 | (59,360) | (618,895) |
Options outstanding - end of period (in shares) | 646,201 | 979,916 | 646,201 | 979,916 |
Intrinsic value of options exercised | $ 0 | $ 0 | $ 384 | $ 6 |
Compensation expense recognized | 0 | 23 | 31 | 86 |
Remaining unrecognized compensation expense | 0 | 54 | 0 | 54 |
Intrinsic value of outstanding options at period end | 1,609 | 468 | 1,609 | 468 |
Intrinsic value of vested options at period end | $ 1,609 | $ 468 | $ 1,609 | $ 468 |
Weighted average exercise price of vested options - end of period | $ 14.57 | $ 14.73 | $ 14.57 | $ 14.73 |
Restricted stock awards, Nonvested, Number of Shares [Roll Forward] | ||||
Compensation recorded to expense | $ 0 | $ 23 | $ 31 | $ 86 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense recognized | $ 434 | $ 501 | $ 1,418 | $ 1,497 |
Restricted stock awards, Nonvested, Number of Shares [Roll Forward] | ||||
Unvested allocated shares - beginning of period (in shares) | 224,372 | 295,044 | 289,660 | 318,314 |
Shares granted (in shares) | 0 | 0 | 68,069 | 121,333 |
Shares vested (in shares) | 0 | 0 | (132,377) | (141,361) |
Shares forfeited (in shares) | (478) | 0 | (1,458) | (3,242) |
Unvested allocated shares - end of period (in shares) | 223,894 | 295,044 | 223,894 | 295,044 |
Compensation recorded to expense | $ 434 | $ 501 | $ 1,418 | $ 1,497 |
LOANS RECEIVABLE AND CREDIT Q38
LOANS RECEIVABLE AND CREDIT QUALITY, Credit Quality Indicators (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
One-to four Family Residential and Cooperative Unit [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Not Individually Assigned Credit Rating | [1] | $ 8,098 | $ 9,091 |
Financing Receivable, Net | 69,618 | 73,500 | |
Multifamily Residential and Residential Mixed Use [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Not Individually Assigned Credit Rating | [1] | 0 | 0 |
Financing Receivable, Net | 3,567,373 | 3,298,448 | |
Mixed Use Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Not Individually Assigned Credit Rating | [1] | 0 | 0 |
Financing Receivable, Net | 380,422 | 328,667 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Not Individually Assigned Credit Rating | [1] | 0 | 0 |
Financing Receivable, Net | 473,211 | 416,796 | |
Construction Loan Receivable [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Not Individually Assigned Credit Rating | [1] | 0 | 0 |
Financing Receivable, Net | 0 | 0 | |
Consumer Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Not Individually Assigned Credit Rating | 1,468 | 1,829 | |
Total Real Estate Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Not Individually Assigned Credit Rating | [1] | 8,098 | 9,091 |
Financing Receivable, Net | 4,490,624 | 4,117,411 | |
Pass [Member] | One-to four Family Residential and Cooperative Unit [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Not Individually Assigned Credit Rating | 58,311 | 60,764 | |
Pass [Member] | Multifamily Residential and Residential Mixed Use [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Not Individually Assigned Credit Rating | 3,550,193 | 3,271,430 | |
Pass [Member] | Mixed Use Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Not Individually Assigned Credit Rating | 373,219 | 317,718 | |
Pass [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Not Individually Assigned Credit Rating | 459,773 | 391,227 | |
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 | 1,466 | 1,825 | |
Pass [Member] | Total Real Estate Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Not Individually Assigned Credit Rating | 4,441,496 | 4,041,139 | |
Special Mention [Member] | One-to four Family Residential and Cooperative Unit [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Individually Assigned Credit Rating | 1,347 | 1,370 | |
Special Mention [Member] | Multifamily Residential and Residential Mixed Use [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Individually Assigned Credit Rating | 9,339 | 20,738 | |
Special Mention [Member] | Mixed Use Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Individually Assigned Credit Rating | 1,630 | 4,944 | |
Special Mention [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Individually Assigned Credit Rating | 5,620 | 6,431 | |
Special Mention [Member] | Construction Loan Receivable [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Individually Assigned Credit Rating | 0 | 0 | |
Special Mention [Member] | Total Real Estate Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Individually Assigned Credit Rating | 17,936 | 33,483 | |
Substandard [Member] | One-to four Family Residential and Cooperative Unit [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Individually Assigned Credit Rating | 1,862 | 2,275 | |
Substandard [Member] | Multifamily Residential and Residential Mixed Use [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Individually Assigned Credit Rating | 7,841 | 6,280 | |
Substandard [Member] | Mixed Use Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Individually Assigned Credit Rating | 5,573 | 6,005 | |
Substandard [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Individually Assigned Credit Rating | 7,818 | 19,138 | |
Substandard [Member] | Construction Loan Receivable [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Individually Assigned Credit Rating | 0 | 0 | |
Substandard [Member] | Total Real Estate Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Individually Assigned Credit Rating | 23,094 | 33,698 | |
Doubtful [Member] | One-to four Family Residential and Cooperative Unit [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Individually Assigned Credit Rating | 0 | 0 | |
Doubtful [Member] | Multifamily Residential and Residential Mixed Use [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Individually Assigned Credit Rating | 0 | 0 | |
Doubtful [Member] | Mixed Use Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Individually Assigned Credit Rating | 0 | 0 | |
Doubtful [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Individually Assigned Credit Rating | 0 | 0 | |
Doubtful [Member] | Construction Loan Receivable [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Individually Assigned Credit Rating | 0 | 0 | |
Doubtful [Member] | Total Real Estate Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Individually Assigned Credit Rating | 0 | 0 | |
Non Accrual Financing Receivable [Member] | Consumer Loan [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Not Individually Assigned Credit Rating | $ 2 | $ 4 | |
[1] | Amount comprised of fully performing one- to four-family residential and condominium and cooperative unit loans with balances equal to or less than the FNMA Limits. |
LOANS RECEIVABLE AND CREDIT Q39
LOANS RECEIVABLE AND CREDIT QUALITY, Past Due Financing Receivbles (Details) $ in Thousands | Sep. 30, 2015USD ($)Loan | Dec. 31, 2014USD ($)Loan | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Number Of Loans 90 Days or More Past Due And Still Accruing Pending Refinancing | Loan | 8 | 8 | ||
Loans 90 Days or More Past Due And Still Accruing Pending Refinancing | $ 2,503 | $ 3,333 | ||
One To Four Family Residential And Cooperative Unit Allowance [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 1,642 | 1,550 | ||
Non-accrual | 834 | [1] | 1,310 | [2] |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 630 | 0 | ||
Financing Receivable, Recorded Investment, Current | 67,976 | 71,950 | ||
Loans and Leases Receivable, Other, Net of Deferred Income | 69,618 | 73,500 | ||
One To Four Family Residential And Cooperative Unit Allowance [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 174 | 240 | ||
One To Four Family Residential And Cooperative Unit Allowance [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 4 | 0 | ||
Multifamily Residential and Residential Mixed Use [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 3,165 | 4,276 | ||
Non-accrual | 547 | [1] | 167 | [2] |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 374 | 2,922 | ||
Financing Receivable, Recorded Investment, Current | 3,564,208 | 3,294,172 | ||
Loans and Leases Receivable, Other, Net of Deferred Income | 3,567,373 | 3,298,448 | ||
Multifamily Residential and Residential Mixed Use [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 2,244 | 1,187 | ||
Multifamily Residential and Residential Mixed Use [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | ||
Mixed Use Commercial Real Estate [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 536 | 411 | ||
Non-accrual | 0 | [1] | 0 | [2] |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 406 | 411 | ||
Financing Receivable, Recorded Investment, Current | 379,886 | 328,256 | ||
Loans and Leases Receivable, Other, Net of Deferred Income | 380,422 | 328,667 | ||
Mixed Use Commercial Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 130 | 0 | ||
Mixed Use Commercial Real Estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 1,300 | 4,717 | ||
Non-accrual | 207 | [1] | 4,717 | [2] |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 1,093 | 0 | ||
Financing Receivable, Recorded Investment, Current | 471,911 | 412,079 | ||
Loans and Leases Receivable, Other, Net of Deferred Income | 473,211 | 416,796 | ||
Commercial Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | ||
Commercial Real Estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | ||
Construction Loan Receivable [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | ||
Non-accrual | 0 | [1] | 0 | [2] |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Financing Receivable, Recorded Investment, Current | 0 | 0 | ||
Loans and Leases Receivable, Other, Net of Deferred Income | 0 | 0 | ||
Construction Loan Receivable [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | ||
Construction Loan Receivable [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | ||
Consumer Loan [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 4 | 6 | ||
Non-accrual | 2 | [1] | 4 | [2] |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Financing Receivable, Recorded Investment, Current | 1,464 | 1,823 | ||
Loans and Leases Receivable, Other, Net of Deferred Income | 1,468 | 1,829 | ||
Consumer Loan [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 2 | 2 | ||
Consumer Loan [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | ||
Total Real Estate Loans [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 6,643 | 10,954 | ||
Non-accrual | 1,588 | [1] | 6,194 | [2] |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 2,503 | 3,333 | ||
Financing Receivable, Recorded Investment, Current | 4,483,981 | 4,106,457 | ||
Loans and Leases Receivable, Other, Net of Deferred Income | 4,490,624 | 4,117,411 | ||
Total Real Estate Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | 2,548 | 1,427 | ||
Total Real Estate Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Financing Receivable, Recorded Investment, Past Due | $ 4 | $ 0 | ||
[1] | Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of September 30, 2015. | |||
[2] | Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of December 31, 2014. |
LOANS RECEIVABLE AND CREDIT Q40
LOANS RECEIVABLE AND CREDIT QUALITY, Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015USD ($)Loan | Sep. 30, 2014USD ($)Loan | Sep. 30, 2015USD ($)Loan | Sep. 30, 2014USD ($)Loan | Dec. 31, 2014USD ($)Loan | |
Troubled Debt Restructuring On Receivables [Abstract] | |||||
Financing Receivable, Modifications, Number of Contracts | Loan | 8 | 11 | |||
Financing Receivable, Modifications, Recorded Investment | $ 9,320 | $ 9,320 | $ 19,817 | ||
Financing Receivables Modification Accrual Status Number Of Contracts | Loan | 7 | 7 | 9 | ||
Financing Receivable Modification Recorded Investment In Accrual Status | $ 9,113 | $ 9,113 | $ 15,100 | ||
Financing Receivables Modification Non Accrual Status Number Of Contracts | Loan | 1 | 1 | 2 | ||
Financing Receivable Modification Recorded Investment In Non Accrual Status | $ 207 | $ 207 | $ 4,717 | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Loan | 0 | 0 | |||
Allocated Reserves Recognized For Trouble Debt Restructuring Receivables That Defaulted | 0 | $ 0 | 19 | ||
Premium paid on loans purchased during the period | $ 13,163 | ||||
Remaining Unamortized Premium on Loans Reacquired from Fannie Mae | 3,944 | $ 3,944 | $ 7,950 | ||
One To Four Family Residential And Cooperative Unit Allowance [Member] | |||||
Troubled Debt Restructuring On Receivables [Abstract] | |||||
Financing Receivable, Modifications, Number of Contracts | Loan | 2 | 2 | |||
Financing Receivable, Modifications, Recorded Investment | 599 | $ 599 | $ 605 | ||
Multifamily Residential and Residential Mixed Use [Member] | |||||
Troubled Debt Restructuring On Receivables [Abstract] | |||||
Financing Receivable, Modifications, Number of Contracts | Loan | 3 | 4 | |||
Financing Receivable, Modifications, Recorded Investment | 705 | $ 705 | $ 1,105 | ||
Financing Receivable Modifications Number Of Contracts In Period | Loan | 0 | 1 | |||
Financing Receivable Modifications Pre Modification Recorded Investment In Period | $ 0 | $ 4,400 | |||
Financing Receivable Modifications Post Modification Recorded Investment In Period | $ 0 | $ 4,400 | |||
Mixed Use Commercial Real Estate [Member] | |||||
Troubled Debt Restructuring On Receivables [Abstract] | |||||
Financing Receivable, Modifications, Number of Contracts | Loan | 1 | 1 | |||
Financing Receivable, Modifications, Recorded Investment | 4,365 | $ 4,365 | $ 4,400 | ||
Commercial Real Estate [Member] | |||||
Troubled Debt Restructuring On Receivables [Abstract] | |||||
Financing Receivable, Modifications, Number of Contracts | Loan | 2 | 4 | |||
Financing Receivable, Modifications, Recorded Investment | 3,651 | $ 3,651 | $ 13,707 | ||
Financing Receivable Modifications Number Of Contracts In Period | Loan | 1 | 1 | |||
Financing Receivable Modifications Pre Modification Recorded Investment In Period | $ 3,500 | $ 3,500 | |||
Financing Receivable Modifications Post Modification Recorded Investment In Period | $ 3,500 | $ 3,500 | |||
Reduction in allocated allowance on TDRS during the period | $ 0 | ||||
Number of troubled debt restructured loans for which allocated reserves were no longer deemed warranted | Loan | 0 | 0 | |||
Total Real Estate Loans [Member] | |||||
Troubled Debt Restructuring On Receivables [Abstract] | |||||
Financing Receivable Modifications Number Of Contracts In Period | Loan | 1 | 2 | |||
Financing Receivable Modifications Pre Modification Recorded Investment In Period | $ 3,500 | $ 7,900 | |||
Financing Receivable Modifications Post Modification Recorded Investment In Period | $ 3,500 | $ 7,900 |
ALLOWANCE FOR LOAN LOSSES AND41
ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR FIRST LOSS POSITION ON MULTIFAMILY LOANS SOLD TO FNMA (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Allowance for Loan Losses at Period End on Substandard Non Impaired Loans | $ 284 | $ 284 | $ 371 | |||
Increase (Decrease) in the balance of Substandard non-impaired loans | (4,002) | |||||
Financing Receivable Special Mention Allowance For Loan Losses period end balance | 98 | 98 | 228 | |||
Financing Receivable Special Mention Balance Increase (Decrease) | (15,547) | |||||
Reserve For First Loss Position [Abstract] | ||||||
Reversal of Reserve for First Loss Position | $ 1,040 | |||||
Reserve Liability On The First Loss Position [Roll Forward] | ||||||
Credit for losses on problem loans(1) | 0 | $ 0 | 0 | 1,040 | ||
One To Four Family Residential And Cooperative Unit Allowance [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 126 | 304 | 150 | 236 | ||
Provision (credit) for loan losses | 19 | (88) | 99 | (118) | ||
Charge-offs | (6) | (14) | (113) | (37) | ||
Recoveries | 1 | 1 | 4 | 122 | ||
Ending balance | 140 | 203 | 140 | 203 | ||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Ending balance - loans individually evaluated for impairment | 599 | 599 | 605 | |||
Ending balance - loans collectively evaluated for impairment | 69,019 | 69,019 | 72,895 | |||
Allowance balance associated with loans individually evaluated for impairment | 0 | 0 | 0 | |||
Allowance balance associated with loans collectivelly evaluated for impairment | 140 | 140 | 150 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 638 | 638 | 646 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 599 | 599 | 605 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 0 | 0 | 0 | ||
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 | 601 | 769 | 602 | 783 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | 0 | 52 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 11 | 12 | 34 | 47 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 | ||
Multifamily Residential And Residential Mixed Use Allowance [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 14,374 | 14,319 | 13,852 | 13,840 | ||
Provision (credit) for loan losses | 288 | (115) | 848 | 239 | ||
Charge-offs | (1) | (19) | (42) | (69) | ||
Recoveries | 0 | 0 | 3 | 175 | ||
Ending balance | 14,661 | 14,185 | 14,661 | 14,185 | ||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Ending balance - loans individually evaluated for impairment | 1,252 | 1,252 | 1,272 | |||
Ending balance - loans collectively evaluated for impairment | 3,566,121 | 3,566,121 | 3,297,176 | |||
Allowance balance associated with loans individually evaluated for impairment | 0 | 0 | 0 | |||
Allowance balance associated with loans collectivelly evaluated for impairment | 14,661 | 14,661 | 13,852 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1,252 | 1,252 | 1,272 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 1,252 | 1,252 | 1,272 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 0 | 0 | 0 | ||
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 | 1,074 | 2,483 | 1,123 | 2,366 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 10 | 16 | 56 | 72 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 | ||
Commercial Mixed Use Real Estate Allowance [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 1,682 | 1,609 | 1,644 | 3,003 | ||
Provision (credit) for loan losses | 92 | 198 | 143 | (1,508) | ||
Charge-offs | 0 | 0 | (37) | (30) | ||
Recoveries | 0 | 19 | 24 | 361 | ||
Ending balance | 1,774 | 1,826 | 1,774 | 1,826 | ||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Ending balance - loans individually evaluated for impairment | 4,365 | 4,365 | 4,400 | |||
Ending balance - loans collectively evaluated for impairment | 376,057 | 376,057 | 324,267 | |||
Allowance balance associated with loans individually evaluated for impairment | 0 | 0 | 0 | |||
Allowance balance associated with loans collectivelly evaluated for impairment | 1,774 | 1,774 | 1,644 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 4,365 | 4,365 | 4,425 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 4,365 | 4,365 | 4,400 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 0 | 0 | 0 | ||
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 | 4,383 | 2,200 | 4,388 | 2,200 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 2,200 | 0 | 2,200 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 44 | 44 | 132 | 193 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 | ||
Commercial Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 2,349 | 3,377 | 2,823 | 3,047 | ||
Provision (credit) for loan losses | 18 | (498) | (1,980) | 34 | ||
Charge-offs | (4) | (22) | (5) | (232) | ||
Recoveries | 0 | 1 | 1,525 | 9 | ||
Ending balance | 2,363 | 2,858 | 2,363 | 2,858 | ||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Ending balance - loans individually evaluated for impairment | 3,651 | 3,651 | 13,707 | |||
Ending balance - loans collectively evaluated for impairment | 469,560 | 469,560 | 403,089 | |||
Allowance balance associated with loans individually evaluated for impairment | 0 | 0 | 19 | |||
Allowance balance associated with loans collectivelly evaluated for impairment | 2,363 | 2,363 | 2,804 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 3,658 | 3,658 | 10,306 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 5,500 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 3,651 | 3,651 | 8,207 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 0 | 0 | 5,500 | ||
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 | 19 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 5,169 | 6,863 | 5,929 | 7,286 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 10,259 | 1,375 | 10,272 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 35 | 79 | 106 | 120 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 73 | 97 | 423 | ||
Construction Loan Receivable [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 0 | 0 | 0 | 3 | ||
Provision (credit) for loan losses | 0 | 0 | 0 | (3) | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Ending balance | 0 | 0 | 0 | 0 | ||
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 | 0 | 0 | 0 | |||
Allowance balance associated with loans individually evaluated for impairment | 0 | 0 | 0 | |||
Allowance balance associated with loans collectivelly evaluated for impairment | 0 | 0 | 0 | |||
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 | [1] | 0 | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 0 | 0 | 0 | ||
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 | ||
Total Real Estate Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 18,531 | 19,609 | 18,469 | 20,129 | ||
Provision (credit) for loan losses | 417 | (503) | (890) | (1,356) | ||
Charge-offs | (11) | (55) | (197) | (368) | ||
Recoveries | 1 | 21 | 1,556 | 667 | ||
Ending balance | 18,938 | 19,072 | 18,938 | 19,072 | ||
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | ||||||
Ending balance - loans individually evaluated for impairment | 9,867 | 9,867 | 19,984 | |||
Ending balance - loans collectively evaluated for impairment | 4,480,757 | 4,480,757 | 4,097,427 | |||
Allowance balance associated with loans individually evaluated for impairment | 0 | 0 | 19 | |||
Allowance balance associated with loans collectivelly evaluated for impairment | 18,938 | 18,938 | 18,450 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 9,913 | 9,913 | 16,649 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 5,500 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 9,867 | 9,867 | 14,484 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 0 | 0 | 5,500 | ||
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 | 19 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 11,227 | 12,315 | 12,042 | 12,635 | ||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 12,459 | 1,375 | 12,524 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 100 | 151 | 328 | 432 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 73 | 97 | 423 | ||
Consumer Loan [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||
Beginning balance | 22 | 24 | 24 | 24 | ||
Provision (credit) for loan losses | (1) | 2 | (1) | 6 | ||
Charge-offs | 0 | 0 | (2) | (4) | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Ending balance | 21 | $ 26 | 21 | $ 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 | 1,468 | 1,468 | 1,829 | |||
Allowance balance associated with loans individually evaluated for impairment | 0 | 0 | 0 | |||
Allowance balance associated with loans collectivelly evaluated for impairment | $ 21 | $ 21 | $ 24 | |||
[1] | The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. |
INVESTMENT AND MORTGAGE-BACKE42
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Dec. 31, 2014 | ||||
Investment Securities Held To Maturity [Abstract] | |||||
Recorded Amortized / Historical Cost | $ 5,349 | $ 5,367 | |||
Fair value of investment securities held to maturity | 7,478 | 6,315 | |||
Pooled Trust Preferred Held To Maturity Securities TRUPS [Member] | |||||
Investment Securities Held To Maturity [Abstract] | |||||
Purchase Amortized / Historical Cost | 15,553 | 15,815 | |||
Recorded Amortized / Historical Cost | 5,349 | [1] | 5,367 | [2] | |
Unrealized Gains | 2,382 | 1,119 | |||
Unrealized Losses | (253) | (171) | |||
Fair value of investment securities held to maturity | 7,478 | 6,315 | |||
Registered Mutual Funds Available For Sale [Member] | |||||
Investment Securities Available For Sale [Abstract] | |||||
Purchase Amortized / Historical Cost | 3,894 | 3,860 | |||
Recorded Amortized/Historical Cost | 3,894 | [1] | 3,860 | [2] | |
Unrealized Gains | 5 | 0 | |||
Unrealized Losses | (215) | (124) | |||
Fair Value | 3,684 | 3,736 | |||
Agency Notes [Member] | |||||
Investment Securities Available For Sale [Abstract] | |||||
Purchase Amortized / Historical Cost | 70 | ||||
Recorded Amortized/Historical Cost | [2] | 70 | |||
Unrealized Gains | 0 | ||||
Unrealized Losses | 0 | ||||
Fair Value | 70 | ||||
Pass Through MBS Issued by GSEs [Member] | |||||
Investment Securities Available For Sale [Abstract] | |||||
Purchase Amortized / Historical Cost | 431 | 24,154 | |||
Recorded Amortized/Historical Cost | 431 | [1] | 24,154 | [2] | |
Unrealized Gains | 15 | 1,453 | |||
Unrealized Losses | 0 | 0 | |||
Fair Value | $ 446 | 25,607 | |||
Private Issuer Pass Through MBS [Member] | |||||
Investment Securities Available For Sale [Abstract] | |||||
Purchase Amortized / Historical Cost | 449 | ||||
Recorded Amortized/Historical Cost | [2] | 449 | |||
Unrealized Gains | 6 | ||||
Unrealized Losses | 0 | ||||
Fair Value | 455 | ||||
Private Issuer CMOs [Member] | |||||
Investment Securities Available For Sale [Abstract] | |||||
Purchase Amortized / Historical Cost | 343 | ||||
Recorded Amortized/Historical Cost | [2] | 343 | |||
Unrealized Gains | 4 | ||||
Unrealized Losses | 0 | ||||
Fair Value | $ 347 | ||||
[1] | Amount represents the purchase amortized / historical cost less any OTTI charges (credit or non-credit related) previously recognized. For the TRUPS, amount is also net of the $874 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). | ||||
[2] | Amount represents the purchase amortized / historical cost less any OTTI charges (credit or non-credit related) previously recognized. For the TRUPS, amount is also net of the $932 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 MORTGAGE-BACKE43
INVESTMENT AND MORTGAGE-BACKED SECURITIES, Fiscal Year Maturity and Other Disclosures (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)Security | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)Security | Sep. 30, 2014USD ($) | |
Other Than Temporary Impairment Credit And Non Credit Losses Recognized In Earnings And OCI [Roll Forward] | ||||
Proceeds from Sale of Mortgage Backed Securities (MBS) categorized as Available-for-sale | $ 24,307 | $ 0 | ||
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) | 19 years 2 months 12 days | |||
Held To Maturity Securities With OTTI Number Of Securities | Security | 5 | 5 | ||
Pooled Trust Preferred Held To Maturity Securities [Member] | 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 | $ 8,769 | $ 8,945 | $ 8,945 | 8,945 |
Amortization of previously recognized OTTI | (26) | 0 | (202) | 0 |
Cumulative balance at end of the period | 8,743 | 8,945 | 8,743 | 8,945 |
Pooled Trust Preferred Held To Maturity Securities [Member] | 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 | 596 | 585 | 569 | 601 |
Amortization of previously recognized OTTI | (9) | (8) | 18 | (24) |
Cumulative balance at end of the period | 587 | 577 | 587 | 577 |
Pooled Trust Preferred Held To Maturity Securities [Member] | 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 | 9,365 | 9,530 | 9,514 | 9,546 |
Amortization of previously recognized OTTI | (35) | (8) | (184) | (24) |
Cumulative balance at end of the period | 9,330 | 9,522 | $ 9,330 | 9,522 |
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) | 12 years 4 months 24 days | |||
Other Than Temporary Impairment Credit And Non Credit Losses Recognized In Earnings And OCI [Roll Forward] | ||||
Proceeds from Sale of Mortgage Backed Securities (MBS) categorized as Available-for-sale | 0 | 0 | $ 24,307 | 0 |
Available-for-sale Securities, Gross Realized Gains | 0 | 0 | 1,395 | 0 |
Available-for-sale Securities, Gross Realized Losses | 0 | 0 | 7 | 0 |
All Investment Securities Available for sale [Member] | ||||
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 | 0 | 0 | 2,070 | 0 |
Available-for-sale Securities, Gross Realized Gains | 0 | 0 | 4 | 0 |
Available-for-sale Securities, Gross Realized Losses | $ 0 | $ 0 | $ 8 | $ 0 |
INVESTMENT AND MORTGAGE-BACKE44
INVESTMENT AND MORTGAGE-BACKED SECURITIES, Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
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 | $ 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,442 | 2,562 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 2,442 | 2,562 |
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 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 253 | 171 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 253 | 171 |
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 | 3,476 | 3,736 |
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 | 3,476 | 3,736 |
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 | 215 | 124 |
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 | $ 215 | $ 124 |
FAIR VALUE OF FINANCIAL INSTR45
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
OREO | $ 148 | $ 18 |
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 | 995 | 1,399 |
Trading Securities International Equity Mututal Fund Fair Value Disclosure | 273 | 159 |
Trading Securities Fixed Income Mututal Fund Fair Value Disclosure | 7,429 | 7,001 |
Available For Sale Agency Obligations Fair Value Disclosure | 70 | |
Available For Sale Securities Domestic Equity Mutual Fund Fair Value Disclosure | 1,183 | 2,160 |
Available For Sale Securities International Equity Mutual Fund Fair Value Disclosure | 372 | 415 |
Available For Sale Securities Fixed Income Mutual Fund Fair Value Disclosure | 2,129 | 1,161 |
Pass through MBS Issued By GSEs Measured At Fair Value on Recurring Basis | 446 | 25,607 |
Private issuer Pass Through Mortgage Backed Securities Measured at Fair Value on A Recurring Basis | 455 | |
Private Issuer CMOs Measured at Fair Value on a Recurrign Basis | 347 | |
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 | 995 | 1,399 |
Trading Securities International Equity Mututal Fund Fair Value Disclosure | 273 | 159 |
Trading Securities Fixed Income Mututal Fund Fair Value Disclosure | 7,429 | 7,001 |
Available For Sale Agency Obligations Fair Value Disclosure | 0 | |
Available For Sale Securities Domestic Equity Mutual Fund Fair Value Disclosure | 1,183 | 2,160 |
Available For Sale Securities International Equity Mutual Fund Fair Value Disclosure | 372 | 415 |
Available For Sale Securities Fixed Income Mutual Fund Fair Value Disclosure | 2,129 | 1,161 |
Pass through MBS 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 | |
Private Issuer CMOs Measured at Fair Value on a Recurrign Basis | 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 | 70 | |
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 | 446 | 25,607 |
Private issuer Pass Through Mortgage Backed Securities Measured at Fair Value on A Recurring Basis | 455 | |
Private Issuer CMOs Measured at Fair Value on a Recurrign Basis | 347 | |
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 | |
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 |
Private issuer Pass Through Mortgage Backed Securities Measured at Fair Value on A Recurring Basis | 0 | |
Private Issuer CMOs Measured at Fair Value on a Recurrign Basis | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Loans Receivable Mixed Use Commercial Real Estate Fair Value Disclosure | 4,400 | |
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 Mixed Use Commercial Real Estate Fair Value Disclosure | 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 Mixed Use Commercial Real Estate Fair Value Disclosure | 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 Mixed Use Commercial Real Estate Fair Value Disclosure | $ 4,400 |
FAIR VALUE OF FINANCIAL INSTR46
FAIR VALUE OF FINANCIAL INSTRUMENTS, Valuation Techniques (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Asset Valuation Approach Broker Quotation Weighting (in hundredths) | 100.00% | 10.00% |
Fair Value Asset Valuation Approach Internal Cash Flow Valuation Model Weighting (in hundredths) | 0.00% | 45.00% |
Fair Value Asset Valuation Approach Independent Cash Flow Valuation Model Weighting (in hundredths) | 0.00% | 45.00% |
Outstanding Principal Balance Of Impaired Loans Measured At Fair Value | $ 4,400 | |
Impaired Loans Measured at Fair Value Allowance balance | $ 0 |
FAIR VALUE OF FINANCIAL INSTR47
FAIR VALUE OF FINANCIAL INSTRUMENTS, Quantitative Information (Details) - Impaired Loans [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | $ 4,400 | |
Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, Fair Value Disclosure | ||
Weighted Average [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Cap Rate | 7.50% | |
Weighted Average [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Cap Rate | ||
Fair Value Inputs Reduction Planned Expedited Disposal | ||
Fair Value Inputs Reduction Sales Comparison Value |
FAIR VALUE OF FINANCIAL INSTR48
FAIR VALUE OF FINANCIAL INSTRUMENTS, Balance Sheet Groupings (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
ASSETS | ||
Cash and due from banks | $ 74,073 | $ 78,187 |
Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell, Fair Value Disclosure | 0 | 250 |
Investment securities held to maturity (TRUPS) | 5,349 | 5,367 |
Loans, net (excluding impaired loans carried at fair value) | 4,473,133 | 4,096,347 |
Accrued Interest Receivable | 12,547 | 12,664 |
FHLBNY capital stock | 54,348 | 58,407 |
Liabilities [Abstract] | ||
Savings, money market and checking accounts | 2,141,790 | 1,733,474 |
Certificates of Deposit (CDs) | 887,707 | 926,318 |
Escrow and other deposits | 131,132 | 91,921 |
FHLBNY advances | 1,069,725 | 1,173,725 |
Trust preferred securities payable | 70,680 | 70,680 |
Accrued Interest Payable | 2,389 | 2,729 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
ASSETS | ||
Cash and due from banks | 74,073 | 78,187 |
Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell, Fair Value Disclosure | 0 | 250 |
Investment securities held to maturity (TRUPS) | 7,478 | 6,315 |
Loans, net (excluding impaired loans carried at fair value) | 4,521,373 | 4,188,137 |
Accrued Interest Receivable | 12,547 | 12,664 |
FHLBNY capital stock | 0 | 0 |
Liabilities [Abstract] | ||
Savings, money market and checking accounts | 2,141,790 | 1,733,474 |
Certificates of Deposit (CDs) | 895,391 | 934,324 |
Escrow and other deposits | 131,132 | 91,921 |
FHLBNY advances | 1,079,707 | 1,186,069 |
Trust preferred securities payable | 70,680 | 70,680 |
Accrued Interest Payable | 2,389 | 2,729 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member] | ||
ASSETS | ||
Cash and due from banks | 74,073 | 78,187 |
Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell, Fair Value Disclosure | 0 | 250 |
Investment securities held to maturity (TRUPS) | 0 | 0 |
Loans, net (excluding impaired loans carried at fair value) | 0 | 0 |
Accrued Interest Receivable | 0 | 2 |
FHLBNY capital stock | 0 | 0 |
Liabilities [Abstract] | ||
Savings, money market and checking accounts | 2,141,790 | 1,733,474 |
Certificates of Deposit (CDs) | 0 | 0 |
Escrow and other deposits | 131,132 | 91,921 |
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 |
Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell, Fair Value Disclosure | 0 | 0 |
Investment securities held to maturity (TRUPS) | 7,478 | 0 |
Loans, net (excluding impaired loans carried at fair value) | 0 | 0 |
Accrued Interest Receivable | 28 | 104 |
FHLBNY capital stock | 0 | 0 |
Liabilities [Abstract] | ||
Savings, money market and checking accounts | 0 | 0 |
Certificates of Deposit (CDs) | 895,391 | 934,324 |
Escrow and other deposits | 0 | 0 |
FHLBNY advances | 1,079,707 | 1,186,069 |
Trust preferred securities payable | 70,680 | 70,680 |
Accrued Interest Payable | 2,389 | 2,729 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 3 [Member] | ||
ASSETS | ||
Cash and due from banks | 0 | 0 |
Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell, Fair Value Disclosure | 0 | 0 |
Investment securities held to maturity (TRUPS) | 0 | 6,315 |
Loans, net (excluding impaired loans carried at fair value) | 4,521,373 | 4,188,137 |
Accrued Interest Receivable | 12,519 | 12,558 |
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 |
RETIREMENT AND POSTRETIREMENT49
RETIREMENT AND POSTRETIREMENT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | ||
Postretirement Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Service Cost | $ 0 | $ 10 | $ 9 | $ 30 | ||
Defined Benefit Plan, Interest Cost | 18 | 58 | 556 | 174 | ||
Defined Benefit Plan, Expected Return on Plan Assets | 0 | 0 | 0 | 0 | ||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | (3,394) | [1] | 0 | |||
Amortization of unrealized loss | (2) | 0 | (27) | 0 | ||
Net periodic cost | 16 | 68 | (2,856) | 204 | ||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ 145 | |||||
Defined Benefit Plan, Contributions by Employer | 25 | 56 | ||||
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 | 344 | 338 | 749 | 1,014 | ||
Defined Benefit Plan, Expected Return on Plan Assets | (414) | (444) | (1,242) | (1,332) | ||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | ||||
Amortization of unrealized loss | 480 | 261 | 1,257 | 783 | ||
Net periodic cost | 410 | $ 155 | 764 | $ 465 | ||
Employee Retirement Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 14 | |||||
Defined Benefit Plan, Contributions by Employer | 7 | 12 | ||||
BMP Retirement Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 604 | |||||
Defined Benefit Plan, Contributions by Employer | 0 | 0 | ||||
Outside Director Retirement Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ 188 | |||||
Defined Benefit Plan, Contributions by Employer | $ 41 | $ 130 | ||||
[1] | (1) The Postretirement Plan was amended effective March 31, 2015, whereby future retirees will not be eligible to participate in the plan. This plan amendment resulted in a curtailment gain. |
INCOME TAXES (Details)
INCOME TAXES (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
INCOME TAXES [Abstract] | ||||
Effective Income Tax Rate (in hundredths) | 41.30% | 39.80% | 40.80% | 41.10% |
NET MORTGAGE BANKING INCOME (De
NET MORTGAGE BANKING INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
NET MORTGAGE BANKING INCOME [Abstract] | ||||
Gain on the sale of loans | $ 0 | $ 0 | $ 0 | $ 27 |
Credit to the Liability for First Loss Position | 0 | 0 | 0 | 1,040 |
Mortgage banking fees recognized | 41 | 71 | 154 | 86 |
Net mortgage banking income | $ 41 | $ 71 | $ 154 | $ 1,153 |
PREMISES HELD FOR SALE (Details
PREMISES HELD FOR SALE (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
PREMISES HELD FOR SALE [Abstract] | ||
Premises held for sale | $ 8,799 | $ 0 |
Aggregate purchase price under purchase and sale agreement | $ 80,000 |