Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 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 | 37,543,852 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS: | ||
Cash and due from banks | $ 80,870 | $ 64,154 |
Total cash and cash equivalents | 80,870 | 64,154 |
Investment securities held-to-maturity (estimated fair value of $6,858 and $7,051 at September 30, 2016 and December 31, 2015, respectively)(fully unencumbered) | 5,356 | 5,242 |
Investment securities available-for-sale, at fair value (fully unencumbered) | 3,933 | 3,756 |
Mortgage-backed securities available-for-sale, at fair value (fully unencumbered) | 3,647 | 431 |
Trading Securities | 6,890 | 10,201 |
Loans: | ||
Real estate, net | 5,488,491 | 4,695,186 |
Consumer loans | 1,675 | 1,590 |
Less allowance for loan losses | (20,049) | (18,514) |
Total loans, net | 5,470,117 | 4,678,262 |
Premises and fixed assets, net | 15,666 | 15,150 |
Premises held for sale | 1,379 | 8,799 |
Federal Home Loan Bank of New York ("FHLBNY") capital stock | 46,739 | 58,713 |
Other real estate owned ("OREO") | 18 | 148 |
Bank Owned Life Insurance ("BOLI") | 85,767 | 85,019 |
Goodwill | 55,638 | 55,638 |
Other assets | 45,766 | 47,359 |
Total Assets | 5,821,786 | 5,032,872 |
Due to depositors: | ||
Interest bearing deposits | 3,888,566 | 2,925,129 |
Non-interest bearing deposits | 270,698 | 259,181 |
Total deposits | 4,159,264 | 3,184,310 |
Escrow and other deposits | 117,309 | 77,130 |
FHLBNY advances | 882,125 | 1,166,725 |
Trust Preferred securities payable | 70,680 | 70,680 |
Other liabilities | 37,117 | 40,080 |
Total Liabilities | 5,266,495 | 4,538,925 |
Stockholders' Equity: | ||
Preferred stock ($0.01 par, 9,000,000 shares authorized, none issued or outstanding at September 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 September 30, 2016 and December 31, 2015, respectively, and 37,543,852 shares and 37,371,992 shares outstanding at September 30, 2016 and December 31, 2015, respectively) | 535 | 533 |
Additional paid-in capital | 265,227 | 262,798 |
Retained earnings | 507,956 | 451,606 |
Accumulated other comprehensive loss, net of deferred taxes | (8,110) | (8,801) |
Unallocated common stock of Employee Stock Ownership Plan ("ESOP") | (2,140) | (2,313) |
Unearned Restricted Stock Award common stock | (2,303) | (2,271) |
Common stock held by Benefit Maintenance Plan ("BMP") | (6,859) | (9,354) |
Treasury stock, at cost (15,976,729 shares and 15,954,761 shares at September 30, 2016 and December 31, 2015, respectively) | (199,015) | (198,251) |
Total Stockholders' Equity | 555,291 | 493,947 |
Total Liabilities And Stockholders' Equity | $ 5,821,786 | $ 5,032,872 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS: | ||
Investment securities held to maturity, fair value | $ 6,858 | $ 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) | 37,543,852 | 37,371,992 |
Treasury stock (in shares) | 15,976,729 | 15,954,761 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest income: | ||||
Loans secured by real estate | $ 48,090 | $ 42,109 | $ 141,099 | $ 127,370 |
Other loans | 28 | 22 | 76 | 70 |
Mortgage backed securities | 2 | 1 | 6 | 184 |
Investment securities | 129 | 254 | 567 | 544 |
Federal funds sold and other short-term investments | 707 | 510 | 2,089 | 1,738 |
Total interest income | 48,956 | 42,896 | 143,837 | 129,906 |
Interest expense: | ||||
Deposits and escrow | 8,635 | 5,890 | 23,026 | 16,780 |
Borrowed funds | 4,974 | 5,192 | 15,223 | 18,148 |
Total interest expense | 13,609 | 11,082 | 38,249 | 34,928 |
Net interest income | 35,347 | 31,814 | 105,588 | 94,978 |
Provision (credit) for loan losses | 1,168 | 416 | 1,589 | (891) |
Net interest income after provision (credit) for loan losses | 34,179 | 31,398 | 103,999 | 95,869 |
Non-interest income: | ||||
Service charges and other fees | 1,123 | 1,013 | 2,566 | 2,562 |
Net mortgage banking income | 16 | 41 | 71 | 154 |
Net gain (loss) on securities and other assets | 69 | (138) | 148 | 1,287 |
Net gain on the sale of premises held for sale | 0 | 0 | 68,183 | 0 |
Income from BOLI | 570 | 620 | 2,173 | 1,837 |
Other | 293 | 363 | 976 | 1,037 |
Total non-interest income | 2,071 | 1,899 | 74,117 | 6,877 |
Non-interest expense: | ||||
Salaries and employee benefits | 8,616 | 8,370 | 26,132 | 22,870 |
Stock benefit plan amortization expense | 815 | 885 | 2,539 | 2,767 |
Occupancy and equipment | 3,250 | 2,531 | 8,992 | 7,965 |
Data processing costs | 1,284 | 1,023 | 3,735 | 2,775 |
Federal deposit insurance premiums | 613 | 575 | 1,933 | 1,703 |
Other | 3,654 | 2,740 | 10,862 | 8,274 |
Total non-interest expense | 18,232 | 16,124 | 54,193 | 46,354 |
Income before income taxes | 18,018 | 17,173 | 123,923 | 56,392 |
Income tax expense | 7,481 | 7,092 | 52,141 | 23,004 |
Net income | $ 10,537 | $ 10,081 | $ 71,782 | $ 33,388 |
Earnings per Share: | ||||
Basic (in dollars per share) | $ 0.29 | $ 0.28 | $ 1.95 | $ 0.92 |
Diluted (in dollars per share) | $ 0.29 | $ 0.28 | $ 1.95 | $ 0.92 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) [Abstract] | ||||
Net income | $ 10,537 | $ 10,081 | $ 71,782 | $ 33,388 |
Other comprehensive income: | ||||
Change in unrealized holding loss on securities held-to-maturity and transferred securities | 21 | 20 | 62 | 39 |
Change in unrealized holding gain on securities available-for-sale | 107 | (176) | 169 | (1,525) |
Change in pension and other postretirement obligations | 425 | 478 | 1,275 | 348 |
Change in unrealized loss on derivative liability | 708 | 0 | (249) | 0 |
Other comprehensive gain (loss) before income taxes | 1,261 | 322 | 1,257 | (1,138) |
Deferred tax expense (benefit) | 568 | 146 | 566 | (512) |
Other comprehensive income (loss), net of tax | 693 | 176 | 691 | (626) |
Total other comprehensive income | $ 11,230 | $ 10,257 | $ 72,473 | $ 32,762 |
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) | $ 459,725 |
Balance (in shares) at Dec. 31, 2014 | 36,855,019 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 0 | 0 | 33,388 | 0 | 0 | 0 | 0 | 0 | $ 33,388 |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | (626) | 0 | 0 | 0 | 0 | (626) |
Exercise of stock options, net of expired options | 3 | 4,053 | 0 | 0 | 0 | 0 | 0 | 0 | $ 4,056 |
Exercise of stock options, net of expired options (in shares) | 274,355 | ||||||||
Release of shares, net of forfeitures | 0 | 680 | 0 | 0 | 0 | (1,061) | (190) | 988 | $ 417 |
Release of shares, net of forfeitures (in shares) | 79,500 | ||||||||
Stock-based compensation | 0 | 815 | 0 | 0 | 174 | 1,418 | 0 | 0 | $ 2,407 |
Cash dividends declared and paid | 0 | 0 | (15,188) | 0 | 0 | 0 | 0 | 0 | (15,188) |
Repurchase of common stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (300) | $ (300) |
Repurchase of common stock (in shares) | (20,000) | ||||||||
Balance at Sep. 30, 2015 | 532 | 259,906 | 445,326 | (9,173) | (2,371) | (2,709) | (9,354) | (198,278) | $ 483,879 |
Balance (in shares) at Sep. 30, 2015 | 37,188,874 | ||||||||
Balance at Dec. 31, 2015 | 533 | 262,798 | 451,606 | (8,801) | (2,313) | (2,271) | (9,354) | (198,251) | $ 493,947 |
Balance (in shares) at Dec. 31, 2015 | 37,371,992 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 0 | 0 | 71,782 | 0 | 0 | 0 | 0 | 0 | $ 71,782 |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 691 | 0 | 0 | 0 | 0 | 691 |
Shares received to satisfy distribution of retirement benefits | 0 | (2,717) | 0 | 0 | 0 | 0 | 2,717 | (1,820) | $ (1,820) |
Shares received to satisfy distribution of retirement benefits (in shares) | (107,008) | ||||||||
Tax benefit from market valuation adjustment on distribution of BMP ESOP shares | 0 | 717 | 0 | 0 | 0 | 0 | 0 | 0 | $ 717 |
Exercise of stock options, net of expired options | 2 | 2,735 | 0 | 0 | 0 | 0 | 0 | 0 | $ 2,737 |
Exercise of stock options, net of expired options (in shares) | 193,828 | ||||||||
Release of shares, net of forfeitures | 0 | 714 | 0 | 0 | 0 | (807) | (222) | 707 | $ 392 |
Release of shares, net of forfeitures (in shares) | 85,040 | ||||||||
Stock-based compensation | 0 | 980 | 0 | 0 | 173 | 775 | 0 | 349 | $ 2,277 |
Cash dividends declared and paid | 0 | 0 | (15,432) | 0 | 0 | 0 | 0 | 0 | (15,432) |
Balance at Sep. 30, 2016 | $ 535 | $ 265,227 | $ 507,956 | $ (8,110) | $ (2,140) | $ (2,303) | $ (6,859) | $ (199,015) | $ 555,291 |
Balance (in shares) at Sep. 30, 2016 | 37,543,852 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 71,782 | $ 33,388 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net gain on investment and mortgage backed securities sold | 0 | (1,384) |
Net (gain) loss recognized on trading securities | (108) | 97 |
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 | 1,611 | 2,178 |
Stock plan compensation (excluding ESOP) | 1,435 | 1,449 |
ESOP compensation expense | 842 | 958 |
Provision (Credit) for loan losses | 1,589 | (891) |
Increase in cash surrender value of BOLI | (1,689) | (1,837) |
Income recognized from mortality benefit on BOLI | (484) | 0 |
Deferred income tax (credit) provision | (1,993) | 148 |
Reduction in credit related other than temporary impairment ("OTTI") amortized through interest income | (78) | 0 |
Excess tax benefit from stock benefit plans | (142) | (204) |
Changes in assets and liabilities: | ||
Decrease in other assets | 2,999 | 4,178 |
(Decrease) Increase in other liabilities | (1,220) | 6,469 |
Net cash provided by Operating activities | 6,321 | 44,549 |
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 | 1,340 |
Proceeds from sales of mortgage backed securities available-for-sale | 0 | 24,307 |
Purchases of investment securities available-for-sale | (2) | (2,038) |
Purchases of mortgage backed securities available-for-sale | (3,267) | 0 |
Acquisition of trading securities | (229) | (1,572) |
Proceeds from calls and principal repayments of mortgage backed securities available-for-sale | 45 | 1,589 |
Proceeds from the sale of loans held for sale previously classified as portfolio loans | 0 | 9,905 |
Purchases of loans | (157,782) | 0 |
Loans originated, net of repayments | (635,662) | (381,530) |
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, net | (2,397) | (1,071) |
Redemption of FHLBNY capital stock | 11,974 | 4,059 |
Net cash used in Investing Activities | (706,178) | (342,814) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Increase in due to depositors | 974,954 | 369,705 |
Increase in escrow and other deposits | 40,179 | 39,211 |
Repayments of FHLBNY advances | (2,892,500) | (1,829,000) |
Proceeds from FHLBNY advances | 2,607,900 | 1,725,000 |
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 | 250 | 213 |
BMP ESOP shares received to satisfy distribution of retirement benefits | (1,820) | 0 |
Treasury shares repurchased | 0 | (300) |
Cash dividends paid to stockholders | (15,432) | (15,188) |
Net cash provided by Financing Activities | 716,573 | 293,901 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 16,716 | (4,364) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 64,154 | 78,437 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 80,870 | 74,073 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 43,525 | 18,809 |
Cash paid for interest | 38,216 | 35,269 |
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 | 36 | 58 |
Net decrease (increase) in non-credit component of OTTI | $ 25 | $ (18) |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 9 Months Ended |
Sep. 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. Effective August 1, 2016, the Bank changed its name from The Dime Savings Bank of Williamsburgh to Dime Community Bank. The new name more accurately reflects the Bank’s evolving business model and emphasizes its broader geographic and business reach while retaining the Bank’s mission to be in and of the communities it serves, including the virtual on line community. 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 | 9 Months Ended |
Sep. 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 September 30, 2016 and December 31, 2015, the results of operations and statements of comprehensive income for the three-month and nine-month periods ended September 30, 2016 and 2015, and the changes in stockholders' equity and cash flows for the nine-month periods ended September 30, 2016 and 2015. The results of operations for the three-month and nine-month periods ended September 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 | 9 Months Ended |
Sep. 30, 2016 | |
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | 3. RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers, (Topic 606) i.e., In January 2016, the 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. 2016-13, Financial Instruments – Credit Losses (Topic 326) In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) |
TREASURY STOCK
TREASURY STOCK | 9 Months Ended |
Sep. 30, 2016 | |
TREASURY STOCK [Abstract] | |
TREASURY STOCK | 4. TREASURY STOCK The Holding Company did not repurchase any of its common stock (“Common Stock”) into treasury during the three or nine-month periods ended September 30, 2016, or the three-month period ended September 30, 2015. The Holding Company repurchased 20,000 shares of Common Stock into treasury during the nine months ended September 30, 2015 at a weighted average cost of $15.00 per share. On July 1, 2016, the Company received 107,008 shares of Common Stock from a retired participant of the BMP using the previous day’s closing price of $17.01 in lieu of payment of tax withholdings. These shares were returned to treasury stock on July 6, 2016. On April 29, 2016, 60,675 shares of 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 Common Stock on that date was $18.11, and the shares were released utilizing the average historical cost method. On March 24, 2016, 28,044 shares of the Common Stock were released from treasury in order to satisfy potential future performance-based equity awards under the 2016 Long-Term Incentive Plan. The closing price of the Common Stock on that date was $17.35, and the shares were released utilizing the average historical cost method. On April 30, 2015, 68,069 shares of the Common Stock were released from treasury in order to fulfill benefit obligations under the 2013 Equity and Incentive Plan. The closing price of the Common Stock on that date was $15.92, and the shares were released utilizing the average historical cost method. On April 23, 2015, 11,557 shares of the Common Stock were released from treasury in order to fulfill benefit obligations under the BMP. The closing price of the Common Stock on that date was $16.37, and the shares were released utilizing the average historical cost method. Shares either released from treasury stock for earned equity awards or returned to treasury stock due to forfeited equity awards were otherwise immaterial during the three-month and nine-month periods ended September 30, 2016 and 2015. |
OTHER COMPREHENSIVE INCOME (LOS
OTHER COMPREHENSIVE INCOME (LOSS) | 9 Months Ended |
Sep. 30, 2016 | |
OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | |
OTHER COMPREHENSIVE INCOME (LOSS) | 5. OTHER COMPREHENSIVE INCOME (LOSS) Activity in accumulated other comprehensive income (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 36 98 702 (163 ) 673 Amounts reclassified from accumulated other comprehensive loss - - - 18 18 Net other comprehensive income (loss) during the period 36 98 702 (145 ) 691 Balance as of September 30, 2016 $ (724 ) $ (24 ) $ (7,217 ) $ (145 ) $ (8,110 ) Balance as of January 1, 2015 $ (826 ) $ 736 $ (8,457 ) $ - $ (8,547 ) Other comprehensive income (loss) before reclassifications 21 (77 ) (586 ) - (642 ) Amounts reclassified from accumulated other comprehensive loss - (760 ) 776 - 16 Net other comprehensive income (loss) during the period 21 (837 ) 190 - (626 ) Balance as of September 30, 2015 $ (805 ) $ (101 ) $ (8,267 ) $ - $ (9,173 ) 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 Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Change in unrealized holding loss on securities held-to-maturity and transferred securities: Accretion (Amortization) of previously recognized non-credit component of OTTI $ 9 $ 9 $ 25 $ (18 ) Change in unrealized loss on securities transferred to held-to-maturity 12 11 37 57 Net change 21 20 62 39 Tax expense 7 9 26 18 Net change in unrealized holding loss on securities held-to-maturity and transferred securities 14 11 36 21 Change in unrealized holding gain on securities available-for-sale: Change in net unrealized gain during the period 107 (176 ) 169 (141 ) Reclassification adjustment for net gains included in net gain (loss) on securities and other assets - - - (1,384 ) Net change 107 (176 ) 169 (1,525 ) Tax expense (benefit) 43 (79 ) 71 (688 ) Net change in unrealized holding gain on securities available-for-sale 64 (97 ) 98 (837 ) Change in pension and other postretirement obligations: Reclassification adjustment for expense included in salaries and employee benefits expense 425 478 1,275 1,412 Change in the net actuarial gain or loss - - - (1,064 ) Net change 425 478 1,275 348 Tax expense 191 216 573 158 Net change in pension and other postretirement obligations 234 262 702 190 Change in unrealized loss on derivative liability: Change in net unrealized loss during the period 717 - (281 ) - Reclassification adjustment for expense included in interest expense (9 ) - 32 - Net change 708 - (249 ) - Tax expense (benefit) 327 - (104 ) - Net change in unrealized loss on derivative liability 381 - (145 ) - Other comprehensive income (loss) $ 693 $ 176 $ 691 $ (626 ) |
EARNINGS PER SHARE ("EPS")
EARNINGS PER SHARE ("EPS") | 9 Months Ended |
Sep. 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, and likely aggregate Long-term Incentive Plan (“LTIP”) share payout. 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 and LTIP shares not yet awarded are recognized as a special class of participating securities under ASC 260. The following is a reconciliation of the numerators and denominators of basic EPS and diluted EPS for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net income per the Consolidated Statements of Income $ 10,537 $ 10,081 $ 71,782 $ 33,388 Less: Dividends paid and earnings allocated to participating securities (26 ) (31 ) (85 ) (105 ) Income attributable to Common Stock $ 10,511 $ 10,050 $ 71,697 $ 33,283 Weighted average common shares outstanding, including participating securities 36,910,594 36,552,925 36,904,324 36,414,645 Less: weighted average participating securities (168,767 ) (224,102 ) (209,152 ) (252,162 ) Weighted average common shares outstanding 36,741,827 36,328,823 36,695,172 36,162,483 Basic EPS $ 0.29 $ 0.28 $ 1.95 $ 0.92 Income attributable to Common Stock $ 10,511 $ 10,050 $ 71,697 $ 33,283 Weighted average common shares outstanding 36,741,827 36,328,823 36,695,172 36,162,483 Weighted average common equivalent shares outstanding 46,480 92,631 61,446 87,887 Weighted average common and equivalent shares outstanding 36,788,307 36,421,454 36,756,618 36,250,370 Diluted EPS $ 0.29 $ 0.28 $ 1.95 $ 0.92 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 Common Stock over the exercise price of outstanding in-the-money There were 79,783 and 80,000 weighted-average stock options outstanding for the three-month periods ended September 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 79,927 and 132,976 weighted-average stock options outstanding for the nine-month periods ended September 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. For information about the calculation of likely aggregate LTIP share payout, see Footnote 7. |
ACCOUNTING FOR STOCK BASED COMP
ACCOUNTING FOR STOCK BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2016 | |
ACCOUNTING FOR STOCK BASED COMPENSATION [Abstract] | |
ACCOUNTING FOR STOCK BASED COMPENSATION | 7. ACCOUNTING FOR STOCK BASED COMPENSATION During the three-month and nine-month periods ended September 30, 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 The following table presents a summary of activity related to stock options granted under the Stock Plans, and changes during the nine-month period then ended: Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Years Aggregate Intrinsic Value Options outstanding at January 1, 2016 465,246 $ 14.87 Options granted - - Options exercised (193,828 ) 14.23 Options that expired prior to exercise (10,000 ) 18.18 Options outstanding at September 30, 2016 261,418 $ 15.22 2.3 $ 501 Options vested and exercisable at September 30, 2016 261,418 $ 15.22 2.3 $ 501 Information related to the Stock Plans during each period is as follows: At or for the Three Months Ended September 30, At or for the Nine Months Ended September 30, 2016 2015 2016 2015 Intrinsic value of options exercised $ - $ - $ 732 $ 384 Compensation expense recognized - - - 31 There were no grants of stock options during the three-month and nine-month periods ended September 30, 2016 or 2015. There was no unrecognized compensation expense as of September 30, 2016. 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 table presents a summary of activity related to the restricted stock awards granted under the 2004 Stock Incentive Plan or 2013 Equity and Incentive Plan, and changes during the nine-month period then ended: Number of Shares Weighted- Average Grant-Date Fair Value Unvested allocated shares outstanding at January 1, 2016 223,894 $ 15.36 Shares granted 60,675 18.11 Shares vested (116,042 ) 15.09 Shares forfeited (14,346 ) 16.39 Unvested allocated shares at September 30, 2016 154,181 $ 16.55 Information related to restricted stock awards under the Stock Plans during each period is as follows: At or for the Three Months Ended September 30, At or for the Nine Months Ended September 30, 2016 2015 2016 2015 Weighted-average grant-date fair value of shares granted $ - $ - $ 18.11 $ 15.92 Compensation expense recognized 366 434 1,195 1,418 As of September 30, 2016, unrecognized compensation cost relating to unvested restricted shares totaled $1,940. This amount will be recognized over a remaining weighted average period of 2.0 years. Performance Based Equity Awards During the nine months ended September 30, 2016, the Company established the LTIP, 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 presents a summary of activity related to performance based equity awards, and changes during the nine-month period then ended: Number of Shares Weighted- Average Grant- Date Fair Value Maximum aggregate share payout at January 1, 2016 28,044 $ 17.35 Shares forfeited (3,314 ) 17.35 Maximum aggregate share payout at September 30, 2016 24,730 17.35 Minimum aggregate share payout - - Likely aggregate share payout 14,426 $ 17.35 Compensation expense recorded for performance based equity awards was $19 and $67 for the three and nine-month periods ended September 30, 2016, respectively. There was no expense recognized in the prior period as this award program was established in the nine-month period ended September 30, 2016. |
LOANS RECEIVABLE AND CREDIT QUA
LOANS RECEIVABLE AND CREDIT QUALITY | 9 Months Ended |
Sep. 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 September 30, 2016 or December 31, 2015. All real estate loans not classified as Special Mention or Substandard were deemed pass loans at both September 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 September 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 $ 73,557 $ 4,447,110 $ 395,070 $ 544,551 $ 5,460,288 Special Mention 214 3,785 2,133 528 6,660 Substandard 1,526 7,251 5,506 7,260 21,543 Doubtful - - - - - Total $ 75,297 $ 4,458,146 $ 402,709 $ 552,339 $ 5,488,491 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 September 30, 2016 Balance at December 31, 2015 Performing $ 1,673 $ 1,586 Non-accrual 2 4 Total $ 1,675 $ 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 September 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 $ 14 $ - $ - $ 485 $ 499 $ 74,798 $ 75,297 Multifamily residential and residential mixed use - - 534 3,219 3,753 4,454,393 4,458,146 Commercial mixed use real estate - - 396 169 565 402,144 402,709 Commercial real estate - - 1,235 - 1,235 551,104 552,339 Total real estate $ 14 $ - $ 2,165 $ 3,873 $ 6,052 $ 5,482,439 $ 5,488,491 Consumer $ 2 $ 4 $ - $ 2 $ 8 $ 1,667 $ 1,675 (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 five real estate loans with an aggregate outstanding balance of $2,165 at September 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 and accrual status as of the dates indicated: As of September 30, 2016 As of December 31, 2015 No. of Loans Balance No. of Loans Balance Accruing TDRs: One- to four-family residential, including condominium and cooperative apartment 2 $ 410 2 $ 598 Multifamily residential and residential mixed use 3 667 3 696 Commercial mixed use real estate 1 4,282 1 4,344 Commercial real estate 1 3,380 1 3,428 Non-accruing TDRs: Commercial real estate - - 1 207 Total real estate 7 $ 8,739 8 $ 9,273 Accrual status for TDRs is determined separately for each TDR in accordance with the Bank’s policies for determining accrual or non-accrual status. At the time an agreement is entered into between the Bank and the borrower that results in the Bank's determination that a TDR has been created, the loan can be on either accrual or non-accrual status. If a loan is on non-accrual status at the time it is restructured, it continues to be classified as non-accrual until the borrower has demonstrated compliance with the modified loan terms for a period of at least six months. Conversely, if at the time of restructuring the loan is performing (and accruing), it will remain accruing throughout its restructured period, unless the loan subsequently meets any of the criteria for non-accrual status under the Bank’s policy and agency regulations. The Company has not restructured troubled consumer loans, as its consumer loan portfolio has not experienced any problem issues warranting restructuring. Therefore, all TDRs were collateralized by real estate at both September 30, 2016 and December 31, 2015. There were no loans modified in a manner that met the criteria of a TDR during the three-month periods ended September 30, 2016 or 2015, or the nine-month period ended September 30, 2015. The Company modified one one- to four-family residential loan in a manner that met the criteria of a TDR during the nine-month period ended September 30, 2016. The Bank's allowance for loan losses at September 30, 2016 and December 31, 2015 did not reflect any allocated reserve associated with TDRs. As of September 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 or nine-month periods ended September 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 | 9 Months Ended |
Sep. 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 September 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 September 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 During the nine month period ended September 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. The historical loss look-back period for Substandard and Special Mention non-impaired loans was expanded from the previous twelve month period to a forty-eight month period, which is aligned with the same historical loss look-back period used for all Pass-graded loans. Management has evaluated the impact of these changes and concluded that they are not material to the overall allowance for non-impaired loans. The Bank initially looks to the underlying collateral type when determining the allowance for loan losses associated with non-impaired 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 non-impaired 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 non-impaired loan portfolio are segmented by significant common characteristics, against which historical loss rates are applied to reflect probable incurred loss percentages. 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 - The Bank assigned a loss allocation to its entire non-impaired 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. Substandard and Special Mention Non-Impaired Loan Components as of December 31, 2015 At December 31, 2015, the reserve allocated within the allowance for loan losses associated with non-impaired loans internally classified as Substandard or 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 twelve month period for each loan component. The loss percentage resulting from this analysis was then applied to the aggregate pool of non-impaired Substandard and Special Mention loans at December 31, 2015. The portion of the allowance for loan losses attributable to non-impaired Substandard loans was $348 at December 31, 2015. The portion of the allowance for loan losses attributable to non-impaired Special Mention loans was $88 at December 31, 2015. Based upon the methodologies used for the non-impaired Substandard and Special Mention loan components at 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 and Special Mention loans was subject to volatility. 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 December 31, 2015. Consumer Loans Due to their small individual balances, the Bank does not evaluate individual consumer loans for impairment. Loss percentages are applied to aggregate consumer loans based upon both their delinquency status and loan type. These loss percentages are derived from a combination of the Company’s historical loss experience and/or nationally published loss data on such loans. Consumer loans in excess of 120 days delinquent are typically fully charged off against the allowance for loan losses. The following table presents data regarding the allowance for loan losses and loans evaluated for impairment by class of loan within the real estate loan segment as well as for the aggregate consumer loan segment: At or for the Three Months Ended September 30, 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 $ 192 $ 14,826 $ 1,684 $ 2,187 $ 18,889 $ 20 Provision (credit) for loan losses (48 ) 1,293 36 (115 ) 1,166 2 Charge-offs (4 ) (14 ) (8 ) - (26 ) (2 ) Recoveries - - - - - - Ending balance $ 140 $ 16,105 $ 1,712 $ 2,072 $ 20,029 $ 20 Ending balance – loans individually evaluated for impairment $ 410 $ 3,356 $ 4,451 $ 3,380 $ 11,597 $ - Ending balance – loans collectively evaluated for impairment 74,887 4,454,790 398,258 548,959 5,476,894 1,675 Allowance balance associated with loans individually evaluated for impairment - - - - - - Allowance balance associated with loans collectively evaluated for impairment 140 16,105 1,712 2,072 20,029 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 September 30, 2015 Real Estate Loans Consumer Loans One- to Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed Use Commercial Mixed Use Real Estate Commercial Real Estate Total Real Estate Beginning balance $ 126 $ 14,374 $ 1,682 $ 2,349 $ 18,531 $ 22 Provision (credit) for loan losses 19 288 92 18 417 (1 ) Charge-offs (6 ) (1 ) - (4 ) (11 ) - Recoveries 1 - - - 1 - Ending balance $ 140 $ 14,661 $ 1,774 $ 2,363 $ 18,938 $ 21 At or for the Nine Months Ended September 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 (94 ) 2,024 70 (412 ) 1,588 1 Charge-offs (31 ) (74 ) (10 ) - (115 ) (2 ) Recoveries 2 37 - 23 62 1 Ending balance $ 140 $ 16,105 $ 1,712 $ 2,072 $ 20,029 $ 20 At or for the Nine Months Ended September 30, 2015 Real Estate Loans Consumer Loans One- to Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed Use Commercial Mixed Use Real Estate Commercial Real Estate Total Real Estate Beginning balance $ 150 $ 13,852 $ 1,644 $ 2,823 $ 18,469 $ 24 Provision (credit) for loan losses 99 848 143 (1,980 ) (890 ) (1 ) Charge-offs (113 ) (42 ) (37 ) (5 ) (197 ) (2 ) Recoveries 4 3 24 1,525 1,556 - Ending balance $ 140 $ 14,661 $ 1,774 $ 2,363 $ 18,938 $ 21 The following tables summarize impaired real estate loans as of or for the periods indicated (by collateral type within the real estate loan segment): At September 30, 2016 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Unpaid Principal Balance Recorded Investment (1) Related Allowance Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: One- to Four Family Residential, Including Condominium and Cooperative Apartment $ 410 $ 410 $ - $ 412 $ 6 $ 452 $ 47 Multifamily Residential and Residential Mixed Use 3,356 3,356 - 3,643 99 2,310 138 Commercial Mixed Use Real Estate 4,451 4,451 - 4,404 43 4,383 131 Commercial Real Estate 3,380 3,380 - 3,388 34 3,456 102 Total with no related allowance recorded 11,597 11,597 - 11,847 182 10,601 418 With related allowance recorded: 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 with related allowance recorded - - - - - - - Total: One- to Four Family Residential, Including Condominium and Cooperative Apartment 410 410 - 412 6 452 47 Multifamily Residential and Residential Mixed Use 3,356 3,356 - 3,643 99 2,310 138 Commercial Mixed Use Real Estate 4,451 4,451 - 4,404 43 4,383 131 Commercial Real Estate 3,380 3,380 - 3,388 34 3,456 102 Ending balance $ 11,597 $ 11,597 $ - $ 11,847 $ 182 $ 10,601 $ 418 (1) The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. At December 31, 2015 Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Unpaid Principal Balance Recorded Investment (1) Related Allowance Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: One- to Four Family Residential, Including Condominium and Cooperative Apartment $ 635 $ 598 $ - $ 601 $ 11 $ 602 $ 34 Multifamily Residential and Residential Mixed Use 983 983 - 1,074 10 1,123 56 Commercial Mixed Use Real Estate 4,345 4,345 - 4,383 44 4,388 132 Commercial Real Estate 3,642 3,635 - 5,169 35 5,929 106 Total with no related allowance recorded 9,605 9,561 - 11,227 100 12,042 328 With related allowance recorded: One- to Four Family Residential, Including Condominium and Cooperative Apartment - - - - - - - Multifamily Residential and Residential Mixed Use - - - - - - - Commercial Mixed Use Real Estate - - - - - - - Commercial Real Estate - - - - - 1,375 97 Total with related allowance recorded - - - - - 1,375 97 Total: One- to Four Family Residential, Including Condominium and Cooperative Apartment 635 598 - 601 11 602 34 Multifamily Residential and Residential Mixed Use 983 983 - 1,074 10 1,123 56 Commercial Mixed Use Real Estate 4,345 4,345 - 4,383 44 4,388 132 Commercial Real Estate 3,642 3,635 - 5,169 35 7,304 203 Ending balance $ 9,605 $ 9,561 $ - $ 11,227 $ 100 $ 13,417 $ 425 (1) The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. |
INVESTMENT AND MORTGAGE-BACKED
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 9 Months Ended |
Sep. 30, 2016 | |
INVESTMENT AND MORTGAGE-BACKED SECURITIESS [Abstract] | |
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 10. INVESTMENT AND MORTGAGE-BACKED SECURITIES The following tables summarize the major categories of securities owned by the Company (excluding trading securities) for the periods indicated: September 30, 2016 Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Fair Value Investment securities held-to-maturity: Pooled bank trust preferred securities (“TRUPS”) $ 5,356 $ 1,931 $ (429 ) $ 6,858 Investment securities available-for-sale: Registered Mutual Funds 3,992 63 (122 ) 3,933 Pass-through MBS issued by GSEs 3,640 13 (6 ) 3,647 Total investment securities available-for-sale 7,632 76 (128 ) 7,580 Total investment securities $ 12,988 $ 2,007 $ (557 ) $ 14,438 (1) December 31, 2015 Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Fair Value Investment securities held-to-maturity: TRUPS $ 5,242 $ 2,154 $ (345 ) $ 7,051 Investment securities available-for-sale: Registered Mutual Funds 3,990 25 (259 ) 3,756 Pass-through MBS issued by GSEs 418 13 - 431 Total investment securities available-for-sale 4,408 38 (259 ) 4,187 Total investment securities $ 9,650 $ 2,192 $ (604 ) $ 11,238 (1) There were no sales of registered mutual funds available-for-sale during the three-month periods ended September 30, 2016 or 2015, or nine-month period ended September 30, 2016. Proceeds from the sale of registered mutual funds available-for-sale totaled $2,070 during the nine months ended September 30, 2015. Gross gains of $4 and gross losses of $8 were recognized on these sales. There were no sales of MBS available-for-sale during the three-month periods ended September 30, 2016 or 2015, or nine-month period ended September 30, 2016. Proceeds from the sale of MBS available-for-sale totaled $24,307 during the nine months ended September 30, 2015. Gross gains of $1,395 and gross losses of $7 were recognized on these sales. There were no sales of trading securities during the three-month periods ended September 30, 2016 or 2015, or the nine month period ended September 30, 2015. The entire gain/loss on securities shown in the unaudited condensed consolidated statements of income during those periods resulted from market valuation changes or sales of trading securities. Proceeds from the sale of trading securities were $3,648 during nine-month period ended September 30, 2016. Gross gains of $3 and gross losses of $45 were recognized on these sales. Tax provisions related to the gains on sales of registered mutual funds and MBS available-for-sale recognized during the three-month and nine-month periods ended September 30, 2015 are disclosed in the condensed consolidated statements of comprehensive income. The following table summarizes the gross unrealized losses and fair value of investment securities aggregated by investment category and the length of time the securities were in a continuous unrealized loss position for the periods indicated: September 30, 2016 Less than 12 Consecutive Months 12 Consecutive Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Investment securities held-to-maturity: TRUPS $ - $ - $ 2,306 $ 429 $ 2,306 $ 429 Investment securities available-for-sale: Registered Mutual Funds - - 1,823 122 1,823 122 Pass-through MBS issued by GSEs 3,262 6 - - 3,262 6 December 31, 2015 Less than 12 Consecutive Months 12 Consecutive Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Investment securities held-to-maturity: TRUPS $ - $ - $ 2,359 $ 345 $ 2,359 $ 345 Investment securities available-for-sale: Registered Mutual Funds 3,026 259 - - 3,026 259 TRUPS That Maintained an Unrealized Holding Loss for 12 or More Consecutive Months At September 30, 2016, there were two TRUPS with unrealized holding losses for 12 or more consecutive months. The impairment of one of those 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 unrealized loss on the second TRUP with unrealized holding losses for 12 or more consecutive months was considered to be other than temporary. See below for a discussion of other than temporary impairment. TRUPS with Other than Temporary Impairment As of each reporting period through September 30, 2016, the Company 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 were determined to be other than temporarily impaired, the credit related and non-credit related components of OTTI. As of September 30, 2016, five TRUPS were determined to meet the criteria for OTTI based upon this analysis, and no additional OTTI charges were recognized. The following tables provide a reconciliation of the pre-tax OTTI charges recognized on the Company's TRUPS, for which a portion of the impairment loss (non-credit factors) was recognized in other comprehensive income for the period ended: Three Months Ended September 30, 2016 2015 Credit Related OTTI Recognized in Earnings Non-Credit OTTI Recognized in Accumulated Other Comprehensive Loss Total OTTI Charge Credit Related OTTI Recognized in Earnings Non-Credit OTTI Recognized in Accumulated Other Comprehensive Loss Total OTTI Charge Cumulative pre-tax balance at the beginning of the period $ 8,665 $ 562 $ 9,227 $ 8,769 $ 596 $ 9,365 Amortization of previously recognized OTTI (26 ) (9 ) (35 ) (26 ) (9 ) (35 ) Cumulative pre-tax balance at end of the period $ 8,639 $ 553 $ 9,192 $ 8,743 $ 587 $ 9,330 Nine Months Ended September 30, 2016 2015 Credit Related OTTI Recognized in Earnings Non-Credit OTTI Recognized in Accumulated Other Comprehensive Loss Total OTTI Charge Credit Related OTTI Recognized in Earnings Non-Credit OTTI Recognized in Accumulated Other Comprehensive Loss Total OTTI Charge 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 (78 ) (25 ) (103 ) (202 ) 18 (184 ) Cumulative pre-tax balance at end of the period $ 8,639 $ 553 $ 9,192 $ 8,743 $ 587 $ 9,330 |
DERIVATIVES AND HEDGING ACTIVIT
DERIVATIVES AND HEDGING ACTIVITIES | 9 Months Ended |
Sep. 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 nine months ended September 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 September 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 September 30, 2016 Count Notional Amount Fair Value Assets Fair Value Liabilities Derivatives designated as hedging instruments Interest Rate Products 4 $ 90,000 $ - $ 249 Total derivatives designated as hedging instruments 4 $ 90,000 $ - $ 249 Weighted average pay rates 1.24 % Weighted average receive rates 0.81 % Weighted average maturity 5.57 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 September 30, 2016: At or for the Three Months Ended September 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 $ 717 $ (9 ) $ - At or for the Nine Months Ended September 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 $ (281 ) $ 32 $ - The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of September 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 September 30, 2016: Gross Amounts Net Amounts of Assets Gross Amounts Not Offset in the Statements of Financial Condition Gross Amounts of Recognized Liabilities Offset in the Statements of Financial Condition presented in the Statements of Financial Condition Financial Instruments Cash Collateral Received Net Amount Counterparty A $ 249 $ - $ 249 $ - $ - $ 249 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 September 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 $220. If the Company had breached any of the above provisions at September 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 September 30, 2016. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended |
Sep. 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 and liabilities measured at fair value on a recurring basis as of the dates 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. Fair Value Measurements at September 30, 2016 Using Total Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets Trading securities (Registered Mutual Funds): Domestic Equity Mutual Funds $ 834 $ 834 $ - $ - International Equity Mutual Funds 222 222 - - Fixed Income Mutual Funds 5,834 5,834 - - Investment securities available-for-sale: Registered Mutual Funds: Domestic Equity Mutual Funds 1,307 1,307 - - International Equity Mutual Funds 397 397 - - Fixed Income Mutual Funds 2,229 2,229 - - Pass-through MBS issued by GSEs 3,647 - 3,647 - Financial Liabilities Derivative – interest rate product $ 249 - $ 249 - Fair Value Measurements at December 31, 2015 Using Total Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets 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 September 30, 2016 and December 31, 2015. Obtaining market values as of September 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 September 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 September 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 September 30, 2016 and December 31, 2015 were as follows: Fair Value Measurements at September 30, 2016 Using Carrying Amount Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Financial Assets Cash and due from banks $ 80,870 $ 80,870 $ - $ - $ 80,870 Investment securities held to maturity (TRUPS) 5,356 - - 6,858 6,858 Loans, net 5,470,117 - - 5,507,493 5,507,493 Accrued interest receivable 15,192 - 11 15,181 15,192 FHLBNY capital stock 46,739 N/A N/A N/A N/A Financial Liabilities Savings, money market and checking accounts 3,091,323 3,091,323 - - 3,091,323 Certificates of Deposits (“CDs”) 1,067,941 - 1,076,637 - 1,076,637 Escrow and other deposits 117,309 117,309 - - 117,309 FHLBNY Advances 882,125 - 888,141 - 888,141 Trust Preferred securities payable 70,680 - 70,327 - 70,327 Accrued interest payable 2,291 - 2,291 - 2,291 Fair Value Measurements at December 31, 2015 Using Carrying Amount Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Financial 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 13,486 FHLBNY capital stock 58,713 N/A N/A N/A N/A Financial 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 | 9 Months Ended |
Sep. 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 September 30, 2016 Three Months Ended September 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 16 344 18 Expected return on assets (383 ) - (414 ) - Unrecognized past service liability - (2 ) - - Amortization of unrealized loss 428 (1 ) 480 (2 ) Net periodic cost $ 388 $ 13 $ 410 $ 16 Nine Months Ended September 30, 2016 Nine Months Ended September 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 1,028 47 749 556 Expected return on assets (1,149 ) - (1,242 ) - Curtailment gain (1) - - - (3,394 ) Unrecognized past service liability - (6 ) - - Amortization of unrealized loss 1,284 (3 ) 1,257 (27 ) Net periodic cost (gain) $ 1,163 $ 38 $ 764 $ (2,856 ) (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 $4 to the Employee Retirement Plan during the three months ended September 30, 2016, and $15 during the nine months ended September 30, 2016. The Company made benefit payments of $41 on behalf of the Outside Director Retirement Plan during the three months ended September 30, 2016, and $123 during the nine months ended September 30, 2016, and expects to make the remainder of the estimated benefit payments during 2016. The Company made benefit payments totaling $43 on behalf of the Postretirement Plan during the three months ended September 30, 2016, and $94 during the nine months ended September 30, 2016, and expects to make the remainder of the anticipated contributions or benefit payments during 2016. The Company made benefit payments totaling $46 on behalf of the BMP during the three month and nine month periods ended September 30, 2016, and expects to make benefit payments of $35 on behalf of the BMP during the remainder of 2016. The BMP exists in order to compensate executive officers for any curtailments in benefits due to statutory limitations on qualifying benefit plans. On July 1, 2016, in addition to benefit payments from the defined benefit plan component of the BMP discussed above, a retired participant elected a gross lump-sum distribution of $7,736. The distribution was satisfied by 239,822 shares of Common Stock (market value of $4,088) held by the ESOP component of the BMP and cash of $3,648 held by the defined contribution plan components of the BMP. As a result of the distribution, a non-cash tax benefit of $717 was recognized for the difference between the market value and cost basis of the Common Stock held by the BMP, which reduces tax payable and increases Additional Paid-in Capital. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2016 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | 14. INCOME TAXES During the three months ended September 30, 2016 and 2015, the Company's consolidated effective tax rates were 41.5% and 41.3%, respectively. During the nine months ended September 30, 2016 and 2015, the Company's consolidated effective tax rates were 42.1% and 40.8%, 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 nine-month periods ended either September 30, 2016 or 2015. |
PREMISES HELD FOR SALE
PREMISES HELD FOR SALE | 9 Months Ended |
Sep. 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 nine months ended September 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 September 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. |
OTHER COMPREHENSIVE INCOME (L23
OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | |
Activity in Accumulated Other Comprehensive Income (Loss), Net of Tax | Activity in accumulated other comprehensive income (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 36 98 702 (163 ) 673 Amounts reclassified from accumulated other comprehensive loss - - - 18 18 Net other comprehensive income (loss) during the period 36 98 702 (145 ) 691 Balance as of September 30, 2016 $ (724 ) $ (24 ) $ (7,217 ) $ (145 ) $ (8,110 ) Balance as of January 1, 2015 $ (826 ) $ 736 $ (8,457 ) $ - $ (8,547 ) Other comprehensive income (loss) before reclassifications 21 (77 ) (586 ) - (642 ) Amounts reclassified from accumulated other comprehensive loss - (760 ) 776 - 16 Net other comprehensive income (loss) during the period 21 (837 ) 190 - (626 ) Balance as of September 30, 2015 $ (805 ) $ (101 ) $ (8,267 ) $ - $ (9,173 ) |
Reclassification Out of Accumulated Other Comprehensive Income | Reclassification adjustments related to the defined benefit plan are included in the line entitled salaries and employee benefits. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Change in unrealized holding loss on securities held-to-maturity and transferred securities: Accretion (Amortization) of previously recognized non-credit component of OTTI $ 9 $ 9 $ 25 $ (18 ) Change in unrealized loss on securities transferred to held-to-maturity 12 11 37 57 Net change 21 20 62 39 Tax expense 7 9 26 18 Net change in unrealized holding loss on securities held-to-maturity and transferred securities 14 11 36 21 Change in unrealized holding gain on securities available-for-sale: Change in net unrealized gain during the period 107 (176 ) 169 (141 ) Reclassification adjustment for net gains included in net gain (loss) on securities and other assets - - - (1,384 ) Net change 107 (176 ) 169 (1,525 ) Tax expense (benefit) 43 (79 ) 71 (688 ) Net change in unrealized holding gain on securities available-for-sale 64 (97 ) 98 (837 ) Change in pension and other postretirement obligations: Reclassification adjustment for expense included in salaries and employee benefits expense 425 478 1,275 1,412 Change in the net actuarial gain or loss - - - (1,064 ) Net change 425 478 1,275 348 Tax expense 191 216 573 158 Net change in pension and other postretirement obligations 234 262 702 190 Change in unrealized loss on derivative liability: Change in net unrealized loss during the period 717 - (281 ) - Reclassification adjustment for expense included in interest expense (9 ) - 32 - Net change 708 - (249 ) - Tax expense (benefit) 327 - (104 ) - Net change in unrealized loss on derivative liability 381 - (145 ) - Other comprehensive income (loss) $ 693 $ 176 $ 691 $ (626 ) |
EARNINGS PER SHARE ("EPS") (Tab
EARNINGS PER SHARE ("EPS") (Tables) | 9 Months Ended |
Sep. 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net income per the Consolidated Statements of Income $ 10,537 $ 10,081 $ 71,782 $ 33,388 Less: Dividends paid and earnings allocated to participating securities (26 ) (31 ) (85 ) (105 ) Income attributable to Common Stock $ 10,511 $ 10,050 $ 71,697 $ 33,283 Weighted average common shares outstanding, including participating securities 36,910,594 36,552,925 36,904,324 36,414,645 Less: weighted average participating securities (168,767 ) (224,102 ) (209,152 ) (252,162 ) Weighted average common shares outstanding 36,741,827 36,328,823 36,695,172 36,162,483 Basic EPS $ 0.29 $ 0.28 $ 1.95 $ 0.92 Income attributable to Common Stock $ 10,511 $ 10,050 $ 71,697 $ 33,283 Weighted average common shares outstanding 36,741,827 36,328,823 36,695,172 36,162,483 Weighted average common equivalent shares outstanding 46,480 92,631 61,446 87,887 Weighted average common and equivalent shares outstanding 36,788,307 36,421,454 36,756,618 36,250,370 Diluted EPS $ 0.29 $ 0.28 $ 1.95 $ 0.92 |
ACCOUNTING FOR STOCK BASED CO25
ACCOUNTING FOR STOCK BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
ACCOUNTING FOR STOCK BASED COMPENSATION [Abstract] | |
Summary of Activity Related to Stock Options | The following table presents a summary of activity related to stock options granted under the Stock Plans, and changes during the nine-month period then ended: Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Years Aggregate Intrinsic Value Options outstanding at January 1, 2016 465,246 $ 14.87 Options granted - - Options exercised (193,828 ) 14.23 Options that expired prior to exercise (10,000 ) 18.18 Options outstanding at September 30, 2016 261,418 $ 15.22 2.3 $ 501 Options vested and exercisable at September 30, 2016 261,418 $ 15.22 2.3 $ 501 |
Information Related to Stock Option Plan | Information related to the Stock Plans during each period is as follows: At or for the Three Months Ended September 30, At or for the Nine Months Ended September 30, 2016 2015 2016 2015 Intrinsic value of options exercised $ - $ - $ 732 $ 384 Compensation expense recognized - - - 31 |
Summary of Activity Related to Restricted Stock Awards | The following table presents a summary of activity related to the restricted stock awards granted under the 2004 Stock Incentive Plan or 2013 Equity and Incentive Plan, and changes during the nine-month period then ended: Number of Shares Weighted- Average Grant-Date Fair Value Unvested allocated shares outstanding at January 1, 2016 223,894 $ 15.36 Shares granted 60,675 18.11 Shares vested (116,042 ) 15.09 Shares forfeited (14,346 ) 16.39 Unvested allocated shares at September 30, 2016 154,181 $ 16.55 |
Information Related to Restricted Stock Award Plan | Information related to restricted stock awards under the Stock Plans during each period is as follows: At or for the Three Months Ended September 30, At or for the Nine Months Ended September 30, 2016 2015 2016 2015 Weighted-average grant-date fair value of shares granted $ - $ - $ 18.11 $ 15.92 Compensation expense recognized 366 434 1,195 1,418 |
Summary of Activity Related to Performance Based Equity Awards | The following table presents a summary of activity related to performance based equity awards, and changes during the nine-month period then ended: Number of Shares Weighted- Average Grant- Date Fair Value Maximum aggregate share payout at January 1, 2016 28,044 $ 17.35 Shares forfeited (3,314 ) 17.35 Maximum aggregate share payout at September 30, 2016 24,730 17.35 Minimum aggregate share payout - - Likely aggregate share payout 14,426 $ 17.35 |
LOANS RECEIVABLE AND CREDIT Q26
LOANS RECEIVABLE AND CREDIT QUALITY (Tables) | 9 Months Ended |
Sep. 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 September 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 $ 73,557 $ 4,447,110 $ 395,070 $ 544,551 $ 5,460,288 Special Mention 214 3,785 2,133 528 6,660 Substandard 1,526 7,251 5,506 7,260 21,543 Doubtful - - - - - Total $ 75,297 $ 4,458,146 $ 402,709 $ 552,339 $ 5,488,491 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 September 30, 2016 Balance at December 31, 2015 Performing $ 1,673 $ 1,586 Non-accrual 2 4 Total $ 1,675 $ 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 September 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 $ 14 $ - $ - $ 485 $ 499 $ 74,798 $ 75,297 Multifamily residential and residential mixed use - - 534 3,219 3,753 4,454,393 4,458,146 Commercial mixed use real estate - - 396 169 565 402,144 402,709 Commercial real estate - - 1,235 - 1,235 551,104 552,339 Total real estate $ 14 $ - $ 2,165 $ 3,873 $ 6,052 $ 5,482,439 $ 5,488,491 Consumer $ 2 $ 4 $ - $ 2 $ 8 $ 1,667 $ 1,675 (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 and accrual status as of the dates indicated: As of September 30, 2016 As of December 31, 2015 No. of Loans Balance No. of Loans Balance Accruing TDRs: One- to four-family residential, including condominium and cooperative apartment 2 $ 410 2 $ 598 Multifamily residential and residential mixed use 3 667 3 696 Commercial mixed use real estate 1 4,282 1 4,344 Commercial real estate 1 3,380 1 3,428 Non-accruing TDRs: Commercial real estate - - 1 207 Total real estate 7 $ 8,739 8 $ 9,273 |
ALLOWANCE FOR LOAN LOSSES (Tabl
ALLOWANCE FOR LOAN LOSSES (Tables) | 9 Months Ended |
Sep. 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 September 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 $ 192 $ 14,826 $ 1,684 $ 2,187 $ 18,889 $ 20 Provision (credit) for loan losses (48 ) 1,293 36 (115 ) 1,166 2 Charge-offs (4 ) (14 ) (8 ) - (26 ) (2 ) Recoveries - - - - - - Ending balance $ 140 $ 16,105 $ 1,712 $ 2,072 $ 20,029 $ 20 Ending balance – loans individually evaluated for impairment $ 410 $ 3,356 $ 4,451 $ 3,380 $ 11,597 $ - Ending balance – loans collectively evaluated for impairment 74,887 4,454,790 398,258 548,959 5,476,894 1,675 Allowance balance associated with loans individually evaluated for impairment - - - - - - Allowance balance associated with loans collectively evaluated for impairment 140 16,105 1,712 2,072 20,029 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 September 30, 2015 Real Estate Loans Consumer Loans One- to Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed Use Commercial Mixed Use Real Estate Commercial Real Estate Total Real Estate Beginning balance $ 126 $ 14,374 $ 1,682 $ 2,349 $ 18,531 $ 22 Provision (credit) for loan losses 19 288 92 18 417 (1 ) Charge-offs (6 ) (1 ) - (4 ) (11 ) - Recoveries 1 - - - 1 - Ending balance $ 140 $ 14,661 $ 1,774 $ 2,363 $ 18,938 $ 21 At or for the Nine Months Ended September 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 (94 ) 2,024 70 (412 ) 1,588 1 Charge-offs (31 ) (74 ) (10 ) - (115 ) (2 ) Recoveries 2 37 - 23 62 1 Ending balance $ 140 $ 16,105 $ 1,712 $ 2,072 $ 20,029 $ 20 At or for the Nine Months Ended September 30, 2015 Real Estate Loans Consumer Loans One- to Four Family Residential, Including Condominium and Cooperative Apartment Multifamily Residential and Residential Mixed Use Commercial Mixed Use Real Estate Commercial Real Estate Total Real Estate Beginning balance $ 150 $ 13,852 $ 1,644 $ 2,823 $ 18,469 $ 24 Provision (credit) for loan losses 99 848 143 (1,980 ) (890 ) (1 ) Charge-offs (113 ) (42 ) (37 ) (5 ) (197 ) (2 ) Recoveries 4 3 24 1,525 1,556 - Ending balance $ 140 $ 14,661 $ 1,774 $ 2,363 $ 18,938 $ 21 |
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 September 30, 2016 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Unpaid Principal Balance Recorded Investment (1) Related Allowance Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: One- to Four Family Residential, Including Condominium and Cooperative Apartment $ 410 $ 410 $ - $ 412 $ 6 $ 452 $ 47 Multifamily Residential and Residential Mixed Use 3,356 3,356 - 3,643 99 2,310 138 Commercial Mixed Use Real Estate 4,451 4,451 - 4,404 43 4,383 131 Commercial Real Estate 3,380 3,380 - 3,388 34 3,456 102 Total with no related allowance recorded 11,597 11,597 - 11,847 182 10,601 418 With related allowance recorded: 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 with related allowance recorded - - - - - - - Total: One- to Four Family Residential, Including Condominium and Cooperative Apartment 410 410 - 412 6 452 47 Multifamily Residential and Residential Mixed Use 3,356 3,356 - 3,643 99 2,310 138 Commercial Mixed Use Real Estate 4,451 4,451 - 4,404 43 4,383 131 Commercial Real Estate 3,380 3,380 - 3,388 34 3,456 102 Ending balance $ 11,597 $ 11,597 $ - $ 11,847 $ 182 $ 10,601 $ 418 (1) The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. At December 31, 2015 Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Unpaid Principal Balance Recorded Investment (1) Related Allowance Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: One- to Four Family Residential, Including Condominium and Cooperative Apartment $ 635 $ 598 $ - $ 601 $ 11 $ 602 $ 34 Multifamily Residential and Residential Mixed Use 983 983 - 1,074 10 1,123 56 Commercial Mixed Use Real Estate 4,345 4,345 - 4,383 44 4,388 132 Commercial Real Estate 3,642 3,635 - 5,169 35 5,929 106 Total with no related allowance recorded 9,605 9,561 - 11,227 100 12,042 328 With related allowance recorded: One- to Four Family Residential, Including Condominium and Cooperative Apartment - - - - - - - Multifamily Residential and Residential Mixed Use - - - - - - - Commercial Mixed Use Real Estate - - - - - - - Commercial Real Estate - - - - - 1,375 97 Total with related allowance recorded - - - - - 1,375 97 Total: One- to Four Family Residential, Including Condominium and Cooperative Apartment 635 598 - 601 11 602 34 Multifamily Residential and Residential Mixed Use 983 983 - 1,074 10 1,123 56 Commercial Mixed Use Real Estate 4,345 4,345 - 4,383 44 4,388 132 Commercial Real Estate 3,642 3,635 - 5,169 35 7,304 203 Ending balance $ 9,605 $ 9,561 $ - $ 11,227 $ 100 $ 13,417 $ 425 (1) The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. |
INVESTMENT AND MORTGAGE-BACKE28
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
INVESTMENT AND MORTGAGE-BACKED SECURITIESS [Abstract] | |
Summary of Major Categories of Securities Owned by Entity | The following tables summarize the major categories of securities owned by the Company (excluding trading securities) for the periods indicated: September 30, 2016 Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Fair Value Investment securities held-to-maturity: Pooled bank trust preferred securities (“TRUPS”) $ 5,356 $ 1,931 $ (429 ) $ 6,858 Investment securities available-for-sale: Registered Mutual Funds 3,992 63 (122 ) 3,933 Pass-through MBS issued by GSEs 3,640 13 (6 ) 3,647 Total investment securities available-for-sale 7,632 76 (128 ) 7,580 Total investment securities $ 12,988 $ 2,007 $ (557 ) $ 14,438 (1) December 31, 2015 Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Fair Value Investment securities held-to-maturity: TRUPS $ 5,242 $ 2,154 $ (345 ) $ 7,051 Investment securities available-for-sale: Registered Mutual Funds 3,990 25 (259 ) 3,756 Pass-through MBS issued by GSEs 418 13 - 431 Total investment securities available-for-sale 4,408 38 (259 ) 4,187 Total investment securities $ 9,650 $ 2,192 $ (604 ) $ 11,238 (1) |
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 aggregated by investment category and the length of time the securities were in a continuous unrealized loss position for the periods indicated: September 30, 2016 Less than 12 Consecutive Months 12 Consecutive Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Investment securities held-to-maturity: TRUPS $ - $ - $ 2,306 $ 429 $ 2,306 $ 429 Investment securities available-for-sale: Registered Mutual Funds - - 1,823 122 1,823 122 Pass-through MBS issued by GSEs 3,262 6 - - 3,262 6 December 31, 2015 Less than 12 Consecutive Months 12 Consecutive Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Investment securities held-to-maturity: TRUPS $ - $ - $ 2,359 $ 345 $ 2,359 $ 345 Investment securities available-for-sale: Registered Mutual Funds 3,026 259 - - 3,026 259 |
Reconciliation of Pre-Tax OTTI Charges Recognized | The following tables provide a reconciliation of the pre-tax OTTI charges recognized on the Company's TRUPS, for which a portion of the impairment loss (non-credit factors) was recognized in other comprehensive income for the period ended: Three Months Ended September 30, 2016 2015 Credit Related OTTI Recognized in Earnings Non-Credit OTTI Recognized in Accumulated Other Comprehensive Loss Total OTTI Charge Credit Related OTTI Recognized in Earnings Non-Credit OTTI Recognized in Accumulated Other Comprehensive Loss Total OTTI Charge Cumulative pre-tax balance at the beginning of the period $ 8,665 $ 562 $ 9,227 $ 8,769 $ 596 $ 9,365 Amortization of previously recognized OTTI (26 ) (9 ) (35 ) (26 ) (9 ) (35 ) Cumulative pre-tax balance at end of the period $ 8,639 $ 553 $ 9,192 $ 8,743 $ 587 $ 9,330 Nine Months Ended September 30, 2016 2015 Credit Related OTTI Recognized in Earnings Non-Credit OTTI Recognized in Accumulated Other Comprehensive Loss Total OTTI Charge Credit Related OTTI Recognized in Earnings Non-Credit OTTI Recognized in Accumulated Other Comprehensive Loss Total OTTI Charge 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 (78 ) (25 ) (103 ) (202 ) 18 (184 ) Cumulative pre-tax balance at end of the period $ 8,639 $ 553 $ 9,192 $ 8,743 $ 587 $ 9,330 |
DERIVATIVES AND HEDGING ACTIV29
DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
DERIVATIVES AND HEDGING ACTIVITIES [Abstract] | |
Fair Value of Derivative Financial Instruments and Classification on Consolidated Statements of Financial Condition | 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 September 30, 2016 Count Notional Amount Fair Value Assets Fair Value Liabilities Derivatives designated as hedging instruments Interest Rate Products 4 $ 90,000 $ - $ 249 Total derivatives designated as hedging instruments 4 $ 90,000 $ - $ 249 Weighted average pay rates 1.24 % Weighted average receive rates 0.81 % Weighted average maturity 5.57 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 September 30, 2016: At or for the Three Months Ended September 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 $ 717 $ (9 ) $ - At or for the Nine Months Ended September 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 $ (281 ) $ 32 $ - |
Offsetting of Derivative Liabilities | Offsetting of Derivative Liabilities as of September 30, 2016: Gross Amounts Net Amounts of Assets Gross Amounts Not Offset in the Statements of Financial Condition Gross Amounts of Recognized Liabilities Offset in the Statements of Financial Condition presented in the Statements of Financial Condition Financial Instruments Cash Collateral Received Net Amount Counterparty A $ 249 $ - $ 249 $ - $ - $ 249 |
FAIR VALUE OF FINANCIAL INSTR30
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | |
Schedule of Assets and Liabilities Measured on Recurring Basis | The following tables present the assets and liabilities measured at fair value on a recurring basis as of the dates 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. Fair Value Measurements at September 30, 2016 Using Total Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets Trading securities (Registered Mutual Funds): Domestic Equity Mutual Funds $ 834 $ 834 $ - $ - International Equity Mutual Funds 222 222 - - Fixed Income Mutual Funds 5,834 5,834 - - Investment securities available-for-sale: Registered Mutual Funds: Domestic Equity Mutual Funds 1,307 1,307 - - International Equity Mutual Funds 397 397 - - Fixed Income Mutual Funds 2,229 2,229 - - Pass-through MBS issued by GSEs 3,647 - 3,647 - Financial Liabilities Derivative – interest rate product $ 249 - $ 249 - Fair Value Measurements at December 31, 2015 Using Total Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets 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 September 30, 2016 and December 31, 2015 were as follows: Fair Value Measurements at September 30, 2016 Using Carrying Amount Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Financial Assets Cash and due from banks $ 80,870 $ 80,870 $ - $ - $ 80,870 Investment securities held to maturity (TRUPS) 5,356 - - 6,858 6,858 Loans, net 5,470,117 - - 5,507,493 5,507,493 Accrued interest receivable 15,192 - 11 15,181 15,192 FHLBNY capital stock 46,739 N/A N/A N/A N/A Financial Liabilities Savings, money market and checking accounts 3,091,323 3,091,323 - - 3,091,323 Certificates of Deposits (“CDs”) 1,067,941 - 1,076,637 - 1,076,637 Escrow and other deposits 117,309 117,309 - - 117,309 FHLBNY Advances 882,125 - 888,141 - 888,141 Trust Preferred securities payable 70,680 - 70,327 - 70,327 Accrued interest payable 2,291 - 2,291 - 2,291 Fair Value Measurements at December 31, 2015 Using Carrying Amount Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Financial 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 13,486 FHLBNY capital stock 58,713 N/A N/A N/A N/A Financial 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 POSTRETIREMENT31
RETIREMENT AND POSTRETIREMENT PLANS (Tables) | 9 Months Ended |
Sep. 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 September 30, 2016 Three Months Ended September 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 16 344 18 Expected return on assets (383 ) - (414 ) - Unrecognized past service liability - (2 ) - - Amortization of unrealized loss 428 (1 ) 480 (2 ) Net periodic cost $ 388 $ 13 $ 410 $ 16 Nine Months Ended September 30, 2016 Nine Months Ended September 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 1,028 47 749 556 Expected return on assets (1,149 ) - (1,242 ) - Curtailment gain (1) - - - (3,394 ) Unrecognized past service liability - (6 ) - - Amortization of unrealized loss 1,284 (3 ) 1,257 (27 ) Net periodic cost (gain) $ 1,163 $ 38 $ 764 $ (2,856 ) (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) | 9 Months Ended |
Sep. 30, 2016RetailBranch | |
NATURE OF OPERATIONS [Abstract] | |
Number of retail banking offices | 25 |
TREASURY STOCK (Details)
TREASURY STOCK (Details) - $ / shares | Jul. 01, 2016 | Apr. 29, 2016 | Mar. 24, 2016 | Apr. 30, 2015 | Apr. 23, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 |
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 | |||||||||
Closing price of company stock (in dollars per share) | $ 18.11 | $ 17.35 | $ 15.92 | $ 16.37 | $ 17.01 | |||||
2013 Equity and Incentive Plan [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Issuance of treasury stock (in shares) | 60,675 | 68,069 | ||||||||
2016 Long-Term Incentive Plan [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Issuance of treasury stock (in shares) | 28,044 | |||||||||
BMP [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Number of treasury shares repurchased during the period (in shares) | 107,008 | |||||||||
Issuance of treasury stock (in shares) | 12,424 | 11,557 |
OTHER COMPREHENSIVE INCOME (L34
OTHER COMPREHENSIVE INCOME (LOSS), Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | $ 493,947 | $ 459,725 | ||
Other comprehensive income (loss) before reclassifications | 673 | (642) | ||
Amounts reclassified from accumulated other comprehensive loss | 18 | 16 | ||
Other comprehensive income (loss), net of tax | $ 693 | $ 176 | 691 | (626) |
Balance | 555,291 | 483,879 | 555,291 | 483,879 |
Accumulated Other Comprehensive Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (8,801) | (8,547) | ||
Balance | (8,110) | (9,173) | (8,110) | (9,173) |
Defined Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (7,919) | (8,457) | ||
Other comprehensive income (loss) before reclassifications | 702 | (586) | ||
Amounts reclassified from accumulated other comprehensive loss | 0 | 776 | ||
Other comprehensive income (loss), net of tax | 702 | 190 | ||
Balance | (7,217) | (8,267) | (7,217) | (8,267) |
Derivative Liability [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | 0 | 0 | ||
Other comprehensive income (loss) before reclassifications | (163) | 0 | ||
Amounts reclassified from accumulated other comprehensive loss | 18 | 0 | ||
Other comprehensive income (loss), net of tax | (145) | 0 | ||
Balance | (145) | 0 | (145) | 0 |
Securities Held-to-Maturity and Transferred Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (760) | (826) | ||
Other comprehensive income (loss) before reclassifications | 36 | 21 | ||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | ||
Other comprehensive income (loss), net of tax | 36 | 21 | ||
Balance | (724) | (805) | (724) | (805) |
Securities Available-for-Sale [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (122) | 736 | ||
Other comprehensive income (loss) before reclassifications | 98 | (77) | ||
Amounts reclassified from accumulated other comprehensive loss | 0 | (760) | ||
Other comprehensive income (loss), net of tax | 98 | (837) | ||
Balance | $ (24) | $ (101) | $ (24) | $ (101) |
OTHER COMPREHENSIVE INCOME (L35
OTHER COMPREHENSIVE INCOME (LOSS), Before and After Tax Amounts by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Change in unrealized holding loss on securities held-to-maturity and transferred securities [Abstract] | ||||
Accretion (Amortization) of previously recognized non-credit component of OTTI | $ 9 | $ 9 | $ 25 | $ (18) |
Change in unrealized loss on securities transferred to held-to-maturity | 12 | 11 | 37 | 57 |
Net change | 21 | 20 | 62 | 39 |
Tax expense | 7 | 9 | 26 | 18 |
Net change in unrealized holding loss on securities held-to-maturity and transferred securities | 14 | 11 | 36 | 21 |
Change in unrealized holding gain on securities available-for-sale [Abstract] | ||||
Change in net unrealized gain during the period | 107 | (176) | 169 | (141) |
Reclassification adjustment for net gains included in net gain (loss) on securities and other assets | 0 | 0 | 0 | (1,384) |
Net change | 107 | (176) | 169 | (1,525) |
Tax expense (benefit) | 43 | (79) | 71 | (688) |
Net change in unrealized holding gain on securities available-for-sale | 64 | (97) | 98 | (837) |
Change in pension and other postretirement obligations [Abstract] | ||||
Reclassification adjustment for expense included in salaries and employee benefits expense | 425 | 478 | 1,275 | 1,412 |
Change in the net actuarial gain or loss | 0 | 0 | 0 | (1,064) |
Net change | 425 | 478 | 1,275 | 348 |
Tax expense | 191 | 216 | 573 | 158 |
Net change in pension and other postretirement obligations | 234 | 262 | 702 | 190 |
Change in unrealized loss on derivative liability [Abstract] | ||||
Change in net unrealized loss during the period | 717 | 0 | (281) | 0 |
Reclassification adjustment for expense included in interest expense | (9) | 0 | 32 | 0 |
Net change | 708 | 0 | (249) | 0 |
Tax expense (benefit) | 327 | 0 | (104) | 0 |
Net change in unrealized loss on derivative liability | 381 | 0 | (145) | 0 |
Other comprehensive income (loss), net of tax | $ 693 | $ 176 | $ 691 | $ (626) |
EARNINGS PER SHARE ("EPS") (Det
EARNINGS PER SHARE ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
EARNINGS PER SHARE ("EPS") [Abstract] | ||||
Net income per the Consolidated Statements of Income | $ 10,537 | $ 10,081 | $ 71,782 | $ 33,388 |
Less: Dividends paid and earnings allocated to participating securities | (26) | (31) | (85) | (105) |
Income attributable to Common stock | $ 10,511 | $ 10,050 | $ 71,697 | $ 33,283 |
Weighted average common shares outstanding, including participating securities (in shares) | 36,910,594 | 36,552,925 | 36,904,324 | 36,414,645 |
Less: weighted average participating securities (in shares) | (168,767) | (224,102) | (209,152) | (252,162) |
Weighted average common shares outstanding (in shares) | 36,741,827 | 36,328,823 | 36,695,172 | 36,162,483 |
Basic EPS (in dollars per share) | $ 0.29 | $ 0.28 | $ 1.95 | $ 0.92 |
Income attributable to Common stock | $ 10,511 | $ 10,050 | $ 71,697 | $ 33,283 |
Weighted average common shares outstanding (in shares) | 36,741,827 | 36,328,823 | 36,695,172 | 36,162,483 |
Weighted average common equivalent shares outstanding (in shares) | 46,480 | 92,631 | 61,446 | 87,887 |
Weighted average common and equivalent shares outstanding (in shares) | 36,788,307 | 36,421,454 | 36,756,618 | 36,250,370 |
Diluted EPS (in dollars per share) | $ 0.29 | $ 0.28 | $ 1.95 | $ 0.92 |
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) | 79,783 | 80,000 | 79,927 | 132,976 |
ACCOUNTING FOR STOCK BASED CO37
ACCOUNTING FOR STOCK BASED COMPENSATION, Stock Option Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Number of Options [Roll Forward] | ||||
Options exercised (in shares) | (193,828) | (274,355) | ||
Information Related to Stock Option Plans [Abstract] | ||||
Compensation expense recognized | $ 2,277 | $ 2,407 | ||
Stock Option Awards [Member] | ||||
Number of Options [Roll Forward] | ||||
Options outstanding, beginning of period (in shares) | 465,246 | |||
Options granted (in shares) | 0 | |||
Options exercised (in shares) | (193,828) | |||
Options that expired prior to exercise (in shares) | (10,000) | |||
Options outstanding, end of period (in shares) | 261,418 | 261,418 | ||
Options vested and exercisable. end of period (in shares) | 261,418 | 261,418 | ||
Weighted-Average Exercise Price [Abstract] | ||||
Options outstanding, beginning of period (in dollars per share) | $ 14.87 | |||
Options granted (in dollars per share) | 0 | |||
Options exercised (in dollars per share) | 14.23 | |||
Options that expired prior to exercise (in dollars per share) | 18.18 | |||
Options outstanding, end of period (in dollars per share) | $ 15.22 | 15.22 | ||
Options vested and exercisable. end of period (in dollars per shares) | $ 15.22 | $ 15.22 | ||
Weighted-Average Remaining Contractual Years [Abstract] | ||||
Weighted average remaining contractual years, options outstanding at end of period | 2 years 3 months 18 days | |||
Weighted average remaining contractual years, options vested and exercisable. end of period | 2 years 3 months 18 days | |||
Aggregate Intrinsic Value [Abstract] | ||||
Aggregate intrinsic value, options outstanding, end of period | $ 501 | $ 501 | ||
Aggregate intrinsic value, options vested and exercisable, end of period | 501 | 501 | ||
Information Related to Stock Option Plans [Abstract] | ||||
Intrinsic value of options exercised | 0 | $ 0 | 732 | 384 |
Compensation expense recognized | $ 0 | $ 0 | $ 0 | $ 31 |
Number of grants in period (in shares) | 0 | 0 | 0 | 0 |
Unrecognized compensation expense in period | $ 0 | $ 0 |
ACCOUNTING FOR STOCK BASED CO38
ACCOUNTING FOR STOCK BASED COMPENSATION, Restricted Stock Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Weighted-Average Grant-Date Fair Value [Abstract] | ||||
Compensation expense recognized | $ 2,277 | $ 2,407 | ||
Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
Number of Shares [Roll Forward] | ||||
Unvested allocated shares outstanding, beginning of period (in shares) | 223,894 | |||
Shares granted (in shares) | 60,675 | |||
Shares vested (in shares) | (116,042) | |||
Shares forfeited (in shares) | (14,346) | |||
Unvested allocated shares outstanding, end of period (in shares) | 154,181 | 154,181 | ||
Weighted-Average Grant-Date Fair Value [Abstract] | ||||
Unvested allocated shares outstanding, beginning of period (in dollars per share) | $ 15.36 | |||
Shares granted (in dollars per share) | $ 0 | $ 0 | 18.11 | $ 15.92 |
Shares vested (in dollars per share) | 15.09 | |||
Shares forfeited (in dollars per share) | 16.39 | |||
Unvested allocated shares outstanding, end of period (in dollars per share) | $ 16.55 | $ 16.55 | ||
Compensation expense recognized | $ 366 | $ 434 | $ 1,195 | $ 1,418 |
Unrecognized compensation expense in period | $ 1,940 | $ 1,940 | ||
Unrecognized compensation expense, period of recognition | 2 years |
ACCOUNTING FOR STOCK BASED CO39
ACCOUNTING FOR STOCK BASED COMPENSATION, Performance Based Equity Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | |
Performance Based Equity Awards [Abstract] | |||
Compensation expense recognized | $ 2,277 | $ 2,407 | |
Performance Based Equity Awards [Member] | |||
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 | ||
Compensation expense recognized | $ 19 | $ 67 | |
Number of Shares [Roll Forward] | |||
Shares forfeited (in shares) | (3,314) | ||
Likely aggregate share payout (in shares) | 14,426 | ||
Weighted-Average Grant-Date Fair Value [Abstract] | |||
Shares forfeited (in dollars per share) | $ 17.35 | ||
Likely aggregate share payout (in dollars per share) | $ 17.35 | ||
Performance Based Equity Awards [Member] | Minimum [Member] | |||
Number of Shares [Roll Forward] | |||
Aggregate share payout, end of period (in shares) | 0 | 0 | |
Weighted-Average Grant-Date Fair Value [Abstract] | |||
Aggregate share payout, end of period (in dollars per share) | $ 0 | $ 0 | |
Performance Based Equity Awards [Member] | Maximum [Member] | |||
Number of Shares [Roll Forward] | |||
Aggregate share payout, beginning of period (in shares) | 28,044 | ||
Aggregate share payout, end of period (in shares) | 24,730 | 24,730 | |
Weighted-Average Grant-Date Fair Value [Abstract] | |||
Aggregate share payout, beginning of period (in dollars per share) | $ 17.35 | ||
Aggregate share payout, end of period (in dollars per share) | $ 17.35 | $ 17.35 |
LOANS RECEIVABLE AND CREDIT Q40
LOANS RECEIVABLE AND CREDIT QUALITY, Credit Quality Indicators (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | $ 5,488,491 | $ 4,695,186 | |
Total consumer loans | 1,675 | 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 | 5,460,288 | 4,647,906 | |
Real Estate Loan [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 6,660 | 17,183 | |
Real Estate Loan [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 21,543 | 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 | 75,297 | 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 | 73,557 | 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 | 214 | 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 | 1,526 | 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 | 4,458,146 | 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 | 4,447,110 | 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 | 3,785 | 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 | 7,251 | 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 | 402,709 | 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 | 395,070 | 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 | 2,133 | 1,622 | |
Real Estate Loan [Member] | Commercial Mixed Use Real Estate [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 5,506 | 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 | 552,339 | 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 | 544,551 | 473,242 | |
Real Estate Loan [Member] | Commercial Real Estate [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 528 | 4,857 | |
Real Estate Loan [Member] | Commercial Real Estate [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total real estate loans | 7,260 | 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 | 1,673 | 1,586 | |
Consumer Loans [Member] | Non-Accrual [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total consumer loans | $ 2 | $ 4 | |
[1] | Amount comprised of fully performing one- to four-family residential and condominium and cooperative unit loans with balances equal to or less than the FNMA Limits. |
LOANS RECEIVABLE AND CREDIT Q41
LOANS RECEIVABLE AND CREDIT QUALITY, Past Due (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016USD ($)Loan | Dec. 31, 2015USD ($)Loan | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Total real estate loans | $ 5,488,491 | $ 4,695,186 | ||
Total consumer loans | $ 1,675 | $ 1,590 | ||
Number of real estate loans more than 90 days past due on contractual balloon payment | Loan | 5 | 12 | ||
Real Estate Loans [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Non-accrual | $ 3,873 | [1] | $ 1,607 | [2] |
Total past due | 6,052 | 9,107 | ||
Current | 5,482,439 | 4,686,079 | ||
Real Estate Loans [Member] | 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Total past due | 14 | 2,562 | ||
Real Estate Loans [Member] | 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Total past due | 0 | 406 | ||
Real Estate Loans [Member] | Loans 90 Days or More Past Due and Still Accruing Interest [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Total past due | 2,165 | 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 | 485 | [1] | 1,113 | [2] |
Total past due | 499 | 1,865 | ||
Current | 74,798 | 70,230 | ||
Total real estate loans | 75,297 | 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] | ||||
Total past due | 14 | 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] | ||||
Total past due | 0 | 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] | ||||
Total past due | 0 | 625 | ||
Real Estate Loans [Member] | Multifamily Residential and Residential Mixed Use [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Non-accrual | 3,219 | [1] | 287 | [2] |
Total past due | 3,753 | 5,036 | ||
Current | 4,454,393 | 3,754,871 | ||
Total real estate loans | 4,458,146 | 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] | ||||
Total past due | 0 | 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] | ||||
Total 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] | ||||
Total past due | 534 | 2,514 | ||
Real Estate Loans [Member] | Commercial Mixed Use Real Estate [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Non-accrual | 169 | [1] | 0 | [2] |
Total past due | 565 | 812 | ||
Current | 402,144 | 376,463 | ||
Total real estate loans | 402,709 | 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] | ||||
Total past due | 0 | 0 | ||
Real Estate Loans [Member] | Commercial Mixed Use Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Total 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] | ||||
Total past due | 396 | 406 | ||
Real Estate Loans [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Non-accrual | 0 | [1] | 207 | [2] |
Total past due | 1,235 | 1,394 | ||
Current | 551,104 | 484,515 | ||
Total real estate loans | 552,339 | 485,909 | ||
Real Estate Loans [Member] | Commercial Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Total past due | 0 | 200 | ||
Real Estate Loans [Member] | Commercial Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Total 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] | ||||
Total past due | 1,235 | 987 | ||
Consumer [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Non-accrual | 2 | [1] | 4 | [2] |
Total past due | 8 | 6 | ||
Current | 1,667 | 1,584 | ||
Consumer [Member] | 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Total past due | 2 | 1 | ||
Consumer [Member] | 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Total past due | 4 | 1 | ||
Consumer [Member] | Loans 90 Days or More Past Due and Still Accruing Interest [Member] | ||||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||||
Total past due | $ 0 | $ 0 | ||
[1] | Includes all loans on non-accrual status regardless of the number of days such loans were delinquent as of September 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 Q42
LOANS RECEIVABLE AND CREDIT QUALITY, Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016USD ($)Loan | Sep. 30, 2015Loan | Sep. 30, 2016USD ($)Loan | Sep. 30, 2015Loan | Dec. 31, 2015USD ($)Loan | |
Troubled Debt Restructuring on Receivables [Abstract] | |||||
Number of loans modified | 0 | 0 | 0 | ||
Number of loan committed to borrowers | 0 | 0 | 0 | ||
TDRs which defaulted within twelve months following the modification | 0 | 0 | 0 | 0 | |
One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | |||||
Troubled Debt Restructuring on Receivables [Abstract] | |||||
Number of loans modified | 1 | ||||
Real Estate Loans [Member] | |||||
Troubled Debt Restructuring on Receivables [Abstract] | |||||
Number of loans | 7 | 8 | |||
Balance | $ | $ 8,739 | $ 8,739 | $ 9,273 | ||
Real Estate Loans [Member] | One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | Accruing TDRs [Member] | |||||
Troubled Debt Restructuring on Receivables [Abstract] | |||||
Number of loans | 2 | 2 | |||
Balance | $ | 410 | $ 410 | $ 598 | ||
Real Estate Loans [Member] | Multifamily Residential and Residential Mixed Use [Member] | Accruing TDRs [Member] | |||||
Troubled Debt Restructuring on Receivables [Abstract] | |||||
Number of loans | 3 | 3 | |||
Balance | $ | 667 | $ 667 | $ 696 | ||
Real Estate Loans [Member] | Commercial Mixed Use Real Estate [Member] | Accruing TDRs [Member] | |||||
Troubled Debt Restructuring on Receivables [Abstract] | |||||
Number of loans | 1 | 1 | |||
Balance | $ | 4,282 | $ 4,282 | $ 4,344 | ||
Real Estate Loans [Member] | Commercial Real Estate [Member] | Accruing TDRs [Member] | |||||
Troubled Debt Restructuring on Receivables [Abstract] | |||||
Number of loans | 1 | 1 | |||
Balance | $ | 3,380 | $ 3,380 | $ 3,428 | ||
Real Estate Loans [Member] | Commercial Real Estate [Member] | Non-accruing TDRs [Member] | |||||
Troubled Debt Restructuring on Receivables [Abstract] | |||||
Number of loans | 0 | 1 | |||
Balance | $ | $ 0 | $ 0 | $ 207 |
ALLOWANCE FOR LOAN LOSSES, Allo
ALLOWANCE FOR LOAN LOSSES, Allowance by Class of Loan (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allocated reserves related to TDRs | $ 0 | $ 0 | |||
Loans classified as Substandard analysis of historical losses period | 48 months | 12 months | |||
Portion of allowance for loan losses attributable to non-impaired Substandard loans | $ 348 | ||||
Portion of allowance for loan losses attributable to non-impaired Special Mention loans | $ 88 | ||||
Loans classified as Special Mention analysis of historical losses period | 48 months | 12 months | |||
Allowance for credit losses [Roll Forward] | |||||
Provision (credit) for loan losses | $ 1,168 | $ 416 | $ 1,589 | $ (891) | |
Real Estate Loans [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 18,889 | 18,531 | 18,494 | 18,469 | $ 18,469 |
Provision (credit) for loan losses | 1,166 | 417 | 1,588 | (890) | |
Charge-offs | (26) | (11) | (115) | (197) | |
Recoveries | 0 | 1 | 62 | 1,556 | |
Ending balance | 20,029 | 18,938 | 20,029 | 18,938 | 18,494 |
Ending balance - loans individually evaluated for impairment | 11,597 | 11,597 | 9,561 | ||
Ending balance - loans collectively evaluated for impairment | 5,476,894 | 5,476,894 | 4,685,625 | ||
Allowance balance associated with loans individually evaluated for impairment | 0 | 0 | 0 | ||
Allowance balance associated with loans collectively evaluated for impairment | 20,029 | 20,029 | 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 | 192 | 126 | 263 | 150 | 150 |
Provision (credit) for loan losses | (48) | 19 | (94) | 99 | |
Charge-offs | (4) | (6) | (31) | (113) | |
Recoveries | 0 | 1 | 2 | 4 | |
Ending balance | 140 | 140 | 140 | 140 | 263 |
Ending balance - loans individually evaluated for impairment | 410 | 410 | 598 | ||
Ending balance - loans collectively evaluated for impairment | 74,887 | 74,887 | 71,497 | ||
Allowance balance associated with loans individually evaluated for impairment | 0 | 0 | 0 | ||
Allowance balance associated with loans collectively evaluated for impairment | 140 | 140 | 263 | ||
Real Estate Loans [Member] | Multifamily Residential and Residential Mixed Use [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 14,826 | 14,374 | 14,118 | 13,852 | 13,852 |
Provision (credit) for loan losses | 1,293 | 288 | 2,024 | 848 | |
Charge-offs | (14) | (1) | (74) | (42) | |
Recoveries | 0 | 0 | 37 | 3 | |
Ending balance | 16,105 | 14,661 | 16,105 | 14,661 | 14,118 |
Ending balance - loans individually evaluated for impairment | 3,356 | 3,356 | 983 | ||
Ending balance - loans collectively evaluated for impairment | 4,454,790 | 4,454,790 | 3,758,924 | ||
Allowance balance associated with loans individually evaluated for impairment | 0 | 0 | 0 | ||
Allowance balance associated with loans collectively evaluated for impairment | 16,105 | 16,105 | 14,118 | ||
Real Estate Loans [Member] | Commercial Mixed Use Real Estate [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 1,684 | 1,682 | 1,652 | 1,644 | 1,644 |
Provision (credit) for loan losses | 36 | 92 | 70 | 143 | |
Charge-offs | (8) | 0 | (10) | (37) | |
Recoveries | 0 | 0 | 0 | 24 | |
Ending balance | 1,712 | 1,774 | 1,712 | 1,774 | 1,652 |
Ending balance - loans individually evaluated for impairment | 4,451 | 4,451 | 4,345 | ||
Ending balance - loans collectively evaluated for impairment | 398,258 | 398,258 | 372,930 | ||
Allowance balance associated with loans individually evaluated for impairment | 0 | 0 | 0 | ||
Allowance balance associated with loans collectively evaluated for impairment | 1,712 | 1,712 | 1,652 | ||
Real Estate Loans [Member] | Commercial Real Estate [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 2,187 | 2,349 | 2,461 | 2,823 | 2,823 |
Provision (credit) for loan losses | (115) | 18 | (412) | (1,980) | |
Charge-offs | 0 | (4) | 0 | (5) | |
Recoveries | 0 | 0 | 23 | 1,525 | |
Ending balance | 2,072 | 2,363 | 2,072 | 2,363 | 2,461 |
Ending balance - loans individually evaluated for impairment | 3,380 | 3,380 | 3,635 | ||
Ending balance - loans collectively evaluated for impairment | 548,959 | 548,959 | 482,274 | ||
Allowance balance associated with loans individually evaluated for impairment | 0 | 0 | 0 | ||
Allowance balance associated with loans collectively evaluated for impairment | 2,072 | 2,072 | 2,461 | ||
Consumer Loans [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 20 | 22 | 20 | 24 | 24 |
Provision (credit) for loan losses | 2 | (1) | 1 | (1) | |
Charge-offs | (2) | 0 | (2) | (2) | |
Recoveries | 0 | 0 | 1 | 0 | |
Ending balance | 20 | $ 21 | 20 | $ 21 | 20 |
Ending balance - loans individually evaluated for impairment | 0 | 0 | 0 | ||
Ending balance - loans collectively evaluated for impairment | 1,675 | 1,675 | 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 | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | ||
Unpaid Principal Balance [Abstract] | ||||||
With no related allowance recorded | $ 11,597 | $ 11,597 | $ 9,605 | |||
With related allowance recorded | 0 | 0 | 0 | |||
Total | 11,597 | 11,597 | 9,605 | |||
Recorded Investment [Abstract] | ||||||
With no related allowance recorded | [1] | 11,597 | 11,597 | 9,561 | ||
With related allowance recorded | [1] | 0 | 0 | 0 | ||
Total | [1] | 11,597 | 11,597 | 9,561 | ||
Related Allowance [Abstract] | ||||||
Related allowance | 0 | 0 | 0 | |||
Average Recorded Investment [Abstract] | ||||||
With no related allowance recorded | 11,847 | $ 11,227 | 10,601 | $ 12,042 | ||
With related allowance recorded | 0 | 0 | 0 | 1,375 | ||
Total | 11,847 | 11,227 | 10,601 | 13,417 | ||
Interest Income Recognized [Abstract] | ||||||
With no related allowance recorded | 182 | 100 | 418 | 328 | ||
With related allowance recorded | 0 | 0 | 0 | 97 | ||
Total | 182 | 100 | 418 | 425 | ||
One- to Four-Family Residential, Including Condominium and Cooperative Apartment [Member] | ||||||
Unpaid Principal Balance [Abstract] | ||||||
With no related allowance recorded | 410 | 410 | 635 | |||
With related allowance recorded | 0 | 0 | 0 | |||
Total | 410 | 410 | 635 | |||
Recorded Investment [Abstract] | ||||||
With no related allowance recorded | [1] | 410 | 410 | 598 | ||
With related allowance recorded | [1] | 0 | 0 | 0 | ||
Total | [1] | 410 | 410 | 598 | ||
Related Allowance [Abstract] | ||||||
Related allowance | 0 | 0 | 0 | |||
Average Recorded Investment [Abstract] | ||||||
With no related allowance recorded | 412 | 601 | 452 | 602 | ||
With related allowance recorded | 0 | 0 | 0 | 0 | ||
Total | 412 | 601 | 452 | 602 | ||
Interest Income Recognized [Abstract] | ||||||
With no related allowance recorded | 6 | 11 | 47 | 34 | ||
With related allowance recorded | 0 | 0 | 0 | 0 | ||
Total | 6 | 11 | 47 | 34 | ||
Multifamily Residential And Residential Mixed Use Allowance [Member] | ||||||
Unpaid Principal Balance [Abstract] | ||||||
With no related allowance recorded | 3,356 | 3,356 | 983 | |||
With related allowance recorded | 0 | 0 | 0 | |||
Total | 3,356 | 3,356 | 983 | |||
Recorded Investment [Abstract] | ||||||
With no related allowance recorded | [1] | 3,356 | 3,356 | 983 | ||
With related allowance recorded | [1] | 0 | 0 | 0 | ||
Total | [1] | 3,356 | 3,356 | 983 | ||
Related Allowance [Abstract] | ||||||
Related allowance | 0 | 0 | 0 | |||
Average Recorded Investment [Abstract] | ||||||
With no related allowance recorded | 3,643 | 1,074 | 2,310 | 1,123 | ||
With related allowance recorded | 0 | 0 | 0 | 0 | ||
Total | 3,643 | 1,074 | 2,310 | 1,123 | ||
Interest Income Recognized [Abstract] | ||||||
With no related allowance recorded | 99 | 10 | 138 | 56 | ||
With related allowance recorded | 0 | 0 | 0 | 0 | ||
Total | 99 | 10 | 138 | 56 | ||
Commercial Mixed Use Real Estate [Member] | ||||||
Unpaid Principal Balance [Abstract] | ||||||
With no related allowance recorded | 4,451 | 4,451 | 4,345 | |||
With related allowance recorded | 0 | 0 | 0 | |||
Total | 4,451 | 4,451 | 4,345 | |||
Recorded Investment [Abstract] | ||||||
With no related allowance recorded | [1] | 4,451 | 4,451 | 4,345 | ||
With related allowance recorded | [1] | 0 | 0 | 0 | ||
Total | [1] | 4,451 | 4,451 | 4,345 | ||
Related Allowance [Abstract] | ||||||
Related allowance | 0 | 0 | 0 | |||
Average Recorded Investment [Abstract] | ||||||
With no related allowance recorded | 4,404 | 4,383 | 4,383 | 4,388 | ||
With related allowance recorded | 0 | 0 | 0 | 0 | ||
Total | 4,404 | 4,383 | 4,383 | 4,388 | ||
Interest Income Recognized [Abstract] | ||||||
With no related allowance recorded | 43 | 44 | 131 | 132 | ||
With related allowance recorded | 0 | 0 | 0 | 0 | ||
Total | 43 | 44 | 131 | 132 | ||
Commercial Real Estate [Member] | ||||||
Unpaid Principal Balance [Abstract] | ||||||
With no related allowance recorded | 3,380 | 3,380 | 3,642 | |||
With related allowance recorded | 0 | 0 | 0 | |||
Total | 3,380 | 3,380 | 3,642 | |||
Recorded Investment [Abstract] | ||||||
With no related allowance recorded | [1] | 3,380 | 3,380 | 3,635 | ||
With related allowance recorded | [1] | 0 | 0 | 0 | ||
Total | [1] | 3,380 | 3,380 | 3,635 | ||
Related Allowance [Abstract] | ||||||
Related allowance | 0 | 0 | $ 0 | |||
Average Recorded Investment [Abstract] | ||||||
With no related allowance recorded | 3,388 | 5,169 | 3,456 | 5,929 | ||
With related allowance recorded | 0 | 0 | 0 | 1,375 | ||
Total | 3,388 | 5,169 | 3,456 | 7,304 | ||
Interest Income Recognized [Abstract] | ||||||
With no related allowance recorded | 34 | 35 | 102 | 106 | ||
With related allowance recorded | 0 | 0 | 0 | 97 | ||
Total | $ 34 | $ 35 | $ 102 | $ 203 | ||
[1] | The recorded investment excludes accrued interest receivable and loan origination fees, net, due to immateriality. |
INVESTMENT AND MORTGAGE-BACKE45
INVESTMENT AND MORTGAGE-BACKED SECURITIES, Major Categories of Securities Owned (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | ||||
Pooled Bank Trust Preferred Securities [Abstract] | ||||||||
Amortized Cost | $ 5,356 | $ 5,356 | $ 5,242 | |||||
Fair Value | 6,858 | 6,858 | 7,051 | |||||
Investment Securities Available-for-sale [Abstract] | ||||||||
Amortized Cost | 7,632 | [1] | 7,632 | [1] | 4,408 | [2] | ||
Gross Unrealized Gains | 76 | 76 | 38 | |||||
Gross Unrealized Losses | (128) | (128) | (259) | |||||
Fair Value | 7,580 | 7,580 | 4,187 | |||||
Total Investment Securities [Abstract] | ||||||||
Amortized Cost | 12,988 | [1] | 12,988 | [1] | 9,650 | [2] | ||
Gross Unrealized Gains | 2,007 | 2,007 | 2,192 | |||||
Gross Unrealized Losses | (557) | (557) | (604) | |||||
Fair Value | 14,438 | 14,438 | 11,238 | |||||
Investment and Mortgage-Backed Securities [Abstract] | ||||||||
Proceeds from sale of investment securities available-for-sale | 0 | $ 2,070 | ||||||
Proceeds from sales of mortgage backed securities available-for-sale | 0 | 24,307 | ||||||
Proceeds from the sales of trading securities | 3,648 | 1,340 | ||||||
Pooled Bank Trust Preferred Securities [Member] | ||||||||
Pooled Bank Trust Preferred Securities [Abstract] | ||||||||
Amortized Cost | 5,356 | [1] | 5,356 | [1] | 5,242 | [2] | ||
Gross Unrealized Gains | 1,931 | 1,931 | 2,154 | |||||
Gross Unrealized Losses | (429) | (429) | (345) | |||||
Fair Value | 6,858 | 6,858 | 7,051 | |||||
Investment and Mortgage-Backed Securities [Abstract] | ||||||||
Unamortized portion of the unrealized loss amount recognized | 760 | $ 760 | 807 | |||||
Securities weighted average term to maturity | 18 years 3 months 18 days | |||||||
Registered Mutual Funds [Member] | ||||||||
Investment Securities Available-for-sale [Abstract] | ||||||||
Amortized Cost | 3,992 | [1] | $ 3,992 | [1] | 3,990 | [2] | ||
Gross Unrealized Gains | 63 | 63 | 25 | |||||
Gross Unrealized Losses | (122) | (122) | (259) | |||||
Fair Value | 3,933 | 3,933 | 3,756 | |||||
Investment and Mortgage-Backed Securities [Abstract] | ||||||||
Proceeds from sale of investment securities available-for-sale | 0 | $ 0 | 0 | 2,070 | ||||
Gross gain recognized on sale of investment securities available for sale | 4 | |||||||
Gross loss recognized on sale of investment securities available for sale | 8 | |||||||
Pass-through Mortgage Backed Securities [Member] | ||||||||
Investment Securities Available-for-sale [Abstract] | ||||||||
Amortized Cost | 3,640 | [1] | 3,640 | [1] | 418 | [2] | ||
Gross Unrealized Gains | 13 | 13 | 13 | |||||
Gross Unrealized Losses | (6) | (6) | 0 | |||||
Fair Value | 3,647 | $ 3,647 | $ 431 | |||||
Investment and Mortgage-Backed Securities [Abstract] | ||||||||
Securities weighted average term to maturity | 4 years 1 month 6 days | |||||||
Proceeds from sales of mortgage backed securities available-for-sale | 0 | 0 | $ 0 | 24,307 | ||||
Gross gain recognized on sale of mortgage backed securities available for sale | 1,395 | |||||||
Available-for-sale, Mortgage Backed Securities, Gross Realized Losses | 7 | |||||||
Trading Securities [Member] | ||||||||
Investment and Mortgage-Backed Securities [Abstract] | ||||||||
Proceeds from the sales of trading securities | $ 0 | $ 0 | 3,648 | $ 0 | ||||
Gross gains recognized on sale of trading securities | 3 | |||||||
Gross losses recognized on sale of trading securities | $ 45 | |||||||
[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 $760 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-BACKE46
INVESTMENT AND MORTGAGE-BACKED SECURITIES, Continuous Unrealized Loss Position (Details) $ in Thousands | Sep. 30, 2016USD ($)Security | Dec. 31, 2015USD ($) |
Available-for-Sale Securities, Unrealized Losses [Abstract] | ||
Number of TRUP securities not deemed having OTTI | Security | 2 | |
Number of TRUP securities deemed have OTTI | Security | 5 | |
Pooled Bank Trust Preferred Securities [Member] | ||
Held-to-Maturity Securities, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | $ 0 | $ 0 |
12 Consecutive Months or Longer | 2,306 | 2,359 |
Total | 2,306 | 2,359 |
Held-to-Maturity Securities, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 0 | 0 |
12 Consecutive Months or Longer | 429 | 345 |
Total | 429 | 345 |
Registered Mutual Funds [Member] | ||
Available-for-Sale Securities, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | 0 | 3,026 |
12 Consecutive Months or Longer | 1,823 | 0 |
Total | 1,823 | 3,026 |
Available-for-Sale Securities, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 0 | 259 |
12 Consecutive Months or Longer | 122 | 0 |
Total | 122 | $ 259 |
Pass Through MBS Issued by GSEs [Member] | ||
Available-for-Sale Securities, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | 3,262 | |
12 Consecutive Months or Longer | 0 | |
Total | 3,262 | |
Available-for-Sale Securities, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 6 | |
12 Consecutive Months or Longer | 0 | |
Total | $ 6 |
INVESTMENT AND MORTGAGE-BACKE47
INVESTMENT AND MORTGAGE-BACKED SECURITIES, Reconciliation of Pre-Tax OTTI Charges Recognized (Details) - Pooled Bank Trust Preferred Securities [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
OTTI Credit and Non-Credit Losses Recognized in Earnings and AOCI [Abstract] | ||||
Cumulative pre-tax balance at the beginning of the period | $ 9,227 | $ 9,365 | $ 9,295 | $ 9,514 |
Accretion (Amortization) of previously recognized OTTI | (35) | (35) | (103) | (184) |
Cumulative pre-tax balance at end of the period | 9,192 | 9,330 | 9,192 | 9,330 |
Credit Related OTTI [Member] | ||||
OTTI Credit and Non-Credit Losses Recognized in Earnings and AOCI [Abstract] | ||||
Cumulative pre-tax balance at the beginning of the period | 8,665 | 8,769 | 8,717 | 8,945 |
Accretion (Amortization) of previously recognized OTTI | (26) | (26) | (78) | (202) |
Cumulative pre-tax balance at end of the period | 8,639 | 8,743 | 8,639 | 8,743 |
Non-Credit Related OTTI [Member] | ||||
OTTI Credit and Non-Credit Losses Recognized in Earnings and AOCI [Abstract] | ||||
Cumulative pre-tax balance at the beginning of the period | 562 | 596 | 578 | 569 |
Accretion (Amortization) of previously recognized OTTI | (9) | (9) | (25) | 18 |
Cumulative pre-tax balance at end of the period | $ 553 | $ 587 | $ 553 | $ 587 |
DERIVATIVES AND HEDGING ACTIV48
DERIVATIVES AND HEDGING ACTIVITIES, Classification on Consolidated Statements of Financial Condition (Details) - Designated as Hedging Instrument [Member] $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016USD ($)DerivativeInstrument | Sep. 30, 2016USD ($)DerivativeInstrument | |
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 | $ 249 | $ 249 |
Weighted average pay rates | 1.24% | 1.24% |
Weighted average receive rates | 0.81% | 0.81% |
Weighted average maturity | 5 years 6 months 25 days | |
Interest Rate Products [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 | $ 249 | $ 249 |
DERIVATIVES AND HEDGING ACTIV49
DERIVATIVES AND HEDGING ACTIVITIES, Effect on Consolidated Statements of Income (Details) - Interest Rate Products [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | |
Interest Expense [Member] | ||
Gain (Loss) on Derivative Financial Instruments [Abstract] | ||
Amount of gain or (loss) reclassified from OCI (effective portion) | $ (9) | $ 32 |
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) | $ 717 | $ (281) |
DERIVATIVES AND HEDGING ACTIV50
DERIVATIVES AND HEDGING ACTIVITIES, Offsetting of Derivative Liabilities (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($)Provision | |
Offsetting Derivative Liabilities [Abstract] | |
Fair value of derivative liability, including accrued interest | $ 220 |
Derivative Obligations Agreement Provisions, Number Breached | Provision | 0 |
Counterparty A [Member] | |
Offsetting Derivative Liabilities [Abstract] | |
Gross amounts of recognized liabilities | $ 249 |
Gross amounts offset in the statement of financial condition | 0 |
Net amounts of assets presented in the statements of financial condition | 249 |
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 | $ 249 |
FAIR VALUE OF FINANCIAL INSTR51
FAIR VALUE OF FINANCIAL INSTRUMENTS, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) $ in Thousands | Sep. 30, 2016USD ($)Security | Dec. 31, 2015USD ($)Security |
Financial Liabilities [Abstract] | ||
Impaired loans measured at fair value | $ 0 | $ 0 |
Trust Preferred Securities, Number | Security | 7 | 7 |
Recurring [Member] | ||
Trading securities (Registered Mutual Funds) [Abstract] | ||
Domestic Equity Mutual Funds | $ 834 | $ 1,053 |
International Equity Mutual Funds | 222 | 281 |
Fixed Income Mutual Funds | 5,834 | 8,867 |
Registered Mutual Funds [Abstract] | ||
Domestic Equity Mutual Funds | 1,307 | 1,253 |
International Equity Mutual Funds | 397 | 383 |
Fixed Income Mutual Funds | 2,229 | 2,120 |
Pass-through MBS issued by GSEs | 3,647 | 431 |
Financial Liabilities [Abstract] | ||
Derivative - interest rate product | 249 | |
Recurring [Member] | Level 1 Inputs [Member] | ||
Trading securities (Registered Mutual Funds) [Abstract] | ||
Domestic Equity Mutual Funds | 834 | 1,053 |
International Equity Mutual Funds | 222 | 281 |
Fixed Income Mutual Funds | 5,834 | 8,867 |
Registered Mutual Funds [Abstract] | ||
Domestic Equity Mutual Funds | 1,307 | 1,253 |
International Equity Mutual Funds | 397 | 383 |
Fixed Income Mutual Funds | 2,229 | 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 | 3,647 | 431 |
Financial Liabilities [Abstract] | ||
Derivative - interest rate product | 249 | |
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 | |
Nonrecurring [Member] | ||
Financial Liabilities [Abstract] | ||
Assets measured at fair value | $ 0 | $ 0 |
FAIR VALUE OF FINANCIAL INSTR52
FAIR VALUE OF FINANCIAL INSTRUMENTS, Balance Sheet Groupings (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financial Assets | ||
Investment securities held to maturity (TRUPS) | $ 6,858 | $ 7,051 |
Carrying Amount [Member] | ||
Financial Assets | ||
Cash and due from banks | 80,870 | 64,154 |
Investment securities held to maturity (TRUPS) | 5,356 | 5,242 |
Loans, net | 5,470,117 | 4,678,262 |
Accrued interest receivable | 15,192 | 13,486 |
FHLBNY capital stock | 46,739 | 58,713 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 3,091,323 | 2,325,463 |
Certificates of Deposit ("CDs") | 1,067,941 | 858,847 |
Escrow and other deposits | 117,309 | 77,130 |
FHLBNY Advances | 882,125 | 1,166,725 |
Trust preferred securities payable | 70,680 | 70,680 |
Accrued interest payable | 2,291 | 2,259 |
Fair Value [Member] | ||
Financial Assets | ||
Cash and due from banks | 80,870 | 64,154 |
Investment securities held to maturity (TRUPS) | 6,858 | 7,051 |
Loans, net | 5,507,493 | 4,722,803 |
Accrued interest receivable | 15,192 | 13,486 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 3,091,323 | 2,325,463 |
Certificates of Deposit ("CDs") | 1,076,637 | 865,581 |
Escrow and other deposits | 117,309 | 77,130 |
FHLBNY Advances | 888,141 | 1,170,274 |
Trust preferred securities payable | 70,327 | 69,973 |
Accrued interest payable | 2,291 | 2,259 |
Fair Value [Member] | Level 1 Inputs [Member] | ||
Financial Assets | ||
Cash and due from banks | 80,870 | 64,154 |
Investment securities held to maturity (TRUPS) | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 3,091,323 | 2,325,463 |
Certificates of Deposit ("CDs") | 0 | 0 |
Escrow and other deposits | 117,309 | 77,130 |
FHLBNY Advances | 0 | 0 |
Trust preferred securities payable | 0 | 0 |
Accrued interest payable | 0 | 0 |
Fair Value [Member] | Level 2 Inputs [Member] | ||
Financial Assets | ||
Cash and due from banks | 0 | 0 |
Investment securities held to maturity (TRUPS) | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 11 | 19 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 0 | 0 |
Certificates of Deposit ("CDs") | 1,076,637 | 865,581 |
Escrow and other deposits | 0 | 0 |
FHLBNY Advances | 888,141 | 1,170,274 |
Trust preferred securities payable | 70,327 | 69,973 |
Accrued interest payable | 2,291 | 2,259 |
Fair Value [Member] | Level 3 Inputs [Member] | ||
Financial Assets | ||
Cash and due from banks | 0 | 0 |
Investment securities held to maturity (TRUPS) | 6,858 | 7,051 |
Loans, net | 5,507,493 | 4,722,803 |
Accrued interest receivable | 15,181 | 13,467 |
Financial 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 POSTRETIREMENT53
RETIREMENT AND POSTRETIREMENT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | ||
Net Periodic Benefit Cost [Abstract] | ||||||
Tax benefit from market valuation adjustment on distribution of BMP ESOP shares | $ 717 | |||||
BMP, Employee And Outside Director Retirement Plans [Member] | ||||||
Net Periodic Benefit Cost [Abstract] | ||||||
Service cost | $ 0 | $ 0 | 0 | $ 0 | ||
Interest cost | 343 | 344 | 1,028 | 749 | ||
Expected return on assets | (383) | (414) | (1,149) | (1,242) | ||
Curtailment gain | [1] | 0 | 0 | |||
Unrecognized past service liability | 0 | 0 | 0 | 0 | ||
Amortization of unrealized loss | 428 | 480 | 1,284 | 1,257 | ||
Net periodic cost (gain) | 388 | 410 | 1,163 | 764 | ||
Postretirement Plan [Member] | ||||||
Net Periodic Benefit Cost [Abstract] | ||||||
Service cost | 0 | 0 | 0 | 9 | ||
Interest cost | 16 | 18 | 47 | 556 | ||
Expected return on assets | 0 | 0 | 0 | 0 | ||
Curtailment gain | [1] | 0 | (3,394) | |||
Unrecognized past service liability | (2) | 0 | (6) | 0 | ||
Amortization of unrealized loss | (1) | (2) | (3) | (27) | ||
Net periodic cost (gain) | 13 | $ 16 | 38 | $ (2,856) | ||
Estimated employer contributions or benefit payments | $ 116 | |||||
Contributions by employer | 43 | 94 | ||||
Employee Retirement Plan [Member] | ||||||
Net Periodic Benefit Cost [Abstract] | ||||||
Contributions by employer | 4 | 15 | ||||
BMP Retirement Plan [Member] | ||||||
Net Periodic Benefit Cost [Abstract] | ||||||
Estimated employer contributions or benefit payments | 35 | 686 | ||||
Contributions by employer | 46 | 46 | ||||
Lump-sum distribution for retired participant | $ 7,736 | |||||
Distribution of common stock (in shares) | 239,822 | |||||
Component held by ESOP | $ 4,088 | |||||
Benefit held by defined contribution plan | 3,648 | |||||
Tax benefit from market valuation adjustment on distribution of BMP ESOP shares | 717 | |||||
Outside Director Retirement Plan [Member] | ||||||
Net Periodic Benefit Cost [Abstract] | ||||||
Estimated employer contributions or benefit payments | $ 208 | |||||
Contributions by employer | $ 41 | $ 123 | ||||
[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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
INCOME TAXES [Abstract] | ||||
Effective tax rates | 41.50% | 41.30% | 42.10% | 40.80% |
Gain on sale of real estate | $ 0 | $ 0 | $ 68,183 | $ 0 |
PREMISES HELD FOR SALE (Details
PREMISES HELD FOR SALE (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 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 | $ 0 | $ 0 | $ 68,183 | $ 0 | ||
Aggregate purchase price under purchase and sale agreement | $ 12,300 |