Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 09, 2016 | |
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 | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 37,786,988 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS: | ||
Cash and due from banks | $ 89,927 | $ 64,154 |
Total cash and cash equivalents | 89,927 | 64,154 |
Investment securities held-to-maturity (estimated fair value of $6,805 and $7,051 at June 30, 2016 and December 31, 2015, respectively)(fully unencumbered) | 5,319 | 5,242 |
Investment securities available-for-sale, at fair value (fully unencumbered) | 3,837 | 3,756 |
Mortgage-backed securities available-for-sale, at fair value (fully unencumbered) | 406 | 431 |
Trading Securities | 6,814 | 10,201 |
Loans: | ||
Real estate, net | 5,206,781 | 4,695,186 |
Consumer loans | 2,336 | 1,590 |
Less allowance for loan losses | (18,909) | (18,514) |
Total loans, net | 5,190,208 | 4,678,262 |
Premises and fixed assets, net | 13,800 | 15,150 |
Premises held for sale | 1,379 | 8,799 |
Federal Home Loan Bank of New York ("FHLBNY") capital stock | 52,814 | 58,713 |
Other real estate owned ("OREO") | 18 | 148 |
Bank Owned Life Insurance ("BOLI") | 85,197 | 85,019 |
Goodwill | 55,638 | 55,638 |
Other assets | 50,840 | 47,359 |
Total Assets | 5,556,197 | 5,032,872 |
Due to depositors: | ||
Interest bearing deposits | 3,518,631 | 2,925,129 |
Non-interest bearing deposits | 261,635 | 259,181 |
Total deposits | 3,780,266 | 3,184,310 |
Escrow and other deposits | 92,290 | 77,130 |
FHLBNY advances | 1,017,125 | 1,166,725 |
Trust Preferred securities payable | 70,680 | 70,680 |
Other liabilities | 46,225 | 40,080 |
Total Liabilities | 5,006,586 | 4,538,925 |
Commitments and Contingencies | ||
Stockholders' Equity: | ||
Preferred stock ($0.01 par, 9,000,000 shares authorized, none issued or outstanding at June 30, 2016 and December 31, 2015) | 0 | 0 |
Common stock ($0.01 par, 125,000,000 shares authorized, 53,520,581 shares and 53,326,753 shares issued at June 30, 2016 and December 31, 2015, respectively, and 37,654,771 shares and 37,371,992 shares outstanding at June 30, 2016 and December 31, 2015, respectively) | 535 | 533 |
Additional paid-in capital | 266,984 | 262,798 |
Retained earnings | 502,569 | 451,606 |
Accumulated other comprehensive loss, net of deferred taxes | (8,803) | (8,801) |
Unallocated common stock of Employee Stock Ownership Plan ("ESOP") | (2,198) | (2,313) |
Unearned Restricted Stock Award common stock | (2,754) | (2,271) |
Common stock held by Benefit Maintenance Plan ("BMP") | (9,576) | (9,354) |
Treasury stock, at cost (15,865,810 shares and 15,954,761 shares at June 30, 2016 and December 31, 2015, respectively) | (197,146) | (198,251) |
Total Stockholders' Equity | 549,611 | 493,947 |
Total Liabilities And Stockholders' Equity | $ 5,556,197 | $ 5,032,872 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS: | ||
Investment securities held to maturity, fair value | $ 6,805 | $ 7,051 |
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) | 53,520,581 | 53,326,753 |
Common stock, shares outstanding (in shares) | 37,654,771 | 37,371,992 |
Treasury stock (in shares) | 15,865,810 | 15,954,761 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Interest income: | ||||
Loans secured by real estate | $ 47,358 | $ 43,473 | $ 93,009 | $ 85,261 |
Other loans | 24 | 24 | 48 | 48 |
Mortgage backed securities | 2 | 2 | 4 | 183 |
Investment securities | 265 | 121 | 438 | 290 |
Federal funds sold and other short-term investments | 721 | 578 | 1,382 | 1,228 |
Total interest income | 48,370 | 44,198 | 94,881 | 87,010 |
Interest expense: | ||||
Deposits and escrow | 7,597 | 5,670 | 14,391 | 10,890 |
Borrowed funds | 5,163 | 5,458 | 10,249 | 12,956 |
Total interest expense | 12,760 | 11,128 | 24,640 | 23,846 |
Net interest income | 35,610 | 33,070 | 70,241 | 63,164 |
Provision (credit) for loan losses | 442 | (1,135) | 421 | (1,307) |
Net interest income after provision (credit) for loan losses | 35,168 | 34,205 | 69,820 | 64,471 |
Non-interest income: | ||||
Service charges and other fees | 758 | 799 | 1,443 | 1,549 |
Net mortgage banking income | 27 | 41 | 55 | 113 |
Net gain (loss) on securities and other assets | 33 | (25) | 79 | 1,425 |
Net gain on the sale of premises held for sale | (4) | 0 | 68,183 | 0 |
Income from BOLI | 1,043 | 611 | 1,603 | 1,216 |
Other | 448 | 251 | 683 | 675 |
Total non-interest income | 2,305 | 1,677 | 72,046 | 4,978 |
Non-interest expense: | ||||
Salaries and employee benefits | 8,686 | 8,600 | 17,516 | 14,499 |
Stock benefit plan amortization expense | 846 | 940 | 1,724 | 1,882 |
Occupancy and equipment | 3,115 | 2,490 | 5,742 | 5,434 |
Data processing costs | 1,256 | 877 | 2,451 | 1,752 |
Federal deposit insurance premiums | 581 | 576 | 1,320 | 1,127 |
Other | 3,608 | 2,883 | 7,208 | 5,536 |
Total non-interest expense | 18,092 | 16,366 | 35,961 | 30,230 |
Income before income taxes | 19,381 | 19,516 | 105,905 | 39,219 |
Income tax expense | 8,173 | 7,987 | 44,660 | 15,912 |
Net income | $ 11,208 | $ 11,529 | $ 61,245 | $ 23,307 |
Earnings per Share: | ||||
Basic (in dollars per share) | $ 0.30 | $ 0.32 | $ 1.67 | $ 0.65 |
Diluted (in dollars per share) | $ 0.30 | $ 0.32 | $ 1.67 | $ 0.64 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) [Abstract] | ||||
Net income | $ 11,208 | $ 11,529 | $ 61,245 | $ 23,307 |
Amortization and reversal of net unrealized loss on securities transferred from available-for-sale to held-to-maturity, net of deferred tax expense of $6 and $10 during the three months ended June 30, 2016 and 2015, respectively, and $11 and $21 during the six months ended June 30, 2016 and 2015, respectively | 8 | 12 | 14 | 25 |
Reduction in (adjustment to) non-credit component of other than temporary impairment ("OTTI"), net of deferred tax expense (benefit) of $4 and $(16) during the three months ended June 30, 2016 and 2015, respectively, and $8 and $(12) during the six months ended June 30, 2016 and 2015, respectively | 4 | (19) | 8 | (15) |
Reclassification adjustment for securities sold during the period, net of income tax expense (benefit) of $2 during the three months ended June 30, 2015 and $(624) during the six months ended June 30, 2015 (reclassified from net gain on securities) | 0 | 2 | 0 | (760) |
Net unrealized securities gains (losses) arising during the period, net of deferred tax expense (benefit) of $21 and $(2) during the three months ended June 30, 2016 and 2015, respectively, and $28 and $15 during the six months ended June 30, 2016 and 2015, respectively | 26 | (4) | 34 | 20 |
Net unrealized derivative liability loss arising during the period, net of deferred tax benefit of $431 during both the three and six month periods ending June 30, 2016 | (526) | 0 | (526) | 0 |
Change in pension and other postretirement obligations, net of deferred tax expense (benefit) of $191 and $210 during the three months ended June 30, 2016 and 2015, respectively, and $382 and $(58) during the six months ended June 30, 2016 and 2015, respectively | 234 | 257 | 468 | (72) |
Comprehensive Income | $ 10,954 | $ 11,777 | $ 61,243 | $ 22,505 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) [Abstract] | ||||
Amortization and reversal of net unrealized loss on securities transferred from available-for-sale to held-to-maturity, deferred tax expense | $ 6 | $ 10 | $ 11 | $ 21 |
Reduction in (adjustment to) non-credit component of other than temporary impairment ("OTTI") charge, deferred tax expense (benefit) | 4 | (16) | 8 | (12) |
Reclassification adjustment for securities sold during the period, income tax expense (benefit) | 2 | (624) | ||
Net unrealized securities gains (losses) arising during the period, deferred tax expense (benefit) | 21 | (2) | 28 | 15 |
Net unrealized derivative liability loss arising during the period, deferred tax benefit | 431 | 431 | ||
Change in pension and other postretirement obligations, during the period, deferred tax expense (benefit) | $ 191 | $ 210 | $ 382 | $ (58) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss, Net of Deferred Taxes [Member] | Unallocated Common Stock of ESOP [Member] | Unearned Restricted Stock Award Common Stock [Member] | Common Stock Held by BMP [Member] | Treasury Stock, at Cost [Member] | Total |
Balance at Dec. 31, 2014 | $ 529 | $ 254,358 | $ 427,126 | $ (8,547) | $ (2,545) | $ (3,066) | $ (9,164) | $ (198,966) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock options exercised | 3 | 4,053 | |||||||
Excess tax benefit related to stock benefit plans | 204 | ||||||||
Award distribution | 0 | ||||||||
Amortization of excess fair value over cost - ESOP stock and stock options expense | 541 | ||||||||
Release from treasury stock for equity awards, net of return of shares to treasury for forfeited shares | 481 | (1,084) | (190) | 1,006 | |||||
Net income for the period | 23,307 | $ 23,307 | |||||||
Cash dividends declared and paid | (10,098) | ||||||||
Other comprehensive loss recognized during the period, net of tax | (802) | (802) | |||||||
Amortization of earned portion of ESOP stock | 116 | ||||||||
Amortization of earned portion of restricted stock awards | 985 | ||||||||
Treasury shares repurchased (20,000 shares during the six months ended June 30, 2015) | (300) | (300) | |||||||
Balance at Jun. 30, 2015 | 532 | 259,637 | 440,335 | (9,349) | (2,429) | (3,165) | (9,354) | (198,260) | 477,947 |
Balance at Dec. 31, 2015 | 533 | 262,798 | 451,606 | (8,801) | (2,313) | (2,271) | (9,354) | (198,251) | 493,947 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock options exercised | 2 | 2,756 | |||||||
Excess tax benefit related to stock benefit plans | 142 | ||||||||
Award distribution | 1 | ||||||||
Amortization of excess fair value over cost - ESOP stock and stock options expense | 561 | ||||||||
Release from treasury stock for equity awards, net of return of shares to treasury for forfeited shares | 727 | (1,311) | (223) | 1,105 | |||||
Net income for the period | 61,245 | 61,245 | |||||||
Cash dividends declared and paid | (10,282) | ||||||||
Other comprehensive loss recognized during the period, net of tax | (2) | (2) | |||||||
Amortization of earned portion of ESOP stock | 115 | ||||||||
Amortization of earned portion of restricted stock awards | 828 | ||||||||
Treasury shares repurchased (20,000 shares during the six months ended June 30, 2015) | 0 | 0 | |||||||
Balance at Jun. 30, 2016 | $ 535 | $ 266,984 | $ 502,569 | $ (8,803) | $ (2,198) | $ (2,754) | $ (9,576) | $ (197,146) | $ 549,611 |
CONSOLIDATED STATEMENTS OF CHA8
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) [Abstract] | |||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Treasury shares repurchased (in shares) | 0 | 0 | 0 | 20,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 61,245 | $ 23,307 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Net gain on investment and mortgage backed securities sold | 0 | (1,384) |
Net gain recognized on trading securities | (39) | (41) |
Net gain on the sale of OREO | (40) | 0 |
Net gain on sale of premises held for sale | (68,183) | 0 |
Net depreciation, amortization and accretion | 1,086 | 1,602 |
Stock plan compensation (excluding ESOP) | 943 | 1,015 |
ESOP compensation expense | 561 | 627 |
Provision (Credit) for loan losses | 421 | (1,307) |
Increase in cash surrender value of BOLI | (1,119) | (1,216) |
Income recognized from mortality benefit on BOLI | (484) | 0 |
Deferred income tax provision (credit) | 615 | (76) |
Reduction in credit related OTTI amortized through interest income | (52) | 0 |
Excess tax benefit from stock benefit plans | (142) | (204) |
Changes in assets and liabilities: | ||
Increase in other assets | (4,094) | (784) |
Increase (Decrease) in other liabilities | 6,038 | (425) |
Net cash (used in) provided by Operating activities | (3,244) | 21,114 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities of investment securities held-to-maturity | 0 | 127 |
Proceeds from sales of investment securities available-for-sale | 0 | 2,070 |
Proceeds from the sales of trading securities | 3,648 | 1,337 |
Proceeds from sales of mortgage backed securities available for sale | 0 | 24,307 |
Purchases of investment securities available-for-sale | (19) | (2,021) |
Acquisition of trading securities | (222) | (1,514) |
Principal collected on mortgage backed securities available-for-sale | 25 | 1,577 |
Proceeds from the sale of loans held for sale previously classified as portfolio loans | 0 | 9,201 |
Purchases of loans | (152,637) | 0 |
Loans originated, net of repayments | (359,730) | (195,320) |
Proceeds from sale of OREO | 170 | 0 |
Proceeds from surrender of cash surrender value of BOLI | 1,425 | 0 |
Net proceeds from the sale of premises held for sale | 75,899 | 0 |
Purchases of fixed assets | (16) | (456) |
Redemption of FHLBNY capital stock | 5,899 | 5,679 |
Net cash used in Investing Activities | (425,558) | (155,013) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Increase in due to depositors | 595,956 | 274,015 |
Increase (decrease) in escrow and other deposits | 15,160 | (4,682) |
Repayments of FHLBNY advances | (2,402,500) | (918,000) |
Proceeds from FHLBNY advances | 2,252,900 | 778,000 |
Proceeds from exercise of stock options | 2,900 | 4,056 |
Excess tax benefit from stock benefit plans | 142 | 204 |
Release of stock for benefit plan awards | 299 | 213 |
Treasury shares repurchased | 0 | (300) |
Cash dividends paid to stockholders | (10,282) | (10,098) |
Net cash provided by Financing Activities | 454,575 | 123,408 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 25,773 | (10,491) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 64,154 | 78,437 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 89,927 | 67,946 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 29,100 | 17,559 |
Cash paid for interest | 11,770 | 24,071 |
Loans transferred to OREO | 0 | 130 |
Transfer of premises to held for sale | 1,379 | 8,799 |
Loans transferred to held for sale | 0 | 9,534 |
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity | 25 | 47 |
Net (increase) decrease in non-credit component of OTTI | $ 16 | $ (27) |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 6 Months Ended |
Jun. 30, 2016 | |
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. The Bank maintains its headquarters in the Williamsburg section of Brooklyn, New York and operates twenty-five full service retail banking offices located in the New York City ("NYC") boroughs of Brooklyn, Queens, and the Bronx, and in Nassau County, New York. The Bank’s principal business is gathering deposits from customers within its market area and via the internet, and investing them primarily in multifamily residential, commercial real estate and mixed used loans, as well as mortgage-backed securities ("MBS"), obligations of the U.S. Government and Government Sponsored Enterprises ("GSEs"), and corporate debt and equity securities. All of the Bank's lending occurs in the greater NYC metropolitan area. |
SUMMARY OF ACCOUNTING POLICIES
SUMMARY OF ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2016 | |
SUMMARY OF ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF ACCOUNTING POLICIES | 2. SUMMARY OF ACCOUNTING POLICIES In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary for a fair presentation of the Company's financial condition as of June 30, 2016 and December 31, 2015, the results of operations and statements of comprehensive income for the three-month and six-month periods ended June 30, 2016 and 2015, and the changes in stockholders' equity and cash flows for the six-month periods ended June 30, 2016 and 2015. The results of operations for the three-month and six-month periods ended June 30, 2016 are not necessarily indicative of the results of operations for the remainder of the year ending December 31, 2016. 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. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2015 and notes thereto. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2016 | |
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | 3. RECENT ACCOUNTING PRONOUNCEMENTS In January 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-01, an amendment to Recognition and Measurement of Financial Assets and Financial Liabilities (Subtopic 825-10) In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal Versus Agent Consideration - Reporting Revenue Gross Versus Net In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In June 2016, the FASB issued ASU No. 2016-013, “Financial Instruments – Credit Losses (Topic 326)”, which requires the measurement of all expected credit losses for financial assets held at the reporting date be based on historical experience, current condition, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. This guidance also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. For the Company, this guidance is effective for fiscal years and interim periods beginning after December 31, 2019. The Company is currently evaluating this guidance to determine the impact on its consolidated financial statements. |
TREASURY STOCK
TREASURY STOCK | 6 Months Ended |
Jun. 30, 2016 | |
TREASURY STOCK [Abstract] | |
TREASURY STOCK | 4. TREASURY STOCK The Holding Company did not repurchase any of its common stock into treasury during the three or six month periods ended June 30, 2016, or the three-month period ended June 30, 2015. The Holding Company repurchased 20,000 shares of its common stock into treasury during the six months ended June 30, 2015 at a weighted average cost of $15.00 per share. On March 24, 2016, 28,044 shares of the Holding Company's common stock were released from treasury in order to satisfy potential future performance-based equity awards. The closing price of the Holding Company's common stock on that date was $17.35, and the shares were released utilizing the average historical cost method. On April 29, 2016, 60,675 shares of the Holding Company's common stock were released from treasury in order to fulfill benefit obligations under the 2013 Equity and Incentive Plan, and 12,424 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 $18.11, 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 six-month periods ended June 30, 2016 and 2015. |
OTHER COMPREHENSIVE INCOME (LOS
OTHER COMPREHENSIVE INCOME (LOSS) | 6 Months Ended |
Jun. 30, 2016 | |
OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | |
OTHER COMPREHENSIVE INCOME (LOSS) | 5. OTHER COMPREHENSIVE INCOME (LOSS) The before and after tax amounts allocated to each component of other comprehensive income (loss) are presented in the table below. Reclassification adjustments related to securities available-for-sale are included in the line entitled net gain (loss) on securities and other assets Pre-tax Amount Tax Expense (Benefit) After tax Amount Three Months Ended June 30, 2016 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 14 6 8 Total securities held-to-maturity and transferred securities 22 10 12 Securities available-for-sale: Change in net unrealized gain during the period 47 21 26 Total securities available-for-sale 47 21 26 Defined benefit plans: Reclassification adjustment for expense included in salaries and employee benefits expense 425 191 234 Total defined benefit plans 425 191 234 Derivatives: Change in unrealized loss on derivative liability (957 ) (431 ) (526 ) Total derivatives (957 ) (431 ) (526 ) Total other comprehensive (loss) $ (463 ) $ (209 ) $ (254 ) Three Months Ended June 30, 2015 Securities held-to-maturity and transferred securities: Change in non-credit component of OTTI $ (35 ) $ (16 ) $ (19 ) Change in unrealized loss on securities transferred to held-to-maturity 22 10 12 Total securities held-to-maturity and transferred securities (13 ) (6 ) (7 ) Securities available-for-sale: Reclassification adjustment for net gains included in net gain (loss) on securities and other assets 4 2 2 Change in net unrealized gain during the period (8 ) (4 ) (4 ) Total securities available-for-sale (4 ) (2 ) (2 ) Defined benefit plans: Reclassification adjustment for expense included in salaries and employee benefits expense 467 210 257 Total defined benefit plans 467 210 257 Total other comprehensive income $ 450 $ 202 $ 248 Pre-tax Amount Tax Expense (Benefit) After tax Amount Six Months Ended June 30, 2016 Securities held-to maturity and transferred securities: Change in non-credit component of OTTI $ 16 $ 8 $ 8 Change in unrealized loss on securities transferred to held-to-maturity 25 11 14 Total securities held-to-maturity and transferred securities 41 19 22 Securities available-for-sale: Change in net unrealized gain during the period 62 28 34 Total securities available-for-sale 62 28 34 Defined benefit plans: Reclassification adjustment for expense included in salaries and employee benefits expense 850 382 468 Total defined benefit plans 850 382 468 Derivatives: Change in unrealized loss on derivative liability (957 ) (431 ) (526 ) Total derivatives (957 ) (431 ) (526 ) Total other comprehensive loss $ (4 ) $ 2 $ (2 ) Six Months Ended June 30, 2015 Securities held-to-maturity and transferred securities: Change in non-credit component of OTTI $ (27 ) $ (12 ) $ (15 ) Change in unrealized loss on securities transferred to held-to-maturity 46 21 25 Total securities held-to-maturity and transferred securities 19 9 10 Securities available-for-sale: Reclassification adjustment for net gains included in net gain (loss) on securities and other assets (1,384 ) (624 ) (760 ) Change in net unrealized gain during the period 35 15 20 Total securities available-for-sale (1,349 ) (609 ) (740 ) Defined benefit plans: Reclassification adjustment for expense included in salaries and employee benefits expense 934 420 514 Change in the net actuarial gain or loss (1,064 ) (478 ) (586 ) Total defined benefit plans (130 ) (58 ) (72 ) Total other comprehensive income $ (1,460 ) $ (658 ) $ (802 ) 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 Derivative Liability Total Accumulated Other Comprehensive Gain (Loss) Balance as of January 1, 2016 $ (760 ) $ (122 ) $ (7,919 ) $ - $ (8,801 ) Other comprehensive income (loss) before reclassifications 22 34 - (526 ) (470 ) Amounts reclassified from accumulated other comprehensive loss - - 468 - 468 Net other comprehensive income (loss) during the period 22 34 468 (526 ) (2 ) Balance as of June 30, 2016 $ (738 ) $ (88 ) $ (7,451 ) $ (526 ) $ (8,803 ) Balance as of January 1, 2015 $ (826 ) $ 736 $ (8,457 ) $ - $ (8,547 ) Other comprehensive income (loss) before reclassifications 10 20 (586 ) - (556 ) Amounts reclassified from accumulated other comprehensive loss - (760 ) 514 - (246 ) Net other comprehensive income (loss) during the period 10 (740 ) (72 ) - (802 ) Balance as of June 30, 2015 $ (816 ) $ (4 ) $ (8,529 ) $ - $ (9,349 ) |
EARNINGS PER SHARE ("EPS")
EARNINGS PER SHARE ("EPS") | 6 Months Ended |
Jun. 30, 2016 | |
EARNINGS PER SHARE ("EPS") [Abstract] | |
EARNINGS PER SHARE ("EPS") | 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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Net income per the Consolidated Statements of Income $ 11,208 $ 11,529 $ 61,245 $ 23,307 Less: Dividends paid and earnings allocated to participating securities (24 ) (33 ) (55 ) (73 ) Income attributable to common stock $ 11,184 $ 11,496 $ 61,190 $ 23,234 Weighted average common shares outstanding, including participating securities 36,946,082 36,412,733 36,874,535 36,344,359 Less: weighted average participating securities (192,525 ) (245,046 ) (202,885 ) (266,424 ) Weighted average common shares outstanding 36,753,557 36,167,687 36,671,650 36,077,935 Basic EPS $ 0.30 $ 0.32 $ 1.67 $ 0.65 Income attributable to common stock $ 11,184 $ 11,496 $ 61,190 $ 23,234 Weighted average common shares outstanding 36,753,557 36,167,687 36,671,650 36,077,935 Weighted average common equivalent shares outstanding 65,028 91,690 69,420 80,886 Weighted average common and equivalent shares outstanding 36,818,585 36,259,377 36,741,070 36,158,821 Diluted EPS $ 0.30 $ 0.32 $ 1.67 $ 0.64 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 126,453 weighted-average stock options outstanding for the three-month periods ended June 30, 2016 and 2015, 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 80,000 and 136,292 weighted-average stock options outstanding for the six-month periods ended June 30, 2016 and 2015, 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 | 6 Months Ended |
Jun. 30, 2016 | |
ACCOUNTING FOR STOCK BASED COMPENSATION [Abstract] | |
ACCOUNTING FOR STOCK BASED COMPENSATION | 7. ACCOUNTING FOR STOCK BASED COMPENSATION During the three-month and six-month periods ended June 30, 2016 and 2015, 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 14 to the Company's audited consolidated financial statements for the year ended December 31, 2015, 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 June 30, At or for the Six Months Ended June 30, 2016 2015 2016 2015 Options outstanding – beginning of period 465,246 905,780 465,246 979,916 Options granted - - - - Options exercised (193,828 ) (259,579 ) (193,828 ) (274,355 ) Options that expired prior to exercise - - - (59,360 ) Options outstanding – end of period 271,418 646,201 271,418 646,201 Intrinsic value of options exercised $ 732 $ 300 $ 732 $ 384 Compensation expense recognized - 8 - 31 Remaining unrecognized compensation expense - - - - Intrinsic value of outstanding options at period end 553 1,632 553 1,632 Intrinsic value of vested options at period end 553 1,632 553 1,632 Weighted average exercise price of vested options – end of period 15.32 14.57 15.32 14.57 There were no grants of stock options during the three-month and six-month periods ended June 30, 2016 and 2015. Restricted Stock Awards The Company, from time to time, issues restricted stock awards to outside directors and certain officers under the 2004 Stock Incentive Plan or 2013 Equity and Incentive Plan. Typically, awards to outside directors fully vest on the first anniversary of the grant date, while awards to officers vest in equal annual installments over a four-year period. The following is a summary of activity related to the restricted stock awards granted under the 2004 Stock Incentive Plan or 2013 Equity and Incentive Plan during the periods indicated: At or for the Three Months Ended June 30, At or for the Six Months Ended June 30, 2016 2015 2016 2015 Unvested allocated shares – beginning of period 222,142 285,610 223,894 289,660 Shares granted 60,675 68,069 60,675 68,069 Shares vested (115,135 ) (128,327 ) (116,001 ) (132,377 ) Shares forfeited (12,863 ) (980 ) (13,749 ) (980 ) Unvested allocated shares – end of period 154,819 224,372 154,819 224,372 Compensation recorded to expense $ 390 $ 455 $ 828 $ 984 Performance Based Equity Awards During the six months ended June 30, 2016, the Company established a long term incentive award program to certain officers that meets the criteria for equity-based accounting. For each award, threshold (50% of target), target (100% of target) and maximum (150% of target) payment opportunities are eligible to be earned over a three-year performance period based on the Company's relative performance on certain measurement goals that were established at the onset of the performance period and cannot be altered subsequently. The following table summarizes these awards as of the period indicated: At or for the Three Months Ended June 30, 2016 At or for the Six Months Ended June 30, 2016 Maximum aggregate share payout – beginning of period 28,044 28,044 Shares forfeited (3,312 ) (3,312 ) Maximum aggregate share payout – end of period 24,732 24,732 Minimum aggregate share payout - - Likely aggregate share payout 16,488 16,488 Compensation expense recognized $ 21 $ 21 |
LOANS RECEIVABLE AND CREDIT QUA
LOANS RECEIVABLE AND CREDIT QUALITY | 6 Months Ended |
Jun. 30, 2016 | |
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: On a quarterly basis, 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 loans, such as multifamily residential, mixed use residential ( i.e., i.e. Special Mention. Substandard. Doubtful. The Bank had no loans classified as doubtful as of June 30, 2016 or December 31, 2015. All real estate loans not classified as Special Mention or Substandard were deemed pass loans at both June 30, 2016 and December 31, 2015. 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 June 30, 2016 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 Total Real Estate Loans Pass $ 72,366 $ 4,205,375 $ 385,432 $ 510,971 $ 5,174,144 Special Mention 935 5,068 2,146 1,230 9,379 Substandard 2,151 8,967 5,534 6,606 23,258 Doubtful - - - - - Total $ 75,452 $ 4,219,410 $ 393,112 $ 518,807 $ 5,206,781 Balance at December 31, 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 Total Real Estate Loans Not Graded(1) $ 7,698 $ - $ - $ - $ 7,698 Pass 61,256 3,743,298 370,110 473,242 4,647,906 Special Mention 945 9,759 1,622 4,857 17,183 Substandard 2,196 6,850 5,543 7,810 22,399 Doubtful - - - - - Total $ 72,095 $ 3,759,907 $ 377,275 $ 485,909 $ 4,695,186 (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 June 30, 2016 Balance at December 31, 2015 Performing $ 2,332 $ 1,586 Non-accrual 4 4 Total $ 2,336 $ 1,590 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 June 30, 2016 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 $ - $ 154 $ - $ 487 $ 641 $ 74,811 $ 75,452 Multifamily residential and residential mixed use 85 - 4,344 3,784 8,213 4,211,197 4,219,410 Commercial mixed use real estate 116 - 190 54 360 392,752 393,112 Commercial real estate 180 - - - 180 518,627 518,807 Total real estate $ 381 $ 154 $ 4,534 $ 4,325 $ 9,394 $ 5,197,387 $ 5,206,781 Consumer $ - $ - $ - $ 4 $ - $ 2,332 $ 2,336 (1) At December 31, 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 $ 127 $ - $ 625 $ 1,113 $ 1,865 $ 70,230 $ 72,095 Multifamily residential and residential mixed use 2,235 - 2,514 287 5,036 3,754,871 3,759,907 Commercial mixed use real estate - 406 406 - 812 376,463 377,275 Commercial real estate 200 - 987 207 1,394 484,515 485,909 Total real estate $ 2,562 $ 406 $ 4,532 $ 1,607 $ 9,107 $ 4,686,079 $ 4,695,186 Consumer $ 1 $ 1 $ - $ 4 $ 6 $ 1,584 $ 1,590 (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 $4,534 at June 30, 2016, and twelve real estate loans with an aggregate outstanding balance of $4,532 at December 31, 2015, 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 June 30, 2016 As of December 31, 2015 No. of Loans Balance No. of Loans Balance One- to four-family residential, including condominium and cooperative apartment 1 $ 32 2 $ 598 Multifamily residential and residential mixed use 4 1,057 3 696 Commercial mixed use real estate 1 4,304 1 4,344 Commercial real estate 1 3,396 2 3,635 Total real estate 7 $ 8,789 8 $ 9,273 The following table summarizes outstanding TDRs by accrual status as of the dates indicated As of June 30, 2016 As of December 31, 2015 No. of Loans Balance No. of Loans Balance Outstanding principal balance at period end 7 $ 8,789 8 $ 9,273 TDRs on accrual status at period end 7 8,789 7 9,066 TDRs on non-accrual status at period end - - 1 207 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 June 30, 2016 and December 31, 2015. The Company modified one one- to four-family residential loan in a manner that met the criteria of a TDR during the three-month and six-month periods ended June 30, 2016. There were no loans modified in a manner that met the criteria of a TDR during the three-month period and six-month periods ended June 30, 2015. The Bank's allowance for loan losses at June 30, 2016 and December 31, 2015 did not reflect any allocated reserve associated with TDRs. As of June 30, 2016 and December 31, 2015, 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 and six-month periods ended June 30, 2016 or 2015 (thus no 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. |
ALLOWANCE FOR LOAN LOSSES
ALLOWANCE FOR LOAN LOSSES | 6 Months Ended |
Jun. 30, 2016 | |
ALLOWANCE FOR LOAN LOSSES [Abstract] | |
ALLOWANCE FOR LOAN LOSSES | 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 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: (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 either June 30, 2016 or December 31, 2015. 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 June 30, 2016 and December 31, 2015, 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 Loan Component As of June 30, 2016, the Bank refined the calculation of the allowance for loan losses associated with non-impaired loans using third party software purchased by the Bank. The software model is substantially similar to the previous model used by the Bank whereby the primary drivers of the calculation are historical charge-offs by loan type and certain qualitative elements. Management has evaluated the impact of the change and concluded that it is not material to the overall allowance for non-impaired loans. Substandard Non-Impaired Loan Component At June 30, 2016, 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 the previous forty-eight months, which is the same historical loss look-back period used for all Pass-graded loans. At December 31, 2015, 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 the previous twelve month period. The loss percentage resulting from this analysis was then applied to the aggregate pool of non-impaired Substandard loans at December 31, 2015. Based upon the methodologies used for the non-impaired Substandard loan component at both June 30, 2016 and December 31, 2015, 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 such 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 $99 at June 30, 2016 and $348 at December 31, 2015. The decline in the allowance attributable to non-impaired Substandard loans during the six month period ended June 30, 2016 was due to a decrease of $1,943 in the balance of such loans from December 31, 2015 to June 30, 2016 combined with a lower loss expectation derived as of June 30, 2016 compared to December 31, 2015. 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 at both June 30, 2016 and December 31, 2015. Special Mention Non-Impaired Loan Component At June 30, 2016, the reserve allocated within the allowance for loan losses associated with non-impaired loans internally classified as Special Mention reflected expected loss percentages on the Bank’s pool of such loans that were derived based upon an analysis of historical losses over the previous forty-eight months, which is the same historical loss look-back period used for Pass-graded loans. At December 31, 2015, 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 the previous twelve month period. The loss percentage resulting from this analysis was then applied to the aggregate pool of non-impaired Special Mention loans at December 31, 2015. Based upon the methodologies used for the non-impaired Special Mention loan component at both June 30, 2016 and December 31, 2015, increases or decreases in the amount of either non-impaired Special Mention loans or charge-offs associated with such loans, or a change in the measurement timeframe utilized to derive the expected loss percentage, would impact the level of reserves determined on such 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 was $71 at June 30, 2016, down from $88 at December 31, 2015, due primary to a reduction of $7,804 in the balance of such loans. 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 apartment; 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 whether potential losses that could take a longer period to flow through its allowance for loan losses possibly exist. (ii) Economic conditions - At both June 30, 2016 and December 31, 2015, 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 June 30, 2016 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 Total Real Estate Beginning balance $ 99 $ 14,462 $ 1,552 $ 2,381 $ 18,494 $ 19 Provision (credit) for loan losses 96 407 133 (194 ) 442 - Charge-offs (4 ) (43 ) (1 ) - (48 ) - Recoveries 1 - - - 1 1 Ending balance $ 192 $ 14,826 $ 1,684 $ 2,187 $ 18,889 $ 20 Ending balance – loans individually evaluated for impairment $ 414 $ 3,930 $ 4,357 $ 3,396 $ 12,097 $ - Ending balance – loans collectively evaluated for impairment 75,038 4,215,480 388,755 515,411 5,194,684 2,336 Allowance balance associated with loans individually evaluated for impairment - - - - - - Allowance balance associated with loans collectively evaluated for impairment 192 14,826 1,684 2,187 18,889 20 At December 31, 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 Total Real Estate Ending balance – loans individually evaluated for impairment $ 598 $ 983 $ 4,345 $ 3,635 $ 9,561 $ - Ending balance – loans collectively evaluated for impairment 71,497 3,758,924 372,930 482,274 4,685,625 1,590 Allowance balance associated with loans individually evaluated for impairment - - - - - - Allowance balance associated with loans collectively evaluated for impairment 263 14,118 1,652 2,461 18,494 20 At or for the Three Months Ended June 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 Total Real Estate Beginning balance $ 111 $ 14,173 $ 1,566 $ 2,365 $ 18,215 $ 22 Provision (credit) for loan losses 19 238 111 (1,504 ) (1,136 ) 1 Charge-offs (5 ) (40 ) - (1 ) (46 ) (1 ) Recoveries 1 3 5 1,489 1,498 - Ending balance $ 126 $ 14,374 $ 1,682 $ 2,349 $ 18,531 $ 22 At or for the Six Months Ended June 30, 2016 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 Total Real Estate Beginning balance $ 263 $ 14,118 $ 1,652 $ 2,461 $ 18,494 $ 20 Provision (credit) for loan losses (46 ) 731 34 (297 ) 422 (1 ) Charge-offs (27 ) (60 ) (2 ) - (89 ) - Recoveries 2 37 - 23 62 1 Ending balance $ 192 $ 14,826 $ 1,684 $ 2,187 $ 18,889 $ 20 At or for the Six Months Ended June 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 Total Real Estate Beginning balance $ 150 $ 13,852 $ 1,644 $ 2,823 $ 18,469 $ 24 Provision (credit) for loan losses 80 560 51 (1,998 ) (1,307 ) - Charge-offs (107 ) (41 ) (37 ) (1 ) (186 ) (2 ) Recoveries 3 3 24 1,525 1,555 - Ending balance $ 126 $ 14,374 $ 1,682 $ 2,349 $ 18,531 $ 22 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 June 30, 2016 At December 31, 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 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 $ 414 $ 414 $ - $ 635 $ 598 $ - With an allocated reserve - - - - - - Multifamily Residential and Residential Mixed Use With no allocated reserve 3,930 3,930 - 983 983 - With an allocated reserve - - - - - - Commercial Mixed Use Real Estate With no allocated reserve 4,357 4,357 - 4,345 4,345 - With an allocated reserve - - - - - - Commercial Real Estate With no allocated reserve 3,396 3,396 - 3,642 3,635 - With an allocated reserve - - - - - - Total With no allocated reserve $ 12,097 $ 12,097 $ - $ 9,605 $ 9,561 $ - With an allocated reserve $ - $ - $ - $ - $ - $ - (1) The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 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 $ 399 $ 7 $ 602 $ 11 $ 465 $ 41 $ 603 $ 23 With an allocated reserve - - - - - - - - Multifamily Residential and Residential Mixed Use With no allocated reserve 2,451 25 985 31 1,962 38 1,081 46 With an allocated reserve - - - - - - - - Commercial Mixed Use Real Estate With no allocated reserve 4,367 44 4,393 44 4,360 88 4,395 88 With an allocated reserve - - - - - - - - Commercial Real Estate With no allocated reserve 3,404 34 5,929 35 3,481 68 6,688 71 With an allocated reserve - - - - - - 1,833 97 Total With no allocated reserve $ 10,621 $ 110 $ 11,909 $ 121 $ 10,268 $ 235 $ 12,767 $ 228 With an allocated reserve $ - $ - $ - $ - $ - $ - $ 1,833 $ 97 |
INVESTMENT AND MORTGAGE-BACKED
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016: 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") $ 15,326 $ 5,319 $ 1,955 $ (469 ) $ 6,805 Available-for-sale securities: Investment securities Registered Mutual Funds 4,011 4,011 20 (194 ) 3,837 MBS Pass-through MBS issued by GSEs 392 392 14 - 406 (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 $781 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, 2015: Purchase Amortized/ Historical Cost Recorded Amortized/ Historical Cost (1) Unrealized Gains Unrealized Losses Fair Value Investment securities held-to-maturity: TRUPS $ 15,344 $ 5,242 $ 2,154 $ (345 ) $ 7,051 Available-for-sale securities: Investment securities Registered Mutual Funds 3,990 3,990 25 (259 ) 3,756 MBS Pass-through MBS issued by GSEs 418 418 13 - 431 (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 $807 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 18.5 years at maturity of 11.5 years. All of the There were no sales of investment securities during the three-month and six-month periods Tax provisions related to the gains on sales of investment securities and MBS available-for-sale recognized during the three-month and six-month periods ended June 30, 2015 are disclosed in the condensed consolidated statements of comprehensive income. As of each reporting period through June 30, 2016, 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 June 30, 2016, five TRUPS were determined to meet the criteria for OTTI based upon this analysis. At June 30, 2016, 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 June 30, 2016 At or for the Three Months Ended June 30, 2015 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 $ 8,691 $ 570 $ 9,261 $ 8,795 $ 561 $ 9,356 Accretion (Amortization) of previously recognized OTTI (26 ) (8 ) (34) (26 ) 35 9 Cumulative pre-tax balance at end of the period $ 8,665 $ 562 $ 9,227 $ 8,769 $ 596 $ 9,365 At or for the Six Months Ended June 30, 2016 At or for the Six Months Ended June 30, 2015 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 $ 8,717 $ 578 $ 9,295 $ 8,945 $ 569 $ 9,514 Accretion (Amortization) of previously recognized OTTI (52 ) (16 ) (68) (176 ) 27 (149 ) Cumulative pre-tax balance at end of the period $ 8,665 $ 562 $ 9,227 $ 8,769 $ 596 $ 9,365 The following table summarizes the gross unrealized losses and fair value of investment securities as of June 30, 2016, 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 $ - $ - $ 2,255 $ 469 $ 2,255 $ 469 Available-for-Sale Securities: Registered Mutual Funds 371 8 3,121 186 3,492 194 TRUPS That Have Maintained an Unrealized Holding Loss for 12 or More Consecutive Months At June 30, 2016, 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, 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 $ - $ - $ 2,359 $ 345 $ 2,359 $ 345 Available-for-Sale Securities: Registered Mutual Funds 3,026 259 - - 3,026 259 |
DERIVATIVES AND HEDGING ACTIVIT
DERIVATIVES AND HEDGING ACTIVITIES | 6 Months Ended |
Jun. 30, 2016 | |
DERIVATIVES AND HEDGING ACTIVITIES [Abstract] | |
DERIVATIVES AND HEDGING ACTIVITIES | 11. DERIVATIVES AND HEDGING ACTIVITIES Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated Other Comprehensive Loss and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three and six months ended June 30, 2016, such derivatives were used to hedge the variability in cash flows associated with wholesale borrowings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three and six months ended June 30, 2016, the Company’s did not record any hedge ineffectiveness. The Company did not have any derivatives outstanding prior to the quarter ended June 30, 2016. Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are paid on the Company’s liabilities. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statement of Financial Condition: At June 30, 2016 Count Notional Amount Fair Value Assets Fair Value Liabilities Derivatives designated as hedging instruments Interest Rate Products 4 $ 90,000 $ - $ 957 Total derivatives designated as hedging instruments 4 $ 90,000 $ - $ 957 Weighted average pay rates 1.24% Weighted average receive rates 0.64% Weighted average maturity 5.82 years The table below presents the effect of the Company’s derivative financial instruments as the amount of gain or (loss) on the Consolidated Statements of Income as of June 30, 2016: At or for the Three and Six Months Ended June 30, 2016 Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Effective Portion) Amount of Gain or (Loss) Reclassified from Other Comprehensive Income into Interest Expense (Effective Portion) Amount of Gain or (Loss) Recognized in Other Non-Interest Expense (Ineffective Portion) Interest Rate Products $ (998 ) $ (41 ) $ - The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of June 30, 2016. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Consolidated Statements of Financial Condition. Offsetting of Derivative Liabilities as of June 30, 2016: Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statements of Financial Condition Net Amounts of Assets presented in the Statements of Financial Condition Gross Amounts Not Offset in the Statements of Financial Condition Net Amount Financial Instruments Cash Collateral Received Counterparty A $ 957 $ - $ 957 $ - $ - $ 957 The Company’s agreements with each of its derivative counterparties state that if the Company defaults on any of its indebtedness, it could also be declared in default on its derivative obligations and could be required to terminate its derivative positions with the counterparty. The Company’s agreements with certain of its derivative counterparties state that if the Bank fails to maintain its status as a well-capitalized institution, the Bank could be required to terminate its derivative positions with the counterparty. As of June 30, 2016, the termination value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $997. If the Company had breached any of the above provisions at June 30, 2016, it could have been required to settle its obligations under the agreements at the termination value and would have been required to pay any additional amounts due in excess of amounts previously posted as collateral with the respective counterparty. There were no provisions breached for the period ended June 30, 2016. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2016 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12. 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 and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Assets and Liabilities Measured at Fair Value on a Recurring Basis at June 30, 2016 Fair Value Measurements Using Description Total Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets Trading securities (Registered Mutual Funds): Domestic Equity Mutual Funds $ 787 $ 787 $ - $ - International Equity Mutual Funds 207 207 - - Fixed Income Mutual Funds 5,820 5,820 - - Investment securities available-for-sale: Registered Mutual Funds: Domestic Equity Mutual Funds 1,244 1,244 - - International Equity Mutual Funds 374 374 - - Fixed Income Mutual Funds 2,219 2,219 - - Pass-through MBS issued by GSEs 406 - 406 - Financial Liabilities Derivative – interest rate product $ 957 - $ 957 - Assets Measured at Fair Value on a Recurring Basis at December 31, 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 $ 1,053 $ 1,053 $ - $ - International Equity Mutual Funds 281 281 - - Fixed Income Mutual Funds 8,867 8,867 - - Investment securities available-for-sale: Registered Mutual Funds: Domestic Equity Mutual Funds 1,253 1,253 - - International Equity Mutual Funds 383 383 - - Fixed Income Mutual Funds 2,120 2,120 - - Pass-through MBS issued by GSEs 431 - 431 - 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 June 30, 2016 and December 31, 2015. Obtaining market values as of June 30, 2016 and December 31, 2015 for these securities utilizing significant observable inputs was not difficult due to their considerable demand. Derivatives represent interest rate swaps and estimated fair values are based on valuation models using observable market data as of the measurement date. There were no assets measured at fair value on a non-recurring basis as of June 30, 2016 or December 31, 2015. Impaired Loans 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 June 30, 2016 and December 31, 2015, there were no impaired loans measured at fair value. 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 June 30, 2016 and December 31, 2015 were as follows: Fair Value at June 30, 2016 Using At June 30, 2016 Carrying Amount Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Cash and due from banks $ 89,927 $ 89,927 $ - $ - $ 89,927 Investment securities held to maturity (TRUPS) 5,319 - 6,805 6,805 Loans, net 5,190,208 - - 5,213,167 5,213,167 Accrued interest receivable 14,896 - 2 14,894 14,896 FHLBNY capital stock 52,814 N/A N/A N/A N/A Liabilities: Savings, money market and checking accounts 2,745,744 2,745,744 - - 2,745,744 Certificates of Deposit ("CDs") 1,034,522 - 1,043,254 - 1,043,354 Escrow and other deposits 92,290 92,964 - - 92,964 FHLBNY Advances 1,017,125 - 1,026,682 - 1,026,682 Trust Preferred securities payable 70,680 - 69,973 - 69,973 Accrued interest payable 2,156 - 2,156 - 2,156 Fair Value at December 31, 2015 Using At December 31, 2015 Carrying Amount Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Cash and due from banks $ 64,154 $ 64,154 $ - $ - $ 64,154 Investment securities held to maturity (TRUPS) 5,242 - - 7,051 7,051 Loans, net 4,678,262 - - 4,722,803 4,722,803 Accrued interest receivable 13,486 - 19 13,467 12,664 FHLBNY capital stock 58,713 N/A N/A N/A N/A Liabilities: Savings, money market and checking accounts 2,325,463 2,325,463 - - 2,325,463 CDs 858,847 - 865,581 - 865,581 Escrow and other deposits 77,130 77,130 - - 77,130 FHLBNY Advances 1,166,725 - 1,170,274 - 1,170,274 Trust Preferred securities payable 70,680 - 69,973 - 69,973 Accrued interest payable 2,259 - 2,259 - 2,259 Cash and Due From Banks – TRUPS Held to Maturity 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 | 6 Months Ended |
Jun. 30, 2016 | |
RETIREMENT AND POSTRETIREMENT PLANS [Abstract] | |
RETIREMENT AND POSTRETIREMENT PLANS | 13. 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 June 30, 2016 Three Months Ended June 30, 2015 BMP, Employee and Outside Director Retirement Plans Postretirement Plan BMP, Employee and Outside Director Retirement Plans Postretirement Plan Service cost $ - $ - $ - $ - Interest cost 343 16 343 29 Expected return on assets (383 ) - (414 ) - Unrecognized past service liability - (2 ) - - Amortization of unrealized loss 428 (1 ) 480 (13 ) Net periodic cost $ 388 $ 13 $ 409 $ 16 Six Months Ended June 30, 2016 Six Months Ended June 30, 2015 BMP, Employee and Outside Director Retirement Plans Postretirement Plan BMP, Employee and Outside Director Retirement Plans Postretirement Plan Service cost $ - $ - $ - $ 9 Interest cost 686 32 687 538 Expected return on assets (766 ) - (828 ) - Curtailment gain(1) - - - (3,394 ) Unrecognized past service liability - (4 ) - - Amortization of unrealized loss 858 (2 ) 959 (25 ) Net periodic cost (gain) $ 778 $ 26 $ 818 $ (2,872 ) (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, 2015 that it expected to make contributions to, or benefit payments on behalf of, benefit plans during 2016 as follows: BMP - $686, Outside Director Retirement Plan - $208, and Postretirement Plan - $116. The Company made contributions of $7 to the Employee Retirement Plan during the three months ended June 30, 2016, and $11 during the six months ended June 30, 2016. The Company made benefit payments of $41 on behalf of the Outside Director Retirement Plan during the three months ended June 30, 2016, and $82 during the six months ended June 30, 2016, and expects to make the remainder of the estimated net contributions or benefit payments during 2016. The Company made benefit payments totaling $17 on behalf of the Postretirement Plan during the three months ended June 30, 2016, and $50 during the six months ended June 30, 2016, and expects to make the remainder of the anticipated contributions or benefit payments during 2016. The Company did not make any defined benefit contributions to, or benefit payments on behalf of, the BMP during the three month or six month periods ended June 30, 2016, however, does expect to make benefit payments on behalf of the BMP during 2016. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2016 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | 14. INCOME TAXES During the three months ended June 30, 2016 and 2015, the Company's consolidated effective tax rates were 42.2% and 40.9%, respectively. During the six months ended June 30, 2016 and 2015, the Company's consolidated effective tax rates were 42.2% and 40.6%, respectively. The increase in the consolidated tax rate from 2015 to 2016 was the result of a $68.2 million gain on sale of real estate transaction, which will impact the consolidated tax rate in each quarterly period in 2016. There were no other significant unusual income tax items during the three-month or six-month periods ended either June 30, 2016 or 2015. |
PREMISES HELD FOR SALE
PREMISES HELD FOR SALE | 6 Months Ended |
Jun. 30, 2016 | |
PREMISES HELD FOR SALE [Abstract] | |
PREMISES HELD FOR SALE | 15. PREMISES HELD FOR SALE On March 16, 2016, the Bank completed the sale of premises held for sale with an aggregate recorded balance of $ 8,799 at December 31, 2015. A gain of $68,183 was recognized on this sale. During the six months ended June 30, 2016, the Bank re-classified certain real estate utilized as a retail branch and principal office of the Company and the Bank to premises held for sale. The aggregate recorded balance of the premises held for sale was $1,379 at June 30, 2016, the outstanding balance upon transfer. On April 14, 2016, a Purchase and Sale Agreement was executed for the property, for a sale price of $12,300. The sale is expected to close in April 2017. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2016 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | 16. SUBSEQUENT EVENTS Effective August 1, 2016, the Bank changed its name to Dime Community Bank. The new name more accurately reflects the Bank's evolving business model and will allow the Bank to emphasize its broader geographic and business reach while not abandoning its mission to be in the communities it serves, including the virtual community online. |
OTHER COMPREHENSIVE INCOME (L26
OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | |
Reclassification Out of Accumulated Other Comprehensive Income | The before and after tax amounts allocated to each component of other comprehensive income (loss) are presented in the table below. Reclassification adjustments related to securities available-for-sale are included in the line entitled net gain (loss) on securities and other assets Pre-tax Amount Tax Expense (Benefit) After tax Amount Three Months Ended June 30, 2016 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 14 6 8 Total securities held-to-maturity and transferred securities 22 10 12 Securities available-for-sale: Change in net unrealized gain during the period 47 21 26 Total securities available-for-sale 47 21 26 Defined benefit plans: Reclassification adjustment for expense included in salaries and employee benefits expense 425 191 234 Total defined benefit plans 425 191 234 Derivatives: Change in unrealized loss on derivative liability (957 ) (431 ) (526 ) Total derivatives (957 ) (431 ) (526 ) Total other comprehensive (loss) $ (463 ) $ (209 ) $ (254 ) Three Months Ended June 30, 2015 Securities held-to-maturity and transferred securities: Change in non-credit component of OTTI $ (35 ) $ (16 ) $ (19 ) Change in unrealized loss on securities transferred to held-to-maturity 22 10 12 Total securities held-to-maturity and transferred securities (13 ) (6 ) (7 ) Securities available-for-sale: Reclassification adjustment for net gains included in net gain (loss) on securities and other assets 4 2 2 Change in net unrealized gain during the period (8 ) (4 ) (4 ) Total securities available-for-sale (4 ) (2 ) (2 ) Defined benefit plans: Reclassification adjustment for expense included in salaries and employee benefits expense 467 210 257 Total defined benefit plans 467 210 257 Total other comprehensive income $ 450 $ 202 $ 248 Pre-tax Amount Tax Expense (Benefit) After tax Amount Six Months Ended June 30, 2016 Securities held-to maturity and transferred securities: Change in non-credit component of OTTI $ 16 $ 8 $ 8 Change in unrealized loss on securities transferred to held-to-maturity 25 11 14 Total securities held-to-maturity and transferred securities 41 19 22 Securities available-for-sale: Change in net unrealized gain during the period 62 28 34 Total securities available-for-sale 62 28 34 Defined benefit plans: Reclassification adjustment for expense included in salaries and employee benefits expense 850 382 468 Total defined benefit plans 850 382 468 Derivatives: Change in unrealized loss on derivative liability (957 ) (431 ) (526 ) Total derivatives (957 ) (431 ) (526 ) Total other comprehensive loss $ (4 ) $ 2 $ (2 ) Six Months Ended June 30, 2015 Securities held-to-maturity and transferred securities: Change in non-credit component of OTTI $ (27 ) $ (12 ) $ (15 ) Change in unrealized loss on securities transferred to held-to-maturity 46 21 25 Total securities held-to-maturity and transferred securities 19 9 10 Securities available-for-sale: Reclassification adjustment for net gains included in net gain (loss) on securities and other assets (1,384 ) (624 ) (760 ) Change in net unrealized gain during the period 35 15 20 Total securities available-for-sale (1,349 ) (609 ) (740 ) Defined benefit plans: Reclassification adjustment for expense included in salaries and employee benefits expense 934 420 514 Change in the net actuarial gain or loss (1,064 ) (478 ) (586 ) Total defined benefit plans (130 ) (58 ) (72 ) Total other comprehensive income $ (1,460 ) $ (658 ) $ (802 ) |
Activity in Accumulated Other Comprehensive Income (Loss), Net of Tax | 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 Derivative Liability Total Accumulated Other Comprehensive Gain (Loss) Balance as of January 1, 2016 $ (760 ) $ (122 ) $ (7,919 ) $ - $ (8,801 ) Other comprehensive income (loss) before reclassifications 22 34 - (526 ) (470 ) Amounts reclassified from accumulated other comprehensive loss - - 468 - 468 Net other comprehensive income (loss) during the period 22 34 468 (526 ) (2 ) Balance as of June 30, 2016 $ (738 ) $ (88 ) $ (7,451 ) $ (526 ) $ (8,803 ) Balance as of January 1, 2015 $ (826 ) $ 736 $ (8,457 ) $ - $ (8,547 ) Other comprehensive income (loss) before reclassifications 10 20 (586 ) - (556 ) Amounts reclassified from accumulated other comprehensive loss - (760 ) 514 - (246 ) Net other comprehensive income (loss) during the period 10 (740 ) (72 ) - (802 ) Balance as of June 30, 2015 $ (816 ) $ (4 ) $ (8,529 ) $ - $ (9,349 ) |
EARNINGS PER SHARE ("EPS") (Tab
EARNINGS PER SHARE ("EPS") (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
EARNINGS PER SHARE ("EPS") [Abstract] | |
Reconciliation of Numerators and Denominators of Basic EPS and Diluted EPS | The following is a reconciliation of the numerators and denominators of basic EPS and diluted EPS for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Net income per the Consolidated Statements of Income $ 11,208 $ 11,529 $ 61,245 $ 23,307 Less: Dividends paid and earnings allocated to participating securities (24 ) (33 ) (55 ) (73 ) Income attributable to common stock $ 11,184 $ 11,496 $ 61,190 $ 23,234 Weighted average common shares outstanding, including participating securities 36,946,082 36,412,733 36,874,535 36,344,359 Less: weighted average participating securities (192,525 ) (245,046 ) (202,885 ) (266,424 ) Weighted average common shares outstanding 36,753,557 36,167,687 36,671,650 36,077,935 Basic EPS $ 0.30 $ 0.32 $ 1.67 $ 0.65 Income attributable to common stock $ 11,184 $ 11,496 $ 61,190 $ 23,234 Weighted average common shares outstanding 36,753,557 36,167,687 36,671,650 36,077,935 Weighted average common equivalent shares outstanding 65,028 91,690 69,420 80,886 Weighted average common and equivalent shares outstanding 36,818,585 36,259,377 36,741,070 36,158,821 Diluted EPS $ 0.30 $ 0.32 $ 1.67 $ 0.64 |
ACCOUNTING FOR STOCK BASED CO28
ACCOUNTING FOR STOCK BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, At or for the Six Months Ended June 30, 2016 2015 2016 2015 Options outstanding – beginning of period 465,246 905,780 465,246 979,916 Options granted - - - - Options exercised (193,828 ) (259,579 ) (193,828 ) (274,355 ) Options that expired prior to exercise - - - (59,360 ) Options outstanding – end of period 271,418 646,201 271,418 646,201 Intrinsic value of options exercised $ 732 $ 300 $ 732 $ 384 Compensation expense recognized - 8 - 31 Remaining unrecognized compensation expense - - - - Intrinsic value of outstanding options at period end 553 1,632 553 1,632 Intrinsic value of vested options at period end 553 1,632 553 1,632 Weighted average exercise price of vested options – end of period 15.32 14.57 15.32 14.57 |
Schedule of Nonvested Restricted Stock Units Activity | The following is a summary of activity related to the restricted stock awards granted under the 2004 Stock Incentive Plan or 2013 Equity and Incentive Plan during the periods indicated: At or for the Three Months Ended June 30, At or for the Six Months Ended June 30, 2016 2015 2016 2015 Unvested allocated shares – beginning of period 222,142 285,610 223,894 289,660 Shares granted 60,675 68,069 60,675 68,069 Shares vested (115,135 ) (128,327 ) (116,001 ) (132,377 ) Shares forfeited (12,863 ) (980 ) (13,749 ) (980 ) Unvested allocated shares – end of period 154,819 224,372 154,819 224,372 Compensation recorded to expense $ 390 $ 455 $ 828 $ 984 |
Share-based Compensation, Performance Shares Award Unvested Activity | The following table summarizes these awards as of the period indicated: At or for the Three Months Ended June 30, 2016 At or for the Six Months Ended June 30, 2016 Maximum aggregate share payout – beginning of period 28,044 28,044 Shares forfeited (3,312 ) (3,312 ) Maximum aggregate share payout – end of period 24,732 24,732 Minimum aggregate share payout - - Likely aggregate share payout 16,488 16,488 Compensation expense recognized $ 21 $ 21 |
LOANS RECEIVABLE AND CREDIT Q29
LOANS RECEIVABLE AND CREDIT QUALITY (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
LOANS RECEIVABLE AND CREDIT QUALITY [Abstract] | |
Summary of the Credit Risk Profile of the Real Estate Loans | 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 June 30, 2016 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 Total Real Estate Loans Pass $ 72,366 $ 4,205,375 $ 385,432 $ 510,971 $ 5,174,144 Special Mention 935 5,068 2,146 1,230 9,379 Substandard 2,151 8,967 5,534 6,606 23,258 Doubtful - - - - - Total $ 75,452 $ 4,219,410 $ 393,112 $ 518,807 $ 5,206,781 Balance at December 31, 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 Total Real Estate Loans Not Graded(1) $ 7,698 $ - $ - $ - $ 7,698 Pass 61,256 3,743,298 370,110 473,242 4,647,906 Special Mention 945 9,759 1,622 4,857 17,183 Substandard 2,196 6,850 5,543 7,810 22,399 Doubtful - - - - - Total $ 72,095 $ 3,759,907 $ 377,275 $ 485,909 $ 4,695,186 (1) The following is a summary of the credit risk profile of consumer loans by internally assigned grade: Grade Balance at June 30, 2016 Balance at December 31, 2015 Performing $ 2,332 $ 1,586 Non-accrual 4 4 Total $ 2,336 $ 1,590 |
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 June 30, 2016 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 $ - $ 154 $ - $ 487 $ 641 $ 74,811 $ 75,452 Multifamily residential and residential mixed use 85 - 4,344 3,784 8,213 4,211,197 4,219,410 Commercial mixed use real estate 116 - 190 54 360 392,752 393,112 Commercial real estate 180 - - - 180 518,627 518,807 Total real estate $ 381 $ 154 $ 4,534 $ 4,325 $ 9,394 $ 5,197,387 $ 5,206,781 Consumer $ - $ - $ - $ 4 $ - $ 2,332 $ 2,336 (1) At December 31, 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 $ 127 $ - $ 625 $ 1,113 $ 1,865 $ 70,230 $ 72,095 Multifamily residential and residential mixed use 2,235 - 2,514 287 5,036 3,754,871 3,759,907 Commercial mixed use real estate - 406 406 - 812 376,463 377,275 Commercial real estate 200 - 987 207 1,394 484,515 485,909 Total real estate $ 2,562 $ 406 $ 4,532 $ 1,607 $ 9,107 $ 4,686,079 $ 4,695,186 Consumer $ 1 $ 1 $ - $ 4 $ 6 $ 1,584 $ 1,590 (1) |
Troubled Debt Restructurings on Financing Receivables | The following table summarizes outstanding TDRs by underlying collateral type as of the dates indicated: As of June 30, 2016 As of December 31, 2015 No. of Loans Balance No. of Loans Balance One- to four-family residential, including condominium and cooperative apartment 1 $ 32 2 $ 598 Multifamily residential and residential mixed use 4 1,057 3 696 Commercial mixed use real estate 1 4,304 1 4,344 Commercial real estate 1 3,396 2 3,635 Total real estate 7 $ 8,789 8 $ 9,273 The following table summarizes outstanding TDRs by accrual status as of the dates indicated As of June 30, 2016 As of December 31, 2015 No. of Loans Balance No. of Loans Balance Outstanding principal balance at period end 7 $ 8,789 8 $ 9,273 TDRs on accrual status at period end 7 8,789 7 9,066 TDRs on non-accrual status at period end - - 1 207 |
ALLOWANCE FOR LOAN LOSSES (Tabl
ALLOWANCE FOR LOAN LOSSES (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
ALLOWANCE FOR LOAN LOSSES [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 June 30, 2016 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 Total Real Estate Beginning balance $ 99 $ 14,462 $ 1,552 $ 2,381 $ 18,494 $ 19 Provision (credit) for loan losses 96 407 133 (194 ) 442 - Charge-offs (4 ) (43 ) (1 ) - (48 ) - Recoveries 1 - - - 1 1 Ending balance $ 192 $ 14,826 $ 1,684 $ 2,187 $ 18,889 $ 20 Ending balance – loans individually evaluated for impairment $ 414 $ 3,930 $ 4,357 $ 3,396 $ 12,097 $ - Ending balance – loans collectively evaluated for impairment 75,038 4,215,480 388,755 515,411 5,194,684 2,336 Allowance balance associated with loans individually evaluated for impairment - - - - - - Allowance balance associated with loans collectively evaluated for impairment 192 14,826 1,684 2,187 18,889 20 At December 31, 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 Total Real Estate Ending balance – loans individually evaluated for impairment $ 598 $ 983 $ 4,345 $ 3,635 $ 9,561 $ - Ending balance – loans collectively evaluated for impairment 71,497 3,758,924 372,930 482,274 4,685,625 1,590 Allowance balance associated with loans individually evaluated for impairment - - - - - - Allowance balance associated with loans collectively evaluated for impairment 263 14,118 1,652 2,461 18,494 20 At or for the Three Months Ended June 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 Total Real Estate Beginning balance $ 111 $ 14,173 $ 1,566 $ 2,365 $ 18,215 $ 22 Provision (credit) for loan losses 19 238 111 (1,504 ) (1,136 ) 1 Charge-offs (5 ) (40 ) - (1 ) (46 ) (1 ) Recoveries 1 3 5 1,489 1,498 - Ending balance $ 126 $ 14,374 $ 1,682 $ 2,349 $ 18,531 $ 22 At or for the Six Months Ended June 30, 2016 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 Total Real Estate Beginning balance $ 263 $ 14,118 $ 1,652 $ 2,461 $ 18,494 $ 20 Provision (credit) for loan losses (46 ) 731 34 (297 ) 422 (1 ) Charge-offs (27 ) (60 ) (2 ) - (89 ) - Recoveries 2 37 - 23 62 1 Ending balance $ 192 $ 14,826 $ 1,684 $ 2,187 $ 18,889 $ 20 At or for the Six Months Ended June 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 Total Real Estate Beginning balance $ 150 $ 13,852 $ 1,644 $ 2,823 $ 18,469 $ 24 Provision (credit) for loan losses 80 560 51 (1,998 ) (1,307 ) - Charge-offs (107 ) (41 ) (37 ) (1 ) (186 ) (2 ) Recoveries 3 3 24 1,525 1,555 - Ending balance $ 126 $ 14,374 $ 1,682 $ 2,349 $ 18,531 $ 22 |
Summary of Impaired Real Estate Loans | 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 June 30, 2016 At December 31, 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 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 $ 414 $ 414 $ - $ 635 $ 598 $ - With an allocated reserve - - - - - - Multifamily Residential and Residential Mixed Use With no allocated reserve 3,930 3,930 - 983 983 - With an allocated reserve - - - - - - Commercial Mixed Use Real Estate With no allocated reserve 4,357 4,357 - 4,345 4,345 - With an allocated reserve - - - - - - Commercial Real Estate With no allocated reserve 3,396 3,396 - 3,642 3,635 - With an allocated reserve - - - - - - Total With no allocated reserve $ 12,097 $ 12,097 $ - $ 9,605 $ 9,561 $ - With an allocated reserve $ - $ - $ - $ - $ - $ - (1) The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 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 $ 399 $ 7 $ 602 $ 11 $ 465 $ 41 $ 603 $ 23 With an allocated reserve - - - - - - - - Multifamily Residential and Residential Mixed Use With no allocated reserve 2,451 25 985 31 1,962 38 1,081 46 With an allocated reserve - - - - - - - - Commercial Mixed Use Real Estate With no allocated reserve 4,367 44 4,393 44 4,360 88 4,395 88 With an allocated reserve - - - - - - - - Commercial Real Estate With no allocated reserve 3,404 34 5,929 35 3,481 68 6,688 71 With an allocated reserve - - - - - - 1,833 97 Total With no allocated reserve $ 10,621 $ 110 $ 11,909 $ 121 $ 10,268 $ 235 $ 12,767 $ 228 With an allocated reserve $ - $ - $ - $ - $ - $ - $ 1,833 $ 97 |
INVESTMENT AND MORTGAGE-BACKE31
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
INVESTMENT AND MORTGAGE-BACKED SECURITIES [Abstract] | |
Summary of Major Categories of Securities Owned by Entity | The following is a summary of major categories of securities owned by the Company (excluding trading securities) at June 30, 2016: 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") $ 15,326 $ 5,319 $ 1,955 $ (469 ) $ 6,805 Available-for-sale securities: Investment securities Registered Mutual Funds 4,011 4,011 20 (194 ) 3,837 MBS Pass-through MBS issued by GSEs 392 392 14 - 406 (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 $781 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, 2015: Purchase Amortized/ Historical Cost Recorded Amortized/ Historical Cost (1) Unrealized Gains Unrealized Losses Fair Value Investment securities held-to-maturity: TRUPS $ 15,344 $ 5,242 $ 2,154 $ (345 ) $ 7,051 Available-for-sale securities: Investment securities Registered Mutual Funds 3,990 3,990 25 (259 ) 3,756 MBS Pass-through MBS issued by GSEs 418 418 13 - 431 (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 $807 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). |
Reconciliation of Pre-Tax OTTI Charges Recognized | 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 June 30, 2016 At or for the Three Months Ended June 30, 2015 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 $ 8,691 $ 570 $ 9,261 $ 8,795 $ 561 $ 9,356 Accretion (Amortization) of previously recognized OTTI (26 ) (8 ) (34) (26 ) 35 9 Cumulative pre-tax balance at end of the period $ 8,665 $ 562 $ 9,227 $ 8,769 $ 596 $ 9,365 At or for the Six Months Ended June 30, 2016 At or for the Six Months Ended June 30, 2015 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 $ 8,717 $ 578 $ 9,295 $ 8,945 $ 569 $ 9,514 Accretion (Amortization) of previously recognized OTTI (52 ) (16 ) (68) (176 ) 27 (149 ) Cumulative pre-tax balance at end of the period $ 8,665 $ 562 $ 9,227 $ 8,769 $ 596 $ 9,365 |
Summary of Gross Unrealized Losses and Fair Value of Investment Securities by Investment Category and Length of Time in a Continuous Unrealized Loss Position | The following table summarizes the gross unrealized losses and fair value of investment securities as of June 30, 2016, 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 $ - $ - $ 2,255 $ 469 $ 2,255 $ 469 Available-for-Sale Securities: Registered Mutual Funds 371 8 3,121 186 3,492 194 The following table summarizes the gross unrealized losses and fair value of investment securities as of December 31, 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 $ - $ - $ 2,359 $ 345 $ 2,359 $ 345 Available-for-Sale Securities: Registered Mutual Funds 3,026 259 - - 3,026 259 |
DERIVATIVES AND HEDGING ACTIV32
DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
DERIVATIVES AND HEDGING ACTIVITIES [Abstract] | |
Fair Value of Derivative Financial Instruments and Classification on Consolidated Statements of Financial Condition | Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are paid on the Company’s liabilities. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statement of Financial Condition: At June 30, 2016 Count Notional Amount Fair Value Assets Fair Value Liabilities Derivatives designated as hedging instruments Interest Rate Products 4 $ 90,000 $ - $ 957 Total derivatives designated as hedging instruments 4 $ 90,000 $ - $ 957 Weighted average pay rates 1.24% Weighted average receive rates 0.64% Weighted average maturity 5.82 years |
Effect of Derivative Financial Instruments on Consolidated Statements of Income | The table below presents the effect of the Company’s derivative financial instruments as the amount of gain or (loss) on the Consolidated Statements of Income as of June 30, 2016: At or for the Three and Six Months Ended June 30, 2016 Amount of Gain or (Loss) Recognized in Other Comprehensive Income (Effective Portion) Amount of Gain or (Loss) Reclassified from Other Comprehensive Income into Interest Expense (Effective Portion) Amount of Gain or (Loss) Recognized in Other Non-Interest Expense (Ineffective Portion) Interest Rate Products $ (998 ) $ (41 ) $ - |
Offsetting of Derivative Liabilities | The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of June 30, 2016. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Consolidated Statements of Financial Condition. Offsetting of Derivative Liabilities as of June 30, 2016: Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statements of Financial Condition Net Amounts of Assets presented in the Statements of Financial Condition Gross Amounts Not Offset in the Statements of Financial Condition Net Amount Financial Instruments Cash Collateral Received Counterparty A $ 957 $ - $ 957 $ - $ - $ 957 |
FAIR VALUE OF FINANCIAL INSTR33
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | |
Schedule of Assets and Liabilities 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 and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Assets and Liabilities Measured at Fair Value on a Recurring Basis at June 30, 2016 Fair Value Measurements Using Description Total Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets Trading securities (Registered Mutual Funds): Domestic Equity Mutual Funds $ 787 $ 787 $ - $ - International Equity Mutual Funds 207 207 - - Fixed Income Mutual Funds 5,820 5,820 - - Investment securities available-for-sale: Registered Mutual Funds: Domestic Equity Mutual Funds 1,244 1,244 - - International Equity Mutual Funds 374 374 - - Fixed Income Mutual Funds 2,219 2,219 - - Pass-through MBS issued by GSEs 406 - 406 - Financial Liabilities Derivative – interest rate product $ 957 - $ 957 - Assets Measured at Fair Value on a Recurring Basis at December 31, 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 $ 1,053 $ 1,053 $ - $ - International Equity Mutual Funds 281 281 - - Fixed Income Mutual Funds 8,867 8,867 - - Investment securities available-for-sale: Registered Mutual Funds: Domestic Equity Mutual Funds 1,253 1,253 - - International Equity Mutual Funds 383 383 - - Fixed Income Mutual Funds 2,120 2,120 - - Pass-through MBS issued by GSEs 431 - 431 - |
Carrying Amounts and Estimated Fair Values of Financial Instruments | 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 June 30, 2016 and December 31, 2015 were as follows: Fair Value at June 30, 2016 Using At June 30, 2016 Carrying Amount Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Cash and due from banks $ 89,927 $ 89,927 $ - $ - $ 89,927 Investment securities held to maturity (TRUPS) 5,319 - 6,805 6,805 Loans, net 5,190,208 - - 5,213,167 5,213,167 Accrued interest receivable 14,896 - 2 14,894 14,896 FHLBNY capital stock 52,814 N/A N/A N/A N/A Liabilities: Savings, money market and checking accounts 2,745,744 2,745,744 - - 2,745,744 Certificates of Deposit ("CDs") 1,034,522 - 1,043,254 - 1,043,354 Escrow and other deposits 92,290 92,964 - - 92,964 FHLBNY Advances 1,017,125 - 1,026,682 - 1,026,682 Trust Preferred securities payable 70,680 - 69,973 - 69,973 Accrued interest payable 2,156 - 2,156 - 2,156 Fair Value at December 31, 2015 Using At December 31, 2015 Carrying Amount Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Cash and due from banks $ 64,154 $ 64,154 $ - $ - $ 64,154 Investment securities held to maturity (TRUPS) 5,242 - - 7,051 7,051 Loans, net 4,678,262 - - 4,722,803 4,722,803 Accrued interest receivable 13,486 - 19 13,467 12,664 FHLBNY capital stock 58,713 N/A N/A N/A N/A Liabilities: Savings, money market and checking accounts 2,325,463 2,325,463 - - 2,325,463 CDs 858,847 - 865,581 - 865,581 Escrow and other deposits 77,130 77,130 - - 77,130 FHLBNY Advances 1,166,725 - 1,170,274 - 1,170,274 Trust Preferred securities payable 70,680 - 69,973 - 69,973 Accrued interest payable 2,259 - 2,259 - 2,259 |
RETIREMENT AND POSTRETIREMENT34
RETIREMENT AND POSTRETIREMENT PLANS (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
RETIREMENT AND POSTRETIREMENT PLANS [Abstract] | |
Schedule of Net Benefit Costs | Net expenses associated with these plans were comprised of the following components: Three Months Ended June 30, 2016 Three Months Ended June 30, 2015 BMP, Employee and Outside Director Retirement Plans Postretirement Plan BMP, Employee and Outside Director Retirement Plans Postretirement Plan Service cost $ - $ - $ - $ - Interest cost 343 16 343 29 Expected return on assets (383 ) - (414 ) - Unrecognized past service liability - (2 ) - - Amortization of unrealized loss 428 (1 ) 480 (13 ) Net periodic cost $ 388 $ 13 $ 409 $ 16 Six Months Ended June 30, 2016 Six Months Ended June 30, 2015 BMP, Employee and Outside Director Retirement Plans Postretirement Plan BMP, Employee and Outside Director Retirement Plans Postretirement Plan Service cost $ - $ - $ - $ 9 Interest cost 686 32 687 538 Expected return on assets (766 ) - (828 ) - Curtailment gain(1) - - - (3,394 ) Unrecognized past service liability - (4 ) - - Amortization of unrealized loss 858 (2 ) 959 (25 ) Net periodic cost (gain) $ 778 $ 26 $ 818 $ (2,872 ) (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. |
NATURE OF OPERATIONS (Details)
NATURE OF OPERATIONS (Details) | 6 Months Ended |
Jun. 30, 2016RetailBranch | |
NATURE OF OPERATIONS [Abstract] | |
Number of retail banking offices | 25 |
TREASURY STOCK (Details)
TREASURY STOCK (Details) - $ / shares | Apr. 29, 2016 | Mar. 24, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 |
Equity, Class of Treasury Stock [Line Items] | ||||||
Number of treasury shares repurchased during the period (in shares) | 0 | 0 | 0 | 20,000 | ||
Average price of treasury shares acquired during the period (in dollars per share) | $ 15 | |||||
Issuance of treasury stock (in shares) | 28,044 | |||||
Closing price of company stock (in dollars per share) | $ 18.11 | $ 17.35 | ||||
2013 Equity and Incentive Plan [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Issuance of treasury stock (in shares) | 60,675 | |||||
BMP [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Issuance of treasury stock (in shares) | 12,424 |
OTHER COMPREHENSIVE INCOME (L37
OTHER COMPREHENSIVE INCOME (LOSS), Before and After Tax Amounts by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Other Comprehensive Income (Loss) [Abstract] | ||||
Change in net unrealized gain during the period, tax expense (benefit) | $ 21 | $ (2) | $ 28 | $ 15 |
Change in net unrealized gain during the period, after tax amount | 26 | (4) | 34 | 20 |
Reclassification adjustment for net gains included in net gain on securities and other assets, tax expense (benefit) | 2 | (624) | ||
Reclassification adjustment for net gains included in net gain on securities and other assets, after tax amount | 0 | (2) | 0 | 760 |
Total defined benefit plans, tax expense (benefit) | 191 | 210 | 382 | (58) |
Change in unrealized loss on derivative liability, tax expense (benefit) | (431) | (431) | ||
Change in unrealized loss on derivative liability, after tax amount | (526) | 0 | (526) | 0 |
Total other comprehensive income (loss), pre tax amount | (463) | 450 | (4) | (1,460) |
Total other comprehensive income (loss), tax expense (benefit) | (209) | 202 | 2 | (658) |
Total other comprehensive income (loss), after tax amount | (254) | 248 | (2) | (802) |
Derivatives Liabilities [Member] | ||||
Other Comprehensive Income (Loss) [Abstract] | ||||
Change in unrealized loss on derivative liability, pre-tax amount | (957) | (957) | ||
Change in unrealized loss on derivative liability, tax expense (benefit) | (431) | (431) | ||
Change in unrealized loss on derivative liability, after tax amount | (526) | (526) | ||
Total derivatives, pre-tax amount | (957) | (957) | ||
Total derivatives, tax expense (benefit) | (431) | (431) | ||
Total derivatives, after tax amount | (526) | (526) | ||
Securities Held-to-Maturity and Transferred Securities [Member] | ||||
Other Comprehensive Income (Loss) [Abstract] | ||||
Change in non-credit component of OTTI, pre-tax amount | 8 | (35) | 16 | (27) |
Change in non-credit component of OTTI, tax expense (benefit) | 4 | (16) | 8 | (12) |
Change in non-credit component of OTTI, after tax amount | 4 | (19) | 8 | (15) |
Change in unrealized loss on securities transferred to held-to-maturity, pre-tax amount | 14 | 22 | 25 | 46 |
Change in unrealized loss on securities transferred to held-to-maturity, tax expense (benefit) | 6 | 10 | 11 | 21 |
Change in unrealized loss on securities transferred to held-to-maturity, after tax amount | 8 | 12 | 14 | 25 |
Total securities held-to-maturity and transferred securities, pre-tax amount | 22 | (13) | 41 | 19 |
Total securities held-to-maturity and transferred securities, tax expense (benefit) | 10 | (6) | 19 | 9 |
Total securities held-to-maturity and transferred securities, after tax amount | 12 | (7) | 22 | 10 |
Securities Available-for-Sale [Member] | ||||
Other Comprehensive Income (Loss) [Abstract] | ||||
Change in net unrealized gain during the period, pre-tax amount | 47 | (8) | 62 | 35 |
Change in net unrealized gain during the period, tax expense (benefit) | 21 | (4) | 28 | 15 |
Change in net unrealized gain during the period, after tax amount | 26 | (4) | 34 | 20 |
Total securities available-for-sale, pre-tax amount | 47 | (4) | 62 | (1,349) |
Total securities available-for-sale, tax expense (benefit) | 21 | (2) | 28 | (609) |
Total securities available-for-sale, after tax amount | 26 | (2) | 34 | (740) |
Defined Benefit Plans [Member] | ||||
Other Comprehensive Income (Loss) [Abstract] | ||||
Change in the net actuarial gain or loss, pre-tax amount | (1,064) | |||
Change in the net actuarial gain or loss, tax expense (benefit) | (478) | |||
Change in the net actuarial gain or loss, after tax amount | (586) | |||
Total defined benefit plans, pre-tax amount | 425 | 467 | 850 | (130) |
Total defined benefit plans, tax expense (benefit) | 191 | 210 | 382 | (58) |
Total defined benefit plans, after tax amount | 234 | 257 | 468 | (72) |
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Securities Available-for-Sale [Member] | ||||
Other Comprehensive Income (Loss) [Abstract] | ||||
Reclassification adjustment for net gains included in net gain on securities and other assets, pre-tax amount | 4 | (1,384) | ||
Reclassification adjustment for net gains included in net gain on securities and other assets, tax expense (benefit) | 2 | (624) | ||
Reclassification adjustment for net gains included in net gain on securities and other assets, after tax amount | 2 | (760) | ||
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Defined Benefit Plans [Member] | ||||
Other Comprehensive Income (Loss) [Abstract] | ||||
Reclassification adjustment for expense included in salaries and employee benefits expense, pre-tax amount | 425 | 467 | 850 | 934 |
Reclassification adjustment for expense included in salaries and employee benefits expense, tax expense (benefit) | 191 | 210 | 382 | 420 |
Reclassification adjustment for expense included in salaries and employee benefits expense, after tax amount | $ 234 | $ 257 | $ 468 | $ 514 |
OTHER COMPREHENSIVE INCOME (L38
OTHER COMPREHENSIVE INCOME (LOSS), Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | $ 493,947 | |
Other comprehensive income (loss) before reclassifications | (470) | $ (556) |
Amounts reclassified from accumulated other comprehensive loss | 468 | (246) |
Net other comprehensive income (loss) during the period | (2) | (802) |
Balance | 549,611 | 477,947 |
Derivatives Liability [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | 0 | 0 |
Other comprehensive income (loss) before reclassifications | (526) | 0 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Net other comprehensive income (loss) during the period | (526) | 0 |
Balance | (526) | 0 |
Accumulated Other Comprehensive Loss [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (8,801) | (8,547) |
Balance | (8,803) | (9,349) |
Securities Held-to-Maturity and Transferred Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (760) | (826) |
Other comprehensive income (loss) before reclassifications | 22 | 10 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Net other comprehensive income (loss) during the period | 22 | 10 |
Balance | (738) | (816) |
Securities Available-for-Sale [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (122) | 736 |
Other comprehensive income (loss) before reclassifications | 34 | 20 |
Amounts reclassified from accumulated other comprehensive loss | 0 | (760) |
Net other comprehensive income (loss) during the period | 34 | (740) |
Balance | (88) | (4) |
Defined Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (7,919) | (8,457) |
Other comprehensive income (loss) before reclassifications | 0 | (586) |
Amounts reclassified from accumulated other comprehensive loss | 468 | 514 |
Net other comprehensive income (loss) during the period | 468 | (72) |
Balance | $ (7,451) | $ (8,529) |
EARNINGS PER SHARE ("EPS") (Det
EARNINGS PER SHARE ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
EARNINGS PER SHARE ("EPS") [Abstract] | ||||
Net income per the Consolidated Statements of Income | $ 11,208 | $ 11,529 | $ 61,245 | $ 23,307 |
Less: Dividends paid and earnings allocated to participating securities | (24) | (33) | (55) | (73) |
Income attributable to common stock | $ 11,184 | $ 11,496 | $ 61,190 | $ 23,234 |
Weighted average common shares outstanding, including participating securities (in shares) | 36,946,082 | 36,412,733 | 36,874,535 | 36,344,359 |
Less: weighted average participating securities (in shares) | (192,525) | (245,046) | (202,885) | (266,424) |
Weighted average shares outstanding (in shares) | 36,753,557 | 36,167,687 | 36,671,650 | 36,077,935 |
Basic EPS (in dollars per share) | $ 0.30 | $ 0.32 | $ 1.67 | $ 0.65 |
Income attributable to common stock | $ 11,184 | $ 11,496 | $ 61,190 | $ 23,234 |
Weighted average common shares outstanding (in shares) | 36,753,557 | 36,167,687 | 36,671,650 | 36,077,935 |
Weighted average common equivalent shares outstanding (in shares) | 65,028 | 91,690 | 69,420 | 80,886 |
Weighted average common and equivalent shares outstanding (in shares) | 36,818,585 | 36,259,377 | 36,741,070 | 36,158,821 |
Diluted EPS (in dollars per share) | $ 0.30 | $ 0.32 | $ 1.67 | $ 0.64 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted average shares excluded from earnings per share calculation (in shares) | 80,000 | 126,453 | 80,000 | 136,292 |
ACCOUNTING FOR STOCK BASED CO40
ACCOUNTING FOR STOCK BASED COMPENSATION, Stock Option Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Stock Option Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding - beginning of period (in shares) | 465,246 | 905,780 | 465,246 | 979,916 |
Options granted (in shares) | 0 | 0 | 0 | 0 |
Options exercised (in shares) | (193,828) | (259,579) | (193,828) | (274,355) |
Options that expired prior to exercise (in shares) | 0 | 0 | 0 | (59,360) |
Options outstanding - end of period (in shares) | 271,418 | 646,201 | 271,418 | 646,201 |
Intrinsic value of options exercised | $ 732 | $ 300 | $ 732 | $ 384 |
Compensation expense recognized | 0 | 8 | 0 | 31 |
Remaining unrecognized compensation expense | 0 | 0 | 0 | 0 |
Intrinsic value of outstanding options at period end | 553 | 1,632 | 553 | 1,632 |
Intrinsic value of vested options at period end | $ 553 | $ 1,632 | $ 553 | $ 1,632 |
Weighted average exercise price of vested options - end of period (in dollars per share) | $ 15.32 | $ 14.57 | $ 15.32 | $ 14.57 |
Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense recognized | $ 390 | $ 455 | $ 828 | $ 984 |
ACCOUNTING FOR STOCK BASED CO41
ACCOUNTING FOR STOCK BASED COMPENSATION, Restricted Stock Awards (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Stock Option Awards [Member] | ||||
Summary of Restricted Stock Awards [Roll Forward] | ||||
Compensation recorded to expense | $ 0 | $ 8 | $ 0 | $ 31 |
Restricted Stock Awards [Member] | ||||
Restricted Stock Awards [Abstract] | ||||
Award vesting period | 4 years | |||
Summary of Restricted Stock Awards [Roll Forward] | ||||
Unvested allocated shares - beginning of period (in shares) | 222,142 | 285,610 | 223,894 | 289,660 |
Shares granted (in shares) | 60,675 | 68,069 | 60,675 | 68,069 |
Shares vested (in shares) | (115,135) | (128,327) | (116,001) | (132,377) |
Shares forfeited (in shares) | (12,863) | (980) | (13,749) | (980) |
Unvested allocated shares - end of period (in shares) | 154,819 | 224,372 | 154,819 | 224,372 |
Compensation recorded to expense | $ 390 | $ 455 | $ 828 | $ 984 |
ACCOUNTING FOR STOCK BASED CO42
ACCOUNTING FOR STOCK BASED COMPENSATION, Performance Based Equity Awards (Details) - Performance Based Equity Awards [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Performance Based Equity Awards [Abstract] | ||
Percentage of threshold target for each award eligible to be earned based on relative performance | 50.00% | |
Percentage of target for each award eligible to be earned based on relative performance | 100.00% | |
Percentage of maximum target for each award eligible to be earned based on relative performance | 150.00% | |
Measurement period goals related to long term cash incentive payment plan awards payment | 3 years | |
Summary of Performance Based Equity Awards [Roll Forward] | ||
Aggregate share payout - beginning of period | $ 28,044 | $ 28,044 |
Shares forfeited | (3,312) | (3,312) |
Aggregate share payout - end of period | 24,732 | 24,732 |
Aggregate share payout | 0 | 0 |
Likely aggregate share payout | 16,488 | 16,488 |
Compensation expense recognized | $ 21 | $ 21 |
LOANS RECEIVABLE AND CREDIT Q43
LOANS RECEIVABLE AND CREDIT QUALITY, Credit Quality Indicators (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | $ 5,206,781 | $ 4,695,186 | |
Total consumer loans | 2,336 | 1,590 | |
Real Estate Loan [Member] | Not Graded [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | [1] | 7,698 | |
Real Estate Loan [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 5,174,144 | 4,647,906 | |
Real Estate Loan [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 9,379 | 17,183 | |
Real Estate Loan [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 23,258 | 22,399 | |
Real Estate Loan [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 0 | 0 | |
Real Estate Loan [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 75,452 | 72,095 | |
Real Estate Loan [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | Not Graded [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | [1] | 7,698 | |
Real Estate Loan [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 72,366 | 61,256 | |
Real Estate Loan [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 935 | 945 | |
Real Estate Loan [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 2,151 | 2,196 | |
Real Estate Loan [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 0 | 0 | |
Real Estate Loan [Member] | Multifamily Residential and Residential Mixed Use [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 4,219,410 | 3,759,907 | |
Real Estate Loan [Member] | Multifamily Residential and Residential Mixed Use [Member] | Not Graded [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | [1] | 0 | |
Real Estate Loan [Member] | Multifamily Residential and Residential Mixed Use [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 4,205,375 | 3,743,298 | |
Real Estate Loan [Member] | Multifamily Residential and Residential Mixed Use [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 5,068 | 9,759 | |
Real Estate Loan [Member] | Multifamily Residential and Residential Mixed Use [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 8,967 | 6,850 | |
Real Estate Loan [Member] | Multifamily Residential and Residential Mixed Use [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 0 | 0 | |
Real Estate Loan [Member] | Commercial Mixed Use Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 393,112 | 377,275 | |
Real Estate Loan [Member] | Commercial Mixed Use Real Estate [Member] | Not Graded [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | [1] | 0 | |
Real Estate Loan [Member] | Commercial Mixed Use Real Estate [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 385,432 | 370,110 | |
Real Estate Loan [Member] | Commercial Mixed Use Real Estate [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 2,146 | 1,622 | |
Real Estate Loan [Member] | Commercial Mixed Use Real Estate [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 5,534 | 5,543 | |
Real Estate Loan [Member] | Commercial Mixed Use Real Estate [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 0 | 0 | |
Real Estate Loan [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 518,807 | 485,909 | |
Real Estate Loan [Member] | Commercial Real Estate [Member] | Not Graded [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | [1] | 0 | |
Real Estate Loan [Member] | Commercial Real Estate [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 510,971 | 473,242 | |
Real Estate Loan [Member] | Commercial Real Estate [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 1,230 | 4,857 | |
Real Estate Loan [Member] | Commercial Real Estate [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 6,606 | 7,810 | |
Real Estate Loan [Member] | Commercial Real Estate [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 0 | 0 | |
Consumer Loans [Member] | Performing [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total consumer loans | 2,332 | 1,586 | |
Consumer Loans [Member] | Non-Accrual [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total consumer loans | $ 4 | $ 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 Q44
LOANS RECEIVABLE AND CREDIT QUALITY, Past Due (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016USD ($)Loan | Dec. 31, 2015USD ($)Loan | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Total real estate loans | $ 5,206,781 | $ 4,695,186 | ||
Total consumer loans | $ 2,336 | $ 1,590 | ||
Number of real estate loans more than 90 days past due on contractual balloon payment | Loan | 8 | 12 | ||
Real Estate Loans [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Non-accrual | $ 4,325 | [1] | $ 1,607 | [2] |
Past due | 9,394 | 9,107 | ||
Current | 5,197,387 | 4,686,079 | ||
Real Estate Loans [Member] | 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Past due | 381 | 2,562 | ||
Real Estate Loans [Member] | 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Past due | 154 | 406 | ||
Real Estate Loans [Member] | Loans 90 Days or More Past Due and Still Accruing Interest [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Past due | 4,534 | 4,532 | ||
Real Estate Loans [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Non-accrual | 487 | [1] | 1,113 | [2] |
Past due | 641 | 1,865 | ||
Current | 74,811 | 70,230 | ||
Total real estate loans | 75,452 | 72,095 | ||
Real Estate Loans [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Past due | 0 | 127 | ||
Real Estate Loans [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Past due | 154 | 0 | ||
Real Estate Loans [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | Loans 90 Days or More Past Due and Still Accruing Interest [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Past due | 0 | 625 | ||
Real Estate Loans [Member] | Multifamily Residential and Residential Mixed Use [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Non-accrual | 3,784 | [1] | 287 | [2] |
Past due | 8,213 | 5,036 | ||
Current | 4,211,197 | 3,754,871 | ||
Total real estate loans | 4,219,410 | 3,759,907 | ||
Real Estate Loans [Member] | Multifamily Residential and Residential Mixed Use [Member] | 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Past due | 85 | 2,235 | ||
Real Estate Loans [Member] | Multifamily Residential and Residential Mixed Use [Member] | 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Past due | 0 | 0 | ||
Real Estate Loans [Member] | Multifamily Residential and Residential Mixed Use [Member] | Loans 90 Days or More Past Due and Still Accruing Interest [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Past due | 4,344 | 2,514 | ||
Real Estate Loans [Member] | Commercial Mixed Use Real Estate [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Non-accrual | 54 | [1] | 0 | [2] |
Past due | 360 | 812 | ||
Current | 392,752 | 376,463 | ||
Total real estate loans | 393,112 | 377,275 | ||
Real Estate Loans [Member] | Commercial Mixed Use Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Past due | 116 | 0 | ||
Real Estate Loans [Member] | Commercial Mixed Use Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Past due | 0 | 406 | ||
Real Estate Loans [Member] | Commercial Mixed Use Real Estate [Member] | Loans 90 Days or More Past Due and Still Accruing Interest [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Past due | 190 | 406 | ||
Real Estate Loans [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Non-accrual | 0 | [1] | 207 | [2] |
Past due | 180 | 1,394 | ||
Current | 518,627 | 484,515 | ||
Total real estate loans | 518,807 | 485,909 | ||
Real Estate Loans [Member] | Commercial Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Past due | 180 | 200 | ||
Real Estate Loans [Member] | Commercial Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Past due | 0 | 0 | ||
Real Estate Loans [Member] | Commercial Real Estate [Member] | Loans 90 Days or More Past Due and Still Accruing Interest [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Past due | 0 | 987 | ||
Consumer [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Non-accrual | 4 | [1] | 4 | [2] |
Past due | 0 | 6 | ||
Current | 2,332 | 1,584 | ||
Consumer [Member] | 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Past due | 0 | 1 | ||
Consumer [Member] | 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Past due | 0 | 1 | ||
Consumer [Member] | Loans 90 Days or More Past Due and Still Accruing Interest [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Past due | $ 0 | $ 0 | ||
[1] | Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of June 30, 2016. | |||
[2] | Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of December 31, 2015. |
LOANS RECEIVABLE AND CREDIT Q45
LOANS RECEIVABLE AND CREDIT QUALITY, Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016USD ($)Loan | Jun. 30, 2015Loan | Jun. 30, 2016USD ($)Loan | Jun. 30, 2015Loan | Dec. 31, 2015USD ($)Loan | |
Troubled Debt Restructuring on Receivables [Abstract] | |||||
Number of loans modified | 1 | 0 | 1 | 0 | |
Number of loan committed to borrowers | 0 | 0 | 0 | ||
Real Estate Loans [Member] | |||||
Troubled Debt Restructuring on Receivables [Abstract] | |||||
Number of loans | 7 | 7 | 8 | ||
Recorded investment | $ | $ 8,789 | $ 8,789 | $ 9,273 | ||
TDRs on accrual status, number of loans | 7 | 7 | 7 | ||
TDRs on accrual status, amount | $ | $ 8,789 | $ 8,789 | $ 9,066 | ||
TDRs on non-accrual status, number of loans | 0 | 0 | 1 | ||
TDRs on non-accrual status, amount | $ | $ 0 | $ 0 | $ 207 | ||
Real Estate Loans [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | |||||
Troubled Debt Restructuring on Receivables [Abstract] | |||||
Number of loans | 1 | 2 | |||
Recorded investment | $ | 32 | $ 32 | $ 598 | ||
Real Estate Loans [Member] | Multifamily Residential and Residential Mixed Use [Member] | |||||
Troubled Debt Restructuring on Receivables [Abstract] | |||||
Number of loans | 4 | 3 | |||
Recorded investment | $ | 1,057 | $ 1,057 | $ 696 | ||
Real Estate Loans [Member] | Commercial Mixed Use Real Estate [Member] | |||||
Troubled Debt Restructuring on Receivables [Abstract] | |||||
Number of loans | 1 | 1 | |||
Recorded investment | $ | 4,304 | $ 4,304 | $ 4,344 | ||
Real Estate Loans [Member] | Commercial Real Estate [Member] | |||||
Troubled Debt Restructuring on Receivables [Abstract] | |||||
Number of loans | 1 | 2 | |||
Recorded investment | $ | $ 3,396 | $ 3,396 | $ 3,635 |
ALLOWANCE FOR LOAN LOSSES, Allo
ALLOWANCE FOR LOAN LOSSES, Allowance by Class of Loan (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans classified as Substandard analysis of historical losses period | 12 months | 12 months | |||
Portion of allowance for loan losses attributable to non-impaired Substandard loans | $ 99 | $ 99 | $ 348 | ||
Decrease in amount of non-impaired Substandard loans | (1,943) | ||||
Portion of allowance for loan losses attributable to non-impaired Special Mention loans | 71 | $ 71 | $ 88 | ||
Loans classified as Special Mention analysis of historical losses period | 12 months | 12 months | |||
Decrease in balance of non-impaired Special Mention loans | $ (7,804) | ||||
Allowance for credit losses [Roll Forward] | |||||
Provision (credit) for loan losses | 442 | $ (1,135) | 421 | $ (1,307) | |
Real Estate Loans [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 18,494 | 18,215 | 18,494 | 18,469 | $ 18,469 |
Provision (credit) for loan losses | 442 | (1,136) | 422 | (1,307) | |
Charge-offs | (48) | (46) | (89) | (186) | |
Recoveries | 1 | 1,498 | 62 | 1,555 | |
Ending balance | 18,889 | 18,531 | 18,889 | 18,531 | 18,494 |
Ending balance - loans individually evaluated for impairment | 12,097 | 12,097 | 9,561 | ||
Ending balance - loans collectively evaluated for impairment | 5,194,684 | 5,194,684 | 4,685,625 | ||
Allowance balance associated with loans individually evaluated for impairment | 0 | 0 | 0 | ||
Allowance balance associated with loans collectively evaluated for impairment | 18,889 | 18,889 | 18,494 | ||
Real Estate Loans [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 99 | 111 | 263 | 150 | 150 |
Provision (credit) for loan losses | 96 | 19 | (46) | 80 | |
Charge-offs | (4) | (5) | (27) | (107) | |
Recoveries | 1 | 1 | 2 | 3 | |
Ending balance | 192 | 126 | 192 | 126 | 263 |
Ending balance - loans individually evaluated for impairment | 414 | 414 | 598 | ||
Ending balance - loans collectively evaluated for impairment | 75,038 | 75,038 | 71,497 | ||
Allowance balance associated with loans individually evaluated for impairment | 0 | 0 | 0 | ||
Allowance balance associated with loans collectively evaluated for impairment | 192 | 192 | 263 | ||
Real Estate Loans [Member] | Multifamily Residential and Residential Mixed Use [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 14,462 | 14,173 | 14,118 | 13,852 | 13,852 |
Provision (credit) for loan losses | 407 | 238 | 731 | 560 | |
Charge-offs | (43) | (40) | (60) | (41) | |
Recoveries | 0 | 3 | 37 | 3 | |
Ending balance | 14,826 | 14,374 | 14,826 | 14,374 | 14,118 |
Ending balance - loans individually evaluated for impairment | 3,930 | 3,930 | 983 | ||
Ending balance - loans collectively evaluated for impairment | 4,215,480 | 4,215,480 | 3,758,924 | ||
Allowance balance associated with loans individually evaluated for impairment | 0 | 0 | 0 | ||
Allowance balance associated with loans collectively evaluated for impairment | 14,826 | 14,826 | 14,118 | ||
Real Estate Loans [Member] | Commercial Mixed Use Real Estate [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 1,552 | 1,566 | 1,652 | 1,644 | 1,644 |
Provision (credit) for loan losses | 133 | 111 | 34 | 51 | |
Charge-offs | (1) | 0 | (2) | (37) | |
Recoveries | 0 | 5 | 0 | 24 | |
Ending balance | 1,684 | 1,682 | 1,684 | 1,682 | 1,652 |
Ending balance - loans individually evaluated for impairment | 4,357 | 4,357 | 4,345 | ||
Ending balance - loans collectively evaluated for impairment | 388,755 | 388,755 | 372,930 | ||
Allowance balance associated with loans individually evaluated for impairment | 0 | 0 | 0 | ||
Allowance balance associated with loans collectively evaluated for impairment | 1,684 | 1,684 | 1,652 | ||
Real Estate Loans [Member] | Commercial Real Estate [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 2,381 | 2,365 | 2,461 | 2,823 | 2,823 |
Provision (credit) for loan losses | (194) | (1,504) | (297) | (1,998) | |
Charge-offs | 0 | (1) | 0 | (1) | |
Recoveries | 0 | 1,489 | 23 | 1,525 | |
Ending balance | 2,187 | 2,349 | 2,187 | 2,349 | 2,461 |
Ending balance - loans individually evaluated for impairment | 3,396 | 3,396 | 3,635 | ||
Ending balance - loans collectively evaluated for impairment | 515,411 | 515,411 | 482,274 | ||
Allowance balance associated with loans individually evaluated for impairment | 0 | 0 | 0 | ||
Allowance balance associated with loans collectively evaluated for impairment | 2,187 | 2,187 | 2,461 | ||
Consumer Loans [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 19 | 22 | 20 | 24 | 24 |
Provision (credit) for loan losses | 0 | 1 | (1) | 0 | |
Charge-offs | 0 | (1) | 0 | (2) | |
Recoveries | 1 | 0 | 1 | 0 | |
Ending balance | 20 | $ 22 | 20 | $ 22 | 20 |
Ending balance - loans individually evaluated for impairment | 0 | 0 | 0 | ||
Ending balance - loans collectively evaluated for impairment | 2,336 | 2,336 | 1,590 | ||
Allowance balance associated with loans individually evaluated for impairment | 0 | 0 | 0 | ||
Allowance balance associated with loans collectively evaluated for impairment | $ 20 | $ 20 | $ 20 |
ALLOWANCE FOR LOAN LOSSES, Impa
ALLOWANCE FOR LOAN LOSSES, Impaired Real Estate Loans (Details) - Real Estate Loans [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | ||
Unpaid Principal Balance [Abstract] | ||||||
With no allocated reserve | $ 12,097 | $ 12,097 | $ 9,605 | |||
With an allocated reserve | 0 | 0 | 0 | |||
Recorded Investment [Abstract] | ||||||
With no allocated reserve | [1] | 12,097 | 12,097 | 9,561 | ||
With an allocated reserve | [1] | 0 | 0 | 0 | ||
Reserve Balance Allocated within the Allowance for Loan Losses [Abstract] | ||||||
With no allocated reserve | 0 | 0 | 0 | |||
With an allocated reserve | 0 | 0 | 0 | |||
Average Recorded Investment [Abstract] | ||||||
With no allocated reserve | 10,621 | $ 11,909 | 10,268 | $ 12,767 | ||
With an allocated reserve | 0 | 0 | 0 | 1,833 | ||
Interest Income Recognized [Abstract] | ||||||
With no allocated reserve | 110 | 121 | 235 | 228 | ||
With an allocated reserve | 0 | 0 | 0 | 97 | ||
One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | ||||||
Unpaid Principal Balance [Abstract] | ||||||
With no allocated reserve | 414 | 414 | 635 | |||
With an allocated reserve | 0 | 0 | 0 | |||
Recorded Investment [Abstract] | ||||||
With no allocated reserve | [1] | 414 | 414 | 598 | ||
With an allocated reserve | [1] | 0 | 0 | 0 | ||
Reserve Balance Allocated within the Allowance for Loan Losses [Abstract] | ||||||
With no allocated reserve | 0 | 0 | 0 | |||
With an allocated reserve | 0 | 0 | 0 | |||
Average Recorded Investment [Abstract] | ||||||
With no allocated reserve | 399 | 602 | 465 | 603 | ||
With an allocated reserve | 0 | 0 | 0 | 0 | ||
Interest Income Recognized [Abstract] | ||||||
With no allocated reserve | 7 | 11 | 41 | 23 | ||
With an allocated reserve | 0 | 0 | 0 | 0 | ||
Multifamily Residential And Residential Mixed Use Allowance [Member] | ||||||
Unpaid Principal Balance [Abstract] | ||||||
With no allocated reserve | 3,930 | 3,930 | 983 | |||
With an allocated reserve | 0 | 0 | 0 | |||
Recorded Investment [Abstract] | ||||||
With no allocated reserve | [1] | 3,930 | 3,930 | 983 | ||
With an allocated reserve | [1] | 0 | 0 | 0 | ||
Reserve Balance Allocated within the Allowance for Loan Losses [Abstract] | ||||||
With no allocated reserve | 0 | 0 | 0 | |||
With an allocated reserve | 0 | 0 | 0 | |||
Average Recorded Investment [Abstract] | ||||||
With no allocated reserve | 2,451 | 985 | 1,962 | 1,081 | ||
With an allocated reserve | 0 | 0 | 0 | 0 | ||
Interest Income Recognized [Abstract] | ||||||
With no allocated reserve | 25 | 31 | 38 | 46 | ||
With an allocated reserve | 0 | 0 | 0 | 0 | ||
Commercial Mixed Use Real Estate [Member] | ||||||
Unpaid Principal Balance [Abstract] | ||||||
With no allocated reserve | 4,357 | 4,357 | 4,345 | |||
With an allocated reserve | 0 | 0 | 0 | |||
Recorded Investment [Abstract] | ||||||
With no allocated reserve | [1] | 4,357 | 4,357 | 4,345 | ||
With an allocated reserve | [1] | 0 | 0 | 0 | ||
Reserve Balance Allocated within the Allowance for Loan Losses [Abstract] | ||||||
With no allocated reserve | 0 | 0 | 0 | |||
With an allocated reserve | 0 | 0 | 0 | |||
Average Recorded Investment [Abstract] | ||||||
With no allocated reserve | 4,367 | 4,393 | 4,360 | 4,395 | ||
With an allocated reserve | 0 | 0 | 0 | 0 | ||
Interest Income Recognized [Abstract] | ||||||
With no allocated reserve | 44 | 44 | 88 | 88 | ||
With an allocated reserve | 0 | 0 | 0 | 0 | ||
Commercial Real Estate [Member] | ||||||
Unpaid Principal Balance [Abstract] | ||||||
With no allocated reserve | 3,396 | 3,396 | 3,642 | |||
With an allocated reserve | 0 | 0 | 0 | |||
Recorded Investment [Abstract] | ||||||
With no allocated reserve | [1] | 3,396 | 3,396 | 3,635 | ||
With an allocated reserve | [1] | 0 | 0 | 0 | ||
Reserve Balance Allocated within the Allowance for Loan Losses [Abstract] | ||||||
With no allocated reserve | 0 | 0 | 0 | |||
With an allocated reserve | 0 | 0 | $ 0 | |||
Average Recorded Investment [Abstract] | ||||||
With no allocated reserve | 3,404 | 5,929 | 3,481 | 6,688 | ||
With an allocated reserve | 0 | 0 | 0 | 1,833 | ||
Interest Income Recognized [Abstract] | ||||||
With no allocated reserve | 34 | 35 | 68 | 71 | ||
With an allocated reserve | 0 | 0 | 0 | 97 | ||
Construction [Member] | ||||||
Average Recorded Investment [Abstract] | ||||||
With no allocated reserve | 0 | 0 | 0 | 0 | ||
With an allocated reserve | 0 | 0 | 0 | 0 | ||
Interest Income Recognized [Abstract] | ||||||
With no allocated reserve | 0 | 0 | 0 | 0 | ||
With an allocated reserve | $ 0 | $ 0 | $ 0 | $ 0 | ||
[1] | The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. |
INVESTMENT AND MORTGAGE-BACKE48
INVESTMENT AND MORTGAGE-BACKED SECURITIES, Major Categories of Securities Owned (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2016USD ($)Security | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)Security | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | ||||
Investment securities held-to-maturity [Abstract] | ||||||||
Recorded amortized/historical cost | $ 5,319 | $ 5,319 | $ 5,242 | |||||
Fair value | 6,805 | 6,805 | 7,051 | |||||
Available-for-sale securities [Abstract] | ||||||||
Fair value | 3,837 | 3,837 | 3,756 | |||||
Proceeds from the sales of trading securities | 3,648 | 3,648 | $ 1,337 | |||||
Gross gains recognized on sale of trading securities | 3 | 3 | ||||||
Gross losses recognized on sale of trading securites | $ 45 | $ 45 | ||||||
Proceeds from sale of investment securities available-for-sale | $ 2,000 | 2,070 | ||||||
Gross gain recognized on sale of investment securities available for sale | 4 | 4 | ||||||
Gross loss recognized on sale of investment securities available for sale | $ 8 | $ 8 | ||||||
Number of TRUP securities deemed have OTTI | Security | 5 | 5 | ||||||
Number of TRUP securities not deemed have OTTI | Security | 2 | 2 | ||||||
Pooled Bank Trust Preferred Securities ("TRUPS") [Member] | ||||||||
Available-for-sale securities [Abstract] | ||||||||
Securities weighted average term to maturity | 18 years 6 months | |||||||
Registered Mutual Funds [Member] | ||||||||
Available-for-sale securities [Abstract] | ||||||||
Purchase amortized/historical cost | $ 4,011 | $ 4,011 | 3,990 | |||||
Recorded amortized/historical cost | 4,011 | [1] | 4,011 | [1] | 3,990 | [2] | ||
Unrealized gains | 20 | 20 | 25 | |||||
Unrealized losses | (194) | (194) | (259) | |||||
Fair value | 3,837 | 3,837 | 3,756 | |||||
Pass Through MBS Issued by GSEs [Member] | ||||||||
Available-for-sale securities [Abstract] | ||||||||
Purchase amortized/historical cost | 392 | 392 | 418 | |||||
Recorded amortized/historical cost | 392 | [1] | 392 | [1] | 418 | [2] | ||
Unrealized gains | 14 | 14 | 13 | |||||
Unrealized losses | 0 | 0 | 0 | |||||
Fair value | $ 406 | 406 | 431 | |||||
All Mortgage Backed Securities available for sale [Member] | ||||||||
Available-for-sale securities [Abstract] | ||||||||
Securities weighted average term to maturity | 11 years 6 months | |||||||
Pooled Bank Trust Preferred Securities ("TRUPS") [Member] | ||||||||
Investment securities held-to-maturity [Abstract] | ||||||||
Purchase amortized/historical cost | $ 15,326 | 15,326 | 15,344 | |||||
Recorded amortized/historical cost | 5,319 | [1] | 5,319 | [1] | 5,242 | [2] | ||
Unrealized gains | 1,955 | 1,955 | 2,154 | |||||
Unrealized losses | (469) | (469) | (345) | |||||
Fair value | 6,805 | 6,805 | 7,051 | |||||
Unamortized portion of the unrealized loss amount recognized | $ 781 | $ 781 | $ 807 | |||||
[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 $781 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 $807 unamortized portion of the unrealized loss that was recognized in accumulated other comprehensive loss on September 1, 2008 (the day on which these securities were transferred from available-for-sale to held-to-maturity). |
INVESTMENT AND MORTGAGE-BACKE49
INVESTMENT AND MORTGAGE-BACKED SECURITIES, Reconciliation of Pre-Tax OTTI Charges Recognized (Details) - Pooled Bank Trust Preferred Securities ("TRUPS") [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
OTTI Credit and Non-Credit Losses Recognized in Earnings and AOCI [Roll Forward] | ||||
Cumulative pre-tax balance at the beginning of the period | $ 9,261 | $ 9,356 | $ 9,295 | $ 9,514 |
Accretion (Amortization) of previously recognized OTTI | (34) | 9 | (68) | (149) |
Cumulative pre-tax balance at end of the period | 9,227 | 9,365 | 9,227 | 9,365 |
Credit Related OTTI [Member] | ||||
OTTI Credit and Non-Credit Losses Recognized in Earnings and AOCI [Roll Forward] | ||||
Cumulative pre-tax balance at the beginning of the period | 8,691 | 8,795 | 8,717 | 8,945 |
Accretion (Amortization) of previously recognized OTTI | (26) | (26) | (52) | (176) |
Cumulative pre-tax balance at end of the period | 8,665 | 8,769 | 8,665 | 8,769 |
Non-Credit Related OTTI [Member] | ||||
OTTI Credit and Non-Credit Losses Recognized in Earnings and AOCI [Roll Forward] | ||||
Cumulative pre-tax balance at the beginning of the period | 570 | 561 | 578 | 569 |
Accretion (Amortization) of previously recognized OTTI | (8) | 35 | (16) | 27 |
Cumulative pre-tax balance at end of the period | $ 562 | $ 596 | $ 562 | $ 596 |
INVESTMENT AND MORTGAGE-BACKE50
INVESTMENT AND MORTGAGE-BACKED SECURITIES, Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Registered Mutual Funds [Member] | ||
Available-for-Sale Securities, Fair Value [Abstract] | ||
Less than 12 Months Consecutive Unrealized Losses | $ 371 | $ 3,026 |
12 Months or More Consecutive Unrealized Losses | 3,121 | 0 |
Total | 3,492 | 3,026 |
Available-for-Sale Securities, Gross Unrecognized/Unrealized Losses [Abstract] | ||
Less than 12 Months Consecutive Unrealized Losses | 8 | 259 |
12 Months or More Consecutive Unrealized Losses | 186 | 0 |
Total | 194 | 259 |
Pooled Bank Trust Preferred Securities ("TRUPS") [Member] | ||
Held-to-Maturity Securities, Fair Value [Abstract] | ||
Less than 12 Months Consecutive Unrealized Losses | 0 | 0 |
12 Months or More Consecutive Unrealized Losses | 2,255 | 2,359 |
Total | 2,255 | 2,359 |
Held-to-Maturity Securities, Gross Unrecognized/Unrealized Losses [Abstract] | ||
Less than 12 Months Consecutive Unrealized Losses | 0 | 0 |
12 Months or More Consecutive Unrealized Losses | 469 | 345 |
Total | $ 469 | $ 345 |
DERIVATIVES AND HEDGING ACTIV51
DERIVATIVES AND HEDGING ACTIVITIES, Classification on Consolidated Statements of Financial Condition (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016USD ($)DerivativeInstrument | Jun. 30, 2016USD ($)DerivativeInstrument | |
Fair Value of Derivative Financial Instruments [Abstract] | ||
Weighted average pay rates | 1.24% | 1.24% |
Weighted average receive rates | 0.64% | 0.64% |
Weighted average maturity | 5 years 9 months 25 days | |
Designated as Hedging Instrument [Member] | ||
Fair Value of Derivative Financial Instruments [Abstract] | ||
Count | DerivativeInstrument | 4 | 4 |
Notional amount | $ 90,000 | $ 90,000 |
Fair value assets | 0 | 0 |
Fair value liabilities | 957 | 957 |
Interest Rate Products [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Derivative Financial Instruments [Abstract] | ||
Hedge ineffectiveness | $ 0 | $ 0 |
Count | DerivativeInstrument | 4 | 4 |
Notional amount | $ 90,000 | $ 90,000 |
Fair value assets | 0 | 0 |
Fair value liabilities | $ 957 | $ 957 |
DERIVATIVES AND HEDGING ACTIV52
DERIVATIVES AND HEDGING ACTIVITIES, Effect on Consolidated Statements of Income (Details) - Interest Rate Products [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Interest Expense [Member] | ||
Gain (Loss) on Derivative Financial Instruments [Abstract] | ||
Amount of gain or (loss) reclassified from OCI (effective portion) | $ (41) | $ (41) |
Non-Interest Expense [Member] | ||
Gain (Loss) on Derivative Financial Instruments [Abstract] | ||
Amount of gain or (loss) recognized (ineffective portion) | 0 | 0 |
OCI [Member] | ||
Gain (Loss) on Derivative Financial Instruments [Abstract] | ||
Amount of gain or (loss) recognized (effective portion) | $ (998) | $ (998) |
DERIVATIVES AND HEDGING ACTIV53
DERIVATIVES AND HEDGING ACTIVITIES, Offsetting of Derivative Liabilities (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Offsetting Derivative Liabilities [Abstract] | |
Fair value of derivative liability, including accrued interest | $ 997 |
Counterparty A [Member] | |
Offsetting Derivative Liabilities [Abstract] | |
Gross amounts of recognized liabilities | 957 |
Gross amounts offset in the statement of financial condition | 0 |
Net amounts of assets presented in the statement of financial condition | 957 |
Gross amounts not offset in the statement of financial condition, financial instruments | 0 |
Gross amounts not offset in the statement of financial condition, cash collateral received | 0 |
Net amount | $ 957 |
FAIR VALUE OF FINANCIAL INSTR54
FAIR VALUE OF FINANCIAL INSTRUMENTS, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financial Liabilities [Abstract] | ||
Impaired loans measured at fair value | $ 0 | $ 0 |
Recurring [Member] | ||
Trading securities (Registered Mutual Funds) [Abstract] | ||
Domestic Equity Mutual Funds | 787 | 1,053 |
International Equity Mutual Funds | 207 | 281 |
Fixed Income Mutual Funds | 5,820 | 8,867 |
Registered Mutual Funds [Abstract] | ||
Domestic Equity Mutual Funds | 1,244 | 1,253 |
International Equity Mutual Funds | 374 | 383 |
Fixed Income Mutual Funds | 2,219 | 2,120 |
Pass-through MBS issued by GSEs | 406 | 431 |
Financial Liabilities [Abstract] | ||
Derivative - interest rate product | 957 | |
Recurring [Member] | Level 1 Inputs [Member] | ||
Trading securities (Registered Mutual Funds) [Abstract] | ||
Domestic Equity Mutual Funds | 787 | 1,053 |
International Equity Mutual Funds | 207 | 281 |
Fixed Income Mutual Funds | 5,820 | 8,867 |
Registered Mutual Funds [Abstract] | ||
Domestic Equity Mutual Funds | 1,244 | 1,253 |
International Equity Mutual Funds | 374 | 383 |
Fixed Income Mutual Funds | 2,219 | 2,120 |
Pass-through MBS issued by GSEs | 0 | 0 |
Financial Liabilities [Abstract] | ||
Derivative - interest rate product | 0 | |
Recurring [Member] | Level 2 Inputs [Member] | ||
Trading securities (Registered Mutual Funds) [Abstract] | ||
Domestic Equity Mutual Funds | 0 | 0 |
International Equity Mutual Funds | 0 | 0 |
Fixed Income Mutual Funds | 0 | 0 |
Registered Mutual Funds [Abstract] | ||
Domestic Equity Mutual Funds | 0 | 0 |
International Equity Mutual Funds | 0 | 0 |
Fixed Income Mutual Funds | 0 | 0 |
Pass-through MBS issued by GSEs | 406 | 431 |
Financial Liabilities [Abstract] | ||
Derivative - interest rate product | 957 | |
Recurring [Member] | Level 3 Inputs [Member] | ||
Trading securities (Registered Mutual Funds) [Abstract] | ||
Domestic Equity Mutual Funds | 0 | 0 |
International Equity Mutual Funds | 0 | 0 |
Fixed Income Mutual Funds | 0 | 0 |
Registered Mutual Funds [Abstract] | ||
Domestic Equity Mutual Funds | 0 | 0 |
International Equity Mutual Funds | 0 | 0 |
Fixed Income Mutual Funds | 0 | 0 |
Pass-through MBS issued by GSEs | 0 | 0 |
Financial Liabilities [Abstract] | ||
Derivative - interest rate product | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | ||
Financial Liabilities [Abstract] | ||
Assets measured at fair value | $ 0 | $ 0 |
FAIR VALUE OF FINANCIAL INSTR55
FAIR VALUE OF FINANCIAL INSTRUMENTS, Balance Sheet Groupings (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Assets [Abstract] | ||
Investment securities held to maturity (TRUPS) | $ 6,805 | $ 7,051 |
Carrying Amount [Member] | ||
Assets [Abstract] | ||
Cash and due from banks | 89,927 | 64,154 |
Investment securities held to maturity (TRUPS) | 5,319 | 5,242 |
Loans, net | 5,190,208 | 4,678,262 |
Accrued interest receivable | 14,896 | 13,486 |
FHLBNY capital stock | 52,814 | 58,713 |
Liabilities [Abstract] | ||
Savings, money market and checking accounts | 2,745,744 | 2,325,463 |
Certificates of Deposit ("CDs") | 1,034,522 | 858,847 |
Escrow and other deposits | 92,290 | 77,130 |
FHLBNY Advances | 1,017,125 | 1,166,725 |
Trust preferred securities payable | 70,680 | 70,680 |
Accrued interest payable | 2,156 | 2,259 |
Fair Value [Member] | ||
Assets [Abstract] | ||
Cash and due from banks | 89,927 | 64,154 |
Investment securities held to maturity (TRUPS) | 6,805 | 7,051 |
Loans, net | 5,213,167 | 4,722,803 |
Accrued interest receivable | 14,896 | 12,664 |
Liabilities [Abstract] | ||
Savings, money market and checking accounts | 2,745,744 | 2,325,463 |
Certificates of Deposit ("CDs") | 1,043,354 | 865,581 |
Escrow and other deposits | 92,964 | 77,130 |
FHLBNY Advances | 1,026,682 | 1,170,274 |
Trust preferred securities payable | 69,973 | 69,973 |
Accrued interest payable | 2,156 | 2,259 |
Fair Value [Member] | Level 1 Inputs [Member] | ||
Assets [Abstract] | ||
Cash and due from banks | 89,927 | 64,154 |
Investment securities held to maturity (TRUPS) | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Liabilities [Abstract] | ||
Savings, money market and checking accounts | 2,745,744 | 2,325,463 |
Certificates of Deposit ("CDs") | 0 | 0 |
Escrow and other deposits | 92,964 | 77,130 |
FHLBNY Advances | 0 | 0 |
Trust preferred securities payable | 0 | 0 |
Accrued interest payable | 0 | 0 |
Fair Value [Member] | Level 2 Inputs [Member] | ||
Assets [Abstract] | ||
Cash and due from banks | 0 | 0 |
Investment securities held to maturity (TRUPS) | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 2 | 19 |
Liabilities [Abstract] | ||
Savings, money market and checking accounts | 0 | 0 |
Certificates of Deposit ("CDs") | 1,043,254 | 865,581 |
Escrow and other deposits | 0 | 0 |
FHLBNY Advances | 1,026,682 | 1,170,274 |
Trust preferred securities payable | 69,973 | 69,973 |
Accrued interest payable | 2,156 | 2,259 |
Fair Value [Member] | Level 3 Inputs [Member] | ||
Assets [Abstract] | ||
Cash and due from banks | 0 | 0 |
Investment securities held to maturity (TRUPS) | 6,805 | 7,051 |
Loans, net | 5,213,167 | 4,722,803 |
Accrued interest receivable | 14,894 | 13,467 |
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 POSTRETIREMENT56
RETIREMENT AND POSTRETIREMENT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | ||
BMP, Employee And Outside Director Retirement Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 | ||
Interest cost | 343 | 343 | 686 | 687 | ||
Expected return on assets | (383) | (414) | (766) | (828) | ||
Curtailment gain | [1] | 0 | 0 | |||
Unrecognized past service liability | 0 | 0 | 0 | 0 | ||
Amortization of unrealized loss | 428 | 480 | 858 | 959 | ||
Net periodic cost (gain) | 388 | 409 | 778 | 818 | ||
Postretirement Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 0 | 0 | 0 | 9 | ||
Interest cost | 16 | 29 | 32 | 538 | ||
Expected return on assets | 0 | 0 | 0 | 0 | ||
Curtailment gain | [1] | 0 | (3,394) | |||
Unrecognized past service liability | (2) | 0 | (4) | 0 | ||
Amortization of unrealized loss | (1) | (13) | (2) | (25) | ||
Net periodic cost (gain) | 13 | $ 16 | 26 | $ (2,872) | ||
Estimated employer contributions or benefit payments | $ 116 | |||||
Contributions by employer | 17 | 50 | ||||
Employee Retirement Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Contributions by employer | 7 | 11 | ||||
BMP Retirement Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Estimated employer contributions or benefit payments | 686 | |||||
Contributions by employer | 0 | 0 | ||||
Outside Director Retirement Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Estimated employer contributions or benefit payments | $ 208 | |||||
Contributions by employer | $ 41 | $ 82 | ||||
[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) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
INCOME TAXES [Abstract] | ||||
Effective tax rates | 42.20% | 40.90% | 42.20% | 40.60% |
Gain on sale of real estate | $ (4) | $ 0 | $ 68,183 | $ 0 |
PREMISES HELD FOR SALE (Details
PREMISES HELD FOR SALE (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Apr. 14, 2016 | Dec. 31, 2015 | |
PREMISES HELD FOR SALE [Abstract] | ||||||
Premises held for sale with aggregate recorded balance | $ 1,379 | $ 1,379 | $ 8,799 | |||
Net gain on the sale of premises held for sale | $ (4) | $ 0 | $ 68,183 | $ 0 | ||
Aggregate purchase price under purchase and sale agreement | $ 12,300 |